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Note 8 - Long-term Debt | 12 Months Ended
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Dec. 31, 2014
Disclosure Text Block [Abstract] |
Long-term Debt [Text Block] | 8. LONG-TERM DEBT: Long-term debt was comprised of the following (in thousands):
|  | December 31, |
|  | 2014 |  |  | 2013 |
Variable interest rate term notes |  | $ | 74,834 |  |  | $ | 76,162 |
Fixed interest rate term notes |  |  | 503,420 |  |  |  | 406,619 |
Total debt |  |  | 578,254 |  |  |  | 482,781 |
Less: current maturities |  |  | (149,065 | ) |  |  | (97,243 | )
Total long-term debt, net of current maturities |  | $ | 429,189 |  |  | $ | 385,538 |
As of December 31, 2014, debt maturities were as follows (in thousands):
2015 |  | $ | 149,065 |
2016 |  |  | 131,793 |
2017 |  |  | 105,649 |
2018 |  |  | 85,404 |
2019 |  |  | 59,168 |
Thereafter |  |  | 47,175 |
Total |  | $ | 578,254 |
The interest rates on the Company’s variable interest rate notes are based on LIBOR. The interest rates on the notes range from approximately 1.6% to 3.0% on December 31, 2014. Payments on the notes range from approximately $1,910 to $80,000 per month, plus interest. Maturities of these notes range from June 2015 to December 2018. The Company’s fixed interest rate notes are with financial institutions and had interest rates that ranged from approximately 2.42% to 8.02% on December 31, 2014. Payments on the notes range from $98 to $59,437 per month, plus interest. Maturities of these notes range from January 2015, to December 2023. The proceeds from the issuance of the notes were used primarily to acquire land, buildings and improvements, transportation equipment and leasing vehicles. The notes are secured by the assets acquired with the proceeds of such notes. The Company's long-term debt agreements and floor plan financing arrangements require it to satisfy various financial ratios such as the debt-to-worth ratio, leverage ratio and the fixed charge coverage ratio and certain requirements for tangible net worth and GAAP net worth. On December 31, 2014, the Company was in compliance with all of its debt covenants except with respect to the leverage ratio requirement in the GE Credit Agreement and the Wells Fargo Equipment Finance, Inc. loan agreement and the Company received waivers of noncompliance from each of these lenders. As of December 31, 2014, the Company had obligations under the GE Credit Agreement in the amount of $677.8 million and the Wells Fargo Equipment Finance, Inc. loan agreement in the amount of $82.7 million. Pursuant to the terms of such agreements, the Company is required to have a leverage ratio of 2.50:1 as of the end of each fiscal quarter. As of December 31, 2014, the Company's leverage ratio was 2.52:1. The noncompliance was primarily the result of inventories being at a higher level due to industry forecasted demand and not due to any existing financial problems that were materially affecting the Company's business. As a condition of the waivers, the Company is required to be back in compliance with the leverage ratio as of March 31, 2015, and for each quarter thereafter. The Company does not anticipate the breach of any of its debt covenants, including the leverage ratio covenant, in the foreseeable future.

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 22 -Article 5 + Details
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