XML 30 R16.htm IDEA: XBRL DOCUMENT
v3.8.0.1

Note 8 - Long-term Debt | 12 Months Ended
--- | ---
Dec. 31, 2017
Notes to Financial Statements |
Long-term Debt [Text Block] |
8 . | LONG-TERM DEBT :
Long-term debt was comprised of the following (in thousands):
|  | December 31, |
|  | 20 17 |  |  | 20 16 |
Variable interest rate term notes |  | $ | 96,157 |  |  | $ | 107,894 |
Fixed interest rate term notes |  |  | 515,371 |  |  |  | 495,326 |
Total debt |  |  | 611,528 |  |  |  | 603,220 |
Less: current maturities |  |  | (145,139 | ) |  |  | (130,717 | )
Total long-term debt, net of current maturities |  | $ | 466,389 |  |  | $ | 472,503 |
As of December 31, 2017, debt maturities were as follows (in thousands):
201 8 |  |  | 145,139 |
201 9 |  |  | 140,823 |
2020 |  |  | 144,163 |
2021 |  |  | 85,559 |
202 2 |  |  | 60,525 |
Thereafter |  |  | 35,319 |
Total |  | $ | 611,528 |
The interest rate s on the Company’s variable interest rate notes are based on various LIBOR benchmark rates. The interest rates on the notes ranged from approximately 3.1% to 3.6% on December 31, 2017. Payments on the notes range from approximately $5,330 to $125,833 per month, plus interest. Maturities of these notes range from June 2018 to June 2025. The Company ’s fixed interest rate notes had interest rates that ranged from approximately 2.75% to 7.61% on December 31, 2017. Payments on the notes range from $255 to $32,840 per month. Maturities of these notes range from January 2018 to August 2027. The proceeds from the issuance of the notes were used primarily to acquire land, buildings and improvements and vehicles for the Company’s lease and rental fleet. The notes are secured by the assets acquired with the proceeds of such notes. The Company ’s long-term real estate debt agreements, floor plan financing arrangements and the Working Capital Facility require the Company to satisfy various financial ratios such as the debt to worth ratio, leverage ratio, the fixed charge coverage ratio and certain requirements for tangible net worth and GAAP net worth. As of December 31, 2017, the Company was in compliance with all debt covenants. The Company does not anticipate any breach of the covenants in the foreseeable future.

X
- References No definition available. + Details
Name: | us-gaap_DisclosureTextBlockAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
Name: | us-gaap_LongTermDebtTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration