XML 29 R15.htm IDEA: XBRL DOCUMENT

Note 8 - Long-term Debt

12 Months Ended

Dec. 31, 2020

8.	LONG-TERM DEBT:

Long-term debt was comprised of the following (in thousands):

	December 31,
	2020			2019

Variable interest rate term notes	$	40,975		$	58,416
Fixed interest rate term notes		488,679			569,262

Total debt		529,654			627,678

Less: current maturities		(141,672	)		(189,265	)

Total long-term debt, net of current maturities	$	387,982		$	438,413

As of December 31, 2020, long-term debt maturities were as follows (in thousands):

2021		141,672
2022		125,511
2023		107,145
2024		81,916
2025		46,778
Thereafter		26,632

Total	$	529,654

The interest rates on the Company’s variable interest rate notes are based on various LIBOR and Prime benchmark rates. The interest rates on the notes ranged from approximately 1.6% to 3.5% on December 31, 2020. Payments on the notes range from approximately $5,330 to $522,636 per month, plus interest. Maturities of these notes range from October 2022 to October 2025.

The Company’s fixed interest rate notes had interest rates that ranged from approximately 2.0% to 6.19% on December 31, 2020. Payments on the notes range from $254 to $72,316 per month. Maturities of these notes range from January 2021 to May 2029.

The proceeds from the issuance of the notes were used primarily to acquire land, buildings and related property improvements, in addition to 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, 2020, the Company was in compliance with all debt covenants. The Company does not anticipate any breach of the covenants in the foreseeable future.