XML 46 R10.htm IDEA: XBRL DOCUMENT v2.4.0.8
Long-Term Debt and Financing Arrangements
 9 Months Ended
Sep. 30, 2014
Debt Disclosure [Abstract]  
Long-Term Debt and Financing Arrangements

NOTE 5. Long-Term Debt and Financing Arrangements

We have standby letters of credit that expire at various dates in 2014 and 2015. As of September 30, 2014, our letters of credit were $6.1 million.

Our unused and available borrowings under our bank revolving line of credit were $43.9 million as of September 30, 2014 and $44.8 million as of December 31, 2013. We were in compliance with our debt covenants as of September 30, 2014.

In 2014 we entered into various Equipment Notes (“Notes”) for the purchase of tractors and containers. The Notes are secured by the underlying equipment financed in the agreements.

 

Our outstanding debt is as follows (in thousands):

 

     As of  
     September 30,
2014		     December 31,
2013		  

Secured Equipment Notes due in September 2019 with monthly principal and interest payments of $329,718 commencing in September 2014; interest is paid monthly at a fixed annual rate of 2.15%

    $ 18,739      $ —     

Secured Equipment Notes due in September 2019 with monthly principal and interest payments of $90,939 commencing in September 2014; interest is paid monthly at a fixed annual rate of 2.15%

      5,168        —     

Secured Equipment Notes due in February 2019 with monthly principal and interest payments of $444,000 commencing in January 2014; interest is paid monthly at a fixed annual rate between 1.87% and 1.93%

      22,488        —     

Secured Equipment Notes due in June 2018 with quarterly principal and interest payments of $480,000 commencing in August 2013; interest is paid quarterly at a fixed annual rate between 1.9% and 2.0%

      6,921        8,246   
  

 

 

    

 

 

  
     53,316        8,246   
  

 

 

    

 

 

  

Less current portion

      (11,559 )      (1,771 ) 
  

 

 

    

 

 

  

Total long-term debt

    $ 41,757      $ 6,475