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Long-Term Debt and Financing Arrangements
 3 Months Ended
Mar. 31, 2016
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 2016.  As of March 31, 2016, our letters of credit were $8.2 million.

Our unused and available borrowings under our bank revolving line of credit were $41.8 million as of March 31, 2016 and as of December 31, 2015.  We were in compliance with our debt covenants as of March 31, 2016.

We have 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.

 

 

Period Ended

 

 

March 31,

 

 

December 31,

 

 

2016

 

 

2015

 

Secured Equipment Notes due in December 2020 with monthly principal and interest payments of $0.6 million commencing in January 2016; interest is paid monthly at a fixed annual rate between 2.02% and 2.03%

$

31,490

 

 

$

33,066

 

 

 

 

 

 

 

 

 

Secured Equipment Notes due in September 2020 with monthly principal and interest payments of $0.2 million commencing in October 2015; interest is paid monthly at a fixed annual rate of 1.84%

 

11,597

 

 

 

12,214

 

 

 

 

 

 

 

 

 

Secured Equipment Notes due in June 2020 with monthly principal and interest payments of $0.1 million commencing in July 2015; interest is paid monthly at a fixed annual rate of 2.14%

 

6,056

 

 

 

6,395

 

 

 

 

 

 

 

 

 

Secured Equipment Notes due in March 2020 with monthly principal and interest payments of $0.04 million commencing in April 2015; interest is paid monthly at a fixed annual rate of 2.14%

 

1,886

 

 

 

1,998

 

 

 

 

 

 

 

 

 

Secured Equipment Notes due in January 2020 with monthly principal and interest payments of $0.2 million commencing in February 2015; interest is paid monthly at a fixed annual rate between 1.72% and 2.26%

 

7,088

 

 

 

7,533

 

 

 

 

 

 

 

 

 

Secured Equipment Notes due in December 2019 with monthly principal and interest payments of $0.2 million commencing in January 2015; interest is paid monthly at a fixed annual rate of 2.24%

 

10,180

 

 

 

10,828

 

 

 

 

 

 

 

 

 

Secured Equipment Notes due in November 2019 with monthly principal and interest payments of $0.5 million commencing in December 2014; interest is paid monthly at a fixed annual rate of 2.05%

 

21,131

 

 

 

22,514

 

 

 

 

 

 

 

 

 

Secured Equipment Notes due in September 2019 with monthly principal and interest payments of $0.4 million commencing in September 2014; interest is paid monthly at a fixed annual rate of 2.15%

 

16,912

 

 

 

18,170

 

 

 

 

 

 

 

 

 

Secured Equipment Notes due in February 2019 with monthly principal and interest payments of $0.4 million commencing in January 2014; interest is paid monthly at a fixed annual rate between 1.87% and 1.93%

 

14,724

 

 

 

15,974

 

 

 

 

 

 

 

 

 

Secured Equipment Notes due in June 2018 with quarterly principal and interest payments of $0.5 million commencing in August 2013; interest is paid quarterly at a fixed annual rate between 1.9% and 2.0%

 

4,108

 

 

 

4,612

 

 

 

125,172

 

 

 

133,304

 

 

 

 

 

 

 

 

 

Less current portion

 

(32,524

)

 

 

(32,409

)

Total long-term debt

$

92,648

 

 

$

100,895