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

Long-Term Debt and Financing Arrangements | 12 Months Ended
--- | ---
Dec. 31, 2016
Debt Disclosure [Abstract] |
Long-Term Debt and Financing Arrangements | NOTE 10. Long-Term Debt and Financing Arrangements In December 2013, we amended our Credit Agreement to reduce the interest rate and commitment fees and extend the term until December 2018. The maximum unsecured borrowing capacity remained at $50.0 million. The interest rate under the Credit Agreement ranges from LIBOR plus 1.00% to 1.75% or Prime to Prime plus 0.75%. The commitment fees charged on the unused line of credit are between 0.10% and 0.25% per annum. The financial covenants require a total leverage ratio of not more than 3.0 to 1.0 and an interest coverage ratio of not less than 2.0 to 1.0. We have standby letters of credit that expire in 2017. As of December 31, 2016, our letters of credit were $11.8 million. Our unused and available borrowings under our bank revolving line of credit were $38.2 million as of December 31, 2016 and $41.8 million as of December 31, 2015. We were in compliance with our debt covenants as of December 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. Our outstanding debt is as follows (in thousands):
| Period Ended |
| December 31, |  |  | December 31, |
| 2016 |  |  | 2015 |
Secured Equipment Notes due on various dates in 2021 with monthly principal and interest payments between $0.01 million and $0.3 million commencing on various dates in 2016 and 2017; interest is paid monthly at a fixed annual rate between 2.04% and 2.96% | $ | 59,836 |  |  | $ | - |
Secured Equipment Notes due on various dates in 2020 with monthly principal and interest payments between $0.04 million and $0.4 million commencing on various dates in 2015 and 2016; interest is paid monthly at a fixed annual rate between 1.72% and 2.26% |  | 48,633 |  |  |  | 61,206 |
Secured Equipment Notes due on various dates in 2019 with monthly principal and interest payments between $0.08 million and $0.4 million commencing on various dates in 2014; interest is paid monthly at a fixed annual rate between 1.87% and 2.24% |  | 49,464 |  |  |  | 67,486 |
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% |  | 2,759 |  |  |  | 4,612 |
|  | 160,692 |  |  |  | 133,304 |
Less current portion |  | (45,163 | ) |  |  | (32,409 | )
Total long-term debt | $ | 115,529 |  |  | $ | 100,895 |
Aggregate principal payments, in thousands, due subsequent to December 31, 2016, are as follows:
2017 | $ | 45,163 |
2018 |  | 44,466 |
2019 |  | 38,187 |
2020 |  | 22,677 |
2021 |  | 10,199 |
| $ | 160,692 |
In 2011, we entered into a lease agreement for 3,126 chassis for a period of 10 years. We are accounting for this lease as a capital lease. Interest on this capital lease obligation is based on interest rates that approximate currently available interest rates; therefore, indebtedness under this capital lease obligation approximates fair value. We paid interest of $0.6 million, $0.7 million and $0.8 million in 2016, 2015 and 2014, respectively, related to this capital lease.

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

X
- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration