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Long-Term Debt and Financing Arrangements | 9 Months Ended
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Sep. 30, 2018
Debt Disclosure [Abstract] |
Long-Term Debt and Financing Arrangements |
NOTE 6. | Long-Term Debt and Financing Arrangements
At September 30, 2018, we are authorized to borrow up to $350 million under a revolving line of credit. As of September 30, 2018, we had no borrowings under our bank revolving line of credit and our unused and available borrowings were $325.0 million. As of December 31, 2017, we had $45.0 million of borrowings under our bank revolving line of credit and our unused and available borrowings were $284.9 million. We were in compliance with our debt covenants as of September 30, 2018. We have standby letters of credit that expire at various dates in 2018 and 2019. As of September 30, 2018, our letters of credit were $25.0 million. In addition our credit agreement, we have entered into various Equipment Notes (“Notes”) for the purchase of tractors, trailers and containers. The Notes are secured by the underlying equipment financed in the agreements.
| Period Ended |
| September 30, |  |  | December 31, |
| 2018 |  |  | 2017 |
| (in thousands except principal and interest payments) |
Revolving line of credit | $ | - |  |  | $ | 45,000 |
Secured Equipment Notes due on various dates in 2024 with monthly principal and interest payments between $403 and $83,000 commencing on various dates in 2017; interest is paid monthly at a fixed annual rate between 2.85% and 3.41% |  | 12,208 |  |  |  | 13,586 |
Secured Equipment Notes due on various dates in 2023 with monthly principal and interest payments between $669 and $341,341 commencing on various dates in 2016, 2017 and 2018; interest is paid monthly at a fixed annual rate between 2.23% and 4.06% |  | 146,929 |  |  |  | 36,981 |
Secured Equipment Notes due on various dates in 2022 with monthly principal and interest payments between $3,030 and $254,190 commencing on various dates from 2015 to 2017; interest is paid monthly at a fixed annual rate of between 2.16% and 2.87% |  | 25,809 |  |  |  | 30,301 |
Secured Equipment Notes due on various dates in 2021 with monthly principal and interest payments between $1,940 and $352,655 commencing on various dates from 2014 to 2017; interest is paid monthly at a fixed annual rate between 2.04% and 2.96% |  | 61,901 |  |  |  | 76,885 |
Secured Equipment Notes due on various dates in 2020 with monthly principal and interest payments between $3,614 and $398,496 commencing on various dates from 2013 to 2016; interest is paid monthly at a fixed annual rate between 1.72% and 2.78% |  | 37,905 |  |  |  | 50,737 |
Secured Equipment Notes due on various dates in 2019 with monthly principal and interest payments between $1,594 and $325,050 commencing on various dates from 2013 to 2015; interest is paid monthly at a fixed annual rate between 1.87% and 2.62% |  | 18,790 |  |  |  | 36,178 |
Secured Equipment Notes due on various dates in 2018 with monthly principal and interest payments between $6,480 and $163,428 commencing on various dates in 2013 and 2014; interest is paid monthly at a fixed annual rate between 2.05% and 2.7% |  | - |  |  |  | 2,406 |
|  | 303,542 |  |  |  | 292,074 |
Less current portion |  | (95,946 | ) |  |  | (77,266 | )
Total long-term debt | $ | 207,596 |  |  | $ | 214,808 |

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- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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