XML 29 R15.htm IDEA: XBRL DOCUMENT
v3.6.0.2

Note 6 - Long-term Debt | 12 Months Ended
--- | ---
Dec. 31, 2016
Notes to Financial Statements |
Long-term Debt [Text Block] |
6. | LONG-TERM DEBT
Long-term debt at December 31, consists of the following:
|  | 201 6 |  |  | 201 5 |
|  | (in thousands) |
Line of credit with a bank—due July 1, 2018, and collateralized by accounts receivable (1) |  | $ | 1,866 |  |  | $ | 9,977 |
Equipment financing (2) |  |  | 165,331 |  |  |  | 129,271 |
Total long-term debt |  |  | 167,197 |  |  |  | 139,248 |
Less current maturities |  |  | (42,806 | ) |  |  | (40,025 | )
Long-term debt—net of current maturities |  | $ | 124,391 |  |  | $ | 99,223 |
| (1) | Line of credit agreement with a bank provides for maximum borrowings of $40.0 million and contains certain restrictive covenants that must be maintained by the Company on a consolidated basis. Borrowings on the line of credit are at an interest rate of LIBOR as of the first day of the month plus 1.50% (2.12% at December 31, 2016) and are secured by our trade accounts receivable. Monthly payments of interest are required under this agreement. Also, under the terms of the agreement the Company must maintain a debt to EBITDA (earnings before interest, taxes, depreciation, and amortization) ratio of less than 4.00:1. The Company was in compliance with all provisions under this agreement throughout 2016. At December 31, 2016, outstanding advances on the line were approximately $2.6 million, including letters of credit totaling $0.7 million, with availability to borrow $37.4 million.
| (2) | Equipment financings consist of installment obligations for revenue equipment purchases, payable in various monthly installments with various maturity dates through December 2021, at a weighted average interest rate of 2.29% as of December 31, 2016 and collateralized by revenue equipment.
The Company has provided letters of credit to third parties totaling approximately $706,000 at December 31, 2016. The letters are held by these third parties to assist such parties in collection of any amounts due by the Company should the Company default in its commitments to the parties. Scheduled annual maturities on long-term debt outstanding at December 31, 2016, are:
|  | (in thousands) |
2017 |  | $ | 42,806 |
2018 |  |  | 67,494 |
2019 |  |  | 36,943 |
2020 |  |  | 13,863 |
2021 |  |  | 6,091 |
Total |  | $ | 167,197 |

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

X
- Definition The entire disclosure for long-term debt. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
Name: | us-gaap_LongTermDebtTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration