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Note 6 - Long-term Debt - Summary of Long-term Debt (Details) - USD ($)
$ in Thousands
Dec. 31, 2016
Dec. 31, 2015
Line of credit with a bank—due July 1, 2018, and collateralized by accounts receivable (1) $ 167,197 $ 139,248
Less current maturities (42,806) (40,025)
Long-term debt—net of current maturities 124,391 99,223
Line of Credit [Member]    
Line of credit with a bank—due July 1, 2018, and collateralized by accounts receivable (1) [1] 1,866 9,977
Secured Debt [Member]    
Line of credit with a bank—due July 1, 2018, and collateralized by accounts receivable (1) [2] $ 165,331 $ 129,271
[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.