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Note 7 - Long-term Debt | 12 Months Ended
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Dec. 31, 2022
Notes to Financial Statements |
Long-Term Debt [Text Block] |
7. | LONG-TERM DEBT
Long-term debt at December 31, consists of the following:
|  | 2022 |  |  | 2021 |
|  | (in thousands) |
Line of credit with a bank—due July 1, 2024, and collateralized by accounts receivable (1) |  |  | - |  |  |  | - |
Equipment financing (2) |  |  | 216,875 |  |  |  | 206,539 |
Real estate financing (3) |  |  | 47,406 |  |  |  | 15,738 |
Total long-term debt |  |  | 264,281 |  |  |  | 222,277 |
Less current maturities |  |  | (58,815 | ) |  |  | (49,544 | )
Long-term debt—net of current maturities |  | $ | 205,466 |  |  | $ | 172,733 |
| (1) | Line of credit agreement with a bank provides for maximum borrowings of $60.0 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 Term SOFR as of the first day of the month plus 1.35%, (5.65% at December 31, 2022) and are secured by our trade accounts receivable. An “unused fee” of 0.25% is charged if average daily borrowings are less than $18.0 million in a given month. Monthly payments of interest are required under this agreement. Also, under the terms of the agreement the Company must maintain a debt to adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization, excluding gains/losses on equity securities and extraordinary items) ratio of less than 4.00:1. The Company was in compliance with all provisions under this agreement throughout 2022. At December 31, 2022, outstanding advances on the line were approximately $0.4 million, including letters of credit totaling $0.3 million, with availability to borrow $59.6 million. At December 31, 2021, outstanding advances on the line were approximately $0.4 million, including letters of credit totaling $0.3 million.
| (2) | Equipment financings consist of installment obligations for revenue equipment purchases, payable in various monthly installments with various maturity dates through March 2028, at a weighted average interest rate of 3.16% as of December 31, 2022 and collateralized by revenue equipment.
| (3) | Real estate financing consisting of an installment obligation for the purchase of real estate in Laredo, TX, payable in 120 installments at an interest rate of 3.02% and maturing in August 2030, and an installment obligation for the financing of various company-owned terminals and office buildings payable in 120 installments at an interest rate of 3.62% and maturing in March 2032. These obligations are collateralized by the underlying real estate and any rental income generated by the underlying real estate.
The Company has provided letters of credit to third parties totaling approximately $310,000 at December 31, 2022 and December 31, 2021, respectively. 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, 2022, are:
2023 |  | $ | 58,815 |
2024 |  |  | 62,490 |
2025 |  |  | 53,038 |
2026 |  |  | 34,801 |
2027 |  |  | 32,491 |
Thereafter |  |  | 22,646 |
Total |  | $ | 264,281 |

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI https://asc.fasb.org/topic&trid=2208564 + Details
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