v3.3.1.900

Note 7 - Lease Obligations and Long-term Debt

6 Months Ended

Dec. 31, 2015

Notes to Financial Statements

Leases of Lessee Disclosure [Text Block]

7

.             

Lease Obligations and

Long-Term Debt

L

ease Obligations

We lease certain revenue and service equipment under long-term lease agreements, payable in monthly installments.

Equipment obtained under capital leases is reflected on our condensed consolidated balance sheet as owned and the related leases bear interest rates ranging from 1.6% to 3.6% per annum maturing at various dates through 2022.

Assets held under operating leases are not recorded on our condensed consolidated balance sheet. We lease revenue and service equipment under non-cancellable operating leases expiring at various dates through 2022.

Long-Term Debt

We had debt, excluding capital leases, of $128.1 million at December 31, 2015, of which $126.9 million relates to our credit facility. Debt includes revenue equipment installment notes of $1.2 million with an average interest rate of approximately 4.9 percent at December 31, 2015, due in monthly installments with final maturities at various dates through June 2019.

Future minimum lease payments relating to capital leases and operating leases as of December 31, 2015 (in thousands) follow:

		Capital Leases				Operating Leases
2016		$	66,742			$	15,560
2017			104,622				12,779
2018			119,599				6,437
2019			44,664				348
2020			24,985				333
Thereafter			70,630				667
Total minimum lease payments		$	431,242			$	36,124
Less amounts representing interest			28,939
Present value of minimum lease payments			402,303
Less current maturities			57,762
Non-current portion		$	344,541

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- Definition

The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 840
-SubTopic 30
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6455398&loc=d3e45280-112737

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 840
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6452660&loc=d3e36991-112694

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 840
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6453985&loc=d3e41499-112717

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 840
-SubTopic 10
-Section 55
-Paragraph 40
-Subparagraph (Note 1,3)
-URI http://asc.fasb.org/extlink&oid=6584154&loc=d3e38371-112697

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 460
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6851643&loc=d3e12069-110248

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 840
-SubTopic 20
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6453985&loc=d3e41502-112717

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