v3.5.0.2

Note 7 - Lease Obligations and Long-term Debt

3 Months Ended

Sep. 30, 2016

Notes to Financial Statements

Leases of Lessee Disclosure [Text Block]

7. Lease Obligations and Long-Term Debt

Lease Obligations

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

Equipment obtained under a capital lease 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 2023.

Future minimum lease payments relating to capital leases and operating leases as of September 30, 2016 (in thousands):

		Capital Leases				Operating Leases
2017		$	72,380			$	24,397
2018			121,485				16,668
2019			19,867				8,373
2020			19,032				7,183
2021			9,285				5,155
Thereafter			63,440				7,790
Total minimum lease payments		$	305,489			$	69,566
Less amounts representing interest			19,112
Present value of minimum lease payments			286,377
Less current maturities			65,983
Non-current portion		$	220,394

Long-Term Debt

We had debt, excluding capital leases, of $158.2 million at September 30, 2016, of which $157.5 million relates to our credit facility. Debt includes revenue equipment installment notes of $0.7 million with an average interest rate of 6.32 percent at September 30, 2016, due in monthly installments with final maturities at various dates through 2019.

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- References

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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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