Note 8 - Long-term Debt

12 Months Ended

Dec. 31, 2018

Notes to Financial Statements

Long-term Debt [Text Block]

8. LONG-TERM DEBT :

Long-term debt was comprised of the following (in thousands):

	December 31,
	2018			2017
Variable interest rate term notes	$	80,355		$	96,157
Fixed interest rate term notes		520,818			515,371
Total debt		601,173			611,528
Less: current maturities		(161,955	)		(145,139	)
Total long-term debt, net of current maturities	$	439,218		$	466,389

As of

December 

31,

2018,

long-term debt maturities were as follows (in thousands):

2019	$	161,955
2020		158,815
2021		103,938
2022		88,155
2023		57,689
Thereafter		30,621
Total	$	601,173

The interest rates on the Company’s variable interest rate notes are based on various LIBOR benchmark rates. The interest rates on the notes ranged from approximately

4.0%

to

4.5%

on

December 31, 2018.

Payments on the notes range from approximately

$5,330

to

$125,833

per month, plus interest. Maturities of these notes range from

May 2019

to

June 2025.

The Company’s fixed interest rate notes had interest rates that ranged from approximately

2.95%

to

7.61%

on

December 

31,

2018.

Payments on the notes range from

$255

to

$72,315

per month. Maturities of these notes range from

January 2019

to

September 2028.

The proceeds from the issuance of the notes were used primarily to acquire land, buildings and improvements and vehicles for the Company’s lease and rental fleet. The notes are secured by the assets acquired with the proceeds of such notes.

The Company’s long-term real estate debt agreements, floor plan financing arrangements and the Working Capital Facility require the Company to satisfy various financial ratios such as the debt to worth ratio, leverage ratio, the fixed charge coverage ratio and certain requirements for tangible net worth and GAAP net worth. As of

December 31, 2018,

the Company was in compliance with all debt covenants. The Company does

not

anticipate any breach of the covenants in the foreseeable future.