Long-term Debt

12 Months Ended

Dec. 31, 2018

Long-term Debt, Unclassified [Abstract]

Long-term Debt

(11) Long-term Debt

Long-term debt consists of the following:

	December 31,
	2018		2017
$15.0 million payable in 14 equal annual installments of $1.1 million beginning in January 2020 including interest imputed at 4.1% per annum	$	11,291	$	—
$111.0 million 5-year term loan payable in 20 equal quarterly installments plus interest at 1.2% per annum		34,350		59,965
Other		420		614
		46,061		60,579
Less current maturities		23,155		24,372
Total	$	22,906	$	36,207

The $111.0 million 5-year term loan requires the maintenance of certain financial covenants, tested semi-annually, including a maximum leverage ratio and a minimum interest coverage ratio. The facility also contains new debt restrictions among other standard provisions. The Company is in compliance with all of the covenants and other restrictions of the debt agreements. In order to reduce exposure to rising variable interest rates, the Company entered into a swap transaction effectively exchanging the variable interest rate to a fixed rate of approximately 1.2%. The swap is a derivative instrument and is therefore recorded at fair value and changes in fair value are reflected in the accompanying consolidated statements of income. Maturities of long-term debt subsequent to December 31, 2018 are approximately $23.2 million and $11.6 million in 2019 and 2020, respectively and $1.1 million per year thereafter through 2033.