Long-Term Debt and Financing Arrangements

6 Months Ended

Jun. 30, 2021

Long-Term Debt and Financing Arrangements

NOTE 6. Long-Term Debt and Financing Arrangements

On July 1, 2017, we entered into a $350 million unsecured credit agreement (the “Credit Agreement”) that matures on July 1, 2022. At June 30, 2021, we had standby letters of credit that expire at various dates in 2021 and 2022. As of June 30, 2021, our letters of credit were $37.4 million.

Our unused and available borrowings were $312.6 million as of June 30, 2021 and $312.3 million as of December 31, 2020. We were in compliance with our debt covenants as of June 30, 2021 and December 31, 2020.

We have entered into various Equipment Notes (“Notes”) to fund the purchase of tractors, trailers, containers and other equipment. The Notes are secured by the underlying equipment financed with proceeds from the Notes.


	June 30,			December 31,
	2021			2020
	(in thousands)

Interim funding for equipment received and expected to be converted to an equipment note in subsequent period; interest paid at a variable rate		8,656			8,902

Secured Equipment Notes due on various dates in 2026 commencing on various dates in 2021; interest is paid monthly at a fixed annual rate between 1.72% and 1.83%		17,058			-

Secured Equipment Notes due on various dates in 2025 commencing on various dates in 2020; interest is paid monthly at a fixed annual rate between 1.51% and 1.80%		66,988			74,494

Secured Equipment Notes due on various dates in 2024 commencing on various dates in 2017, 2019 and 2020; interest is paid monthly at a fixed annual rate between 2.50% and 3.59%		42,804			49,920

Secured Equipment Notes due on various dates in 2023 commencing on various dates in 2016 through 2019; interest is paid monthly at a fixed annual rate of between 2.20% and 4.20%		82,650			112,668

Secured Equipment Notes due on various dates in 2022 commencing on various dates in 2015 through 2017; interest is paid monthly at a fixed annual rate between 2.20% and 2.90%		6,238			8,943

Secured Equipment Notes due on various dates in 2021 commencing on various dates in 2014 through 2017; interest is paid monthly at a fixed annual rate between 2.02% and 2.96%		5,575			15,432

		229,969			270,359

Less current portion		(86,868	)		(93,562	)
Total long-term debt	$	143,101		$	176,797