Long-Term Debt and Financing Arrangements

6 Months Ended

Jun. 30, 2016

Debt Disclosure [Abstract]

Long-Term Debt and Financing Arrangements

NOTE 5. Long-Term Debt and Financing Arrangements

We have standby letters of credit that expire at various dates in 2016 and 2017.  As of June 30, 2016, our letters of credit were $8.2 million.

Our unused and available borrowings under our variable rate bank revolving line of credit were $41.8 million as of June 30, 2016 and as of December 31, 2015.  We were in compliance with our debt covenants as of June 30, 2016.

We have entered into various Equipment Notes (“Notes”) for the purchase of tractors and containers.  The Notes are secured by the underlying equipment financed in the agreements.

	Period Ended
	June 30,			December 31,
	2016			2015
Secured Equipment Notes due on various dates in 2021 with monthly principal and interest payments between $0.01 million and $0.2 million commencing on various dates in 2016; interest is paid monthly at a fixed annual rate between 2.10% and 2.13%	$	13,274		$	-
Secured Equipment Notes due on various dates in 2020 with monthly principal and interest payments between $0.04 million and $0.4 million commencing on various dates in 2015 and 2016; interest is paid monthly at a fixed annual rate between 1.72% and 2.26%		55,004			61,206
Secured Equipment Notes due on various dates in 2019 with monthly principal and interest payments between $0.08 million and $0.4 million commencing on various dates in 2014 and 2015; interest is paid monthly at a fixed annual rate between 1.87% and 2.24%		58,460			67,486
Secured Equipment Notes due in June 2018 with quarterly principal and interest payments of $0.5 million commencing in August 2013; interest is paid quarterly at a fixed annual rate between 1.9% and 2.0%		3,660			4,612
		130,398			133,304
Less current portion		(35,430	)		(32,409	)
Total long-term debt	$	94,968		$	100,895