NOTE 6.

Long-Term Debt and Financing Arrangements

At March 31, 2018, we were authorized to borrow up to $350 million under a revolving line of credit. At March 31, 2018, we had $30.0 million outstanding.

We have standby letters of credit that expire at various dates in 2018. As of March 31, 2018, our letters of credit were $21.2 million.

Our unused and available borrowings under our bank revolving line of credit were $298.8 million as of March 31, 2018 and $284.9 million as of December 31, 2017. We were in compliance with our debt covenants as of March 31, 2018 and December 31, 2017.

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.

	March 31,			December 31,
	2018			2017
	(in thousands except principal and interest payments)

Revolving line of credit	$	30,000		$	45,000

Secured Equipment Notes due on various dates in 2024 with monthly principal and interest payments between $403 and $83,000 commencing on various dates in 2017 and 2018; interest is paid monthly at a fixed annual rate between 2.85% and 3.41%		13,119			13,586

Secured Equipment Notes due on various dates in 2023 with monthly principal and interest payments between $669 and $187,963 commencing on various dates in 2016, 2017 and 2018; interest is paid monthly at a fixed annual rate between 2.23% and 3.66%		52,186			36,981

Secured Equipment Notes due on various dates in 2022 with monthly principal and interest payments between $3,030 and $254,190 commencing on various dates from 2015 to 2017; interest is paid monthly at a fixed annual rate of between 2.16% and 2.87%		28,709			30,301

Secured Equipment Notes due on various dates in 2021 with monthly principal and interest payments between $1,940 and $326,333 commencing on various dates from 2014 to 2017; interest is paid monthly at a fixed annual rate between 2.04% and 2.96%		70,999			76,885

Secured Equipment Notes due on various dates in 2020 with monthly principal and interest payments between $6,175 and $398,496 commencing on various dates from 2013 to 2016; interest is paid monthly at a fixed annual rate between 1.72% and 2.78%		46,777			50,737

Secured Equipment Notes due on various dates in 2019 with monthly principal and interest payments between $1,594 and $325,050 commencing on various dates from 2013 to 2015; interest is paid monthly at a fixed annual rate between 1.87% and 2.62%		30,748			36,178

Secured Equipment Notes due on various dates in 2018 with monthly principal and interest payments between $6,480 and $163,428 commencing on various dates in 2013 and 2014; interest is paid monthly at a fixed annual rate between 2.05% and 2.7%		2,019			2,406

		274,557			292,074

Less current portion		(80,004	)		(77,266	)
Total long-term debt	$	194,553		$	214,808