Long-Term Debt and Financing Arrangements

6 Months Ended

Jun. 30, 2019

Long-Term Debt and Financing Arrangements

NOTE 7. Long-Term Debt and Financing Arrangements

At June 30, 2019, we were authorized to borrow up to $350 million under a revolving line of credit. We have standby letters of credit that expire at various dates in 2019 and 2020. As of June 30, 2019, our letters of credit were $29.7 million and we had no borrowings

under our bank revolving line of credit. Our unused and available borrowings were $320.3 million as of June 30, 2019 and $323.0 million as of December 31, 2018. We were in compliance with our debt covenants as of June 30, 2019.

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

	June 30,			December 31,
	2019			2018
	(in thousands except principal and interest payments)

Secured Equipment Notes due on various dates in 2024 commencing on various dates in 2017, 2018 and 2019; interest is paid monthly at a fixed annual rate between 2.83% and 3.59%	$	28,699		$	11,658

Secured Equipment Notes due on various dates in 2023 commencing on various dates in 2016, 2017, 2018 and 2019; interest is paid monthly at a fixed annual rate between 2.23% and 4.16%		173,468			192,858

Secured Equipment Notes due on various dates in 2022 commencing on various dates from 2015 to 2017; interest is paid monthly at a fixed annual rate of between 2.16% and 2.87%		21,247			24,092

Secured Equipment Notes due on various dates in 2021 commencing on various dates from 2014 to 2017; interest is paid monthly at a fixed annual rate between 2.04% and 2.96%		45,475			55,855

Secured Equipment Notes due on various dates in 2020 commencing on various dates from 2013 to 2016; interest is paid monthly at a fixed annual rate between 1.72% and 2.78%		23,378			32,904

Secured Equipment Notes due on various dates in 2019 commencing on various dates from 2013 to 2015; interest is paid monthly at a fixed annual rate between 2.05% and 2.62%		5,528			13,417

		297,795			330,784

Less current portion		(98,601	)		(101,713	)
Total long-term debt	$	199,194		$	229,071