| Line of Credit, Short-Term and Long-Term Borrowings |
| (2) |
LINE OF CREDIT, SHORT-TERM AND
LONG-TERM BORROWINGS |
The Company and its subsidiaries had $3.9 million and $3.4 million
of outstanding letters of credit as of March 31, 2015 and
December 31, 2014, respectively, and approximately $0.1
million and $1.8 million in short-term borrowings as of
March 31, 2015 and December 31, 2014, respectively.
Long-term borrowings at March 31, 2015 and December 31,
2014 are as follows (in thousands):
|
|
|
|
|
|
|
|
|
| |
|
2015 |
|
|
2014 |
|
|
Note payable to banks, due in monthly installments of $346.6
(includes principal and interest), variable-rate interest at
3.93% per annum, secured by property, balloon payment of
$77,060 due October 2015
|
|
$ |
77,648 |
|
|
$ |
77,900 |
|
|
Note payable to banks, due in monthly installments of $531.4
(includes principal and interest), fixed-rate interest at
3.54% per annum, secured by property, balloon payment of
$12,635 due December 2015
|
|
|
16,500 |
|
|
|
17,940 |
|
|
Note payable to banks, due in monthly installments of $483.9
(includes principal and interest), fixed-rate interest at
3.19% per annum, secured by property, balloon payment of
$11,670 due June 2016
|
|
|
17,857 |
|
|
|
19,159 |
|
|
Note payable to TCF Equipment Finance, Inc., due in monthly
installments of $30.5, (includes principal and interest) fixed-rate
interest at 5.24% per annum, maturity date of July 2019
|
|
|
1,417 |
|
|
|
1,489 |
|
|
|
|
|
|
|
|
|
|
|
Subtotal
|
|
|
113,422 |
|
|
|
116,488 |
|
|
Less current installments
|
|
|
99,762 |
|
|
|
101,407 |
|
|
|
|
|
|
|
|
|
|
|
Total long-term borrowings
|
|
$ |
13,660 |
|
|
$ |
15,081 |
|
|
|
|
|
|
|
|
|
|
|