Long-term Debt

12 Months Ended

Dec. 31, 2019

Disclosure Text Block [Abstract]

Long-term Debt [Text Block]

(10) Long-term Debt

Long-term debt consists of the following:

	December 31,
	2019		2018
$15.0 million payable in 14 equal annual installments of $1.1 million beginning in January 2020 including interest imputed at 4.1% per annum	$	11,806	$	11,291
$111.0 million 5-year term loan payable in 20 equal quarterly installments plus interest at 1.2% per annum		11,254		34,350
Other		—		420
		23,060		46,061
Less current maturities		12,326		23,155
Total	$	10,734	$	22,906

The $111.0 million 5-year term loan requires the maintenance of certain financial covenants, tested semi-annually, including a maximum leverage ratio and a minimum interest coverage ratio. The facility also contains new debt restrictions among other standard provisions. The Company is in compliance with all of the covenants and other restrictions of the debt agreements. In order to reduce exposure to rising variable interest rates, the Company entered into a swap transaction effectively exchanging the variable interest rate to a fixed rate of approximately 1.2%. The swap is a derivative instrument and is therefore recorded at fair value and changes in fair value are reflected in the accompanying consolidated statements of income. Maturities of long-term debt subsequent to December 31, 2019 are approximately $12.3 million in 2020 and $1.1 million per year thereafter through 2033.