Large transaction log files in Simple recovery model

Hi,

Can someone explain why my log space used is so little while the trans log file is so large? My database is about 500GB and my trans log files in 114GB. The person that I took over for has a threshold set on the log files at 95GB.

When I ran this command:DBCC SQLPERF(LOGSPACE);GO

It gave me this result::

The one I have highlighted is the amount I am questioning.. Do I need to shrink my trans log file? Is that okay to do with the Simple recovery mode? I have read it isn't the best thing to do, but I don't want issues with this database since it is very critical.

This database is on 2008 R2

Thanks!