LONG-TERM DEBT AND FINANCING ARRANGEMENTS (Tables)

3 Months Ended

Mar. 31, 2017

LONG-TERM DEBT AND FINANCING ARRANGEMENTS

Schedule of long-term debt

	March 31		December 31
	2017		2016
	(in thousands)
Credit Facility (interest rate of 2.5%(1) at March 31, 2017)	$	70,000	$	70,000
Accounts receivable securitization borrowings (interest rate of 1.7% at March 31, 2017)		35,000		35,000
Notes payable (weighted-average interest rate of 2.2% at March 31, 2017)		121,444		138,032
Capital lease obligations (weighted-average interest rate of 5.7% at March 31, 2017)		626		641
		227,070		243,673
Less current portion		59,995		64,143
Long-term debt, less current portion	$	167,075	$	179,530

⁽¹⁾ The interest rate swap mitigates interest rate risk by effectively converting $50.0 million of borrowings under the Credit Facility from variable-rate interest to fixed-rate interest with a per annum rate of 3.35% based on the margin of the Credit Facility as of March 31, 2017.

Scheduled maturities of long-term debt obligations

					Accounts
					Receivable
			Credit		Securitization		Notes		Capital Lease
	Total		Facility(1)		Program(1)		Payable		Obligations(2)
	(in thousands)
Due in one year or less	$	64,735	$	1,944	$	759	$	61,802	$	230
Due after one year through two years		44,207		2,275		925		40,772		235
Due after two years through three years		122,755		71,886		36,047		14,621		201
Due after three years through four years		5,310		—		—		5,303		7
Due after four years through five years		2,338		—		—		2,331		7
Due after five years		—		—		—		—		—
Total payments		239,345		76,105		37,731		124,829		680
Less amounts representing interest		12,275		6,105		2,731		3,385		54
Long-term debt	$	227,070	$	70,000	$	35,000	$	121,444	$	626

⁽¹⁾ The future interest payments included in the scheduled maturities due are calculated using variable interest rates based on the LIBOR swap curve, plus the anticipated applicable margin.

⁽²⁾ Minimum payments of capital lease obligations include maximum amounts due under rental adjustment clauses contained in the capital lease agreements.

Schedule of assets securing notes payable or held under capital leases

	March 31		December 31
	2017		2016
	(in thousands)
Revenue equipment	$	220,381	$	220,566
Land and structures (service centers)		1,794		1,794
Software		671		—
Service, office, and other equipment		7		7
Total assets securing notes payable or held under capital leases		222,853		222,367
Less accumulated depreciation and amortization(1)		72,430		61,643
Net assets securing notes payable or held under capital leases	$	150,423	$	160,724

⁽¹⁾ Amortization of assets under capital leases and depreciation of assets securing notes payable are included in depreciation expense.