LONG-TERM DEBT AND FINANCING ARRANGEMENTS (Tables)

9 Months Ended

Sep. 30, 2017

LONG-TERM DEBT AND FINANCING ARRANGEMENTS

Schedule of long-term debt

	September 30		December 31
	2017		2016
	(in thousands)
Credit Facility (interest rate of 2.7%(1) at September 30, 2017)	$	70,000	$	70,000
Accounts receivable securitization borrowings (interest rate of 2.1% at September 30, 2017)		45,000		35,000
Notes payable (weighted-average interest rate of 2.5% at September 30, 2017)		147,490		138,032
Capital lease obligations (weighted-average interest rate of 5.7% at September 30, 2017)		528		641
		263,018		243,673
Less current portion		62,837		64,143
Long-term debt, less current portion	$	200,181	$	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 September 30, 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	$	69,017	$	2,095	$	1,073	$	65,617	$	232
Due after one year through two years		42,954		2,327		1,222		39,167		238
Due after two years through three years		68,157		2,448		45,642		19,982		85
Due after three years through four years		20,346		2,529		—		17,809		8
Due after four years through five years		83,472		71,982		—		11,487		3
Due after five years		—		—		—		—		—
Total payments		283,946		81,381		47,937		154,062		566
Less amounts representing interest		20,928		11,381		2,937		6,572		38
Long-term debt	$	263,018	$	70,000	$	45,000	$	147,490	$	528

⁽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

	September 30		December 31
	2017		2016
	(in thousands)
Revenue equipment	$	281,557	$	220,566
Land and structures (service centers)		1,794		1,794
Software		486		—
Service, office, and other equipment		39		7
Total assets securing notes payable or held under capital leases		283,876		222,367
Less accumulated depreciation and amortization(1)		95,275		61,643
Net assets securing notes payable or held under capital leases	$	188,601	$	160,724

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