LONG-TERM DEBT AND FINANCING ARRANGEMENTS (Tables)

9 Months Ended

Sep. 30, 2018

LONG-TERM DEBT AND FINANCING ARRANGEMENTS

Schedule of long-term debt

	September 30		December 31
	2018		2017
	(in thousands)
Credit Facility (interest rate of 3.5%(1) at September 30, 2018)	$	70,000	$	70,000
Accounts receivable securitization borrowings (interest rate of 3.0% at September 30, 2018)		45,000		45,000
Notes payable (weighted-average interest rate of 3.3% at September 30, 2018)		175,206		153,441
Capital lease obligations (weighted-average interest rate of 5.6% at September 30, 2018)		320		478
		290,526		268,919
Less current portion		54,556		61,930
Long-term debt, less current portion	$	235,970	$	206,989

⁽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 3.10% based on the margin of the Credit Facility as of September 30, 2018.

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	$	63,922	$	2,752	$	1,609	$	59,323	$	238
Due after one year through two years		45,366		3,041		1,794		40,446		85
Due after two years through three years		43,085		3,030		1,789		38,259		7
Due after three years through four years		149,390		72,292		45,151		31,944		3
Due after four years through five years		16,257		—		—		16,257		—
Due after five years		1,771		—		—		1,771		—
Total payments		319,791		81,115		50,343		188,000		333
Less amounts representing interest		29,265		11,115		5,343		12,794		13
Long-term debt	$	290,526	$	70,000	$	45,000	$	175,206	$	320

⁽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
	2018		2017
	(in thousands)
Revenue equipment	$	276,268	$	269,950
Land and structures (service centers)		1,794		1,794
Software		486		486
Service, office, and other equipment		5,941		100
Total assets securing notes payable or held under capital leases		284,489		272,330
Less accumulated depreciation and amortization(1)		87,868		87,691
Net assets securing notes payable or held under capital leases	$	196,621	$	184,639

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