LONG-TERM DEBT AND FINANCING ARRANGEMENTS (Tables)

6 Months Ended

Jun. 30, 2020

LONG-TERM DEBT AND FINANCING ARRANGEMENTS

Schedule of long-term debt

	June 30		December 31
	2020		2019
	(in thousands)
Credit Facility (interest rate of 1.3%(1) at June 30, 2020)	$	250,000	$	70,000
Accounts receivable securitization borrowings (interest rate of 1.1% at June 30, 2020)		85,000		40,000
Notes payable (weighted-average interest rate of 3.2% at June 30, 2020)		197,888		213,504
Finance lease obligations (weighted-average interest rate of 3.3% at June 30, 2020)		12		15
		532,900		323,519
Less current portion		59,050		57,305
Long-term debt, less current portion	$	473,850	$	266,214

(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 3.12% and 2.98% based on the margin of the Credit Facility as of June 30, 2020 and December 31, 2019, respectively.

Scheduled maturities of long-term debt obligations

Scheduled maturities of long-term debt obligations as of June 30, 2020 were as follows:

					Accounts
					Receivable
			Credit		Securitization		Notes		Finance Lease
	Total		Facility(1)		Program(1)		Payable		Obligations
	(in thousands)
Due in one year or less	$	68,653	$	3,244	$	909	$	64,493	$	7
Due after one year through two years		148,119		3,140		85,227		59,747		5
Due after two years through three years		48,443		3,256		—		45,187		—
Due after three years through four years		33,432		3,620		—		29,812		—
Due after four years through five years		261,215		251,000		—		10,215		—
Due after five years		238		—		—		238		—
Total payments		560,100		264,260		86,136		209,692		12
Less amounts representing interest		27,200		14,260		1,136		11,804		—
Long-term debt	$	532,900	$	250,000	$	85,000	$	197,888	$	12

(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.

Schedule of assets securing notes payable or held under capital leases

	June 30		December 31
	2020		2019
	(in thousands)
Revenue equipment	$	276,574	$	265,315
Software		2,140		2,140
Service, office, and other equipment		26,270		26,344
Total assets securing notes payable or held under finance leases		304,984		293,799
Less accumulated depreciation and amortization(1)		91,811		71,405
Net assets securing notes payable or held under finance leases	$	213,173	$	222,394

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