XML 34 R24.htm IDEA: XBRL DOCUMENT v3.20.2
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.