LONG-TERM DEBT AND FINANCING ARRANGEMENTS (Tables)

9 Months Ended

Sep. 30, 2014

LONG-TERM DEBT AND FINANCING ARRANGEMENTS

	September 30		December 31
	2014		2013
	(in thousands)

Term Loan (interest rate of 1.4% at September 30, 2014)	$	73,750	$	83,750
Notes payable (weighted average interest rate of 2.1% at September 30, 2014)	49,387		22,082
Capital lease obligations (weighted average interest rate of 5.0% at September 30, 2014)	2,686		7,013
	125,823		112,845
Less current portion	40,088		31,513
Long-term debt, less current portion	$	85,735	$	81,332

Scheduled maturities of long-term debt obligations

			Term		Notes		Capital Lease
	Total		Loan(1)		Payable		Obligations(2)
	(in thousands)

Due in one year or less	$	42,012	$	16,670	$	24,328	$	1,014
Due after one year through two years	34,025		18,759		14,109		1,157
Due after two years through three years	53,895		41,481		12,197		217
Due after three years through four years	224		—		—		224
Due after four years through five years	231		—		—		231
Due after five years	78		—		—		78
Total payments	130,465		76,910		50,634		2,921
Less amounts representing interest	4,642		3,160		1,247		235
Long-term debt	$	125,823	$	73,750	$	49,387	$	2,686

(1)

The future interest payments included in the scheduled maturities due under the Term Loan are calculated using variable interest rates based on the LIBOR swap curve, plus the anticipated applicable margin (see Term Loan within the Financing Arrangements section of this Note).

(2)

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

Schedule of assets securitizing notes payable or held under capital leases

	September 30		December 31
	2014		2013(1)
	(in thousands)

Revenue equipment	$	83,622	$	58,613
Land and structures (terminals)	1,794		1,794
Service, office, and other equipment	1,759		1,758
Total assets securitizing notes payable or held under capital leases	87,175		62,165
Less accumulated depreciation and amortization(2)	28,000		26,847
Net assets securitizing notes payable or held under capital leases	$	59,175	$	35,318

(1)

The individual line items in this table for 2013 are the same as those previously presented in Note H to the consolidated financial statements in Part II, Item 8 of the Company’s 2013 Annual Report on Form 10-K; however, the total amounts for the 2013 period have been revised to reflect proper calculation. (The corresponding December 31, 2012 amount of assets securitizing notes payable or held under capital leases totaled $96.6 million and $61.4 million net of accumulated amortization.)

(2)

Amortization of assets under capital leases and depreciation of assets securitizing notes payable are included in depreciation expense.