LONG-TERM DEBT AND FINANCING ARRANGEMENTS (Tables)

12 Months Ended

Dec. 31, 2015

LONG-TERM DEBT AND FINANCING ARRANGEMENTS

Schedule of long-term debt

	December 31
	2015		2014
	(in thousands)
Credit Facility (interest rate of 1.7% at December 31, 2015)	$	70,000	$	—
Term Loan(1)		—		70,000
Accounts receivable securitization borrowings (interest rate of 1.1% at December 31, 2015)		35,000		—
Notes payable (weighted-average interest rate of 1.9% at December 31, 2015)		106,703		56,759
Capital lease obligations (weighted-average interest rate of 5.8% at December 31, 2015)		806		971
		212,509		127,730
Less current portion		44,910		25,256
Long-term debt, less current portion	$	167,599	$	102,474

⁽¹⁾ The Term Loan was converted to the Credit Facility on January 2, 2015.

Scheduled maturities of long-term debt obligations

Scheduled maturities of long‑term debt obligations as of December 31, 2015 were as follows:

					Accounts		Notes		Capital Lease
					Receivable		Payable		Obligations(2)
			Credit		Securitization		Revenue		Land and
	Total		Facility(1)			Program(1)	Equipment		Structures
	(in thousands)
2016	$	48,512	$	1,375	$	536	$	46,388	$	213
2017		43,698		1,802		750		40,927		219
2018		59,130		2,101		35,002		21,801		226
2019		2,732		2,259		—		241		232
2020		70,025		70,006		—		—		19
Thereafter		—		—		—		—		—
Total payments		224,097		77,543		36,288		109,357		909
Less amounts representing interest		11,588		7,543		1,288		2,654		103
Long-term debt	$	212,509	$	70,000	$	35,000	$	106,703	$	806

⁽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

Assets securing notes payable or held under capital leases at December 31 were included in property, plant and equipment as follows:

	2015		2014
	(in thousands)
Revenue equipment	$	136,698	$	88,591
Land and structures (terminals)		1,794		1,794
Service, office, and other equipment		—		255
Total assets securing notes payable or held under capital leases		138,492		90,640
Less accumulated depreciation and amortization(1)		25,120		26,305
Net assets securing notes payable or held under capital leases	$	113,372	$	64,335

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