LONG-TERM DEBT AND FINANCING ARRANGEMENTS (Tables)

9 Months Ended

Sep. 30, 2016

LONG-TERM DEBT AND FINANCING ARRANGEMENTS

Schedule of long-term debt

	September 30		December 31
	2016		2015
	(in thousands)
Credit Facility (interest rate of 1.8%(1) at September 30, 2016)	$	70,000	$	70,000
Accounts receivable securitization borrowings (interest rate of 1.3% at September 30, 2016)		35,000		35,000
Notes payable (weighted-average interest rate of 2.1% at September 30, 2016)		131,882		106,703
Capital lease obligations (weighted-average interest rate of 5.8% at September 30, 2016)		732		806
		237,614		212,509
Less current portion		61,251		44,910
Long-term debt, less current portion	$	176,363	$	167,599

⁽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, 2016.

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	$	65,493	$	1,514	$	532	$	63,177	$	270
Due after one year through two years		82,514		1,683		35,149		45,457		225
Due after two years through three years		21,005		1,768		—		19,007		230
Due after three years through four years		74,909		70,466		—		4,365		78
Due after four years through five years		3,632		—		—		3,632		—
Due after five years		24		—		—		24		—
Total payments		247,577		75,431		35,681		135,662		803
Less amounts representing interest		9,963		5,431		681		3,780		71
Long-term debt	$	237,614	$	70,000	$	35,000	$	131,882	$	732

⁽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
	2016		2015
	(in thousands)
Revenue equipment	$	198,741	$	136,698
Land and structures (terminals)		1,794		1,794
Service, office, and other equipment		7		—
Total assets securing notes payable or held under capital leases		200,542		138,492
Less accumulated depreciation and amortization(1)		50,819		25,120
Net assets securing notes payable or held under capital leases	$	149,723	$	113,372

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