LONG-TERM DEBT AND FINANCING ARRANGEMENTS (Tables)

12 Months Ended

Dec. 31, 2016

LONG-TERM DEBT AND FINANCING ARRANGEMENTS

Schedule of long-term debt

	December 31
	2016		2015
	(in thousands)
Credit Facility (interest rate of 2.3%(1) at December 31, 2016)	$	70,000	$	70,000
Accounts receivable securitization borrowings (interest rate of 1.4% at December 31, 2016)		35,000		35,000
Notes payable (weighted-average interest rate of 2.2% at December 31, 2016)		138,032		106,703
Capital lease obligations (weighted-average interest rate of 5.8% at December 31, 2016)		641		806
		243,673		212,509
Less current portion		64,143		44,910
Long-term debt, less current portion	$	179,530	$	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 3.35% based on the margin of the Credit Facility as of December 31, 2016.

Scheduled maturities of long-term debt obligations

Scheduled maturities of long‑term debt obligations as of December 31, 2016 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)
2017	$	68,882	$	1,747	$	634	$	66,279	$	222
2018		84,606		2,170		35,002		47,207		227
2019		22,365		2,452		—		19,680		233
2020		75,330		70,007		—		5,303		20
2021		3,620		—		—		3,620		—
Thereafter		36		—		—		36		—
Total payments		254,839		76,376		35,636		142,125		702
Less amounts representing interest		11,166		6,376		636		4,093		61
Long-term debt	$	243,673	$	70,000	$	35,000	$	138,032	$	641

⁽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:

	2016		2015
	(in thousands)
Revenue equipment	$	220,566	$	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		222,367		138,492
Less accumulated depreciation and amortization(1)		61,643		25,120
Net assets securing notes payable or held under capital leases	$	160,724	$	113,372

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