LONG-TERM DEBT AND FINANCING ARRANGEMENTS (Tables)

6 Months Ended

Jun. 30, 2017

LONG-TERM DEBT AND FINANCING ARRANGEMENTS


	June 30		December 31
	2017		2016
	(in thousands)
Credit Facility (interest rate of 2.7%(1) at June 30, 2017)	$	70,000	$	70,000
Accounts receivable securitization borrowings (interest rate of 2.0% at June 30, 2017)		45,000		35,000
Notes payable (weighted-average interest rate of 2.4% at June 30, 2017)		141,741		138,032
Capital lease obligations (weighted-average interest rate of 5.7% at June 30, 2017)		577		641
		257,318		243,673
Less current portion		62,588		64,143
Long-term debt, less current portion	$	194,730	$	179,530

⁽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 June 30, 2017.

Scheduled maturities of long-term debt obligations


					Accounts
					Receivable
			Credit		Securitization		Notes		Capital Lease
	Total		Facility(1)(2)		Program(1)		Payable		Obligations(3)
	(in thousands)
Due in one year or less	$	68,166	$	2,026	$	1,029	$	64,880	$	231
Due after one year through two years		45,379		2,251		1,173		41,718		237
Due after two years through three years		135,177		71,199		45,948		17,887		143
Due after three years through four years		13,459		—		—		13,452		7
Due after four years through five years		9,160		—		—		9,155		5
Due after five years		257		—		—		257		—
Total payments		271,598		75,476		48,150		147,349		623
Less amounts representing interest		14,280		5,476		3,150		5,608		46
Long-term debt	$	257,318	$	70,000	$	45,000	$	141,741	$	577

⁽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⁾

In July 2017, the Company amended and extended the credit agreement which extended the maturity date of the Credit Facility to July 7, 2022.

⁽³⁾

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


	June 30		December 31
	2017		2016
	(in thousands)
Revenue equipment	$	258,412	$	220,566
Land and structures (service centers)		1,794		1,794
Software		486		—
Service, office, and other equipment		40		7
Total assets securing notes payable or held under capital leases		260,732		222,367
Less accumulated depreciation and amortization(1)		83,554		61,643
Net assets securing notes payable or held under capital leases	$	177,178	$	160,724

⁽¹⁾

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