LONG-TERM DEBT AND FINANCING ARRANGEMENTS (Tables)

3 Months Ended

Mar. 31, 2018

LONG-TERM DEBT AND FINANCING ARRANGEMENTS

Schedule of long-term debt

	March 31		December 31
	2018		2017
	(in thousands)
Credit Facility (interest rate of 3.4%(1) at March 31, 2018)	$	70,000	$	70,000
Accounts receivable securitization borrowings (interest rate of 2.6% at March 31, 2018)		45,000		45,000
Notes payable (weighted-average interest rate of 2.7% at March 31, 2018)		137,056		153,441
Capital lease obligations (weighted-average interest rate of 5.7% at March 31, 2018)		426		478
		252,482		268,919
Less current portion		56,057		61,930
Long-term debt, less current portion	$	196,425	$	206,989

⁽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 March 31, 2018.

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	$	63,064	$	2,579	$	1,384	$	58,865	$	236
Due after one year through two years		82,310		2,895		46,587		32,627		201
Due after two years through three years		26,293		2,966		—		23,320		7
Due after three years through four years		23,276		2,921		—		20,349		6
Due after four years through five years		79,541		70,796		—		8,745		—
Due after five years		—		—		—		—		—
Total payments		274,484		82,157		47,971		143,906		450
Less amounts representing interest		22,002		12,157		2,971		6,850		24
Long-term debt	$	252,482	$	70,000	$	45,000	$	137,056	$	426

⁽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

	March 31		December 31
	2018		2017
	(in thousands)
Revenue equipment	$	249,053	$	269,950
Land and structures (service centers)		1,794		1,794
Software		486		486
Service, office, and other equipment		100		100
Total assets securing notes payable or held under capital leases		251,433		272,330
Less accumulated depreciation and amortization(1)		84,766		87,691
Net assets securing notes payable or held under capital leases	$	166,667	$	184,639

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