LONG-TERM DEBT AND FINANCING ARRANGEMENTS (Tables)

6 Months Ended

Jun. 30, 2018

LONG-TERM DEBT AND FINANCING ARRANGEMENTS

Schedule of long-term debt

	June 30		December 31
	2018		2017
	(in thousands)
Credit Facility (interest rate of 3.6%(1) at June 30, 2018)	$	70,000	$	70,000
Accounts receivable securitization borrowings (interest rate of 2.9% at June 30, 2018)		45,000		45,000
Notes payable (weighted-average interest rate of 2.9% at June 30, 2018)		134,258		153,441
Capital lease obligations (weighted-average interest rate of 5.6% at June 30, 2018)		374		478
		249,632		268,919
Less current portion		51,562		61,930
Long-term debt, less current portion	$	198,070	$	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 June 30, 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	$	59,036	$	2,771	$	1,507	$	54,521	$	237
Due after one year through two years		80,391		3,069		46,271		30,908		143
Due after two years through three years		29,575		3,097		—		26,471		7
Due after three years through four years		25,258		3,076		—		22,177		5
Due after four years through five years		77,443		70,050		—		7,393		—
Due after five years		225		—		—		225		—
Total payments		271,928		82,063		47,778		141,695		392
Less amounts representing interest		22,296		12,063		2,778		7,437		18
Long-term debt	$	249,632	$	70,000	$	45,000	$	134,258	$	374

⁽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

	June 30		December 31
	2018		2017
	(in thousands)
Revenue equipment	$	257,827	$	269,950
Land and structures (service centers)		1,794		1,794
Software		486		486
Service, office, and other equipment		101		100
Total assets securing notes payable or held under capital leases		260,208		272,330
Less accumulated depreciation and amortization(1)		92,558		87,691
Net assets securing notes payable or held under capital leases	$	167,650	$	184,639

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