LONG-TERM DEBT AND FINANCING ARRANGEMENTS (Tables)

6 Months Ended

Jun. 30, 2019

LONG-TERM DEBT AND FINANCING ARRANGEMENTS

Schedule of long-term debt

	June 30		December 31
	2019		2018
	(in thousands)
Credit Facility (interest rate of 3.7%(1) at June 30, 2019)	$	70,000	$	70,000
Accounts receivable securitization borrowings (interest rate of 3.3% at June 30, 2019)		40,000		40,000
Notes payable (weighted-average interest rate of 3.5% at June 30, 2019)		172,054		181,409
Finance lease obligations (weighted-average interest rate of 5.5% at June 30, 2019)		152		266
		282,206		291,675
Less current portion		47,205		54,075
Long-term debt, less current portion	$	235,001	$	237,600

(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 June 30, 2019 and December 31, 2018.

Scheduled maturities of long-term debt obligations

					Accounts
					Receivable
			Credit		Securitization		Notes		Finance Lease
	Total		Facility(1)		Program(1)		Payable		Obligations(2)
	(in thousands)
Due in one year or less	$	55,808	$	2,230	$	1,132	$	52,306	$	140
Due after one year through two years		50,379		1,942		968		47,462		7
Due after two years through three years		85,385		1,965		40,243		43,172		5
Due after three years through four years		98,514		70,033		—		28,481		—
Due after four years through five years		13,035		—		—		13,035		—
Due after five years		152		—		—		152		—
Total payments		303,273		76,170		42,343		184,608		152
Less amounts representing interest		21,067		6,170		2,343		12,554		—
Long-term debt	$	282,206	$	70,000	$	40,000	$	172,054	$	152

(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 finance lease obligations include maximum amounts due under rental adjustment clauses contained in the finance lease agreements.

Schedule of assets securing notes payable or held under capital leases

	June 30		December 31
	2019		2018
	(in thousands)
Revenue equipment	$	245,703	$	264,396
Land and structures (service centers)		1,794		1,794
Software		1,508		1,484
Service, office, and other equipment		15,492		5,941
Total assets securing notes payable or held under finance leases		264,497		273,615
Less accumulated depreciation and amortization(1)		78,113		79,961
Net assets securing notes payable or held under finance leases	$	186,384	$	193,654

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