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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.