LONG-TERM DEBT AND FINANCING ARRANGEMENTS (Tables)

3 Months Ended

Mar. 31, 2020

LONG-TERM DEBT AND FINANCING ARRANGEMENTS

Schedule of long-term debt

	March 31		December 31
	2020		2019
	(in thousands)
Credit Facility (interest rate of 2.1%(1) at March 31, 2020)	$	250,000	$	70,000
Accounts receivable securitization borrowings (interest rate of 2.1% at March 31, 2020)		85,000		40,000
Notes payable (weighted-average interest rate of 3.3% at March 31, 2020)		198,908		213,504
Finance lease obligations (weighted-average interest rate of 3.3% at March 31, 2020)		14		15
		533,922		323,519
Less current portion		56,977		57,305
Long-term debt, less current portion	$	476,945	$	266,214

(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 3.12% and 2.98% based on the margin of the Credit Facility as of March 31, 2020 and December 31, 2019, respectively.

Scheduled maturities of long-term debt obligations

Scheduled maturities of long-term debt obligations as of March 31, 2020 were as follows:

					Accounts
					Receivable
			Credit		Securitization		Notes		Finance Lease
	Total		Facility(1)		Program(1)		Payable		Obligations
	(in thousands)
Due in one year or less	$	68,124	$	4,233	$	1,245	$	62,639	$	7
Due after one year through two years		147,955		4,087		85,583		58,278		7
Due after two years through three years		51,217		4,414		—		46,803		—
Due after three years through four years		34,303		4,678		—		29,625		—
Due after four years through five years		266,658		252,430		—		14,228		—
Due after five years		—		—		—		—		—
Total payments		568,257		269,842		86,828		211,573		14
Less amounts representing interest		34,335		19,842		1,828		12,665		—
Long-term debt	$	533,922	$	250,000	$	85,000	$	198,908	$	14

(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.

Schedule of assets securing notes payable or held under capital leases

	March 31		December 31
	2020		2019
	(in thousands)
Revenue equipment	$	264,884	$	265,315
Software		2,140		2,140
Service, office, and other equipment		26,344		26,344
Total assets securing notes payable or held under finance leases		293,368		293,799
Less accumulated depreciation and amortization(1)		81,672		71,405
Net assets securing notes payable or held under finance leases	$	211,696	$	222,394

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