LONG-TERM DEBT AND FINANCING ARRANGEMENTS (Tables)

9 Months Ended

Sep. 30, 2013

Long-term debt consisted of a Term Loan under the Credit Agreement further described in Financing Arrangements within this Note and notes payable and capital lease obligations related to the financing of revenue equipment (tractors and trailers used primarily in ABF’s operations), real estate, and certain other equipment as follows:



	September 30 2013		December 31 2012
	(in thousands)
Term Loan (interest rate of 1.7% at September 30, 2013)	$	86,875	$	95,000
Notes payable (weighted average interest rate of 3.0% at September 30, 2013)	26,093		37,756
Capital lease obligations (weighted average interest rate of 4.5% at September 30, 2013)	11,278		23,229
	124,246		155,985
Less current portion	35,353		43,044
Long-term debt, less current portion	$	88,893	$	112,941

Scheduled maturities of long-term debt obligations

Scheduled maturities of long-term debt obligations as of September 30, 2013 were as follows:



	Total		Term Loan⁽¹⁾		Notes Payable		Capital Lease Obligations⁽²⁾
	(in thousands)
Due in one year or less	$	37,687	$	14,568	$	16,376	$	6,743
Due after one year through two years	30,633		17,015		10,343		3,275
Due after two years through three years	20,193		18,963		70		1,160
Due after three years through four years	41,819		41,602		—		217
Due after four years through five years	224		—		—		224
Due after five years	308		—		—		308
Total payments	130,864		92,148		26,789		11,927
Less amounts representing interest	6,618		5,273		696		649
Long-term debt	$	124,246	$	86,875	$	26,093	$	11,278


(1)	The future interest payments included in the scheduled maturities due under the Term Loan are calculated using variable interest rates based on the LIBOR swap curve, plus the anticipated applicable margin (see Term Loan within the Financing Arrangements section of this Note).


(2)	Minimum payments of capital lease obligations include maximum amounts due under rental adjustment clauses contained in the capital lease agreements.

Schedule of assets securitized by notes payable or held under capital leases

Assets securitized by notes payable or held under capital leases were included in property, plant and equipment as follows:



	September 30 2013		December 31 2012
	(in thousands)
Land and structures (terminals)	$	1,794	$	1,794
Revenue equipment	69,417		93,004
Service, office, and other equipment	1,758		1,813
	72,969		96,611
Less accumulated amortization⁽¹⁾	31,715		35,183
Net assets securitized by notes payable or held under capital leases	$	41,254	$	61,428


(1)	Amortization of assets securitized by notes payable and held under capital leases is included in depreciation expense.