LONG-TERM DEBT AND FINANCING ARRANGEMENTS (Tables)

12 Months Ended

Dec. 31, 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 Freight’s operations), real estate, and certain other equipment as follows:



	December 31
	2013		2012
	(in thousands)

Term Loan (interest rate of 1.7% at December 31, 2013)	$	83,750	$	95,000
Notes payable (weighted‑average interest rate of 3.0% at December 31, 2013)	22,082		37,756
Capital lease obligations (weighted‑average interest rate of 4.8% at December 31, 2013)	7,013		23,229
	112,845		155,985
Less current portion	31,513		43,044
Long‑term debt, less current portion	$	81,332	$	112,941

Scheduled maturities under the Term Loan and notes payable and future minimum payments under capital lease obligations included in long-term debt

Scheduled maturities under the Term Loan and notes payable and future minimum payments under capital lease obligations included in long‑term debt as of December 31, 2013 were as follows:



					Notes Payable		Capital Lease Obligations⁽²⁾
			Term		Revenue		Revenue		Land and		Equipment
	Total		Loan⁽¹⁾		Equipment		Equipment		Structures		and Other
	(in thousands)

2014	$	33,659	$	15,178	$	15,561	$	2,425	$	200	$	295
2015	28,467		17,716		7,033		3,061		206		451
2016	19,313		19,100		—		—		213		—
2017	37,121		36,902		—		—		219		—
2018	226		—		—		—		226		—
Thereafter	252		—		—		—		252		—
Total payments	119,038		88,896		22,594		5,486		1,316		746
Less amounts representing interest	6,193		5,146		512		284		215		36
Long‑term debt	$	112,845	$	83,750	$	22,082	$	5,202	$	1,101	$	710


(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 secured by notes payable or held under capital leases at December 31 were included in property, plant and equipment as follows:



	2013			2012
	(in thousands)
Revenue equipment	58,613			93,004
Land and structures (terminals)	$	1,794		$	1,794
Service, office, and other equipment	1,758			1,813
	3,552			3,607
Less accumulated amortization⁽¹⁾	26,847			35,183
Net assets secured by notes payable or held under capital leases	$	(23,295	)	$	(31,576	)


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