LONG-TERM DEBT AND FINANCING ARRANGEMENTS (Tables)

3 Months Ended

Mar. 31, 2015

LONG-TERM DEBT AND FINANCING ARRANGEMENTS

	March 31		December 31
	2015		2014
	(in thousands)
Credit Facility (interest rate of 1.4% at March 31, 2015)	$	70,000	$	—
Term Loan(1)	—		70,000
Accounts receivable securitization borrowings (interest rate of 1.0% at March 31, 2015)	35,000		—
Notes payable (weighted average interest rate of 2.0% at March 31, 2015)	49,547		56,759
Capital lease obligations (weighted average interest rate of 5.8% at March 31, 2015)	929		971
	155,476		127,730
Less current portion	22,639		25,256
Long-term debt, less current portion	$	132,837	$	102,474

(1)

The Term Loan was converted to the Credit Facility on January 2, 2015.

Scheduled maturities of long-term debt obligations

					Accounts
					Receivable
			Credit		Securitization		Notes		Capital Lease
	Total		Facility(1)		Program(1)		Payable		Obligations(2)
	(in thousands)
Due in one year or less	$	24,983	$	1,138	$	418	$	23,213	$	214
Due after one year through two years	21,426		1,603		650		18,959		214
Due after two years through three years	46,366		1,998		35,630		8,518		220
Due after three years through four years	2,463		2,235		—		—		228
Due after four years through five years	71,984		71,790		—		—		194
Total payments	167,222		78,764		36,698		50,690		1,070
Less amounts representing interest	11,746		8,764		1,698		1,143		141
Long-term debt	$	155,476	$	70,000	$	35,000	$	49,547	$	929

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

Schedule of assets securing notes payable or held under capital leases

	March 31		December 31
	2015		2014
	(in thousands)
Revenue equipment	$	86,076	$	88,591
Land and structures (terminals)	1,794		1,794
Service, office, and other equipment	256		255
Total assets securing notes payable or held under capital leases	88,126		90,640
Less accumulated depreciation and amortization(1)	28,876		26,305
Net assets securing notes payable or held under capital leases	$	59,250	$	64,335

(1)

Amortization of assets under capital leases and depreciation of assets securing notes payable are included in depreciation expense.