LONG-TERM DEBT AND FINANCING ARRANGEMENTS (Tables)

6 Months Ended

Jun. 30, 2015

LONG-TERM DEBT AND FINANCING ARRANGEMENTS

	June 30		December 31
	2015		2014
	(in thousands)

Credit Facility (interest rate of 1.4% at June 30, 2015)	$	70,000	$	—
Term Loan(1)	—		70,000
Accounts receivable securitization borrowings (interest rate of 1.0% at June 30, 2015)	35,000		—
Notes payable (weighted average interest rate of 1.9% at June 30, 2015)	54,959		56,759
Capital lease obligations (weighted average interest rate of 5.8% at June 30, 2015)	886		971

	160,845		127,730
Less current portion	24,024		25,256

Long-term debt, less current portion	$	136,821	$	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	$	26,506	$	1,175	$	436	$	24,684	$	211
Due after one year through two years	25,901		1,685		692		23,308		216
Due after two years through three years	45,853		2,136		35,444		8,051		222
Due after three years through four years	2,896		2,469		—		198		229
Due after four years through five years	71,483		71,347		—		—		136

Total payments	172,639		78,812		36,572		56,241		1,014
Less amounts representing interest	11,794		8,812		1,572		1,282		128

Long-term debt	$	160,845	$	70,000	$	35,000	$	54,959	$	886

⁽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

	June 30		December 31
	2015		2014
	(in thousands)
Revenue equipment	$	98,841	$	88,591
Land and structures (terminals)	1,794		1,794
Service, office, and other equipment	255		255

Total assets securing notes payable or held under capital leases	100,890		90,640
Less accumulated depreciation and amortization(1)	33,533		26,305

Net assets securing notes payable or held under capital leases	$	67,357	$	64,335

⁽¹⁾

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