LONG-TERM DEBT AND FINANCING ARRANGEMENTS (Tables)

9 Months Ended

Sep. 30, 2015

LONG-TERM DEBT AND FINANCING ARRANGEMENTS


	September 30		December 31
	2015		2014
	(in thousands)
Credit Facility (interest rate of 1.4% at September 30, 2015)	$	70,000	$	—
Term Loan(1)		—		70,000
Accounts receivable securitization borrowings (interest rate of 1.0% at September 30, 2015)		35,000		—
Notes payable (weighted-average interest rate of 1.9% at September 30, 2015)		85,758		56,759
Capital lease obligations (weighted-average interest rate of 5.8% at September 30, 2015)		845		971
		191,603		127,730
Less current portion		35,050		25,256
Long-term debt, less current portion	$	156,553	$	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	$	38,008	$	1,171	$	434	$	36,192	$	211
Due after one year through two years		36,955		1,513		606		34,619		217
Due after two years through three years		53,947		1,814		35,180		16,729		224
Due after three years through four years		2,643		2,074		—		339		230
Due after four years through five years		70,645		70,567		—		—		78
Total payments		202,198		77,139		36,220		87,879		960
Less amounts representing interest		10,595		7,139		1,220		2,121		115
Long-term debt	$	191,603	$	70,000	$	35,000	$	85,758	$	845

⁽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


	September 30		December 31
	2015		2014
	(in thousands)
Revenue equipment	$	109,379	$	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		111,428		90,640
Less accumulated depreciation and amortization(1)		20,340		26,305
Net assets securing notes payable or held under capital leases	$	91,088	$	64,335

⁽¹⁾

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