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LONG-TERM DEBT AND FINANCING ARRANGEMENTS (Tables) | 12 Months Ended
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Dec. 31, 2015
LONG-TERM DEBT AND FINANCING ARRANGEMENTS |
Schedule of long-term debt |
|  |  | December 31 |
|  |  | 2015 |  | 2014 |
|  |  | (in thousands) |
Credit Facility (interest rate of 1.7% at December 31, 2015) |  |  | $ | 70,000 |  | $ | — |
Term Loan(1) |  |  |  | — |  |  | 70,000 |
Accounts receivable securitization borrowings (interest rate of 1.1% at December 31, 2015) |  |  |  | 35,000 |  |  | — |
Notes payable (weighted-average interest rate of 1.9% at December 31, 2015) |  |  |  | 106,703 |  |  | 56,759 |
Capital lease obligations (weighted-average interest rate of 5.8% at December 31, 2015) |  |  |  | 806 |  |  | 971 |
|  |  |  | 212,509 |  |  | 127,730 |
Less current portion |  |  |  | 44,910 |  |  | 25,256 |
Long-term debt, less current portion |  |  | $ | 167,599 |  | $ | 102,474 |
| (1) |  | The Term Loan was converted to the Credit Facility on January 2, 2015.
Scheduled maturities of long-term debt obligations | Scheduled maturities of long‑term debt obligations as of December 31, 2015 were as follows:
|  |  |  |  |  |  |  | Accounts |  | Notes |  | Capital Lease |
|  |  |  |  |  |  |  | Receivable |  | Payable |  | Obligations(2) |
|  |  |  |  | Credit |  | Securitization |  | Revenue |  | Land and |
|  | Total |  | Facility(1) |  |  | Program(1) |  | Equipment |  | Structures |
|  | (in thousands)
2016 |  | $ | 48,512 |  | $ | 1,375 |  | $ | 536 |  | $ | 46,388 |  | $ | 213 |
2017 |  |  | 43,698 |  |  | 1,802 |  |  | 750 |  |  | 40,927 |  |  | 219 |
2018 |  |  | 59,130 |  |  | 2,101 |  |  | 35,002 |  |  | 21,801 |  |  | 226 |
2019 |  |  | 2,732 |  |  | 2,259 |  |  | — |  |  | 241 |  |  | 232 |
2020 |  |  | 70,025 |  |  | 70,006 |  |  | — |  |  | — |  |  | 19 |
Thereafter |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total payments |  |  | 224,097 |  |  | 77,543 |  |  | 36,288 |  |  | 109,357 |  |  | 909 |
Less amounts representing interest |  |  | 11,588 |  |  | 7,543 |  |  | 1,288 |  |  | 2,654 |  |  | 103 |
Long-term debt |  | $ | 212,509 |  | $ | 70,000 |  | $ | 35,000 |  | $ | 106,703 |  | $ | 806 |
| (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 | Assets securing notes payable or held under capital leases at December 31 were included in property, plant and equipment as follows:
|  | 2015 |  | 2014 |
|  | (in thousands) |
Revenue equipment |  | $ | 136,698 |  | $ | 88,591 |
Land and structures (terminals) |  |  | 1,794 |  |  | 1,794 |
Service, office, and other equipment |  |  | — |  |  | 255 |
Total assets securing notes payable or held under capital leases |  |  | 138,492 |  |  | 90,640 |
Less accumulated depreciation and amortization(1) |  |  | 25,120 |  |  | 26,305 |
Net assets securing notes payable or held under capital leases |  | $ | 113,372 |  | $ | 64,335 |
| (1) |  | Amortization of assets held under capital leases and depreciation of assets securing notes payable are included in depreciation expense.

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- Definition Tabular disclosure of contractually required rental payments on leases meeting the criteria for capitalization and maturities on long-term debt as of the date of the latest balance sheet date presented, in aggregate and for each of the five succeeding years, with separate deductions from the total for the amount of the imputed interest necessary to reduce the required rental payments and debt maturities to present value. + References No definition available. + Details
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- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
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