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LONG-TERM DEBT AND FINANCING ARRANGEMENTS (Tables) | 9 Months Ended
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Sep. 30, 2017
LONG-TERM DEBT AND FINANCING ARRANGEMENTS |
Schedule of long-term debt |
|  | September 30 |  | December 31 |
|  | 2017 |  | 2016 |
|  | (in thousands) |
Credit Facility (interest rate of 2.7%(1) at September 30, 2017) |  | $ | 70,000 |  | $ | 70,000 |
Accounts receivable securitization borrowings (interest rate of 2.1% at September 30, 2017) |  |  | 45,000 |  |  | 35,000 |
Notes payable (weighted-average interest rate of 2.5% at September 30, 2017) |  |  | 147,490 |  |  | 138,032 |
Capital lease obligations (weighted-average interest rate of 5.7% at September 30, 2017) |  |  | 528 |  |  | 641 |
|  |  | 263,018 |  |  | 243,673 |
Less current portion |  |  | 62,837 |  |  | 64,143 |
Long-term debt, less current portion |  | $ | 200,181 |  | $ | 179,530 |
| (1) |  | The interest rate swap mitigates interest rate risk by effectively converting $50.0 million of borrowings under the Credit Facility from variable-rate interest to fixed-rate interest with a per annum rate of 3.35% based on the margin of the Credit Facility as of September 30, 2017.
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 |  | $ | 69,017 |  | $ | 2,095 |  | $ | 1,073 |  | $ | 65,617 |  | $ | 232 |
Due after one year through two years |  |  | 42,954 |  |  | 2,327 |  |  | 1,222 |  |  | 39,167 |  |  | 238 |
Due after two years through three years |  |  | 68,157 |  |  | 2,448 |  |  | 45,642 |  |  | 19,982 |  |  | 85 |
Due after three years through four years |  |  | 20,346 |  |  | 2,529 |  |  | — |  |  | 17,809 |  |  | 8 |
Due after four years through five years |  |  | 83,472 |  |  | 71,982 |  |  | — |  |  | 11,487 |  |  | 3 |
Due after five years |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total payments |  |  | 283,946 |  |  | 81,381 |  |  | 47,937 |  |  | 154,062 |  |  | 566 |
Less amounts representing interest |  |  | 20,928 |  |  | 11,381 |  |  | 2,937 |  |  | 6,572 |  |  | 38 |
Long-term debt |  | $ | 263,018 |  | $ | 70,000 |  | $ | 45,000 |  | $ | 147,490 |  | $ | 528 |
| (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 |
|  | 2017 |  | 2016 |
|  | (in thousands) |
Revenue equipment |  | $ | 281,557 |  | $ | 220,566 |
Land and structures (service centers) |  |  | 1,794 |  |  | 1,794 |
Software |  |  | 486 |  |  | — |
Service, office, and other equipment |  |  | 39 |  |  | 7 |
Total assets securing notes payable or held under capital leases |  |  | 283,876 |  |  | 222,367 |
Less accumulated depreciation and amortization(1) |  |  | 95,275 |  |  | 61,643 |
Net assets securing notes payable or held under capital leases |  | $ | 188,601 |  | $ | 160,724 |
| (1) |  | Amortization of assets under capital leases and depreciation of assets securing notes payable are included in depreciation expense.

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- Definition Tabular disclosure of assets securing debt or held under capital leases included in property, plant and equipment. + References No definition available. + Details
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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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