LONG-TERM DEBT AND FINANCING ARRANGEMENTS (Tables)

12 Months Ended

Dec. 31, 2017

LONG-TERM DEBT AND FINANCING ARRANGEMENTS


	December 31
	2017		2016
	(in thousands)
Credit Facility (interest rate of 3.1%(1) at December 31, 2017)	$	70,000	$	70,000
Accounts receivable securitization borrowings (interest rate of 2.3% at December 31, 2017)		45,000		35,000
Notes payable (weighted-average interest rate of 2.7% at December 31, 2017)		153,441		138,032
Capital lease obligations (weighted-average interest rate of 5.7% at December 31, 2017)		478		641
		268,919		243,673
Less current portion		61,930		64,143
Long-term debt, less current portion	$	206,989	$	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 December 31, 2017 and 2016.

Scheduled maturities of long-term debt obligations

Scheduled maturities of long‑term debt obligations as of December 31, 2017 were as follows:


					Accounts
					Receivable
			Credit		Securitization		Notes		Capital Lease
	Total		Facility(1)		Program(1)		Payable		Obligations(2)
	(in thousands)
2018	$	68,822	$	2,329	$	1,223	$	65,036	$	234
2019		42,156		2,598		1,396		37,922		240
2020		71,393		2,679		45,358		23,329		27
2021		24,343		2,696		—		21,640		7
2022		84,275		71,392		—		12,882		1
Thereafter		404		—		—		404		—
Total payments		291,393		81,694		47,977		161,213		509
Less amounts representing interest		22,474		11,694		2,977		7,772		31
Long-term debt	$	268,919	$	70,000	$	45,000	$	153,441	$	478

⁽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:


	2017		2016
	(in thousands)
Revenue equipment	$	269,950	$	220,566
Land and structures (service centers)		1,794		1,794
Software		486		—
Service, office, and other equipment		100		7
Total assets securing notes payable or held under capital leases		272,330		222,367
Less accumulated depreciation and amortization(1)		87,691		61,643
Net assets securing notes payable or held under capital leases	$	184,639	$	160,724

⁽¹⁾

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