LONG-TERM DEBT AND FINANCING ARRANGEMENTS (Tables)

12 Months Ended

Dec. 31, 2018

LONG-TERM DEBT AND FINANCING ARRANGEMENTS


	December 31
	2018		2017
	(in thousands)
Credit Facility (interest rate of 3.8%(1) at December 31, 2018)	$	70,000	$	70,000
Accounts receivable securitization borrowings (interest rate of 3.2% at December 31, 2018)		40,000		45,000
Notes payable (weighted-average interest rate of 3.4% at December 31, 2018)		181,409		153,441
Capital lease obligations (weighted-average interest rate of 5.6% at December 31, 2018)		266		478
		291,675		268,919
Less current portion		54,075		61,930
Long-term debt, less current portion	$	237,600	$	206,989

⁽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 3.10% and 3.35% based on the margin of the Credit Facility as of December 31, 2018 and 2017, respectively.

Scheduled maturities of long-term debt obligations

Scheduled maturities of long‑term debt obligations as of December 31, 2018 were as follows:


					Accounts
					Receivable
			Credit		Securitization		Notes		Capital Lease
	Total		Facility(1)		Program(1)		Payable		Obligations(2)
	(in thousands)
2019	$	63,608	$	2,691	$	1,396	$	59,281	$	240
2020		47,540		2,603		1,345		43,565		27
2021		85,514		2,540		41,091		41,876		7
2022		104,449		71,318		—		33,130		1
2023		17,124		—		—		17,124		—
Thereafter		59		—		—		59		—
Total payments		318,294		79,152		43,832		195,035		275
Less amounts representing interest		26,619		9,152		3,832		13,626		9
Long-term debt	$	291,675	$	70,000	$	40,000	$	181,409	$	266

⁽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:


	2018		2017
	(in thousands)
Revenue equipment	$	264,396	$	269,950
Land and structures (service centers)		1,794		1,794
Software		1,484		486
Service, office, and other equipment		5,941		100
Total assets securing notes payable or held under capital leases		273,615		272,330
Less accumulated depreciation and amortization(1)		79,961		87,691
Net assets securing notes payable or held under capital leases	$	193,654	$	184,639

⁽¹⁾

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