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LONG-TERM DEBT AND FINANCING ARRANGEMENTS (Tables)

9 Months Ended

Sep. 30, 2019

LONG-TERM DEBT AND FINANCING ARRANGEMENTS


	September 30		December 31
	2019		2018
	(in thousands)
Credit Facility (interest rate of 3.2%⁽¹⁾ at September 30, 2019)	$	70,000	$	70,000
Accounts receivable securitization borrowings (interest rate of 3.0% at September 30, 2019)		40,000		40,000
Notes payable (weighted-average interest rate of 3.4% at September 30, 2019)		188,326		181,409
Finance lease obligations (weighted-average interest rate of 5.3% at September 30, 2019)		94		266
		298,420		291,675
Less current portion		50,197		54,075
Long-term debt, less current portion	$	248,223	$	237,600

(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 2.98% and 3.10% based on the margin of the Credit Facility as of September 30, 2019 and December 31, 2018, respectively.

Scheduled maturities of long-term debt obligations

Scheduled maturities of long-term debt obligations as of September 30, 2019 were as follows:


					Accounts
					Receivable
			Credit		Securitization		Notes		Finance Lease
	Total		Facility⁽¹⁾		Program⁽¹⁾		Payable		Obligations⁽²⁾
	(in thousands)
Due in one year or less	$	58,779	$	1,951	$	1,023	$	55,721	$	84
Due after one year through two years		55,830		1,687		873		53,263		7
Due after two years through three years		88,632		1,668		40,000		46,961		3
Due after three years through four years		33,068		1,694		—		31,374		—
Due after four years through five years		15,896		1,733		—		14,163		—
Due after five years		70,000		70,000		—		—		—
Total payments		322,205		78,733		41,896		201,482		94
Less amounts representing interest		23,785		8,733		1,896		13,156		—
Long-term debt	$	298,420	$	70,000	$	40,000	$	188,326	$	94

(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 finance lease obligations include maximum amounts due under rental adjustment clauses contained in the finance lease agreements.

Schedule of assets securing notes payable or held under capital leases


	September 30		December 31
	2019		2018
	(in thousands)
Revenue equipment	$	260,019	$	264,396
Land and structures (service centers)		1,794		1,794
Software		1,508		1,484
Service, office, and other equipment		15,485		5,941
Total assets securing notes payable or held under finance leases		278,806		273,615
Less accumulated depreciation and amortization⁽¹⁾		76,962		79,961
Net assets securing notes payable or held under finance leases	$	201,844	$	193,654

(1)	Amortization of assets held under finance leases and depreciation of assets securing notes payable are included in depreciation expense.