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LONG-TERM DEBT AND FINANCING ARRANGEMENTS (Tables)

9 Months Ended

Sep. 30, 2020

LONG-TERM DEBT AND FINANCING ARRANGEMENTS


	September 30		December 31
	2020		2019

	(in thousands)
Credit Facility (interest rate of 1.3%⁽¹⁾ at September 30, 2020)	$	70,000	$	70,000
Accounts receivable securitization borrowings		—		40,000
Notes payable (weighted-average interest rate of 3.0% at September 30, 2020)		221,914		213,504
Finance lease obligations (weighted-average interest rate of 3.3% at September 30, 2020)		10		15
		291,924		323,519
Less current portion		65,887		57,305
Long-term debt, less current portion	$	226,037	$	266,214

(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 3.12% and 2.98% based on the margin of the Credit Facility as of September 30, 2020 and December 31, 2019, respectively.

Scheduled maturities of long-term debt obligations

Scheduled maturities of long-term debt obligations as of September 30, 2020 were as follows:




			Credit		Notes		Finance Lease
	Total		Facility⁽¹⁾		Payable		Obligations

	(in thousands)
Due in one year or less	$	72,505	$	899	$	71,599	$	7
Due after one year through two years		66,329		885		65,441		3
Due after two years through three years		50,883		908		49,975		—
Due after three years through four years		33,744		994		32,750		—
Due after four years through five years		84,331		70,000		14,331		—
Due after five years		133		—		133		—
Total payments		307,925		73,686		234,229		10
Less amounts representing interest		16,001		3,686		12,315		—
Long-term debt	$	291,924	$	70,000	$	221,914	$	10

(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.

Schedule of assets securing notes payable or held under capital leases


	September 30		December 31
	2020		2019

	(in thousands)
Revenue equipment	$	317,318	$	265,315
Software		—		2,140
Service, office, and other equipment		26,270		26,344
Total assets securing notes payable or held under finance leases		343,588		293,799
Less accumulated depreciation and amortization⁽¹⁾		103,425		71,405
Net assets securing notes payable or held under finance leases	$	240,163	$	222,394

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