LONG-TERM DEBT AND FINANCING ARRANGEMENTS (Tables)

12 Months Ended

Dec. 31, 2020

LONG-TERM DEBT AND FINANCING ARRANGEMENTS


	December 31		December 31
	2020		2019

	(in thousands)
Credit Facility (interest rate of 1.3%⁽¹⁾ at December 31, 2020)	$	70,000	$	70,000
Accounts receivable securitization borrowings		—		40,000
Notes payable (weighted-average interest rate of 3.0% at December 31, 2020)		214,216		213,504
Finance lease obligations (weighted-average interest rate of 3.3% at December 31, 2020)		8		15
		284,224		323,519
Less current portion		67,105		57,305
Long-term debt, less current portion	$	217,119	$	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 December 31, 2020 and 2019, respectively.

Scheduled maturities of long-term debt obligations

Scheduled maturities of long-term debt obligations as of December 31, 2020 were as follows:




			Credit		Notes		Finance Lease
	Total		Facility⁽¹⁾		Payable		Obligations

	(in thousands)
2021	$	73,386	$	886	$	72,493	$	7
2022		64,750		914		63,835		1
2023		48,892		971		47,921		—
2024		102,393		70,823		31,570		—
2025		9,576		—		9,576		—
Thereafter		—		—		—		—
Total payments		298,997		73,594		225,395		8
Less amounts representing interest		14,773		3,594		11,179		—
Long-term debt	$	284,224	$	70,000	$	214,216	$	8

(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.

Assets securing notes payable or held under finance leases at December 31 were included in property, plant and equipment as follows:


	2020		2019

	(in thousands)
Revenue equipment	$	326,823	$	265,315
Software		—		2,140
Service, office, and other equipment		26,270		26,344
Total assets securing notes payable or held under finance leases		353,093		293,799
Less accumulated depreciation and amortization⁽¹⁾		115,424		71,405
Net assets securing notes payable or held under finance leases	$	237,669	$	222,394

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

Schedule of assets securing notes payable or held under capital leases