LONG-TERM DEBT AND FINANCING ARRANGEMENTS (Tables)

9 Months Ended

Sep. 30, 2022

LONG-TERM DEBT AND FINANCING ARRANGEMENTS

Schedule of long-term debt

	September 30		December 31
	2022		2021
	(in thousands)
Credit Facility (interest rate of 4.2%(1) at September 30, 2022)	$	50,000	$	50,000
Notes payable (weighted-average interest rate of 3.0% at September 30, 2022)		203,319		175,530
Finance lease obligations		—		2
		253,319		225,532
Less current portion		63,521		50,615
Long-term debt, less current portion	$	189,798	$	174,917

(1) The interest rate swap mitigates interest rate risk by effectively converting the $50.0 million of borrowings under the Credit Facility from variable-rate interest to fixed-rate interest with a per annum rate of 1.56% and 3.12% based on the margin of the Credit Facility as of September 30, 2022 and December 31, 2021, respectively.

Scheduled maturities of long-term debt obligations

Scheduled maturities of long-term debt obligations as of September 30, 2022 were as follows:

			Credit		Notes
	Total		Facility(1)		Payable
	(in thousands)
Due in one year or less	$	71,428	$	2,754	$	68,674
Due after one year through two years		62,723		2,638		60,085
Due after two years through three years		94,012		50,000		44,012
Due after three years through four years		27,888		—		27,888
Due after four years through five years		14,421		—		14,421
Due after five years		379		—		379
Total payments		270,851		55,392		215,459
Less amounts representing interest		17,532		5,392		12,140
Long-term debt	$	253,319	$	50,000	$	203,319

(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
	2022		2021
	(in thousands)
Revenue equipment	$	274,540	$	241,892
Service, office, and other equipment		39,428		29,773
Total assets securing notes payable or held under finance leases		313,968		271,665
Less accumulated depreciation and amortization(1)		106,769		88,696
Net assets securing notes payable or held under finance leases	$	207,199	$	182,969

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