LONG-TERM DEBT AND FINANCING ARRANGEMENTS (Tables)

3 Months Ended

Mar. 31, 2023

LONG-TERM DEBT AND FINANCING ARRANGEMENTS

Schedule of long-term debt

	March 31		December 31
	2023		2022
	(in thousands)
Credit Facility (interest rate of 6.0%(1) at March 31, 2023)	$	50,000	$	50,000
Notes payable (weighted-average interest rate of 3.4% at March 31, 2023)		200,452		214,623
		250,452		264,623
Less current portion		64,491		66,252
Long-term debt, less current portion	$	185,961	$	198,371

(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 1.55% based on the margin of the Credit Facility as of both March 31, 2023 and December 31, 2022.

Scheduled maturities of long-term debt obligations

Scheduled maturities of long-term debt obligations as of March 31, 2023, were as follows:

			Credit		Notes
	Total		Facility(1)		Payable
	(in thousands)
Due in one year or less	$	73,256	$	2,981	$	70,275
Due after one year through two years		113,166		51,217		61,949
Due after two years through three years		40,882		—		40,882
Due after three years through four years		29,413		—		29,413
Due after four years through five years		11,261		—		11,261
Total payments		267,978		54,198		213,780
Less amounts representing interest		17,526		4,198		13,328
Long-term debt	$	250,452	$	50,000	$	200,452

(1) The future interest payments included in the scheduled maturities due are calculated using variable interest rates based on the SOFR swap curve, plus the anticipated applicable margin, exclusive of payments on the interest rate swap.

Schedule of assets securing notes payable or held under capital leases

	March 31		December 31
	2023		2022
	(in thousands)
Revenue equipment	$	305,925	$	294,700
Service, office, and other equipment		39,121		41,522
Total assets securing notes payable or held under finance leases		345,046		336,222
Less accumulated depreciation and amortization(1)		130,896		119,244
Net assets securing notes payable or held under finance leases	$	214,150	$	216,978

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