LONG-TERM DEBT AND FINANCING ARRANGEMENTS (Tables)

6 Months Ended

Jun. 30, 2023

LONG-TERM DEBT AND FINANCING ARRANGEMENTS

Schedule of long-term debt

	June 30		December 31
	2023		2022
	(in thousands)
Credit Facility (interest rate of 6.3%(1) at June 30, 2023)	$	50,000	$	50,000
Notes payable (weighted-average interest rate of 3.4% at June 30, 2023)		182,987		214,623
		232,987		264,623
Less current portion		64,882		66,252
Long-term debt, less current portion	$	168,105	$	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 June 30, 2023 and December 31, 2022.

Scheduled maturities of long-term debt obligations

Scheduled maturities of long-term debt obligations as of June 30, 2023, were as follows:

			Credit		Notes
	Total		Facility(1)		Payable
	(in thousands)
Due in one year or less	$	73,463	$	3,296	$	70,167
Due after one year through two years		57,823		2,762		55,061
Due after two years through three years		39,963		2,392		37,571
Due after three years through four years		27,800		2,246		25,554
Due after four years through five years		56,895		50,593		6,302
Total payments		255,944		61,289		194,655
Less amounts representing interest		22,957		11,289		11,668
Long-term debt	$	232,987	$	50,000	$	182,987

(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

	June 30		December 31
	2023		2022
	(in thousands)
Revenue equipment	$	305,601	$	294,700
Service, office, and other equipment		39,121		41,522
Total assets securing notes payable		344,722		336,222
Less accumulated depreciation		143,087		119,244
Net assets securing notes payable	$	201,635	$	216,978