XML 40 R26.htm IDEA: XBRL DOCUMENT

LONG-TERM DEBT AND FINANCING ARRANGEMENTS (Tables)

3 Months Ended

Mar. 31, 2024

LONG-TERM DEBT AND FINANCING ARRANGEMENTS

Schedule of long-term debt


		March 31			December 31
		2024			2023

		(in thousands)
Credit Facility (interest rate of 6.6%⁽¹⁾ at March 31, 2024)		$	50,000		$	50,000
Notes payable (weighted-average interest rate of 3.9% at March 31, 2024)			162,171			178,938
			212,171			228,938
Less current portion			63,179			66,948
Long-term debt, less current portion		$	148,992		$	161,990

(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, 2024 and December 31, 2023.

Scheduled maturities of long-term debt obligations

Scheduled maturities of long-term debt obligations as of March 31, 2024, were as follows:


					Credit			Notes
		Total			Facility⁽¹⁾			Payable

		(in thousands)
Due in one year or less		$	71,602		$	3,142		$	68,460
Due after one year through two years			50,181			2,690			47,491
Due after two years through three years			38,552			2,502			36,050
Due after three years through four years			69,270			51,273			17,997
Due after four years through five years			3,433			—			3,433
Due after five years			—			—			—
Total payments			233,038			59,607			173,431
Less amounts representing interest			20,867			9,607			11,260
Long-term debt		$	212,171		$	50,000		$	162,171

(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


		March 31			December 31
		2024			2023

		(in thousands)
Revenue equipment		$	300,161		$	300,922
Service, office and other equipment			38,138			38,138
Total assets securing notes payable			338,299			339,060
Less accumulated depreciation⁽¹⁾			145,630			135,305
Net assets securing notes payable		$	192,669		$	203,755

(1)	Depreciation of assets securing notes payable is included in depreciation expense.