LONG-TERM DEBT AND FINANCING ARRANGEMENTS (Tables)

3 Months Ended

Mar. 31, 2021

LONG-TERM DEBT AND FINANCING ARRANGEMENTS

Schedule of long-term debt

	March 31		December 31
	2021		2020
	(in thousands)
Credit Facility (interest rate of 1.2%(1) at March 31, 2021)	$	70,000	$	70,000
Notes payable (weighted-average interest rate of 3.0% at March 31, 2021)		196,830		214,216
Finance lease obligations (weighted-average interest rate of 3.3% at March 31, 2021)		7		8
		266,837		284,224
Less current portion		66,064		67,105
Long-term debt, less current portion	$	200,773	$	217,119

(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% based on the margin of the Credit Facility as of both March 31, 2021 and December 31, 2020.

Scheduled maturities of long-term debt obligations

Scheduled maturities of long-term debt obligations as of March 31, 2021 were as follows:

			Credit		Notes		Finance Lease
	Total		Facility(1)		Payable		Obligations
	(in thousands)
Due in one year or less	$	71,839	$	899	$	70,933	$	7
Due after one year through two years		60,650		1,005		59,645		—
Due after two years through three years		43,891		1,362		42,529		—
Due after three years through four years		98,088		70,854		27,234		—
Due after four years through five years		6,117		—		6,117		—
Due after five years		—		—		—		—
Total payments		280,585		74,120		206,458		7
Less amounts representing interest		13,748		4,120		9,628		—
Long-term debt	$	266,837	$	70,000	$	196,830	$	7

(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

	March 31		December 31
	2021		2020
	(in thousands)
Revenue equipment	$	325,562	$	326,823
Service, office, and other equipment		26,270		26,270
Total assets securing notes payable or held under finance leases		351,832		353,093
Less accumulated depreciation and amortization(1)		126,398		115,424
Net assets securing notes payable or held under finance leases	$	225,434	$	237,669

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