LONG-TERM DEBT AND FINANCING ARRANGEMENTS (Tables)

12 Months Ended

Dec. 31, 2021

LONG-TERM DEBT AND FINANCING ARRANGEMENTS

Schedule of long-term debt

	December 31		December 31
	2021		2020
	(in thousands)
Credit Facility (interest rate of 1.2%(1) at December 31, 2021)	$	50,000	$	70,000
Notes payable (weighted-average interest rate of 2.4% at December 31, 2021)		175,530		214,216
Finance lease obligations (weighted-average interest rate of 3.3% at December 31, 2021)		2		8
		225,532		284,224
Less current portion		50,615		67,105
Long-term debt, less current portion	$	174,917	$	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 December 31, 2021 and 2020.

Scheduled maturities of long-term debt obligations

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

			Credit		Notes		Finance Lease
	Total		Facility(1)		Payable		Obligations
	(in thousands)
2022	$	55,060	$	807	$	54,251	$	2
2023		51,599		1,213		50,386		—
2024		95,675		51,028		44,647		—
2025		22,856		—		22,856		—
2026		10,898		—		10,898		—
Thereafter		293		—		293		—
Total payments		236,381		53,048		183,331		2
Less amounts representing interest		10,849		3,048		7,801		—
Long-term debt	$	225,532	$	50,000	$	175,530	$	2

(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

Assets securing notes payable or held under finance leases at December 31 were included in property, plant and equipment as follows:

	December 31		December 31
	2021		2020
	(in thousands)
Revenue equipment	$	241,892	$	326,823
Service, office, and other equipment		29,773		26,270
Total assets securing notes payable or held under finance leases		271,665		353,093
Less accumulated depreciation and amortization(1)		88,696		115,424
Net assets securing notes payable or held under finance leases	$	182,969	$	237,669

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