LONG-TERM DEBT AND FINANCING ARRANGEMENTS (Tables)

3 Months Ended

Mar. 31, 2022

LONG-TERM DEBT AND FINANCING ARRANGEMENTS

Schedule of long-term debt

	March 31		December 31
	2022		2021
	(in thousands)
Credit Facility (interest rate of 1.6%(1) at March 31, 2022)	$	88,000	$	50,000
Notes payable (weighted-average interest rate of 2.4% at March 31, 2022)		170,678		175,530
Finance lease obligations		—		2
		258,678		225,532
Less current portion		89,766		50,615
Long-term debt, less current portion	$	168,912	$	174,917

(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 3.12% based on the margin of the Credit Facility as of March 31, 2022 and December 31, 2021.

Scheduled maturities of long-term debt obligations

Scheduled maturities of long-term debt obligations as of March 31, 2022 were as follows:

			Credit		Notes
	Total		Facility(1)		Payable
	(in thousands)
Due in one year or less	$	94,853	$	39,568	$	55,285
Due after one year through two years		52,197		2,154		50,043
Due after two years through three years		93,143		51,015		42,128
Due after three years through four years		21,054		—		21,054
Due after four years through five years		9,486		—		9,486
Due after five years		—		—		—
Total payments		270,733		92,737		177,996
Less amounts representing interest		12,055		4,737		7,318
Long-term debt	$	258,678	$	88,000	$	170,678

(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
	2022		2021
	(in thousands)
Revenue equipment	$	250,327	$	241,892
Service, office, and other equipment		29,773		29,773
Total assets securing notes payable or held under finance leases		280,100		271,665
Less accumulated depreciation and amortization(1)		98,571		88,696
Net assets securing notes payable or held under finance leases	$	181,529	$	182,969

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