LONG-TERM DEBT AND FINANCING ARRANGEMENTS (Tables)

6 Months Ended

Jun. 30, 2022

LONG-TERM DEBT AND FINANCING ARRANGEMENTS

Schedule of long-term debt

	June 30		December 31
	2022		2021
	(in thousands)
Credit Facility (interest rate of 2.8%(1) at June 30, 2022)	$	50,000	$	50,000
Notes payable (weighted-average interest rate of 2.5% at June 30, 2022)		175,405		175,530
Finance lease obligations		—		2
		225,405		225,532
Less current portion		56,049		50,615
Long-term debt, less current portion	$	169,356	$	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 1.56% and 3.12% based on the margin of the Credit Facility as of June 30, 2022 and December 31, 2021, respectively.

Scheduled maturities of long-term debt obligations

Scheduled maturities of long-term debt obligations as of June 30, 2022 were as follows:

			Credit		Notes
	Total		Facility(1)		Payable
	(in thousands)
Due in one year or less	$	61,959	$	2,152	$	59,807
Due after one year through two years		56,017		2,098		53,919
Due after two years through three years		89,397		50,489		38,908
Due after three years through four years		21,398		—		21,398
Due after four years through five years		9,251		—		9,251
Due after five years		118		—		118
Total payments		238,140		54,739		183,401
Less amounts representing interest		12,735		4,739		7,996
Long-term debt	$	225,405	$	50,000	$	175,405

(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

	June 30		December 31
	2022		2021
	(in thousands)
Revenue equipment	$	255,050	$	241,892
Service, office, and other equipment		33,612		29,773
Total assets securing notes payable or held under finance leases		288,662		271,665
Less accumulated depreciation and amortization(1)		105,185		88,696
Net assets securing notes payable or held under finance leases	$	183,477	$	182,969

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