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LONG-TERM DEBT AND FINANCING ARRANGEMENTS (Tables)

12 Months Ended

Dec. 31, 2023

LONG-TERM DEBT AND FINANCING ARRANGEMENTS

Schedule of long-term debt


		December 31			December 31
		2023			2022

		(in thousands)
Credit Facility (interest rate of 6.6%⁽¹⁾ at December 31, 2023)		$	50,000		$	50,000
Notes payable (weighted-average interest rate of 3.8% at December 31, 2023)			178,938			214,623
			228,938			264,623
Less current portion			66,948			66,252
Long-term debt, less current portion		$	161,990		$	198,371

(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 December 31, 2023 and 2022, respectively.

Scheduled maturities of long-term debt obligations

Scheduled maturities of long-term debt obligations as of December 31, 2023 were as follows:


					Credit			Notes
		Total			Facility⁽¹⁾			Payable

		(in thousands)
2024		$	75,800		$	3,021		$	72,779
2025			53,388			2,353			51,035
2026			41,476			2,211			39,265
2027			74,972			51,688			23,284
2028			5,520			—			5,520
Total payments			251,156			59,273			191,883
Less amounts representing interest			22,218			9,273			12,945
Long-term debt		$	228,938		$	50,000		$	178,938

(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

Assets securing notes payable at December 31 were included in property, plant and equipment as follows:


		2023			2022

		(in thousands)
Revenue equipment		$	300,922		$	294,700
Service, office, and other equipment			38,138			41,522
Total assets securing notes payable			339,060			336,222
Less accumulated depreciation⁽¹⁾			135,305			119,244
Net assets securing notes payable		$	203,755		$	216,978

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