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LONG-TERM DEBT AND FINANCING ARRANGEMENTS (Tables)

6 Months Ended

Jun. 30, 2024

LONG-TERM DEBT AND FINANCING ARRANGEMENTS

Schedule of long-term debt


		June 30			December 31
		2024			2023

		(in thousands)
Credit Facility (interest rate of 6.6%⁽¹⁾ at June 30, 2024)		$	50,000		$	50,000
Notes payable (weighted-average interest rate of 4.1% at June 30, 2024)			153,587			178,938
			203,587			228,938
Less current portion			58,615			66,948
Long-term debt, less current portion		$	144,972		$	161,990

(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 both June 30, 2024 and December 31, 2023.

Scheduled maturities of long-term debt obligations

Scheduled payments of long-term debt obligations as of June 30, 2024, were as follows:


					Credit			Notes
		Total			Facility⁽¹⁾			Payable

		(in thousands)
Due in one year or less		$	67,000		$	3,125		$	63,875
Due after one year through two years			49,343			2,708			46,635
Due after two years through three years			37,139			2,555			34,584
Due after three years through four years			66,167			50,675			15,492
Due after four years through five years			4,083			—			4,083
Due after five years			199			—			199
Total payments			223,931			59,063			164,868
Less amounts representing interest			20,344			9,063			11,281
Long-term debt		$	203,587		$	50,000		$	153,587

(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


		June 30			December 31
		2024			2023

		(in thousands)
Revenue equipment		$	302,510		$	300,922
Service, office and other equipment			28,587			38,138
Total assets securing notes payable			331,097			339,060
Less accumulated depreciation⁽¹⁾			154,571			135,305
Net assets securing notes payable		$	176,526		$	203,755

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