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LONG-TERM DEBT AND FINANCING ARRANGEMENTS (Tables)

6 Months Ended

Jun. 30, 2021

LONG-TERM DEBT AND FINANCING ARRANGEMENTS


	June 30		December 31
	2021		2020

	(in thousands)
Credit Facility (interest rate of 1.2%⁽¹⁾ at June 30, 2021)	$	50,000	$	70,000
Notes payable (weighted-average interest rate of 2.9% at June 30, 2021)		187,715		214,216
Finance lease obligations (weighted-average interest rate of 3.3% at June 30, 2021)		4		8
		237,719		284,224
Less current portion		66,644		67,105
Long-term debt, less current portion	$	171,075	$	217,119

(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 both June 30, 2021 and December 31, 2020.

Scheduled maturities of long-term debt obligations

Scheduled maturities, including interest payments, of long-term debt obligations as of June 30, 2021 were as follows:




			Credit		Notes		Finance Lease
	Total		Facility⁽¹⁾		Payable		Obligations

	(in thousands)
Due in one year or less	$	71,778	$	637	$	71,137	$	4
Due after one year through two years		57,710		784		56,926		—
Due after two years through three years		42,571		1,049		41,522		—
Due after three years through four years		72,345		50,296		22,049		—
Due after four years through five years		4,567		—		4,567		—
Due after five years		124		—		124		—
Total payments		249,095		52,766		196,325		4
Less amounts representing interest		11,376		2,766		8,610		—
Long-term debt	$	237,719	$	50,000	$	187,715	$	4

(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
	2021		2020

	(in thousands)
Revenue equipment	$	326,914	$	326,823
Service, office, and other equipment		26,250		26,270
Total assets securing notes payable or held under finance leases		353,164		353,093
Less accumulated depreciation and amortization⁽¹⁾		135,538		115,424
Net assets securing notes payable or held under finance leases	$	217,626	$	237,669

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