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LONG-TERM DEBT AND FINANCING ARRANGEMENTS (Tables)

12 Months Ended

Dec. 31, 2022

LONG-TERM DEBT AND FINANCING ARRANGEMENTS


	December 31		December 31
	2022		2021

	(in thousands)
Credit Facility (interest rate of 5.5%⁽¹⁾ at December 31, 2022)	$	50,000	$	50,000
Notes payable (weighted-average interest rate of 3.3% at December 31, 2022)		214,623		175,530
Finance lease obligations		—		2
		264,623		225,532
Less current portion		66,252		50,615
Long-term debt, less current portion	$	198,371	$	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 1.55% and 3.12% based on the margin of the Credit Facility as of December 31, 2022 and 2021, respectively.

Scheduled maturities of long-term debt obligations

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


			Credit		Notes
	Total		Facility⁽¹⁾		Payable

	(in thousands)
2023	$	75,381	$	3,045	$	72,336
2024		67,456		2,008		65,448
2025		93,653		50,000		43,653
2026		31,798		—		31,798
2027		15,773		—		15,773
Thereafter		186		—		186
Total payments		284,247		55,053		229,194
Less amounts representing interest		19,624		5,053		14,571
Long-term debt	$	264,623	$	50,000	$	214,623

(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 or held under capital leases

Assets securing notes payable or held under finance leases at December 31 were included in property, plant and equipment as follows:


	December 31		December 31
	2022		2021

	(in thousands)
Revenue equipment	$	294,700	$	241,892
Service, office, and other equipment		41,522		29,773
Total assets securing notes payable or held under finance leases		336,222		271,665
Less accumulated depreciation and amortization⁽¹⁾		119,244		88,696
Net assets securing notes payable or held under finance leases	$	216,978	$	182,969

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