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LONG-TERM DEBT AND FINANCING ARRANGEMENTS (Tables) | 3 Months Ended
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Mar. 31, 2023
LONG-TERM DEBT AND FINANCING ARRANGEMENTS |
Schedule of long-term debt | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31 | ​ | December 31 | ​
​ |  | 2023 |  | 2022 |
​ | ​ | (in thousands) | ​
Credit Facility (interest rate of 6.0%(1) at March 31, 2023) | ​ | $ | 50,000 | ​ | $ | 50,000 | ​
Notes payable (weighted-average interest rate of 3.4% at March 31, 2023) | ​ |  | 200,452 | ​ |  | 214,623 | ​
​ | ​ |  | 250,452 | ​ |  | 264,623 | ​
Less current portion | ​ |  | 64,491 | ​ |  | 66,252 | ​
Long-term debt, less current portion | ​ | $ | 185,961 | ​ | $ | 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 both March 31, 2023 and December 31, 2022.
​ ​
Scheduled maturities of long-term debt obligations | Scheduled maturities of long-term debt obligations as of March 31, 2023, were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Credit | ​ | Notes | ​
​ |  | Total |  | Facility(1) |  | Payable |
​ |  | (in thousands) | ​
Due in one year or less |  | $ | 73,256 |  | $ | 2,981 |  | $ | 70,275 | ​
Due after one year through two years | ​ |  | 113,166 | ​ |  | 51,217 | ​ |  | 61,949 | ​
Due after two years through three years | ​ |  | 40,882 | ​ |  | — | ​ |  | 40,882 | ​
Due after three years through four years | ​ |  | 29,413 | ​ |  | — | ​ |  | 29,413 | ​
Due after four years through five years | ​ |  | 11,261 | ​ |  | — | ​ |  | 11,261 | ​
Total payments | ​ |  | 267,978 | ​ |  | 54,198 | ​ |  | 213,780 | ​
Less amounts representing interest | ​ |  | 17,526 | ​ |  | 4,198 | ​ |  | 13,328 | ​
Long-term debt |  | $ | 250,452 |  | $ | 50,000 |  | $ | 200,452 | ​
(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 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31 | ​ | December 31 | ​
​ |  | 2023 |  | 2022 |
​ | ​ | (in thousands) |
Revenue equipment |  | $ | 305,925 |  | $ | 294,700 | ​
Service, office, and other equipment | ​ | ​ | 39,121 | ​ | ​ | 41,522 | ​
Total assets securing notes payable or held under finance leases | ​ |  | 345,046 | ​ |  | 336,222 | ​
Less accumulated depreciation and amortization(1) | ​ |  | 130,896 | ​ |  | 119,244 | ​
Net assets securing notes payable or held under finance leases | ​ | $ | 214,150 | ​ | $ | 216,978 | ​
​ ​
(1) | Amortization of assets held under finance leases and depreciation of assets securing notes payable are included in depreciation expense.
​

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- Definition Tabular disclosure of contractually required rental payments on leases meeting the criteria for capitalization and maturities on long-term debt as of the date of the latest balance sheet date presented, in aggregate and for each of the five succeeding years, with separate deductions from the total for the amount of the imputed interest necessary to reduce the required rental payments and debt maturities to present value. + References No definition available. + Details
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- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
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