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LONG-TERM DEBT AND FINANCING ARRANGEMENTS (Tables)

9 Months Ended

Sep. 30, 2023

LONG-TERM DEBT AND FINANCING ARRANGEMENTS

Schedule of long-term debt

​

​	​	​	​	​	​	​	​
​	​	September 30		​	December 31		​
​		2023			2022
​	​	(in thousands)					​
Credit Facility (interest rate of 6.5%(1) at September 30, 2023)	​	$	50,000	​	$	50,000	​
Notes payable (weighted-average interest rate of 3.7% at September 30, 2023)	​		193,158	​		214,623	​
​	​		243,158	​		264,623	​
Less current portion	​		66,862	​		66,252	​
Long-term debt, less current portion	​	$	176,296	​	$	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 September 30, 2023 and December 31, 2022.

​

​

Scheduled maturities of long-term debt obligations

Scheduled maturities of long-term debt obligations as of September 30, 2023, were as follows:

​

​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	Credit		​	Notes		​
​		Total			Facility(1)			Payable
​		(in thousands)								​
Due in one year or less		$	76,410		$	3,336		$	73,074	​
Due after one year through two years	​		60,059	​		2,897	​		57,162	​
Due after two years through three years	​		43,696	​		2,651	​		41,045	​
Due after three years through four years	​		30,247	​		2,639	​		27,608	​
Due after four years through five years	​		58,531	​		50,044	​		8,487	​
Due after five years	​	​	70	​	​	—	​	​	70	​
Total payments	​		269,013	​		61,567	​		207,446	​
Less amounts representing interest	​		25,855	​		11,567	​		14,288	​
Long-term debt		$	243,158		$	50,000		$	193,158	​

(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

​

​	​	​	​	​	​	​	​
​	​	September 30		​	December 31		​
​		2023			2022
​	​	(in thousands)
Revenue equipment		$	311,646		$	294,700	​
Service, office, and other equipment	​	​	38,138	​	​	41,522	​
Total assets securing notes payable	​		349,784	​		336,222	​
Less accumulated depreciation	​		137,122	​		119,244	​
Net assets securing notes payable	​	$	212,662	​	$	216,978	​

​

​

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