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LONG-TERM DEBT AND FINANCING ARRANGEMENTS (Tables)

9 Months Ended

Sep. 30, 2024

LONG-TERM DEBT AND FINANCING ARRANGEMENTS

Schedule of long-term debt

​

​	​	​	​	​	​	​	​
​	​	September 30		​	December 31		​
​		2024			2023
​	​	(in thousands)					​
Credit Facility(1)	​	$	—	​	$	50,000	​
Notes payable (weighted-average interest rate of 4.4% at September 30, 2024)	​		180,511	​		178,938	​
​	​		180,511	​		228,938	​
Less current portion	​		62,199	​		66,948	​
Long-term debt, less current portion	​	$	118,312	​	$	161,990	​

​

(1) The interest rate swap mitigated 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 at December 31, 2023 and through the paydown of the $50.0 million outstanding balance under the Credit Facility on September 30, 2024.

​

​

Scheduled maturities of long-term debt obligations

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

​

​	​	​	​	​
​	​	Notes		​
​		Payable
​		(in thousands)		​
Due in one year or less		$	69,006	​
Due after one year through two years	​		53,779	​
Due after two years through three years	​		40,283	​
Due after three years through four years	​		21,169	​
Due after four years through five years	​		11,799	​
Due after five years	​	​	27	​
Total payments	​		196,063	​
Less amounts representing interest	​		15,552	​
Long-term debt		$	180,511	​

Schedule of assets securing notes payable

​

​	​	​	​	​	​	​	​
​	​	September 30		​	December 31		​
​		2024			2023
​	​	(in thousands)
Revenue equipment		$	288,172		$	300,922	​
Service, office and other equipment	​	​	28,587	​	​	38,138	​
Total assets securing notes payable	​		316,759	​		339,060	​
Less accumulated depreciation(1)	​		115,338	​		135,305	​
Net assets securing notes payable	​	$	201,421	​	$	203,755	​

​

​

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

​

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