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.