v3.25.1
Debt And Financing (Tables)
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Debt Balances by Instrument
Other than the Company's accounts receivable securitization as discussed in Note 5, the Company's long-term debt consisted of the following:
March 31, 2025December 31, 2024
(In thousands)
2021 Term Loan A-2, due September 3, 2026, net 1 2
349,277 349,149 
2021 Term Loan A-3, due September 3, 2026, net 1 2
769,500 779,411 
2023 Term Loan, due September 3, 2026, net 1 3
249,540 249,459 
Revenue equipment installment notes 1 4
169,514 192,255 
Prudential Notes, net 1
8,674 16,611 
Other6,491 6,722 
Total long-term debt, including current portion1,552,996 1,593,607 
Less: current portion of long-term debt(140,448)(148,294)
Long-term debt, less current portion$1,412,548 $1,445,313 
March 31, 2025December 31, 2024
(In thousands)
Total long-term debt, including current portion$1,552,996 $1,593,607 
2021 Revolver, due September 3, 2026 1 5
280,000 232,000 
Long-term debt, including revolving line of credit$1,832,996 $1,825,607 
1Refer to Note 12 for information regarding the fair value of debt.
2As of March 31, 2025, the carrying amounts of the 2021 Term Loan A-2 and 2021 Term Loan A-3 were net of $0.7 million and $0.5 million in deferred loan costs, respectively. As of December 31, 2024, the carrying amounts of the 2021 Term Loan A-2 and 2021 Term Loan A-3 were net of $0.9 million and $0.6 million in deferred loan costs, respectively.
3As of March 31, 2025, the carrying amount of the 2023 Term Loan was net of $0.5 million in deferred loan costs. As of December 31, 2024, the carrying amounts of the 2023 Term Loan was net of $0.5 million in deferred loan costs.
4The revenue equipment installment loans were assumed at the close of the U.S. Xpress Acquisition and have a weighted average interest rate of 4.72% and 4.68% as of March 31, 2025 and December 31, 2024, respectively.
5The Company also had outstanding letters of credit of $18.2 million and $18.1 million under the 2021 Revolver, primarily related to workers' compensation and self-insurance liabilities for both March 31, 2025 and December 31, 2024, respectively. The Company also had outstanding letters of credit of $242.6 million and $246.0 million under a separate bilateral agreement which do not impact the availability of the 2021 Revolver as of March 31, 2025 and December 31, 2024, respectively.
Schedule of Long-term Debt Instruments The following table presents the key terms of the 2021 Debt Agreement as amended by the 2024 Amendment:
2021 Term Loan A-22021 Term Loan A-3
2021 Revolver 2
2021 Debt Agreement Terms(Dollars in thousands)
Maximum borrowing capacity$350,000$800,000$1,100,000
Final maturity dateSeptember 3, 2026September 3, 2026September 3, 2026
Interest rate margin reference rateSOFR + credit spread adjustment 10 basis pointsSOFR + credit spread adjustment 10 basis pointsSOFR + credit spread adjustment 10 basis points
Interest rate minimum margin 1
0.88%0.88%0.88%
Interest rate maximum margin 1
1.50%1.50%1.50%
Minimum principal payment — amount$—$10,000$—
Minimum principal payment — frequencyOnceQuarterlyOnce
Minimum principal payment — commencement dateSeptember 3, 2026September 30, 2024September 3, 2026
1The interest rate margin for the 2021 Term Loans and 2021 Revolver is based on the Company's consolidated leverage ratio. As of March 31, 2025, interest accrued at 5.92% on the 2021 Term Loan A-2, 5.92% on the 2021 Term Loan A-3, and 5.92% on the 2021 Revolver.
2The commitment fee for the unused portion of the 2021 Revolver is based on the Company's consolidated leverage ratio, and ranges from 0.1% to 0.2%. As of March 31, 2025, commitment fees on the unused portion of the 2021 Revolver accrued at 0.2% and outstanding letter of credit fees accrued at 1.5%.