v3.26.1
Debt And Financing (Tables)
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Schedule of Debt Balances by Instrument
The Company's long-term debt consisted of the following:
June 30, 2026December 31, 2025
(In thousands)
2025 Term Loan A-1, due July 8, 2030, net 1 2 3
224,374 698,136 
2025 Term Loan A-2, due January 8, 2027, net 1 3
— 299,369 
Revenue equipment installment notes 1 4
70,777 106,619 
Prudential Notes, net 1
3,056 8,121 
Other5,271 5,770 
Total long-term debt, including current portion303,478 1,118,015 
Less: current portion of long-term debt(72,053)(90,222)
Long-term debt, less current portion$231,425 $1,027,793 
June 30, 2026December 31, 2025
(In thousands)
Total long-term debt, including current portion$303,478 $1,118,015 
2025 Revolver, due July 8, 2030 1 5
— 626,000 
Long-term debt, including revolving line of credit$303,478 $1,744,015 
1Refer to Note 12 for information regarding the fair value of debt.
2As of June 30, 2026, the carrying amount of the 2025 Term Loan A-1 was net of $0.6 million in deferred loan costs.
3As of December 31, 2025, the carrying amounts of the 2025 Term Loan A-1 and 2025 Term Loan A-2 were net of $1.9 million and $0.6 million in deferred loan costs, respectively.
4The revenue equipment installment loans were assumed at the close of the U.S. Xpress Acquisition and have a weighted average interest rate of 5.56% and 5.19% as of June 30, 2026 and December 31, 2025, respectively.
5The Company also had outstanding letters of credit of $14.7 million and $18.3 million under the 2025 Revolver, primarily related to workers' compensation and self-insurance liabilities for both June 30, 2026 and December 31, 2025, respectively. The Company also had outstanding letters of credit of $194.8 million and $191.1 million under a separate bilateral agreement which do not impact the availability of the 2025 Revolver as of June 30, 2026 and December 31, 2025, respectively.
Schedule of Long-term Debt Instruments The following table presents the key terms of the 2025 Debt Agreement:
2025 Term Loan A-1
2025 Revolver 2
2025 Debt Agreement Terms(Dollars in thousands)
Maximum borrowing capacity$700,000$1,500,000
Final maturity dateJuly 8, 2030July 8, 2030
Interest rate margin reference rateSOFR SOFR
Interest rate minimum margin 1
0.93%0.93%
Interest rate maximum margin 1
1.55%1.55%
Minimum principal payment — amount 3
$8,750$—
Minimum principal payment — frequency 3
QuarterlyOnce
Minimum principal payment — commencement date 3
September 30, 2028July 8, 2030
1The interest rate margin for the 2025 Term Loan and 2025 Revolver is based on the Company's consolidated leverage ratio. As of June 30, 2026, interest accrued at 4.92% on the 2025 Term Loan A-1 and 4.95% on the 2025 Revolver.
2The commitment fee for the unused portion of the 2025 Revolver is based on the Company's consolidated leverage ratio, and ranges from 0.1% to 0.2%. As of June 30, 2026, commitment fees on the unused portion of the 2025 Revolver accrued at 0.15% and outstanding letter of credit fees accrued at 1.30%.
3The Company has prepaid all scheduled quarterly principal payments under the 2025 Term Loan A‑1; accordingly, no additional principal payments are due prior to maturity.