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LONG-TERM DEBT AND FINANCING ARRANGEMENTS | 3 Months Ended
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Mar. 31, 2025
LONG-TERM DEBT AND FINANCING ARRANGEMENTS |
LONG-TERM DEBT AND FINANCING ARRANGEMENTS | NOTE F – LONG-TERM DEBT AND FINANCING ARRANGEMENTS ​ Long-Term Debt Obligations ​ Long-term debt consisted of notes payable related to the financing of revenue equipment (tractors and trailers used primarily in Asset-Based segment operations) and certain other equipment at March 31, 2025 and December 31, 2024 and, at March 31, 2025, borrowings outstanding under the Company’s revolving credit facility, as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31 | ​ | December 31 | ​
​ |  | 2025 |  | 2024 |
​ | ​ | (in thousands) | ​
Credit Facility (weighted-average interest rate of 5.5% at March 31, 2025) | ​ | $ | 25,000 | ​ | $ | — | ​
Notes payable (weighted-average interest rate of 4.8% at March 31, 2025) | ​ |  | 189,220 | ​ |  | 189,134 | ​
​ | ​ |  | 214,220 | ​ |  | 189,134 | ​
Less current portion | ​ |  | 66,692 | ​ |  | 63,978 | ​
Long-term debt, less current portion | ​ | $ | 147,528 | ​ | $ | 125,156 | ​
​ ​ ​ Scheduled payments of long-term debt obligations as of March 31, 2025, were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Credit | ​ | Notes | ​
​ |  | Total |  | Facility(1) |  | Payable |
​ |  | (in thousands) | ​
Due in one year or less |  | $ | 75,689 |  | $ | 1,296 |  | $ | 74,393 | ​
Due after one year through two years | ​ |  | 64,202 | ​ |  | 1,168 | ​ |  | 63,034 | ​
Due after two years through three years | ​ |  | 68,433 | ​ |  | 25,605 | ​ |  | 42,828 | ​
Due after three years through four years | ​ |  | 17,733 | ​ |  | — | ​ |  | 17,733 | ​
Due after four years through five years | ​ |  | 7,028 | ​ |  | — | ​ |  | 7,028 | ​
Total payments | ​ |  | 233,085 | ​ |  | 28,069 | ​ |  | 205,016 | ​
Less amounts representing interest | ​ |  | 18,865 | ​ |  | 3,069 | ​ |  | 15,796 | ​
Long-term debt |  | $ | 214,220 |  | $ | 25,000 |  | $ | 189,220 | ​
(1) | The future interest payments included in the scheduled maturities due are calculated using variable interest rates based on SOFR, plus the anticipated applicable margin.
​ Assets securing notes payable, primarily consisting of revenue equipment, which were included in property, plant and equipment, totaled $349.6 million and $333.5 million at March 31, 2025 and December 31, 2024, respectively. ​ ​ ​ Financing Arrangements ​ Credit Facility The Company has a revolving credit facility (the “Credit Facility”) under its Fourth Amended and Restated Credit Agreement (the “Credit Agreement”), with an initial maximum credit amount of $250.0 million, including a swing line facility in an aggregate amount of up to $40.0 million and a letter of credit sub-facility providing for the issuance of letters of credit up to an aggregate amount of $20.0 million. The Company may request additional revolving commitments or incremental term loans thereunder up to an aggregate amount of up to $125.0 million, subject to the satisfaction of certain additional conditions as provided in the Credit Agreement. As of March 31, 2025, the Company had available borrowing capacity of $225.0 million under the initial maximum credit amount of the Credit Facility. ​ Principal payments under the Credit Facility are due upon maturity of the facility on October 7, 2027; however, borrowings may be repaid at the Company’s discretion, in whole or in part at any time, without penalty, subject to required notice periods and compliance with minimum prepayment amounts. In addition, the Credit Facility requires the Company to pay a fee on unused commitments. The Credit Agreement contains conditions, representations and warranties, events of default, and indemnification provisions that are customary for financings of this type, including, but not limited to, a minimum interest coverage ratio, a maximum adjusted leverage ratio, and limitations on incurrence of debt, investments, liens on assets, certain sale and leaseback transactions, transactions with affiliates, mergers, consolidations, and sales of assets. The Company was in compliance with the covenants under the Credit Agreement at March 31, 2025. ​ Accounts Receivable Securitization Program The Company’s accounts receivable securitization program (“A/R Securitization”), which matures on July 1, 2025, provides available cash proceeds of $50.0 million and has an accordion feature allowing the Company to request additional borrowings up to $100.0 million, subject to certain conditions. As of March 31, 2025 and December 31, 2024, the Company had no borrowings outstanding under the A/R Securitization. ​ Under this program, certain subsidiaries of the Company continuously sell a designated pool of trade accounts receivables to a wholly owned subsidiary which, in turn, may borrow funds on a revolving basis. The A/R Securitization does not qualify for sale treatment. Accordingly, the accounts receivable and related debt obligation remain on the Company’s consolidated balance sheets. This wholly owned consolidated subsidiary is a separate bankruptcy-remote entity, and its assets would be available only to satisfy the claims related to the lenders’ interest in the trade accounts receivables. Borrowings under the A/R Securitization bear interest based upon SOFR or, to the extent funded by the conduit lender through the issuance of notes, at the commercial paper rate as defined in the agreement, plus a margin in each case, and an annual facility fee. The securitization agreement contains representations and warranties, affirmative and negative covenants, and events of default that are customary for financings of this type, including a maximum adjusted leverage ratio covenant. The Company was in compliance with the covenants under the A/R Securitization at March 31, 2025. ​ The A/R Securitization includes a provision under which the Company may request, and the letter of credit issuer may issue standby letters of credit, primarily in support of workers’ compensation and third-party casualty claims liabilities in various states in which the Company is self-insured. The outstanding standby letters of credit reduce the availability of borrowings under the program. As of March 31, 2025, standby letters of credit of $23.7 million have been issued under the program, which reduced the available borrowing capacity to $26.3 million. ​ Letter of Credit Agreements and Surety Bond Programs As of March 31, 2025, the Company had letters of credit outstanding of $24.3 million (including $23.7 million issued under the accounts receivable securitization program). The Company has programs in place with multiple surety companies for the issuance of surety bonds in support of its self-insurance program. As of March 31, 2025, surety bonds outstanding related to the self-insurance program totaled $63.7 million. ​ Notes Payable The Company has financed the purchase of certain revenue equipment through promissory note arrangements totaling $17.4 million during the three months ended March 31, 2025.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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