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Floor Plan Financing | 9 Months Ended
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Sep. 30, 2025
Debt Disclosure [Abstract] |
Floor Plan Financing | Note 5: Floor Plan Financing Floor plan payables represent financing arrangements to facilitate the Company’s purchase of new and used trucks, cranes, and construction equipment inventory. All floor plan payables are collateralized by the inventory financed. These payables become due and payable upon the sale, transfer, or reclassification of each unit of inventory. Certain floor plan arrangements require the Company to satisfy various financial ratios consistent with those under the ABL Facility (as defined below). As of September 30, 2025, the Company was in compliance with these covenants. The amounts owed under floor plan payables are summarized as follows:
(in $000s) | September 30, 2025 |  | December 31, 2024
Trade: |  |  |
Daimler Truck Financial | $ | 162,452 |  |  | $ | 166,409 |
PACCAR Financial Services | 165,728 |  |  | 129,899 |
Ford Motor Credit Company, LLC | 38,994 |  |  | 34,190 |
Trade floor plan payables | $ | 367,174 |  |  | $ | 330,498 |
Non-trade: |  |  |
PNC Equipment Finance, LLC | $ | 366,414 |  |  | $ | 470,830 |
Non-trade floor plan payables | $ | 366,414 |  |  | $ | 470,830 |
Interest on outstanding floor plan payable balances is due and payable monthly. Floor plan interest expense was $13.8 million and $40.8 million for the three and nine months ended September 30, 2025, respectively, and $16.7 million and $45.0 million for the same periods in 2024. Trade Floor Plan Financing: Daimler Truck Financial The Company is party to the Wholesale Financing Agreement with Daimler Truck Financial (the “Daimler Facility”), which bore interest at a rate of U.S. Prime Rate plus 0.80% after an initial interest free period of up to 150 days. On January 1, 2025, the interest rate was updated to U.S. Prime Rate. The total borrowing capacity under the Daimler Facility is $225.0 million, however, from time to time, Daimler extends credit to the Company in excess of this amount. The Daimler agreement is evergreen and is subject to termination by either party through written notice. PACCAR The Company has an Inventory Financing Agreement with PACCAR Financial Corp that provides the Company with a line of credit of $225.0 million as of September 30, 2025, to finance inventory purchases of new Peterbilt and/or Kenworth trucks, tractors, and chassis. Amounts borrowed against this line of credit incur interest at a rate of U.S. Prime Rate minus 0.71%. The PACCAR agreement extends automatically each April and is subject to termination by either party through written notice. Ford Motor Credit Company, LLC On April 2, 2024, the Company entered into the Master Loan and Security Agreement with Ford Motor Credit Company, LLC (the “FMCC Facility”), which allows the Company to enter into individual loan supplements which bear interest based on the bank prime loan rate as reported by the Federal Reserve Board for the Friday preceding the last Monday of a given month. The total borrowing capacity under the FMCC Facility is $42.0 million. The FMCC agreement is evergreen and is subject to termination by either party through written notice. References to the U.S. Prime Rate in the foregoing agreements represent the rate as published in The Wall Street Journal. Non-Trade Floor Plan Financing: PNC Equipment Finance, LLC The Company has an Inventory Loan, Guaranty and Security Agreement (the “Loan Agreement”) with PNC Equipment Finance, LLC. On August 25, 2025, the Company renewed the Loan Agreement for an additional one year. The Loan Agreement, as of September 30, 2025, provides the Company with a $475.0 million revolving credit facility, which matures on August 25, 2026 and bears interest at a three-month term secured overnight financing rate (“SOFR”) plus 3.00%. Note 7: Long-Term Debt Debt obligations and associated interest rates consisted of the following:
(in $000s, except interest rate data) | September 30, 2025 |  | December 31, 2024 |  | September 30, 2025 |  | December 31, 2024
ABL Facility | $ | 708,481 |  |  | $ | 582,900 |  |  | 6.5% |  | 7.1%
2029 Secured Notes | 920,000 |  |  | 920,000 |  |  | 5.5% |  | 5.5%
2023 Credit Facility | 17,388 |  |  | 17,648 |  |  | 5.8% |  | 5.8%
Other notes payable | 20,527 |  |  | 27,102 |  |  | 3.1%-7.0% |  | 3.1%-7.0%
Total debt outstanding | 1,666,396 |  |  | 1,547,650 |  |  |  |  |
Deferred financing fees | (16,638) |  |  | (19,926) |  |  |  |  |
Total debt, net of deferred financing fees | 1,649,758 |  |  | 1,527,724 |  |  |  |  |
Less: current maturities | (20,892) |  |  | (7,842) |  |  |  |  |
Long-term debt | $ | 1,628,866 |  |  | $ | 1,519,882 |  |  |  |  |
As of September 30, 2025, borrowing availability under the ABL Facility was $237.6 million, and outstanding standby letters of credit were $3.9 million. ABL Facility The Company and certain of its direct and indirect subsidiaries are party to an asset-based revolving credit agreement (the “ABL Credit Agreement”), consisting of a $950.0 million first lien senior secured asset-based revolving credit facility (the “ABL Facility”), which matures on August 9, 2029, or, if earlier, the date that is 91 days prior to the maturity date of the Company’s existing senior notes or any debt that refinances such existing notes. Borrowings under the ABL Facility bear interest at a floating rate, which, at the Company’s election, could be (a) in the case of U.S. dollar denominated loans, either (i) SOFR plus an applicable margin or (ii) the base rate plus an applicable margin; or (b) in the case of Canadian dollar denominated loans, the term Canadian Overnight Repo Rate Average (the “CORRA” rate) plus an applicable margin. The applicable margin varies based on Average Availability (as defined in the ABL Credit Agreement) from (a) with respect to base rate loans, 0.50% to 1.00% and (b) with respect to SOFR loans and CORRA rate loans, 1.50% to 2.00%.

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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 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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