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NOTES RECEIVABLE | 12 Months Ended
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Dec. 31, 2024
Receivables [Abstract] |
NOTES RECEIVABLE | NOTES RECEIVABLE We provide financing to some individuals who want to become independent contractors by purchasing a tractor from us and leasing their services to us. We maintain a primary security interest in the tractor until the independent contractor pays the note balance in full. On January 24, 2023, we purchased a $25.0 million subordinated promissory note from MLSI with a maturity date of January 24, 2030. The proceeds of the promissory note may be used by MLSI for working capital and general business purposes, including a limited amount for possible repayment of certain advances. There are no scheduled principal payments due on the promissory note until the maturity date, and interest accrues at 7.5% compounded annually, with the first accrued interest payment due on January 24, 2028, and at the end of each calendar year thereafter. The independent contractor notes receivable and other notes receivable are included in other current assets and other non-current assets in the consolidated balance sheets. The MLSI subordinated promissory note is included in other non-current assets in the consolidated balance sheets. The following table presents our notes receivable (in thousands):
| December 31,
| 2024 |  | 2023
Independent contractor notes receivable | $ | 5,812 |  |  | $ | 6,864 |
MLSI subordinated promissory note | 25,000 |  |  | 25,000 |
Other notes receivable | 7,559 |  |  | 7,231 |
Notes receivable | 38,371 |  |  | 39,095 |
Less current portion | 2,548 |  |  | 2,208 |
Notes receivable – non-current | $ | 35,823 |  |  | $ | 36,887 |
We also provide financing to some individuals who attended our driver training schools. The student notes receivable is included in other receivables and other non-current assets in the consolidated balance sheets. The following table presents our student notes receivable (in thousands):
| December 31,
| 2024 |  | 2023
Student notes receivable | $ | 68,546 |  |  | $ | 64,956 |
Allowance for doubtful student notes receivable | (21,662) |  |  | (22,702) |
Total student notes receivable, net of allowance | 46,884 |  |  | 42,254 |
Less current portion, net of allowance | 13,206 |  |  | 13,705 |
Student notes receivable – non-current | $ | 33,678 |  |  | $ | 28,549 |

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- Definition The entire disclosure for claims held for amounts due to entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/310-10/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 835 -SubTopic 30 -Name Accounting Standards Codification -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482925/835-30-45-2 + Details
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- References No definition available. + Details
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