Knight-Swift Transportation Holdings Inc
For the period ended Dec 31, 2023. Filed Feb 22, 2024.
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FY2023 · Filed Feb 22, 2024
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Notes Receivable, net
Note 8 —Notes Receivable, net
The Company provides financing to independent contractors and other third parties on equipment sold or leased. Most of the notes are collateralized and are due in weekly installments, including principal and interest payments, ranging from 5.0% to 21.2%. Notes receivable are included in "Other current assets" and "Other long-term assets" in the consolidated balance sheets and were comprised of:
| December 31, | ||
|---|---|---|
| 2023 | 2022 | |
| (In thousands) | ||
| Notes receivable from independent contractors | $5,681 | $5,050 |
| Convertible note receivable from third party | — | 11,341 |
| Notes receivable from other third parties | 7,309 | 275 |
| Gross notes receivable | 12,990 | 16,666 |
| Allowance for doubtful notes receivable | (4,276) | (5,015) |
| Total notes receivable, net of allowance | $8,714 | $11,651 |
| Current portion, net of allowance | — | 8,122 |
| Long-term portion | $8,714 | $3,529 |
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