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Accounts Receivable, Net
 12 Months Ended
Dec. 31, 2025
Receivables [Abstract]  
Accounts Receivable, Net

Note 3—Accounts Receivable, net

Accounts receivable are as follows (in millions):

 

 

December 31,

 

 

 

2025

 

 

2024

 

Accounts receivable

 

$

700.8

 

 

$

676.8

 

Unbilled accounts receivable

 

 

312.8

 

 

 

256.8

 

Allowance for credit losses

 

 

(34.9

)

 

 

(31.6

)

Total accounts receivable, net

 

$

978.7

 

 

$

902.0

 

The following table represents the activity for the allowance for credit losses (in millions):

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Balance at beginning of period

 

$

31.6

 

 

$

25.1

 

 

$

21.7

 

Charge to costs and expenses

 

 

18.6

 

 

 

15.4

 

 

 

11.4

 

Write-offs, net of recoveries

 

 

(14.8

)

 

 

(8.7

)

 

 

(9.2

)

Foreign currency impact

 

 

(0.5

)

 

 

(0.2

)

 

 

1.2

 

Balance at end of period

 

$

34.9

 

 

$

31.6

 

 

$

25.1

 

Management establishes the allowance for credit losses accounts based on historical bad debt experience. In addition, management analyzes client accounts, client concentrations, client creditworthiness, current economic trends and changes in client payment terms when evaluating the adequacy of the allowance for credit losses.