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Accounts Receivable, Net

3 Months Ended

Oct. 31, 2023

Accounts Receivable, after Allowance for Credit Loss [Abstract]

Accounts Receivable, Net

Accounts Receivable, Net

Accounts receivable, net consisted of:

(In thousands)						October 31, 2023						July 31, 2023
Advance charges receivable						$	581,475					$	537,261
Trade accounts receivable						171,497						157,083
Other receivables						12,254						16,334
						765,226						710,678
Less: Allowance for credit loss						(9,591)						(8,640)
Accounts receivable, net						$	755,635					$	702,038

Advance charges receivable represents amounts paid to third parties on behalf of insurance companies for which the Company will be reimbursed when the vehicle is sold. As advance charges are recovered within one year, the Company has not adjusted the amount of consideration received from the customer for a significant financing component. Trade accounts receivable includes fees and gross auction proceeds to be collected from insurance companies and buyers.

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- References

No definition available.

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- Definition

The entire disclosure for claims held for amounts due a 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.

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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

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