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Accounts Receivable, Net
 3 Months Ended
Mar. 31, 2025
Receivables [Abstract]  
Accounts Receivable, Net Accounts Receivable, Net
Accounts receivable were comprised of the following:
(in millions)March 31, 2025December 31, 2024
Accounts receivable trade, net$271.8 $242.8 
Unbilled receivable11.3 9.7 
Accounts receivable, net$283.1 $252.5 
The percentages of accounts receivable trade for customers that represent 10% or more of total accounts receivable trade were as follows:

March 31, 2025December 31, 2024
Distributor A30 %35 %
Distributor B24 %27 %
Distributor C
13 %15 %
The following table presents the activity in the allowance for credit losses:
Three Months Ended March 31,
(in millions)20252024
Credit losses at beginning of year$1.4 $2.5 
Provision for expected credit losses0.1 1.2 
Write-offs charged against allowance(0.1)(0.2)
Recoveries of amounts previously reserved— — 
Credit losses at the end of period
$1.4 $3.5 
The Company outsources the insurance claim submissions process to a third-party service provider in one country in which it operates. Under this agreement, the Company transfers certain receivables in exchange for cash in advance. If the third-party service provider is unable to collect on the transferred receivables, the third-party service provider has recourse to the Company. This arrangement is accounted for as a secured borrowing with a pledge of collateral as the transfer does not meet the criteria for sale accounting. Receivables pledged as collateral of $14.8 million and $12.2 million are included in accounts receivable on the consolidated balance sheet as of March 31, 2025 and December 31, 2024, respectively. Liabilities associated with the secured borrowings of $14.8 million and $12.2 million are included within accrued expenses and other current liabilities in the consolidated balance sheet at March 31, 2025 and December 31, 2024, respectively. The classification within current liabilities is based on the expected resolution of the underlying receivables. The proceeds from and repayments of secured borrowings are reflected as cash flows provided by (used in) financing activities in the consolidated statement of cash flows.