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SUPPLIER FINANCING PROGRAM
 12 Months Ended
Dec. 31, 2024
SUPPLIER FINANCING PROGRAM  
SUPPLIER FINANCING PROGRAM

NOTE 19 – SUPPLIER FINANCING PROGRAM

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The Company’s suppliers, at the supplier’s sole discretion, are able to factor receivables due from the Company to a financial institution on terms directly negotiated with the financial institution without affecting the Company’s balance sheet classification of the corresponding payable. The Company pays the financial institution the stated amount of the confirmed invoices from its designated suppliers on the original maturity dates of the invoices. Invoices with suppliers have terms between 120 and 180 days. The Company does not provide secured legal assets or other forms of guarantees under the arrangement and has no involvement in establishing the terms or conditions of the arrangement between its suppliers and the financial institution. The amounts due to the financial institution for suppliers that participate in the supplier financing program are included in Trade accounts payable on the Company’s Consolidated Balance Sheets, and the associated payments are included in operating activities in the Consolidated Statements of Cash Flows. At December 31, 2024 and 2023, Trade accounts payable included $29,164 and $29,111, respectively, payable to suppliers that have elected to participate in the supplier financing program.

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Twelve Months Ended December 31,

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2024

    

2023

Confirmed obligations at beginning of the period

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$

29,111

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$

33,475

Invoices confirmed during the period

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103,908

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97,820

Confirmed invoices paid during the period

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(103,855)

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(102,184)

Confirmed obligations outstanding at the end of the period

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$

29,164

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$

29,111

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