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Sales of Receivables (Tables)

3 Months Ended

Sep. 30, 2025

Transfers and Servicing of Financial Assets [Abstract]

Schedule of MARPA Activity

MARPA activity consisted of the following (in thousands):

						As of and for the Three Months Ended September 30,
						2025						2024
Beginning balance:						$	288,909					$	250,000
Sales of receivables						1,034,447						959,019
Cash collections						(1,023,356)						(985,229)
Outstanding balance sold to Purchaser (1)						300,000						223,790
Cash collected, not remitted to Purchaser (2)						(135,184)						(96,953)
Remaining sold receivables						$	164,816					$	126,837

__________________________________________________

(1)For the three months ended September 30, 2025 and 2024, the Company recorded a net cash inflow of $11.1 million and a net cash outflow of $26.2 million from operating activities, respectively, from sold receivables.

(2)Includes the cash collected on behalf of but not yet remitted to Purchaser as of September 30, 2025 and 2024. This balance is included in other accrued expenses and current liabilities as of the balance sheet date.

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- Definition

Tabular disclosure of derecognized financial assets from transactions which comprise an initial transfer and an agreement entered into in contemplation of the initial transfer resulting in retention of substantially all of the exposure to the economic return throughout the term of the transaction.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 4D
-SubTopic 20
-Topic 860
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481326/860-20-50-4D

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- References

No definition available.

+ Details

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