RECEIVABLES

12 Months Ended

Sep. 30, 2023

The allowance for doubtful accounts as of September 30, 2023 and 2022 was $7.7 million and $7.3 million, respectively. The following is a rollforward of the allowance for doubtful accounts for the years ended September 30, 2023, 2022 and 2021:


(in millions)	Beginning Balance		Charged to Profit & Loss		Deductions		Other Adjustments		Ending Balance
September 30, 2023	$	7.3	$	5.0	$	(1.4)	$	(3.2)	$	7.7
September 30, 2022	6.7		4.2		(4.9)		1.3		7.3
September 30, 2021	5.3		1.9		(0.4)		(0.1)		6.7

Other adjustments includes foreign currency translation and the allowance for doubtful accounts assumed as part of the acquisition of the Tristar Business during the year ended September 30, 2022. See Note 4 - Acquisitions for further discussion on the Tristar Business acquisition.

The Company has a broad range of customers including many large retail outlet chains, some of which exceed 10% of consolidated Net Trade Receivables. As of September 30, 2023, there were two customers that exceeded 10% of the Company's consolidated Net Trade Receivables representing 39.8% of the Company’s Trade Receivables. As of September 30, 2022, there were two customers that exceeded 10% of the Company's consolidated Net Trade Receivables representing 21.9% of the Company’s Trade Receivables.

We have entered into various factoring agreements and early pay programs with our customers to sell our trade receivables under non-recourse agreements in exchange for cash proceeds and is an integral part of our financing for working capital. These transactions are treated as a sale and accounted for as a reduction in trade receivables because the agreements transfer effective control and risk related to the receivables to the buyers. A loss on sale is recognized for any discount and fees associated with the transfer, recognized as General and Administrative Expense on the Company's Consolidated Statements of Income, with cash proceeds recognized as cash flow from operating activities on the Company's Statements of Cash Flows. In some instances, we may continue to service the transferred receivable after the factoring has occurred, but in most cases we do not service any factored accounts. Any servicing of the trade receivable does not constitute significant continuing involvement or preclude the recognition of a sale and we do not carry any material servicing assets or liabilities on the Company's Consolidated Statements of Financial Position. The cost of factoring such trade receivables was $15.1 million, $10.2 million, and $3.5 million for the years ended September 30, 2023, 2022, and 2021, respectively.