Accounts Receivable and Note Receivable

9 Months Ended

Sep. 30, 2025

Trade Accounts Receivables and Other receivables

Accounts receivable consist of the following:


(In thousands)	September 30 2025		December 31 2024
Trade accounts receivable	$	291,674	$	275,804
Less: Allowance for expected credit losses	(10,602)		(15,114)

Trade accounts receivable, net	$	281,072	$	260,690

Other receivables (a)	$	43,035	$	40,439

(a) Other receivables include employee receivables, insurance receivable, tax claims and refunds and other miscellaneous items not included in Trade accounts receivable, net.

The change in provision for expected credit losses related to trade accounts receivable was as follows:


	Three Months Ended				Nine Months Ended
	September 30				September 30
(In thousands)	2025		2024		2025		2024
Change in provision for expected credit losses	$	(1,028)	$	(1,361)	$	(3,787)	$	(880)

At September 30, 2025, $7.9 million of the Company's trade accounts receivable were past due by twelve months or more, with $5.7 million of this amount reserved. The change in provision for credit losses for the three and nine months ended September 30, 2025 included recoveries of $1.2 million and $3.4 million, respectively, of a previously reserved balance for an HE customer who had become insolvent in the fourth quarter of 2024.

Accounts Receivable Securitization Facility

In June 2022, the Company and its SPE entered into an AR Facility with PNC Bank, National Association ("PNC") to accelerate cash flows from trade accounts receivable. On October 1, 2024, the Company renewed the AR Facility for a three-year term expiring in October 2027. The maximum purchase commitment by PNC was $150.0 million as of December 31, 2024 and was increased to $160.0 million in February 2025.

The total outstanding balance of trade receivables that have been sold and derecognized by the SPE was $160.0 million as of September 30, 2025 and $150.0 million December 31, 2024. The SPE owned $59.8 million and $63.8 million of trade receivables as of September 30, 2025 and December 31, 2024, respectively, which is included in the caption Trade accounts receivable, net, on the Condensed Consolidated Balance Sheets.

The Company received proceeds of $10.0 million from the AR Facility during the nine months ended September 30, 2025. No proceeds were received during the nine months ended September 30, 2024.

Factoring Arrangements

The Company maintains factoring arrangements with a financial institution to sell certain accounts receivable that are also accounted for as a sale of financial assets and accordingly, derecognized from the Company's Condensed Consolidated Balance Sheet. The following table reflects balances for net amounts sold and program capacities for the arrangements:


(In millions)	September 30 2025		December 31 2024
Net amounts sold under factoring arrangements	$	15.0	$	13.3
Program capacities	21.1		18.6