Supply Chain Financing

12 Months Ended

Dec. 31, 2023

Restructuring and Related Activities [Abstract]

The Company has supply chain finance service agreements with third-party financial institutions to provide platforms that facilitate the ability of participating suppliers to finance payment obligations from the Company with the third-party financial institution. The Company’s obligations to its suppliers, including amounts due and scheduled payment dates, are not affected by suppliers’ decisions to finance amounts under the supply chain finance agreements. As of December 31, 2023 and 2022, $15.8 million and $25.9 million, respectively, of the Company’s accounts payable were financed by participating suppliers through third-party financial institutions.

A reconciliation of the beginning and ending balances of the supply chain financing for the year ended December 31, 2023 is as follows:


(In thousands)	2023
Balance, beginning of year	$	25,927
New obligations entered	79,630
Less payments made	(90,365)
Foreign exchange	588
Balance, end of year	$	15,780