Subsequent Events

9 Months Ended

Sep. 30, 2024

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

In October 2024, the Company reached a settlement with a customer in the amount of $5.8 million for the collection of past due accounts receivable and various pricing adjustments. As a result of the settlement, the Company reversed $1.6 million of credit losses in its Consolidated Statements of Income as of September 30, 2024. As part of the settlement agreement, the Company agreed to pay $7.7 million for its accepted warranty obligations to the customer. These obligations were previously recorded as outstanding credit memos and have been reclassified to Accounts Payable within its Consolidated Balance Sheet as of September 30, 2024 due to the settlement agreement requirement to settle these obligations in cash. Both parties agreed to continue normal and customary relationships under existing supply agreements and amended pricing and payment terms and conditions.