Accounts Receivable, net

12 Months Ended

Dec. 31, 2020

Accounts receivable represent the Company’s unconditional rights to consideration, subject to the payment terms of the contract, for which only the passage of time is required before payment. Unbilled receivables are reflected under contract assets on the balance sheet. Beginning January 1, 2020, management assesses and records an allowance for credit losses using a current expected credit loss ("CECL") model. See Allowance for Credit Losses, below. Prior periods allowance for credit losses were based on legacy GAAP.

Accounts receivable, net consists of the following:


	December 31, 2020		December 31, 2019
Trade receivables	$	458.9	$	515.2
Other	31.1		32.6
Less: allowance for credit losses	(5.6)		(1.4)
Accounts receivable, net	$	484.4	$	546.4

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The Company has two agreements to sell, on a revolving basis, certain trade accounts receivable balances with Boeing and Airbus to third party financial institutions. These programs were primarily entered into as a result of Boeing and Airbus seeking payment term extensions with the Company and they continue to allow the Company to monetize the receivables prior to their payment date, subject to payment of a discount. No guarantees are delivered under the agreements. The Company's ability to continue using such agreements is primarily dependent upon the strength of Boeing’s and Airbus’s financial condition. Transfers under this agreement are accounted for as sales of receivables resulting in the receivables being derecognized from the Company's balance sheet. For the twelve months ended December 31, 2020, $2,011.7 of accounts receivable have been sold via this arrangement. The proceeds from these sales of receivables are included in cash from operating activities in the Consolidated Statement of Cash Flows. The recorded net loss on sale of receivables is $8.9 for the year ended December 31, 2020 and is included in Other (expense) income. See Note 23, Other Income (Expense), net.