Accounts Receivable and Note Receivable (Notes)

12 Months Ended

Dec. 31, 2024

Accounts receivable consist of the following:



(In thousands)	December 31 2024		December 31 2023
Trade accounts receivable	$	275,804	$	353,709
Less: Allowance for expected credit losses	(15,114)		(15,522)
Trade accounts receivable, net	$	260,690	$	338,187
Other receivables (a)	$	40,439	$	40,565

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

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


	Years Ended December 31
(In thousands)	2024		2023		2022
Change in provision for expected credit losses	$	2,821	$	7,042	$	330

At December 31, 2024, $9.5 million of the Company's trade accounts receivable were past due by twelve months or more, with $6.5 million of this amount reserved. During the fourth quarter of 2024, a $3.7 million provision was recorded for the full balance of receivables related to an HE site, which was exited due to the recent insolvency of the customer.

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, as amended in February 2025.

The total outstanding balance of trade receivables that have been sold and derecognized by the SPE is $150.0 million as of December 31, 2024. The SPE owned $63.8 million and $82.2 million of the Company's trade receivables as of December 31, 2024 and 2023, respectively, which are included in the caption Trade accounts receivable, net, on the Consolidated Balance Sheets.

In 2022, the Company capitalized fees of $1.8 million related to the AR Facility, which are amortized into Facility fees and debt-related income (expense) on a straight-line basis over the AR Facility term on the Consolidated Statements of Operations. In 2024, the Company capitalized fees of $0.4 million related to the renewal of the AR Facility which will be amortized into Facility fees and debt-related income (expense) over the new term on a straight-line basis. These fees totaled $0.5 million, $0.6 million and $0.3 million for the years ended December 31, 2024, 2023, and 2022, respectively. For the years ended December 31, 2024, 2023, and 2022, the Company incurred fees of $9.5 million, $9.1 million, and $2.9 million, respectively, in association with the AR Facility, which were reflected in Facility fees and debt-related income (expense) in the Consolidated Statements of Operations.

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. The following table reflects balances for net amounts sold and program capacities for the arrangements:


(In millions)	December 31 2024		December 31 2023
Net amounts sold under factoring arrangements	$	13.3	$	16.1
Program capacities	18.6		32.6

Note Receivable

In January 2020, the Company sold IKG for $85.0 million including cash and a note receivable, subject to post-closing adjustments. The note receivable from the buyer has a face value of $40.0 million, bearing interest at 2.50%, that is paid in kind and matures on January 31, 2027. Due to a change in control of the ownership of IKG during the second quarter of 2024, prepayment of the note was required, as defined in the note receivable agreement. As such, the Company received a payment of $17.0 million in 2024, resulting in a pre-tax gain of $2.7 million reflected in the caption Interest income on the Consolidated Statement of Operations. As of December 31, 2023, the balance was classified as noncurrent and is included in the caption Other assets on the Consolidated Balance Sheet at amortized cost.

The following table reflects the note receivable at amortized cost and at fair value:


(In millions)	December 31 2024		December 31 2023
Note receivable, at amortized cost	$	—	$	14.0
Note receivable, at fair value	—		15.4