Accounts Receivable Factoring

12 Months Ended

Dec. 31, 2024

Transfers and Servicing [Abstract]

Accounts Receivable Factoring

11. Accounts Receivable Factoring

The Company has two non-U.S. accounts receivable financing programs with no maximum availability. Transactions under the non-U.S. programs were accounted for as sales in accordance with ASC 860, “Transfers and Servicing.” Under these financing programs, the Company has the ability to sell eligible receivables up to the customer's maximum limit.

For the years ended December 31, 2024 and 2023, cash proceeds from the factoring of accounts receivable qualifying as sales were $169.8 million and $163.5 million, respectively.

Financing charges incurred from the factoring of accounts receivable qualifying as sales for the year ended December 31, 2024, 2023, and 2022 were immaterial.