Accounts Receivable Factoring

9 Months Ended

Sep. 30, 2025

Transfers and Servicing [Abstract]

Accounts Receivable Factoring

12. Accounts Receivable Factoring

The Company has two non-U.S. accounts receivable financing programs with a maximum availability of €25.0 million and €40.0 million. Transactions under the non-U.S. programs were accounted for as sales in accordance with ASC Topic 860, “Transfers and Servicing.” Under these financing programs, the Company has the ability to sell eligible receivables up to the customer's maximum limit and the Company's maximum availability.

For the three and nine months ended September 30, 2025, cash proceeds from the factoring of accounts receivable qualifying as sales were $63.7 million and $183.1 million, respectively. For the three and nine months ended September 30, 2024, cash proceeds from the factoring of accounts receivable qualifying as sales were $33.0 million and $120.7 million, respectively.

Financing charges incurred from the factoring of accounts receivable qualifying as sales for the three and nine months ended September 30, 2025 and 2024 were immaterial.