Allowance for Credit Losses Notes (Policies)

3 Months Ended

Mar. 31, 2026

Accounting Policies Credit Losses [Abstract]

Allowance for Credit Losses [Text Block]

Allowance for Credit Losses—Financial Assets Measured at Amortized Costs. We identify our allowance for credit losses based on future expected losses when accounts receivable, contract assets or held-to-maturity loan receivables are created rather than when losses are probable.

We use the loss-rate method in developing the allowance for credit losses, which involves identifying pools of assets with similar risk characteristics, reviewing historical losses within the last three years and consideration of reasonable supportable forecasts of economic indicators. Changes in estimates, developing trends and other new information could have material effects on future evaluations.

We monitor the credit quality of our accounts receivable and other financing receivable amounts by frequent customer interaction, following economic and industry trends and reviewing specific customer data. Our other receivable amounts include contract assets and held-to-maturity loans receivable, which we consider to have a low risk of loss.

We consider macroeconomic conditions when assessing our credit risk exposure, including any impacts from the conflicts in Russia and Ukraine and in the Middle East, volatility in the financial services industry and the oil and natural gas markets, tariffs and retaliatory tariffs, U.S. economic and monetary policies, and the effects thereof on our customers and various counterparties. We have determined the impacts to our credit loss expense are de minimis for the three-month periods ended March 31, 2026 and 2025.

As of March 31, 2026, our allowance for credit losses was $4.7 million for accounts receivable and $0.5 million for other receivables. As of December 31, 2025, our allowance for credit losses was $1.6 million for accounts

receivable and $0.5 million for other receivables. Our allowance for credit losses for the three months ended March 31, 2026, increased when compared to the same period in the prior year primarily due to a reserve taken in the first quarter of 2026 related to a dispute with a customer regarding a value-added tax in Ghana.

Financial assets are written off when deemed uncollectible and there is no reasonable expectation of recovering the contractual cash flow. During the three-month period ended March 31, 2026, we wrote off $0.2 million in financial assets and during the three-month period ended March 31, 2025, we wrote off less than $0.1 million in financial assets.

Accounts receivable are considered to be past-due after the end of the contractual terms agreed to with the customer. There were no material past-due amounts that we consider uncollectible for our financial assets as of March 31, 2026. We generally do not require collateral from our customers.