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TRADE ACCOUNTS AND OTHER RECEIVABLES
 6 Months Ended
Jun. 30, 2024
Accounts Receivable, after Allowance for Credit Loss [Abstract]  
TRADE ACCOUNTS AND OTHER RECEIVABLES TRADE ACCOUNTS AND OTHER RECEIVABLES
Trade accounts and other receivables, less allowance for credit losses, consisted of the following:
June 30, 2024December 31, 2023
 (In thousands)
Trade accounts receivable$1,012,963 $1,027,916 
Notes receivable from third parties13,065 51,168 
Other receivables27,409 59,435 
Receivables, gross1,053,437 1,138,519 
Allowance for credit losses(7,577)(9,341)
Receivables, net$1,045,860 $1,129,178 
Accounts receivable from related parties(a)
$2,055 $1,778 
(a)    Additional information regarding accounts receivable from related parties is included in “Note 17. Related Party Transactions.”
Activity in the allowance for credit losses was as follows:
Six Months Ended
June 30, 2024
(In thousands)
Balance, beginning of period$(9,341)
Provision released to operating results1,492 
Account write-offs and recoveries36 
Effect of exchange rate236 
Balance, end of period$(7,577)
In June 2023, the Company and JBS USA Food Company (“JBS USA”) jointly entered into a receivables purchase agreement with a bank for an uncommitted facility with a maximum capacity of $415.0 million and no recourse to the Company or JBS USA. Under the facility, the Company may sell eligible trade receivables in exchange for cash. Transfers under the agreement are recorded as a sale under ASC 860, Broad Transactions – Transfers and Servicing. At the transfer date, the Company receives cash equal to the face value of the receivables sold less a fee based on the current Secured Overnight Financing Rate (“SOFR”) plus an applicable margin applied over the customer payment term. The fees are immaterial.