Accounts Receivable

9 Months Ended

Sep. 30, 2023

Receivables [Abstract]

Accounts Receivable

Accounts Receivable

Accounts receivable, net includes Trade and other accounts receivable and Bank promissory notes, net of Allowance for expected credit losses. In connection with certain revenues in Asia, the Company accepts a bank promissory note as customer payment. The notes may be presented for payment at maturity, which is less than one year. As of September 30, 2023 and December 31, 2022, Accounts receivable consisted of the following:

(in thousands)	September 30, 2023		December 31, 2022
Trade and other accounts receivable	$	256,852	$	179,676
Bank promissory notes	19,286		23,439
Allowance for expected credit losses	(5,651)		(3,097)
Accounts receivable, net	$	270,487	$	200,018

On August 31, 2023, the Company acquired all of the outstanding shares of Heimbach, which resulted in an increase of $52.7 million to Accounts receivable, based on preliminary fair values at the date of acquisition.

The Company has Noncurrent receivables in the AEC segment that represent revenue earned, which has extended payment terms. The Noncurrent receivables will be invoiced to the customer over a 10-year period, which began in 2020. As of September 30, 2023 and December 31, 2022, Noncurrent receivables consisted of the following:

(in thousands)	September 30, 2023		December 31, 2022
Noncurrent receivables	$	25,427	$	28,053
Allowance for expected credit losses	(127)		(140)
Noncurrent receivables, net	$	25,300	$	27,913