Accounts Receivable

12 Months Ended

Dec. 31, 2025

As of December 31, 2025 and 2024, Accounts receivable consisted of the following:


(in thousands)	December 31, 2025		December 31, 2024
Trade and other accounts receivable	$	221,592	$	231,136
Bank promissory notes	17,844		19,637
Allowance for expected credit losses	(4,352)		(4,085)
Accounts receivable, net	$	235,084	$	246,688

Allowances for expected credit losses are recorded at the same time the financial asset is recorded. The Company monitors financial assets for credit impairment events to assess whether there has been a significant increase in credit risk since initial recognition, and considers both quantitative and qualitative information. The risk of loss due to credit default increases when one or more events occur that can have a detrimental impact on estimated future cash flows of that financial asset. Evidence that a financial asset is subject to greater credit risk includes observable data about significant financial difficulty of the customer, a breach of contract, such as a default or past due event, or it becomes probable that the customer will enter bankruptcy or other financial reorganization, among other factors. It may not be possible to identify a single discrete event, but rather, the combined effect of several events that may cause an increase in risk of loss.

The probability of default is driven by the relative financial health of our customer base and that of the industries in which we operate, as well as the broader macro-economic environment. A changing economic environment or forecasted economic scenario can lead to a different probability of default and can suggest that credit risk has changed.

At each reporting period, the Company will recognize the amount of change in current expected credit losses as an allowance gain or loss in Selling, general, and administrative expenses in the Consolidated Statements of Income. Financial assets are written-off when the Company has no reasonable expectation of recovering the financial asset, either in its entirety, or a portion thereof. This is the case when the Company determines that the customer does not have assets or sources of income that could generate sufficient cash flows to repay the amounts subject to the write-off.

The following tables present the (increases)/decreases in the allowance for credit losses for Accounts receivable:


(in thousands)	December 31, 2024		(Charge)/ benefit		Currency translation		Other		December 31, 2025
Specific customer reserves	$	(2,934)	$	81	$	(314)	$	(47)	$	(3,214)
Incremental expected credit losses	(1,151)		(18)		(84)		115		(1,138)
Accounts receivable expected credit losses	$	(4,085)	$	63	$	(398)	$	68	$	(4,352)


(in thousands)	December 31, 2023		(Charge)/ benefit		Currency translation		Other		December 31, 2024
Specific customer reserves	$	(2,484)	$	(541)	$	128	$	(37)	$	(2,934)
Incremental expected credit losses	(2,776)		157		76		1,392		(1,151)
Accounts receivable expected credit losses	$	(5,260)	$	(384)	$	204	$	1,355	$	(4,085)