Supplier Finance Program

3 Months Ended

Mar. 31, 2024

Supplier Finance Program [Abstract]

Supplier Finance Program

NOTE 10 - SUPPLIER FINANCE PROGRAM

The Company receives extended payment terms for a portion of our purchases (90 days rather than 60 days) with one of our principal aluminum suppliers in exchange for a nominal adjustment to the product pricing. The payment terms provided to us are consistent with aluminum industry norms, as well as those offered to the supplier’s other customers. The supplier factors receivables due from us with a financial institution. We are not a party to the supplier’s factoring agreement with the financial institution. We remit payments directly to our supplier, except with respect to product purchased under extended terms which have been factored by the supplier. These payments are remitted directly to the financial institution in accordance with the payment terms originally negotiated with our supplier. These payments are included in cash flows from operations within the condensed consolidated statements of cash flows. The following table summarizes activity in the amounts owed to the financial institution for the three months ended March 31, 2024 and March 31, 2023:

	Three Months Ended
	March 31, 2024			March 31, 2023
(Dollars in thousands)
Outstanding at the beginning of the period		18,000			14,371
Added during the period		27,995			25,299
Settled during the period		(28,780	)		(21,594	)
Outstanding at the end of the period		17,215			18,076