Supply Chain Financing |
3 Months Ended | ||||||||||||||||||||||||||||||
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Mar. 31, 2025 | |||||||||||||||||||||||||||||||
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| Supplier Finance Program |
The Company offers a voluntary supply chain financing (“SCF”) program facilitated through a third-party service provider. Under the program, participating suppliers may, at their sole discretion, elect to receive payment from a select number of third-party financial institutions for one or more of the Company’s valid payment obligations prior to their scheduled due dates. The Company is not a party to the agreements between the participating financial institutions and the suppliers in connection with the program. The Company’s payment terms, including the timing and amount of payments, are based on the original supplier invoices, irrespective of whether a supplier participates in the program. The Company does not have an economic interest in a supplier’s decision to participate in the program and has not pledged any assets as security or provided any guarantees as part of the program.
The Company’s outstanding payables under the SCF program were $51.4 million, $81.3 million and $0 as of March 31, 2025, December 31, 2024, and March 31, 2024, respectively, and were recorded within Accounts payable on the Consolidated Balance Sheets.
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