SUPPLIER FINANCE PROGRAM OBLIGATIONS

3 Months Ended

Mar. 31, 2024

Payables and Accruals [Abstract]

SUPPLIER FINANCE PROGRAM OBLIGATIONS

SUPPLIER FINANCE PROGRAM OBLIGATIONS

We facilitate a supply chain finance program (“SCF”) that is administered by a third-party financial institution, which allows qualifying suppliers to sell their receivables from the Company to the SCF bank. These participating suppliers negotiate their outstanding receivable(s) directly with the SCF bank. We are not a party to those agreements and the terms of our payment obligations are not impacted by a supplier’s participation in the SCF. We agree to pay the SCF bank based on the original invoice amounts and maturity dates as consistent with our other Accounts payables.

All outstanding amounts related to suppliers participating in the SCF are recorded within Accounts payable, trade in our condensed consolidated balance sheets, and the associated payments are included in operating activities within our condensed consolidated statements of cash flows. As of March 31, 2024 and December 31, 2023, the amounts due to suppliers participating in the SCF were $135.3 million and $132.9 million, respectively.