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Accounts Receivable and Note Receivable (Notes)
 12 Months Ended
Dec. 31, 2023
Receivables [Abstract]  
Accounts Receivable and Note Receivable Accounts Receivable and Note Receivable
Accounts receivable consist of the following:
(In thousands)December 31
2023		December 31
2022
Trade accounts receivable$296,291 $272,775 
Less: Allowance for expected credit losses
(15,519)(8,347)
Trade accounts receivable, net$280,772 $264,428 
Other receivables (a)
$33,857 $25,379 
(a)Other receivables include employee receivables, insurance receivable, tax claims and refunds and other miscellaneous receivables not included in Trade accounts receivable, net.
The provision for expected credit losses related to trade accounts receivable was as follows:
 Years Ended December 31
(In thousands)202320222021
Provision for expected credit losses related to trade accounts receivable$7,039 $403 $589 
At December 31, 2023, $18.0 million of the Company's trade accounts receivable were past due by twelve months or more, with $11.3 million of this amount reserved. Included in these balances are amounts due from one of HE's steel mill customers located in the Middle East which has idled operations and missed contractual progress payments. Due to the Company's assessment of collectability, although the customer had indicated plans to either restart operations or sell to a third party, the Company recorded a reserve against their net remaining receivable balance of $5.3 million during the third quarter of 2023.
Accounts Receivable Securitization Facility
In June 2022, the Company and its SPE entered into an AR Facility with PNC Bank, National Association ("PNC") to accelerate cash flows from trade accounts receivable. The AR Facility has a three-year term. The maximum purchase commitment by PNC is $150.0 million.

The total outstanding balance of trade receivables that have been sold and derecognized by the SPE is $150.0 million as of December 31, 2023. The SPE owned $82.2 million and $69.7 million of the Company's trade receivables as of December 31, 2023 and 2022, respectively, which are included in the caption Trade accounts receivable, net, on the Consolidated Balance Sheets.

In 2022, the Company capitalized fees of $1.8 million related to the AR Facility, which are amortized into Facility fees and debt-related income (expense) on a straight-line basis over the AR Facility term on the Consolidated Statements of Operations. See Note 8, Debt and Credit Agreements, for facility expenses incurred.

The following table reflects proceeds the Company received from the AR Facility, which are included in cash flows from operating activities in the Consolidated Statements of Cash Flows:
Year Ended December 31
(In millions)20232022
Upon execution in June 2022$— $120.0 
Additional proceeds5.0 25.0 
Total received$5.0 $145.0 

Factoring Arrangements
The Company maintains factoring arrangements with a financial institution to sell certain accounts receivable that are also accounted for as a sale of financial assets. The following table reflects balances for net amounts sold and program capacities for the arrangements:

(In millions)December 31
2023		December 31
2022
Net amounts sold under factoring arrangements$16.1 $17.3 
Program capacities32.631.4

Note Receivable
In January 2020, the Company sold IKG for $85.0 million including cash and a note receivable, subject to post-closing adjustments. The note receivable from the buyer has a face value of $40.0 million, bearing interest at 2.50%, that is paid in kind and matures on January 31, 2027. Any unpaid principal, along with any accrued but unpaid interest, is payable at maturity. Prepayment is required in case of a change in control or as a percentage of excess cash flow, as defined in the note receivable agreement. Because there are no scheduled payments under the terms of the note receivable, the balance is not classified as current and is included in the caption Other assets on the Consolidated Balance Sheets. The initial fair value of the note receivable was $34.3 million which was calculated using an average of various discounted cash flow scenarios based on anticipated timing of repayments (Fair Value Level 3 asset) and was a non-cash transaction. The note receivable is subsequently measured at amortized cost. Key inputs into the valuation model include: projected timing and amount of cash flows, pro forma debt rating, option-adjusted spread and the U.S. Treasury spot rate. The Company received payments of $11.2 million and $8.6 million during 2023 and 2022, respectively, related to excess cash flow.
The following table reflects the note receivable at amortized cost and at fair value:
(In millions)December 31
2023		December 31
2022
Note receivable, at amortized cost$14.0 $23.9 
Note receivable, at fair value15.4 23.8