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TRADE ACCOUNTS AND OTHER RECEIVABLES
12 Months Ended
Dec. 31, 2023
Accounts Receivable, after Allowance for Credit Loss [Abstract]  
TRADE ACCOUNTS AND OTHER RECEIVABLES TRADE ACCOUNTS AND OTHER RECEIVABLES
Trade accounts and other receivables (including accounts receivable from related parties), less allowance for credit losses, consisted of the following:
December 31, 2023December 25, 2022
 (In thousands)
Trade accounts receivable$1,027,916 $984,332 
Notes receivable 51,168 33,477 
Other receivables59,435 88,962 
Receivables, gross1,138,519 1,106,771 
Allowance for credit losses(9,341)(9,559)
Receivables, net$1,129,178 $1,097,212 
Accounts receivable from related parties(a)
$1,778 $2,512 
(a)Additional information regarding accounts receivable from related parties is included in “Note 19. Related Party Transactions.”
Activity in the allowance for credit losses was as follows:
December 31, 2023December 25, 2022
Allowance for Credit Losses:(In thousands)
Balance, beginning of period$(9,559)$(9,673)
Provision charged to operating results(1,439)(675)
Account write-offs and recoveries2,436 597 
Effect of exchange rate(779)192 
Balance, end of period$(9,341)$(9,559)
In June 2023, the Company and JBS USA Food Company (“JBS USA”) jointly entered into a receivables purchase agreement with a bank for an uncommitted facility with a maximum capacity of $415.0 million and no recourse to the Company or JBS USA. Under the facility, the Company may sell eligible trade receivables in exchange for cash. Transfers under the agreement are recorded as a sale under ASC 860, Broad Transactions – Transfers and Servicing. At the transfer date, the Company received cash equal to the face value of the receivables sold less a fee based on the current Secured Overnight Financing Rate (“SOFR”) plus an applicable margin applied over the customer payment term. The fees are immaterial.
December 31, 2023December 25, 2022
Allowance for Sales Adjustments(a):
(In thousands)
Balance, beginning of period$6,905 $11,472 
Charged to operating results337,546 238,135 
Deductions(335,253)(242,702)
Balance, end of period$9,198 $6,905 
(a)    Deductions either written off, rebilled or reclassified as liabilities.