TRADE ACCOUNTS AND OTHER RECEIVABLES |
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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:
(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:
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.
(a) Deductions either written off, rebilled or reclassified as liabilities.
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