Supply Chain Financing

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Note 12 - Supply Chain Financing

The Company offers a supplier finance program with two different financial institutions where suppliers may receive early payment from the financial institutions on invoices issued to the Company. The Company and each financial institution entered into arrangements whereby the Company pays the financial institution per the terms of any supplier invoice paid early under the program and pays an annual fee for the supplier finance platform subscription and related support. The Company or the financial institutions may terminate participation in the program with 90 days’ written notice. The supplier finance programs are unsecured and are not guaranteed by the Company. The financial institutions enter into separate arrangements with suppliers directly to participate in the program. The Company does not determine the terms or conditions of such arrangements or participate in the transactions between the suppliers and the financial institutions. The supplier invoice terms under the program typically require payment in full within 90 days of the invoice date.

The following table is a rollforward of the outstanding obligations for the Company’s supplier finance program for the three months ended March 31, 2024 and twelve months ended December 31, 2023:


	March 31, 2024		December 31, 2023
Confirmed obligations outstanding, January 1	$	21.3	$	14.4
Invoices confirmed	33.4		97.1
Confirmed invoices paid	(28.9)		(90.2)
Confirmed obligations outstanding, ending balance	$	25.8	$	21.3

The obligations outstanding at March 31, 2024 and December 31, 2023 were included in accounts payable, trade on the Consolidated Balance Sheet.