ACCOUNTS RECEIVABLE |
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| ACCOUNTS RECEIVABLE | ACCOUNTS RECEIVABLE The following table presents components of "accounts receivable, net" recorded in the Company's balance sheets:
(a) "Accounts receivable, net" at December 2025 includes $112.0 million related to Helly Hansen. Allowance for Doubtful Accounts
The following table presents a rollforward of the allowance for doubtful accounts:
(1) Other primarily includes the impact of foreign currency translation and recoveries of amounts previously written off, none of which were individually significant.
Sale of Trade Accounts Receivable
The Company is party to an agreement (the "Accounts Receivable Purchase Agreement") with a financial institution to sell selected U.S. trade accounts receivable on a nonrecourse basis. Under this agreement, up to $377.5 million of the Company's trade accounts receivable may be sold to the financial institution and remain outstanding at any point in time. The Company removes the sold balances from "accounts receivable, net" in its balance sheet at the time of sale. The Company does not retain any interests in the sold trade accounts receivable, under the Accounts Receivable Purchase Agreement, but continues to service and collect outstanding trade accounts receivable on behalf of the financial institution.
On December 12, 2025, the Company entered into another accounts receivable sale agreement (the "2025 Accounts Receivable Purchase Agreement") with a separate financial institution to sell selected U.S. and Canadian trade accounts receivable not eligible under the Accounts Receivable Purchase Agreement, on a limited recourse basis. Under the 2025 Accounts Receivable Purchase Agreement, up to $60.0 million U.S. dollars and $20.0 million Canadian dollars of the Company's trade accounts receivable may be sold to the financial institution and remain outstanding at any point in time. Subject to certain requirements, the Company can request to increase the commitment by an additional $20.0 million U.S. dollars and an additional $10.0 million Canadian dollars. The Company removes the sold balances from "accounts receivable, net" in its balance sheet at the time of the sale but retains a deferred purchase price receivable from the financial institution under the 2025 Accounts Receivable Purchase Agreement. The Company continues to service and collect outstanding trade accounts receivable on behalf of the financial institution. As of December 2025, we recorded deferred purchase price receivables of $2.9 million related to accounts receivable sales.
During 2025, the Company sold total trade accounts receivable under both agreements of $1.5 billion, and sold $1.4 billion under the Accounts Receivable Purchase Agreement during 2024 and 2023. As of December 2025 and December 2024, $261.4 million and $178.2 million, respectively, of the sold trade accounts receivable remained outstanding with the financial institutions under these agreements.
The funding fees charged by the financial institutions for these programs are reflected in the Company's statements of operations within "other expense, net" and were $10.0 million, $11.7 million and $12.0 million in 2025, 2024 and 2023, respectively. Net proceeds of the deferred purchase price are reflected as investing activities and all other net proceeds of these programs are reflected as operating activities in the Company's statements of cash flows. There were no investing cash inflows for 2025 as the Company had not yet completed a periodic settlement under the 2025 Accounts Receivable Purchase Agreement related to the deferred purchase price receivable with the financial institution.
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