INNOVATE Corp
For the period ended Dec 31, 2023. Filed Mar 6, 2024.
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FY2023 · Filed Mar 6, 2024
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(4) Accounts Receivable, Net
- Accounts Receivable, Net
Accounts receivable, net, consisted of the following (in millions):
| December 31, | ||
|---|---|---|
| 2023 | 2022 | |
| Contracts in progress | $271.7 | $244.8 |
| Unbilled retentions | — | 0.2 |
| Trade receivables | 1.9 | 5.9 |
| Other receivables | 5.2 | 4.5 |
| Allowance for expected credit losses (1)(2) | (0.4) | (0.5) |
| Total | $278.4 | $254.9 |
(1) Allowance for doubtful accounts as of December 31, 2022, prior to the adoption of ASU 2016-13.
(2) There wasno change to the allowance for expected credit losses as a result of the adoption of ASU 2016-13 on January 1, 2023.
As of January 1, 2022, total accounts receivable, net were $247.1 million.
For the year ended December 31, 2023, the Company recognized a net provision for expected credit losses of $2.3 million, of which $2.2 million related to a receivable at our Infrastructure segment expensed as a result of a legacy customer bankruptcy. For the year ended December 31, 2022, the Company recognized provisions for doubtful accounts of $0.9 million. Direct write-downs of accounts receivable charged against the allowance totaled $2.4 million and $1.0 million for the years ended December 31, 2023 and 2022, respectively.
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