INNOVATE Corp.
For the period ended Dec 31, 2024. Filed Mar 31, 2025.
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FY2024 · Filed Mar 31, 2025
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(4) Accounts Receivable, Net
- Accounts Receivable, Net
Accounts receivable, net, consisted of the following (in millions):
| December 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Contracts in progress | $184.9 | $271.7 |
| Unbilled retentions | 0.1 | — |
| Trade receivables | 3.3 | 1.9 |
| Other receivables | 5.8 | 5.2 |
| Allowance for expected credit losses | (0.1) | (0.4) |
| Total | $194.0 | $278.4 |
As of January 1, 2023, accounts receivable, net totaled $254.9 million.
For the years ended December 31, 2024 and 2023, the Company recognized a reversal of expected credit losses of $0.1 million and expected credit losses of $2.3 million, respectively, which primarily related to a receivable at the Company's Infrastructure segment expensed as a result of a legacy customer bankruptcy in 2023. Direct write-downs of accounts receivable charged against the allowance totaled $0.2 million and $2.4 million for the years ended December 31, 2024 and 2023, respectively.
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