Knife River Corp
For the period ended Jun 30, 2024. Filed Aug 6, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Aug 6, 2024
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4. Receivables and allowance for expected credit losses
Note 4 -Receivables and allowance for expected credit losses
Receivables consist primarily of trade and contract receivables for the sale of goods and services net of expected credit losses. A majority of our receivables are due in 30 days or less. The total balance of receivables past due 90 days or more was $7.4 million, $11.6 million and $16.7 million at June 30, 2024, June 30, 2023 and December 31, 2023, respectively. Receivables were as follows:
| June 30, 2024 | June 30, 2023 | December 31, 2023 | |
|---|---|---|---|
| (In thousands) | |||
| Trade receivables | $206,673 | $220,948 | $124,134 |
| Contract receivables | 188,120 | 173,318 | 112,037 |
| Retention receivables | 32,649 | 30,224 | 36,782 |
| Receivables, gross | 427,442 | 424,490 | 272,953 |
| Less expected credit loss | 4,501 | 5,870 | 6,168 |
| Receivables, net | $422,941 | $418,620 | $266,785 |
The Company's expected credit losses are determined through a review using historical credit loss experience; changes in asset specific characteristics; current conditions; and reasonable and supportable future forecasts, among other specific account data, and is performed at least quarterly. We develop and document our methodology to determine our allowance for expected credit losses. Risk characteristics used by management may include customer mix, knowledge of customers and general economic conditions of the various local economies, among others. Specific account balances are written off when management determines the amounts to be uncollectible. Management has reviewed the balance reserved through the allowance for expected credit losses and believes it is reasonable.
Details of the Company's expected credit losses were as follows:
| Pacific | Northwest | Mountain | Central | Energy Services | Total | |
|---|---|---|---|---|---|---|
| (In thousands) | ||||||
| As of December 31, 2023 | $2,053 | $1,004 | $2,293 | $718 | $100 | $6,168 |
| Current expected credit loss provision | 177 | (223) | (47) | 87 | — | (6) |
| Less write-offs charged against the allowance | (53) | 133 | 2 | 3 | — | 85 |
| At March 31, 2024 | $2,283 | $648 | $2,244 | $802 | $100 | $6,077 |
| Current expected credit loss provision | 25 | 79 | 27 | 151 | 1 | 283 |
| Less write-offs charged against the allowance | 513 | 11 | 1,122 | 212 | 1 | 1,859 |
| At June 30, 2024 | $1,795 | $716 | $1,149 | $741 | $100 | $4,501 |
Index
| Pacific | Northwest | Mountain | Central | Energy Services | Total | |
|---|---|---|---|---|---|---|
| (In thousands) | ||||||
| As of December 31, 2022 | $1,945 | $1,253 | $1,278 | $901 | $100 | $5,477 |
| Current expected credit loss provision | 45 | 313 | 164 | (90) | — | 432 |
| Less write-offs charged against the allowance | 1 | 68 | 18 | — | — | 87 |
| At March 31, 2023 | $1,989 | $1,498 | $1,424 | $811 | $100 | $5,822 |
| Current expected credit loss provision | 8 | 74 | 631 | (131) | 1 | 583 |
| Less write-offs charged against the allowance | 17 | 512 | 3 | 2 | 1 | 535 |
| At June 30, 2023 | $1,980 | $1,060 | $2,052 | $678 | $100 | $5,870 |
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