
(Millions of Dollars)	March 29, 2025		December 28, 2024
Trade accounts receivable	$	1,358.9	$	950.4
Notes receivable	82.5		65.9
Other accounts receivable	215.7		222.1
Accounts and notes receivable	$	1,657.1	$	1,238.4
Allowance for credit losses	(91.1)		(84.7)
Accounts and notes receivable, net	$	1,566.0	$	1,153.7

The changes in the allowance for credit losses for the three months ended March 29, 2025 and March 30, 2024 are as follows:


	Year-to-Date
(Millions of Dollars)		2025		2024
Beginning balance		$	84.7	$	76.6
Charged to costs and expenses		14.5		(0.2)
Other, including recoveries and deductions (a)		(8.1)		(1.5)
Balance end of period		$	91.1	$	74.9

(a) Amounts represent charge-offs less recoveries, the impacts of foreign currency translation, divestitures and net transfers to/from other accounts.

The Company's payment terms are generally consistent with the industries in which their businesses operate and typically range from 30-90 days globally. The Company does not adjust the promised amount of consideration for the effects of a significant financing component when the period between transfer of the product and receipt of payment is less than one year. Any significant financing components for contracts greater than one year are included in revenue over time.

The Company has an accounts receivable sale program. According to the terms, the Company sells certain of its trade accounts receivables at fair value to a wholly owned, consolidated, bankruptcy-remote special purpose subsidiary (“BRS"). The BRS, in turn, can sell such receivables to a third-party financial institution (“Purchaser”) for cash. The Purchaser’s maximum cash investment in the receivables at any time is $110.0 million. The purpose of the program is to provide liquidity to the Company. These transfers qualify as sales under Accounting Standards Codification ("ASC") 860, Transfers and Servicing, and receivables are derecognized from the Company’s consolidated balance sheet when the BRS sells those receivables to the Purchaser. The Company has no retained interests in the transferred receivables, other than collection and administrative responsibilities. At March 29, 2025, the Company did not record a servicing asset or liability related to its retained responsibility based on its assessment of the servicing fee, market values for similar transactions and its cost of servicing the receivables sold.

At March 29, 2025 and December 28, 2024, net receivables of $60.9 million and $95.1 million, respectively, were derecognized. Proceeds from transfers of receivables to the Purchaser totaled $50.0 million and $59.6 million for the three months ended March 29, 2025 and March 30, 2024, respectively, and payments to the Purchaser totaled $84.2 million and $105.2 million, respectively. The program resulted in a pre-tax loss of $0.8 million and $1.2 million for the three months ended March 29, 2025, and March 30, 2024, respectively. All cash flows under the program are reported as a component of changes in working capital within operating activities in the Condensed Consolidated Statements of Cash Flows since all the cash from the Purchaser is received upon the initial sale of the receivable.