We manage our receivables portfolios using published default risk as a key credit quality indicator for our loans and receivables. Our loans receivables and other are related to a loan converted from a dividend receivable from an equity investment, sales of long-lived assets or businesses, loans to related parties for capital expenditure purposes, or security deposits for lease arrangements.

The table below summarizes the amortized cost basis of financial assets by years of origination and credit quality.


	June 30, 2026				December 31, 2025
(In millions)	Credit rating	Year of origination	Balance		Credit rating	Year of origination	Balance
Loans receivables and other	Moody’s rating Aa3 - Ba1	2022-2025	$	126.8	Moody’s rating Aa3 - Ba1	2022-2025	$	129.1
Total financial assets			$	126.8			$	129.1

For contract assets and trade receivables, we have elected to calculate an expected credit loss based on loss rates from historical data. We develop loss-rate statistics on the basis of the amount written-off over the life of the financial assets and contract assets and adjust these historical credit loss trends for forward-looking factors specific to the debtors and the economic environment to determine lifetime expected losses.

For loans receivables and other securities at amortized cost, we evaluate whether these securities are considered to have low credit risk at the reporting date using available, reasonable, and supportable information.

The table below shows the roll-forward of allowance for credit losses for trade receivables as of June 30, 2026 and 2025, respectively.


(In millions)	2026		2025
Allowance for credit losses at January 1,	$	45.3	$	43.4
Current period provision (release) for expected credit losses	(3.1)		8.1
Recoveries	—		$	(0.1)
Allowance for credit losses at June 30,	$	42.2	$	51.4

Trade receivables are due in one year or less. Certain financial assets were past due as of the reporting date; however, none were on non-accrual status, and the related credit risk is reflected in the allowance for expected credit losses.