| Schedule of Receivables Sold |
The fair value of the sold receivables approximated their book value due to their short-term nature. | | | | | | | | | | | | | | | | | | | | | | | | | As of and for the | | | Year Ended December 31, | | (In thousands) | | 2025 | | 2024 | | 2023 | | | | Beginning balance: | | $ | 218,897 | | | $ | 72,714 | | | $ | — | | | | | Sale of receivables | | 3,496,285 | | | 3,195,217 | | | 1,394,998 | | | | | Cash collections | | (3,438,462) | | | (3,049,034) | | | (1,322,284) | | | | Outstanding balance sold to MUFG1 | | 276,720 | | | 218,897 | | | 72,714 | | | | Cash collected, not remitted to MUFG2 | | (49,768) | | | (71,457) | | | (10,160) | | | | | Remaining sold receivables | | $ | 226,952 | | | $ | 147,440 | | | $ | 62,554 | | | | 1 For the year ended December 31, 2025, the Company recorded a net cash inflow, excluding fees, from sale of receivables of $57.8 million from operating activities. | | | 2 Includes the cash collected on behalf of, but not yet remitted to, MUFG as of December 31, 2025. This balance is included in other accrued liabilities as of the balance sheet date. | | |
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