Quarterly report pursuant to Section 13 or 15(d)

Other Balance Sheet Items

v3.24.0.1
Other Balance Sheet Items
 3 Months Ended
Dec. 31, 2023
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract]  
Other Balance Sheet Items OTHER BALANCE SHEET ITEMS
Cash, Cash Equivalents, and Restricted Cash
Table 9.1: Details of Cash and Cash Equivalents and Restricted Cash
December 31, 2023 September 30, 2023
(in thousands)
Cash and cash equivalents $ 104,186  $ 65,405 
Restricted cash 49,309  56,686 
Cash, cash equivalents, and restricted cash $ 153,495  $ 122,091 
Restricted cash is recorded within "Prepaid expenses and other current assets" on the Consolidated Balance Sheets.
Table 9.2: Supplemental Disclosures of Cash Flow Information
For the Three Months Ended
December 31, 2023 December 31, 2022
(in thousands)
Interest payments $ 20,522  $ 19,748 
Income tax (refunds)/payments, net $ (588) $ 4,982 
Accounts Receivable, Net
Table 9.3: Details of Accounts Receivable, Net
December 31, 2023 September 30, 2023
(in thousands)
Billed and billable receivables $ 708,145  $ 692,707 
Unbilled receivables 160,250  137,885 
Allowance for credit losses (7,986) (3,719)
Accounts receivable, net $ 860,409  $ 826,873 
On September 21, 2022, we entered into a Receivables Purchase Agreement with Wells Fargo Bank N.A., under which we may sell certain U.S.-originated accounts receivable balances up to a maximum amount of $200.0 million at any given time. In return for these sales, we receive a cash payment equal to the face value of the receivables less a financing charge.
We account for these transfers as sales. We have no retained interest in the transferred receivables other than administrative responsibilities, and Wells Fargo has no recourse for any credit risk. We estimate that the implicit servicing fees for an arrangement of this size and type would be immaterial.
For the three months ended December 31, 2023, the gross fair value of accounts receivables transferred to Wells Fargo and derecognized from our balance sheet was $108.2 million. In exchange for these sales, we received $107.5 million of cash. The balance, representing a loss on sale from these transfers, is included within our selling, general and administrative expenses. We have recorded these transactions within our operating cash flows.