Company: CRD-A
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0000950170-25-030894
Chunk: 87

Company: CRAWFORD & CO
Filing Date: 2025-03-03
Form: 10-K
Item: Item 1B
Chunk 87
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 of our Credit Facility, we maintain a letter of credit facility to satisfy certain contractual obligations. At December 31, 2024, the issued, but undrawn, letters of credit totaled approximately $8.9 million. These letters of credit are typically renewed annually, but unless renewed, will expire as follows:

    Amount of Commitment Expiration per Period

    One Year orLess

    1 to 3 Years

    3 to 5 Years

    After 5 Years

    Total

    (In thousands)

    Standby Letters of Credit
     
    $
    8,870

    $
    —

    $
    —

    $
    —

    $
    8,870

Changes in Financial Condition

The following addresses changes in our financial condition not addressed elsewhere in this MD&A.

Significant changes on our Consolidated Balance Sheet as of December 31, 2024, compared with our Consolidated Balance Sheet as of December 31, 2023, were as follows:

•Accounts receivable increased by $10.7 million, excluding the impacts from foreign currency exchange, in 2024 compared with 2023. The increase was primarily due to an increase in the U.S. in our Platform Solutions segment, as a result of weather-related activity at the end of the 2024.

•Unbilled revenues increased $13.7 million, excluding the impacts from foreign currency exchange. The increase was primarily due to an increase in weather-related activities at the end of 2024 within the U.S in our North America Loss Adjusting segment, as well increases in the U.K., Europe and the Middle East in our International Operations segment. 

•Accrued retirement costs decreased $8.3 million, excluding the impacts from foreign currency exchange. The decrease was primarily due to changes in the value of minimum pension liabilities. 

Critical Accounting Policies and Estimates

This MD&A addresses our consolidated financial statements, which are prepared in accordance with U.S. GAAP. The preparation of these financial statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, we evaluate these estimates and judgments based upon historical experience and various other factors that we believe are reasonable under then-existing circumstances. The results of these evaluations form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent