Company: CRD-A
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0000950170-25-030894
Chunk: 114

Company: CRAWFORD & CO
Filing Date: 2025-03-03
Form: 10-K
Item: Item 1B
Chunk 114
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 which generates revenues for services provided to insurance companies. The Company's Broadspire segment is a third party administrator that generates revenue through its Claims Management and Medical Management service lines. The Company's Platform Solutions segment principally generates revenues through its Contractor Connection, Networks and Subrogation service lines. The Contractor Connection service line generates revenue through its independently managed contractor network of credentialed residential and commercial contractors in the U.S. See Note 2, “Revenue Recognition” for further discussion on the Company’s revenue recognition policies.Intersegment sales are recorded at cost and are not material and eliminate in consolidation.Cash and Cash EquivalentsCash and cash equivalents consist of cash on hand and marketable securities with original maturities of three months or less. The fair value of cash and cash equivalents approximates carrying value due to their short-term nature. At December 31, 2024 and December 31, 2023, cash and cash equivalents included time deposits of approximately $55,000 and $328,000, respectively, that were in financial institutions outside the U.S.Cash balances that are legally restricted as to usage or withdrawal are separately included in "Prepaid expenses and other current assets" within the Consolidated Balance Sheets. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheets that sum to the total of the same such amounts shown within the Consolidated Statements of Cash Flows:  

          Year Ended December 31,
           
          2024

          2023

          2022

          (In thousands)

          Cash and cash equivalents
           
          $
          55,412

          $
          58,363

          $
          46,007

          Restricted cash within prepaid expenses and other current assets

          917

          1,182

          638

          Total cash, cash equivalents and restricted cash
           
          $
          56,329

          $
          59,545

          $
          46,645

        Accounts Receivable and Allowance for Expected Credit LossesThe Company extends credit based on an evaluation of a client's financial condition and, generally, collateral is not required. Accounts receivable are typically due upon receipt of the invoice and are stated on the Company's Consolidated Balance Sheets at amounts due from clients net of an estimated allowance for expected credit losses. Accounts outstanding longer than the contractual payment terms are considered past due. The fair value of accounts receivable approximates book value due to their