14. Trade and Other Payables
|
|
As of December 31, |
||||
|---|---|---|---|---|---|---|
(in thousands of $) |
|
2024 |
|
2023 |
|
2022 |
Trade payables |
|
342,228 |
|
245,557 |
|
188,721 |
Short‑term employee benefits |
|
150,818 |
|
95,104 |
|
84,337 |
Sales rebates and reserves |
|
140,474 |
|
55,788 |
|
19,478 |
Other |
|
16,473 |
|
17,564 |
|
3,142 |
Total trade and other payables |
|
649,993 |
|
414,013 |
|
295,679 |
The carrying amounts of trade and other payables approximate their respective fair values.
Trade payables correspond primarily to R&D, commercial and manufacturing activities and include accrued expenses related to these activities.
Short-term employee benefits include payables and accruals for salaries and bonuses to be paid to the employees of the Company.
The following table summarizes the movement in the sales rebates and reserves for the year ended December 31, 2024, 2023 and 2022:
(in thousands of $) |
|
Rebates and chargebacks |
|
Distribution fees, product returns |
|
Total sales rebates and reserves |
|---|---|---|---|---|---|---|
Balance on January 1, 2022 |
|
– |
|
– |
|
– |
Current estimate related to the sales made in the current year |
|
35,426 |
|
10,740 |
|
46,166 |
(Credits or payments related to sales made during the year) |
|
(20,028) |
|
(6,661) |
|
(26,689) |
|
|
|
|
|
|
|
Balance on December 31, 2022 |
|
15,398 |
|
4,079 |
|
19,478 |
Current estimate related to the sales made in the current year |
|
123,542 |
|
26,427 |
|
149,969 |
Adjustment for prior year sales |
|
(4,041) |
|
(883) |
|
(4,924) |
(Credits or payments related to sales made during the year) |
|
(78,327) |
|
(20,722) |
|
(99,049) |
(Credits or payments related to sales made during prior year) |
|
(6,910) |
|
(2,775) |
|
(9,685) |
|
|
|
|
|
|
|
Balance on December 31, 2023 |
|
49,662 |
|
6,126 |
|
55,788 |
Current estimate related to the sales made in the current period |
|
285,863 |
|
50,239 |
|
336,102 |
Adjustment for prior year sales |
|
(10,912) |
|
(162) |
|
(11,074) |
(Credits or payments related to sales made during the year) |
|
(170,391) |
|
(39,104) |
|
(209,495) |
(Credits or payments related to sales made during prior year) |
|
(26,811) |
|
(4,036) |
|
(30,847) |
Balance on December 31, 2024 |
|
127,411 |
|
13,063 |
|
140,474 |