12. Accounts receivable
| CHF million | 2014 | 2013 |
|---|---|---|
| Accounts receivable, gross | 944.9 | 704.1 |
| Value adjustment | – 27.4 | – 20.4 |
| Total | 917.5 | 683.7 |
| Value adjustment as at January 1 | – 20.4 | – 21.2 |
| Addition | – 13.1 | – 3.2 |
| Utilization | 4.4 | 3.0 |
| Release | 1.8 | 1.0 |
| Currency translation | – 0.1 | – |
| Value adjustment as at December 31 | – 27.4 | – 20.4 |
The following table presents the aging of accounts receivable:
| CHF million | 2014 | 2013 |
|---|---|---|
| Not yet past due | 733.8 | 561.4 |
| Past due 1–30 days | 127.7 | 93.4 |
| Past due 31–90 days | 60.1 | 23.3 |
| Past due over 91 days | 23.3 | 26.0 |
| Accounts receivable gross | 944.9 | 704.1 |
Historically, the default rate for accounts receivable in the category “Not yet past due” was lower than 1%. Hence the default risk is considered to be low. Value adjustments are calculated based on the assessment of the default risk with regards to accounts receivable balances already past due.
The carrying amounts of accounts receivable are denominated in the following currencies:
| CHF million | 2014 | 2013 |
|---|---|---|
| CHF | 52.8 | 53.1 |
| EUR | 352.8 | 345.6 |
| USD | 304.1 | 105.8 |
| GBP | 59.3 | 47.1 |
| Other currencies | 148.5 | 132.1 |
| Accounts receivable net | 917.5 | 683.7 |