Transfers of Financial Assets	3 Months Ended
Mar. 31, 2018
Transfers And Servicing [Abstract]
Transfers of Financial Assets	7. Transfers of Financial Assets In the fourth quarter of 2016, we executed receivables purchase arrangements to liquidate portions of our trade accounts receivable balance with unrelated third parties. The receivables relate to products sold to customers and are short-term in nature. The factorings were treated as sales of our accounts receivable. Proceeds from the transfers reflect either the face value of the accounts receivable or the face value less factoring fees. In the U.S. and Japan, our programs are executed on a revolving basis with a maximum funding limit as of March 31, 2018 of $350 million. We act as the collection agent on behalf of the third party, but have no significant retained interests or servicing liabilities related to the accounts receivable sold. In order to mitigate credit risk, we purchased credit insurance for the factored accounts receivable. As a result, our risk of loss is limited to the factored accounts receivable not covered by the insurance. Additionally, we have provided guarantees for the factored accounts receivable. The maximum exposures to loss associated with these arrangements were $28.7 million and $22.9 million as of March 31, 2018 and December 31, 2017, respectively. In Europe, we sell to a third party and have no continuing involvement or significant risk with the factored accounts receivable. Funds received from the transfers are recorded as an increase to cash and a reduction to accounts receivable outstanding in the condensed consolidated balance sheets. We report the cash flows attributable to the sale of receivables to third parties in cash flows from operating activities in our condensed consolidated statements of cash flows. Net expenses resulting from the sales of receivables are recognized in selling, general and administrative expense. Net expenses include any resulting gains or losses from the sales of receivables, credit insurance and factoring fees. In the three month periods ended March 31, 2018 and 2017, we sold receivables having an aggregate face value of $617.0 million and $208.7 million to third parties in exchange for cash proceeds of $616.7 million and $208.5 million, respectively. Expenses recognized on these sales during the three month periods ended March 31, 2018 and 2017 were not significant. In the three month periods ended March 31, 2018 and 2017, under the U.S. and Japan programs, we collected $481.4 million and $117.9 million, respectively, from our customers and remitted that amount to the third party, and we effectively repurchased $51.2 million and $11.2 million, respectively, of previously sold accounts receivable from the third party, due to the programs’ revolving nature. As of March 31, 2018 and December 31, 2017, we had collected $42.7 million and $103.5 million, respectively, of funds that were unremitted to the third party, which are reflected in our condensed consolidated balance sheets under other current liabilities. The initial collection of cash from customers and its remittance to the third party is reflected in net cash provided by/(used in) financing activities in our condensed consolidated statements of cash flows. We estimate the incremental operating cash inflows related to all of our receivables purchase programs were approximately $12 million in the three month period ended March 31, 2018. At March 31, 2018 and December 31, 2017, the outstanding principal amount of receivables that has been derecognized under the U.S. and Japan revolving arrangements amounted to $323.4 million and $261.2 million, respectively.

7. Transfers of Financial Assets

In the fourth quarter of 2016, we executed receivables purchase arrangements to liquidate portions of our trade accounts receivable balance with unrelated third parties. The receivables relate to products sold to customers and are short-term in nature. The factorings were treated as sales of our accounts receivable. Proceeds from the transfers reflect either the face value of the accounts receivable or the face value less factoring fees.

In the U.S. and Japan, our programs are executed on a revolving basis with a maximum funding limit as of March 31, 2018 of $350 million. We act as the collection agent on behalf of the third party, but have no significant retained interests or servicing liabilities related to the accounts receivable sold. In order to mitigate credit risk, we purchased credit insurance for the factored accounts receivable. As a result, our risk of loss is limited to the factored accounts receivable not covered by the insurance. Additionally, we have provided guarantees for the factored accounts receivable. The maximum exposures to loss associated with these arrangements were $28.7 million and $22.9 million as of March 31, 2018 and December 31, 2017, respectively.

In Europe, we sell to a third party and have no continuing involvement or significant risk with the factored accounts receivable.

Funds received from the transfers are recorded as an increase to cash and a reduction to accounts receivable outstanding in the condensed consolidated balance sheets. We report the cash flows attributable to the sale of receivables to third parties in cash flows from operating activities in our condensed consolidated statements of cash flows. Net expenses resulting from the sales of receivables are recognized in selling, general and administrative expense. Net expenses include any resulting gains or losses from the sales of receivables, credit insurance and factoring fees.

In the three month periods ended March 31, 2018 and 2017, we sold receivables having an aggregate face value of $617.0 million and $208.7 million to third parties in exchange for cash proceeds of $616.7 million and $208.5 million, respectively. Expenses recognized on these sales during the three month periods ended March 31, 2018 and 2017 were not significant. In the three month periods ended March 31, 2018 and 2017, under the U.S. and Japan programs, we collected $481.4 million and $117.9 million, respectively, from our customers and remitted that amount to the third party, and we effectively repurchased $51.2 million and $11.2 million, respectively, of previously sold accounts receivable from the third party, due to the programs’ revolving nature. As of March 31, 2018 and December 31, 2017, we had collected $42.7 million and $103.5 million, respectively, of funds that were unremitted to the third party, which are reflected in our condensed consolidated balance sheets under other current liabilities. The initial collection of cash from customers and its remittance to the third party is reflected in net cash provided by/(used in) financing activities in our condensed consolidated statements of cash flows. We estimate the incremental operating cash inflows related to all of our receivables purchase programs were approximately $12 million in the three month period ended March 31, 2018.

At March 31, 2018 and December 31, 2017, the outstanding principal amount of receivables that has been derecognized under the U.S. and Japan revolving arrangements amounted to $323.4 million and $261.2 million, respectively.