Sales of Accounts Receivable

9 Months Ended

Sep. 30, 2012

Sales of Accounts Receivable

4. Sales of Accounts Receivable

The Company has entered into an agreement to sell selected trade accounts receivable to a financial institution. After the sale, the Company does not retain any interests in the receivables and the applicable financial institution collects these accounts receivable directly from the customer. The proceeds from the sales of these accounts receivable totaled $21,931 thousand for the nine month period ended September 30, 2012 and these sales resulted in a pre-tax loss of $35 thousand for the nine month period ended September 30, 2012, which is included in selling, general and administrative expenses in the consolidated Statements of Operations. Net proceeds of these accounts receivable sale program are recognized in the Consolidated Statements of Cash Flows as part of operating cash flows.