Accounts Receivable Factoring

6 Months Ended

Jun. 30, 2022

Transfers and Servicing [Abstract]

Accounts Receivable Factoring

12. Accounts Receivable Factoring

The Company has two non-U.S. accounts receivable financing programs with maximum availability of €55.0 million and one U.S. accounts receivable financing program with maximum availability of $27.0 million. Under these financing programs, the Company has the ability to sell eligible receivables up to the maximum limit and can sell additional receivables as previously sold receivables are collected. Transactions under the U.S. and non-U.S. programs were accounted for as sales in accordance with ASC 860, “Transfers and Servicing.” As of June 30, 2022 and December 31, 2021, the amount of accounts receivable derecognized for these factoring arrangements was $34.5 million and $228.6 million, respectively.