Accounts Receivable Factoring

6 Months Ended

Jun. 30, 2024

Transfers and Servicing [Abstract]

Accounts Receivable Factoring

11. Accounts Receivable Factoring

The Company has two non-U.S. accounts receivable financing programs with no maximum availability. Transactions under the non-U.S. programs were accounted for as sales in accordance with Accounting Standards Codification (“ASC”) Topic 860, “Transfers and Servicing.” Under these financing programs, the Company has the ability to sell eligible receivables up to the maximum limit.

For the three and six months ended June 30, 2024, cash proceeds from the factoring of accounts receivable qualifying as sales were $51.7 million and $87.7 million, respectively. For the three and six months ended June 30, 2023, cash proceeds from the factoring of accounts receivable qualifying as sales were $41.3 million and $82.7 million, respectively.

Financing charges incurred from the factoring of accounts receivable qualifying as sales for the three and six months ended June 30, 2024 and 2023 were immaterial.