Accounts Receivable Sale Program

12 Months Ended

Dec. 31, 2017

Receivables [Abstract]

Accounts Receivable Sales Program

Note 13—Accounts Receivable Sale Program

In connection with a trade accounts receivable sale program with an unaffiliated financial institution, the Company may elect to sell, at a discount, on an ongoing basis, up to a maximum of $40.0 million, of specific accounts receivable at any one time. The program was executed on March 29, 2017, is an uncommitted facility and is scheduled to expire in one year with options to automatically extend the agreement, although any party may elect to terminate the agreement upon 60 days prior notice.

During the year ended December 31, 2017, the Company sold $145.0 million of accounts receivable under this program, and in exchange, the Company received cash proceeds of $144.7 million, net of the discount. The loss on the sale resulting from the discount during the year ended December 31, 2017 was $0.3 million and was recorded to other expense within the Consolidated Statements of Income.