Accounts Receivable Sale Program

12 Months Ended

Dec. 31, 2018

Receivables [Abstract]

Accounts Receivable Sales Program

Note 14—Accounts Receivable Sale Program

As of December 31, 2018, 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 $80.0 million of specific accounts receivable at any one time.

During the years ended December 31, 2018 and 2017, the Company sold $160.0 million and $145.0 million, respectively, of accounts receivable under this program, and in exchange, the Company received cash proceeds of $159.5 million and $144.7 million, respectively, net of the discount. The loss on the sale resulting from the discountwas recorded to other expense within the Consolidated Statements of Income.