Accounts Receivable Sale Program

3 Months Ended

Mar. 31, 2019

Receivables [Abstract]

Accounts Receivable Sales Program

Note 10 – Accounts Receivable Sale Program

As of March 31,2019, 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 three months ended March 31,2019 and 2018, the Company sold $52.9 million and $40.0 million, respectively, of accounts receivable under this program, and in exchange, the Company received cash proceeds of $52.7 million and $39.9 million, respectively, net of the discount. The loss on the saleresulting from the discountwas recorded to other expense within the Condensed Consolidated Statements of Income.