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Accounts Receivable Sale Program
6 Months Ended
Jun. 30, 2019
Receivables [Abstract]  
Accounts Receivable Sales Program

Note 10 – Accounts Receivable Sale Program

As of June 30, 2019, in connection with two trade accounts receivable sale programs with unaffiliated financial institutions, the Company may elect to sell, at a discount, on an ongoing basis, up to a maximum of $120.0 million of specific accounts receivable at any one time.

 

During the three months ended June 30, 2019 and 2018, the Company sold $77.7 million and $40.0 million, respectively, of accounts receivable under this program, and in exchange, the Company received cash proceeds of $77.4 million and $39.9 million, respectively, net of the discount. During the six months ended June 30, 2019 and 2018, the Company sold $130.6 million and $80.0 million, respectively, of accounts receivable under this program, and in exchange, the Company received cash proceeds of $130.2 million

and $79.8 million, respectively, net of the discount. The loss on the sale resulting from the discount was recorded to other expense within the Condensed Consolidated Statements of Income.