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Accounts Receivable Sale Program
12 Months Ended
Dec. 31, 2019
Receivables [Abstract]  
Accounts Receivable Sales Program

Note 14—Accounts Receivable Sale Program

 

As of December 31, 2019, in connection with a trade accounts receivable sale program 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 years ended December 31, 2019 and 2018, the Company sold $284.0 million and $160.0 million, respectively, of accounts receivable under this program, and in exchange, the Company received cash proceeds of $283.2 million and $159.5 million, respectively, net of the discount. The loss on the sale resulting from the discount was recorded to other expense within the Consolidated Statements of Income.