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Accounts Receivable Sale Program
3 Months Ended
Mar. 31, 2020
Receivables [Abstract]  
Accounts Receivable Sales Program

Note 11 – Accounts Receivable Sale Program

As of March 31, 2020, in connection with three 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 March 31, 2020 and 2019, the Company sold $76.4 million and $52.9 million, respectively, of accounts receivable under this program, and in exchange, the Company received cash proceeds of $76.3 million and $52.7 million, respectively, net of the discount. The loss on the sale resulting from the discount was recorded to other income (expense), net within the Condensed Consolidated Statements of Income.