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Accounts Receivable Sale Program
6 Months Ended
Jun. 30, 2020
Receivables [Abstract]  
Accounts Receivable Sales Program

Note 11 – Accounts Receivable Sale Program

As of June 30, 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 June 30, 2020 and 2019, the Company sold $77.9 million and $77.7 million, respectively, of accounts receivable under this program, and in exchange, the Company received cash proceeds of $77.7 million and $77.4 million, respectively, net of the discount. During the six months ended June 30, 2020 and 2019, the Company sold $154.3 million and $130.6 million, respectively, of accounts receivable under this program, and in exchange, the Company received cash proceeds of $154.0 million and $130.2 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.