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Accounts Receivable Sale Program
12 Months Ended
Dec. 31, 2022
Receivables [Abstract]  
Accounts Receivable Sales Program

Note 12—Accounts Receivable Sale Program

As of December 31, 2022, 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. On February 3, 2023, the Company entered into Amendment No. 2 to the Credit Agreement which increases the maximum amount to $200.0 million.

During the years ended December 31, 2022, 2021 and 2020, the Company sold $445.4 million, $394.6 million and $305.8 million, respectively, of accounts receivable under this program, and in exchange, the Company received cash proceeds of $443.6 million, $394.0 million and $305.2 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.