Accounts Receivable Sale Programs

6 Months Ended

Jun. 30, 2023

Receivables [Abstract]

Accounts Receivable Sale Programs

Note 10 – Accounts Receivable Sale Programs

As of June 30, 2023, in connection with 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 $200.0 million of specific accounts receivable at any one time.

During the three months ended June 30, 2023 and 2022, the Company sold $134.9 million and $119.4 million, respectively, of accounts receivable under these programs, and in exchange, the Company received cash proceeds of $133.5 million and $118.9 million, respectively, net of the discount. During the six months ended June 30, 2023 and 2022, the Company sold $287.7 million and $226.6 million, respectively, of accounts receivable under these programs, and in exchange, the Company received cash proceeds of $285.3 million and $226.0 million, respectively, net of the discount. The sale discount was recorded to other expense within the condensed consolidated statements of income.