Accounts Receivable Sale Programs

9 Months Ended

Sep. 30, 2023

Receivables [Abstract]

Accounts Receivable Sale Programs

Note 10 – Accounts Receivable Sale Programs

As of September 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 September 30, 2023 and 2022, the Company sold $123.3 million and $103.4 million, respectively, of accounts receivable under these programs, and in exchange, the Company received cash proceeds of $122.4 million and $102.9 million, respectively, net of the discount. During the nine months ended September 30, 2023 and 2022, the Company sold $415.4 million and $330.0 million, respectively, of accounts receivable under these programs, and in exchange, the Company received cash proceeds of $412.1 million and $328.9 million, respectively, net of the discount. The sale discount was recorded to other expense on the condensed consolidated statements of income.