Accounts Receivable Sale Programs

3 Months Ended

Mar. 31, 2024

Receivables [Abstract]

Accounts Receivable Sale Programs

Note 10 – Accounts Receivable Sale Programs

As of March 31, 2024, 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 March 31, 2024 and 2023, the Company sold $135.1 million and $152.8 million, respectively, of accounts receivable under these programs, and in exchange, the Company received cash proceeds of $134.1 million and $151.8 million, respectively, net of the discount. The Company recognizes the loss on sale resulting from the discount in other expense, net in its consolidated statements of income.