Accounts Receivable Sale Programs

9 Months Ended

Sep. 30, 2024

Receivables [Abstract]

Accounts Receivable Sale Programs

Note 10 – Accounts Receivable Sale Programs

As of September 30, 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 September 30, 2024 and 2023, the Company sold $154.6 million and $123.3 million, respectively, of accounts receivable under these programs, and in exchange, the Company received cash proceeds of $153.6 million and $122.4 million, respectively, net of the discount. During the nine months ended September 30, 2024 and 2023, the Company sold $448.2 million and $415.4 million, respectively, of accounts receivable under these programs, and in exchange, the Company received cash proceeds of $445.0 million and $412.1 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.