Accounts Receivable Sale Programs

3 Months Ended

Mar. 31, 2025

Receivables [Abstract]

Accounts Receivable Sale Programs

Note 12 – Accounts Receivable Sale Programs

As of March 31, 2025, 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, 2025 and 2024, the Company sold $185.0 million and $135.1 million, respectively, of accounts receivable under these programs, and in exchange, the Company received cash proceeds of $183.8 million and $134.1 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.