Accounts Receivable Sale Programs

6 Months Ended

Jun. 30, 2025

Receivables [Abstract]

Accounts Receivable Sale Programs

Note 12 – Accounts Receivable Sale Programs

As of June 30, 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 June 30, 2025 and 2024, the Company sold $143.6 million and $158.5 million, respectively, of accounts receivable under these programs, and in exchange, the Company received cash proceeds of $142.7 million and $157.3 million, respectively, net of the discount.

During the six months ended June 30, 2025 and 2024, the Company sold $328.6 million and $293.6 million, respectively, of accounts receivable under these programs, and in exchange, the Company received cash proceeds of $326.5 million and $291.4 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.