Book overdrafts and cash pooling

12 Months Ended

Dec. 31, 2019

Cash and Cash Equivalents [Abstract]

Book overdrafts and cash pooling

Book overdrafts and cash pooling

At December 31, 2019 and 2018, outstanding checks totaling $8,796 and $13,205, respectively, were included in “Payable to suppliers” on the Company’s Consolidated Balance Sheets. In addition, outstanding payroll checks of $38 and $114 as of December 31, 2019 and 2018, respectively, were included in “Accrued wages and other compensation” on the Company’s Consolidated Balance Sheets.

The Company uses a notional pooling arrangement with an international bank to help manage global liquidity requirements. Under this pooling arrangement, the Company and its participating subsidiaries may maintain either cash deposit or borrowing positions through local currency accounts with the bank, so long as the aggregate position of the global pool is a notionally calculated net cash deposit. Because it maintains a security interest in the cash deposits, and has the right to offset the cash deposits against the borrowings, the bank provides the Company and its participating subsidiaries favorable interest terms on both. The Company’s Consolidated Balance Sheets reflect a net cash deposit under this pooling arrangement of $4,409 and $2,562 as of December 31, 2019 and 2018, respectively.