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Receivables
3 Months Ended
Mar. 31, 2014
Receivables  
Receivables

5.              Receivables

 

 

 

March 31,

 

December 31,

 

($ in millions) 

 

2014

 

2013

 

 

 

 

 

 

 

Trade accounts receivable

 

$

922.3

 

$

835.2

 

Less allowance for doubtful accounts

 

(9.2

)

(36.3

)

Net trade accounts receivable

 

913.1

 

798.9

 

Other receivables

 

68.0

 

60.5

 

 

 

$

981.1

 

$

859.4

 

 

The allowance for doubtful accounts at December 31, 2013, included a provision of $27.0 million as a result of the October 2013 bankruptcy filing of a metal food and household products packaging segment customer. On February 6, 2014, the customer’s second lien lenders (lenders) were selected as the successful bidder for the customer’s assets and such selection was approved by the U.S. Bankruptcy Court on February 12, 2014. The lenders acquired the customer’s assets on February 28, 2014, and as a result, the company fully wrote off the accounts receivable reserved for at December 31, 2013. The company also recorded various short-term and long-term receivables in conjunction with the lenders’ acquisition.

 

The company has several regional uncommitted accounts receivable factoring programs with various financial institutions for certain accounts receivable of the company. The programs are accounted for as true sales of the accounts receivable, without recourse to Ball, and had combined limits of approximately $237 million at March 31, 2014. A total of $160.2 million and $137.5 million were sold under these programs as of March 31, 2014, and December 31, 2013, respectively. Latapack-Ball also has non-recourse uncommitted accounts receivable factoring programs with a combined limit of approximately $26 million at March 31, 2014. There were no accounts receivable sold as of March 31, 2014, and $6.0 million was sold as of December 31, 2013.