Receivables Factoring

6 Months Ended

Jun. 30, 2024

Receivables [Abstract]

Receivables Factoring

NOTE 16 – RECEIVABLES FACTORING

The Company sells certain customer trade receivables on a non-recourse basis as a "true sale" under factoring arrangements with designated financial institutions and cash proceeds are included in cash provided by operating activities. The Company's ongoing involvement under the factoring arrangements is limited to processing of customer payments on the factored receivables. Factoring arrangements incorporate customary representations and warranties, including representations as to validity of amounts due, completeness of performance obligations and absence of commercial disputes. During the three months ended June 30, 2024 and June 30, 2023, the Company sold trade receivables totaling $135.8 million and $198.1 million and incurred factoring fees of $1.1 million and $1.0 million. During the six months ended June 30, 2024 and June 30, 2023, the Company sold trade receivables totaling $297.6 million and $423.4 million and incurred factoring fees of $2.3 million and $2.0 million. As of June 30, 2024 and December 31, 2023, receivables of $94.5 million and $92.4 million had been factored and had not yet been paid by customers to the respective financial institutions. The collective limit under our factoring arrangements was $141.0 million and $142.1 million as of June 30, 2024 and December 31, 2023.