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Receivables Factoring
3 Months Ended
Mar. 31, 2021
Receivables [Abstract]  
Receivables Factoring

NOTE 18 – RECEIVABLES FACTORING

The Company sells certain customer trade receivables on a non-recourse basis under factoring arrangements with designated financial institutions. These transactions are accounted for as sales and cash proceeds are included in cash provided by operating activities. 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 March 31, 2021 and 2020, the Company sold trade receivables totaling $186.7 million and $69.9 million, respectively, and incurred factoring fees of $0.5 million and $0.2 million, respectively. As of March 31, 2021 and December 31, 2020, $105.6 million and $96.6 million, respectively, of receivables had been factored under the arrangements. The collective limit under our factoring arrangements as of March 31, 2021 was $132.2 million which was reduced to $121.7 million as of April 1, 2021 due to a $10.5 million decrease in the North American factoring limit. The collective limit under our factoring arrangements as of December 31, 2020 was $132.0 which was reduced to $122.0 million as of January 1, 2021 due to the reduction in the North American factoring limit.