Factoring of Accounts Receivable

6 Months Ended

Jun. 30, 2018

Factoring of Accounts Receivable [Abstract]

Factoring of Accounts Receivable

Factoring of Accounts Receivable

In certain foreign locations, we use non-recourse factoring arrangements with third-party financial institutions to manage our working capital and cash flows. Under this program, we sell receivables to a financial institution for cash at a discount to the face amount. As part of the factoring arrangements, we perform certain collection and administrative functions for the receivables sold. For the three and six months ended June 30, 2018, we sold accounts receivable totaling $203.1 million and $428.6 million, net of discounts and fees of $2.0 million and $3.8 million, respectively. For the three and six months ended June 30, 2017, we sold accounts receivable totaling $133.1 million and $265.2 million, net of discounts and fees of $0.8 million and $1.5 million, respectively.