Transfers of Financial Assets	9 Months Ended
Sep. 30, 2019
Transfers And Servicing [Abstract]
Transfers of Financial Assets	8. Transfers of Financial Assets We have receivables purchase arrangements with unrelated third parties to liquidate portions of our trade accounts receivable balance. The receivables relate to products sold to customers and are short-term in nature. The factorings are treated as sales of our accounts receivable. Proceeds from the transfers reflect either the face value of the accounts receivable or the face value less factoring fees. In the U.S. and Japan, our programs are executed on a revolving basis with a maximum funding limit as of September 30, 2019 of $450.0 million combined. We act as the collection agent on behalf of the third party, but have no significant retained interests or servicing liabilities related to the accounts receivable sold. In order to mitigate credit risk, we purchased credit insurance for the factored accounts receivable. As a result, our risk of loss is limited to the factored accounts receivable not covered by the insurance. Additionally, we have provided guarantees for the factored accounts receivable. The maximum exposures to loss associated with these arrangements were $32.8 million and $33.0 million as of September 30, 2019 and December 31, 2018, respectively. In Europe, we sell to a third party and have no continuing involvement or significant risk with the factored accounts receivable. Funds received from the transfers are recorded as an increase to cash and a reduction to accounts receivable outstanding in the condensed consolidated balance sheets. We report the cash flows attributable to the sale of receivables to third parties in cash flows from operating activities in our condensed consolidated statements of cash flows. Net expenses resulting from the sales of receivables are recognized in selling, general and administrative expense. Net expenses include any resulting gains or losses from the sales of receivables, credit insurance and factoring fees. In the nine month periods ended September 30, 2019 and 2018, we sold receivables having an aggregate face value of $2,384.7 million and $1,942.8 million to third parties in exchange for cash proceeds of $2,383.2 million and $1,942.1 million, respectively. Expenses recognized on these sales during the nine month periods ended September 30, 2019 and 2018 were not significant. In the nine month periods ended September 30, 2019 and 2018, under the U.S. and Japan programs, we collected $2,167.4 million and $1,613.1 million, respectively, from our customers and remitted that amount to the third party, and we effectively repurchased $106.0 million and $166.7 million, respectively, of previously sold accounts receivable from the third party, due to the programs’ revolving nature. As of September 30, 2019 and December 31, 2018, we had collected $51.4 million and $66.8 million, respectively, of funds that were unremitted to the third party, which are reflected in our condensed consolidated balance sheets under other current liabilities. The initial collection of cash from customers and its remittance to the third party is reflected in net cash provided by/(used in) financing activities in our condensed consolidated statements of cash flows. At September 30, 2019 and December 31, 2018, the outstanding principal amount of receivables that has been derecognized under the U.S. and Japan revolving arrangements amounted to $372.6 million and $365.9 million, respectively.

Transfers of Financial Assets

9 Months Ended

Sep. 30, 2019

8. Transfers of Financial Assets

We have receivables purchase arrangements with unrelated third parties to liquidate portions of our trade accounts receivable balance. The receivables relate to products sold to customers and are short-term in nature. The factorings are treated as sales of our accounts receivable. Proceeds from the transfers reflect either the face value of the accounts receivable or the face value less factoring fees.

In the U.S. and Japan, our programs are executed on a revolving basis with a maximum funding limit as of September 30, 2019 of $450.0 million combined. We act as the collection agent on behalf of the third party, but have no significant retained interests or servicing liabilities related to the accounts receivable sold. In order to mitigate credit risk, we purchased credit insurance for the factored accounts receivable. As a result, our risk of loss is limited to the factored accounts receivable not covered by the insurance. Additionally, we have provided guarantees for the factored accounts receivable. The maximum exposures to loss associated with these arrangements were $32.8 million and $33.0 million as of September 30, 2019 and December 31, 2018, respectively.

In Europe, we sell to a third party and have no continuing involvement or significant risk with the factored accounts receivable.

Funds received from the transfers are recorded as an increase to cash and a reduction to accounts receivable outstanding in the condensed consolidated balance sheets. We report the cash flows attributable to the sale of receivables to third parties in cash flows from operating activities in our condensed consolidated statements of cash flows. Net expenses resulting from the sales of receivables are recognized in selling, general and administrative expense. Net expenses include any resulting gains or losses from the sales of receivables, credit insurance and factoring fees.

In the nine month periods ended September 30, 2019 and 2018, we sold receivables having an aggregate face value of $2,384.7 million and $1,942.8 million to third parties in exchange for cash proceeds of $2,383.2 million and $1,942.1 million, respectively. Expenses recognized on these sales during the nine month periods ended September 30, 2019 and 2018 were not significant. In the nine month periods ended September 30, 2019 and 2018, under the U.S. and Japan programs, we collected $2,167.4 million and $1,613.1 million, respectively, from our customers and remitted that amount to the third party, and we effectively repurchased $106.0 million and $166.7 million, respectively, of previously sold accounts receivable from the third party, due to the programs’ revolving nature. As of September 30, 2019 and December 31, 2018, we had collected $51.4 million and $66.8 million, respectively, of funds that were unremitted to the third party, which are reflected in our condensed consolidated balance sheets under other current liabilities. The initial collection of cash from customers and its remittance to the third party is reflected in net cash provided by/(used in) financing activities in our condensed consolidated statements of cash flows.

At September 30, 2019 and December 31, 2018, the outstanding principal amount of receivables that has been derecognized under the U.S. and Japan revolving arrangements amounted to $372.6 million and $365.9 million, respectively.