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Accounts Receivable Factoring
9 Months Ended
Sep. 30, 2012
Accounts Receivable Factoring [Abstract]  
Accounts Receivable Factoring

18. Accounts Receivable Factoring

As a part of its working capital management, the Company sells certain receivables through third party financial institutions with and without recourse. The amount sold varies each month based on the amount of underlying receivables and cash flow needs of the Company. The Company continues to service the receivables. These are permitted transactions under the Company’s credit agreement.

At September 30, 2011 and 2012, the Company had $62,083 and $68,564, respectively, outstanding under receivable transfer agreements without recourse entered into by various locations. The total amount of accounts receivable factored were $149,715 and $256,033 for the nine months ended September 30, 2011 and 2012, respectively. The Company incurred a loss on the sale of receivables of $408 and $421 for the three months ended September 30, 2011 and 2012, respectively and $1,082 and $1,722 for the nine months ended September 30, 2011 and 2012, respectively. These amounts are recorded in other income (expense), net and interest expense, net of interest income in the condensed consolidated statements of comprehensive income (loss).

 

At September 30, 2011 and 2012, the Company had $14,040 and $11,296, respectively outstanding under receivable transfer agreements with recourse. The recourse amount is recorded in debt payable within one year. The total amount of accounts receivable factored was $38,026 and $61,631 for the nine months ended September 30, 2011 and 2012, respectively. The Company incurred a loss on the sale of receivables of $50 and $68 for the three months ended September 30, 2011 and 2012, respectively and $89 and $275 for the nine months ended September 30, 2011 and 2012, respectively. These amounts are recorded in other income (expense), net and interest expense, net of interest income in the condensed consolidated statements of comprehensive income (loss).