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Accounts Receivable Factoring
3 Months Ended
Mar. 31, 2014
Receivables [Abstract]  
Accounts Receivable Factoring
16. 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 Term Loan Facility, Amended Senior ABL Facility and Senior ABL Facility.
At March 31, 2013 and 2014, the Company had $89,015 and $120,366, respectively, outstanding under receivable transfer agreements without recourse entered into by various locations. The total amount of accounts receivable factored were $113,402 and $139,130 for the three months ended March 31, 2013 and 2014, respectively. Costs incurred on the sale of receivables were $645 and $798 for the three months ended March 31, 2013 and 2014, 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.
At March 31, 2013 and 2014, the Company had $15,197 and $9,500, respectively, outstanding under receivable transfer agreements with recourse. The secured borrowings are recorded in debt payable within one year and receivables are pledged equal to the balance of the borrowings. The total amount of accounts receivable factored was $22,712 and $15,695 for the three months ended March 31, 2013 and 2014, respectively. Costs incurred on the sale of receivables were $84 and $92 for the three months ended March 31, 2013 and 2014, 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.