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Accounts Receivable Factoring
6 Months Ended
Jun. 30, 2014
Receivables [Abstract]  
Accounts Receivable Factoring
15. 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 and Senior ABL Facility.
At June 30, 2013 and 2014, the Company had $102,486 and $118,946, respectively, outstanding under receivable transfer agreements without recourse entered into by various locations. The total amount of accounts receivable factored were $229,210 and $276,523 for the six months ended June 30, 2013 and 2014, respectively. Costs incurred on the sale of receivables were $689 and $836 for the three months ended June 30, 2013 and 2014, respectively, and $1,329 and $1,551 for the six months ended June 30, 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 June 30, 2013 and 2014, the Company had $16,985 and $8,205, 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 $49,877 and $31,994 for the six months ended June 30, 2013 and 2014, respectively. Costs incurred on the sale of receivables were $136 and $95 for the three months ended June 30, 2013 and 2014, respectively, and $221 and $187 for the six months ended June 30, 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.