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Accounts Receivable Factoring
3 Months Ended
Mar. 31, 2015
Receivables [Abstract]  
Accounts Receivable Factoring
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 governing the Term Loan Facility and Senior ABL Facility, as amended.
At December 31, 2014 and March 31, 2015, the Company had $95,951 and $72,763, respectively, outstanding under receivable transfer agreements without recourse entered into by various locations. The total amount of accounts receivable factored were $139,130 and $79,799 for the three months ended March 31, 2014 and 2015, respectively. Costs incurred on the sale of receivables were $798 and $631 for the three months ended March 31, 2014 and 2015, respectively. These amounts are recorded in other income, net and interest expense, net of interest income in the condensed consolidated statements of comprehensive income (loss).
At December 31, 2014 and March 31, 2015, the Company had $8,292 and $4,833, 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 $15,695 and $7,918 for the three months ended March 31, 2014 and 2015, respectively. Costs incurred on the sale of receivables were $92 and $48 for the three months ended March 31, 2014 and 2015, respectively. These amounts are recorded in other income, net and interest expense, net of interest income in the condensed consolidated statements of comprehensive income (loss).