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Accounts Receivable Factoring
6 Months Ended
Jun. 30, 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 June 30, 2015, the Company had $95,951 and $76,729, respectively, outstanding under receivable transfer agreements without recourse entered into by various locations. The total amount of accounts receivable factored were $276,523 and $149,319 for the six months ended June 30, 2014 and 2015, respectively. Costs incurred on the sale of receivables were $836 and $559 for the three months ended June 30, 2014 and 2015, respectively, and $1,551 and $1,190 for the six months ended June 30, 2014 and 2015, 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 December 31, 2014 and June 30, 2015, the Company had $8,292 and $4,648, 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 $31,994 and $17,303 for the six months ended June 30, 2014 and 2015, respectively. Costs incurred on the sale of receivables were $95 and $29 for the three months ended June 30, 2014 and 2015, respectively, and $187 and $77 for the six months ended June 30, 2014 and 2015, 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.