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Accounts Receivable Factoring
9 Months Ended
Sep. 30, 2016
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.
As of September 30, 2016 and December 31, 2015, the Company had $66,901 and $63,473, respectively, outstanding under receivable transfer agreements without recourse entered into by various locations. The total amount of accounts receivable factored without recourse was $188,934 and $207,432 for the nine months ended September 30, 2016 and 2015, respectively. Costs incurred on the sale of receivables were $391 and $468 for the three months ended September 30, 2016 and 2015, respectively, and $1,286 and $1,658 for the nine months ended September 30, 2016 and 2015, respectively. These amounts are recorded in other (expense) income, net and interest expense, net of interest income in the condensed consolidated statements of net income.
As of September 30, 2016 and December 31, 2015, the Company had $6,297 and $3,433, 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 with recourse was $46,610 and $27,383 for the nine months ended September 30, 2016 and 2015, respectively. Costs incurred on the sale of receivables were $55 and $38 for the three months ended September 30, 2016 and 2015, respectively, and $185 and $115 for the nine months ended September 30, 2016 and 2015, respectively. These amounts are recorded in other (expense) income, net and interest expense, net of interest income in the condensed consolidated statements of net income.