Accounts Receivable Securitization (Tables)

9 Months Ended

Sep. 30, 2018

Schedule of Servicing Liabilities at Fair Value [Table Text Block]

The following table summarizes the key differences between the 2018 RSA and the 2015 RSA (dollars in thousands):



	2018 RSA		2015 RSA
Effective date	July 11, 2018		December 10, 2015
Final maturity date	July 11, 2021		January 10, 2019
Borrowing capacity		$325,000		$400,000
Accordion option ⁽¹⁾		$175,000		$75,000
Unused commitment fee rate ⁽²⁾	20 to 40 basis points		35 basis points
Program fees on outstanding balances ⁽³⁾	one-month LIBOR + 80 to 100 basis points		one-month LIBOR + 90 basis points


(1)	The accordion option increases the maximum borrowing capacity, subject to participation of the purchasers.


(2)	The 2018 RSA commitment fee rate is based on the percentage of the maximum borrowing capacity utilized.


(3)	The 2018 RSA program fee is based on the Company's consolidated total net leverage ratio.

The 2018 RSA and 2015 RSA are secured borrowings that are collateralized by the Company's eligible receivables, for which the Company is the servicing agent. The Company's eligible receivables are included in "Trade receivables, net of allowance for doubtful accounts" in the condensed consolidated balance sheets. As of September 30, 2018, the Company's eligible receivables generally have high credit quality, as determined by the obligor's corporate credit rating.

Availability under the 2018 RSA and 2015 RSA is calculated as follows:



	2018 RSA			2015 RSA
	September 30, 2018			December 31, 2017
	(In thousands)
Borrowing base, based on eligible receivables	$	322,400		$	317,600
Less: outstanding borrowings ⁽¹⁾	(235,000		)	(305,000		)
Less: outstanding letters of credit	(70,725		)	—
Availability under accounts receivable securitization facilities	$	16,675		$	12,600


(1)	Outstanding borrowings are included in "Accounts receivable securitization" in the condensed consolidated balance sheets. Interest accrued on the aggregate principal balance at a rate of 3.0% and 2.1% as of September 30, 2018 and December 31, 2017, respectively.