Accounts Receivable Factoring

3 Months Ended

Mar. 31, 2018

Accounts Receivable Factoring [Abstract]

Accounts receivable factoring

ACCOUNTS RECEIVABLE FACTORING

We have accounts receivable factoring arrangements with non-related third-party financial institutions (the “Factors”). Pursuant to the terms of the arrangements, we sell to the Factors certain of our accounts receivable balances on a non-recourse basis for credit approved accounts. An administrative fee per invoice is charged on the gross amount of accounts receivables assigned to the Factors, and interest is calculated at the applicable EUR LIBOR rate plus a spread. The total amount factored on a non-recourse basis and excluded from accounts receivable was $22.5 million and $27.5 million at March 31, 2018 and December 31, 2017, respectively.