Accounts Receivable Sale Programs

6 Months Ended

Jun. 30, 2024

Receivables [Abstract]

Accounts Receivable Sale Programs

Note 10 – Accounts Receivable Sale Programs

As of June 30, 2024, in connection with trade accounts receivable sale programs with unaffiliated financial institutions, the Company may elect to sell, at a discount, on an ongoing basis, up to a maximum of $200.0 million of specific accounts receivable at any one time.

During the three months ended June 30, 2024 and 2023, the Company sold $158.5 million and $134.9 million, respectively, of accounts receivable under these programs, and in exchange, the Company received cash proceeds of $157.3 million and $133.5 million, respectively, net of the discount. During the six months ended June 30, 2024 and 2023, the Company sold $293.6 million and $287.7 million, respectively, of accounts receivable under these programs, and in exchange, the Company received cash proceeds of $291.4 million and $285.3 million, respectively, net of the discount. The Company recognizes the loss on sale resulting from the discount in other expense, net in its consolidated statements of income.