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Accounts Receivable Factoring
3 Months Ended
Mar. 31, 2015
Receivables [Abstract]  
Accounts Receivable Factoring
Accounts Receivable Factoring

The Company's Italian subsidiary has agreements with unrelated third-parties for the factoring of specific accounts receivable in Italy in order to reduce the amount of working capital required to fund such receivables. At March 31, 2015, Tecnonet's factoring agreements permitted the factoring of up to €15.0 million or $16.3 million of receivables outside of the United States. The factoring of accounts receivable under these agreements is accounted for as a sale, as the Company has no retained interests or servicing liabilities related to the accounts receivable that have been sold in Italy.

At March 31, 2015, and December 31, 2014, the face amount of total outstanding accounts sold by the Company pursuant to these agreements was $11.5 million and $10.5 million, respectively. Receivables transferred to the factor are derecognized at the date of sale and amounted to $10.2 million and $12.1 million for the three months ended March 31, 2015 and 2014, respectively. Proceeds are recorded at fair value and amounted to $9.0 million and $21.2 million for the three months ended March 31, 2015 and 2014, respectively. Proceeds consist of a receivable due from the factor. Cash received from the factor is recorded as a reduction of the receivable due from the factor. The related outstanding balances due from the factor were $10.0 million and $10.4 million as of March 31, 2015, and December 31, 2014, respectively, and are included in other receivables on the accompanying condensed consolidated balance sheets. The related losses on the sale were $0.03 million and $0.04 million for the three months ended March 31, 2015, and 2014, respectively, and is included are interest expense on the accompanying condensed consolidated statements of operations.