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Accounts Receivable Factoring
6 Months Ended
Jun. 30, 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 June 30, 2015, Tecnonet's factoring agreements permitted the factoring of up to €15.0 million or $16.6 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 June 30, 2015, and December 31, 2014, the face amount of total outstanding accounts sold by the Company pursuant to these agreements was $13.4 million and $10.5 million, respectively. Receivables transferred to the factor are derecognized at the date of sale and amounted to $21.2 million and $28.9 million for the six months ended June 30, 2015 and 2014, respectively. Proceeds are recorded at fair value and amounted to $19.9 million and $38.8 million for the six months ended June 30, 2015 and 2014, respectively. Proceeds consist of a receivable due from the factor. Cash received from the factors is recorded as a reduction of the receivable due from the factor. The related outstanding receivables from the factor were $10.2 million and $10.4 million as of June 30, 2015, and December 31, 2014, respectively, and included in other receivables on the accompanying condensed consolidated balance sheets. The related losses on the sale were $0.03 million and $0.07 million for the three months ended June 30, 2015, and 2014, respectively, and $0.07 million and $0.11 million for the six months ended June 30, 2015, and 2014, respectively and are included in interest expense on the accompanying condensed consolidated statements of operations.