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Book Overdrafts and Cash Pooling
12 Months Ended
Dec. 31, 2016
Cash and Cash Equivalents [Abstract]  
Book Overdrafts and Cash Pooling
Book overdrafts and cash pooling
At December 31, 2016 and 2015, outstanding checks totaling $10,073 and $10,148, respectively, were included in “Payable to suppliers” on the Company’s Consolidated Balance Sheets. In addition, outstanding payroll checks of $11 and $37 as of December 31, 2016 and 2015, respectively, were included in “Accrued wages and other compensation” on the Company’s Consolidated Balance Sheets.
The Company uses a notional pooling arrangement with an international bank to help manage global liquidity requirements. Under this pooling arrangement, the Company and its participating subsidiaries may maintain either cash deposit or borrowing positions through local currency accounts with the bank, so long as the aggregate position of the global pool is a notionally calculated net cash deposit. Because it maintains a security interest in the cash deposits, and has the right to offset the cash deposits against the borrowings, the bank provides the Company and its participating subsidiaries favorable interest terms on both. The Company’s Consolidated Balance Sheets reflect a net cash deposit under this pooling arrangement of $2,789 and $22,905 as of December 31, 2016 and 2015, respectively.