Receivables Factoring

12 Months Ended

Dec. 31, 2023

Receivables [Abstract]

Receivables Factoring

NOTE 20 - RECEIVABLES FACTORING

The Company sells certain customer trade receivables on a nonrecourse basis under factoring arrangements with designated financial institutions. These transactions are accounted for as sales and cash proceeds are included in cash provided by operating activities. Factoring arrangements incorporate customary representations and warranties, including representations as to validity of amounts due, completeness of performance obligations and absence of commercial disputes. During the years ended December 31, 2023 and 2022, the Company sold trade receivables totaling $734.8 million and $955.1 million, respectively, and incurred factoring fees of $4.2 million and $3.6 million, respectively. As of December 31, 2023 and December 31, 2022, receivables of $92.4 million and $97.2 million, respectively, had been factored and had not yet been paid by customers to the respective financial institutions. The collective limit under our factoring arrangements as of December 31, 2023 was $142.1 million. The collective limit under our factoring arrangements as of December 31, 2022 was $150.0 million.