Receivables Factoring

3 Months Ended

Mar. 31, 2024

Receivables [Abstract]

Receivables Factoring

NOTE 18 – RECEIVABLES FACTORING

The Company sells certain customer trade receivables on a non-recourse 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 three months ended March 31, 2024 and 2023, the Company sold trade receivables totaling $161.8 million and $225.3 million, respectively, and incurred factoring fees of $1.2 million and $1.0 million, respectively. As of March 31, 2024 and December 31, 2023, receivables of $98.9 million and $92.4 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 was $141.2 million and $142.1 million as of March 31, 2024 and December 31, 2023 respectively.