Receivables Securitization

9 Months Ended

Sep. 30, 2018

Receivables [Abstract]

Receivables Securitization

Note 22 – Receivables Securitization

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 third quarter of 2018, the company sold trade receivables totaling $165.8 million and incurred factoring fees of $0.4 million, which are included in other (expense) income, net. The collective limit under our factoring arrangements is $84.7 million. As of September 30, 2018, $55.3 million of factored receivables had not yet been collected.