XML 25 R29.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Receivables Securitization
12 Months Ended
Dec. 31, 2019
Receivables [Abstract]  
Receivables Securitization

NOTE 21 - 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 year ended December 31, 2019 and 2018, the Company sold trade receivables totaling $334.1 million and $276.8 million, respectively, and incurred factoring fees of $1.0 million and $0.9 million, respectively, which are included in other (expense) income, net. The collective limit under our factoring arrangements was $117.3 million as of December 31, 2019 and $80.9 million as of December 31, 2018. As of December 31, 2019, $49.6 million of receivables had been factored under the arrangements. As of  December 31, 2018, $53.8 million of receivables had been factored under the arrangements.