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Receivables Factoring
9 Months Ended
Sep. 30, 2020
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 September 30, 2020 and 2019, the Company sold trade receivables totaling $169.8 million and $80.6 million, respectively, and incurred factoring fees of $0.4 million and $0.2 million, respectively. During the nine months ended September 30, 2020 and 2019, the Company sold trade receivables totaling $307.4 million and $272.4 million, respectively, and incurred factoring fees of $0.8 million and $0.8 million, respectively. As of September 30, 2020 and December 31, 2019, $101.4 million and $49.6 million, respectively, of receivables had been factored under the arrangements. The collective limit under our factoring arrangements as of September 30, 2020 was $115.9 million. The limit has decreased to $105.9 million as of October 15, 2020 due to a $10 million decrease in North American factoring limit. The collective limit under our factoring arrangements as of December 31, 2019 was $117.3 million.