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Receivables Factoring
12 Months Ended
Dec. 31, 2020
Receivables [Abstract]  
Receivables Factoring

NOTE 20 - 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. These 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, 2020 and 2019, the Company sold trade receivables totaling $522.5 million and $334.1 million, respectively, and incurred factoring fees of $1.4 million and $1.0 million, respectively, which are included in other (expense) income, net. Receivables factored under these arrangements as of December 31, 2020 and 2019 were $96.6 million and $49.6 million, respectively. The collective limit under our factoring arrangements was $132.0 million as of December 31, 2020. This limit has decreased to $122.0 million as of January 1, 2021 as $10.0 million of the increase in the factoring limit for North America was temporary. The collective limit under our factoring arrangements was $117.3 million as of December 31, 2019.