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Accounts Receivable Securitization Programs | 9 Months Ended
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Sep. 30, 2014
Transfers And Servicing [Abstract] |
Accounts Receivable Securitization Programs | (8) Accounts Receivable Securitization Programs U.S. Accounts Receivable Securitization Program We and a group of our U.S. subsidiaries maintain an accounts receivable securitization program with two banks and issuers of commercial paper administered by these banks. As of September 30, 2014, the maximum purchase limit for receivable interests was $100 million, subject to the availability limits described below. The amounts available from time to time under this program may be less than $100 million due to a number of factors, including but not limited to our credit ratings, trade receivable balances, the creditworthiness of our customers and our receivables collection experience. During the three months and nine months ended September 30, 2014, the level of eligible assets available under the program was lower than $100 million primarily due to certain required reserves against our receivables. As a result, the amount available to us under the program was $87 million at September 30, 2014. Although we do not believe restrictions under this program presently materially restrict our operations, if an additional event occurs that triggers one of these restrictive provisions, we could experience a further decline in the amounts available to us under the program or termination of the program. This program expires annually in September and is renewable. The program was renewed in September 2014 for an additional year and the program size was reduced from $125 million to $100 million. European Accounts Receivable Securitization Program We and a group of our European subsidiaries maintain an accounts receivable securitization program with a special purpose vehicle, or SPV, two banks and issuers of commercial paper administered by these banks. As of September 30, 2014, the maximum purchase limit for receivable interests was €95 million, ($120 million equivalent at September 30, 2014) subject to availability limits. The terms and provisions of this program are similar to our U.S. program discussed above. As of September 30, 2014, the amount available under this program was €95 million ($120 million equivalent as of September 30, 2014). The European program is structured to be a securitization of certain trade receivables that are originated by certain of our European subsidiaries. We do not have an equity interest in the SPV. However, since we are considered the primary beneficiary of the SPV, it meets the criteria to be classified as a variable interest entity and is included in our condensed consolidated financial statements. Any activity between the participating subsidiaries and the SPV is eliminated in consolidation. Loans from the banks to the SPV are classified as short-term borrowings on our condensed consolidated balance sheet. This program expires annually in February and is renewable. We intend to extend the expiration date of the program in February 2015 for an additional year. Utilization of Our Accounts Receivable Securitization Programs Neither program discussed above qualifies for sale accounting under FASB ASC 860, Transfers and Servicing, and as such, any borrowings are accounted for as secured short-term borrowings on the condensed consolidated balance sheet. Financing costs associated with the programs are recorded as interest expense and other expense. In connection with the funding of the payment of the Settlement agreement on February 3, 2014, we utilized both our U.S. and European programs. At September 30, 2014, we have $88 million available to us under the U.S. program and €95 million ($120 million equivalent as of September 30, 2014) available to us under the European program. At September 30, 2014, the total amount of borrowings under our U.S. program was $87 million (no borrowings under our European program) and the trade receivables that served as collateral for these borrowings were reclassified from trade receivables, net to prepaid expenses and other current assets on the condensed consolidated balance sheet in accordance with FASB ASC 860. The weighted average interest rate for these borrowings was 0.89% at September 30, 2014. We continue to service the trade receivables supporting the programs, and the banks are permitted to re-pledge this collateral. Total interest expense related to the use of these programs was approximately $2 million in the nine months ended September 30, 2014. Under limited circumstances, the banks and the issuers of commercial paper can end purchases of receivables interests before the above expiration dates. A failure to comply with debt leverage or various other ratios related to our receivables collection experience could result in termination of the receivables programs. We were in compliance with these ratios at September 30, 2014. As of December 31, 2013, we had no amounts outstanding under either the U.S. or European program, and we did not utilize these programs during 2013.

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- Definition Description of the accounts receivable securitization program. Securitization is a structured finance process that distributes risk by aggregating debt instruments in a pool, then issues new securities backed by the pool. + References No definition available. + Details
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- Details
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