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Accounts Receivable Securitization
3 Months Ended
Mar. 31, 2019
Accounts Receivable Securitization [Abstract]  
Accounts Receivable Securitization
11.
Accounts Receivable Securitization

The Company is engaged in an accounts receivable securitization program with Wells Fargo & Company (Wells Fargo).  The commitment size under the program is $70 million.

Between October 2016 and June 2018, the Company accounted for sales of trade receivables under the program as a reduction of accounts receivable in the Consolidated Condensed Balance Sheets in accordance with ASC Topic 860, Transfers and Servicing (ASC Topic 860).

In June 2018, the Company amended the program. Following the amendment, the Company no longer accounts for the sales of the trade receivables in accordance with ASC Topic 860, and instead now maintains the trade receivables and related debt on its Consolidated Condensed Balance Sheets.

Under the amended program, Wells Fargo has extended a secured loan of up to $70 million to the Company secured by Wells Fargo’s undivided interests in certain of the Company’s trade accounts receivables. The program expires in October 2019; however, the Company has the intent and ability to refinance or extend the program prior to maturity. As of March 31, 2019, $70 million was borrowed under the program.