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Accounts Receivable
 3 Months Ended
Mar. 31, 2015
Receivables [Abstract]  
Accounts Receivable

Note 3: Accounts Receivable

 

     March 31,
2015		      December 31,
2014		  
     (In Thousands)  

Trade receivables

    $ 88,927       $ 86,402   

Other

      2,335         2,498   
  

 

 

     

 

 

  
  91,262      88,900   

Allowance for doubtful accounts

   (860 )    (826 ) 
  

 

 

     

 

 

  
$ 90,402    $ 88,074   
  

 

 

     

 

 

  

One of our subsidiaries, El Dorado Chemical Company is party to an agreement with Bank of America, N.A. to sell our accounts receivables generated from product sales to a certain customer. We agreed to enter into this agreement as a courtesy to this customer. The term of this agreement matures in August 2015, with renewal options, but either party has an option to terminate the agreement pursuant to the terms of the agreement. In addition, we amended our sales agreement with the customer to offer extended payment terms under the condition that they pay an extended payment terms premium equal to the discount taken by the Bank when the accounts receivables are sold. Thus, there is no gain or loss from the sale of these receivables to the Bank. We have no continuing involvement or risks associated with the transferred accounts receivable. Pursuant to the terms of the agreement, EDC is to receive payment from the Bank no later than one business day after the Bank’s acceptance of EDC’s offer to sell the accounts receivables. As of March 31, 2015, EDC has been paid by the Bank for the accounts receivables sold to the Bank. We account for these transfers as sales under ASC 860 – Transfers and Servicing.