XML 30 R20.htm IDEA: XBRL DOCUMENT v3.22.2.2
Accounts Receivable Factoring
 9 Months Ended
Sep. 30, 2022
Transfers and Servicing [Abstract]  
Accounts Receivable Factoring

12. Accounts Receivable Factoring

The Company has two non-U.S. accounts receivable financing programs with maximum availability of €55.0 million and one U.S. accounts receivable financing program with maximum availability of $27.0 million. Transactions under the U.S. and non-U.S. programs were accounted for as sales in accordance with ASC 860, “Transfers and Servicing.” Under these financing programs, the Company has the ability to sell eligible receivables up to the maximum limit and can sell additional receivables as previously sold receivables are collected.

For the three and nine months ended September 30, 2022, cash proceeds from the factoring of accounts receivable qualifying as sales were $60.4 million and $164.0 million, respectively. For the three and nine months ended September 30, 2021, cash proceeds from the factoring of accounts receivable qualifying as sales were $48.1 million and $159.1 million, respectively.

Financing charges associated with the factoring of receivables qualifying as sales are included in interest expense in the Condensed Consolidated Statements of Operations. Financing charges incurred from the factoring of accounts receivable qualifying as sales for the three and nine months ended September 30, 2022 and 2021 were immaterial.