XML 35 R15.htm IDEA: XBRL DOCUMENT v3.22.4
SALE OF ACCOUNTS RECEIVABLE
 12 Months Ended
Dec. 31, 2022
Transfers and Servicing [Abstract]  
SALE OF ACCOUNTS RECEIVABLE SALE OF ACCOUNTS RECEIVABLE To improve its liquidity during seasonally high working capital periods, the Company has an uncommitted Receivables Purchase Agreement with HSBC Bank USA, as Purchaser (the “Receivables Purchase Agreement”). Under the Receivables Purchase Agreement, the Company may offer to sell certain eligible accounts receivables (the “Receivables”) to HSBC Bank USA, which may accept such offer, and purchase the offered Receivables. Under the Receivables Purchase Agreement, following each purchase of Receivables, the outstanding aggregate purchased Receivables shall not exceed $30.0 million. HSBC Bank USA will assume the credit risk of the Receivables purchased; and, the Company will continue to be responsible for all non-credit risk matters. The Company will service the Receivables, and as such servicer, collect and otherwise enforce the Receivables on behalf of HSBC Bank USA. The term of the agreement is for 364 days and automatically extends for annual successive terms unless terminated. Either party may terminate the agreement at any time upon 60 days prior written notice to the other party. Pursuant to this agreement, the Company sold $141.3 million and $150.7 million of Receivables during the years ended December 31, 2022 and 2021, respectively. At December 31, 2022 and 2021, $20.2 million and $28.8 million, respectively, of receivables sold are outstanding and are due to HSBC Bank USA from customers. A charge of $0.8 million and $0.4 million, respectively, related to the sale of the Receivables is included in selling, general and administrative expenses in the consolidated statements of operations for the years ended December 31, 2022 and 2021.