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This excerpt taken from the XIDE 10-K filed Jun 4, 2009. Accounts
Receivable Factoring Arrangements
In the ordinary course of business, the Company utilizes
accounts receivable factoring arrangements in countries where
programs of this type are typical. Under these arrangements, the
Company may sell certain of its trade accounts receivable to
financial institutions. The arrangements in virtually all cases
do not contain recourse provisions against the Company for its
customers’ failure to pay. The Company sold approximately
$0.6 million and $94.3 million of foreign currency
trade accounts receivable as of March 31, 2009 and 2008,
respectively. Changes in the level of receivables sold from year
to year are included in the change in accounts receivable within
cash flow from operations in the Consolidated Statements of Cash
Flows.
This excerpt taken from the XIDE 10-K filed Jun 9, 2008. Accounts
Receivable Factoring Arrangements
In the ordinary course of business, the Company utilizes
accounts receivable factoring arrangements in countries where
programs of this type are typical. Under these arrangements, the
Company may sell certain of its trade accounts receivable to
financial institutions. The arrangements in virtually all cases
do not contain recourse provisions against the Company for its
customers’ failure to pay. The Company sold approximately
$94.3 million and $45.2 million of foreign currency
trade accounts receivable as of March 31, 2008 and 2007,
respectively. Changes in the level of receivables sold from year
to year are included in the change in accounts receivable within
cash flow from operations.
Table of Contents
This excerpt taken from the XIDE 10-K filed Jun 11, 2007. Accounts
Receivable Factoring Arrangements
In the ordinary course of business, the Company utilizes
accounts receivable factoring arrangements in countries where
programs of this type are typical. Under these arrangements, the
Company may sell certain of its trade accounts receivable to
financial institutions. The arrangements in virtually all cases
do not contain recourse provisions against the Company for its
customers’ failure to pay. The Company sold approximately
$45.2 million and $41 million of foreign currency
trade accounts receivable as of March 31, 2007 and 2006,
respectively. Changes in the level of receivables sold from year
to year are included in the change in accounts receivable within
cash flow from operations.
Pursuant to its new $495 million senior secured credit
facility, the Company has the ability to expand utilization of
these arrangements to as much as €70 million. See
Note 22 to the Consolidated Financial Statements.
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