The Company has entered into an agreement to sell certain trade accounts receivable to an unrelated, third-party financial institution at a discount (collectively, the "Receivables Sales Program"). The agreement can be terminated by either party with 60 days' notice. The Receivables Sales Program is used by the Company to manage liquidity in a cost-effective manner. The Company has no retained interest in the receivables sold under the Receivables Sales Program; however, under the agreement, the Company does have collection and administrative responsibilities for the sold receivables. Under the Receivables Sales Program, the current operating limit of outstanding accounts receivables sold at any time is $397.5 million.

The following table includes the outstanding amount of accounts receivable sold under the Receivables Sales Program and the receivables collected from customers and not remitted to the financial institution:


	June 30, 2025		December 31, 2024
	(In millions)
Outstanding accounts receivable sold	$	213.3	$	375.0
Receivables collected and not remitted to financial institution	171.7		237.7

Receivables sold under the Receivables Sales Program are derecognized from the Company's Condensed Consolidated Balance Sheet at the time of the sale and the proceeds from such sales are reflected as a component of the change in receivables in the operating activities section of the Condensed Consolidated Statements of Cash Flows. The receivables collected and not remitted to the financial institution are included in Accounts payable in the Condensed Consolidated Balance Sheets.


	Six Months Ended June 30,
	2025		2024
	(In millions)
Receivables sold	$	633.7	$	495.5
Receivables collected and remitted to financial institution	(795.4)		(608.7)

The loss on sale of receivables represents the discount taken by the third-party financial institution and was $1.3 million and $1.9 million for the three months ended June 30, 2025 and 2024, respectively, and $4.2 million and $3.9 million for the six months ended June 30, 2025 and 2024, respectively, and is included in Other expense (income), net in the Condensed Consolidated Statements of Operations. The Company has not recognized any servicing assets or liabilities as of June 30, 2025 or December 31, 2024, as the fair value of the servicing arrangement as well as the fees earned were not material to the financial statements.