American Home Shield 2011 Annual Report Download - page 109

Table of Contents
Notes to the Consolidated Financial Statements (Continued)
Note 14. Receivable Sales (Continued)
up to $50.0 million in the pool of accounts receivable to the Purchasers. The amount of the eligible receivables varies during the year based on seasonality of
the businesses and could, at times, limit the amount available to the Company from the sale of these interests. As of December 31, 2011, the amount of
eligible receivables was approximately $31.1 million.
During the years ended December 31, 2011, 2010 and 2009, there were no transfers of interests in the pool of trade accounts receivables to Purchasers
under this arrangement. As of December 31, 2011, 2010 and 2009, the Company had $10.0 million outstanding under the arrangement and, as of
December 31, 2011, had $21.1 million of remaining capacity available under the accounts receivable securitization arrangement.
The accounts receivable securitization arrangement is a 364-day facility that is renewable annually at the option of Funding, with a final termination date
of July 17, 2012. Only one of the Purchasers is required to purchase interests under the arrangement. As part of the annual renewal of the facility, which
occurred on July 26, 2011, this Purchaser agreed to continue its participation in the arrangement through July 17, 2012.
The Company has recorded its obligation to repay the Purchasers for its interest in the pool of receivables within current portion of long-term debt on the
Consolidated Statements of Financial Position. The interest rates applicable to the Company's obligation are based on a fluctuating rate of interest measured
based on the Purchaser's pooled commercial paper rate (0.26 percent at December 31, 2011). In addition, the Company pays usage fees on its obligations and
commitment fees on undrawn amounts committed by the Purchasers. Unless the arrangement is renegotiated or extended prior to its expiration, all obligations
under the accounts receivable securitization arrangement must be repaid by July 17, 2012.
Note 15. Comprehensive Income
Comprehensive income (loss), which primarily includes net income (loss), unrealized gain (loss) on marketable securities, unrealized gain (loss) on
derivative instruments and the effect of foreign currency translation is disclosed in the Consolidated Statements of Shareholder's Equity.
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