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Revenue
 6 Months Ended
Jun. 30, 2023
Revenue from Contract with Customer [Abstract]  
Revenue REVENUE
Consideration for products in which control has transferred to our customers that is conditional on something other than the passage of time is recorded as a contract asset within prepaid expenses and other current assets on the condensed consolidated balance sheets. The contract asset balances at June 30, 2023 and December 31, 2022 were $43.8 million and $40.6 million, respectively.
We provide certain customers with incremental up-front consideration, including Business Incentive Plan assets ("BIPs"), which is capitalized as a component of other assets and amortized over the estimated life of the contractual arrangement as a reduction of net sales. We do not receive a distinct service or good in return for these BIPs, but rather receive volume commitments and/or sole supplier status from our customers over the life of the contractual arrangements. Substantially all of the termination clauses in these contractual arrangements include standard clawback provisions that enable us to collect monetary damages in the event of a customer's failure to meet its commitments under the relevant contract. BIPs are assessed for recoverability annually or more frequently when circumstances arise. At June 30, 2023 and December 31, 2022, the total carrying value of BIPs were $158.8 million and $152.3 million, respectively, and are presented within other assets in the condensed consolidated balance sheets. For the three and six months ended June 30, 2023 and 2022, $14.5 million, $30.5 million, $15.4 million, and $29.9 million, respectively, was amortized and reflected as reductions of net sales in the condensed consolidated statements of operations. The total carrying value of BIPs excludes other up-front incentives with repayment features made in conjunction with long-term customer commitments of $39.2 million and $42.1 million at June 30, 2023 and December 31, 2022, respectively, of which $4.7 million and $4.9 million is included in prepaid expenses and other current assets in the condensed consolidated balance sheets at June 30, 2023 and December 31, 2022, respectively, with the remainder included in other assets. These up-front incentives with repayment features are subject to the credit risk of our customers and, depending on the financial condition of our customers, it is possible that some or all of the amounts may become uncollectible.
During the three months ended June 30, 2022, we agreed to forgo collection of a portion of previously provided up-front incentives with a certain Performance Coatings customer, contingent upon this customer completing a recapitalization and restructuring of its indebtedness and executing a new long-term exclusive sales agreement with us. During the three and six months ended June 30, 2022, a reserve for this customer contract restructuring was recorded for $25.0 million, of which $20.3 million was recorded as a reduction to net sales and the remaining amount recorded in other expense. In July 2022, the contingency was resolved and a new long-term exclusive sales agreement went into effect resulting in the forgiveness of the reserved amounts.
See Note 17 for disaggregated net sales by end-market.