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Accounts Receivable | 12 Months Ended
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Dec. 31, 2022
Receivables [Abstract] |
Accounts Receivable | 2. Accounts Receivable Accounts receivable and allowance for credit losses When we extend credit on an unsecured basis, our exposure to credit losses depends on the financial condition of our customers and macroeconomic factors beyond our control, such as global economic conditions or adverse impacts in the industries we serve, changes in oil prices and political instability. We actively monitor and manage our credit exposure and work to respond to both changes in our customers' financial conditions or macroeconomic events. Based on the ongoing credit evaluations of our customers, we adjust credit limits based upon payment history and our customers' current creditworthiness. However, because we extend credit on an unsecured basis to most of our customers, there is a possibility that any accounts receivable not collected may ultimately need to be written off. We had accounts receivable, net of $3.3 billion and $2.4 billion and an allowance for expected credit losses, primarily related to accounts receivable, of $17.3 million and $29.8 million, as of December 31, 2022 and 2021, respectively. Changes to the expected credit loss provision during the year ended December 31, 2022 include global economic outlook considerations as a result of the Company's assessment of reasonable and supportable forward-looking information. Write-offs of uncollectible receivables during the year ended December 31, 2022 resulted principally from pre-existing financial difficulties experienced by certain customers. Based on an aging analysis as of December 31, 2022, 96% of our accounts receivable were outstanding less than 60 days. The following table sets forth activities in our allowance for expected credit losses (in millions):
| 2022 |  | 2021 |  | 2020
Balance as of January 1, | $ | 29.8 |  |  | $ | 57.3 |  |  | $ | 46.6 |
Charges to allowance for credit losses | 7.7 |  |  | 6.3 |  |  | 63.7 |
Write-off of uncollectible receivables | (22.3) |  |  | (35.3) |  |  | (53.7) |
Recoveries of credit losses | 1.5 |  |  | 1.4 |  |  | 1.0 |
Translation adjustments | 0.6 |  |  | 0.1 |  |  | (0.3) |
December 31, | $ | 17.3 |  |  | $ | 29.8 |  |  | $ | 57.3 |
Receivable sale programs We have receivable purchase agreements ("RPAs") that allow for the sale of our qualifying accounts receivable in exchange for cash consideration equal to the total balance, less a discount margin, depending on the outstanding accounts receivable at any given time. During 2020 and 2021, we amended our RPAs to, among other things, extend the renewal option term through 2024 and increase the aggregate purchase limit as well as the individual customer limits. Accounts receivable sold under the RPAs are accounted for as sales and excluded from Accounts receivable, net of allowance for credit losses on the accompanying Consolidated Balance Sheets. Fees paid under the RPAs are recorded within Interest expense and other financing costs, net on the Consolidated Statements of Income and Comprehensive Income. During the years ended December 31, 2022, 2021, and 2020, we sold receivables under the RPAs with an aggregate face value of $13.1 billion, $9.2 billion, and $4.3 billion, respectively, and recognized fees of $44.5 million, $20.2 million, and $11.8 million, respectively.

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- Definition The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -URI https://asc.fasb.org/subtopic&trid=2196772 + Details
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- References No definition available. + Details
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