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Accounts Receivable | 12 Months Ended
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Dec. 31, 2023
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 and 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 $2.7 billion and $3.3 billion and an allowance for expected credit losses, primarily related to accounts receivable, of $20.8 million and $17.3 million, as of December 31, 2023 and 2022, respectively. Changes to the expected credit loss provision during the year ended December 31, 2023 resulted from the Company's assessment of reasonable and supportable forward-looking information, including global economic outlook considerations. Based on an aging analysis as of December 31, 2023, 94% 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):
| 2023 |  | 2022 |  | 2021
Balance as of January 1, | $ | 17.3 |  |  | $ | 29.8 |  |  | $ | 57.3 |
Charges to allowance for credit losses | 4.7 |  |  | 7.7 |  |  | 6.3 |
Write-off of uncollectible receivables | (1.5) |  |  | (22.3) |  |  | (35.3) |
Recoveries of credit losses | 0.3 |  |  | 1.5 |  |  | 1.4 |
Translation adjustments | (0.1) |  |  | 0.6 |  |  | 0.1 |
December 31, | $ | 20.8 |  |  | $ | 17.3 |  |  | $ | 29.8 |
Transfers and Servicing of Financial Assets | Receivable Purchase Agreements 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 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. During 2023, we amended one of our RPAs to, among other things, reduce the overall fee structure. 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, 2023, 2022, and 2021, respectively, we sold receivables under the RPAs with an aggregate face value of $9.5 billion, $13.1 billion, and $9.2 billion and recognized fees of $37.6 million, $44.5 million, and $20.2 million.

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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 -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//310-10/tableOfContent + Details
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- Definition The entire disclosure for a transferor's continuing involvement in financial assets that it has transferred in a securitization or asset-backed financing arrangement, the nature of any restrictions on assets reported by an entity in its statement of financial position that relate to a transferred financial asset (including the carrying amounts of such assets), how servicing assets and servicing liabilities are reported, and (for securitization or asset-backed financing arrangements accounted for as sales) when a transferor has continuing involvement with the transferred financial assets and transfers of financial assets accounted for as secured borrowings, how the transfer of financial assets affects an entity's financial position, financial performance, and cash flows. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 860 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 1A -Subparagraph (b)(2) -Publisher FASB -URI 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