XML 29 R11.htm IDEA: XBRL DOCUMENT v3.24.0.1
Credit Losses
12 Months Ended
Dec. 31, 2023
Credit Loss [Abstract]  
Credit Losses Credit Losses
The rollforward of our allowance for credit losses related to trade accounts receivable, which is recorded in trade accounts receivable, less allowance in the consolidated balance sheet, is as follows (in millions of dollars):

December Year to Date
202320222021
Allowance for credit losses:
Beginning balance$7.7 $9.4 $9.8 
Current period provision2.1 1.3 1.3 
Currency exchange effects0.3 (0.2)(0.5)
Write-offs(2.1)(2.8)(1.2)
Ending balance$8.0 $7.7 $9.4 

Write-offs are presented net of recoveries, which were not material for December year to date 2023, 2022 and 2021.

We were engaged in litigation with a customer over a disputed accounts receivable balance for certain services rendered more than five years ago, which had been recorded as a long-term receivable in other assets in the consolidated balance sheet. In September 2021, a final ruling in the case was entered in favor of the customer. As a result, in the third quarter of 2021, we wrote off the entire receivable balance with this customer, including $0.6 million not previously reserved. The unreserved portion was recorded in SG&A expenses in the consolidated statements of earnings. The rollforward of our allowance for credit losses related to the long-term customer receivable, which was recorded in other assets in the consolidated balance sheet, is as follows (in millions of dollars):
December Year to Date
2021
Allowance for credit losses:
Beginning balance$10.9 
  Current period provision0.6 
Write-offs(11.5)
Ending Balance$— 

There were no long-term customer receivables in 2023 or 2022. No allowances related to other receivables were material for December year to date 2023, 2022 and 2021.