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Accounts Receivable Factoring Agreements
12 Months Ended
Dec. 31, 2022
Transfers and Servicing [Abstract]  
Accounts Receivable Factoring Agreement Accounts Receivable Factoring AgreementsThe Company has entered into factoring agreements and customers' supply chain financing arrangements, to sell certain trade receivables to unrelated third-party financial institutions. These programs are entered into in the normal course of business. We account for these transactions in accordance with ASC Topic 860. ASC Topic 860 allows for the ownership transfer of accounts receivable to qualify for true-sale treatment when the appropriate criteria is met, which permits the balances sold under the program to be excluded from Trade receivables, net on the Consolidated Balance Sheets. Receivables are considered sold when (i) they are transferred beyond the reach of the Company and its creditors, (ii) the purchaser has the right to pledge or exchange the receivables, and (iii) the Company has no continuing involvement in the transferred receivables. In addition, the Company provides no other forms of continued financial support to the purchaser of the receivables once the receivables are sold. Gross amounts factored under this program for the years ended December 31, 2022, 2021 and 2020 were $658.7 million, $687.3 million, and $465.6 million, respectively. The fees associated with transfer of receivables for all programs were approximately $7.1 million, $4.1 million and $2.2 million for the years ended December 31, 2022, 2021 and 2020, respectively.