Accounts Receivable Sale Program

12 Months Ended

Dec. 31, 2023

Receivables [Abstract]

Accounts Receivable Sale Program

Note 12—Accounts Receivable Sale Program

As of December 31, 2023, in connection with a trade accounts receivable sale program with unaffiliated financial institutions, the Company may elect to sell, at a discount, on an ongoing basis, up to a maximum of $200.0 million of specific accounts receivable at any one time.

During 2023, 2022 and 2021, the Company sold $565.4 million, $445.4 million and $394.6 million, respectively, of accounts receivable under this program, and in exchange, the Company received cash proceeds of $560.9 million, $443.6 million and $394.0 million, respectively, net of the discount. The Company' recognizes the loss on sale resulting from the discount in other (expense) income, net in its consolidated statements of income.