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Sales of Receivables | 6 Months Ended
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Jul. 02, 2022
Receivables [Abstract] |
Sales of Receivables | Sales of Receivables Sales of Receivables The following table summarizes the proceeds received from sales of accounts receivable and long-term receivables for the three and six months ended July 2, 2022 and July 3, 2021:
| Three Months Ended |  | Six Months Ended
| July 2, 2022 |  | July 3, 2021 |  | July 2, 2022 |  | July 3, 2021
Contract-specific discounting facility | $ | — |  |  | $ | 36 |  |  | $ | 49 |  |  | $ | 107 |
Accounts receivable sales proceeds | 40 |  |  | 8 |  |  | 62 |  |  | 8 |
Long-term receivables sales proceeds | 5 |  |  | 30 |  |  | 22 |  |  | 84 |
Total proceeds from receivable sales | $ | 45 |  |  | $ | 74 |  |  | $ | 133 |  |  | $ | 199 |
At July 2, 2022, the Company had retained servicing obligations for $875 million of long-term receivables, compared to $940 million at December 31, 2021. Servicing obligations are limited to collection activities related to the sales of accounts receivables and long-term receivables. The Company had outstanding commitments to provide long-term financing to third parties totaling $102 million at July 2, 2022, compared to $56 million at December 31, 2021. During the six months ended July 2, 2022, the Company completed its final draw against a cost-efficient receivables discounting facility, implemented in 2020 to neutralize the impact of increased payment terms under a renegotiated and extended long-term contract in Europe. The proceeds of the Company's receivable sales are included in Operating activities within the Company's Condensed Consolidated Statements of Cash Flows.

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 860 -SubTopic 30 -Section 50 -Paragraph 1A -Subparagraph (c)(3) -URI 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