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Long-term Financing and Sales of Receivables | 12 Months Ended
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Dec. 31, 2024
Receivables [Abstract] |
Long-term Financing and Sales of Receivables | Long-term Financing and Sales of Receivables Long-term Financing Long-term receivables consist of receivables with payment terms greater than twelve months, long-term loans and lease receivables under sales-type leases. Long-term receivables consist of the following:
December 31 | 2024 |  | 2023
Long-term receivables, gross | $ | 65 |  |  | $ | 36 |
Less allowance for losses | (2) |  |  | (2) |
Long-term receivables | $ | 63 |  |  | $ | 34 |
Less current portion | (22) |  |  | (13) |
Non-current long-term receivables | $ | 41 |  |  | $ | 21 |
The current portion of long-term receivables is included in Accounts receivable, net and the non-current portion of long-term receivables is included in Other assets in the Company’s Consolidated Balance Sheet. The Company recognized $1 million in interest income on long-term receivables for the year ended December 31, 2024, compared to no interest income for the year ended December 31, 2023 and $1 million for the year ended December 31, 2022. Certain purchasers of the Company's products and services may request that the Company provide long-term financing (defined as financing with a term greater than one year) in connection with the sale of products and services. These requests may include all or a portion of the purchase price of the products and services. The Company's obligation to provide long-term financing may be conditioned on the issuance of a letter of credit in favor of the Company by a reputable bank to support the purchaser's credit or a pre-existing commitment from a reputable bank to purchase the long-term receivables from the Company. The Company had outstanding commitments to provide long-term financing to third-parties totaling $105 million at December 31, 2024 and $103 million at December 31, 2023. Sales of Receivables From time to time, the Company sells accounts receivable and long-term receivables to third-parties under one-time arrangements. The following table summarizes the proceeds received from sales of accounts receivable and long-term receivables for the years ended December 31, 2024, 2023 and 2022.
Years ended December 31 | 2024 |  | 2023 |  | 2022
Contract-specific discounting facility | $ | — |  |  | $ | — |  |  | $ | 49 |
Accounts receivable sales proceeds | 15 |  |  | 96 |  |  | 179 |
Long-term receivables sales proceeds | 205 |  |  | 182 |  |  | 204 |
Total proceeds from receivable sales | $ | 220 |  |  | $ | 278 |  |  | $ | 432 |
The Company may or may not retain the obligation to service the sold accounts receivable and long-term receivables. At December 31, 2024, the Company had retained servicing obligations for $794 million of long-term receivables, compared to $813 million of long-term receivables at December 31, 2023. Servicing obligations are limited to collection activities of sold accounts receivables and long-term receivables. Credit Quality of Long-Term Receivables and Allowance for Credit Losses An aging analysis of financing receivables at December 31, 2024 and December 31, 2023 is as follows:
December 31, 2024 | Total Long-term Receivable |  | Current Billed Due |  | Past Due Under 90 Days |  | Past Due Over 90 Days
Municipal leases secured tax exempt | $ | 31 |  |  | $ | 2 |  |  | $ | 1 |  |  | $ | 1 |
Commercial loans and leases secured | 34 |  |  | 3 |  |  | — |  |  | 1 |
Long-term receivables, including current portion | $ | 65 |  |  | $ | 5 |  |  | $ | 1 |  |  | $ | 2 |
December 31, 2023 | Total Long-term Receivable |  | Current Billed Due |  | Past Due Under 90 Days |  | Past Due Over 90 Days
Municipal leases secured tax exempt | $ | 15 |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | 1 |
Commercial loans and leases secured | 21 |  |  | 1 |  |  | — |  |  | 1 |
Long-term receivables, including current portion | $ | 36 |  |  | $ | 2 |  |  | $ | 1 |  |  | $ | 2 |
The Company uses an internally developed credit risk rating system for establishing customer credit limits. This system is aligned with and comparable to the rating systems utilized by independent rating agencies.

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- Definition Provides the disclosures pertaining to (i) the amounts due from customers with payment terms greater than twelve months, long-term loans, and lease receivables under sales type leases, (ii) other financing activities with customers, and (iii) the sale of receivables. + References No definition available. + Details
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- References No definition available. + Details
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Period Type: | duration