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Accounts Receivable and Finance Receivables (Tables) | 9 Months Ended
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Sep. 30, 2023
Receivables [Abstract] |
Accounts Receivable | Accounts receivable is composed of the following:
(In millions) | September 30, 2023 | December 31, 2022
Commercial | $ | 813 |  | $ | 755 |
U.S. Government contracts | 100 |  | 124 |
| 913 |  | 879 |
Allowance for credit losses | (21) |  | (24) |
Total accounts receivable, net | $ | 892 |  | $ | 855 |
Finance Receivables | Finance receivables are presented in the following table:
(In millions) | September 30, 2023 | December 31, 2022
Finance receivables | $ | 624 |  | $ | 587 |
Allowance for credit losses | (25) |  | (24) |
Total finance receivables, net | $ | 599 |  | $ | 563 |
Finance Receivables Categorized Based On Credit Quality Indicators | Finance receivables categorized based on the credit quality indicators and by the delinquency aging category are summarized as follows:
(Dollars in millions) | September 30, 2023 | December 31, 2022
Performing | $ | 585 | $ | 515
Watchlist | 23 | 26
Nonaccrual | 16 | 46
Nonaccrual as a percentage of finance receivables | 2.56% | 7.84%
Current and less than 31 days past due | $ | 614 | $ | 579
31-60 days past due | 1 | 7
61-90 days past due | 5 | —
Over 90 days past due | 4 | 1
60+ days contractual delinquency as a percentage of finance receivables | 1.44% | 0.17%
Finance Receivables By Delinquency Aging Category | Finance receivables categorized based on the credit quality indicators and by the delinquency aging category are summarized as follows:
(Dollars in millions) | September 30, 2023 | December 31, 2022
Performing | $ | 585 | $ | 515
Watchlist | 23 | 26
Nonaccrual | 16 | 46
Nonaccrual as a percentage of finance receivables | 2.56% | 7.84%
Current and less than 31 days past due | $ | 614 | $ | 579
31-60 days past due | 1 | 7
61-90 days past due | 5 | —
Over 90 days past due | 4 | 1
60+ days contractual delinquency as a percentage of finance receivables | 1.44% | 0.17%
Finance Receivables and Allowance For Credit Losses Based on Impairment Evaluation | A summary of finance receivables and the allowance for credit losses, based on the results of our impairment evaluation, is provided below. The finance receivables included in this table specifically exclude leveraged leases in accordance with U.S. generally accepted accounting principles.
(In millions) | September 30, 2023 | December 31, 2022
Finance receivables evaluated collectively | $ | 523 |  | $ | 450 |
Finance receivables evaluated individually | 16 |  | 46 |
Allowance for credit losses based on collective evaluation | 22 |  | 21 |
Allowance for credit losses based on individual evaluation | 3 |  | 3 |
Impaired finance receivables with specific allowance for credit losses | $ | 11 |  | $ | 15 |
Impaired finance receivables with no specific allowance for credit losses | 5 |  | 31 |
Unpaid principal balance of impaired finance receivables | 26 |  | 60 |
Allowance for credit losses on impaired finance receivables | 3 |  | 3 |
Average recorded investment of impaired finance receivables | 30 |  | 67 |

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- Definition Tabular disclosure of allowance for credit loss on financing receivable. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479319/326-20-50-13 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 11B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481962/310-10-50-11B + Details
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- Definition Tabular disclosure of financing receivables by credit quality indicator. The credit quality indicator is a statistic about the credit quality of financing receivables. Examples include, but not limited to, consumer credit risk scores, credit-rating-agency ratings, an entity's internal credit risk grades, loan-to-value ratios, collateral, collection experience and other internal metrics. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479319/326-20-50-5 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 29 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481962/310-10-50-29 + Details
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- Definition Tabular disclosure of aging analysis for financing receivable. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479319/326-20-50-14 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 80 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479294/326-20-55-80 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481962/310-10-50-7 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 7A -Publisher FASB -URI https://asc.fasb.org//1943274/2147481962/310-10-50-7A + Details
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- Definition Tabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.3,4) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1 + Details
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