Receivables

12 Months Ended

Dec. 31, 2022


	2022		2021
Accounts receivable	$	1,132	$	1,289
Less: allowance for credit losses	(22)		(20)
Net trade receivables	1,110		1,269
Unbilled receivables	363		325
Miscellaneous receivables	370		295
	$	1,843	$	1,889

The Company uses receivables securitization and factoring facilities in the normal course of business as part of managing its cash flows. The Company primarily accounts for transfers under these facilities as sales because it has met the criteria for control of the receivables to be considered transferred. The Company’s continuing involvement in the transfers is limited to servicing the receivables. The Company receives adequate compensation for servicing the receivables and no servicing asset or liability is recorded.

As of December 31, 2022 and 2021, the Company derecognized receivables of $1,342 and $1,011 related to the facilities. The Company recorded expenses of $41 for the year ended December 31, 2022 and $13 for the years ended December 31, 2021 and 2020 as interest expense.

In December 2021, the Company's Bowling Green plant sustained tornado damage, resulting in curtailment of operations. The Company resumed operations in March 2022. However, it continued to incur incremental costs, including freight and warehousing expenses, to meet customer demand as the plant returned to full operational capacity in 2022. The Company has property and business interruption insurance policies for weather related events that include these incremental expenses. The Company recognizes insurance recoveries for losses incurred as the recoveries become probable. Insurance recoveries for lost profits are not recognized until they are realizable.

During the year ended December 31, 2022, the Company received insurance proceeds of $94 for business interruption, including incremental expenses, and $22 for property damage. As of December 31, 2022, the Company has recorded an insurance receivable, within miscellaneous receivables, of $23 for incremental expenses incurred that the Company expects to be reimbursed under the terms of its insurance policy.