XML 33 R14.htm IDEA: XBRL DOCUMENT v3.22.4
Other Assets
 12 Months Ended
Dec. 31, 2022
Other Assets [Abstract]  
Other Assets Other Assets
Other current assets are comprised of the following components:
December 31,
(In millions)20222021
Recoverable taxes
$55 $40 
Joint venture receivables
49 48 
Contractually reimbursable engineering costs
35 34 
Prepaid assets and deposits
18 21 
China bank notes
6 3 
Royalty agreements
1 4 
Other
3 8 
$167 $158 

The Company receives bank notes from certain customers in China to settle trade accounts receivable. The collection of such bank notes are included in operating cash flows based on the substance of the underlying transactions, which are operating in nature. The Company redeemed $160 million and $149 million of China bank notes during the years ended December 31, 2022 and 2021, respectively. Remaining amounts outstanding at third-party institutions relate to sold bank notes and will mature by June 30, 2023.
During 2022, the Company terminated derivative financial instruments and received approximately $9 million of proceeds upon settlement in conjunction with the refinancing of the Company's Term Loan. See Note 10, "Debt" and Note 16, "Fair Value Measurements" for further details.
Other non-current assets are comprised of the following components:

December 31,
(In millions)20222021
Deferred tax assets
$42 $47 
Contractually reimbursable engineering costs25 34 
Recoverable taxes11 9 
Pension assets4 7 
Royalty agreements— 2 
Other
22 12 
$104 $111 

Current and non-current contractually reimbursable engineering costs are related to pre-production design and development costs incurred pursuant to long-term supply arrangements that are contractually guaranteed for reimbursement by customers. The Company expects to receive cash reimbursement payments of approximately $35 million in 2023, $19 million in 2024, $4 million in 2025, $1 million in 2026 and less than $1 million in 2027 and beyond.