Accounts and Notes Receivable, Net

12 Months Ended

Dec. 31, 2024

Note 11. Accounts and Notes Receivable, Net

The following table sets forth the components of the Company’s accounts and notes receivable, net at December 31, 2024 and 2023.


	December 31,
	2024		2023
Accounts receivable - trade, net (1)	$	619	$	509
VAT, GST, and other taxes (2)		114		81
Other receivables (3)		37		20
Total accounts and notes receivable, net	$	770	$	610

(1)

Accounts receivable - trade, net includes trade notes receivable of $1 and less than $1 and is net of allowances for doubtful accounts of $2 and $2 at December 31, 2024 and 2023, respectively. Such allowances are equal to the estimated uncollectible amounts.

(2)

Value added tax (“VAT”) and goods and services tax (“GST”) for various jurisdictions.

(3)

Other receivables consist of derivative instruments, advances, and other deposits including receivables under the terms of the MOU. For details of the MOU, see “Note 22 – Commitments and Contingent Liabilities”.

Accounts and notes receivable are carried at amounts that approximate fair value. Bad debt expense amounted to $8, $3 and $9 for the years ended December 31, 2024, 2023 and 2022, respectively.

The following table sets forth the change in the Company's allowance for doubtful accounts for the years ended December 31, 2024, 2023 and 2022.


	Year Ended December 31,
	2024			2023			2022
Balance at January 1,	$	2		$	10		$	5
Additions charged to expenses		8			3			9
Deductions from reserves (1)		(8	)		(11	)		(4	)
Balance at December 31,	$	2		$	2		$	10

(1)

Include bad debt write-offs of less than $1 for each of the years ended December 31, 2024, 2023 and 2022, respectively.

Customer Vendor Financing Facilities

The Company participates in several financing facilities maintained by our customers. These facilities allow the Company to monetize certain receivables prior to their due date. The Company receives a discounted amount from the financial institution which varies depending on the timing of the payment from the financing institution in relation to the invoice due date from the customer. The Company classifies cash received from the financial institutions as an operating cash flow. For one transaction in 2023, the Company received $26 from a financial institution prior to the recognition of revenue from the customer. For that advance, the Company classified the proceeds as a financing cash inflow under the caption “Proceeds from supplier financing programs” on the Consolidated Statement of Cash Flows for the year ended December 31, 2023. As of December 31, 2023, all revenue recognition requirements related to this transaction had been satisfied.