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Accounts Payable

12 Months Ended

Dec. 31, 2024

Payables and Accruals [Abstract]

Accounts Payable

Note 18. Accounts Payable

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

		December 31,
		2024				2023
Trade payables		$	1,120			$	1,134
VAT and other payables			22				25
Total accounts payable		$	1,142			$	1,159

Supplier Financing

The Company maintains supply chain finance programs with several financial institutions. The programs allow its suppliers to sell their receivables to one of the participating financial institutions at the discretion of both parties on terms that are negotiated between the supplier and the respective financial institution. Pursuant to their agreement with a financial institution, certain suppliers may elect to be paid early at their discretion. The key terms of the supplier invoice, including the amounts due and scheduled payment dates, are not impacted by its suppliers' decisions to sell their receivables under the programs. For the Company's supplier financing program obligations classified as accounts payable, the Company agrees to pay the financial institution on those sold invoices on the original invoice due date. The Company also maintains a supplier finance program whose obligations are classified as short-term debt based on an extension of payment terms past the original invoice due date. There are no assets pledged or other forms of guarantees associated with these programs. The Company or the financial institution may terminate the program upon at least 30 days' notice.

The outstanding payment obligations at December 31, 2024 and 2023 were $180 and $197, respectively. At December 31, 2024 and 2023, $162 and $170 are in Accounts Payable in the Consolidated Balance Sheets, while $18 and $27 are included in Short-term and current maturities of long-term debt in the Consolidated Financial Statements.

The following table sets forth the changes in Company's outstanding payment obligations by balance sheet location for the years ended December 31, 2024 and 2023.

		Accounts Payable				Short-Term Debt				Total
Balance at January 1, 2023		$	164			$	18			$	182
Invoices confirmed during the year			471				96				567
Confirmed invoices paid during the year			(465	)			(87	)			(552	)
Balance at December 31, 2023			170				27				197
Invoices confirmed during the year			450				93				543
Confirmed invoices paid during the year			(458	)			(102	)			(560	)
Balance at December 31, 2024		$	162			$	18			$	180

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- Definition

The entire disclosure for accounts payable and accrued liabilities at the end of the reporting period.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(24))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 720
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483384/720-30-45-1

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(19)(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

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- References

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