TRADE RECEIVABLES AND OTHER

12 Months Ended

Dec. 31, 2024

NOTE 9 - TRADE RECEIVABLES AND OTHER


	At December 31,
	2024		2023
(in millions of U.S. dollar)	Non-current	Current	Non-current	Current
Trade receivables - gross	—	383	—	420
Allowance for doubtful receivables	—	(2)	—	(2)
Total trade receivables - net	—	381	—	418
Income tax receivables	—	29	—	19
Other tax receivables	—	41	—	61
Contract assets	16	2	17	2
Other	20	33	17	31
Total other receivables	36	105	34	113
Total trade receivables and other	36	486	34	531

9.1 Contract assets

Contract assets included $9 million and $7 million of unbilled tooling costs at December 31, 2024 and 2023, respectively.

9.2 Factoring arrangements

The Group has entered into several accounts receivable factoring programs with various financial institutions for certain

receivables of the Group. The programs are accounted for as true sales of the receivables and had combined limits of

approximately $667 million and $697 million at December 31, 2024 and 2023, respectively.

The beginning deferred purchase price balance for the years ended December 31, 2024, 2023 and 2022 were $8 million,

$9 million and $4 million, respectively. During each of the aforementioned years, there were non-cash additions to the deferred

purchase price receivable of $79 million, $96 million, and $95 million (these additions are excluded from the Statement of Cash

Flow as they are non-cash investing transactions) and cash collections of $85 million, $97 million and $90 million, respectively.

This activity resulted in an ending deferred purchase price receivable balance of $2 million, $8 million and $9 million for the

years ended December 31, 2024, 2023 and 2022, respectively.

The Group has recorded $22 million, $24 million and $16 million of expense related to its factoring programs in 2024,

2023 and 2022, respectively, and has presented these amounts in Other gains and losses - net in its Consolidated Income

Statement.