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TRADE PAYABLES AND OTHER
 12 Months Ended
Dec. 31, 2024
Payables and Accruals [Abstract]  
TRADE PAYABLES AND OTHER NOTE 14 - TRADE PAYABLES AND OTHER
At December 31,
2024
2023
(in millions of U.S. dollar)
Non-current
Current
Non-current
Current
Trade payables
—
959
—
1,025
Employees' entitlements
—
204
—
233
Contract liabilities and other liabilities to customers
33
65
32
68
Operating lease liabilities
95
17
107
18
Other payables
28
64
35
67
Total other
156
350
174
386
Total trade payables and other
156
1,309
174
1,411
Contract liabilities and other liabilities to customers
Contract liabilities and other liabilities to customers include deferred tooling revenue, advance payment from customers
and unrecognized variable consideration which consists of expected volume rebates, discounts, incentives, refund penalties and
price concessions.
Revenue related to contract liabilities and other liabilities to customers for the years 2024, 2023, and 2022 are presented
in the table below:
(in millions of U.S. dollar)
2024
2023
2022
Contract liabilities and other liabilities to customers at January 1,
100
79
92
Revenue deferred from contract liabilities
65
66
70
Revenue recognized from contract liabilities
(59)
(43)
(72)
Effect of changes in foreign currency rates and other changes
(8)
(2)
(11)
Contract liabilities and other liabilities to customers at December 31,
98
100
79