TRADE RECEIVABLES AND OTHER

9 Months Ended

Sep. 30, 2025

NOTE 8 - TRADE RECEIVABLES AND OTHER


	At September 30, 2025		At December 31, 2024
(in millions of U.S. dollars)	Non-current	Current	Non-current	Current
Trade receivables - gross	—	696	—	383
Allowance for credit losses	—	(3)	—	(2)
Total trade receivables - net	—	693	—	381
Income tax receivables	7	28	—	29
Other tax receivables	—	43	—	41
Contract assets	9	2	16	2


Other	22	53	20	33
Total other receivables	38	126	36	105
Total trade receivables and other	38	819	36	486

Factoring arrangements

The Group has entered into several accounts receivable factoring programs with selected financial institutions for certain receivables of the Group.

The proceeds from the sale of certain of these receivables comprise a combination of cash and a deferred purchase price receivable. The deferred purchase price receivable is ultimately realized by the Group following the collection by the financial institutions of the underlying receivables sold. The beginning deferred purchase price balance for nine months ended September 30, 2025 and 2024 was $2 million and $8 million, respectively. During each of the aforementioned periods, there were non-cash additions to the deferred purchase price receivable of $0 million and $65 million (these additions are excluded from the Interim Statement of Cash Flow as they are non-cash investing transactions), respectively, and cash collections of $2 million and $63 million, respectively. This activity resulted in an ending deferred purchase price receivable balance of $0 million and $10 million, for the nine months ended September 30, 2025 and 2024, respectively, recorded in Fair value of derivatives instruments and other financial assets in the consolidated balance sheets.

The Group has recorded $5 million and $6 million of expenses related to its factoring programs in the three months ended September 30, 2025 and 2024, respectively, and $16 million in both the nine months ended September 30, 2025 and 2024. These amounts are presented in Other gains and losses - net in its Interim Consolidated Income Statement.