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Supplemental Cash Flow Information

3 Months Ended

Mar. 31, 2025

Supplemental Cash Flow Information

Supplemental Cash Flow Information

15. Supplemental Cash Flow Information

Income taxes paid in cash were as follows:

​

​	​	​	​	​	​	​	​
​	​	Three months ended March 31,					​
​		2025			2024
U.S.	​	$	4	​	$	3	​
Non-U.S.	​		39	​		33	​
Total income taxes paid in cash	​	$	43	​	$	36	​

​

Interest paid in cash for the three months ended March 31, 2025 and 2024 was $56 million and $78 million, respectively.

The Company uses various factoring programs to sell certain trade receivables to financial institutions as part of managing its cash flows. Sales of trade receivables are accounted for in accordance with ASC Topic 860, Transfers and Servicing.  Trade receivables sold under the factoring programs are transferred without recourse to the Company and accounted for as true sales and, therefore, are excluded from Trade receivables, net in the Condensed Consolidated Balance Sheets. At March 31, 2025, December 31, 2024 and March 31, 2024, the total amount of trade receivables sold by the Company was $504 million, $535 million, and $525 million, respectively. These amounts included $180 million, $155 million and $172 million at March 31, 2025, December 31, 2024, and March 31, 2024, respectively, for trade receivable amounts factored under supply-chain financing programs linked to commercial arrangements with key customers. The Company is the master servicer for the factoring programs that are not associated with key customers and is responsible for administering and collecting receivables.

The Company’s use of its accounts receivable factoring programs resulted in a decrease to cash provided by operating activities of approximately $31 million and $17 million for the three months ended March 31, 2025 and 2024,

respectively. For the three months ended March 31, 2025 and 2024, the Company recorded expenses related to these factoring programs of approximately $5 million and $6 million, respectively.

In accordance with ASU 2022-04, “Liabilities-Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations,” the Company has agreements with third-party administrators that allow participating vendors to track the Company’s payments and, if voluntarily elected by the vendor, to sell payment obligations from the Company to financial institutions as part of a Supply Chain Financing (“SCF”) Program.  The Company's payment terms to the financial institutions, including the timing and amount of payments, are based on the original supplier invoices. When participating vendors elect to sell one or more of the Company’s payment obligations, the Company’s rights and obligations to settle the payables on their contractual due date are not impacted. The Company has no economic or commercial interest in a vendor’s decision to enter into these agreements, and the financial institutions do not provide the Company with incentives, such as rebates or profit sharing under the SCF Program. The Company agrees on commercial terms with vendors for the goods and services procured, which are consistent with payment terms observed at other peer companies in the industry, and the terms are not impacted by the SCF Program. Such obligations are classified as accounts payable in its Condensed Consolidated Balance Sheets. The Company does not provide asset pledges, or other forms of guarantees, as security for the committed payment to the financial institutions. As of March 31, 2025, December 31, 2024 and March 31, 2024, the Company had approximately $68 million, $82 million, and $94 million, respectively, of outstanding payment obligations to the financial institutions as part of the SCF Program.

The Company’s outstanding obligations under the SCF Program are as follows:

​	​	​	​	​	​	​	​
​	​	Three months ended March, 31					​
​		2025			2024
Confirmed obligations outstanding at the beginning of the year	​	$	82	​	$	114	​
Invoices confirmed during the year	​		78	​		100	​
Confirmed invoices paid during the year	​	​	(92)	​	​	(120)	​
Confirmed obligations outstanding at the end of the year	​	$	68	​	$	94	​

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- Definition

The entire disclosure for supplemental cash flow activities, including cash, noncash, and part noncash transactions, for the period. Noncash is defined as information about all investing and financing activities of an enterprise during a period that affect recognized assets or liabilities but that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/230/tableOfContent

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- References

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