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Other Non-Current Assets | 12 Months Ended
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Dec. 31, 2023
Investments, All Other Investments [Abstract] |
Other Non-Current Assets | OTHER NON-CURRENT ASSETS Other non-current assets are detailed below:
|  | December 31, |  | December 31,
|  | 2023 |  | 2022
Equity securities |  | 31 |  |  | 26 |
Public funding receivables |  | 210 |  |  | 156 |
Taxes and other government receivables |  | 22 |  |  | — |
French research tax credit receivable |  | 246 |  |  | 294 |
Defined benefit plans |  | 15 |  |  | 9 |
Prepayments and deposits to third parties |  | 224 |  |  | 107 |
Derivative instruments |  | 2 |  |  | 13 |
Other non-current assets |  | 58 |  |  | 56 |
Total |  | 808 |  |  | 661 |
Public funding receivables, including French research tax credit receivable, are described in Note 7. Prepayments and deposits to third parties include receivables related to long-term supply agreements involving purchase of raw materials, capacity commitments, cloud-hosting arrangements, and other services. In 2023 and 2022, the Company entered into factoring transactions to accelerate the realization in cash of certain long-term receivables. The Company sold without recourse $118 million and $110 million of these receivables in the years ended December 31, 2023 and 2022 respectively, with a financial cost of $5 million and $1 million respectively. The major portion of other non-current assets to which the expected credit loss model applies are long-term State receivables. Due to the existing history of zero-default on receivables originated by governments, the expected credit losses are assumed to be negligible as of December 31, 2023 and December 31, 2022. Other non-current assets presented in the table above on the line “Other non-current assets” are composed of individually not significant amounts not deemed to have exposure of default. Consequently, no significant expected credit loss allowance was reported on other non-current assets at reporting date.

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