Receivables



	2018			2017
Accounts receivable	$	1,303		$	894
Less: allowance for doubtful accounts	(65		)	(71		)
Net trade receivables	1,238			823
Unbilled receivables	181			—
Miscellaneous receivables	183			218
	$	1,602		$	1,041

The Company uses receivables securitization and factoring facilities in the normal course of business as part of managing its cash flows. The Company accounts for transfers under its securitization facilities as sales because the Company sells full title and ownership in the underlying receivables and has met the criteria for control of the receivables to be considered transferred.

The Company accounts for its factoring arrangements as either sales or secured borrowing based on whether it has transferred control over the factored receivables. The Company’s continuing involvement in factored receivables accounted for as sales is limited to servicing the receivables. The Company receives adequate compensation for servicing the receivables and no servicing asset or liability is recorded.

At December 31, amounts securitized or factored were as follows:



	2018		2017
Accounted for as secured borrowings	$	9	$	12
Accounted for as sales	1,097		964

In July 2018, the Company terminated its $200 North American securitization facility, which included a deferred purchase price component, and entered into a new securitization facility to sell, on a revolving basis, certain trade accounts receivable balances up to a maximum of $375. The new facility, which matures in 2020, removed the deferred purchase price component but requires the Company to maintain a deposit in a restricted cash account. The Company received net proceeds of $106 from the termination of the securitization facility and resale of receivables under the new agreement. These proceeds are included in the beneficial interest in securitized receivables line in the Company's Consolidated Statement of Cash Flows.

Prior to July 2018, certain of the Company’s securitization facilities included a deferred purchase price component. As consideration for the sale of its receivables, the Company received a cash payment and a new asset, the deferred purchase price receivable from the purchaser, which would be paid to the Company as payments on the receivables were collected from the account debtors. As the criteria for sale accounting had been met, the Company derecognized the entire amount of receivables sold and recognized an asset at fair value for the deferred purchase price receivable as well as the cash received. As the deferred purchase price was not a trade receivable, it was reported in prepaid expenses and other current assets in the Company’s Balance Sheet. As receipt of the deferred purchase price coincided with collections of the underlying receivables, the collection period was short in duration. As of December 31, 2017, the amount of deferred purchase price included in prepaid expenses and other current assets was $106.

The Company recorded expenses related to securitization and factoring facilities of $21 in 2018, $15 in 2017, and $13 in 2016 as interest expense.