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Accounts Receivable Factoring and Other Receivables
6 Months Ended
Jun. 30, 2016
Receivables [Abstract]  
Accounts Receivable Factoring and Other Receivables
Accounts Receivable Factoring and Other Receivables

In the first six months of 2016, we sold approximately $77 million of accounts receivable. We received cash totaling $76 million and recognized a loss of $0.3 million. Our factoring transactions in the six months ended June 30, 2016 qualified for sale accounting under U.S. GAAP, and the proceeds are included in operating cash flows in our Condensed Consolidated Statements of Cash Flows. We did not sell any accounts receivable during the six months ended June 30, 2015.

During the second quarter of 2016, we accepted a note with a face value of $120 million from Petroleos de Venezuela, S.A. (“PDVSA”) in exchange for $120 million in trade receivables. The note has a three year term at a 6.5% stated interest rate. We may decide to sell this note in the future and have classified the note in “Other Non-Current Assets” on the accompanying Condensed Consolidated Balance Sheets. We carry the note at lower of cost or fair value and recognized a loss of $84 million to adjust the note to fair value.