XML 22 R11.htm IDEA: XBRL DOCUMENT v3.24.3
Sale of Receivables
 9 Months Ended
Sep. 30, 2024
Transfers and Servicing [Abstract]  
Sale of Receivables Sale of Receivables
The Company is party to factoring facilities with various financial institutions (the “purchasers”) with an aggregate capacity of $225 million and $275 million as of September 30, 2024 and December 31, 2023, respectively.
During the nine months ended September 30, 2024 and 2023, the Company incurred immaterial purchase discount fees which are presented in general and administrative expenses on the Consolidated Statements of Earnings.
The table below summarizes the activity under the factoring facilities:
Nine Months Ended September 30,
(Dollars in millions)20242023
Beginning balance$192 $243 
Sales of receivables60 110 
Cash returned to purchasers
(241)(332)
Outstanding balance sold to purchasers
11 21 
Cash collected, not remitted to purchasers(1)
(1)(1)
Remaining sold receivables $10 $20 
________________
(1)Represents cash collected on behalf of purchasers and not yet remitted. This balance is included within short-term borrowings and current portion of long-term debt in the Consolidated Balance Sheets. See Note 10: Debt for further information.