TRANSFERS OF FINANCIAL ASSETS

3 Months Ended

Jun. 30, 2025

Transfers and Servicing [Abstract]

TRANSFERS OF FINANCIAL ASSETS

TRANSFERS OF FINANCIAL ASSETS

Accounts Receivable Programs

The Company maintains accounts receivable facilities with various financial institutions, with committed and uncommitted facilities in the United States and a committed facility in Europe (collectively, "the Programs"), which are set to expire in November 2025. Under the terms of the Programs, the Company may sell certain eligible trade accounts receivable at any point in time, up to $900 million for the U.S. committed facility and up to €500 million for the Europe committed facility. Under the terms of the Programs, the Company continues to service the receivables from the customer, but retains no interest in the receivables, and remits payment to the financial institutions. Losses on transfers of receivables were insignificant for the three and six months ended June 30, 2025 and 2024. The Company also provides a guarantee to the financial institutions for the creditworthiness and collection of the receivables in satisfaction of the facility. See Note 14 for additional information related to guarantees.

The Company has access to accounts receivable discounting facilities that cover certain receivables generated from sales in EMEAI, Asia Pacific and Canada (collectively, "the Facilities"). Under the terms of the Facilities, the Company retains no interest in the transferred receivables once sold and receivables are transferred with limited recourse. The Company continues to service the receivables from the customer and remits payment to the Facilities. Losses on transfers of receivables were insignificant for the three and six months ended June 30, 2025 and 2024.

The following table provides a summary of cash flows related to the Programs and the Facilities for the three and six months ended June 30, 2025 and 2024:

Cash Flows Related to Transfers of Accounts Receivable	Three Months Ended				Six Months Ended
In millions	Jun 30, 2025		Jun 30, 2024		Jun 30, 2025		Jun 30, 2024
Proceeds received from new transfers	$	24	$	623	$	538	$	1,050

The following table provides the balances related to the Programs and the Facilities at June 30, 2025 and December 31, 2024:

Balances Related to Transfers of Accounts Receivable	Jun 30, 2025		Dec 31, 2024
In millions
Balance outstanding	$	34	$	287
Accounts receivable derecognized	$	5	$	278
Amounts recognized in the consolidated balance sheets:
Accrued and other current liabilities 1	$	29	$	9

1. Represents amounts collected from customers and not yet remitted by the Company.