CURRENT AND LONG-TERM RECEIVABLES

12 Months Ended

Dec. 31, 2023

Receivables [Abstract]

CURRENT AND LONG-TERM RECEIVABLES

NOTE 4. CURRENT AND LONG-TERM RECEIVABLES

CURRENT RECEIVABLES
December 31	2023		2022
Customer receivables	$	12,349	$	11,803
Revenue sharing program receivables(a)	1,252		1,326
Non-income based tax receivables	1,140		1,146
Supplier advances	891		691
Receivables from disposed businesses	121		115
Other sundry receivables	360		518
Allowance for credit losses	(647)		(768)
Total current receivables	$	15,466	$	14,831

(a) Revenue sharing program receivables in Aerospace are amounts due from third parties who participate in engine programs by developing and supplying certain engine components through the life of the program. The participants share in program revenues, receive a share of customer progress payments and share costs related to discounts and warranties.

ALLOWANCE FOR CREDIT LOSSES	2023		2022		2021
Balance as of January 1	$	768	$	967	$	1,055
New provisions, net of (releases)	32		(14)		136
Write-offs, net	(161)		(87)		(198)
Foreign exchange and other	8		(98)		(26)
Balance as of December 31	$	647	$	768	$	967

December 31	2023		2022
Aerospace	$	8,010	$	7,784
Renewable Energy	2,907		2,415
Power	4,232		4,229
Corporate	318		404
Total current receivables	$	15,466	$	14,831

Sales of customer receivables. From time to time, the Company sells current or long-term receivables to third parties in response to customer-sponsored requests or programs, to facilitate sales, or for risk mitigation purposes. The Company sold current customer receivables to third parties and subsequently collected $2,110 million and $2,052 million in the year ended December 31, 2023 and 2022, respectively, related primarily to our participation in customer-sponsored supply chain finance programs. Within these programs, primarily in Renewable Energy and Aerospace, the Company has no continuing involvement, fees associated with the transferred receivables are covered by the customer and cash is received at the original invoice due date. Included in the sales of customer receivables in the year ended December 31, 2023, was $82 million in our Gas Power business, primarily for risk mitigation purposes.

LONG-TERM RECEIVABLES
December 31	2023		2022
Long-term customer receivables(a)	$	479	$	457
Supplier advances	274		266
Non-income based tax receivables	174		213
Sundry receivables	373		483
Allowance for credit losses	(171)		(183)
Total long-term receivables	$	1,129	$	1,236

(a) The Company sold $83 million of long-term customer receivables to third parties for the year ended December 31, 2022, primarily in our Gas Power business for risk mitigation purposes.