Long-term Financing and Sales of Receivables

Long-term Financing

Long-term receivables consist of receivables with payment terms greater than twelve months, long-term loans and lease receivables under sales-type leases. Long-term receivables consist of the following:



	April 1, 2017			December 31, 2016
Long-term receivables	46			63
Less current portion	(16		)	(14		)
Non-current long-term receivables	$	30		$	49

The current portion of long-term receivables is included in Accounts receivable, net and the non-current portion of long-term receivables is included in Other assets in the Company’s condensed consolidated balance sheets. The Company had outstanding commitments to provide long-term financing to third parties totaling $186 million at April 1, 2017, compared to $125 million at December 31, 2016.

Sales of Receivables

The following table summarizes the proceeds received from sales of accounts receivable and long-term receivables for the three months ended April 1, 2017 and April 2, 2016:



	Three Months Ended
	April 1, 2017		April 2, 2016
Accounts receivable sales proceeds	$	19	$	2
Long-term receivables sales proceeds	46		64
Total proceeds from receivable sales	$	65	$	66

At April 1, 2017, the Company had retained servicing obligations for $768 million of long-term receivables, compared to $774 million of long-term receivables at December 31, 2016. Servicing obligations are limited to collection activities related to the sales of accounts receivables and long-term receivables.

Credit Quality of Financing Receivables and Allowance for Credit Losses

An aging analysis of financing receivables at April 1, 2017 and December 31, 2016 is as follows:



April 1, 2017	Total Long-term Receivable		Past Due Under 90 Days
Municipal leases secured tax exempt	$	14	$	1
Commercial loans and leases secured	32		—
Long-term receivables, including current portion	$	46	$	1



December 31, 2016	Total Long-term Receivable		Past Due Over 90 Days
Municipal leases secured tax exempt	$	20	$	—
Commercial loans and leases secured	43		2
Long-term receivables, including current portion	$	63	$	2