Supplier Finance Programs

9 Months Ended

Sep. 30, 2024

Supplier Finance Programs

The Company has Supplier Payable Programs (“SPP”) with financial institutions which act as its paying agents for payables due to certain of its suppliers. The Company has neither an economic interest in a supplier’s participation in the SPP nor a direct financial relationship with the financial institutions, and has concluded that its obligations to the suppliers, including amounts due and scheduled payment terms, are not impacted by their participation in the SPP. Accordingly, amounts associated with the SPP continue to be classified in trade payables in the Company’s Consolidated Balance Sheets and in operating activities in its Consolidated Statements of Cash Flows. The supplier invoices that have been confirmed as valid under the program require payment in full generally within 90 days of the invoice date. As of September 30, 2024 and December 31, 2023, the Company’s outstanding payment obligations that suppliers had elected to sell to the financial institutions were $293 million and $274 million, respectively.

Changes to the outstanding payment obligations were as follows (in millions).


	Nine Months Ended
	September 30, 2024
Opening balance, December 31, 2023	$	274
Obligations confirmed	799
Obligations paid	(780)
Closing balance, September 30, 2024	$	293