Accounts and Notes Receivable, Net

3 Months Ended

Mar. 31, 2024

Note 7. Accounts and Notes Receivable, Net

The following table sets forth the components of the Company’s accounts and notes receivable, net at March 31, 2024 and December 31, 2023.


	March 31, 2024		December 31, 2023
Accounts receivable - trade, net (1)	$	692	$	509
VAT, GST, and other taxes (2)		81		81
Other receivables (3)		19		20
Total accounts and notes receivable, net	$	792	$	610

(1)

Accounts receivable - trade, net includes trade notes receivable of $1 and less than $1 and is net of allowances for doubtful accounts of $2 at March 31, 2024 and December 31, 2023, respectively. Such allowances are equal to the estimated uncollectible amounts.

(2)

Value added tax (“VAT”) and goods and services tax (“GST”) for various jurisdictions.

(3)

Other receivables consist of derivative instruments, advances, and other deposits including receivables under the terms of the MOU. For details of the MOU, see “Note 16 – Commitments and Contingent Liabilities”.

Accounts and notes receivable are carried at amounts that approximate fair value. Bad debt expense amounted to $1 and less than $1 for the three months ended March 31, 2024 and 2023, respectively.

Customer Vendor Financing Facilities

The Company participates in several financing facilities maintained by its customers. These facilities allow the Company to monetize certain of

its receivables prior to their due date. The Company receives a discounted amount from the financial institution which varies depending on the

timing of the payment from the financing institution in relation to the invoice due date from the customer. The Company classifies cash received

from the financial institutions as an operating cash flow.