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Accounts and Notes Receivable - Trade, Net
 9 Months Ended
Sep. 30, 2015
Receivables [Abstract]  
Accounts and Notes Receivable - Trade, Net
Accounts and Notes Receivable – Trade, Net
 
 
September 30, 2015
 
December 31, 2014
Accounts receivable—trade, net 1
 
$
969

 
$
746

VAT, GST and other taxes 2 
 
88

 
62

Advances and deposits
 
13

 
15

Leases receivable—current
 
13

 
12

Notes receivable—trade 3
 
19

 
11

Total
 
$
1,102

 
$
846

1 Accounts receivable – trade is net of allowances of $4 and $4 as of September 30, 2015 and December 31, 2014, respectively. Allowances are equal to the estimated uncollectible amounts.
2 Value Added Tax (VAT) and Goods and Services Tax (GST) receivables are generally recorded at the legal entity level and allocated to Chemours within shared legal entities.
3 Notes receivable – trade primarily consists of $9 of derivative assets and loan receivables with terms of one year or less which are primarily concentrated in China. As of September 30, 2015, there were no past due notes receivable, nor were there any impairments related to current loan agreements.
Accounts and notes receivable are carried at amounts that approximate fair value. Bad debt expense was less than $1 for the three and nine months ended September 30, 2015. Bad debt expense was less than $1 for the three and nine months ended September 30, 2014.
Direct Financing Leases
At two of its facilities in the U.S. (Borderland and Morses Mill), Chemours has constructed fixed assets on land that it leases from third parties. Management has analyzed these arrangements and determined these assets represent a direct financing lease, whereby Chemours is the lessor of this equipment. Chemours has recorded leases receivable of $141 and $149 at September 30, 2015 and December 31, 2014 respectively, which represent the balance of the minimum future lease payments receivable. The current portion of leases receivable is included in accounts and notes receivable - trade, net, as shown above. The long-term portion of leases receivable are included in other assets, as shown in Note 14. Management has evaluated the realizable value of these leased assets and determined no impairment existed at September 30, 2015 or December 31, 2014. There is no estimated future residual value of these leased assets.