TRANSFERS OF FINANCIAL ASSETS

9 Months Ended

Sep. 30, 2022

Transfers and Servicing [Abstract]

TRANSFERS OF FINANCIAL ASSETS

TRANSFERS OF FINANCIAL ASSETS

Accounts Receivable Programs

The Company maintains committed accounts receivable facilities with various financial institutions, including in the United States, which expires in November 2022 and is expected to be renewed in the fourth quarter (“U.S. Program”) and in Europe, which expires in July 2023 (“Europe Program” and together with the U.S. Program, "the Programs"). Under the terms of the Programs, the Company may sell certain eligible trade accounts receivable at any point in time, up to $900 million for the U.S. Program and up to €500 million for the Europe Program. Under the terms of the Programs, the Company continues to service the receivables from the customer, but retains no interest in the receivables, and remits payment to the financial institutions. The Company also provides a guarantee to the financial institutions for the creditworthiness and collection of the receivables in satisfaction of the facility. See Note 13 for additional information related to guarantees. In the third quarter of 2022, the Company sold no receivables under the Programs ($391 million in the first nine months of 2022; zero for the three and nine months ended September 30, 2021).