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Long-term Customer Financing and Sales Of Receivables
6 Months Ended
Jul. 04, 2015
Receivables [Abstract]  
Long-term Customer Financing and Sales of Receivables
Long-term Customer Financing and Sales of Receivables
Long-term Customer Financing
Long-term customer financing receivables consist of trade receivables with payment terms greater than twelve months, long-term loans and lease receivables under sales-type leases. Long-term customer financing receivables consist of the following: 
 
July 4,
2015
 
December 31,
2014
Long-term receivables
$
29

 
$
49

Less current portion
(11
)
 
(18
)
Non-current long-term receivables, net
$
18

 
$
31


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 $107 million at July 4, 2015, compared to $293 million at December 31, 2014. Outstanding commitments decreased during the six months ended July 4, 2015 primarily as a result of two large customer contracts, one of which was converted to an order without long-term financing and the other where the financing commitment was funded and sold.
Sales of Receivables
The following table summarizes the proceeds received from sales of accounts receivable and long-term receivables for the three and six months ended July 4, 2015 and June 28, 2014
 
Three Months Ended
 
Six Months Ended
  
July 4,
2015
 
June 28,
2014
 
July 4,
2015
 
June 28,
2014
Accounts receivable sales proceeds
$
5

 
$
26

 
$
11

 
$
33

Long-term receivables sales proceeds
43

 
52

 
108

 
52

Total proceeds from receivable sales
$
48

 
$
78

 
$
119

 
$
85


At July 4, 2015, the Company had retained servicing obligations for $627 million of long-term receivables, compared to $496 million of long-term receivables at December 31, 2014. Servicing obligations are limited to collection activities related to the sales of accounts receivables and long-term receivables.
Credit Quality of Customer Financing Receivables and Allowance for Credit Losses
An aging analysis of financing receivables at July 4, 2015 and December 31, 2014 is as follows: 
July 4, 2015
Total
Long-term
Receivable
 
Current Billed
Due
 
Past Due Under 90 Days
 
Past Due Over 90 Days
Municipal leases secured tax exempt
$
5

 
$

 
$

 
$

Commercial loans and leases secured
24

 

 
1

 
1

Total gross long-term receivables, including current portion
$
29

 
$

 
$
1

 
$
1

December 31, 2014
Total
Long-term
Receivable
 
Current Billed
Due
 
Past Due Under 90 Days
 
Past Due Over 90 Days
Municipal leases secured tax exempt
$
14

 
$

 
$

 
$

Commercial loans and leases secured
35

 

 

 
12

Total gross long-term receivables, including current portion
$
49

 
$

 
$

 
$
12