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Long-term Financing and Sales of Receivables
6 Months Ended
Jul. 01, 2017
Receivables [Abstract]  
Long-term Financing and Sales of Receivables
Long-term Financing and Sales of Receivables
Long-term Financing
Long-term receivables consist of receivables with payment terms greater than twelve months, long-term loans and lease receivables under sales-type leases. Long-term receivables consist of the following: 
 
July 1,
2017
 
December 31,
2016
Long-term receivables
$
48

 
$
63

Less current portion
(13
)
 
(14
)
Non-current long-term receivables
$
35

 
$
49


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 $209 million at July 1, 2017, compared to $125 million at December 31, 2016. During the six months ended July 1, 2017, the Company agreed to provide long-term financing to one customer in the amount of $75 million.
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 1, 2017 and July 2, 2016
 
Three Months Ended
 
Six Months Ended
  
July 1,
2017
 
July 2,
2016
 
July 1,
2017
 
July 2,
2016
Accounts receivable sales proceeds
$
61

 
$
5

 
$
80

 
$
7

Long-term receivables sales proceeds
22

 
70

 
68

 
134

Total proceeds from receivable sales
$
83

 
$
75

 
$
148

 
$
141


At July 1, 2017, the Company had retained servicing obligations for $775 million of long-term receivables, compared to $774 million at December 31, 2016. Servicing obligations are limited to collection activities related to the sales of accounts receivables and long-term receivables.
Credit Quality of Financing Receivables and Allowance for Credit Losses
An aging analysis of financing receivables at July 1, 2017 and December 31, 2016 is as follows: 
July 1, 2017
Total
Long-term
Receivable
 
Current Billed
Due
 
Past Due Over 90 Days
Municipal leases secured tax exempt
$
21

 
$
1

 
$
2

Commercial loans and leases secured
27

 

 

Long-term receivables, including current portion
$
48

 
$
1

 
$
2

December 31, 2016
Total
Long-term
Receivable
 
Current Billed
Due
 
Past Due Over 90 Days
Municipal leases secured tax exempt
$
20

 
$

 
$

Commercial loans and leases secured
43

 

 
2

Long-term receivables, including current portion
$
63

 
$

 
$
2