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Other Non-Current Assets
 12 Months Ended
Dec. 31, 2023
Investments, All Other Investments [Abstract]  
Other Non-Current Assets OTHER NON-CURRENT ASSETS
Other non-current assets are detailed below:
December 31, December 31,
20232022
Equity securities31 26 
Public funding receivables210 156 
Taxes and other government receivables22 — 
French research tax credit receivable246 294 
Defined benefit plans15 9 
Prepayments and deposits to third parties224 107 
Derivative instruments2 13 
Other non-current assets58 56 
Total808 661 
Public funding receivables, including French research tax credit receivable, are described in Note 7.
Prepayments and deposits to third parties include receivables related to long-term supply agreements involving purchase of raw materials, capacity commitments, cloud-hosting arrangements, and other services.
In 2023 and 2022, the Company entered into factoring transactions to accelerate the realization in cash of certain long-term receivables. The Company sold without recourse $118 million and $110 million of these receivables in the years ended December 31, 2023 and 2022 respectively, with a financial cost of $5 million and $1 million respectively.
The major portion of other non-current assets to which the expected credit loss model applies are long-term State receivables. Due to the existing history of zero-default on receivables originated by governments, the expected credit losses are assumed to be negligible as of December 31, 2023 and December 31, 2022. Other non-current assets presented in the table above on the line “Other non-current assets” are composed of individually not significant amounts not deemed to have exposure of default. Consequently, no significant expected credit loss allowance was reported on other non-current assets at reporting date.