Receivables
Our trade receivables are generally not collateralized. At December 31, 2013 and December 31, 2012, 34% and 36% of our gross trade receivables were from customers in the United States. No other country or single customer accounted for more than 10% of our gross trade receivables at these dates.
We continue to experience delays in collecting payment on our receivables from our primary customer in Venezuela. These receivables are not disputed, and we have not historically had material write-offs relating to this customer. Our total outstanding trade receivables in Venezuela were $486 million, or approximately 8% of our gross trade receivables, as of December 31, 2013, compared to $491 million, or approximately 9% of our gross trade receivables, as of December 31, 2012. Of the $486 million receivables in Venezuela as of December 31, 2013, $183 million has been classified as long-term and included within “Other assets” on our consolidated balance sheets. Of the $491 million receivables in Venezuela as of December 31, 2012, $143 million has been classified as long-term and included within “Other assets” on our consolidated balance sheets.
The following table presents a rollforward of our allowance for bad debts for 2011, 2012, and 2013.
|
| | | | | | | | | | | | |
Millions of dollars | Balance at Beginning of Period | Charged to Costs and Expenses | Write-Offs | Balance at End of Period |
Year ended December 31, 2011 | $ | 91 |
| $ | 53 |
| $ | (7 | ) | $ | 137 |
|
Year ended December 31, 2012 | 137 |
| (40) |
| (5 | ) | 92 |
|
Year ended December 31, 2013 | 92 |
| 39 |
| (14 | ) | 117 |
|
