Receivables The Company participates in an agreement to sell, with limited recourse, up to $375 million of trade receivables on a revolving basis through July 2002. The receivables are sold at a discount, which approximates the purchaser's financing cost of issuing its own commercial paper backed by the trade receivables. At December 31, 1999 and 1998, the outstanding balance of receivables sold pursuant to this agreement was $75 million and $200 million, respectively. Sales of receivables are reflected as a reduction of receivables in the accompanying consolidated balance sheets. The costs associated with this program were $10 million in 1999, $8 million in 1998 and $6 million in 1997 and were charged to miscellaneous income, net. In addition, the Company is generally at risk for credit losses associated with sold receivables and provides for such in the financial statements.