2012 Annual Report  Interest payments were $241 million in 2012, $171 million in 2011 and $178 million in 2010 net of amounts related to interest rate  swap contracts.  BMS currently has two separate $1.5 billion five-year revolving credit facilities from a syndicate of lenders, including a new facility  received in July 2012. There are no financial covenants under either facility. No borrowings were outstanding under either revolving  credit facility at December 31, 2012 or 2011.  At December 31, 2012, $249 million of financial guarantees were provided in the form of stand-by letters of credit and performance  bonds. The stand-by letters of credit are issued through financial institutions in support of guarantees made by BMS and its affiliates  for various obligations. The performance bonds were issued to support a range of ongoing operating activities, including sale of  products to hospitals and foreign ministries of health, bonds for customs, duties and value added tax and guarantees related to  miscellaneous legal actions. A significant majority of the outstanding financial guarantees will expire within the year and are not  expected to be funded.  $^{ }$Note 10 RECEIVABLES  December 31,  Dollars in Millions 2012 2011 Trade receivables $   1,812  $  2,397  Less allowances   (104)  (147) Net trade receivables   1,708   2,250  Alliance partners receivables   857   1,081  Prepaid and refundable income taxes   319   256  Miscellaneous receivables   199   156  Receivables  $   3,083  $  3,743  Receivables include:  Receivables are netted with deferred income related to alliance partners until recognition of income. As a result, alliance partner  receivables and deferred income were reduced by $1,056 million and $901 million at December 31, 2012 and 2011, respectively. For  additional information regarding alliance partners, see Note 3 “Alliances and Collaborations.” Non-U.S. receivables sold on a  nonrecourse basis were $956 million in 2012, $1,077 million in 2011, and $932 million in 2010. In the aggregate, receivables from  three pharmaceutical wholesalers in the U.S. represented 37% and 55% of total trade receivables at December 31, 2012 and 2011,  respectively.  Year Ended December 31,  Dollars in Millions 2012 2011 2010 Balance at beginning of year $  147  $   107 $  103  Provision   832   1,094  864  Utilization   (875)  (1,054)  (860) Balance at end of year  $  104  $   147 $  107  Changes to the allowances for bad debt, charge-backs and cash discounts were as follows:  Inventories include:  $^{ }$Note 11 INVENTORIES December 31,  Dollars in Millions 2012 2011 Finished goods $   572  $  478  Work in process   814   646  Raw and packaging materials   271   260  Inventories  $   1,657  $  1,384  Inventories expected to remain on-hand beyond one year were $424 million at December 31, 2012 and $260 million at December 31,  2011 and included in non-current assets.  53 