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Accounts Receivable
 9 Months Ended
Sep. 30, 2024
Receivables [Abstract]  
Accounts Receivable Accounts Receivable
Unbilled Customer Revenue
We recorded $175 million and $372 million of unbilled customer revenues in Customer accounts receivables, net in the Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023, respectively.
Sales of Customer Accounts Receivable
In 2020, NER, a bankruptcy remote, special purpose entity, which is wholly owned by us, entered into a revolving accounts receivable financing arrangement with a number of financial institutions and a commercial paper conduit (Purchasers) to sell certain customer accounts receivable (Facility). The maximum funding limit of the Facility is $1.1 billion through August 2025. Under the Facility, NER may sell eligible short-term customer accounts receivable to the Purchasers in exchange for cash and subordinated interest. The transfers are reported as sales of receivables in the consolidated financial statements. The subordinated interest in collections upon the receivables sold to the Purchasers is referred to as the DPP, which is reflected in Other current assets in the Consolidated Balance Sheets.
The Facility requires the balance of eligible receivables to be maintained at or above the balance of cash proceeds received from the Purchasers. To the extent the eligible receivables decrease below such balance, we are required to repay cash to the Purchasers. When eligible receivables exceed cash proceeds, we have the ability to increase the cash received up to the maximum funding limit. These cash inflows and outflows impact the DPP.
The following tables summarize the impact of the sale of certain receivables:
As of September 30, 2024As of December 31, 2023
Derecognized receivables transferred at fair value$1,766 $1,516 
Less: Cash proceeds received
— 300 
DPP$1,766 $1,216 

Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Loss on sale of receivables(a)
$11 $12 $43 $58 
__________
(a)Reflected in Operating and maintenance expense in the Consolidated Statements of Operations and Comprehensive Income. This represents the amount by which the accounts receivable sold into the Facility are discounted, limited to credit losses.

Nine Months Ended September 30,
20242023
Proceeds from new transfers(a)
$1,688 $3,632 
Cash collections received on DPP(b)
7,404 5,158 
Cash collections reinvested in the Facility$9,092 $8,790 
__________
(a)Customer accounts receivable sold into the Facility were $9,370 million and $8,920 million for the nine months ended September 30, 2024 and 2023, respectively.
(b)Does not include the $300 million and $1,100 million net cash payments to the Purchasers for the nine months ended September 30, 2024 and 2023, respectively.
Our risk of loss following the transfer of accounts receivable is limited to the DPP outstanding. Payment of DPP is not subject to significant risks other than delinquencies and credit losses on accounts receivable transferred.
We recognize the cash proceeds received upon sale in Cash flows from operating activities within the Changes in Other assets and liabilities line in the Consolidated Statements of Cash Flows, which were ($7,682) million and ($5,288) million for the nine months ended September 30, 2024 and 2023, respectively. The collection and reinvestment of DPP is recognized in Cash flows from investing activities in the Collection of DPP, net line in the Consolidated Statements of Cash Flows, which were $7,104 million and $4,058 million for the nine months ended September 30, 2024 and 2023, respectively.
See Note 12 — Fair Value of Financial Assets and Liabilities and Note 15 — Variable Interest Entities for additional information.
Other Sales of Customer Accounts Receivables
We are required, under supplier tariffs, to sell customer receivables to utility companies. The total receivables sold was $228 million and $274 million for the nine months ended September 30, 2024 and 2023, respectively