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SALES OF RECEIVABLES
 12 Months Ended
Dec. 31, 2024
Receivables [Abstract]  
SALES OF RECEIVABLES SALES OF RECEIVABLES
Revolving Receivables Program
During 2024, the Company amended its revolving receivables program to reduce the facility limit to $5,200 million and extend the program to June 2025. The outstanding portfolio of receivables derecognized from our consolidated balance sheets was $4,637 million and $5,200 million as of December 31, 2024 and 2023, respectively.
For the years ended December 31, 2024, 2023 and 2022, the Company recognized $116 million, $79 million, and $256 million, respectively, in selling, general and administrative expenses from the revolving receivables program in the consolidated statements of operations (net of non-designated derivatives in 2024 and 2023). (See Note 13.)
The following table presents a summary of receivables sold (in millions).
Year Ended December 31,
20242023
Gross receivables sold/cash proceeds received$15,254 $13,340 
Collections reinvested under revolving receivables program(15,818)(13,506)
Net cash proceeds remitted$(564)$(166)
Net receivables sold$15,153 $13,178 
Obligations recorded (Level 3)$361 $405 
The following table presents a summary of the amounts transferred or pledged (in millions).
December 31, 2024December 31, 2023
Gross receivables pledged as collateral$2,402 $3,088 
Restricted cash pledged as collateral$100 $500 
Balance sheet classification:
Receivables, net$2,039 $2,780 
Prepaid expenses and other current assets$100 $500 
Other noncurrent assets$363 $308 
Accounts Receivable Factoring
Total trade accounts receivable sold under the Company’s factoring arrangement was $313 million and $383 million for the years ended December 31, 2024 and 2023, respectively. The impact to the consolidated statements of operations was immaterial for the years ended December 31, 2024, 2023 and 2022. This accounts receivable factoring agreement is separate and distinct from the revolving receivables program.