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SALES OF RECEIVABLES | 3 Months Ended
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Mar. 31, 2025
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 sheet was $4,748 million as of March 31, 2025. The Company recognized $36 million and $51 million for the three months ended March 31, 2025 and 2024, respectively, in selling, general and administrative expenses in the consolidated statements of operations from the revolving receivables program (net of non-designated derivatives). (See Note 9.) The following table presents a summary of receivables sold (in millions).
| Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
Gross receivables sold/cash proceeds received | $ | 4,231 |  |  | $ | 3,956 |  |  |  |  |
Collections reinvested under revolving receivables program | (4,120) |  |  | (3,987) |  |  |  |  |
Net cash proceeds received (remitted) | $ | 111 |  |  | $ | (31) |  |  |  |  |
Net receivables sold | $ | 4,205 |  |  | $ | 3,914 |  |  |  |  |
Obligations recorded (Level 3) | $ | 103 |  |  | $ | 153 |  |  |  |  |
The following table presents a summary of the amounts transferred or pledged, which were held at the Company’s bankruptcy-remote consolidated subsidiary (in millions).
| March 31, 2025 |  | December 31, 2024
Gross receivables pledged as collateral | $ | 2,242 |  |  | $ | 2,402 |
Restricted cash pledged as collateral | $ | 102 |  |  | $ | 100 |
Balance sheet classification: |  |  |
Receivables, net | $ | 1,846 |  |  | $ | 2,039 |
Prepaid expenses and other current assets | $ | 102 |  |  | $ | 100 |
Other noncurrent assets | $ | 396 |  |  | $ | 363 |
Accounts Receivable Factoring Total trade accounts receivable sold under the Company’s factoring arrangement were $102 million for the three months ended March 31, 2025. No amounts were sold under the factoring arrangement for the three months ended March 31, 2024. The impact to the consolidated statements of operations was immaterial for the three months ended March 31, 2025 and 2024. This accounts receivable factoring agreement is separate and distinct from the revolving receivables program.

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