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SALES OF RECEIVABLES
 6 Months Ended
Jun. 30, 2025
Receivables [Abstract]  
SALES OF RECEIVABLES SALES OF RECEIVABLES
Revolving Receivables Program
During the three months ended June 30, 2025, the Company amended its revolving receivables program to reduce the facility limit to $5,000 million and extend the program to June 2026. The outstanding portfolio of receivables derecognized from our consolidated balance sheet was $4,499 million as of June 30, 2025.
The Company recognized $56 million and $92 million for the three and six months ended June 30, 2025, respectively, and $37 million and $88 million for the three and six months ended June 30, 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 June 30,Six Months Ended June 30,
2025202420252024
Gross receivables sold/cash proceeds received$3,991 $3,540 $8,222 $7,496 
Collections reinvested under revolving receivables program(4,240)(3,643)(8,360)(7,630)
Net cash proceeds remitted$(249)$(103)$(138)$(134)
Net receivables sold$3,985 $3,529 $8,190 $7,443 
Obligations recorded (Level 3)$97 $86 $200 $239 
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).
June 30, 2025December 31, 2024
Gross receivables pledged as collateral$2,594 $2,402 
Restricted cash pledged as collateral$— $100 
Balance sheet classification:
Receivables, net$2,173 $2,039 
Prepaid expenses and other current assets$— $100 
Other noncurrent assets$421 $363 
Accounts Receivable Factoring
Total trade accounts receivable sold under the Company’s factoring arrangement were $102 million and $57 million for the six months ended June 30, 2025 and 2024. The impact to the consolidated statements of operations was immaterial for the three and six months ended June 30, 2025 and 2024. This accounts receivable factoring agreement is separate and distinct from the revolving receivables program.