During 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 $3,850 million and $3,700 million as of March 31, 2026 and December 31, 2025, respectively.

The Company recognized $20 million and $36 million for the three months ended March 31, 2026 and 2025, 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.)


	Three Months Ended March 31,
	2026		2025
Gross receivables sold/cash proceeds received	$	3,445	$	4,231
Collections reinvested under revolving receivables program	(3,295)		(4,120)
Net cash proceeds received	$	150	$	111
Net receivables sold	$	3,416	$	4,205
Obligations recorded (Level 3)	$	67	$	103

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, 2026		December 31, 2025
Gross receivables pledged as collateral	$	2,121	$	2,632

Balance sheet classification:
Receivables, net	$	1,652	$	2,230

Other noncurrent assets	$	469	$	402

No amounts were sold under the Company’s factoring arrangement for the three months ended March 31, 2026. Total trade accounts receivable sold under the Company’s factoring arrangement was $102 million for the three months ended March 31, 2025. The impact to the consolidated statements of operations was immaterial for the three months ended March 31, 2026 and 2025. This accounts receivable factoring agreement is separate and distinct from the revolving receivables program.