During the second half of 2023, the Company amended its revolving receivables program to reduce the facility limit to $5,500 million and extend the program to August 2024. The outstanding portfolio of receivables derecognized from our consolidated balance sheets was $5,170 million as of March 31, 2024.

For the three months ended March 31, 2024 and 2023, the Company recognized $51 million and $33 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). (See Note 9.)


	Three Months Ended March 31,
	2024		2023
Gross receivables sold/cash proceeds received	$	3,956	$	2,779
Collections reinvested under revolving agreement	(3,987)		(2,845)
Net cash proceeds remitted (a)	$	(31)	$	(66)
Net receivables sold	$	3,914	$	2,698
Obligations recorded (Level 3)	$	153	$	148
(a) Includes the collection on receivables sold but not remitted of $30 million as of March 31, 2024.

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, 2024		December 31, 2023
Gross receivables pledged as collateral	$	2,900	$	3,088
Restricted cash pledged as collateral	$	406	$	500
Balance sheet classification:
Receivables, net	$	2,660	$	2,780
Prepaid expenses and other current assets	$	406	$	500
Other noncurrent assets	$	240	$	308

No amounts were sold under the Company’s factoring arrangement for the three months ended March 31, 2024. Total trade accounts receivable sold under the Company’s factoring arrangement was $72 million for the three months ended March 31, 2023. The impact to the consolidated statements of operations was immaterial for the three months ended March 31, 2024 and 2023. This accounts receivable factoring agreement is separate and distinct from the revolving receivables program.