Company: WBD
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001437107-25-000216
Chunk: 124

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 8
Chunk 124
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 31, 2024Contract liabilitiesDeferred revenues$1,649 $1,569 Contract liabilitiesOther noncurrent liabilities227 206 For the nine months ended September 30, 2025 and 2024, respectively, revenues of $1,205 million and $1,542 million were recognized that were included in deferred revenues as of December 31, 2024 and December 31, 2023, respectively. Contract assets were not material as of September 30, 2025 and December 31, 2024.Remaining Performance ObligationsThe following table presents a summary of revenue expected to be recognized from remaining performance obligations by contract type (in millions).Contract TypeSeptember 30, 2025DurationDistribution - fixed price or minimum guarantee$1,916 Through 2030Content licensing and sports sublicensing5,089 Through 2032Brand licensing3,548 Through 2052Advertising943 Through 2032Other139 Through 2029Total$11,635 The value of unsatisfied performance obligations disclosed above does not include: (i) contracts involving variable consideration for which revenues are recognized in accordance with the sales or usage-based royalty exception, which typically have a similar duration as the contracts disclosed above, and (ii) contracts with an original expected length of one year or less, such as most advertising contracts; however for content licensing revenues, including revenues associated with the licensing of theatrical and television product for television and streaming services, the Company has included all contracts regardless of duration.

NOTE 5. 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 $4,004 million as of September 30, 2025.The Company recognized $29 million and $121 million for the three and nine months ended September 30, 2025, respectively, and $33 million and $121 million for the three and nine months ended September 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