Company: WBD
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001437107-25-000096
Chunk: 33

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 1
Chunk 33
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0Content licensing and sports sublicensing4,124 Through 2032Brand licensing3,031 Through 2052Advertising676 Through 2030Other132 Through 2029Total$10,242 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 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 31,20252024Gross 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, 2025December 31, 2024Gross 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