Company: WBD
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001437107-25-000192
Chunk: 43

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 43
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 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 30,2025202420252024Gross 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, 2024Gross 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 FactoringTotal 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