Company: WBD
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001437107-25-000216
Chunk: 45

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 1
Chunk 45
---
 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 Ended September 30,Nine Months Ended September 30,2025202420252024Gross receivables sold/cash proceeds received$3,913 $3,528 $12,135 $11,024 Collections reinvested under revolving receivables program(4,409)(3,834)(12,769)(11,464)Net cash proceeds remitted$(496)$(306)$(634)$(440)Net receivables sold$3,912 $3,524 $12,102 $10,967 Obligations recorded (Level 3)$77 $31 $277 $270 

14

WARNER BROS. DISCOVERY, INC.NOTES TO CONSOLIDATED FINANCIAL STATEMENTS(unaudited)

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).September 30, 2025December 31, 2024Gross receivables pledged as collateral$2,200 $2,402 Restricted cash pledged as collateral$— $100 Balance sheet classification: