maximum of E150 million are sold to a bank without recourse in exchange for cash. Transactions under the Receivables Factoring arrangement are accounted for as sales under ASC 860, Transfers and Servicing of Financial Assets, with the sold receivables removed from the Company's balance sheet. The Company does not maintain any beneficial interest in the receivables sold. The Company services the receivables on behalf of the bank, but otherwise maintains no significant continuing involvement with respect to the receivables. Sale proceeds that are representative of the fair value of factored receivables, less a factoring fee, are reflected in Cash flows from operating activities on the Consolidated Statements of Cash Flows, while sale proceeds in excess of the fair value of factored receivables are reflected in Cash flows from financing activities on the Consolidated Statements of Cash Flows. During the years ended December 31, 2025, 2024 and 2023, the Company received cash proceeds of $560 million, $1,019 million and $1,404 million, respectively, from the sales of accounts receivables under its factoring arrangements. As of December 31, 2025 and 2024, there were a total of $10 million and $28 million, respectively, of uncollected receivables that had been sold and removed from the Company's Consolidated Balance Sheets. As servicer of sold receivables, the Company had $84 million and $51 million of obligations that were not yet remitted to the bank as of December 31, 2025 and 2024, respectively. These obligations are included within Accrued liabilities on the Consolidated Balance Sheets, with changes in such obligations reflected within Cash flows from financing activities on the Consolidated Statements of Cash Flows. Fees incurred in connection with these arrangements are included within Other expense, net on the Consolidated Statements of Operations and were $3 million, $9 million and $11 million for the years ended December 31, 2025, 2024 and 2023, respectively.