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Accounts and Notes Receivable Factoring and Sales Arrangements
6 Months Ended
Jun. 25, 2012
Accounts and Notes Receivable Factoring and Sales Arrangements

(2) Accounts and Notes Receivable Factoring and Sales Arrangements

In the normal course of business, the Company’s foreign subsidiaries utilize accounts receivable factoring arrangements. Under these arrangements, the Company may sell certain of its accounts receivable to financial institutions, which are accounted for as a sale, at a discount ranging from 1% to 2% of the accounts receivable. In all arrangements there is no recourse against the Company for its customers’ failure to pay. The Company sold $20,169 of accounts receivable for the quarter ended June 27, 2011 and $3,941 and $34,430 for the two quarters ended June 25, 2012 and June 27, 2011, respectively. The Company did not sell any accounts receivable for the quarter ended June 25, 2012.

Additionally, the Company’s foreign subsidiaries may also sell certain of their notes receivable at an effective discount ranging from 1% to 3% of the notes receivable. The Company sold $865 and $13,277 of notes receivable for the quarters ended June 25, 2012 and June 27, 2011, respectively and $16,061 and $39,566 for the two quarters ended June 25, 2012 and June 27, 2011, respectively.