TRADE ACCOUNTS RECEIVABLE PURCHASE PROGRAMS

9 Months Ended

Apr. 03, 2021

Receivables [Abstract]

TRADE ACCOUNTS RECEIVABLE PURCHASE PROGRAMS

Trade Accounts Receivable Purchase Programs

Sale Programs

The Company has utilized an Account Purchase Agreement with Wells Fargo Bank, N.A. (“WFB”) which allowed the Company to sell and assign to WFB and WFB to purchase from the Company the accounts receivable of certain Company customers in a maximum aggregate amount outstanding of $25.0 million. As of April 3, 2021, the Company had no factored receivables with WFB.

The Company did not sell any accounts receivables during the nine months ended April 3, 2021. Total accounts receivables sold during the nine months ended March 28, 2020 was approximately $38.6 million. There were no accounts receivables sold and not yet collected as of June 27, 2020. The receivables that were sold were removed from the condensed consolidated balance sheets and the cash received is reflected as cash provided by operating activities in the condensed consolidated statements of cash flows. Cash receipts related to the deferred purchase price from receivables factored by the Company is reflected as cash provided by investing activities.