Sales of Accounts Receivable

3 Months Ended

Mar. 30, 2019

Receivables [Abstract]

Sales of Accounts Receivable

3. Sales of Accounts Receivable

We have entered into several customer sponsored programs administered by unrelated financial institutions that permit us to sell certain accounts receivable at discounted rates to the financial institutions. Transactions under these agreements were accounted for as sales of accounts receivable and were removed from our Consolidated Balance Sheet at the time of the sales transactions. Pursuant to these agreements, we sold $172.8million and $151.0 million of accounts receivable during the thirteen weeks ended March 30, 2019 and March 31, 2018, respectively. If receivables had not been sold over the last twelve months, $418.1 million and $378.5 million of additional accounts receivable would have been outstanding at March 30, 2019 and December 29, 2018, respectively, based on standard payment terms. Selling, general and administrative expenses for the thirteen weeks ended March 30, 2019 and March 31, 2018 included $4.6 million and $3.5 million, respectively, in financing costs associated with these accounts receivable sales programs.