Sales of Accounts Receivable

6 Months Ended

Jun. 29, 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 $355.1 million and $282.1 million of accounts receivable during the twenty-six weeks ended June 29, 2019 and June 30, 2018, respectively. If receivables had not been sold over the previous twelve months, $438.3 million and $378.5 million of additional accounts receivable would have been outstanding at June 29, 2019 and December 29, 2018, respectively, based on standard payment terms. Selling, general and administrative expenses for the twenty-six weeks ended June 29, 2019 and June 30, 2018 included $9.3 million and $6.7 million, respectively, in financing costs associated with these accounts receivable sales programs.