ACCOUNTS RECEIVABLE |
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Mar. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Receivables [Abstract] | Ìý | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ACCOUNTS RECEIVABLE |
ACCOUNTS RECEIVABLE
±«ÓãÖ±²¥ has an agreement with a financial institution to sell selected trade accounts receivable on a recurring, nonrecourse basis. This agreement was amended in August 2018 to permit up to $377.5 million of ±«ÓãÖ±²¥'s accounts receivable to be sold to the financial institution and remain outstanding at any point in time, compared to the $367.5 million limit in place at March 2018 and December 2017. ±«ÓãÖ±²¥ removes the accounts receivable from the Consolidated Balance Sheets at the time of sale. ±«ÓãÖ±²¥ does not retain any interests in the sold accounts receivable but continues to service and collect outstanding accounts receivable on behalf of the financial institution. During the year ended March 2019, the three months ended March 2018 and the years ended December 2017 and 2016, ±«ÓãÖ±²¥ sold total accounts receivable of $1,110.7 million, $258.5 million, $1,180.7 million and $1,333.9 million, respectively. As of March 2019, March 2018 and December 2017, $182.1 million, $191.2 million and $219.1 million, respectively, of the sold accounts receivable had been removed from the Consolidated Balance Sheets but remained outstanding with the financial institution. The funding fee charged by the financial institution is included in the other income (expense), net line item in the Consolidated Statements of Income, and was $5.8 million for the year ended March 2019, $1.1 million for the three months ended March 2018, $3.9 million for the year ended December 2017 and $3.4 million for the year ended December 2016. Net proceeds of this program are classified in operating activities in the Consolidated Statements of Cash Flows.
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- Definition The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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