SALE OF ACCOUNTS RECEIVABLE |
3 Months Ended |
|---|---|
Mar. 30, 2019 | |
| Receivables [Abstract] | |
| SALE OF ACCOUNTS RECEIVABLE | SALE OF ACCOUNTS RECEIVABLE
VF has an agreement with a financial institution to sell selected trade accounts receivable on a recurring, non-recourse basis. Under the agreement, up to $377.5 million of VF's trade accounts receivable may be sold to the financial institution and remain outstanding at any point in time. Prior to the separation from VF, the Company had a separate agreement with VF, pursuant to which the Company's trade accounts receivable were sold as part of this program. The Company did not retain any interests in the sold accounts receivable but continued to service and collect outstanding accounts receivable on behalf of VF.
The Company removes the sold balances from "accounts receivable" in the combined balance sheet at the time of sale. The amount due from VF for these sales is separately reflected in the combined balance sheets within "due from related parties", as VF periodically remits cash to the Company for these transactions. Refer to Note 14 of the combined financial statements for additional information.
During the three months ended March 2019 and March 2018, the Company sold total trade accounts receivable of $245.0 million
and $243.1 million, respectively, to VF. As of March 2019, December 2018 and March 2018, $286.8 million, $544.9 million and $266.1 million, respectively, of the sold trade accounts receivable had been removed from "accounts receivable" and reflected in the combined balance sheet within "due from related parties".
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