Supply Chain Financing |
3 Months Ended |
|---|---|
Apr. 01, 2023 | |
| Supply Chain Financing [Abstract] | |
| Supply Chain Financing | SUPPLY CHAIN FINANCINGThe Company facilitates a voluntary Supply Chain Finance ("SCF") program with its financial institutions that allows certain suppliers the option to sell or assign their rights to receivables due from the Company, enabling the suppliers to receive payment from the financial institutions sooner than our negotiated payment terms. Participation in the SCF program is based on terms and conditions negotiated directly between the suppliers and the financial institutions. The Company agrees to commercial terms with suppliers independent of their participation in the SCF program, and thus their participation has no impact on our payment terms. The Company is not a party to the agreements between our suppliers and the financial institutions, and has no economic interest in our suppliers' decision to participate in the SCF program. For suppliers who participate in the SCF program, they have sole discretion to determine which invoices, if any, are to be sold to the financial institutions. All amounts payable to suppliers who participate in the SCF program are included within "accounts payable" in the Company's balance sheets, and the Company's associated payments to the suppliers are included in operating activities in the Company's statements of cash flows. At March 2023, December 2022 and March 2022, accounts payable included total outstanding balances of $23.9 million, $24.7 million and $16.7 million, respectively, due to suppliers that participate in the SCF program. |