Receivables

12 Months Ended

Sep. 30, 2019

Receivables [Abstract]

Receivables

NOTE 8 – RECEIVABLES

The allowance for uncollectible receivables as of September 30, 2019 and 2018 was $4.9 million and $4.0 million, respectively. The following is a rollforward of the allowance for doubtful accounts for the years ended September 30, 2019, 2018 and 2017:

	Beginning		Charged to				Other		Ending
(in millions)	Balance		Profit & Loss		Deductions		Adjustments		Balance
September 30, 2019	$	4.0	$	2.7	$	(2.2)	$	0.4	$	4.9
September 30, 2018		6.1		2.9		(3.5)		(1.5)		4.0
September 30, 2017		5.7		(0.4)		(0.1)		0.9		6.1

The Company has a broad range of customers including many large retail outlet chains, three of which exceed 10% of consolidated Net Sales and/or Trade Receivables. These three customers represented 34.4%, 31.3% and 34.7% of the Company’s Net Sales during years ended September 30, 2019, 2018 and 2017, respectively; and represented 29.9% and 37.2% of the Company’s Trade Receivables as of September 30, 2019 and 2018, respectively.

We have entered into various factoring agreements and early pay programs with our customers to sell our trade receivables under non-recourse agreements in exchange for cash proceeds. A loss on sale is recognized for any discount and factoring fees associated with the transfer. We utilize factoring arrangements as an integral part of our financing for working capital. These transactions are treated as a sale and are accounted for as a reduction in trade receivables because the agreements transfer effective control over and risk related to the receivables to buyers. In some instances, we may continue to service the transferred receivable after the factoring has occurred, but in most cases we do not service any factored accounts. Any servicing of the trade receivable does not constitute significant continuing involvement or preclude the recognition of a sale. We do not carry any material servicing assets or liabilities. Cash proceeds from these arrangements are reflected as operating activities. The aggregate gross amount factored under these facilities was $1,649.3 million, $1,675.3 million and $1,627.8 million for the years ended September 30, 2019, 2018 and 2017, respectively. The cost of factoring such trade receivables was $9.4 million, $9.4 million and $7.7 million for the years ended September 30, 2019, 2018 and 2017 and reflected in the Consolidated Statements of Income as General and Administrative Expense.