Accounts Receivable, net

9 Months Ended

Sep. 26, 2019

Accounts Receivable, Net, Current [Abstract]

Accounts Receivable, net

.  Accounts Receivable, net

Accounts receivable represent the Company’s unconditional rights to consideration, subject to the payment terms of the contract, for which only the passage of time is required before payment. Unbilled receivables are reflected under contract assets on the balance sheet. The Company determines an allowance for doubtful accounts based on a review of outstanding receivables that are charged off against the allowance after the potential for recovery is considered remote.

Accounts receivable, net consists of the following:

	September 26, 2019			December 31, 2018
Trade receivables	$	680.3		$	527.9
Other	29.2			17.9
Less: allowance for doubtful accounts	(0.9		)	(0.7		)
Accounts receivable, net	$	708.6		$	545.1

The Company has entered into agreements (the “Receivable Sales Agreements”) to sell, on a revolving basis, certain trade accounts receivable balances to a third party financial institution. Transfers under these agreements are accounted for as sales of receivables resulting in the receivables being de-recognized from the balance sheet. The Receivable Sales Agreements provide for the continuing sale of certain receivables on a revolving basis until terminated by any involved party. The receivables under the Receivable Sales Agreements are sold without recourse to the third party financial institution. During 2019, $4,378.3 of accounts receivable have been sold via these arrangements. The proceeds from these sales of receivables are included in cash from operating activities in the Consolidated Statement of Cash Flows. The recorded net loss on sale of receivables is $18.7 for the nine months ended September 26, 2019 and is included in Other income and expense. See Note 21, Other Income (Expense), Net.