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Accounts Receivable Financing Program
12 Months Ended
Dec. 29, 2018
Receivables [Abstract]  
Accounts Receivable Financing Program
ACCOUNTS RECEIVABLE FINANCING PROGRAM
Under its accounts receivable financing facility dated as of August 27, 2012, as amended (the “ABS Facility”), USF sells, on a revolving basis, its eligible receivables to a wholly owned, special purpose, bankruptcy remote subsidiary (the “Receivables Company”). The Receivables Company, in turn, grants a continuing security interest in all of its rights, title and interest in the eligible receivables to the administrative agent, for the benefit of the lenders as defined by the ABS Facility. The Company consolidates the Receivables Company and, consequently, the transfer of the receivables is a transaction internal to the Company and the receivables have not been derecognized from the Company’s Consolidated Balance Sheets. On a daily basis, cash from accounts receivable collections is remitted to the Company as additional eligible receivables are sold to the Receivables Company. If, on a weekly settlement basis, there are not sufficient eligible receivables available as collateral, the Company is required to either provide cash collateral or, in lieu of providing cash collateral, it can pay down its borrowings on the ABS Facility to cover the shortfall. Due to sufficient eligible receivables available as collateral, no cash collateral was held at December 29, 2018 or December 30, 2017. Included in the Company’s accounts receivable balance as of December 29, 2018 and December 30, 2017 was approximately $1.0 billion of receivables held as collateral in support of the ABS Facility. See Note 12, Debt, for a further description of the ABS Facility.