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Accounts Receivable Financing Program
3 Months Ended
Mar. 28, 2020
Receivables [Abstract]  
Accounts Receivable Financing Program
ACCOUNTS RECEIVABLE FINANCING PROGRAM
Pursuant to an accounts receivable financing facility (the “ABS Facility”), USF sells, on a revolving basis, 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 those eligible receivables to the administrative agent, for the benefit of the lenders under the ABS Facility. The Company consolidates the Receivables Company and, consequently, the transfer of the eligible receivables is a transaction internal to the Company and the eligible receivables have not been derecognized from the Company’s Consolidated Balance Sheets. Included in the Company’s accounts receivable balance as of March 28, 2020 and December 28, 2019 was approximately $0.9 billion and $1.0 billion, respectively, of eligible receivables held by the Receivables Company as collateral in support of amounts borrowed under the ABS Facility. See Note 13, Debt, for a further description of the ABS Facility. On May 1, 2020, we repaid all outstanding borrowings under the ABS Facility in full and terminated the ABS Facility, as further discussed in Note 20, Subsequent Events.