RECEIVABLES

12 Months Ended

Jun. 28, 2019

Receivables [Abstract]

RECEIVABLES

NOTE 5: RECEIVABLES

Receivables are summarized below:

	June 28, 2019			June 29, 2018
	(In millions)
Accounts receivable	$	459		$	468
Less allowances for collection losses	(2		)	(2		)
	$	457		$	466

We have a receivables sale agreement (“RSA”) with a third-party financial institution that permits us to sell, on a nonrecourse basis, up to $50 million of outstanding receivables at any given time. From time to time, we have sold certain

customer receivables under the RSA, which we continue to service and collect on behalf of the third-party financial

institution. Receivables sold pursuant to the RSA meet the requirements for sales accounting under Accounting Standards Codification 860, Transfers and Servicing, and accordingly, are derecognized from our Consolidated Balance Sheet at the time of sale. Outstanding accounts receivable sold pursuant to the RSA were not material as of the end of fiscal 2019, 2018 and 2017.