RECEIVABLES

12 Months Ended

Jan. 01, 2021

NOTE 6: RECEIVABLES

Receivables are summarized below:


(In millions)	January 1, 2021		January 3, 2020

Accounts receivable	$	1,369	$	1,228
Less allowances for collection losses	(25)		(12)
	$	1,344	$	1,216

We have a receivables sale agreement (“RSA”) with a third-party financial institution that permits us to sell, on a nonrecourse basis, up to $100 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. We had no outstanding accounts receivable sold pursuant to the RSA at January 1, 2021 or January 3, 2020.