TRADE ACCOUNTS RECEIVABLE PURCHASE PROGRAMS

12 Months Ended

Jun. 29, 2019

Receivables [Abstract]

TRADE ACCOUNTS RECEIVABLE SALE PROGRAMS

TRADE ACCOUNTS RECEIVABLE PURCHASE PROGRAMS

Sale Programs

The Company utilizes an Account Purchase Agreement with Wells Fargo Bank, N.A. ("WFB") which allows the Company to sell and assign to WFB and WFB may purchase from Company the accounts receivable of certain Company customers in a maximum aggregate amount outstanding of $25.0 million. This agreement may be cancelled at any time by either party. The Company also has an Account Purchase Agreement with Orbian Financial Services (“Orbian”). This agreement allows the Company to sell accounts receivable of certain customers to Orbian and the agreement may be cancelled at any time by either party.

Total accounts receivables sold during the twelve months ended June 29, 2019 and June 30, 2018 was approximately $81.0 million and $104.7 million, respectively. Accounts receivables sold and not yet collected was approximately $1.7 million and $2.0 million as of June 29, 2019 and June 30, 2018, respectively. The receivables that were sold were removed from the consolidated balance sheets and the cash received is reflected as cash provided by operating activities in the consolidated statements of cash flows.