Sales Of Accounts Receivable

9 Months Ended

Sep. 24, 2011

Sales Of Accounts Receivable [Abstract]

Sales Of Accounts Receivable

2. Sales of Accounts Receivable

We have entered into several customer sponsored programs administered by unrelated financial institutions that permit us to sell, without recourse, certain accounts receivable at discounted rates to the financial institutions. Pursuant to these arrangements, we sold accounts receivable in the aggregate amount of $149.7 million and $63.0 million during the thirty-nine weeks ended September 24, 2011 and September 25, 2010, respectively.

The sales of receivables were accounted for as a sale and were removed from our consolidated balance sheet at the time of the sales transactions. Selling, general and administrative expenses for the thirty-nine weeks ended September 24, 2011 and September 25, 2010 included $2.7 million and $1.2 million, respectively, in financing costs associated with these accounts receivable sales programs.

If receivables had not been sold, $128.7 million and $77.1 million of additional receivables would have been outstanding at September 24, 2011 and December 25, 2010, respectively, based on standard payment terms. We retained no rights or interest, and have no obligations, with respect to the sold receivables. We do not service the receivables after the sales transactions.