Receivables

12 Months Ended

Jul. 01, 2023

Receivables

Receivables

4. Receivables

The Company’s receivables and allowance for credit losses were as follows:

	July 1,		July 2,
	2023		2022
	(Thousands)
Receivables	$	4,876,631	$	4,414,904
Allowance for Credit Losses		(112,843)		(113,902)

The Company had the following activity in the allowance for credit losses during fiscal 2023 and fiscal 2022:

	July 1,		July 2,
	2023		2022
	(Thousands)
Balance at beginning of the period	$	113,902	$	88,160
Credit Loss Provisions		16,798		31,489
Russian-Ukraine conflict Credit Loss Provisions		—		17,202
Credit Loss Recoveries		(931)		(702)
Receivables Write Offs		(18,552)		(15,233)
Foreign Currency Effect and Other		1,626		(7,014)
Balance at end of the period	$	112,843	$	113,902

During fiscal 2022, the Company incurred $26.3 million of expense, primarily related to $17.2 million of credit loss provisions associated with accounts receivable from Russian customers that were no longer considered collectible. The remaining $9.1 million of expenses were related to product write downs and other costs associated with the wind-down of the Company’s business operations in Russia and Ukraine.