Annual report pursuant to Section 13 and 15(d)

ACCOUNTS RECEIVABLE

v3.19.1
ACCOUNTS RECEIVABLE
 12 Months Ended
Mar. 30, 2019
Receivables [Abstract]  
ACCOUNTS RECEIVABLE
ACCOUNTS RECEIVABLE
(In thousands)
 
March 2019
 
 
March 2018
 
December 2017
Trade
 
$
1,625,495

 
 
$
1,347,896

 
$
1,365,321

Royalty and other
 
111,677

 
 
85,684

 
90,931

Total accounts receivable
 
1,737,172

 
 
1,433,580

 
1,456,252

Less allowance for doubtful accounts
 
28,376

 
 
24,993

 
26,266

Accounts receivable, net
 
$
1,708,796

 
 
$
1,408,587

 
$
1,429,986



VF has an agreement with a financial institution to sell selected trade accounts receivable on a recurring, nonrecourse basis. This agreement was amended in August 2018 to permit up to $377.5 million of VF's accounts receivable to be sold to the financial institution and remain outstanding at any point in time, compared to the $367.5 million limit in place at March 2018 and December 2017. VF removes the accounts receivable from the Consolidated Balance Sheets at the time of sale. VF does not retain any interests in the sold accounts receivable but continues to service and collect outstanding accounts receivable on behalf of the financial institution. During the year ended March 2019, the three months ended March 2018 and the years ended December 2017 and 2016, VF sold total accounts receivable of $1,110.7 million, $258.5 million, $1,180.7 million and $1,333.9 million, respectively. As of March 2019, March 2018 and December 2017, $182.1 million, $191.2 million and $219.1 million, respectively, of the sold accounts receivable had been removed from the Consolidated Balance Sheets but remained outstanding with the financial institution. The funding fee charged by the financial institution is included in the other income (expense), net line item in the Consolidated Statements of Income, and was $5.8 million for the year ended March 2019, $1.1 million for the three months ended March 2018, $3.9 million for the year ended December 2017 and $3.4 million for the year ended December 2016. Net proceeds of this program are classified in operating activities in the Consolidated Statements of Cash Flows.