Annual report pursuant to Section 13 and 15(d)

ACCOUNTS RECEIVABLE

v3.8.0.1
ACCOUNTS RECEIVABLE
 12 Months Ended
Dec. 30, 2017
Receivables [Abstract]  
ACCOUNTS RECEIVABLE
ACCOUNTS RECEIVABLE
(In thousands)
 
2017
 
 
2016
Trade
 
$
1,357,424

 
 
$
1,106,018

Royalty and other
 
90,929

 
 
63,317

Total accounts receivable
 
1,448,353

 
 
1,169,335

Less allowance for doubtful accounts
 
26,252

 
 
20,538

Accounts receivable, net
 
$
1,422,101

 
 
$
1,148,797



VF has an agreement with a financial institution to sell selected trade accounts receivable on a recurring, nonrecourse basis. Under the agreement, up to $367.5 million of VF’s accounts receivable may be sold to the financial institution and remain outstanding at any point in time. 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 2017 and 2016, VF sold total accounts receivable of $1,180.7 million and $1,333.9 million, respectively. As of December 2017 and 2016, $219.1 million and $209.5 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 $3.9 million in 2017, $3.4 million in 2016 and $1.9 million in 2015. Net proceeds of this program are classified in operating activities in the Consolidated Statements of Cash Flows.