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RECEIVABLES, NET | 6 Months Ended
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Jul. 01, 2022
Receivables [Abstract] |
RECEIVABLES, NET | NOTE E— RECEIVABLES, NET Receivables, net are summarized below:
(In millions) | July 1, 2022 |  | December 31, 2021
Accounts receivable | $ | 1,228 |  |  | $ | 1,088 |
Less: allowances for collection losses | (37) |  |  | (43) |
Receivables, net | $ | 1,191 |  |  | $ | 1,045 |
We have two receivables sale agreements (“RSAs”) with two separate third-party financial institutions that permit us to sell, on a non-recourse basis, up to $100 million of outstanding receivables per agreement at any given time. From time to time, we have sold certain customer receivables under the RSAs, which we continue to service and collect on behalf of the third-party financial institutions and which we account for as sales of receivables with sale proceeds included in net cash provided by operating activities. We did not have outstanding accounts receivable sold pursuant to the RSAs at July 1, 2022. Outstanding accounts receivable sold pursuant to the RSAs were $99.9 million at December 31, 2021, with net cash proceeds of $99.8 million.

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- Definition The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -URI https://asc.fasb.org/subtopic&trid=2196772 + Details
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- References No definition available. + Details
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