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Trade Accounts Receivable Sale Programs
 12 Months Ended
Sep. 29, 2018
Receivables [Abstract]  
Trade Accounts Receivable Sale Programs
Trade Accounts Receivable Sale Programs
The Company has Master Accounts Receivable Purchase Agreements with MUFG Bank, New York Branch, formerly known as The Bank of Tokyo-Mitsubishi UFJ, Ltd. (the "MUFG RPA"), and HSBC Bank (China) Company Limited, Xiamen branch (the "HSBC RPA"), under which the Company may elect to sell receivables, at a discount, on an ongoing basis. The MUFG RPA was amended on September 19, 2018, to increase the maximum facility amount from $210.0 million to $230.0 million. The maximum facility amount under the HSBC RPA as of September 29, 2018 is $60.0 million. The MUFG RPA is subject to expiration on October 3, 2019, but will be automatically extended each year unless any party gives no less than 10 days prior notice that the agreement should not be extended. The terms of the HSBC RPA are generally consistent with the terms of the MUFG RPA discussed above.
The Company sold receivables under a former trade accounts receivable sale program that expired during the first fiscal quarter of 2017.
Transfers of receivables under the programs are accounted for as sales and, accordingly, receivables sold under the programs are excluded from accounts receivable on the Consolidated Balance Sheets and are reflected as cash provided by operating activities on the Consolidated Statements of Cash Flows. Proceeds from the transfer reflect the face value of the receivables less a discount. The sale discount is recorded within "Miscellaneous expense" in the Consolidated Statements of Comprehensive Income in the period of the sale.
The Company sold $712.9 million, $418.0 million and $65.6 million of trade accounts receivable under these programs, or their predecessors, during fiscal years 2018, 2017 and 2016, respectively, in exchange for cash proceeds of $708.6 million, $415.8 million and $65.0 million, respectively.