||Sales of Accounts Receivable |
We have entered into several customer sponsored programs administered by unrelated financial institutions that permit us to sell certain accounts receivable at discounted rates to the financial institutions. Pursuant to these arrangements, we sold accounts receivable in the aggregate amount of $59.7 million and $40.4 million during the thirteen weeks ended March 31, 2012 and March 26, 2011, respectively.
Transactions under these agreements were accounted for as sales of accounts receivable and were removed from our consolidated balance sheet at the time of the sales transactions. Selling, general and administrative expenses for the thirteen weeks ended March 31, 2012 and March 26, 2011 included $0.7 million and $0.8 million, respectively, in financing costs associated with these accounts receivable sales programs.
If receivables had not been sold, $128.2 million and $137.0 million of additional receivables would have been outstanding at March 31, 2012 and December 31, 2011, respectively, based on standard payment terms. We do not service the receivables after the sales transactions.