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Accounts Receivable and Finance Receivables (Tables)
 3 Months Ended
Apr. 02, 2016
Accounts Receivable and Finance Receivables  
Accounts receivable

 

 

(In millions)

April 2,
2016

January 2,
2016

Commercial

     $
914

     $
841

U.S. Government contracts
327
239

 

 

 

 
1,241
1,080

Allowance for doubtful accounts
(32)
(33)

 

 

 

Total

     $
1,209

     $
1,047

 

 

 

 

 

 

 

Finance receivables

 

 

(In millions)

April 2,
2016

January 2,
2016

Finance receivables*

     $
1,114

     $
1,135

Allowance for losses
(48)
(48)

 

 

 

Total finance receivables, net

     $
1,066

     $
1,087

 

 

 

 

 

* Includes finance receivables held for sale of $30 million at both April 2, 2016 and January 2, 2016.

 

Finance receivables by credit quality indicator and by delinquency aging category

 

(In millions)

April 2,
2016

January 2,
2016

Performing

     $
866

     $
891

Watchlist
139
130

Nonaccrual
79
84

 

 

 

Nonaccrual as a percentage of finance receivables
7.29%
7.60%

 

 

 

Less than 31 days past due

     $
934

     $
950

31-60 days past due
56
86

61-90 days past due
69
42

Over 90 days past due
25
27

 

 

 

60 + days contractual delinquency as a percentage of finance receivables
8.67%
6.24%

 

 

 

 

Summary of impaired finance receivables, excluding leveraged leases, and the average recorded investment

 

(In millions)

April 2,
2016

January 2,
2016

Recorded investment:

 

 

Impaired loans with related allowance for losses

     $
54

     $
62

Impaired loans with no related allowance for losses
25
42

 

 

 

Total

     $
79

     $
104

 

 

 

 

 

Unpaid principal balance

     $
88

     $
113

Allowance for losses on impaired loans
15
17

Average recorded investment
92
102

 

 

 

 

Allowance for losses on finance receivables on an individual and on a collective basis

 

(In millions)

April 2,
2016

January 2,
2016

Allowance based on collective evaluation

     $
33

     $
31

Allowance based on individual evaluation
15
17

 

 

 

Finance receivables evaluated collectively

     $
902

     $
883

Finance receivables evaluated individually
79
104

 

 

 

 

Rollforward of the allowance for losses on finance receivables

 

 

Three Months Ended

(In millions)

April 2,
2016

April 4,
2015

Beginning of period

     $
48

     $
51

Provision for losses

—
1

Charge-offs
(3)

—

Recoveries
3
1

 

 

 

End of period

     $
48

     $
53