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ACCOUNTS AND NOTES RECEIVABLE, NET (Tables) | 6 Months Ended
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Jun. 27, 2020
Receivables [Abstract] |
Schedule of Accounts, Notes, Loans and Financing Receivable |
(Millions of Dollars) | June 27, 2020 |  | December 28, 2019
Trade accounts receivable | $ | 1,573.9 |  |  | $ | 1,284.0 |
Trade notes receivable | 133.9 |  |  | 156.7 |
Other accounts receivable | 148.1 |  |  | 126.3 |
Gross accounts and notes receivable | $ | 1,855.9 |  |  | $ | 1,567.0 |
Allowance for credit losses | (136.5) |  |  | (112.4) |
Accounts and notes receivable, net | $ | 1,719.4 |  |  | $ | 1,454.6 |
Long-term receivables, net | $ | 135.0 |  |  | $ | 146.1 |
Accounts Receivable, Allowance for Credit Loss | The changes in the allowance for credit losses for the three and six months ended June 27, 2020 are as follows:
(Millions of Dollars) |  | Balance March 28, 2020 |  | Cumulative Effect Adjustment (a) |  | Charged To Costs and Expenses |  | Charged To Other Accounts (b) |  | Deductions (c) |  | Balance June 27, 2020
Accounts receivable |  | $ | 108.1 |  |  | $ | — |  |  | $ | 19.0 |  |  | $ | — |  |  | $ | (4.2) |  |  | $ | 122.9 |
Notes receivable |  | $ | 13.6 |  |  | $ | — |  |  | $ | — |  |  | $ | 0.1 |  |  | $ | (0.1) |  |  | $ | 13.6 |
Total |  | $ | 121.7 |  |  | $ | — |  |  | $ | 19.0 |  |  | $ | 0.1 |  |  | $ | (4.3) |  |  | $ | 136.5 |
(Millions of Dollars) |  | Balance December 28, 2019 |  | Cumulative Effect Adjustment (a) |  | Charged To Costs and Expenses |  | Charged To Other Accounts (b) |  | Deductions (c) |  | Balance June 27, 2020
Accounts receivable |  | $ | 99.3 |  |  | $ | 2.9 |  |  | $ | 29.7 |  |  | $ | (2.8) |  |  | $ | (6.2) |  |  | $ | 122.9 |
Notes receivable |  | $ | 13.1 |  |  | $ | 0.9 |  |  | $ | — |  |  | $ | (0.1) |  |  | $ | (0.3) |  |  | $ | 13.6 |
Total |  | $ | 112.4 |  |  | $ | 3.8 |  |  | $ | 29.7 |  |  | $ | (2.9) |  |  | $ | (6.5) |  |  | $ | 136.5 |
(a) Represents the cumulative-effect adjustment to opening retained earnings due to the adoption of ASU 2016-13. Refer to Note B, New Accounting Standards, for further discussion. (b) Amounts represent the impacts of foreign currency translation, acquisitions and net transfers to/from other accounts. (c) Amounts represent charge-offs less recoveries of accounts previously charged-off.
Finance Receivables and Operating Lease | The following is a summary of the expected timing of receipt of payments from customers on an undiscounted basis as of June 27, 2020 relating to the Company’s lease receivables:
(Millions of Dollars) |  | Total |  | Within 1 Year |  | 2 Years |  | 3 Years |  | 4 Years |  | 5 Years |  | Thereafter
Financing receivables |  | $ | 198.8 |  |  | $ | 75.8 |  |  | $ | 55.1 |  |  | $ | 36.1 |  |  | $ | 19.4 |  |  | $ | 8.6 |  |  | $ | 3.8 |
Operating leases |  | $ | 50.3 |  |  | $ | 48.2 |  |  | $ | 1.3 |  |  | $ | 0.5 |  |  | $ | 0.2 |  |  | $ | 0.1 |  |  | $ | — |
The following is a summary of lease revenue and sales-type lease profit for the three and six months ended June 27, 2020 and June 29, 2019:
|  | Second Quarter |  |  |  | Year-to-Date |  |
(Millions of Dollars) |  | 2020 |  | 2019 |  | 2020 |  | 2019
Sales-type lease revenue |  | $ | 30.8 |  |  | $ | 19.6 |  |  | $ | 53.8 |  |  | $ | 41.5 |
Lease interest revenue |  | 3.0 |  |  | 3.3 |  |  | 6.1 |  |  | 6.5 |
Operating lease revenue |  | 35.2 |  |  | 37.2 |  |  | 71.5 |  |  | 73.9 |
Total lease revenue |  | $ | 69.0 |  |  | $ | 60.1 |  |  | $ | 131.4 |  |  | $ | 121.9 |
Sales-type lease profit |  | $ | 12.3 |  |  | $ | 7.8 |  |  | $ | 21.4 |  |  | $ | 16.5 |

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- Definition Tabular disclosure of allowance for credit loss on accounts receivable. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 20 -Section 50 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=119407570&loc=SL82919249-210447 + Details
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- Definition Tabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.3,4) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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