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ACCOUNTS AND NOTES RECEIVABLE, NET (Tables) | 6 Months Ended
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Jul. 03, 2021
Receivables [Abstract] |
Schedule of Accounts, Notes, Loans and Financing Receivable |
(Millions of Dollars) | July 3, 2021 |  | January 2, 2021
Trade accounts receivable | $ | 1,790.1 |  |  | $ | 1,345.7 |
Trade notes receivable | 160.2 |  |  | 156.1 |
Other accounts receivable | 185.6 |  |  | 151.5 |
Gross accounts and notes receivable | $ | 2,135.9 |  |  | $ | 1,653.3 |
Allowance for credit losses | (141.2) |  |  | (141.1) |
Accounts and notes receivable, net | $ | 1,994.7 |  |  | $ | 1,512.2 |
Long-term receivables, net | $ | 142.7 |  |  | $ | 139.9 |
Accounts Receivable, Allowance for Credit Loss | The changes in the allowance for credit losses for the three and six months ended July 3, 2021 and June 27, 2020 are as follows:
(Millions of Dollars) |  | Balance April 3, 2021 |  | Cumulative Effect Adjustment (a) |  | Charged To Costs and Expenses |  | Charged To Other Accounts (b) |  | Deductions (c) |  | Balance July 3, 2021
Accounts receivable |  | $ | 129.5 |  |  | $ | — |  |  | $ | (1.3) |  |  | $ | (0.7) |  |  | $ | (1.1) |  |  | $ | 126.4 |
Notes receivable |  | 14.6 |  |  | — |  |  | 0.4 |  |  | (0.2) |  |  | — |  |  | 14.8 |
Total |  | $ | 144.1 |  |  | $ | — |  |  | $ | (0.9) |  |  | $ | (0.9) |  |  | $ | (1.1) |  |  | $ | 141.2 |
(Millions of Dollars) |  | Balance January 2, 2021 |  | Cumulative Effect Adjustment (a) |  | Charged To Costs and Expenses |  | Charged To Other Accounts (b) |  | Deductions (c) |  | Balance July 3, 2021
Accounts receivable |  | $ | 126.7 |  |  | $ | — |  |  | $ | 4.2 |  |  | $ | 0.8 |  |  | $ | (5.3) |  |  | $ | 126.4 |
Notes receivable |  | 14.4 |  |  | — |  |  | 0.4 |  |  | — |  |  | — |  |  | 14.8 |
Total |  | $ | 141.1 |  |  | $ | — |  |  | $ | 4.6 |  |  | $ | 0.8 |  |  | $ | (5.3) |  |  | $ | 141.2 |
(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, Financial Instruments - Credit Losses (Topic 326), in the first quarter of 2020. (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 July 3, 2021 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 |  | $ | 207.6 |  |  | $ | 76.4 |  |  | $ | 56.2 |  |  | $ | 38.6 |  |  | $ | 22.4 |  |  | $ | 11.0 |  |  | $ | 3.0 |
Operating leases |  | $ | 19.3 |  |  | $ | 17.6 |  |  | $ | 0.8 |  |  | $ | 0.4 |  |  | $ | 0.1 |  |  | $ | 0.1 |  |  | $ | 0.3 |
The following is a summary of lease revenue and sales-type lease profit for the three and six months ended July 3, 2021 and June 27, 2020:
|  | Second Quarter |  | Year-to-Date
(Millions of Dollars) |  | 2021 |  | 2020 |  | 2021 |  | 2020
Sales-type lease revenue |  | $ | 31.4 |  |  | $ | 30.8 |  |  | $ | 66.0 |  |  | $ | 53.8 |
Lease interest revenue |  | 3.7 |  |  | 3.0 |  |  | 6.7 |  |  | 6.1 |
Operating lease revenue |  | 15.9 |  |  | 35.2 |  |  | 40.1 |  |  | 71.5 |
Total lease revenue |  | $ | 51.0 |  |  | $ | 69.0 |  |  | $ | 112.8 |  |  | $ | 131.4 |
Sales-type lease profit |  | $ | 12.5 |  |  | $ | 12.3 |  |  | $ | 26.3 |  |  | $ | 21.4 |

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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=120391452&loc=d3e13212-122682 + Details
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