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ACCOUNTS AND NOTES RECEIVABLE, NET (Tables)

6 Months Ended

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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Tabular disclosure of allowance for credit loss on accounts receivable.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 20
-Section 50
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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.

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Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
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