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ACCOUNTS AND NOTES RECEIVABLE, NET (Tables)

6 Months Ended

Jul. 01, 2023

Receivables [Abstract]

Schedule of Accounts, Notes, Loans and Financing Receivable

(Millions of Dollars)			July 1, 2023						December 31, 2022
Trade accounts receivable			$	1,603.8					$	1,142.0
Trade notes receivable			85.4						100.1
Other accounts receivable			105.5						95.5
Gross accounts and notes receivable			$	1,794.7					$	1,337.6
Allowance for credit losses			(88.0)						(106.6)
Accounts and notes receivable, net			$	1,706.7					$	1,231.0

Accounts Receivable, Allowance for Credit Loss

The changes in the allowance for credit losses for the three and six months ended July 1, 2023 and July 2, 2022 are as follows:

			Second Quarter												Year-to-Date
(Millions of Dollars)			2023						2022						2023						2022
Beginning balance			$	105.8					$	107.8					$	106.6					$	95.9
Charged to costs and expenses			2.9						3.3						5.0						14.4
Other, including recoveries and deductions (a)			(20.7)						(8.9)						(23.6)						(8.1)
Balance end of period			$	88.0					$	102.2					$	88.0					$	102.2

(a) Amounts represent charge-offs less recoveries, the impacts of foreign currency translation, and net transfers to/from other accounts.

X

- Definition

Tabular disclosure of allowance for credit loss on accounts receivable.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479319/326-20-50-13

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X

- References

No definition available.

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X

- 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
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.3,4)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

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