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ACCOUNTS AND NOTES RECEIVABLE, NET | 12 Months Ended
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Dec. 28, 2024
Receivables [Abstract] |
ACCOUNTS AND NOTES RECEIVABLE, NET | ACCOUNTS AND NOTES RECEIVABLE, NET
(Millions of Dollars) | December 28, 2024 |  | December 30, 2023
Trade accounts receivable | $ | 950.4 |  |  | $ | 1,057.8 |
Notes receivable | 65.9 |  |  | 66.9 |
Other accounts receivable | 222.1 |  |  | 253.9 |
Accounts and notes receivable | 1,238.4 |  |  | 1,378.6 |
Allowance for credit losses | (84.7) |  |  | (76.6) |
Accounts and notes receivable, net | $ | 1,153.7 |  |  | $ | 1,302.0 |
Trade receivables are dispersed among a large number of retailers, distributors and industrial accounts in many countries. Adequate reserves have been established to cover anticipated credit losses. The changes in the allowance for credit losses for the years ended December 28, 2024 and December 30, 2023 are as follows:
(Millions of Dollars) |  | 2024 |  | 2023
Balance beginning of period |  | $ | 76.6 |  |  | $ | 106.6 |
Charged to costs and expenses |  | 22.2 |  |  | 8.7 |
Other, including recoveries and deductions (a) |  | (14.1) |  |  | (38.7) |
Balance end of period |  | $ | 84.7 |  |  | $ | 76.6 |
(a) Amounts represent charge-offs less recoveries, the impacts of foreign currency translation, divestitures and net transfers to/from other accounts. The Company has an accounts receivable sale program. According to the terms, the Company sells certain of its trade accounts receivables at fair value to a wholly owned, consolidated, bankruptcy-remote special purpose subsidiary (“BRS"). The BRS, in turn, can sell such receivables to a third-party financial institution (“Purchaser”) for cash. The Purchaser’s maximum cash investment in the receivables at any time is $110.0 million. The purpose of the program is to provide liquidity to the Company. These transfers qualify as sales under ASC 860, Transfers and Servicing, and receivables are derecognized from the Company’s Consolidated Balance Sheets when the BRS sells those receivables to the Purchaser. The Company has no retained interests in the transferred receivables, other than collection and administrative responsibilities. At December 28, 2024, the Company did not record a servicing asset or liability related to its retained responsibility based on its assessment of the servicing fee, market values for similar transactions and its cost of servicing the receivables sold. At December 28, 2024 and December 30, 2023, net receivables of approximately $95.1 million and $110.0 million, respectively, were derecognized. Proceeds from transfers of receivables to the Purchaser totaled $402.3 million and $455.7 million for the years ended December 28, 2024 and December 30, 2023, respectively, and payments to the Purchaser totaled $417.2 million and $455.7 million, respectively. The program resulted in a pre-tax loss of $5.4 million for each of the years ended December 28, 2024 and December 30, 2023. All cash flows under the program are reported as a component of changes in accounts receivable within operating activities in the Consolidated Statements of Cash Flows since all the cash from the Purchaser is received upon the initial sale of the receivable. As of December 28, 2024 and December 30, 2023, the Company's deferred revenue totaled $101.6 million and $116.8 million, respectively, of which $31.3 million and $31.7 million, respectively, was classified as current. Revenue recognized for the years ended December 28, 2024 and December 30, 2023 that was previously deferred as of December 30, 2023 and December 31, 2022 totaled $28.6 million and $27.3 million, respectively.

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