RECEIVABLES

3 Months Ended

Jan. 01, 2021

The following table summarizes the Company's trade and unbilled receivables, net, and long-term notes receivable:


(In millions)	January 1, 2021		October 2, 2020
Trade and unbilled receivables, gross	$	1,189.4	$	1,198.1
Allowance for credit losses	(61.2)		(58.3)
Trade and unbilled receivables, net	$	1,128.2	$	1,139.8
Short-term	$	1,029.3	$	1,066.1
Long-term (1)	$	98.9	$	73.7

Short-term notes receivable (1)	$	11.8	$	11.8
Long-term notes receivable (1) (2)	$	37.5	$	36.7

(1)Short-term notes receivables are included in prepaid and other assets and long-term receivables are included in other assets on the Company's Condensed Consolidated Balance Sheets.

(2)Balances include accrued interest and are recorded in other assets on the Company's Condensed Consolidated Balance Sheets.

A financing receivable represents a financing arrangement with a contractual right to receive money, on demand or on fixed or determinable dates, and that is recognized as an asset on the Company’s Condensed Consolidated Balance Sheets. The Company’s financing receivables consist of trade receivables with contractual maturities of more than one year and notes receivable. A small portion of the Company's financing trade receivables are included in short-term trade accounts receivable. As of January 1, 2021, the allowance for credit losses included $55.2 million related to short-term trade and unbilled receivables and $6.0 million related to long-term unbilled receivables. As of October 2, 2020, the allowance for credit losses included $52.3 million related to short-term trade and unbilled receivables and $6.0 million related to long-term unbilled receivables. See Note 14, "Proton Solutions Loans and Investments," for more information on the Company's short-term and long-term notes receivable balances.

The following is a rollforward of the allowance for credit losses on the Company's trade and unbilled receivables:


	Three Months Ended
(In millions)	January 1, 2021
Balance at October 2, 2020	$	(58.3)
Cumulative effect adjustment for adoption of ASU 2016-13 (1)	(3.4)

Provision for expected credit losses	(1.5)
Recoveries (write-offs)	2.0
Balance at January 1, 2021	$	(61.2)

(1)Effective October 3, 2020, the Company adopted ASC 2016-13 using the modified retrospective method. Please see Note 1, "Summary of Significant Accounting Policies," for more information.

Upon adoption of ASC 2016-13, the Company recorded an allowance for credit losses on its short-term and long-term notes receivable balances of $0.5 million. The provision for expected credit losses on its notes receivable balances in the three months ended January 1, 2021 was not material.