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FINANCING RECEIVABLES AND ALLOWANCE FOR CREDIT LOSSES
 6 Months Ended
Mar. 29, 2013
FINANCING RECEIVABLES AND ALLOWANCE FOR CREDIT LOSSES

4. FINANCING RECEIVABLES AND ALLOWANCE FOR CREDIT LOSSES

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 balance sheet. The Company’s financing receivables, consisting of its accounts receivable with contractual maturities of more than one year and the related allowance for doubtful accounts, and short-term investment, are presented in the following table:

 

(In millions)    March 29,
2013		     September 28,
2012		  

Accounts receivable with contractual maturities of more than one year:

     

Gross amount

    $ 18.3      $ 29.9   

Allowance for doubtful accounts

      (3.4 )      (3.0 ) 
  

 

 

    

 

 

  

Net amount

    $ 14.9      $ 26.9   
  

 

 

    

 

 

  

Amount past due

    $ 5.2      $ 4.3   
  

 

 

    

 

 

  

Short-term investment:

     

Total short-term investment1

    $ 56.1      $ 49.7   
  

 

 

    

 

 

  

Amount past due

    $ —        $ —     
  

 

 

    

 

 

  

 

1 

Represents a loan to CPTC. See Note 15, “Variable Interest Entity.”

During the three and six months ended March 29, 2013, the Company sold $0.5 million and $1.1 million of accounts receivable with contractual maturities of more than one year, respectively. During the three and six months ended March 30, 2012, the Company sold $2.3 million and $7.5 million of accounts receivable with contractual maturities of more than one year, respectively.