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Financing Receivables and Allowance for Credit Losses
 9 Months Ended
Jun. 28, 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 are presented in the following table:

 

(In millions)

June 28,
2013

 

  

September 28,
2012

 

 

 

 

 

 

 

 

 

Accounts receivable with contractual maturities of more than one year:

 

 

 

  

 

 

 

Gross amount             

$

  20.3

 

  

$

  29.9

 

Allowance for doubtful accounts             

 

(3.3

)

  

 

(3.0

)

Net amount             

$

  17.0

 

  

$

  26.9

 

Amount past due             

$

  3.9

 

  

$

  4.3

 

             

 

 

 

  

 

 

 

             

During the three months ended June 28, 2013, no accounts receivable with contractual maturities of more than one year were sold. During the nine months ended June 28, 2013, the Company sold $1.1 million of accounts receivable with contractual maturities of more than one year. During the three and nine months ended June 29, 2012, the Company sold $2.2 million and $9.7 million of accounts receivable with contractual maturities of more than one year, respectively.