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Financing Receivables and Allowance for Credit Losses
 12 Months Ended
Sep. 27, 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)

September 27,
2013

 

 

September 28,
2012

 

 

September 30,
2011

 

Accounts receivable with contractual maturities of more than one year:

 

 

 

 

 

 

 

 

 

 

 

Gross amount             

$

  28.0

 

 

$

  29.9

 

 

$

  16.2

 

Allowance for doubtful accounts             

 

(3.0

)

 

 

(3.0

)

 

 

-

 

Net amount             

$

  25.0

 

 

$

  26.9

 

 

$

  16.2

 

Amount past due             

$

  3.1

 

 

$

  4.3

 

 

$

  1.2

 

 

During fiscal years 2013, 2012, and 2011, the Company sold $1.3 million, $11.0 million, and $3.6 million, respectively, of accounts receivable with contractual maturities of more than one year. There was no significant activity in the allowance for doubtful financing receivable accounts during fiscal years 2013, 2012, and 2011.