Financing Receivables and Allowance for Credit Losses

6 Months Ended

Mar. 28, 2014

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 Condensed Consolidated Balance Sheets.

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:

	March 28,			September 27,
(In millions)	2014			2013
Accounts receivable with contractual maturities of more than one year:
Gross amount	$	35.9		$	28.0
Allowance for doubtful accounts		(3.0	)		(3.0	)
Net amount	$	32.9		$	25.0
Amount past due	$	3.6		$	3.1

During the three months and six months ended March 28, 2014, the Company sold $2.0 million and $3.0 million of accounts receivable with contractual maturities of more than one year, respectively. 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.