ACCOUNTS AND NOTES RECEIVABLE, NET (Tables)

9 Months Ended

Sep. 26, 2020

Receivables [Abstract]

Schedule of Accounts, Notes, Loans and Financing Receivable

(Millions of Dollars)	September 26, 2020		December 28, 2019
Trade accounts receivable	$	1,599.0	$	1,284.0
Trade notes receivable	150.1		156.7
Other accounts receivable	152.4		126.3
Gross accounts and notes receivable	$	1,901.5	$	1,567.0
Allowance for credit losses	(137.3)		(112.4)
Accounts and notes receivable, net	$	1,764.2	$	1,454.6
Long-term receivables, net	$	135.9	$	146.1

Accounts Receivable, Allowance for Credit Loss

The changes in the allowance for credit losses for the three and nine months ended September 26, 2020 are as follows:

(Millions of Dollars)	Balance June 27, 2020		Cumulative Effect Adjustment (a)		Charged To Costs and Expenses		Charged To Other Accounts (b)		Deductions (c)		Balance September 26, 2020
Accounts receivable	$	122.9	$	—	$	7.6	$	2.3	$	(9.4)	$	123.4
Notes receivable	$	13.6	$	—	$	—	$	0.3	$	—	$	13.9
Total	$	136.5	$	—	$	7.6	$	2.6	$	(9.4)	$	137.3

(Millions of Dollars)	Balance December 28, 2019		Cumulative Effect Adjustment (a)		Charged To Costs and Expenses		Charged To Other Accounts (b)		Deductions (c)		Balance September 26, 2020
Accounts receivable	$	99.3	$	2.9	$	37.3	$	(0.5)	$	(15.6)	$	123.4
Notes receivable	$	13.1	$	0.9	$	—	$	0.2	$	(0.3)	$	13.9
Total	$	112.4	$	3.8	$	37.3	$	(0.3)	$	(15.9)	$	137.3

(a) Represents the cumulative-effect adjustment to opening retained earnings due to the adoption of ASU 2016-13. Refer to Note B, New Accounting Standards, for further discussion.

(b) Amounts represent the impacts of foreign currency translation, acquisitions and net transfers to/from other accounts.

(c) Amounts represent charge-offs less recoveries of accounts previously charged-off.

Finance Receivables and Operating Lease

The following is a summary of the expected timing of receipt of payments from customers on an undiscounted basis as of September 26, 2020 relating to the Company’s lease receivables:

(Millions of Dollars)	Total		Within 1 Year		2 Years		3 Years		4 Years		5 Years		Thereafter
Financing receivables	$	202.0	$	77.7	$	55.6	$	37.2	$	20.1	$	9.9	$	1.5
Operating leases	$	41.4	$	39.6	$	1.2	$	0.5	$	0.1	$	—	$	—

The following is a summary of lease revenue and sales-type lease profit for the three and nine months ended September 26, 2020 and September 28, 2019:

	Third Quarter				Year-to-Date
(Millions of Dollars)	2020		2019		2020		2019
Sales-type lease revenue	$	28.2	$	20.8	$	82.0	$	62.3
Lease interest revenue	3.3		2.7		9.4		9.2
Operating lease revenue	30.4		42.3		101.9		116.2
Total lease revenue	$	61.9	$	65.8	$	193.3	$	187.7
Sales-type lease profit	$	11.2	$	8.2	$	32.6	$	24.7