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ACCOUNTS AND NOTES RECEIVABLE, NET (Tables)
 3 Months Ended
Mar. 28, 2020
Receivables [Abstract]  
Schedule of Accounts, Notes, Loans and Financing Receivable
(Millions of Dollars)
March 28, 2020
 
December 28, 2019
Trade accounts receivable
$
1,521.1

 
$
1,284.0

Trade notes receivable
144.1

 
156.7

Other accounts receivable
138.0

 
126.3

Gross accounts and notes receivable
$
1,803.2

 
$
1,567.0

Allowance for credit losses
(121.7
)
 
(112.4
)
Accounts and notes receivable, net
$
1,681.5

 
$
1,454.6

Long-term receivables, net
$
138.9

 
$
146.1
Accounts Receivable, Allowance for Credit Loss
The changes in the allowance for credit losses for the three months ended March 28, 2020 are as follows:
(Millions of Dollars)
 
Balance December 28, 2019
 
Cumulative Effect Adjustment (a)
 
Charged To Costs and Expenses
 
Charged To Other Accounts
(b)
 
Deductions (c)
 
Balance March 28, 2020
Accounts receivable
 
$
99.3

 
$
2.9

 
$
10.7

 
$
(2.8
)
 
$
(2.0
)
 
$
108.1

Notes receivable
 
$
13.1

 
$
0.9

 
$
—

 
$
(0.2
)
 
$
(0.2
)
 
$
13.6

Total
 
$
112.4

 
$
3.8

 
$
10.7

 
$
(3.0
)
 
$
(2.2
)
 
$
121.7

(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 March 28, 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
 
$
202.2

 
$
75.9

 
$
57.4

 
$
37.0

 
$
19.9

 
$
8.3

 
$
3.7

Operating leases
 
$
53.2

 
$
50.8

 
$
1.3

 
$
0.8

 
$
0.3

 
$
—

 
$
—


The following is a summary of lease revenue and sales-type lease profit for the three months ended March 28, 2020 and March 30, 2019:
(Millions of Dollars)
 
2020
 
2019
Sales-type lease revenue
 
$
23.0

 
$
21.9

Lease interest revenue
 
3.1

 
3.2

Operating lease revenue
 
36.3

 
36.7

Total lease revenue
 
$
62.4

 
$
61.8

Sales-type lease profit
 
$
9.1

 
$
8.7