ACCOUNTS AND NOTES RECEIVABLE, NET (Tables)

6 Months Ended

Jun. 27, 2020

Receivables [Abstract]

Schedule of Accounts, Notes, Loans and Financing Receivable

(Millions of Dollars)	June 27, 2020		December 28, 2019
Trade accounts receivable	$	1,573.9	$	1,284.0
Trade notes receivable	133.9		156.7
Other accounts receivable	148.1		126.3
Gross accounts and notes receivable	$	1,855.9	$	1,567.0
Allowance for credit losses	(136.5)		(112.4)
Accounts and notes receivable, net	$	1,719.4	$	1,454.6
Long-term receivables, net	$	135.0	$	146.1

Accounts Receivable, Allowance for Credit Loss

The changes in the allowance for credit losses for the three and six months ended June 27, 2020 are as follows:

(Millions of Dollars)	Balance March 28, 2020		Cumulative Effect Adjustment (a)		Charged To Costs and Expenses		Charged To Other Accounts (b)		Deductions (c)		Balance June 27, 2020
Accounts receivable	$	108.1	$	—	$	19.0	$	—	$	(4.2)	$	122.9
Notes receivable	$	13.6	$	—	$	—	$	0.1	$	(0.1)	$	13.6
Total	$	121.7	$	—	$	19.0	$	0.1	$	(4.3)	$	136.5

(Millions of Dollars)	Balance December 28, 2019		Cumulative Effect Adjustment (a)		Charged To Costs and Expenses		Charged To Other Accounts (b)		Deductions (c)		Balance June 27, 2020
Accounts receivable	$	99.3	$	2.9	$	29.7	$	(2.8)	$	(6.2)	$	122.9
Notes receivable	$	13.1	$	0.9	$	—	$	(0.1)	$	(0.3)	$	13.6
Total	$	112.4	$	3.8	$	29.7	$	(2.9)	$	(6.5)	$	136.5

(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 June 27, 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	$	198.8	$	75.8	$	55.1	$	36.1	$	19.4	$	8.6	$	3.8
Operating leases	$	50.3	$	48.2	$	1.3	$	0.5	$	0.2	$	0.1	$	—

The following is a summary of lease revenue and sales-type lease profit for the three and six months ended June 27, 2020 and June 29, 2019:

	Second Quarter				Year-to-Date
(Millions of Dollars)	2020		2019		2020		2019
Sales-type lease revenue	$	30.8	$	19.6	$	53.8	$	41.5
Lease interest revenue	3.0		3.3		6.1		6.5
Operating lease revenue	35.2		37.2		71.5		73.9
Total lease revenue	$	69.0	$	60.1	$	131.4	$	121.9
Sales-type lease profit	$	12.3	$	7.8	$	21.4	$	16.5