ACCOUNTS AND NOTES RECEIVABLE, NET (Tables)

9 Months Ended

Oct. 02, 2021

Receivables [Abstract]

Schedule of Accounts, Notes, Loans and Financing Receivable

(Millions of Dollars)	October 2, 2021		January 2, 2021
Trade accounts receivable	$	1,816.0	$	1,345.7
Trade notes receivable	150.7		156.1
Other accounts receivable	161.4		151.5
Gross accounts and notes receivable	$	2,128.1	$	1,653.3
Allowance for credit losses	(139.1)		(141.1)
Accounts and notes receivable, net	$	1,989.0	$	1,512.2
Long-term receivables, net	$	138.0	$	139.9

Accounts Receivable, Allowance for Credit Loss

The changes in the allowance for credit losses for the three and nine months ended October 2, 2021 and September 26, 2020 are as follows:

(Millions of Dollars)	Balance July 3, 2021		Cumulative Effect Adjustment (a)		Charged To Costs and Expenses		Charged To Other Accounts (b)		Deductions (c)		Balance October 2, 2021
Accounts receivable	$	126.4	$	—	$	3.4	$	(2.6)	$	(3.1)	$	124.1
Notes receivable	14.8		—		0.2		—		—		15.0
Total	$	141.2	$	—	$	3.6	$	(2.6)	$	(3.1)	$	139.1

(Millions of Dollars)	Balance January 2, 2021		Cumulative Effect Adjustment (a)		Charged To Costs and Expenses		Charged To Other Accounts (b)		Deductions (c)		Balance October 2, 2021
Accounts receivable	$	126.7	$	—	$	7.6	$	(1.8)	$	(8.4)	$	124.1
Notes receivable	14.4		—		0.6		—		—		15.0
Total	$	141.1	$	—	$	8.2	$	(1.8)	$	(8.4)	$	139.1

(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, Financial Instruments - Credit Losses (Topic 326), in the first quarter of 2020.

(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 October 2, 2021 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	$	199.2	$	73.1	$	54.3	$	37.7	$	21.6	$	10.8	$	1.7
Operating leases	$	28.3	$	26.5	$	0.9	$	0.5	$	0.3	$	0.1	$	—

The following is a summary of lease revenue and sales-type lease profit for the three and nine months ended October 2, 2021 and September 26, 2020:

	Third Quarter				Year-to-Date
(Millions of Dollars)	2021		2020		2021		2020
Sales-type lease revenue	$	27.8	$	28.2	$	93.8	$	82.0
Lease interest revenue	3.2		3.3		9.9		9.4
Operating lease revenue	21.5		30.4		61.6		101.9
Total lease revenue	$	52.5	$	61.9	$	165.3	$	193.3
Sales-type lease profit	$	11.0	$	11.2	$	37.3	$	32.6