ACCOUNTS AND NOTES RECEIVABLE (Tables)

12 Months Ended

Jan. 02, 2021

Receivables [Abstract]

Finance Receivables and Operating Leases

The following is a summary of the expected timing of receipt of payments from customers on an undiscounted basis as of January 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
Finance receivables	$	209.5	$	80.3	$	56.5	$	38.9	$	21.4	$	8.1	$	4.3
Operating leases	$	39.7	$	38.5	$	0.9	$	0.3	$	—	$	—	$	—

Accounts and Financing Receivable

(Millions of Dollars)	2020		2019
Trade accounts receivable	$	1,345.7	$	1,284.0
Trade notes receivable	156.1		156.7
Other accounts receivable	151.5		126.3
Gross accounts and notes receivable	1,653.3		1,567.0
Allowance for credit losses	(141.1)		(112.4)
Accounts and notes receivable, net	$	1,512.2	$	1,454.6
Long-term receivable, net	$	139.9	$	146.1

Sales-type Lease, Lease Income

The following is a summary of lease revenue and sales-type lease profit for the years ended January 2, 2021 and December 28, 2019:

(Millions of Dollars)	2020		2019
Sales-type lease revenue	$	113.0	$	88.9
Lease interest revenue	13.3		12.7
Operating lease revenue	131.5		148.9
Total lease revenue	$	257.8	$	250.5
Sales-type lease profit	$	45.0	$	35.3

Accounts Receivable, Allowance for Credit Loss

The changes in the allowance for credit losses at January 2, 2021 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 January 2, 2021
Accounts receivable	$	99.3	$	2.9	$	41.1	$	15.3	$	(31.9)	$	126.7
Notes receivable	$	13.1	$	0.9	$	—	$	4.6	$	(4.2)	$	14.4
Total	$	112.4	$	3.8	$	41.1	$	19.9	$	(36.1)	$	141.1

(a) Represents the cumulative-effect adjustment to opening retained earnings due to the adoption of ASU 2016-13. Refer to Note A, Significant Accounting Policies, 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.