|6 Months Ended|
Jul. 04, 2015
Note 9 – Financing Receivables
The Company has recorded financing receivables, which are defined as a contractual right to receive money, as assets on its Condensed Consolidated Balance Sheets as of July 4, 2015, December 31, 2014 and June 28, 2014. Substantially all of the Company’s financing receivables are from commercial customers. The Company classifies its financing receivables into three categories: receivables repurchased under recourse provisions (Recourse Receivables); receivables sold to third-party finance companies (Third-Party Receivables); and customer notes and other (Other Receivables). Recourse Receivables are the result of the contingent recourse arrangements discussed in Note 8 – Commitments and Contingencies. Third-Party Receivables are accounts that have been sold to third-party finance companies, but do not meet the definition of a true sale, and are therefore recorded as an asset with an offsetting balance recorded as a secured obligation in Accrued expenses and Other long-term liabilities as discussed in Note 8 – Commitments and Contingencies. Other Receivables are mostly comprised of notes from customers, which are originated by the Company in the normal course of business. Financing receivables are carried at their face amounts less an allowance for doubtful accounts.
Due to the composition of the account portfolio, the Company does not believe that the credit risk posed by the Company's financing receivables is significant to its operations, financial condition or cash flows. There were no significant troubled debt restructurings during the three months and six months ended July 4, 2015 and June 28, 2014, respectively.
The following are the Company’s financing receivables, excluding trade accounts receivable contractually due within one year as of July 4, 2015, December 31, 2014 and June 28, 2014:
There was no significant activity in the allowance for doubtful accounts on financing receivables during the six months ended July 4, 2015 and June 28, 2014, respectively.
The entire disclosure for financing receivables. Examples of financing receivables include, but are not limited to, loans, trade accounts receivables, notes receivable, credit cards, and receivables relating to a lessor's right(s) to payment(s) from a lease other than an operating lease that is recognized as assets.
Reference 1: http://www.xbrl.org/2003/role/presentationRef
No definition available.