v3.25.2
Financing and Trade Receivables (Tables)
 6 Months Ended
Jun. 27, 2025
Credit Loss [Abstract]  
Schedule of Accounts, Notes, Loans and Financing Receivable
The components of financing receivables with payments due in less than twelve months that are presented in Accounts receivable, less allowance for credit losses on the Consolidated Condensed Balance Sheets were as follows:
($ in millions)June 27, 2025December 31, 2024
Gross current financing receivables:
PSAs$98.9 $98.6 
Franchisee Notes27.1 25.4 
Current financing receivables, gross126.0 124.0 
Allowance for credit losses:
PSAs10.5 11.0 
Franchisee Notes8.7 8.0 
Total allowance for credit losses19.2 19.0 
Net current financing receivables:
PSAs, net88.4 87.6 
Franchisee Notes, net18.4 17.4 
Total current financing receivables, net$106.8 $105.0 
The components of Long-term financing receivables, less allowance for credit losses, which consists of financing receivables with payments due beyond one year, were as follows:

($ in millions)June 27, 2025December 31, 2024
Gross long-term financing receivables:
PSAs$241.9 $253.6 
Franchisee Notes61.2 62.8 
Long-term financing receivables, gross303.1 316.4 
Allowance for credit losses:
PSAs26.2 27.2 
Franchisee Notes5.1 5.0 
Total allowance for credit losses31.3 32.2 
Net long-term financing receivables:
PSAs, net215.7 226.4 
Franchisee Notes, net56.1 57.8 
Total long-term financing receivables, net$271.8 $284.2 
Financing Receivable Credit Quality Indicators The amortized cost basis and current period gross write-offs of PSAs and Franchisee Notes by origination year as of and for the six months ended June 27, 2025, is as follows:
($ in millions)20252024202320222021PriorTotal
PSAs
Credit Score:
Less than 400$4.4 $6.6 $5.0 $2.1 $0.9 $0.1 $19.1 
400-59913.4 21.3 10.1 4.5 1.7 0.4 51.4 
600-79927.5 42.3 22.4 9.4 3.9 1.0 106.5 
800+47.6 63.9 33.3 13.9 4.3 0.8 163.8 
Total PSAs$92.9 $134.1 $70.8 $29.9 $10.8 $2.3 $340.8 
Franchisee Notes
Active distributors$16.1 $21.9 $10.2 $7.9 $6.4 $6.6 $69.1 
Separated distributors0.1 0.6 3.0 4.7 3.3 7.5 19.2 
Total Franchisee Notes$16.2 $22.5 $13.2 $12.6 $9.7 $14.1 $88.3 
Current Period Gross Write-offs
PSAs$— $8.3 $8.2 $3.6 $1.6 $0.9 $22.6 
Franchisee Notes— 0.1 0.5 0.5 0.8 1.5 3.4 
Total current period gross write-offs$— $8.4 $8.7 $4.1 $2.4 $2.4 $26.0 
Financing Receivable, Past Due
PSAs are considered past due when a contractual payment has not been made. If a customer is making payments on its account, interest will continue to accrue. The table below sets forth the aging of the Company’s PSA balances as of:
($ in millions)30-59 days past due60-90 days past dueGreater than 90 days past dueTotal past dueTotal not considered past dueTotalGreater than 90 days past due and accruing interest
June 27, 2025$3.3 $1.7 $7.3 $12.3 $328.5 $340.8 $7.3 
December 31, 20243.7 1.9 7.9 13.5 338.7 352.2 7.9 
Financing Receivable, Allowance for Credit Loss
The following is a rollforward of the PSAs and Franchisee Notes components of the Company’s allowance for credit losses related to financing receivables as of:
June 27, 2025
($ in millions)PSAsFranchisee NotesTotal
Allowance for credit losses, beginning of year$38.2 $13.0 $51.2 
Provision for credit losses20.1 4.1 24.2 
Write-offs(22.6)(3.4)(26.0)
Recoveries of amounts previously charged off1.0 0.1 1.1 
Allowance for credit losses, end of period$36.7 $13.8 $50.5 
Accounts Receivable, Allowance for Credit Loss
The following is a rollforward of the allowance for credit losses related to the Company’s trade accounts receivables, excluding financing receivables, and the Company’s trade accounts receivable cost basis as of:

($ in millions)June 27, 2025
Cost basis of trade accounts receivable$436.3 
Allowance for credit losses balance, beginning of year15.9 
Provision for credit losses2.5 
Write-offs(3.2)
Foreign currency and other0.6 
Allowance for credit losses balance, end of period15.8 
Net trade accounts receivable balance$420.5