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Accounts Receivable (Tables) | 6 Months Ended
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Jun. 29, 2013
Receivables [Abstract] |
Components of Trade and Other Accounts Receivable | The components of Snap-on’s trade and other accounts receivable as of June 29, 2013, and December 29, 2012, are as follows:
(Amounts in millions) |  | June 29, 2013 |  |  | December 29, 2012 |
Trade and other accounts receivable |  | $ | 517.0 |  |  | $ | 516.9 |
Allowances for doubtful accounts |  |  | (17.1) |  |  |  | (19.0) |
Total trade and other accounts receivable – net |  | $ | 499.9 |  |  | $ | 497.9 |
Components of Current Finance and Contract Receivables | The components of Snap-on’s current finance and contract receivables as of June 29, 2013, and December 29, 2012, are as follows:
(Amounts in millions) |  | June 29, 2013 |  |  | December 29, 2012 |
Finance receivables, net of unearned finance charges of $12.7 million and $8.4 million, respectively |  | $ | 365.6 |  |  | $ | 331.7 |
Contract receivables, net of unearned finance charges of $12.0 million and $9.3 million, respectively |  |  | 57.5 |  |  |  | 63.7 |
Total |  |  | 423.1 |  |  |  | 395.4 |
Allowances for doubtful accounts: |  |  |  |  |  |  |  |
Finance receivables |  |  | (10.2) |  |  |  | (8.6) |
Contract receivables |  |  | (1.4) |  |  |  | (1.0) |
Total |  |  | (11.6) |  |  |  | (9.6) |
Total current finance and contract receivables – net |  | $ | 411.5 |  |  | $ | 385.8 |
Finance receivables – net |  | $ | 355.4 |  |  | $ | 323.1 |
Contract receivables – net |  |  | 56.1 |  |  |  | 62.7 |
Total current finance and contract receivables – net |  | $ | 411.5 |  |  | $ | 385.8 |
Components of Finance and Contract Receivables Beyond One Year | The components of Snap-on’s finance and contract receivables with payment terms beyond one year as of June 29, 2013, and December 29, 2012, are as follows:
(Amounts in millions) |  | June 29, 2013 |  |  | December 29, 2012 |
Finance receivables, net of unearned finance charges of $8.0 million and $11.8 million, respectively |  | $ | 537.2 |  |  | $ | 512.5 |
Contract receivables, net of unearned finance charges of $16.1 million and $18.1 million, respectively |  |  | 205.1 |  |  |  | 196.6 |
Total |  |  | 742.3 |  |  |  | 709.1 |
Allowances for doubtful accounts: |  |  |  |  |  |  |  |
Finance receivables |  |  | (16.4) |  |  |  | (17.9) |
Contract receivables |  |  | (2.1) |  |  |  | (2.2) |
Total |  |  | (18.5) |  |  |  | (20.1) |
Total long-term finance and contract receivables – net |  | $ | 723.8 |  |  | $ | 689.0 |
Finance receivables – net |  | $ | 520.8 |  |  | $ | 494.6 |
Contract receivables – net |  |  | 203.0 |  |  |  | 194.4 |
Total long-term finance and contract receivables – net |  | $ | 723.8 |  |  | $ | 689.0 |
Aging of Finance and Contract Receivables | The aging of finance and contract receivables as of June 29, 2013, and December 29, 2012, is as follows:
(Amounts in millions) |  | 30-59 Days Past Due |  |  | 60-90 Days Past Due |  |  | Greater Than 90 Days Past Due |  |  | Total Past Due |  |  | Total Not Past Due |  |  | Total |  |  | Greater Than 90 Days Past Due and Accruing |
June 29, 2013: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Finance receivables |  | $ | 7.8 |  |  | $ | 4.5 |  |  | $ | 6.9 |  |  | $ | 19.2 |  |  | $ | 883.6 |  |  | $ | 902.8 |  |  | $ | 4.8 |
Contract receivables |  |  | 0.8 |  |  |  | 0.6 |  |  |  | 0.6 |  |  |  | 2.0 |  |  |  | 260.6 |  |  |  | 262.6 |  |  |  | 0.1 |
December 29, 2012: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Finance receivables |  | $ | 9.2 |  |  | $ | 5.5 |  |  | $ | 8.4 |  |  | $ | 23.1 |  |  | $ | 821.1 |  |  | $ | 844.2 |  |  | $ | 6.2 |
Contract receivables |  |  | 1.3 |  |  |  | 0.6 |  |  |  | 1.0 |  |  |  | 2.9 |  |  |  | 257.4 |  |  |  | 260.3 |  |  |  | 0.3 |
Schedule of Performing and Nonperforming Finance and Contract Receivables | The amount of performing and nonperforming finance and contract receivables based on payment activity as of June 29, 2013, and December 29, 2012, is as follows:
|  | June 29, 2013 |  |  | December 29, 2012 |
(Amounts in millions) |  | Finance Receivables |  |  | Contract Receivables |  |  | Finance Receivables |  |  | Contract Receivables |
Performing |  | $ | 890.6 |  |  | $ | 261.8 |  |  | $ | 830.8 |  |  | $ | 259.4 |
Nonperforming |  |  | 12.2 |  |  |  | 0.8 |  |  |  | 13.4 |  |  |  | 0.9 |
Total |  | $ | 902.8 |  |  | $ | 262.6 |  |  | $ | 844.2 |  |  | $ | 260.3 |
Schedule of Finance and Contract Receivables on Nonaccrual Status | The amount of finance and contract receivables on nonaccrual status as of June 29, 2013, and December 29, 2012, is as follows:
(Amounts in millions) |  | June 29, 2013 |  |  | December 29, 2012 |
Finance receivables |  | $ | 7.5 |  |  | $ | 7.2 |
Contract receivables |  |  | 0.8 |  |  |  | 0.9 |
Rollforward of Allowances for Credit Losses for Finance and Contract Receivables | The following is a rollforward of the allowances for credit losses for finance and contract receivables for the three and six month periods ended June 29, 2013:
|  | Three Months Ended June 29, 2013 |  |  | Six Months Ended June 29, 2013 |
(Amounts in millions) |  | Finance Receivables |  |  | Contract Receivables |  |  | Finance Receivables |  |  | Contract Receivables |
Allowances for doubtful accounts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning of period |  | $ | 25.8 |  |  | $ | 3.6 |  |  | $ | 26.5 |  |  | $ | 3.2 |
Provision for bad debt expense |  |  | 5.6 |  |  |  | 0.4 |  |  |  | 9.5 |  |  |  | 1.5 |
Charge-offs |  |  | (5.9) |  |  |  | (0.5) |  |  |  | (11.6) |  |  |  | (1.2) |
Recoveries |  |  | 1.2 |  |  |  | 0.1 |  |  |  | 2.3 |  |  |  | 0.1 |
Currency translation |  |  | (0.1) |  |  |  | (0.1) |  |  |  | (0.1) |  |  |  | (0.1) |
End of period |  | $ | 26.6 |  |  | $ | 3.5 |  |  | $ | 26.6 |  |  | $ | 3.5 |
The following is a rollforward of the allowances for credit losses for finance and contract receivables for the three and six month periods ended June 30, 2012:
|  | Three Months Ended June 30, 2012 |  |  | Six Months Ended June 30, 2012 |
(Amounts in millions) |  | Finance Receivables |  |  | Contract Receivables |  |  | Finance Receivables |  |  | Contract Receivables |
Allowances for doubtful accounts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning of period |  | $ | 24.5 |  |  | $ | 4.4 |  |  | $ | 24.2 |  |  | $ | 4.1 |
Provision for bad debt expense |  |  | 4.8 |  |  |  | 0.1 |  |  |  | 8.7 |  |  |  | 0.6 |
Charge-offs |  |  | (4.9) |  |  |  | (0.4) |  |  |  | (9.6) |  |  |  | (0.7) |
Recoveries |  |  | 1.0 |  |  |  | 0.1 |  |  |  | 2.1 |  |  |  | 0.2 |
End of period |  | $ | 25.4 |  |  | $ | 4.2 |  |  | $ | 25.4 |  |  | $ | 4.2 |

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