Accounts Receivable (Tables)

6 Months Ended

Jun. 29, 2013

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