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Accounts Receivable (Tables) | 9 Months Ended
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Sep. 28, 2013
Receivables [Abstract] |
Components of Trade and Other Accounts Receivable | The components of Snap-on’s trade and other accounts receivable as of September 28, 2013, and December 29, 2012, are as follows:
|  | September 28, |  |  | December 29, |
(Amounts in millions) |  | 2013 |  |  | 2012 |
Trade and other accounts receivable |  | $ | 538.2 |  |  | $ | 516.9 |
Allowances for doubtful accounts |  |  | (16.3 | ) |  |  | (19.0 | )
Total trade and other accounts receivable – net |  | $ | 521.9 |  |  | $ | 497.9 |
Components of Current Finance and Contract Receivables | The components of Snap-on’s current finance and contract receivables as of September 28, 2013, and December 29, 2012, are as follows:
|  | September 28, |  |  | December 29, |
(Amounts in millions) |  | 2013 |  |  | 2012 |
Finance receivables, net of unearned finance charges of $13.6 million and $8.4 million, respectively |  | $ | 378.1 |  |  | $ | 331.7 |
Contract receivables, net of unearned finance charges of $12.4 million and $9.3 million, respectively |  |  | 74.5 |  |  |  | 63.7 |
Total |  |  | 452.6 |  |  |  | 395.4 |
Allowances for doubtful accounts: |  |  |  |  |  |  |  |
Finance receivables |  |  | (10.7 | ) |  |  | (8.6 | )
Contract receivables |  |  | (1.4 | ) |  |  | (1.0 | )
Total |  |  | (12.1 | ) |  |  | (9.6 | )
Total current finance and contract receivables – net |  | $ | 440.5 |  |  | $ | 385.8 |
Finance receivables – net |  | $ | 367.4 |  |  | $ | 323.1 |
Contract receivables – net |  |  | 73.1 |  |  |  | 62.7 |
Total current finance and contract receivables – net |  | $ | 440.5 |  |  | $ | 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 September 28, 2013, and December 29, 2012, are as follows:
|  | September 28, |  |  | December 29, |
(Amounts in millions) |  | 2013 |  |  | 2012 |
Finance receivables, net of unearned finance charges of $8.5 million and $11.8 million, respectively |  | $ | 557.8 |  |  | $ | 512.5 |
Contract receivables, net of unearned finance charges of $16.6 million and $18.1 million, respectively |  |  | 213.4 |  |  |  | 196.6 |
Total |  |  | 771.2 |  |  |  | 709.1 |
Allowances for doubtful accounts: |  |  |  |  |  |  |  |
Finance receivables |  |  | (17.0 | ) |  |  | (17.9 | )
Contract receivables |  |  | (2.0 | ) |  |  | (2.2 | )
Total |  |  | (19.0 | ) |  |  | (20.1 | )
Total long-term finance and contract receivables – net |  | $ | 752.2 |  |  | $ | 689.0 |
Finance receivables – net |  | $ | 540.8 |  |  | $ | 494.6 |
Contract receivables – net |  |  | 211.4 |  |  |  | 194.4 |
Total long-term finance and contract receivables – net |  | $ | 752.2 |  |  | $ | 689.0 |
Aging of Finance and Contract Receivables | The aging of finance and contract receivables as of September 28, 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 |
September 28, 2013: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Finance receivables |  | $ | 8.9 |  |  | $ | 5.5 |  |  | $ | 8.3 |  |  | $ | 22.7 |  |  | $ | 913.2 |  |  | $ | 935.9 |  |  | $ | 6.0 |
Contract receivables |  |  | 0.6 |  |  |  | 0.3 |  |  |  | 0.9 |  |  |  | 1.8 |  |  |  | 286.1 |  |  |  | 287.9 |  |  |  | 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 September 28, 2013, and December 29, 2012, is as follows:
|  | September 28, 2013 |  |  | December 29, 2012 |
(Amounts in millions) |  | Finance Receivables |  |  | Contract Receivables |  |  | Finance Receivables |  |  | Contract Receivables |
Performing |  | $ | 922.1 |  |  | $ | 286.8 |  |  | $ | 830.8 |  |  | $ | 259.4 |
Nonperforming |  |  | 13.8 |  |  |  | 1.1 |  |  |  | 13.4 |  |  |  | 0.9 |
Total |  | $ | 935.9 |  |  | $ | 287.9 |  |  | $ | 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 September 28, 2013, and December 29, 2012, is as follows:
|  | September 28, |  |  | December 29, |
(Amounts in millions) |  | 2013 |  |  | 2012 |
Finance receivables |  | $ | 7.9 |  |  | $ | 7.2 |
Contract receivables |  |  | 1.1 |  |  |  | 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 nine month periods ended September 28, 2013:
|  | Three Months Ended September 28, 2013 |  |  | Nine Months Ended September 28, 2013 |
(Amounts in millions) |  | Finance Receivables |  |  | Contract Receivables |  |  | Finance Receivables |  |  | Contract Receivables |
Allowances for doubtful accounts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning of period |  | $ | 26.6 |  |  | $ | 3.5 |  |  | $ | 26.5 |  |  | $ | 3.2 |
Provision for bad debt expense |  |  | 5.5 |  |  |  | 0.2 |  |  |  | 15.0 |  |  |  | 1.7 |
Charge-offs |  |  | (5.5 | ) |  |  | (0.4 | ) |  |  | (17.1 | ) |  |  | (1.6 | )
Recoveries |  |  | 1.1 |  |  |  | 0.1 |  |  |  | 3.4 |  |  |  | 0.2 |
Currency translation |  |  | — |  |  |  | — |  |  |  | (0.1 | ) |  |  | (0.1 | )
End of period |  | $ | 27.7 |  |  | $ | 3.4 |  |  | $ | 27.7 |  |  | $ | 3.4 |
The following is a rollforward of the allowances for credit losses for finance and contract receivables for the three and nine month periods ended September 29, 2012:
|  | Three Months Ended September 29, 2012 |  |  | Nine Months Ended September 29, 2012 |
(Amounts in millions) |  | Finance Receivables |  |  | Contract Receivables |  |  | Finance Receivables |  |  | Contract Receivables |
Allowances for doubtful accounts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning of period |  | $ | 25.4 |  |  | $ | 4.2 |  |  | $ | 24.2 |  |  | $ | 4.1 |
Provision for bad debt expense |  |  | 5.1 |  |  |  | (0.5 | ) |  |  | 13.8 |  |  |  | 0.1 |
Charge-offs |  |  | (4.9 | ) |  |  | (0.5 | ) |  |  | (14.5 | ) |  |  | (1.2 | )
Recoveries |  |  | 1.1 |  |  |  | 0.1 |  |  |  | 3.2 |  |  |  | 0.3 |
End of period |  | $ | 26.7 |  |  | $ | 3.3 |  |  | $ | 26.7 |  |  | $ | 3.3 |

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