XML 71 R30.htm IDEA: XBRL DOCUMENT

Receivables (Tables)

12 Months Ended

Dec. 28, 2013

Components of Trade and Other Accounts Receivable

The components of Snap-on’s trade and other accounts receivable as of 2013 and 2012 year end are as follows:


(Amounts in millions)	2013		2012
Trade and other accounts receivable	$	546.5	$	516.9
Allowances for doubtful accounts		(14.9)		(19.0)

Total trade and other accounts receivable – net	$	531.6	$	497.9

Components of Current Finance and Contract Receivables

The components of Snap-on’s current finance and contract receivables as of 2013 and 2012 year end are as follows:


(Amounts in millions)	2013		2012
Finance receivables, net of unearned finance charges of $14.1 million and $8.4 million, respectively	$	385.3	$	331.7
Contract receivables, net of unearned finance charges of $13.0 million and $9.3 million, respectively		69.6		63.7

Total		454.9		395.4

Allowances for doubtful accounts:
Finance receivables		(10.7)		(8.6)
Contract receivables		(1.2)		(1.0)

Total		(11.9)		(9.6)

Total current finance and contract receivables – net	$	443.0	$	385.8


Finance receivables – net	$	374.6	$	323.1
Contract receivables – net		68.4		62.7

Total current finance and contract receivables – net	$	443.0	$	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 2013 and 2012 year end are as follows:


(Amounts in millions)	2013		2012
Finance receivables, net of unearned finance charges of $8.9 million and $11.8 million, respectively	$	577.7	$	512.5
Contract receivables, net of unearned finance charges of $17.3 million and $18.1 million, respectively		219.2		196.6

Total		796.9		709.1

Allowances for doubtful accounts:
Finance receivables		(17.1)		(17.9)
Contract receivables		(2.1)		(2.2)

Total		(19.2)		(20.1)

Total long-term finance and contract receivables – net	$	777.7	$	689.0


Finance receivables – net	$	560.6	$	494.6
Contract receivables – net		217.1		194.4

Total long-term finance and contract receivables – net	$	777.7	$	689.0

Schedule of Long-Term Finance and Contract Receivables

Long-term finance and contract receivables installments, net of unearned finance charges, as of 2013 and 2012 year end are scheduled as follows:


	2013				2012
(Amounts in millions)	Finance Receivables		Contract Receivables		Finance Receivables		Contract Receivables
Due in Months:
13 – 24	$	287.2	$	53.3	$	261.1	$	54.6
25 – 36		179.6		45.6		160.1		45.4
37 – 48		84.0		36.9		65.1		32.4
49 – 60		26.7		28.9		25.5		21.4
Thereafter		0.2		54.5		0.7		42.8

Total	$	577.7	$	219.2	$	512.5	$	196.6

Aging of Finance and Contract Receivables

The aging of finance and contract receivables as of 2013 and 2012 year end 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
2013 year end:
Finance receivables	$	9.3	$	5.7	$	9.6	$	24.6	$	938.4	$	963.0	$	7.0
Contract receivables		1.2		0.8		0.7		2.7		286.1		288.8		0.1
2012 year end:
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 finance and contract receivables on nonaccrual status as of 2013 and 2012 year end is as follows:


(Amounts in millions)	2013		2012
Finance receivables	$	8.3	$	7.2
Contract receivables		1.0		0.9

Schedule of Finance and Contract Receivables on Nonaccrual Status

The amount of finance and contract receivables on nonaccrual status as of 2013 and 2012 year end is as follows:


(Amounts in millions)	2013		2012
Finance receivables	$	8.3	$	7.2
Contract receivables		1.0		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 2013 and 2012:


	2013				2012
(Amounts in millions)	Finance Receivables		Contract Receivables		Finance Receivables		Contract Receivables
Allowances for doubtful accounts:
Beginning of year	$	26.5	$	3.2	$	24.2	$	4.1
Provision for bad debt expense		20.4		2.2		18.7		0.5
Charge-offs		(23.5)		(2.2)		(20.6)		(1.7)
Recoveries		4.5		0.2		4.2		0.3
Currency translation		(0.1)		(0.1)		–		–

End of year	$	27.8	$	3.3	$	26.5	$	3.2

Rollforward of Combined Allowances for Doubtful Accounts Related to Trade and Other Accounts Receivable

The following is a rollforward of the combined allowances for doubtful accounts related to trade and other accounts receivable, as well as finance and contract receivables for 2013, 2012 and 2011:


(Amounts in millions)	Balance at Beginning of Year		Expenses		Deductions ⁽¹⁾		Balance at End of Year
Allowances for doubtful accounts:
2013	$	48.7	$	30.7	$	(33.4)	$	46.0
2012		50.3		31.3		(32.9)		48.7
2011		52.5		26.2		(28.4)		50.3

⁽¹⁾	Represents write-offs of bad debts, net of recoveries, and the net impact of currency translation.