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Receivables (Tables)

3 Months Ended

Mar. 29, 2014

Receivables [Abstract]

Components of Trade and Other Accounts Receivable

The components of Snap-on’s trade and other accounts receivable as of March 29, 2014, and December 28, 2013, are as follows:

		March 29,				December 28,
(Amounts in millions)		2014				2013
Trade and other accounts receivable		$	573.7			$	546.5
Allowances for doubtful accounts			(14.7	)			(14.9	)
Total trade and other accounts receivable – net		$	559.0			$	531.6

Components of Current Finance and Contract Receivables

The components of Snap-on’s current finance and contract receivables as of March 29, 2014, and December 28, 2013, are as follows:

		March 29,				December 28,
(Amounts in millions)		2014				2013
Finance receivables, net of unearned finance charges of $14.0 million and $14.1 million, respectively		$	394.3			$	385.3
Contract receivables, net of unearned finance charges of $13.5 million and $13.0 million, respectively			67.0				69.6
Total			461.3				454.9
Allowances for doubtful accounts:
Finance receivables			(10.9	)			(10.7	)
Contract receivables			(1.1	)			(1.2	)
Total			(12.0	)			(11.9	)
Total current finance and contract receivables – net		$	449.3			$	443.0
Finance receivables – net		$	383.4			$	374.6
Contract receivables – net			65.9				68.4
Total current finance and contract receivables – net		$	449.3			$	443.0

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 March 29, 2014, and December 28, 2013, are as follows:

		March 29,				December 28,
(Amounts in millions)		2014				2013
Finance receivables, net of unearned finance charges of $9.7 million and $8.9 million, respectively		$	592.1			$	577.7
Contract receivables, net of unearned finance charges of $17.9 million and $17.3 million, respectively			226.7				219.2
Total			818.8				796.9
Allowances for doubtful accounts:
Finance receivables			(17.6	)			(17.1	)
Contract receivables			(2.5	)			(2.1	)
Total			(20.1	)			(19.2	)
Total long-term finance and contract receivables – net		$	798.7			$	777.7
Finance receivables – net		$	574.5			$	560.6
Contract receivables – net			224.2				217.1
Total long-term finance and contract receivables – net		$	798.7			$	777.7

Aging of Finance and Contract Receivables

The aging of finance and contract receivables as of March 29, 2014, and December 28, 2013, 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
March 29, 2014:
Finance receivables		$	7.8			$	5.0			$	9.4			$	22.2			$	964.2			$	986.4			$	6.4
Contract receivables			0.9				0.4				0.9				2.2				291.5				293.7				0.4
December 28, 2013
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

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 March 29, 2014, and December 28, 2013, is as follows:

		March 29, 2014								December 28, 2013
(Amounts in millions)		Finance Receivables				Contract Receivables				Finance Receivables				Contract Receivables
Performing		$	972.0			$	292.8			$	947.8			$	287.8
Nonperforming			14.4				0.9				15.2				1.0
Total		$	986.4			$	293.7			$	963.0			$	288.8

Schedule of Finance and Contract Receivables on Nonaccrual Status

The amount of finance and contract receivables on nonaccrual status as of March 29, 2014, and December 28, 2013, is as follows:

(Amounts in millions)		March 29, 2014				December 28, 2013
Finance receivables		$	8.1			$	8.3
Contract receivables			0.8				1.0

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 month periods ended March 29, 2014, and March 30, 2013:

		Three Months Ended March 29, 2014								Three Months Ended March 30, 2013
(Amounts in millions)		Finance Receivables				Contract Receivables				Finance Receivables				Contract Receivables
Allowances for doubtful accounts:
Beginning of year		$	27.8			$	3.3			$	26.5			$	3.2
Provision for bad debt expense			6.2				0.6				3.9				1.1
Charge-offs			(6.8	)			(0.4	)			(5.7	)			(0.7	)
Recoveries			1.3				0.1				1.1				—
End of period		$	28.5			$	3.6			$	25.8			$	3.6

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