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Receivables (Tables) | 12 Months Ended
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Jan. 03, 2015
Receivables [Abstract] |
Components of Trade and Other Accounts Receivable | The components of Snap-on’s trade and other accounts receivable as of 2014 and 2013 year end are as follows:
(Amounts in millions) |  | 2014 |  |  | 2013 |
Trade and other accounts receivable |  | $ | 567.0 |  |  | $ | 546.5 |
Allowances for doubtful accounts |  |  | (16.2) |  |  |  | (14.9) |
Total trade and other accounts receivable – net |  | $ | 550.8 |  |  | $ | 531.6 |
Components of Current Finance and Contract Receivables | The components of Snap-on’s current finance and contract receivables as of 2014 and 2013 year end are as follows:
(Amounts in millions) |  | 2014 |  |  | 2013 |
Finance receivables, net of unearned finance charges of $15.6 million and $14.1 million, respectively |  | $ | 414.6 |  |  | $ | 385.3 |
Contract receivables, net of unearned finance charges of $13.9 million and $13.0 million, respectively |  |  | 75.5 |  |  |  | 69.6 |
Total |  |  | 490.1 |  |  |  | 454.9 |
Allowances for doubtful accounts: |  |  |  |  |  |  |  |
Finance receivables |  |  | (12.2) |  |  |  | (10.7) |
Contract receivables |  |  | (1.0) |  |  |  | (1.2) |
Total |  |  | (13.2) |  |  |  | (11.9) |
Total current finance and contract receivables – net |  | $ | 476.9 |  |  | $ | 443.0 |
Finance receivables – net |  | $ | 402.4 |  |  | $ | 374.6 |
Contract receivables – net |  |  | 74.5 |  |  |  | 68.4 |
Total current finance and contract receivables – net |  | $ | 476.9 |  |  | $ | 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 2014 and 2013 year end are as follows:
(Amounts in millions) |  | 2014 |  |  | 2013 |
Finance receivables, net of unearned finance charges of $9.9 million and $8.9 million, respectively |  | $ | 671.0 |  |  | $ | 577.7 |
Contract receivables, net of unearned finance charges of $19.4 million and $17.3 million, respectively |  |  | 244.5 |  |  |  | 219.2 |
Total |  |  | 915.5 |  |  |  | 796.9 |
Allowances for doubtful accounts: |  |  |  |  |  |  |  |
Finance receivables |  |  | (20.5) |  |  |  | (17.1) |
Contract receivables |  |  | (2.5) |  |  |  | (2.1) |
Total |  |  | (23.0) |  |  |  | (19.2) |
Total long-term finance and contract receivables – net |  | $ | 892.5 |  |  | $ | 777.7 |
Finance receivables – net |  | $ | 650.5 |  |  | $ | 560.6 |
Contract receivables – net |  |  | 242.0 |  |  |  | 217.1 |
Total long-term finance and contract receivables – net |  | $ | 892.5 |  |  | $ | 777.7 |
Schedule of Long-Term Finance and Contract Receivables | Long-term finance and contract receivables installments, net of unearned finance charges, as of 2014 and 2013 year end are scheduled as follows:
|  | 2014 |  |  | 2013 |
(Amounts in millions) Due in Months: |  | Finance Receivables |  |  | Contract Receivables |  |  | Finance Receivables |  |  | Contract Receivables |
13 – 24 |  | $ | 320.2 |  |  | $ | 58.7 |  |  | $ | 287.2 |  |  | $ | 53.3 |
25 – 36 |  |  | 212.0 |  |  |  | 50.1 |  |  |  | 179.6 |  |  |  | 45.6 |
37 – 48 |  |  | 106.2 |  |  |  | 41.7 |  |  |  | 84.0 |  |  |  | 36.9 |
49 – 60 |  |  | 32.6 |  |  |  | 31.6 |  |  |  | 26.7 |  |  |  | 28.9 |
Thereafter |  |  | – |  |  |  | 62.4 |  |  |  | 0.2 |  |  |  | 54.5 |
Total |  | $ | 671.0 |  |  | $ | 244.5 |  |  | $ | 577.7 |  |  | $ | 219.2 |
Aging of Finance and Contract Receivables | The aging of finance and contract receivables as of 2014 and 2013 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 |
2014 year end: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Finance receivables |  | $ | 9.8 |  |  | $ | 6.7 |  |  | $ | 10.4 |  |  | $ | 26.9 |  |  | $ | 1,058.7 |  |  | $ | 1,085.6 |  |  | $ | 7.7 |
Contract receivables |  |  | 0.9 |  |  |  | 0.7 |  |  |  | 1.1 |  |  |  | 2.7 |  |  |  | 317.3 |  |  |  | 320.0 |  |  |  | 0.1 |
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 |
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 2014 and 2013 year end is as follows:
|  | 2014 |  |  | 2013 |
(Amounts in millions) |  | Finance Receivables |  |  | Contract Receivables |  |  | Finance Receivables |  |  | Contract Receivables |
Performing |  | $ | 1,070.1 |  |  | $ | 318.5 |  |  | $ | 947.8 |  |  | $ | 287.8 |
Nonperforming |  |  | 15.5 |  |  |  | 1.5 |  |  |  | 15.2 |  |  |  | 1.0 |
Total |  | $ | 1,085.6 |  |  | $ | 320.0 |  |  | $ | 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 2014 and 2013 year end is as follows:
(Amounts in millions) |  | 2014 |  |  | 2013 |
Finance receivables |  | $ | 7.9 |  |  | $ | 8.3 |
Contract receivables |  |  | 1.5 |  |  |  | 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 2014 and 2013:
|  | 2014 |  |  | 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 |  |  | 27.4 |  |  |  | 1.9 |  |  |  | 20.4 |  |  |  | 2.2 |
Charge-offs |  |  | (27.5) |  |  |  | (2.0) |  |  |  | (23.5) |  |  |  | (2.2) |
Recoveries |  |  | 5.1 |  |  |  | 0.4 |  |  |  | 4.5 |  |  |  | 0.2 |
Currency translation |  |  | (0.1) |  |  |  | (0.1) |  |  |  | (0.1) |  |  |  | (0.1) |
End of year |  | $ | 32.7 |  |  | $ | 3.5 |  |  | $ | 27.8 |  |  | $ | 3.3 |
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 2014, 2013 and 2012:
|  | Balance at Beginning of Year |  |  | Expenses |  |  | Deductions (1) |  |  | Balance at End of Year |
(Amounts in millions) |  |  |  |
Allowances for doubtful accounts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2014 |  | $ | 46.0 |  |  | $ | 41.7 |  |  | $ | (35.3) |  |  | $ | 52.4 |
2013 |  |  | 48.7 |  |  |  | 30.7 |  |  |  | (33.4) |  |  |  | 46.0 |
2012 |  |  | 50.3 |  |  |  | 31.3 |  |  |  | (32.9) |  |  |  | 48.7 |
(1) | Represents write-offs of bad debts, net of recoveries, and the net impact of currency translation.

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