Receivables (Tables)

3 Months Ended

Apr. 02, 2016

Components of Trade and Other Accounts Receivable

The components of Snap-on’s trade and other accounts receivable as of April 2, 2016, and January 2, 2016, are as follows:


	April 2,			January 2,
(Amounts in millions)	2016			2016
Trade and other accounts receivable	$	586.9		$	579.2
Allowances for doubtful accounts		(16.9	)		(16.7	)

Total trade and other accounts receivable – net	$	570.0		$	562.5

Components of Current Finance and Contract Receivables

The components of Snap-on’s current finance and contract receivables as of April 2, 2016, and January 2, 2016, are as follows:


	April 2,			January 2,
(Amounts in millions)	2016			2016
Finance receivables, net of unearned finance charges of $17.3 million and $16.9 million, respectively	$	466.9		$	460.7
Contract receivables, net of unearned finance charges of $15.4 million and $15.1 million, respectively		78.8			83.5

Total		545.7			544.2

Allowances for doubtful accounts:
Finance receivables		(13.6	)		(13.4	)
Contract receivables		(1.4	)		(1.4	)

Total		(15.0	)		(14.8	)

Total current finance and contract receivables – net	$	530.7		$	529.4

Finance receivables – net	$	453.3		$	447.3
Contract receivables – net		77.4			82.1

Total current finance and contract receivables – net	$	530.7		$	529.4

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 April 2, 2016, and January 2, 2016, are as follows:


	April 2,			January 2,
(Amounts in millions)	2016			2016
Finance receivables, net of unearned finance charges of $12.6 million and $10.9 million, respectively	$	843.4		$	797.5
Contract receivables, net of unearned finance charges of $20.9 million and $21.1 million, respectively		275.2			269.6

Total		1,118.6			1,067.1

Allowances for doubtful accounts:
Finance receivables		(26.3	)		(24.8	)
Contract receivables		(3.2	)		(3.0	)

Total		(29.5	)		(27.8	)

Total long-term finance and contract receivables – net	$	1,089.1		$	1,039.3

Finance receivables – net	$	817.1		$	772.7
Contract receivables – net		272.0			266.6

Total long-term finance and contract receivables – net	$	1,089.1		$	1,039.3

Aging of Finance and Contract Receivables

The aging of finance and contract receivables as of April 2, 2016, and January 2, 2016, 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
April 2, 2016:
Finance receivables	$	8.6	$	6.3	$	12.4	$	27.3	$	1,283.0	$	1,310.3	$	9.4
Contract receivables		1.5		1.1		1.9		4.5		349.5		354.0		0.4
January 2, 2016:
Finance receivables	$	12.1	$	7.6	$	11.9	$	31.6	$	1,226.6	$	1,258.2	$	9.1
Contract receivables		1.3		0.7		1.3		3.3		349.8		353.1		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 April 2, 2016, and January 2, 2016, is as follows:


	April 2, 2016				January 2, 2016
(Amounts in millions)	Finance Receivables		Contract Receivables		Finance Receivables		Contract Receivables
Performing	$	1,291.7	$	351.4	$	1,240.0	$	351.4
Nonperforming		18.6		2.6		18.2		1.7

Total	$	1,310.3	$	354.0	$	1,258.2	$	353.1

Schedule of Finance and Contract Receivables on Nonaccrual Status

The amount of finance and contract receivables on nonaccrual status as of April 2, 2016, and January 2, 2016, is as follows:


	April 2,		January 2,
(Amounts in millions)	2016		2016
Finance receivables	$	9.4	$	9.3
Contract receivables		2.3		1.5

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 April 2, 2016, and April 4, 2015:


	Three Months Ended April 2, 2016						Three Months Ended April 4, 2015
	Finance			Contract			Finance			Contract
(Amounts in millions)	Receivables			Receivables			Receivables			Receivables
Allowances for doubtful accounts:
Beginning of year	$	38.2		$	4.4		$	32.7		$	3.5
Provision for bad debt expense		9.3			0.4			7.1			0.9
Charge-offs		(9.6	)		(0.4	)		(7.8	)		(0.4	)
Recoveries		1.9			0.1			1.5			—
Currency Translation		0.1			0.1			(0.1	)		(0.1	)

End of period	$	39.9		$	4.6		$	33.4		$	3.9