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Receivables (Tables) | 6 Months Ended
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Jul. 02, 2016
Receivables [Abstract] |
Components of Trade and Other Accounts Receivable | The components of Snap-on’s trade and other accounts receivable as of July 2, 2016, and January 2, 2016, are as follows:
|  | July 2, |  |  | January 2, |
(Amounts in millions) |  | 2016 |  |  | 2016 |
Trade and other accounts receivable |  | $ | 581.3 |  |  | $ | 579.2 |
Allowances for doubtful accounts |  |  | (15.4 | ) |  |  | (16.7 | )
Total trade and other accounts receivable – net |  | $ | 565.9 |  |  | $ | 562.5 |
Components of Current Finance and Contract Receivables | The components of Snap-on’s current finance and contract receivables as of July 2, 2016, and January 2, 2016, are as follows:
|  | July 2, |  |  | January 2, |
(Amounts in millions) |  | 2016 |  |  | 2016 |
Finance receivables, net of unearned finance charges of $17.4 million and $16.9 million, respectively |  | $ | 477.6 |  |  | $ | 460.7 |
Contract receivables, net of unearned finance charges of $15.3 million and $15.1 million, respectively |  |  | 77.7 |  |  |  | 83.5 |
Total |  |  | 555.3 |  |  |  | 544.2 |
Allowances for doubtful accounts: |  |  |  |  |  |  |  |
Finance receivables |  |  | (14.1 | ) |  |  | (13.4 | )
Contract receivables |  |  | (1.3 | ) |  |  | (1.4 | )
Total |  |  | (15.4 | ) |  |  | (14.8 | )
Total current finance and contract receivables – net |  | $ | 539.9 |  |  | $ | 529.4 |
Finance receivables – net |  | $ | 463.5 |  |  | $ | 447.3 |
Contract receivables – net |  |  | 76.4 |  |  |  | 82.1 |
Total current finance and contract receivables – net |  | $ | 539.9 |  |  | $ | 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 July 2, 2016, and January 2, 2016, are as follows:
|  | July 2, |  |  | January 2, |
(Amounts in millions) |  | 2016 |  |  | 2016 |
Finance receivables, net of unearned finance charges of $13.0 million and $10.9 million, respectively |  | $ | 896.7 |  |  | $ | 797.5 |
Contract receivables, net of unearned finance charges of $20.9 million and $21.1 million, respectively |  |  | 279.8 |  |  |  | 269.6 |
Total |  |  | 1,176.5 |  |  |  | 1,067.1 |
Allowances for doubtful accounts: |  |  |  |  |  |  |  |
Finance receivables |  |  | (28.5 | ) |  |  | (24.8 | )
Contract receivables |  |  | (3.2 | ) |  |  | (3.0 | )
Total |  |  | (31.7 | ) |  |  | (27.8 | )
Total long-term finance and contract receivables – net |  | $ | 1,144.8 |  |  | $ | 1,039.3 |
Finance receivables – net |  | $ | 868.2 |  |  | $ | 772.7 |
Contract receivables – net |  |  | 276.6 |  |  |  | 266.6 |
Total long-term finance and contract receivables – net |  | $ | 1,144.8 |  |  | $ | 1,039.3 |
Aging of Finance and Contract Receivables | The aging of finance and contract receivables as of July 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 |
July 2, 2016: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Finance receivables |  | $ | 11.1 |  |  | $ | 7.3 |  |  | $ | 10.6 |  |  | $ | 29.0 |  |  | $ | 1,345.3 |  |  | $ | 1,374.3 |  |  | $ | 8.0 |
Contract receivables |  |  | 1.4 |  |  |  | 1.0 |  |  |  | 1.9 |  |  |  | 4.3 |  |  |  | 353.2 |  |  |  | 357.5 |  |  |  | 0.5 |
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 July 2, 2016, and January 2, 2016, is as follows:
|  | July 2, 2016 |  |  | January 2, 2016 |
(Amounts in millions) |  | Finance Receivables |  |  | Contract Receivables |  |  | Finance Receivables |  |  | Contract Receivables |
Performing |  | $ | 1,356.2 |  |  | $ | 355.2 |  |  | $ | 1,240.0 |  |  | $ | 351.4 |
Nonperforming |  |  | 18.1 |  |  |  | 2.3 |  |  |  | 18.2 |  |  |  | 1.7 |
Total |  | $ | 1,374.3 |  |  | $ | 357.5 |  |  | $ | 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 July 2, 2016, and January 2, 2016, is as follows:
|  | July 2, |  |  | January 2, |
(Amounts in millions) |  | 2016 |  |  | 2016 |
Finance receivables |  | $ | 10.3 |  |  | $ | 9.3 |
Contract receivables |  |  | 2.0 |  |  |  | 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 and six month periods ended July 2, 2016:
|  | Three Months Ended July 2, 2016 |  |  | Six Months Ended July 2, 2016 |
(Amounts in millions) |  | Finance Receivables |  |  | Contract Receivables |  |  | Finance Receivables |  |  | Contract Receivables |
Allowances for doubtful accounts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning of period |  | $ | 39.9 |  |  | $ | 4.6 |  |  | $ | 38.2 |  |  | $ | 4.4 |
Provision for bad debt expense |  |  | 10.3 |  |  |  | 0.2 |  |  |  | 19.6 |  |  |  | 0.6 |
Charge-offs |  |  | (9.2 | ) |  |  | (0.3 | ) |  |  | (18.8 | ) |  |  | (0.7 | )
Recoveries |  |  | 1.7 |  |  |  | 0.1 |  |  |  | 3.6 |  |  |  | 0.2 |
Currency translation |  |  | (0.1 | ) |  |  | (0.1 | ) |  |  | — |  |  |  | — |
End of period |  | $ | 42.6 |  |  | $ | 4.5 |  |  | $ | 42.6 |  |  | $ | 4.5 |
The following is a rollforward of the allowances for credit losses for finance and contract receivables for the three and six month periods ended July 4, 2015:
|  | Three Months Ended July 4, 2015 |  |  | Six Months Ended July 4, 2015 |
(Amounts in millions) |  | Finance Receivables |  |  | Contract Receivables |  |  | Finance Receivables |  |  | Contract Receivables |
Allowances for doubtful accounts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning of period |  | $ | 33.4 |  |  | $ | 3.9 |  |  | $ | 32.7 |  |  | $ | 3.5 |
Provision for bad debt expense |  |  | 7.3 |  |  |  | 0.7 |  |  |  | 14.4 |  |  |  | 1.6 |
Charge-offs |  |  | (7.3 | ) |  |  | (0.6 | ) |  |  | (15.1 | ) |  |  | (1.0 | )
Recoveries |  |  | 1.5 |  |  |  | 0.2 |  |  |  | 3.0 |  |  |  | 0.2 |
Currency translation |  |  | — |  |  |  | — |  |  |  | (0.1 | ) |  |  | (0.1 | )
End of period |  | $ | 34.9 |  |  | $ | 4.2 |  |  | $ | 34.9 |  |  | $ | 4.2 |

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