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Receivables (Tables) | 6 Months Ended
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Jul. 01, 2017
Receivables [Abstract] |
Components of Trade and Other Accounts Receivable | The components of Snap-on’s trade and other accounts receivable as of July 1, 2017, and December 31, 2016, are as follows:
(Amounts in millions) |  | July 1, 2017 |  |  | December 31, 2016 |
Trade and other accounts receivable |  | $ | 659.0 |  |  | $ | 612.8 |
Allowances for doubtful accounts |  |  | (13.7) |  |  |  | (14.0) |
Total trade and other accounts receivable – net |  | $ | 645.3 |  |  | $ | 598.8 |
Components of Current Finance and Contract Receivables | The components of Snap-on’s current finance and contract receivables as of July 1, 2017, and December 31, 2016, are as follows:
(Amounts in millions) |  | July 1, 2017 |  |  | December 31, 2016 |
Finance receivables, net of unearned finance charges of $19.3 million and $17.0 million, respectively |  | $ | 513.0 |  |  | $ | 488.1 |
Contract receivables, net of unearned finance charges of $16.5 million and $15.6 million, respectively |  |  | 83.8 |  |  |  | 89.3 |
Total |  |  | 596.8 |  |  |  | 577.4 |
Allowances for doubtful accounts: |  |  |  |  |  |  |  |
Finance receivables |  |  | (16.5) |  |  |  | (15.6) |
Contract receivables |  |  | (1.4) |  |  |  | (1.2) |
Total |  |  | (17.9) |  |  |  | (16.8) |
Total current finance and contract receivables – net |  | $ | 578.9 |  |  | $ | 560.6 |
Finance receivables – net |  | $ | 496.5 |  |  | $ | 472.5 |
Contract receivables – net |  |  | 82.4 |  |  |  | 88.1 |
Total current finance and contract receivables – net |  | $ | 578.9 |  |  | $ | 560.6 |
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 1, 2017, and December 31, 2016, are as follows:
(Amounts in millions) |  | July 1, 2017 |  |  | December 31, 2016 |
Finance receivables, net of unearned finance charges of $15.1 million and $13.0 million, respectively |  | $ | 1,034.6 |  |  | $ | 967.5 |
Contract receivables, net of unearned finance charges of $23.0 million and $21.5 million, respectively |  |  | 302.8 |  |  |  | 289.4 |
Total |  |  | 1,337.4 |  |  |  | 1,256.9 |
Allowances for doubtful accounts: |  |  |  |  |  |  |  |
Finance receivables |  |  | (36.0) |  |  |  | (33.0) |
Contract receivables |  |  | (3.4) |  |  |  | (2.7) |
Total |  |  | (39.4) |  |  |  | (35.7) |
Total long-term finance and contract receivables – net |  | $ | 1,298.0 |  |  | $ | 1,221.2 |
Finance receivables – net |  | $ | 998.6 |  |  | $ | 934.5 |
Contract receivables – net |  |  | 299.4 |  |  |  | 286.7 |
Total long-term finance and contract receivables – net |  | $ | 1,298.0 |  |  | $ | 1,221.2 |
Aging of Finance and Contract Receivables | The aging of finance and contract receivables as of July 1, 2017, and December 31, 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 1, 2017: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Finance receivables |  | $ | 15.3 |  |  | $ | 9.8 |  |  | $ | 14.6 |  |  | $ | 39.7 |  |  | $ | 1,507.9 |  |  | $ | 1,547.6 |  |  | $ | 11.1 |
Contract receivables |  |  | 1.4 |  |  |  | 0.8 |  |  |  | 1.7 |  |  |  | 3.9 |  |  |  | 382.7 |  |  |  | 386.6 |  |  |  | 0.7 |
December 31, 2016: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Finance receivables |  | $ | 15.1 |  |  | $ | 9.8 |  |  | $ | 17.0 |  |  | $ | 41.9 |  |  | $ | 1,413.7 |  |  | $ | 1,455.6 |  |  | $ | 13.2 |
Contract receivables |  |  | 1.4 |  |  |  | 0.9 |  |  |  | 1.4 |  |  |  | 3.7 |  |  |  | 375.0 |  |  |  | 378.7 |  |  |  | 0.5 |
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 1, 2017, and December 31, 2016, is as follows:
|  | July 1, 2017 |  |  | December 31, 2016 |
(Amounts in millions) |  | Finance Receivables |  |  | Contract Receivables |  |  | Finance Receivables |  |  | Contract Receivables |
Performing |  | $ | 1,524.3 |  |  | $ | 384.3 |  |  | $ | 1,430.7 |  |  | $ | 376.7 |
Nonperforming |  |  | 23.3 |  |  |  | 2.3 |  |  |  | 24.9 |  |  |  | 2.0 |
Total |  | $ | 1,547.6 |  |  | $ | 386.6 |  |  | $ | 1,455.6 |  |  | $ | 378.7 |
Schedule of Finance and Contract Receivables on Nonaccrual Status | The amount of finance and contract receivables on nonaccrual status as of July 1, 2017, and December 31, 2016, is as follows:
(Amounts in millions) |  | July 1, 2017 |  |  | December 31, 2016 |
Finance receivables |  | $ | 12.2 |  |  | $ | 11.7 |
Contract receivables |  |  | 1.6 |  |  |  | 1.5 |
Rollforward of Allowances for Doubtful Accounts for Finance and Contract Receivables | The following is a rollforward of the allowances for doubtful accounts for finance and contract receivables for the three and six months ended July 1, 2017:
|  | Three Months Ended July 1, 2017 |  |  | Six Months Ended July 1, 2017 |
(Amounts in millions) |  | Finance Receivables |  |  | Contract Receivables |  |  | Finance Receivables |  |  | Contract Receivables |
Allowances for doubtful accounts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning of period |  | $ | 50.5 |  |  | $ | 4.7 |  |  | $ | 48.6 |  |  | $ | 3.9 |
Provision |  |  | 12.8 |  |  |  | 0.6 |  |  |  | 25.8 |  |  |  | 1.9 |
Charge-offs |  |  | (12.5) |  |  |  | (0.6) |  |  |  | (25.4) |  |  |  | (1.2) |
Recoveries |  |  | 1.7 |  |  |  | – |  |  |  | 3.4 |  |  |  | 0.1 |
Currency translation |  |  | – |  |  |  | 0.1 |  |  |  | 0.1 |  |  |  | 0.1 |
End of period |  | $ | 52.5 |  |  | $ | 4.8 |  |  | $ | 52.5 |  |  | $ | 4.8 |
The following is a rollforward of the allowances for doubtful accounts for finance and contract receivables for the three and six months 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 |  |  | 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 |

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