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Receivables (Tables) | 9 Months Ended
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Sep. 29, 2018
Receivables [Abstract] |
Components of Trade and Other Accounts Receivable | The components of Snap-on’s trade and other accounts receivable as of September 29, 2018, and December 30, 2017, are as follows:
(Amounts in millions) | September 29, 2018 |  | December 30, 2017
Trade and other accounts receivable | $ | 696.3 |  |  | $ | 690.2 |
Allowances for doubtful accounts | (17.6 | ) |  | (14.6 | )
Total trade and other accounts receivable – net | $ | 678.7 |  |  | $ | 675.6 |
Components of Current Finance and Contract Receivables | The components of Snap-on’s current finance and contract receivables as of September 29, 2018, and December 30, 2017, are as follows:
(Amounts in millions) | September 29, 2018 |  | December 30, 2017
Finance receivables, net of unearned finance charges of $21.4 million and $21.0 million, respectively | $ | 538.2 |  |  | $ | 523.1 |
Contract receivables, net of unearned finance charges of $19.2 million and $17.6 million, respectively | 106.9 |  |  | 98.1 |
Total | 645.1 |  |  | 621.2 |
Allowances for doubtful accounts: |  |  |
Finance receivables | (19.2 | ) |  | (17.7 | )
Contract receivables | (1.3 | ) |  | (1.3 | )
Total | (20.5 | ) |  | (19.0 | )
Total current finance and contract receivables – net | $ | 624.6 |  |  | $ | 602.2 |
Finance receivables – net | $ | 519.0 |  |  | $ | 505.4 |
Contract receivables – net | 105.6 |  |  | 96.8 |
Total current finance and contract receivables – net | $ | 624.6 |  |  | $ | 602.2 |
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 September 29, 2018, and December 30, 2017, are as follows:
(Amounts in millions) | September 29, 2018 |  | December 30, 2017
Finance receivables, net of unearned finance charges of $17.3 million and $16.7 million, respectively | $ | 1,098.7 |  |  | $ | 1,078.0 |
Contract receivables, net of unearned finance charges of $28.5 million and $25.5 million, respectively | 341.4 |  |  | 325.9 |
Total | 1,440.1 |  |  | 1,403.9 |
Allowances for doubtful accounts: |  |  |
Finance receivables | (40.4 | ) |  | (38.8 | )
Contract receivables | (3.3 | ) |  | (3.3 | )
Total | (43.7 | ) |  | (42.1 | )
Total long-term finance and contract receivables – net | $ | 1,396.4 |  |  | $ | 1,361.8 |
Finance receivables – net | $ | 1,058.3 |  |  | $ | 1,039.2 |
Contract receivables – net | 338.1 |  |  | 322.6 |
Total long-term finance and contract receivables – net | $ | 1,396.4 |  |  | $ | 1,361.8 |
Aging of Finance and Contract Receivables | The aging of finance and contract receivables as of September 29, 2018, and December 30, 2017, 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
September 29, 2018: |  |  |  |  |  |  |  |  |  |  |  |  |
Finance receivables | $ | 17.6 |  |  | $ | 12.1 |  |  | $ | 19.4 |  |  | $ | 49.1 |  |  | $ | 1,587.8 |  |  | $ | 1,636.9 |  |  | $ | 15.4 |
Contract receivables | 1.8 |  |  | 1.4 |  |  | 3.8 |  |  | 7.0 |  |  | 441.3 |  |  | 448.3 |  |  | 0.2 |
December 30, 2017: |  |  |  |  |  |  |  |  |  |  |  |  |
Finance receivables | $ | 19.3 |  |  | $ | 13.9 |  |  | $ | 20.1 |  |  | $ | 53.3 |  |  | $ | 1,547.8 |  |  | $ | 1,601.1 |  |  | $ | 15.4 |
Contract receivables | 1.2 |  |  | 0.6 |  |  | 1.9 |  |  | 3.7 |  |  | 420.3 |  |  | 424.0 |  |  | 0.6 |
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 September 29, 2018, and December 30, 2017, is as follows:
| September 29, 2018 |  | December 30, 2017
(Amounts in millions) | Finance Receivables |  | Contract Receivables |  | Finance Receivables |  | Contract Receivables
Performing | $ | 1,609.1 |  |  | $ | 443.6 |  |  | $ | 1,573.1 |  |  | $ | 421.7 |
Nonperforming | 27.8 |  |  | 4.7 |  |  | 28.0 |  |  | 2.3 |
Total | $ | 1,636.9 |  |  | $ | 448.3 |  |  | $ | 1,601.1 |  |  | $ | 424.0 |
Schedule of Finance and Contract Receivables on Nonaccrual Status | The amount of finance and contract receivables on nonaccrual status as of September 29, 2018, and December 30, 2017, is as follows:
(Amounts in millions) | September 29, 2018 |  | December 30, 2017
Finance receivables | $ | 12.4 |  |  | $ | 12.6 |
Contract receivables | 4.5 |  |  | 1.7 |
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 nine months ended September 29, 2018, and September 30, 2017:
| Three Months Ended September 29, 2018 |  | Nine Months Ended September 29, 2018
(Amounts in millions) | Finance Receivables |  | Contract Receivables |  | Finance Receivables |  | Contract Receivables
Allowances for doubtful accounts: |  |  |  |  |  |  |
Beginning of period | $ | 59.0 |  |  | $ | 4.8 |  |  | $ | 56.5 |  |  | $ | 4.6 |
Provision | 12.1 |  |  | 0.4 |  |  | 41.5 |  |  | 1.5 |
Charge-offs | (13.3 | ) |  | (0.7 | ) |  | (43.7 | ) |  | (1.8 | )
Recoveries | 1.7 |  |  | 0.1 |  |  | 5.3 |  |  | 0.3 |
Currency translation | 0.1 |  |  | — |  |  | — |  |  | — |
End of period | $ | 59.6 |  |  | $ | 4.6 |  |  | $ | 59.6 |  |  | $ | 4.6 |
| Three Months Ended September 30, 2017 |  | Nine Months Ended September 30, 2017
(Amounts in millions) | Finance Receivables |  | Contract Receivables |  | Finance Receivables |  | Contract Receivables
Allowances for doubtful accounts: |  |  |  |  |  |  |
Beginning of period | $ | 52.5 |  |  | $ | 4.8 |  |  | $ | 48.6 |  |  | $ | 3.9 |
Provision | 12.8 |  |  | 0.8 |  |  | 38.6 |  |  | 2.7 |
Charge-offs | (12.6 | ) |  | (0.7 | ) |  | (38.0 | ) |  | (1.9 | )
Recoveries | 1.5 |  |  | 0.2 |  |  | 4.9 |  |  | 0.3 |
Currency translation | — |  |  | — |  |  | 0.1 |  |  | 0.1 |
End of period | $ | 54.2 |  |  | $ | 5.1 |  |  | $ | 54.2 |  |  | $ | 5.1 |

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