XML 46 R32.htm IDEA: XBRL DOCUMENT v3.10.0.1
Receivables - (Tables)
 12 Months Ended
Dec. 29, 2018
Receivables [Abstract]  
Components of Trade and Other Accounts Receivable
The components of Snap-on’s trade and other accounts receivable as of 2018 and 2017 year end are as follows:
(Amounts in millions)
 
2018
 
2017
Trade and other accounts receivable
 
$
710.1

 
$
690.2

Allowances for doubtful accounts
 
(17.5
)
 
(14.6
)
Total trade and other accounts receivable – net
 
$
692.6

 
$
675.6
Components of Current Finance and Contract Receivables
The components of Snap-on’s current finance and contract receivables as of 2018 and 2017 year end are as follows:
(Amounts in millions)
 
2018
 
2017
Finance receivables
 
$
538.1

 
$
523.1

Contract receivables
 
99.5

 
98.1

Total
 
637.6

 
621.2

Allowances for doubtful accounts:
 
 
 
 
Finance receivables
 
(19.6
)
 
(17.7
)
Contract receivables
 
(1.2
)
 
(1.3
)
Total
 
(20.8
)
 
(19.0
)
Total current finance and contract receivables – net
 
$
616.8

 
$
602.2

 
 
 
 
 
Finance receivables – net
 
$
518.5

 
$
505.4

Contract receivables – net
 
98.3

 
96.8

Total current finance and contract receivables – net
 
$
616.8

 
$
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 2018 and 2017 year end are as follows: 
(Amounts in millions)
 
2018
 
2017
Finance receivables
 
$
1,116.2

 
$
1,078.0

Contract receivables
 
348.0

 
325.9

Total
 
1,464.2

 
1,403.9

Allowances for doubtful accounts:
 
 
 
 
Finance receivables
 
(41.8
)
 
(38.8
)
Contract receivables
 
(3.1
)
 
(3.3
)
Total
 
(44.9
)
 
(42.1
)
Total long-term finance and contract receivables – net
 
$
1,419.3

 
$
1,361.8

 
 
 
 
 
Finance receivables – net
 
$
1,074.4

 
$
1,039.2

Contract receivables – net
 
344.9

 
322.6

Total long-term finance and contract receivables – net
 
$
1,419.3

 
$
1,361.8
Schedule of Long-Term Finance and Contract Receivables
Long-term finance and contract receivables installments, net of unearned finance charges, as of 2018 and 2017 year end are scheduled as follows: 
 
 
2018
 
2017
(Amounts in millions)
 
Finance
Receivables
 
Contract
Receivables
 
Finance
Receivables
 
Contract
Receivables
Due in Months:
 
 
 
 
 
 
 
 
13 – 24
 
$
428.7

 
$
82.2

 
$
415.1

 
$
77.6

25 – 36
 
345.0

 
72.5

 
333.3

 
67.6

37 – 48
 
232.8

 
60.5

 
225.5

 
56.5

49 – 60
 
109.7

 
48.8

 
104.1

 
42.8

Thereafter
 
—

 
84.0

 
—

 
81.4

Total
 
$
1,116.2

 
$
348.0

 
$
1,078.0

 
$
325.9
Aging of Finance and Contract Receivables
The aging of finance and contract receivables as of 2018 and 2017 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
2018 year end:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Finance receivables
 
$
19.4

 
$
12.1

 
$
20.3

 
$
51.8

 
$
1,602.5

 
$
1,654.3

 
$
15.9

Contract receivables
 
1.7

 
1.2

 
5.2

 
8.1

 
439.4

 
447.5

 
0.2

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2017 year end:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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 2018 and 2017 year end is as follows:
 
 
2018
 
2017
(Amounts in millions)
 
Finance
Receivables
 
Contract
Receivables
 
Finance
Receivables
 
Contract
Receivables
Performing
 
$
1,626.4

 
$
441.5

 
$
1,573.1

 
$
421.7

Nonperforming
 
27.9

 
6.0

 
28.0

 
2.3

Total
 
$
1,654.3

 
$
447.5

 
$
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 2018 and 2017 year end is as follows: 
(Amounts in millions)
 
2018
 
2017
Finance receivables
 
$
12.0

 
$
12.6

Contract receivables
 
5.8

 
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 2018 and 2017: 
 
 
2018
 
2017
(Amounts in millions)
 
Finance
Receivables
 
Contract
Receivables
 
Finance
Receivables
 
Contract
Receivables
Allowances for doubtful accounts:
 
 
 
 
 
 
 
 
Beginning of year
 
$
56.5

 
$
4.6

 
$
48.6

 
$
3.9

Provision
 
57.5

 
2.0

 
54.6

 
2.7

Charge-offs
 
(59.4
)
 
(2.5
)
 
(53.3
)
 
(2.5
)
Recoveries
 
7.1

 
0.4

 
6.6

 
0.4

Currency translation
 
(0.3
)
 
(0.2
)
 
—

 
0.1

End of year
 
$
61.4

 
$
4.3

 
$
56.5

 
$
4.6
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 2018, 2017 and 2016: 
(Amounts in millions)
 
Balance at
Beginning
of Year
 
Expenses
 
Deductions (1)
 
Balance at
End of
Year
Allowances for doubtful accounts:
 
 
 
 
 
 
 
 
2018
 
$
75.7

 
$
70.3

 
$
(62.8
)
 
$
83.2

2017
 
66.5

 
65.1

 
(55.9
)
 
75.7

2016
 
59.3

 
51.5

 
(44.3
)
 
66.5

 
 
 
 
 
 
 
 
 
(1) Represents write-offs of bad debts, net of recoveries, and the net impact of currency translation.