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Leases (Tables)

3 Months Ended

Mar. 30, 2019

Leases [Abstract]

Summary of Effects of New Accounting Pronouncement

doption of Topic 842 impacted our previously reported results as follows:

				Balance at				Topic 842				Opening Balance at
(Amounts in millions)		Classification		December 29, 2018				Adjustments				December 30, 2018
Assets
Finance lease assets		Property and equipment - net		$	7.8			$	—			$	7.8
Operating lease assets		Operating lease right-of-use assets		—				60.5				60.5
Liabilities
Current:
Finance lease liabilities		Other accrued liabilities		$	1.2			$	—			$	1.2
Operating lease liabilities		Other accrued liabilities		—				20.2				20.2
Non-current:
Finance lease liabilities		Other long-term liabilities		$	6.6			$	—			$	6.6
Operating lease liabilities		Operating lease liabilities		—				40.4				40.4

Schedule of Lease Cost

Total lease cost consists of the following:

		Three Months Ended
(Amounts in millions)		March 30, 2019
Finance lease costs:
Amortization of ROU assets		$	0.3
Interest on lease liabilities		0.1
Operating lease costs*		6.2
Total lease costs		$	6.6

* Includes short-term leases, variable lease costs and sublease income, which are immaterial.

Schedule of Lease Supplemental Cash Flow Information

Supplemental cash flow information related to leases is as follows:

		Three Months Ended
(Amounts in millions)		March 30, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Financing cash flows from finance leases		$	0.3
Operating cash flows from finance leases		0.1
Operating cash flows from operating leases		5.9
		March 30, 2019
ROU assets obtained in exchange for new lease obligations:
Finance lease liabilities		$	0.6
Operating lease liabilities		1.1

Schedule of Lease Balance Sheet Information

Supplemental balance sheet information related to leases is as follows:

(Amounts in millions)		March 30, 2019
Finance leases:
Property and equipment - gross		$	8.3
Accumulated depreciation and amortization		(0.3		)
Property and equipment - net		$	8.0
Other accrued liabilities		$	1.3
Other long-term liabilities		6.9
Total finance lease liabilities		$	8.2
Operating leases:
Operating lease ROU assets		$	55.4
Other accrued liabilities		$	19.8
Operating lease liabilities		36.6
Total operating lease liabilities		$	56.4

Summary of Lease Weighted-Average Terms And Discount Rates

Weighted-average lease terms and discount rates are as follows:

(Amounts in millions)		March 30, 2019
Weighted-average remaining lease terms:
Finance leases		5.8 years
Operating leases		3.7 years
Weighted-average discount rates:
Finance leases		3.2%
Operating leases		3.0%

Schedule of Finance Lease Liability Maturities (Topic 842)

Maturities of lease liabilities as of March 30, 2019, are as follows:

(Amounts in millions)		Operating Leases				Finance Leases
Year:
2019 (excluding the three months ended March 30, 2019)		$	15.8			$	1.2
2020		16.6				1.6
2021		12.0				1.6
2022		8.1				1.5
2023		3.7				1.5
2024 and thereafter		3.4				1.6
Total lease payments		59.6				9.0
Less: amount representing interest		(3.2		)		(0.8		)
Total lease liabilities		$	56.4			$	8.2

Schedule of Operating Lease Liability Maturities (Topic 842)

Maturities of lease liabilities as of March 30, 2019, are as follows:

(Amounts in millions)		Operating Leases				Finance Leases
Year:
2019 (excluding the three months ended March 30, 2019)		$	15.8			$	1.2
2020		16.6				1.6
2021		12.0				1.6
2022		8.1				1.5
2023		3.7				1.5
2024 and thereafter		3.4				1.6
Total lease payments		59.6				9.0
Less: amount representing interest		(3.2		)		(0.8		)
Total lease liabilities		$	56.4			$	8.2

Schedule of Future Minimum Lease Payments for Capital Leases (Topic 840)

Snap-on’s future minimum lease commitments, net of sub-lease rental income, as of December 29, 2018, under Accounting Standard Codification Topic 840, the predecessor to Topic 842, are as follows:

(Amounts in millions)		Operating   Leases				Capital Leases
Year:
2019		$	25.6			$	3.3
2020		18.4				3.2
2021		13.9				2.9
2022		9.8				2.5
2023		4.9				2.2
2024 and thereafter		4.4				1.9
Total minimum lease payments		$	77.0			16.0
Less: amount representing interest						(0.9		)
Total present value of minimum capital lease payments						$	15.1

Schedule of Future Minimum Rental Payments for Operating Leases (Topic 840)

Snap-on’s future minimum lease commitments, net of sub-lease rental income, as of December 29, 2018, under Accounting Standard Codification Topic 840, the predecessor to Topic 842, are as follows:

(Amounts in millions)		Operating   Leases				Capital Leases
Year:
2019		$	25.6			$	3.3
2020		18.4				3.2
2021		13.9				2.9
2022		9.8				2.5
2023		4.9				2.2
2024 and thereafter		4.4				1.9
Total minimum lease payments		$	77.0			16.0
Less: amount representing interest						(0.9		)
Total present value of minimum capital lease payments						$	15.1

Schedule of Minimum Capital Lease Payments Present Value

Amounts included in the accompanying Condensed Consolidated Balance Sheets for the present value of minimum capital lease payments as of 2018 year end are as follows:

(Amounts in millions)		2018
Other accrued liabilities		$	3.0
Other long-term liabilities		12.1
Total present value of minimum capital lease payments		$	15.1

Schedule of Sales-type Lease Receivable Maturities

Future minimum lease payments as of March 30, 2019, consisted of the following:

(Amounts in millions)		Lease Receivables
Year:
2019 (excluding the three months ended March 30, 2019)		$	91.3
2020		95.9
2021		67.3
2022		43.8
2023		29.2
2024 and thereafter		21.8
Total lease payments		349.3
Less: unearned finance charges		(64.4		)
Net investment in leases		$	284.9

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