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Receivables - (Tables) | 6 Months Ended
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Jun. 29, 2019
Receivables [Abstract] |
Components of Trade and Other Accounts Receivable | The components of Snap-on’s trade and other accounts receivable as of June 29, 2019, and December 29, 2018, are as follows:
(Amounts in millions) | June 29, 2019 |  | December 29, 2018
Trade and other accounts receivable | $ | 703.2 |  |  | $ | 710.1 |
Allowances for doubtful accounts | (19.1 | ) |  | (17.5 | )
Total trade and other accounts receivable – net | $ | 684.1 |  |  | $ | 692.6 |
Components of Current Finance and Contract Receivables | The components of Snap-on’s current finance and contract receivables as of June 29, 2019, and December 29, 2018, are as follows:
(Amounts in millions) | June 29, 2019 |  | December 29, 2018
Finance receivables | $ | 548.5 |  |  | $ | 538.1 |
Contract receivables | 92.8 |  |  | 99.5 |
Total | 641.3 |  |  | 637.6 |
Allowances for doubtful accounts: |  |  |
Finance receivables | (19.5 | ) |  | (19.6 | )
Contract receivables | (1.3 | ) |  | (1.2 | )
Total | (20.8 | ) |  | (20.8 | )
Total current finance and contract receivables – net | $ | 620.5 |  |  | $ | 616.8 |
Finance receivables – net | $ | 529.0 |  |  | $ | 518.5 |
Contract receivables – net | 91.5 |  |  | 98.3 |
Total current finance and contract receivables – net | $ | 620.5 |  |  | $ | 616.8 |
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 June 29, 2019, and December 29, 2018, are as follows:
(Amounts in millions) | June 29, 2019 |  | December 29, 2018
Finance receivables | $ | 1,130.4 |  |  | $ | 1,116.2 |
Contract receivables | 351.2 |  |  | 348.0 |
Total | 1,481.6 |  |  | 1,464.2 |
Allowances for doubtful accounts: |  |  |
Finance receivables | (41.4 | ) |  | (41.8 | )
Contract receivables | (3.7 | ) |  | (3.1 | )
Total | (45.1 | ) |  | (44.9 | )
Total long-term finance and contract receivables – net | $ | 1,436.5 |  |  | $ | 1,419.3 |
Finance receivables – net | $ | 1,089.0 |  |  | $ | 1,074.4 |
Contract receivables – net | 347.5 |  |  | 344.9 |
Total long-term finance and contract receivables – net | $ | 1,436.5 |  |  | $ | 1,419.3 |
Aging of Finance and Contract Receivables | The aging of finance and contract receivables as of June 29, 2019, and December 29, 2018, 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
June 29, 2019: |  |  |  |  |  |  |  |  |  |  |  |  |
Finance receivables | $ | 16.0 |  |  | $ | 10.2 |  |  | $ | 16.3 |  |  | $ | 42.5 |  |  | $ | 1,636.4 |  |  | $ | 1,678.9 |  |  | $ | 12.6 |
Contract receivables | 1.3 |  |  | 1.0 |  |  | 1.4 |  |  | 3.7 |  |  | 440.3 |  |  | 444.0 |  |  | 0.3 |
December 29, 2018: |  |  |  |  |  |  |  |  |  |  |  |  |
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 |
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 June 29, 2019, and December 29, 2018, is as follows:
| June 29, 2019 |  | December 29, 2018
(Amounts in millions) | Finance Receivables |  | Contract Receivables |  | Finance Receivables |  | Contract Receivables
Performing | $ | 1,654.2 |  |  | $ | 440.7 |  |  | $ | 1,626.4 |  |  | $ | 441.5 |
Nonperforming | 24.7 |  |  | 3.3 |  |  | 27.9 |  |  | 6.0 |
Total | $ | 1,678.9 |  |  | $ | 444.0 |  |  | $ | 1,654.3 |  |  | $ | 447.5 |
Schedule of Finance and Contract Receivables on Nonaccrual Status | The amount of finance and contract receivables on nonaccrual status as of June 29, 2019, and December 29, 2018, is as follows:
(Amounts in millions) | June 29, 2019 |  | December 29, 2018
Finance receivables | $ | 12.1 |  |  | $ | 12.0 |
Contract receivables | 3.0 |  |  | 5.8 |
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 June 29, 2019, and June 30, 2018:
| Three Months Ended June 29, 2019 |  | Six Months Ended June 29, 2019
(Amounts in millions) | Finance Receivables |  | Contract Receivables |  | Finance Receivables |  | Contract Receivables
Allowances for doubtful accounts: |  |  |  |  |  |  |
Beginning of period | $ | 61.0 |  |  | $ | 4.7 |  |  | $ | 61.4 |  |  | $ | 4.3 |
Provision | 11.9 |  |  | 1.2 |  |  | 24.4 |  |  | 2.1 |
Charge-offs | (13.9 | ) |  | (1.0 | ) |  | (28.9 | ) |  | (1.7 | )
Recoveries | 2.0 |  |  | 0.2 |  |  | 4.0 |  |  | 0.3 |
Currency translation | (0.1 | ) |  | (0.1 | ) |  | — |  |  | — |
End of period | $ | 60.9 |  |  | $ | 5.0 |  |  | $ | 60.9 |  |  | $ | 5.0 |
| Three Months Ended June 30, 2018 |  | Six Months Ended June 30, 2018
(Amounts in millions) | Finance Receivables |  | Contract Receivables |  | Finance Receivables |  | Contract Receivables
Allowances for doubtful accounts: |  |  |  |  |  |  |
Beginning of period | $ | 58.3 |  |  | $ | 4.6 |  |  | $ | 56.5 |  |  | $ | 4.6 |
Provision | 13.6 |  |  | 0.6 |  |  | 29.4 |  |  | 1.1 |
Charge-offs | (14.6 | ) |  | (0.5 | ) |  | (30.4 | ) |  | (1.1 | )
Recoveries | 1.7 |  |  | 0.1 |  |  | 3.6 |  |  | 0.2 |
Currency translation | — |  |  | — |  |  | (0.1 | ) |  | — |
End of period | $ | 59.0 |  |  | $ | 4.8 |  |  | $ | 59.0 |  |  | $ | 4.8 |

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