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Leases - (Tables)

6 Months Ended

Jun. 29, 2019

Leases [Abstract]

Summary of Effects of New Accounting Pronouncement

The adoption of Topic 842 impacted the company’s previously reported results as follows:

(Amounts in millions)		Classification		Balance at December 29, 2018				Topic 842 Adjustments				Opening Balance at 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 costs consist of the following:

		Three Months Ended				Six Months Ended
(Amounts in millions)		June 29, 2019				June 29, 2019
Finance lease costs:
Amortization of ROU assets		$	0.4			$	0.7
Interest on lease liabilities		—				0.1
Operating lease costs*		6.3				12.5
Total lease costs		$	6.7			$	13.3

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

Supplemental cash flow information related to leases is as follows:

		Six Months Ended
(Amounts in millions)		June 29, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Financing cash flows from finance leases		$	0.7
Operating cash flows from finance leases		0.1
Operating cash flows from operating leases		11.7
		June 29, 2019
ROU assets obtained in exchange for new lease obligations:
Finance lease liabilities		$	1.1
Operating lease liabilities		6.2

Schedule of Lease Supplemental Balance Sheet Information and Weighted-Average Lease Terms and Discount Rates

Supplemental balance sheet information related to leases as of June 29, 2019, is as follows:

(Amounts in millions)		June 29, 2019
Finance leases:
Property and equipment - gross		$	9.1
Accumulated depreciation and amortization		(0.7		)
Property and equipment - net		$	8.4
Other accrued liabilities		$	1.5
Other long-term liabilities		7.1
Total finance lease liabilities		$	8.6
Operating leases:
Operating lease right-of-use assets		$	55.4
Other accrued liabilities		$	20.8
Operating lease liabilities		35.7
Total operating lease liabilities		$	56.5

Weighted-average lease terms and discount rates as of June 29, 2019, are as follows:

		June 29, 2019
Weighted-average remaining lease terms:
Finance leases		5.5 years
Operating leases		3.6 years
Weighted-average discount rates:
Finance leases		3.1%
Operating leases		3.0%

Schedule of Finance Lease Liability Maturities (Topic 842)

Maturities of lease liabilities as of June 29, 2019, are as follows:

(Amounts in millions)		Operating Leases				Finance Leases
Year:
2019 (excluding the six months ended June 29, 2019)		$	11.2			$	0.8
2020		18.4				1.7
2021		13.4				1.7
2022		8.8				1.7
2023		4.1				1.7
2024 and thereafter		3.7				1.7
Total lease payments		59.6				9.3
Less: amount representing interest		(3.1		)		(0.7		)
Total lease liabilities		$	56.5			$	8.6

Schedule of Operating Lease Liability Maturities (Topic 842)

Maturities of lease liabilities as of June 29, 2019, are as follows:

(Amounts in millions)		Operating Leases				Finance Leases
Year:
2019 (excluding the six months ended June 29, 2019)		$	11.2			$	0.8
2020		18.4				1.7
2021		13.4				1.7
2022		8.8				1.7
2023		4.1				1.7
2024 and thereafter		3.7				1.7
Total lease payments		59.6				9.3
Less: amount representing interest		(3.1		)		(0.7		)
Total lease liabilities		$	56.5			$	8.6

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 June 29, 2019, consisted of the following:

(Amounts in millions)		Lease Receivables
Year:
2019 (excluding the six months ended June 29, 2019)		$	60.1
2020		102.8
2021		74.1
2022		50.1
2023		33.8
2024 and thereafter		28.8
Total lease payments		349.7
Less: unearned finance charges		(64.3		)
Net investment in leases		$	285.4

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