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Leases - (Tables) | 9 Months Ended
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Sep. 28, 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 |  | Nine Months Ended
(Amounts in millions) |  | September 28, 2019 |  | September 28, 2019
Finance lease costs*: |  |  |  |
Amortization of ROU assets |  | $ | 0.4 |  |  | $ | 1.1 |
Interest on lease liabilities |  | 0.1 |  |  | 0.2 |
Operating lease costs* |  | 6.1 |  |  | 18.6 |
Total lease costs |  | $ | 6.6 |  |  | $ | 19.9 |
* | Includes short-term leases, variable lease costs and sublease income, which are immaterial. |  |
Supplemental cash flow information related to leases is as follows:
|  | Nine Months Ended
(Amounts in millions) |  | September 28, 2019
Cash paid for amounts included in the measurement of lease liabilities: |  |
Financing cash flows from finance leases |  | $ | 1.0 |
Operating cash flows from finance leases |  | 0.2 |
Operating cash flows from operating leases |  | 17.5 |
ROU assets obtained in exchange for new lease obligations: |  |
Finance lease liabilities |  | $ | 1.3 |
Operating lease liabilities |  | 9.6 |
Schedule of Lease Supplemental Balance Sheet Information and Weighted-Average Lease Terms and Discount Rates | Supplemental balance sheet information related to leases as of September 28, 2019, is as follows:
(Amounts in millions) |  | September 28, 2019
Finance leases: |  |
Property and equipment - gross |  | $ | 9.2 |
Accumulated depreciation and amortization |  | (1.1) |
Property and equipment - net |  | $ | 8.1 |
Other accrued liabilities |  | $ | 2.9 |
Other long-term liabilities |  | 10.8 |
Total finance lease liabilities |  | $ | 13.7 |
Operating leases: |  |
Operating lease right-of-use assets |  | $ | 52.4 |
Other accrued liabilities |  | $ | 19.3 |
Operating lease liabilities |  | 34.3 |
Total operating lease liabilities |  | $ | 53.6 |
Weighted-average lease terms and discount rates as of September 28, 2019, are as follows:
|  | September 28, 2019
Weighted-average remaining lease terms: |  |
Finance leases |  | 4.7 years
Operating leases |  | 3.4 years
Weighted-average discount rates: |  |
Finance leases |  | 3.9% |
Operating leases |  | 3.0% |
Schedule of Operating Lease Liability Maturities (Topic 842) | Maturities of lease liabilities as of September 28, 2019, are as follows:
(Amounts in millions) |  | Operating Leases |  | Finance Leases
Year: |  |  |  |
2019 (excluding the nine months ended September 28, 2019) |  | $ | 5.6 |  |  | $ | 0.8 |
2020 |  | 19.0 |  |  | 3.3 |
2021 |  | 14.1 |  |  | 3.1 |
2022 |  | 9.4 |  |  | 2.8 |
2023 |  | 4.4 |  |  | 2.6 |
2024 and thereafter |  | 3.9 |  |  | 2.3 |
Total lease payments |  | 56.4 |  |  | 14.9 |
Less: amount representing interest |  | (2.8) |  |  | (1.2) |
Total lease liabilities |  | $ | 53.6 |  |  | $ | 13.7 |
Schedule of Finance Lease Liability Maturities (Topic 842) | Maturities of lease liabilities as of September 28, 2019, are as follows:
(Amounts in millions) |  | Operating Leases |  | Finance Leases
Year: |  |  |  |
2019 (excluding the nine months ended September 28, 2019) |  | $ | 5.6 |  |  | $ | 0.8 |
2020 |  | 19.0 |  |  | 3.3 |
2021 |  | 14.1 |  |  | 3.1 |
2022 |  | 9.4 |  |  | 2.8 |
2023 |  | 4.4 |  |  | 2.6 |
2024 and thereafter |  | 3.9 |  |  | 2.3 |
Total lease payments |  | 56.4 |  |  | 14.9 |
Less: amount representing interest |  | (2.8) |  |  | (1.2) |
Total lease liabilities |  | $ | 53.6 |  |  | $ | 13.7 |
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 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 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) |  | December 29, 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 September 28, 2019, consisted of the following:
(Amounts in millions) |  | Lease Receivables
Year: |  |
2019 (excluding the nine months ended September 28, 2019) |  | $ | 28.9 |
2020 |  | 109.3 |
2021 |  | 80.3 |
2022 |  | 55.5 |
2023 |  | 37.9 |
2024 and thereafter |  | 36.4 |
Total lease payments |  | 348.3 |
Less: unearned finance charges |  | (63.9) |
Net investment in leases |  | $ | 284.4 |

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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918686-209980 + Details
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- Definition Tabular disclosure of maturity of undiscounted cash flows to be received on annual basis for sales-type and direct financing leases receivable. Includes, but is not limited to, reconciliation to lease receivable recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 30 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=119202524&loc=SL77919391-209981 + Details
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