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v3.19.3.a.u2

Leases (Tables) | 12 Months Ended
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Dec. 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 for 2019 consist of the following:
(Amounts in millions) |  | 2019
Finance lease costs: |  |
Amortization of ROU assets |  | $ | 1.5 |
Interest on lease liabilities |  | 0.5 |
Operating lease costs* |  | 25.1 |
Total lease costs |  | $ | 27.1 |
* | Includes short-term leases, variable lease costs and sublease income, which are immaterial. |  |
Supplemental cash flow information related to leases in 2019 is as follows:
(Amounts in millions) |  | 2019
Cash paid for amounts included in the measurement of lease liabilities: |  |
Financing cash flows from finance leases |  | $ | 2.8 |
Operating cash flows from finance leases |  | 0.5 |
Operating cash flows from operating leases |  | 23.5 |
ROU assets obtained in exchange for new lease obligations: |  |
Finance lease liabilities |  | $ | 1.4 |
Operating lease liabilities |  | 12.5 |
Schedule of Lease Supplemental Balance Sheet Information and Weighted-Average Lease Terms and Discount Rates | Supplemental balance sheet information related to leases in 2019 is as follows:
(Amounts in millions) |  | 2019
Finance leases: |  |
Property and equipment - gross |  | $ | 9.2 |
Accumulated depreciation and amortization |  | (1.5) |
Property and equipment - net |  | $ | 7.7 |
Other accrued liabilities |  | $ | 2.8 |
Other long-term liabilities |  | 10.0 |
Total finance lease liabilities |  | $ | 12.8 |
Operating leases: |  |
Operating lease right-of-use assets |  | $ | 55.6 |
Other accrued liabilities |  | $ | 19.5 |
Operating lease liabilities |  | 37.5 |
Total operating lease liabilities |  | $ | 57.0 |
Weighted-average lease terms and discount rates in 2019 are as follows:
|  | 2019
Weighted-average remaining lease terms: |  |
Finance leases |  | 4.5 years
Operating leases |  | 3.7 years
Weighted-average discount rates: |  |
Finance leases |  | 3.4% |
Operating leases |  | 2.8% |
Schedule of Operating Lease Liability Maturities (Topic 842) | Maturities of lease liabilities as of December 28, 2019 are as follows:
(Amounts in millions) |  | Operating Leases |  | Finance Leases
Year: |  |  |  |
2020 |  | $ | 20.6 |  |  |  | $ | 3.2 |
2021 |  | 15.6 |  |  |  | 3.0 |
2022 |  | 10.8 |  |  |  | 2.8 |
2023 |  | 6.2 |  |  |  | 2.6 |
2024 |  | 4.1 |  |  |  | 2.0 |
2025 and thereafter |  | 2.7 |  |  |  | 0.2 |
Total lease payments |  | 60.0 |  |  |  | 13.8 |
Less: amount representing interest |  | (3.0) |  |  |  | (1.0) |
Total lease liabilities |  | $ | 57.0 |  |  |  | $ | 12.8 |
Schedule of Finance Lease Liability Maturities (Topic 842) | Maturities of lease liabilities as of December 28, 2019 are as follows:
(Amounts in millions) |  | Operating Leases |  | Finance Leases
Year: |  |  |  |
2020 |  | $ | 20.6 |  |  |  | $ | 3.2 |
2021 |  | 15.6 |  |  |  | 3.0 |
2022 |  | 10.8 |  |  |  | 2.8 |
2023 |  | 6.2 |  |  |  | 2.6 |
2024 |  | 4.1 |  |  |  | 2.0 |
2025 and thereafter |  | 2.7 |  |  |  | 0.2 |
Total lease payments |  | 60.0 |  |  |  | 13.8 |
Less: amount representing interest |  | (3.0) |  |  |  | (1.0) |
Total lease liabilities |  | $ | 57.0 |  |  |  | $ | 12.8 |
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 | mounts included in the accompanying 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 Receivables Maturities | Future minimum lease payments as of December 28, 2019 are as follows:
(Amounts in millions) |  | Lease Receivables
Year: |  |
2020 |  | $ | 119.1 |
2021 |  | 90.7 |
2022 |  | 64.3 |
2023 |  | 44.4 |
2024 |  | 28.4 |
2025 and thereafter |  | 18.3 |
Total lease payments |  | 365.2 |
Less: unearned finance charges |  | (67.5) |
Net investment in leases |  | $ | 297.7 |

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- Definition Tabular disclosure of undiscounted cash flows of finance lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to finance lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918701-209980 + Details
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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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- Definition Tabular disclosure of future minimum lease payments as of the date of the latest balance sheet presented, in aggregate and for each of the five years succeeding fiscal years, with separate deductions from the total for the amount representing executor costs, including any profit thereon, included in the minimum lease payments and for the amount of the imputed interest necessary to reduce the net minimum lease payments to present value. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 30 -Section 50 -Paragraph 1 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=84164817&loc=d3e45280-112737 + Details
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