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v3.19.3.a.u2

Receivables (Tables) | 12 Months Ended
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Dec. 28, 2019
Receivables [Abstract] |
Schedule of Accounts , Finance, and Contract Receivables | The components of Snap-on’s trade and other accounts receivable as of 2019 and 2018 year end are as follows:
(Amounts in millions) |  | 2019 |  | 2018
Trade and other accounts receivable |  | $ | 715.5 |  |  | $ | 710.1 |
Allowances for doubtful accounts |  | (20.9) |  |  | (17.5) |
Total trade and other accounts receivable – net |  | $ | 694.6 |  |  | $ | 692.6 |
The components of Snap-on’s current finance and contract receivables as of 2019 and 2018 year end are as follows:
(Amounts in millions) |  | 2019 |  | 2018
Finance installment receivables |  | $ | 511.9 |  |  |  | $ | 499.0 |
Finance lease receivables, net of unearned finance charges of $11.7 million and $11.4 million, respectively |  | 37.9 |  |  |  | 39.1 |
Total finance receivables |  | 549.8 |  |  |  | 538.1 |
Contract installment receivables |  | 50.8 |  |  |  | 48.9 |
Contract lease receivables, net of unearned finance charges of $18.2 million and $18.4 million, respectively |  | 51.4 |  |  |  | 50.6 |
Total contract receivables |  | 102.2 |  |  |  | 99.5 |
Total |  | 652.0 |  |  |  | 637.6 |
Allowances for doubtful accounts: |  |  |  |
Finance installment receivables |  | (19.2) |  |  | (19.0) |
Finance lease receivables |  | (0.5) |  |  | (0.6) |
Total finance allowance for doubtful accounts |  | (19.7) |  |  | (19.6) |
Contract installment receivables |  | (0.5) |  |  | (0.4) |
Contract lease receivables |  | (1.0) |  |  | (0.8) |
Total contract allowance for doubtful accounts |  | (1.5) |  |  | (1.2) |
Total allowance for doubtful accounts |  | (21.2) |  |  | (20.8) |
Total current finance and contract receivables – net |  | $ | 630.8 |  |  | $ | 616.8 |
Finance receivables – net |  | $ | 530.1 |  |  | $ | 518.5 |
Contract receivables – net |  | 100.7 |  |  | 98.3 |
Total current finance and contract receivables – net |  | $ | 630.8 |  |  | $ | 616.8 |
The components of Snap-on’s finance and contract receivables with payment terms beyond one year as of 2019 and 2018 year end are as follows:
(Amounts in millions) |  | 2019 |  | 2018
Finance installment receivables |  | $ | 1,106.0 |  |  |  | $ | 1,080.1 |
Finance lease receivables, net of unearned finance charges of $8.2 million and $6.7 million, respectively |  | 39.7 |  |  |  | 36.1 |
Total finance receivables |  | 1,145.7 |  |  |  | 1,116.2 |
Contract installment receivables |  | 195.5 |  |  |  | 190.6 |
Contract lease receivables, net of unearned finance charges of $29.4 million and $27.8 million, respectively |  | 168.7 |  |  |  | 157.4 |
Total contract receivables |  | 364.2 |  |  |  | 348.0 |
Total |  | 1,509.9 |  |  |  | 1,464.2 |
Allowances for doubtful accounts: |  |  |  |  |  |  |
Finance installment receivables |  | (41.6) |  |  |  | (41.3) |
Finance lease receivables |  | (0.6) |  |  |  | (0.5) |
Total finance allowance for doubtful accounts |  | (42.2) |  |  |  | (41.8) |
Contract installment receivables |  | (1.8) |  |  |  | (1.5) |
Contract lease receivables |  | (2.3) |  |  |  | (1.6) |
Total contract allowance for doubtful accounts |  | (4.1) |  |  |  | (3.1) |
Total allowance for doubtful accounts |  | (46.3) |  |  |  | (44.9) |
Total current finance and contract receivables – net |  | $ | 1,463.6 |  |  |  | $ | 1,419.3 |
Finance receivables – net |  | $ | 1,103.5 |  |  |  | $ | 1,074.4 |
Contract receivables – net |  | 360.1 |  |  |  | 344.9 |
Total current finance and contract receivables – net |  | $ | 1,463.6 |  |  |  | $ | 1,419.3 |
Schedule of Long-Term Finance and Contract Receivables | Long-term finance and contract receivables installments, net of unearned finance charges, as of 2019 and 2018 year end are scheduled as follows:
|  | 2019 |  |  |  | 2018 |  |
(Amounts in millions) |  | Finance Receivables |  | Contract Receivables |  | Finance Receivables |  | Contract Receivables
Due in Months: |  |  |  |  |  |  |  |
13 – 24 |  | $ | 439.1 |  |  | $ | 86.4 |  |  | $ | 428.7 |  |  | $ | 82.2 |
25 – 36 |  | 352.4 |  |  | 76.9 |  |  | 345.0 |  |  | 72.5 |
37 – 48 |  | 238.0 |  |  | 65.6 |  |  | 232.8 |  |  | 60.5 |
49 – 60 |  | 116.2 |  |  | 51.3 |  |  | 109.7 |  |  | 48.8 |
Thereafter |  | — |  |  | 84.0 |  |  | — |  |  | 84.0 |
Total |  | $ | 1,145.7 |  |  | $ | 364.2 |  |  | $ | 1,116.2 |  |  | $ | 348.0 |
Financing Receivable, Past Due | The aging of finance and contract receivables as of 2019 and 2018 year end 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
2019 year end: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Finance receivables |  | $ | 19.7 |  |  | $ | 12.0 |  |  | $ | 21.4 |  |  | $ | 53.1 |  |  | $ | 1,642.4 |  |  | $ | 1,695.5 |  |  | $ | 17.2 |
Contract receivables |  | 1.5 |  |  | 0.9 |  |  | 1.5 |  |  | 3.9 |  |  | 462.5 |  |  | 466.4 |  |  | 0.5 |
2018 year end: |  |  |  |  |  |  |  |  |  |  |  |  |  |
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 |
Financing Receivable Credit Quality Indicators | The amount of performing and nonperforming finance and contract receivables based on payment activity as of 2019 and 2018 year end is as follows:
|  | 2019 |  |  |  | 2018 |  |
(Amounts in millions) |  | Finance Receivables |  | Contract Receivables |  | Finance Receivables |  | Contract Receivables
Performing |  | $ | 1,666.1 |  |  | $ | 463.7 |  |  | $ | 1,626.4 |  |  | $ | 441.5 |
Nonperforming |  | 29.4 |  |  | 2.7 |  |  | 27.9 |  |  | 6.0 |
Total |  | $ | 1,695.5 |  |  | $ | 466.4 |  |  | $ | 1,654.3 |  |  | $ | 447.5 |
Financing Receivable, Nonaccrual | The amount of finance and contract receivables on nonaccrual status as of 2019 and 2018 year end is as follows:
(Amounts in millions) |  | 2019 |  | 2018
Finance receivables |  | $ | 12.2 |  |  | $ | 12.0 |
Contract receivables |  | 2.2 |  |  | 5.8 |
Financing Receivable, Allowance for Credit Loss | The following is a rollforward of the allowances for doubtful accounts for finance and contract receivables for 2019 and 2018:
|  | 2019 |  |  |  | 2018 |  |
(Amounts in millions) |  | Finance Receivables |  | Contract Receivables |  | Finance Receivables |  | Contract Receivables
Allowances for doubtful accounts: |  |  |  |  |  |  |  |
Beginning of year |  | $ | 61.4 |  |  | $ | 4.3 |  |  | $ | 56.5 |  |  | $ | 4.6 |
Provision |  | 49.9 |  |  | 4.7 |  |  | 57.5 |  |  | 2.0 |
Charge-offs |  | (57.1) |  |  | (3.9) |  |  | (59.4) |  |  | (2.5) |
Recoveries |  | 7.7 |  |  | 0.5 |  |  | 7.1 |  |  | 0.4 |
Currency translation |  | — |  |  | — |  |  | (0.3) |  |  | (0.2) |
End of year |  | $ | 61.9 |  |  | $ | 5.6 |  |  | $ | 61.4 |  |  | $ | 4.3 |
Rollforward of Combined Allowances for Doubtful Accounts Related to Trade and Other Accounts Receivable | The following is a rollforward of the combined allowances for doubtful accounts related to trade and other accounts receivable, as well as finance and contract receivables, for 2019, 2018 and 2017:
(Amounts in millions) |  | Balance at Beginning of Year |  | Expenses |  | Deductions (1) |  | Balance at End of Year
Allowances for doubtful accounts: |  |  |  |  |  |  |  |
2019 |  | $ | 83.2 |  |  | $ | 68.2 |  |  | $ | (63.0) |  |  | $ | 88.4 |
2018 |  | 75.7 |  |  | 70.3 |  |  | (62.8) |  |  | 83.2 |
2017 |  | 66.5 |  |  | 65.1 |  |  | (55.9) |  |  | 75.7 |
(1) | Represents write-offs of bad debts, net of recoveries, and the net impact of currency translation. |  |  |

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