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Leases (Tables)

12 Months Ended

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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