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v3.20.1

Receivables - (Tables) | 3 Months Ended
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Mar. 28, 2020
Receivables [Abstract] |
Summary of Effects of ASU 2016-13 Adoption | The effects of adjustments to the December 28, 2019 Condensed Consolidated Balance Sheet as a result of the adoption of ASU No. 2016-13, including an increase in the allowance for credit losses of $8.1 million, were as follows:
(Amounts in millions) |  | Balance at December 28, 2019 |  | Topic 326 Adjustments |  | Opening Balance at December 29, 2019
Current assets |  |  |  |  |  |
Finance receivables - allowance for credit losses |  | $ | (19.7) |  |  | $ | (1.7) |  |  | $ | (21.4) |
Contract receivables - allowance for credit losses |  | $ | (1.5) |  |  | $ | (0.5) |  |  | $ | (2.0) |
Long-term assets |  |  |  |  |  |
Finance receivables - allowance for credit losses |  | $ | (42.2) |  |  | $ | (3.5) |  |  | $ | (45.7) |
Contract receivables - allowance for credit losses |  | $ | (4.1) |  |  | $ | (2.4) |  |  | $ | (6.5) |
Total allowances for credit losses |  | $ | (67.5) |  |  | $ | (8.1) |  |  | $ | (75.6) |
Deferred income tax assets |  | $ | 52.3 |  |  | $ | 2.0 |  |  | $ | 54.3 |
Equity |  |  |  |  |  |
Retained Earnings |  | $ | 4,779.7 |  |  | $ | (6.1) |  |  | $ | 4,773.6 |
Components of Trade and Other Accounts Receivable | The components of Snap-on’s trade and other accounts receivable as of March 28, 2020, and December 28, 2019, are as follows:
(Amounts in millions) | March 28, 2020 |  | December 28, 2019
Trade and other accounts receivable | $ | 655.6 |  |  | $ | 715.5 |
Allowances for credit losses | (20.4) |  |  | (20.9) |
Total trade and other accounts receivable – net | $ | 635.2 |  |  | $ | 694.6 |
Components of Finance and Contract Receivables, Current and Beyond One Year | The following is a rollforward of the allowances for credit losses related to trade and other accounts receivable for the three months ended March 28, 2020:
| Three Months Ended
(Amounts in millions) | March 28, 2020
Allowances for credit losses: |
Beginning of period | $ | 20.9 |
Provision for credit losses | 3.6 |
Charge-offs | (3.1) |
Recoveries | — |
Currency translation | (1.0) |
End of period | $ | 20.4 |
The components of Snap-on’s current finance and contract receivables as of March 28, 2020, and December 28, 2019, are as follows:
(Amounts in millions) | March 28, 2020 |  | December 28, 2019
Finance installment receivables | $ | 501.8 |  |  |  | $ | 511.9 |
Finance lease receivables, net of unearned finance charges of $10.8 million and $11.7 million, respectively | 34.2 |  |  |  | 37.9 |
Total finance receivables | 536.0 |  |  |  | 549.8 |
Contract installment receivables | 42.9 |  |  |  | 50.8 |
Contract lease receivables, net of unearned finance charges of $17.9 million and $18.2 million, respectively | 51.2 |  |  |  | 51.4 |
Total contract receivables | 94.1 |  |  |  | 102.2 |
Total | 630.1 |  |  |  | 652.0 |
Allowances for credit losses: |  |  |  |  |  |
Finance installment receivables | (21.1) |  |  |  | (19.2) |
Finance lease receivables | (0.6) |  |  |  | (0.5) |
Total finance allowance for credit losses | (21.7) |  |  |  | (19.7) |
Contract installment receivables | (0.6) |  |  |  | (0.5) |
Contract lease receivables | (1.3) |  |  |  | (1.0) |
Total contract allowance for credit losses | (1.9) |  |  |  | (1.5) |
Total allowance for credit losses | (23.6) |  |  |  | (21.2) |
Total current finance and contract receivables – net | $ | 606.5 |  |  |  | $ | 630.8 |
Finance receivables – net | $ | 514.3 |  |  |  | $ | 530.1 |
Contract receivables – net | 92.2 |  |  |  | 100.7 |
Total current finance and contract receivables – net | $ | 606.5 |  |  |  | $ | 630.8 |
The components of Snap-on’s finance and contract receivables with payment terms beyond one year as of March 28, 2020, and December 28, 2019, are as follows:
(Amounts in millions) | March 28, 2020 |  | December 28, 2019
Finance installment receivables | $ | 1,112.1 |  |  |  | $ | 1,106.0 |
Finance lease receivables, net of unearned finance charges of $8.0 million and $8.2 million, respectively | 37.3 |  |  |  | 39.7 |
Total finance receivables | 1,149.4 |  |  |  | 1,145.7 |
Contract installment receivables | 192.8 |  |  |  | 195.5 |
Contract lease receivables, net of unearned finance charges of $29.2 million and $29.4 million, respectively | 169.3 |  |  |  | 168.7 |
Total contract receivables | 362.1 |  |  |  | 364.2 |
Total | 1,511.5 |  |  |  | 1,509.9 |
Allowances for credit losses: |  |  |  |  |  |
Finance installment receivables | (46.9) |  |  |  | (41.6) |
Finance lease receivables | (0.6) |  |  |  | (0.6) |
Total finance allowance for credit losses | (47.5) |  |  |  | (42.2) |
Contract installment receivables | (3.1) |  |  |  | (1.8) |
Contract lease receivables | (3.6) |  |  |  | (2.3) |
Total contract allowance for credit losses | (6.7) |  |  |  | (4.1) |
Total allowance for credit losses | (54.2) |  |  |  | (46.3) |
Total long-term finance and contract receivables – net | $ | 1,457.3 |  |  |  | $ | 1,463.6 |
Finance receivables – net | $ | 1,101.9 |  |  |  | $ | 1,103.5 |
Contract receivables – net | 355.4 |  |  |  | 360.1 |
Total long-term finance and contract receivables – net | $ | 1,457.3 |  |  |  | $ | 1,463.6 |
Schedule of Delinquent and Non-delinquent Finance and Contract Receivables | The amortized cost basis of finance and contract receivables by origination year as of March 28, 2020, are as follows:
(Amounts in millions) | 2020 |  | 2019 |  | 2018 |  | 2017 |  | 2016 |  | Prior |  | Total
Finance Receivables: |  |  |  |  |  |  |  |  |  |  |  |  |
Delinquent | $ | 0.2 |  |  | $ | 21.0 |  |  | $ | 15.3 |  |  | $ | 8.7 |  |  | $ | 4.1 |  |  | $ | 0.9 |  |  | $ | 50.2 |
Non-delinquent | 456.6 |  |  | 745.7 |  |  | 279.7 |  |  | 111.6 |  |  | 36.6 |  |  | 5.0 |  |  | 1,635.2 |
Total Finance receivables | $ | 456.8 |  |  | $ | 766.7 |  |  | $ | 295.0 |  |  | $ | 120.3 |  |  | $ | 40.7 |  |  | $ | 5.9 |  |  | $ | 1,685.4 |
Contract receivables: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Delinquent | $ | — |  |  | $ | 0.5 |  |  | $ | 1.5 |  |  | $ | 1.1 |  |  | $ | 0.7 |  |  | $ | 0.3 |  |  | $ | 4.1 |
Non-delinquent | 47.4 |  |  | 95.1 |  |  | 165.0 |  |  | 70.9 |  |  | 36.5 |  |  | 37.2 |  |  | 452.1 |
Total Contract receivables | $ | 47.4 |  |  | $ | 95.6 |  |  | $ | 166.5 |  |  | $ | 72.0 |  |  | $ | 37.2 |  |  | $ | 37.5 |  |  | $ | 456.2 |
Financing Receivable, Allowance for Credit Loss | The following is a rollforward of the allowances for credit losses for finance and contract receivables for the three months ended March 28, 2020, and March 30, 2019:
| Three Months Ended March 28, 2020 |  |  |  | Three Months Ended March 30, 2019 |  |
(Amounts in millions) | Finance Receivables |  | Contract Receivables |  | Finance Receivables |  | Contract Receivables
Allowances for credit losses: |  |  |  |  |  |  |
Beginning of period | $ | 61.9 |  |  | $ | 5.6 |  |  | $ | 61.4 |  |  | $ | 4.3 |
Impact of adopting ASU No. 2016-13 | 5.2 |  |  | 2.9 |  |  | — |  |  | — |
Provision for credit losses | 16.3 |  |  | 1.4 |  |  | 12.5 |  |  | 0.9 |
Charge-offs | (15.9) |  |  | (1.3) |  |  | (15.0) |  |  | (0.7) |
Recoveries | 2.0 |  |  | — |  |  | 2.0 |  |  | 0.1 |
Currency translation | (0.3) |  |  | — |  |  | 0.1 |  |  | 0.1 |
End of period | $ | 69.2 |  |  | $ | 8.6 |  |  | $ | 61.0 |  |  | $ | 4.7 |
The expense for credit losses for Finance and Contract Receivables for the three months ended March 28, 2020, includes $2.1 million and $0.5 million, respectively, as a result of the economic uncertainty associated with the COVID-19 pandemic.
Aging of Finance and Contract Receivables | The aging of finance and contract receivables as of March 28, 2020, and December 28, 2019, 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
March 28, 2020: |  |  |  |  |  |  |  |  |  |  |  |  |
Finance receivables | $ | 18.0 |  |  | $ | 11.5 |  |  | $ | 20.7 |  |  | $ | 50.2 |  |  | $ | 1,635.2 |  |  | $ | 1,685.4 |  |  | $ | 16.4 |
Contract receivables | 1.8 |  |  | 0.9 |  |  | 1.4 |  |  | 4.1 |  |  | 452.1 |  |  | 456.2 |  |  | 0.4 |
December 28, 2019: |  |  |  |  |  |  |  |  |  |  |  |  |
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 |
Schedule of Finance and Contract Receivables on Nonaccrual Status | The amount of finance and contract receivables on nonaccrual status as of March 28, 2020, and December 28, 2019, is as follows:
(Amounts in millions) | March 28, 2020 |  | December 28, 2019
Finance receivables | $ | 11.9 |  |  | $ | 12.2 |
Contract receivables | 2.9 |  |  | 2.2 |

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