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Receivables - (Tables) | 9 Months Ended
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Sep. 26, 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:
|  | Balance at |  |  |  | Opening Balance at
(Amounts in millions) |  | December 28, 2019 |  | Topic 326 Adjustments |  | 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 September 26, 2020, and December 28, 2019, are as follows:
(Amounts in millions) | September 26, 2020 |  | December 28, 2019
Trade and other accounts receivable | $ | 642.4 |  |  | $ | 715.5 |
Allowances for credit losses | (23.5) |  |  | (20.9) |
Total trade and other accounts receivable – net | $ | 618.9 |  |  | $ | 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 and nine months ended September 26, 2020:
| Three Months Ended |  | Nine Months Ended
(Amounts in millions) | September 26, 2020 |  | September 26, 2020
Allowances for credit losses: |  |  |
Beginning of period | $ | 23.6 |  |  | $ | 20.9 |
Provision for credit losses | 4.1 |  |  | 13.2 |
Charge-offs | (4.5) |  |  | (10.0) |
Recoveries | — |  |  | — |
Currency translation | 0.3 |  |  | (0.6) |
End of period | $ | 23.5 |  |  | $ | 23.5 |
The components of Snap-on’s current finance and contract receivables as of September 26, 2020, and December 28, 2019, are as follows:
(Amounts in millions) | September 26, 2020 |  | December 28, 2019
Finance installment receivables | $ | 531.5 |  |  | $ | 511.9 |
Finance lease receivables, net of unearned finance charges of $6.0 million and $11.7 million, respectively | 24.4 |  |  | 37.9 |
Total finance receivables | 555.9 |  |  | 549.8 |
Contract installment receivables | 62.2 |  |  | 50.8 |
Contract lease receivables, net of unearned finance charges of $17.9 million and $18.2 million, respectively | 53.4 |  |  | 51.4 |
Total contract receivables | 115.6 |  |  | 102.2 |
Total | 671.5 |  |  | 652.0 |
Allowances for credit losses: |  |  |
Finance installment receivables | (23.4) |  |  | (19.2) |
Finance lease receivables | (0.4) |  |  | (0.5) |
Total finance allowance for credit losses | (23.8) |  |  | (19.7) |
Contract installment receivables | (1.3) |  |  | (0.5) |
Contract lease receivables | (1.0) |  |  | (1.0) |
Total contract allowance for credit losses | (2.3) |  |  | (1.5) |
Total allowance for credit losses | (26.1) |  |  | (21.2) |
Total current finance and contract receivables – net | $ | 645.4 |  |  | $ | 630.8 |
Finance receivables – net | $ | 532.1 |  |  | $ | 530.1 |
Contract receivables – net | 113.3 |  |  | 100.7 |
Total current finance and contract receivables – net | $ | 645.4 |  |  | $ | 630.8 |
The components of Snap-on’s finance and contract receivables with payment terms beyond one year as of September 26, 2020, and December 28, 2019, are as follows:
(Amounts in millions) | September 26, 2020 |  | December 28, 2019
Finance installment receivables | $ | 1,152.9 |  |  | $ | 1,106.0 |
Finance lease receivables, net of unearned finance charges of $3.6 million and $8.2 million, respectively | 20.6 |  |  | 39.7 |
Total finance receivables | 1,173.5 |  |  | 1,145.7 |
Contract installment receivables | 198.2 |  |  | 195.5 |
Contract lease receivables, net of unearned finance charges of $29.3 million and $29.4 million, respectively | 175.7 |  |  | 168.7 |
Total contract receivables | 373.9 |  |  | 364.2 |
Total | 1,547.4 |  |  | 1,509.9 |
Allowances for credit losses: |  |  |
Finance installment receivables | (50.9) |  |  | (41.6) |
Finance lease receivables | (0.3) |  |  | (0.6) |
Total finance allowance for credit losses | (51.2) |  |  | (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 | (57.9) |  |  | (46.3) |
Total long-term finance and contract receivables – net | $ | 1,489.5 |  |  | $ | 1,463.6 |
Finance receivables – net | $ | 1,122.3 |  |  | $ | 1,103.5 |
Contract receivables – net | 367.2 |  |  | 360.1 |
Total long-term finance and contract receivables – net | $ | 1,489.5 |  |  | $ | 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 September 26, 2020, are as follows:
(Amounts in millions) | 2020 |  | 2019 |  | 2018 |  | 2017 |  | 2016 |  | Prior |  | Total
Finance Receivables: |  |  |  |  |  |  |  |  |  |  |  |  |
Delinquent | $ | 7.7 |  |  | $ | 19.0 |  |  | $ | 10.7 |  |  | $ | 5.7 |  |  | $ | 2.3 |  |  | $ | 0.4 |  |  | $ | 45.8 |
Non-delinquent | 972.0 |  |  | 440.6 |  |  | 179.6 |  |  | 69.3 |  |  | 20.3 |  |  | 1.8 |  |  | 1,683.6 |
Total Finance receivables | $ | 979.7 |  |  | $ | 459.6 |  |  | $ | 190.3 |  |  | $ | 75.0 |  |  | $ | 22.6 |  |  | $ | 2.2 |  |  | $ | 1,729.4 |
Contract receivables: |  |  |  |  |  |  |  |  |  |  |  |  |
Delinquent | $ | 0.3 |  |  | $ | 0.7 |  |  | $ | 0.5 |  |  | $ | 0.6 |  |  | $ | 0.5 |  |  | $ | 0.5 |  |  | $ | 3.1 |
Non-delinquent | 150.8 |  |  | 132.4 |  |  | 91.3 |  |  | 57.1 |  |  | 28.4 |  |  | 26.4 |  |  | 486.4 |
Total Contract receivables | $ | 151.1 |  |  | $ | 133.1 |  |  | $ | 91.8 |  |  | $ | 57.7 |  |  | $ | 28.9 |  |  | $ | 26.9 |  |  | $ | 489.5 |
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 and nine months ended September 26, 2020, and September 28, 2019:
| Three Months Ended September 26, 2020 |  |  |  | Nine Months Ended September 26, 2020 |  |
(Amounts in millions) | Finance Receivables |  | Contract Receivables |  | Finance Receivables |  | Contract Receivables
Allowances for credit losses: |  |  |  |  |  |  |
Beginning of period | $ | 72.5 |  |  | $ | 9.1 |  |  | $ | 61.9 |  |  | $ | 5.6 |
Impact of adopting ASU No. 2016-13 | — |  |  | — |  |  | 5.2 |  |  | 2.9 |
Provision for credit losses | 9.8 |  |  | 0.5 |  |  | 41.2 |  |  | 3.1 |
Charge-offs | (9.5) |  |  | (0.7) |  |  | (39.6) |  |  | (2.9) |
Recoveries | 2.1 |  |  | 0.1 |  |  | 6.3 |  |  | 0.3 |
Currency translation | 0.1 |  |  | — |  |  | — |  |  | — |
End of period | $ | 75.0 |  |  | $ | 9.0 |  |  | $ | 75.0 |  |  | $ | 9.0 |
| Three Months Ended September 28, 2019 |  |  |  | Nine Months Ended September 28, 2019 |  |
(Amounts in millions) | Finance Receivables |  | Contract Receivables |  | Finance Receivables |  | Contract Receivables
Allowances for credit losses: |  |  |  |  |  |  |
Beginning of period | $ | 60.9 |  |  | $ | 5.0 |  |  | $ | 61.4 |  |  | $ | 4.3 |
Provision for credit losses | 11.4 |  |  | 1.9 |  |  | 35.8 |  |  | 4.0 |
Charge-offs | (13.0) |  |  | (1.0) |  |  | (41.9) |  |  | (2.7) |
Recoveries | 1.9 |  |  | — |  |  | 5.9 |  |  | 0.3 |
Currency translation | (0.1) |  |  | 0.1 |  |  | (0.1) |  |  | 0.1 |
End of period | $ | 61.1 |  |  | $ | 6.0 |  |  | $ | 61.1 |  |  | $ | 6.0 |
Aging of Finance and Contract Receivables | The aging of finance and contract receivables as of September 26, 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
September 26, 2020: |  |  |  |  |  |  |  |  |  |  |  |  |
Finance receivables | $ | 17.8 |  |  | $ | 11.2 |  |  | $ | 16.8 |  |  | $ | 45.8 |  |  | $ | 1,683.6 |  |  | $ | 1,729.4 |  |  | $ | 13.9 |
Contract receivables | 1.3 |  |  | 0.5 |  |  | 1.3 |  |  | 3.1 |  |  | 486.4 |  |  | 489.5 |  |  | 0.3 |
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 September 26, 2020, and December 28, 2019, is as follows:
(Amounts in millions) | September 26, 2020 |  | December 28, 2019
Finance receivables | $ | 9.8 |  |  | $ | 12.2 |
Contract receivables | 2.5 |  |  | 2.2 |

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