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v3.20.4

Receivables (Tables) | 12 Months Ended
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Jan. 02, 2021
Receivables [Abstract] |
Summary of Effects of ASU 2016-13 Adoption | The effects of adjustments to the December 28, 2019 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 |
Schedule of Components of Trade and Other Accounts Receivable | The components of Snap-on’s trade and other accounts receivable as of 2020 and 2019 year end are as follows:
(Amounts in millions) | 2020 |  | 2019
Trade and other accounts receivable | $ | 667.0 |  |  | $ | 715.5 |
Allowances for credit losses | (26.3) |  |  | (20.9) |
Total trade and other accounts receivable – net | $ | 640.7 |  |  | $ | 694.6 |
Rollforward of Combined Allowances for Doubtful Accounts Related to Trade and Other Accounts Receivable | The following is a rollforward of the allowances for credit losses related to trade and other accounts receivable for 2020:
(Amounts in millions) | 2020
Allowances for credit losses: |
Beginning of period | $ | 20.9 |
Provision for credit losses | 18.9 |
Charge-offs | (13.6) |
Recoveries | 0.2 |
Currency translation | (0.1) |
End of period | $ | 26.3 |
Components of Finance and Contract Receivables, Current and Beyond One Year | The components of Snap-on’s current finance and contract receivables as of 2020 and 2019 year end are as follows:
(Amounts in millions) | 2020 |  | 2019
Finance installment receivables | $ | 533.9 |  |  | $ | 511.9 |
Finance lease receivables, net of unearned finance charges of $4.4 million and $11.7 million, respectively | 20.2 |  |  | 37.9 |
Total finance receivables | 554.1 |  |  | 549.8 |
Contract installment receivables | 59.1 |  |  | 50.8 |
Contract lease receivables, net of unearned finance charges of $18.2 million and $18.2 million, respectively | 55.7 |  |  | 51.4 |
Total contract receivables | 114.8 |  |  | 102.2 |
Total | 668.9 |  |  | 652.0 |
Allowances for credit losses: |  |  |
Finance installment receivables | (23.6) |  |  | (19.2) |
Finance lease receivables | (0.3) |  |  | (0.5) |
Total finance allowance for credit losses | (23.9) |  |  | (19.7) |
Contract installment receivables | (1.4) |  |  | (0.5) |
Contract lease receivables | (0.9) |  |  | (1.0) |
Total contract allowance for credit losses | (2.3) |  |  | (1.5) |
Total allowance for credit losses | (26.2) |  |  | (21.2) |
Total current finance and contract receivables – net | $ | 642.7 |  |  | $ | 630.8 |
Finance receivables – net | $ | 530.2 |  |  | $ | 530.1 |
Contract receivables – net | 112.5 |  |  | 100.7 |
Total current finance and contract receivables – net | $ | 642.7 |  |  | $ | 630.8 |
The components of Snap-on’s finance and contract receivables with payment terms beyond one year as of 2020 and 2019 year end are as follows:
(Amounts in millions) | 2020 |  | 2019
Finance installment receivables | $ | 1,173.1 |  |  | $ | 1,106.0 |
Finance lease receivables, net of unearned finance charges of $2.5 million and $8.2 million, respectively | 15.6 |  |  | 39.7 |
Total finance receivables | 1,188.7 |  |  | 1,145.7 |
Contract installment receivables | 199.7 |  |  | 195.5 |
Contract lease receivables, net of unearned finance charges of $30.2 million and $29.4 million, respectively | 181.7 |  |  | 168.7 |
Total contract receivables | 381.4 |  |  | 364.2 |
Total | 1,570.1 |  |  | 1,509.9 |
Allowances for credit losses: |  |  |
Finance installment receivables | (52.1) |  |  | (41.6) |
Finance lease receivables | (0.3) |  |  | (0.6) |
Total finance allowance for credit losses | (52.4) |  |  | (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 | (59.1) |  |  | (46.3) |
Total long-term finance and contract receivables – net | $ | 1,511.0 |  |  | $ | 1,463.6 |
Finance receivables – net | $ | 1,136.3 |  |  | $ | 1,103.5 |
Contract receivables – net | 374.7 |  |  | 360.1 |
Total long-term finance and contract receivables – net | $ | 1,511.0 |  |  | $ | 1,463.6 |
Long-term finance and contract receivables installments, net of unearned finance charges, as of 2020 and 2019 year end are scheduled as follows:
|  | 2020 |  | 2019
(Amounts in millions) |  | Finance Receivables |  | Contract Receivables |  | Finance Receivables |  | Contract Receivables
Due in Months: |  |  |  |  |  |  |  |
13 – 24 |  | $ | 444.6 |  |  | $ | 92.0 |  |  | $ | 439.1 |  |  | $ | 86.4 |
25 – 36 |  | 360.3 |  |  | 78.9 |  |  | 352.4 |  |  | 76.9 |
37 – 48 |  | 250.9 |  |  | 67.1 |  |  | 238.0 |  |  | 65.6 |
49 – 60 |  | 132.9 |  |  | 51.3 |  |  | 116.2 |  |  | 51.3 |
Thereafter |  | — |  |  | 92.1 |  |  | — |  |  | 84.0 |
Total |  | $ | 1,188.7 |  |  | $ | 381.4 |  |  | $ | 1,145.7 |  |  | $ | 364.2 |
Financing Receivable Credit Quality Indicators | The amortized cost basis of finance and contract receivables by origination year as of 2020 year end is as follows:
(Amounts in millions) | 2020 |  | 2019 |  | 2018 |  | 2017 |  | 2016 |  | Prior |  | Total
Finance Receivables: |  |  |  |  |  |  |  |  |  |  |  |  |
Delinquent | $ | 15.9 |  |  | $ | 18.2 |  |  | $ | 10.0 |  |  | $ | 5.2 |  |  | $ | 2.2 |  |  | $ | 0.2 |  |  | $ | 51.7 |
Non-delinquent | 1,129.5 |  |  | 349.4 |  |  | 143.9 |  |  | 53.3 |  |  | 14.0 |  |  | 1.0 |  |  | 1,691.1 |
Total Finance receivables | $ | 1,145.4 |  |  | $ | 367.6 |  |  | $ | 153.9 |  |  | $ | 58.5 |  |  | $ | 16.2 |  |  | $ | 1.2 |  |  | $ | 1,742.8 |
Contract receivables: |  |  |  |  |  |  |  |  |  |  |  |  |
Delinquent | $ | 0.6 |  |  | $ | 0.6 |  |  | $ | 0.8 |  |  | $ | 0.5 |  |  | $ | 0.6 |  |  | $ | 0.3 |  |  | $ | 3.4 |
Non-delinquent | 180.5 |  |  | 124.8 |  |  | 84.7 |  |  | 52.5 |  |  | 24.6 |  |  | 25.7 |  |  | 492.8 |
Total Contract receivables | $ | 181.1 |  |  | $ | 125.4 |  |  | $ | 85.5 |  |  | $ | 53.0 |  |  | $ | 25.2 |  |  | $ | 26.0 |  |  | $ | 496.2 |
Allowance for Credit Loss Rollforward | The following is a rollforward of the allowances for credit losses for finance and contract receivables for 2020 and 2019:
|  | 2020 |  | 2019
(Amounts in millions) |  | Finance Receivables |  | Contract Receivables |  | Finance Receivables |  | Contract Receivables
Allowances for credit losses: |  |  |  |  |  |  |  |
Beginning of year |  | $ | 61.9 |  |  | $ | 5.6 |  |  | $ | 61.4 |  |  | $ | 4.3 |
Impact of adopting ASU No. 2016-13 |  | 5.2 |  |  | 2.9 |  |  | — |  |  | — |
Provision for credit losses |  | 54.6 |  |  | 3.8 |  |  | 49.9 |  |  | 4.7 |
Charge-offs |  | (53.8) |  |  | (3.8) |  |  | (57.1) |  |  | (3.9) |
Recoveries |  | 8.2 |  |  | 0.4 |  |  | 7.7 |  |  | 0.5 |
Currency translation |  | 0.2 |  |  | 0.1 |  |  | — |  |  | — |
End of year |  | $ | 76.3 |  |  | $ | 9.0 |  |  | $ | 61.9 |  |  | $ | 5.6 |
Financing Receivable, Past Due | The aging of finance and contract receivables as of 2020 and 2019 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
2020 year end: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Finance receivables |  | $ | 18.4 |  |  | $ | 12.2 |  |  | $ | 21.1 |  |  | $ | 51.7 |  |  | $ | 1,691.1 |  |  | $ | 1,742.8 |  |  | $ | 18.2 |
Contract receivables |  | 1.3 |  |  | 0.6 |  |  | 1.5 |  |  | 3.4 |  |  | 492.8 |  |  | 496.2 |  |  | 0.2 |
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 |
Financing Receivable, Nonaccrual | The amount of finance and contract receivables on nonaccrual status as of 2020 and 2019 year end is as follows:
(Amounts in millions) |  | 2020 |  | 2019
Finance receivables |  | $ | 9.6 |  |  | $ | 12.2 |
Contract receivables |  | 2.4 |  |  | 2.2 |

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