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Receivables (Tables)

12 Months Ended

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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