XML 41 R30.htm IDEA: XBRL DOCUMENT
v3.21.1

Receivables - (Tables) | 3 Months Ended
--- | ---
Apr. 03, 2021
Receivables [Abstract] |
Components of Trade and Other Accounts Receivable | The components of Snap-on’s trade and other accounts receivable as of April 3, 2021, and January 2, 2021, are as follows:
(Amounts in millions) | April 3, 2021 |  | January 2, 2021
Trade and other accounts receivable | $ | 676.6 |  |  | $ | 667.0 |
Allowances for credit losses | (25.8) |  |  | (26.3) |
Total trade and other accounts receivable – net | $ | 650.8 |  |  | $ | 640.7 |
Accounts Receivable, Allowance for Credit Loss | The following is a rollforward of the allowances for credit losses related to trade and other accounts receivable for the three months ended April 3, 2021, and March 28, 2020:
| Three Months Ended
(Amounts in millions) | April 3, 2021 |  | March 28, 2020
Allowances for credit losses: |  |  |
Beginning of period | $ | 26.3 |  |  | $ | 20.9 |
Provision for credit losses | 1.9 |  |  | 3.6 |
Charge-offs | (2.1) |  |  | (3.1) |
Recoveries | — |  |  | — |
Currency translation | (0.3) |  |  | (1.0) |
End of period | $ | 25.8 |  |  | $ | 20.4 |
Components of Finance and Contract Receivables, Current and Beyond One Year | The components of Snap-on’s current finance and contract receivables as of April 3, 2021, and January 2, 2021, are as follows:
(Amounts in millions) | April 3, 2021 |  | January 2, 2021
Finance installment receivables | $ | 537.3 |  |  | $ | 533.9 |
Finance lease receivables, net of unearned finance charges of $3.2 million and $4.4 million, respectively | 13.8 |  |  | 20.2 |
Total finance receivables | 551.1 |  |  | 554.1 |
Contract installment receivables | 55.2 |  |  | 59.1 |
Contract lease receivables, net of unearned finance charges of $18.2 million in both periods | 55.1 |  |  | 55.7 |
Total contract receivables | 110.3 |  |  | 114.8 |
Total | 661.4 |  |  | 668.9 |
Allowances for credit losses: |  |  |
Finance installment receivables | (23.6) |  |  | (23.6) |
Finance lease receivables | (0.1) |  |  | (0.3) |
Total finance allowance for credit losses | (23.7) |  |  | (23.9) |
Contract installment receivables | (1.4) |  |  | (1.4) |
Contract lease receivables | (0.9) |  |  | (0.9) |
Total contract allowance for credit losses | (2.3) |  |  | (2.3) |
Total allowance for credit losses | (26.0) |  |  | (26.2) |
Total current finance and contract receivables – net | $ | 635.4 |  |  | $ | 642.7 |
Finance receivables – net | $ | 527.4 |  |  | $ | 530.2 |
Contract receivables – net | 108.0 |  |  | 112.5 |
Total current finance and contract receivables – net | $ | 635.4 |  |  | $ | 642.7 |
The components of Snap-on’s finance and contract receivables with payment terms beyond one year as of April 3, 2021, and January 2, 2021, are as follows:
(Amounts in millions) | April 3, 2021 |  | January 2, 2021
Finance installment receivables | $ | 1,158.8 |  |  | $ | 1,173.1 |
Finance lease receivables, net of unearned finance charges of $1.7 million and $2.5 million, respectively | 11.1 |  |  | 15.6 |
Total finance receivables | 1,169.9 |  |  | 1,188.7 |
Contract installment receivables | 198.4 |  |  | 199.7 |
Contract lease receivables, net of unearned finance charges of $30.1 million and $30.2 million, respectively | 182.5 |  |  | 181.7 |
Total contract receivables | 380.9 |  |  | 381.4 |
Total | 1,550.8 |  |  | 1,570.1 |
Allowances for credit losses: |  |  |
Finance installment receivables | (51.5) |  |  | (52.1) |
Finance lease receivables | (0.1) |  |  | (0.3) |
Total finance allowance for credit losses | (51.6) |  |  | (52.4) |
Contract installment receivables | (3.2) |  |  | (3.1) |
Contract lease receivables | (3.7) |  |  | (3.6) |
Total contract allowance for credit losses | (6.9) |  |  | (6.7) |
Total allowance for credit losses | (58.5) |  |  | (59.1) |
Total long-term finance and contract receivables – net | $ | 1,492.3 |  |  | $ | 1,511.0 |
Finance receivables – net | $ | 1,118.3 |  |  | $ | 1,136.3 |
Contract receivables – net | 374.0 |  |  | 374.7 |
Total long-term finance and contract receivables – net | $ | 1,492.3 |  |  | $ | 1,511.0 |
Financing Receivable Credit Quality Indicators | The amortized cost basis of finance and contract receivables by origination year as of April 3, 2021, are as follows:
(Amounts in millions) | 2021 |  | 2020 |  | 2019 |  | 2018 |  | 2017 |  | Prior |  | Total
Finance Receivables: |  |  |  |  |  |  |  |  |  |  |  |  |
Delinquent | $ | 0.1 |  |  | $ | 15.9 |  |  | $ | 11.5 |  |  | $ | 6.6 |  |  | $ | 3.4 |  |  | $ | 1.5 |  |  | $ | 39.0 |
Non-delinquent | 388.1 |  |  | 845.2 |  |  | 283.1 |  |  | 115.1 |  |  | 40.5 |  |  | 10.0 |  |  | 1,682.0 |
Total Finance receivables | $ | 388.2 |  |  | $ | 861.1 |  |  | $ | 294.6 |  |  | $ | 121.7 |  |  | $ | 43.9 |  |  | $ | 11.5 |  |  | $ | 1,721.0 |
Contract receivables: |  |  |  |  |  |  |  |  |  |  |  |  |
Delinquent | $ | — |  |  | $ | 0.5 |  |  | $ | 0.4 |  |  | $ | 0.5 |  |  | $ | 0.2 |  |  | $ | 0.2 |  |  | $ | 1.8 |
Non-delinquent | 45.4 |  |  | 161.7 |  |  | 115.7 |  |  | 78.2 |  |  | 47.0 |  |  | 41.4 |  |  | 489.4 |
Total Contract receivables | $ | 45.4 |  |  | $ | 162.2 |  |  | $ | 116.1 |  |  | $ | 78.7 |  |  | $ | 47.2 |  |  | $ | 41.6 |  |  | $ | 491.2 |
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 April 3, 2021, and March 28, 2020:
| Three Months Ended April 3, 2021 |  | Three Months Ended March 28, 2020
(Amounts in millions) | Finance Receivables |  | Contract Receivables |  | Finance Receivables |  | Contract Receivables
Allowances for credit losses: |  |  |  |  |  |  |
Beginning of period | $ | 76.3 |  |  | $ | 9.0 |  |  | $ | 61.9 |  |  | $ | 5.6 |
Impact of adopting ASU No. 2016-13 | — |  |  | — |  |  | 5.2 |  |  | 2.9 |
Provision for credit losses | 11.3 |  |  | 0.7 |  |  | 16.3 |  |  | 1.4 |
Charge-offs | (14.9) |  |  | (0.6) |  |  | (15.9) |  |  | (1.3) |
Recoveries | 2.6 |  |  | 0.1 |  |  | 2.0 |  |  | — |
Currency translation | — |  |  | — |  |  | (0.3) |  |  | — |
End of period | $ | 75.3 |  |  | $ | 9.2 |  |  | $ | 69.2 |  |  | $ | 8.6 |
Aging of Finance and Contract Receivables | The aging of finance and contract receivables as of April 3, 2021, and January 2, 2021, 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
April 3, 2021: |  |  |  |  |  |  |  |  |  |  |  |  |
Finance receivables | $ | 10.5 |  |  | $ | 9.7 |  |  | $ | 18.8 |  |  | $ | 39.0 |  |  | $ | 1,682.0 |  |  | $ | 1,721.0 |  |  | $ | 15.9 |
Contract receivables | 0.5 |  |  | 0.4 |  |  | 0.9 |  |  | 1.8 |  |  | 489.4 |  |  | 491.2 |  |  | 0.1 |
January 2, 2021: |  |  |  |  |  |  |  |  |  |  |  |  |
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 |
Schedule of Finance and Contract Receivables on Nonaccrual Status | The amount of finance and contract receivables on nonaccrual status as of April 3, 2021, and January 2, 2021, is as follows:
(Amounts in millions) | April 3, 2021 |  | January 2, 2021
Finance receivables | $ | 9.0 |  |  | $ | 9.6 |
Contract receivables | 1.8 |  |  | 2.4 |

X
- Definition Schedule of components of trade and other accounts receivable. + References No definition available. + Details
Name: | sna_ScheduleOfComponentsOfTradeAndOtherAccountsReceivableTableTextBlock
Namespace Prefix: | sna_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of allowance for credit loss on accounts receivable. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 20 -Section 50 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=121599337&loc=SL82919249-210447 + Details
Name: | us-gaap_AccountsReceivableAllowanceForCreditLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of allowance for credit loss on financing receivable. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 11B -URI http://asc.fasb.org/extlink&oid=121611835&loc=SL6953423-111524 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 20 -Section 50 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=121599337&loc=SL82919249-210447 + Details
Name: | us-gaap_AllowanceForCreditLossesOnFinancingReceivablesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of financing receivables by credit quality indicator. The credit quality indicator is a statistic about the credit quality of financing receivables. Examples include, but not limited to, consumer credit risk scores, credit-rating-agency ratings, an entity's internal credit risk grades, loan-to-value ratios, collateral, collection experience and other internal metrics. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 20 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=121599337&loc=SL82919230-210447 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=121611835&loc=SL6953659-111524 + Details
Name: | us-gaap_FinancingReceivableCreditQualityIndicatorsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of aging analysis for financing receivable. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 20 -Section 50 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=121599337&loc=SL82919253-210447 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 7A -URI http://asc.fasb.org/extlink&oid=121611835&loc=SL6953401-111524 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 20 -Section 55 -Paragraph 80 -URI http://asc.fasb.org/extlink&oid=121647567&loc=SL82922355-210448 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=121611835&loc=d3e5111-111524 + Details
Name: | us-gaap_PastDueFinancingReceivablesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_ReceivablesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.3,4) -URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 + Details
Name: | us-gaap_ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of financing receivable on nonaccrual status. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=121611835&loc=d3e5111-111524 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 20 -Section 50 -Paragraph 16 -URI http://asc.fasb.org/extlink&oid=121599337&loc=SL82919258-210447 + Details
Name: | us-gaap_ScheduleOfFinancingReceivablesNonAccrualStatusTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration