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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

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