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Receivables - (Tables) | 9 Months Ended
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Oct. 02, 2021
Receivables [Abstract] |
Components of Trade and Other Accounts Receivable | The components of Snap-on’s trade and other accounts receivable as of October 2, 2021, and January 2, 2021, are as follows:
(Amounts in millions) | October 2, 2021 |  | January 2, 2021
Trade and other accounts receivable | $ | 684.7 |  |  | $ | 667.0 |
Allowances for credit losses | (31.5) |  |  | (26.3) |
Total trade and other accounts receivable – net | $ | 653.2 |  |  | $ | 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 and nine months ended October 2, 2021, and September 26, 2020:
| Three months ended |  | Nine Months Ended
(Amounts in millions) | October 2, 2021 |  | September 26, 2020 |  | October 2, 2021 |  | September 26, 2020
Allowances for credit losses: |  |  |  |  |  |  |
Beginning of period | $ | 29.5 |  |  | $ | 23.6 |  |  | $ | 26.3 |  |  | $ | 20.9 |
Provision for credit losses | 4.4 |  |  | 4.1 |  |  | 11.7 |  |  | 13.2 |
Charge-offs | (1.7) |  |  | (4.5) |  |  | (5.9) |  |  | (10.0) |
Recoveries | — |  |  | — |  |  | — |  |  | — |
Currency translation | (0.7) |  |  | 0.3 |  |  | (0.6) |  |  | (0.6) |
End of period | $ | 31.5 |  |  | $ | 23.5 |  |  | $ | 31.5 |  |  | $ | 23.5 |
Components of Finance and Contract Receivables, Current and Beyond One Year | The components of Snap-on’s current finance and contract receivables as of October 2, 2021, and January 2, 2021, are as follows:
(Amounts in millions) | October 2, 2021 |  | January 2, 2021
Finance installment receivables | $ | 558.8 |  |  | $ | 533.9 |
Finance lease receivables, net of unearned finance charges of $1.7 million and $4.4 million, respectively | 8.6 |  |  | 20.2 |
Total finance receivables | 567.4 |  |  | 554.1 |
Contract installment receivables | 64.5 |  |  | 59.1 |
Contract lease receivables, net of unearned finance charges of $18.5 million and $18.2 million, respectively | 55.6 |  |  | 55.7 |
Total contract receivables | 120.1 |  |  | 114.8 |
Total | 687.5 |  |  | 668.9 |
Allowances for credit losses: |  |  |
Finance installment receivables | (22.5) |  |  | (23.6) |
Finance lease receivables | (0.1) |  |  | (0.3) |
Total finance allowance for credit losses | (22.6) |  |  | (23.9) |
Contract installment receivables | (1.0) |  |  | (1.4) |
Contract lease receivables | (1.3) |  |  | (0.9) |
Total contract allowance for credit losses | (2.3) |  |  | (2.3) |
Total allowance for credit losses | (24.9) |  |  | (26.2) |
Total current finance and contract receivables – net | $ | 662.6 |  |  | $ | 642.7 |
Finance receivables – net | $ | 544.8 |  |  | $ | 530.2 |
Contract receivables – net | 117.8 |  |  | 112.5 |
Total current finance and contract receivables – net | $ | 662.6 |  |  | $ | 642.7 |
The components of Snap-on’s finance and contract receivables with payment terms beyond one year as of October 2, 2021, and January 2, 2021, are as follows:
(Amounts in millions) | October 2, 2021 |  | January 2, 2021
Finance installment receivables | $ | 1,151.6 |  |  | $ | 1,173.1 |
Finance lease receivables, net of unearned finance charges of $0.8 million and $2.5 million, respectively | 5.8 |  |  | 15.6 |
Total finance receivables | 1,157.4 |  |  | 1,188.7 |
Contract installment receivables | 199.5 |  |  | 199.7 |
Contract lease receivables, net of unearned finance charges of $30.5 million and $30.2 million, respectively | 187.0 |  |  | 181.7 |
Total contract receivables | 386.5 |  |  | 381.4 |
Total | 1,543.9 |  |  | 1,570.1 |
Allowances for credit losses: |  |  |
Finance installment receivables | (46.9) |  |  | (52.1) |
Finance lease receivables | (0.1) |  |  | (0.3) |
Total finance allowance for credit losses | (47.0) |  |  | (52.4) |
Contract installment receivables | (3.0) |  |  | (3.1) |
Contract lease receivables | (3.4) |  |  | (3.6) |
Total contract allowance for credit losses | (6.4) |  |  | (6.7) |
Total allowance for credit losses | (53.4) |  |  | (59.1) |
Total long-term finance and contract receivables – net | $ | 1,490.5 |  |  | $ | 1,511.0 |
Finance receivables – net | $ | 1,110.4 |  |  | $ | 1,136.3 |
Contract receivables – net | 380.1 |  |  | 374.7 |
Total long-term finance and contract receivables – net | $ | 1,490.5 |  |  | $ | 1,511.0 |
Financing Receivable Credit Quality Indicators | The amortized cost basis of finance and contract receivables by origination year as of October 2, 2021, are as follows:
(Amounts in millions) | 2021 |  | 2020 |  | 2019 |  | 2018 |  | 2017 |  | Prior |  | Total
Finance Receivables: |  |  |  |  |  |  |  |  |  |  |  |  |
Delinquent | $ | 7.0 |  |  | $ | 16.9 |  |  | $ | 9.2 |  |  | $ | 5.1 |  |  | $ | 2.3 |  |  | $ | 0.9 |  |  | $ | 41.4 |
Non-delinquent | 900.2 |  |  | 505.3 |  |  | 181.5 |  |  | 70.5 |  |  | 21.8 |  |  | 4.1 |  |  | 1,683.4 |
Total Finance receivables | $ | 907.2 |  |  | $ | 522.2 |  |  | $ | 190.7 |  |  | $ | 75.6 |  |  | $ | 24.1 |  |  | $ | 5.0 |  |  | $ | 1,724.8 |
Contract receivables: |  |  |  |  |  |  |  |  |  |  |  |  |
Delinquent | $ | 0.1 |  |  | $ | 0.3 |  |  | $ | 0.7 |  |  | $ | 0.6 |  |  | $ | 0.3 |  |  | $ | 0.1 |  |  | $ | 2.1 |
Non-delinquent | 145.0 |  |  | 133.9 |  |  | 96.8 |  |  | 63.9 |  |  | 35.6 |  |  | 29.3 |  |  | 504.5 |
Total Contract receivables | $ | 145.1 |  |  | $ | 134.2 |  |  | $ | 97.5 |  |  | $ | 64.5 |  |  | $ | 35.9 |  |  | $ | 29.4 |  |  | $ | 506.6 |
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 October 2, 2021, and September 26, 2020:
| Three Months Ended October 2, 2021 |  | Nine Months Ended October 2, 2021
(Amounts in millions) | Finance Receivables |  | Contract Receivables |  | Finance Receivables |  | Contract Receivables
Allowances for credit losses: |  |  |  |  |  |  |
Beginning of period | $ | 72.3 |  |  | $ | 9.0 |  |  | $ | 76.3 |  |  | $ | 9.0 |
Provision for credit losses | 5.8 |  |  | — |  |  | 23.7 |  |  | 0.8 |
Charge-offs | (10.8) |  |  | (0.4) |  |  | (38.1) |  |  | (1.4) |
Recoveries | 2.3 |  |  | 0.1 |  |  | 7.7 |  |  | 0.3 |
Currency translation | — |  |  | — |  |  | — |  |  | — |
End of period | $ | 69.6 |  |  | $ | 8.7 |  |  | $ | 69.6 |  |  | $ | 8.7 |
| 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 |
Aging of Finance and Contract Receivables | The aging of finance and contract receivables as of October 2, 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
October 2, 2021: |  |  |  |  |  |  |  |  |  |  |  |  |
Finance receivables | $ | 15.0 |  |  | $ | 9.9 |  |  | $ | 16.5 |  |  | $ | 41.4 |  |  | $ | 1,683.4 |  |  | $ | 1,724.8 |  |  | $ | 14.0 |
Contract receivables | 0.6 |  |  | 0.6 |  |  | 0.9 |  |  | 2.1 |  |  | 504.5 |  |  | 506.6 |  |  | 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 October 2, 2021, and January 2, 2021, is as follows:
(Amounts in millions) | October 2, 2021 |  | January 2, 2021
Finance receivables | $ | 8.4 |  |  | $ | 9.6 |
Contract receivables | 1.9 |  |  | 2.4 |

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- 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=124255953&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=123577603&loc=SL6953659-111524 + Details
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