XML 41 R30.htm IDEA: XBRL DOCUMENT v3.21.2

Receivables - (Tables)

9 Months Ended

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

X

- Definition

Schedule of components of trade and other accounts receivable.

+ References

No definition available.

+ Details

Name:	sna_ScheduleOfComponentsOfTradeAndOtherAccountsReceivableTableTextBlock
Namespace Prefix:	sna_
Data Type:	dtr-types: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=124255953&loc=SL82919249-210447

+ Details

Name:	us-gaap_AccountsReceivableAllowanceForCreditLossTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types: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=123577603&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=124255953&loc=SL82919249-210447

+ Details

Name:	us-gaap_AllowanceForCreditLossesOnFinancingReceivablesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types: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=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

Name:	us-gaap_FinancingReceivableCreditQualityIndicatorsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types: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=124255953&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=123577603&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=124267575&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=123577603&loc=d3e5111-111524

+ Details

Name:	us-gaap_PastDueFinancingReceivablesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types: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:	dtr-types: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=123577603&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=124255953&loc=SL82919258-210447

+ Details

Name:	us-gaap_ScheduleOfFinancingReceivablesNonAccrualStatusTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration