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v3.22.2

Receivables - (Tables) | 6 Months Ended
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Jul. 02, 2022
Receivables [Abstract] |
Components of Trade and Other Accounts Receivable | The components of Snap-on’s trade and other accounts receivable as of July 2, 2022, and January 1, 2022, are as follows:
(Amounts in millions) | July 2, 2022 |  | January 1, 2022
Trade and other accounts receivable | $ | 757.2 |  |  | $ | 709.6 |
Allowances for credit losses | (28.1) |  |  | (27.3) |
Total trade and other accounts receivable – net | $ | 729.1 |  |  | $ | 682.3 |
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 six months ended July 2, 2022, and July 3, 2021:
| Three Months Ended |  | Six Months Ended
(Amounts in millions) | July 2, 2022 |  | July 3, 2021 |  | July 2, 2022 |  | July 3, 2021
Allowances for credit losses: |  |  |  |  |  |  |
Beginning of period | $ | 28.4 |  |  | $ | 25.8 |  |  | $ | 27.3 |  |  | $ | 26.3 |
Provision for credit losses | 2.9 |  |  | 5.4 |  |  | 6.6 |  |  | 7.3 |
Charge-offs | (2.2) |  |  | (2.1) |  |  | (5.2) |  |  | (4.2) |
Recoveries | — |  |  | — |  |  | 0.1 |  |  | — |
Currency translation | (1.0) |  |  | 0.4 |  |  | (0.7) |  |  | 0.1 |
End of period | $ | 28.1 |  |  | $ | 29.5 |  |  | $ | 28.1 |  |  | $ | 29.5 |
Components of Finance and Contract Receivables, Current and Beyond One Year | The components of Snap-on’s current finance and contract receivables as of July 2, 2022, and January 1, 2022, are as follows:
(Amounts in millions) | July 2, 2022 |  | January 1, 2022
Finance installment receivables | $ | 562.6 |  |  | $ | 557.0 |
Finance lease receivables, net of unearned finance charges of $0.7 million and $1.3 million, respectively | 4.2 |  |  | 7.1 |
Total finance receivables | 566.8 |  |  | 564.1 |
Contract installment receivables | 42.8 |  |  | 55.2 |
Contract lease receivables, net of unearned finance charges of $18.4 million and $18.7 million, respectively | 57.3 |  |  | 57.3 |
Total contract receivables | 100.1 |  |  | 112.5 |
Total | 666.9 |  |  | 676.6 |
Allowances for credit losses: |  |  |
Finance installment receivables | (19.8) |  |  | (21.7) |
Finance lease receivables | — |  |  | (0.1) |
Total finance allowance for credit losses | (19.8) |  |  | (21.8) |
Contract installment receivables | (0.7) |  |  | (0.9) |
Contract lease receivables | (1.1) |  |  | (1.2) |
Total contract allowance for credit losses | (1.8) |  |  | (2.1) |
Total allowance for credit losses | (21.6) |  |  | (23.9) |
Total current finance and contract receivables – net | $ | 645.3 |  |  | $ | 652.7 |
Finance receivables – net | $ | 547.0 |  |  | $ | 542.3 |
Contract receivables – net | 98.3 |  |  | 110.4 |
Total current finance and contract receivables – net | $ | 645.3 |  |  | $ | 652.7 |
The components of Snap-on’s finance and contract receivables with payment terms beyond one year as of July 2, 2022, and January 1, 2022, are as follows:
(Amounts in millions) | July 2, 2022 |  | January 1, 2022
Finance installment receivables | $ | 1,166.1 |  |  | $ | 1,155.3 |
Finance lease receivables, net of unearned finance charges of $0.3 million and $0.5 million, respectively | 2.4 |  |  | 4.2 |
Total finance receivables | 1,168.5 |  |  | 1,159.5 |
Contract installment receivables | 196.7 |  |  | 197.1 |
Contract lease receivables, net of unearned finance charges of $29.6 million and $30.3 million, respectively | 184.1 |  |  | 187.4 |
Total contract receivables | 380.8 |  |  | 384.5 |
Total | 1,549.3 |  |  | 1,544.0 |
Allowances for credit losses: |  |  |
Finance installment receivables | (41.5) |  |  | (45.4) |
Finance lease receivables | — |  |  | (0.1) |
Total finance allowance for credit losses | (41.5) |  |  | (45.5) |
Contract installment receivables | (3.2) |  |  | (3.2) |
Contract lease receivables | (2.2) |  |  | (3.1) |
Total contract allowance for credit losses | (5.4) |  |  | (6.3) |
Total allowance for credit losses | (46.9) |  |  | (51.8) |
Total long-term finance and contract receivables – net | $ | 1,502.4 |  |  | $ | 1,492.2 |
Finance receivables – net | $ | 1,127.0 |  |  | $ | 1,114.0 |
Contract receivables – net | 375.4 |  |  | 378.2 |
Total long-term finance and contract receivables – net | $ | 1,502.4 |  |  | $ | 1,492.2 |
Financing Receivable Credit Quality Indicators | The amortized cost basis of finance and contract receivables by origination year as of July 2, 2022, are as follows:
(Amounts in millions) | 2022 |  | 2021 |  | 2020 |  | 2019 |  | 2018 |  | Prior |  | Total
Finance Receivables: |  |  |  |  |  |  |  |  |  |  |  |  |
Delinquent | $ | 2.9 |  |  | $ | 16.5 |  |  | $ | 11.3 |  |  | $ | 5.4 |  |  | $ | 2.8 |  |  | $ | 1.4 |  |  | $ | 40.3 |
Non-delinquent | 747.6 |  |  | 572.2 |  |  | 247.7 |  |  | 89.3 |  |  | 30.7 |  |  | 7.5 |  |  | 1,695.0 |
Total Finance receivables | $ | 750.5 |  |  | $ | 588.7 |  |  | $ | 259.0 |  |  | $ | 94.7 |  |  | $ | 33.5 |  |  | $ | 8.9 |  |  | $ | 1,735.3 |
Contract receivables: |  |  |  |  |  |  |  |  |  |  |  |  |
Delinquent | $ | 0.2 |  |  | $ | 0.7 |  |  | $ | 0.7 |  |  | $ | 0.9 |  |  | $ | 0.3 |  |  | $ | 0.2 |  |  | $ | 3.0 |
Non-delinquent | 83.8 |  |  | 138.5 |  |  | 101.0 |  |  | 71.3 |  |  | 44.5 |  |  | 38.8 |  |  | 477.9 |
Total Contract receivables | $ | 84.0 |  |  | $ | 139.2 |  |  | $ | 101.7 |  |  | $ | 72.2 |  |  | $ | 44.8 |  |  | $ | 39.0 |  |  | $ | 480.9 |
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 six months ended July 2, 2022, and July 3, 2021:
| Three Months Ended July 2, 2022 |  | Six Months Ended July 2, 2022
(Amounts in millions) | Finance Receivables |  | Contract Receivables |  | Finance Receivables |  | Contract Receivables
Allowances for credit losses: |  |  |  |  |  |  |
Beginning of period | $ | 62.5 |  |  | $ | 7.7 |  |  | $ | 67.3 |  |  | $ | 8.4 |
Provision for credit losses | 9.1 |  |  | — |  |  | 15.4 |  |  | 0.1 |
Charge-offs | (12.8) |  |  | (0.6) |  |  | (26.2) |  |  | (1.4) |
Recoveries | 2.7 |  |  | 0.1 |  |  | 5.0 |  |  | 0.1 |
Currency translation | (0.2) |  |  | — |  |  | (0.2) |  |  | — |
End of period | $ | 61.3 |  |  | $ | 7.2 |  |  | $ | 61.3 |  |  | $ | 7.2 |
| Three Months Ended July 3, 2021 |  | Six Months Ended July 3, 2021
(Amounts in millions) | Finance Receivables |  | Contract Receivables |  | Finance Receivables |  | Contract Receivables
Allowances for credit losses: |  |  |  |  |  |  |
Beginning of period | $ | 75.3 |  |  | $ | 9.2 |  |  | $ | 76.3 |  |  | $ | 9.0 |
Provision for credit losses | 6.6 |  |  | 0.1 |  |  | 17.9 |  |  | 0.8 |
Charge-offs | (12.4) |  |  | (0.5) |  |  | (27.3) |  |  | (1.1) |
Recoveries | 2.8 |  |  | 0.2 |  |  | 5.4 |  |  | 0.3 |
Currency translation | — |  |  | — |  |  | — |  |  | — |
End of period | $ | 72.3 |  |  | $ | 9.0 |  |  | $ | 72.3 |  |  | $ | 9.0 |
Aging of Finance and Contract Receivables | The aging of finance and contract receivables as of July 2, 2022, and January 1, 2022, 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
July 2, 2022: |  |  |  |  |  |  |  |  |  |  |  |  |
Finance receivables | $ | 15.1 |  |  | $ | 9.6 |  |  | $ | 15.6 |  |  | $ | 40.3 |  |  | $ | 1,695.0 |  |  | $ | 1,735.3 |  |  | $ | 13.3 |
Contract receivables | 1.4 |  |  | 0.3 |  |  | 1.3 |  |  | 3.0 |  |  | 477.9 |  |  | 480.9 |  |  | 0.2 |
January 1, 2022: |  |  |  |  |  |  |  |  |  |  |  |  |
Finance receivables | $ | 16.0 |  |  | $ | 10.5 |  |  | $ | 18.0 |  |  | $ | 44.5 |  |  | $ | 1,679.1 |  |  | $ | 1,723.6 |  |  | $ | 16.0 |
Contract receivables | 1.7 |  |  | 0.9 |  |  | 0.9 |  |  | 3.5 |  |  | 493.5 |  |  | 497.0 |  |  | 0.1 |
Schedule of Finance and Contract Receivables on Nonaccrual Status | The amount of finance and contract receivables on nonaccrual status as of July 2, 2022, and January 1, 2022, is as follows:
(Amounts in millions) | July 2, 2022 |  | January 1, 2022
Finance receivables | $ | 8.7 |  |  | $ | 7.7 |
Contract receivables | 4.1 |  |  | 2.7 |

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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 https://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 https://asc.fasb.org/extlink&oid=123577603&loc=SL6953659-111524 + Details
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