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v3.22.4

Receivables (Tables) | 12 Months Ended
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Dec. 31, 2022
Receivables [Abstract] |
Schedule of Components of Trade and Other Accounts Receivable | The components of Snap-on’s trade and other accounts receivable as of 2022 and 2021 year end are as follows:
(Amounts in millions) | 2022 |  | 2021
Trade and other accounts receivable | $ | 792.8 |  |  | $ | 709.6 |
Allowances for credit losses | (31.1) |  |  | (27.3) |
Total trade and other accounts receivable – net | $ | 761.7 |  |  | $ | 682.3 |
Rollforward of Combined Allowances for Doubtful Accounts Related to Trade and Other Accounts Receivable | The following is a rollforward of the allowances for credit losses related to trade and other accounts receivable for 2022 and 2021:
(Amounts in millions) | 2022 |  | 2021
Allowances for credit losses: |  |  |
Beginning of year | $ | 27.3 |  |  | $ | 26.3 |
Provision for credit losses | 16.3 |  |  | 15.5 |
Charge-offs | (11.8) |  |  | (13.6) |
Recoveries | — |  |  | — |
Currency translation | (0.7) |  |  | (0.9) |
End of year | $ | 31.1 |  |  | $ | 27.3 |
Components of Finance and Contract Receivables, Current and Beyond One Year | The components of Snap-on’s current finance and contract receivables as of 2022 and 2021 year end are as follows:
(Amounts in millions) | 2022 |  | 2021
Finance installment receivables | $ | 578.6 |  |  | $ | 557.0 |
Finance lease receivables, net of unearned finance charges of $0.5 million and $1.3 million, respectively | 3.2 |  |  | 7.1 |
Total finance receivables | 581.8 |  |  | 564.1 |
Contract installment receivables | 51.3 |  |  | 55.2 |
Contract lease receivables, net of unearned finance charges of $19.1 million and $18.7 million, respectively | 60.3 |  |  | 57.3 |
Total contract receivables | 111.6 |  |  | 112.5 |
Total | 693.4 |  |  | 676.6 |
Allowances for credit losses: |  |  |
Finance installment receivables | (19.5) |  |  | (21.7) |
Finance lease receivables | (0.1) |  |  | (0.1) |
Total finance allowance for credit losses | (19.6) |  |  | (21.8) |
Contract installment receivables | (0.8) |  |  | (0.9) |
Contract lease receivables | (0.9) |  |  | (1.2) |
Total contract allowance for credit losses | (1.7) |  |  | (2.1) |
Total allowances for credit losses | (21.3) |  |  | (23.9) |
Total current finance and contract receivables – net | $ | 672.1 |  |  | $ | 652.7 |
Finance receivables – net | $ | 562.2 |  |  | $ | 542.3 |
Contract receivables – net | 109.9 |  |  | 110.4 |
Total current finance and contract receivables – net | $ | 672.1 |  |  | $ | 652.7 |
The components of Snap-on’s finance and contract receivables with payment terms beyond one year as of 2022 and 2021 year end are as follows:
(Amounts in millions) | 2022 |  | 2021
Finance installment receivables | $ | 1,210.4 |  |  | $ | 1,155.3 |
Finance lease receivables, net of unearned finance charges of $0.2 million and $0.5 million, respectively | 1.7 |  |  | 4.2 |
Total finance receivables | 1,212.1 |  |  | 1,159.5 |
Contract installment receivables | 202.1 |  |  | 197.1 |
Contract lease receivables, net of unearned finance charges of $30.7 million and $30.3 million, respectively | 186.6 |  |  | 187.4 |
Total contract receivables | 388.7 |  |  | 384.5 |
Total | 1,600.8 |  |  | 1,544.0 |
Allowances for credit losses: |  |  |
Finance installment receivables | (41.3) |  |  | (45.4) |
Finance lease receivables | — |  |  | (0.1) |
Total finance allowance for credit losses | (41.3) |  |  | (45.5) |
Contract installment receivables | (3.1) |  |  | (3.2) |
Contract lease receivables | (1.8) |  |  | (3.1) |
Total contract allowance for credit losses | (4.9) |  |  | (6.3) |
Total allowances for credit losses | (46.2) |  |  | (51.8) |
Total long-term finance and contract receivables – net | $ | 1,554.6 |  |  | $ | 1,492.2 |
Finance receivables – net | $ | 1,170.8 |  |  | $ | 1,114.0 |
Contract receivables – net | 383.8 |  |  | 378.2 |
Total long-term finance and contract receivables – net | $ | 1,554.6 |  |  | $ | 1,492.2 |
Long-term finance and contract receivables installments, net of unearned finance charges, as of 2022 and 2021 year end are scheduled as follows:
|  | 2022 |  | 2021
(Amounts in millions) |  | Finance Receivables |  | Contract Receivables |  | Finance Receivables |  | Contract Receivables
Due in Months: |  |  |  |  |  |  |  |
13 – 24 |  | $ | 441.6 |  |  | $ | 92.6 |  |  | $ | 428.1 |  |  | $ | 91.7 |
25 – 36 |  | 374.3 |  |  | 80.1 |  |  | 361.3 |  |  | 81.3 |
37 – 48 |  | 256.2 |  |  | 67.5 |  |  | 246.2 |  |  | 66.6 |
49 – 60 |  | 135.8 |  |  | 53.9 |  |  | 119.8 |  |  | 52.2 |
Thereafter |  | 4.2 |  |  | 94.6 |  |  | 4.1 |  |  | 92.7 |
Total |  | $ | 1,212.1 |  |  | $ | 388.7 |  |  | $ | 1,159.5 |  |  | $ | 384.5 |
Financing Receivable Credit Quality Indicators | The amortized cost basis of finance and contract receivables by origination year as of 2022 year end is as follows:
(Amounts in millions) | 2022 |  | 2021 |  | 2020 |  | 2019 |  | 2018 |  | Prior |  | Total
Finance Receivables: |  |  |  |  |  |  |  |  |  |  |  |  |
Delinquent | $ | 16.3 |  |  | $ | 14.9 |  |  | $ | 9.5 |  |  | $ | 4.2 |  |  | $ | 2.1 |  |  | $ | 0.9 |  |  | $ | 47.9 |
Non-delinquent | 1,175.9 |  |  | 342.6 |  |  | 156.2 |  |  | 53.2 |  |  | 15.4 |  |  | 2.7 |  |  | 1,746.0 |
Total Finance receivables | $ | 1,192.2 |  |  | $ | 357.5 |  |  | $ | 165.7 |  |  | $ | 57.4 |  |  | $ | 17.5 |  |  | $ | 3.6 |  |  | $ | 1,793.9 |
Contract receivables: |  |  |  |  |  |  |  |  |  |  |  |  |
Delinquent | $ | 0.7 |  |  | $ | 0.9 |  |  | $ | 1.1 |  |  | $ | 0.6 |  |  | $ | 0.2 |  |  | $ | 0.2 |  |  | $ | 3.7 |
Non-delinquent | 177.4 |  |  | 118.5 |  |  | 84.0 |  |  | 56.9 |  |  | 32.9 |  |  | 26.9 |  |  | 496.6 |
Total Contract receivables | $ | 178.1 |  |  | $ | 119.4 |  |  | $ | 85.1 |  |  | $ | 57.5 |  |  | $ | 33.1 |  |  | $ | 27.1 |  |  | $ | 500.3 |
Allowance for Credit Loss Rollforward | The following is a rollforward of the allowances for credit losses for finance and contract receivables for 2022 and 2021:
|  | 2022 |  | 2021
(Amounts in millions) |  | Finance Receivables |  | Contract Receivables |  | Finance Receivables |  | Contract Receivables
Allowances for credit losses: |  |  |  |  |  |  |  |
Beginning of year |  | $ | 67.3 |  |  | $ | 8.4 |  |  | $ | 76.3 |  |  | $ | 9.0 |
Provision for credit losses |  | 37.7 |  |  | 0.5 |  |  | 32.1 |  |  | 0.8 |
Charge-offs |  | (52.7) |  |  | (2.5) |  |  | (50.9) |  |  | (1.8) |
Recoveries |  | 8.9 |  |  | 0.3 |  |  | 9.8 |  |  | 0.4 |
Currency translation |  | (0.3) |  |  | (0.1) |  |  | — |  |  | — |
End of year |  | $ | 60.9 |  |  | $ | 6.6 |  |  | $ | 67.3 |  |  | $ | 8.4 |
Financing Receivable, Past Due | The aging of finance and contract receivables as of 2022 and 2021 year end 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
2022 year end: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Finance receivables |  | $ | 17.2 |  |  | $ | 11.2 |  |  | $ | 19.5 |  |  | $ | 47.9 |  |  | $ | 1,746.0 |  |  | $ | 1,793.9 |  |  | $ | 16.5 |
Contract receivables |  | 1.2 |  |  | 0.3 |  |  | 2.2 |  |  | 3.7 |  |  | 496.6 |  |  | 500.3 |  |  | 0.3 |
2021 year end: |  |  |  |  |  |  |  |  |  |  |  |  |  |
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 |
Financing Receivable, Nonaccrual | The amount of finance and contract receivables on nonaccrual status as of 2022 and 2021 year end is as follows:
(Amounts in millions) |  | 2022 |  | 2021
Finance receivables |  | $ | 8.7 |  |  | $ | 7.7 |
Contract receivables |  | 3.3 |  |  | 2.7 |

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