XML 39 R29.htm IDEA: XBRL DOCUMENT v3.23.1

Receivables - (Tables)

3 Months Ended

Apr. 01, 2023

Receivables [Abstract]

Schedule of Components of Trade and Other Accounts Receivable

The components of Snap-on’s trade and other accounts receivable as of April 1, 2023, and December 31, 2022, are as follows:

(Amounts in millions)			April 1, 2023						December 31, 2022
Trade and other accounts receivable			$	813.6					$	792.8
Allowances for credit losses			(31.2)						(31.1)
Total trade and other accounts receivable – net			$	782.4					$	761.7

Schedule of Allowance For Credit Losses On Receivables

The following is a rollforward of the allowances for credit losses related to trade and other accounts receivable for the three months ended April 1, 2023, and April 2, 2022:

			Three Months Ended
(Amounts in millions)			April 1, 2023						April 2, 2022
Allowances for credit losses:
Beginning of period			$	31.1					$	27.3
Provision for credit losses			4.7						3.7
Charge-offs			(4.8)						(3.0)
Recoveries			—						0.1
Currency translation			0.2						0.3
End of period			$	31.2					$	28.4

Schedule of 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 1, 2023, and December 31, 2022, are as follows:

(Amounts in millions)			April 1, 2023						December 31, 2022
Finance installment receivables			$	589.2					$	578.6
Finance lease receivables, net of unearned finance charges of $0.5 million and $0.5 million, respectively			2.9						3.2
Total finance receivables			592.1						581.8
Contract installment receivables			46.2						51.3
Contract lease receivables, net of unearned finance charges of $19.3 million and $19.1 million, respectively			61.3						60.3
Total contract receivables			107.5						111.6
Total			699.6						693.4
Allowances for credit losses:
Finance installment receivables			(20.0)						(19.5)
Finance lease receivables			—						(0.1)
Total finance allowance for credit losses			(20.0)						(19.6)
Contract installment receivables			(0.8)						(0.8)
Contract lease receivables			(0.9)						(0.9)
Total contract allowance for credit losses			(1.7)						(1.7)
Total allowance for credit losses			(21.7)						(21.3)
Total current finance and contract receivables – net			$	677.9					$	672.1
Finance receivables – net			$	572.1					$	562.2
Contract receivables – net			105.8						109.9
Total current finance and contract receivables – net			$	677.9					$	672.1

The components of Snap-on’s finance and contract receivables with payment terms beyond one year as of April 1, 2023, and December 31, 2022, are as follows: 

(Amounts in millions)			April 1, 2023						December 31, 2022
Finance installment receivables			$	1,238.2					$	1,210.4
Finance lease receivables, net of unearned finance charges of $0.2 million and $0.2 million, respectively			1.6						1.7
Total finance receivables			1,239.8						1,212.1
Contract installment receivables			205.6						202.1
Contract lease receivables, net of unearned finance charges of $30.9 million and $30.7 million, respectively			187.0						186.6
Total contract receivables			392.6						388.7
Total			1,632.4						1,600.8
Allowances for credit losses:
Finance installment receivables			(42.7)						(41.3)
Finance lease receivables			—						—
Total finance allowance for credit losses			(42.7)						(41.3)
Contract installment receivables			(3.1)						(3.1)
Contract lease receivables			(1.7)						(1.8)
Total contract allowance for credit losses			(4.8)						(4.9)
Total allowance for credit losses			(47.5)						(46.2)
Total long-term finance and contract receivables – net			$	1,584.9					$	1,554.6
Finance receivables – net			$	1,197.1					$	1,170.8
Contract receivables – net			387.8						383.8
Total long-term finance and contract receivables – net			$	1,584.9					$	1,554.6

Schedule of Financing Receivable Credit Quality Indicators

The amortized cost basis of finance and contract receivables by origination year as of April 1, 2023, and charge-offs for the three months ended April 1, 2023, are as follows:

(Amounts in millions)			2023						2022						2021						2020						2019						Prior						Total
Finance receivables:
Delinquent			$	0.2					$	18.0					$	11.4					$	6.8					$	3.3					$	2.1					$	41.8
Non-delinquent			505.1						836.7						271.6						124.4						40.4						11.9						1,790.1
Total Finance receivables			$	505.3					$	854.7					$	283.0					$	131.2					$	43.7					$	14.0					$	1,831.9
Finance receivables charge-offs			$	—					$	5.7					$	4.6					$	2.5					$	1.0					$	0.7					$	14.5
Contract receivables:
Delinquent			$	—					$	0.9					$	1.4					$	0.5					$	0.5					$	0.2					$	3.5
Non-delinquent			46.1						160.1						109.9						77.5						51.4						51.6						496.6
Total Contract receivables			$	46.1					$	161.0					$	111.3					$	78.0					$	51.9					$	51.8					$	500.1
Contract receivables charge-offs			$	—					$	0.1					$	0.1					$	0.3					$	—					$	—					$	0.5

Schedule of 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 1, 2023, and April 2, 2022:

 

			Three Months Ended April 1, 2023												Three Months Ended April 2, 2022
(Amounts in millions)			Finance Receivables						Contract Receivables						Finance Receivables						Contract Receivables
Allowances for credit losses:
Beginning of period			$	60.9					$	6.6					$	67.3					$	8.4
Provision for credit losses			14.2						0.3						6.3						0.1
Charge-offs			(14.5)						(0.5)						(13.4)						(0.8)
Recoveries			2.1						0.1						2.3						—
Currency translation			—						—						—						—
End of period			$	62.7					$	6.5					$	62.5					$	7.7

Schedule of Aging of Finance and Contract Receivables

The aging of finance and contract receivables as of April 1, 2023, and December 31, 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
April 1, 2023:
Finance receivables			$	12.3					$	9.6					$	19.9					$	41.8					$	1,790.1					$	1,831.9					$	16.8
Contract receivables			1.4						0.4						1.7						3.5						496.6						500.1						0.3
December 31, 2022:
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

Schedule of Finance and Contract Receivables on Nonaccrual Status

The amount of finance and contract receivables on nonaccrual status as of April 1, 2023, and December 31, 2022, is as follows:

(Amounts in millions)			April 1, 2023						December 31, 2022
Finance receivables			$	9.3					$	8.7
Contract receivables			2.8						3.3

X

- Definition

Allowance For Credit Losses On Receivables

+ References

No definition available.

+ Details

Name:	sna_AllowanceForCreditLossesOnReceivablesTableTextBlock
Namespace Prefix:	sna_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

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 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 https://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 https://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 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

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 https://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 https://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 https://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 https://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 https://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 https://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 https://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