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v3.23.2

Receivables - (Tables) | 6 Months Ended
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Jul. 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 July 1, 2023, and December 31, 2022, are as follows:
(Amounts in millions) | July 1, 2023 |  | December 31, 2022
Trade and other accounts receivable | $ | 819.1 |  |  | $ | 792.8 |
Allowances for credit losses | (32.3) |  |  | (31.1) |
Total trade and other accounts receivable – net | $ | 786.8 |  |  | $ | 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 and six months ended July 1, 2023, and July 2, 2022:
| Three Months Ended |  | Six Months Ended
(Amounts in millions) | July 1, 2023 |  | July 2, 2022 |  | July 1, 2023 |  | July 2, 2022
Allowances for credit losses: |  |  |  |  |  |  |
Beginning of period | $ | 31.2 |  |  | $ | 28.4 |  |  | $ | 31.1 |  |  | $ | 27.3 |
Provision for credit losses | 3.5 |  |  | 2.9 |  |  | 8.2 |  |  | 6.6 |
Charge-offs | (2.5) |  |  | (2.2) |  |  | (7.3) |  |  | (5.2) |
Recoveries | — |  |  | — |  |  | — |  |  | 0.1 |
Currency translation | 0.1 |  |  | (1.0) |  |  | 0.3 |  |  | (0.7) |
End of period | $ | 32.3 |  |  | $ | 28.1 |  |  | $ | 32.3 |  |  | $ | 28.1 |
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 July 1, 2023, and December 31, 2022, are as follows:
(Amounts in millions) | July 1, 2023 |  | December 31, 2022
Finance installment receivables | $ | 611.3 |  |  | $ | 578.6 |
Finance lease receivables, net of unearned finance charges of $1.2 million and $0.5 million, respectively | 5.1 |  |  | 3.2 |
Total finance receivables | 616.4 |  |  | 581.8 |
Contract installment receivables | 44.6 |  |  | 51.3 |
Contract lease receivables, net of unearned finance charges of $19.8 million and $19.1 million, respectively | 61.9 |  |  | 60.3 |
Total contract receivables | 106.5 |  |  | 111.6 |
Total | 722.9 |  |  | 693.4 |
Allowances for credit losses: |  |  |
Finance installment receivables | (20.9) |  |  | (19.5) |
Finance lease receivables | (0.1) |  |  | (0.1) |
Total finance allowance for credit losses | (21.0) |  |  | (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 | (22.7) |  |  | (21.3) |
Total current finance and contract receivables – net | $ | 700.2 |  |  | $ | 672.1 |
Finance receivables – net | $ | 595.4 |  |  | $ | 562.2 |
Contract receivables – net | 104.8 |  |  | 109.9 |
Total current finance and contract receivables – net | $ | 700.2 |  |  | $ | 672.1 |
The components of Snap-on’s finance and contract receivables with payment terms beyond one year as of July 1, 2023, and December 31, 2022, are as follows:
(Amounts in millions) | July 1, 2023 |  | December 31, 2022
Finance installment receivables | $ | 1,272.0 |  |  | $ | 1,210.4 |
Finance lease receivables, net of unearned finance charges of $0.8 million and $0.2 million, respectively | 4.1 |  |  | 1.7 |
Total finance receivables | 1,276.1 |  |  | 1,212.1 |
Contract installment receivables | 206.7 |  |  | 202.1 |
Contract lease receivables, net of unearned finance charges of $32.3 million and $30.7 million, respectively | 191.2 |  |  | 186.6 |
Total contract receivables | 397.9 |  |  | 388.7 |
Total | 1,674.0 |  |  | 1,600.8 |
Allowances for credit losses: |  |  |
Finance installment receivables | (44.0) |  |  | (41.3) |
Finance lease receivables | (0.1) |  |  | — |
Total finance allowance for credit losses | (44.1) |  |  | (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 | (48.9) |  |  | (46.2) |
Total long-term finance and contract receivables – net | $ | 1,625.1 |  |  | $ | 1,554.6 |
Finance receivables – net | $ | 1,232.0 |  |  | $ | 1,170.8 |
Contract receivables – net | 393.1 |  |  | 383.8 |
Total long-term finance and contract receivables – net | $ | 1,625.1 |  |  | $ | 1,554.6 |
Schedule of Financing Receivable Credit Quality Indicators | The amortized cost basis of finance and contract receivables by origination year as of July 1, 2023, and charge-offs for the six months ended July 1, 2023, are as follows:
(Amounts in millions) | 2023 |  | 2022 |  | 2021 |  | 2020 |  | 2019 |  | Prior |  | Total
Finance receivables: |  |  |  |  |  |  |  |  |  |  |  |  |
Delinquent | $ | 3.5 |  |  | $ | 18.7 |  |  | $ | 9.9 |  |  | $ | 5.9 |  |  | $ | 2.5 |  |  | $ | 1.4 |  |  | $ | 41.9 |
Non-delinquent | 872.9 |  |  | 627.0 |  |  | 215.3 |  |  | 97.7 |  |  | 30.0 |  |  | 7.7 |  |  | 1,850.6 |
Total Finance receivables | $ | 876.4 |  |  | $ | 645.7 |  |  | $ | 225.2 |  |  | $ | 103.6 |  |  | $ | 32.5 |  |  | $ | 9.1 |  |  | $ | 1,892.5 |
Finance receivables charge-offs | $ | 0.2 |  |  | $ | 12.3 |  |  | $ | 8.2 |  |  | $ | 4.5 |  |  | $ | 1.9 |  |  | $ | 1.3 |  |  | $ | 28.4 |
Contract receivables: |  |  |  |  |  |  |  |  |  |  |  |  |
Delinquent | $ | 0.2 |  |  | $ | 0.8 |  |  | $ | 1.1 |  |  | $ | 0.5 |  |  | $ | 0.4 |  |  | $ | 0.2 |  |  | $ | 3.2 |
Non-delinquent | 92.1 |  |  | 145.7 |  |  | 101.3 |  |  | 70.4 |  |  | 46.2 |  |  | 45.5 |  |  | 501.2 |
Total Contract receivables | $ | 92.3 |  |  | $ | 146.5 |  |  | $ | 102.4 |  |  | $ | 70.9 |  |  | $ | 46.6 |  |  | $ | 45.7 |  |  | $ | 504.4 |
Contract receivables charge-offs | $ | — |  |  | $ | 0.1 |  |  | $ | 0.3 |  |  | $ | 0.3 |  |  | $ | 0.1 |  |  | $ | 0.1 |  |  | $ | 0.9 |
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 and six months ended July 1, 2023, and July 2, 2022:
| Three Months Ended July 1, 2023 |  | Six Months Ended July 1, 2023
(Amounts in millions) | Finance Receivables |  | Contract Receivables |  | Finance Receivables |  | Contract Receivables
Allowances for credit losses: |  |  |  |  |  |  |
Beginning of period | $ | 62.7 |  |  | $ | 6.5 |  |  | $ | 60.9 |  |  | $ | 6.6 |
Provision for credit losses | 13.7 |  |  | 0.3 |  |  | 27.9 |  |  | 0.6 |
Charge-offs | (13.9) |  |  | (0.4) |  |  | (28.4) |  |  | (0.9) |
Recoveries | 2.5 |  |  | 0.1 |  |  | 4.6 |  |  | 0.2 |
Currency translation | 0.1 |  |  | — |  |  | 0.1 |  |  | — |
End of period | $ | 65.1 |  |  | $ | 6.5 |  |  | $ | 65.1 |  |  | $ | 6.5 |
| 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 |
Schedule of Aging of Finance and Contract Receivables | The aging of finance and contract receivables as of July 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
July 1, 2023: |  |  |  |  |  |  |  |  |  |  |  |  |
Finance receivables | $ | 15.2 |  |  | $ | 10.1 |  |  | $ | 16.6 |  |  | $ | 41.9 |  |  | $ | 1,850.6 |  |  | $ | 1,892.5 |  |  | $ | 13.8 |
Contract receivables | 0.9 |  |  | 0.7 |  |  | 1.6 |  |  | 3.2 |  |  | 501.2 |  |  | 504.4 |  |  | 0.1 |
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 July 1, 2023, and December 31, 2022, is as follows:
(Amounts in millions) | July 1, 2023 |  | December 31, 2022
Finance receivables | $ | 10.1 |  |  | $ | 8.7 |
Contract receivables | 2.3 |  |  | 3.3 |

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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 -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479319/326-20-50-5 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 29 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481962/310-10-50-29 + Details
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