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Receivables - (Tables)

6 Months Ended

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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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.

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