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Receivables - (Tables) | 9 Months Ended
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Sep. 30, 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 September 30, 2023, and December 31, 2022, are as follows:
(Amounts in millions) | September 30, 2023 |  | December 31, 2022
Trade and other accounts receivable | $ | 810.6 |  |  | $ | 792.8 |
Allowances for credit losses | (33.8) |  |  | (31.1) |
Total trade and other accounts receivable – net | $ | 776.8 |  |  | $ | 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 nine months ended September 30, 2023, and October 1, 2022:
| Three Months Ended |  | Nine Months Ended
(Amounts in millions) | September 30, 2023 |  | October 1, 2022 |  | September 30, 2023 |  | October 1, 2022
Allowances for credit losses: |  |  |  |  |  |  |
Beginning of period | $ | 32.3 |  |  | $ | 28.1 |  |  | $ | 31.1 |  |  | $ | 27.3 |
Provision for credit losses | 5.5 |  |  | 4.6 |  |  | 13.7 |  |  | 11.2 |
Charge-offs | (3.6) |  |  | (3.0) |  |  | (10.9) |  |  | (8.2) |
Recoveries | — |  |  | — |  |  | — |  |  | 0.1 |
Currency translation | (0.4) |  |  | (0.9) |  |  | (0.1) |  |  | (1.6) |
End of period | $ | 33.8 |  |  | $ | 28.8 |  |  | $ | 33.8 |  |  | $ | 28.8 |
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 September 30, 2023, and December 31, 2022, are as follows:
(Amounts in millions) | September 30, 2023 |  | December 31, 2022
Finance installment receivables | $ | 611.4 |  |  | $ | 578.6 |
Finance lease receivables, net of unearned finance charges of $2.1 million and $0.5 million, respectively | 7.3 |  |  | 3.2 |
Total finance receivables | 618.7 |  |  | 581.8 |
Contract installment receivables | 59.4 |  |  | 51.3 |
Contract lease receivables, net of unearned finance charges of $20.3 million and $19.1 million, respectively | 62.0 |  |  | 60.3 |
Total contract receivables | 121.4 |  |  | 111.6 |
Total | 740.1 |  |  | 693.4 |
Allowances for credit losses: |  |  |
Finance installment receivables | (21.1) |  |  | (19.5) |
Finance lease receivables | (0.1) |  |  | (0.1) |
Total finance allowance for credit losses | (21.2) |  |  | (19.6) |
Contract installment receivables | (0.9) |  |  | (0.8) |
Contract lease receivables | (0.9) |  |  | (0.9) |
Total contract allowance for credit losses | (1.8) |  |  | (1.7) |
Total allowance for credit losses | (23.0) |  |  | (21.3) |
Total current finance and contract receivables – net | $ | 717.1 |  |  | $ | 672.1 |
Finance receivables – net | $ | 597.5 |  |  | $ | 562.2 |
Contract receivables – net | 119.6 |  |  | 109.9 |
Total current finance and contract receivables – net | $ | 717.1 |  |  | $ | 672.1 |
The components of Snap-on’s finance and contract receivables with payment terms beyond one year as of September 30, 2023, and December 31, 2022, are as follows:
(Amounts in millions) | September 30, 2023 |  | December 31, 2022
Finance installment receivables | $ | 1,283.2 |  |  | $ | 1,210.4 |
Finance lease receivables, net of unearned finance charges of $1.6 million and $0.2 million, respectively | 7.5 |  |  | 1.7 |
Total finance receivables | 1,290.7 |  |  | 1,212.1 |
Contract installment receivables | 212.3 |  |  | 202.1 |
Contract lease receivables, net of unearned finance charges of $33.2 million and $30.7 million, respectively | 192.3 |  |  | 186.6 |
Total contract receivables | 404.6 |  |  | 388.7 |
Total | 1,695.3 |  |  | 1,600.8 |
Allowances for credit losses: |  |  |
Finance installment receivables | (44.7) |  |  | (41.3) |
Finance lease receivables | (0.1) |  |  | — |
Total finance allowance for credit losses | (44.8) |  |  | (41.3) |
Contract installment receivables | (3.1) |  |  | (3.1) |
Contract lease receivables | (1.6) |  |  | (1.8) |
Total contract allowance for credit losses | (4.7) |  |  | (4.9) |
Total allowance for credit losses | (49.5) |  |  | (46.2) |
Total long-term finance and contract receivables – net | $ | 1,645.8 |  |  | $ | 1,554.6 |
Finance receivables – net | $ | 1,245.9 |  |  | $ | 1,170.8 |
Contract receivables – net | 399.9 |  |  | 383.8 |
Total long-term finance and contract receivables – net | $ | 1,645.8 |  |  | $ | 1,554.6 |
Schedule of Financing Receivable Credit Quality Indicators | The amortized cost basis of finance and contract receivables by origination year as of September 30, 2023, and charge-offs for the nine months ended September 30, 2023, are as follows:
(Amounts in millions) | 2023 |  | 2022 |  | 2021 |  | 2020 |  | 2019 |  | Prior |  | Total
Finance receivables: |  |  |  |  |  |  |  |  |  |  |  |  |
Delinquent | $ | 11.6 |  |  | $ | 19.3 |  |  | $ | 9.3 |  |  | $ | 5.3 |  |  | $ | 2.1 |  |  | $ | 1.1 |  |  | $ | 48.7 |
Non-delinquent | 1,101.7 |  |  | 484.0 |  |  | 172.0 |  |  | 76.6 |  |  | 21.7 |  |  | 4.7 |  |  | 1,860.7 |
Total Finance receivables | $ | 1,113.3 |  |  | $ | 503.3 |  |  | $ | 181.3 |  |  | $ | 81.9 |  |  | $ | 23.8 |  |  | $ | 5.8 |  |  | $ | 1,909.4 |
Finance receivables charge-offs | $ | 1.7 |  |  | $ | 18.8 |  |  | $ | 11.2 |  |  | $ | 6.1 |  |  | $ | 2.6 |  |  | $ | 1.7 |  |  | $ | 42.1 |
Contract receivables: |  |  |  |  |  |  |  |  |  |  |  |  |
Delinquent | $ | 0.1 |  |  | $ | 0.8 |  |  | $ | 0.9 |  |  | $ | 0.6 |  |  | $ | 0.5 |  |  | $ | 0.2 |  |  | $ | 3.1 |
Non-delinquent | 151.8 |  |  | 136.1 |  |  | 94.0 |  |  | 64.2 |  |  | 40.8 |  |  | 36.0 |  |  | 522.9 |
Total Contract receivables | $ | 151.9 |  |  | $ | 136.9 |  |  | $ | 94.9 |  |  | $ | 64.8 |  |  | $ | 41.3 |  |  | $ | 36.2 |  |  | $ | 526.0 |
Contract receivables charge-offs | $ | — |  |  | $ | 0.2 |  |  | $ | 0.6 |  |  | $ | 0.4 |  |  | $ | 0.1 |  |  | $ | 0.3 |  |  | $ | 1.6 |
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 nine months ended September 30, 2023, and October 1, 2022:
| Three Months Ended September 30, 2023 |  | Nine Months Ended September 30, 2023
(Amounts in millions) | Finance Receivables |  | Contract Receivables |  | Finance Receivables |  | Contract Receivables
Allowances for credit losses: |  |  |  |  |  |  |
Beginning of period | $ | 65.1 |  |  | $ | 6.5 |  |  | $ | 60.9 |  |  | $ | 6.6 |
Provision for credit losses | 12.8 |  |  | 0.7 |  |  | 40.7 |  |  | 1.3 |
Charge-offs | (13.7) |  |  | (0.7) |  |  | (42.1) |  |  | (1.6) |
Recoveries | 1.9 |  |  | 0.1 |  |  | 6.5 |  |  | 0.3 |
Currency translation | (0.1) |  |  | (0.1) |  |  | — |  |  | (0.1) |
End of period | $ | 66.0 |  |  | $ | 6.5 |  |  | $ | 66.0 |  |  | $ | 6.5 |
| Three Months Ended October 1, 2022 |  | Nine Months Ended October 1, 2022
(Amounts in millions) | Finance Receivables |  | Contract Receivables |  | Finance Receivables |  | Contract Receivables
Allowances for credit losses: |  |  |  |  |  |  |
Beginning of period | $ | 61.3 |  |  | $ | 7.2 |  |  | $ | 67.3 |  |  | $ | 8.4 |
Provision for credit losses | 9.5 |  |  | — |  |  | 24.9 |  |  | 0.1 |
Charge-offs | (12.3) |  |  | (0.4) |  |  | (38.5) |  |  | (1.8) |
Recoveries | 2.0 |  |  | 0.1 |  |  | 7.0 |  |  | 0.2 |
Currency translation | (0.2) |  |  | (0.2) |  |  | (0.4) |  |  | (0.2) |
End of period | $ | 60.3 |  |  | $ | 6.7 |  |  | $ | 60.3 |  |  | $ | 6.7 |
Schedule of Aging of Finance and Contract Receivables | The aging of finance and contract receivables as of September 30, 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
September 30, 2023: |  |  |  |  |  |  |  |  |  |  |  |  |
Finance receivables | $ | 17.1 |  |  | $ | 11.9 |  |  | $ | 19.7 |  |  | $ | 48.7 |  |  | $ | 1,860.7 |  |  | $ | 1,909.4 |  |  | $ | 16.8 |
Contract receivables | 1.4 |  |  | 0.4 |  |  | 1.3 |  |  | 3.1 |  |  | 522.9 |  |  | 526.0 |  |  | 0.2 |
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 September 30, 2023, and December 31, 2022, is as follows:
(Amounts in millions) | September 30, 2023 |  | December 31, 2022
Finance receivables | $ | 10.7 |  |  | $ | 8.7 |
Contract receivables | 2.4 |  |  | 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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