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Receivables (Tables) | 12 Months Ended
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Dec. 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 2023 and 2022 year end are as follows:
(Amounts in millions) | 2023 |  | 2022
Trade and other accounts receivable | $ | 826.2 |  |  | $ | 792.8 |
Allowances for credit losses | (34.9) |  |  | (31.1) |
Total trade and other accounts receivable – net | $ | 791.3 |  |  | $ | 761.7 |
Schedule of 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 2023 and 2022:
(Amounts in millions) | 2023 |  | 2022
Allowances for credit losses: |  |  |
Beginning of year | $ | 31.1 |  |  | $ | 27.3 |
Provision for credit losses | 17.3 |  |  | 16.3 |
Charge-offs | (14.2) |  |  | (11.8) |
Recoveries | 0.2 |  |  | — |
Currency translation | 0.5 |  |  | (0.7) |
End of year | $ | 34.9 |  |  | $ | 31.1 |
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 2023 and 2022 year end are as follows:
(Amounts in millions) | 2023 |  | 2022
Finance installment receivables | $ | 605.2 |  |  | $ | 578.6 |
Finance lease receivables, net of unearned finance charges of $3.4 million and $0.5 million, respectively | 10.1 |  |  | 3.2 |
Total finance receivables | 615.3 |  |  | 581.8 |
Contract installment receivables | 59.9 |  |  | 51.3 |
Contract lease receivables, net of unearned finance charges of $21.1 million and $19.1 million, respectively | 62.7 |  |  | 60.3 |
Total contract receivables | 122.6 |  |  | 111.6 |
Total | 737.9 |  |  | 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 allowances for credit losses | (23.0) |  |  | (21.3) |
Total current finance and contract receivables – net | $ | 714.9 |  |  | $ | 672.1 |
Finance receivables – net | $ | 594.1 |  |  | $ | 562.2 |
Contract receivables – net | 120.8 |  |  | 109.9 |
Total current finance and contract receivables – net | $ | 714.9 |  |  | $ | 672.1 |
The components of Snap-on’s finance and contract receivables with payment terms beyond one year as of 2023 and 2022 year end are as follows:
(Amounts in millions) | 2023 |  | 2022
Finance installment receivables | $ | 1,318.5 |  |  | $ | 1,210.4 |
Finance lease receivables, net of unearned finance charges of $2.8 million and $0.2 million, respectively | 12.3 |  |  | 1.7 |
Total finance receivables | 1,330.8 |  |  | 1,212.1 |
Contract installment receivables | 216.0 |  |  | 202.1 |
Contract lease receivables, net of unearned finance charges of $35.1 million and $30.7 million, respectively | 196.8 |  |  | 186.6 |
Total contract receivables | 412.8 |  |  | 388.7 |
Total | 1,743.6 |  |  | 1,600.8 |
Allowances for credit losses: |  |  |
Finance installment receivables | (46.4) |  |  | (41.3) |
Finance lease receivables | (0.2) |  |  | — |
Total finance allowance for credit losses | (46.6) |  |  | (41.3) |
Contract installment receivables | (3.1) |  |  | (3.1) |
Contract lease receivables | (1.8) |  |  | (1.8) |
Total contract allowance for credit losses | (4.9) |  |  | (4.9) |
Total allowances for credit losses | (51.5) |  |  | (46.2) |
Total long-term finance and contract receivables – net | $ | 1,692.1 |  |  | $ | 1,554.6 |
Finance receivables – net | $ | 1,284.2 |  |  | $ | 1,170.8 |
Contract receivables – net | 407.9 |  |  | 383.8 |
Total long-term finance and contract receivables – net | $ | 1,692.1 |  |  | $ | 1,554.6 |
Long-term finance and contract receivables installments, net of unearned finance charges, as of 2023 and 2022 year end are scheduled as follows:
|  | 2023 |  | 2022
(Amounts in millions) |  | Finance Receivables |  | Contract Receivables |  | Finance Receivables |  | Contract Receivables
Due in Months: |  |  |  |  |  |  |  |
13 – 24 |  | $ | 475.0 |  |  | $ | 95.0 |  |  | $ | 441.6 |  |  | $ | 92.6 |
25 – 36 |  | 405.7 |  |  | 84.8 |  |  | 374.3 |  |  | 80.1 |
37 – 48 |  | 288.8 |  |  | 72.7 |  |  | 256.2 |  |  | 67.5 |
49 – 60 |  | 156.7 |  |  | 57.0 |  |  | 135.8 |  |  | 53.9 |
Thereafter |  | 4.6 |  |  | 103.3 |  |  | 4.2 |  |  | 94.6 |
Total |  | $ | 1,330.8 |  |  | $ | 412.8 |  |  | $ | 1,212.1 |  |  | $ | 388.7 |
Schedule of Financing Receivable Credit Quality Indicators | The amortized cost basis of finance and contract receivables by origination year as of 2023 year end and charge-offs recorded in 2023 by origination year, are as follows:
(Amounts in millions) | 2023 |  | 2022 |  | 2021 |  | 2020 |  | 2019 |  | Prior |  | Total
Finance Receivables: |  |  |  |  |  |  |  |  |  |  |  |  |
Delinquent | $ | 22.2 |  |  | $ | 18.6 |  |  | $ | 9.3 |  |  | $ | 5.2 |  |  | $ | 2.2 |  |  | $ | 0.8 |  |  | $ | 58.3 |
Non-delinquent | 1,299.6 |  |  | 374.8 |  |  | 136.3 |  |  | 59.3 |  |  | 14.9 |  |  | 2.9 |  |  | 1,887.8 |
Total Finance receivables | $ | 1,321.8 |  |  | $ | 393.4 |  |  | $ | 145.6 |  |  | $ | 64.5 |  |  | $ | 17.1 |  |  | $ | 3.7 |  |  | $ | 1,946.1 |
Finance receivables charge-offs | $ | 6.3 |  |  | $ | 25.3 |  |  | $ | 13.9 |  |  | $ | 7.6 |  |  | $ | 3.2 |  |  | $ | 2.5 |  |  | $ | 58.8 |
Contract receivables: |  |  |  |  |  |  |  |  |  |  |  |  |
Delinquent | $ | 0.4 |  |  | $ | 0.9 |  |  | $ | 1.3 |  |  | $ | 0.3 |  |  | $ | 0.2 |  |  | $ | 0.2 |  |  | $ | 3.3 |
Non-delinquent | 195.3 |  |  | 126.6 |  |  | 86.4 |  |  | 58.5 |  |  | 35.4 |  |  | 29.9 |  |  | 532.1 |
Total Contract receivables | $ | 195.7 |  |  | $ | 127.5 |  |  | $ | 87.7 |  |  | $ | 58.8 |  |  | $ | 35.6 |  |  | $ | 30.1 |  |  | $ | 535.4 |
Contract receivables charge-offs | $ | 0.1 |  |  | $ | 0.4 |  |  | $ | 0.9 |  |  | $ | 0.5 |  |  | $ | 0.1 |  |  | $ | 0.3 |  |  | $ | 2.3 |
Schedule of Allowance for Credit Loss Rollforward | The following is a rollforward of the allowances for credit losses for finance and contract receivables for 2023 and 2022:
|  | 2023 |  | 2022
(Amounts in millions) |  | Finance Receivables |  | Contract Receivables |  | Finance Receivables |  | Contract Receivables
Allowances for credit losses: |  |  |  |  |  |  |  |
Beginning of year |  | $ | 60.9 |  |  | $ | 6.6 |  |  | $ | 67.3 |  |  | $ | 8.4 |
Provision for credit losses |  | 57.2 |  |  | 1.9 |  |  | 37.7 |  |  | 0.5 |
Charge-offs |  | (58.8) |  |  | (2.3) |  |  | (52.7) |  |  | (2.5) |
Recoveries |  | 8.4 |  |  | 0.4 |  |  | 8.9 |  |  | 0.3 |
Currency translation |  | 0.1 |  |  | 0.1 |  |  | (0.3) |  |  | (0.1) |
End of year |  | $ | 67.8 |  |  | $ | 6.7 |  |  | $ | 60.9 |  |  | $ | 6.6 |
Schedule of Financing Receivable, Past Due | The aging of finance and contract receivables as of 2023 and 2022 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
2023 year end: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Finance receivables |  | $ | 21.5 |  |  | $ | 13.6 |  |  | $ | 23.2 |  |  | $ | 58.3 |  |  | $ | 1,887.8 |  |  | $ | 1,946.1 |  |  | $ | 19.9 |
Contract receivables |  | 1.5 |  |  | 0.6 |  |  | 1.2 |  |  | 3.3 |  |  | 532.1 |  |  | 535.4 |  |  | 0.2 |
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 |
Schedule of Financing Receivable, Nonaccrual | The amount of finance and contract receivables on nonaccrual status as of 2023 and 2022 year end is as follows:
(Amounts in millions) |  | 2023 |  | 2022
Finance receivables |  | $ | 10.6 |  |  | $ | 8.7 |
Contract receivables |  | 3.3 |  |  | 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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