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Receivables (Tables) | 3 Months Ended
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Mar. 30, 2024
Receivables [Abstract] |
Schedule of Components of Trade and Other Accounts Receivable | The components of Snap-on’s trade and other accounts receivable as of March 30, 2024, and December 30, 2023, are as follows:
(Amounts in millions) | March 30, 2024 |  | December 30, 2023
Trade and other accounts receivable | $ | 863.4 |  |  | $ | 826.2 |
Allowances for credit losses | (35.9) |  |  | (34.9) |
Total trade and other accounts receivable – net | $ | 827.5 |  |  | $ | 791.3 |
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 March 30, 2024, and April 1, 2023:
| Three Months Ended |  |
(Amounts in millions) | March 30, 2024 |  | April 1, 2023 |  |  |  |
Allowances for credit losses: |  |  |  |  |  |  |
Beginning of period | $ | 34.9 |  |  | $ | 31.1 |  |  |  |  |
Provision for credit losses | 4.3 |  |  | 4.7 |  |  |  |  |
Charge-offs | (3.0) |  |  | (4.8) |  |  |  |  |
Recoveries | 0.1 |  |  | — |  |  |  |  |
Currency translation | (0.4) |  |  | 0.2 |  |  |  |  |
End of period | $ | 35.9 |  |  | $ | 31.2 |  |  |  |  |
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 March 30, 2024, and December 30, 2023, are as follows:
(Amounts in millions) | March 30, 2024 |  | December 30, 2023
Finance installment receivables | $ | 614.5 |  |  | $ | 605.2 |
Finance lease receivables, net of unearned finance charges of $4.3 million and $3.4 million, respectively | 12.4 |  |  | 10.1 |
Total finance receivables | 626.9 |  |  | 615.3 |
Contract installment receivables | 55.5 |  |  | 59.9 |
Contract lease receivables, net of unearned finance charges of $21.4 million and $21.1 million, respectively | 62.8 |  |  | 62.7 |
Total contract receivables | 118.3 |  |  | 122.6 |
Total | 745.2 |  |  | 737.9 |
Allowances for credit losses: |  |  |
Finance installment receivables | (21.8) |  |  | (21.1) |
Finance lease receivables | (0.2) |  |  | (0.1) |
Total finance allowances for credit losses | (22.0) |  |  | (21.2) |
Contract installment receivables | (0.8) |  |  | (0.9) |
Contract lease receivables | (0.9) |  |  | (0.9) |
Total contract allowances for credit losses | (1.7) |  |  | (1.8) |
Total allowances for credit losses | (23.7) |  |  | (23.0) |
Total current finance and contract receivables – net | $ | 721.5 |  |  | $ | 714.9 |
Finance receivables – net | $ | 604.9 |  |  | $ | 594.1 |
Contract receivables – net | 116.6 |  |  | 120.8 |
Total current finance and contract receivables – net | $ | 721.5 |  |  | $ | 714.9 |
The components of Snap-on’s finance and contract receivables with payment terms beyond one year as of March 30, 2024, and December 30, 2023, are as follows:
(Amounts in millions) | March 30, 2024 |  | December 30, 2023
Finance installment receivables | $ | 1,323.0 |  |  | $ | 1,318.5 |
Finance lease receivables, net of unearned finance charges of $3.5 million and $2.8 million, respectively | 15.4 |  |  | 12.3 |
Total finance receivables | 1,338.4 |  |  | 1,330.8 |
Contract installment receivables | 219.9 |  |  | 216.0 |
Contract lease receivables, net of unearned finance charges of $35.8 million and $35.1 million, respectively | 198.8 |  |  | 196.8 |
Total contract receivables | 418.7 |  |  | 412.8 |
Total | 1,757.1 |  |  | 1,743.6 |
Allowances for credit losses: |  |  |
Finance installment receivables | (47.5) |  |  | (46.4) |
Finance lease receivables | (0.3) |  |  | (0.2) |
Total finance allowances for credit losses | (47.8) |  |  | (46.6) |
Contract installment receivables | (3.3) |  |  | (3.1) |
Contract lease receivables | (1.8) |  |  | (1.8) |
Total contract allowances for credit losses | (5.1) |  |  | (4.9) |
Total allowances for credit losses | (52.9) |  |  | (51.5) |
Total long-term finance and contract receivables – net | $ | 1,704.2 |  |  | $ | 1,692.1 |
Finance receivables – net | $ | 1,290.6 |  |  | $ | 1,284.2 |
Contract receivables – net | 413.6 |  |  | 407.9 |
Total long-term finance and contract receivables – net | $ | 1,704.2 |  |  | $ | 1,692.1 |
Schedule of Financing Receivable Credit Quality Indicators | The amortized cost basis of finance and contract receivables by origination year as of March 30, 2024, and charge-offs recorded in the three months ended March 30, 2024, by origination year, are as follows:
(Amounts in millions) | 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | Prior |  | Total
Finance receivables: |  |  |  |  |  |  |  |  |  |  |  |  |
Delinquent | $ | 0.2 |  |  | $ | 24.1 |  |  | $ | 15.8 |  |  | $ | 7.4 |  |  | $ | 3.9 |  |  | $ | 2.3 |  |  | $ | 53.7 |
Non-delinquent | 513.3 |  |  | 937.8 |  |  | 297.1 |  |  | 107.2 |  |  | 44.7 |  |  | 11.5 |  |  | 1,911.6 |
Total Finance receivables | $ | 513.5 |  |  | $ | 961.9 |  |  | $ | 312.9 |  |  | $ | 114.6 |  |  | $ | 48.6 |  |  | $ | 13.8 |  |  | $ | 1,965.3 |
Finance receivables charge-offs | $ | — |  |  | $ | 7.7 |  |  | $ | 6.0 |  |  | $ | 2.6 |  |  | $ | 1.4 |  |  | $ | 0.6 |  |  | $ | 18.3 |
Contract receivables: |  |  |  |  |  |  |  |  |  |  |  |  |
Delinquent | $ | — |  |  | $ | 0.3 |  |  | $ | 0.9 |  |  | $ | 0.5 |  |  | $ | 0.5 |  |  | $ | 0.4 |  |  | $ | 2.6 |
Non-delinquent | 54.9 |  |  | 178.3 |  |  | 116.5 |  |  | 78.2 |  |  | 52.0 |  |  | 54.5 |  |  | 534.4 |
Total Contract receivables | $ | 54.9 |  |  | $ | 178.6 |  |  | $ | 117.4 |  |  | $ | 78.7 |  |  | $ | 52.5 |  |  | $ | 54.9 |  |  | $ | 537.0 |
Contract receivables charge-offs | $ | — |  |  | $ | 0.1 |  |  | $ | 0.1 |  |  | $ | 0.1 |  |  | $ | 0.2 |  |  | $ | 0.1 |  |  | $ | 0.6 |
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 months ended March 30, 2024, and April 1, 2023:
| Three Months Ended March 30, 2024 |  | Three Months Ended April 1, 2023
(Amounts in millions) | Finance Receivables |  | Contract Receivables |  | Finance Receivables |  | Contract Receivables
Allowances for credit losses: |  |  |  |  |  |  |
Beginning of period | $ | 67.8 |  |  | $ | 6.7 |  |  | $ | 60.9 |  |  | $ | 6.6 |
Provision for credit losses | 18.2 |  |  | 0.6 |  |  | 14.2 |  |  | 0.3 |
Charge-offs | (18.3) |  |  | (0.6) |  |  | (14.5) |  |  | (0.5) |
Recoveries | 2.2 |  |  | 0.1 |  |  | 2.1 |  |  | 0.1 |
Currency translation | (0.1) |  |  | — |  |  | — |  |  | — |
End of period | $ | 69.8 |  |  | $ | 6.8 |  |  | $ | 62.7 |  |  | $ | 6.5 |
Schedule of Aging of Finance and Contract Receivables | The aging of finance and contract receivables as of March 30, 2024, and December 30, 2023, 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
March 30, 2024: |  |  |  |  |  |  |  |  |  |  |  |  |
Finance receivables | $ | 15.9 |  |  | $ | 12.7 |  |  | $ | 25.1 |  |  | $ | 53.7 |  |  | $ | 1,911.6 |  |  | $ | 1,965.3 |  |  | $ | 21.2 |
Contract receivables | 1.1 |  |  | 0.3 |  |  | 1.2 |  |  | 2.6 |  |  | 534.4 |  |  | 537.0 |  |  | 0.3 |
December 30, 2023: |  |  |  |  |  |  |  |  |  |  |  |  |
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 |
Schedule of Finance and Contract Receivables on Nonaccrual Status | The amount of finance and contract receivables on nonaccrual status as of March 30, 2024, and December 30, 2023, is as follows:
(Amounts in millions) | March 30, 2024 |  | December 30, 2023
Finance receivables | $ | 11.3 |  |  | $ | 10.6 |
Contract receivables | 2.6 |  |  | 3.3 |

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