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Receivables (Tables) | 6 Months Ended
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Jun. 29, 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 June 29, 2024, and December 30, 2023, are as follows:
(Amounts in millions) | June 29, 2024 |  | December 30, 2023
Trade and other accounts receivable | $ | 820.0 |  |  | $ | 826.2 |
Allowances for credit losses | (36.5) |  |  | (34.9) |
Total trade and other accounts receivable – net | $ | 783.5 |  |  | $ | 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 and six months ended June 29, 2024, and July 1, 2023:
| Three Months Ended |  | Six Months Ended
(Amounts in millions) | June 29, 2024 |  | July 1, 2023 |  | June 29, 2024 |  | July 1, 2023
Allowances for credit losses: |  |  |  |  |  |  |
Beginning of period | $ | 35.9 |  |  | $ | 31.2 |  |  | $ | 34.9 |  |  | $ | 31.1 |
Provision for credit losses | 6.6 |  |  | 3.5 |  |  | 10.9 |  |  | 8.2 |
Charge-offs | (5.6) |  |  | (2.5) |  |  | (8.6) |  |  | (7.3) |
Recoveries | — |  |  | — |  |  | 0.1 |  |  | — |
Currency translation | (0.4) |  |  | 0.1 |  |  | (0.8) |  |  | 0.3 |
End of period | $ | 36.5 |  |  | $ | 32.3 |  |  | $ | 36.5 |  |  | $ | 32.3 |
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 June 29, 2024, and December 30, 2023, are as follows:
(Amounts in millions) | June 29, 2024 |  | December 30, 2023
Finance installment receivables | $ | 626.0 |  |  | $ | 605.2 |
Finance lease receivables, net of unearned finance charges of $5.3 million and $3.4 million, respectively | 14.6 |  |  | 10.1 |
Total finance receivables | 640.6 |  |  | 615.3 |
Contract installment receivables | 50.6 |  |  | 59.9 |
Contract lease receivables, net of unearned finance charges of $21.7 million and $21.1 million, respectively | 63.1 |  |  | 62.7 |
Total contract receivables | 113.7 |  |  | 122.6 |
Total | 754.3 |  |  | 737.9 |
Allowances for credit losses: |  |  |
Finance installment receivables | (22.4) |  |  | (21.1) |
Finance lease receivables | (0.3) |  |  | (0.1) |
Total finance allowances for credit losses | (22.7) |  |  | (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 | (24.4) |  |  | (23.0) |
Total current finance and contract receivables – net | $ | 729.9 |  |  | $ | 714.9 |
Finance receivables – net | $ | 617.9 |  |  | $ | 594.1 |
Contract receivables – net | 112.0 |  |  | 120.8 |
Total current finance and contract receivables – net | $ | 729.9 |  |  | $ | 714.9 |
The components of Snap-on’s finance and contract receivables with payment terms beyond one year as of June 29, 2024, and December 30, 2023, are as follows:
(Amounts in millions) | June 29, 2024 |  | December 30, 2023
Finance installment receivables | $ | 1,330.8 |  |  | $ | 1,318.5 |
Finance lease receivables, net of unearned finance charges of $4.4 million and $2.8 million, respectively | 19.0 |  |  | 12.3 |
Total finance receivables | 1,349.8 |  |  | 1,330.8 |
Contract installment receivables | 221.3 |  |  | 216.0 |
Contract lease receivables, net of unearned finance charges of $36.7 million and $35.1 million, respectively | 201.2 |  |  | 196.8 |
Total contract receivables | 422.5 |  |  | 412.8 |
Total | 1,772.3 |  |  | 1,743.6 |
Allowances for credit losses: |  |  |
Finance installment receivables | (48.0) |  |  | (46.4) |
Finance lease receivables | (0.4) |  |  | (0.2) |
Total finance allowances for credit losses | (48.4) |  |  | (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 | (53.5) |  |  | (51.5) |
Total long-term finance and contract receivables – net | $ | 1,718.8 |  |  | $ | 1,692.1 |
Finance receivables – net | $ | 1,301.4 |  |  | $ | 1,284.2 |
Contract receivables – net | 417.4 |  |  | 407.9 |
Total long-term finance and contract receivables – net | $ | 1,718.8 |  |  | $ | 1,692.1 |
Schedule of Financing Receivable Credit Quality Indicators | The amortized cost basis of finance and contract receivables by origination year as of June 29, 2024, and charge-offs recorded in the six months ended June 29, 2024, by origination year, are as follows:
(Amounts in millions) | 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | Prior |  | Total
Finance receivables: |  |  |  |  |  |  |  |  |  |  |  |  |
Delinquent | $ | 5.0 |  |  | $ | 25.6 |  |  | $ | 12.9 |  |  | $ | 5.9 |  |  | $ | 3.2 |  |  | $ | 1.7 |  |  | $ | 54.3 |
Non-delinquent | 865.6 |  |  | 708.3 |  |  | 237.8 |  |  | 84.1 |  |  | 33.0 |  |  | 7.3 |  |  | 1,936.1 |
Total Finance receivables | $ | 870.6 |  |  | $ | 733.9 |  |  | $ | 250.7 |  |  | $ | 90.0 |  |  | $ | 36.2 |  |  | $ | 9.0 |  |  | $ | 1,990.4 |
Finance receivables charge-offs | $ | 0.2 |  |  | $ | 16.7 |  |  | $ | 11.3 |  |  | $ | 4.9 |  |  | $ | 2.7 |  |  | $ | 1.2 |  |  | $ | 37.0 |
Contract receivables: |  |  |  |  |  |  |  |  |  |  |  |  |
Delinquent | $ | — |  |  | $ | 0.4 |  |  | $ | 0.8 |  |  | $ | 0.7 |  |  | $ | 0.5 |  |  | $ | 0.5 |  |  | $ | 2.9 |
Non-delinquent | 104.0 |  |  | 161.9 |  |  | 105.9 |  |  | 69.8 |  |  | 46.3 |  |  | 45.4 |  |  | 533.3 |
Total Contract receivables | $ | 104.0 |  |  | $ | 162.3 |  |  | $ | 106.7 |  |  | $ | 70.5 |  |  | $ | 46.8 |  |  | $ | 45.9 |  |  | $ | 536.2 |
Contract receivables charge-offs | $ | — |  |  | $ | 0.2 |  |  | $ | 0.2 |  |  | $ | 0.2 |  |  | $ | 0.2 |  |  | $ | 0.2 |  |  | $ | 1.0 |
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 June 29, 2024, and July 1, 2023:
| Three Months Ended June 29, 2024 |  | Six Months Ended June 29, 2024
(Amounts in millions) | Finance Receivables |  | Contract Receivables |  | Finance Receivables |  | Contract Receivables
Allowances for credit losses: |  |  |  |  |  |  |
Beginning of period | $ | 69.8 |  |  | $ | 6.8 |  |  | $ | 67.8 |  |  | $ | 6.7 |
Provision for credit losses | 17.2 |  |  | 0.3 |  |  | 35.4 |  |  | 0.9 |
Charge-offs | (18.7) |  |  | (0.4) |  |  | (37.0) |  |  | (1.0) |
Recoveries | 2.8 |  |  | 0.1 |  |  | 5.0 |  |  | 0.2 |
Currency translation | — |  |  | — |  |  | (0.1) |  |  | — |
End of period | $ | 71.1 |  |  | $ | 6.8 |  |  | $ | 71.1 |  |  | $ | 6.8 |
| 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 |
Schedule of Aging of Finance and Contract Receivables | The aging of finance and contract receivables as of June 29, 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
June 29, 2024: |  |  |  |  |  |  |  |  |  |  |  |  |
Finance receivables | $ | 20.5 |  |  | $ | 12.2 |  |  | $ | 21.6 |  |  | $ | 54.3 |  |  | $ | 1,936.1 |  |  | $ | 1,990.4 |  |  | $ | 18.3 |
Contract receivables | 1.3 |  |  | 0.6 |  |  | 1.0 |  |  | 2.9 |  |  | 533.3 |  |  | 536.2 |  |  | 0.2 |
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 June 29, 2024, and December 30, 2023, is as follows:
(Amounts in millions) | June 29, 2024 |  | December 30, 2023
Finance receivables | $ | 11.7 |  |  | $ | 10.6 |
Contract receivables | 2.8 |  |  | 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://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 29 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481962/310-10-50-29 Reference 2: 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 + Details
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