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Leases

6 Months Ended

Jun. 29, 2024

Leases [Abstract]

Leases

Leases

Lessee accounting: Supplemental balance sheet information related to leases as of June 29, 2024, and December 30, 2023, is as follows:

(Amounts in millions)			June 29, 2024						December 30, 2023
Finance leases:
Property and equipment - gross			$	16.6					$	19.1
Accumulated depreciation			(14.7)						(16.8)
Property and equipment - net			$	1.9					$	2.3
Other accrued liabilities			$	1.0					$	1.6
Other long-term liabilities			1.0						1.1
Total finance lease liabilities			$	2.0					$	2.7
Operating leases:
Operating lease right-of-use assets			$	74.9					$	74.7
Other accrued liabilities			$	24.3					$	23.8
Operating lease liabilities			54.8						54.6
Total operating lease liabilities			$	79.1					$	78.4

Lessor accounting: Snap-on’s Financial Services business offers lease financing to support the sales of tools, diagnostics, and equipment products, as well as vehicle leases for franchisees. Sales-type leases are included in both “Finance receivables – net” and “Long-term finance receivables – net” and also in both “Contract receivables – net” and “Long-term contract receivables – net” on the accompanying Condensed Consolidated Balance Sheets.

See Note 4 for additional information on finance and contract receivables.

Leases

Leases

Lessee accounting: Supplemental balance sheet information related to leases as of June 29, 2024, and December 30, 2023, is as follows:

(Amounts in millions)			June 29, 2024						December 30, 2023
Finance leases:
Property and equipment - gross			$	16.6					$	19.1
Accumulated depreciation			(14.7)						(16.8)
Property and equipment - net			$	1.9					$	2.3
Other accrued liabilities			$	1.0					$	1.6
Other long-term liabilities			1.0						1.1
Total finance lease liabilities			$	2.0					$	2.7
Operating leases:
Operating lease right-of-use assets			$	74.9					$	74.7
Other accrued liabilities			$	24.3					$	23.8
Operating lease liabilities			54.8						54.6
Total operating lease liabilities			$	79.1					$	78.4

Lessor accounting: Snap-on’s Financial Services business offers lease financing to support the sales of tools, diagnostics, and equipment products, as well as vehicle leases for franchisees. Sales-type leases are included in both “Finance receivables – net” and “Long-term finance receivables – net” and also in both “Contract receivables – net” and “Long-term contract receivables – net” on the accompanying Condensed Consolidated Balance Sheets.

See Note 4 for additional information on finance and contract receivables.

Leases

Leases

Lessee accounting: Supplemental balance sheet information related to leases as of June 29, 2024, and December 30, 2023, is as follows:

(Amounts in millions)			June 29, 2024						December 30, 2023
Finance leases:
Property and equipment - gross			$	16.6					$	19.1
Accumulated depreciation			(14.7)						(16.8)
Property and equipment - net			$	1.9					$	2.3
Other accrued liabilities			$	1.0					$	1.6
Other long-term liabilities			1.0						1.1
Total finance lease liabilities			$	2.0					$	2.7
Operating leases:
Operating lease right-of-use assets			$	74.9					$	74.7
Other accrued liabilities			$	24.3					$	23.8
Operating lease liabilities			54.8						54.6
Total operating lease liabilities			$	79.1					$	78.4

Lessor accounting: Snap-on’s Financial Services business offers lease financing to support the sales of tools, diagnostics, and equipment products, as well as vehicle leases for franchisees. Sales-type leases are included in both “Finance receivables – net” and “Long-term finance receivables – net” and also in both “Contract receivables – net” and “Long-term contract receivables – net” on the accompanying Condensed Consolidated Balance Sheets.

See Note 4 for additional information on finance and contract receivables.

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- References

No definition available.

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- Definition

The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/842-20/tableOfContent

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- Definition

The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/842-20/tableOfContent

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- Definition

The entire disclosure of lessor's sales-type leases.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 30
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/842-30/tableOfContent

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