XML 42 R31.htm IDEA: XBRL DOCUMENT v3.24.2

Receivables (Tables)

6 Months Ended

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

X

- Definition

Allowance For Credit Losses On Receivables

+ References

No definition available.

+ Details

Name:	sna_AllowanceForCreditLossesOnReceivablesTableTextBlock
Namespace Prefix:	sna_
Data Type:	dtr-types1:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Schedule of components of trade and other accounts receivable.

+ References

No definition available.

+ Details

Name:	sna_ScheduleOfComponentsOfTradeAndOtherAccountsReceivableTableTextBlock
Namespace Prefix:	sna_
Data Type:	dtr-types1:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of allowance for credit loss on financing receivable.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481962/310-10-50-11B

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479319/326-20-50-13

+ Details

Name:	us-gaap_AllowanceForCreditLossesOnFinancingReceivablesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_FinancingReceivableCreditQualityIndicatorsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of aging analysis for financing receivable.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481962/310-10-50-7A

Reference 2: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481962/310-10-50-7

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479319/326-20-50-14

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 80
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479294/326-20-55-80

+ Details

Name:	us-gaap_PastDueFinancingReceivablesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_ReceivablesAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

+ Details

Name:	us-gaap_ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of financing receivable on nonaccrual status.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481962/310-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479319/326-20-50-16

+ Details

Name:	us-gaap_ScheduleOfFinancingReceivablesNonAccrualStatusTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration