XML 42 R31.htm IDEA: XBRL DOCUMENT
v3.24.3

Receivables (Tables) | 9 Months Ended
--- | ---
Sep. 28, 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 September 28, 2024, and December 30, 2023, are as follows:
(Amounts in millions) | September 28, 2024 |  | December 30, 2023
Trade and other accounts receivable | $ | 834.5 |  |  | $ | 826.2 |
Allowances for credit losses | (38.1) |  |  | (34.9) |
Total trade and other accounts receivable – net | $ | 796.4 |  |  | $ | 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 nine month periods ended September 28, 2024, and September 30, 2023:
| Three Months Ended |  | Nine Months Ended
(Amounts in millions) | September 28, 2024 |  | September 30, 2023 |  | September 28, 2024 |  | September 30, 2023
Allowances for credit losses: |  |  |  |  |  |  |
Beginning of period | $ | 36.5 |  |  | $ | 32.3 |  |  | $ | 34.9 |  |  | $ | 31.1 |
Provision for credit losses | 5.3 |  |  | 5.5 |  |  | 16.2 |  |  | 13.7 |
Charge-offs | (4.3) |  |  | (3.6) |  |  | (12.9) |  |  | (10.9) |
Recoveries | 0.1 |  |  | — |  |  | 0.2 |  |  | — |
Currency translation | 0.5 |  |  | (0.4) |  |  | (0.3) |  |  | (0.1) |
End of period | $ | 38.1 |  |  | $ | 33.8 |  |  | $ | 38.1 |  |  | $ | 33.8 |
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 September 28, 2024, and December 30, 2023, are as follows:
(Amounts in millions) | September 28, 2024 |  | December 30, 2023
Finance installment receivables | $ | 630.4 |  |  | $ | 605.2 |
Finance lease receivables, net of unearned finance charges of $6.4 million and $3.4 million, respectively | 17.0 |  |  | 10.1 |
Total finance receivables | 647.4 |  |  | 615.3 |
Contract installment receivables | 61.9 |  |  | 59.9 |
Contract lease receivables, net of unearned finance charges of $22.1 million and $21.1 million, respectively | 62.0 |  |  | 62.7 |
Total contract receivables | 123.9 |  |  | 122.6 |
Total | 771.3 |  |  | 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 | (0.9) |  |  | (0.9) |
Contract lease receivables | (0.9) |  |  | (0.9) |
Total contract allowances for credit losses | (1.8) |  |  | (1.8) |
Total allowances for credit losses | (24.5) |  |  | (23.0) |
Total current finance and contract receivables – net | $ | 746.8 |  |  | $ | 714.9 |
Finance receivables – net | $ | 624.7 |  |  | $ | 594.1 |
Contract receivables – net | 122.1 |  |  | 120.8 |
Total current finance and contract receivables – net | $ | 746.8 |  |  | $ | 714.9 |
The components of Snap-on’s finance and contract receivables with payment terms beyond one year as of September 28, 2024, and December 30, 2023, are as follows:
(Amounts in millions) | September 28, 2024 |  | December 30, 2023
Finance installment receivables | $ | 1,334.1 |  |  | $ | 1,318.5 |
Finance lease receivables, net of unearned finance charges of $5.5 million and $2.8 million, respectively | 23.2 |  |  | 12.3 |
Total finance receivables | 1,357.3 |  |  | 1,330.8 |
Contract installment receivables | 225.0 |  |  | 216.0 |
Contract lease receivables, net of unearned finance charges of $37.0 million and $35.1 million, respectively | 202.2 |  |  | 196.8 |
Total contract receivables | 427.2 |  |  | 412.8 |
Total | 1,784.5 |  |  | 1,743.6 |
Allowances for credit losses: |  |  |
Finance installment receivables | (47.8) |  |  | (46.4) |
Finance lease receivables | (0.5) |  |  | (0.2) |
Total finance allowances for credit losses | (48.3) |  |  | (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 | (53.4) |  |  | (51.5) |
Total long-term finance and contract receivables – net | $ | 1,731.1 |  |  | $ | 1,692.1 |
Finance receivables – net | $ | 1,309.0 |  |  | $ | 1,284.2 |
Contract receivables – net | 422.1 |  |  | 407.9 |
Total long-term finance and contract receivables – net | $ | 1,731.1 |  |  | $ | 1,692.1 |
Schedule of Financing Receivable Credit Quality Indicators | The amortized cost basis of finance and contract receivables by origination year as of September 28, 2024, and charge-offs recorded in the nine months ended September 28, 2024, by origination year, are as follows:
(Amounts in millions) | 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | Prior |  | Total
Finance receivables: |  |  |  |  |  |  |  |  |  |  |  |  |
Delinquent | $ | 14.4 |  |  | $ | 25.7 |  |  | $ | 12.2 |  |  | $ | 5.8 |  |  | $ | 2.9 |  |  | $ | 1.1 |  |  | $ | 62.1 |
Non-delinquent | 1,104.6 |  |  | 553.1 |  |  | 191.4 |  |  | 65.3 |  |  | 23.7 |  |  | 4.5 |  |  | 1,942.6 |
Total Finance receivables | $ | 1,119.0 |  |  | $ | 578.8 |  |  | $ | 203.6 |  |  | $ | 71.1 |  |  | $ | 26.6 |  |  | $ | 5.6 |  |  | $ | 2,004.7 |
Finance receivables charge-offs | $ | 2.0 |  |  | $ | 25.8 |  |  | $ | 15.3 |  |  | $ | 6.5 |  |  | $ | 3.4 |  |  | $ | 1.7 |  |  | $ | 54.7 |
Contract receivables: |  |  |  |  |  |  |  |  |  |  |  |  |
Delinquent | $ | 0.3 |  |  | $ | 0.6 |  |  | $ | 1.0 |  |  | $ | 0.4 |  |  | $ | 0.5 |  |  | $ | 0.4 |  |  | $ | 3.2 |
Non-delinquent | 158.0 |  |  | 151.0 |  |  | 98.0 |  |  | 62.8 |  |  | 39.9 |  |  | 38.2 |  |  | 547.9 |
Total Contract receivables | $ | 158.3 |  |  | $ | 151.6 |  |  | $ | 99.0 |  |  | $ | 63.2 |  |  | $ | 40.4 |  |  | $ | 38.6 |  |  | $ | 551.1 |
Contract receivables charge-offs | $ | — |  |  | $ | 0.3 |  |  | $ | 0.5 |  |  | $ | 0.4 |  |  | $ | 0.3 |  |  | $ | 0.3 |  |  | $ | 1.8 |
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 nine month periods ended September 28, 2024, and September 30, 2023:
| Three Months Ended September 28, 2024 |  | Nine Months Ended September 28, 2024
(Amounts in millions) | Finance Receivables |  | Contract Receivables |  | Finance Receivables |  | Contract Receivables
Allowances for credit losses: |  |  |  |  |  |  |
Beginning of period | $ | 71.1 |  |  | $ | 6.8 |  |  | $ | 67.8 |  |  | $ | 6.7 |
Provision for credit losses | 15.2 |  |  | 0.7 |  |  | 50.6 |  |  | 1.6 |
Charge-offs | (17.7) |  |  | (0.8) |  |  | (54.7) |  |  | (1.8) |
Recoveries | 2.2 |  |  | 0.1 |  |  | 7.2 |  |  | 0.3 |
Currency translation | 0.2 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |
End of period | $ | 71.0 |  |  | $ | 6.9 |  |  | $ | 71.0 |  |  | $ | 6.9 |
| Three Months Ended September 30, 2023 |  | Nine Months Ended September 30, 2023
(Amounts in millions) | Finance Receivables |  | Contract Receivables |  | Finance Receivables |  | Contract Receivables
Allowances for credit losses: |  |  |  |  |  |  |
Beginning of period | $ | 65.1 |  |  | $ | 6.5 |  |  | $ | 60.9 |  |  | $ | 6.6 |
Provision for credit losses | 12.8 |  |  | 0.7 |  |  | 40.7 |  |  | 1.3 |
Charge-offs | (13.7) |  |  | (0.7) |  |  | (42.1) |  |  | (1.6) |
Recoveries | 1.9 |  |  | 0.1 |  |  | 6.5 |  |  | 0.3 |
Currency translation | (0.1) |  |  | (0.1) |  |  | — |  |  | (0.1) |
End of period | $ | 66.0 |  |  | $ | 6.5 |  |  | $ | 66.0 |  |  | $ | 6.5 |
Schedule of Aging of Finance and Contract Receivables | The aging of finance and contract receivables as of September 28, 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
September 28, 2024: |  |  |  |  |  |  |  |  |  |  |  |  |
Finance receivables | $ | 21.9 |  |  | $ | 14.5 |  |  | $ | 25.7 |  |  | $ | 62.1 |  |  | $ | 1,942.6 |  |  | $ | 2,004.7 |  |  | $ | 21.8 |
Contract receivables | 1.2 |  |  | 0.5 |  |  | 1.5 |  |  | 3.2 |  |  | 547.9 |  |  | 551.1 |  |  | 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 September 28, 2024, and December 30, 2023, is as follows:
(Amounts in millions) | September 28, 2024 |  | December 30, 2023
Finance receivables | $ | 11.8 |  |  | $ | 10.6 |
Contract receivables | 2.4 |  |  | 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