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Receivables (Tables) | 12 Months Ended
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Dec. 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 2024 and 2023 year end are as follows:
(Amounts in millions) | 2024 |  | 2023
Trade and other accounts receivable | $ | 852.7 |  |  | $ | 826.2 |
Allowances for credit losses | (37.1) |  |  | (34.9) |
Total trade and other accounts receivable – net | $ | 815.6 |  |  | $ | 791.3 |
Schedule of Rollforward of Combined Allowances for Doubtful Accounts Related to Trade and Other Accounts Receivable | The following is a rollforward of the allowances for credit losses related to trade and other accounts receivable for 2024 and 2023:
(Amounts in millions) | 2024 |  | 2023
Allowances for credit losses: |  |  |
Beginning of year | $ | 34.9 |  |  | $ | 31.1 |
Provision for credit losses | 20.2 |  |  | 17.3 |
Charge-offs | (16.8) |  |  | (14.2) |
Recoveries | 0.2 |  |  | 0.2 |
Currency translation | (1.4) |  |  | 0.5 |
End of year | $ | 37.1 |  |  | $ | 34.9 |
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 2024 and 2023 year end are as follows:
(Amounts in millions) | 2024 |  | 2023
Finance installment receivables | $ | 616.0 |  |  | $ | 605.2 |
Finance lease receivables, net of unearned finance charges of $6.5 million and $3.4 million, respectively | 17.1 |  |  | 10.1 |
Total finance receivables | 633.1 |  |  | 615.3 |
Contract installment receivables | 61.7 |  |  | 59.9 |
Contract lease receivables, net of unearned finance charges of $21.9 million and $21.1 million, respectively | 60.0 |  |  | 62.7 |
Total contract receivables | 121.7 |  |  | 122.6 |
Total | 754.8 |  |  | 737.9 |
Allowances for credit losses: |  |  |
Finance installment receivables | (22.5) |  |  | (21.1) |
Finance lease receivables | (0.3) |  |  | (0.1) |
Total finance allowances for credit losses | (22.8) |  |  | (21.2) |
Contract installment receivables | (0.9) |  |  | (0.9) |
Contract lease receivables | (0.8) |  |  | (0.9) |
Total contract allowances for credit losses | (1.7) |  |  | (1.8) |
Total allowances for credit losses | (24.5) |  |  | (23.0) |
Total current finance and contract receivables – net | $ | 730.3 |  |  | $ | 714.9 |
Finance receivables – net | $ | 610.3 |  |  | $ | 594.1 |
Contract receivables – net | 120.0 |  |  | 120.8 |
Total current finance and contract receivables – net | $ | 730.3 |  |  | $ | 714.9 |
The components of Snap-on’s finance and contract receivables with payment terms beyond one year as of 2024 and 2023 year end are as follows:
(Amounts in millions) | 2024 |  | 2023
Finance installment receivables | $ | 1,337.5 |  |  | $ | 1,318.5 |
Finance lease receivables, net of unearned finance charges of $5.7 million and $2.8 million, respectively | 24.1 |  |  | 12.3 |
Total finance receivables | 1,361.6 |  |  | 1,330.8 |
Contract installment receivables | 223.0 |  |  | 216.0 |
Contract lease receivables, net of unearned finance charges of $36.3 million and $35.1 million, respectively | 200.4 |  |  | 196.8 |
Total contract receivables | 423.4 |  |  | 412.8 |
Total | 1,785.0 |  |  | 1,743.6 |
Allowances for credit losses: |  |  |
Finance installment receivables | (49.2) |  |  | (46.4) |
Finance lease receivables | (0.4) |  |  | (0.2) |
Total finance allowances for credit losses | (49.6) |  |  | (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 | (54.7) |  |  | (51.5) |
Total long-term finance and contract receivables – net | $ | 1,730.3 |  |  | $ | 1,692.1 |
Finance receivables – net | $ | 1,312.0 |  |  | $ | 1,284.2 |
Contract receivables – net | 418.3 |  |  | 407.9 |
Total long-term finance and contract receivables – net | $ | 1,730.3 |  |  | $ | 1,692.1 |
Long-term finance and contract receivables installments, net of unearned finance charges, as of 2024 and 2023 year end are scheduled as follows:
|  | 2024 |  | 2023
(Amounts in millions) |  | Finance Receivables |  | Contract Receivables |  | Finance Receivables |  | Contract Receivables
Due in Months: |  |  |  |  |  |  |  |
13 – 24 |  | $ | 502.8 |  |  | $ | 98.1 |  |  | $ | 475.0 |  |  | $ | 95.0 |
25 – 36 |  | 413.2 |  |  | 87.7 |  |  | 405.7 |  |  | 84.8 |
37 – 48 |  | 291.7 |  |  | 74.6 |  |  | 288.8 |  |  | 72.7 |
49 – 60 |  | 153.9 |  |  | 58.8 |  |  | 156.7 |  |  | 57.0 |
Thereafter |  | — |  |  | 104.2 |  |  | 4.6 |  |  | 103.3 |
Total |  | $ | 1,361.6 |  |  | $ | 423.4 |  |  | $ | 1,330.8 |  |  | $ | 412.8 |
Schedule of Financing Receivable Credit Quality Indicators | The amortized cost basis of finance and contract receivables by origination year as of 2024 year end and charge-offs recorded in 2024 by origination year, are as follows:
(Amounts in millions) | 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | Prior |  | Total
Finance Receivables: |  |  |  |  |  |  |  |  |  |  |  |  |
Delinquent | $ | 22.3 |  |  | $ | 25.5 |  |  | $ | 11.6 |  |  | $ | 5.2 |  |  | $ | 2.6 |  |  | $ | 0.9 |  |  | $ | 68.1 |
Non-delinquent | 1,284.1 |  |  | 424.2 |  |  | 150.5 |  |  | 49.4 |  |  | 15.8 |  |  | 2.6 |  |  | 1,926.6 |
Total Finance receivables | $ | 1,306.4 |  |  | $ | 449.7 |  |  | $ | 162.1 |  |  | $ | 54.6 |  |  | $ | 18.4 |  |  | $ | 3.5 |  |  | $ | 1,994.7 |
Finance receivables charge-offs | $ | 7.4 |  |  | $ | 34.2 |  |  | $ | 19.1 |  |  | $ | 7.9 |  |  | $ | 4.2 |  |  | $ | 2.8 |  |  | $ | 75.6 |
Contract receivables: |  |  |  |  |  |  |  |  |  |  |  |  |
Delinquent | $ | 0.3 |  |  | $ | 0.7 |  |  | $ | 0.5 |  |  | $ | 0.4 |  |  | $ | 0.4 |  |  | $ | 0.1 |  |  | $ | 2.4 |
Non-delinquent | 200.2 |  |  | 132.0 |  |  | 88.9 |  |  | 55.5 |  |  | 34.1 |  |  | 32.0 |  |  | 542.7 |
Total Contract receivables | $ | 200.5 |  |  | $ | 132.7 |  |  | $ | 89.4 |  |  | $ | 55.9 |  |  | $ | 34.5 |  |  | $ | 32.1 |  |  | $ | 545.1 |
Contract receivables charge-offs | $ | 0.1 |  |  | $ | 0.4 |  |  | $ | 0.9 |  |  | $ | 0.6 |  |  | $ | 0.5 |  |  | $ | 0.5 |  |  | $ | 3.0 |
Schedule of Allowance for Credit Loss Rollforward | The following is a rollforward of the allowances for credit losses for finance and contract receivables for 2024 and 2023:
|  | 2024 |  | 2023
(Amounts in millions) |  | Finance Receivables |  | Contract Receivables |  | Finance Receivables |  | Contract Receivables
Allowances for credit losses: |  |  |  |  |  |  |  |
Beginning of year |  | $ | 67.8 |  |  | $ | 6.7 |  |  | $ | 60.9 |  |  | $ | 6.6 |
Provision for credit losses |  | 71.1 |  |  | 2.6 |  |  | 57.2 |  |  | 1.9 |
Charge-offs |  | (75.6) |  |  | (3.0) |  |  | (58.8) |  |  | (2.3) |
Recoveries |  | 9.3 |  |  | 0.5 |  |  | 8.4 |  |  | 0.4 |
Currency translation |  | (0.2) |  |  | — |  |  | 0.1 |  |  | 0.1 |
End of year |  | $ | 72.4 |  |  | $ | 6.8 |  |  | $ | 67.8 |  |  | $ | 6.7 |
Schedule of Financing Receivable, Past Due | The aging of finance and contract receivables as of 2024 and 2023 year end 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
2024 year end: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Finance receivables |  | $ | 26.6 |  |  | $ | 14.8 |  |  | $ | 26.7 |  |  | $ | 68.1 |  |  | $ | 1,926.6 |  |  | $ | 1,994.7 |  |  | $ | 23.0 |
Contract receivables |  | 0.9 |  |  | 0.5 |  |  | 1.0 |  |  | 2.4 |  |  | 542.7 |  |  | 545.1 |  |  | 0.2 |
2023 year end: |  |  |  |  |  |  |  |  |  |  |  |  |  |
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 Financing Receivable, Nonaccrual | The amount of finance and contract receivables on nonaccrual status as of 2024 and 2023 year end is as follows:
(Amounts in millions) |  | 2024 |  | 2023
Finance receivables |  | $ | 11.3 |  |  | $ | 10.6 |
Contract receivables |  | 2.5 |  |  | 3.3 |

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