XML 42 R32.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Receivables (Tables)
 12 Months Ended
Dec. 28, 2019
Receivables [Abstract]  
Schedule of Accounts , Finance, and Contract Receivables
The components of Snap-on’s trade and other accounts receivable as of 2019 and 2018 year end are as follows:

(Amounts in millions)20192018
Trade and other accounts receivable$715.5  $710.1  
Allowances for doubtful accounts(20.9) (17.5) 
Total trade and other accounts receivable – net$694.6  $692.6  
The components of Snap-on’s current finance and contract receivables as of 2019 and 2018 year end are as follows:
(Amounts in millions)20192018
Finance installment receivables$511.9  $499.0  
Finance lease receivables, net of unearned finance charges of $11.7 million and $11.4 million, respectively
37.9  39.1  
Total finance receivables549.8  538.1  
Contract installment receivables50.8  48.9  
Contract lease receivables, net of unearned finance charges of $18.2 million and $18.4 million, respectively
51.4  50.6  
Total contract receivables102.2  99.5  
Total652.0  637.6  
Allowances for doubtful accounts:
Finance installment receivables(19.2) (19.0) 
Finance lease receivables(0.5) (0.6) 
Total finance allowance for doubtful accounts(19.7) (19.6) 
Contract installment receivables(0.5) (0.4) 
Contract lease receivables(1.0) (0.8) 
Total contract allowance for doubtful accounts(1.5) (1.2) 
Total allowance for doubtful accounts(21.2) (20.8) 
Total current finance and contract receivables – net$630.8  $616.8  
Finance receivables – net$530.1  $518.5  
Contract receivables – net100.7  98.3  
Total current finance and contract receivables – net$630.8  $616.8  
The components of Snap-on’s finance and contract receivables with payment terms beyond one year as of 2019 and 2018 year end are as follows: 
(Amounts in millions)20192018
Finance installment receivables$1,106.0  $1,080.1  
Finance lease receivables, net of unearned finance charges of $8.2 million and $6.7 million, respectively
39.7  36.1  
Total finance receivables1,145.7  1,116.2  
Contract installment receivables195.5  190.6  
Contract lease receivables, net of unearned finance charges of $29.4 million and $27.8 million, respectively
168.7  157.4  
Total contract receivables364.2  348.0  
Total1,509.9  1,464.2  
Allowances for doubtful accounts:
Finance installment receivables(41.6) (41.3) 
Finance lease receivables(0.6) (0.5) 
Total finance allowance for doubtful accounts(42.2) (41.8) 
Contract installment receivables(1.8) (1.5) 
Contract lease receivables(2.3) (1.6) 
Total contract allowance for doubtful accounts(4.1) (3.1) 
Total allowance for doubtful accounts(46.3) (44.9) 
Total current finance and contract receivables – net$1,463.6  $1,419.3  
Finance receivables – net$1,103.5  $1,074.4  
Contract receivables – net360.1  344.9  
Total current finance and contract receivables – net$1,463.6  $1,419.3  
Schedule of Long-Term Finance and Contract Receivables
Long-term finance and contract receivables installments, net of unearned finance charges, as of 2019 and 2018 year end are scheduled as follows: 
 20192018
(Amounts in millions)Finance
Receivables		Contract
Receivables		Finance
Receivables		Contract
Receivables
Due in Months:
13 – 24$439.1  $86.4  $428.7  $82.2  
25 – 36352.4  76.9  345.0  72.5  
37 – 48238.0  65.6  232.8  60.5  
49 – 60116.2  51.3  109.7  48.8  
Thereafter—  84.0  —  84.0  
Total$1,145.7  $364.2  $1,116.2  $348.0  
Financing Receivable, Past Due
The aging of finance and contract receivables as of 2019 and 2018 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		TotalGreater
Than 90
Days Past
Due and
Accruing
2019 year end:
Finance receivables$19.7  $12.0  $21.4  $53.1  $1,642.4  $1,695.5  $17.2  
Contract receivables1.5  0.9  1.5  3.9  462.5  466.4  0.5  
2018 year end:
Finance receivables$19.4  $12.1  $20.3  $51.8  $1,602.5  $1,654.3  $15.9  
Contract receivables1.7  1.2  5.2  8.1  439.4  447.5  0.2  
Financing Receivable Credit Quality Indicators
The amount of performing and nonperforming finance and contract receivables based on payment activity as of 2019 and 2018 year end is as follows:
 20192018
(Amounts in millions)Finance
Receivables		Contract
Receivables		Finance
Receivables		Contract
Receivables
Performing$1,666.1  $463.7  $1,626.4  $441.5  
Nonperforming29.4  2.7  27.9  6.0  
Total$1,695.5  $466.4  $1,654.3  $447.5  
Financing Receivable, Nonaccrual
The amount of finance and contract receivables on nonaccrual status as of 2019 and 2018 year end is as follows: 
(Amounts in millions)20192018
Finance receivables$12.2  $12.0  
Contract receivables2.2  5.8  
Financing Receivable, Allowance for Credit Loss
The following is a rollforward of the allowances for doubtful accounts for finance and contract receivables for 2019 and 2018: 
 20192018
(Amounts in millions)Finance
Receivables		Contract
Receivables		Finance
Receivables		Contract
Receivables
Allowances for doubtful accounts:
Beginning of year$61.4  $4.3  $56.5  $4.6  
Provision49.9  4.7  57.5  2.0  
Charge-offs(57.1) (3.9) (59.4) (2.5) 
Recoveries7.7  0.5  7.1  0.4  
Currency translation—  —  (0.3) (0.2) 
End of year$61.9  $5.6  $61.4  $4.3  
Rollforward of Combined Allowances for Doubtful Accounts Related to Trade and Other Accounts Receivable
The following is a rollforward of the combined allowances for doubtful accounts related to trade and other accounts receivable, as well as finance and contract receivables, for 2019, 2018 and 2017: 
(Amounts in millions)Balance at
Beginning
of Year		Expenses
Deductions (1)
Balance at
End of
Year
Allowances for doubtful accounts:
2019$83.2  $68.2  $(63.0) $88.4  
201875.7  70.3  (62.8) 83.2  
201766.5  65.1  (55.9) 75.7  
(1)Represents write-offs of bad debts, net of recoveries, and the net impact of currency translation.