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Receivables - (Tables)
 3 Months Ended
Mar. 28, 2020
Receivables [Abstract]  
Summary of Effects of ASU 2016-13 Adoption
The effects of adjustments to the December 28, 2019 Condensed Consolidated Balance Sheet as a result of the adoption of ASU No. 2016-13, including an increase in the allowance for credit losses of $8.1 million, were as follows:
(Amounts in millions)Balance at
December 28, 2019		Topic 326 AdjustmentsOpening Balance at December 29, 2019
Current assets
Finance receivables - allowance for credit losses
$(19.7) $(1.7) $(21.4) 
Contract receivables - allowance for credit losses
$(1.5) $(0.5) $(2.0) 
Long-term assets
Finance receivables - allowance for credit losses
$(42.2) $(3.5) $(45.7) 
Contract receivables - allowance for credit losses
$(4.1) $(2.4) $(6.5) 
Total allowances for credit losses$(67.5) $(8.1) $(75.6) 
Deferred income tax assets$52.3  $2.0  $54.3  
Equity
  Retained Earnings$4,779.7  $(6.1) $4,773.6  
Components of Trade and Other Accounts Receivable
The components of Snap-on’s trade and other accounts receivable as of March 28, 2020, and December 28, 2019, are as follows:
(Amounts in millions)March 28, 2020December 28, 2019
Trade and other accounts receivable$655.6  $715.5  
Allowances for credit losses(20.4) (20.9) 
Total trade and other accounts receivable – net$635.2  $694.6  
Components of Finance and Contract Receivables, Current and Beyond One Year
The following is a rollforward of the allowances for credit losses related to trade and other accounts receivable for the three months ended March 28, 2020:
Three Months Ended
(Amounts in millions)March 28, 2020
Allowances for credit losses:
Beginning of period$20.9  
Provision for credit losses
3.6  
Charge-offs
(3.1) 
Recoveries
—  
Currency translation
(1.0) 
End of period$20.4  
The components of Snap-on’s current finance and contract receivables as of March 28, 2020, and December 28, 2019, are as follows:
(Amounts in millions)March 28, 2020December 28, 2019
Finance installment receivables$501.8  $511.9  
Finance lease receivables, net of unearned finance charges of $10.8 million and $11.7 million, respectively
34.2  37.9  
Total finance receivables536.0  549.8  
Contract installment receivables42.9  50.8  
Contract lease receivables, net of unearned finance charges of $17.9 million and $18.2 million, respectively
51.2  51.4  
Total contract receivables94.1  102.2  
Total630.1  652.0  
Allowances for credit losses:
Finance installment receivables(21.1) (19.2) 
Finance lease receivables(0.6) (0.5) 
Total finance allowance for credit losses(21.7) (19.7) 
Contract installment receivables(0.6) (0.5) 
Contract lease receivables(1.3) (1.0) 
Total contract allowance for credit losses(1.9) (1.5) 
Total allowance for credit losses(23.6) (21.2) 
Total current finance and contract receivables – net$606.5  $630.8  
Finance receivables – net$514.3  $530.1  
Contract receivables – net92.2  100.7  
Total current finance and contract receivables – net$606.5  $630.8  
The components of Snap-on’s finance and contract receivables with payment terms beyond one year as of March 28, 2020, and December 28, 2019, are as follows: 
(Amounts in millions)March 28, 2020December 28, 2019
Finance installment receivables$1,112.1  $1,106.0  
Finance lease receivables, net of unearned finance charges of $8.0 million and $8.2 million, respectively
37.3  39.7  
Total finance receivables1,149.4  1,145.7  
Contract installment receivables192.8  195.5  
Contract lease receivables, net of unearned finance charges of $29.2 million and $29.4 million, respectively
169.3  168.7  
Total contract receivables362.1  364.2  
Total1,511.5  1,509.9  
Allowances for credit losses:
Finance installment receivables(46.9) (41.6) 
Finance lease receivables(0.6) (0.6) 
Total finance allowance for credit losses(47.5) (42.2) 
Contract installment receivables(3.1) (1.8) 
Contract lease receivables(3.6) (2.3) 
Total contract allowance for credit losses(6.7) (4.1) 
Total allowance for credit losses(54.2) (46.3) 
Total long-term finance and contract receivables – net$1,457.3  $1,463.6  
Finance receivables – net$1,101.9  $1,103.5  
Contract receivables – net355.4  360.1  
Total long-term finance and contract receivables – net$1,457.3  $1,463.6  
Schedule of Delinquent and Non-delinquent Finance and Contract Receivables
The amortized cost basis of finance and contract receivables by origination year as of March 28, 2020, are as follows:

(Amounts in millions)20202019201820172016PriorTotal
Finance Receivables:
Delinquent$0.2  $21.0  $15.3  $8.7  $4.1  $0.9  $50.2  
Non-delinquent456.6  745.7  279.7  111.6  36.6  5.0  1,635.2  
Total Finance receivables$456.8  $766.7  $295.0  $120.3  $40.7  $5.9  $1,685.4  
Contract receivables:
Delinquent$—  $0.5  $1.5  $1.1  $0.7  $0.3  $4.1  
Non-delinquent47.4  95.1  165.0  70.9  36.5  37.2  452.1  
Total Contract receivables$47.4  $95.6  $166.5  $72.0  $37.2  $37.5  $456.2  
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 months ended March 28, 2020, and March 30, 2019:
 
Three Months Ended
March 28, 2020		Three Months Ended
March 30, 2019
(Amounts in millions)Finance
Receivables		Contract
Receivables		Finance
Receivables		Contract
Receivables
Allowances for credit losses:
Beginning of period$61.9  $5.6  $61.4  $4.3  
Impact of adopting ASU No. 2016-135.2  2.9  —  —  
Provision for credit losses16.3  1.4  12.5  0.9  
Charge-offs(15.9) (1.3) (15.0) (0.7) 
Recoveries2.0  —  2.0  0.1  
Currency translation(0.3) —  0.1  0.1  
End of period$69.2  $8.6  $61.0  $4.7  
The expense for credit losses for Finance and Contract Receivables for the three months ended March 28, 2020, includes $2.1 million and $0.5 million, respectively, as a result of the economic uncertainty associated with the COVID-19 pandemic.
Aging of Finance and Contract Receivables
The aging of finance and contract receivables as of March 28, 2020, and December 28, 2019, 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
March 28, 2020:
Finance receivables$18.0  $11.5  $20.7  $50.2  $1,635.2  $1,685.4  $16.4  
Contract receivables1.8  0.9  1.4  4.1  452.1  456.2  0.4  
December 28, 2019:
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  
Schedule of Finance and Contract Receivables on Nonaccrual Status
The amount of finance and contract receivables on nonaccrual status as of March 28, 2020, and December 28, 2019, is as follows:
(Amounts in millions)March 28, 2020December 28, 2019
Finance receivables$11.9  $12.2  
Contract receivables2.9  2.2