Leases

6 Months Ended

Jun. 27, 2020

Leases [Abstract]

Leases

Leases

Lessee Accounting: Supplemental balance sheet information related to leases as of June 27, 2020, and December 28, 2019 is as follows:

(Amounts in millions)	June 27, 2020		December 28, 2019
Finance leases:
Property and equipment - gross	$	9.8	$	9.2
Accumulated depreciation and amortization	(2.3)		(1.5)
Property and equipment - net	$	7.5	$	7.7
Other accrued liabilities	$	2.9	$	2.8
Other long-term liabilities	8.9		10.0
Total finance lease liabilities	$	11.8	$	12.8
Operating leases:
Operating lease right-of-use assets	$	50.2	$	55.6
Other accrued liabilities	$	18.1	$	19.5
Operating lease liabilities	33.4		37.5
Total operating lease liabilities	$	51.5	$	57.0

Lessor Accounting: Snap-on’s Financial Services business offers its customers lease financing for the lease of tools, diagnostics and equipment products and it offers financing to franchisees for vehicle leases. Sales-type leases are included in both “Finance receivables - net” and “Long-term finance receivables - net” and also in both “Contract receivables - net” and “Long-term contract receivables - net” on the accompanying Condensed Consolidated Balance Sheets.

See Note 4 for further information on finance and contract receivables.

Leases

Leases

Lessee Accounting: Supplemental balance sheet information related to leases as of June 27, 2020, and December 28, 2019 is as follows:

(Amounts in millions)	June 27, 2020		December 28, 2019
Finance leases:
Property and equipment - gross	$	9.8	$	9.2
Accumulated depreciation and amortization	(2.3)		(1.5)
Property and equipment - net	$	7.5	$	7.7
Other accrued liabilities	$	2.9	$	2.8
Other long-term liabilities	8.9		10.0
Total finance lease liabilities	$	11.8	$	12.8
Operating leases:
Operating lease right-of-use assets	$	50.2	$	55.6
Other accrued liabilities	$	18.1	$	19.5
Operating lease liabilities	33.4		37.5
Total operating lease liabilities	$	51.5	$	57.0

Lessor Accounting: Snap-on’s Financial Services business offers its customers lease financing for the lease of tools, diagnostics and equipment products and it offers financing to franchisees for vehicle leases. Sales-type leases are included in both “Finance receivables - net” and “Long-term finance receivables - net” and also in both “Contract receivables - net” and “Long-term contract receivables - net” on the accompanying Condensed Consolidated Balance Sheets.

See Note 4 for further information on finance and contract receivables.

Leases

Leases

Lessee Accounting: Supplemental balance sheet information related to leases as of June 27, 2020, and December 28, 2019 is as follows:

(Amounts in millions)	June 27, 2020		December 28, 2019
Finance leases:
Property and equipment - gross	$	9.8	$	9.2
Accumulated depreciation and amortization	(2.3)		(1.5)
Property and equipment - net	$	7.5	$	7.7
Other accrued liabilities	$	2.9	$	2.8
Other long-term liabilities	8.9		10.0
Total finance lease liabilities	$	11.8	$	12.8
Operating leases:
Operating lease right-of-use assets	$	50.2	$	55.6
Other accrued liabilities	$	18.1	$	19.5
Operating lease liabilities	33.4		37.5
Total operating lease liabilities	$	51.5	$	57.0

Lessor Accounting: Snap-on’s Financial Services business offers its customers lease financing for the lease of tools, diagnostics and equipment products and it offers financing to franchisees for vehicle leases. Sales-type leases are included in both “Finance receivables - net” and “Long-term finance receivables - net” and also in both “Contract receivables - net” and “Long-term contract receivables - net” on the accompanying Condensed Consolidated Balance Sheets.

See Note 4 for further information on finance and contract receivables.