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Receivables - (Tables)
 6 Months Ended
Jun. 27, 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:
Balance atOpening Balance at
(Amounts in millions)December 28,
2019		Topic 326 AdjustmentsDecember 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 June 27, 2020, and December 28, 2019, are as follows:

(Amounts in millions)June 27,
2020		December 28,
2019
Trade and other accounts receivable$587.1  $715.5  
Allowances for credit losses(23.6) (20.9) 
Total trade and other accounts receivable – net$563.5  $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 and six months ended June 27, 2020:
Three Months EndedSix Months Ended
(Amounts in millions)June 27, 2020June 27, 2020
Allowances for credit losses:
Beginning of period$20.4  $20.9  
Provision for credit losses
5.5  9.1  
Charge-offs
(2.4) (5.5) 
Recoveries
—  —  
Currency translation
0.1  (0.9) 
End of period$23.6  $23.6  
The components of Snap-on’s current finance and contract receivables as of June 27, 2020, and December 28, 2019, are as follows:
(Amounts in millions)June 27,
2020		December 28,
2019
Finance installment receivables$501.3  $511.9  
Finance lease receivables, net of unearned finance charges of $8.1 million and $11.7 million, respectively
29.2  37.9  
Total finance receivables530.5  549.8  
Contract installment receivables49.0  50.8  
Contract lease receivables, net of unearned finance charges of $17.9 million and $18.2 million, respectively
50.8  51.4  
Total contract receivables99.8  102.2  
Total630.3  652.0  
Allowances for credit losses:
Finance installment receivables(21.5) (19.2) 
Finance lease receivables(0.5) (0.5) 
Total finance allowance for credit losses(22.0) (19.7) 
Contract installment receivables(0.8) (0.5) 
Contract lease receivables(1.3) (1.0) 
Total contract allowance for credit losses(2.1) (1.5) 
Total allowance for credit losses(24.1) (21.2) 
Total current finance and contract receivables – net$606.2  $630.8  
Finance receivables – net$508.5  $530.1  
Contract receivables – net97.7  100.7  
Total current finance and contract receivables – net$606.2  $630.8  
The components of Snap-on’s finance and contract receivables with payment terms beyond one year as of June 27, 2020, and December 28, 2019, are as follows: 
(Amounts in millions)June 27,
2020		December 28,
2019
Finance installment receivables$1,160.1  $1,106.0  
Finance lease receivables, net of unearned finance charges of $6.0 million and $8.2 million, respectively
30.7  39.7  
Total finance receivables1,190.8  1,145.7  
Contract installment receivables201.6  195.5  
Contract lease receivables, net of unearned finance charges of $28.7 million and $29.4 million, respectively
172.3  168.7  
Total contract receivables373.9  364.2  
Total1,564.7  1,509.9  
Allowances for credit losses:
Finance installment receivables(50.0) (41.6) 
Finance lease receivables(0.5) (0.6) 
Total finance allowance for credit losses(50.5) (42.2) 
Contract installment receivables(3.3) (1.8) 
Contract lease receivables(3.7) (2.3) 
Total contract allowance for credit losses(7.0) (4.1) 
Total allowance for credit losses(57.5) (46.3) 
Total long-term finance and contract receivables – net$1,507.2  $1,463.6  
Finance receivables – net$1,140.3  $1,103.5  
Contract receivables – net366.9  360.1  
Total long-term finance and contract receivables – net$1,507.2  $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 June 27, 2020, are as follows:

(Amounts in millions)20202019201820172016PriorTotal
Finance Receivables:
Delinquent$1.5  $12.4  $8.4  $4.9  $2.3  $0.5  $30.0  
Non-delinquent780.8  563.7  225.7  89.7  28.3  3.1  1,691.3  
Total Finance receivables$782.3  $576.1  $234.1  $94.6  $30.6  $3.6  $1,721.3  
Contract receivables:
Delinquent$0.1  $0.7  $0.8  $1.1  $0.5  $0.4  $3.6  
Non-delinquent100.6  143.1  98.3  63.9  32.6  31.6  470.1  
Total Contract receivables$100.7  $143.8  $99.1  $65.0  $33.1  $32.0  $473.7  
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 six months ended June 27, 2020, and June 29, 2019:
 
Three Months Ended
June 27, 2020		Six Months Ended
June 27, 2020
(Amounts in millions)Finance
Receivables		Contract
Receivables		Finance
Receivables		Contract
Receivables
Allowances for credit losses:
Beginning of period$69.2  $8.6  $61.9  $5.6  
Impact of adopting ASU No. 2016-13—  —  5.2  2.9  
Provision for credit losses15.1  1.2  31.4  2.6  
Charge-offs(14.2) (0.9) (30.1) (2.2) 
Recoveries2.2  0.2  4.2  0.2  
Currency translation0.2  —  (0.1) —  
End of period$72.5  $9.1  $72.5  $9.1  

Three Months Ended
June 29, 2019		Six Months Ended
June 29, 2019
(Amounts in millions)Finance ReceivablesContract ReceivablesFinance ReceivablesContract Receivables
Allowances for credit losses:
Beginning of period$61.0  $4.7  $61.4  $4.3  
Provision for credit losses11.9  1.2  24.4  2.1  
Charge-offs(13.9) (1.0) (28.9) (1.7) 
Recoveries2.0  0.2  4.0  0.3  
Currency translation(0.1) (0.1) —  —  
End of period$60.9  $5.0  $60.9  $5.0  
Aging of Finance and Contract Receivables
The aging of finance and contract receivables as of June 27, 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
June 27, 2020:
Finance receivables$9.5  $5.0  $15.5  $30.0  $1,691.3  $1,721.3  $12.0  
Contract receivables1.2  0.7  1.7  3.6  470.1  473.7  0.3  
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 June 27, 2020, and December 28, 2019, is as follows:
(Amounts in millions)June 27,
2020		December 28,
2019
Finance receivables$9.8  $12.2  
Contract receivables2.3  2.2