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Receivables - (Tables)
 6 Months Ended
Jul. 02, 2022
Receivables [Abstract]  
Components of Trade and Other Accounts Receivable
The components of Snap-on’s trade and other accounts receivable as of July 2, 2022, and January 1, 2022, are as follows:

(Amounts in millions)July 2, 2022January 1, 2022
Trade and other accounts receivable$757.2 $709.6 
Allowances for credit losses(28.1)(27.3)
Total trade and other accounts receivable – net$729.1 $682.3 
Accounts Receivable, Allowance for Credit Loss
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 July 2, 2022, and July 3, 2021:
Three Months EndedSix Months Ended
(Amounts in millions)July 2, 2022July 3, 2021July 2, 2022July 3, 2021
Allowances for credit losses:
Beginning of period$28.4 $25.8 $27.3 $26.3 
Provision for credit losses
2.9 5.4 6.6 7.3 
Charge-offs
(2.2)(2.1)(5.2)(4.2)
Recoveries
— — 0.1 — 
Currency translation
(1.0)0.4 (0.7)0.1 
End of period$28.1 $29.5 $28.1 $29.5 
Components of Finance and Contract Receivables, Current and Beyond One Year
The components of Snap-on’s current finance and contract receivables as of July 2, 2022, and January 1, 2022, are as follows:

(Amounts in millions)July 2, 2022January 1, 2022
Finance installment receivables$562.6 $557.0 
Finance lease receivables, net of unearned finance charges of $0.7 million and $1.3 million, respectively
4.2 7.1 
Total finance receivables566.8 564.1 
Contract installment receivables42.8 55.2 
Contract lease receivables, net of unearned finance charges of $18.4 million and $18.7 million, respectively
57.3 57.3 
Total contract receivables100.1 112.5 
Total666.9 676.6 
Allowances for credit losses:
Finance installment receivables(19.8)(21.7)
Finance lease receivables— (0.1)
Total finance allowance for credit losses(19.8)(21.8)
Contract installment receivables(0.7)(0.9)
Contract lease receivables(1.1)(1.2)
Total contract allowance for credit losses(1.8)(2.1)
Total allowance for credit losses(21.6)(23.9)
Total current finance and contract receivables – net$645.3 $652.7 
Finance receivables – net$547.0 $542.3 
Contract receivables – net98.3 110.4 
Total current finance and contract receivables – net$645.3 $652.7 
The components of Snap-on’s finance and contract receivables with payment terms beyond one year as of July 2, 2022, and January 1, 2022, are as follows: 

(Amounts in millions)July 2, 2022January 1, 2022
Finance installment receivables$1,166.1 $1,155.3 
Finance lease receivables, net of unearned finance charges of $0.3 million and $0.5 million, respectively
2.4 4.2 
Total finance receivables1,168.5 1,159.5 
Contract installment receivables196.7 197.1 
Contract lease receivables, net of unearned finance charges of $29.6 million and $30.3 million, respectively
184.1 187.4 
Total contract receivables380.8 384.5 
Total1,549.3 1,544.0 
Allowances for credit losses:
Finance installment receivables(41.5)(45.4)
Finance lease receivables— (0.1)
Total finance allowance for credit losses(41.5)(45.5)
Contract installment receivables(3.2)(3.2)
Contract lease receivables(2.2)(3.1)
Total contract allowance for credit losses(5.4)(6.3)
Total allowance for credit losses(46.9)(51.8)
Total long-term finance and contract receivables – net$1,502.4 $1,492.2 
Finance receivables – net$1,127.0 $1,114.0 
Contract receivables – net375.4 378.2 
Total long-term finance and contract receivables – net$1,502.4 $1,492.2 
Financing Receivable Credit Quality Indicators
The amortized cost basis of finance and contract receivables by origination year as of July 2, 2022, are as follows:

(Amounts in millions)20222021202020192018PriorTotal
Finance Receivables:
Delinquent$2.9 $16.5 $11.3 $5.4 $2.8 $1.4 $40.3 
Non-delinquent747.6 572.2 247.7 89.3 30.7 7.5 1,695.0 
Total Finance receivables$750.5 $588.7 $259.0 $94.7 $33.5 $8.9 $1,735.3 
Contract receivables:
Delinquent$0.2 $0.7 $0.7 $0.9 $0.3 $0.2 $3.0 
Non-delinquent83.8 138.5 101.0 71.3 44.5 38.8 477.9 
Total Contract receivables$84.0 $139.2 $101.7 $72.2 $44.8 $39.0 $480.9 
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 July 2, 2022, and July 3, 2021:
 
Three Months Ended
July 2, 2022		Six Months Ended
July 2, 2022
(Amounts in millions)Finance
Receivables		Contract
Receivables		Finance
Receivables		Contract
Receivables
Allowances for credit losses:
Beginning of period$62.5 $7.7 $67.3 $8.4 
Provision for credit losses9.1 — 15.4 0.1 
Charge-offs(12.8)(0.6)(26.2)(1.4)
Recoveries2.7 0.1 5.0 0.1 
Currency translation(0.2)— (0.2)— 
End of period$61.3 $7.2 $61.3 $7.2 

Three Months Ended
July 3, 2021		Six Months Ended
July 3, 2021
(Amounts in millions)Finance ReceivablesContract ReceivablesFinance ReceivablesContract Receivables
Allowances for credit losses:
Beginning of period$75.3 $9.2 $76.3 $9.0 
Provision for credit losses6.6 0.1 17.9 0.8 
Charge-offs(12.4)(0.5)(27.3)(1.1)
Recoveries2.8 0.2 5.4 0.3 
Currency translation— — — — 
End of period$72.3 $9.0 $72.3 $9.0 
Aging of Finance and Contract Receivables
The aging of finance and contract receivables as of July 2, 2022, and January 1, 2022, 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
July 2, 2022:
Finance receivables$15.1 $9.6 $15.6 $40.3 $1,695.0 $1,735.3 $13.3 
Contract receivables1.4 0.3 1.3 3.0 477.9 480.9 0.2 
January 1, 2022:
Finance receivables$16.0 $10.5 $18.0 $44.5 $1,679.1 $1,723.6 $16.0 
Contract receivables1.7 0.9 0.9 3.5 493.5 497.0 0.1 
Schedule of Finance and Contract Receivables on Nonaccrual Status
The amount of finance and contract receivables on nonaccrual status as of July 2, 2022, and January 1, 2022, is as follows:

(Amounts in millions)July 2, 2022January 1, 2022
Finance receivables$8.7 $7.7 
Contract receivables4.1 2.7