Leases

9 Months Ended

Oct. 01, 2022

Leases [Abstract]

Leases

Leases

Lessee Accounting: Supplemental balance sheet information related to leases as of October 1, 2022, and January 1, 2022, is as follows:

(Amounts in millions)	October 1, 2022		January 1, 2022
Finance leases:
Property and equipment - gross	$	17.9	$	22.3
Accumulated depreciation and amortization	(14.9)		(17.4)
Property and equipment - net	$	3.0	$	4.9
Other accrued liabilities	$	1.9	$	2.4
Other long-term liabilities	2.3		4.5
Total finance lease liabilities	$	4.2	$	6.9
Operating leases:
Operating lease right-of-use assets	$	52.0	$	51.9
Other accrued liabilities	$	17.7	$	19.6
Operating lease liabilities	36.5		34.2
Total operating lease liabilities	$	54.2	$	53.8

Lessor Accounting: Snap-on’s Financial Services business offers its customers lease financing for the lease of tools, diagnostics, and equipment products and to franchisees who require financing 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 October 1, 2022, and January 1, 2022, is as follows:

(Amounts in millions)	October 1, 2022		January 1, 2022
Finance leases:
Property and equipment - gross	$	17.9	$	22.3
Accumulated depreciation and amortization	(14.9)		(17.4)
Property and equipment - net	$	3.0	$	4.9
Other accrued liabilities	$	1.9	$	2.4
Other long-term liabilities	2.3		4.5
Total finance lease liabilities	$	4.2	$	6.9
Operating leases:
Operating lease right-of-use assets	$	52.0	$	51.9
Other accrued liabilities	$	17.7	$	19.6
Operating lease liabilities	36.5		34.2
Total operating lease liabilities	$	54.2	$	53.8

Lessor Accounting: Snap-on’s Financial Services business offers its customers lease financing for the lease of tools, diagnostics, and equipment products and to franchisees who require financing 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 October 1, 2022, and January 1, 2022, is as follows:

(Amounts in millions)	October 1, 2022		January 1, 2022
Finance leases:
Property and equipment - gross	$	17.9	$	22.3
Accumulated depreciation and amortization	(14.9)		(17.4)
Property and equipment - net	$	3.0	$	4.9
Other accrued liabilities	$	1.9	$	2.4
Other long-term liabilities	2.3		4.5
Total finance lease liabilities	$	4.2	$	6.9
Operating leases:
Operating lease right-of-use assets	$	52.0	$	51.9
Other accrued liabilities	$	17.7	$	19.6
Operating lease liabilities	36.5		34.2
Total operating lease liabilities	$	54.2	$	53.8

Lessor Accounting: Snap-on’s Financial Services business offers its customers lease financing for the lease of tools, diagnostics, and equipment products and to franchisees who require financing 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.