Accounts Receivable (Tables)

9 Months Ended

Sep. 28, 2013

Receivables [Abstract]

Components of Trade and Other Accounts Receivable

The components of Snap-on’s trade and other accounts receivable as of September 28, 2013, and December 29, 2012, are as follows:

	September 28,			December 29,
(Amounts in millions)	2013			2012
Trade and other accounts receivable	$	538.2		$	516.9
Allowances for doubtful accounts		(16.3	)		(19.0	)
Total trade and other accounts receivable – net	$	521.9		$	497.9

Components of Current Finance and Contract Receivables

The components of Snap-on’s current finance and contract receivables as of September 28, 2013, and December 29, 2012, are as follows:

	September 28,			December 29,
(Amounts in millions)	2013			2012
Finance receivables, net of unearned finance charges of $13.6 million and $8.4 million, respectively	$	378.1		$	331.7
Contract receivables, net of unearned finance charges of $12.4 million and $9.3 million, respectively		74.5			63.7
Total		452.6			395.4
Allowances for doubtful accounts:
Finance receivables		(10.7	)		(8.6	)
Contract receivables		(1.4	)		(1.0	)
Total		(12.1	)		(9.6	)
Total current finance and contract receivables – net	$	440.5		$	385.8
Finance receivables – net	$	367.4		$	323.1
Contract receivables – net		73.1			62.7
Total current finance and contract receivables – net	$	440.5		$	385.8

Components of Finance and Contract Receivables Beyond One Year

The components of Snap-on’s finance and contract receivables with payment terms beyond one year as of September 28, 2013, and December 29, 2012, are as follows:

	September 28,			December 29,
(Amounts in millions)	2013			2012
Finance receivables, net of unearned finance charges of $8.5 million and $11.8 million, respectively	$	557.8		$	512.5
Contract receivables, net of unearned finance charges of $16.6 million and $18.1 million, respectively		213.4			196.6
Total		771.2			709.1
Allowances for doubtful accounts:
Finance receivables		(17.0	)		(17.9	)
Contract receivables		(2.0	)		(2.2	)
Total		(19.0	)		(20.1	)
Total long-term finance and contract receivables – net	$	752.2		$	689.0
Finance receivables – net	$	540.8		$	494.6
Contract receivables – net		211.4			194.4
Total long-term finance and contract receivables – net	$	752.2		$	689.0

Aging of Finance and Contract Receivables

The aging of finance and contract receivables as of September 28, 2013, and December 29, 2012, 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		Total		Greater Than 90 Days Past Due and Accruing
September 28, 2013:
Finance receivables	$	8.9	$	5.5	$	8.3	$	22.7	$	913.2	$	935.9	$	6.0
Contract receivables		0.6		0.3		0.9		1.8		286.1		287.9		0.1
December 29, 2012:
Finance receivables	$	9.2	$	5.5	$	8.4	$	23.1	$	821.1	$	844.2	$	6.2
Contract receivables		1.3		0.6		1.0		2.9		257.4		260.3		0.3

Schedule of Performing and Nonperforming Finance and Contract Receivables

The amount of performing and nonperforming finance and contract receivables based on payment activity as of September 28, 2013, and December 29, 2012, is as follows:

	September 28, 2013				December 29, 2012
(Amounts in millions)	Finance Receivables		Contract Receivables		Finance Receivables		Contract Receivables
Performing	$	922.1	$	286.8	$	830.8	$	259.4
Nonperforming		13.8		1.1		13.4		0.9
Total	$	935.9	$	287.9	$	844.2	$	260.3

Schedule of Finance and Contract Receivables on Nonaccrual Status

The amount of finance and contract receivables on nonaccrual status as of September 28, 2013, and December 29, 2012, is as follows:

	September 28,		December 29,
(Amounts in millions)	2013		2012
Finance receivables	$	7.9	$	7.2
Contract receivables		1.1		0.9

Rollforward of Allowances for Credit Losses for Finance and Contract Receivables

The following is a rollforward of the allowances for credit losses for finance and contract receivables for the three and nine month periods ended September 28, 2013:

	Three Months Ended September 28, 2013						Nine Months Ended September 28, 2013
(Amounts in millions)	Finance Receivables			Contract Receivables			Finance Receivables			Contract Receivables
Allowances for doubtful accounts:
Beginning of period	$	26.6		$	3.5		$	26.5		$	3.2
Provision for bad debt expense		5.5			0.2			15.0			1.7
Charge-offs		(5.5	)		(0.4	)		(17.1	)		(1.6	)
Recoveries		1.1			0.1			3.4			0.2
Currency translation		—			—			(0.1	)		(0.1	)
End of period	$	27.7		$	3.4		$	27.7		$	3.4

The following is a rollforward of the allowances for credit losses for finance and contract receivables for the three and nine month periods ended September 29, 2012:

	Three Months Ended September 29, 2012						Nine Months Ended September 29, 2012
(Amounts in millions)	Finance Receivables			Contract Receivables			Finance Receivables			Contract Receivables
Allowances for doubtful accounts:
Beginning of period	$	25.4		$	4.2		$	24.2		$	4.1
Provision for bad debt expense		5.1			(0.5	)		13.8			0.1
Charge-offs		(4.9	)		(0.5	)		(14.5	)		(1.2	)
Recoveries		1.1			0.1			3.2			0.3
End of period	$	26.7		$	3.3		$	26.7		$	3.3