XML 42 R31.htm IDEA: XBRL DOCUMENT v3.24.3
Receivables (Tables)
 9 Months Ended
Sep. 28, 2024
Receivables [Abstract]  
Schedule of Components of Trade and Other Accounts Receivable
The components of Snap-on’s trade and other accounts receivable as of September 28, 2024, and December 30, 2023, are as follows:

(Amounts in millions)September 28,
2024		December 30, 2023
Trade and other accounts receivable$834.5 $826.2 
Allowances for credit losses(38.1)(34.9)
Total trade and other accounts receivable – net$796.4 $791.3 
Schedule of Allowance for Credit Losses on Receivables
The following is a rollforward of the allowances for credit losses related to trade and other accounts receivable for the three and nine month periods ended September 28, 2024, and September 30, 2023:
Three Months EndedNine Months Ended
(Amounts in millions)September 28, 2024September 30, 2023September 28, 2024September 30, 2023
Allowances for credit losses:
Beginning of period$36.5 $32.3 $34.9 $31.1 
Provision for credit losses
5.3 5.5 16.2 13.7 
Charge-offs
(4.3)(3.6)(12.9)(10.9)
Recoveries
0.1 — 0.2 — 
Currency translation
0.5 (0.4)(0.3)(0.1)
End of period$38.1 $33.8 $38.1 $33.8 
Schedule of Components of Finance and Contract Receivables, Current and Beyond One Year
The components of Snap-on’s current finance and contract receivables as of September 28, 2024, and December 30, 2023, are as follows:

(Amounts in millions)September 28,
2024		December 30, 2023
Finance installment receivables$630.4 $605.2 
Finance lease receivables, net of unearned finance charges of $6.4 million and $3.4 million, respectively
17.0 10.1 
Total finance receivables647.4 615.3 
Contract installment receivables61.9 59.9 
Contract lease receivables, net of unearned finance charges of $22.1 million and $21.1 million, respectively
62.0 62.7 
Total contract receivables123.9 122.6 
Total771.3 737.9 
Allowances for credit losses:
Finance installment receivables(22.4)(21.1)
Finance lease receivables(0.3)(0.1)
Total finance allowances for credit losses(22.7)(21.2)
Contract installment receivables(0.9)(0.9)
Contract lease receivables(0.9)(0.9)
Total contract allowances for credit losses(1.8)(1.8)
Total allowances for credit losses(24.5)(23.0)
Total current finance and contract receivables – net$746.8 $714.9 
Finance receivables – net$624.7 $594.1 
Contract receivables – net122.1 120.8 
Total current finance and contract receivables – net$746.8 $714.9 
The components of Snap-on’s finance and contract receivables with payment terms beyond one year as of September 28, 2024, and December 30, 2023, are as follows: 

(Amounts in millions)September 28,
2024		December 30, 2023
Finance installment receivables$1,334.1 $1,318.5 
Finance lease receivables, net of unearned finance charges of $5.5 million and $2.8 million, respectively
23.2 12.3 
Total finance receivables1,357.3 1,330.8 
Contract installment receivables225.0 216.0 
Contract lease receivables, net of unearned finance charges of $37.0 million and $35.1 million, respectively
202.2 196.8 
Total contract receivables427.2 412.8 
Total1,784.5 1,743.6 
Allowances for credit losses:
Finance installment receivables(47.8)(46.4)
Finance lease receivables(0.5)(0.2)
Total finance allowances for credit losses(48.3)(46.6)
Contract installment receivables(3.3)(3.1)
Contract lease receivables(1.8)(1.8)
Total contract allowances for credit losses(5.1)(4.9)
Total allowances for credit losses(53.4)(51.5)
Total long-term finance and contract receivables – net$1,731.1 $1,692.1 
Finance receivables – net$1,309.0 $1,284.2 
Contract receivables – net422.1 407.9 
Total long-term finance and contract receivables – net$1,731.1 $1,692.1 
Schedule of Financing Receivable Credit Quality Indicators
The amortized cost basis of finance and contract receivables by origination year as of September 28, 2024, and charge-offs recorded in the nine months ended September 28, 2024, by origination year, are as follows:

(Amounts in millions)20242023202220212020PriorTotal
Finance receivables:
Delinquent$14.4 $25.7 $12.2 $5.8 $2.9 $1.1 $62.1 
Non-delinquent1,104.6 553.1 191.4 65.3 23.7 4.5 1,942.6 
Total Finance receivables$1,119.0 $578.8 $203.6 $71.1 $26.6 $5.6 $2,004.7 
Finance receivables charge-offs$2.0 $25.8 $15.3 $6.5 $3.4 $1.7 $54.7 
Contract receivables:
Delinquent$0.3 $0.6 $1.0 $0.4 $0.5 $0.4 $3.2 
Non-delinquent158.0 151.0 98.0 62.8 39.9 38.2 547.9 
Total Contract receivables$158.3 $151.6 $99.0 $63.2 $40.4 $38.6 $551.1 
Contract receivables charge-offs$— $0.3 $0.5 $0.4 $0.3 $0.3 $1.8 
Schedule of 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 nine month periods ended September 28, 2024, and September 30, 2023:
 
Three Months Ended
September 28, 2024		Nine Months Ended
September 28, 2024
(Amounts in millions)Finance
Receivables		Contract
Receivables		Finance
Receivables		Contract
Receivables
Allowances for credit losses:
Beginning of period$71.1 $6.8 $67.8 $6.7 
Provision for credit losses15.2 0.7 50.6 1.6 
Charge-offs(17.7)(0.8)(54.7)(1.8)
Recoveries2.2 0.1 7.2 0.3 
Currency translation0.2 0.1 0.1 0.1 
End of period$71.0 $6.9 $71.0 $6.9 
Three Months Ended
September 30, 2023		Nine Months Ended
September 30, 2023
(Amounts in millions)Finance ReceivablesContract ReceivablesFinance ReceivablesContract Receivables
Allowances for credit losses:
Beginning of period$65.1 $6.5 $60.9 $6.6 
Provision for credit losses12.8 0.7 40.7 1.3 
Charge-offs(13.7)(0.7)(42.1)(1.6)
Recoveries1.9 0.1 6.5 0.3 
Currency translation(0.1)(0.1)— (0.1)
End of period$66.0 $6.5 $66.0 $6.5 
Schedule of Aging of Finance and Contract Receivables
The aging of finance and contract receivables as of September 28, 2024, and December 30, 2023, 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
September 28, 2024:
Finance receivables$21.9 $14.5 $25.7 $62.1 $1,942.6 $2,004.7 $21.8 
Contract receivables1.2 0.5 1.5 3.2 547.9 551.1 0.2 
December 30, 2023:
Finance receivables$21.5 $13.6 $23.2 $58.3 $1,887.8 $1,946.1 $19.9 
Contract receivables1.5 0.6 1.2 3.3 532.1 535.4 0.2 
Schedule of Finance and Contract Receivables on Nonaccrual Status
The amount of finance and contract receivables on nonaccrual status as of September 28, 2024, and December 30, 2023, is as follows:

(Amounts in millions)September 28,
2024		December 30, 2023
Finance receivables$11.8 $10.6 
Contract receivables2.4 3.3