Receivables (Tables)

9 Months Ended

Sep. 27, 2014

Receivables [Abstract]

Components of Trade and Other Accounts Receivable

The components of Snap-on’s trade and other accounts receivable as of September 27, 2014, and December 28, 2013, are as follows:

	September 27,			December 28,
(Amounts in millions)	2014			2013
Trade and other accounts receivable	$	590.0		$	546.5
Allowances for doubtful accounts		(15.6	)		(14.9	)
Total trade and other accounts receivable – net	$	574.4		$	531.6

Components of Current Finance and Contract Receivables

The components of Snap-on’s current finance and contract receivables as of September 27, 2014, and December 28, 2013, are as follows:

	September 27,			December 28,
(Amounts in millions)	2014			2013
Finance receivables, net of unearned finance charges of $16.1 million and $14.1 million, respectively	$	419.1		$	385.3
Contract receivables, net of unearned finance charges of $14.0 million and $13.0 million, respectively		77.5			69.6
Total		496.6			454.9
Allowances for doubtful accounts:
Finance receivables		(11.8	)		(10.7	)
Contract receivables		(1.3	)		(1.2	)
Total		(13.1	)		(11.9	)
Total current finance and contract receivables – net	$	483.5		$	443.0
Finance receivables – net	$	407.3		$	374.6
Contract receivables – net		76.2			68.4
Total current finance and contract receivables – net	$	483.5		$	443.0

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 27, 2014, and December 28, 2013, are as follows:

	September 27,			December 28,
(Amounts in millions)	2014			2013
Finance receivables, net of unearned finance charges of $10.0 million and $8.9 million, respectively	$	648.6		$	577.7
Contract receivables, net of unearned finance charges of $18.5 million and $17.3 million, respectively		240.3			219.2
Total		888.9			796.9
Allowances for doubtful accounts:
Finance receivables		(19.5	)		(17.1	)
Contract receivables		(2.6	)		(2.1	)
Total		(22.1	)		(19.2	)
Total long-term finance and contract receivables – net	$	866.8		$	777.7
Finance receivables – net	$	629.1		$	560.6
Contract receivables – net		237.7			217.1
Total long-term finance and contract receivables – net	$	866.8		$	777.7

Aging of Finance and Contract Receivables

The aging of finance and contract receivables as of September 27, 2014, and December 28, 2013, 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 27, 2014:
Finance receivables	$	9.6	$	5.9	$	9.9	$	25.4	$	1,042.3	$	1,067.7	$	7.2
Contract receivables		1.3		0.5		0.6		2.4		315.4		317.8		0.2
December 28, 2013
Finance receivables	$	9.3	$	5.7	$	9.6	$	24.6	$	938.4	$	963.0	$	7.0
Contract receivables		1.2		0.8		0.7		2.7		286.1		288.8		0.1

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 27, 2014, and December 28, 2013, is as follows:

	September 27, 2014				December 28, 2013
(Amounts in millions)	Finance Receivables		Contract Receivables		Finance Receivables		Contract Receivables
Performing	$	1,052.2	$	316.5	$	947.8	$	287.8
Nonperforming		15.5		1.3		15.2		1.0
Total	$	1,067.7	$	317.8	$	963.0	$	288.8

Schedule of Finance and Contract Receivables on Nonaccrual Status

The amount of finance and contract receivables on nonaccrual status as of September 27, 2014, and December 28, 2013, is as follows:

	September 27,		December 28,
(Amounts in millions)	2014		2013
Finance receivables	$	8.5	$	8.3
Contract receivables		1.3		1.0

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 27, 2014:

	Three Months Ended September 27, 2014						Nine Months Ended September 27, 2014
(Amounts in millions)	Finance Receivables			Contract Receivables			Finance Receivables			Contract Receivables
Allowances for doubtful accounts:
Beginning of period	$	30.4		$	3.8		$	27.8		$	3.3
Provision for bad debt expense		6.4			0.5			19.8			1.8
Charge-offs		(6.6	)		(0.5	)		(20.1	)		(1.5	)
Recoveries		1.2			0.1			3.8			0.3
Currency translation		(0.1	)		—			—			—
End of period	$	31.3		$	3.9		$	31.3		$	3.9

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