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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark one)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended April 2, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                                                   to                                                          
Commission File Number 1-7724
Snap-on Incorporated

(Exact name of registrant as specified in its charter)
Delaware39-0622040
(State of incorporation)(I.R.S. Employer Identification No.)
2801 80th Street,Kenosha,Wisconsin53143
            (Address of principal executive offices)(Zip code)
(262) 656-5200
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $1.00 par valueSNANew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes   No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes    No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filerNon-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No
Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date:
ClassOutstanding at April 15, 2022
Common Stock, $1.00 par value53,374,248 shares



TABLE OF CONTENTS 

Page

2

PART I. FINANCIAL INFORMATION

Item 1: Financial Statements

SNAP-ON INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(Amounts in millions, except per share data)
(Unaudited)
Three Months Ended
April 2, 2022April 3, 2021
Net sales$1,097.8 $1,024.6 
Cost of goods sold(563.5)(511.0)
Gross profit534.3 513.6 
Operating expenses(311.2)(312.7)
Operating earnings before financial services223.1 200.9 
Financial services revenue87.7 88.6 
Financial services expenses(17.3)(23.3)
Operating earnings from financial services70.4 65.3 
Operating earnings293.5 266.2 
Interest expense(11.6)(14.3)
Other income (expense) – net8.3 4.3 
Earnings before income taxes and equity earnings290.2 256.2 
Income tax expense(67.5)(59.1)
Earnings before equity earnings222.7 197.1 
Equity earnings, net of tax 0.5 
Net earnings222.7 197.6 
Net earnings attributable to noncontrolling interests(5.3)(5.0)
Net earnings attributable to Snap-on Incorporated$217.4 $192.6 
Net earnings per share attributable to Snap-on Incorporated:
Basic$4.07 $3.55 
Diluted4.00 3.50 
Weighted-average shares outstanding:
Basic53.4 54.2 
Effect of dilutive securities0.9 0.9 
Diluted54.3 55.1 
Dividends declared per common share$1.42 $1.23 

See Notes to Condensed Consolidated Financial Statements.

3

SNAP-ON INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Amounts in millions)
(Unaudited)
 
Three Months Ended
April 2, 2022April 3, 2021
Comprehensive income (loss):
Net earnings$222.7 $197.6 
Other comprehensive income (loss):
Foreign currency translation(9.7)(29.0)
Unrealized cash flow hedges, net of tax:
Reclassification of cash flow hedges to net earnings(0.4)(0.4)
Defined benefit pension and postretirement plans:
Amortization of net unrecognized losses
4.5 9.1 
Income tax benefit
(1.1)(2.2)
Net of tax
3.4 6.9 
Total comprehensive income216.0 175.1 
Comprehensive income attributable to noncontrolling interests
(5.3)(5.0)
Comprehensive income attributable to Snap-on Incorporated
$210.7 $170.1 





See Notes to Condensed Consolidated Financial Statements.

4

SNAP-ON INCORPORATED
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in millions, except share data)
(Unaudited)
April 2, 2022January 1, 2022
ASSETS
Current assets:
Cash and cash equivalents$861.1 $780.0 
Trade and other accounts receivable – net731.3 682.3 
Finance receivables – net542.7 542.3 
Contract receivables – net102.1 110.4 
Inventories – net864.1 803.8 
Prepaid expenses and other assets134.7 134.6 
Total current assets3,236.0 3,053.4 
Property and equipment:
Land33.3 33.8 
Buildings and improvements427.9 434.4 
Machinery, equipment and computer software1,067.6 1,059.2 
Property and equipment – gross1,528.8 1,527.4 
Accumulated depreciation and amortization(1,015.7)(1,009.2)
Property and equipment – net513.1 518.2 
Operating lease right-of-use assets50.1 51.9 
Deferred income tax assets69.3 49.5 
Long-term finance receivables – net1,099.2 1,114.0 
Long-term contract receivables – net377.6 378.2 
Goodwill1,077.8 1,116.5 
Other intangibles – net295.5 301.7 
Other assets176.6 176.3 
Total assets$6,895.2 $6,759.7 
See Notes to Condensed Consolidated Financial Statements.

5

SNAP-ON INCORPORATED
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in millions, except share data)
(Unaudited)
April 2, 2022January 1, 2022
LIABILITIES AND EQUITY
Current liabilities:
Notes payable $19.6 $17.4 
Accounts payable297.3 277.6 
Accrued benefits73.1 67.4 
Accrued compensation74.8 114.8 
Franchisee deposits74.8 80.7 
Other accrued liabilities484.5 424.3 
Total current liabilities1,024.1 982.2 
Long-term debt1,183.2 1,182.9 
Deferred income tax liabilities112.9 122.7 
Retiree health care benefits30.4 31.1 
Pension liabilities96.4 104.9 
Operating lease liabilities32.5 34.2 
Other long-term liabilities95.1 97.9 
Total liabilities2,574.6 2,555.9 
Commitments and contingencies (Note 15)
Equity
Shareholders’ equity attributable to Snap-on Incorporated:
Preferred stock (authorized 15,000,000 shares of $1 par value; none outstanding)
  
Common stock (authorized 250,000,000 shares of $1 par value; issued 67,444,714 and 67,438,129 shares, respectively)
67.4 67.4 
Additional paid-in capital
474.7 472.7 
Retained earnings5,841.0 5,699.9 
Accumulated other comprehensive loss(350.6)(343.9)
Treasury stock at cost (14,073,448 and 14,008,479 shares, respectively)
(1,734.2)(1,714.2)
Total shareholders’ equity attributable to Snap-on Incorporated
4,298.3 4,181.9 
Noncontrolling interests22.3 21.9 
Total equity4,320.6 4,203.8 
Total liabilities and equity$6,895.2 $6,759.7 

See Notes to Condensed Consolidated Financial Statements.

6

SNAP-ON INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(Amounts in millions, except share data)
(Unaudited)

The following summarizes the changes in total equity for the three month period ended April 2, 2022:
Shareholders’ Equity Attributable to Snap-on Incorporated
Common
Stock
Additional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Treasury
Stock
Noncontrolling
Interests
Total
Equity
Balance at January 1, 2022$67.4 $472.7 $5,699.9 $(343.9)$(1,714.2)$21.9 $4,203.8 
Net Earnings for the three months ended April 2, 2022
— — 217.4 — — 5.3 222.7 
Other comprehensive loss— — — (6.7)— — (6.7)
Cash dividends – $1.42 per share
— — (75.7)— — — (75.7)
Stock compensation plans— 2.0 — — 8.8 — 10.8 
Share repurchases – 136,000 shares
— — — — (28.8)— (28.8)
Other— — (0.6)— — (4.9)(5.5)
Balance at April 2, 2022$67.4 $474.7 $5,841.0 $(350.6)$(1,734.2)$22.3 $4,320.6 

The following summarizes the changes in total equity for the three month period ended April 3, 2021:
Shareholders’ Equity Attributable to Snap-on Incorporated
Common
Stock
Additional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Treasury
Stock
Noncontrolling
Interests
Total
Equity
Balance at January 2, 2021$67.4 $391.7 $5,156.9 $(365.8)$(1,425.3)$21.7 $3,846.6 
Net Earnings for the three months ended April 3, 2021
— — 192.6 — — 5.0 197.6 
Other comprehensive loss— — — (22.5)— — (22.5)
Cash dividends – $1.23 per share
— — (66.7)— — — (66.7)
Stock compensation plans— 28.0 — — 71.9 — 99.9 
Share repurchases – 722,000 shares
— — — — (151.9)— (151.9)
Other— — (0.3)— — (4.8)(5.1)
Balance at Balance at April 3, 2021$67.4 $419.7 $5,282.5 $(388.3)$(1,505.3)$21.9 $3,897.9 



See Notes to Condensed Consolidated Financial Statements.

7

SNAP-ON INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in millions)
(Unaudited)
Three Months Ended
April 2, 2022April 3, 2021
Operating activities:
Net earnings$222.7 $197.6 
Adjustments to reconcile net earnings to net cash provided (used) by operating activities:
Depreciation18.5 18.7 
Amortization of other intangibles7.2 6.0 
Provision for losses on finance receivables6.3 11.3 
Provision for losses on non-finance receivables
3.8 2.6 
Stock-based compensation expense9.0 12.3 
Deferred income tax provision 2.3 2.3 
Gain on sales of assets(2.7) 
Changes in operating assets and liabilities, net of effects of acquisitions:
Trade and other accounts receivable(53.1)(9.8)
Contract receivables9.7 5.6 
Inventories(61.7)8.3 
Prepaid and other assets1.9 (1.8)
Accounts payable24.1 17.5 
Accruals and other liabilities5.9 48.7 
Net cash provided by operating activities193.9 319.3 
Investing activities:
Additions to finance receivables(205.5)(216.5)
Collections of finance receivables215.6 228.6 
Capital expenditures(20.2)(19.3)
Acquisitions of businesses, net of cash acquired (200.0)
Disposals of property and equipment3.8  
Other(0.3) 
Net cash used by investing activities(6.6)(207.2)
Financing activities:
Net increase in other short-term borrowings2.3 2.4 
Cash dividends paid(75.7)(66.7)
Purchases of treasury stock(28.8)(151.9)
Proceeds from stock purchase and option plans5.8 93.0 
Other(9.9)(7.8)
Net cash used by financing activities(106.3)(131.0)
Effect of exchange rate changes on cash and cash equivalents0.1 0.1 
Increase (decrease) in cash and cash equivalents81.1 (18.8)
Cash and cash equivalents at beginning of year780.0 923.4 
Cash and cash equivalents at end of period$861.1 $904.6 
Supplemental cash flow disclosures:
Cash paid for interest$(13.8)$(19.4)
Net cash paid for income taxes(18.0)(15.9)

See Notes to Condensed Consolidated Financial Statements.

8

SNAP-ON INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)


Note 1: Summary of Accounting Policies
Principles of consolidation and presentation
The Condensed Consolidated Financial Statements include the accounts of Snap-on Incorporated and its wholly owned and majority-owned subsidiaries (collectively, “Snap-on” or the “company”). These financial statements should be read in conjunction with, and have been prepared in conformity with, the accounting principles reflected in the consolidated financial statements and related notes included in Snap-on’s 2021 Annual Report on Form 10-K for the fiscal year ended January 1, 2022 (“2021 year end”). The company’s 2022 fiscal first quarter ended on April 2, 2022; the 2021 fiscal first quarter ended on April 3, 2021. The company’s 2022 and 2021 fiscal first quarters each contained 13 weeks of operating results. Snap-on’s Condensed Consolidated Financial Statements are prepared in conformity with generally accepted accounting principles in the United States of America (“GAAP”).
In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for the fair presentation of the Condensed Consolidated Financial Statements for the three month periods ended April 2, 2022, and April 3, 2021, have been made. Interim results of operations are not necessarily indicative of the results to be expected for the full fiscal year.
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Financial Instruments
The fair value of the company’s derivative financial instruments is generally determined using quoted prices in active markets for similar assets and liabilities. The carrying value of the company’s non-derivative financial instruments either approximates fair value, due to their short-term nature, or the amount disclosed for fair value is based upon a discounted cash flow analysis or quoted market values. See Note 10 for further information on financial instruments.
New Accounting Standards
In March 2022, the FASB issued ASU No. 2022-02, Financial Instruments – Credit Losses (Topic 326) – Troubled Debt Restructurings and Vintage Disclosures, which requires enhanced disclosure of certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty while eliminating certain current recognition and measurement accounting guidance. This ASU also requires the disclosure of current-period gross write-offs by year of origination for financing receivables and net investments in leases. ASU No. 2022-02 is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years; this ASU allows for early adoption in any interim period after issuance of the update. The company is currently assessing the impact this ASU will have on its consolidated financial statements.

Note 2: Revenue Recognition
Snap-on recognizes revenue from the sale of tools, diagnostics, equipment, and related services based on when control of the product passes to the customer or the service is provided and is recognized at an amount that reflects the consideration expected to be received in exchange for such goods or services.

9

SNAP-ON INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)


Revenue Disaggregation: The following table shows the consolidated revenues by revenue source:
Three Months Ended
(Amounts in millions)April 2, 2022April 3, 2021
Revenue from contracts with customers$1,091.9 $1,018.8 
Other revenues5.9 5.8 
Total net sales1,097.8 1,024.6 
Financial services revenue87.7 88.6 
Total revenues$1,185.5 $1,113.2 

Snap-on evaluates the performance of its operating segments based on segment revenues, including both external and intersegment net sales, and segment operating earnings. Snap-on accounts for both intersegment sales and transfers based primarily on standard costs with reasonable mark-ups established between the segments. Intersegment amounts are eliminated to arrive at Snap-on’s consolidated financial results.
The following tables represent external net sales disaggregated by geography, based on the customers’ billing addresses:
For the Three Months Ended April 2, 2022
CommercialSnap-onRepair Systems
& IndustrialTools& InformationFinancialSnap-on
(Amounts in millions)
GroupGroupGroupServicesEliminationsIncorporated
Net sales:
North America*$113.7 $447.8 $242.8 $ $— $804.3 
Europe81.8 40.1 61.9  — 183.8 
All other65.7 24.2 19.8  — 109.7 
External net sales261.2 512.1 324.5  — 1,097.8 
Intersegment net sales78.9  73.7  (152.6)— 
Total net sales340.1 512.1 398.2  (152.6)1,097.8 
Financial services revenue   87.7 — 87.7 
Total revenue$340.1 $512.1 $398.2 $87.7 $(152.6)$1,185.5 
For the Three Months Ended April 3, 2021
Commercial Snap-onRepair Systems
& IndustrialTools& InformationFinancialSnap-on
(Amounts in millions)GroupGroupGroupServicesEliminationsIncorporated
Net sales:
North America*$118.0 $408.1 $200.9 $ $— $727.0 
Europe84.3 44.2 60.6  — 189.1 
All other68.8 26.0 13.7  — 108.5 
External net sales271.1 478.3 275.2  — 1,024.6 
Intersegment net sales74.6  72.4  (147.0)— 
Total net sales345.7 478.3 347.6  (147.0)1,024.6 
Financial services revenue   88.6 — 88.6 
Total revenue$345.7 $478.3 $347.6 $88.6 $(147.0)$1,113.2 
* North America is comprised of the United States, Canada and Mexico.


10

SNAP-ON INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)



The following tables represent external net sales disaggregated by customer type:

For the Three Months Ended April 2, 2022
Commercial Snap-onRepair Systems
& IndustrialTools& InformationFinancialSnap-on
(Amounts in millions)GroupGroupGroupServicesEliminationsIncorporated
Net sales:
Vehicle service professionals$23.9 $512.1 $324.5 $ $— $860.5 
All other professionals237.3    — 237.3 
External net sales261.2 512.1 324.5  — 1,097.8 
Intersegment net sales78.9  73.7  (152.6)— 
Total net sales340.1 512.1 398.2  (152.6)1,097.8 
Financial services revenue   87.7  87.7 
Total revenue$340.1 $512.1 $398.2 $87.7 $(152.6)$1,185.5 

For the Three Months Ended April 3, 2021
Commercial Snap-onRepair Systems
& IndustrialTools& InformationFinancialSnap-on
(Amounts in millions)GroupGroupGroupServicesEliminationsIncorporated
Net sales:
Vehicle service professionals$24.1 $478.3 $275.2 $ $— $777.6 
All other professionals247.0    — 247.0 
External net sales271.1 478.3 275.2  — 1,024.6 
Intersegment net sales74.6  72.4  (147.0)— 
Total net sales345.7 478.3 347.6  (147.0)1,024.6 
Financial services revenue   88.6  88.6 
Total revenue$345.7 $478.3 $347.6 $88.6 $(147.0)$1,113.2 
Nature of Goods and Services: Snap-on derives net sales from a broad line of products and complementary services that are grouped into three categories: (i) tools; (ii) diagnostics, information and management systems; and (iii) equipment. The tools product category includes hand tools, power tools, tool storage products and other similar products. The diagnostics, information and management systems product category includes handheld and computer-based diagnostic products, service and repair information products, diagnostic software solutions, electronic parts catalogs, business management systems and services, point-of-sale systems, integrated systems for vehicle service shops, original equipment manufacturer (“OEM”) purchasing facilitation services, and warranty management systems and analytics to help OEM dealership service and repair shops (“OEM dealerships”) manage and track performance. The equipment product category includes solutions for the service of vehicles and industrial equipment. Snap-on supports the sale of its diagnostics and vehicle service shop equipment by offering training programs as well as after-sales support to its customers. Through its financial services businesses, Snap‑on derives revenue from various financing programs designed to facilitate the sales of its products and support its franchise business.

Approximately 90% of Snap-on’s net sales are products sold at a point in time through ship-and-bill performance obligations that also include repair services. The remaining sales revenue is earned over time primarily on a subscription basis including software, extended warranty and other subscription service agreements.

11

SNAP-ON INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)


Snap-on enters into contracts related to the selling of tools, diagnostics, repair information, equipment and related services. At contract inception, an assessment of the goods and services promised in the contracts with customers is performed and a performance obligation is identified for each distinct promise to transfer to the customer a good or service (or bundle of goods or services). To identify the performance obligations, Snap-on considers all of the goods or services promised in the contract regardless of whether they are explicitly stated or are implied by customary business practices. Contracts with customers are comprised of customer purchase orders, invoices and written contracts.

For certain performance obligations related to software subscriptions, extended warranty and other subscription agreements that are settled over time Snap-on has elected not to disclose the value of unsatisfied performance obligations for: (i) contracts that have an original expected length of one year or less; (ii) contracts where revenue is recognized as invoiced; and (iii) contracts with variable consideration related to unsatisfied performance obligations. The remaining duration of these unsatisfied performance obligations range from one month up to 60 months.  Snap-on had approximately $195.0 million of long-term contracts that have fixed consideration that extends beyond one year as of April 2, 2022. Snap-on expects to recognize approximately 65% of these contracts as revenue by the end of fiscal 2023, an additional 30% by the end of fiscal 2025 and the balance thereafter. 

Contract Liabilities: Contract liabilities are recorded when cash payments are received in advance of Snap-on’s performance.  The timing of payment is typically on a monthly, quarterly or annual basis. The balance of total contract liabilities was $65.8 million and $63.8 million at April 2, 2022, and January 1, 2022, respectively.  The current portion of contract liabilities is included in “Other accrued liabilities” and the non-current portion of such liabilities is included in “Other long-term liabilities” on the accompanying Condensed Consolidated Balance Sheets.  During the three months ended April 2, 2022, Snap-on recognized revenue of $34.6 million that was included in the $63.8 million contract liability balance at January 1, 2022, which was primarily from the amortization of software subscriptions, extended warranties and other subscription agreements.

Note 3: Acquisitions

On August 1, 2021, Snap-on acquired AutoCrib EMEA GmbH (“AutoCrib Germany”), a former independent distributor, for a cash purchase price of $4.4 million (or $4.2 million, net of cash acquired). AutoCrib Germany, based in Hamburg, Germany, distributes asset and tool control solutions for a variety of aerospace, automotive, military, natural resources and general industry operations. In the first quarter of 2022, the company completed the purchase accounting valuations for the acquired net assets of AutoCrib Germany. The $3.3 million excess of the purchase price over the fair value of the net assets acquired is recorded in “Goodwill” on the accompanying Condensed Consolidated Balance Sheets.

On July 1, 2021, Snap-on exchanged its 35% equity interest in Deville S.A., valued at $21.8 million, for 100% ownership of Secateurs Pradines (“Pradines”), a wholly owned subsidiary of Deville S.A. with a fair value of $20.7 million (or $16.2 million, net of cash acquired), and cash of $1.1 million. Pradines, located in Bauge-en-Anjou, France, designs and manufactures horticultural hand tools for professionals and individuals. As of April 2, 2022, the company recorded, on a preliminary basis, the $10.7 million excess of the purchase price over the fair value of net assets acquired in “Goodwill” in the accompanying Condensed Consolidated Balance Sheets. The company will complete the purchase accounting for the acquired net assets of Pradines in the second quarter of 2022.
On February 26, 2021, Snap-on acquired Dealer-FX Group, Inc. (“Dealer-FX”) for a cash purchase price of $200.1 million (or $200.0 million, net of cash acquired). Dealer-FX, based in Markham, Ontario, is a leading developer, marketer and provider of service operations software solutions for automotive OEM customers and their dealers. Dealer-FX specializes in software as a service (SaaS) management systems, communications platforms, extensive data integrations, and offers a digitalized solution that increases productivity and enhances the vehicle owners’ experience. In the first quarter of 2022, the company completed the purchase accounting valuations for the acquired net assets of Dealer-FX, and recorded $32.6 million of net deferred tax changes. The $118.2 million excess of the purchase price over the fair value of the net assets acquired is recorded in “Goodwill” on the accompanying Condensed Consolidated Balance Sheets.
For segment reporting purposes, the results of operations and assets of Dealer-FX have been included in the Repair Systems & Information Group since the acquisition date, and the results of operations and assets of AutoCrib Germany and Pradines have been included in the Commercial & Industrial Group since the respective acquisition dates.
Pro forma financial information has not been presented for these acquisitions as the net effects were neither significant nor material to Snap-on’s results of operations or financial position. See Note 6 for further information on goodwill and other intangible assets.
12

SNAP-ON INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)


Note 4: Receivables
Trade and Other Accounts Receivable: Snap-on’s trade and other accounts receivable primarily arise from the sale of tools, diagnostics, and equipment products to a broad range of industrial and commercial customers and to Snap-on’s independent franchise van channel with payment terms generally ranging from 30 to 120 days.

The components of Snap-on’s trade and other accounts receivable as of April 2, 2022, and January 1, 2022, are as follows:

(Amounts in millions)April 2, 2022January 1, 2022
Trade and other accounts receivable$759.7 $709.6 
Allowances for credit losses(28.4)(27.3)
Total trade and other accounts receivable – net$731.3 $682.3 

The following is a rollforward of the allowances for credit losses related to trade and other accounts receivable for the three months ended April 2, 2022, and April 3, 2021:
Three months ended
(Amounts in millions)April 2, 2022April 3, 2021
Allowances for credit losses:
Beginning of period$27.3 $26.3 
Provision for credit losses
3.7 1.9 
Charge-offs
(3.0)(2.1)
Recoveries
0.1  
Currency translation
0.3 (0.3)
End of period$28.4 $25.8 

Finance and Contract Receivables: Snap-on Credit LLC (“SOC”), the company’s financial services operation in the United States, originates extended-term finance and contract receivables on sales of Snap-on’s products sold through the U.S. franchisee network and to certain other customers of Snap-on; Snap-on’s foreign finance subsidiaries provide similar financing internationally. Interest income on finance and contract receivables is included in “Financial services revenue” on the accompanying Condensed Consolidated Statements of Earnings.
Finance receivables are comprised of extended-term payment contracts to both technicians and independent shop owners (i.e., franchisees’ customers) to enable them to purchase tools, diagnostics, and equipment products on an extended-term payment plan, with average payment terms of approximately four years.
Contract receivables, with payment terms of up to ten years, are comprised of extended-term payment contracts to a broad base of customers worldwide, including shop owners, both independents and national chains, for their purchase of tools, diagnostics, and equipment products, as well as extended-term contracts to franchisees to meet a number of financing needs, including working capital loans, loans to enable new franchisees to fund the purchase of the franchise and van leases, or the expansion of an existing franchise. Finance and contract receivables are generally secured by the underlying tools, diagnostics and/or equipment products financed and, for contracts to franchisees, other franchisee assets.
13

SNAP-ON INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)


The components of Snap-on’s current finance and contract receivables as of April 2, 2022, and January 1, 2022, are as follows:

(Amounts in millions)April 2, 2022January 1, 2022
Finance installment receivables$557.7 $557.0 
Finance lease receivables, net of unearned finance charges of $0.9 million and $1.3 million, respectively
5.5 7.1 
Total finance receivables563.2