Snap-on (SNA) 10-Q 22 Oct 20 2020 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 26, 2020	Oct. 16, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 26, 2020
Document Transition Report	false
Entity File Number	1-7724
Entity Registrant Name	Snap-on Inc
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	39-0622040
Entity Address, Address Line One	2801 80th Street,
Entity Address, City or Town	Kenosha,
Entity Address, State or Province	WI
Entity Address, Postal Zip Code	53143
City Area Code	262
Local Phone Number	656-5200
Title of 12(b) Security	Common Stock, $1.00 par value
Trading Symbol	SNA
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		54,214,557
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Entity Central Index Key	0000091440
Current Fiscal Year End Date	--01-02

Condensed Consolidated Statemen

Condensed Consolidated Statements of Earnings (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019
Net sales	$ 1,027.4	$ 985.9	$ 2,774.4	$ 3,028.6
Operating earnings	251.3	228.7	595.8	728.7
Interest expense	(13.8)	(12)	(38.6)	(36.9)
Other income (expense) – net	2.8	2.8	6.3	6.4
Earnings before income taxes and equity earnings	240.3	219.5	563.5	698.2
Income tax expense	(55.1)	(50.4)	(130.9)	(162.9)
Earnings before equity earnings	185.2	169.1	432.6	535.3
Equity earnings (loss), net of tax	(0.5)	0.1	0	0.9
Net earnings	184.7	169.2	432.6	536.2
Net earnings attributable to noncontrolling interests	(5)	(4.6)	(14.5)	(13.3)
Net earnings attributable to Snap-on Incorporated	$ 179.7	$ 164.6	$ 418.1	$ 522.9
Net earnings per share attributable to Snap-on Incorporated:
Basic (in dollars per share)	$ 3.31	$ 2.99	$ 7.69	$ 9.47
Diluted (in dollars per share)	$ 3.28	$ 2.96	$ 7.62	$ 9.34
Weighted-average shares outstanding:
Basic (in shares)	54.3	55	54.4	55.2
Effect of dilutive securities (in shares)	0.5	0.7	0.5	0.8
Weighted-average common shares outstanding, diluted (in shares)	54.8	55.7	54.9	56
Dividends declared per common share (in dollars per share)	$ 1.08	$ 0.95	$ 3.24	$ 2.85
Excluding Financial Services
Net sales	$ 941.6	$ 901.8	$ 2,518.1	$ 2,774.8
Cost of goods sold	(472.1)	(453.7)	(1,285.8)	(1,381.3)
Gross profit	469.5	448.1	1,232.3	1,393.5
Operating expenses	(283.8)	(280.4)	(816.6)	(848.5)
Operating earnings	185.7	167.7	415.7	545
Financial Service
Net sales	85.8	84.1	256.3	253.8
Cost of goods sold	(20.2)	(23.1)	(76.2)	(70.1)
Operating earnings	$ 65.6	$ 61	$ 180.1	$ 183.7

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019
Comprehensive income (loss):
Net earnings		$ 184.7	$ 169.2	$ 432.6	$ 536.2
Other comprehensive income (loss):
Foreign currency translation	[1]	42.6	(47.3)	22.4	(48.1)
Unrealized cash flow hedges, net of tax:
Other comprehensive income before reclassifications		0	0	1.4	0
Reclassification of cash flow hedges to net earnings		(0.4)	(0.4)	(1.2)	(1.1)
Defined benefit pension and postretirement plans:
Amortization of net unrecognized losses and prior service credits included in net periodic benefit cost		8.7	5.9	25.9	17.6
Income tax benefit		(2.1)	(1.4)	(6.2)	(4.2)
Net of tax		6.6	4.5	19.7	13.4
Total comprehensive income		233.5	126	474.9	500.4
Comprehensive income attributable to noncontrolling interests		(5)	(4.6)	(14.5)	(13.3)
Comprehensive income attributable to Snap-on Incorporated		$ 228.5	$ 121.4	$ 460.4	$ 487.1
[1]	There is no reclassification adjustment as there was no sale or liquidation of any foreign entity during any period presented.

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Sep. 26, 2020	Dec. 28, 2019
Current assets:
Cash and cash equivalents	$ 787.5	$ 184.5
Trade and other accounts receivable – net	618.9	694.6
Finance receivables and contract receivables - net	645.4	630.8
Inventories – net	764.4	760.4
Prepaid expenses and other assets	122	110.2
Total current assets	2,938.2	2,380.5
Property and equipment:
Property and equipment and finance lease right-of-use asset, gross	1,451	1,425
Accumulated depreciation and amortization	(945.6)	(903.5)
Property and equipment – net	505.4	521.5
Operating lease right-of-use assets	51	55.6
Deferred income tax assets	47.3	52.3
Long-term finance receivables and contract receivables - net	1,489.5	1,463.6
Goodwill	938.5	913.8
Other intangibles – net	241.6	243.9
Other assets	56.1	62.3
Total assets	6,267.6	5,693.5
Current liabilities:
Notes payable and current maturities of long-term debt	267.9	202.9
Accounts payable	206	198.5
Accrued benefits	53.6	53.3
Accrued compensation	82.5	53.9
Franchisee deposits	85.9	68.2
Other accrued liabilities	421.1	370.8
Total current liabilities	1,117	947.6
Long-term debt	1,181.8	946.9
Deferred income tax liabilities	63.5	69.3
Retiree health care benefits	31.5	33.6
Pension liabilities	103.7	122.1
Operating lease liabilities	33.6	37.5
Other long-term liabilities	95.7	105.7
Total liabilities	2,626.8	2,262.7
Commitments and contingencies
Shareholders’ equity attributable to Snap-on Incorporated:
Preferred stock (authorized 15,000,000 shares of $1 par value; none outstanding)	0	0
Common stock (authorized 250,000,000 shares of $1 par value; issued 67,430,879 and 67,423,106 shares, respectively)	67.4	67.4
Additional paid-in capital	386.3	379.1
Retained earnings	5,014.9	4,779.7
Accumulated other comprehensive loss	(465.6)	(507.9)
Treasury stock at cost (13,220,919 and 12,772,882 shares, respectively)	(1,384)	(1,309.2)
Total shareholders’ equity attributable to Snap-on Incorporated	3,619	3,409.1
Noncontrolling interests	21.8	21.7
Total equity	3,640.8	3,430.8
Total liabilities and equity	6,267.6	5,693.5
Land
Property and equipment:
Property and equipment, gross	32.3	31.9
Buildings and improvements
Property and equipment:
Property and equipment and finance lease right-of-use asset, gross	414.5	405.1
Machinery, equipment and computer software
Property and equipment:
Property and equipment and finance lease right-of-use asset, gross	1,004.2	988
Finance Receivables
Current assets:
Finance receivables and contract receivables - net	532.1	530.1
Property and equipment:
Long-term finance receivables and contract receivables - net	1,122.3	1,103.5
Contract Receivables
Current assets:
Finance receivables and contract receivables - net	113.3	100.7
Property and equipment:
Long-term finance receivables and contract receivables - net	$ 367.2	$ 360.1

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Sep. 26, 2020	Dec. 28, 2019
Statement of Financial Position [Abstract]
Preferred stock, shares authorized (in shares)	15,000,000	15,000,000
Preferred stock, par value (in dollars per share)	$ 1	$ 1
Preferred stock, shares outstanding (in shares)	0	0
Common stock, shares authorized (in shares)	250,000,000	250,000,000
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, shares issued (in shares)	67,430,879	67,423,106
Treasury stock (in shares)	13,220,919	12,772,882

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Equity (Unaudited) - USD ($) $ in Millions	Total	Cumulative Effect, Period of Adoption, Adjustment	Cumulative Effect, Period of Adoption, Adjusted Balance	Common Stock	Common StockCumulative Effect, Period of Adoption, Adjusted Balance	Additional Paid-in Capital	Additional Paid-in CapitalCumulative Effect, Period of Adoption, Adjusted Balance	Retained Earnings	Retained EarningsCumulative Effect, Period of Adoption, Adjustment	Retained EarningsCumulative Effect, Period of Adoption, Adjusted Balance	Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss)Cumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Income (Loss)Cumulative Effect, Period of Adoption, Adjusted Balance	Treasury Stock	Treasury StockCumulative Effect, Period of Adoption, Adjusted Balance	Noncontrolling Interests	Noncontrolling InterestsCumulative Effect, Period of Adoption, Adjusted Balance
Beginning balance at Dec. 29, 2018	$ 3,118.6		$ 3,118.6	$ 67.4	$ 67.4	$ 359.4	$ 359.4	$ 4,257.6	$ 45.9	$ 4,303.5	$ (462.2)	$ (45.9)	$ (508.1)	$ (1,123.4)	$ (1,123.4)	$ 19.8	$ 19.8
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	536.2							522.9								13.3
Other comprehensive income (loss)	(35.8)										(35.8)
Cash dividends	(157.6)							(157.6)
Stock compensation plans	43.2					15.1								28.1
Share repurchases	(167.2)													(167.2)
Other	(12.2)							(0.5)								(11.7)
Ending balance at Sep. 28, 2019	3,325.2			67.4		374.5		4,668.3			(543.9)			(1,262.5)		21.4
Beginning balance at Jun. 29, 2019	3,308.7			67.4		371.7		4,556.1			(500.7)			(1,206.4)		20.6
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	169.2							164.6								4.6
Other comprehensive income (loss)	(43.2)										(43.2)
Cash dividends	(52.3)							(52.3)
Stock compensation plans	6.4					2.8								3.6
Share repurchases	(59.7)													(59.7)
Other	(3.9)							(0.1)								(3.8)
Ending balance at Sep. 28, 2019	3,325.2			67.4		374.5		4,668.3			(543.9)			(1,262.5)		21.4
Beginning balance at Dec. 28, 2019	3,430.8		$ 3,424.7	67.4	$ 67.4	379.1	$ 379.1	4,779.7		$ 4,773.6	(507.9)		$ (507.9)	(1,309.2)	$ (1,309.2)	21.7	$ 21.7
Beginning balance (Accounting Standards Update 2016-13) at Dec. 28, 2019		$ (6.1)							$ (6.1)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	432.6							418.1								14.5
Other comprehensive income (loss)	42.3										42.3
Cash dividends	(176.5)							(176.5)
Stock compensation plans	28					7.2								20.8
Share repurchases	(95.6)													(95.6)
Other	(14.7)							(0.3)								(14.4)
Ending balance at Sep. 26, 2020	3,640.8			67.4		386.3		5,014.9			(465.6)			(1,384)		21.8
Beginning balance at Jun. 27, 2020	3,508.6			67.4		383.1		4,894.2			(514.4)			(1,343.6)		21.9
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	184.7							179.7								5
Other comprehensive income (loss)	48.8										48.8
Cash dividends	(58.8)							(58.8)
Stock compensation plans	7.9					3.2								4.7
Share repurchases	(45.1)													(45.1)
Other	(5.3)							(0.2)								(5.1)
Ending balance at Sep. 26, 2020	$ 3,640.8			$ 67.4		$ 386.3		$ 5,014.9			$ (465.6)			$ (1,384)		$ 21.8

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Equity (Unaudited) (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019	Dec. 29, 2018
Statement of Stockholders' Equity [Abstract]
Accounting Standards Update [Extensible List]					us-gaap:AccountingStandardsUpdate201802Member
Cash dividends per share (in dollars per share)	$ 1.08	$ 0.95	$ 3.24	$ 2.85
Share repurchases (in shares)	300,000	400,000	649,000	1,060,000
Treasury Stock, Value, Acquired, Cost Method	$ (45.1)	$ (59.7)	$ (95.6)	$ (167.2)

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 26, 2020	Sep. 28, 2019
Operating activities:
Net earnings	$ 432.6	$ 536.2
Adjustments to reconcile net earnings to net cash provided (used) by operating activities:
Depreciation	54.3	52.2
Amortization of other intangibles	17.2	16.3
Provision for losses on finance receivables	41.2	35.8
Provision for losses on non-finance receivables	16.3	14.4
Stock-based compensation expense	12.5	18.7
Deferred income tax provision (benefit)	(8.5)	10.7
Loss on sales of assets	0.7	0.8
Settlement of treasury lock	1.4	0
Changes in operating assets and liabilities, net of effects of acquisitions:
Trade and other accounts receivable	58.5	(8.4)
Contract receivables	(26.8)	(12.9)
Inventories	(3.6)	(97.3)
Prepaid and other assets	(0.3)	(17)
Accounts payable	10.3	9.2
Accruals and other liabilities	85.2	(80.8)
Net cash provided by operating activities	691	477.9
Investing activities:
Additions to finance receivables	(611.5)	(628.1)
Collections of finance receivables	542.7	565.1
Capital expenditures	(39.1)	(77.8)
Acquisitions of businesses, net of cash acquired	(6.1)	(38.9)
Disposals of property and equipment	1.4	0.3
Other	(1.6)	(1.3)
Net cash used by investing activities	(114.2)	(180.7)
Financing activities:
Proceeds from issuance of long-term debt	489.9	0
Net increase (decrease) in other short-term borrowings	(187.7)	46.9
Cash dividends paid	(176.5)	(157.6)
Purchases of treasury stock	(95.6)	(167.2)
Proceeds from stock purchase and option plans	16.5	26.2
Other	(19.3)	(18.5)
Net cash provided (used) by financing activities	27.3	(270.2)
Effect of exchange rate changes on cash and cash equivalents	(1.1)	(0.4)
Increase in cash and cash equivalents	603	26.6
Cash and cash equivalents at beginning of year	184.5	140.9
Cash and cash equivalents at end of period	787.5	167.5
Supplemental cash flow disclosures:
Cash paid for interest	(41.2)	(44.8)
Net cash paid for income taxes	$ (131.9)	$ (140.5)

Summary of Accounting Policies

Summary of Accounting Policies	9 Months Ended
	Sep. 26, 2020
Accounting Policies [Abstract]
Summary of Accounting Policies	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 2019 Annual Report on Form 10-K for the fiscal year ended December 28, 2019 (“2019 year end”), as updated below. The company’s 2020 fiscal year, which ends on January 2, 2021, will contain 53 weeks of operating results, with the additional week occurring in the fourth quarter. The company’s 2019 fiscal year contained 52 weeks of operating results. Snap-on’s 2020 fiscal third quarter ended on September 26, 2020; the 2019 fiscal third quarter ended on September 28, 2019. The company’s 2020 and 2019 fiscal third 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 and nine month periods ended September 26, 2020, and September 28, 2019, have been made. Interim results of operations are not necessarily indicative of the results to be expected for the full fiscal year. With the adoption of ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326) , the company has updated the following policies, effective December 29, 2019, the beginning of Snap-on’s fiscal year 2020: Financial services revenue: Snap-on generates revenue from various financing programs that include: (i) installment sales and lease contracts arising from franchisees’ customers and Snap-on customers who require financing for the purchase or lease of tools and diagnostic and equipment products on an extended-term payment plan; and (ii) business loans and vehicle leases to franchisees. These financing programs are offered through Snap-on’s wholly owned finance subsidiaries. Financial services revenue consists primarily of interest income on finance and contract receivables and is recognized over the life of the underlying contracts, with interest computed primarily on the average daily balances of the underlying contracts. The decision to finance through Snap-on or another financing source is solely at the election of the customer. When assessing customers for potential financing, Snap-on considers various factors regarding ability to pay, including the customers’ financial condition, past payment experience, and credit bureau and proprietary Snap-on credit model information, as well as the value of the underlying collateral. For finance and contract receivables, Snap-on assesses quantitative and qualitative factors through the use of credit quality indicators consisting primarily of collection experience and related internal metrics. Delinquency is the primary indicator of credit quality for finance and contract receivables. Snap-on conducts monthly reviews of credit and collection performance for both the finance and contract receivable portfolios, focusing on data such as delinquency trends, nonaccrual receivables, and write-off and recovery activity. Receivables and allowances for credit losses: All trade, finance and contract receivables are reported on the Condensed Consolidated Balance Sheets at their amortized cost adjusted for any write-offs and net of allowances for credit losses. The amortized costs for finance and contract receivables are the amount originated adjusted for applicable accrued interest and net of deferred fees or costs, net of collections and write-offs. Snap-on maintains allowances for credit losses, which represent an estimate of expected losses over the remaining contractual life of its receivables considering current market conditions and supportable forecasts when appropriate. The estimate is a result of the company’s ongoing assessments and evaluations of collectability, historical loss experience, and future expectations in estimating credit losses in each of its receivable portfolios (trade, finance and contract receivables). For trade receivables, Snap-on uses historical loss experience rates by portfolio and applies them to a related aging analysis while also considering customer and/or economic risk where appropriate. For finance receivables, Snap-on uses a vintage loss experience analysis. For contract receivables, a weighted-average remaining maturity method is primarily used. Determination of the proper amount of allowances by portfolio requires management to exercise judgment about the timing, frequency and severity of credit losses that could materially affect the provision for credit losses and, as a result, net earnings. The allowances take into consideration numerous quantitative and qualitative factors that include receivable type, historical loss experience, delinquency trends, collection experience, current economic conditions, supportable forecasts, when appropriate, and credit risk characteristics. Snap-on evaluates the credit risk of the customer when extending credit based on a combination of various financial and qualitative factors that may affect its customers’ ability to pay. These factors may include the customer’s financial condition, past payment experience, and credit bureau and proprietary Snap-on credit model information, as well as the value of the underlying collateral. Management performs detailed reviews of its receivables on a monthly and/or quarterly basis to assess the adequacy of the allowances and to determine if any impairment has occurred. Monthly reviews of credit and collection performance are conducted for both its finance and contract receivable portfolios focusing on data such as delinquency trends, non-performing assets, and write-off and recovery activity. These reviews allow for the formulation of collection strategies and potential collection policy modifications in response to changing risk profiles in the finance and contract receivable portfolios. A receivable may have credit losses when it is expected that all amounts related to the receivable will not be collected according to the contractual terms of the agreement. Amounts determined to be uncollectable are charged directly against the allowances, while amounts recovered on previously written-off accounts increase the allowances. For both finance and contract receivables, net write-offs include the principal amount of losses written off as well as written-off interest and fees, and recourse from franchisees on finance receivables. Recovered interest and fees previously written off are recorded through the allowances for credit losses and increase the allowance. Finance receivables are assessed for write-off when an account becomes 120 days past due and are written off typically within 60 days of asset repossession. Contract receivables related to equipment leases are generally written off when an account becomes 150 days past due, while contract receivables related to franchise finance and van leases are generally written off up to 180 days past the asset return date. For finance and contract receivables, customer bankruptcies are generally written off upon notification that the associated debt is not being reaffirmed or, in any event, no later than 180 days past due. Changes to the allowances for credit losses are maintained through adjustments to the provision for credit losses, which are charged to current period earnings. Actual amounts as of the balance sheet dates may be materially different than the amounts reported in future periods due to the uncertainty in the estimation process. Also, future amounts could differ materially from those estimates due to changes in circumstances after the balance sheet date. Snap-on does not believe that its trade, finance or contract receivables represent significant concentrations of credit risk because of the diversified portfolio of individual customers and geographical areas. See Note 4 for further information on receivables and allowances for credit losses. 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 The following new accounting pronouncements were adopted by Snap-on in fiscal year 2020: On December 29, 2019, the beginning of Snap-on’s fiscal year, the company adopted ASU No. 2018-13, Fair Value Measurement (Topic 820) - Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement , which is designed to improve the effectiveness of disclosures by removing, modifying and adding disclosures related to fair value measurements. The adoption of this ASU did not have an impact on the company’s Condensed Consolidated Financial Statements or disclosures. On December 29, 2019, the beginning of Snap-on’s fiscal year, the company adopted ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326) , which requires the measurement of expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions and reasonable and supportable forecasts. The main objective of this ASU is to provide financial statement users with more information about the expected credit losses over the contractual life of financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. Snap-on adopted ASU No. 2016-13 under the modified retrospective approach for receivables measured at amortized costs with prior periods reported in accordance with previously applicable guidance. See Note 4 for a discussion about the impact the adoption of this ASU had on the company and further information on credit losses. The following new accounting pronouncement, and related impact on adoption, is being evaluated by the company: In December 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes , which is designed to simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. ASU No. 2019-12 is effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years; this ASU allows for early adoption in any interim period after issuance of the update. The adoption of this ASU is not expected to have a significant impact on the company’s consolidated financial statements.

Revenue Recognition

Revenue Recognition	9 Months Ended
	Sep. 26, 2020
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition Snap-on recognizes revenue from the sale of tools, diagnostic and equipment products 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. Revenue Disaggregation: The following table shows the consolidated revenues by revenue source: Three Months Ended Nine Months Ended (Amounts in millions) September 26, September 28, September 26, September 28, Revenue from contracts with customers $ 935.8 $ 896.2 $ 2,500.8 $ 2,758.4 Other revenues 5.8 5.6 17.3 16.4 Total net sales 941.6 901.8 2,518.1 2,774.8 Financial services revenue 85.8 84.1 256.3 253.8 Total revenues $ 1,027.4 $ 985.9 $ 2,774.4 $ 3,028.6 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 September 26, 2020 Commercial Snap-on Repair Systems & Industrial Tools & Information Financial Snap-on (Amounts in millions) Group Group Group Services Eliminations Incorporated Net sales: North America* $ 103.9 $ 389.2 $ 186.0 $ — $ — $ 679.1 Europe 66.8 38.6 54.9 — — 160.3 All other 65.0 22.0 15.2 — — 102.2 External net sales 235.7 449.8 256.1 — — 941.6 Intersegment net sales 72.7 — 61.4 — (134.1) — Total net sales 308.4 449.8 317.5 — (134.1) 941.6 Financial services revenue — — — 85.8 — 85.8 Total revenue $ 308.4 $ 449.8 $ 317.5 $ 85.8 $ (134.1) $ 1,027.4 For the Nine Months Ended September 26, 2020 Commercial Snap-on Repair Systems & Industrial Tools & Information Financial Snap-on (Amounts in millions) Group Group Group Services Eliminations Incorporated Net sales: North America* $ 309.7 $ 1,007.6 $ 511.8 $ — $ — $ 1,829.1 Europe 188.8 87.2 148.4 — — 424.4 All other 168.7 54.2 41.7 — — 264.6 External net sales 667.2 1,149.0 701.9 — — 2,518.1 Intersegment net sales 203.0 — 175.2 — (378.2) — Total net sales 870.2 1,149.0 877.1 — (378.2) 2,518.1 Financial services revenue — — — 256.3 — 256.3 Total revenue $ 870.2 $ 1,149.0 $ 877.1 $ 256.3 $ (378.2) $ 2,774.4 * North America is comprised of the United States, Canada and Mexico. For the Three Months Ended September 28, 2019 Commercial Snap-on Repair Systems & Industrial Tools & Information Financial Snap-on (Amounts in millions) Group Group Group Services Eliminations Incorporated Net sales: North America* $ 125.3 $ 337.6 $ 188.3 $ — $ — $ 651.2 Europe 65.1 28.3 54.6 — — 148.0 All other 66.6 19.3 16.7 — — 102.6 External net sales 257.0 385.2 259.6 — — 901.8 Intersegment net sales 78.3 — 63.1 — (141.4) — Total net sales 335.3 385.2 322.7 — (141.4) 901.8 Financial services revenue — — — 84.1 — 84.1 Total revenue $ 335.3 $ 385.2 $ 322.7 $ 84.1 $ (141.4) $ 985.9 For the Nine Months Ended September 28, 2019 Commercial Snap-on Repair Systems & Industrial Tools & Information Financial Snap-on (Amounts in millions) Group Group Group Services Eliminations Incorporated Net sales: North America* $ 355.8 $ 1,039.3 $ 575.7 $ — $ — $ 1,970.8 Europe 214.8 101.7 176.4 — — 492.9 All other 198.9 60.2 52.0 — — 311.1 External net sales 769.5 1,201.2 804.1 — — 2,774.8 Intersegment net sales 223.3 — 195.4 — (418.7) — Total net sales 992.8 1,201.2 999.5 — (418.7) 2,774.8 Financial services revenue — — — 253.8 — 253.8 Total revenue $ 992.8 $ 1,201.2 $ 999.5 $ 253.8 $ (418.7) $ 3,028.6 * North America is comprised of the United States, Canada and Mexico. The following tables represent external net sales disaggregated by customer type: For the Three Months Ended September 26, 2020 Commercial Snap-on Repair Systems & Industrial Tools & Information Financial Snap-on (Amounts in millions) Group Group Group Services Eliminations Incorporated Net sales: Vehicle service professionals $ 22.3 $ 449.8 $ 256.1 $ — $ — $ 728.2 All other professionals 213.4 — — — — 213.4 External net sales 235.7 449.8 256.1 — — 941.6 Intersegment net sales 72.7 — 61.4 — (134.1) — Total net sales 308.4 449.8 317.5 — (134.1) 941.6 Financial services revenue — — — 85.8 — 85.8 Total revenue $ 308.4 $ 449.8 $ 317.5 $ 85.8 $ (134.1) $ 1,027.4 For the Nine Months Ended September 26, 2020 Commercial Snap-on Repair Systems & Industrial Tools & Information Financial Snap-on (Amounts in millions) Group Group Group Services Eliminations Incorporated Net sales: Vehicle service professionals $ 61.7 $ 1,149.0 $ 701.9 $ — $ — $ 1,912.6 All other professionals 605.5 — — — — 605.5 External net sales 667.2 1,149.0 701.9 — — 2,518.1 Intersegment net sales 203.0 — 175.2 — (378.2) — Total net sales 870.2 1,149.0 877.1 — (378.2) 2,518.1 Financial services revenue — — — 256.3 — 256.3 Total revenue $ 870.2 $ 1,149.0 $ 877.1 $ 256.3 $ (378.2) $ 2,774.4 For the Three Months Ended September 28, 2019 Commercial Snap-on Repair Systems & Industrial Tools & Information Financial Snap-on (Amounts in millions) Group Group Group Services Eliminations Incorporated Net sales: Vehicle service professionals $ 20.8 $ 385.2 $ 259.6 $ — $ — $ 665.6 All other professionals 236.2 — — — — 236.2 External net sales 257.0 385.2 259.6 — — 901.8 Intersegment net sales 78.3 — 63.1 — (141.4) — Total net sales 335.3 385.2 322.7 — (141.4) 901.8 Financial services revenue — — — 84.1 — 84.1 Total revenue $ 335.3 $ 385.2 $ 322.7 $ 84.1 $ (141.4) $ 985.9 For the Nine Months Ended September 28, 2019 Commercial Snap-on Repair Systems & Industrial Tools & Information Financial Snap-on (Amounts in millions) Group Group Group Services Eliminations Incorporated Net sales: Vehicle service professionals $ 64.8 $ 1,201.2 $ 804.1 $ — $ — $ 2,070.1 All other professionals 704.7 — — — — 704.7 External net sales 769.5 1,201.2 804.1 — — 2,774.8 Intersegment net sales 223.3 — 195.4 — (418.7) — Total net sales 992.8 1,201.2 999.5 — (418.7) 2,774.8 Financial services revenue — — — 253.8 — 253.8 Total revenue $ 992.8 $ 1,201.2 $ 999.5 $ 253.8 $ (418.7) $ 3,028.6 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 PC-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 also 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 includes service repair services. The remaining sales revenue is earned over time primarily on a subscription basis including software, extended warranty and other subscription service agreements. Snap-on enters into contracts related to the selling of tools, diagnostic and repair information and equipment products 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 $215.0 million of long-term contracts that have fixed consideration that extends beyond one year as of September 26, 2020. Snap-on expects to recognize approximately 50% of these contracts as revenue by the end of fiscal 2021, an additional 40% by the end of fiscal 2023 and the balance thereafter. Contract Liabilities (Deferred Revenues): 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 $57.8 million and $65.1 million at September 26, 2020, and December 28, 2019, 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 and nine months ended September 26, 2020, Snap-on recognized revenue of $7.3 million and $49.7 million, respectively, that was included in the $65.1 million contract liability balance at December 28, 2019, which was primarily from the amortization of software subscriptions, extended warranties and other subscription agreements.

Acquisitions

Acquisitions	9 Months Ended
	Sep. 26, 2020
Business Combinations [Abstract]
Acquisitions	Acquisitions On January 31, 2020, Snap-on acquired substantially all of the assets related to the TreadReader product line from Sigmavision Limited (“Sigmavision”), for a cash purchase price of $5.9 million. Sigmavision designs and manufactures handheld devices and drive-over ramps that provide tire information for use in the automotive industry. The company completed the purchase accounting valuations for the acquired net assets of Sigmavision, including intangible assets, in the second quarter of 2020. The $5.6 million excess of the purchase price over the fair value of the net assets acquired was recorded in “Goodwill” on the accompanying Condensed Consolidated Balance Sheets. On August 7, 2019, Snap-on acquired Cognitran Limited (“Cognitran”) for a cash purchase price of $30.6 million (or $29.6 million, net of cash acquired). Cognitran, based in Chelmsford, United Kingdom, specializes in flexible, modular and highly scalable “Software as a Service” (SaaS) products for OEM customers and their dealers, focused on the creation and delivery of service, diagnostics, parts and repair information to OEM dealers and connected vehicle platforms. The company completed the purchase accounting valuations for the acquired net assets of Cognitran, including intangible assets, in the second quarter of 2020. The $14.5 million excess of the purchase price over the fair value of the net assets acquired was recorded in “Goodwill” on the accompanying Condensed Consolidated Balance Sheets. On April 2, 2019, Snap-on acquired Power Hawk Technologies, Inc. (“Power Hawk”) for a cash purchase price of $7.9 million. Power Hawk, based in Rockaway, New Jersey, designs, manufactures and distributes rescue tools and related equipment for a variety of military, governmental and fire, rescue and emergency operations. The company completed the purchase accounting valuations for the acquired net assets of Power Hawk, including intangible assets, in the third quarter of 2019. The $6.4 million excess of the purchase price over the fair value of the net assets acquired was recorded in “Goodwill” on the accompanying Condensed Consolidated Balance Sheets. On January 25, 2019, Snap-on acquired substantially all of the assets of TMB GeoMarketing Limited (“TMB”) for a cash purchase price of $1.3 million. TMB, based in Dorking, United Kingdom, designs planning software used by OEMs to optimize dealer locations and manage the performance of dealer outlets. The company completed the purchase accounting valuations for the acquired net assets of TMB during the first quarter of 2019. Substantially all of the purchase price was recorded in “Goodwill” on the accompanying Condensed Consolidated Balance Sheets. For segment reporting purposes, the results of operations and assets of Sigmavision, Cognitran and TMB have been included in the Repair Systems & Information Group since the respective acquisition dates, and the results of operations and assets of Power Hawk have been included in the Commercial & Industrial Group since the acquisition date. 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.

Receivables

Receivables	9 Months Ended
	Sep. 26, 2020
Receivables [Abstract]
Receivables	Receivables At the beginning of fiscal 2020, Snap-on adopted ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326) . The adoption did not have a significant impact on the company’s consolidated financial statements. Under ASU No. 2016-13, Snap-on is required to remeasure expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions and reasonable forecasts. The effects of adjustments to the December 28, 2019 Condensed Consolidated Balance Sheet as a result of the adoption of ASU No. 2016-13, including an increase in the allowance for credit losses of $8.1 million, were as follows: Balance at Opening Balance at (Amounts in millions) December 28, Topic 326 Adjustments December 29, Current assets Finance receivables - allowance for credit losses $ (19.7) $ (1.7) $ (21.4) Contract receivables - allowance for credit losses (1.5) (0.5) (2.0) Long-term assets Finance receivables - allowance for credit losses (42.2) (3.5) (45.7) Contract receivables - allowance for credit losses (4.1) (2.4) (6.5) Total allowances for credit losses $ (67.5) $ (8.1) $ (75.6) Deferred income tax assets $ 52.3 $ 2.0 $ 54.3 Equity Retained Earnings $ 4,779.7 $ (6.1) $ 4,773.6 Trade and Other Accounts Receivable: Snap-on’s trade and other accounts receivable primarily arise from the sale of tools and diagnostic and equipment products to a broad range of industrial and commercial customers and to Snap-on’s independent franchise van channel on a non-extended-term basis with payment terms generally ranging from 30 to 120 days. The components of Snap-on’s trade and other accounts receivable as of September 26, 2020, and December 28, 2019, are as follows: (Amounts in millions) September 26, December 28, Trade and other accounts receivable $ 642.4 $ 715.5 Allowances for credit losses (23.5) (20.9) Total trade and other accounts receivable – net $ 618.9 $ 694.6 The following is a rollforward of the allowances for credit losses related to trade and other accounts receivable for the three and nine months ended September 26, 2020: Three Months Ended Nine Months Ended (Amounts in millions) September 26, September 26, Allowances for credit losses: Beginning of period $ 23.6 $ 20.9 Provision for credit losses 4.1 13.2 Charge-offs (4.5) (10.0) Recoveries — — Currency translation 0.3 (0.6) End of period $ 23.5 $ 23.5 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 and customer 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. Snap-on’s 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 and diagnostic and equipment products on an extended-term payment plan, generally with payment terms of approximately four years. Contract receivables, with payment terms of up to 10 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 and diagnostic 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 and/or diagnostic or equipment products financed and, for contracts to franchisees, other franchisee assets. The components of Snap-on’s current finance and contract receivables as of September 26, 2020, and December 28, 2019, are as follows: (Amounts in millions) September 26, December 28, Finance installment receivables $ 531.5 $ 511.9 Finance lease receivables, net of unearned finance charges of $6.0 million and $11.7 million, respectively 24.4 37.9 Total finance receivables 555.9 549.8 Contract installment receivables 62.2 50.8 Contract lease receivables, net of unearned finance charges of $17.9 million and $18.2 million, respectively 53.4 51.4 Total contract receivables 115.6 102.2 Total 671.5 652.0 Allowances for credit losses: Finance installment receivables (23.4) (19.2) Finance lease receivables (0.4) (0.5) Total finance allowance for credit losses (23.8) (19.7) Contract installment receivables (1.3) (0.5) Contract lease receivables (1.0) (1.0) Total contract allowance for credit losses (2.3) (1.5) Total allowance for credit losses (26.1) (21.2) Total current finance and contract receivables – net $ 645.4 $ 630.8 Finance receivables – net $ 532.1 $ 530.1 Contract receivables – net 113.3 100.7 Total current finance and contract receivables – net $ 645.4 $ 630.8 The components of Snap-on’s finance and contract receivables with payment terms beyond one year as of September 26, 2020, and December 28, 2019, are as follows: (Amounts in millions) September 26, December 28, Finance installment receivables $ 1,152.9 $ 1,106.0 Finance lease receivables, net of unearned finance charges of $3.6 million and $8.2 million, respectively 20.6 39.7 Total finance receivables 1,173.5 1,145.7 Contract installment receivables 198.2 195.5 Contract lease receivables, net of unearned finance charges of $29.3 million and $29.4 million, respectively 175.7 168.7 Total contract receivables 373.9 364.2 Total 1,547.4 1,509.9 Allowances for credit losses: Finance installment receivables (50.9) (41.6) Finance lease receivables (0.3) (0.6) Total finance allowance for credit losses (51.2) (42.2) Contract installment receivables (3.1) (1.8) Contract lease receivables (3.6) (2.3) Total contract allowance for credit losses (6.7) (4.1) Total allowance for credit losses (57.9) (46.3) Total long-term finance and contract receivables – net $ 1,489.5 $ 1,463.6 Finance receivables – net $ 1,122.3 $ 1,103.5 Contract receivables – net 367.2 360.1 Total long-term finance and contract receivables – net $ 1,489.5 $ 1,463.6 Credit quality: The company’s receivable portfolio is comprised of two portfolio segments, finance and contract receivables, which are the same segments used to estimate expected credit losses reported in the allowance for credit losses. The amortized cost basis for finance and contract receivables is the amount originated adjusted for applicable accrued interest and net of deferred fees or costs, collection of cash, and write-offs. The company monitors and assesses credit risk based on the characteristics of each portfolio segment. When extending credit, Snap-on evaluates the collectability of the receivables based on a combination of various financial and qualitative factors that may affect a customer’s ability to pay. These factors may include the customer’s financial condition, past payment experience, and credit bureau and proprietary Snap-on credit model information, as well as the value of the underlying collateral. For finance and contract receivables, Snap-on assesses quantitative and qualitative factors through the use of credit quality indicators consisting primarily of collection experience and related internal metrics. Delinquency is the primary indicator of credit quality for finance and contract receivables. Snap-on conducts monthly reviews of credit and collection performance for both the finance and contract receivable portfolios focusing on data such as delinquency trends, nonaccrual receivables, and write-off and recovery activity. These reviews allow for the formulation of collection strategies and potential collection policy modifications in response to changing risk profiles in the finance and contract receivable portfolios. The other internal metrics include credit exposure by customer and delinquency classification to further monitor changing risk profiles. The company maintains a system that aggregates credit exposure and provides delinquency data by days past due aging categories. A receivable 30 days or more past due is considered delinquent. However, customers are monitored prior to becoming 30 days past due. The amortized cost basis of finance and contract receivables by origination year as of September 26, 2020, are as follows: (Amounts in millions) 2020 2019 2018 2017 2016 Prior Total Finance Receivables: Delinquent $ 7.7 $ 19.0 $ 10.7 $ 5.7 $ 2.3 $ 0.4 $ 45.8 Non-delinquent 972.0 440.6 179.6 69.3 20.3 1.8 1,683.6 Total Finance receivables $ 979.7 $ 459.6 $ 190.3 $ 75.0 $ 22.6 $ 2.2 $ 1,729.4 Contract receivables: Delinquent $ 0.3 $ 0.7 $ 0.5 $ 0.6 $ 0.5 $ 0.5 $ 3.1 Non-delinquent 150.8 132.4 91.3 57.1 28.4 26.4 486.4 Total Contract receivables $ 151.1 $ 133.1 $ 91.8 $ 57.7 $ 28.9 $ 26.9 $ 489.5 Allowance for credit losses: The allowance for credit losses utilizes an expected credit loss objective for the recognition of credit losses on receivables over the contractual life using historical experience, asset specific risk characteristics, current conditions, reasonable and supportable forecasts, and the appropriate reversion period, when applicable. The allowance for credit losses is maintained at a level that is considered adequate to cover credit-related losses on the receivables. Management performs detailed reviews of its receivables on a monthly and/or quarterly basis to assess the adequacy of the allowance and determine if any impairment has occurred. A receivable may have credit losses when it is expected that all amounts related to the receivable will not be collected according to the contractual terms of the agreement. Amounts determined to be uncollectable are charged directly against the allowance, while amounts recovered on previously written-off accounts increase the allowance. For both finance and contract receivables, net write-offs include the principal amount of losses written off as well as written-off accrued interest and fees, and recourse from franchisees on finance receivables. Recovered interest and fees previously written off are recorded through the allowance for credit losses and increase the allowance. Finance receivables are assessed for write-off when an account becomes 120 days past due and are written off typically within 60 days of asset repossession. Contract receivables related to equipment leases are generally written off when an account becomes 150 days past due, while contract receivables related to franchise finance and van leases are generally written off up to 180 days past the asset return date. For finance and contract receivables, customer bankruptcies are generally written off upon notification that the associated debt is not being reaffirmed or, in any event, no later than 180 days past due. Additions to the allowances for credit losses are maintained through adjustments to the provision for credit losses. For finance receivables, the company uses a vintage loss rate methodology to determine expected losses. Vintage analysis aims to calculate losses based on the timing of the losses relative to the origination of the receivables. The finance receivable portfolio contains a substantial amount of homogeneous contracts which fits well with the vintage analysis. For contract receivables, the company primarily uses a Weighted-Average Remaining Maturity methodology (“WARM”). The WARM methodology calculates the average annual write-off rate and applies it to the remaining term of the receivables. The WARM method is used since the contract receivables have limited loss experience over generally longer terms and, therefore, the predictive loss patterns are more difficult to estimate. The company performed a correlation analysis to compare historical losses to many economic factors. The primary economic factors considered were real gross domestic product, civilian unemployment, industrial production index, and repair and maintenance employment rate; the company determined that there is limited correlation between the historical losses and economic factors. As a result, consideration was given to qualitative factors to adjust the reserve balance for asset specific risk characteristics, current conditions and future expectations. Similar qualitative factors are considered for both finance and contract receivables. The qualitative factors used in determining the estimate of expected credit losses are influenced by the changes in the composition of the portfolio, underwriting practices, and other relevant conditions that were different from the historical periods, which included considering the impact of the ongoing coronavirus (“COVID-19”) pandemic. The allowance for credit losses is adjusted each period for changes in the credit risk and expected lifetime credit losses. The following is a rollforward of the allowances for credit losses for finance and contract receivables for the three and nine months ended September 26, 2020, and September 28, 2019: Three Months Ended Nine Months Ended (Amounts in millions) Finance Contract Finance Contract Allowances for credit losses: Beginning of period $ 72.5 $ 9.1 $ 61.9 $ 5.6 Impact of adopting ASU No. 2016-13 — — 5.2 2.9 Provision for credit losses 9.8 0.5 41.2 3.1 Charge-offs (9.5) (0.7) (39.6) (2.9) Recoveries 2.1 0.1 6.3 0.3 Currency translation 0.1 — — — End of period $ 75.0 $ 9.0 $ 75.0 $ 9.0 Three Months Ended Nine Months Ended (Amounts in millions) Finance Receivables Contract Receivables Finance Receivables Contract Receivables Allowances for credit losses: Beginning of period $ 60.9 $ 5.0 $ 61.4 $ 4.3 Provision for credit losses 11.4 1.9 35.8 4.0 Charge-offs (13.0) (1.0) (41.9) (2.7) Recoveries 1.9 — 5.9 0.3 Currency translation (0.1) 0.1 (0.1) 0.1 End of period $ 61.1 $ 6.0 $ 61.1 $ 6.0 Past due: Depending on the contract, payments for finance and contract receivables are due on a monthly or weekly basis. Weekly payments are converted into a monthly equivalent for purposes of calculating delinquency. Delinquencies are assessed at the end of each month following the monthly equivalent contractual payment due date. The entire receivable balance of a contract is considered delinquent when contractual payments become 30 days past due. Removal from delinquent status occurs when the cumulative amount of monthly contractual payments then due have been received by the company. It is the general practice of Snap-on’s financial services business not to engage in contract or loan modifications. In limited instances, Snap-on’s financial services business may modify certain receivables in troubled debt restructurings. The amount and number of restructured finance and contract receivables as of September 26, 2020, and December 28, 2019, were immaterial to both the financial services portfolio and the company’s results of operations and financial position. The aging of finance and contract receivables as of September 26, 2020, and December 28, 2019, is as follows: (Amounts in millions) 30-59 60-90 Greater Total Past Total Not Total Greater September 26, 2020: Finance receivables $ 17.8 $ 11.2 $ 16.8 $ 45.8 $ 1,683.6 $ 1,729.4 $ 13.9 Contract receivables 1.3 0.5 1.3 3.1 486.4 489.5 0.3 December 28, 2019: Finance receivables $ 19.7 $ 12.0 $ 21.4 $ 53.1 $ 1,642.4 $ 1,695.5 $ 17.2 Contract receivables 1.5 0.9 1.5 3.9 462.5 466.4 0.5 Nonaccrual: SOC maintains the accrual of interest income during the progression through the various stages of delinquency prior to processing for write-off. At the time of write-off, the entire balance including the accrued but unpaid interest income amount is recorded as a loss. Finance receivables are generally placed on nonaccrual status (nonaccrual of interest and other fees): (i) when a customer is placed on repossession status; (ii) upon receipt of notification of bankruptcy; (iii) upon notification of the death of a customer; or (iv) in other instances in which management concludes collectability is not reasonably assured. Contract receivables are generally placed on nonaccrual status: (i) when a receivable is more than 90 days past due or at the point a customer’s account is placed on terminated status regardless of its delinquency status; (ii) upon notification of the death of a customer; or (iii) in other instances in which management concludes collectability is not reasonably assured. The accrual of interest and other fees is resumed when the finance or contract receivable becomes contractually current and collection of all remaining contractual amounts due is reasonably assured. A receivable may have credit losses when it is expected that all amounts related to the receivable will not be collected according to the contractual terms of the applicable agreement. Such finance and contract receivables are covered by the company’s respective allowances for credit losses and are written-off against the allowances when appropriate. The amount of finance and contract receivables on nonaccrual status as of September 26, 2020, and December 28, 2019, is as follows: (Amounts in millions) September 26, December 28, Finance receivables $ 9.8 $ 12.2 Contract receivables 2.5 2.2

Inventories

Inventories	9 Months Ended
	Sep. 26, 2020
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories by major classification are as follows: (Amounts in millions) September 26, December 28, Finished goods $ 664.8 $ 661.0 Work in progress 59.3 57.1 Raw materials 124.5 126.8 Total FIFO value 848.6 844.9 Excess of current cost over LIFO cost (84.2) (84.5) Total inventories – net $ 764.4 $ 760.4 Inventories accounted for using the first-in, first-out (“FIFO”) method approximated 56% and 58% of total inventories as of September 26, 2020 and December 28, 2019, respectively. The company accounts for its non-U.S. inventory on the FIFO method. As of September 26, 2020, approximately 29% of the company’s U.S. inventory was accounted for using the FIFO method and 71% was accounted for using the last-in, first-out (“LIFO”) method. There were no LIFO inventory liquidations in the three and nine months ended September 26, 2020, or September 28, 2019.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	9 Months Ended
	Sep. 26, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets The changes in the carrying amount of goodwill by segment for the nine months ended September 26, 2020, are as follows: (Amounts in millions) Commercial Snap-on Repair Systems Total Balance as of December 28, 2019 $ 286.2 $ 12.5 $ 615.1 $ 913.8 Currency translation 11.3 — 4.7 16.0 Acquisitions and related adjustments — — 8.7 8.7 Balance as of September 26, 2020 $ 297.5 $ 12.5 $ 628.5 $ 938.5 Goodwill of $938.5 million as of September 26, 2020, included $5.6 million from the acquisition of certain assets of Sigmavision and a $3.1 million increase resulting from the completion of purchase accounting valuations for the 2019 Cognitran acquisition. The goodwill from Sigmavision and Cognitran is included in the Repair Systems & Information Group. See Note 3 for additional information on acquisitions. Additional disclosures related to other intangible assets are as follows: September 26, 2020 December 28, 2019 (Amounts in millions) Gross Carrying Accumulated Gross Carrying Accumulated Amortized other intangible assets: Customer relationships $ 183.5 $ (125.8) $ 182.9 $ (117.9) Developed technology 19.7 (19.2) 19.8 (18.9) Internally developed software 169.1 (124.8) 168.0 (125.4) Patents 41.2 (24.6) 38.5 (23.7) Trademarks 3.8 (2.2) 3.5 (2.1) Other 7.8 (3.7) 7.3 (3.1) Total 425.1 (300.3) 420.0 (291.1) Non-amortized trademarks 116.8 — 115.0 — Total other intangible assets $ 541.9 $ (300.3) $ 535.0 $ (291.1) Snap-on completed its annual impairment testing of goodwill and other indefinite-lived intangible assets in the second quarter of 2020, and the testing did not result in any impairment. Significant and unanticipated changes in circumstances, such as declines in profitability and cash flow due to significant and long-term deterioration in macroeconomic, industry and market conditions, the loss of key customers, changes in technology or markets, significant changes in key personnel or litigation, a significant and sustained decrease in share price and/or other events, including effects from the sale or disposal of a reporting unit, could require a provision for impairment of goodwill and/or other intangible assets in a future period. As of September 26, 2020, the company had no accumulated impairment losses. The weighted-average amortization periods related to other intangible assets are as follows: In Years Customer relationships 15 Developed technology 2 Internally developed software 6 Patents 7 Trademarks 5 Other 39 Snap-on is amortizing its customer relationships on both an accelerated and straight-line basis over a 15-year weighted-average life; the remaining intangibles are amortized on a straight-line basis. The weighted-average amortization period for all amortizable intangibles on a combined basis is 11 years. The company’s customer relationships generally have contractual terms of three The aggregate amortization expense was $5.8 million and $17.2 million for the respective three and nine months ended September 26, 2020, and $5.5 million and $16.3 million for the respective three and nine months ended September 28, 2019. Based on current levels of amortizable intangible assets and estimated weighted-average useful lives, estimated annual amortization expense is expected to be $22.7 million in 2020, $21.3 million in 2021, $17.7 million in 2022, $14.5 million in 2023, $11.2 million in 2024, and $6.8 million in 2025.

Exit and Disposal Activities

Exit and Disposal Activities	9 Months Ended
	Sep. 26, 2020
Restructuring and Related Activities [Abstract]
Exit and Disposal Activities	Exit and Disposal Activities Snap-on did not record any costs for exit and disposal activities in the three months ended September 26, 2020. For the nine months ended September 26, 2020, Snap-on recorded costs for exit and disposal activities as follows: Nine Months Ended (Amounts in millions) September 26, 2020 Exit and disposal costs Cost of goods sold: Commercial & Industrial Group $ 6.4 Repair System & Information Group 0.7 Total cost of goods sold $ 7.1 Operating Expenses: Snap-on Tools Group $ 0.6 Repair System & Information Group 3.8 Total operating expenses $ 4.4 Total exit and disposal costs: Commercial & Industrial Group $ 6.4 Snap-on Tools Group 0.6 Repair System & Information Group 4.5 Total exit and disposal costs $ 11.5 Of the $11.5 million of costs incurred in the nine month period ended September 26, 2020, $11.4 million qualified for accrual treatment. Costs associated with exit and disposal activities in the first nine months of 2020 primarily related to headcount reductions from the ongoing optimization of the company’s cost structure in Europe and various other management and realignment actions. Snap-on’s exit and disposal accrual activity for the third quarter of 2020 is as follows: Balance at First Six Months Balance at Third Quarter Balance at (Amounts in millions) December 28, Provision Usage June 27, 2020 Provision Usage September 26, Severance costs: Commercial & Industrial Group $ — $ 6.4 $ — $ 6.4 $ — $ (0.1) $ 6.3 Snap-on Tools Group — 0.6 — 0.6 — (0.2) 0.4 Repair System & Information Group — 4.4 — 4.4 — (0.3) 4.1 Total $ — $ 11.4 $ — $ 11.4 $ — $ (0.6) $ 10.8 As of September 26, 2020, the company expects that of the $10.8 million exit and disposal accrual, approximately $3.0 million will be utilized in the balance of 2020, $7.1 million in 2021 and the remainder thereafter, primarily for longer-term severance payments.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 26, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Snap-on’s effective income tax rate on earnings attributable to Snap-on was 23.8% in both the first nine months of 2020 and 2019. Snap-on and its subsidiaries file income tax returns in the United States and in various state, local and foreign jurisdictions. It is reasonably possible that certain unrecognized tax benefits may either be settled with taxing authorities or the statutes of limitations for such items may lapse within the next 12 months, causing Snap-on’s gross unrecognized tax benefits to decrease by a range of zero to $0.7 million. Over the next 12 months, Snap-on anticipates taking certain tax positions on various tax returns for which the related tax benefit does not meet the recognition threshold. Accordingly, Snap-on’s gross unrecognized tax benefits may increase by a range of zero to $0.8 million over the next 12 months for uncertain tax positions expected to be taken in future tax filings.

Short-term and Long-term Debt

Short-term and Long-term Debt	9 Months Ended
	Sep. 26, 2020
Debt Disclosure [Abstract]
Short-term and Long-term Debt	Short-term and Long-term Debt Short-term and long-term debt as of September 26, 2020, and December 28, 2019, consisted of the following: (Amounts in millions) September 26, December 28, 6.125% unsecured notes due 2021 $ 250.0 $ 250.0 3.25% unsecured notes due 2027 300.0 300.0 4.10% unsecured notes due 2048 400.0 400.0 3.10% unsecured notes due 2050 500.0 — Other* (0.3) 199.8 1,449.7 1,149.8 Less: notes payable and current maturities of long-term debt Current maturities of long-term debt (250.0) — Commercial paper borrowings — (193.6) Other notes (17.9) (9.3) (267.9) (202.9) Total long-term debt $ 1,181.8 $ 946.9 * Includes the net effects of debt amortization costs and fair value adjustments of interest rate swaps. Notes payable and current maturities of long-term debt of $267.9 million as of September 26, 2020, consisted of $250.0 million of 6.125% unsecured notes that mature on September 1, 2021 (the “2021 Notes”), $14.3 million of other notes, and $3.6 million from the net effects of debt amortization costs and fair value adjustments of interest rate swaps. As of 2019 year end, notes payable of $202.9 million included $193.6 million of commercial paper borrowings and $9.3 million of other notes. On April 30, 2020, Snap-on sold, at a discount, $500 million of unsecured 3.10% notes that mature on May 1, 2050 (the “2050 Notes”). Interest on the 2050 Notes accrues at a rate of 3.10% and is paid semi-annually beginning November 1, 2020. Snap-on used the $489.9 million of net proceeds from the sale of the 2050 Notes, reflecting $4.4 million of transaction costs, for general corporate purposes, which may include working capital, capital expenditures and potential acquisitions. five

Financial Instruments

Financial Instruments	9 Months Ended
	Sep. 26, 2020
Investments, All Other Investments [Abstract]
Financial Instruments	Financial Instruments Derivatives: All derivative instruments are reported in the Condensed Consolidated Financial Statements at fair value. Changes in the fair value of derivatives are recorded each period in earnings or on the accompanying Condensed Consolidated Balance Sheets, depending on whether the derivative is designated as part of a hedged transaction. Gains or losses on derivative instruments recorded in earnings are presented in the same Condensed Consolidated Statement of Earnings line that is used to present the earnings effect of the hedged item. Gains or losses on derivative instruments in accumulated other comprehensive income (loss) (“Accumulated OCI”) are reclassified to earnings in the period in which earnings are affected by the underlying hedged item. The criteria used to determine if hedge accounting treatment is appropriate are: (i) the designation of the hedge to an underlying exposure; (ii) whether or not overall risk is being reduced; and (iii) if there is a correlation between the value of the derivative instrument and the underlying hedged item. Once a derivative contract is entered into, Snap-on designates the derivative as a fair value hedge, a cash flow hedge, a hedge of a net investment in a foreign operation, or a natural hedging instrument whose change in fair value is recognized as an economic hedge against changes in the value of the hedged item. Snap-on does not use derivative instruments for speculative or trading purposes. The company is exposed to global market risks, including the effects of changes in foreign currency exchange rates, interest rates, and the company’s stock price, and therefore uses derivatives to manage financial exposures that occur in the normal course of business. The primary risks managed by using derivative instruments are foreign currency risk, interest rate risk and stock-based deferred compensation risk. Foreign Currency Risk Management: Snap-on has significant international operations and is subject to certain risks inherent with foreign operations that include currency fluctuations. Foreign currency exchange risk exists to the extent that Snap-on has payment obligations or receipts denominated in currencies other than the functional currency, including intercompany loans denominated in foreign currencies. To manage these exposures, Snap-on identifies naturally offsetting positions and then purchases hedging instruments to protect the residual net exposures. Snap-on manages most of these exposures on a consolidated basis, which allows for netting of certain exposures to take advantage of natural offsets. Foreign currency forward contracts (“foreign currency forwards”) are used to hedge the net exposures. Gains or losses on net foreign currency hedges are intended to offset losses or gains on the underlying net exposures in an effort to reduce the earnings volatility resulting from fluctuating foreign currency exchange rates. Snap-on’s foreign currency forwards are typically not designated as hedges. The fair value changes of these contracts are reported in earnings as foreign exchange gain or loss, which is included in “Other income (expense) – net” on the accompanying Condensed Consolidated Statements of Earnings. Interest Rate Risk Management: Snap-on aims to control funding costs by managing the exposure created by the differing maturities and interest rate structures of Snap-on’s borrowings through the use of interest rate swap agreements (“interest rate swaps”) and treasury lock agreements (“treasury locks”). Interest Rate Swaps: Snap-on enters into interest rate swaps to manage risks associated with changing interest rates related to the company’s fixed rate borrowings. Interest rate swaps are accounted for as fair value hedges. The differentials paid or received on interest rate swaps are recognized as adjustments to “Interest expense” on the accompanying Condensed Consolidated Statements of Earnings. The change in the fair value of the derivative is recorded in “Notes payable and current maturities of long-term debt” and “Long-term debt” on the accompanying Condensed Consolidated Balance Sheets as of September 26, 2020, and December 28, 2019, respectively. The notional amount of interest rate swaps outstanding and designated as fair value hedges was $100.0 million as of both September 26, 2020 and December 28, 2019. Treasury locks: Snap-on uses treasury locks to manage the potential change in interest rates in anticipation of the issuance of fixed rate debt. Treasury locks are accounted for as cash flow hedges. The differentials to be paid or received on treasury locks related to the anticipated issuance of fixed rate debt are initially recorded in Accumulated OCI for derivative instruments that are designated and qualify as cash flow hedges. Upon the issuance of debt, the related amount in Accumulated OCI is released over the term of the debt and recognized as an adjustment to interest expense on the Condensed Consolidated Statements of Earnings. In the second quarter of 2020, Snap-on entered into a $300 million treasury lock to manage changes in interest rates in anticipation of the issuance of fixed rate debt. Snap-on settled the $300 million treasury lock in conjunction with the April 2020 issuance of the 2050 Notes. The $1.4 million gain on the settlement of the treasury lock was recorded in Accumulated OCI and is being amortized over the term of the 2050 Notes and recognized as an adjustment to interest expense on the Condensed Consolidated Statements of Earnings. There were no treasury locks outstanding as of both September 26, 2020, and December 28, 2019. Stock-based Deferred Compensation Risk Management: Snap-on aims to manage market risk associated with the stock-based portion of its deferred compensation plans through the use of prepaid equity forward agreements (“equity forwards”). Equity forwards are used to aid in offsetting the potential mark-to-market effect on stock-based deferred compensation from changes in Snap-on’s stock price. Since stock-based deferred compensation liabilities increase as the company’s stock price rises and decrease as the company’s stock price declines, the equity forwards are intended to mitigate the potential impact on deferred compensation expense that may result from such mark-to-market changes. As of September 26, 2020, Snap-on had equity forwards in place intended to manage market risk with respect to 98,700 shares of Snap-on common stock associated with its deferred compensation plans. Counterparty Risk: Snap-on is exposed to credit losses in the event of non-performance by the counterparties to its various financial agreements, including its foreign currency forward contracts, interest rate swap agreements, treasury lock agreements and prepaid equity forward agreements. Snap-on does not obtain collateral or other security to support financial instruments subject to credit risk, but monitors the credit standing of the counterparties and generally enters into agreements with financial institution counterparties with a credit rating of A- or better. Snap-on does not anticipate non-performance by its counterparties, but cannot provide assurances. Fair Value of Financial Instruments: The fair values of financial instruments that do not approximate the carrying values in the financial statements are as follows: September 26, 2020 December 28, 2019 (Amounts in millions) Carrying Fair Carrying Fair Finance receivables – net $ 1,654.4 $ 2,007.4 $ 1,633.6 $ 1,920.6 Contract receivables – net 480.5 536.3 460.8 505.5 Long-term debt and notes payable and current maturities of long-term debt 1,449.7 1,619.4 1,149.8 1,238.8 The following methods and assumptions were used in estimating the fair value of financial instruments: • Finance and contract receivables include both short-term and long-term receivables. The fair value estimates of finance and contract receivables are derived utilizing discounted cash flow analyses performed on groupings of receivables that are similar in terms of loan type and characteristics. The cash flow analyses consider recent prepayment trends where applicable. The cash flows are discounted over the average life of the receivables using a current market discount rate of a similar term adjusted for credit quality. Significant inputs to the fair value measurements of the receivables are unobservable and, as such, are classified as Level 3. • Fair value of long-term debt and current maturities of long-term debt were estimated, using Level 2 fair value measurements, based on quoted market values of Snap-on’s publicly traded senior debt. The carrying value of long-term debt and current maturities of long-term debt includes adjustments related to fair value hedges. The fair value of notes payable approximates such instruments’ carrying value due to their short-term nature. • The fair value of all other financial instruments, including trade and other accounts receivable, accounts payable and other financial instruments, approximates such instruments’ carrying value due to their short-term nature.

Pension Plans

Pension Plans	9 Months Ended
	Sep. 26, 2020
Retirement Benefits [Abstract]
Pension Plans	Pension Plans Snap-on’s net periodic pension cost included the following components: Three Months Ended Nine Months Ended (Amounts in millions) September 26, 2020 September 28, 2019 September 26, 2020 September 28, 2019 Service cost $ 6.7 $ 5.9 $ 20.2 $ 17.7 Interest cost 12.2 14.1 36.6 42.3 Expected return on plan assets (23.7) (22.8) (71.1) (68.3) Amortization of unrecognized loss 8.7 6.3 25.9 18.8 Amortization of prior service credit — (0.2) — (0.6) Net periodic pension cost $ 3.9 $ 3.3 $ 11.6 $ 9.9 The components of net periodic pension cost, other than the service cost component, are included in “Other income (expense) - net” on the accompanying Condensed Consolidated Statements of Earnings. See Note 17 for additional information on other income (expense) - net. Snap-on intends to make contributions of $8.7 million to its foreign pension plans and $2.9 million to its domestic pension plans in 2020, as required by law. Depending on market and other conditions, Snap-on may make discretionary cash contributions to its pension plans in 2020.

Postretirement Health Care Plan

Postretirement Health Care Plans	9 Months Ended
	Sep. 26, 2020
Postemployment Benefits [Abstract]
Postretirement Health Care Plans	Postretirement Health Care Plans Snap-on’s net periodic postretirement health care cost included the following components: Three Months Ended Nine Months Ended (Amounts in millions) September 26, 2020 September 28, 2019 September 26, 2020 September 28, 2019 Interest cost $ 0.4 $ 0.4 $ 1.1 $ 1.4 Expected return on plan assets (0.2) (0.1) (0.5) (0.5) Amortization of unrecognized gain — (0.2) — (0.6) Net periodic postretirement health care cost $ 0.2 $ 0.1 $ 0.6 $ 0.3 The components of net periodic postretirement health care cost are included in “Other income (expense) - net” on the accompanying Condensed Consolidated Statements of Earnings. See Note 17 for additional information on other income (expense) - net.

Stock-based Compensation and Ot

Stock-based Compensation and Other Stock Plans	9 Months Ended
	Sep. 26, 2020
Share-based Payment Arrangement [Abstract]
Stock-based Compensation and Other Stock Plans	Stock-based Compensation and Other Stock Plans The 2011 Incentive Stock and Awards Plan (the “2011 Plan”) provides for the grant of stock options, performance awards, stock appreciation rights (“SARs”) and restricted stock awards (which may be designated as “restricted stock units” or “RSUs”). No further grants are being made under its predecessor, the 2001 Incentive Stock and Awards Plan (the “2001 Plan”), although outstanding awards under the 2001 Plan continue in accordance with their terms. As of September 26, 2020, the 2011 Plan had 1,429,213 shares available for future grants. The company uses treasury stock to deliver shares under both the 2001 and 2011 Plans. Net stock-based compensation expense was $5.6 million and $12.5 million for the respective three and nine months ended September 26, 2020, and $4.6 million and $18.7 million for the respective three and nine months ended September 28, 2019. Cash received from stock purchase and option plan exercises during the respective three and nine months ended September 26, 2020, totaled $2.7 million and $16.5 million. Cash received from stock purchase and option plan exercises during the respective three and nine months ended September 28, 2019, totaled $1.6 million and $26.2 million. The tax benefit realized from both the exercise and vesting of share-based payment arrangements was $1.0 million and $3.3 million for the respective three and nine months ended September 26, 2020, and $1.0 million and $5.6 million for the respective three and nine months ended September 28, 2019. Stock Options: Stock options are granted with an exercise price equal to the market value of a share of Snap-on’s common stock on the date of grant and have a contractual term of ten years. Stock option grants vest ratably on the first, second and third anniversaries of the date of grant. The fair value of each stock option award is estimated on the date of grant using the Black-Scholes valuation model. The company uses historical data regarding stock option exercise and forfeiture behaviors for different participating groups to estimate the period of time that options granted are expected to be outstanding. Expected volatility is based on the historical volatility of the company’s stock for the length of time corresponding to the expected term of the option. The expected dividend yield is based on the expected annual dividend as a percentage of the market value of our common stock as of the date of grant. The risk-free interest rate is based on the U.S. treasury yield curve on the grant date for the expected term of the option. The following weighted-average assumptions were used in calculating the fair value of stock options granted during the nine months ended September 26, 2020, and September 28, 2019, using the Black-Scholes valuation model: Nine Months Ended September 26, September 28, Expected term of option (in years) 5.53 5.53 Expected volatility factor 21.67% 21.30% Expected dividend yield 2.78% 1.79% Risk-free interest rate 1.50% 2.54% A summary of stock option activity as of and for the nine months ended September 26, 2020, is presented below: Shares (in thousands) Exercise Remaining Contractual Term* (in years) Aggregate Intrinsic Value (in millions) Outstanding at December 28, 2019 3,114 $ 135.60 Granted 459 155.34 Exercised (106) 63.43 Forfeited or expired (17) 160.03 Outstanding at September 26, 2020 3,450 140.33 6.0 $ 43.3 Exercisable at September 26, 2020 2,545 134.58 5.0 43.3 * Weighted-average The weighted-average grant date fair value of options granted during the nine months ended September 26, 2020, and September 28, 2019, was $22.95 and $29.98, respectively. The intrinsic value of options exercised was $4.0 million and $8.7 million during the respective three and nine months ended September 26, 2020, and $3.9 million and $16.2 million during the respective three and nine months ended September 28, 2019. The fair value of stock options vested was $14.6 million and $15.7 million during the respective nine months ended September 26, 2020, and September 28, 2019. As of September 26, 2020, there was $16.3 million of unrecognized compensation cost related to non-vested stock options that is expected to be recognized as a charge to earnings over a weighted-average period of 1.7 years. Performance Awards: Performance awards, which are granted as performance share units (“PSUs”) and performance-based RSUs, are earned and expensed using the fair value of the award over a contractual term of three years based on the company’s performance. Vesting of the performance awards is dependent upon performance relative to pre-defined goals for revenue growth and return on net assets for the applicable performance period. For performance achieved above specified levels, the recipient may earn additional shares of stock, not to exceed 100% of the number of performance awards initially granted. The PSUs have a three-year performance period based on the results of the consolidated financial metrics of the company. The performance-based RSUs have a one-year performance period based on the results of the consolidated financial metrics of the company followed by a two-year cliff vesting schedule, assuming continued employment. The fair value of performance awards is calculated using the market value of a share of Snap-on’s common stock on the date of grant and assumed forfeitures based on recent historical experience; in recent years, forfeitures have not been significant. The weighted-average grant date fair value of performance awards granted during the nine months ended September 26, 2020, and September 28, 2019, was $155.34 and $155.92, respectively. PSUs related to 21,184 shares and 32,114 shares were paid out during the respective nine months ended September 26, 2020, and September 28, 2019. Earned PSUs vest and are generally paid out following the conclusion of the applicable performance period upon approval by the Organization and Executive Compensation Committee of the company’s Board of Directors (the “Board”). Based on the company’s 2019 performance, none of the RSUs granted in 2019 were earned. Based on the company’s 2018 performance, 33,170 RSUs granted in 2018 were earned; assuming continued employment, these RSUs will vest at the end of fiscal 2020. Based on the company’s 2017 performance, 13,648 RSUs granted in 2017 were earned; these RSUs vested as of fiscal 2019 year end and were paid out shortly thereafter. Changes to the company’s non-vested performance awards during the nine months ended September 26, 2020, are as follows: Shares (in thousands) Fair Value Non-vested performance awards at December 28, 2019 98 $ 158.94 Granted 82 155.34 Vested — — Cancellations and other (74) 157.49 Non-vested performance awards at September 26, 2020 106 157.17 * Weighted-average As of September 26, 2020, there was $7.5 million of unrecognized compensation cost related to non-vested performance awards that is expected to be recognized as a charge to earnings over a weighted-average period of 1.8 years. Stock Appreciation Rights (“SARs”): The company also issues stock-settled and cash-settled SARs to certain key non-U.S. employees. SARs have a contractual term of ten years and vest ratably on the first, second and third anniversaries of the date of grant. SARs are granted with an exercise price equal to the market value of a share of Snap-on’s common stock on the date of grant. Stock-settled SARs are accounted for as equity instruments and provide for the issuance of Snap-on common stock equal to the amount by which the company’s stock has appreciated over the exercise price. Stock-settled SARs have an effect on dilutive shares and shares outstanding as any appreciation of Snap-on’s common stock value over the exercise price will be settled in shares of common stock. Cash-settled SARs provide for the cash payment of the excess of the fair market value of Snap-on’s common stock price on the date of exercise over the grant price. Cash-settled SARs have no effect on dilutive shares or shares outstanding as any appreciation of Snap-on’s common stock over the grant price is paid in cash and not in common stock. The fair value of stock-settled SARs is estimated on the date of grant using the Black-Scholes valuation model. The fair value of cash-settled SARs is revalued (mark-to-market) each reporting period using the Black-Scholes valuation model based on Snap-on’s period-end stock price. The company uses historical data regarding SARs exercise and forfeiture behaviors for different participating groups to estimate the expected term of the SARs granted based on the period of time that similar instruments granted are expected to be outstanding. Expected volatility is based on the historical volatility of the company’s stock for the length of time corresponding to the expected term of the SARs. The expected dividend yield is based on the expected annual dividend as a percentage of the market value of our common stock as of the date of grant (for stock-settled SARs) or reporting date (for cash-settled SARs). The risk-free interest rate is based on the U.S. treasury yield curve in effect as of the grant date (for stock-settled SARs) or reporting date (for cash-settled SARs) for the length of time corresponding to the expected term of the SARs. The following weighted-average assumptions were used in calculating the fair value of stock-settled SARs granted during the nine months ended September 26, 2020, and September 28, 2019, using the Black-Scholes valuation model: Nine Months Ended September 26, September 28, Expected term of stock-settled SARs (in years) 3.75 3.65 Expected volatility factor 22.50% 22.60% Expected dividend yield 2.78% 1.81% Risk-free interest rate 1.42% 2.48% Changes to the company’s stock-settled SARs during the nine months ended September 26, 2020, are as follows: Stock-settled SARs (in thousands) Exercise Remaining Contractual Term* (in years) Aggregate Intrinsic Value (in millions) Outstanding at December 28, 2019 450 $ 149.18 Granted 92 155.34 Exercised (1) 94.93 Forfeited or expired (6) 130.68 Outstanding at September 26, 2020 535 150.56 6.8 $ 2.1 Exercisable at September 26, 2020 355 147.56 5.8 2.1 * Weighted-average The weighted-average grant date fair value of stock-settled SARs granted during the nine months ended September 26, 2020, and September 28, 2019, was $21.31 and $26.45, respectively. The intrinsic value of stock-settled SARs exercised was zero during both the three and nine months ended September 26, 2020, and $0.1 million during both the three and nine months ended September 28, 2019. The fair value of stock-settled SARs vested was $2.3 million and $2.1 million during the respective nine months ended September 26, 2020, and September 28, 2019. As of September 26, 2020, there was $2.9 million of unrecognized compensation cost related to non-vested stock-settled SARs that is expected to be recognized as a charge to earnings over a weighted-average period of 1.7 years. The following weighted-average assumptions were used in calculating the fair value of cash-settled SARs granted during the nine months ended September 26, 2020, and September 28, 2019, using the Black-Scholes valuation model: Nine Months Ended September 26, September 28, Expected term of cash-settled SARs (in years) 3.19 3.09 Expected volatility factor 33.08% 23.36% Expected dividend yield 3.04% 1.94% Risk-free interest rate 0.15% 1.58% The intrinsic value of cash-settled SARs exercised was zero and $0.2 million during the respective three and nine months ended September 26, 2020, and zero and $0.5 million during the respective three and nine months ended September 28, 2019. The fair value of cash-settled SARs vested was zero and $0.1 million during the respective nine months ended September 26, 2020, and September 28, 2019. Changes to the company’s non-vested cash-settled SARs during the nine months ended September 26, 2020, are as follows: Cash-settled SARs (in thousands) Fair Value Non-vested cash-settled SARs at December 28, 2019 2 $ 25.96 Granted 1 21.63 Vested (1) 18.16 Non-vested cash-settled SARs at September 26, 2020 2 20.81 * Weighted-average As of September 26, 2020, there was $0.1 million of unrecognized compensation cost related to non-vested cash-settled SARs that is expected to be recognized as a charge to earnings over a weighted-average period of 1.7 years. Restricted Stock Awards – Non-employee Directors: The company awarded 7,380 shares and 7,605 shares of restricted stock to non-employee directors for the respective nine months ended September 26, 2020, and September 28, 2019. The fair value of the restricted stock awards is expensed over a one

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 26, 2020
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The shares used in the computation of the company’s basic and diluted earnings per common share are as follows: Three Months Ended Nine Months Ended September 26, 2020 September 28, 2019 September 26, 2020 September 28, 2019 Weighted-average common shares outstanding 54,325,711 54,969,340 54,421,129 55,245,705 Effect of dilutive securities 441,636 687,602 448,292 755,157 Weighted-average common shares outstanding, assuming dilution 54,767,347 55,656,942 54,869,421 56,000,862 The dilutive effect of the potential exercise of outstanding options and stock-settled SARs to purchase common shares is calculated using the treasury stock method. As of September 26, 2020, there were 2,750,149 awards outstanding that were anti-dilutive; as of September 28, 2019, there were 1,223,983 awards outstanding that were anti-dilutive. Performance-based equity awards are included in the diluted earnings per share calculation based on the attainment of the applicable performance metrics to date.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 26, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Snap-on provides product warranties for specific product lines and accrues for estimated future warranty cost in the period in which the sale is recorded. Snap-on calculates its accrual requirements based on historic warranty loss experience that is periodically adjusted for recent actual experience, including the timing of claims during the warranty period and actual costs incurred. Snap-on’s product warranty accrual activity for the three and nine months ended September 26, 2020, and September 28, 2019, is as follows: Three Months Ended Nine Months Ended (Amounts in millions) September 26, 2020 September 28, 2019 September 26, 2020 September 28, 2019 Warranty reserve: Beginning of period $ 17.2 $ 17.8 $ 17.3 $ 17.1 Additions 4.6 3.8 10.6 12.5 Usage (4.5) (4.6) (10.6) (12.6) End of period $ 17.3 $ 17.0 $ 17.3 $ 17.0 Snap-on is involved in various legal matters that are being litigated and/or settled in the ordinary course of business. Although it is not possible to predict the outcome of these legal matters, management believes that the results of all legal matters will not have a material impact on Snap-on’s consolidated financial position, results of operations or cash flows.

Leases

Leases	9 Months Ended
	Sep. 26, 2020
Leases [Abstract]
Leases	Leases Lessee Accounting: Supplemental balance sheet information related to leases as of September 26, 2020, and December 28, 2019 is as follows: (Amounts in millions) September 26, December 28, Finance leases: Property and equipment - gross $ 10.0 $ 9.2 Accumulated depreciation and amortization (2.8) (1.5) Property and equipment - net $ 7.2 $ 7.7 Other accrued liabilities $ 2.7 $ 2.8 Other long-term liabilities 8.2 10.0 Total finance lease liabilities $ 10.9 $ 12.8 Operating leases: Operating lease right-of-use assets $ 51.0 $ 55.6 Other accrued liabilities $ 18.8 $ 19.5 Operating lease liabilities 33.6 37.5 Total operating lease liabilities $ 52.4 $ 57.0 Lessor Accounting: Snap-on’s Financial Services business offers its customers lease financing for the lease of tools, diagnostics and equipment products and it offers financing to franchisees 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 September 26, 2020, and December 28, 2019 is as follows: (Amounts in millions) September 26, December 28, Finance leases: Property and equipment - gross $ 10.0 $ 9.2 Accumulated depreciation and amortization (2.8) (1.5) Property and equipment - net $ 7.2 $ 7.7 Other accrued liabilities $ 2.7 $ 2.8 Other long-term liabilities 8.2 10.0 Total finance lease liabilities $ 10.9 $ 12.8 Operating leases: Operating lease right-of-use assets $ 51.0 $ 55.6 Other accrued liabilities $ 18.8 $ 19.5 Operating lease liabilities 33.6 37.5 Total operating lease liabilities $ 52.4 $ 57.0 Lessor Accounting: Snap-on’s Financial Services business offers its customers lease financing for the lease of tools, diagnostics and equipment products and it offers financing to franchisees 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 September 26, 2020, and December 28, 2019 is as follows: (Amounts in millions) September 26, December 28, Finance leases: Property and equipment - gross $ 10.0 $ 9.2 Accumulated depreciation and amortization (2.8) (1.5) Property and equipment - net $ 7.2 $ 7.7 Other accrued liabilities $ 2.7 $ 2.8 Other long-term liabilities 8.2 10.0 Total finance lease liabilities $ 10.9 $ 12.8 Operating leases: Operating lease right-of-use assets $ 51.0 $ 55.6 Other accrued liabilities $ 18.8 $ 19.5 Operating lease liabilities 33.6 37.5 Total operating lease liabilities $ 52.4 $ 57.0 Lessor Accounting: Snap-on’s Financial Services business offers its customers lease financing for the lease of tools, diagnostics and equipment products and it offers financing to franchisees 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.

Other Income (Expense) - Net

Other Income (Expense) - Net	9 Months Ended
	Sep. 26, 2020
Other Income and Expenses [Abstract]
Other Income (Expense) - Net	Other Income (Expense) – Net “Other income (expense) – net” on the accompanying Condensed Consolidated Statements of Earnings consists of the following: Three Months Ended Nine Months Ended (Amounts in millions) September 26, 2020 September 28, 2019 September 26, 2020 September 28, 2019 Interest income $ 0.5 $ 0.4 $ 1.2 $ 1.1 Net foreign exchange loss (0.4) (0.2) (3.0) (2.7) Net periodic pension and postretirement benefits – non-service 2.6 2.5 8.0 7.5 Other 0.1 0.1 0.1 0.5 Total other income (expense) – net $ 2.8 $ 2.8 $ 6.3 $ 6.4

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	9 Months Ended
	Sep. 26, 2020
Equity [Abstract]
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) The following is a summary of net changes in Accumulated OCI by component and net of tax for the three months ended September 26, 2020: (Amounts in millions) Foreign Cash Flow Defined Total Balance as of June 27, 2020 $ (207.6) $ 11.3 $ (318.1) $ (514.4) Other comprehensive income before reclassifications 42.6 — — 42.6 Amounts reclassified from Accumulated OCI — (0.4) 6.6 6.2 Net other comprehensive income (loss) 42.6 (0.4) 6.6 48.8 Balance as of September 26, 2020 $ (165.0) $ 10.9 $ (311.5) $ (465.6) The following is a summary of net changes in Accumulated OCI by component and net of tax for the nine months ended September 26, 2020: (Amounts in millions) Foreign Cash Flow Defined Total Balance as of December 28, 2019 $ (187.4) $ 10.7 $ (331.2) $ (507.9) Other comprehensive income before reclassifications 22.4 1.4 — 23.8 Amounts reclassified from Accumulated OCI — (1.2) 19.7 18.5 Net other comprehensive income 22.4 0.2 19.7 42.3 Balance as of September 26, 2020 $ (165.0) $ 10.9 $ (311.5) $ (465.6) The following is a summary of net changes in Accumulated OCI by component and net of tax for the three months ended September 28, 2019: (Amounts in millions) Foreign Cash Flow Defined Total Balance as of June 29, 2019 $ (178.7) $ 11.5 $ (333.5) $ (500.7) Other comprehensive loss before reclassifications (47.3) — — (47.3) Amounts reclassified from Accumulated OCI — (0.4) 4.5 4.1 Net other comprehensive income (loss) (47.3) (0.4) 4.5 (43.2) Balance as of September 28, 2019 $ (226.0) $ 11.1 $ (329.0) $ (543.9) The following is a summary of net changes in Accumulated OCI by component and net of tax for the nine months ended September 28, 2019: (Amounts in millions) Foreign Cash Flow Defined Total Balance as of December 29, 2018 $ (177.9) $ 12.2 $ (296.5) $ (462.2) Impact of the Tax Cuts and Jobs Act on Accumulated Other Comprehensive Income (ASU No. 2018-02) — — (45.9) (45.9) Balance at December 30, 2018 (177.9) 12.2 (342.4) (508.1) Other comprehensive loss before reclassifications (48.1) — — (48.1) Amounts reclassified from Accumulated OCI — (1.1) 13.4 12.3 Net other comprehensive income (loss) (48.1) (1.1) 13.4 (35.8) Balance as of September 28, 2019 $ (226.0) $ 11.1 $ (329.0) $ (543.9) The reclassifications out of Accumulated OCI for the three and nine month periods ended September 26, 2020, and September 28, 2019, are as follows: Amount Reclassified from Accumulated OCI Three Months Ended Nine Months Ended September 26, September 28, September 26, September 28, Statement of Earnings (Amounts in millions) Gains on cash flow hedges: Treasury locks $ 0.4 $ 0.4 $ 1.2 $ 1.1 Interest expense Income tax expense — — — — Income tax expense Net of tax 0.4 0.4 1.2 1.1 Amortization of net unrecognized losses and prior service credits (8.7) (5.9) (25.9) (17.6) See footnote below* Income tax benefit 2.1 1.4 6.2 4.2 Income tax expense Net of tax (6.6) (4.5) (19.7) (13.4) Total reclassifications for the period, net of tax $ (6.2) $ (4.1) $ (18.5) $ (12.3) * These Accumulated OCI components are included in the computation of net periodic pension and postretirement health care costs; see Note 11 and Note 12 for further information.

Segments

Segments	9 Months Ended
	Sep. 26, 2020
Segment Reporting [Abstract]
Segments	SegmentsSnap-on’s business segments are based on the organization structure used by management for making operating and investment decisions and for assessing performance. Snap-on’s reportable business segments are: (i) the Commercial & Industrial Group; (ii) the Snap-on Tools Group; (iii) the Repair Systems & Information Group; and (iv) Financial Services. The Commercial & Industrial Group consists of business operations serving a broad range of industrial and commercial customers worldwide, including customers in the aerospace, natural resources, government, power generation, transportation and technical education market segments (collectively, “critical industries”), primarily through direct and distributor channels. The Snap-on Tools Group consists of business operations primarily serving vehicle service and repair technicians through the company’s worldwide mobile tool distribution channel. The Repair Systems & Information Group consists of business operations serving other professional vehicle repair customers worldwide, primarily owners and managers of independent repair shops and OEM dealerships, through direct and distributor channels. Financial Services consists of the business operations of Snap-on’s finance subsidiaries. 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 intersegment sales and transfers based primarily on standard costs with reasonable mark-ups established between the segments. Identifiable assets by segment are those assets used in the respective reportable segment’s operations. Corporate assets consist of cash and cash equivalents (excluding cash held at Financial Services), deferred income taxes and certain other assets. All intersegment amounts are eliminated to arrive at Snap-on’s consolidated financial results. Financial Data by Segment: Three Months Ended Nine Months Ended (Amounts in millions) September 26, September 28, September 26, September 28, Net sales: Commercial & Industrial Group $ 308.4 $ 335.3 $ 870.2 $ 992.8 Snap-on Tools Group 449.8 385.2 1,149.0 1,201.2 Repair Systems & Information Group 317.5 322.7 877.1 999.5 Segment net sales 1,075.7 1,043.2 2,896.3 3,193.5 Intersegment eliminations (134.1) (141.4) (378.2) (418.7) Total net sales 941.6 901.8 2,518.1 2,774.8 Financial Services revenue 85.8 84.1 256.3 253.8 Total revenues $ 1,027.4 $ 985.9 $ 2,774.4 $ 3,028.6 Operating earnings: Commercial & Industrial Group $ 43.1 $ 48.3 $ 97.5 $ 143.7 Snap-on Tools Group 87.1 53.0 174.1 191.5 Repair Systems & Information Group 80.1 83.3 208.0 255.5 Financial Services 65.6 61.0 180.1 183.7 Segment operating earnings 275.9 245.6 659.7 774.4 Corporate (24.6) (16.9) (63.9) (45.7) Operating earnings 251.3 228.7 595.8 728.7 Interest expense (13.8) (12.0) (38.6) (36.9) Other income (expense) – net 2.8 2.8 6.3 6.4 Earnings before income taxes and equity earnings $ 240.3 $ 219.5 $ 563.5 $ 698.2 (Amounts in millions) September 26, December 28, Assets: Commercial & Industrial Group $ 1,124.2 $ 1,138.8 Snap-on Tools Group 796.7 827.4 Repair Systems & Information Group 1,366.8 1,381.9 Financial Services 2,151.2 2,104.0 Total assets from reportable segments 5,438.9 5,452.1 Corporate 884.8 303.1 Elimination of intersegment receivables (56.1) (61.7) Total assets $ 6,267.6 $ 5,693.5

Subsequent Event

Subsequent Event	9 Months Ended
	Sep. 26, 2020
Subsequent Events [Abstract]
Subsequent Event	Subsequent EventOn September 28, 2020, subsequent to the end of the third quarter, Snap-on acquired substantially all of the assets of AutoCrib, Inc. (“AutoCrib”) for a cash purchase price of approximately $36.0 million. AutoCrib, based in Tustin, California, designs, manufactures and markets tool and asset control solutions for a variety of aerospace, automotive, military, natural resources and general industry operations. For segment reporting purposes, the results of operations and assets of AutoCrib will be included in the Commercial & Industrial Group beginning on the acquisition date.

Summary of Accounting Policies

Summary of Accounting Policies - (Policies)	9 Months Ended
	Sep. 26, 2020
Accounting Policies [Abstract]
Principles of consolidation and presentation	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 2019 Annual Report on Form 10-K for the fiscal year ended December 28, 2019 (“2019 year end”), as updated below. The company’s 2020 fiscal year, which ends on January 2, 2021, will contain 53 weeks of operating results, with the additional week occurring in the fourth quarter. The company’s 2019 fiscal year contained 52 weeks of operating results. Snap-on’s 2020 fiscal third quarter ended on September 26, 2020; the 2019 fiscal third quarter ended on September 28, 2019. The company’s 2020 and 2019 fiscal third 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 and nine month periods ended September 26, 2020, and September 28, 2019, have been made. Interim results of operations are not necessarily indicative of the results to be expected for the full fiscal year.
Financial services revenue	Financial services revenue: Snap-on generates revenue from various financing programs that include: (i) installment sales and lease contracts arising from franchisees’ customers and Snap-on customers who require financing for the purchase or lease of tools and diagnostic and equipment products on an extended-term payment plan; and (ii) business loans and vehicle leases to franchisees. These financing programs are offered through Snap-on’s wholly owned finance subsidiaries. Financial services revenue consists primarily of interest income on finance and contract receivables and is recognized over the life of the underlying contracts, with interest computed primarily on the average daily balances of the underlying contracts.
Receivables and allowances for credit losses	Receivables and allowances for credit losses: All trade, finance and contract receivables are reported on the Condensed Consolidated Balance Sheets at their amortized cost adjusted for any write-offs and net of allowances for credit losses. The amortized costs for finance and contract receivables are the amount originated adjusted for applicable accrued interest and net of deferred fees or costs, net of collections and write-offs. Snap-on maintains allowances for credit losses, which represent an estimate of expected losses over the remaining contractual life of its receivables considering current market conditions and supportable forecasts when appropriate. The estimate is a result of the company’s ongoing assessments and evaluations of collectability, historical loss experience, and future expectations in estimating credit losses in each of its receivable portfolios (trade, finance and contract receivables). For trade receivables, Snap-on uses historical loss experience rates by portfolio and applies them to a related aging analysis while also considering customer and/or economic risk where appropriate. For finance receivables, Snap-on uses a vintage loss experience analysis. For contract receivables, a weighted-average remaining maturity method is primarily used. Determination of the proper amount of allowances by portfolio requires management to exercise judgment about the timing, frequency and severity of credit losses that could materially affect the provision for credit losses and, as a result, net earnings. The allowances take into consideration numerous quantitative and qualitative factors that include receivable type, historical loss experience, delinquency trends, collection experience, current economic conditions, supportable forecasts, when appropriate, and credit risk characteristics. Snap-on evaluates the credit risk of the customer when extending credit based on a combination of various financial and qualitative factors that may affect its customers’ ability to pay. These factors may include the customer’s financial condition, past payment experience, and credit bureau and proprietary Snap-on credit model information, as well as the value of the underlying collateral. Management performs detailed reviews of its receivables on a monthly and/or quarterly basis to assess the adequacy of the allowances and to determine if any impairment has occurred. Monthly reviews of credit and collection performance are conducted for both its finance and contract receivable portfolios focusing on data such as delinquency trends, non-performing assets, and write-off and recovery activity. These reviews allow for the formulation of collection strategies and potential collection policy modifications in response to changing risk profiles in the finance and contract receivable portfolios. A receivable may have credit losses when it is expected that all amounts related to the receivable will not be collected according to the contractual terms of the agreement. Amounts determined to be uncollectable are charged directly against the allowances, while amounts recovered on previously written-off accounts increase the allowances. For both finance and contract receivables, net write-offs include the principal amount of losses written off as well as written-off interest and fees, and recourse from franchisees on finance receivables. Recovered interest and fees previously written off are recorded through the allowances for credit losses and increase the allowance. Finance receivables are assessed for write-off when an account becomes 120 days past due and are written off typically within 60 days of asset repossession. Contract receivables related to equipment leases are generally written off when an account becomes 150 days past due, while contract receivables related to franchise finance and van leases are generally written off up to 180 days past the asset return date. For finance and contract receivables, customer bankruptcies are generally written off upon notification that the associated debt is not being reaffirmed or, in any event, no later than 180 days past due. Changes to the allowances for credit losses are maintained through adjustments to the provision for credit losses, which are charged to current period earnings. Actual amounts as of the balance sheet dates may be materially different than the amounts reported in future periods due to the uncertainty in the estimation process. Also, future amounts could differ materially from those estimates due to changes in circumstances after the balance sheet date. Snap-on does not believe that its trade, finance or contract receivables represent significant concentrations of credit risk because of the diversified portfolio of individual customers and geographical areas. See Note 4 for further information on receivables and allowances for credit losses.
Use of Estimates	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	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	New Accounting Standards The following new accounting pronouncements were adopted by Snap-on in fiscal year 2020: On December 29, 2019, the beginning of Snap-on’s fiscal year, the company adopted ASU No. 2018-13, Fair Value Measurement (Topic 820) - Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement , which is designed to improve the effectiveness of disclosures by removing, modifying and adding disclosures related to fair value measurements. The adoption of this ASU did not have an impact on the company’s Condensed Consolidated Financial Statements or disclosures. On December 29, 2019, the beginning of Snap-on’s fiscal year, the company adopted ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326) , which requires the measurement of expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions and reasonable and supportable forecasts. The main objective of this ASU is to provide financial statement users with more information about the expected credit losses over the contractual life of financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. Snap-on adopted ASU No. 2016-13 under the modified retrospective approach for receivables measured at amortized costs with prior periods reported in accordance with previously applicable guidance. See Note 4 for a discussion about the impact the adoption of this ASU had on the company and further information on credit losses. The following new accounting pronouncement, and related impact on adoption, is being evaluated by the company: In December 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes , which is designed to simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. ASU No. 2019-12 is effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years; this ASU allows for early adoption in any interim period after issuance of the update. The adoption of this ASU is not expected to have a significant impact on the company’s consolidated financial statements.

Revenue Recognition - (Tables)

Revenue Recognition - (Tables)	9 Months Ended
	Sep. 26, 2020
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table shows the consolidated revenues by revenue source: Three Months Ended Nine Months Ended (Amounts in millions) September 26, September 28, September 26, September 28, Revenue from contracts with customers $ 935.8 $ 896.2 $ 2,500.8 $ 2,758.4 Other revenues 5.8 5.6 17.3 16.4 Total net sales 941.6 901.8 2,518.1 2,774.8 Financial services revenue 85.8 84.1 256.3 253.8 Total revenues $ 1,027.4 $ 985.9 $ 2,774.4 $ 3,028.6 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 September 26, 2020 Commercial Snap-on Repair Systems & Industrial Tools & Information Financial Snap-on (Amounts in millions) Group Group Group Services Eliminations Incorporated Net sales: North America* $ 103.9 $ 389.2 $ 186.0 $ — $ — $ 679.1 Europe 66.8 38.6 54.9 — — 160.3 All other 65.0 22.0 15.2 — — 102.2 External net sales 235.7 449.8 256.1 — — 941.6 Intersegment net sales 72.7 — 61.4 — (134.1) — Total net sales 308.4 449.8 317.5 — (134.1) 941.6 Financial services revenue — — — 85.8 — 85.8 Total revenue $ 308.4 $ 449.8 $ 317.5 $ 85.8 $ (134.1) $ 1,027.4 For the Nine Months Ended September 26, 2020 Commercial Snap-on Repair Systems & Industrial Tools & Information Financial Snap-on (Amounts in millions) Group Group Group Services Eliminations Incorporated Net sales: North America* $ 309.7 $ 1,007.6 $ 511.8 $ — $ — $ 1,829.1 Europe 188.8 87.2 148.4 — — 424.4 All other 168.7 54.2 41.7 — — 264.6 External net sales 667.2 1,149.0 701.9 — — 2,518.1 Intersegment net sales 203.0 — 175.2 — (378.2) — Total net sales 870.2 1,149.0 877.1 — (378.2) 2,518.1 Financial services revenue — — — 256.3 — 256.3 Total revenue $ 870.2 $ 1,149.0 $ 877.1 $ 256.3 $ (378.2) $ 2,774.4 * North America is comprised of the United States, Canada and Mexico. For the Three Months Ended September 28, 2019 Commercial Snap-on Repair Systems & Industrial Tools & Information Financial Snap-on (Amounts in millions) Group Group Group Services Eliminations Incorporated Net sales: North America* $ 125.3 $ 337.6 $ 188.3 $ — $ — $ 651.2 Europe 65.1 28.3 54.6 — — 148.0 All other 66.6 19.3 16.7 — — 102.6 External net sales 257.0 385.2 259.6 — — 901.8 Intersegment net sales 78.3 — 63.1 — (141.4) — Total net sales 335.3 385.2 322.7 — (141.4) 901.8 Financial services revenue — — — 84.1 — 84.1 Total revenue $ 335.3 $ 385.2 $ 322.7 $ 84.1 $ (141.4) $ 985.9 For the Nine Months Ended September 28, 2019 Commercial Snap-on Repair Systems & Industrial Tools & Information Financial Snap-on (Amounts in millions) Group Group Group Services Eliminations Incorporated Net sales: North America* $ 355.8 $ 1,039.3 $ 575.7 $ — $ — $ 1,970.8 Europe 214.8 101.7 176.4 — — 492.9 All other 198.9 60.2 52.0 — — 311.1 External net sales 769.5 1,201.2 804.1 — — 2,774.8 Intersegment net sales 223.3 — 195.4 — (418.7) — Total net sales 992.8 1,201.2 999.5 — (418.7) 2,774.8 Financial services revenue — — — 253.8 — 253.8 Total revenue $ 992.8 $ 1,201.2 $ 999.5 $ 253.8 $ (418.7) $ 3,028.6 * North America is comprised of the United States, Canada and Mexico. The following tables represent external net sales disaggregated by customer type: For the Three Months Ended September 26, 2020 Commercial Snap-on Repair Systems & Industrial Tools & Information Financial Snap-on (Amounts in millions) Group Group Group Services Eliminations Incorporated Net sales: Vehicle service professionals $ 22.3 $ 449.8 $ 256.1 $ — $ — $ 728.2 All other professionals 213.4 — — — — 213.4 External net sales 235.7 449.8 256.1 — — 941.6 Intersegment net sales 72.7 — 61.4 — (134.1) — Total net sales 308.4 449.8 317.5 — (134.1) 941.6 Financial services revenue — — — 85.8 — 85.8 Total revenue $ 308.4 $ 449.8 $ 317.5 $ 85.8 $ (134.1) $ 1,027.4 For the Nine Months Ended September 26, 2020 Commercial Snap-on Repair Systems & Industrial Tools & Information Financial Snap-on (Amounts in millions) Group Group Group Services Eliminations Incorporated Net sales: Vehicle service professionals $ 61.7 $ 1,149.0 $ 701.9 $ — $ — $ 1,912.6 All other professionals 605.5 — — — — 605.5 External net sales 667.2 1,149.0 701.9 — — 2,518.1 Intersegment net sales 203.0 — 175.2 — (378.2) — Total net sales 870.2 1,149.0 877.1 — (378.2) 2,518.1 Financial services revenue — — — 256.3 — 256.3 Total revenue $ 870.2 $ 1,149.0 $ 877.1 $ 256.3 $ (378.2) $ 2,774.4 For the Three Months Ended September 28, 2019 Commercial Snap-on Repair Systems & Industrial Tools & Information Financial Snap-on (Amounts in millions) Group Group Group Services Eliminations Incorporated Net sales: Vehicle service professionals $ 20.8 $ 385.2 $ 259.6 $ — $ — $ 665.6 All other professionals 236.2 — — — — 236.2 External net sales 257.0 385.2 259.6 — — 901.8 Intersegment net sales 78.3 — 63.1 — (141.4) — Total net sales 335.3 385.2 322.7 — (141.4) 901.8 Financial services revenue — — — 84.1 — 84.1 Total revenue $ 335.3 $ 385.2 $ 322.7 $ 84.1 $ (141.4) $ 985.9 For the Nine Months Ended September 28, 2019 Commercial Snap-on Repair Systems & Industrial Tools & Information Financial Snap-on (Amounts in millions) Group Group Group Services Eliminations Incorporated Net sales: Vehicle service professionals $ 64.8 $ 1,201.2 $ 804.1 $ — $ — $ 2,070.1 All other professionals 704.7 — — — — 704.7 External net sales 769.5 1,201.2 804.1 — — 2,774.8 Intersegment net sales 223.3 — 195.4 — (418.7) — Total net sales 992.8 1,201.2 999.5 — (418.7) 2,774.8 Financial services revenue — — — 253.8 — 253.8 Total revenue $ 992.8 $ 1,201.2 $ 999.5 $ 253.8 $ (418.7) $ 3,028.6

Receivables - (Tables)

Receivables - (Tables)	9 Months Ended
	Sep. 26, 2020
Receivables [Abstract]
Summary of Effects of ASU 2016-13 Adoption	The effects of adjustments to the December 28, 2019 Condensed Consolidated Balance Sheet as a result of the adoption of ASU No. 2016-13, including an increase in the allowance for credit losses of $8.1 million, were as follows: Balance at Opening Balance at (Amounts in millions) December 28, Topic 326 Adjustments December 29, Current assets Finance receivables - allowance for credit losses $ (19.7) $ (1.7) $ (21.4) Contract receivables - allowance for credit losses (1.5) (0.5) (2.0) Long-term assets Finance receivables - allowance for credit losses (42.2) (3.5) (45.7) Contract receivables - allowance for credit losses (4.1) (2.4) (6.5) Total allowances for credit losses $ (67.5) $ (8.1) $ (75.6) Deferred income tax assets $ 52.3 $ 2.0 $ 54.3 Equity Retained Earnings $ 4,779.7 $ (6.1) $ 4,773.6
Components of Trade and Other Accounts Receivable	The components of Snap-on’s trade and other accounts receivable as of September 26, 2020, and December 28, 2019, are as follows: (Amounts in millions) September 26, December 28, Trade and other accounts receivable $ 642.4 $ 715.5 Allowances for credit losses (23.5) (20.9) Total trade and other accounts receivable – net $ 618.9 $ 694.6
Components of Finance and Contract Receivables, Current and Beyond One Year	The following is a rollforward of the allowances for credit losses related to trade and other accounts receivable for the three and nine months ended September 26, 2020: Three Months Ended Nine Months Ended (Amounts in millions) September 26, September 26, Allowances for credit losses: Beginning of period $ 23.6 $ 20.9 Provision for credit losses 4.1 13.2 Charge-offs (4.5) (10.0) Recoveries — — Currency translation 0.3 (0.6) End of period $ 23.5 $ 23.5 The components of Snap-on’s current finance and contract receivables as of September 26, 2020, and December 28, 2019, are as follows: (Amounts in millions) September 26, December 28, Finance installment receivables $ 531.5 $ 511.9 Finance lease receivables, net of unearned finance charges of $6.0 million and $11.7 million, respectively 24.4 37.9 Total finance receivables 555.9 549.8 Contract installment receivables 62.2 50.8 Contract lease receivables, net of unearned finance charges of $17.9 million and $18.2 million, respectively 53.4 51.4 Total contract receivables 115.6 102.2 Total 671.5 652.0 Allowances for credit losses: Finance installment receivables (23.4) (19.2) Finance lease receivables (0.4) (0.5) Total finance allowance for credit losses (23.8) (19.7) Contract installment receivables (1.3) (0.5) Contract lease receivables (1.0) (1.0) Total contract allowance for credit losses (2.3) (1.5) Total allowance for credit losses (26.1) (21.2) Total current finance and contract receivables – net $ 645.4 $ 630.8 Finance receivables – net $ 532.1 $ 530.1 Contract receivables – net 113.3 100.7 Total current finance and contract receivables – net $ 645.4 $ 630.8 The components of Snap-on’s finance and contract receivables with payment terms beyond one year as of September 26, 2020, and December 28, 2019, are as follows: (Amounts in millions) September 26, December 28, Finance installment receivables $ 1,152.9 $ 1,106.0 Finance lease receivables, net of unearned finance charges of $3.6 million and $8.2 million, respectively 20.6 39.7 Total finance receivables 1,173.5 1,145.7 Contract installment receivables 198.2 195.5 Contract lease receivables, net of unearned finance charges of $29.3 million and $29.4 million, respectively 175.7 168.7 Total contract receivables 373.9 364.2 Total 1,547.4 1,509.9 Allowances for credit losses: Finance installment receivables (50.9) (41.6) Finance lease receivables (0.3) (0.6) Total finance allowance for credit losses (51.2) (42.2) Contract installment receivables (3.1) (1.8) Contract lease receivables (3.6) (2.3) Total contract allowance for credit losses (6.7) (4.1) Total allowance for credit losses (57.9) (46.3) Total long-term finance and contract receivables – net $ 1,489.5 $ 1,463.6 Finance receivables – net $ 1,122.3 $ 1,103.5 Contract receivables – net 367.2 360.1 Total long-term finance and contract receivables – net $ 1,489.5 $ 1,463.6
Schedule of Delinquent and Non-delinquent Finance and Contract Receivables	The amortized cost basis of finance and contract receivables by origination year as of September 26, 2020, are as follows: (Amounts in millions) 2020 2019 2018 2017 2016 Prior Total Finance Receivables: Delinquent $ 7.7 $ 19.0 $ 10.7 $ 5.7 $ 2.3 $ 0.4 $ 45.8 Non-delinquent 972.0 440.6 179.6 69.3 20.3 1.8 1,683.6 Total Finance receivables $ 979.7 $ 459.6 $ 190.3 $ 75.0 $ 22.6 $ 2.2 $ 1,729.4 Contract receivables: Delinquent $ 0.3 $ 0.7 $ 0.5 $ 0.6 $ 0.5 $ 0.5 $ 3.1 Non-delinquent 150.8 132.4 91.3 57.1 28.4 26.4 486.4 Total Contract receivables $ 151.1 $ 133.1 $ 91.8 $ 57.7 $ 28.9 $ 26.9 $ 489.5
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 months ended September 26, 2020, and September 28, 2019: Three Months Ended Nine Months Ended (Amounts in millions) Finance Contract Finance Contract Allowances for credit losses: Beginning of period $ 72.5 $ 9.1 $ 61.9 $ 5.6 Impact of adopting ASU No. 2016-13 — — 5.2 2.9 Provision for credit losses 9.8 0.5 41.2 3.1 Charge-offs (9.5) (0.7) (39.6) (2.9) Recoveries 2.1 0.1 6.3 0.3 Currency translation 0.1 — — — End of period $ 75.0 $ 9.0 $ 75.0 $ 9.0 Three Months Ended Nine Months Ended (Amounts in millions) Finance Receivables Contract Receivables Finance Receivables Contract Receivables Allowances for credit losses: Beginning of period $ 60.9 $ 5.0 $ 61.4 $ 4.3 Provision for credit losses 11.4 1.9 35.8 4.0 Charge-offs (13.0) (1.0) (41.9) (2.7) Recoveries 1.9 — 5.9 0.3 Currency translation (0.1) 0.1 (0.1) 0.1 End of period $ 61.1 $ 6.0 $ 61.1 $ 6.0
Aging of Finance and Contract Receivables	The aging of finance and contract receivables as of September 26, 2020, and December 28, 2019, is as follows: (Amounts in millions) 30-59 60-90 Greater Total Past Total Not Total Greater September 26, 2020: Finance receivables $ 17.8 $ 11.2 $ 16.8 $ 45.8 $ 1,683.6 $ 1,729.4 $ 13.9 Contract receivables 1.3 0.5 1.3 3.1 486.4 489.5 0.3 December 28, 2019: Finance receivables $ 19.7 $ 12.0 $ 21.4 $ 53.1 $ 1,642.4 $ 1,695.5 $ 17.2 Contract receivables 1.5 0.9 1.5 3.9 462.5 466.4 0.5
Schedule of Finance and Contract Receivables on Nonaccrual Status	The amount of finance and contract receivables on nonaccrual status as of September 26, 2020, and December 28, 2019, is as follows: (Amounts in millions) September 26, December 28, Finance receivables $ 9.8 $ 12.2 Contract receivables 2.5 2.2

Inventories - (Tables)

Inventories - (Tables)	9 Months Ended
	Sep. 26, 2020
Inventory Disclosure [Abstract]
Schedule of Inventories by Major Classification	Inventories by major classification are as follows: (Amounts in millions) September 26, December 28, Finished goods $ 664.8 $ 661.0 Work in progress 59.3 57.1 Raw materials 124.5 126.8 Total FIFO value 848.6 844.9 Excess of current cost over LIFO cost (84.2) (84.5) Total inventories – net $ 764.4 $ 760.4

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets - (Tables)	9 Months Ended
	Sep. 26, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Changes in Carrying Amount of Goodwill by Segment	The changes in the carrying amount of goodwill by segment for the nine months ended September 26, 2020, are as follows: (Amounts in millions) Commercial Snap-on Repair Systems Total Balance as of December 28, 2019 $ 286.2 $ 12.5 $ 615.1 $ 913.8 Currency translation 11.3 — 4.7 16.0 Acquisitions and related adjustments — — 8.7 8.7 Balance as of September 26, 2020 $ 297.5 $ 12.5 $ 628.5 $ 938.5
Other Intangible Assets by Major Class	Additional disclosures related to other intangible assets are as follows: September 26, 2020 December 28, 2019 (Amounts in millions) Gross Carrying Accumulated Gross Carrying Accumulated Amortized other intangible assets: Customer relationships $ 183.5 $ (125.8) $ 182.9 $ (117.9) Developed technology 19.7 (19.2) 19.8 (18.9) Internally developed software 169.1 (124.8) 168.0 (125.4) Patents 41.2 (24.6) 38.5 (23.7) Trademarks 3.8 (2.2) 3.5 (2.1) Other 7.8 (3.7) 7.3 (3.1) Total 425.1 (300.3) 420.0 (291.1) Non-amortized trademarks 116.8 — 115.0 — Total other intangible assets $ 541.9 $ (300.3) $ 535.0 $ (291.1)
Weighted-Average Amortization Period by Major Class	The weighted-average amortization periods related to other intangible assets are as follows: In Years Customer relationships 15 Developed technology 2 Internally developed software 6 Patents 7 Trademarks 5 Other 39

Exit and Disposal Activities (T

Exit and Disposal Activities (Tables)	9 Months Ended
	Sep. 26, 2020
Restructuring and Related Activities [Abstract]
Schedule of Restructuring Reserve by Type of Cost and Rollforward of Reserve	Snap-on did not record any costs for exit and disposal activities in the three months ended September 26, 2020. For the nine months ended September 26, 2020, Snap-on recorded costs for exit and disposal activities as follows: Nine Months Ended (Amounts in millions) September 26, 2020 Exit and disposal costs Cost of goods sold: Commercial & Industrial Group $ 6.4 Repair System & Information Group 0.7 Total cost of goods sold $ 7.1 Operating Expenses: Snap-on Tools Group $ 0.6 Repair System & Information Group 3.8 Total operating expenses $ 4.4 Total exit and disposal costs: Commercial & Industrial Group $ 6.4 Snap-on Tools Group 0.6 Repair System & Information Group 4.5 Total exit and disposal costs $ 11.5 Snap-on’s exit and disposal accrual activity for the third quarter of 2020 is as follows: Balance at First Six Months Balance at Third Quarter Balance at (Amounts in millions) December 28, Provision Usage June 27, 2020 Provision Usage September 26, Severance costs: Commercial & Industrial Group $ — $ 6.4 $ — $ 6.4 $ — $ (0.1) $ 6.3 Snap-on Tools Group — 0.6 — 0.6 — (0.2) 0.4 Repair System & Information Group — 4.4 — 4.4 — (0.3) 4.1 Total $ — $ 11.4 $ — $ 11.4 $ — $ (0.6) $ 10.8

Short-term and Long-term Debt -

Short-term and Long-term Debt - (Tables)	9 Months Ended
	Sep. 26, 2020
Debt Disclosure [Abstract]
Short-term and Long-term Debt	Short-term and long-term debt as of September 26, 2020, and December 28, 2019, consisted of the following: (Amounts in millions) September 26, December 28, 6.125% unsecured notes due 2021 $ 250.0 $ 250.0 3.25% unsecured notes due 2027 300.0 300.0 4.10% unsecured notes due 2048 400.0 400.0 3.10% unsecured notes due 2050 500.0 — Other* (0.3) 199.8 1,449.7 1,149.8 Less: notes payable and current maturities of long-term debt Current maturities of long-term debt (250.0) — Commercial paper borrowings — (193.6) Other notes (17.9) (9.3) (267.9) (202.9) Total long-term debt $ 1,181.8 $ 946.9 * Includes the net effects of debt amortization costs and fair value adjustments of interest rate swaps.

Financial Instruments - (Tables

Financial Instruments - (Tables)	9 Months Ended
	Sep. 26, 2020
Investments, All Other Investments [Abstract]
Fair Values of Financial Instruments Not Approximating Carrying Values in Financial Statements	The fair values of financial instruments that do not approximate the carrying values in the financial statements are as follows: September 26, 2020 December 28, 2019 (Amounts in millions) Carrying Fair Carrying Fair Finance receivables – net $ 1,654.4 $ 2,007.4 $ 1,633.6 $ 1,920.6 Contract receivables – net 480.5 536.3 460.8 505.5 Long-term debt and notes payable and current maturities of long-term debt 1,449.7 1,619.4 1,149.8 1,238.8

Pension Plans - (Tables)

Pension Plans - (Tables)	9 Months Ended
	Sep. 26, 2020
Retirement Benefits [Abstract]
Net Periodic Pension Cost	Snap-on’s net periodic pension cost included the following components: Three Months Ended Nine Months Ended (Amounts in millions) September 26, 2020 September 28, 2019 September 26, 2020 September 28, 2019 Service cost $ 6.7 $ 5.9 $ 20.2 $ 17.7 Interest cost 12.2 14.1 36.6 42.3 Expected return on plan assets (23.7) (22.8) (71.1) (68.3) Amortization of unrecognized loss 8.7 6.3 25.9 18.8 Amortization of prior service credit — (0.2) — (0.6) Net periodic pension cost $ 3.9 $ 3.3 $ 11.6 $ 9.9

Postretirement Health Care Pl_2

Postretirement Health Care Plans - (Tables)	9 Months Ended
	Sep. 26, 2020
Postemployment Benefits [Abstract]
Net Periodic Postretirement Health Care Cost	Snap-on’s net periodic postretirement health care cost included the following components: Three Months Ended Nine Months Ended (Amounts in millions) September 26, 2020 September 28, 2019 September 26, 2020 September 28, 2019 Interest cost $ 0.4 $ 0.4 $ 1.1 $ 1.4 Expected return on plan assets (0.2) (0.1) (0.5) (0.5) Amortization of unrecognized gain — (0.2) — (0.6) Net periodic postretirement health care cost $ 0.2 $ 0.1 $ 0.6 $ 0.3

Stock-based Compensation and _2

Stock-based Compensation and Other Stock Plans - (Tables)	9 Months Ended
	Sep. 26, 2020
Share-based Payment Arrangement [Abstract]
Summary of Weighted-Average Assumptions of Fair Value Granted Using Black-Scholes Valuation Model	The following weighted-average assumptions were used in calculating the fair value of stock options granted during the nine months ended September 26, 2020, and September 28, 2019, using the Black-Scholes valuation model: Nine Months Ended September 26, September 28, Expected term of option (in years) 5.53 5.53 Expected volatility factor 21.67% 21.30% Expected dividend yield 2.78% 1.79% Risk-free interest rate 1.50% 2.54%
Summary of Stock Option Activity	A summary of stock option activity as of and for the nine months ended September 26, 2020, is presented below: Shares (in thousands) Exercise Remaining Contractual Term* (in years) Aggregate Intrinsic Value (in millions) Outstanding at December 28, 2019 3,114 $ 135.60 Granted 459 155.34 Exercised (106) 63.43 Forfeited or expired (17) 160.03 Outstanding at September 26, 2020 3,450 140.33 6.0 $ 43.3 Exercisable at September 26, 2020 2,545 134.58 5.0 43.3 * Weighted-average
Summary of Changes in Non-Vested Performance Awards	Changes to the company’s non-vested performance awards during the nine months ended September 26, 2020, are as follows: Shares (in thousands) Fair Value Non-vested performance awards at December 28, 2019 98 $ 158.94 Granted 82 155.34 Vested — — Cancellations and other (74) 157.49 Non-vested performance awards at September 26, 2020 106 157.17 * Weighted-average
Summary of Weighted-Average Assumptions of Fair Value Granted Using Black-Scholes Valuation Model	The following weighted-average assumptions were used in calculating the fair value of stock-settled SARs granted during the nine months ended September 26, 2020, and September 28, 2019, using the Black-Scholes valuation model: Nine Months Ended September 26, September 28, Expected term of stock-settled SARs (in years) 3.75 3.65 Expected volatility factor 22.50% 22.60% Expected dividend yield 2.78% 1.81% Risk-free interest rate 1.42% 2.48% The following weighted-average assumptions were used in calculating the fair value of cash-settled SARs granted during the nine months ended September 26, 2020, and September 28, 2019, using the Black-Scholes valuation model: Nine Months Ended September 26, September 28, Expected term of cash-settled SARs (in years) 3.19 3.09 Expected volatility factor 33.08% 23.36% Expected dividend yield 3.04% 1.94% Risk-free interest rate 0.15% 1.58%
Summary of Changes in SARs	Changes to the company’s stock-settled SARs during the nine months ended September 26, 2020, are as follows: Stock-settled SARs (in thousands) Exercise Remaining Contractual Term* (in years) Aggregate Intrinsic Value (in millions) Outstanding at December 28, 2019 450 $ 149.18 Granted 92 155.34 Exercised (1) 94.93 Forfeited or expired (6) 130.68 Outstanding at September 26, 2020 535 150.56 6.8 $ 2.1 Exercisable at September 26, 2020 355 147.56 5.8 2.1 * Weighted-average Changes to the company’s non-vested cash-settled SARs during the nine months ended September 26, 2020, are as follows: Cash-settled SARs (in thousands) Fair Value Non-vested cash-settled SARs at December 28, 2019 2 $ 25.96 Granted 1 21.63 Vested (1) 18.16 Non-vested cash-settled SARs at September 26, 2020 2 20.81 * Weighted-average

Earnings Per Share - (Tables)

Earnings Per Share - (Tables)	9 Months Ended
	Sep. 26, 2020
Earnings Per Share [Abstract]
Computation of Basic and Diluted Earnings Per Common Share	The shares used in the computation of the company’s basic and diluted earnings per common share are as follows: Three Months Ended Nine Months Ended September 26, 2020 September 28, 2019 September 26, 2020 September 28, 2019 Weighted-average common shares outstanding 54,325,711 54,969,340 54,421,129 55,245,705 Effect of dilutive securities 441,636 687,602 448,292 755,157 Weighted-average common shares outstanding, assuming dilution 54,767,347 55,656,942 54,869,421 56,000,862

Commitments and Contingencies -

Commitments and Contingencies - (Tables)	9 Months Ended
	Sep. 26, 2020
Commitments and Contingencies Disclosure [Abstract]
Summary of Product Warranty Accrual Activity	Snap-on’s product warranty accrual activity for the three and nine months ended September 26, 2020, and September 28, 2019, is as follows: Three Months Ended Nine Months Ended (Amounts in millions) September 26, 2020 September 28, 2019 September 26, 2020 September 28, 2019 Warranty reserve: Beginning of period $ 17.2 $ 17.8 $ 17.3 $ 17.1 Additions 4.6 3.8 10.6 12.5 Usage (4.5) (4.6) (10.6) (12.6) End of period $ 17.3 $ 17.0 $ 17.3 $ 17.0

Leases - (Tables)

Leases - (Tables)	9 Months Ended
	Sep. 26, 2020
Leases [Abstract]
Schedule of Lease Supplemental Balance Sheet Information and Weighted-Average Lease Terms and Discount Rates	Supplemental balance sheet information related to leases as of September 26, 2020, and December 28, 2019 is as follows: (Amounts in millions) September 26, December 28, Finance leases: Property and equipment - gross $ 10.0 $ 9.2 Accumulated depreciation and amortization (2.8) (1.5) Property and equipment - net $ 7.2 $ 7.7 Other accrued liabilities $ 2.7 $ 2.8 Other long-term liabilities 8.2 10.0 Total finance lease liabilities $ 10.9 $ 12.8 Operating leases: Operating lease right-of-use assets $ 51.0 $ 55.6 Other accrued liabilities $ 18.8 $ 19.5 Operating lease liabilities 33.6 37.5 Total operating lease liabilities $ 52.4 $ 57.0

Other Income (Expense) - Net -

Other Income (Expense) - Net - (Tables)	9 Months Ended
	Sep. 26, 2020
Other Income and Expenses [Abstract]
Computation of Other Income (Expense) - Net	“Other income (expense) – net” on the accompanying Condensed Consolidated Statements of Earnings consists of the following: Three Months Ended Nine Months Ended (Amounts in millions) September 26, 2020 September 28, 2019 September 26, 2020 September 28, 2019 Interest income $ 0.5 $ 0.4 $ 1.2 $ 1.1 Net foreign exchange loss (0.4) (0.2) (3.0) (2.7) Net periodic pension and postretirement benefits – non-service 2.6 2.5 8.0 7.5 Other 0.1 0.1 0.1 0.5 Total other income (expense) – net $ 2.8 $ 2.8 $ 6.3 $ 6.4

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) - (Tables)	9 Months Ended
	Sep. 26, 2020
Equity [Abstract]
Net Changes in Accumulated OCI by Component, Net of Tax	The following is a summary of net changes in Accumulated OCI by component and net of tax for the three months ended September 26, 2020: (Amounts in millions) Foreign Cash Flow Defined Total Balance as of June 27, 2020 $ (207.6) $ 11.3 $ (318.1) $ (514.4) Other comprehensive income before reclassifications 42.6 — — 42.6 Amounts reclassified from Accumulated OCI — (0.4) 6.6 6.2 Net other comprehensive income (loss) 42.6 (0.4) 6.6 48.8 Balance as of September 26, 2020 $ (165.0) $ 10.9 $ (311.5) $ (465.6) The following is a summary of net changes in Accumulated OCI by component and net of tax for the nine months ended September 26, 2020: (Amounts in millions) Foreign Cash Flow Defined Total Balance as of December 28, 2019 $ (187.4) $ 10.7 $ (331.2) $ (507.9) Other comprehensive income before reclassifications 22.4 1.4 — 23.8 Amounts reclassified from Accumulated OCI — (1.2) 19.7 18.5 Net other comprehensive income 22.4 0.2 19.7 42.3 Balance as of September 26, 2020 $ (165.0) $ 10.9 $ (311.5) $ (465.6) The following is a summary of net changes in Accumulated OCI by component and net of tax for the three months ended September 28, 2019: (Amounts in millions) Foreign Cash Flow Defined Total Balance as of June 29, 2019 $ (178.7) $ 11.5 $ (333.5) $ (500.7) Other comprehensive loss before reclassifications (47.3) — — (47.3) Amounts reclassified from Accumulated OCI — (0.4) 4.5 4.1 Net other comprehensive income (loss) (47.3) (0.4) 4.5 (43.2) Balance as of September 28, 2019 $ (226.0) $ 11.1 $ (329.0) $ (543.9) The following is a summary of net changes in Accumulated OCI by component and net of tax for the nine months ended September 28, 2019: (Amounts in millions) Foreign Cash Flow Defined Total Balance as of December 29, 2018 $ (177.9) $ 12.2 $ (296.5) $ (462.2) Impact of the Tax Cuts and Jobs Act on Accumulated Other Comprehensive Income (ASU No. 2018-02) — — (45.9) (45.9) Balance at December 30, 2018 (177.9) 12.2 (342.4) (508.1) Other comprehensive loss before reclassifications (48.1) — — (48.1) Amounts reclassified from Accumulated OCI — (1.1) 13.4 12.3 Net other comprehensive income (loss) (48.1) (1.1) 13.4 (35.8) Balance as of September 28, 2019 $ (226.0) $ 11.1 $ (329.0) $ (543.9)
Reclassifications Out of Accumulated OCI	The reclassifications out of Accumulated OCI for the three and nine month periods ended September 26, 2020, and September 28, 2019, are as follows: Amount Reclassified from Accumulated OCI Three Months Ended Nine Months Ended September 26, September 28, September 26, September 28, Statement of Earnings (Amounts in millions) Gains on cash flow hedges: Treasury locks $ 0.4 $ 0.4 $ 1.2 $ 1.1 Interest expense Income tax expense — — — — Income tax expense Net of tax 0.4 0.4 1.2 1.1 Amortization of net unrecognized losses and prior service credits (8.7) (5.9) (25.9) (17.6) See footnote below* Income tax benefit 2.1 1.4 6.2 4.2 Income tax expense Net of tax (6.6) (4.5) (19.7) (13.4) Total reclassifications for the period, net of tax $ (6.2) $ (4.1) $ (18.5) $ (12.3) * These Accumulated OCI components are included in the computation of net periodic pension and postretirement health care costs; see Note 11 and Note 12 for further information.

Segments - (Tables)

Segments - (Tables)	9 Months Ended
	Sep. 26, 2020
Segment Reporting [Abstract]
Net Sales by Segment	Financial Data by Segment: Three Months Ended Nine Months Ended (Amounts in millions) September 26, September 28, September 26, September 28, Net sales: Commercial & Industrial Group $ 308.4 $ 335.3 $ 870.2 $ 992.8 Snap-on Tools Group 449.8 385.2 1,149.0 1,201.2 Repair Systems & Information Group 317.5 322.7 877.1 999.5 Segment net sales 1,075.7 1,043.2 2,896.3 3,193.5 Intersegment eliminations (134.1) (141.4) (378.2) (418.7) Total net sales 941.6 901.8 2,518.1 2,774.8 Financial Services revenue 85.8 84.1 256.3 253.8 Total revenues $ 1,027.4 $ 985.9 $ 2,774.4 $ 3,028.6 Operating earnings: Commercial & Industrial Group $ 43.1 $ 48.3 $ 97.5 $ 143.7 Snap-on Tools Group 87.1 53.0 174.1 191.5 Repair Systems & Information Group 80.1 83.3 208.0 255.5 Financial Services 65.6 61.0 180.1 183.7 Segment operating earnings 275.9 245.6 659.7 774.4 Corporate (24.6) (16.9) (63.9) (45.7) Operating earnings 251.3 228.7 595.8 728.7 Interest expense (13.8) (12.0) (38.6) (36.9) Other income (expense) – net 2.8 2.8 6.3 6.4 Earnings before income taxes and equity earnings $ 240.3 $ 219.5 $ 563.5 $ 698.2
Assets by Segment	(Amounts in millions) September 26, December 28, Assets: Commercial & Industrial Group $ 1,124.2 $ 1,138.8 Snap-on Tools Group 796.7 827.4 Repair Systems & Information Group 1,366.8 1,381.9 Financial Services 2,151.2 2,104.0 Total assets from reportable segments 5,438.9 5,452.1 Corporate 884.8 303.1 Elimination of intersegment receivables (56.1) (61.7) Total assets $ 6,267.6 $ 5,693.5

Revenue Recognition - Revenue D

Revenue Recognition - Revenue Disaggregation (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 935.8	$ 896.2	$ 2,500.8	$ 2,758.4
Net sales	1,027.4	985.9	2,774.4	3,028.6
Intersegment eliminations
Disaggregation of Revenue [Line Items]
Net sales	(134.1)	(141.4)	(378.2)	(418.7)
Operating Segments
Disaggregation of Revenue [Line Items]
Net sales	1,075.7	1,043.2	2,896.3	3,193.5
Commercial & Industrial Group
Disaggregation of Revenue [Line Items]
Net sales	308.4	335.3	870.2	992.8
Commercial & Industrial Group | Operating Segments
Disaggregation of Revenue [Line Items]
Net sales	308.4	335.3	870.2	992.8
Snap-on Tools Group
Disaggregation of Revenue [Line Items]
Net sales	449.8	385.2	1,149	1,201.2
Snap-on Tools Group | Operating Segments
Disaggregation of Revenue [Line Items]
Net sales	449.8	385.2	1,149	1,201.2
Repair Systems & Information Group
Disaggregation of Revenue [Line Items]
Net sales	317.5	322.7	877.1	999.5
Repair Systems & Information Group | Operating Segments
Disaggregation of Revenue [Line Items]
Net sales	317.5	322.7	877.1	999.5
Financial Services
Disaggregation of Revenue [Line Items]
Net sales	85.8	84.1	256.3	253.8
Other revenues
Disaggregation of Revenue [Line Items]
Net sales	5.8	5.6	17.3	16.4
Excluding Financial Services
Disaggregation of Revenue [Line Items]
Net sales	941.6	901.8	2,518.1	2,774.8
Excluding Financial Services | Vehicle service professionals
Disaggregation of Revenue [Line Items]
Net sales	728.2	665.6	1,912.6	2,070.1
Excluding Financial Services | All other professionals
Disaggregation of Revenue [Line Items]
Net sales	213.4	236.2	605.5	704.7
Excluding Financial Services | Intersegment eliminations
Disaggregation of Revenue [Line Items]
Net sales	(134.1)	(141.4)	(378.2)	(418.7)
Excluding Financial Services | Operating Segments
Disaggregation of Revenue [Line Items]
Net sales	941.6	901.8	2,518.1	2,774.8
Excluding Financial Services | Commercial & Industrial Group
Disaggregation of Revenue [Line Items]
Net sales	235.7	257	667.2	769.5
Excluding Financial Services | Commercial & Industrial Group | Vehicle service professionals
Disaggregation of Revenue [Line Items]
Net sales	22.3	20.8	61.7	64.8
Excluding Financial Services | Commercial & Industrial Group | All other professionals
Disaggregation of Revenue [Line Items]
Net sales	213.4	236.2	605.5	704.7
Excluding Financial Services | Commercial & Industrial Group | Intersegment eliminations
Disaggregation of Revenue [Line Items]
Net sales	72.7	78.3	203	223.3
Excluding Financial Services | Commercial & Industrial Group | Operating Segments
Disaggregation of Revenue [Line Items]
Net sales	308.4	335.3	870.2	992.8
Excluding Financial Services | Snap-on Tools Group
Disaggregation of Revenue [Line Items]
Net sales	449.8	385.2	1,149	1,201.2
Excluding Financial Services | Snap-on Tools Group | Vehicle service professionals
Disaggregation of Revenue [Line Items]
Net sales	449.8	385.2	1,149	1,201.2
Excluding Financial Services | Snap-on Tools Group | All other professionals
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
Excluding Financial Services | Snap-on Tools Group | Intersegment eliminations
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
Excluding Financial Services | Snap-on Tools Group | Operating Segments
Disaggregation of Revenue [Line Items]
Net sales	449.8	385.2	1,149	1,201.2
Excluding Financial Services | Repair Systems & Information Group
Disaggregation of Revenue [Line Items]
Net sales	256.1	259.6	701.9	804.1
Excluding Financial Services | Repair Systems & Information Group | Vehicle service professionals
Disaggregation of Revenue [Line Items]
Net sales	256.1	259.6	701.9	804.1
Excluding Financial Services | Repair Systems & Information Group | All other professionals
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
Excluding Financial Services | Repair Systems & Information Group | Intersegment eliminations
Disaggregation of Revenue [Line Items]
Net sales	61.4	63.1	175.2	195.4
Excluding Financial Services | Repair Systems & Information Group | Operating Segments
Disaggregation of Revenue [Line Items]
Net sales	317.5	322.7	877.1	999.5
Excluding Financial Services | Financial Services
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
Excluding Financial Services | Financial Services | Vehicle service professionals
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
Excluding Financial Services | Financial Services | All other professionals
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
Excluding Financial Services | Financial Services | Intersegment eliminations
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
Excluding Financial Services | Financial Services | Operating Segments
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
Excluding Financial Services | North America
Disaggregation of Revenue [Line Items]
Net sales	679.1	651.2	1,829.1	1,970.8
Excluding Financial Services | North America | Commercial & Industrial Group
Disaggregation of Revenue [Line Items]
Net sales	103.9	125.3	309.7	355.8
Excluding Financial Services | North America | Snap-on Tools Group
Disaggregation of Revenue [Line Items]
Net sales	389.2	337.6	1,007.6	1,039.3
Excluding Financial Services | North America | Repair Systems & Information Group
Disaggregation of Revenue [Line Items]
Net sales	186	188.3	511.8	575.7
Excluding Financial Services | North America | Financial Services
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
Excluding Financial Services | Europe
Disaggregation of Revenue [Line Items]
Net sales	160.3	148	424.4	492.9
Excluding Financial Services | Europe | Commercial & Industrial Group
Disaggregation of Revenue [Line Items]
Net sales	66.8	65.1	188.8	214.8
Excluding Financial Services | Europe | Snap-on Tools Group
Disaggregation of Revenue [Line Items]
Net sales	38.6	28.3	87.2	101.7
Excluding Financial Services | Europe | Repair Systems & Information Group
Disaggregation of Revenue [Line Items]
Net sales	54.9	54.6	148.4	176.4
Excluding Financial Services | Europe | Financial Services
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
Excluding Financial Services | All other
Disaggregation of Revenue [Line Items]
Net sales	102.2	102.6	264.6	311.1
Excluding Financial Services | All other | Commercial & Industrial Group
Disaggregation of Revenue [Line Items]
Net sales	65	66.6	168.7	198.9
Excluding Financial Services | All other | Snap-on Tools Group
Disaggregation of Revenue [Line Items]
Net sales	22	19.3	54.2	60.2
Excluding Financial Services | All other | Repair Systems & Information Group
Disaggregation of Revenue [Line Items]
Net sales	15.2	16.7	41.7	52
Excluding Financial Services | All other | Financial Services
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
Financial Service
Disaggregation of Revenue [Line Items]
Net sales	85.8	84.1	256.3	253.8
Financial Service | Intersegment eliminations
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
Financial Service | Commercial & Industrial Group
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
Financial Service | Snap-on Tools Group
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
Financial Service | Repair Systems & Information Group
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
Financial Service | Financial Services
Disaggregation of Revenue [Line Items]
Net sales	$ 85.8	$ 84.1	$ 256.3	$ 253.8

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Detail) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 26, 2020	Sep. 26, 2020	Dec. 28, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue, performance obligation, description of timing		The remaining duration of these unsatisfied performance obligations range from one month up to 60 months.
Contract with customer, liability	$ 57.8	$ 57.8	$ 65.1
Contract with customer, liability, revenue recognized	$ 7.3	$ 49.7
Transferred at Point in Time | Sales Revenue, Net | Ship and Bill Performance Obligations
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Concentration risk, percentage		90.00%

Revenue Recognition - Performan

Revenue Recognition - Performance Obligations (Details) $ in Millions	Sep. 26, 2020USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Contractual obligation	$ 215
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-09-27
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	15 months
Revenue, remaining performance obligation, percentage of revenue recognized	50.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	2 years
Revenue, remaining performance obligation, percentage of revenue recognized	40.00%

Acquisitions - Narrative (Detai

Acquisitions - Narrative (Detail) - USD ($) $ in Millions	Jan. 31, 2020	Aug. 07, 2019	Apr. 02, 2019	Jan. 25, 2019	Sep. 26, 2020	Sep. 28, 2019	Dec. 28, 2019
Business Acquisition [Line Items]
Goodwill					$ 938.5		$ 913.8
Payment to acquire business, net of cash acquired					6.1	$ 38.9
Sigmavision
Business Acquisition [Line Items]
Cash purchase price of acquisition	$ 5.9
Goodwill					5.6
Cognitran Limited
Business Acquisition [Line Items]
Cash purchase price of acquisition		$ 30.6
Goodwill					14.5
Payment to acquire business, net of cash acquired		$ 29.6
Power Hawk Technologies Inc
Business Acquisition [Line Items]
Cash purchase price of acquisition			$ 7.9
Goodwill					$ 6.4
TMB GeoMarketing Limited
Business Acquisition [Line Items]
Cash purchase price of acquisition				$ 1.3

Receivables - Narrative (Detail

Receivables - Narrative (Detail) $ in Millions	9 Months Ended
	Sep. 26, 2020USD ($)portfolioSegment	Jun. 27, 2020USD ($)	Dec. 28, 2019USD ($)	Sep. 28, 2019USD ($)	Jun. 29, 2019USD ($)	Dec. 29, 2018USD ($)
Financing Receivable, Past Due [Line Items]
Increase in allowance for credit losses			$ 67.5
Minimum payment term for trade and other accounts receivable (in days)	30 days
Maximum payment term for trade and other accounts receivable (in days)	120 days
Average payment term for finance receivables (in years)	4 years
Maximum payment term for contract receivables (in years)	10 years
Number of portfolio segments | portfolioSegment	2
Minimum period past due to consider receivable balances as delinquent (in days)	30 days
Minimum period past due to declare receivable as non-accrual status (in days)	90 days
Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2016-13
Financing Receivable, Past Due [Line Items]
Increase in allowance for credit losses			8.1
Finance Receivables
Financing Receivable, Past Due [Line Items]
Increase in allowance for credit losses	$ 75	$ 72.5	61.9	$ 61.1	$ 60.9	$ 61.4
Financing receivable, threshold period past due, writeoff (in days)	120 days
Financing receivable, threshold period after asset repossession, writeoff (in days)	60 days
Contract Receivables
Financing Receivable, Past Due [Line Items]
Increase in allowance for credit losses	$ 9	$ 9.1	$ 5.6	$ 6	$ 5	$ 4.3
Contract Receivables | Non-Franchisee
Financing Receivable, Past Due [Line Items]
Financing receivable, threshold period past due, writeoff (in days)	150 days
Contract Receivables | Franchisee
Financing Receivable, Past Due [Line Items]
Financing receivable, threshold period past due, writeoff (in days)	180 days
Financing Receivables And Contract Receivables, Customer Bankruptcy
Financing Receivable, Past Due [Line Items]
Financing receivable, threshold period past due, writeoff (in days)	180 days

Receivables - Summary of Effect

Receivables - Summary of Effects of ASU 2016-13 Adoption (Details) - USD ($) $ in Millions	Sep. 26, 2020	Jun. 27, 2020	Dec. 28, 2019	Sep. 28, 2019	Jun. 29, 2019	Dec. 29, 2018
Current assets:
Allowance for credit losses, current	$ (26.1)		$ (21.2)
Long-term assets
Allowance for credit loss, noncurrent	(57.9)		(46.3)
Total allowances for credit losses			(67.5)
Deferred income tax assets	47.3		52.3
Equity
Retained earnings	5,014.9		4,779.7
Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2016-13
Long-term assets
Total allowances for credit losses			(8.1)
Deferred income tax assets			2
Equity
Retained earnings			(6.1)
Cumulative Effect, Period of Adoption, Adjusted Balance
Long-term assets
Total allowances for credit losses			(75.6)
Deferred income tax assets			54.3
Equity
Retained earnings			4,773.6
Finance Receivables
Current assets:
Allowance for credit losses, current	(23.8)		(19.7)
Long-term assets
Allowance for credit loss, noncurrent	(51.2)		(42.2)
Total allowances for credit losses	(75)	$ (72.5)	(61.9)	$ (61.1)	$ (60.9)	$ (61.4)
Finance Receivables | Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2016-13
Current assets:
Allowance for credit losses, current			(1.7)
Long-term assets
Allowance for credit loss, noncurrent			(3.5)
Finance Receivables | Cumulative Effect, Period of Adoption, Adjusted Balance
Current assets:
Allowance for credit losses, current			(21.4)
Long-term assets
Allowance for credit loss, noncurrent			(45.7)
Contract Receivables
Current assets:
Allowance for credit losses, current	(2.3)		(1.5)
Long-term assets
Allowance for credit loss, noncurrent	(6.7)		(4.1)
Total allowances for credit losses	$ (9)	$ (9.1)	(5.6)	$ (6)	$ (5)	$ (4.3)
Contract Receivables | Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2016-13
Current assets:
Allowance for credit losses, current			(0.5)
Long-term assets
Allowance for credit loss, noncurrent			(2.4)
Contract Receivables | Cumulative Effect, Period of Adoption, Adjusted Balance
Current assets:
Allowance for credit losses, current			(2)
Long-term assets
Allowance for credit loss, noncurrent			$ (6.5)

Receivables - Components of Tra

Receivables - Components of Trade and Other Accounts Receivable (Details) - USD ($) $ in Millions	Sep. 26, 2020	Jun. 27, 2020	Dec. 28, 2019
Receivables [Abstract]
Trade and other accounts receivable	$ 642.4		$ 715.5
Allowances for credit losses	(23.5)	$ (23.6)	(20.9)
Total trade and other accounts receivable – net	$ 618.9		$ 694.6

Receivables - Trade and Other R

Receivables - Trade and Other Receivables Allowance for Credit Losses Rollforward (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 26, 2020	Sep. 26, 2020
Allowances for credit losses:
Beginning of period	$ 23.6	$ 20.9
Provision for credit losses	4.1	13.2
Charge-offs	(4.5)	(10)
Recoveries	0	0
Currency translation	0.3	(0.6)
End of period	$ 23.5	$ 23.5

Receivables - Components of Cur

Receivables - Components of Current Finance and Contract Receivables (Details) - USD ($) $ in Millions	Sep. 26, 2020	Dec. 28, 2019
Financing Receivable, Allowance for Credit Loss [Line Items]
Finance and contract receivables, current	$ 671.5	$ 652
Allowance for credit losses, current	(26.1)	(21.2)
Total current finance and contract receivables – net	645.4	630.8
Finance Receivables
Financing Receivable, Allowance for Credit Loss [Line Items]
Finance and contract receivables, current	555.9	549.8
Allowance for credit losses, current	(23.8)	(19.7)
Total current finance and contract receivables – net	532.1	530.1
Finance Receivables | Finance and Contract Installment Receivables
Financing Receivable, Allowance for Credit Loss [Line Items]
Finance and contract receivables, current	531.5	511.9
Allowance for credit losses, current	(23.4)	(19.2)
Finance Receivables | Finance and Contract Lease Receivables
Financing Receivable, Allowance for Credit Loss [Line Items]
Unearned finance charges, current	6	11.7
Finance and contract receivables, current	24.4	37.9
Allowance for credit losses, current	(0.4)	(0.5)
Contract Receivables
Financing Receivable, Allowance for Credit Loss [Line Items]
Finance and contract receivables, current	115.6	102.2
Allowance for credit losses, current	(2.3)	(1.5)
Total current finance and contract receivables – net	113.3	100.7
Contract Receivables | Finance and Contract Installment Receivables
Financing Receivable, Allowance for Credit Loss [Line Items]
Finance and contract receivables, current	62.2	50.8
Allowance for credit losses, current	(1.3)	(0.5)
Contract Receivables | Finance and Contract Lease Receivables
Financing Receivable, Allowance for Credit Loss [Line Items]
Unearned finance charges, current	17.9	18.2
Finance and contract receivables, current	53.4	51.4
Allowance for credit losses, current	$ (1)	$ (1)

Receivables - Components of Fin

Receivables - Components of Finance and Contract Receivables Beyond One Year (Details) - USD ($) $ in Millions	Sep. 26, 2020	Dec. 28, 2019
Financing Receivable, Allowance for Credit Loss [Line Items]
Long-term finance and contract receivables	$ 1,547.4	$ 1,509.9
Allowance for credit loss, noncurrent	(57.9)	(46.3)
Total long-term finance and contract receivables – net	1,489.5	1,463.6
Finance Receivables
Financing Receivable, Allowance for Credit Loss [Line Items]
Long-term finance and contract receivables	1,173.5	1,145.7
Allowance for credit loss, noncurrent	(51.2)	(42.2)
Total long-term finance and contract receivables – net	1,122.3	1,103.5
Finance Receivables | Finance and Contract Installment Receivables
Financing Receivable, Allowance for Credit Loss [Line Items]
Long-term finance and contract receivables	1,152.9	1,106
Allowance for credit loss, noncurrent	(50.9)	(41.6)
Finance Receivables | Finance and Contract Lease Receivables
Financing Receivable, Allowance for Credit Loss [Line Items]
Unearned finance charges, noncurrent	3.6	8.2
Long-term finance and contract receivables	20.6	39.7
Allowance for credit loss, noncurrent	(0.3)	(0.6)
Contract Receivables
Financing Receivable, Allowance for Credit Loss [Line Items]
Long-term finance and contract receivables	373.9	364.2
Allowance for credit loss, noncurrent	(6.7)	(4.1)
Total long-term finance and contract receivables – net	367.2	360.1
Contract Receivables | Finance and Contract Installment Receivables
Financing Receivable, Allowance for Credit Loss [Line Items]
Long-term finance and contract receivables	198.2	195.5
Allowance for credit loss, noncurrent	(3.1)	(1.8)
Contract Receivables | Finance and Contract Lease Receivables
Financing Receivable, Allowance for Credit Loss [Line Items]
Unearned finance charges, noncurrent	29.3	29.4
Long-term finance and contract receivables	175.7	168.7
Allowance for credit loss, noncurrent	$ (3.6)	$ (2.3)

Receivables - Schedule of Perfo

Receivables - Schedule of Performing and Nonperforming Finance and Contract Receivables (Details) - USD ($) $ in Millions	Sep. 26, 2020	Dec. 28, 2019
Finance Receivables
Financing Receivable, Credit Quality Indicator [Line Items]
2020	$ 979.7
2019	459.6
2018	190.3
2017	75
2016	22.6
Prior	2.2
Total	1,729.4	$ 1,695.5
Contract Receivables
Financing Receivable, Credit Quality Indicator [Line Items]
2020	151.1
2019	133.1
2018	91.8
2017	57.7
2016	28.9
Prior	26.9
Total	489.5	$ 466.4
Delinquent | Finance Receivables
Financing Receivable, Credit Quality Indicator [Line Items]
2020	7.7
2019	19
2018	10.7
2017	5.7
2016	2.3
Prior	0.4
Total	45.8
Delinquent | Contract Receivables
Financing Receivable, Credit Quality Indicator [Line Items]
2020	0.3
2019	0.7
2018	0.5
2017	0.6
2016	0.5
Prior	0.5
Total	3.1
Non-delinquent | Finance Receivables
Financing Receivable, Credit Quality Indicator [Line Items]
2020	972
2019	440.6
2018	179.6
2017	69.3
2016	20.3
Prior	1.8
Total	1,683.6
Non-delinquent | Contract Receivables
Financing Receivable, Credit Quality Indicator [Line Items]
2020	150.8
2019	132.4
2018	91.3
2017	57.1
2016	28.4
Prior	26.4
Total	$ 486.4

Receivables - Finance and Contr

Receivables - Finance and Contract Receivables Allowance for Credit Losses Rollforward (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019
Allowances for credit losses:
Beginning of period			$ 67.5
Finance Receivables
Allowances for credit losses:
Beginning of period	$ 72.5	$ 60.9	61.9	$ 61.4
Impact of adopting ASU No. 2016-13	0		5.2
Provision for credit losses	9.8	11.4	41.2	35.8
Charge-offs	(9.5)	(13)	(39.6)	(41.9)
Recoveries	2.1	1.9	6.3	5.9
Currency translation	0.1	(0.1)	0	(0.1)
End of period	75	61.1	75	61.1
Contract Receivables
Allowances for credit losses:
Beginning of period	9.1	5	5.6	4.3
Impact of adopting ASU No. 2016-13	0		2.9
Provision for credit losses	0.5	1.9	3.1	4
Charge-offs	(0.7)	(1)	(2.9)	(2.7)
Recoveries	0.1	0	0.3	0.3
Currency translation	0	0.1	0	0.1
End of period	$ 9	$ 6	$ 9	$ 6

Receivables - Aging of Finance

Receivables - Aging of Finance and Contract Receivables (Details) - USD ($) $ in Millions	Sep. 26, 2020	Dec. 28, 2019
Finance Receivables
Financing Receivable, Past Due [Line Items]
Total Past Due	$ 45.8	$ 53.1
Total Not Past Due	1,683.6	1,642.4
Total	1,729.4	1,695.5
Greater Than 90 Days Past Due and Accruing	13.9	17.2
Finance Receivables | 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Past Due	17.8	19.7
Finance Receivables | 60-90 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Past Due	11.2	12
Finance Receivables | Greater Than 90 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Past Due	16.8	21.4
Contract Receivables
Financing Receivable, Past Due [Line Items]
Total Past Due	3.1	3.9
Total Not Past Due	486.4	462.5
Total	489.5	466.4
Greater Than 90 Days Past Due and Accruing	0.3	0.5
Contract Receivables | 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Past Due	1.3	1.5
Contract Receivables | 60-90 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Past Due	0.5	0.9
Contract Receivables | Greater Than 90 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Past Due	$ 1.3	$ 1.5

Receivables - Schedule of Finan

Receivables - Schedule of Finance and Contract Receivables on Nonaccrual Status (Details) - USD ($) $ in Millions	Sep. 26, 2020	Dec. 28, 2019
Finance Receivables
Financing Receivable, Past Due [Line Items]
Nonaccrual	$ 9.8	$ 12.2
Contract Receivables
Financing Receivable, Past Due [Line Items]
Nonaccrual	$ 2.5	$ 2.2

Inventories - Schedule of Inven

Inventories - Schedule of Inventories by Major Classification (Detail) - USD ($) $ in Millions	Sep. 26, 2020	Dec. 28, 2019
Inventory Disclosure [Abstract]
Finished goods	$ 664.8	$ 661
Work in progress	59.3	57.1
Raw materials	124.5	126.8
Total FIFO value	848.6	844.9
Excess of current cost over LIFO cost	(84.2)	(84.5)
Total inventories – net	$ 764.4	$ 760.4

Inventories - Narrative (Detail

Inventories - Narrative (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019	Dec. 28, 2019
Geographic Valuation Methodologies Of Inventory [Line Items]
Percentage of FIFO Inventory	56.00%		56.00%		58.00%
Effect of LIFO inventory liquidation on income	$ 0	$ 0	$ 0	$ 0
United States
Geographic Valuation Methodologies Of Inventory [Line Items]
Percentage of FIFO Inventory	29.00%		29.00%
Percentage of LIFO Inventory	71.00%		71.00%

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Changes in Carrying Amount of Goodwill by Segment (Detail) $ in Millions	9 Months Ended
	Sep. 26, 2020USD ($)
Goodwill [Roll Forward]
Balance as of December 28, 2019	$ 913.8
Currency translation	16
Acquisitions and related adjustments	8.7
Balance as of June 27, 2020	938.5
Commercial & Industrial Group
Goodwill [Roll Forward]
Balance as of December 28, 2019	286.2
Currency translation	11.3
Acquisitions and related adjustments	0
Balance as of June 27, 2020	297.5
Snap-on Tools Group
Goodwill [Roll Forward]
Balance as of December 28, 2019	12.5
Currency translation	0
Acquisitions and related adjustments	0
Balance as of June 27, 2020	12.5
Repair Systems & Information Group
Goodwill [Roll Forward]
Balance as of December 28, 2019	615.1
Currency translation	4.7
Acquisitions and related adjustments	8.7
Balance as of June 27, 2020	$ 628.5

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Narrative (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019	Dec. 28, 2019
Acquired Finite And Indefinite Lived Intangible Assets [Line Items]
Goodwill	$ 938,500,000		$ 938,500,000		$ 913,800,000
Accumulated impairment losses	0		$ 0
Weighted-average amortization period (in years)			11 years
Aggregate amortization expense	5,800,000	$ 5,500,000	$ 17,200,000	$ 16,300,000
Estimated annual amortization expense for fiscal period 2020	22,700,000		22,700,000
Estimated annual amortization expense for fiscal period 2021	21,300,000		21,300,000
Estimated annual amortization expense for fiscal period 2022	17,700,000		17,700,000
Estimated annual amortization expense for fiscal period 2023	14,500,000		14,500,000
Estimated annual amortization expense for fiscal period 2024	11,200,000		11,200,000
Estimated annual amortization expense for fiscal period 2025	6,800,000		6,800,000
Sigmavision
Acquired Finite And Indefinite Lived Intangible Assets [Line Items]
Goodwill	5,600,000		5,600,000
Cognitran Limited
Acquired Finite And Indefinite Lived Intangible Assets [Line Items]
Goodwill	14,500,000		$ 14,500,000
Customer relationships
Acquired Finite And Indefinite Lived Intangible Assets [Line Items]
Weighted-average amortization period (in years)			15 years
Customer relationship contractual term, minimum (in years)			3 years
Customer relationship contractual term, maximum (in years)			5 years
Repair Systems & Information Group
Acquired Finite And Indefinite Lived Intangible Assets [Line Items]
Goodwill	628,500,000		$ 628,500,000		$ 615,100,000
Repair Systems & Information Group | Sigmavision
Acquired Finite And Indefinite Lived Intangible Assets [Line Items]
Goodwill	$ 5,600,000		5,600,000
Repair Systems & Information Group | Cognitran Limited
Acquired Finite And Indefinite Lived Intangible Assets [Line Items]
Goodwill, purchase accounting adjustments			$ 3,100,000

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets - Other Intangible Assets by Major Class (Detail) - USD ($) $ in Millions	Sep. 26, 2020	Dec. 28, 2019
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 425.1	$ 420
Non-amortized trademarks	116.8	115
Total other intangible assets	541.9	535
Accumulated Amortization	(300.3)	(291.1)
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	183.5	182.9
Accumulated Amortization	(125.8)	(117.9)
Developed technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	19.7	19.8
Accumulated Amortization	(19.2)	(18.9)
Internally developed software
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	169.1	168
Accumulated Amortization	(124.8)	(125.4)
Patents
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	41.2	38.5
Accumulated Amortization	(24.6)	(23.7)
Trademarks
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	3.8	3.5
Accumulated Amortization	(2.2)	(2.1)
Other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	7.8	7.3
Accumulated Amortization	$ (3.7)	$ (3.1)

Goodwill and Other Intangible_6

Goodwill and Other Intangible Assets - Weighted-Average Amortization Period by Major Class (Detail)	9 Months Ended
	Sep. 26, 2020
Finite-Lived Intangible Assets [Line Items]
Weighted-average amortization period (in years)	11 years
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Weighted-average amortization period (in years)	15 years
Developed technology
Finite-Lived Intangible Assets [Line Items]
Weighted-average amortization period (in years)	2 years
Internally developed software
Finite-Lived Intangible Assets [Line Items]
Weighted-average amortization period (in years)	6 years
Patents
Finite-Lived Intangible Assets [Line Items]
Weighted-average amortization period (in years)	7 years
Trademarks
Finite-Lived Intangible Assets [Line Items]
Weighted-average amortization period (in years)	5 years
Other
Finite-Lived Intangible Assets [Line Items]
Weighted-average amortization period (in years)	39 years

Exit and Disposal Activities -

Exit and Disposal Activities - Summary of Exit and Disposal Activities (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 26, 2020	Sep. 26, 2020
Restructuring Cost and Reserve [Line Items]
Exit and disposal costs	$ 0	$ 11.5
Commercial & Industrial Group
Restructuring Cost and Reserve [Line Items]
Exit and disposal costs		6.4
Repair Systems & Information Group
Restructuring Cost and Reserve [Line Items]
Exit and disposal costs		4.5
Snap-on Tools Group
Restructuring Cost and Reserve [Line Items]
Exit and disposal costs		0.6
Cost of goods sold:
Restructuring Cost and Reserve [Line Items]
Exit and disposal costs		7.1
Cost of goods sold: | Commercial & Industrial Group
Restructuring Cost and Reserve [Line Items]
Exit and disposal costs		6.4
Cost of goods sold: | Repair Systems & Information Group
Restructuring Cost and Reserve [Line Items]
Exit and disposal costs		0.7
Operating Expenses:
Restructuring Cost and Reserve [Line Items]
Exit and disposal costs		4.4
Operating Expenses: | Repair Systems & Information Group
Restructuring Cost and Reserve [Line Items]
Exit and disposal costs		3.8
Operating Expenses: | Snap-on Tools Group
Restructuring Cost and Reserve [Line Items]
Exit and disposal costs		$ 0.6

Exit and Disposal Activities _2

Exit and Disposal Activities - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended	9 Months Ended	12 Months Ended
	Jan. 02, 2021	Sep. 26, 2020	Jun. 27, 2020	Sep. 26, 2020	Jan. 01, 2022	Dec. 28, 2019
Restructuring Cost and Reserve [Line Items]
Exit and disposal costs		$ 0		$ 11.5
Provision		0	$ 11.4	11.4
Restructuring reserve		$ 10.8	$ 11.4	$ 10.8		$ 0
Forecast
Restructuring Cost and Reserve [Line Items]
Exit and disposal costs	$ 3				$ 7.1

Exit and Disposal Activities _3

Exit and Disposal Activities - Restructuring Accrual Rollforward (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended	9 Months Ended
	Sep. 26, 2020	Jun. 27, 2020	Sep. 26, 2020
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	$ 11.4	$ 0	$ 0
Provision	0	11.4	11.4
Usage	(0.6)	0
Restructuring reserve, ending balance	10.8	11.4	10.8
Commercial & Industrial Group
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	6.4	0	0
Provision	0	6.4
Usage	(0.1)	0
Restructuring reserve, ending balance	6.3	6.4	6.3
Snap-on Tools Group
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	0.6	0	0
Provision	0	0.6
Usage	(0.2)	0
Restructuring reserve, ending balance	0.4	0.6	0.4
Repair Systems & Information Group
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	4.4	0	0
Provision	0	4.4
Usage	(0.3)	0
Restructuring reserve, ending balance	$ 4.1	$ 4.4	$ 4.1

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Detail) - USD ($)	9 Months Ended
	Sep. 26, 2020	Sep. 28, 2019
Income Tax [Line Items]
Effective income tax rate	23.80%	23.80%
Minimum
Income Tax [Line Items]
Decrease in unrecognized tax benefits	$ 0
Increase in unrecognized tax benefits	0
Maximum
Income Tax [Line Items]
Decrease in unrecognized tax benefits	700,000
Increase in unrecognized tax benefits	$ 800,000

Short-term and Long-term Debt_2

Short-term and Long-term Debt - Summary (Detail) - USD ($) $ in Millions	Sep. 26, 2020	Apr. 30, 2020	Dec. 28, 2019
Schedule Of Debt Instruments [Line Items]
Long term debt	$ 1,449.7		$ 1,149.8
Less: notes payable and current maturities of long-term debt
Current maturities of long-term debt	(250)		0
Total current debt	(267.9)		(202.9)
Total long-term debt	1,181.8		946.9
Commercial paper borrowings
Less: notes payable and current maturities of long-term debt
Short-term debt	0		(193.6)
Other notes
Less: notes payable and current maturities of long-term debt
Short-term debt	(17.9)		(9.3)
Other Debt
Schedule Of Debt Instruments [Line Items]
Long term debt	$ (0.3)		199.8
6.125% unsecured notes due 2021
Schedule Of Debt Instruments [Line Items]
Unsecured notes, interest rate	6.125%
6.125% unsecured notes due 2021 | Unsecured Debt
Schedule Of Debt Instruments [Line Items]
Long term debt	$ 250		250
3.25% unsecured notes due 2027
Schedule Of Debt Instruments [Line Items]
Unsecured notes, interest rate	3.25%
3.25% unsecured notes due 2027 | Unsecured Debt
Schedule Of Debt Instruments [Line Items]
Long term debt	$ 300		300
4.10% unsecured notes due 2048
Schedule Of Debt Instruments [Line Items]
Unsecured notes, interest rate	4.10%
4.10% unsecured notes due 2048 | Unsecured Debt
Schedule Of Debt Instruments [Line Items]
Long term debt	$ 400		400
3.10% unsecured notes due 2050
Schedule Of Debt Instruments [Line Items]
Unsecured notes, interest rate	3.10%
3.10% unsecured notes due 2050 | Unsecured Debt
Schedule Of Debt Instruments [Line Items]
Unsecured notes, interest rate		3.10%
Long term debt	$ 500		$ 0

Short-term and Long-term Debt_3

Short-term and Long-term Debt - Narrative (Detail)	Apr. 30, 2020USD ($)	Sep. 26, 2020USD ($)revision	Sep. 28, 2019USD ($)	Dec. 28, 2019USD ($)	Sep. 16, 2019USD ($)
Schedule Of Debt Instruments [Line Items]
Notes payable and current maturities of long-term debt		$ 267,900,000		$ 202,900,000
Commercial paper outstanding				193,600,000
Other notes payable				$ 9,300,000
Proceeds from issuance of long-term debt		489,900,000	$ 0
Other notes
Schedule Of Debt Instruments [Line Items]
Short-term debt		14,300,000
Note Payable, Debt Amortization Costs And Fair Value Adjustments Of Interest Rate Swaps
Schedule Of Debt Instruments [Line Items]
Short-term debt		$ 3,600,000
6.125% unsecured notes due 2021
Schedule Of Debt Instruments [Line Items]
Unsecured notes, interest rate		6.125%
6.125% unsecured notes due 2021 | Unsecured Debt
Schedule Of Debt Instruments [Line Items]
Debt instrument, face amount		$ 250,000,000
3.10% unsecured notes due 2050
Schedule Of Debt Instruments [Line Items]
Unsecured notes, interest rate		3.10%
3.10% unsecured notes due 2050 | Unsecured Debt
Schedule Of Debt Instruments [Line Items]
Debt instrument, face amount	$ 500,000,000
Unsecured notes, interest rate	3.10%
Proceeds from issuance of long-term debt	$ 489,900,000
Payments of financing costs	$ 4,400,000
Five-year Multi-Currency Revolving Credit Facility | Revolving Credit Facility | Line of Credit
Schedule Of Debt Instruments [Line Items]
Revolving credit facility, amount available					$ 800,000,000
Credit Facility borrowings		$ 0
Number of allowed revisions to debt ratios | revision		2
Debt maturity, term		5 years
Actual debt-to-capital ratio		0.15
Actual debt-to-income ratio		0.73
Five-year Multi-Currency Revolving Credit Facility | Revolving Credit Facility | Maximum | Line of Credit
Schedule Of Debt Instruments [Line Items]
Maximum limit of required debt-to-capital ratio		0.60
Maximum limit of required debt-to-income ratio		3.50
Five-year Multi-Currency Revolving Credit Facility | Revolving Credit Facility | Maximum | Material Acquisition | Line of Credit
Schedule Of Debt Instruments [Line Items]
Maximum limit of required debt-to-capital ratio		0.65
Maximum limit of required debt-to-income ratio		4

Financial Instruments - Narrati

Financial Instruments - Narrative (Detail) - USD ($)	3 Months Ended			9 Months Ended
	Sep. 26, 2020	Jun. 27, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019	Dec. 28, 2019
Investment Holdings [Line Items]
Other comprehensive income before reclassifications	$ 0		$ 0	$ 1,400,000	$ 0
Equity Forwards
Investment Holdings [Line Items]
Equity forwards in place of common stock associated with its deferred compensation plans (in shares)	98,700			98,700
Treasury locks
Investment Holdings [Line Items]
Treasury lock		$ 300,000,000
Other comprehensive income before reclassifications		$ 1,400,000
Treasury locks outstanding	$ 0			$ 0		$ 0
Fair Value Hedging
Investment Holdings [Line Items]
Notional amount of interest rate swaps outstanding and designated as fair value hedges	$ 100,000,000			$ 100,000,000		$ 100,000,000

Financial Instruments - Fair Va

Financial Instruments - Fair Values of Financial Instruments Not Approximating Carrying Values in Financial Statements (Detail) - USD ($) $ in Millions	Sep. 26, 2020	Dec. 28, 2019
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt and notes payable and current maturities of long-term debt	$ 1,449.7	$ 1,149.8
Carrying Value | Finance Receivables
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Finance and contract receivables, after allowance for credit loss	1,654.4	1,633.6
Carrying Value | Contract Receivables
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Finance and contract receivables, after allowance for credit loss	480.5	460.8
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt and notes payable and current maturities of long-term debt	1,619.4	1,238.8
Fair Value | Finance Receivables
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Finance and contract receivables, after allowance for credit loss	2,007.4	1,920.6
Fair Value | Contract Receivables
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Finance and contract receivables, after allowance for credit loss	$ 536.3	$ 505.5

Pension Plans - Net Periodic Pe

Pension Plans - Net Periodic Pension Cost (Detail) - Pension Plans, Defined Benefit - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 6.7	$ 5.9	$ 20.2	$ 17.7
Interest cost	12.2	14.1	36.6	42.3
Expected return on plan assets	(23.7)	(22.8)	(71.1)	(68.3)
Amortization of unrecognized loss	8.7	6.3	25.9	18.8
Amortization of prior service credit	0	(0.2)	0	(0.6)
Net periodic cost	$ 3.9	$ 3.3	$ 11.6	$ 9.9

Pension Plans - Narrative (Deta

Pension Plans - Narrative (Detail) $ in Millions	Sep. 26, 2020USD ($)
Foreign Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Expected future employer contributions	$ 8.7
United States Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Expected future employer contributions	$ 2.9

Postretirement Health Care Pl_3

Postretirement Health Care Plans - Net Periodic Postretirement Health Care Cost (Detail) - Postretirement Health Coverage - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019
Postretirement Health Care Plans [Line Items]
Interest cost	$ 0.4	$ 0.4	$ 1.1	$ 1.4
Expected return on plan assets	(0.2)	(0.1)	(0.5)	(0.5)
Amortization of unrecognized gain	0	(0.2)	0	(0.6)
Net periodic cost	$ 0.2	$ 0.1	$ 0.6	$ 0.3

Stock-based Compensation and _3

Stock-based Compensation and Other Stock Plans - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Net stock-based compensation expense	$ 5.6	$ 4.6	$ 12.5	$ 18.7
Cash received from stock purchase and option plan exercises	2.7	1.6	16.5	26.2
Tax benefit realized from exercise and vesting of share-based payment arrangements	$ 1	$ 1	$ 3.3	$ 5.6
2011 Incentive Stock and Awards Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant (in shares)	1,429,213		1,429,213

Stock-based Compensation and _4

Stock-based Compensation and Other Stock Plans - Stock Options Narrative (Details) - Stock Option - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average contractual term (in years)			10 years
Weighted-average grant date fair value granted (in dollars per share)			$ 22.95	$ 29.98
Intrinsic value of stock exercised	$ 4	$ 3.9	$ 8.7	$ 16.2
Fair value of stock vested			14.6	$ 15.7
Unrecognized compensation cost related to non-vested award	$ 16.3		$ 16.3
Cost expected to be recognized over weighted-average period, in years			1 year 8 months 12 days

Stock-based Compensation and _5

Stock-based Compensation and Other Stock Plans - Stock Options, Summary of Weighted Average Assumptions of Fair Value Granted Using Black-Scholes Valuation Model (Details) - Stock Option	9 Months Ended
	Sep. 26, 2020	Sep. 28, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	5 years 6 months 10 days	5 years 6 months 10 days
Expected volatility factor	21.67%	21.30%
Expected dividend yield	2.78%	1.79%
Risk-free interest rate	1.50%	2.54%

Stock-based Compensation and _6

Stock-based Compensation and Other Stock Plans - Summary of Changes in Stock Options (Details) - Stock Option $ / shares in Units, shares in Thousands, $ in Millions	9 Months Ended
	Sep. 26, 2020USD ($)$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Beginning balance (in shares) | shares	3,114
Granted (in shares) | shares	459
Exercised (in shares) | shares	(106)
Forfeited or expired (in shares) | shares	(17)
Ending balance (in shares) | shares	3,450
Exercisable at September 26, 2020 (in shares) | shares	2,545
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price
Beginning balance (in dollars per share) | $ / shares	$ 135.60
Granted (in dollars per share) | $ / shares	155.34
Exercised (in dollars per share) | $ / shares	63.43
Forfeited or expired (in dollars per share) | $ / shares	160.03
Ending balance (in dollars per share) | $ / shares	140.33
Exercisable at September 26, 2020 (in dollars per share) | $ / shares	$ 134.58
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures
Outstanding, remaining contractual term (in years)	6 years
Exercisable, remaining contractual term (in years)	5 years
Outstanding, aggregate intrinsic value | $	$ 43.3
Exercisable, aggregate intrinsic value | $	$ 43.3

Stock-based Compensation and _7

Stock-based Compensation and Other Stock Plans - Performance Awards Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	9 Months Ended		12 Months Ended
	Sep. 26, 2020	Sep. 28, 2019	Dec. 28, 2019	Dec. 29, 2018	Dec. 30, 2017
Performance Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average contractual term (in years)	3 years
Maximum stock percentage to be awarded	100.00%
Performance period	3 years
Weighted-average grant date fair value granted (in dollars per share)	$ 155.34	$ 155.92
Performance awards shares paid out (in shares)	21,184	32,114
Unrecognized compensation cost related to non-vested award	$ 7.5
Cost expected to be recognized over weighted-average period, in years	1 year 9 months 18 days
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period	1 year
Cliff vesting schedule	2 years
Granted (in shares)			0	33,170	13,648

Stock-based Compensation and _8

Stock-based Compensation and Other Stock Plans - Summary of Changes in Non-Vested Performance Awards (Details) - Nonvested Performance Shares shares in Thousands	9 Months Ended
	Sep. 26, 2020$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning balance (in shares) | shares	98
Granted (in shares) | shares	82
Vested (in shares) | shares	0
Cancellations and other (in shares) | shares	(74)
Ending balance (in shares) | shares	106
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share) | $ / shares	$ 158.94
Granted (in dollars per share) | $ / shares	155.34
Vested (in dollars per share) | $ / shares	0
Cancellations and other (in dollars per share) | $ / shares	157.49
Ending balance (in dollars per share) | $ / shares	$ 157.17

Stock-based Compensation and _9

Stock-based Compensation and Other Stock Plans - Stock Appreciation Rights Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019
Stock Appreciation Rights (SARs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average contractual term (in years)			10 years
Weighted-average grant date fair value granted (in dollars per share)			$ 21.63
Intrinsic value of stock exercised	$ 0	$ 0	$ 200,000	$ 500,000
Fair value of stock vested			0	$ 100,000
Unrecognized compensation cost related to non-vested award	100,000		$ 100,000
Cost expected to be recognized over weighted-average period, in years			1 year 8 months 12 days
Stock-Settled SARs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average grant date fair value granted (in dollars per share)			$ 21.31	$ 26.45
Intrinsic value of stock exercised	0	$ 100,000	$ 0	$ 100,000
Fair value of stock vested			2,300,000	$ 2,100,000
Unrecognized compensation cost related to non-vested award	$ 2,900,000		$ 2,900,000
Cost expected to be recognized over weighted-average period, in years			1 year 8 months 12 days

Stock-based Compensation and_10

Stock-based Compensation and Other Stock Plans - Stock-Settled SARs, Summary of Weighted-Average Assumptions of Fair Value Granted Using Black-Scholes Valuation Model (Details) - Stock-Settled SARs	9 Months Ended
	Sep. 26, 2020	Sep. 28, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	3 years 9 months	3 years 7 months 24 days
Expected volatility factor	22.50%	22.60%
Expected dividend yield	2.78%	1.81%
Risk-free interest rate	1.42%	2.48%

Stock-based Compensation and_11

Stock-based Compensation and Other Stock Plans - Summary of Changes in Stock-Settled SARs (Details) - Stock-Settled SARs $ / shares in Units, shares in Thousands, $ in Millions	9 Months Ended
	Sep. 26, 2020USD ($)$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning balance (in shares) | shares	450
Granted (in shares) | shares	92
Exercised (in shares) | shares	(1)
Forfeited or expired (in shares) | shares	(6)
Ending balance (in shares) | shares	535
Exercisable at September 26, 2020 (in shares) | shares	355
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share) | $ / shares	$ 149.18
Granted (in dollars per share) | $ / shares	155.34
Exercised (in dollars per share) | $ / shares	94.93
Forfeited or expired (in dollars per share) | $ / shares	130.68
Ending balance (in dollars per share) | $ / shares	150.56
Exercisable at September 26, 2020 (in dollars per share) | $ / shares	$ 147.56
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures
Outstanding, remaining contractual term	6 years 9 months 18 days
Outstanding, aggregate intrinsic value | $	$ 2.1
Exercisable, remaining contractual term	5 years 9 months 18 days
Exercisable, aggregate intrinsic value | $	$ 2.1

Stock-based Compensation and_12

Stock-based Compensation and Other Stock Plans - Cash-Settled SARs, Summary of Weighted-Average Assumptions of Fair Value Granted Using Black-Scholes Valuation Model (Details) - Stock Appreciation Rights (SARs)	9 Months Ended
	Sep. 26, 2020	Sep. 28, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	3 years 2 months 8 days	3 years 1 month 2 days
Expected volatility factor	33.08%	23.36%
Expected dividend yield	3.04%	1.94%
Risk-free interest rate	0.15%	1.58%

Stock-based Compensation and_13

Stock-based Compensation and Other Stock Plans - Summary of Changes in Non-Vested Cash-Settled SARs (Details) - Stock Appreciation Rights (SARs) shares in Thousands	9 Months Ended
	Sep. 26, 2020$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning balance (in shares) | shares	2
Granted (in shares) | shares	1
Vested (in shares) | shares	(1)
Ending balance (in shares) | shares	2
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share) | $ / shares	$ 25.96
Granted (in dollars per share) | $ / shares	21.63
Vested (in dollars per share) | $ / shares	18.16
Ending balance (in dollars per share) | $ / shares	$ 20.81

Stock-based Compensation and_14

Stock-based Compensation and Other Stock Plans - Restricted Stock Awards Narrative (Details) - Restricted Stock - Non Employee Directors - shares	9 Months Ended
	Sep. 26, 2020	Sep. 28, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	7,380	7,605
Vesting period	1 year

Earnings Per Share - Computatio

Earnings Per Share - Computation of Basic and Diluted Earnings Per Common Share (Detail) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019
Earnings Per Share [Abstract]
Weighted-average common shares outstanding (in shares)	54.3	55	54.4	55.2
Effect of dilutive securities (in shares)	0.5	0.7	0.5	0.8
Weighted-average common shares outstanding, diluted (in shares)	54.8	55.7	54.9	56

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Detail) - shares	9 Months Ended
	Sep. 26, 2020	Sep. 28, 2019
Stock-Settled SARs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Outstanding options or stock settled SARs (in shares)	2,750,149	1,223,983

Commitments and Contingencies_2

Commitments and Contingencies - Summary of Product Warranty Accrual Activity (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]
Beginning of period	$ 17.2	$ 17.8	$ 17.3	$ 17.1
Additions	4.6	3.8	10.6	12.5
Usage	(4.5)	(4.6)	(10.6)	(12.6)
End of period	$ 17.3	$ 17	$ 17.3	$ 17

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Millions	Sep. 26, 2020	Dec. 28, 2019
Finance leases:
Property and equipment - gross	$ 10	$ 9.2
Accumulated depreciation and amortization	(2.8)	(1.5)
Property and equipment - net	7.2	7.7
Other accrued liabilities	2.7	2.8
Other long-term liabilities	8.2	10
Total finance lease liabilities	10.9	12.8
Operating leases:
Operating lease right-of-use assets	51	55.6
Other accrued liabilities	18.8	19.5
Operating lease liabilities	33.6	37.5
Total operating lease liabilities	$ 52.4	$ 57
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	us-gaap:PropertyPlantAndEquipmentNet
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:OtherAccruedLiabilitiesCurrent
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilitiesNoncurrent
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:OtherAccruedLiabilitiesCurrent

Other Income (Expense) - Net _2

Other Income (Expense) - Net - Computation of Other Income (Expense) - Net (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019
Other Income and Expenses [Abstract]
Interest income	$ 0.5	$ 0.4	$ 1.2	$ 1.1
Net foreign exchange loss	(0.4)	(0.2)	(3)	(2.7)
Net periodic pension and postretirement benefits – non-service	2.6	2.5	8	7.5
Other	0.1	0.1	0.1	0.5
Total other income (expense) – net	$ 2.8	$ 2.8	$ 6.3	$ 6.4

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) - Net Changes in Accumulated OCI by Component, Net of Tax (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	$ 3,508.6	$ 3,308.7	$ 3,430.8	$ 3,118.6
Other comprehensive income (loss) before reclassifications	42.6	(47.3)	23.8	(48.1)
Amounts reclassified from Accumulated OCI	6.2	4.1	18.5	12.3
Net other comprehensive income (loss)	48.8	(43.2)	42.3	(35.8)
Ending balance	3,640.8	3,325.2	3,640.8	3,325.2
Cumulative Effect, Period of Adoption, Adjusted Balance
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance			3,424.7	3,118.6
Foreign Currency Translation
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(207.6)	(178.7)	(187.4)	(177.9)
Other comprehensive income (loss) before reclassifications	42.6	(47.3)	22.4	(48.1)
Amounts reclassified from Accumulated OCI	0	0	0	0
Net other comprehensive income (loss)	42.6	(47.3)	22.4	(48.1)
Ending balance	(165)	(226)	(165)	(226)
Foreign Currency Translation | Cumulative Effect, Period of Adoption, Adjusted Balance
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance				(177.9)
Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	11.3	11.5	10.7	12.2
Other comprehensive income (loss) before reclassifications	0	0	1.4	0
Amounts reclassified from Accumulated OCI	(0.4)	(0.4)	(1.2)	(1.1)
Net other comprehensive income (loss)	(0.4)	(0.4)	0.2	(1.1)
Ending balance	10.9	11.1	10.9	11.1
Cash Flow Hedges | Cumulative Effect, Period of Adoption, Adjusted Balance
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance				12.2
Defined Benefit Pension and Postretirement Plans
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(318.1)	(333.5)	(331.2)	(296.5)
Other comprehensive income (loss) before reclassifications	0	0	0	0
Amounts reclassified from Accumulated OCI	6.6	4.5	19.7	13.4
Net other comprehensive income (loss)	6.6	4.5	19.7	13.4
Ending balance	(311.5)	(329)	(311.5)	(329)
Defined Benefit Pension and Postretirement Plans | Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2018-02
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance				(45.9)
Defined Benefit Pension and Postretirement Plans | Cumulative Effect, Period of Adoption, Adjusted Balance
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance				(342.4)
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(514.4)	(500.7)	(507.9)	(462.2)
Net other comprehensive income (loss)	48.8	(43.2)	42.3	(35.8)
Ending balance	$ (465.6)	$ (543.9)	(465.6)	(543.9)
Accumulated Other Comprehensive Income (Loss) | Cumulative Effect, Period of Adoption, Adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance				(45.9)
Accumulated Other Comprehensive Income (Loss) | Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2018-02
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance				(45.9)
Accumulated Other Comprehensive Income (Loss) | Cumulative Effect, Period of Adoption, Adjusted Balance
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance			$ (507.9)	$ (508.1)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Income (Loss) - Reclassifications Out of Accumulated OCI (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019
Gains on cash flow hedges:
Interest expense	$ (13.8)	$ (12)	$ (38.6)	$ (36.9)
Income tax expense	(55.1)	(50.4)	(130.9)	(162.9)
Amortization of net unrecognized losses and prior service credits	2.8	2.8	6.3	6.4
Net earnings	184.7	169.2	432.6	536.2
Reclassification out of AOCI
Gains on cash flow hedges:
Net earnings	(6.2)	(4.1)	(18.5)	(12.3)
Cash Flow Hedges | Reclassification out of AOCI
Gains on cash flow hedges:
Interest expense	0.4	0.4	1.2	1.1
Income tax expense	0	0	0	0
Net earnings	0.4	0.4	1.2	1.1
Defined Benefit Pension and Postretirement Plans | Reclassification out of AOCI
Gains on cash flow hedges:
Income tax expense	2.1	1.4	6.2	4.2
Amortization of net unrecognized losses and prior service credits	(8.7)	(5.9)	(25.9)	(17.6)
Net earnings	$ (6.6)	$ (4.5)	$ (19.7)	$ (13.4)

Segments - Net Sales by Segment

Segments - Net Sales by Segment (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019
Segment Reporting Information [Line Items]
Total revenues	$ 1,027.4	$ 985.9	$ 2,774.4	$ 3,028.6
Operating earnings	251.3	228.7	595.8	728.7
Interest expense	(13.8)	(12)	(38.6)	(36.9)
Other income (expense) – net	2.8	2.8	6.3	6.4
Earnings before income taxes and equity earnings	240.3	219.5	563.5	698.2
Commercial & Industrial Group
Segment Reporting Information [Line Items]
Total revenues	308.4	335.3	870.2	992.8
Snap-on Tools Group
Segment Reporting Information [Line Items]
Total revenues	449.8	385.2	1,149	1,201.2
Repair Systems & Information Group
Segment Reporting Information [Line Items]
Total revenues	317.5	322.7	877.1	999.5
Financial Services
Segment Reporting Information [Line Items]
Total revenues	85.8	84.1	256.3	253.8
Operating Segments
Segment Reporting Information [Line Items]
Total revenues	1,075.7	1,043.2	2,896.3	3,193.5
Operating earnings	275.9	245.6	659.7	774.4
Operating Segments | Commercial & Industrial Group
Segment Reporting Information [Line Items]
Total revenues	308.4	335.3	870.2	992.8
Operating earnings	43.1	48.3	97.5	143.7
Operating Segments | Snap-on Tools Group
Segment Reporting Information [Line Items]
Total revenues	449.8	385.2	1,149	1,201.2
Operating earnings	87.1	53	174.1	191.5
Operating Segments | Repair Systems & Information Group
Segment Reporting Information [Line Items]
Total revenues	317.5	322.7	877.1	999.5
Operating earnings	80.1	83.3	208	255.5
Operating Segments | Financial Services
Segment Reporting Information [Line Items]
Operating earnings	65.6	61	180.1	183.7
Intersegment eliminations
Segment Reporting Information [Line Items]
Total revenues	(134.1)	(141.4)	(378.2)	(418.7)
Corporate
Segment Reporting Information [Line Items]
Operating earnings	(24.6)	(16.9)	(63.9)	(45.7)
Excluding Financial Services
Segment Reporting Information [Line Items]
Total revenues	941.6	901.8	2,518.1	2,774.8
Operating earnings	185.7	167.7	415.7	545
Excluding Financial Services | Commercial & Industrial Group
Segment Reporting Information [Line Items]
Total revenues	235.7	257	667.2	769.5
Excluding Financial Services | Snap-on Tools Group
Segment Reporting Information [Line Items]
Total revenues	449.8	385.2	1,149	1,201.2
Excluding Financial Services | Repair Systems & Information Group
Segment Reporting Information [Line Items]
Total revenues	256.1	259.6	701.9	804.1
Excluding Financial Services | Financial Services
Segment Reporting Information [Line Items]
Total revenues	0	0	0	0
Excluding Financial Services | Operating Segments
Segment Reporting Information [Line Items]
Total revenues	941.6	901.8	2,518.1	2,774.8
Excluding Financial Services | Operating Segments | Commercial & Industrial Group
Segment Reporting Information [Line Items]
Total revenues	308.4	335.3	870.2	992.8
Excluding Financial Services | Operating Segments | Snap-on Tools Group
Segment Reporting Information [Line Items]
Total revenues	449.8	385.2	1,149	1,201.2
Excluding Financial Services | Operating Segments | Repair Systems & Information Group
Segment Reporting Information [Line Items]
Total revenues	317.5	322.7	877.1	999.5
Excluding Financial Services | Operating Segments | Financial Services
Segment Reporting Information [Line Items]
Total revenues	0	0	0	0
Excluding Financial Services | Intersegment eliminations
Segment Reporting Information [Line Items]
Total revenues	(134.1)	(141.4)	(378.2)	(418.7)
Excluding Financial Services | Intersegment eliminations | Commercial & Industrial Group
Segment Reporting Information [Line Items]
Total revenues	72.7	78.3	203	223.3
Excluding Financial Services | Intersegment eliminations | Snap-on Tools Group
Segment Reporting Information [Line Items]
Total revenues	0	0	0	0
Excluding Financial Services | Intersegment eliminations | Repair Systems & Information Group
Segment Reporting Information [Line Items]
Total revenues	61.4	63.1	175.2	195.4
Excluding Financial Services | Intersegment eliminations | Financial Services
Segment Reporting Information [Line Items]
Total revenues	0	0	0	0
Financial Service
Segment Reporting Information [Line Items]
Total revenues	85.8	84.1	256.3	253.8
Operating earnings	65.6	61	180.1	183.7
Financial Service | Commercial & Industrial Group
Segment Reporting Information [Line Items]
Total revenues	0	0	0	0
Financial Service | Snap-on Tools Group
Segment Reporting Information [Line Items]
Total revenues	0	0	0	0
Financial Service | Repair Systems & Information Group
Segment Reporting Information [Line Items]
Total revenues	0	0	0	0
Financial Service | Financial Services
Segment Reporting Information [Line Items]
Total revenues	85.8	84.1	256.3	253.8
Financial Service | Intersegment eliminations
Segment Reporting Information [Line Items]
Total revenues	$ 0	$ 0	$ 0	$ 0

Segments - Assets by Segment (D

Segments - Assets by Segment (Detail) - USD ($) $ in Millions	Sep. 26, 2020	Dec. 28, 2019
Segment Reporting Information [Line Items]
Assets	$ 6,267.6	$ 5,693.5
Operating Segments
Segment Reporting Information [Line Items]
Assets	5,438.9	5,452.1
Operating Segments | Commercial & Industrial Group
Segment Reporting Information [Line Items]
Assets	1,124.2	1,138.8
Operating Segments | Snap-on Tools Group
Segment Reporting Information [Line Items]
Assets	796.7	827.4
Operating Segments | Repair Systems & Information Group
Segment Reporting Information [Line Items]
Assets	1,366.8	1,381.9
Operating Segments | Financial Services
Segment Reporting Information [Line Items]
Assets	2,151.2	2,104
Corporate
Segment Reporting Information [Line Items]
Assets	884.8	303.1
Elimination of intersegment receivables
Segment Reporting Information [Line Items]
Assets	$ (56.1)	$ (61.7)

Subsequent Event (Details)

Subsequent Event (Details) $ in Millions	Sep. 28, 2020USD ($)
AutoCrib | Subsequent Event
Subsequent Event [Line Items]
Cash purchase price of acquisition	$ 36