Snap-on (SNA) 10-Q 22 Apr 21 2021 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Apr. 03, 2021	Apr. 16, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Apr. 3, 2021
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)		54,079,984
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000091440
Current Fiscal Year End Date	--01-01

Condensed Consolidated Statemen

Condensed Consolidated Statements of Earnings (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Apr. 03, 2021	Mar. 28, 2020
Net sales	$ 1,113.2	$ 938.1
Operating earnings	266.2	195.8
Interest expense	(14.3)	(11.4)
Other income (expense) – net	4.3	1.5
Earnings before income taxes and equity earnings	256.2	185.9
Income tax expense	(59.1)	(43.9)
Earnings before equity earnings	197.1	142
Equity earnings, net of tax	0.5	0
Net earnings	197.6	142
Net earnings attributable to noncontrolling interests	(5)	(4.8)
Net earnings attributable to Snap-on Incorporated	$ 192.6	$ 137.2
Net earnings per share attributable to Snap-on Incorporated:
Basic (in dollars per share)	$ 3.55	$ 2.52
Diluted (in dollars per share)	$ 3.50	$ 2.49
Weighted-average shares outstanding:
Basic (in shares)	54,184,438	54,523,857
Effect of dilutive securities (in shares)	933,451	524,511
Diluted (in shares)	55,117,889	55,048,368
Dividends declared per common share (in dollars per share)	$ 1.23	$ 1.08
Excluding Financial Services
Net sales	$ 1,024.6	$ 852.2
Cost of goods sold	(511)	(430.6)
Gross profit	513.6	421.6
Operating expenses	(312.7)	(282.7)
Operating earnings	200.9	138.9
Financial Service
Net sales	88.6	85.9
Cost of goods sold	(23.3)	(29)
Operating earnings	$ 65.3	$ 56.9

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions		3 Months Ended
		Apr. 03, 2021	Mar. 28, 2020
Comprehensive income (loss):
Net earnings		$ 197.6	$ 142
Other comprehensive income (loss):
Foreign currency translation	[1]	(29)	(108)
Unrealized cash flow hedges, net of tax:
Reclassification of cash flow hedges to net earnings		(0.4)	(0.4)
Defined benefit pension and postretirement plans:
Amortization of net unrecognized losses included in net periodic benefit cost		9.1	8.4
Income tax benefit		(2.2)	(2)
Net of tax		6.9	6.4
Total comprehensive income		175.1	40
Comprehensive income attributable to noncontrolling interests		(5)	(4.8)
Comprehensive income attributable to Snap-on Incorporated		$ 170.1	$ 35.2
[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	Apr. 03, 2021	Jan. 02, 2021
Current assets:
Cash and cash equivalents	$ 904.6	$ 923.4
Trade and other accounts receivable – net	650.8	640.7
Finance receivables and contract receivables - net	635.4	642.7
Inventories – net	730.1	746.5
Prepaid expenses and other assets	131.6	129.7
Total current assets	3,052.5	3,083
Property and equipment:
Property and equipment and finance lease right-of-use asset, gross	1,497	1,499.4
Accumulated depreciation and amortization	(977.9)	(973.2)
Property and equipment and finance lease right-of-use asset, net	519.1	526.2
Operating lease right-of-use assets	49.9	51.9
Deferred income tax assets	49.8	50.3
Long-term finance receivables and contract receivables - net	1,492.3	1,511
Goodwill	1,161.8	982.4
Other intangibles – net	254.6	260.8
Other assets	93.5	91.7
Total assets	6,673.5	6,557.3
Current liabilities:
Notes payable and current maturities of long-term debt	268.5	268.5
Accounts payable	235.9	222.9
Accrued benefits	74.5	59.7
Accrued compensation	73.3	89.9
Franchisee deposits	76.3	78.4
Other accrued liabilities	505.6	445.5
Total current liabilities	1,234.1	1,164.9
Long-term debt	1,182.3	1,182.1
Deferred income tax liabilities	74.9	70.4
Retiree health care benefits	33.8	34.5
Pension liabilities	117.6	127.1
Operating lease liabilities	32	34
Other long-term liabilities	100.9	97.7
Total liabilities	2,775.6	2,710.7
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 67,437,885 and 67,430,958 shares, respectively)	67.4	67.4
Additional paid-in capital	419.7	391.7
Retained earnings	5,282.5	5,156.9
Accumulated other comprehensive loss	(388.3)	(365.8)
Treasury stock at cost (13,392,053 and 13,328,859 shares, respectively)	(1,505.3)	(1,425.3)
Total shareholders’ equity attributable to Snap-on Incorporated	3,876	3,824.9
Noncontrolling interests	21.9	21.7
Total equity	3,897.9	3,846.6
Total liabilities and equity	6,673.5	6,557.3
Land
Property and equipment:
Property and equipment and finance lease right-of-use asset, gross	33.6	34
Buildings and improvements
Property and equipment:
Property and equipment and finance lease right-of-use asset, gross	427.8	432
Machinery, equipment and computer software
Property and equipment:
Property and equipment and finance lease right-of-use asset, gross	1,035.6	1,033.4
Finance Receivables
Current assets:
Finance receivables and contract receivables - net	527.4	530.2
Property and equipment:
Long-term finance receivables and contract receivables - net	1,118.3	1,136.3
Contract Receivables
Current assets:
Finance receivables and contract receivables - net	108	112.5
Property and equipment:
Long-term finance receivables and contract receivables - net	$ 374	$ 374.7

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Apr. 03, 2021	Jan. 02, 2021
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)	67,437,885	67,430,958
Treasury stock (in shares)	13,392,053	13,328,859

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, 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. 28, 2019	$ 3,430.8	$ (6.1)	$ 3,424.7	$ 67.4	$ 67.4	$ 379.1	$ 379.1	$ 4,779.7	$ (6.1)	$ 4,773.6	$ (507.9)	$ (507.9)	$ (1,309.2)	$ (1,309.2)	$ 21.7	$ 21.7
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	142							137.2							4.8
Other comprehensive income (loss)	(102)										(102)
Cash dividends	(59)							(59)
Stock compensation plans	2.4					(0.7)							3.1
Share repurchases	(50.5)												(50.5)
Other	(4.2)							0.2							(4.4)
Ending balance at Mar. 28, 2020	3,353.4			67.4		378.4		4,852			(609.9)		(1,356.6)		22.1
Beginning balance at Jan. 02, 2021	3,846.6			67.4		391.7		5,156.9			(365.8)		(1,425.3)		21.7
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	197.6							192.6							5
Other comprehensive income (loss)	(22.5)										(22.5)
Cash dividends	(66.7)							(66.7)
Stock compensation plans	99.9					28							71.9
Share repurchases	(151.9)												(151.9)
Other	(5.1)							(0.3)							(4.8)
Ending balance at Apr. 03, 2021	$ 3,897.9			$ 67.4		$ 419.7		$ 5,282.5			$ (388.3)		$ (1,505.3)		$ 21.9

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Apr. 03, 2021	Mar. 28, 2020
Statement of Stockholders' Equity [Abstract]
Cash dividends per share (in dollars per share)	$ 1.23	$ 1.08
Share repurchases (in shares)	722,000	349,000

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Apr. 03, 2021	Mar. 28, 2020
Operating activities:
Net earnings	$ 197.6	$ 142
Adjustments to reconcile net earnings to net cash provided (used) by operating activities:
Depreciation	18.7	18.1
Amortization of other intangibles	6	5.7
Provision for losses on finance receivables	11.3	16.3
Provision for losses on non-finance receivables	2.6	5
Stock-based compensation expense	12.3	1.1
Deferred income tax provision (benefit)	2.3	(3.6)
Loss on sales of assets	0	0.1
Changes in operating assets and liabilities, net of effects of acquisitions:
Trade and other accounts receivable	(9.8)	34.3
Contract receivables	5.6	1.2
Inventories	8.3	(23.8)
Prepaid and other assets	(1.8)	3.2
Accounts payable	17.5	1.9
Accruals and other liabilities	48.7	11.9
Net cash provided by operating activities	319.3	213.4
Investing activities:
Additions to finance receivables	(216.5)	(212.8)
Collections of finance receivables	228.6	190.7
Capital expenditures	(19.3)	(17.2)
Acquisitions of businesses, net of cash acquired	(200)	(6.1)
Other	0	(4.4)
Net cash used by investing activities	(207.2)	(49.8)
Financing activities:
Net increase (decrease) in other short-term borrowings	2.4	(41.9)
Cash dividends paid	(66.7)	(59)
Purchases of treasury stock	(151.9)	(50.5)
Proceeds from stock purchase and option plans	93	1.5
Other	(7.8)	(7.2)
Net cash used by financing activities	(131)	(157.1)
Effect of exchange rate changes on cash and cash equivalents	0.1	(5.2)
Increase (decrease) in cash and cash equivalents	(18.8)	1.3
Cash and cash equivalents at beginning of year	923.4	184.5
Cash and cash equivalents at end of period	904.6	185.8
Supplemental cash flow disclosures:
Cash paid for interest	(19.4)	(20.7)
Net cash paid for income taxes	$ (15.9)	$ (15.1)

Summary of Accounting Policies

Summary of Accounting Policies	3 Months Ended
	Apr. 03, 2021
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 2020 Annual Report on Form 10-K for the fiscal year ended January 2, 2021 (“2020 year end”). The company’s 2021 fiscal year, which ends on January 1, 2022, will contain 52 weeks of operating results. The company’s 2020 fiscal year contained 53 weeks of operating results, with the additional week occurring in the fourth quarter. Snap-on’s 2021 fiscal first quarter ended on April 3, 2021; the 2020 fiscal first quarter ended on March 28, 2020. The company’s 2021 and 2020 fiscal first quarters each contained 13 weeks of operating results. Snap-on’s Condensed Consolidated Financial Statements are prepared in conformity with generally accepted accounting principles in the United States of America (“GAAP”). In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for the fair presentation of the Condensed Consolidated Financial Statements for the three month periods ended April 3, 2021, and March 28, 2020, have been made. Interim results of operations are not necessarily indicative of the results to be expected for the full fiscal year. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Financial Instruments The fair value of the company’s derivative financial instruments is generally determined using quoted prices in active markets for similar assets and liabilities. The carrying value of the company’s non-derivative financial instruments either approximates fair value, due to their short-term nature, or the amount disclosed for fair value is based upon a discounted cash flow analysis or quoted market values. See Note 10 for further information on financial instruments. New Accounting Standards The following new accounting pronouncement was adopted by Snap-on in fiscal year 2021:

Revenue Recognition

Revenue Recognition	3 Months Ended
	Apr. 03, 2021
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 (Amounts in millions) April 3, 2021 March 28, 2020 Revenue from contracts with customers $ 1,018.8 $ 846.6 Other revenues 5.8 5.6 Total net sales 1,024.6 852.2 Financial services revenue 88.6 85.9 Total revenues $ 1,113.2 $ 938.1 Snap-on evaluates the performance of its operating segments based on segment revenues, including both external and intersegment net sales, and segment operating earnings. Snap-on accounts for both intersegment sales and transfers based primarily on standard costs with reasonable mark-ups established between the segments. Intersegment amounts are eliminated to arrive at Snap-on’s consolidated financial results. The following tables represent external net sales disaggregated by geography, based on the customers’ billing addresses: For the Three Months Ended April 3, 2021 Commercial Snap-on Repair Systems & Industrial Tools & Information Financial Snap-on (Amounts in millions) Group Group Group Services Eliminations Incorporated Net sales: North America* $ 118.0 $ 408.1 $ 200.9 $ — $ — $ 727.0 Europe 84.3 44.2 60.6 — — 189.1 All other 68.8 26.0 13.7 — — 108.5 External net sales 271.1 478.3 275.2 — — 1,024.6 Intersegment net sales 74.6 — 72.4 — (147.0) — Total net sales 345.7 478.3 347.6 — (147.0) 1,024.6 Financial services revenue — — — 88.6 — 88.6 Total revenue $ 345.7 $ 478.3 $ 347.6 $ 88.6 $ (147.0) $ 1,113.2 For the Three Months Ended March 28, 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* $ 108.9 $ 326.9 $ 177.3 $ — $ — $ 613.1 Europe 67.1 31.1 56.6 — — 154.8 All other 51.0 17.9 15.4 — — 84.3 External net sales 227.0 375.9 249.3 — — 852.2 Intersegment net sales 72.9 — 65.3 — (138.2) — Total net sales 299.9 375.9 314.6 — (138.2) 852.2 Financial services revenue — — — 85.9 — 85.9 Total revenue $ 299.9 $ 375.9 $ 314.6 $ 85.9 $ (138.2) $ 938.1 * 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 April 3, 2021 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 $ 24.1 $ 478.3 $ 275.2 $ — $ — $ 777.6 All other professionals 247.0 — — — — 247.0 External net sales 271.1 478.3 275.2 — — 1,024.6 Intersegment net sales 74.6 — 72.4 — (147.0) — Total net sales 345.7 478.3 347.6 — (147.0) 1,024.6 Financial services revenue — — — 88.6 — 88.6 Total revenue $ 345.7 $ 478.3 $ 347.6 $ 88.6 $ (147.0) $ 1,113.2 For the Three Months Ended March 28, 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 $ 19.4 $ 375.9 $ 249.3 $ — $ — $ 644.6 All other professionals 207.6 — — — — 207.6 External net sales 227.0 375.9 249.3 — — 852.2 Intersegment net sales 72.9 — 65.3 — (138.2) — Total net sales 299.9 375.9 314.6 — (138.2) 852.2 Financial services revenue — — — 85.9 — 85.9 Total revenue $ 299.9 $ 375.9 $ 314.6 $ 85.9 $ (138.2) $ 938.1 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 $218.0 million of long-term contracts that have fixed consideration that extends beyond one year as of April 3, 2021. Snap-on expects to recognize approximately 65% of these contracts as revenue by the end of fiscal 2022, an additional 30% by the end of fiscal 2024 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 $70.6 million and $61.0 million at April 3, 2021, and January 2, 2021, respectively. The current portion of contract liabilities is included in “Other accrued liabilities” and the non-current portion of such liabilities is included in “Other long-term liabilities” on the accompanying Condensed Consolidated Balance Sheets. During the three months ended April 3, 2021, Snap-on recognized revenue of $31.0 million that was included in the $61.0 million contract liability balance at January 2, 2021, which was primarily from the amortization of software subscriptions, extended warranties and other subscription agreements.

Acquisitions

Acquisitions	3 Months Ended
	Apr. 03, 2021
Business Combinations [Abstract]
Acquisitions	Acquisitions On February 26, 2021, Snap-on acquired Dealer-FX Group, Inc. (“Dealer-FX”) for a cash purchase price of $200.1 million (or $200.0 million, net of cash acquired). Dealer-FX, based in Markham, Ontario, is a leading developer, marketer and provider of service operations software solutions for automotive OEM customers and their dealers. Dealer-FX specializes in software as a service (SaaS) management systems, communications platforms, extensive data integrations, and offers a digitalized solution that increases productivity and enhances the vehicle owners experience. In the first quarter of 2021, the company recorded, on a preliminary basis, the $195.2 million excess of the purchase price over the fair value of the net assets acquired in “Goodwill” on the accompanying Condensed Consolidated Balance Sheets. The company anticipates completing the purchase accounting for the acquired net assets of Dealer-FX in 2021. On September 28, 2020, Snap-on acquired substantially all of the assets of AutoCrib, Inc. (“AutoCrib”) for a cash purchase price of $35.4 million. AutoCrib, based in Tustin, California, designs, manufactures and markets asset and tool control solutions for a variety of aerospace, automotive, military, natural resources and general industry operations. In the first quarter of 2021, the company completed the purchase accounting valuations for the acquired net assets of AutoCrib, including intangible assets. The $18.3 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 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. For segment reporting purposes, the results of operations and assets of Dealer-FX and Sigmavision have been included in the Repair Systems & Information Group since the respective acquisition dates, and the results of operations and assets of AutoCrib 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	3 Months Ended
	Apr. 03, 2021
Receivables [Abstract]
Receivables	Receivables 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 April 3, 2021, and January 2, 2021, are as follows: (Amounts in millions) April 3, 2021 January 2, 2021 Trade and other accounts receivable $ 676.6 $ 667.0 Allowances for credit losses (25.8) (26.3) Total trade and other accounts receivable – net $ 650.8 $ 640.7 The following is a rollforward of the allowances for credit losses related to trade and other accounts receivable for the three months ended April 3, 2021, and March 28, 2020: Three Months Ended (Amounts in millions) April 3, 2021 March 28, 2020 Allowances for credit losses: Beginning of period $ 26.3 $ 20.9 Provision for credit losses 1.9 3.6 Charge-offs (2.1) (3.1) Recoveries — — Currency translation (0.3) (1.0) End of period $ 25.8 $ 20.4 Finance and Contract Receivables: Snap-on Credit LLC (“SOC”), the company’s financial services operation in the United States, originates extended-term finance and contract receivables on sales of Snap-on’s products sold through the U.S. franchisee network and to certain other customers of Snap-on; Snap-on’s foreign finance subsidiaries provide similar financing internationally. Interest income on finance and contract receivables is included in “Financial services revenue” on the accompanying Condensed Consolidated Statements of Earnings. 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 April 3, 2021, and January 2, 2021, are as follows: (Amounts in millions) April 3, 2021 January 2, 2021 Finance installment receivables $ 537.3 $ 533.9 Finance lease receivables, net of unearned finance charges of $3.2 million and $4.4 million, respectively 13.8 20.2 Total finance receivables 551.1 554.1 Contract installment receivables 55.2 59.1 Contract lease receivables, net of unearned finance charges of $18.2 million in both periods 55.1 55.7 Total contract receivables 110.3 114.8 Total 661.4 668.9 Allowances for credit losses: Finance installment receivables (23.6) (23.6) Finance lease receivables (0.1) (0.3) Total finance allowance for credit losses (23.7) (23.9) Contract installment receivables (1.4) (1.4) Contract lease receivables (0.9) (0.9) Total contract allowance for credit losses (2.3) (2.3) Total allowance for credit losses (26.0) (26.2) Total current finance and contract receivables – net $ 635.4 $ 642.7 Finance receivables – net $ 527.4 $ 530.2 Contract receivables – net 108.0 112.5 Total current finance and contract receivables – net $ 635.4 $ 642.7 The components of Snap-on’s finance and contract receivables with payment terms beyond one year as of April 3, 2021, and January 2, 2021, are as follows: (Amounts in millions) April 3, 2021 January 2, 2021 Finance installment receivables $ 1,158.8 $ 1,173.1 Finance lease receivables, net of unearned finance charges of $1.7 million and $2.5 million, respectively 11.1 15.6 Total finance receivables 1,169.9 1,188.7 Contract installment receivables 198.4 199.7 Contract lease receivables, net of unearned finance charges of $30.1 million and $30.2 million, respectively 182.5 181.7 Total contract receivables 380.9 381.4 Total 1,550.8 1,570.1 Allowances for credit losses: Finance installment receivables (51.5) (52.1) Finance lease receivables (0.1) (0.3) Total finance allowance for credit losses (51.6) (52.4) Contract installment receivables (3.2) (3.1) Contract lease receivables (3.7) (3.6) Total contract allowance for credit losses (6.9) (6.7) Total allowance for credit losses (58.5) (59.1) Total long-term finance and contract receivables – net $ 1,492.3 $ 1,511.0 Finance receivables – net $ 1,118.3 $ 1,136.3 Contract receivables – net 374.0 374.7 Total long-term finance and contract receivables – net $ 1,492.3 $ 1,511.0 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 April 3, 2021, are as follows: (Amounts in millions) 2021 2020 2019 2018 2017 Prior Total Finance Receivables: Delinquent $ 0.1 $ 15.9 $ 11.5 $ 6.6 $ 3.4 $ 1.5 $ 39.0 Non-delinquent 388.1 845.2 283.1 115.1 40.5 10.0 1,682.0 Total Finance receivables $ 388.2 $ 861.1 $ 294.6 $ 121.7 $ 43.9 $ 11.5 $ 1,721.0 Contract receivables: Delinquent $ — $ 0.5 $ 0.4 $ 0.5 $ 0.2 $ 0.2 $ 1.8 Non-delinquent 45.4 161.7 115.7 78.2 47.0 41.4 489.4 Total Contract receivables $ 45.4 $ 162.2 $ 116.1 $ 78.7 $ 47.2 $ 41.6 $ 491.2 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. Changes 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 months ended April 3, 2021, and March 28, 2020: Three Months Ended Three Months Ended (Amounts in millions) Finance Contract Finance Contract Allowances for credit losses: Beginning of period $ 76.3 $ 9.0 $ 61.9 $ 5.6 Impact of adopting ASU No. 2016-13 — — 5.2 2.9 Provision for credit losses 11.3 0.7 16.3 1.4 Charge-offs (14.9) (0.6) (15.9) (1.3) Recoveries 2.6 0.1 2.0 — Currency translation — — (0.3) — End of period $ 75.3 $ 9.2 $ 69.2 $ 8.6 The provision for credit losses for Finance and Contract Receivables for the three months ended March 28, 2020, included $2.1 million and $0.5 million, respectively, as a result of the economic uncertainty associated with the COVID-19 pandemic. 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 April 3, 2021, and January 2, 2021, 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 April 3, 2021, and January 2, 2021, is as follows: (Amounts in millions) 30-59 60-90 Greater Total Past Total Not Total Greater April 3, 2021: Finance receivables $ 10.5 $ 9.7 $ 18.8 $ 39.0 $ 1,682.0 $ 1,721.0 $ 15.9 Contract receivables 0.5 0.4 0.9 1.8 489.4 491.2 0.1 January 2, 2021: Finance receivables $ 18.4 $ 12.2 $ 21.1 $ 51.7 $ 1,691.1 $ 1,742.8 $ 18.2 Contract receivables 1.3 0.6 1.5 3.4 492.8 496.2 0.2 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 April 3, 2021, and January 2, 2021, is as follows: (Amounts in millions) April 3, 2021 January 2, 2021 Finance receivables $ 9.0 $ 9.6 Contract receivables 1.8 2.4

Inventories

Inventories	3 Months Ended
	Apr. 03, 2021
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories by major classification are as follows: (Amounts in millions) April 3, 2021 January 2, 2021 Finished goods $ 625.8 $ 643.4 Work in progress 63.7 61.6 Raw materials 124.9 125.5 Total FIFO value 814.4 830.5 Excess of current cost over LIFO cost (84.3) (84.0) Total inventories – net $ 730.1 $ 746.5

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	3 Months Ended
	Apr. 03, 2021
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 three months ended April 3, 2021, are as follows: (Amounts in millions) Commercial Snap-on Repair Systems Total Balance as of January 2, 2021 $ 331.2 $ 12.4 $ 638.8 $ 982.4 Currency translation (10.8) — (5.0) (15.8) Acquisitions and related adjustments — — 195.2 195.2 Balance as of April 3, 2021 $ 320.4 $ 12.4 $ 829.0 $ 1,161.8 Goodwill of $1,161.8 million as of April 3, 2021, included $195.2 million, on a preliminary basis, from the acquisition of Dealer-FX. During the first three months ended April 3, 2021, the purchase accounting valuations for the acquired net assets, including intangible assets, of AutoCrib were completed, resulting in no change to goodwill. The goodwill from Dealer-FX is included in the Repair Systems & Information Group and $18.3 million of goodwill from the 2020 AutoCrib acquisition is included in the Commercial & Industrial Group. See Note 3 for additional information on acquisitions. Additional disclosures related to other intangible assets are as follows: April 3, 2021 January 2, 2021 (Amounts in millions) Gross Carrying Accumulated Gross Carrying Accumulated Amortized other intangible assets: Customer relationships $ 190.8 $ (132.8) $ 191.5 $ (130.1) Developed technology 21.9 (20.3) 21.8 (19.9) Internally developed software 174.3 (130.5) 172.2 (128.0) Patents 43.4 (25.1) 43.2 (25.3) Trademarks 3.8 (2.3) 3.9 (2.4) Other 8.1 (3.9) 8.2 (3.9) Total 442.3 (314.9) 440.8 (309.6) Non-amortized trademarks 127.2 — 129.6 — Total other intangible assets $ 569.5 $ (314.9) $ 570.4 $ (309.6) 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 April 3, 2021, 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 3 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 $6.0 million and $5.7 million for the respective three months ended April 3, 2021, and March 28, 2020. Based on current levels of amortizable intangible assets and estimated weighted-average useful lives, estimated annual amortization expense is expected to be $20.4 million in 2021, $20.7 million in 2022, $17.6 million in 2023, $12.6 million in 2024, $8.3 million in 2025, and $7.7 million in 2026.

Exit and Disposal Activities

Exit and Disposal Activities	3 Months Ended
	Apr. 03, 2021
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 first three months ended April 3, 2021. For the three months ended March 28, 2020, Snap-on recorded costs of $7.5 million for exit and disposal activities. The costs associated with exit and disposal activities by operating segment are as follows: Three Months Ended (Amounts in millions) April 3, 2021 March 28, 2020 Exit and disposal costs Cost of goods sold: Commercial & Industrial Group $ — $ 4.4 Repair System & Information Group — 0.7 Total cost of goods sold $ — $ 5.1 Operating Expenses: Repair System & Information Group $ — $ 2.4 Total exit and disposal costs: Commercial & Industrial Group $ — $ 4.4 Repair System & Information Group — $ 3.1 Total exit and disposal costs $ — $ 7.5 Costs associated with exit and disposal activities in the first three 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 first quarter of 2021 is as follows: Balance at First Three Months Balance at (Amounts in millions) January 2, 2021 Provision Usage April 3, 2021 Severance costs: Commercial & Industrial Group $ 5.8 $ — $ (0.3) $ 5.5 Snap-on Tools Group 0.4 — — 0.4 Repair System & Information Group 3.8 — (0.2) 3.6 Total $ 10.0 $ — $ (0.5) $ 9.5 As of April 3, 2021, the company expects that of the $9.5 million exit and disposal accrual, approximately $7.0 million will be utilized in the balance of 2021, and the remainder thereafter, primarily for longer-term severance payments.

Income Taxes

Income Taxes	3 Months Ended
	Apr. 03, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Snap-on’s effective income tax rate on earnings attributable to Snap-on was 23.5% and 24.2% in the respective first three months of 2021 and 2020. 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	3 Months Ended
	Apr. 03, 2021
Debt Disclosure [Abstract]
Short-term and Long-term Debt	Short-term and Long-term Debt Short-term and long-term debt as of April 3, 2021, and January 2, 2021, consisted of the following: (Amounts in millions) April 3, 2021 January 2, 2021 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 500.0 500.0 Other* 0.8 0.6 1,450.8 1,450.6 Less: notes payable and current maturities of long-term debt Current maturities of long-term debt (250.0) (250.0) Other notes* (18.5) (18.5) (268.5) (268.5) Total long-term debt $ 1,182.3 $ 1,182.1 * Includes the net effects of debt amortization costs and fair value adjustments of interest rate swaps.

Financial Instruments

Financial Instruments	3 Months Ended
	Apr. 03, 2021
Investments, All Other Investments [Abstract]
Financial Instruments	Financial Instruments Derivatives: All derivative instruments are reported in the Consolidated Financial Statements at fair value. Changes in the fair value of derivatives are recorded each period in earnings or on the accompanying Consolidated Balance Sheets, depending on whether the derivative is designated and effective as part of a hedged transaction. Gains or losses on derivative instruments recorded in earnings are presented in the same 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 Consolidated Statements of Earnings. See Note 17 for additional information on Other income (expense) - net. 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” on the accompanying Condensed Consolidated Balance Sheets as of both April 3, 2021, and January 2, 2021. The notional amount of interest rate swaps outstanding and designated as fair value hedges was $100.0 million as of both April 3, 2021, and January 2, 2021. 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. There were no treasury locks outstanding as of both April 3, 2021, and January 2, 2021. 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 April 3, 2021, Snap-on had equity forwards in place intended to manage market risk with respect to 79,100 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: April 3, 2021 January 2, 2021 (Amounts in millions) Carrying Fair Carrying Fair Finance receivables – net $ 1,645.7 $ 1,988.8 $ 1,666.5 $ 2,024.4 Contract receivables – net 482.0 538.5 487.2 545.4 Long-term debt and notes payable and current maturities of long-term debt 1,450.8 1,554.5 1,450.6 1,678.2 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	3 Months Ended
	Apr. 03, 2021
Retirement Benefits [Abstract]
Pension Plans	Pension Plans Snap-on’s net periodic pension cost included the following components: Three Months Ended (Amounts in millions) April 3, 2021 March 28, 2020 Service cost $ 7.5 $ 6.9 Interest cost 10.6 12.1 Expected return on plan assets (23.6) (23.7) Amortization of unrecognized loss 9.1 8.4 Net periodic pension cost $ 3.6 $ 3.7 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 $9.2 million to its foreign pension plans and $2.2 million to its domestic pension plans in 2021, as required by law. Depending on market and other conditions, Snap-on may make discretionary cash contributions to its pension plans in 2021.

Postretirement Health Care Plan

Postretirement Health Care Plans	3 Months Ended
	Apr. 03, 2021
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 (Amounts in millions) April 3, 2021 March 28, 2020 Interest cost $ 0.3 $ 0.4 Expected return on plan assets (0.2) (0.2) Net periodic postretirement health care cost $ 0.1 $ 0.2 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	3 Months Ended
	Apr. 03, 2021
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 April 3, 2021, the 2011 Plan had 1,099,455 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 $12.3 million and $1.1 million for the respective three months ended April 3, 2021, and March 28, 2020. Cash received from stock purchase and option plan exercises during the respective three months ended April 3, 2021, and March 28, 2020 totaled $93.0 million and $1.5 million. The tax benefit realized from both the exercise and vesting of share-based payment arrangements was $7.7 million and $1.5 million for the respective three months ended April 3, 2021, and March 28, 2020. 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 10 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 three months ended April 3, 2021, and March 28, 2020, using the Black-Scholes valuation model: Three Months Ended April 3, 2021 March 28, 2020 Expected term of option (in years) 5.33 5.53 Expected volatility factor 21.80% 21.67% Expected dividend yield 2.59% 2.78% Risk-free interest rate 0.67% 1.50% A summary of stock option activity as of and for the three months ended April 3, 2021, is presented below: Shares (in thousands) Exercise Remaining Contractual Term* (in years) Aggregate Intrinsic Value (in millions) Outstanding at January 2, 2021 3,120 $ 142.47 Granted 333 189.91 Exercised (621) 149.90 Forfeited or expired (1) 155.53 Outstanding at April 3, 2021 2,831 146.41 6.1 $ 241.6 Exercisable at April 3, 2021 2,047 137.33 5.0 193.2 * Weighted-average The weighted-average grant date fair value of options granted during the three months ended April 3, 2021, and March 28, 2020, was $26.19 and $22.95, respectively. The intrinsic value of options exercised was $30.8 million and $1.4 million during the respective three months ended April 3, 2021, and March 28, 2020. The fair value of stock options vested was $12.5 million and $14.6 million during the respective three months ended April 3, 2021, and March 28, 2020. As of April 3, 2021, there was $18.7 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 2.1 years. Performance Share Unit and Restricted Stock Unit Awards: Performance share units (“PSUs”) 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 PSUs 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. Time-based RSUs are earned and expensed using the fair value of the award over the contractual term of three years. Vesting of the time-based RSUs is dependent upon continued employment over the 3-year cliff vesting period. The fair value of PSUs and RSUs 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 awards granted during the three months ended April 3, 2021, and March 28, 2020, was $188.72 and $155.34, respectively. There were no PSUs paid out during the three months ended April 3, 2021. PSUs related to 21,184 shares were paid out during the three months ended March 28, 2020. 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”). Changes to the company’s non-vested PSUs and RSUs during the three months ended April 3, 2021, are as follows: Shares (in thousands) Fair Value Non-vested performance awards at January 2, 2021 76 $ 155.61 Granted 121 188.72 Vested — — Cancellations and other — — Non-vested performance awards at April 3, 2021 197 175.90 * Weighted-average As of April 3, 2021, there was $25.8 million of unrecognized compensation cost related to non-vested PSUs and RSUs that are expected to be recognized as a charge to earnings over a weighted-average period of 2.5 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 three months ended April 3, 2021, and March 28, 2020, using the Black-Scholes valuation model: Three Months Ended April 3, 2021 March 28, 2020 Expected term of stock-settled SARs (in years) 3.94 3.75 Expected volatility factor 22.50% 22.50% Expected dividend yield 2.59% 2.78% Risk-free interest rate 0.19% 1.42% Changes to the company’s stock-settled SARs during the three months ended April 3, 2021, are as follows: Stock-settled SARs (in thousands) Exercise Remaining Contractual Term* (in years) Aggregate Intrinsic Value (in millions) Outstanding at January 2, 2021 502 $ 151.59 Granted 83 189.89 Exercised (38) 143.06 Forfeited or expired (121) 152.09 Outstanding at April 3, 2021 426 159.64 7.3 $ 30.7 Exercisable at April 3, 2021 255 151.29 6.0 20.5 * Weighted-average The weighted-average grant date fair value of stock-settled SARs granted during the three months ended April 3, 2021, and March 28, 2020, was $24.05 and $21.31, respectively. The intrinsic value of stock-settled SARs exercised was $2.2 million and zero during the respective three months ended April 3, 2021, and March 28, 2020. The fair value of stock-settled SARs vested was $2.1 million and $2.3 million during the respective three months ended April 3, 2021, and March 28, 2020. As of April 3, 2021, there was $4.3 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 2.2 years. The following weighted-average assumptions were used in calculating the fair value of cash-settled SARs granted during the three months ended April 3, 2021, and March 28, 2020, using the Black-Scholes valuation model: Three Months Ended April 3, 2021 March 28, 2020 Expected term of cash-settled SARs (in years) 3.83 3.66 Expected volatility factor 22.49% 27.06% Expected dividend yield 2.12% 4.01% Risk-free interest rate 0.39% 0.30% The intrinsic value of cash-settled SARs exercised was $0.5 million and $0.1 million during the respective three months ended April 3, 2021, and March 28, 2020. The fair value of cash-settled SARs vested was $0.1 million and zero during the respective three months ended April 3, 2021, and March 28, 2020. Changes to the company’s non-vested cash-settled SARs during the three months ended April 3, 2021, are as follows: Cash-settled SARs (in thousands) Fair Value Non-vested cash-settled SARs at January 2, 2021 2 $ 36.99 Granted 1 24.05 Vested (1) 69.68 Non-vested cash-settled SARs at April 3, 2021 2 47.56 * Weighted-average As of April 3, 2021, 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 2.2 years. Restricted Stock Awards – Non-employee Directors: The company awarded 6,858 shares and 7,380 shares of restricted stock to non-employee directors for the respective three months ended April 3, 2021, and March 28, 2020. The fair value of the restricted stock awards is expensed over a one-year vesting period based on the fair value on the date of grant. All restrictions generally lapse upon the earlier of the first anniversary of the grant date, the recipient’s death or disability or in the event of a change in control, as defined in the 2011 Plan. If termination of the recipient’s service occurs prior to the first anniversary of the grant date for any reason other than death or disability, the shares of restricted stock would be forfeited, unless otherwise determined by the Board.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Apr. 03, 2021
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 April 3, 2021 March 28, 2020 Weighted-average common shares outstanding 54,184,438 54,523,857 Effect of dilutive securities 933,451 524,511 Weighted-average common shares outstanding, assuming dilution 55,117,889 55,048,368 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 April 3, 2021, there were 400 awards outstanding that were anti-dilutive; as of March 28, 2020, there were 2,304,236 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	3 Months Ended
	Apr. 03, 2021
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 months ended April 3, 2021, and March 28, 2020, is as follows: Three Months Ended (Amounts in millions) April 3, 2021 March 28, 2020 Warranty reserve: Beginning of period $ 17.6 $ 17.3 Additions 4.1 3.7 Usage (3.4) (3.8) End of period $ 18.3 $ 17.2 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	3 Months Ended
	Apr. 03, 2021
Leases [Abstract]
Leases	Leases Lessee Accounting: Supplemental balance sheet information related to leases as of April 3, 2021, and January 2, 2021 is as follows: (Amounts in millions) April 3, 2021 January 2, 2021 Finance leases: Property and equipment - gross $ 22.9 $ 24.3 Accumulated depreciation and amortization (16.9) (17.5) Property and equipment - net $ 6.0 $ 6.8 Other accrued liabilities $ 2.6 $ 2.7 Other long-term liabilities 6.5 7.4 Total finance lease liabilities $ 9.1 $ 10.1 Operating leases: Operating lease right-of-use assets $ 49.9 $ 51.9 Other accrued liabilities $ 19.3 $ 19.3 Operating lease liabilities 32.0 34.0 Total operating lease liabilities $ 51.3 $ 53.3 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 April 3, 2021, and January 2, 2021 is as follows: (Amounts in millions) April 3, 2021 January 2, 2021 Finance leases: Property and equipment - gross $ 22.9 $ 24.3 Accumulated depreciation and amortization (16.9) (17.5) Property and equipment - net $ 6.0 $ 6.8 Other accrued liabilities $ 2.6 $ 2.7 Other long-term liabilities 6.5 7.4 Total finance lease liabilities $ 9.1 $ 10.1 Operating leases: Operating lease right-of-use assets $ 49.9 $ 51.9 Other accrued liabilities $ 19.3 $ 19.3 Operating lease liabilities 32.0 34.0 Total operating lease liabilities $ 51.3 $ 53.3 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 April 3, 2021, and January 2, 2021 is as follows: (Amounts in millions) April 3, 2021 January 2, 2021 Finance leases: Property and equipment - gross $ 22.9 $ 24.3 Accumulated depreciation and amortization (16.9) (17.5) Property and equipment - net $ 6.0 $ 6.8 Other accrued liabilities $ 2.6 $ 2.7 Other long-term liabilities 6.5 7.4 Total finance lease liabilities $ 9.1 $ 10.1 Operating leases: Operating lease right-of-use assets $ 49.9 $ 51.9 Other accrued liabilities $ 19.3 $ 19.3 Operating lease liabilities 32.0 34.0 Total operating lease liabilities $ 51.3 $ 53.3 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	3 Months Ended
	Apr. 03, 2021
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 (Amounts in millions) April 3, 2021 March 28, 2020 Interest income $ 0.4 $ 0.4 Net foreign exchange loss (0.2) (1.9) Net periodic pension and postretirement benefits – non-service 3.8 3.0 Other 0.3 — Total other income (expense) – net $ 4.3 $ 1.5

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	3 Months Ended
	Apr. 03, 2021
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 April 3, 2021: (Amounts in millions) Foreign Cash Flow Defined Total Balance as of January 2, 2021 $ (74.7) $ 10.5 $ (301.6) $ (365.8) Other comprehensive loss before reclassifications (29.0) — — (29.0) Amounts reclassified from Accumulated OCI — (0.4) 6.9 6.5 Net other comprehensive income (loss) (29.0) (0.4) 6.9 (22.5) Balance as of April 3, 2021 $ (103.7) $ 10.1 $ (294.7) $ (388.3) The following is a summary of net changes in Accumulated OCI by component and net of tax for the three months ended March 28, 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 loss before reclassifications (108.0) — — (108.0) Amounts reclassified from Accumulated OCI — (0.4) 6.4 6.0 Net other comprehensive income (loss) (108.0) (0.4) 6.4 (102.0) Balance as of March 28, 2020 $ (295.4) $ 10.3 $ (324.8) $ (609.9) The reclassifications out of Accumulated OCI for the three month periods ended April 3, 2021, and March 28, 2020, are as follows: Amount Reclassified from Accumulated OCI Three Months Ended April 3, 2021 March 28, 2020 Statement of Earnings (Amounts in millions) Gains on cash flow hedges: Treasury locks $ 0.4 $ 0.4 Interest expense Income tax expense — — Income tax expense Net of tax 0.4 0.4 Amortization of net unrecognized losses (9.1) (8.4) See footnote below* Income tax benefit 2.2 2.0 Income tax expense Net of tax (6.9) (6.4) Total reclassifications for the period, net of tax $ (6.5) $ (6.0) * 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	3 Months Ended
	Apr. 03, 2021
Segment Reporting [Abstract]
Segments	Segments Snap-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 (Amounts in millions) April 3, 2021 March 28, 2020 Net sales: Commercial & Industrial Group $ 345.7 $ 299.9 Snap-on Tools Group 478.3 375.9 Repair Systems & Information Group 347.6 314.6 Segment net sales 1,171.6 990.4 Intersegment eliminations (147.0) (138.2) Total net sales 1,024.6 852.2 Financial Services revenue 88.6 85.9 Total revenues $ 1,113.2 $ 938.1 Operating earnings: Commercial & Industrial Group $ 50.7 $ 31.5 Snap-on Tools Group 98.9 48.6 Repair Systems & Information Group 81.4 77.3 Financial Services 65.3 56.9 Segment operating earnings 296.3 214.3 Corporate (30.1) (18.5) Operating earnings 266.2 195.8 Interest expense (14.3) (11.4) Other income (expense) – net 4.3 1.5 Earnings before income taxes and equity earnings $ 256.2 $ 185.9 (Amounts in millions) April 3, 2021 January 2, 2021 Assets: Commercial & Industrial Group $ 1,174.0 $ 1,210.4 Snap-on Tools Group 771.1 775.3 Repair Systems & Information Group 1,590.6 1,399.7 Financial Services 2,149.0 2,170.3 Total assets from reportable segments 5,684.7 5,555.7 Corporate 1,054.2 1,063.2 Elimination of intersegment receivables (65.4) (61.6) Total assets $ 6,673.5 $ 6,557.3

Summary of Accounting Policies

Summary of Accounting Policies - (Policies)	3 Months Ended
	Apr. 03, 2021
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 2020 Annual Report on Form 10-K for the fiscal year ended January 2, 2021 (“2020 year end”). The company’s 2021 fiscal year, which ends on January 1, 2022, will contain 52 weeks of operating results. The company’s 2020 fiscal year contained 53 weeks of operating results, with the additional week occurring in the fourth quarter. Snap-on’s 2021 fiscal first quarter ended on April 3, 2021; the 2020 fiscal first quarter ended on March 28, 2020. The company’s 2021 and 2020 fiscal first quarters each contained 13 weeks of operating results. Snap-on’s Condensed Consolidated Financial Statements are prepared in conformity with generally accepted accounting principles in the United States of America (“GAAP”). In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for the fair presentation of the Condensed Consolidated Financial Statements for the three month periods ended April 3, 2021, and March 28, 2020, have been made. Interim results of operations are not necessarily indicative of the results to be expected for the full fiscal year.
Use of Estimates	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 pronouncement was adopted by Snap-on in fiscal year 2021: On January 3, 2021, the beginning of Snap-on’s 2021 fiscal year, the company adopted 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. The adoption of this ASU did not have a significant impact on the company’s Condensed Consolidated Financial Statements.

Revenue Recognition - (Tables)

Revenue Recognition - (Tables)	3 Months Ended
	Apr. 03, 2021
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table shows the consolidated revenues by revenue source: Three Months Ended (Amounts in millions) April 3, 2021 March 28, 2020 Revenue from contracts with customers $ 1,018.8 $ 846.6 Other revenues 5.8 5.6 Total net sales 1,024.6 852.2 Financial services revenue 88.6 85.9 Total revenues $ 1,113.2 $ 938.1 Snap-on evaluates the performance of its operating segments based on segment revenues, including both external and intersegment net sales, and segment operating earnings. Snap-on accounts for both intersegment sales and transfers based primarily on standard costs with reasonable mark-ups established between the segments. Intersegment amounts are eliminated to arrive at Snap-on’s consolidated financial results. The following tables represent external net sales disaggregated by geography, based on the customers’ billing addresses: For the Three Months Ended April 3, 2021 Commercial Snap-on Repair Systems & Industrial Tools & Information Financial Snap-on (Amounts in millions) Group Group Group Services Eliminations Incorporated Net sales: North America* $ 118.0 $ 408.1 $ 200.9 $ — $ — $ 727.0 Europe 84.3 44.2 60.6 — — 189.1 All other 68.8 26.0 13.7 — — 108.5 External net sales 271.1 478.3 275.2 — — 1,024.6 Intersegment net sales 74.6 — 72.4 — (147.0) — Total net sales 345.7 478.3 347.6 — (147.0) 1,024.6 Financial services revenue — — — 88.6 — 88.6 Total revenue $ 345.7 $ 478.3 $ 347.6 $ 88.6 $ (147.0) $ 1,113.2 For the Three Months Ended March 28, 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* $ 108.9 $ 326.9 $ 177.3 $ — $ — $ 613.1 Europe 67.1 31.1 56.6 — — 154.8 All other 51.0 17.9 15.4 — — 84.3 External net sales 227.0 375.9 249.3 — — 852.2 Intersegment net sales 72.9 — 65.3 — (138.2) — Total net sales 299.9 375.9 314.6 — (138.2) 852.2 Financial services revenue — — — 85.9 — 85.9 Total revenue $ 299.9 $ 375.9 $ 314.6 $ 85.9 $ (138.2) $ 938.1 * 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 April 3, 2021 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 $ 24.1 $ 478.3 $ 275.2 $ — $ — $ 777.6 All other professionals 247.0 — — — — 247.0 External net sales 271.1 478.3 275.2 — — 1,024.6 Intersegment net sales 74.6 — 72.4 — (147.0) — Total net sales 345.7 478.3 347.6 — (147.0) 1,024.6 Financial services revenue — — — 88.6 — 88.6 Total revenue $ 345.7 $ 478.3 $ 347.6 $ 88.6 $ (147.0) $ 1,113.2 For the Three Months Ended March 28, 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 $ 19.4 $ 375.9 $ 249.3 $ — $ — $ 644.6 All other professionals 207.6 — — — — 207.6 External net sales 227.0 375.9 249.3 — — 852.2 Intersegment net sales 72.9 — 65.3 — (138.2) — Total net sales 299.9 375.9 314.6 — (138.2) 852.2 Financial services revenue — — — 85.9 — 85.9 Total revenue $ 299.9 $ 375.9 $ 314.6 $ 85.9 $ (138.2) $ 938.1

Receivables - (Tables)

Receivables - (Tables)	3 Months Ended
	Apr. 03, 2021
Receivables [Abstract]
Components of Trade and Other Accounts Receivable	The components of Snap-on’s trade and other accounts receivable as of April 3, 2021, and January 2, 2021, are as follows: (Amounts in millions) April 3, 2021 January 2, 2021 Trade and other accounts receivable $ 676.6 $ 667.0 Allowances for credit losses (25.8) (26.3) Total trade and other accounts receivable – net $ 650.8 $ 640.7
Accounts Receivable, Allowance for Credit Loss	The following is a rollforward of the allowances for credit losses related to trade and other accounts receivable for the three months ended April 3, 2021, and March 28, 2020: Three Months Ended (Amounts in millions) April 3, 2021 March 28, 2020 Allowances for credit losses: Beginning of period $ 26.3 $ 20.9 Provision for credit losses 1.9 3.6 Charge-offs (2.1) (3.1) Recoveries — — Currency translation (0.3) (1.0) End of period $ 25.8 $ 20.4
Components of Finance and Contract Receivables, Current and Beyond One Year	The components of Snap-on’s current finance and contract receivables as of April 3, 2021, and January 2, 2021, are as follows: (Amounts in millions) April 3, 2021 January 2, 2021 Finance installment receivables $ 537.3 $ 533.9 Finance lease receivables, net of unearned finance charges of $3.2 million and $4.4 million, respectively 13.8 20.2 Total finance receivables 551.1 554.1 Contract installment receivables 55.2 59.1 Contract lease receivables, net of unearned finance charges of $18.2 million in both periods 55.1 55.7 Total contract receivables 110.3 114.8 Total 661.4 668.9 Allowances for credit losses: Finance installment receivables (23.6) (23.6) Finance lease receivables (0.1) (0.3) Total finance allowance for credit losses (23.7) (23.9) Contract installment receivables (1.4) (1.4) Contract lease receivables (0.9) (0.9) Total contract allowance for credit losses (2.3) (2.3) Total allowance for credit losses (26.0) (26.2) Total current finance and contract receivables – net $ 635.4 $ 642.7 Finance receivables – net $ 527.4 $ 530.2 Contract receivables – net 108.0 112.5 Total current finance and contract receivables – net $ 635.4 $ 642.7 The components of Snap-on’s finance and contract receivables with payment terms beyond one year as of April 3, 2021, and January 2, 2021, are as follows: (Amounts in millions) April 3, 2021 January 2, 2021 Finance installment receivables $ 1,158.8 $ 1,173.1 Finance lease receivables, net of unearned finance charges of $1.7 million and $2.5 million, respectively 11.1 15.6 Total finance receivables 1,169.9 1,188.7 Contract installment receivables 198.4 199.7 Contract lease receivables, net of unearned finance charges of $30.1 million and $30.2 million, respectively 182.5 181.7 Total contract receivables 380.9 381.4 Total 1,550.8 1,570.1 Allowances for credit losses: Finance installment receivables (51.5) (52.1) Finance lease receivables (0.1) (0.3) Total finance allowance for credit losses (51.6) (52.4) Contract installment receivables (3.2) (3.1) Contract lease receivables (3.7) (3.6) Total contract allowance for credit losses (6.9) (6.7) Total allowance for credit losses (58.5) (59.1) Total long-term finance and contract receivables – net $ 1,492.3 $ 1,511.0 Finance receivables – net $ 1,118.3 $ 1,136.3 Contract receivables – net 374.0 374.7 Total long-term finance and contract receivables – net $ 1,492.3 $ 1,511.0
Financing Receivable Credit Quality Indicators	The amortized cost basis of finance and contract receivables by origination year as of April 3, 2021, are as follows: (Amounts in millions) 2021 2020 2019 2018 2017 Prior Total Finance Receivables: Delinquent $ 0.1 $ 15.9 $ 11.5 $ 6.6 $ 3.4 $ 1.5 $ 39.0 Non-delinquent 388.1 845.2 283.1 115.1 40.5 10.0 1,682.0 Total Finance receivables $ 388.2 $ 861.1 $ 294.6 $ 121.7 $ 43.9 $ 11.5 $ 1,721.0 Contract receivables: Delinquent $ — $ 0.5 $ 0.4 $ 0.5 $ 0.2 $ 0.2 $ 1.8 Non-delinquent 45.4 161.7 115.7 78.2 47.0 41.4 489.4 Total Contract receivables $ 45.4 $ 162.2 $ 116.1 $ 78.7 $ 47.2 $ 41.6 $ 491.2
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 months ended April 3, 2021, and March 28, 2020: Three Months Ended Three Months Ended (Amounts in millions) Finance Contract Finance Contract Allowances for credit losses: Beginning of period $ 76.3 $ 9.0 $ 61.9 $ 5.6 Impact of adopting ASU No. 2016-13 — — 5.2 2.9 Provision for credit losses 11.3 0.7 16.3 1.4 Charge-offs (14.9) (0.6) (15.9) (1.3) Recoveries 2.6 0.1 2.0 — Currency translation — — (0.3) — End of period $ 75.3 $ 9.2 $ 69.2 $ 8.6
Aging of Finance and Contract Receivables	The aging of finance and contract receivables as of April 3, 2021, and January 2, 2021, is as follows: (Amounts in millions) 30-59 60-90 Greater Total Past Total Not Total Greater April 3, 2021: Finance receivables $ 10.5 $ 9.7 $ 18.8 $ 39.0 $ 1,682.0 $ 1,721.0 $ 15.9 Contract receivables 0.5 0.4 0.9 1.8 489.4 491.2 0.1 January 2, 2021: Finance receivables $ 18.4 $ 12.2 $ 21.1 $ 51.7 $ 1,691.1 $ 1,742.8 $ 18.2 Contract receivables 1.3 0.6 1.5 3.4 492.8 496.2 0.2
Schedule of Finance and Contract Receivables on Nonaccrual Status	The amount of finance and contract receivables on nonaccrual status as of April 3, 2021, and January 2, 2021, is as follows: (Amounts in millions) April 3, 2021 January 2, 2021 Finance receivables $ 9.0 $ 9.6 Contract receivables 1.8 2.4

Inventories - (Tables)

Inventories - (Tables)	3 Months Ended
	Apr. 03, 2021
Inventory Disclosure [Abstract]
Schedule of Inventories by Major Classification	Inventories by major classification are as follows: (Amounts in millions) April 3, 2021 January 2, 2021 Finished goods $ 625.8 $ 643.4 Work in progress 63.7 61.6 Raw materials 124.9 125.5 Total FIFO value 814.4 830.5 Excess of current cost over LIFO cost (84.3) (84.0) Total inventories – net $ 730.1 $ 746.5

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets - (Tables)	3 Months Ended
	Apr. 03, 2021
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 three months ended April 3, 2021, are as follows: (Amounts in millions) Commercial Snap-on Repair Systems Total Balance as of January 2, 2021 $ 331.2 $ 12.4 $ 638.8 $ 982.4 Currency translation (10.8) — (5.0) (15.8) Acquisitions and related adjustments — — 195.2 195.2 Balance as of April 3, 2021 $ 320.4 $ 12.4 $ 829.0 $ 1,161.8
Other Intangible Assets by Major Class	Additional disclosures related to other intangible assets are as follows: April 3, 2021 January 2, 2021 (Amounts in millions) Gross Carrying Accumulated Gross Carrying Accumulated Amortized other intangible assets: Customer relationships $ 190.8 $ (132.8) $ 191.5 $ (130.1) Developed technology 21.9 (20.3) 21.8 (19.9) Internally developed software 174.3 (130.5) 172.2 (128.0) Patents 43.4 (25.1) 43.2 (25.3) Trademarks 3.8 (2.3) 3.9 (2.4) Other 8.1 (3.9) 8.2 (3.9) Total 442.3 (314.9) 440.8 (309.6) Non-amortized trademarks 127.2 — 129.6 — Total other intangible assets $ 569.5 $ (314.9) $ 570.4 $ (309.6)
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 3 Internally developed software 6 Patents 7 Trademarks 5 Other 39

Exit and Disposal Activities (T

Exit and Disposal Activities (Tables)	3 Months Ended
	Apr. 03, 2021
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 first three months ended April 3, 2021. For the three months ended March 28, 2020, Snap-on recorded costs of $7.5 million for exit and disposal activities. The costs associated with exit and disposal activities by operating segment are as follows: Three Months Ended (Amounts in millions) April 3, 2021 March 28, 2020 Exit and disposal costs Cost of goods sold: Commercial & Industrial Group $ — $ 4.4 Repair System & Information Group — 0.7 Total cost of goods sold $ — $ 5.1 Operating Expenses: Repair System & Information Group $ — $ 2.4 Total exit and disposal costs: Commercial & Industrial Group $ — $ 4.4 Repair System & Information Group — $ 3.1 Total exit and disposal costs $ — $ 7.5 Snap-on’s exit and disposal accrual activity for the first quarter of 2021 is as follows: Balance at First Three Months Balance at (Amounts in millions) January 2, 2021 Provision Usage April 3, 2021 Severance costs: Commercial & Industrial Group $ 5.8 $ — $ (0.3) $ 5.5 Snap-on Tools Group 0.4 — — 0.4 Repair System & Information Group 3.8 — (0.2) 3.6 Total $ 10.0 $ — $ (0.5) $ 9.5

Short-term and Long-term Debt -

Short-term and Long-term Debt - (Tables)	3 Months Ended
	Apr. 03, 2021
Debt Disclosure [Abstract]
Short-term and Long-term Debt	Short-term and long-term debt as of April 3, 2021, and January 2, 2021, consisted of the following: (Amounts in millions) April 3, 2021 January 2, 2021 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 500.0 500.0 Other* 0.8 0.6 1,450.8 1,450.6 Less: notes payable and current maturities of long-term debt Current maturities of long-term debt (250.0) (250.0) Other notes* (18.5) (18.5) (268.5) (268.5) Total long-term debt $ 1,182.3 $ 1,182.1 * Includes the net effects of debt amortization costs and fair value adjustments of interest rate swaps.

Financial Instruments - (Tables

Financial Instruments - (Tables)	3 Months Ended
	Apr. 03, 2021
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: April 3, 2021 January 2, 2021 (Amounts in millions) Carrying Fair Carrying Fair Finance receivables – net $ 1,645.7 $ 1,988.8 $ 1,666.5 $ 2,024.4 Contract receivables – net 482.0 538.5 487.2 545.4 Long-term debt and notes payable and current maturities of long-term debt 1,450.8 1,554.5 1,450.6 1,678.2

Pension Plans - (Tables)

Pension Plans - (Tables)	3 Months Ended
	Apr. 03, 2021
Retirement Benefits [Abstract]
Net Periodic Pension Cost	Snap-on’s net periodic pension cost included the following components: Three Months Ended (Amounts in millions) April 3, 2021 March 28, 2020 Service cost $ 7.5 $ 6.9 Interest cost 10.6 12.1 Expected return on plan assets (23.6) (23.7) Amortization of unrecognized loss 9.1 8.4 Net periodic pension cost $ 3.6 $ 3.7

Postretirement Health Care Pl_2

Postretirement Health Care Plans - (Tables)	3 Months Ended
	Apr. 03, 2021
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 (Amounts in millions) April 3, 2021 March 28, 2020 Interest cost $ 0.3 $ 0.4 Expected return on plan assets (0.2) (0.2) Net periodic postretirement health care cost $ 0.1 $ 0.2

Stock-based Compensation and _2

Stock-based Compensation and Other Stock Plans - (Tables)	3 Months Ended
	Apr. 03, 2021
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 three months ended April 3, 2021, and March 28, 2020, using the Black-Scholes valuation model: Three Months Ended April 3, 2021 March 28, 2020 Expected term of option (in years) 5.33 5.53 Expected volatility factor 21.80% 21.67% Expected dividend yield 2.59% 2.78% Risk-free interest rate 0.67% 1.50%
Summary of Stock Option Activity	A summary of stock option activity as of and for the three months ended April 3, 2021, is presented below: Shares (in thousands) Exercise Remaining Contractual Term* (in years) Aggregate Intrinsic Value (in millions) Outstanding at January 2, 2021 3,120 $ 142.47 Granted 333 189.91 Exercised (621) 149.90 Forfeited or expired (1) 155.53 Outstanding at April 3, 2021 2,831 146.41 6.1 $ 241.6 Exercisable at April 3, 2021 2,047 137.33 5.0 193.2 * Weighted-average
Summary of Changes in Non-Vested Performance Awards	Changes to the company’s non-vested PSUs and RSUs during the three months ended April 3, 2021, are as follows: Shares (in thousands) Fair Value Non-vested performance awards at January 2, 2021 76 $ 155.61 Granted 121 188.72 Vested — — Cancellations and other — — Non-vested performance awards at April 3, 2021 197 175.90 * 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 three months ended April 3, 2021, and March 28, 2020, using the Black-Scholes valuation model: Three Months Ended April 3, 2021 March 28, 2020 Expected term of stock-settled SARs (in years) 3.94 3.75 Expected volatility factor 22.50% 22.50% Expected dividend yield 2.59% 2.78% Risk-free interest rate 0.19% 1.42% The following weighted-average assumptions were used in calculating the fair value of cash-settled SARs granted during the three months ended April 3, 2021, and March 28, 2020, using the Black-Scholes valuation model: Three Months Ended April 3, 2021 March 28, 2020 Expected term of cash-settled SARs (in years) 3.83 3.66 Expected volatility factor 22.49% 27.06% Expected dividend yield 2.12% 4.01% Risk-free interest rate 0.39% 0.30%
Summary of Changes in SARs	Changes to the company’s stock-settled SARs during the three months ended April 3, 2021, are as follows: Stock-settled SARs (in thousands) Exercise Remaining Contractual Term* (in years) Aggregate Intrinsic Value (in millions) Outstanding at January 2, 2021 502 $ 151.59 Granted 83 189.89 Exercised (38) 143.06 Forfeited or expired (121) 152.09 Outstanding at April 3, 2021 426 159.64 7.3 $ 30.7 Exercisable at April 3, 2021 255 151.29 6.0 20.5 * Weighted-average Changes to the company’s non-vested cash-settled SARs during the three months ended April 3, 2021, are as follows: Cash-settled SARs (in thousands) Fair Value Non-vested cash-settled SARs at January 2, 2021 2 $ 36.99 Granted 1 24.05 Vested (1) 69.68 Non-vested cash-settled SARs at April 3, 2021 2 47.56 * Weighted-average

Earnings Per Share - (Tables)

Earnings Per Share - (Tables)	3 Months Ended
	Apr. 03, 2021
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 April 3, 2021 March 28, 2020 Weighted-average common shares outstanding 54,184,438 54,523,857 Effect of dilutive securities 933,451 524,511 Weighted-average common shares outstanding, assuming dilution 55,117,889 55,048,368

Commitments and Contingencies -

Commitments and Contingencies - (Tables)	3 Months Ended
	Apr. 03, 2021
Commitments and Contingencies Disclosure [Abstract]
Summary of Product Warranty Accrual Activity	Snap-on’s product warranty accrual activity for the three months ended April 3, 2021, and March 28, 2020, is as follows: Three Months Ended (Amounts in millions) April 3, 2021 March 28, 2020 Warranty reserve: Beginning of period $ 17.6 $ 17.3 Additions 4.1 3.7 Usage (3.4) (3.8) End of period $ 18.3 $ 17.2

Leases - (Tables)

Leases - (Tables)	3 Months Ended
	Apr. 03, 2021
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 April 3, 2021, and January 2, 2021 is as follows: (Amounts in millions) April 3, 2021 January 2, 2021 Finance leases: Property and equipment - gross $ 22.9 $ 24.3 Accumulated depreciation and amortization (16.9) (17.5) Property and equipment - net $ 6.0 $ 6.8 Other accrued liabilities $ 2.6 $ 2.7 Other long-term liabilities 6.5 7.4 Total finance lease liabilities $ 9.1 $ 10.1 Operating leases: Operating lease right-of-use assets $ 49.9 $ 51.9 Other accrued liabilities $ 19.3 $ 19.3 Operating lease liabilities 32.0 34.0 Total operating lease liabilities $ 51.3 $ 53.3

Other Income (Expense) - Net -

Other Income (Expense) - Net - (Tables)	3 Months Ended
	Apr. 03, 2021
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 (Amounts in millions) April 3, 2021 March 28, 2020 Interest income $ 0.4 $ 0.4 Net foreign exchange loss (0.2) (1.9) Net periodic pension and postretirement benefits – non-service 3.8 3.0 Other 0.3 — Total other income (expense) – net $ 4.3 $ 1.5

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) - (Tables)	3 Months Ended
	Apr. 03, 2021
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 April 3, 2021: (Amounts in millions) Foreign Cash Flow Defined Total Balance as of January 2, 2021 $ (74.7) $ 10.5 $ (301.6) $ (365.8) Other comprehensive loss before reclassifications (29.0) — — (29.0) Amounts reclassified from Accumulated OCI — (0.4) 6.9 6.5 Net other comprehensive income (loss) (29.0) (0.4) 6.9 (22.5) Balance as of April 3, 2021 $ (103.7) $ 10.1 $ (294.7) $ (388.3) The following is a summary of net changes in Accumulated OCI by component and net of tax for the three months ended March 28, 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 loss before reclassifications (108.0) — — (108.0) Amounts reclassified from Accumulated OCI — (0.4) 6.4 6.0 Net other comprehensive income (loss) (108.0) (0.4) 6.4 (102.0) Balance as of March 28, 2020 $ (295.4) $ 10.3 $ (324.8) $ (609.9)
Reclassifications Out of Accumulated OCI	The reclassifications out of Accumulated OCI for the three month periods ended April 3, 2021, and March 28, 2020, are as follows: Amount Reclassified from Accumulated OCI Three Months Ended April 3, 2021 March 28, 2020 Statement of Earnings (Amounts in millions) Gains on cash flow hedges: Treasury locks $ 0.4 $ 0.4 Interest expense Income tax expense — — Income tax expense Net of tax 0.4 0.4 Amortization of net unrecognized losses (9.1) (8.4) See footnote below* Income tax benefit 2.2 2.0 Income tax expense Net of tax (6.9) (6.4) Total reclassifications for the period, net of tax $ (6.5) $ (6.0) * 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)	3 Months Ended
	Apr. 03, 2021
Segment Reporting [Abstract]
Net Sales by Segment	Financial Data by Segment: Three Months Ended (Amounts in millions) April 3, 2021 March 28, 2020 Net sales: Commercial & Industrial Group $ 345.7 $ 299.9 Snap-on Tools Group 478.3 375.9 Repair Systems & Information Group 347.6 314.6 Segment net sales 1,171.6 990.4 Intersegment eliminations (147.0) (138.2) Total net sales 1,024.6 852.2 Financial Services revenue 88.6 85.9 Total revenues $ 1,113.2 $ 938.1 Operating earnings: Commercial & Industrial Group $ 50.7 $ 31.5 Snap-on Tools Group 98.9 48.6 Repair Systems & Information Group 81.4 77.3 Financial Services 65.3 56.9 Segment operating earnings 296.3 214.3 Corporate (30.1) (18.5) Operating earnings 266.2 195.8 Interest expense (14.3) (11.4) Other income (expense) – net 4.3 1.5 Earnings before income taxes and equity earnings $ 256.2 $ 185.9
Assets by Segment	(Amounts in millions) April 3, 2021 January 2, 2021 Assets: Commercial & Industrial Group $ 1,174.0 $ 1,210.4 Snap-on Tools Group 771.1 775.3 Repair Systems & Information Group 1,590.6 1,399.7 Financial Services 2,149.0 2,170.3 Total assets from reportable segments 5,684.7 5,555.7 Corporate 1,054.2 1,063.2 Elimination of intersegment receivables (65.4) (61.6) Total assets $ 6,673.5 $ 6,557.3

Revenue Recognition - Revenue D

Revenue Recognition - Revenue Disaggregation (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 03, 2021	Mar. 28, 2020
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 1,018.8	$ 846.6
Net sales	1,113.2	938.1
Intersegment eliminations
Disaggregation of Revenue [Line Items]
Net sales	(147)	(138.2)
Operating Segments
Disaggregation of Revenue [Line Items]
Net sales	1,171.6	990.4
Commercial & Industrial Group
Disaggregation of Revenue [Line Items]
Net sales	345.7	299.9
Commercial & Industrial Group | Operating Segments
Disaggregation of Revenue [Line Items]
Net sales	345.7	299.9
Snap-on Tools Group
Disaggregation of Revenue [Line Items]
Net sales	478.3	375.9
Snap-on Tools Group | Operating Segments
Disaggregation of Revenue [Line Items]
Net sales	478.3	375.9
Repair Systems & Information Group
Disaggregation of Revenue [Line Items]
Net sales	347.6	314.6
Repair Systems & Information Group | Operating Segments
Disaggregation of Revenue [Line Items]
Net sales	347.6	314.6
Financial Services
Disaggregation of Revenue [Line Items]
Net sales	88.6	85.9
Other revenues
Disaggregation of Revenue [Line Items]
Net sales	5.8	5.6
Excluding Financial Services
Disaggregation of Revenue [Line Items]
Net sales	1,024.6	852.2
Excluding Financial Services | Vehicle service professionals
Disaggregation of Revenue [Line Items]
Net sales	777.6	644.6
Excluding Financial Services | All other professionals
Disaggregation of Revenue [Line Items]
Net sales	247	207.6
Excluding Financial Services | Intersegment eliminations
Disaggregation of Revenue [Line Items]
Net sales	(147)	(138.2)
Excluding Financial Services | Operating Segments
Disaggregation of Revenue [Line Items]
Net sales	1,024.6	852.2
Excluding Financial Services | Commercial & Industrial Group
Disaggregation of Revenue [Line Items]
Net sales	271.1	227
Excluding Financial Services | Commercial & Industrial Group | Vehicle service professionals
Disaggregation of Revenue [Line Items]
Net sales	24.1	19.4
Excluding Financial Services | Commercial & Industrial Group | All other professionals
Disaggregation of Revenue [Line Items]
Net sales	247	207.6
Excluding Financial Services | Commercial & Industrial Group | Intersegment eliminations
Disaggregation of Revenue [Line Items]
Net sales	74.6	72.9
Excluding Financial Services | Commercial & Industrial Group | Operating Segments
Disaggregation of Revenue [Line Items]
Net sales	345.7	299.9
Excluding Financial Services | Snap-on Tools Group
Disaggregation of Revenue [Line Items]
Net sales	478.3	375.9
Excluding Financial Services | Snap-on Tools Group | Vehicle service professionals
Disaggregation of Revenue [Line Items]
Net sales	478.3	375.9
Excluding Financial Services | Snap-on Tools Group | All other professionals
Disaggregation of Revenue [Line Items]
Net sales	0	0
Excluding Financial Services | Snap-on Tools Group | Intersegment eliminations
Disaggregation of Revenue [Line Items]
Net sales	0	0
Excluding Financial Services | Snap-on Tools Group | Operating Segments
Disaggregation of Revenue [Line Items]
Net sales	478.3	375.9
Excluding Financial Services | Repair Systems & Information Group
Disaggregation of Revenue [Line Items]
Net sales	275.2	249.3
Excluding Financial Services | Repair Systems & Information Group | Vehicle service professionals
Disaggregation of Revenue [Line Items]
Net sales	275.2	249.3
Excluding Financial Services | Repair Systems & Information Group | All other professionals
Disaggregation of Revenue [Line Items]
Net sales	0	0
Excluding Financial Services | Repair Systems & Information Group | Intersegment eliminations
Disaggregation of Revenue [Line Items]
Net sales	72.4	65.3
Excluding Financial Services | Repair Systems & Information Group | Operating Segments
Disaggregation of Revenue [Line Items]
Net sales	347.6	314.6
Excluding Financial Services | Financial Services
Disaggregation of Revenue [Line Items]
Net sales	0	0
Excluding Financial Services | Financial Services | Vehicle service professionals
Disaggregation of Revenue [Line Items]
Net sales	0	0
Excluding Financial Services | Financial Services | All other professionals
Disaggregation of Revenue [Line Items]
Net sales	0	0
Excluding Financial Services | Financial Services | Intersegment eliminations
Disaggregation of Revenue [Line Items]
Net sales	0	0
Excluding Financial Services | Financial Services | Operating Segments
Disaggregation of Revenue [Line Items]
Net sales	0	0
Excluding Financial Services | North America
Disaggregation of Revenue [Line Items]
Net sales	727	613.1
Excluding Financial Services | North America | Commercial & Industrial Group
Disaggregation of Revenue [Line Items]
Net sales	118	108.9
Excluding Financial Services | North America | Snap-on Tools Group
Disaggregation of Revenue [Line Items]
Net sales	408.1	326.9
Excluding Financial Services | North America | Repair Systems & Information Group
Disaggregation of Revenue [Line Items]
Net sales	200.9	177.3
Excluding Financial Services | North America | Financial Services
Disaggregation of Revenue [Line Items]
Net sales	0	0
Excluding Financial Services | Europe
Disaggregation of Revenue [Line Items]
Net sales	189.1	154.8
Excluding Financial Services | Europe | Commercial & Industrial Group
Disaggregation of Revenue [Line Items]
Net sales	84.3	67.1
Excluding Financial Services | Europe | Snap-on Tools Group
Disaggregation of Revenue [Line Items]
Net sales	44.2	31.1
Excluding Financial Services | Europe | Repair Systems & Information Group
Disaggregation of Revenue [Line Items]
Net sales	60.6	56.6
Excluding Financial Services | Europe | Financial Services
Disaggregation of Revenue [Line Items]
Net sales	0	0
Excluding Financial Services | All other
Disaggregation of Revenue [Line Items]
Net sales	108.5	84.3
Excluding Financial Services | All other | Commercial & Industrial Group
Disaggregation of Revenue [Line Items]
Net sales	68.8	51
Excluding Financial Services | All other | Snap-on Tools Group
Disaggregation of Revenue [Line Items]
Net sales	26	17.9
Excluding Financial Services | All other | Repair Systems & Information Group
Disaggregation of Revenue [Line Items]
Net sales	13.7	15.4
Excluding Financial Services | All other | Financial Services
Disaggregation of Revenue [Line Items]
Net sales	0	0
Financial Service
Disaggregation of Revenue [Line Items]
Net sales	88.6	85.9
Financial Service | Intersegment eliminations
Disaggregation of Revenue [Line Items]
Net sales	0	0
Financial Service | Commercial & Industrial Group
Disaggregation of Revenue [Line Items]
Net sales	0	0
Financial Service | Snap-on Tools Group
Disaggregation of Revenue [Line Items]
Net sales	0	0
Financial Service | Repair Systems & Information Group
Disaggregation of Revenue [Line Items]
Net sales	0	0
Financial Service | Financial Services
Disaggregation of Revenue [Line Items]
Net sales	$ 88.6	$ 85.9

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Detail) - USD ($) $ in Millions	3 Months Ended
	Apr. 03, 2021	Jan. 02, 2021
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	$ 70.6	$ 61
Contract with customer, liability, revenue recognized	$ 31
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	Apr. 03, 2021USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Contractual obligation	$ 218
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-04
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	9 months
Revenue, remaining performance obligation, percentage of revenue recognized	65.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
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	30.00%

Acquisitions - Narrative (Detai

Acquisitions - Narrative (Detail) - USD ($) $ in Millions	Feb. 26, 2021	Sep. 28, 2020	Jan. 31, 2020	Apr. 03, 2021	Mar. 28, 2020	Jan. 02, 2021	Jun. 27, 2020
Business Acquisition [Line Items]
Payment to acquire business, net of cash acquired				$ 200	$ 6.1
Goodwill				1,161.8		$ 982.4
Dealer-FX
Business Acquisition [Line Items]
Cash purchase price of acquisition	$ 200.1
Payment to acquire business, net of cash acquired	$ 200
Goodwill				195.2
AutoCrib
Business Acquisition [Line Items]
Cash purchase price of acquisition		$ 35.4
Goodwill				$ 18.3
Sigmavision
Business Acquisition [Line Items]
Cash purchase price of acquisition			$ 5.9
Goodwill							$ 5.6

Receivables - Narrative (Detail

Receivables - Narrative (Detail) $ in Millions	3 Months Ended
	Apr. 03, 2021portfolioSegment	Mar. 28, 2020USD ($)
Financing Receivable, Past Due [Line Items]
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
Finance Receivables
Financing Receivable, Past Due [Line Items]
Financing receivable, threshold period past due, writeoff (in days)	120 days
Financing receivable, threshold period after asset repossession, writeoff (in days)	60 days
Finance Receivables | COVID-19 Pandemic
Financing Receivable, Past Due [Line Items]
Provision for credit losses		$ 2.1
Contract Receivables | COVID-19 Pandemic
Financing Receivable, Past Due [Line Items]
Provision for credit losses		$ 0.5
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 - Components of Tra

Receivables - Components of Trade and Other Accounts Receivable (Details) - USD ($) $ in Millions	Apr. 03, 2021	Jan. 02, 2021	Mar. 28, 2020	Dec. 28, 2019
Receivables [Abstract]
Trade and other accounts receivable	$ 676.6	$ 667
Allowances for credit losses	(25.8)	(26.3)	$ (20.4)	$ (20.9)
Total trade and other accounts receivable – net	$ 650.8	$ 640.7

Receivables - Trade and Other R

Receivables - Trade and Other Receivables Allowance for Credit Losses Rollforward (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 03, 2021	Mar. 28, 2020
Allowances for credit losses:
Beginning of period	$ 26.3	$ 20.9
Provision for credit losses	1.9	3.6
Charge-offs	(2.1)	(3.1)
Recoveries	0	0
Currency translation	(0.3)	(1)
End of period	$ 25.8	$ 20.4

Receivables - Components of Cur

Receivables - Components of Current Finance and Contract Receivables (Details) - USD ($) $ in Millions	Apr. 03, 2021	Jan. 02, 2021
Financing Receivable, Allowance for Credit Loss [Line Items]
Finance and contract receivables, current	$ 661.4	$ 668.9
Allowance for credit losses, current	(26)	(26.2)
Total current finance and contract receivables – net	635.4	642.7
Finance Receivables
Financing Receivable, Allowance for Credit Loss [Line Items]
Finance and contract receivables, current	551.1	554.1
Allowance for credit losses, current	(23.7)	(23.9)
Total current finance and contract receivables – net	527.4	530.2
Finance Receivables | Finance and Contract Installment Receivables
Financing Receivable, Allowance for Credit Loss [Line Items]
Finance and contract receivables, current	537.3	533.9
Allowance for credit losses, current	(23.6)	(23.6)
Finance Receivables | Finance and Contract Lease Receivables
Financing Receivable, Allowance for Credit Loss [Line Items]
Unearned finance charges, current	3.2	4.4
Finance and contract receivables, current	13.8	20.2
Allowance for credit losses, current	(0.1)	(0.3)
Contract Receivables
Financing Receivable, Allowance for Credit Loss [Line Items]
Finance and contract receivables, current	110.3	114.8
Allowance for credit losses, current	(2.3)	(2.3)
Total current finance and contract receivables – net	108	112.5
Contract Receivables | Finance and Contract Installment Receivables
Financing Receivable, Allowance for Credit Loss [Line Items]
Finance and contract receivables, current	55.2	59.1
Allowance for credit losses, current	(1.4)	(1.4)
Contract Receivables | Finance and Contract Lease Receivables
Financing Receivable, Allowance for Credit Loss [Line Items]
Unearned finance charges, current	18.2	18.2
Finance and contract receivables, current	55.1	55.7
Allowance for credit losses, current	$ (0.9)	$ (0.9)

Receivables - Components of Fin

Receivables - Components of Finance and Contract Receivables Beyond One Year (Details) - USD ($) $ in Millions	Apr. 03, 2021	Jan. 02, 2021
Financing Receivable, Allowance for Credit Loss [Line Items]
Long-term finance and contract receivables	$ 1,550.8	$ 1,570.1
Allowance for credit loss, noncurrent	(58.5)	(59.1)
Total long-term finance and contract receivables – net	1,492.3	1,511
Finance Receivables
Financing Receivable, Allowance for Credit Loss [Line Items]
Long-term finance and contract receivables	1,169.9	1,188.7
Allowance for credit loss, noncurrent	(51.6)	(52.4)
Total long-term finance and contract receivables – net	1,118.3	1,136.3
Finance Receivables | Finance and Contract Installment Receivables
Financing Receivable, Allowance for Credit Loss [Line Items]
Long-term finance and contract receivables	1,158.8	1,173.1
Allowance for credit loss, noncurrent	(51.5)	(52.1)
Finance Receivables | Finance and Contract Lease Receivables
Financing Receivable, Allowance for Credit Loss [Line Items]
Unearned finance charges, noncurrent	1.7	2.5
Long-term finance and contract receivables	11.1	15.6
Allowance for credit loss, noncurrent	(0.1)	(0.3)
Contract Receivables
Financing Receivable, Allowance for Credit Loss [Line Items]
Long-term finance and contract receivables	380.9	381.4
Allowance for credit loss, noncurrent	(6.9)	(6.7)
Total long-term finance and contract receivables – net	374	374.7
Contract Receivables | Finance and Contract Installment Receivables
Financing Receivable, Allowance for Credit Loss [Line Items]
Long-term finance and contract receivables	198.4	199.7
Allowance for credit loss, noncurrent	(3.2)	(3.1)
Contract Receivables | Finance and Contract Lease Receivables
Financing Receivable, Allowance for Credit Loss [Line Items]
Unearned finance charges, noncurrent	30.1	30.2
Long-term finance and contract receivables	182.5	181.7
Allowance for credit loss, noncurrent	$ (3.7)	$ (3.6)

Receivables - Schedule of Perfo

Receivables - Schedule of Performing and Nonperforming Finance and Contract Receivables (Details) - USD ($) $ in Millions	Apr. 03, 2021	Jan. 02, 2021
Finance Receivables
Financing Receivable, Credit Quality Indicator [Line Items]
2021	$ 388.2
2020	861.1
2019	294.6
2018	121.7
2017	43.9
Prior	11.5
Total	1,721	$ 1,742.8
Contract Receivables
Financing Receivable, Credit Quality Indicator [Line Items]
2021	45.4
2020	162.2
2019	116.1
2018	78.7
2017	47.2
Prior	41.6
Total	491.2	$ 496.2
Delinquent | Finance Receivables
Financing Receivable, Credit Quality Indicator [Line Items]
2021	0.1
2020	15.9
2019	11.5
2018	6.6
2017	3.4
Prior	1.5
Total	39
Delinquent | Contract Receivables
Financing Receivable, Credit Quality Indicator [Line Items]
2021	0
2020	0.5
2019	0.4
2018	0.5
2017	0.2
Prior	0.2
Total	1.8
Non-delinquent | Finance Receivables
Financing Receivable, Credit Quality Indicator [Line Items]
2021	388.1
2020	845.2
2019	283.1
2018	115.1
2017	40.5
Prior	10
Total	1,682
Non-delinquent | Contract Receivables
Financing Receivable, Credit Quality Indicator [Line Items]
2021	45.4
2020	161.7
2019	115.7
2018	78.2
2017	47
Prior	41.4
Total	$ 489.4

Receivables - Finance and Contr

Receivables - Finance and Contract Receivables Allowance for Credit Losses Rollforward (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 03, 2021	Mar. 28, 2020
Finance Receivables
Allowances for credit losses:
Beginning of period	$ 76.3	$ 61.9
Impact of adopting ASU No. 2016-13		5.2
Provision for credit losses	11.3	16.3
Charge-offs	(14.9)	(15.9)
Recoveries	2.6	2
Currency translation	0	(0.3)
End of period	75.3	69.2
Contract Receivables
Allowances for credit losses:
Beginning of period	9	5.6
Impact of adopting ASU No. 2016-13		2.9
Provision for credit losses	0.7	1.4
Charge-offs	(0.6)	(1.3)
Recoveries	0.1	0
Currency translation	0	0
End of period	$ 9.2	$ 8.6

Receivables - Aging of Finance

Receivables - Aging of Finance and Contract Receivables (Details) - USD ($) $ in Millions	Apr. 03, 2021	Jan. 02, 2021
Finance Receivables
Financing Receivable, Past Due [Line Items]
Total Past Due	$ 39	$ 51.7
Total Not Past Due	1,682	1,691.1
Total	1,721	1,742.8
Greater Than 90 Days Past Due and Accruing	15.9	18.2
Finance Receivables | 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Past Due	10.5	18.4
Finance Receivables | 60-90 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Past Due	9.7	12.2
Finance Receivables | Greater Than 90 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Past Due	18.8	21.1
Contract Receivables
Financing Receivable, Past Due [Line Items]
Total Past Due	1.8	3.4
Total Not Past Due	489.4	492.8
Total	491.2	496.2
Greater Than 90 Days Past Due and Accruing	0.1	0.2
Contract Receivables | 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Past Due	0.5	1.3
Contract Receivables | 60-90 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Past Due	0.4	0.6
Contract Receivables | Greater Than 90 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Past Due	$ 0.9	$ 1.5

Receivables - Schedule of Finan

Receivables - Schedule of Finance and Contract Receivables on Nonaccrual Status (Details) - USD ($) $ in Millions	Apr. 03, 2021	Jan. 02, 2021
Finance Receivables
Financing Receivable, Past Due [Line Items]
Nonaccrual	$ 9	$ 9.6
Contract Receivables
Financing Receivable, Past Due [Line Items]
Nonaccrual	$ 1.8	$ 2.4

Inventories - Schedule of Inven

Inventories - Schedule of Inventories by Major Classification (Detail) - USD ($) $ in Millions	Apr. 03, 2021	Jan. 02, 2021
Inventory Disclosure [Abstract]
Finished goods	$ 625.8	$ 643.4
Work in progress	63.7	61.6
Raw materials	124.9	125.5
Total FIFO value	814.4	830.5
Excess of current cost over LIFO cost	(84.3)	(84)
Total inventories – net	$ 730.1	$ 746.5

Inventories - Narrative (Detail

Inventories - Narrative (Detail) - USD ($)	3 Months Ended
	Apr. 03, 2021	Mar. 28, 2020	Jan. 02, 2021
Geographic Valuation Methodologies Of Inventory [Line Items]
Percentage of FIFO Inventory	55.00%		57.00%
Effect of LIFO inventory liquidation on income	$ 0	$ 0
United States
Geographic Valuation Methodologies Of Inventory [Line Items]
Percentage of FIFO Inventory	27.00%
Percentage of LIFO Inventory	73.00%

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Changes in Carrying Amount of Goodwill by Segment (Detail) $ in Millions	3 Months Ended
	Apr. 03, 2021USD ($)
Goodwill [Roll Forward]
Balance as of December 28, 2019	$ 982.4
Currency translation	(15.8)
Acquisitions and related adjustments	195.2
Balance as of June 27, 2020	1,161.8
Commercial & Industrial Group
Goodwill [Roll Forward]
Balance as of December 28, 2019	331.2
Currency translation	(10.8)
Acquisitions and related adjustments	0
Balance as of June 27, 2020	320.4
Snap-on Tools Group
Goodwill [Roll Forward]
Balance as of December 28, 2019	12.4
Currency translation	0
Acquisitions and related adjustments	0
Balance as of June 27, 2020	12.4
Repair Systems & Information Group
Goodwill [Roll Forward]
Balance as of December 28, 2019	638.8
Currency translation	(5)
Acquisitions and related adjustments	195.2
Balance as of June 27, 2020	$ 829

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Narrative (Detail) - USD ($)	3 Months Ended
	Apr. 03, 2021	Mar. 28, 2020	Jan. 02, 2021
Acquired Finite And Indefinite Lived Intangible Assets [Line Items]
Goodwill	$ 1,161,800,000		$ 982,400,000
Accumulated impairment losses	$ 0
Weighted-average amortization period (in years)	11 years
Aggregate amortization expense	$ 6,000,000	$ 5,700,000
Estimated annual amortization expense for fiscal period 2021	20,400,000
Estimated annual amortization expense for fiscal period 2022	20,700,000
Estimated annual amortization expense for fiscal period 2023	17,600,000
Estimated annual amortization expense for fiscal period 2024	12,600,000
Estimated annual amortization expense for fiscal period 2025	8,300,000
Estimated annual amortization expense for fiscal period 2026	7,700,000
Dealer-FX
Acquired Finite And Indefinite Lived Intangible Assets [Line Items]
Goodwill	195,200,000
AutoCrib
Acquired Finite And Indefinite Lived Intangible Assets [Line Items]
Goodwill	$ 18,300,000
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	$ 829,000,000		638,800,000
Repair Systems & Information Group | Dealer-FX
Acquired Finite And Indefinite Lived Intangible Assets [Line Items]
Goodwill	195,200,000
Commercial & Industrial Group
Acquired Finite And Indefinite Lived Intangible Assets [Line Items]
Goodwill	320,400,000		$ 331,200,000
Commercial & Industrial Group | AutoCrib
Acquired Finite And Indefinite Lived Intangible Assets [Line Items]
Goodwill, purchase accounting adjustments	$ 18,300,000

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets - Other Intangible Assets by Major Class (Detail) - USD ($) $ in Millions	Apr. 03, 2021	Jan. 02, 2021
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 442.3	$ 440.8
Non-amortized trademarks	127.2	129.6
Total other intangible assets	569.5	570.4
Accumulated Amortization	(314.9)	(309.6)
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	190.8	191.5
Accumulated Amortization	(132.8)	(130.1)
Developed technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	21.9	21.8
Accumulated Amortization	(20.3)	(19.9)
Internally developed software
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	174.3	172.2
Accumulated Amortization	(130.5)	(128)
Patents
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	43.4	43.2
Accumulated Amortization	(25.1)	(25.3)
Trademarks
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	3.8	3.9
Accumulated Amortization	(2.3)	(2.4)
Other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	8.1	8.2
Accumulated Amortization	$ (3.9)	$ (3.9)

Goodwill and Other Intangible_6

Goodwill and Other Intangible Assets - Weighted-Average Amortization Period by Major Class (Detail)	3 Months Ended
	Apr. 03, 2021
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)	3 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 ($)	3 Months Ended
	Apr. 03, 2021	Mar. 28, 2020
Restructuring Cost and Reserve [Line Items]
Exit and disposal costs	$ 0	$ 7,500,000
Commercial & Industrial Group
Restructuring Cost and Reserve [Line Items]
Exit and disposal costs	0	4,400,000
Repair Systems & Information Group
Restructuring Cost and Reserve [Line Items]
Exit and disposal costs	0	3,100,000
Cost of goods sold:
Restructuring Cost and Reserve [Line Items]
Exit and disposal costs	0	5,100,000
Cost of goods sold: | Commercial & Industrial Group
Restructuring Cost and Reserve [Line Items]
Exit and disposal costs	0	4,400,000
Cost of goods sold: | Repair Systems & Information Group
Restructuring Cost and Reserve [Line Items]
Exit and disposal costs	0	700,000
Operating Expenses: | Repair Systems & Information Group
Restructuring Cost and Reserve [Line Items]
Exit and disposal costs	$ 0	$ 2,400,000

Exit and Disposal Activities _2

Exit and Disposal Activities - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Apr. 03, 2021	Mar. 28, 2020	Jan. 01, 2022	Jan. 02, 2021
Restructuring Cost and Reserve [Line Items]
Restructuring reserve	$ 9,500,000			$ 10,000,000
Exit and disposal costs	$ 0	$ 7,500,000
Forecast
Restructuring Cost and Reserve [Line Items]
Exit and disposal costs			$ 7,000,000

Exit and Disposal Activities _3

Exit and Disposal Activities - Restructuring Accrual Rollforward (Details) $ in Millions	3 Months Ended
	Apr. 03, 2021USD ($)
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	$ 10
Provision	0
Usage	(0.5)
Restructuring reserve, ending balance	9.5
Commercial & Industrial Group
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	5.8
Provision	0
Usage	(0.3)
Restructuring reserve, ending balance	5.5
Snap-on Tools Group
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	0.4
Provision	0
Usage	0
Restructuring reserve, ending balance	0.4
Repair Systems & Information Group
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	3.8
Provision	0
Usage	(0.2)
Restructuring reserve, ending balance	$ 3.6

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Detail) - USD ($)	3 Months Ended
	Apr. 03, 2021	Mar. 28, 2020
Income Tax [Line Items]
Effective income tax rate	23.50%	24.20%
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	Apr. 03, 2021	Jan. 02, 2021
Schedule Of Debt Instruments [Line Items]
Long term debt	$ 1,450.8	$ 1,450.6
Less: notes payable and current maturities of long-term debt
Current maturities of long-term debt	(250)	(250)
Total current debt	(268.5)	(268.5)
Long-term debt	1,182.3	1,182.1
Other notes*
Less: notes payable and current maturities of long-term debt
Short-term debt	(18.5)	(18.5)
Other Debt
Schedule Of Debt Instruments [Line Items]
Long term debt	$ 0.8	0.6
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]
Unsecured notes, interest rate	6.125%
Long term debt	$ 250	250
3.25% unsecured notes due 2027 | Unsecured Debt
Schedule Of Debt Instruments [Line Items]
Unsecured notes, interest rate	3.25%
Long term debt	$ 300	300
4.10% unsecured notes due 2048 | Unsecured Debt
Schedule Of Debt Instruments [Line Items]
Unsecured notes, interest rate	4.10%
Long term debt	$ 400	400
3.10% unsecured notes due 2050 | Unsecured Debt
Schedule Of Debt Instruments [Line Items]
Unsecured notes, interest rate	3.10%
Long term debt	$ 500	$ 500

Short-term and Long-term Debt_3

Short-term and Long-term Debt - Narrative (Detail)	3 Months Ended
	Apr. 03, 2021USD ($)revision	Jan. 02, 2021USD ($)	Sep. 16, 2019USD ($)
Schedule Of Debt Instruments [Line Items]
Notes payable and current maturities of long-term debt	$ 268,500,000	$ 268,500,000
Other notes*
Schedule Of Debt Instruments [Line Items]
Short-term debt	16,900,000	14,900,000
Note Payable, Debt Amortization Costs And Fair Value Adjustments Of Interest Rate Swaps
Schedule Of Debt Instruments [Line Items]
Short-term debt	$ 1,600,000	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	$ 250,000,000
Unsecured notes, interest rate	6.125%
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	0.12
Actual debt-to-income ratio	0.54
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 ($)	Apr. 03, 2021	Jan. 02, 2021
Equity Forwards
Investment Holdings [Line Items]
Equity forwards in place of common stock associated with its deferred compensation plans (in shares)	79,100
Treasury locks
Investment Holdings [Line Items]
Treasury locks outstanding	$ 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

Financial Instruments - Fair Va

Financial Instruments - Fair Values of Financial Instruments Not Approximating Carrying Values in Financial Statements (Detail) - USD ($) $ in Millions	Apr. 03, 2021	Jan. 02, 2021
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	$ 1,450.8	$ 1,450.6
Carrying Value | Finance Receivables
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Finance and contract receivables, after allowance for credit loss	1,645.7	1,666.5
Carrying Value | Contract Receivables
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Finance and contract receivables, after allowance for credit loss	482	487.2
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	1,554.5	1,678.2
Fair Value | Finance Receivables
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Finance and contract receivables, after allowance for credit loss	1,988.8	2,024.4
Fair Value | Contract Receivables
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Finance and contract receivables, after allowance for credit loss	$ 538.5	$ 545.4

Pension Plans - Net Periodic Pe

Pension Plans - Net Periodic Pension Cost (Detail) - Pension Plans, Defined Benefit - USD ($) $ in Millions	3 Months Ended
	Apr. 03, 2021	Mar. 28, 2020
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 7.5	$ 6.9
Interest cost	10.6	12.1
Expected return on plan assets	(23.6)	(23.7)
Amortization of unrecognized loss	9.1	8.4
Net periodic cost	$ 3.6	$ 3.7

Pension Plans - Narrative (Deta

Pension Plans - Narrative (Detail) $ in Millions	Apr. 03, 2021USD ($)
Foreign Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Expected future employer contributions	$ 9.2
United States Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Expected future employer contributions	$ 2.2

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
	Apr. 03, 2021	Mar. 28, 2020
Postretirement Health Care Plans [Line Items]
Interest cost	$ 0.3	$ 0.4
Expected return on plan assets	(0.2)	(0.2)
Net periodic cost	$ 0.1	$ 0.2

Stock-based Compensation and _3

Stock-based Compensation and Other Stock Plans - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 03, 2021	Mar. 28, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Net stock-based compensation expense	$ 12.3	$ 1.1
Cash received from stock purchase and option plan exercises	93	1.5
Tax benefit realized from exercise and vesting of share-based payment arrangements	$ 7.7	$ 1.5
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)	1,099,455

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
	Apr. 03, 2021	Mar. 28, 2020
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)	$ 26.19	$ 22.95
Intrinsic value of stock exercised	$ 30.8	$ 1.4
Fair value of stock vested	12.5	$ 14.6
Unrecognized compensation cost related to non-vested award	$ 18.7
Cost expected to be recognized over weighted-average period, in years	2 years 1 month 6 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	3 Months Ended
	Apr. 03, 2021	Mar. 28, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	5 years 3 months 29 days	5 years 6 months 10 days
Expected volatility factor	21.80%	21.67%
Expected dividend yield	2.59%	2.78%
Risk-free interest rate	0.67%	1.50%

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	3 Months Ended
	Apr. 03, 2021USD ($)$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Beginning balance (in shares) | shares	3,120
Granted (in shares) | shares	333
Exercised (in shares) | shares	(621)
Forfeited or expired (in shares) | shares	(1)
Ending balance (in shares) | shares	2,831
Exercisable at end of period (in shares) | shares	2,047
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price
Beginning balance (in dollars per share) | $ / shares	$ 142.47
Granted (in dollars per share) | $ / shares	189.91
Exercised (in dollars per share) | $ / shares	149.90
Forfeited or expired (in dollars per share) | $ / shares	155.53
Ending balance (in dollars per share) | $ / shares	146.41
Exercisable at end of period (in dollars per share) | $ / shares	$ 137.33
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures
Outstanding, remaining contractual term (in years)	6 years 1 month 6 days
Exercisable, remaining contractual term (in years)	5 years
Outstanding, aggregate intrinsic value | $	$ 241.6
Exercisable, aggregate intrinsic value | $	$ 193.2

Stock-based Compensation and _7

Stock-based Compensation and Other Stock Plans - Performance Share Unit and Restricted Stock Awards Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Apr. 03, 2021	Mar. 28, 2020
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)	$ 188.72	$ 155.34
Performance awards shares paid out (in shares)	0	21,184
Unrecognized compensation cost related to non-vested award	$ 25.8
Cost expected to be recognized over weighted-average period, in years	2 years 6 months
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average contractual term (in years)	3 years
Cliff vesting schedule	3 years

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	3 Months Ended
	Apr. 03, 2021$ / 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	76
Granted (in shares) | shares	121
Vested (in shares) | shares	0
Cancellations and other (in shares) | shares	0
Ending balance (in shares) | shares	197
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	$ 155.61
Granted (in dollars per share) | $ / shares	188.72
Vested (in dollars per share) | $ / shares	0
Cancellations and other (in dollars per share) | $ / shares	0
Ending balance (in dollars per share) | $ / shares	$ 175.90

Stock-based Compensation and _9

Stock-based Compensation and Other Stock Plans - Stock Appreciation Rights Narrative (Details) - USD ($)	3 Months Ended
	Apr. 03, 2021	Mar. 28, 2020
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)	$ 24.05
Intrinsic value of stock exercised	$ 500,000	$ 100,000
Fair value of stock vested	100,000	$ 0
Unrecognized compensation cost related to non-vested award	$ 100,000
Cost expected to be recognized over weighted-average period, in years	2 years 2 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)	$ 24.05	$ 21.31
Intrinsic value of stock exercised	$ 2,200,000	$ 0
Fair value of stock vested	2,100,000	$ 2,300,000
Unrecognized compensation cost related to non-vested award	$ 4,300,000
Cost expected to be recognized over weighted-average period, in years	2 years 2 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	3 Months Ended
	Apr. 03, 2021	Mar. 28, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	3 years 11 months 8 days	3 years 9 months
Expected volatility factor	22.50%	22.50%
Expected dividend yield	2.59%	2.78%
Risk-free interest rate	0.19%	1.42%

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	3 Months Ended
	Apr. 03, 2021USD ($)$ / 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	502
Granted (in shares) | shares	83
Exercised (in shares) | shares	(38)
Forfeited or expired (in shares) | shares	(121)
Ending balance (in shares) | shares	426
Exercisable at end of period (in shares) | shares	255
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	$ 151.59
Granted (in dollars per share) | $ / shares	189.89
Exercised (in dollars per share) | $ / shares	143.06
Forfeited or expired (in dollars per share) | $ / shares	152.09
Ending balance (in dollars per share) | $ / shares	159.64
Exercisable at end of period (in dollars per share) | $ / shares	$ 151.29
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures
Outstanding, remaining contractual term	7 years 3 months 18 days
Outstanding, aggregate intrinsic value | $	$ 30.7
Exercisable, remaining contractual term	6 years
Exercisable, aggregate intrinsic value | $	$ 20.5

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)	3 Months Ended
	Apr. 03, 2021	Mar. 28, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	3 years 9 months 29 days	3 years 7 months 28 days
Expected volatility factor	22.49%	27.06%
Expected dividend yield	2.12%	4.01%
Risk-free interest rate	0.39%	0.30%

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	3 Months Ended
	Apr. 03, 2021$ / 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	$ 36.99
Granted (in dollars per share) | $ / shares	24.05
Vested (in dollars per share) | $ / shares	69.68
Ending balance (in dollars per share) | $ / shares	$ 47.56

Stock-based Compensation and_14

Stock-based Compensation and Other Stock Plans - Restricted Stock Awards Narrative (Details) - Restricted Stock - Non Employee Directors - shares	3 Months Ended
	Apr. 03, 2021	Mar. 28, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	6,858	7,380
Vesting period	1 year

Earnings Per Share - Computatio

Earnings Per Share - Computation of Basic and Diluted Earnings Per Common Share (Detail) - shares	3 Months Ended
	Apr. 03, 2021	Mar. 28, 2020
Earnings Per Share [Abstract]
Weighted-average common shares outstanding (in shares)	54,184,438	54,523,857
Effect of dilutive securities (in shares)	933,451	524,511
Diluted (in shares)	55,117,889	55,048,368

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Detail) - shares	3 Months Ended
	Apr. 03, 2021	Mar. 28, 2020
Stock-Settled SARs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Outstanding options or stock settled SARs (in shares)	400	2,304,236

Commitments and Contingencies_2

Commitments and Contingencies - Summary of Product Warranty Accrual Activity (Detail) - USD ($) $ in Millions	3 Months Ended
	Apr. 03, 2021	Mar. 28, 2020
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]
Beginning of period	$ 17.6	$ 17.3
Additions	4.1	3.7
Usage	(3.4)	(3.8)
End of period	$ 18.3	$ 17.2

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Millions	Apr. 03, 2021	Jan. 02, 2021
Finance leases:
Property and equipment - gross	$ 22.9	$ 24.3
Accumulated depreciation and amortization	$ (16.9)	$ (17.5)
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	us-gaap:PropertyPlantAndEquipmentNet	us-gaap:PropertyPlantAndEquipmentNet
Property and equipment - net	$ 6	$ 6.8
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other accrued liabilities	Other accrued liabilities
Other accrued liabilities	$ 2.6	$ 2.7
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other long-term liabilities	Other long-term liabilities
Other long-term liabilities	$ 6.5	$ 7.4
Total finance lease liabilities	9.1	10.1
Operating leases:
Operating lease right-of-use assets	$ 49.9	$ 51.9
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other accrued liabilities	Other accrued liabilities
Other accrued liabilities	$ 19.3	$ 19.3
Operating lease liabilities	32	34
Total operating lease liabilities	$ 51.3	$ 53.3

Other Income (Expense) - Net _2

Other Income (Expense) - Net - Computation of Other Income (Expense) - Net (Detail) - USD ($) $ in Millions	3 Months Ended
	Apr. 03, 2021	Mar. 28, 2020
Other Income and Expenses [Abstract]
Interest income	$ 0.4	$ 0.4
Net foreign exchange loss	(0.2)	(1.9)
Net periodic pension and postretirement benefits – non-service	3.8	3
Other	0.3	0
Total other income (expense) – net	$ 4.3	$ 1.5

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
	Apr. 03, 2021	Mar. 28, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	$ 3,846.6	$ 3,430.8
Other comprehensive income (loss) before reclassifications	(29)	(108)
Amounts reclassified from Accumulated OCI	6.5	6
Net other comprehensive income (loss)	(22.5)	(102)
Ending balance	3,897.9	3,353.4
Foreign Currency Translation
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(74.7)	(187.4)
Other comprehensive income (loss) before reclassifications	(29)	(108)
Amounts reclassified from Accumulated OCI	0	0
Net other comprehensive income (loss)	(29)	(108)
Ending balance	(103.7)	(295.4)
Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	10.5	10.7
Other comprehensive income (loss) before reclassifications	0	0
Amounts reclassified from Accumulated OCI	(0.4)	(0.4)
Net other comprehensive income (loss)	(0.4)	(0.4)
Ending balance	10.1	10.3
Defined Benefit Pension and Postretirement Plans
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(301.6)	(331.2)
Other comprehensive income (loss) before reclassifications	0	0
Amounts reclassified from Accumulated OCI	6.9	6.4
Net other comprehensive income (loss)	6.9	6.4
Ending balance	(294.7)	(324.8)
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(365.8)	(507.9)
Net other comprehensive income (loss)	(22.5)	(102)
Ending balance	$ (388.3)	$ (609.9)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Income (Loss) - Reclassifications Out of Accumulated OCI (Detail) - USD ($) $ in Millions	3 Months Ended
	Apr. 03, 2021	Mar. 28, 2020
Gains on cash flow hedges:
Interest expense	$ (14.3)	$ (11.4)
Amortization of net unrecognized losses	4.3	1.5
Income tax expense	(59.1)	(43.9)
Net earnings	197.6	142
Reclassification out of AOCI
Gains on cash flow hedges:
Net earnings	(6.5)	(6)
Cash Flow Hedges | Reclassification out of AOCI
Gains on cash flow hedges:
Interest expense	0.4	0.4
Income tax expense	0	0
Net earnings	0.4	0.4
Defined Benefit Pension and Postretirement Plans | Reclassification out of AOCI
Gains on cash flow hedges:
Amortization of net unrecognized losses	(9.1)	(8.4)
Income tax expense	2.2	2
Net earnings	$ (6.9)	$ (6.4)

Segments - Net Sales by Segment

Segments - Net Sales by Segment (Detail) - USD ($) $ in Millions	3 Months Ended
	Apr. 03, 2021	Mar. 28, 2020
Segment Reporting Information [Line Items]
Total revenues	$ 1,113.2	$ 938.1
Operating earnings	266.2	195.8
Interest expense	(14.3)	(11.4)
Other income (expense) – net	4.3	1.5
Earnings before income taxes and equity earnings	256.2	185.9
Commercial & Industrial Group
Segment Reporting Information [Line Items]
Total revenues	345.7	299.9
Snap-on Tools Group
Segment Reporting Information [Line Items]
Total revenues	478.3	375.9
Repair Systems & Information Group
Segment Reporting Information [Line Items]
Total revenues	347.6	314.6
Financial Services
Segment Reporting Information [Line Items]
Total revenues	88.6	85.9
Operating Segments
Segment Reporting Information [Line Items]
Total revenues	1,171.6	990.4
Operating earnings	296.3	214.3
Operating Segments | Commercial & Industrial Group
Segment Reporting Information [Line Items]
Total revenues	345.7	299.9
Operating earnings	50.7	31.5
Operating Segments | Snap-on Tools Group
Segment Reporting Information [Line Items]
Total revenues	478.3	375.9
Operating earnings	98.9	48.6
Operating Segments | Repair Systems & Information Group
Segment Reporting Information [Line Items]
Total revenues	347.6	314.6
Operating earnings	81.4	77.3
Operating Segments | Financial Services
Segment Reporting Information [Line Items]
Operating earnings	65.3	56.9
Intersegment eliminations
Segment Reporting Information [Line Items]
Total revenues	(147)	(138.2)
Corporate
Segment Reporting Information [Line Items]
Operating earnings	(30.1)	(18.5)
Excluding Financial Services
Segment Reporting Information [Line Items]
Total revenues	1,024.6	852.2
Operating earnings	200.9	138.9
Excluding Financial Services | Commercial & Industrial Group
Segment Reporting Information [Line Items]
Total revenues	271.1	227
Excluding Financial Services | Snap-on Tools Group
Segment Reporting Information [Line Items]
Total revenues	478.3	375.9
Excluding Financial Services | Repair Systems & Information Group
Segment Reporting Information [Line Items]
Total revenues	275.2	249.3
Excluding Financial Services | Financial Services
Segment Reporting Information [Line Items]
Total revenues	0	0
Excluding Financial Services | Operating Segments
Segment Reporting Information [Line Items]
Total revenues	1,024.6	852.2
Excluding Financial Services | Operating Segments | Commercial & Industrial Group
Segment Reporting Information [Line Items]
Total revenues	345.7	299.9
Excluding Financial Services | Operating Segments | Snap-on Tools Group
Segment Reporting Information [Line Items]
Total revenues	478.3	375.9
Excluding Financial Services | Operating Segments | Repair Systems & Information Group
Segment Reporting Information [Line Items]
Total revenues	347.6	314.6
Excluding Financial Services | Operating Segments | Financial Services
Segment Reporting Information [Line Items]
Total revenues	0	0
Excluding Financial Services | Intersegment eliminations
Segment Reporting Information [Line Items]
Total revenues	(147)	(138.2)
Excluding Financial Services | Intersegment eliminations | Commercial & Industrial Group
Segment Reporting Information [Line Items]
Total revenues	74.6	72.9
Excluding Financial Services | Intersegment eliminations | Snap-on Tools Group
Segment Reporting Information [Line Items]
Total revenues	0	0
Excluding Financial Services | Intersegment eliminations | Repair Systems & Information Group
Segment Reporting Information [Line Items]
Total revenues	72.4	65.3
Excluding Financial Services | Intersegment eliminations | Financial Services
Segment Reporting Information [Line Items]
Total revenues	0	0
Financial Service
Segment Reporting Information [Line Items]
Total revenues	88.6	85.9
Operating earnings	65.3	56.9
Financial Service | Commercial & Industrial Group
Segment Reporting Information [Line Items]
Total revenues	0	0
Financial Service | Snap-on Tools Group
Segment Reporting Information [Line Items]
Total revenues	0	0
Financial Service | Repair Systems & Information Group
Segment Reporting Information [Line Items]
Total revenues	0	0
Financial Service | Financial Services
Segment Reporting Information [Line Items]
Total revenues	88.6	85.9
Financial Service | Intersegment eliminations
Segment Reporting Information [Line Items]
Total revenues	$ 0	$ 0

Segments - Assets by Segment (D

Segments - Assets by Segment (Detail) - USD ($) $ in Millions	Apr. 03, 2021	Jan. 02, 2021
Segment Reporting Information [Line Items]
Assets	$ 6,673.5	$ 6,557.3
Operating Segments
Segment Reporting Information [Line Items]
Assets	5,684.7	5,555.7
Operating Segments | Commercial & Industrial Group
Segment Reporting Information [Line Items]
Assets	1,174	1,210.4
Operating Segments | Snap-on Tools Group
Segment Reporting Information [Line Items]
Assets	771.1	775.3
Operating Segments | Repair Systems & Information Group
Segment Reporting Information [Line Items]
Assets	1,590.6	1,399.7
Operating Segments | Financial Services
Segment Reporting Information [Line Items]
Assets	2,149	2,170.3
Corporate
Segment Reporting Information [Line Items]
Assets	1,054.2	1,063.2
Elimination of intersegment receivables
Segment Reporting Information [Line Items]
Assets	$ (65.4)	$ (61.6)

Uncategorized Items - sna-20210

Label	Element	Value
Accounting Standards Update [Extensible List]	us-gaap_AccountingStandardsUpdateExtensibleList	us-gaap:AccountingStandardsUpdate201613Member