Snap-on (SNA) 10-Q 21 Apr 22 2022 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Apr. 02, 2022	Apr. 15, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Apr. 2, 2022
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)		53,374,248
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000091440
Current Fiscal Year End Date	--12-31

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Apr. 02, 2022	Apr. 03, 2021
Net sales	$ 1,185.5	$ 1,113.2
Operating earnings	293.5	266.2
Interest expense	(11.6)	(14.3)
Other income (expense) – net	8.3	4.3
Earnings before income taxes and equity earnings	290.2	256.2
Income tax expense	(67.5)	(59.1)
Earnings before equity earnings	222.7	197.1
Equity earnings, net of tax	0	0.5
Net earnings	222.7	197.6
Net earnings attributable to noncontrolling interests	(5.3)	(5)
Net earnings attributable to Snap-on Incorporated	$ 217.4	$ 192.6
Net earnings per share attributable to Snap-on Incorporated:
Basic (in dollars per share)	$ 4.07	$ 3.55
Diluted (in dollars per share)	$ 4	$ 3.50
Weighted-average shares outstanding:
Basic (in shares)	53,396,714	54,184,438
Effect of dilutive securities (in shares)	915,300	933,451
Diluted (in shares)	54,312,014	55,117,889
Dividends declared per common share (in dollars per share)	$ 1.42	$ 1.23
Total net sales
Net sales	$ 1,097.8	$ 1,024.6
Cost of goods sold	(563.5)	(511)
Gross profit	534.3	513.6
Operating expenses	(311.2)	(312.7)
Operating earnings	223.1	200.9
Financial services revenue
Net sales	87.7	88.6
Cost of goods sold	(17.3)	(23.3)
Operating earnings	$ 70.4	$ 65.3

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Apr. 02, 2022	Apr. 03, 2021
Comprehensive income (loss):
Net earnings	$ 222.7	$ 197.6
Other comprehensive income (loss):
Foreign currency translation	(9.7)	(29)
Unrealized cash flow hedges, net of tax:
Reclassification of cash flow hedges to net earnings	(0.4)	(0.4)
Defined benefit pension and postretirement plans:
Amortization of net unrecognized losses	4.5	9.1
Income tax benefit	(1.1)	(2.2)
Net of tax	3.4	6.9
Total comprehensive income	216	175.1
Comprehensive income attributable to noncontrolling interests	(5.3)	(5)
Comprehensive income attributable to Snap-on Incorporated	$ 210.7	$ 170.1

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Millions	Apr. 02, 2022	Jan. 01, 2022
Current assets:
Cash and cash equivalents	$ 861.1	$ 780
Trade and other accounts receivable – net	731.3	682.3
Finance receivables and contract receivables - net	644.8	652.7
Inventories – net	864.1	803.8
Prepaid expenses and other assets	134.7	134.6
Total current assets	3,236	3,053.4
Property and equipment:
Property and equipment – gross	1,528.8	1,527.4
Accumulated depreciation and amortization	(1,015.7)	(1,009.2)
Property and equipment – net	513.1	518.2
Operating lease right-of-use assets	50.1	51.9
Deferred income tax assets	69.3	49.5
Long-term finance receivables and contract receivables - net	1,476.8	1,492.2
Goodwill	1,077.8	1,116.5
Other intangibles – net	295.5	301.7
Other assets	176.6	176.3
Total assets	6,895.2	6,759.7
Current liabilities:
Notes payable	19.6	17.4
Accounts payable	297.3	277.6
Accrued benefits	73.1	67.4
Accrued compensation	74.8	114.8
Franchisee deposits	74.8	80.7
Other accrued liabilities	484.5	424.3
Total current liabilities	1,024.1	982.2
Long-term debt	1,183.2	1,182.9
Deferred income tax liabilities	112.9	122.7
Retiree health care benefits	30.4	31.1
Pension liabilities	96.4	104.9
Operating lease liabilities	32.5	34.2
Other long-term liabilities	95.1	97.9
Total liabilities	2,574.6	2,555.9
Commitments and contingencies (Note 15)
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 67,444,714 and 67,438,129 shares, respectively)	67.4	67.4
Additional paid-in capital	474.7	472.7
Retained earnings	5,841	5,699.9
Accumulated other comprehensive loss	(350.6)	(343.9)
Treasury stock at cost (14,073,448 and 14,008,479 shares, respectively)	(1,734.2)	(1,714.2)
Total shareholders’ equity attributable to Snap-on Incorporated	4,298.3	4,181.9
Noncontrolling interests	22.3	21.9
Total equity	4,320.6	4,203.8
Total liabilities and equity	6,895.2	6,759.7
Land
Property and equipment:
Property and equipment – gross	33.3	33.8
Buildings and improvements
Property and equipment:
Property and equipment – gross	427.9	434.4
Machinery, equipment and computer software
Property and equipment:
Property and equipment – gross	1,067.6	1,059.2
Finance Receivables
Current assets:
Finance receivables and contract receivables - net	542.7	542.3
Property and equipment:
Long-term finance receivables and contract receivables - net	1,099.2	1,114
Contract Receivables
Current assets:
Finance receivables and contract receivables - net	102.1	110.4
Property and equipment:
Long-term finance receivables and contract receivables - net	$ 377.6	$ 378.2

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Apr. 02, 2022	Jan. 01, 2022
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)	67,444,714	67,438,129
Treasury stock shares at cost (in shares)	14,073,448	14,008,479

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) - USD ($) $ in Millions	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Treasury Stock	Noncontrolling Interests
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 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
Beginning balance at Jan. 01, 2022	4,203.8	67.4	472.7	5,699.9	(343.9)	(1,714.2)	21.9
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	222.7			217.4			5.3
Other comprehensive loss	(6.7)				(6.7)
Cash dividends	(75.7)			(75.7)
Stock compensation plans	10.8		2			8.8
Share repurchases	(28.8)					(28.8)
Other	(5.5)			(0.6)			(4.9)
Ending balance at Apr. 02, 2022	$ 4,320.6	$ 67.4	$ 474.7	$ 5,841	$ (350.6)	$ (1,734.2)	$ 22.3

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Apr. 02, 2022	Apr. 03, 2021
Statement of Stockholders' Equity [Abstract]
Cash dividends per share (in dollars per share)	$ 1.42	$ 1.23
Share repurchases (in shares)	136,000	722,000

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Apr. 02, 2022	Apr. 03, 2021
Operating activities:
Net earnings	$ 222.7	$ 197.6
Adjustments to reconcile net earnings to net cash provided (used) by operating activities:
Depreciation	18.5	18.7
Amortization of other intangibles	7.2	6
Provision for losses on finance receivables	6.3	11.3
Provision for losses on non-finance receivables	3.8	2.6
Stock-based compensation expense	9	12.3
Deferred income tax provision	2.3	2.3
Gain on sales of assets	(2.7)	0
Changes in operating assets and liabilities, net of effects of acquisitions:
Trade and other accounts receivable	(53.1)	(9.8)
Contract receivables	9.7	5.6
Inventories	(61.7)	8.3
Prepaid and other assets	1.9	(1.8)
Accounts payable	24.1	17.5
Accruals and other liabilities	5.9	48.7
Net cash provided by operating activities	193.9	319.3
Investing activities:
Additions to finance receivables	(205.5)	(216.5)
Collections of finance receivables	215.6	228.6
Capital expenditures	(20.2)	(19.3)
Acquisitions of businesses, net of cash acquired	0	(200)
Disposals of property and equipment	3.8	0
Other	(0.3)	0
Net cash used by investing activities	(6.6)	(207.2)
Financing activities:
Net increase in other short-term borrowings	2.3	2.4
Cash dividends paid	(75.7)	(66.7)
Purchases of treasury stock	(28.8)	(151.9)
Proceeds from stock purchase and option plans	5.8	93
Other	(9.9)	(7.8)
Net cash used by financing activities	(106.3)	(131)
Effect of exchange rate changes on cash and cash equivalents	0.1	0.1
Increase (decrease) in cash and cash equivalents	81.1	(18.8)
Cash and cash equivalents at beginning of year	780	923.4
Cash and cash equivalents at end of period	861.1	904.6
Supplemental cash flow disclosures:
Cash paid for interest	(13.8)	(19.4)
Net cash paid for income taxes	$ (18)	$ (15.9)

Summary of Accounting Policies

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

Revenue Recognition

Revenue Recognition	3 Months Ended
	Apr. 02, 2022
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue RecognitionSnap-on recognizes revenue from the sale of tools, diagnostics, equipment, and related services based on when control of the product passes to the customer or the service is provided and is recognized at an amount that reflects the consideration expected to be received in exchange for such goods or services. Revenue Disaggregation: The following table shows the consolidated revenues by revenue source: Three Months Ended (Amounts in millions) April 2, 2022 April 3, 2021 Revenue from contracts with customers $ 1,091.9 $ 1,018.8 Other revenues 5.9 5.8 Total net sales 1,097.8 1,024.6 Financial services revenue 87.7 88.6 Total revenues $ 1,185.5 $ 1,113.2 Snap-on evaluates the performance of its operating segments based on segment revenues, including both external and intersegment net sales, and segment operating earnings. Snap-on accounts for both intersegment sales and transfers based primarily on standard costs with reasonable mark-ups established between the segments. Intersegment amounts are eliminated to arrive at Snap-on’s consolidated financial results. The following tables represent external net sales disaggregated by geography, based on the customers’ billing addresses: For the Three Months Ended April 2, 2022 Commercial Snap-on Repair Systems & Industrial Tools & Information Financial Snap-on (Amounts in millions) Group Group Group Services Eliminations Incorporated Net sales: North America* $ 113.7 $ 447.8 $ 242.8 $ — $ — $ 804.3 Europe 81.8 40.1 61.9 — — 183.8 All other 65.7 24.2 19.8 — — 109.7 External net sales 261.2 512.1 324.5 — — 1,097.8 Intersegment net sales 78.9 — 73.7 — (152.6) — Total net sales 340.1 512.1 398.2 — (152.6) 1,097.8 Financial services revenue — — — 87.7 — 87.7 Total revenue $ 340.1 $ 512.1 $ 398.2 $ 87.7 $ (152.6) $ 1,185.5 For the Three Months Ended April 3, 2021 Commercial Snap-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 * 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 2, 2022 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 $ 23.9 $ 512.1 $ 324.5 $ — $ — $ 860.5 All other professionals 237.3 — — — — 237.3 External net sales 261.2 512.1 324.5 — — 1,097.8 Intersegment net sales 78.9 — 73.7 — (152.6) — Total net sales 340.1 512.1 398.2 — (152.6) 1,097.8 Financial services revenue — — — 87.7 — 87.7 Total revenue $ 340.1 $ 512.1 $ 398.2 $ 87.7 $ (152.6) $ 1,185.5 For the Three Months Ended April 3, 2021 Commercial Snap-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 Nature of Goods and Services: Snap-on derives net sales from a broad line of products and complementary services that are grouped into three categories: (i) tools; (ii) diagnostics, information and management systems; and (iii) equipment. The tools product category includes hand tools, power tools, tool storage products and other similar products. The diagnostics, information and management systems product category includes handheld and computer-based diagnostic products, service and repair information products, diagnostic software solutions, electronic parts catalogs, business management systems and services, point-of-sale systems, integrated systems for vehicle service shops, original equipment manufacturer (“OEM”) purchasing facilitation services, and warranty management systems and analytics to help OEM dealership service and repair shops (“OEM dealerships”) manage and track performance. The equipment product category includes solutions for the service of vehicles and industrial equipment. Snap-on supports the sale of its diagnostics and vehicle service shop equipment by offering training programs as well as after-sales support to its customers. Through its financial services businesses, Snap‑on derives revenue from various financing programs designed to facilitate the sales of its products and support its franchise business. Approximately 90% of Snap-on’s net sales are products sold at a point in time through ship-and-bill performance obligations that also include repair services. The remaining sales revenue is earned over time primarily on a subscription basis including software, extended warranty and other subscription service agreements. Snap-on enters into contracts related to the selling of tools, diagnostics, repair information, equipment and related services. At contract inception, an assessment of the goods and services promised in the contracts with customers is performed and a performance obligation is identified for each distinct promise to transfer to the customer a good or service (or bundle of goods or services). To identify the performance obligations, Snap-on considers all of the goods or services promised in the contract regardless of whether they are explicitly stated or are implied by customary business practices. Contracts with customers are comprised of customer purchase orders, invoices and written contracts. For certain performance obligations related to software subscriptions, extended warranty and other subscription agreements that are settled over time Snap-on has elected not to disclose the value of unsatisfied performance obligations for: (i) contracts that have an original expected length of one year or less; (ii) contracts where revenue is recognized as invoiced; and (iii) contracts with variable consideration related to unsatisfied performance obligations. The remaining duration of these unsatisfied performance obligations range from one month up to 60 months. Snap-on had approximately $195.0 million of long-term contracts that have fixed consideration that extends beyond one year as of April 2, 2022. Snap-on expects to recognize approximately 65% of these contracts as revenue by the end of fiscal 2023, an additional 30% by the end of fiscal 2025 and the balance thereafter. Contract Liabilities: Contract liabilities are recorded when cash payments are received in advance of Snap-on’s performance. The timing of payment is typically on a monthly, quarterly or annual basis. The balance of total contract liabilities was $65.8 million and $63.8 million at April 2, 2022, and January 1, 2022, respectively. The current portion of contract liabilities is included in “Other accrued liabilities” and the non-current portion of such liabilities is included in “Other long-term liabilities” on the accompanying Condensed Consolidated Balance Sheets. During the three months ended April 2, 2022, Snap-on recognized revenue of $34.6 million that was included in the $63.8 million contract liability balance at January 1, 2022, which was primarily from the amortization of software subscriptions, extended warranties and other subscription agreements.

Acquisitions

Acquisitions	3 Months Ended
	Apr. 02, 2022
Business Combination and Asset Acquisition [Abstract]
Acquisitions	Acquisitions On August 1, 2021, Snap-on acquired AutoCrib EMEA GmbH (“AutoCrib Germany”), a former independent distributor, for a cash purchase price of $4.4 million (or $4.2 million, net of cash acquired). AutoCrib Germany, based in Hamburg, Germany, distributes asset and tool control solutions for a variety of aerospace, automotive, military, natural resources and general industry operations. In the first quarter of 2022, the company completed the purchase accounting valuations for the acquired net assets of AutoCrib Germany. The $3.3 million excess of the purchase price over the fair value of the net assets acquired is recorded in “Goodwill” on the accompanying Condensed Consolidated Balance Sheets. On July 1, 2021, Snap-on exchanged its 35% equity interest in Deville S.A., valued at $21.8 million, for 100% ownership of Secateurs Pradines (“Pradines”), a wholly owned subsidiary of Deville S.A. with a fair value of $20.7 million (or $16.2 million, net of cash acquired), and cash of $1.1 million. Pradines, located in Bauge-en-Anjou, France, designs and manufactures horticultural hand tools for professionals and individuals. As of April 2, 2022, the company recorded, on a preliminary basis, the $10.7 million excess of the purchase price over the fair value of net assets acquired in “Goodwill” in the accompanying Condensed Consolidated Balance Sheets. The company will complete the purchase accounting for the acquired net assets of Pradines in the second quarter of 2022. On February 26, 2021, Snap-on acquired Dealer-FX Group, Inc. (“Dealer-FX”) for a cash purchase price of $200.1 million (or $200.0 million, net of cash acquired). Dealer-FX, based in Markham, Ontario, is a leading developer, marketer and provider of service operations software solutions for automotive OEM customers and their dealers. Dealer-FX specializes in software as a service (SaaS) management systems, communications platforms, extensive data integrations, and offers a digitalized solution that increases productivity and enhances the vehicle owners’ experience. In the first quarter of 2022, the company completed the purchase accounting valuations for the acquired net assets of Dealer-FX, and recorded $32.6 million of net deferred tax changes. The $118.2 million excess of the purchase price over the fair value of the net assets acquired is recorded in “Goodwill” on the accompanying Condensed Consolidated Balance Sheets. For segment reporting purposes, the results of operations and assets of Dealer-FX have been included in the Repair Systems & Information Group since the acquisition date, and the results of operations and assets of AutoCrib Germany and Pradines have been included in the Commercial & Industrial Group since the respective acquisition dates. Pro forma financial information has not been presented for these acquisitions as the net effects were neither significant nor material to Snap-on’s results of operations or financial position. See Note 6 for further information on goodwill and other intangible assets.

Receivables

Receivables	3 Months Ended
	Apr. 02, 2022
Receivables [Abstract]
Receivables	Receivables Trade and Other Accounts Receivable: Snap-on’s trade and other accounts receivable primarily arise from the sale of tools, diagnostics, and equipment products to a broad range of industrial and commercial customers and to Snap-on’s independent franchise van channel with payment terms generally ranging from 30 to 120 days. The components of Snap-on’s trade and other accounts receivable as of April 2, 2022, and January 1, 2022, are as follows: (Amounts in millions) April 2, 2022 January 1, 2022 Trade and other accounts receivable $ 759.7 $ 709.6 Allowances for credit losses (28.4) (27.3) Total trade and other accounts receivable – net $ 731.3 $ 682.3 The following is a rollforward of the allowances for credit losses related to trade and other accounts receivable for the three months ended April 2, 2022, and April 3, 2021: Three months ended (Amounts in millions) April 2, 2022 April 3, 2021 Allowances for credit losses: Beginning of period $ 27.3 $ 26.3 Provision for credit losses 3.7 1.9 Charge-offs (3.0) (2.1) Recoveries 0.1 — Currency translation 0.3 (0.3) End of period $ 28.4 $ 25.8 Finance and Contract Receivables: Snap-on Credit LLC (“SOC”), the company’s financial services operation in the United States, originates extended-term finance and contract receivables on sales of Snap-on’s products sold through the U.S. franchisee network and to certain other customers of Snap-on; Snap-on’s foreign finance subsidiaries provide similar financing internationally. Interest income on finance and contract receivables is included in “Financial services revenue” on the accompanying Condensed Consolidated Statements of Earnings. Finance receivables are comprised of extended-term payment contracts to both technicians and independent shop owners (i.e., franchisees’ customers) to enable them to purchase tools, diagnostics, and equipment products on an extended-term payment plan, with average payment terms of approximately four years. Contract receivables, with payment terms of up to ten years, are comprised of extended-term payment contracts to a broad base of customers worldwide, including shop owners, both independents and national chains, for their purchase of tools, diagnostics, and equipment products, as well as extended-term contracts to franchisees to meet a number of financing needs, including working capital loans, loans to enable new franchisees to fund the purchase of the franchise and van leases, or the expansion of an existing franchise. Finance and contract receivables are generally secured by the underlying tools, diagnostics and/or equipment products financed and, for contracts to franchisees, other franchisee assets. The components of Snap-on’s current finance and contract receivables as of April 2, 2022, and January 1, 2022, are as follows: (Amounts in millions) April 2, 2022 January 1, 2022 Finance installment receivables $ 557.7 $ 557.0 Finance lease receivables, net of unearned finance charges of $0.9 million and $1.3 million, respectively 5.5 7.1 Total finance receivables 563.2 564.1 Contract installment receivables 47.3 55.2 Contract lease receivables, net of unearned finance charges of $18.6 million and $18.7 million, respectively 56.7 57.3 Total contract receivables 104.0 112.5 Total 667.2 676.6 Allowances for credit losses: Finance installment receivables (20.4) (21.7) Finance lease receivables (0.1) (0.1) Total finance allowance for credit losses (20.5) (21.8) Contract installment receivables (0.8) (0.9) Contract lease receivables (1.1) (1.2) Total contract allowance for credit losses (1.9) (2.1) Total allowance for credit losses (22.4) (23.9) Total current finance and contract receivables – net $ 644.8 $ 652.7 Finance receivables – net $ 542.7 $ 542.3 Contract receivables – net 102.1 110.4 Total current finance and contract receivables – net $ 644.8 $ 652.7 The components of Snap-on’s finance and contract receivables with payment terms beyond one year as of April 2, 2022, and January 1, 2022, are as follows: (Amounts in millions) April 2, 2022 January 1, 2022 Finance installment receivables $ 1,138.1 $ 1,155.3 Finance lease receivables, net of unearned finance charges of $0.4 million and $0.5 million, respectively 3.1 4.2 Total finance receivables 1,141.2 1,159.5 Contract installment receivables 198.4 197.1 Contract lease receivables, net of unearned finance charges of $29.5 million and $30.3 million, respectively 185.0 187.4 Total contract receivables 383.4 384.5 Total 1,524.6 1,544.0 Allowances for credit losses: Finance installment receivables (42.0) (45.4) Finance lease receivables — (0.1) Total finance allowance for credit losses (42.0) (45.5) Contract installment receivables (3.2) (3.2) Contract lease receivables (2.6) (3.1) Total contract allowance for credit losses (5.8) (6.3) Total allowance for credit losses (47.8) (51.8) Total long-term finance and contract receivables – net $ 1,476.8 $ 1,492.2 Finance receivables – net $ 1,099.2 $ 1,114.0 Contract receivables – net 377.6 378.2 Total long-term finance and contract receivables – net $ 1,476.8 $ 1,492.2 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 2, 2022, are as follows: (Amounts in millions) 2022 2021 2020 2019 2018 Prior Total Finance Receivables: Delinquent $ 0.2 $ 15.1 $ 13.8 $ 6.8 $ 3.3 $ 2.0 $ 41.2 Non-delinquent 391.0 788.9 315.0 114.9 41.8 11.6 1,663.2 Total Finance receivables $ 391.2 $ 804.0 $ 328.8 $ 121.7 $ 45.1 $ 13.6 $ 1,704.4 Contract receivables: Delinquent $ 0.1 $ 1.0 $ 0.8 $ 0.6 $ 0.4 $ 0.3 $ 3.2 Non-delinquent 40.9 153.9 110.6 80.3 52.1 46.4 484.2 Total Contract receivables $ 41.0 $ 154.9 $ 111.4 $ 80.9 $ 52.5 $ 46.7 $ 487.4 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. 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 2, 2022, and April 3, 2021: Three Months Ended Three Months Ended (Amounts in millions) Finance Contract Finance Contract Allowances for credit losses: Beginning of period $ 67.3 $ 8.4 $ 76.3 $ 9.0 Provision for credit losses 6.3 0.1 11.3 0.7 Charge-offs (13.4) (0.8) (14.9) (0.6) Recoveries 2.3 — 2.6 0.1 End of period $ 62.5 $ 7.7 $ 75.3 $ 9.2 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 2, 2022, and January 1, 2022, 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 2, 2022, and January 1, 2022, is as follows: (Amounts in millions) 30-59 60-90 Greater Total Past Total Not Total Greater April 2, 2022: Finance receivables $ 13.1 $ 9.8 $ 18.3 $ 41.2 $ 1,663.2 $ 1,704.4 $ 15.8 Contract receivables 1.3 0.6 1.3 3.2 484.2 487.4 0.2 January 1, 2022: Finance receivables $ 16.0 $ 10.5 $ 18.0 $ 44.5 $ 1,679.1 $ 1,723.6 $ 16.0 Contract receivables 1.7 0.9 0.9 3.5 493.5 497.0 0.1 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 2, 2022, and January 1, 2022, is as follows: (Amounts in millions) April 2, 2022 January 1, 2022 Finance receivables $ 8.4 $ 7.7 Contract receivables 2.7 2.7

Inventories

Inventories	3 Months Ended
	Apr. 02, 2022
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories by major classification are as follows: (Amounts in millions) April 2, 2022 January 1, 2022 Finished goods $ 730.7 $ 686.5 Work in progress 68.7 64.3 Raw materials 153.4 140.2 Total FIFO value 952.8 891.0 Excess of current cost over LIFO cost (88.7) (87.2) Total inventories – net $ 864.1 $ 803.8

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	3 Months Ended
	Apr. 02, 2022
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 2, 2022, are as follows: (Amounts in millions) Commercial Snap-on Repair Systems Total Balance as of January 1, 2022 $ 325.8 $ 12.4 $ 778.3 $ 1,116.5 Currency translation (3.6) — (2.5) (6.1) Acquisition-related adjustments — — (32.6) (32.6) Balance as of April 2, 2022 $ 322.2 $ 12.4 $ 743.2 $ 1,077.8 Goodwill of $1,077.8 million as of April 2, 2022, included $118.2 million from the acquisition of Dealer-FX, $10.7 million, on a preliminary basis, from the acquisition of Pradines and $3.3 million from the acquisition of AutoCrib Germany. As of the three months ended April 2, 2022, the purchase accounting valuations for the acquired net assets, including deferred tax assets, of Dealer-FX were completed, resulting in a reduction of goodwill of $32.6 million from 2021 year end. The goodwill from Dealer-FX is included in the Repair Systems & Information Group and the goodwill from Pradines and AutoCrib Germany 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 2, 2022 January 1, 2022 (Amounts in millions) Gross Carrying Accumulated Gross Carrying Accumulated Amortized other intangible assets: Customer relationships $ 216.8 $ (144.5) $ 217.8 $ (142.1) Developed technology 36.5 (24.0) 36.6 (23.2) Internally developed software 179.2 (136.0) 182.7 (139.1) Patents 45.9 (25.3) 45.7 (25.1) Trademarks 3.9 (2.4) 3.9 (2.3) Other 8.3 (4.1) 8.3 (4.1) Total 490.6 (336.3) 495.0 (335.9) Non-amortized trademarks 141.2 — 142.6 — Total other intangible assets $ 631.8 $ (336.3) $ 637.6 $ (335.9) As of April 2, 2022, the gross carrying value of intangible assets includes $28.4 million of customer relationships, $14.8 million of developed technology and a $17.7 million non-amortized trademark related to the Dealer-FX acquisition. Provision for impairment of goodwill and/or other intangible assets could arise in a future period due to 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. As of April 2, 2022, the company had no accumulated impairment losses. The weighted-average amortization periods related to other intangible assets are as follows: In Years Customer relationships 14 Developed technology 5 Internally developed software 6 Patents 14 Trademarks 9 Other 39 Snap-on is amortizing its customer relationships on both an accelerated and straight-line basis over a 14 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 12 years. The company’s customer relationships generally have contractual terms of three The aggregate amortization expense was $7.2 million and $6.0 million for the respective three month periods ended April 2, 2022, and April 3, 2021. Based on current levels of amortizable intangible assets and estimated weighted-average useful lives, estimated annual amortization expense is expected to be $28.3 million in 2022, $24.9 million in 2023, $19.6 million in 2024, $14.1 million in 2025, $10.5 million in 2026, and $9.7 million in 2027.

Exit and Disposal Activities

Exit and Disposal Activities	3 Months Ended
	Apr. 02, 2022
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 for both the three month periods ended April 2, 2022, and April 3, 2021. Snap-on’s exit and disposal accrual activity for the first three months of 2022 is as follows: Balance at First Three Months Balance at (Amounts in millions) January 1, 2022 Provision Usage April 2, Severance costs: Commercial & Industrial Group $ 4.3 $ — $ (0.5) $ 3.8 Snap-on Tools Group 0.3 — — 0.3 Repair System & Information Group 2.4 — (0.4) 2.0 Total $ 7.0 $ — $ (0.9) $ 6.1 As of April 2, 2022, the company expects that approximately $4.3 million of the $6.1 million exit and disposal accrual will be utilized in 2022, and the remainder thereafter, primarily for longer-term severance payments.

Income Taxes

Income Taxes	3 Months Ended
	Apr. 02, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Snap-on’s effective income tax rate on earnings attributable to Snap-on was 23.7% and 23.5% in the respective first three month periods of 2022 and 2021. 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 $4.2 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. 02, 2022
Debt Disclosure [Abstract]
Short-term and Long-term Debt	Short-term and Long-term Debt Short-term and long-term debt as of April 2, 2022, and January 1, 2022, consisted of the following: (Amounts in millions) April 2, 2022 January 1, 2022 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* 2.8 0.3 1,202.8 1,200.3 Less: notes payable Other notes (19.6) (17.4) (19.6) (17.4) Total long-term debt $ 1,183.2 $ 1,182.9 * Includes unamortized debt issuance costs. Notes payable of $19.6 million as of April 2, 2022, compared to $17.4 million as of 2021 year end.

Financial Instruments

Financial Instruments	3 Months Ended
	Apr. 02, 2022
Investments, All Other Investments [Abstract]
Financial Instruments	Financial Instruments Derivatives: All derivative instruments are reported in the Condensed Consolidated Financial Statements at fair value. Changes in the fair value of derivatives are recorded each period in earnings or on the accompanying Condensed Consolidated Balance Sheets, depending on whether the derivative is designated and effective as part of a hedged transaction. Gains or losses on derivative instruments recorded in earnings are presented in the same Condensed Consolidated Statement of Earnings line that is used to present the earnings effect of the hedged item. Gains or losses on derivative instruments in accumulated other comprehensive income (loss) (“Accumulated OCI”) are reclassified to earnings in the period in which earnings are affected by the underlying hedged item. The criteria used to determine if hedge accounting treatment is appropriate are: (i) the designation of the hedge to an underlying exposure; (ii) whether or not overall risk is being reduced; and (iii) if there is a correlation between the value of the derivative instrument and the underlying hedged item. Once a derivative contract is entered into, Snap-on designates the derivative as a fair value hedge, a cash flow hedge, a hedge of a net investment in a foreign operation, or a natural hedging instrument whose change in fair value is recognized as an economic hedge against changes in the value of the hedged item. Snap-on does not use derivative instruments for speculative or trading purposes. The company is exposed to global market risks, including the effects of changes in foreign currency exchange rates, interest rates, and the company’s stock price, and therefore uses derivatives to manage financial exposures that occur in the normal course of business. The primary risks managed by using derivative instruments are foreign currency risk, interest rate risk and stock-based deferred compensation risk. Foreign Currency Risk Management: Snap-on has significant international operations and is subject to certain risks inherent with foreign operations, including currency fluctuations. Foreign currency exchange risk exists to the extent that Snap-on has payment obligations or receipts denominated in currencies other than the functional currency, including intercompany loans denominated in foreign currencies. To manage these exposures, Snap-on identifies naturally offsetting positions and then purchases hedging instruments to protect the residual net exposures. Snap-on manages most of these exposures on a consolidated basis, which allows for netting of certain exposures to take advantage of natural offsets. Foreign currency forward contracts (“foreign currency forwards”) are used to hedge the net exposures. Gains or losses on net foreign currency hedges are intended to offset losses or gains on the underlying net exposures in an effort to reduce the earnings volatility resulting from fluctuating foreign currency exchange rates. Snap-on’s foreign currency forwards are typically not designated as hedges. The fair value changes of these contracts are reported in earnings as foreign exchange gain or loss, which is included in “Other income (expense) - net” on the accompanying Condensed Consolidated Statements of Earnings. 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 may enter 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 “Long-term debt” on the accompanying Condensed Consolidate d Balance Sheets. T here were no outstanding interest rate swaps as of both April 2, 2022, and January 1, 2022 . Treasury locks: Snap-on may use 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 2, 2022, and January 1, 2022. 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 2, 2022, Snap-on had equity forwards in place intended to manage market risk with respect to 74,000 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 2, 2022 January 1, 2022 (Amounts in millions) Carrying Fair Carrying Fair Finance receivables – net $ 1,641.9 $ 1,931.2 $ 1,656.3 $ 1,988.6 Contract receivables – net 479.7 517.9 488.6 542.5 Long-term debt and notes payable 1,202.8 1,196.5 1,200.3 1,339.7 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 was 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 includes unamortized debt issuance costs. 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. 02, 2022
Retirement Benefits [Abstract]
Pension Plans	Pension Plans Snap-on’s net periodic pension (benefit) cost included the following components: Three Months Ended (Amounts in millions) April 2, 2022 April 3, 2021 Service cost $ 7.1 $ 7.5 Interest cost 11.1 10.6 Expected return on plan assets (24.5) (23.6) Amortization of unrecognized loss 4.5 9.1 Net periodic pension (benefit) cost $ (1.8) $ 3.6 The components of net periodic pension (benefit) 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 $9.4 million to its foreign pension plans and $9.5 million to its domestic pension plans in 2022, as required by law. Depending on market and other conditions, Snap-on may make discretionary cash contributions to its pension plans in 2022.

Postretirement Health Care Plan

Postretirement Health Care Plans	3 Months Ended
	Apr. 02, 2022
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 2, 2022 April 3, 2021 Interest cost $ 0.3 $ 0.3 Expected return on plan assets (0.2) (0.2) Net periodic postretirement health care cost $ 0.1 $ 0.1 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. 02, 2022
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 share units (“PSUs”), stock appreciation rights (“SARs”) and restricted stock awards (which may be designated as “restricted stock units” or “RSUs”). As of April 2, 2022, the 2011 Plan had 3,096,154 shares available for future grants. The company uses treasury stock to deliver shares under the 2011 Plan. Net stock-based compensation expense was $9.0 million and $12.3 million for the respective three month periods ended April 2, 2022, and April 3, 2021. Cash received from stock purchase and option plan exercises during the respective three month periods ended April 2, 2022, and April 3, 2021 totaled $5.8 million and $93.0 million. The tax benefit realized from both the exercise and vesting of share-based payment arrangements was $2.1 million and $7.7 million for the respective three month periods ended April 2, 2022, and April 3, 2021. Stock Options: Stock options are granted with an exercise price equal to the market value of a share of Snap-on’s common stock on the date of grant and have a contractual term of ten years. Stock option grants vest ratably on the first, second and third anniversaries of the date of grant. The fair value of each stock option award is estimated on the date of grant using the Black-Scholes valuation model. The company uses historical data regarding stock option exercise and forfeiture behaviors for different participating groups to estimate the period of time that options granted are expected to be outstanding. Expected volatility is based on the historical volatility of the company’s stock for the length of time corresponding to the expected term of the option. The expected dividend yield is based on the expected annual dividend as a percentage of the market value of our common stock as of the date of grant. The risk-free interest rate is based on the U.S. treasury yield curve on the grant date for the expected term of the option. The following weighted-average assumptions were used in calculating the fair value of stock options granted during the three months ended April 2, 2022, and April 3, 2021, using the Black-Scholes valuation model: Three Months Ended April 2, 2022 April 3, 2021 Expected term of option (in years) 5.14 5.33 Expected volatility factor 22.61% 21.80% Expected dividend yield 2.68% 2.59% Risk-free interest rate 2.00% 0.67% A summary of stock option activity as of and for the three months ended April 2, 2022, is presented below: Shares (in thousands) Exercise Remaining Contractual Term* (in years) Aggregate Intrinsic Value (in millions) Outstanding at January 1, 2022 2,432 $ 151.32 Granted 288 211.41 Exercised (40) 145.13 Forfeited or expired (11) 183.55 Outstanding at April 2, 2022 2,669 157.77 5.9 $ 124.8 Exercisable at April 2, 2022 2,031 147.09 4.9 115.0 * Weighted-average The weighted-average grant date fair value of options granted during the three months ended April 2, 2022, and April 3, 2021, was $34.35 and $26.19, respectively. The intrinsic value of options exercised was $2.8 million and $30.8 million during the respective three month periods ended April 2, 2022, and April 3, 2021. The fair value of stock options vested was $10.5 million and $12.5 million during the respective three month periods ended April 2, 2022, and April 3, 2021. As of April 2, 2022, there was $17.5 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 Units and Restricted Stock 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 2, 2022, and April 3, 2021, was $207.67 and $188.72, respectively. PSUs related to 46,217 shares were paid out during the three months ended April 2, 2022. There were no PSUs paid out during the three months ended April 3, 2021. 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 2, 2022, are as follows: Shares (in thousands) Fair Value Non-vested PSUs and RSUs at January 1, 2022 215 $ 180.29 Granted 104 207.67 Vested — — Cancellations and other (2) 193.02 Non-vested PSUs and RSUs at April 2, 2022 317 189.22 * Weighted-average As of April 2, 2022, there was $38.3 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 1.8 years. Stock Appreciation Rights: 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 2, 2022, and April 3, 2021, using the Black-Scholes valuation model: Three Months Ended April 2, 2022 April 3, 2021 Expected term of stock-settled SARs (in years) 4.02 3.94 Expected volatility factor 23.09% 22.50% Expected dividend yield 2.68% 2.59% Risk-free interest rate 1.96% 0.19% A summary of stock-settled SARs as of and for the three months ended April 2, 2022, are as follows: Stock-settled SARs (in thousands) Exercise Remaining Contractual Term* (in years) Aggregate Intrinsic Value (in millions) Outstanding at January 1, 2022 397 $ 160.09 Granted 75 211.67 Exercised (4) 155.55 Forfeited or expired (14) 162.84 Outstanding at April 2, 2022 454 168.56 7.0 $ 16.6 Exercisable at April 2, 2022 296 155.09 5.8 14.4 * Weighted-average The weighted-average grant date fair value of stock-settled SARs granted during the three months ended April 2, 2022, and April 3, 2021, was $32.63 and $24.05, respectively. The intrinsic value of stock-settled SARs exercised was $0.2 million and $2.2 million during the respective three month periods ended April 2, 2022, and April 3, 2021. The fair value of stock-settled SARs vested was $2.0 million and $2.1 million during the respective three month periods ended April 2, 2022, and April 3, 2021. As of April 2, 2022, there was $4.1 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 2, 2022, and April 3, 2021, using the Black-Scholes valuation model: Three Months Ended April 2, 2022 April 3, 2021 Expected term of cash-settled SARs (in years) 3.88 3.83 Expected volatility factor 23.09% 22.49% Expected dividend yield 2.79% 2.12% Risk-free interest rate 2.58% 0.39% The intrinsic value of cash-settled SARs exercised was $0.4 million and $0.5 million during the respective three month periods ended April 2, 2022, and April 3, 2021. The fair value of cash-settled SARs vested was $0.1 million for both of the three month periods ended April 2, 2022, and April 3, 2021. Changes to the company’s non-vested cash-settled SARs during the three months ended April 2, 2022, are as follows: Cash-settled SARs (in thousands) Fair Value Non-vested cash-settled SARs at January 1, 2022 2 $ 47.13 Granted 1 32.31 Vested (1) 44.86 Non-vested cash-settled SARs at April 2, 2022 2 36.59 * Weighted-average As of April 2, 2022, 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 6,525 shares and 6,858 shares of restricted stock to non-employee directors for the respective three month periods ended April 2, 2022, and April 3, 2021. 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. Employee stock purchase plan: Substantially all Snap-on employees in the United States and Canada are eligible to participate in an employee stock purchase plan. The purchase price of the company’s common stock to participants is the lesser of the mean of the high and low price of the stock on the beginning date (May 15) or ending date (the following May 14) of each plan year. There were no share issuances under this plan for the three month periods ended April 2, 2022, and April 3, 2021. As of April 2, 2022, shares reserved for issuance under this plan totaled 597,275 shares and Snap-on held participant contributions of approximately $4.1 million. Participants are able to withdraw from the plan at any time prior to the ending date and receive back all contributions made during the plan year. Compensation expense for plan participants was zero and $4.8 million for the respective three month periods ended April 2, 2022, and April 3, 2021. Franchisee stock purchase plan: All franchisees in the United States and Canada are eligible to participate in a franchisee stock purchase plan. The purchase price of the company’s common stock to participants is the lesser of the mean of the high and low price of the stock on the beginning date (May 15) or ending date (the following May 14) of each plan year. There were no share issuances under this plan for the three month periods ended April 2, 2022, and April 3, 2021. As of April 2, 2022, shares reserved for issuance under this plan totaled 270,162 shares and Snap-on held participant contributions of approximately $9.4 million. Participants are able to withdraw from the plan at any time prior to the ending date and receive back all contributions made during the plan year. The company recognized mark-to-market expense of zero and $5.4 million for the respective three month periods ended April 2, 2022, and April 3, 2021.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Apr. 02, 2022
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 2, 2022 April 3, 2021 Weighted-average common shares outstanding 53,396,714 54,184,438 Effect of dilutive securities 915,300 933,451 Weighted-average common shares outstanding, assuming dilution 54,312,014 55,117,889 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 2, 2022, there were 358,774 awards outstanding that were anti-dilutive; as of April 3, 2021, there were 400 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. 02, 2022
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 2, 2022, and April 3, 2021, is as follows: Three Months Ended (Amounts in millions) April 2, 2022 April 3, 2021 Warranty reserve: Beginning of period $ 17.3 $ 17.6 Additions 2.2 4.1 Usage (3.0) (3.4) End of period $ 16.5 $ 18.3 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 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. 02, 2022
Leases [Abstract]
Leases	Leases Lessee Accounting: Supplemental balance sheet information related to leases as of April 2, 2022, and January 1, 2022, is as follows: (Amounts in millions) April 2, 2022 January 1, 2022 Finance leases: Property and equipment - gross $ 21.2 $ 22.3 Accumulated depreciation and amortization (16.9) (17.4) Property and equipment - net $ 4.3 $ 4.9 Other accrued liabilities $ 2.3 $ 2.4 Other long-term liabilities 3.7 4.5 Total finance lease liabilities $ 6.0 $ 6.9 Operating leases: Operating lease right-of-use assets $ 50.1 $ 51.9 Other accrued liabilities $ 19.5 $ 19.6 Operating lease liabilities 32.5 34.2 Total operating lease liabilities $ 52.0 $ 53.8 Lessor Accounting: Snap-on’s Financial Services business offers its customers lease financing for the lease of tools, diagnostics, and equipment products and to franchisees who require financing 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 2, 2022, and January 1, 2022, is as follows: (Amounts in millions) April 2, 2022 January 1, 2022 Finance leases: Property and equipment - gross $ 21.2 $ 22.3 Accumulated depreciation and amortization (16.9) (17.4) Property and equipment - net $ 4.3 $ 4.9 Other accrued liabilities $ 2.3 $ 2.4 Other long-term liabilities 3.7 4.5 Total finance lease liabilities $ 6.0 $ 6.9 Operating leases: Operating lease right-of-use assets $ 50.1 $ 51.9 Other accrued liabilities $ 19.5 $ 19.6 Operating lease liabilities 32.5 34.2 Total operating lease liabilities $ 52.0 $ 53.8 Lessor Accounting: Snap-on’s Financial Services business offers its customers lease financing for the lease of tools, diagnostics, and equipment products and to franchisees who require financing 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 2, 2022, and January 1, 2022, is as follows: (Amounts in millions) April 2, 2022 January 1, 2022 Finance leases: Property and equipment - gross $ 21.2 $ 22.3 Accumulated depreciation and amortization (16.9) (17.4) Property and equipment - net $ 4.3 $ 4.9 Other accrued liabilities $ 2.3 $ 2.4 Other long-term liabilities 3.7 4.5 Total finance lease liabilities $ 6.0 $ 6.9 Operating leases: Operating lease right-of-use assets $ 50.1 $ 51.9 Other accrued liabilities $ 19.5 $ 19.6 Operating lease liabilities 32.5 34.2 Total operating lease liabilities $ 52.0 $ 53.8 Lessor Accounting: Snap-on’s Financial Services business offers its customers lease financing for the lease of tools, diagnostics, and equipment products and to franchisees who require financing 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. 02, 2022
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 2, 2022 April 3, 2021 Interest income $ 0.5 $ 0.4 Net foreign exchange loss (1.0) (0.2) Net periodic pension and postretirement benefits – non-service 8.8 3.8 Other — 0.3 Total other income (expense) – net $ 8.3 $ 4.3

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	3 Months Ended
	Apr. 02, 2022
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 2, 2022: (Amounts in millions) Foreign Cash Flow Defined Total Balance as of January 1, 2022 $ (145.1) $ 8.9 $ (207.7) $ (343.9) Other comprehensive loss before reclassifications (9.7) — — (9.7) Amounts reclassified from Accumulated OCI — (0.4) 3.4 3.0 Net other comprehensive income (loss) (9.7) (0.4) 3.4 (6.7) Balance as of April 2, 2022 $ (154.8) $ 8.5 $ (204.3) $ (350.6) 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 reclassifications out of Accumulated OCI for the three month periods ended April 2, 2022, and April 3, 2021, are as follows: Amount Reclassified from Accumulated OCI Three Months Ended April 2, 2022 April 3, 2021 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 $ (4.5) $ (9.1) See footnote below* Income tax benefit 1.1 2.2 Income tax expense Net of tax (3.4) (6.9) Total reclassifications for the period, net of tax $ (3.0) $ (6.5) * 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. 02, 2022
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. Intersegment amounts are eliminated to arrive at Snap-on’s consolidated financial results. Financial Data by Segment: Three Months Ended (Amounts in millions) April 2, 2022 April 3, 2021 Net sales: Commercial & Industrial Group $ 340.1 $ 345.7 Snap-on Tools Group 512.1 478.3 Repair Systems & Information Group 398.2 347.6 Segment net sales 1,250.4 1,171.6 Intersegment eliminations (152.6) (147.0) Total net sales 1,097.8 1,024.6 Financial Services revenue 87.7 88.6 Total revenues $ 1,185.5 $ 1,113.2 Operating earnings: Commercial & Industrial Group $ 45.7 $ 50.7 Snap-on Tools Group 116.0 98.9 Repair Systems & Information Group 91.6 81.4 Financial Services 70.4 65.3 Segment operating earnings 323.7 296.3 Corporate (30.2) (30.1) Operating earnings 293.5 266.2 Interest expense (11.6) (14.3) Other income (expense) – net 8.3 4.3 Earnings before income taxes and equity earnings $ 290.2 $ 256.2 (Amounts in millions) April 2, 2022 January 1, 2022 Assets: Commercial & Industrial Group $ 1,225.1 $ 1,209.3 Snap-on Tools Group 828.2 791.4 Repair Systems & Information Group 1,637.9 1,624.3 Financial Services 2,139.6 2,163.6 Total assets from reportable segments 5,830.8 5,788.6 Corporate 1,152.4 1,039.7 Elimination of intersegment receivables (88.0) (68.6) Total assets $ 6,895.2 $ 6,759.7

Summary of Accounting Policies

Summary of Accounting Policies - (Policies)	3 Months Ended
	Apr. 02, 2022
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 2021 Annual Report on Form 10-K for the fiscal year ended January 1, 2022 (“2021 year end”). The company’s 2022 fiscal first quarter ended on April 2, 2022; the 2021 fiscal first quarter ended on April 3, 2021. The company’s 2022 and 2021 fiscal first quarters each contained 13 weeks of operating results. Snap-on’s Condensed Consolidated Financial Statements are prepared in conformity with generally accepted accounting principles in the United States of America (“GAAP”). In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for the fair presentation of the Condensed Consolidated Financial Statements for the three month periods ended April 2, 2022, and April 3, 2021, have been made. Interim results of operations are not necessarily indicative of the results to be expected for the full fiscal year.
Use of Estimates	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 In March 2022, the FASB issued ASU No. 2022-02, Financial Instruments – Credit Losses (Topic 326) – Troubled Debt Restructurings and Vintage Disclosures , which requires enhanced disclosure of certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty while eliminating certain current recognition and measurement accounting guidance. This ASU also requires the disclosure of current-period gross write-offs by year of origination for financing receivables and net investments in leases. ASU No. 2022-02 is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years; this ASU allows for early adoption in any interim period after issuance of the update. The company is currently assessing the impact this ASU will have on its consolidated financial statements.

Revenue Recognition - (Tables)

Revenue Recognition - (Tables)	3 Months Ended
	Apr. 02, 2022
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 2, 2022 April 3, 2021 Revenue from contracts with customers $ 1,091.9 $ 1,018.8 Other revenues 5.9 5.8 Total net sales 1,097.8 1,024.6 Financial services revenue 87.7 88.6 Total revenues $ 1,185.5 $ 1,113.2 Snap-on evaluates the performance of its operating segments based on segment revenues, including both external and intersegment net sales, and segment operating earnings. Snap-on accounts for both intersegment sales and transfers based primarily on standard costs with reasonable mark-ups established between the segments. Intersegment amounts are eliminated to arrive at Snap-on’s consolidated financial results. The following tables represent external net sales disaggregated by geography, based on the customers’ billing addresses: For the Three Months Ended April 2, 2022 Commercial Snap-on Repair Systems & Industrial Tools & Information Financial Snap-on (Amounts in millions) Group Group Group Services Eliminations Incorporated Net sales: North America* $ 113.7 $ 447.8 $ 242.8 $ — $ — $ 804.3 Europe 81.8 40.1 61.9 — — 183.8 All other 65.7 24.2 19.8 — — 109.7 External net sales 261.2 512.1 324.5 — — 1,097.8 Intersegment net sales 78.9 — 73.7 — (152.6) — Total net sales 340.1 512.1 398.2 — (152.6) 1,097.8 Financial services revenue — — — 87.7 — 87.7 Total revenue $ 340.1 $ 512.1 $ 398.2 $ 87.7 $ (152.6) $ 1,185.5 For the Three Months Ended April 3, 2021 Commercial Snap-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 * 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 2, 2022 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 $ 23.9 $ 512.1 $ 324.5 $ — $ — $ 860.5 All other professionals 237.3 — — — — 237.3 External net sales 261.2 512.1 324.5 — — 1,097.8 Intersegment net sales 78.9 — 73.7 — (152.6) — Total net sales 340.1 512.1 398.2 — (152.6) 1,097.8 Financial services revenue — — — 87.7 — 87.7 Total revenue $ 340.1 $ 512.1 $ 398.2 $ 87.7 $ (152.6) $ 1,185.5 For the Three Months Ended April 3, 2021 Commercial Snap-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

Receivables - (Tables)

Receivables - (Tables)	3 Months Ended
	Apr. 02, 2022
Receivables [Abstract]
Components of Trade and Other Accounts Receivable	The components of Snap-on’s trade and other accounts receivable as of April 2, 2022, and January 1, 2022, are as follows: (Amounts in millions) April 2, 2022 January 1, 2022 Trade and other accounts receivable $ 759.7 $ 709.6 Allowances for credit losses (28.4) (27.3) Total trade and other accounts receivable – net $ 731.3 $ 682.3
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 2, 2022, and April 3, 2021: Three months ended (Amounts in millions) April 2, 2022 April 3, 2021 Allowances for credit losses: Beginning of period $ 27.3 $ 26.3 Provision for credit losses 3.7 1.9 Charge-offs (3.0) (2.1) Recoveries 0.1 — Currency translation 0.3 (0.3) End of period $ 28.4 $ 25.8
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 2, 2022, and January 1, 2022, are as follows: (Amounts in millions) April 2, 2022 January 1, 2022 Finance installment receivables $ 557.7 $ 557.0 Finance lease receivables, net of unearned finance charges of $0.9 million and $1.3 million, respectively 5.5 7.1 Total finance receivables 563.2 564.1 Contract installment receivables 47.3 55.2 Contract lease receivables, net of unearned finance charges of $18.6 million and $18.7 million, respectively 56.7 57.3 Total contract receivables 104.0 112.5 Total 667.2 676.6 Allowances for credit losses: Finance installment receivables (20.4) (21.7) Finance lease receivables (0.1) (0.1) Total finance allowance for credit losses (20.5) (21.8) Contract installment receivables (0.8) (0.9) Contract lease receivables (1.1) (1.2) Total contract allowance for credit losses (1.9) (2.1) Total allowance for credit losses (22.4) (23.9) Total current finance and contract receivables – net $ 644.8 $ 652.7 Finance receivables – net $ 542.7 $ 542.3 Contract receivables – net 102.1 110.4 Total current finance and contract receivables – net $ 644.8 $ 652.7 The components of Snap-on’s finance and contract receivables with payment terms beyond one year as of April 2, 2022, and January 1, 2022, are as follows: (Amounts in millions) April 2, 2022 January 1, 2022 Finance installment receivables $ 1,138.1 $ 1,155.3 Finance lease receivables, net of unearned finance charges of $0.4 million and $0.5 million, respectively 3.1 4.2 Total finance receivables 1,141.2 1,159.5 Contract installment receivables 198.4 197.1 Contract lease receivables, net of unearned finance charges of $29.5 million and $30.3 million, respectively 185.0 187.4 Total contract receivables 383.4 384.5 Total 1,524.6 1,544.0 Allowances for credit losses: Finance installment receivables (42.0) (45.4) Finance lease receivables — (0.1) Total finance allowance for credit losses (42.0) (45.5) Contract installment receivables (3.2) (3.2) Contract lease receivables (2.6) (3.1) Total contract allowance for credit losses (5.8) (6.3) Total allowance for credit losses (47.8) (51.8) Total long-term finance and contract receivables – net $ 1,476.8 $ 1,492.2 Finance receivables – net $ 1,099.2 $ 1,114.0 Contract receivables – net 377.6 378.2 Total long-term finance and contract receivables – net $ 1,476.8 $ 1,492.2
Financing Receivable Credit Quality Indicators	The amortized cost basis of finance and contract receivables by origination year as of April 2, 2022, are as follows: (Amounts in millions) 2022 2021 2020 2019 2018 Prior Total Finance Receivables: Delinquent $ 0.2 $ 15.1 $ 13.8 $ 6.8 $ 3.3 $ 2.0 $ 41.2 Non-delinquent 391.0 788.9 315.0 114.9 41.8 11.6 1,663.2 Total Finance receivables $ 391.2 $ 804.0 $ 328.8 $ 121.7 $ 45.1 $ 13.6 $ 1,704.4 Contract receivables: Delinquent $ 0.1 $ 1.0 $ 0.8 $ 0.6 $ 0.4 $ 0.3 $ 3.2 Non-delinquent 40.9 153.9 110.6 80.3 52.1 46.4 484.2 Total Contract receivables $ 41.0 $ 154.9 $ 111.4 $ 80.9 $ 52.5 $ 46.7 $ 487.4
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 2, 2022, and April 3, 2021: Three Months Ended Three Months Ended (Amounts in millions) Finance Contract Finance Contract Allowances for credit losses: Beginning of period $ 67.3 $ 8.4 $ 76.3 $ 9.0 Provision for credit losses 6.3 0.1 11.3 0.7 Charge-offs (13.4) (0.8) (14.9) (0.6) Recoveries 2.3 — 2.6 0.1 End of period $ 62.5 $ 7.7 $ 75.3 $ 9.2
Aging of Finance and Contract Receivables	The aging of finance and contract receivables as of April 2, 2022, and January 1, 2022, is as follows: (Amounts in millions) 30-59 60-90 Greater Total Past Total Not Total Greater April 2, 2022: Finance receivables $ 13.1 $ 9.8 $ 18.3 $ 41.2 $ 1,663.2 $ 1,704.4 $ 15.8 Contract receivables 1.3 0.6 1.3 3.2 484.2 487.4 0.2 January 1, 2022: Finance receivables $ 16.0 $ 10.5 $ 18.0 $ 44.5 $ 1,679.1 $ 1,723.6 $ 16.0 Contract receivables 1.7 0.9 0.9 3.5 493.5 497.0 0.1
Schedule of Finance and Contract Receivables on Nonaccrual Status	The amount of finance and contract receivables on nonaccrual status as of April 2, 2022, and January 1, 2022, is as follows: (Amounts in millions) April 2, 2022 January 1, 2022 Finance receivables $ 8.4 $ 7.7 Contract receivables 2.7 2.7

Inventories - (Tables)

Inventories - (Tables)	3 Months Ended
	Apr. 02, 2022
Inventory Disclosure [Abstract]
Schedule of Inventories by Major Classification	Inventories by major classification are as follows: (Amounts in millions) April 2, 2022 January 1, 2022 Finished goods $ 730.7 $ 686.5 Work in progress 68.7 64.3 Raw materials 153.4 140.2 Total FIFO value 952.8 891.0 Excess of current cost over LIFO cost (88.7) (87.2) Total inventories – net $ 864.1 $ 803.8

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets - (Tables)	3 Months Ended
	Apr. 02, 2022
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 2, 2022, are as follows: (Amounts in millions) Commercial Snap-on Repair Systems Total Balance as of January 1, 2022 $ 325.8 $ 12.4 $ 778.3 $ 1,116.5 Currency translation (3.6) — (2.5) (6.1) Acquisition-related adjustments — — (32.6) (32.6) Balance as of April 2, 2022 $ 322.2 $ 12.4 $ 743.2 $ 1,077.8
Other Intangible Assets by Major Class	Additional disclosures related to other intangible assets are as follows: April 2, 2022 January 1, 2022 (Amounts in millions) Gross Carrying Accumulated Gross Carrying Accumulated Amortized other intangible assets: Customer relationships $ 216.8 $ (144.5) $ 217.8 $ (142.1) Developed technology 36.5 (24.0) 36.6 (23.2) Internally developed software 179.2 (136.0) 182.7 (139.1) Patents 45.9 (25.3) 45.7 (25.1) Trademarks 3.9 (2.4) 3.9 (2.3) Other 8.3 (4.1) 8.3 (4.1) Total 490.6 (336.3) 495.0 (335.9) Non-amortized trademarks 141.2 — 142.6 — Total other intangible assets $ 631.8 $ (336.3) $ 637.6 $ (335.9)
Weighted-Average Amortization Period by Major Class	The weighted-average amortization periods related to other intangible assets are as follows: In Years Customer relationships 14 Developed technology 5 Internally developed software 6 Patents 14 Trademarks 9 Other 39

Exit and Disposal Activities (T

Exit and Disposal Activities (Tables)	3 Months Ended
	Apr. 02, 2022
Restructuring and Related Activities [Abstract]
Schedule of Exit and Disposal Accrual Activity	Snap-on’s exit and disposal accrual activity for the first three months of 2022 is as follows: Balance at First Three Months Balance at (Amounts in millions) January 1, 2022 Provision Usage April 2, Severance costs: Commercial & Industrial Group $ 4.3 $ — $ (0.5) $ 3.8 Snap-on Tools Group 0.3 — — 0.3 Repair System & Information Group 2.4 — (0.4) 2.0 Total $ 7.0 $ — $ (0.9) $ 6.1

Short-term and Long-term Debt -

Short-term and Long-term Debt - (Tables)	3 Months Ended
	Apr. 02, 2022
Debt Disclosure [Abstract]
Schedule of Short-term and Long-term Debt	Short-term and long-term debt as of April 2, 2022, and January 1, 2022, consisted of the following: (Amounts in millions) April 2, 2022 January 1, 2022 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* 2.8 0.3 1,202.8 1,200.3 Less: notes payable Other notes (19.6) (17.4) (19.6) (17.4) Total long-term debt $ 1,183.2 $ 1,182.9 * Includes unamortized debt issuance costs.

Financial Instruments - (Tables

Financial Instruments - (Tables)	3 Months Ended
	Apr. 02, 2022
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 2, 2022 January 1, 2022 (Amounts in millions) Carrying Fair Carrying Fair Finance receivables – net $ 1,641.9 $ 1,931.2 $ 1,656.3 $ 1,988.6 Contract receivables – net 479.7 517.9 488.6 542.5 Long-term debt and notes payable 1,202.8 1,196.5 1,200.3 1,339.7

Pension Plans - (Tables)

Pension Plans - (Tables)	3 Months Ended
	Apr. 02, 2022
Retirement Benefits [Abstract]
Schedule of Net Periodic Pension (Benefit) Cost	Snap-on’s net periodic pension (benefit) cost included the following components: Three Months Ended (Amounts in millions) April 2, 2022 April 3, 2021 Service cost $ 7.1 $ 7.5 Interest cost 11.1 10.6 Expected return on plan assets (24.5) (23.6) Amortization of unrecognized loss 4.5 9.1 Net periodic pension (benefit) cost $ (1.8) $ 3.6

Postretirement Health Care Pl_2

Postretirement Health Care Plans - (Tables)	3 Months Ended
	Apr. 02, 2022
Postemployment Benefits [Abstract]
Schedule of 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 2, 2022 April 3, 2021 Interest cost $ 0.3 $ 0.3 Expected return on plan assets (0.2) (0.2) Net periodic postretirement health care cost $ 0.1 $ 0.1

Stock-based Compensation and _2

Stock-based Compensation and Other Stock Plans - (Tables)	3 Months Ended
	Apr. 02, 2022
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 2, 2022, and April 3, 2021, using the Black-Scholes valuation model: Three Months Ended April 2, 2022 April 3, 2021 Expected term of option (in years) 5.14 5.33 Expected volatility factor 22.61% 21.80% Expected dividend yield 2.68% 2.59% Risk-free interest rate 2.00% 0.67%
Summary of Stock Option Activity	A summary of stock option activity as of and for the three months ended April 2, 2022, is presented below: Shares (in thousands) Exercise Remaining Contractual Term* (in years) Aggregate Intrinsic Value (in millions) Outstanding at January 1, 2022 2,432 $ 151.32 Granted 288 211.41 Exercised (40) 145.13 Forfeited or expired (11) 183.55 Outstanding at April 2, 2022 2,669 157.77 5.9 $ 124.8 Exercisable at April 2, 2022 2,031 147.09 4.9 115.0 * 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 2, 2022, are as follows: Shares (in thousands) Fair Value Non-vested PSUs and RSUs at January 1, 2022 215 $ 180.29 Granted 104 207.67 Vested — — Cancellations and other (2) 193.02 Non-vested PSUs and RSUs at April 2, 2022 317 189.22 * 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 2, 2022, and April 3, 2021, using the Black-Scholes valuation model: Three Months Ended April 2, 2022 April 3, 2021 Expected term of stock-settled SARs (in years) 4.02 3.94 Expected volatility factor 23.09% 22.50% Expected dividend yield 2.68% 2.59% Risk-free interest rate 1.96% 0.19% The following weighted-average assumptions were used in calculating the fair value of cash-settled SARs granted during the three months ended April 2, 2022, and April 3, 2021, using the Black-Scholes valuation model: Three Months Ended April 2, 2022 April 3, 2021 Expected term of cash-settled SARs (in years) 3.88 3.83 Expected volatility factor 23.09% 22.49% Expected dividend yield 2.79% 2.12% Risk-free interest rate 2.58% 0.39%
Summary of Changes in SARs	A summary of stock-settled SARs as of and for the three months ended April 2, 2022, are as follows: Stock-settled SARs (in thousands) Exercise Remaining Contractual Term* (in years) Aggregate Intrinsic Value (in millions) Outstanding at January 1, 2022 397 $ 160.09 Granted 75 211.67 Exercised (4) 155.55 Forfeited or expired (14) 162.84 Outstanding at April 2, 2022 454 168.56 7.0 $ 16.6 Exercisable at April 2, 2022 296 155.09 5.8 14.4 * Weighted-average Changes to the company’s non-vested cash-settled SARs during the three months ended April 2, 2022, are as follows: Cash-settled SARs (in thousands) Fair Value Non-vested cash-settled SARs at January 1, 2022 2 $ 47.13 Granted 1 32.31 Vested (1) 44.86 Non-vested cash-settled SARs at April 2, 2022 2 36.59 * Weighted-average

Earnings Per Share - (Tables)

Earnings Per Share - (Tables)	3 Months Ended
	Apr. 02, 2022
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 2, 2022 April 3, 2021 Weighted-average common shares outstanding 53,396,714 54,184,438 Effect of dilutive securities 915,300 933,451 Weighted-average common shares outstanding, assuming dilution 54,312,014 55,117,889

Commitments and Contingencies -

Commitments and Contingencies - (Tables)	3 Months Ended
	Apr. 02, 2022
Commitments and Contingencies Disclosure [Abstract]
Summary of Product Warranty Accrual Activity	Snap-on’s product warranty accrual activity for the three months ended April 2, 2022, and April 3, 2021, is as follows: Three Months Ended (Amounts in millions) April 2, 2022 April 3, 2021 Warranty reserve: Beginning of period $ 17.3 $ 17.6 Additions 2.2 4.1 Usage (3.0) (3.4) End of period $ 16.5 $ 18.3

Leases - (Tables)

Leases - (Tables)	3 Months Ended
	Apr. 02, 2022
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 2, 2022, and January 1, 2022, is as follows: (Amounts in millions) April 2, 2022 January 1, 2022 Finance leases: Property and equipment - gross $ 21.2 $ 22.3 Accumulated depreciation and amortization (16.9) (17.4) Property and equipment - net $ 4.3 $ 4.9 Other accrued liabilities $ 2.3 $ 2.4 Other long-term liabilities 3.7 4.5 Total finance lease liabilities $ 6.0 $ 6.9 Operating leases: Operating lease right-of-use assets $ 50.1 $ 51.9 Other accrued liabilities $ 19.5 $ 19.6 Operating lease liabilities 32.5 34.2 Total operating lease liabilities $ 52.0 $ 53.8

Other Income (Expense) - Net -

Other Income (Expense) - Net - (Tables)	3 Months Ended
	Apr. 02, 2022
Other Income and Expenses [Abstract]
Schedule 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 2, 2022 April 3, 2021 Interest income $ 0.5 $ 0.4 Net foreign exchange loss (1.0) (0.2) Net periodic pension and postretirement benefits – non-service 8.8 3.8 Other — 0.3 Total other income (expense) – net $ 8.3 $ 4.3

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) - (Tables)	3 Months Ended
	Apr. 02, 2022
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 2, 2022: (Amounts in millions) Foreign Cash Flow Defined Total Balance as of January 1, 2022 $ (145.1) $ 8.9 $ (207.7) $ (343.9) Other comprehensive loss before reclassifications (9.7) — — (9.7) Amounts reclassified from Accumulated OCI — (0.4) 3.4 3.0 Net other comprehensive income (loss) (9.7) (0.4) 3.4 (6.7) Balance as of April 2, 2022 $ (154.8) $ 8.5 $ (204.3) $ (350.6) 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)
Reclassifications Out of Accumulated OCI	The reclassifications out of Accumulated OCI for the three month periods ended April 2, 2022, and April 3, 2021, are as follows: Amount Reclassified from Accumulated OCI Three Months Ended April 2, 2022 April 3, 2021 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 $ (4.5) $ (9.1) See footnote below* Income tax benefit 1.1 2.2 Income tax expense Net of tax (3.4) (6.9) Total reclassifications for the period, net of tax $ (3.0) $ (6.5) * 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. 02, 2022
Segment Reporting [Abstract]
Net Sales by Segment	Financial Data by Segment: Three Months Ended (Amounts in millions) April 2, 2022 April 3, 2021 Net sales: Commercial & Industrial Group $ 340.1 $ 345.7 Snap-on Tools Group 512.1 478.3 Repair Systems & Information Group 398.2 347.6 Segment net sales 1,250.4 1,171.6 Intersegment eliminations (152.6) (147.0) Total net sales 1,097.8 1,024.6 Financial Services revenue 87.7 88.6 Total revenues $ 1,185.5 $ 1,113.2 Operating earnings: Commercial & Industrial Group $ 45.7 $ 50.7 Snap-on Tools Group 116.0 98.9 Repair Systems & Information Group 91.6 81.4 Financial Services 70.4 65.3 Segment operating earnings 323.7 296.3 Corporate (30.2) (30.1) Operating earnings 293.5 266.2 Interest expense (11.6) (14.3) Other income (expense) – net 8.3 4.3 Earnings before income taxes and equity earnings $ 290.2 $ 256.2
Assets by Segment	(Amounts in millions) April 2, 2022 January 1, 2022 Assets: Commercial & Industrial Group $ 1,225.1 $ 1,209.3 Snap-on Tools Group 828.2 791.4 Repair Systems & Information Group 1,637.9 1,624.3 Financial Services 2,139.6 2,163.6 Total assets from reportable segments 5,830.8 5,788.6 Corporate 1,152.4 1,039.7 Elimination of intersegment receivables (88.0) (68.6) Total assets $ 6,895.2 $ 6,759.7

Revenue Recognition - Revenue D

Revenue Recognition - Revenue Disaggregation (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 02, 2022	Apr. 03, 2021
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 1,091.9	$ 1,018.8
Net sales	1,185.5	1,113.2
Intersegment eliminations
Disaggregation of Revenue [Line Items]
Net sales	(152.6)	(147)
Commercial & Industrial Group
Disaggregation of Revenue [Line Items]
Net sales	340.1	345.7
Snap-on Tools Group
Disaggregation of Revenue [Line Items]
Net sales	512.1	478.3
Repair Systems & Information Group
Disaggregation of Revenue [Line Items]
Net sales	398.2	347.6
Financial Services
Disaggregation of Revenue [Line Items]
Net sales	87.7	88.6
Other revenues
Disaggregation of Revenue [Line Items]
Net sales	5.9	5.8
Total net sales
Disaggregation of Revenue [Line Items]
Net sales	1,097.8	1,024.6
Total net sales | Vehicle service professionals
Disaggregation of Revenue [Line Items]
Net sales	860.5	777.6
Total net sales | All other professionals
Disaggregation of Revenue [Line Items]
Net sales	237.3	247
Total net sales | Intersegment eliminations
Disaggregation of Revenue [Line Items]
Net sales	(152.6)	(147)
Total net sales | Operating segments
Disaggregation of Revenue [Line Items]
Net sales	1,250.4	1,171.6
Total net sales | Commercial & Industrial Group
Disaggregation of Revenue [Line Items]
Net sales	261.2	271.1
Total net sales | Commercial & Industrial Group | Vehicle service professionals
Disaggregation of Revenue [Line Items]
Net sales	23.9	24.1
Total net sales | Commercial & Industrial Group | All other professionals
Disaggregation of Revenue [Line Items]
Net sales	237.3	247
Total net sales | Commercial & Industrial Group | Intersegment eliminations
Disaggregation of Revenue [Line Items]
Net sales	78.9	74.6
Total net sales | Commercial & Industrial Group | Operating segments
Disaggregation of Revenue [Line Items]
Net sales	340.1	345.7
Total net sales | Snap-on Tools Group
Disaggregation of Revenue [Line Items]
Net sales	512.1	478.3
Total net sales | Snap-on Tools Group | Vehicle service professionals
Disaggregation of Revenue [Line Items]
Net sales	512.1	478.3
Total net sales | Snap-on Tools Group | All other professionals
Disaggregation of Revenue [Line Items]
Net sales	0	0
Total net sales | Snap-on Tools Group | Intersegment eliminations
Disaggregation of Revenue [Line Items]
Net sales	0	0
Total net sales | Snap-on Tools Group | Operating segments
Disaggregation of Revenue [Line Items]
Net sales	512.1	478.3
Total net sales | Repair Systems & Information Group
Disaggregation of Revenue [Line Items]
Net sales	324.5	275.2
Total net sales | Repair Systems & Information Group | Vehicle service professionals
Disaggregation of Revenue [Line Items]
Net sales	324.5	275.2
Total net sales | Repair Systems & Information Group | All other professionals
Disaggregation of Revenue [Line Items]
Net sales	0	0
Total net sales | Repair Systems & Information Group | Intersegment eliminations
Disaggregation of Revenue [Line Items]
Net sales	73.7	72.4
Total net sales | Repair Systems & Information Group | Operating segments
Disaggregation of Revenue [Line Items]
Net sales	398.2	347.6
Total net sales | Financial Services
Disaggregation of Revenue [Line Items]
Net sales	0	0
Total net sales | Financial Services | Vehicle service professionals
Disaggregation of Revenue [Line Items]
Net sales	0	0
Total net sales | Financial Services | All other professionals
Disaggregation of Revenue [Line Items]
Net sales	0	0
Total net sales | Financial Services | Intersegment eliminations
Disaggregation of Revenue [Line Items]
Net sales	0	0
Total net sales | Financial Services | Operating segments
Disaggregation of Revenue [Line Items]
Net sales	0	0
Total net sales | North America
Disaggregation of Revenue [Line Items]
Net sales	804.3	727
Total net sales | North America | Commercial & Industrial Group
Disaggregation of Revenue [Line Items]
Net sales	113.7	118
Total net sales | North America | Snap-on Tools Group
Disaggregation of Revenue [Line Items]
Net sales	447.8	408.1
Total net sales | North America | Repair Systems & Information Group
Disaggregation of Revenue [Line Items]
Net sales	242.8	200.9
Total net sales | North America | Financial Services
Disaggregation of Revenue [Line Items]
Net sales	0	0
Total net sales | Europe
Disaggregation of Revenue [Line Items]
Net sales	183.8	189.1
Total net sales | Europe | Commercial & Industrial Group
Disaggregation of Revenue [Line Items]
Net sales	81.8	84.3
Total net sales | Europe | Snap-on Tools Group
Disaggregation of Revenue [Line Items]
Net sales	40.1	44.2
Total net sales | Europe | Repair Systems & Information Group
Disaggregation of Revenue [Line Items]
Net sales	61.9	60.6
Total net sales | Europe | Financial Services
Disaggregation of Revenue [Line Items]
Net sales	0	0
Total net sales | All other
Disaggregation of Revenue [Line Items]
Net sales	109.7	108.5
Total net sales | All other | Commercial & Industrial Group
Disaggregation of Revenue [Line Items]
Net sales	65.7	68.8
Total net sales | All other | Snap-on Tools Group
Disaggregation of Revenue [Line Items]
Net sales	24.2	26
Total net sales | All other | Repair Systems & Information Group
Disaggregation of Revenue [Line Items]
Net sales	19.8	13.7
Total net sales | All other | Financial Services
Disaggregation of Revenue [Line Items]
Net sales	0	0
Financial services revenue
Disaggregation of Revenue [Line Items]
Net sales	87.7	88.6
Financial services revenue | Intersegment eliminations
Disaggregation of Revenue [Line Items]
Net sales	0	0
Financial services revenue | Commercial & Industrial Group
Disaggregation of Revenue [Line Items]
Net sales	0	0
Financial services revenue | Snap-on Tools Group
Disaggregation of Revenue [Line Items]
Net sales	0	0
Financial services revenue | Repair Systems & Information Group
Disaggregation of Revenue [Line Items]
Net sales	0	0
Financial services revenue | Financial Services
Disaggregation of Revenue [Line Items]
Net sales	$ 87.7	$ 88.6

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 02, 2022	Jan. 01, 2022
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Contractual obligation	$ 195
Contract with customer, liability	65.8	$ 63.8
Contract with customer, liability, revenue recognized	$ 34.6
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)	3 Months Ended
	Apr. 02, 2022
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.
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-03
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue, remaining performance obligation, percentage of revenue recognized	65.00%
Revenue, remaining performance obligation, expected timing of satisfaction, period	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue, remaining performance obligation, percentage of revenue recognized	30.00%
Revenue, remaining performance obligation, expected timing of satisfaction, period	2 years

Acquisitions - Narrative (Detai

Acquisitions - Narrative (Details) - USD ($) $ in Millions	Aug. 01, 2021	Jul. 01, 2021	Feb. 26, 2021	Apr. 02, 2022	Apr. 03, 2021	Jan. 01, 2022
Business Acquisition [Line Items]
Payment to acquire business, net of cash acquired				$ 0	$ 200
Goodwill				1,077.8		$ 1,116.5
AutoCrib Germany
Business Acquisition [Line Items]
Cash purchase price of acquisition	$ 4.4
Payment to acquire business, net of cash acquired	$ 4.2
Goodwill				3.3
Secateurs Pradines
Business Acquisition [Line Items]
Payment to acquire business, net of cash acquired		$ 16.2
Goodwill				10.7
Equity method investment, ownership percentage		100.00%
Consideration transferred, including equity interest		$ 20.7
Other cash payment to acquire business		$ 1.1
Secateurs Pradines | Deville S.A.
Business Acquisition [Line Items]
Equity method investment, ownership percentage		35.00%
Equity method investments		$ 21.8
Dealer-FX
Business Acquisition [Line Items]
Cash purchase price of acquisition			$ 200.1
Payment to acquire business, net of cash acquired			$ 200
Goodwill				118.2
Goodwill, purchase accounting adjustments				$ 32.6

Receivables - Narrative (Detail

Receivables - Narrative (Details)	3 Months Ended
	Apr. 02, 2022portfolio_segment
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	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
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. 02, 2022	Jan. 01, 2022	Apr. 03, 2021	Jan. 02, 2021
Receivables [Abstract]
Trade and other accounts receivable	$ 759.7	$ 709.6
Allowances for credit losses	(28.4)	(27.3)	$ (25.8)	$ (26.3)
Total trade and other accounts receivable – net	$ 731.3	$ 682.3

Receivables - Trade and Other R

Receivables - Trade and Other Receivables Allowance for Credit Losses Rollforward (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 02, 2022	Apr. 03, 2021
Allowances for credit losses:
Beginning of period	$ 27.3	$ 26.3
Provision for credit losses	3.7	1.9
Charge-offs	(3)	(2.1)
Recoveries	0.1	0
Currency translation	0.3	(0.3)
End of period	$ 28.4	$ 25.8

Receivables - Components of Cur

Receivables - Components of Current Finance and Contract Receivables (Details) - USD ($) $ in Millions	Apr. 02, 2022	Jan. 01, 2022
Financing Receivable, Allowance for Credit Loss [Line Items]
Finance and contract receivables, current	$ 667.2	$ 676.6
Allowance for credit losses, current	(22.4)	(23.9)
Total current finance and contract receivables – net	644.8	652.7
Finance Receivables
Financing Receivable, Allowance for Credit Loss [Line Items]
Finance and contract receivables, current	563.2	564.1
Allowance for credit losses, current	(20.5)	(21.8)
Total current finance and contract receivables – net	542.7	542.3
Finance Receivables | Finance installment receivables
Financing Receivable, Allowance for Credit Loss [Line Items]
Finance and contract receivables, current	557.7	557
Allowance for credit losses, current	(20.4)	(21.7)
Finance Receivables | Finance lease receivables
Financing Receivable, Allowance for Credit Loss [Line Items]
Unearned finance charges, current	0.9	1.3
Finance and contract receivables, current	5.5	7.1
Allowance for credit losses, current	(0.1)	(0.1)
Contract Receivables
Financing Receivable, Allowance for Credit Loss [Line Items]
Finance and contract receivables, current	104	112.5
Allowance for credit losses, current	(1.9)	(2.1)
Total current finance and contract receivables – net	102.1	110.4
Contract Receivables | Finance installment receivables
Financing Receivable, Allowance for Credit Loss [Line Items]
Finance and contract receivables, current	47.3	55.2
Allowance for credit losses, current	(0.8)	(0.9)
Contract Receivables | Finance lease receivables
Financing Receivable, Allowance for Credit Loss [Line Items]
Unearned finance charges, current	18.6	18.7
Finance and contract receivables, current	56.7	57.3
Allowance for credit losses, current	$ (1.1)	$ (1.2)

Receivables - Components of Fin

Receivables - Components of Finance and Contract Receivables Beyond One Year (Details) - USD ($) $ in Millions	Apr. 02, 2022	Jan. 01, 2022
Financing Receivable, Allowance for Credit Loss [Line Items]
Long-term finance and contract receivables	$ 1,524.6	$ 1,544
Allowance for credit loss, noncurrent	(47.8)	(51.8)
Total long-term finance and contract receivables – net	1,476.8	1,492.2
Finance Receivables
Financing Receivable, Allowance for Credit Loss [Line Items]
Long-term finance and contract receivables	1,141.2	1,159.5
Allowance for credit loss, noncurrent	(42)	(45.5)
Total long-term finance and contract receivables – net	1,099.2	1,114
Finance Receivables | Finance installment receivables
Financing Receivable, Allowance for Credit Loss [Line Items]
Long-term finance and contract receivables	1,138.1	1,155.3
Allowance for credit loss, noncurrent	(42)	(45.4)
Finance Receivables | Finance lease receivables
Financing Receivable, Allowance for Credit Loss [Line Items]
Unearned finance charges, noncurrent	0.4	0.5
Long-term finance and contract receivables	3.1	4.2
Allowance for credit loss, noncurrent	0	(0.1)
Contract Receivables
Financing Receivable, Allowance for Credit Loss [Line Items]
Long-term finance and contract receivables	383.4	384.5
Allowance for credit loss, noncurrent	(5.8)	(6.3)
Total long-term finance and contract receivables – net	377.6	378.2
Contract Receivables | Finance installment receivables
Financing Receivable, Allowance for Credit Loss [Line Items]
Long-term finance and contract receivables	198.4	197.1
Allowance for credit loss, noncurrent	(3.2)	(3.2)
Contract Receivables | Finance lease receivables
Financing Receivable, Allowance for Credit Loss [Line Items]
Unearned finance charges, noncurrent	29.5	30.3
Long-term finance and contract receivables	185	187.4
Allowance for credit loss, noncurrent	$ (2.6)	$ (3.1)

Receivables - Schedule of Perfo

Receivables - Schedule of Performing and Nonperforming Finance and Contract Receivables (Details) - USD ($) $ in Millions	Apr. 02, 2022	Jan. 01, 2022
Finance Receivables
Financing Receivable, Credit Quality Indicator [Line Items]
2022	$ 391.2
2021	804
2020	328.8
2019	121.7
2018	45.1
Prior	13.6
Total	1,704.4	$ 1,723.6
Contract Receivables
Financing Receivable, Credit Quality Indicator [Line Items]
2022	41
2021	154.9
2020	111.4
2019	80.9
2018	52.5
Prior	46.7
Total	487.4	$ 497
Delinquent | Finance Receivables
Financing Receivable, Credit Quality Indicator [Line Items]
2022	0.2
2021	15.1
2020	13.8
2019	6.8
2018	3.3
Prior	2
Total	41.2
Delinquent | Contract Receivables
Financing Receivable, Credit Quality Indicator [Line Items]
2022	0.1
2021	1
2020	0.8
2019	0.6
2018	0.4
Prior	0.3
Total	3.2
Non-delinquent | Finance Receivables
Financing Receivable, Credit Quality Indicator [Line Items]
2022	391
2021	788.9
2020	315
2019	114.9
2018	41.8
Prior	11.6
Total	1,663.2
Non-delinquent | Contract Receivables
Financing Receivable, Credit Quality Indicator [Line Items]
2022	40.9
2021	153.9
2020	110.6
2019	80.3
2018	52.1
Prior	46.4
Total	$ 484.2

Receivables - Finance and Contr

Receivables - Finance and Contract Receivables Allowance for Credit Losses Rollforward (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 02, 2022	Apr. 03, 2021
Finance Receivables
Allowances for credit losses:
Beginning of period	$ 67.3	$ 76.3
Provision for credit losses	6.3	11.3
Charge-offs	(13.4)	(14.9)
Recoveries	2.3	2.6
End of period	62.5	75.3
Contract Receivables
Allowances for credit losses:
Beginning of period	8.4	9
Provision for credit losses	0.1	0.7
Charge-offs	(0.8)	(0.6)
Recoveries	0	0.1
End of period	$ 7.7	$ 9.2

Receivables - Aging of Finance

Receivables - Aging of Finance and Contract Receivables (Details) - USD ($) $ in Millions	Apr. 02, 2022	Jan. 01, 2022
Finance Receivables
Financing Receivable, Past Due [Line Items]
Total	$ 1,704.4	$ 1,723.6
Greater Than 90 Days Past Due and Accruing	15.8	16
Finance Receivables | 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Total	13.1	16
Finance Receivables | 60-90 Days Past Due
Financing Receivable, Past Due [Line Items]
Total	9.8	10.5
Finance Receivables | Greater Than 90 Days Past Due
Financing Receivable, Past Due [Line Items]
Total	18.3	18
Finance Receivables | Total Past Due
Financing Receivable, Past Due [Line Items]
Total	41.2	44.5
Finance Receivables | Total Not Past Due
Financing Receivable, Past Due [Line Items]
Total	1,663.2	1,679.1
Contract Receivables
Financing Receivable, Past Due [Line Items]
Total	487.4	497
Greater Than 90 Days Past Due and Accruing	0.2	0.1
Contract Receivables | 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Total	1.3	1.7
Contract Receivables | 60-90 Days Past Due
Financing Receivable, Past Due [Line Items]
Total	0.6	0.9
Contract Receivables | Greater Than 90 Days Past Due
Financing Receivable, Past Due [Line Items]
Total	1.3	0.9
Contract Receivables | Total Past Due
Financing Receivable, Past Due [Line Items]
Total	3.2	3.5
Contract Receivables | Total Not Past Due
Financing Receivable, Past Due [Line Items]
Total	$ 484.2	$ 493.5

Receivables - Schedule of Finan

Receivables - Schedule of Finance and Contract Receivables on Nonaccrual Status (Details) - USD ($) $ in Millions	Apr. 02, 2022	Jan. 01, 2022
Finance Receivables
Financing Receivable, Past Due [Line Items]
Nonaccrual	$ 8.4	$ 7.7
Contract Receivables
Financing Receivable, Past Due [Line Items]
Nonaccrual	$ 2.7	$ 2.7

Inventories - Schedule of Inven

Inventories - Schedule of Inventories by Major Classification (Details) - USD ($) $ in Millions	Apr. 02, 2022	Jan. 01, 2022
Inventory Disclosure [Abstract]
Finished goods	$ 730.7	$ 686.5
Work in progress	68.7	64.3
Raw materials	153.4	140.2
Total FIFO value	952.8	891
Excess of current cost over LIFO cost	(88.7)	(87.2)
Total inventories – net	$ 864.1	$ 803.8

Inventories - Narrative (Detail

Inventories - Narrative (Details) - USD ($)	3 Months Ended
	Apr. 02, 2022	Apr. 03, 2021	Jan. 01, 2022
Geographic Valuation Methodologies Of Inventory [Line Items]
Percentage of FIFO inventory	61.00%		60.00%
Effect of LIFO inventory liquidation on income	$ 0	$ 0
United States
Geographic Valuation Methodologies Of Inventory [Line Items]
Percentage of FIFO inventory	35.00%
Percentage of LIFO inventory	65.00%

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Changes in Carrying Amount of Goodwill by Segment (Details) $ in Millions	3 Months Ended
	Apr. 02, 2022USD ($)
Goodwill [Roll Forward]
Balance as of January 1, 2022	$ 1,116.5
Currency translation	(6.1)
Acquisition-related adjustments	(32.6)
Balance as of April 2, 2022	1,077.8
Commercial & Industrial Group
Goodwill [Roll Forward]
Balance as of January 1, 2022	325.8
Currency translation	(3.6)
Acquisition-related adjustments	0
Balance as of April 2, 2022	322.2
Snap-on Tools Group
Goodwill [Roll Forward]
Balance as of January 1, 2022	12.4
Currency translation	0
Acquisition-related adjustments	0
Balance as of April 2, 2022	12.4
Repair Systems & Information Group
Goodwill [Roll Forward]
Balance as of January 1, 2022	778.3
Currency translation	(2.5)
Acquisition-related adjustments	(32.6)
Balance as of April 2, 2022	$ 743.2

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Narrative (Details) - USD ($)	3 Months Ended
	Apr. 02, 2022	Apr. 03, 2021	Jan. 01, 2022
Acquired Finite And Indefinite Lived Intangible Assets [Line Items]
Goodwill	$ 1,077,800,000		$ 1,116,500,000
Gross carrying value, finite-lived intangible assets	490,600,000		495,000,000
Non-amortized trademarks	141,200,000		142,600,000
Accumulated impairment losses	$ 0
Weighted-average amortization period (in years)	12 years
Aggregate amortization expense	$ 7,200,000	$ 6,000,000
Estimated annual amortization expense for fiscal period 2022	28,300,000
Estimated annual amortization expense for fiscal period 2023	24,900,000
Estimated annual amortization expense for fiscal period 2024	19,600,000
Estimated annual amortization expense for fiscal period 2025	14,100,000
Estimated annual amortization expense for fiscal period 2026	10,500,000
Estimated annual amortization expense for fiscal period 2027	9,700,000
Dealer-FX
Acquired Finite And Indefinite Lived Intangible Assets [Line Items]
Goodwill	118,200,000
Goodwill, purchase accounting adjustments	32,600,000
Non-amortized trademarks	17,700,000
Secateurs Pradines
Acquired Finite And Indefinite Lived Intangible Assets [Line Items]
Goodwill	10,700,000
Customer relationships
Acquired Finite And Indefinite Lived Intangible Assets [Line Items]
Gross carrying value, finite-lived intangible assets	$ 216,800,000		217,800,000
Weighted-average amortization period (in years)	14 years
Customer relationship contractual term, minimum (in years)	3 years
Customer relationship contractual term, maximum (in years)	5 years
Customer relationships | Dealer-FX
Acquired Finite And Indefinite Lived Intangible Assets [Line Items]
Gross carrying value, finite-lived intangible assets	$ 28,400,000
Developed technology
Acquired Finite And Indefinite Lived Intangible Assets [Line Items]
Gross carrying value, finite-lived intangible assets	$ 36,500,000		36,600,000
Weighted-average amortization period (in years)	5 years
Developed technology | Dealer-FX
Acquired Finite And Indefinite Lived Intangible Assets [Line Items]
Gross carrying value, finite-lived intangible assets	$ 14,800,000
Repair Systems & Information Group
Acquired Finite And Indefinite Lived Intangible Assets [Line Items]
Goodwill	743,200,000		778,300,000
Repair Systems & Information Group | Dealer-FX
Acquired Finite And Indefinite Lived Intangible Assets [Line Items]
Goodwill	118,200,000
Commercial & Industrial Group
Acquired Finite And Indefinite Lived Intangible Assets [Line Items]
Goodwill	322,200,000		$ 325,800,000
Commercial & Industrial Group | Secateurs Pradines
Acquired Finite And Indefinite Lived Intangible Assets [Line Items]
Goodwill	10,700,000
Commercial & Industrial Group | AutoCrib
Acquired Finite And Indefinite Lived Intangible Assets [Line Items]
Goodwill	$ 3,300,000

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets - Other Intangible Assets by Major Class (Details) - USD ($) $ in Millions	Apr. 02, 2022	Jan. 01, 2022
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 490.6	$ 495
Non-amortized trademarks	141.2	142.6
Total other intangible assets	631.8	637.6
Accumulated Amortization	(336.3)	(335.9)
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	216.8	217.8
Accumulated Amortization	(144.5)	(142.1)
Developed technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	36.5	36.6
Accumulated Amortization	(24)	(23.2)
Internally developed software
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	179.2	182.7
Accumulated Amortization	(136)	(139.1)
Patents
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	45.9	45.7
Accumulated Amortization	(25.3)	(25.1)
Trademarks
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	3.9	3.9
Accumulated Amortization	(2.4)	(2.3)
Other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	8.3	8.3
Accumulated Amortization	$ (4.1)	$ (4.1)

Goodwill and Other Intangible_6

Goodwill and Other Intangible Assets - Weighted-Average Amortization Period by Major Class (Details)	3 Months Ended
	Apr. 02, 2022
Finite-Lived Intangible Assets [Line Items]
Weighted-average amortization period (in years)	12 years
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Weighted-average amortization period (in years)	14 years
Developed technology
Finite-Lived Intangible Assets [Line Items]
Weighted-average amortization period (in years)	5 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)	14 years
Trademarks
Finite-Lived Intangible Assets [Line Items]
Weighted-average amortization period (in years)	9 years
Other
Finite-Lived Intangible Assets [Line Items]
Weighted-average amortization period (in years)	39 years

Exit and Disposal Activities -

Exit and Disposal Activities - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Apr. 02, 2022	Apr. 03, 2021	Dec. 31, 2022	Jan. 01, 2022
Restructuring Cost and Reserve [Line Items]
Exit and disposal costs	$ 0	$ 0
Restructuring reserve	$ 6,100,000			$ 7,000,000
Forecast
Restructuring Cost and Reserve [Line Items]
Exit and disposal costs			$ 4,300,000

Exit and Disposal Activities _2

Exit and Disposal Activities - Accrual Activity (Details) $ in Millions	3 Months Ended
	Apr. 02, 2022USD ($)
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	$ 7
Provision	0
Usage	(0.9)
Restructuring reserve, ending balance	6.1
Commercial & Industrial Group
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	4.3
Provision	0
Usage	(0.5)
Restructuring reserve, ending balance	3.8
Snap-on Tools Group
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	0.3
Provision	0
Usage	0
Restructuring reserve, ending balance	0.3
Repair Systems & Information Group
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	2.4
Provision	0
Usage	(0.4)
Restructuring reserve, ending balance	$ 2

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($)	3 Months Ended
	Apr. 02, 2022	Apr. 03, 2021
Income Tax [Line Items]
Effective income tax rate	23.70%	23.50%
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	4,200,000
Increase in unrecognized tax benefits	$ 800,000

Short-term and Long-term Debt_2

Short-term and Long-term Debt - Summary (Details) - USD ($) $ in Millions	Apr. 02, 2022	Jan. 01, 2022
Schedule Of Debt Instruments [Line Items]
Long term debt	$ 1,202.8	$ 1,200.3
Less: notes payable
Total current debt	(19.6)	(17.4)
Total long-term debt	1,183.2	1,182.9
Other notes
Less: notes payable
Other notes	(19.6)	(17.4)
Other Debt
Schedule Of Debt Instruments [Line Items]
Long term debt	$ 2.8	0.3
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 (Details)	3 Months Ended
	Apr. 02, 2022USD ($)revision	Jan. 01, 2022USD ($)
Schedule Of Debt Instruments [Line Items]
Notes payable	$ 19,600,000	$ 17,400,000
Commercial paper outstanding	0
Five-year Multi-Currency Revolving Credit Facility
Schedule Of Debt Instruments [Line Items]
Revolving credit facility, amount available	800,000,000
Revolving credit facility, outstanding amount	$ 0
Number of allowed revisions to debt ratios | revision	2
Debt maturity, term	5 years
Actual debt-to-capital ratio	0.08
Actual debt-to-income ratio	0.30
Five-year Multi-Currency Revolving Credit Facility | Maximum
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 | Maximum | Material Acquisition
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 (Details) - USD ($)	Apr. 02, 2022	Jan. 01, 2022
Equity Forwards
Investment Holdings [Line Items]
Equity forwards in place of common stock associated with its deferred compensation plans (in shares)	74,000
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	$ 0	$ 0

Financial Instruments - Fair Va

Financial Instruments - Fair Values of Financial Instruments Not Approximating Carrying Values in Financial Statements (Details) - USD ($) $ in Millions	Apr. 02, 2022	Jan. 01, 2022
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt and notes payable	$ 1,202.8	$ 1,200.3
Carrying Value | Finance receivables – net
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Finance and contract receivables, after allowance for credit loss	1,641.9	1,656.3
Carrying Value | Contract receivables – net
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Finance and contract receivables, after allowance for credit loss	479.7	488.6
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt and notes payable	1,196.5	1,339.7
Fair Value | Finance receivables – net
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Finance and contract receivables, after allowance for credit loss	1,931.2	1,988.6
Fair Value | Contract receivables – net
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Finance and contract receivables, after allowance for credit loss	$ 517.9	$ 542.5

Pension Plans - Net Periodic Pe

Pension Plans - Net Periodic Pension (Benefit) Cost (Details) - Pension Plans, Defined Benefit - USD ($) $ in Millions	3 Months Ended
	Apr. 02, 2022	Apr. 03, 2021
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 7.1	$ 7.5
Interest cost	11.1	10.6
Expected return on plan assets	(24.5)	(23.6)
Amortization of unrecognized loss	4.5	9.1
Pension and postretirement cost	$ (1.8)	$ 3.6

Pension Plans - Narrative (Deta

Pension Plans - Narrative (Details) - Pension Plans, Defined Benefit $ in Millions	Apr. 02, 2022USD ($)
Foreign Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Expected future employer contributions	$ 9.4
United States Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Expected future employer contributions	$ 9.5

Postretirement Health Care Pl_3

Postretirement Health Care Plans - Net Periodic Postretirement Health Care Cost (Details) - Postretirement Health Coverage - USD ($) $ in Millions	3 Months Ended
	Apr. 02, 2022	Apr. 03, 2021
Postretirement Health Care Plans [Line Items]
Interest cost	$ 0.3	$ 0.3
Expected return on plan assets	(0.2)	(0.2)
Pension and postretirement cost	$ 0.1	$ 0.1

Stock-based Compensation and _3

Stock-based Compensation and Other Stock Plans - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 02, 2022	Apr. 03, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Net stock-based compensation expense	$ 9	$ 12.3
Cash received from stock purchase and option plan exercises	5.8	93
Tax benefit realized from exercise and vesting of share-based payment arrangements	$ 2.1	$ 7.7
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)	3,096,154

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. 02, 2022	Apr. 03, 2021
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)	$ 34.35	$ 26.19
Intrinsic value of stock exercised	$ 2.8	$ 30.8
Fair value of stock vested	10.5	$ 12.5
Unrecognized compensation cost related to non-vested award	$ 17.5
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. 02, 2022	Apr. 03, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term of option (in years)	5 years 1 month 20 days	5 years 3 months 29 days
Expected volatility factor	22.61%	21.80%
Expected dividend yield	2.68%	2.59%
Risk-free interest rate	2.00%	0.67%

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. 02, 2022USD ($)$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Beginning balance (in shares) | shares	2,432
Granted (in shares) | shares	288
Exercised (in shares) | shares	(40)
Forfeited or expired (in shares) | shares	(11)
Ending balance (in shares) | shares	2,669
Exercisable at end of period (in shares) | shares	2,031
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price
Beginning balance (in dollars per share) | $ / shares	$ 151.32
Granted (in dollars per share) | $ / shares	211.41
Exercised (in dollars per share) | $ / shares	145.13
Forfeited or expired (in dollars per share) | $ / shares	183.55
Ending balance (in dollars per share) | $ / shares	157.77
Exercisable at end of period (in dollars per share) | $ / shares	$ 147.09
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures
Outstanding, remaining contractual term (in years)	5 years 10 months 24 days
Exercisable, remaining contractual term (in years)	4 years 10 months 24 days
Outstanding, aggregate intrinsic value | $	$ 124.8
Exercisable, aggregate intrinsic value | $	$ 115

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. 02, 2022	Apr. 03, 2021
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)	$ 207.67	$ 188.72
Performance awards shares paid out (in shares)	46,217	0
Unrecognized compensation cost related to non-vested award	$ 38.3
Cost expected to be recognized over weighted-average period (in years)	1 year 9 months 18 days
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
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. 02, 2022$ / 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	215
Granted (in shares) | shares	104
Vested (in shares) | shares	0
Cancellations and other (in shares) | shares	(2)
Ending balance (in shares) | shares	317
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	$ 180.29
Granted (in dollars per share) | $ / shares	207.67
Vested (in dollars per share) | $ / shares	0
Cancellations and other (in dollars per share) | $ / shares	193.02
Ending balance (in dollars per share) | $ / shares	$ 189.22

Stock-based Compensation and _9

Stock-based Compensation and Other Stock Plans - Stock Appreciation Rights Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Apr. 02, 2022	Apr. 03, 2021
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)	$ 32.31
Intrinsic value of stock exercised	$ 0.4	$ 0.5
Fair value of stock vested	0.1	$ 0.1
Unrecognized compensation cost related to non-vested award	$ 0.1
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)	$ 32.63	$ 24.05
Intrinsic value of stock exercised	$ 0.2	$ 2.2
Fair value of stock vested	2	$ 2.1
Unrecognized compensation cost related to non-vested award	$ 4.1
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. 02, 2022	Apr. 03, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term of stock-settled SARs (in years)	4 years 7 days	3 years 11 months 8 days
Expected volatility factor	23.09%	22.50%
Expected dividend yield	2.68%	2.59%
Risk-free interest rate	1.96%	0.19%

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. 02, 2022USD ($)$ / 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	397
Granted (in shares) | shares	75
Exercised (in shares) | shares	(4)
Forfeited or expired (in shares) | shares	(14)
Ending balance (in shares) | shares	454
Exercisable at end of period (in shares) | shares	296
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	$ 160.09
Granted (in dollars per share) | $ / shares	211.67
Exercised (in dollars per share) | $ / shares	155.55
Forfeited or expired (in dollars per share) | $ / shares	162.84
Ending balance (in dollars per share) | $ / shares	168.56
Exercisable at end of period (in dollars per share) | $ / shares	$ 155.09
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures
Outstanding, remaining contractual term	7 years
Exercisable, remaining contractual term	5 years 9 months 18 days
Outstanding, aggregate intrinsic value | $	$ 16.6
Exercisable, aggregate intrinsic value | $	$ 14.4

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. 02, 2022	Apr. 03, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	3 years 10 months 17 days	3 years 9 months 29 days
Expected volatility factor	23.09%	22.49%
Expected dividend yield	2.79%	2.12%
Risk-free interest rate	2.58%	0.39%

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. 02, 2022$ / 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	$ 47.13
Granted (in dollars per share) | $ / shares	32.31
Vested (in dollars per share) | $ / shares	44.86
Ending balance (in dollars per share) | $ / shares	$ 36.59

Stock-based Compensation and_14

Stock-based Compensation and Other Stock Plans - Restricted Stock Awards, Non-employee Directors Narrative (Details) - Restricted Stock - Non Employee Directors - shares	3 Months Ended
	Apr. 02, 2022	Apr. 03, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	6,525	6,858
Vesting period	1 year

Stock-based Compensation and_15

Stock-based Compensation and Other Stock Plans - Employee Stock Purchase Plan Narrative (Details) - Employee Stock - USD ($)	3 Months Ended
	Apr. 02, 2022	Apr. 03, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued in period (in shares)	0	0
Shares reserved for future issuance (in shares)	597,275
Participant contributions held	$ 4,100,000
Compensation expense	$ 0	$ 4,800,000

Stock-based Compensation and_16

Stock-based Compensation and Other Stock Plans - Franchise Stock Purchase Plan Narrative (Details) - Franchise Stock - USD ($)	3 Months Ended
	Apr. 02, 2022	Apr. 03, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued in period (in shares)	0	0
Shares reserved for future issuance (in shares)	270,162
Participant contributions held	$ 9,400,000
Compensation expense	$ 0	$ 5,400,000

Earnings Per Share - Computatio

Earnings Per Share - Computation of Basic and Diluted Earnings Per Common Share (Details) - shares	3 Months Ended
	Apr. 02, 2022	Apr. 03, 2021
Earnings Per Share [Abstract]
Weighted-average common shares outstanding (in shares)	53,396,714	54,184,438
Effect of dilutive securities (in shares)	915,300	933,451
Diluted (in shares)	54,312,014	55,117,889

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details) - shares	3 Months Ended
	Apr. 02, 2022	Apr. 03, 2021
Stock-Settled SARs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Outstanding options or stock settled SARs (in shares)	358,774	400

Commitments and Contingencies_2

Commitments and Contingencies - Summary of Product Warranty Accrual Activity (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 02, 2022	Apr. 03, 2021
Warranty reserve:
Beginning of period	$ 17.3	$ 17.6
Additions	2.2	4.1
Usage	(3)	(3.4)
End of period	$ 16.5	$ 18.3

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Millions	Apr. 02, 2022	Jan. 01, 2022
Finance leases:
Property and equipment - gross	$ 21.2	$ 22.3
Accumulated depreciation and amortization	$ (16.9)	$ (17.4)
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization	Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization
Property and equipment - net	$ 4.3	$ 4.9
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other accrued liabilities	Other accrued liabilities
Other accrued liabilities	$ 2.3	$ 2.4
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other long-term liabilities	Other long-term liabilities
Other long-term liabilities	$ 3.7	$ 4.5
Total finance lease liabilities	6	6.9
Operating leases:
Operating lease right-of-use assets	$ 50.1	$ 51.9
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other accrued liabilities	Other accrued liabilities
Other accrued liabilities	$ 19.5	$ 19.6
Operating lease liabilities	32.5	34.2
Total operating lease liabilities	$ 52	$ 53.8

Other Income (Expense) - Net _2

Other Income (Expense) - Net - Computation of Other Income (Expense) - Net (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 02, 2022	Apr. 03, 2021
Other Income and Expenses [Abstract]
Interest income	$ 0.5	$ 0.4
Net foreign exchange loss	(1)	(0.2)
Net periodic pension and postretirement benefits – non-service	8.8	3.8
Other	0	0.3
Total other income (expense) – net	$ 8.3	$ 4.3

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) - Net Changes in Accumulated OCI by Component, Net of Tax (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 02, 2022	Apr. 03, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	$ 4,203.8	$ 3,846.6
Other comprehensive loss before reclassifications	(9.7)	(29)
Amounts reclassified from Accumulated OCI	3	6.5
Net other comprehensive income (loss)	(6.7)	(22.5)
Ending balance	4,320.6	3,897.9
Foreign Currency Translation
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(145.1)	(74.7)
Other comprehensive loss before reclassifications	(9.7)	(29)
Amounts reclassified from Accumulated OCI	0	0
Net other comprehensive income (loss)	(9.7)	(29)
Ending balance	(154.8)	(103.7)
Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	8.9	10.5
Other comprehensive 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	8.5	10.1
Defined Benefit Pension and Postretirement Plans
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(207.7)	(301.6)
Other comprehensive loss before reclassifications	0	0
Amounts reclassified from Accumulated OCI	3.4	6.9
Net other comprehensive income (loss)	3.4	6.9
Ending balance	(204.3)	(294.7)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(343.9)	(365.8)
Net other comprehensive income (loss)	(6.7)	(22.5)
Ending balance	$ (350.6)	$ (388.3)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Income (Loss) - Reclassifications Out of Accumulated OCI (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 02, 2022	Apr. 03, 2021
Gains on cash flow hedges:
Interest expense	$ (11.6)	$ (14.3)
Income tax expense	(67.5)	(59.1)
Amortization of net unrecognized losses	8.3	4.3
Net earnings	222.7	197.6
Reclassification out of AOCI
Gains on cash flow hedges:
Net earnings	(3)	(6.5)
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:
Income tax expense	1.1	2.2
Amortization of net unrecognized losses	(4.5)	(9.1)
Net earnings	$ (3.4)	$ (6.9)

Segments - Net Sales by Segment

Segments - Net Sales by Segment (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 02, 2022	Apr. 03, 2021
Segment Reporting Information [Line Items]
Total revenues	$ 1,185.5	$ 1,113.2
Operating earnings	293.5	266.2
Interest expense	(11.6)	(14.3)
Other income (expense) – net	8.3	4.3
Earnings before income taxes and equity earnings	290.2	256.2
Commercial & Industrial Group
Segment Reporting Information [Line Items]
Total revenues	340.1	345.7
Snap-on Tools Group
Segment Reporting Information [Line Items]
Total revenues	512.1	478.3
Repair Systems & Information Group
Segment Reporting Information [Line Items]
Total revenues	398.2	347.6
Financial Services
Segment Reporting Information [Line Items]
Total revenues	87.7	88.6
Operating segments
Segment Reporting Information [Line Items]
Operating earnings	323.7	296.3
Operating segments | Commercial & Industrial Group
Segment Reporting Information [Line Items]
Operating earnings	45.7	50.7
Operating segments | Snap-on Tools Group
Segment Reporting Information [Line Items]
Operating earnings	116	98.9
Operating segments | Repair Systems & Information Group
Segment Reporting Information [Line Items]
Operating earnings	91.6	81.4
Operating segments | Financial Services
Segment Reporting Information [Line Items]
Operating earnings	70.4	65.3
Intersegment eliminations
Segment Reporting Information [Line Items]
Total revenues	(152.6)	(147)
Corporate
Segment Reporting Information [Line Items]
Operating earnings	(30.2)	(30.1)
Total net sales
Segment Reporting Information [Line Items]
Total revenues	1,097.8	1,024.6
Operating earnings	223.1	200.9
Total net sales | Commercial & Industrial Group
Segment Reporting Information [Line Items]
Total revenues	261.2	271.1
Total net sales | Snap-on Tools Group
Segment Reporting Information [Line Items]
Total revenues	512.1	478.3
Total net sales | Repair Systems & Information Group
Segment Reporting Information [Line Items]
Total revenues	324.5	275.2
Total net sales | Financial Services
Segment Reporting Information [Line Items]
Total revenues	0	0
Total net sales | Operating segments
Segment Reporting Information [Line Items]
Total revenues	1,250.4	1,171.6
Total net sales | Operating segments | Commercial & Industrial Group
Segment Reporting Information [Line Items]
Total revenues	340.1	345.7
Total net sales | Operating segments | Snap-on Tools Group
Segment Reporting Information [Line Items]
Total revenues	512.1	478.3
Total net sales | Operating segments | Repair Systems & Information Group
Segment Reporting Information [Line Items]
Total revenues	398.2	347.6
Total net sales | Operating segments | Financial Services
Segment Reporting Information [Line Items]
Total revenues	0	0
Total net sales | Intersegment eliminations
Segment Reporting Information [Line Items]
Total revenues	(152.6)	(147)
Total net sales | Intersegment eliminations | Commercial & Industrial Group
Segment Reporting Information [Line Items]
Total revenues	78.9	74.6
Total net sales | Intersegment eliminations | Snap-on Tools Group
Segment Reporting Information [Line Items]
Total revenues	0	0
Total net sales | Intersegment eliminations | Repair Systems & Information Group
Segment Reporting Information [Line Items]
Total revenues	73.7	72.4
Total net sales | Intersegment eliminations | Financial Services
Segment Reporting Information [Line Items]
Total revenues	0	0
Financial services revenue
Segment Reporting Information [Line Items]
Total revenues	87.7	88.6
Operating earnings	70.4	65.3
Financial services revenue | Commercial & Industrial Group
Segment Reporting Information [Line Items]
Total revenues	0	0
Financial services revenue | Snap-on Tools Group
Segment Reporting Information [Line Items]
Total revenues	0	0
Financial services revenue | Repair Systems & Information Group
Segment Reporting Information [Line Items]
Total revenues	0	0
Financial services revenue | Financial Services
Segment Reporting Information [Line Items]
Total revenues	87.7	88.6
Financial services revenue | Intersegment eliminations
Segment Reporting Information [Line Items]
Total revenues	$ 0	$ 0

Segments - Assets by Segment (D

Segments - Assets by Segment (Details) - USD ($) $ in Millions	Apr. 02, 2022	Jan. 01, 2022
Segment Reporting Information [Line Items]
Assets	$ 6,895.2	$ 6,759.7
Operating segments
Segment Reporting Information [Line Items]
Assets	5,830.8	5,788.6
Operating segments | Commercial & Industrial Group
Segment Reporting Information [Line Items]
Assets	1,225.1	1,209.3
Operating segments | Snap-on Tools Group
Segment Reporting Information [Line Items]
Assets	828.2	791.4
Operating segments | Repair Systems & Information Group
Segment Reporting Information [Line Items]
Assets	1,637.9	1,624.3
Operating segments | Financial Services
Segment Reporting Information [Line Items]
Assets	2,139.6	2,163.6
Corporate
Segment Reporting Information [Line Items]
Assets	1,152.4	1,039.7
Elimination of intersegment receivables
Segment Reporting Information [Line Items]
Assets	$ (88)	$ (68.6)