Snap-on (SNA) 10-Q 20 Jul 23 2023 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jul. 01, 2023	Jul. 14, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jul. 01, 2023
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		52,916,548
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Entity Central Index Key	0000091440
Current Fiscal Year End Date	--12-30

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Net sales	$ 1,284.7	$ 1,223	$ 2,560.3	$ 2,408.5
Operating earnings	343.9	311.9	670	605.4
Interest expense	(12.6)	(11.7)	(25)	(23.3)
Other income (expense) – net	16.8	9.3	32	17.6
Earnings before income taxes	348.1	309.5	677	599.7
Income tax expense	(78.2)	(72.3)	(152.8)	(139.8)
Net earnings	269.9	237.2	524.2	459.9
Net earnings attributable to noncontrolling interests	(5.9)	(5.7)	(11.5)	(11)
Net earnings attributable to Snap-on Incorporated	$ 264	$ 231.5	$ 512.7	$ 448.9
Net earnings per share attributable to Snap-on Incorporated:
Basic (in dollars per share)	$ 4.98	$ 4.34	$ 9.67	$ 8.41
Diluted (in dollars per share)	$ 4.89	$ 4.27	$ 9.49	$ 8.27
Weighted-average shares outstanding:
Basic (in shares)	52,956,701	53,312,259	52,987,935	53,354,487
Effect of dilutive securities (in shares)	1,049,178	926,548	1,046,880	920,924
Diluted (in shares)	54,005,879	54,238,807	54,034,815	54,275,411
Dividends declared per common share (in dollars per share)	$ 1.62	$ 1.42	$ 3.24	$ 2.84
Total net sales
Net sales	$ 1,191.3	$ 1,136.6	$ 2,374.3	$ 2,234.4
Cost of goods sold	(587.6)	(583.1)	(1,181)	(1,146.6)
Gross profit	603.7	553.5	1,193.3	1,087.8
Operating expenses	(326.7)	(306.9)	(656.5)	(618.1)
Operating earnings	277	246.6	536.8	469.7
Financial services revenue
Net sales	93.4	86.4	186	174.1
Cost of goods sold	(26.5)	(21.1)	(52.8)	(38.4)
Operating earnings	$ 66.9	$ 65.3	$ 133.2	$ 135.7

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Comprehensive income (loss):
Net earnings	$ 269.9	$ 237.2	$ 524.2	$ 459.9
Other comprehensive income (loss):
Foreign currency translation	0.2	(110.3)	18.3	(120)
Unrealized cash flow hedges, net of tax:
Reclassification of cash flow hedges to net earnings	(0.4)	(0.4)	(0.8)	(0.8)
Defined benefit pension and postretirement plans:
Amortization of net unrecognized losses	0.1	4.7	0.1	9.2
Income tax benefit	0	(1.1)	0	(2.2)
Net of tax	0.1	3.6	0.1	7
Total comprehensive income	269.8	130.1	541.8	346.1
Comprehensive income attributable to noncontrolling interests	(5.9)	(5.7)	(11.5)	(11)
Comprehensive income attributable to Snap-on Incorporated	$ 263.9	$ 124.4	$ 530.3	$ 335.1

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jul. 01, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 871.3	$ 757.2
Trade and other accounts receivable – net	786.8	761.7
Finance receivables and contract receivables - net	700.2	672.1
Inventories – net	1,046.1	1,033.1
Prepaid expenses and other assets	129	144.8
Total current assets	3,533.4	3,368.9
Property and equipment:
Property and equipment – gross	1,570.9	1,536.6
Accumulated depreciation and amortization	(1,047.2)	(1,024)
Property and equipment – net	523.7	512.6
Operating lease right-of-use assets	68.1	61.5
Deferred income tax assets	75.4	70
Long-term finance receivables and contract receivables - net	1,625.1	1,554.6
Goodwill	1,048.6	1,045.3
Other intangibles – net	269.5	275.6
Pension assets	73.6	70.6
Other assets	13	13.7
Total assets	7,230.4	6,972.8
Current liabilities:
Notes payable	17.8	17.2
Accounts payable	274.2	287
Accrued benefits	54.3	58.6
Accrued compensation	85.1	98.6
Franchisee deposits	73.7	73.8
Other accrued liabilities	457.2	436.4
Total current liabilities	962.3	971.6
Long-term debt	1,184.2	1,183.8
Deferred income tax liabilities	79.4	82.1
Retiree health care benefits	22.4	23.4
Pension liabilities	65.4	78.6
Operating lease liabilities	50.4	44.7
Other long-term liabilities	87	85.1
Total liabilities	2,451.1	2,469.3
Commitments and contingencies (Note 14)
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 67,450,896 and 67,444,966 shares, respectively)	67.5	67.4
Additional paid-in capital	521.1	499.9
Retained earnings	6,635.6	6,296.2
Accumulated other comprehensive loss	(510.7)	(528.3)
Treasury stock at cost (14,552,727 and 14,442,386 shares, respectively)	(1,956.4)	(1,853.9)
Total shareholders’ equity attributable to Snap-on Incorporated	4,757.1	4,481.3
Noncontrolling interests	22.2	22.2
Total equity	4,779.3	4,503.5
Total liabilities and equity	7,230.4	6,972.8
Land
Property and equipment:
Property and equipment – gross	33.2	32.6
Buildings and improvements
Property and equipment:
Property and equipment – gross	438.9	434.7
Machinery, equipment and computer software
Property and equipment:
Property and equipment – gross	1,098.8	1,069.3
Finance Receivables
Current assets:
Finance receivables and contract receivables - net	595.4	562.2
Property and equipment:
Long-term finance receivables and contract receivables - net	1,232	1,170.8
Contract Receivables
Current assets:
Finance receivables and contract receivables - net	104.8	109.9
Property and equipment:
Long-term finance receivables and contract receivables - net	$ 393.1	$ 383.8

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jul. 01, 2023	Dec. 31, 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)	67,450,896	67,444,966
Treasury stock at cost (in shares)	14,552,727	14,442,386

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Millions	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Treasury Stock	Noncontrolling Interests
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	459.9			448.9			11
Other comprehensive (loss) income	(113.8)				(113.8)
Cash dividends	(151.4)			(151.4)
Stock compensation plans	42.6		15.4			27.2
Share repurchases	(82.6)					(82.6)
Other	(11.7)			(1.2)			(10.5)
Ending balance at Jul. 02, 2022	4,346.8	67.4	488.1	5,996.2	(457.7)	(1,769.6)	22.4
Beginning balance at Apr. 02, 2022	4,320.6	67.4	474.7	5,841	(350.6)	(1,734.2)	22.3
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	237.2			231.5			5.7
Other comprehensive (loss) income	(107.1)				(107.1)
Cash dividends	(75.7)			(75.7)
Stock compensation plans	31.8		13.4			18.4
Share repurchases	(53.8)					(53.8)
Other	(6.2)			(0.6)			(5.6)
Ending balance at Jul. 02, 2022	4,346.8	67.4	488.1	5,996.2	(457.7)	(1,769.6)	22.4
Beginning balance at Dec. 31, 2022	4,503.5	67.4	499.9	6,296.2	(528.3)	(1,853.9)	22.2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	524.2			512.7			11.5
Other comprehensive (loss) income	17.6				17.6
Cash dividends	(172)			(172)
Stock compensation plans	100.7		21.2			79.5
Share repurchases	(182)					(182)
Other	(12.7)	0.1		(1.3)			(11.5)
Ending balance at Jul. 01, 2023	4,779.3	67.5	521.1	6,635.6	(510.7)	(1,956.4)	22.2
Beginning balance at Apr. 01, 2023	4,632.4	67.5	500.2	6,458.1	(510.6)	(1,905)	22.2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	269.9			264			5.9
Other comprehensive (loss) income	(0.1)				(0.1)
Cash dividends	(85.9)			(85.9)
Stock compensation plans	64.3		20.9			43.4
Share repurchases	(94.8)					(94.8)
Other	(6.5)	0		(0.6)			(5.9)
Ending balance at Jul. 01, 2023	$ 4,779.3	$ 67.5	$ 521.1	$ 6,635.6	$ (510.7)	$ (1,956.4)	$ 22.2

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Statement of Stockholders' Equity [Abstract]
Cash dividends per share (in dollars per share)	$ 1.62	$ 1.42	$ 3.24	$ 2.84
Share repurchases (in shares)	359,000	251,000	715,000	387,000

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022
Operating activities:
Net earnings	$ 524.2	$ 459.9
Adjustments to reconcile net earnings to net cash provided (used) by operating activities:
Depreciation	35.8	36.7
Amortization of other intangibles	13.9	14.4
Provision for losses on finance receivables	27.9	15.4
Provision for losses on non-finance receivables	8.8	6.7
Stock-based compensation expense	20.4	17.5
Deferred income tax benefit	(9.2)	(7.1)
Gain on sales of assets	(0.3)	(2.9)
Changes in operating assets and liabilities, net of effects of acquisitions:
Trade and other accounts receivable	(30.7)	(73.7)
Contract receivables	(2.9)	10.4
Inventories	(13.4)	(123.4)
Prepaid expenses and other assets	14.2	(23.4)
Accounts payable	(8.3)	42.1
Accruals and other liabilities	(8.5)	(37.9)
Net cash provided by operating activities	571.9	334.7
Investing activities:
Additions to finance receivables	(536.3)	(469.6)
Collections of finance receivables	418.1	426.2
Capital expenditures	(48.8)	(41.5)
Acquisitions of businesses, net of cash acquired	0	0.5
Disposals of property and equipment	1	4.2
Other	(1.5)	(0.2)
Net cash used by investing activities	(167.5)	(80.4)
Financing activities:
Net increase in other short-term borrowings	0.3	2.8
Cash dividends paid	(172)	(151.4)
Purchases of treasury stock	(182)	(82.6)
Proceeds from stock purchase and option plans	84.6	29.2
Other	(19.5)	(16.5)
Net cash used by financing activities	(288.6)	(218.5)
Effect of exchange rate changes on cash and cash equivalents	(1.7)	(2.9)
Increase in cash and cash equivalents	114.1	32.9
Cash and cash equivalents at beginning of year	757.2	780
Cash and cash equivalents at end of period	871.3	812.9
Supplemental cash flow disclosures:
Cash paid for interest	(22.3)	(22.4)
Net cash paid for income taxes	$ (147.7)	$ (129.2)

Summary of Accounting Policies

Summary of Accounting Policies	6 Months Ended
	Jul. 01, 2023
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 2022 Annual Report on Form 10-K for the fiscal year ended December 31, 2022 (“2022 year end”). The company’s 2023 fiscal second quarter ended on July 1, 2023, and its 2022 fiscal second quarter ended on July 2, 2022. The company’s 2023 and 2022 fiscal second quarters each contained 13 weeks of operating results. Snap-on’s Condensed Consolidated Financial Statements are prepared in conformity with generally accepted accounting principles in the United States of America (“GAAP”). In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for the fair presentation of the Condensed Consolidated Financial Statements for the three and six month periods ended July 1, 2023, and July 2, 2022, 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 9 for additional information on financial instruments. New Accounting Standards On January 1, 2023, the beginning of Snap-on’s 2023 fiscal year, the company adopted 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 and eliminates 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. The adoption of this ASU did not have a significant impact on the company’s Condensed Consolidated Financial Statements.

Revenue Recognition

Revenue Recognition	6 Months Ended
	Jul. 01, 2023
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 Six Months Ended (Amounts in millions) July 1, 2023 July 2, 2022 July 1, 2023 July 2, 2022 Revenue from contracts with customers $ 1,184.6 $ 1,130.5 $ 2,361.1 $ 2,222.4 Other revenues 6.7 6.1 13.2 12.0 Total net sales 1,191.3 1,136.6 2,374.3 2,234.4 Financial services revenue 93.4 86.4 186.0 174.1 Total revenues $ 1,284.7 $ 1,223.0 $ 2,560.3 $ 2,408.5 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 July 1, 2023 Commercial Snap-on Repair Systems & Industrial Tools & Information Financial Snap-on (Amounts in millions) Group Group Group Services Eliminations Incorporated Net sales: North America* $ 144.3 $ 459.3 $ 285.9 $ — $ — $ 889.5 Europe 75.5 39.0 63.6 — — 178.1 All other 70.0 24.8 28.9 — — 123.7 External net sales 289.8 523.1 378.4 — — 1,191.3 Intersegment net sales 74.4 — 73.6 — (148.0) — Total net sales 364.2 523.1 452.0 — (148.0) 1,191.3 Financial services revenue — — — 93.4 — 93.4 Total revenue $ 364.2 $ 523.1 $ 452.0 $ 93.4 $ (148.0) $ 1,284.7 For the Six Months Ended July 1, 2023 Commercial Snap-on Repair Systems & Industrial Tools & Information Financial Snap-on (Amounts in millions) Group Group Group Services Eliminations Incorporated Net sales: North America* $ 281.9 $ 933.2 $ 567.7 $ — $ — $ 1,782.8 Europe 150.5 74.7 126.8 — — 352.0 All other 136.0 52.2 51.3 — — 239.5 External net sales 568.4 1,060.1 745.8 — — 2,374.3 Intersegment net sales 159.6 — 152.8 — (312.4) — Total net sales 728.0 1,060.1 898.6 — (312.4) 2,374.3 Financial services revenue — — — 186.0 — 186.0 Total revenue $ 728.0 $ 1,060.1 $ 898.6 $ 186.0 $ (312.4) $ 2,560.3 * North America is comprised of the United States, Canada and Mexico. For the Three Months Ended July 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* $ 128.7 $ 460.3 $ 254.7 $ — $ — $ 843.7 Europe 73.1 36.4 60.4 — — 169.9 All other 74.3 23.9 24.8 — — 123.0 External net sales 276.1 520.6 339.9 — — 1,136.6 Intersegment net sales 83.0 — 76.9 — (159.9) — Total net sales 359.1 520.6 416.8 — (159.9) 1,136.6 Financial services revenue — — — 86.4 — 86.4 Total revenue $ 359.1 $ 520.6 $ 416.8 $ 86.4 $ (159.9) $ 1,223.0 For the Six Months Ended July 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* $ 242.4 $ 908.1 $ 497.5 $ — $ — $ 1,648.0 Europe 154.9 76.5 122.3 — — 353.7 All other 140.0 48.1 44.6 — — 232.7 External net sales 537.3 1,032.7 664.4 — — 2,234.4 Intersegment net sales 161.9 — 150.6 — (312.5) — Total net sales 699.2 1,032.7 815.0 — (312.5) 2,234.4 Financial services revenue — — — 174.1 — 174.1 Total revenue $ 699.2 $ 1,032.7 $ 815.0 $ 174.1 $ (312.5) $ 2,408.5 * 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 July 1, 2023 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 $ 21.7 $ 523.1 $ 378.4 $ — $ — $ 923.2 All other professionals 268.1 — — — — 268.1 External net sales 289.8 523.1 378.4 — — 1,191.3 Intersegment net sales 74.4 — 73.6 — (148.0) — Total net sales 364.2 523.1 452.0 — (148.0) 1,191.3 Financial services revenue — — — 93.4 — 93.4 Total revenue $ 364.2 $ 523.1 $ 452.0 $ 93.4 $ (148.0) $ 1,284.7 For the Six Months Ended July 1, 2023 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 $ 42.8 $ 1,060.1 $ 745.8 $ — $ — $ 1,848.7 All other professionals 525.6 — — — — 525.6 External net sales 568.4 1,060.1 745.8 — — 2,374.3 Intersegment net sales 159.6 — 152.8 — (312.4) — Total net sales 728.0 1,060.1 898.6 — (312.4) 2,374.3 Financial services revenue — — — 186.0 — 186.0 Total revenue $ 728.0 $ 1,060.1 $ 898.6 $ 186.0 $ (312.4) $ 2,560.3 For the Three Months Ended July 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 $ 25.2 $ 520.6 $ 339.9 $ — $ — $ 885.7 All other professionals 250.9 — — — — 250.9 External net sales 276.1 520.6 339.9 — — 1,136.6 Intersegment net sales 83.0 — 76.9 — (159.9) — Total net sales 359.1 520.6 416.8 — (159.9) 1,136.6 Financial services revenue — — — 86.4 — 86.4 Total revenue $ 359.1 $ 520.6 $ 416.8 $ 86.4 $ (159.9) $ 1,223.0 For the Six Months Ended July 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 $ 49.1 $ 1,032.7 $ 664.4 $ — $ — $ 1,746.2 All other professionals 488.2 — — — — 488.2 External net sales 537.3 1,032.7 664.4 — — 2,234.4 Intersegment net sales 161.9 — 150.6 — (312.5) — Total net sales 699.2 1,032.7 815.0 — (312.5) 2,234.4 Financial services revenue — — — 174.1 — 174.1 Total revenue $ 699.2 $ 1,032.7 $ 815.0 $ 174.1 $ (312.5) $ 2,408.5 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 for software subscriptions, other subscription service agreements and extended warranty programs. 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 $183.0 million of long-term contracts that have fixed consideration that extends beyond one year as of July 1, 2023. Snap-on expects to recognize approximately 65% of these contracts as revenue by the end of fiscal 2024, an additional 30% by the end of fiscal 2026, 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 $67.0 million and $63.3 million at July 1, 2023, and December 31, 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 and six months ended July 1, 2023, Snap-on recognized $10.6 million and $45.3 million of revenue that was included in the $63.3 million contract liability balance at December 31, 2022, which was primarily from the amortization of software subscriptions, extended warranties and other subscription agreements.

Receivables

Receivables	6 Months Ended
	Jul. 01, 2023
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 July 1, 2023, and December 31, 2022, are as follows: (Amounts in millions) July 1, December 31, 2022 Trade and other accounts receivable $ 819.1 $ 792.8 Allowances for credit losses (32.3) (31.1) Total trade and other accounts receivable – net $ 786.8 $ 761.7 The following is a rollforward of the allowances for credit losses related to trade and other accounts receivable for the three and six months ended July 1, 2023, and July 2, 2022: Three Months Ended Six Months Ended (Amounts in millions) July 1, 2023 July 2, 2022 July 1, 2023 July 2, 2022 Allowances for credit losses: Beginning of period $ 31.2 $ 28.4 $ 31.1 $ 27.3 Provision for credit losses 3.5 2.9 8.2 6.6 Charge-offs (2.5) (2.2) (7.3) (5.2) Recoveries — — — 0.1 Currency translation 0.1 (1.0) 0.3 (0.7) End of period $ 32.3 $ 28.1 $ 32.3 $ 28.1 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 10 years, are comprised of extended-term payment contracts to a broad base of customers worldwide, including shop owners, both independents and national chains, for their purchase of tools, 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 July 1, 2023, and December 31, 2022, are as follows: (Amounts in millions) July 1, December 31, 2022 Finance installment receivables $ 611.3 $ 578.6 Finance lease receivables, net of unearned finance charges of $1.2 million and $0.5 million, respectively 5.1 3.2 Total finance receivables 616.4 581.8 Contract installment receivables 44.6 51.3 Contract lease receivables, net of unearned finance charges of $19.8 million and $19.1 million, respectively 61.9 60.3 Total contract receivables 106.5 111.6 Total 722.9 693.4 Allowances for credit losses: Finance installment receivables (20.9) (19.5) Finance lease receivables (0.1) (0.1) Total finance allowance for credit losses (21.0) (19.6) Contract installment receivables (0.8) (0.8) Contract lease receivables (0.9) (0.9) Total contract allowance for credit losses (1.7) (1.7) Total allowance for credit losses (22.7) (21.3) Total current finance and contract receivables – net $ 700.2 $ 672.1 Finance receivables – net $ 595.4 $ 562.2 Contract receivables – net 104.8 109.9 Total current finance and contract receivables – net $ 700.2 $ 672.1 The components of Snap-on’s finance and contract receivables with payment terms beyond one year as of July 1, 2023, and December 31, 2022, are as follows: (Amounts in millions) July 1, December 31, 2022 Finance installment receivables $ 1,272.0 $ 1,210.4 Finance lease receivables, net of unearned finance charges of $0.8 million and $0.2 million, respectively 4.1 1.7 Total finance receivables 1,276.1 1,212.1 Contract installment receivables 206.7 202.1 Contract lease receivables, net of unearned finance charges of $32.3 million and $30.7 million, respectively 191.2 186.6 Total contract receivables 397.9 388.7 Total 1,674.0 1,600.8 Allowances for credit losses: Finance installment receivables (44.0) (41.3) Finance lease receivables (0.1) — Total finance allowance for credit losses (44.1) (41.3) Contract installment receivables (3.1) (3.1) Contract lease receivables (1.7) (1.8) Total contract allowance for credit losses (4.8) (4.9) Total allowance for credit losses (48.9) (46.2) Total long-term finance and contract receivables – net $ 1,625.1 $ 1,554.6 Finance receivables – net $ 1,232.0 $ 1,170.8 Contract receivables – net 393.1 383.8 Total long-term finance and contract receivables – net $ 1,625.1 $ 1,554.6 Credit quality: The company’s receivable portfolio is comprised of two portfolio segments, finance and contract receivables, which are the same segments used to estimate expected credit losses reported in the allowance for credit losses. The amortized cost basis for finance and contract receivables is the amount originated adjusted for applicable accrued interest and net of deferred fees or costs, collection of cash, and write-offs. The company monitors and assesses credit risk based on the characteristics of each portfolio segment. When extending credit, Snap-on evaluates the collectability of the receivables based on a combination of various financial and qualitative factors that may affect a customer’s ability to pay. These factors may include the customer’s financial condition, past payment experience, and credit bureau and proprietary Snap-on credit model information, as well as the value of the underlying collateral. For finance and contract receivables, Snap-on assesses quantitative and qualitative factors through the use of credit quality indicators consisting primarily of collection experience and related internal metrics. Delinquency is the primary indicator of credit quality for finance and contract receivables. Snap-on conducts monthly reviews of credit and collection performance for both the finance and contract receivable portfolios focusing on data such as delinquency trends, nonaccrual receivables, and write-off and recovery activity. These reviews allow for the formulation of collection strategies and potential collection policy modifications in response to changing risk profiles in the finance and contract receivable portfolios. The other internal metrics include credit exposure by customer and delinquency classification to further monitor changing risk profiles. The company maintains a system that aggregates credit exposure and provides delinquency data by days past due aging categories. A receivable 30 days or more past due is considered delinquent. However, customers are monitored prior to becoming 30 days past due. The amortized cost basis of finance and contract receivables by origination year as of July 1, 2023, and charge-offs for the six months ended July 1, 2023, are as follows: (Amounts in millions) 2023 2022 2021 2020 2019 Prior Total Finance receivables: Delinquent $ 3.5 $ 18.7 $ 9.9 $ 5.9 $ 2.5 $ 1.4 $ 41.9 Non-delinquent 872.9 627.0 215.3 97.7 30.0 7.7 1,850.6 Total Finance receivables $ 876.4 $ 645.7 $ 225.2 $ 103.6 $ 32.5 $ 9.1 $ 1,892.5 Finance receivables charge-offs $ 0.2 $ 12.3 $ 8.2 $ 4.5 $ 1.9 $ 1.3 $ 28.4 Contract receivables: Delinquent $ 0.2 $ 0.8 $ 1.1 $ 0.5 $ 0.4 $ 0.2 $ 3.2 Non-delinquent 92.1 145.7 101.3 70.4 46.2 45.5 501.2 Total Contract receivables $ 92.3 $ 146.5 $ 102.4 $ 70.9 $ 46.6 $ 45.7 $ 504.4 Contract receivables charge-offs $ — $ 0.1 $ 0.3 $ 0.3 $ 0.1 $ 0.1 $ 0.9 Allowances for credit losses: The allowances for credit losses are maintained at levels that are considered adequate to cover expected credit losses over the remaining contractual life of the receivables using historical loss experience, asset specific risk characteristics, current conditions, reasonable and supportable forecasts, and an appropriate reversion period, when applicable. Management performs detailed reviews of its receivables on a monthly and/or quarterly basis to assess the adequacy of the allowances and to determine if any impairment has occurred. A receivable generally has credit losses when it is expected that all amounts related to the receivable will not be collected according to the contractual terms of the agreement. Amounts determined to be uncollectable are charged directly against the allowances, while amounts recovered on previously written off accounts increase the allowances. For both finance and contract receivables, write-offs include the uncollectable principal amount of the receivable as well as the uncollectable accrued interest and fees, net of repossessions. For finance receivables only, write-offs are partially offset by recourse from franchisees. Recovered interest and fees previously written off are recorded through the allowances for credit losses and increase the allowances. Absent a repossession, finance receivables are typically written off when an account reaches 120 days past due. Repossessed accounts are typically written off 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 no later than when the receivable becomes 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 when the receivable becomes 180 days past due. Changes to the allowances for credit losses are maintained through adjustments to the provisions 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 (“WARM”) methodology. The WARM methodology calculates the average annual write-off rate and applies it to the remaining term of the receivables. The WARM methodology is used since 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 allowances for credit losses are adjusted each period for changes in the credit risk and expected lifetime credit losses. The following is a rollforward of the allowances for credit losses for finance and contract receivables for the three and six months ended July 1, 2023, and July 2, 2022: Three Months Ended Six Months Ended (Amounts in millions) Finance Contract Finance Contract Allowances for credit losses: Beginning of period $ 62.7 $ 6.5 $ 60.9 $ 6.6 Provision for credit losses 13.7 0.3 27.9 0.6 Charge-offs (13.9) (0.4) (28.4) (0.9) Recoveries 2.5 0.1 4.6 0.2 Currency translation 0.1 — 0.1 — End of period $ 65.1 $ 6.5 $ 65.1 $ 6.5 Three Months Ended Six Months Ended (Amounts in millions) Finance Receivables Contract Receivables Finance Receivables Contract Receivables Allowances for credit losses: Beginning of period $ 62.5 $ 7.7 $ 67.3 $ 8.4 Provision for credit losses 9.1 — 15.4 0.1 Charge-offs (12.8) (0.6) (26.2) (1.4) Recoveries 2.7 0.1 5.0 0.1 Currency translation (0.2) — (0.2) — End of period $ 61.3 $ 7.2 $ 61.3 $ 7.2 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. The amount and number of finance and contract receivable modifications as of July 1, 2023, and December 31, 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 July 1, 2023, and December 31, 2022, is as follows: (Amounts in millions) 30-59 60-90 Greater Total Past Total Not Total Greater July 1, 2023: Finance receivables $ 15.2 $ 10.1 $ 16.6 $ 41.9 $ 1,850.6 $ 1,892.5 $ 13.8 Contract receivables 0.9 0.7 1.6 3.2 501.2 504.4 0.1 December 31, 2022: Finance receivables $ 17.2 $ 11.2 $ 19.5 $ 47.9 $ 1,746.0 $ 1,793.9 $ 16.5 Contract receivables 1.2 0.3 2.2 3.7 496.6 500.3 0.3 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 July 1, 2023, and December 31, 2022, is as follows: (Amounts in millions) July 1, December 31, 2022 Finance receivables $ 10.1 $ 8.7 Contract receivables 2.3 3.3

Inventories

Inventories	6 Months Ended
	Jul. 01, 2023
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories by major classification are as follows: (Amounts in millions) July 1, December 31, 2022 Finished goods $ 892.2 $ 882.2 Work in progress 77.0 77.2 Raw materials 187.0 182.3 Total FIFO value 1,156.2 1,141.7 Excess of current cost over LIFO cost (110.1) (108.6) Total inventories – net $ 1,046.1 $ 1,033.1 Inventories accounted for using the first-in, first-out (“FIFO”) method approximated 60% and 61% of total inventories as of July 1, 2023, and December 31, 2022, respectively. The company accounts for its non-U.S. inventory on the FIFO method. As of July 1, 2023, approximately 37% of the company’s U.S. inventory was accounted for using the FIFO method and 63% was accounted for using the last-in, first-out (“LIFO”) method. There were no LIFO inventory liquidations in the three and six months ended July 1, 2023, or July 2, 2022.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	6 Months Ended
	Jul. 01, 2023
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 six months ended July 1, 2023, are as follows: (Amounts in millions) Commercial Snap-on Repair Systems Total Balance as of December 31, 2022 $ 302.9 $ 12.4 $ 730.0 $ 1,045.3 Currency translation 2.5 — 0.8 3.3 Balance as of July 1, 2023 $ 305.4 $ 12.4 $ 730.8 $ 1,048.6 Additional disclosures related to other intangible assets are as follows: July 1, 2023 December 31, 2022 (Amounts in millions) Gross Carrying Value Accumulated Net Carrying Value Gross Carrying Value Accumulated Net Carrying Value Amortized other intangible assets: Customer relationships $ 212.8 $ (157.2) $ 55.6 $ 212.1 $ (150.8) $ 61.3 Developed technology 36.1 (28.1) 8.0 35.8 (26.0) 9.8 Internally developed software 185.8 (143.1) 42.7 179.6 (137.2) 42.4 Patents 50.3 (26.0) 24.3 48.4 (25.6) 22.8 Trademarks 3.9 (2.4) 1.5 3.9 (2.4) 1.5 Other 7.5 (4.0) 3.5 7.7 (4.0) 3.7 Total 496.4 (360.8) 135.6 487.5 (346.0) 141.5 Non-amortized trademarks 133.9 — 133.9 134.1 — 134.1 Total other intangible assets $ 630.3 $ (360.8) $ 269.5 $ 621.6 $ (346.0) $ 275.6 Snap-on completed its annual impairment testing of goodwill and other indefinite-lived intangible assets in the second quarter of 2023, the results of which did not result in any impairment. Provisions for the 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 long-term deterioration in macroeconomic, industry and market conditions, the loss of key customers, changes in technology or markets, changes in key personnel or litigation, a sustained decrease in share price and/or other events. As of July 1, 2023, 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 15 Trademarks 9 Other 39 The weighted-average amortization period for all amortizable intangibles on a combined basis is 12 years. Intangible asset renewal costs are expensed as incurred. The aggregate amortization expense was $7.0 million and $13.9 million for the respective three and six month periods ended July 1, 2023, and $7.2 million and $14.4 million for the respective three and six month periods ended July 2, 2022. Based on current levels of amortizable intangible assets and estimated weighted-average useful lives, estimated annual amortization expense is expected to be $27.1 million in 2023, $21.6 million in 2024, $15.5 million in 2025, $11.7 million in 2026, $10.3 million in 2027, and $9.0 million in 2028.

Exit and Disposal Activities

Exit and Disposal Activities	6 Months Ended
	Jul. 01, 2023
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 each of the three and six month periods ended July 1, 2023, and July 2, 2022. Snap-on’s exit and disposal accrual activity for the first six months of 2023 is as follows: Balance at First Quarter Balance at Second Quarter Balance at (Amounts in millions) December 31, 2022 Provision Usage April 1, Provision Usage July 1, Severance costs: Commercial & Industrial Group $ 1.6 $ — $ (0.1) $ 1.5 $ — $ (0.1) $ 1.4 Snap-on Tools Group 0.1 — — 0.1 — (0.1) — Repair System & Information Group 1.1 — (0.2) 0.9 — (0.1) 0.8 Total $ 2.8 $ — $ (0.3) $ 2.5 $ — $ (0.3) $ 2.2 As of July 1, 2023, the company expects that approximately $1.1 million of the $2.2 million exit and disposal accrual will be utilized in 2023, and the remainder thereafter, primarily for longer-term severance payments.

Income Taxes

Income Taxes	6 Months Ended
	Jul. 01, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Snap-on’s effective income tax rate on earnings attributable to Snap-on was 23.0% and 23.7% in the respective first six month periods of 2023 and 2022. Snap-on and its subsidiaries file income tax returns in the United States and in various state, local and foreign jurisdictions. It is reasonably possible that certain unrecognized tax benefits may either be settled with taxing authorities or the statutes of limitations for such items may lapse within the next 12 months, causing Snap-on’s gross unrecognized tax benefits to decrease by a range of zero to $0.5 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 $0.7 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	6 Months Ended
	Jul. 01, 2023
Debt Disclosure [Abstract]
Short-term and Long-term Debt	Short-term and Long-term Debt Short-term and long-term debt as of July 1, 2023, and December 31, 2022, consisted of the following: (Amounts in millions) July 1, December 31, 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* 2.0 1.0 1,202.0 1,201.0 Less: notes payable (17.8) (17.2) Total long-term debt $ 1,184.2 $ 1,183.8 * Includes unamortized debt issuance costs. Notes payable of $17.8 million as of July 1, 2023, compared to $17.2 million as of 2022 year end.

Financial Instruments

Financial Instruments	6 Months Ended
	Jul. 01, 2023
Fair Value Disclosures [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. Snap-on is exposed to global market risks, including the effects of changes in foreign currency exchange rates, interest rates, and the company’s stock price. The company uses derivatives to manage financial exposures that occur in the normal course of business. The primary risks managed by using derivative instruments are foreign currency risk, interest rate risk and stock-based deferred compensation risk. Foreign currency risk management: Snap-on has significant international operations and is subject to certain risks inherent with foreign operations that include currency fluctuations. Foreign currency exchange risk exists to the extent that Snap-on has payment obligations or receipts denominated in currencies other than the functional currency, including intercompany loans denominated in foreign currencies. To manage these exposures, Snap-on identifies naturally offsetting positions and then purchases hedging instruments to protect the residual net exposures. Snap-on manages most of these exposures on a consolidated basis, which allows for netting of certain exposures to take advantage of natural offsets. Foreign currency forward contracts (“foreign currency forwards”) are used to hedge the net exposures. Gains or losses on net foreign currency hedges are intended to offset losses or gains on the underlying net exposures in an effort to reduce the earnings volatility resulting from fluctuating foreign currency exchange rates. Snap-on’s foreign currency forwards are typically not designated as hedges. The fair value changes of these contracts are reported in earnings as foreign exchange gain or loss, which is included in “Other income (expense) – net” on the accompanying Condensed Consolidated Statements of Earnings. See Note 16 for additional information on Other income (expense) – net. Interest rate risk management: Snap-on may manage 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 July 1, 2023, and December 31, 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 July 1, 2023, and December 31, 2022. Stock-based deferred compensation risk management: Snap-on manages 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 July 1, 2023, Snap-on had equity forwards in place intended to manage market risk with respect to 68,800 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: July 1, 2023 December 31, 2022 (Amounts in millions) Carrying Fair Carrying Fair Finance receivables – net $ 1,827.4 $ 2,071.3 $ 1,733.0 $ 1,983.9 Contract receivables – net 497.9 524.1 493.7 520.4 Long-term debt and notes payable 1,202.0 1,009.5 1,201.0 982.1 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 is 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	6 Months Ended
	Jul. 01, 2023
Retirement Benefits [Abstract]
Pension Plans	Pension Plans Snap-on’s net periodic pension benefit included the following components: Three Months Ended Six Months Ended (Amounts in millions) July 1, 2023 July 2, 2022 July 1, 2023 July 2, 2022 Service cost $ 4.5 $ 6.3 $ 9.4 $ 13.4 Interest cost 16.4 11.2 32.7 22.3 Expected return on plan assets (26.1) (25.4) (52.3) (49.9) Amortization of unrecognized loss 0.4 4.7 0.7 9.2 Net periodic pension benefit $ (4.8) $ (3.2) $ (9.5) $ (5.0) The components of net periodic pension benefit, other than the service cost component, are included in “Other income (expense) – net” on the accompanying Condensed Consolidated Statements of Earnings. See Note 16 for additional information on other income (expense) – net. Snap-on intends to make contributions of $6.9 million to its foreign pension plans and $2.4 million to its domestic pension plans in 2023, as required by law. Depending on market and other conditions, Snap-on may make discretionary cash contributions to its pension plans in 2023.

Postretirement Health Care Plan

Postretirement Health Care Plans	6 Months Ended
	Jul. 01, 2023
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 Six Months Ended (Amounts in millions) July 1, 2023 July 2, 2022 July 1, 2023 July 2, 2022 Interest cost $ 0.6 $ 0.3 $ 1.1 $ 0.6 Expected return on plan assets (0.2) (0.1) (0.4) (0.3) Amortization of unrecognized gain (0.3) — (0.6) — Net periodic postretirement health care cost $ 0.1 $ 0.2 $ 0.1 $ 0.3 The components of net periodic postretirement health care cost are included in “Other income (expense) – net” on the accompanying Condensed Consolidated Statements of Earnings. See Note 16 for additional information on other income (expense) – net.

Stock-based Compensation and Ot

Stock-based Compensation and Other Stock Plans	6 Months Ended
	Jul. 01, 2023
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 July 1, 2023, the 2011 Plan had 2,629,450 shares available for future grants. The company uses treasury stock to deliver shares under the 2011 Plan. Net stock-based compensation expense was $10.2 million and $20.4 million for the respective three and six month periods ended July 1, 2023, and $8.5 million and $17.5 million for the respective three and six month periods ended July 2, 2022. Cash received from stock purchase plan and stock option exercises during the respective three and six month periods ended July 1, 2023, totaled $51.8 million and $84.6 million. Cash received from stock purchase plan and stock option exercises during the respective three and six month periods ended July 2, 2022 totaled $23.4 million and $29.2 million. The tax benefit realized from both the exercise and vesting of share-based payment arrangements was $5.4 million and $10.5 million for the respective three and six month periods ended July 1, 2023, and $1.8 million and $3.9 million for the respective three and six month periods ended July 2, 2022. Stock options: Stock options are granted with an exercise price equal to the market value of a share of Snap-on’s common stock on the date of grant and have a contractual term of 10 years. Stock option grants vest ratably on the first, second and third anniversaries of the date of grant. The fair value of each stock option award is estimated on the date of grant using the Black-Scholes valuation model. The company uses historical data regarding stock option exercise and forfeiture behaviors for different participating groups to estimate the period of time that stock 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 and six month periods ended July 1, 2023, and July 2, 2022, using the Black-Scholes valuation model: Three Months Ended Six Months Ended July 1, 2023 July 2, 2022 July 1, 2023 July 2, 2022 Expected term of option (in years) 3.80 3.74 4.89 5.14 Expected volatility factor 24.52% 23.12% 23.99% 22.61% Expected dividend yield 2.48% 2.73% 2.60% 2.68% Risk-free interest rate 3.63% 2.73% 3.99% 2.00% A summary of stock option activity as of and for the six months ended July 1, 2023, is presented below: Shares (in thousands) Exercise Remaining Contractual Term* (in years) Aggregate Intrinsic Value (in millions) Outstanding at December 31, 2022 2,349 $ 163.07 Granted 241 249.28 Exercised (450) 152.60 Forfeited or expired (18) 215.97 Outstanding at July 1, 2023 2,122 174.65 5.6 $ 240.9 Exercisable at July 1, 2023 1,609 158.64 4.5 208.4 * Weighted-average The weighted-average grant date fair value of stock options granted during the six months ended July 1, 2023, and July 2, 2022, was $51.09 and $34.35, respectively. The intrinsic value of stock options exercised was $24.5 million and $47.1 million during the respective three and six month periods ended July 1, 2023, and $7.4 million and $10.2 million during the respective three and six month periods ended July 2, 2022. The fair value of stock options vested was $9.1 million and $10.5 million during the respective six month periods ended July 1, 2023, and July 2, 2022. As of July 1, 2023, there was $17.2 million of unrecognized compensation cost related to non-vested stock options that is expected to be recognized as a charge to earnings over a weighted-average period of 1.9 years. Performance share units: PSUs are earned and expensed using the fair value of the award over a contractual term of three years based on the company’s performance. Vesting of the PSUs is dependent upon performance relative to pre-defined goals for revenue growth and return on net assets for the applicable performance period. For performance achieved above specified levels, the recipient may earn additional shares of stock, not to exceed 100% of the number of performance awards initially granted. The PSUs have a three-year performance period based on the results of the consolidated financial metrics of the company. The fair value of PSUs 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 PSUs granted during the six months ended July 1, 2023, and July 2, 2022, was $249.26 and $204.87, respectively. PSUs related to 60,402 shares and 46,217 shares were paid out during the six months ended July 1, 2023, and July 2, 2022, respectively. 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 during the six months ended July 1, 2023, are as follows: Shares (in thousands) Fair Value Non-vested PSUs at December 31, 2022 199 $ 196.51 Granted 58 249.26 Performance assumption change ** 14 211.67 Vested — — Cancellations and other (4) 215.56 Non-vested PSUs at July 1, 2023 267 208.54 * Weighted-average ** Reflects the number of PSUs above target levels based on performance metrics. As of July 1, 2023, there was $23.9 million of unrecognized compensation cost related to non-vested PSUs that are expected to be recognized as a charge to earnings over a weighted-average period of 1.2 years. Restricted stock units: RSUs are earned and expensed using the fair value of the award over the contractual term of three years. Vesting of the RSUs is dependent upon continued employment over the three-year cliff vesting period. The fair value of 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 RSUs granted during the six months ended July 1, 2023, and July 2, 2022, was $249.26 and $211.67, respectively. Changes to the company’s non-vested RSUs during the six months ended July 1, 2023, are as follows: Shares (in thousands) Fair Value Non-vested RSUs at December 31, 2022 58 $ 200.16 Granted 26 249.26 Vested — — Cancellations and other (2) 215.96 Non-vested RSUs at July 1, 2023 82 215.39 * Weighted-average As of July 1, 2023, there was $9.6 million of unrecognized compensation cost related to non-vested RSUs that are expected to be recognized as a charge to earnings over a weighted-average period of 1.4 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 10 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 six months ended July 1, 2023, and July 2, 2022, using the Black-Scholes valuation model: Six Months Ended July 1, 2023 July 2, 2022 Expected term of stock-settled SARs (in years) 4.08 4.02 Expected volatility factor 24.68% 23.09% Expected dividend yield 2.60% 2.68% Risk-free interest rate 3.87% 1.96% A summary of stock-settled SARs as of and for the six months ended July 1, 2023, are as follows: Stock-settled SARs (in thousands) Exercise Remaining Contractual Term* (in years) Aggregate Intrinsic Value (in millions) Outstanding at December 31, 2022 385 $ 170.11 Granted 62 249.26 Exercised (46) 151.92 Forfeited or expired (71) 161.41 Outstanding at July 1, 2023 330 189.32 6.9 $ 32.6 Exercisable at July 1, 2023 199 165.46 5.6 24.4 * Weighted-average The weighted-average grant date fair value of stock-settled SARs granted during the six months ended July 1, 2023, and July 2, 2022, was $48.85 and $32.63, respectively. The intrinsic value of stock-settled SARs exercised was $2.6 million and $4.8 million during the respective three and six month periods ended July 1, 2023, and $0.5 million and $0.7 million during the respective three and six month periods ended July 2, 2022. The fair value of stock-settled SARs vested was $1.9 million and $2.0 million during the respective six month periods ended July 1, 2023, and July 2, 2022. As of July 1, 2023, there was $4.2 million of unrecognized compensation cost related to non-vested stock-settled SARs that is expected to be recognized as a charge to earnings over a weighted-average period of 1.9 years. The following weighted-average assumptions were used in calculating the fair value of cash-settled SARs granted during the six months ended July 1, 2023, and July 2, 2022, using the Black-Scholes valuation model: Six Months Ended July 1, 2023 July 2, 2022 Expected term of cash-settled SARs (in years) 3.80 3.58 Expected volatility factor 24.06% 23.68% Expected dividend yield 2.25% 2.87% Risk-free interest rate 4.49% 2.85% The intrinsic value of cash-settled SARs exercised was zero and $0.4 million for the respective three and six month periods ended July 1, 2023, and $0.2 million and $0.6 million for the respective three and six month periods ended July 2, 2022. The fair value of cash-settled SARs vested was $0.1 million for both the six month periods ended July 1, 2023, and July 2, 2022. Changes to the company’s non-vested cash-settled SARs during the six months ended July 1, 2023, are as follows: Cash-settled SARs (in thousands) Fair Value Non-vested cash-settled SARs at December 31, 2022 2 $ 53.24 Granted 1 76.12 Vested (1) 110.38 Non-vested cash-settled SARs at July 1, 2023 2 86.09 * Weighted-average As of July 1, 2023, there was $0.2 million of unrecognized compensation cost related to non-vested cash-settled SARs that is expected to be recognized as a charge to earnings over a weighted-average period of 1.9 years. Restricted stock awards – non-employee directors: The company awarded 5,760 shares and 6,525 shares of restricted stock to non-employee directors for the respective six month periods ended July 1, 2023, and July 2, 2022. 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. The company records compensation expense when Snap-on’s period-end stock price is greater than the plan purchase price. There were 27,225 shares and 18,464 shares issued under this plan for the respective six month periods ended July 1, 2023, and July 2, 2022. As of July 1, 2023, 551,598 shares were reserved for issuance under this plan and Snap-on held participant contributions of approximately $0.5 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 $0.5 million and $1.0 million for the three and six month periods ended July 1, 2023, and zero for both the three and six month periods ended July 2, 2022, respectively.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jul. 01, 2023
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 Six Months Ended July 1, 2023 July 2, 2022 July 1, 2023 July 2, 2022 Weighted-average common shares outstanding 52,956,701 53,312,259 52,987,935 53,354,487 Effect of dilutive securities 1,049,178 926,548 1,046,880 920,924 Weighted-average common shares outstanding, assuming dilution 54,005,879 54,238,807 54,034,815 54,275,411 The dilutive effect of the potential exercise of outstanding stock options and stock-settled SARs to purchase common shares is calculated using the treasury stock method. As of July 1, 2023, there were 500 awards outstanding that were anti-dilutive; as of July 2, 2022, there were no 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	6 Months Ended
	Jul. 01, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Snap-on provides product warranties for specific product lines and accrues for estimated future warranty cost in the period in which the sale is recorded. Snap-on calculates its accrual requirements based on historic warranty loss experience that is periodically adjusted for recent actual experience, including the timing of claims during the warranty period and actual costs incurred. Snap-on’s product warranty accrual activity for the three and six months ended July 1, 2023, and July 2, 2022, is as follows: Three Months Ended Six Months Ended (Amounts in millions) July 1, 2023 July 2, 2022 July 1, 2023 July 2, 2022 Warranty reserve: Beginning of period $ 14.8 $ 16.5 $ 14.3 $ 17.3 Additions 4.1 3.2 7.9 5.4 Usage (4.0) (3.7) (7.3) (6.7) End of period $ 14.9 $ 16.0 $ 14.9 $ 16.0 In the ordinary course of our business, Snap-on is subject to legal disputes that are being litigated and/or settled. 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	6 Months Ended
	Jul. 01, 2023
Leases [Abstract]
Leases	Leases Lessee accounting: Supplemental balance sheet information related to leases as of July 1, 2023, and December 31, 2022, is as follows: (Amounts in millions) July 1, December 31, 2022 Finance leases: Property and equipment - gross $ 18.3 $ 19.4 Accumulated depreciation and amortization (15.8) (16.4) Property and equipment - net $ 2.5 $ 3.0 Other accrued liabilities $ 1.7 $ 2.0 Other long-term liabilities 1.4 1.9 Total finance lease liabilities $ 3.1 $ 3.9 Operating leases: Operating lease right-of-use assets $ 68.1 $ 61.5 Other accrued liabilities $ 20.8 $ 19.4 Operating lease liabilities 50.4 44.7 Total operating lease liabilities $ 71.2 $ 64.1 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 3 for additional information on finance and contract receivables.
Leases	Leases Lessee accounting: Supplemental balance sheet information related to leases as of July 1, 2023, and December 31, 2022, is as follows: (Amounts in millions) July 1, December 31, 2022 Finance leases: Property and equipment - gross $ 18.3 $ 19.4 Accumulated depreciation and amortization (15.8) (16.4) Property and equipment - net $ 2.5 $ 3.0 Other accrued liabilities $ 1.7 $ 2.0 Other long-term liabilities 1.4 1.9 Total finance lease liabilities $ 3.1 $ 3.9 Operating leases: Operating lease right-of-use assets $ 68.1 $ 61.5 Other accrued liabilities $ 20.8 $ 19.4 Operating lease liabilities 50.4 44.7 Total operating lease liabilities $ 71.2 $ 64.1 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 3 for additional information on finance and contract receivables.
Leases	Leases Lessee accounting: Supplemental balance sheet information related to leases as of July 1, 2023, and December 31, 2022, is as follows: (Amounts in millions) July 1, December 31, 2022 Finance leases: Property and equipment - gross $ 18.3 $ 19.4 Accumulated depreciation and amortization (15.8) (16.4) Property and equipment - net $ 2.5 $ 3.0 Other accrued liabilities $ 1.7 $ 2.0 Other long-term liabilities 1.4 1.9 Total finance lease liabilities $ 3.1 $ 3.9 Operating leases: Operating lease right-of-use assets $ 68.1 $ 61.5 Other accrued liabilities $ 20.8 $ 19.4 Operating lease liabilities 50.4 44.7 Total operating lease liabilities $ 71.2 $ 64.1 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 3 for additional information on finance and contract receivables.

Other Income (Expense) - Net

Other Income (Expense) - Net	6 Months Ended
	Jul. 01, 2023
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 Six Months Ended (Amounts in millions) July 1, 2023 July 2, 2022 July 1, 2023 July 2, 2022 Interest income $ 9.9 $ 1.6 $ 17.9 $ 2.1 Net foreign exchange loss (2.4) (1.6) (4.9) (2.6) Net periodic pension and postretirement benefits – non-service 9.2 9.3 18.8 18.1 Other 0.1 — 0.2 — Total other income (expense) – net $ 16.8 $ 9.3 $ 32.0 $ 17.6

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	6 Months Ended
	Jul. 01, 2023
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 July 1, 2023: (Amounts in millions) Foreign Cash Flow Defined Total Balance as of April 1, 2023 $ (254.4) $ 6.9 $ (263.1) $ (510.6) Other comprehensive income before reclassifications 0.2 — — 0.2 Amounts reclassified from Accumulated OCI — (0.4) 0.1 (0.3) Net other comprehensive income (loss) 0.2 (0.4) 0.1 (0.1) Balance as of July 1, 2023 $ (254.2) $ 6.5 $ (263.0) $ (510.7) The following is a summary of net changes in Accumulated OCI by component and net of tax for the six months ended July 1, 2023: (Amounts in millions) Foreign Cash Flow Defined Total Balance as of December 31, 2022 $ (272.5) $ 7.3 $ (263.1) $ (528.3) Other comprehensive income before reclassifications 18.3 — — 18.3 Amounts reclassified from Accumulated OCI — (0.8) 0.1 (0.7) Net other comprehensive income (loss) 18.3 (0.8) 0.1 17.6 Balance as of July 1, 2023 $ (254.2) $ 6.5 $ (263.0) $ (510.7) The following is a summary of net changes in Accumulated OCI by component and net of tax for the three months ended July 2, 2022: (Amounts in millions) Foreign Cash Flow Defined Total Balance as of April 2, 2022 $ (154.8) $ 8.5 $ (204.3) $ (350.6) Other comprehensive loss before reclassifications (110.3) — — (110.3) Amounts reclassified from Accumulated OCI — (0.4) 3.6 3.2 Net other comprehensive income (loss) (110.3) (0.4) 3.6 (107.1) Balance as of July 2, 2022 $ (265.1) $ 8.1 $ (200.7) $ (457.7) The following is a summary of net changes in Accumulated OCI by component and net of tax for the six months ended July 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 (120.0) — — (120.0) Amounts reclassified from Accumulated OCI — (0.8) 7.0 6.2 Net other comprehensive income (loss) (120.0) (0.8) 7.0 (113.8) Balance as of July 2, 2022 $ (265.1) $ 8.1 $ (200.7) $ (457.7) The reclassifications out of Accumulated OCI for the three and six month periods ended July 1, 2023, and July 2, 2022, are as follows: Amount Reclassified from Accumulated OCI Three Months Ended Six Months Ended (Amounts in millions) July 1, 2023 July 2, 2022 July 1, 2023 July 2, 2022 Statement of Earnings Gains on cash flow hedges: Treasury locks $ 0.4 $ 0.4 $ 0.8 $ 0.8 Interest expense Income tax expense — — — — Income tax expense Net of tax 0.4 0.4 0.8 0.8 Amortization of net unrecognized losses $ (0.1) $ (4.7) $ (0.1) $ (9.2) See footnote below* Income tax benefit — 1.1 — 2.2 Income tax expense Net of tax (0.1) (3.6) (0.1) (7.0) Total reclassifications for the period, net of tax $ 0.3 $ (3.2) $ 0.7 $ (6.2) * These Accumulated OCI components are included in the computation of net periodic pension and postretirement health care costs; see Note 10 and Note 11 for additional information.

Segments

Segments	6 Months Ended
	Jul. 01, 2023
Segment Reporting [Abstract]
Segments	SegmentsSnap-on’s business segments are based on the organization structure used by management for making operating and investment decisions and for assessing performance. Snap-on’s reportable business segments are: (i) the Commercial & Industrial Group; (ii) the Snap-on Tools Group; (iii) the Repair Systems & Information Group; and (iv) Financial Services. The Commercial & Industrial Group consists of business operations serving a broad range of industrial and commercial customers worldwide, including customers in the aerospace, natural resources, government and military, 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 multi-national 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 Six Months Ended (Amounts in millions) July 1, 2023 July 2, 2022 July 1, 2023 July 2, 2022 Net sales: Commercial & Industrial Group $ 364.2 $ 359.1 $ 728.0 $ 699.2 Snap-on Tools Group 523.1 520.6 1,060.1 1,032.7 Repair Systems & Information Group 452.0 416.8 898.6 815.0 Segment net sales 1,339.3 1,296.5 2,686.7 2,546.9 Intersegment eliminations (148.0) (159.9) (312.4) (312.5) Total net sales 1,191.3 1,136.6 2,374.3 2,234.4 Financial Services revenue 93.4 86.4 186.0 174.1 Total revenues $ 1,284.7 $ 1,223.0 $ 2,560.3 $ 2,408.5 Operating earnings: Commercial & Industrial Group $ 58.1 $ 51.7 $ 113.9 $ 97.4 Snap-on Tools Group 137.7 124.4 269.4 240.4 Repair Systems & Information Group 110.4 95.7 215.0 187.3 Financial Services 66.9 65.3 133.2 135.7 Segment operating earnings 373.1 337.1 731.5 660.8 Corporate (29.2) (25.2) (61.5) (55.4) Operating earnings 343.9 311.9 670.0 605.4 Interest expense (12.6) (11.7) (25.0) (23.3) Other income (expense) – net 16.8 9.3 32.0 17.6 Earnings before income taxes $ 348.1 $ 309.5 $ 677.0 $ 599.7 (Amounts in millions) July 1, December 31, 2022 Assets: Commercial & Industrial Group $ 1,281.6 $ 1,245.8 Snap-on Tools Group 917.4 912.9 Repair Systems & Information Group 1,687.5 1,678.1 Financial Services 2,345.7 2,242.7 Total assets from reportable segments 6,232.2 6,079.5 Corporate 1,087.2 972.9 Elimination of intersegment receivables (89.0) (79.6) Total assets $ 7,230.4 $ 6,972.8

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 264	$ 231.5	$ 512.7	$ 448.9

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	6 Months Ended
	Jul. 01, 2023 shares	Jul. 01, 2023 shares
Thomas J Ward [Member]
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	true
Officer Trading Arrangement, Thomas J Ward [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		Now, in accordance with the new disclosure requirement set forth in Item 408(a) of Regulation S-K, the following table discloses any officer (as defined in Rule 16a-1(f) under the Securities Exchange Act of 1934, as amended) or director who adopted a contract, instruction or written plan for the sale of securities of the company intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) during the quarterly period ended July 1, 2023: Name and Title Type of Plan Adoption Date Duration or End Date Aggregate Number of Securities to be Sold Description of Trading Arrangement Thomas J. Ward Senior Vice President and President – Repair Systems & Information Group Rule 10b5-1 trading arrangement May 26, 2023 May 24, 2024 60,766 Exercises of vested stock options and sales of shares
Officer Trading Arrangement, Thomas J Ward [Member] | Thomas J Ward [Member]
Trading Arrangements, by Individual
Name	Thomas J. Ward
Title	Senior Vice President and President
Adoption Date	May 26, 2023
Arrangement Duration	364 days
Aggregate Available	60,766	60,766
Officer Or Director, Excluding Thomas J Ward [Member]
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Accounting Policies

Summary of Accounting Policies - (Policies)	6 Months Ended
	Jul. 01, 2023
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 2022 Annual Report on Form 10-K for the fiscal year ended December 31, 2022 (“2022 year end”). The company’s 2023 fiscal second quarter ended on July 1, 2023, and its 2022 fiscal second quarter ended on July 2, 2022. The company’s 2023 and 2022 fiscal second quarters each contained 13 weeks of operating results. Snap-on’s Condensed Consolidated Financial Statements are prepared in conformity with generally accepted accounting principles in the United States of America (“GAAP”). In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for the fair presentation of the Condensed Consolidated Financial Statements for the three and six month periods ended July 1, 2023, and July 2, 2022, 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 9 for additional information on financial instruments.
New Accounting Standards	New Accounting Standards On January 1, 2023, the beginning of Snap-on’s 2023 fiscal year, the company adopted 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 and eliminates 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. The adoption of this ASU did not have a significant impact on the company’s Condensed Consolidated Financial Statements.

Revenue Recognition - (Tables)

Revenue Recognition - (Tables)	6 Months Ended
	Jul. 01, 2023
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The following table shows the consolidated revenues by revenue source: Three Months Ended Six Months Ended (Amounts in millions) July 1, 2023 July 2, 2022 July 1, 2023 July 2, 2022 Revenue from contracts with customers $ 1,184.6 $ 1,130.5 $ 2,361.1 $ 2,222.4 Other revenues 6.7 6.1 13.2 12.0 Total net sales 1,191.3 1,136.6 2,374.3 2,234.4 Financial services revenue 93.4 86.4 186.0 174.1 Total revenues $ 1,284.7 $ 1,223.0 $ 2,560.3 $ 2,408.5 The following tables represent external net sales disaggregated by geography, based on the customers’ billing addresses: For the Three Months Ended July 1, 2023 Commercial Snap-on Repair Systems & Industrial Tools & Information Financial Snap-on (Amounts in millions) Group Group Group Services Eliminations Incorporated Net sales: North America* $ 144.3 $ 459.3 $ 285.9 $ — $ — $ 889.5 Europe 75.5 39.0 63.6 — — 178.1 All other 70.0 24.8 28.9 — — 123.7 External net sales 289.8 523.1 378.4 — — 1,191.3 Intersegment net sales 74.4 — 73.6 — (148.0) — Total net sales 364.2 523.1 452.0 — (148.0) 1,191.3 Financial services revenue — — — 93.4 — 93.4 Total revenue $ 364.2 $ 523.1 $ 452.0 $ 93.4 $ (148.0) $ 1,284.7 For the Six Months Ended July 1, 2023 Commercial Snap-on Repair Systems & Industrial Tools & Information Financial Snap-on (Amounts in millions) Group Group Group Services Eliminations Incorporated Net sales: North America* $ 281.9 $ 933.2 $ 567.7 $ — $ — $ 1,782.8 Europe 150.5 74.7 126.8 — — 352.0 All other 136.0 52.2 51.3 — — 239.5 External net sales 568.4 1,060.1 745.8 — — 2,374.3 Intersegment net sales 159.6 — 152.8 — (312.4) — Total net sales 728.0 1,060.1 898.6 — (312.4) 2,374.3 Financial services revenue — — — 186.0 — 186.0 Total revenue $ 728.0 $ 1,060.1 $ 898.6 $ 186.0 $ (312.4) $ 2,560.3 * North America is comprised of the United States, Canada and Mexico. For the Three Months Ended July 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* $ 128.7 $ 460.3 $ 254.7 $ — $ — $ 843.7 Europe 73.1 36.4 60.4 — — 169.9 All other 74.3 23.9 24.8 — — 123.0 External net sales 276.1 520.6 339.9 — — 1,136.6 Intersegment net sales 83.0 — 76.9 — (159.9) — Total net sales 359.1 520.6 416.8 — (159.9) 1,136.6 Financial services revenue — — — 86.4 — 86.4 Total revenue $ 359.1 $ 520.6 $ 416.8 $ 86.4 $ (159.9) $ 1,223.0 For the Six Months Ended July 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* $ 242.4 $ 908.1 $ 497.5 $ — $ — $ 1,648.0 Europe 154.9 76.5 122.3 — — 353.7 All other 140.0 48.1 44.6 — — 232.7 External net sales 537.3 1,032.7 664.4 — — 2,234.4 Intersegment net sales 161.9 — 150.6 — (312.5) — Total net sales 699.2 1,032.7 815.0 — (312.5) 2,234.4 Financial services revenue — — — 174.1 — 174.1 Total revenue $ 699.2 $ 1,032.7 $ 815.0 $ 174.1 $ (312.5) $ 2,408.5 * 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 July 1, 2023 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 $ 21.7 $ 523.1 $ 378.4 $ — $ — $ 923.2 All other professionals 268.1 — — — — 268.1 External net sales 289.8 523.1 378.4 — — 1,191.3 Intersegment net sales 74.4 — 73.6 — (148.0) — Total net sales 364.2 523.1 452.0 — (148.0) 1,191.3 Financial services revenue — — — 93.4 — 93.4 Total revenue $ 364.2 $ 523.1 $ 452.0 $ 93.4 $ (148.0) $ 1,284.7 For the Six Months Ended July 1, 2023 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 $ 42.8 $ 1,060.1 $ 745.8 $ — $ — $ 1,848.7 All other professionals 525.6 — — — — 525.6 External net sales 568.4 1,060.1 745.8 — — 2,374.3 Intersegment net sales 159.6 — 152.8 — (312.4) — Total net sales 728.0 1,060.1 898.6 — (312.4) 2,374.3 Financial services revenue — — — 186.0 — 186.0 Total revenue $ 728.0 $ 1,060.1 $ 898.6 $ 186.0 $ (312.4) $ 2,560.3 For the Three Months Ended July 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 $ 25.2 $ 520.6 $ 339.9 $ — $ — $ 885.7 All other professionals 250.9 — — — — 250.9 External net sales 276.1 520.6 339.9 — — 1,136.6 Intersegment net sales 83.0 — 76.9 — (159.9) — Total net sales 359.1 520.6 416.8 — (159.9) 1,136.6 Financial services revenue — — — 86.4 — 86.4 Total revenue $ 359.1 $ 520.6 $ 416.8 $ 86.4 $ (159.9) $ 1,223.0 For the Six Months Ended July 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 $ 49.1 $ 1,032.7 $ 664.4 $ — $ — $ 1,746.2 All other professionals 488.2 — — — — 488.2 External net sales 537.3 1,032.7 664.4 — — 2,234.4 Intersegment net sales 161.9 — 150.6 — (312.5) — Total net sales 699.2 1,032.7 815.0 — (312.5) 2,234.4 Financial services revenue — — — 174.1 — 174.1 Total revenue $ 699.2 $ 1,032.7 $ 815.0 $ 174.1 $ (312.5) $ 2,408.5

Receivables - (Tables)

Receivables - (Tables)	6 Months Ended
	Jul. 01, 2023
Receivables [Abstract]
Schedule of Components of Trade and Other Accounts Receivable	The components of Snap-on’s trade and other accounts receivable as of July 1, 2023, and December 31, 2022, are as follows: (Amounts in millions) July 1, December 31, 2022 Trade and other accounts receivable $ 819.1 $ 792.8 Allowances for credit losses (32.3) (31.1) Total trade and other accounts receivable – net $ 786.8 $ 761.7
Schedule of Allowance For Credit Losses On Receivables	The following is a rollforward of the allowances for credit losses related to trade and other accounts receivable for the three and six months ended July 1, 2023, and July 2, 2022: Three Months Ended Six Months Ended (Amounts in millions) July 1, 2023 July 2, 2022 July 1, 2023 July 2, 2022 Allowances for credit losses: Beginning of period $ 31.2 $ 28.4 $ 31.1 $ 27.3 Provision for credit losses 3.5 2.9 8.2 6.6 Charge-offs (2.5) (2.2) (7.3) (5.2) Recoveries — — — 0.1 Currency translation 0.1 (1.0) 0.3 (0.7) End of period $ 32.3 $ 28.1 $ 32.3 $ 28.1
Schedule of Components of Finance and Contract Receivables, Current and Beyond One Year	The components of Snap-on’s current finance and contract receivables as of July 1, 2023, and December 31, 2022, are as follows: (Amounts in millions) July 1, December 31, 2022 Finance installment receivables $ 611.3 $ 578.6 Finance lease receivables, net of unearned finance charges of $1.2 million and $0.5 million, respectively 5.1 3.2 Total finance receivables 616.4 581.8 Contract installment receivables 44.6 51.3 Contract lease receivables, net of unearned finance charges of $19.8 million and $19.1 million, respectively 61.9 60.3 Total contract receivables 106.5 111.6 Total 722.9 693.4 Allowances for credit losses: Finance installment receivables (20.9) (19.5) Finance lease receivables (0.1) (0.1) Total finance allowance for credit losses (21.0) (19.6) Contract installment receivables (0.8) (0.8) Contract lease receivables (0.9) (0.9) Total contract allowance for credit losses (1.7) (1.7) Total allowance for credit losses (22.7) (21.3) Total current finance and contract receivables – net $ 700.2 $ 672.1 Finance receivables – net $ 595.4 $ 562.2 Contract receivables – net 104.8 109.9 Total current finance and contract receivables – net $ 700.2 $ 672.1 The components of Snap-on’s finance and contract receivables with payment terms beyond one year as of July 1, 2023, and December 31, 2022, are as follows: (Amounts in millions) July 1, December 31, 2022 Finance installment receivables $ 1,272.0 $ 1,210.4 Finance lease receivables, net of unearned finance charges of $0.8 million and $0.2 million, respectively 4.1 1.7 Total finance receivables 1,276.1 1,212.1 Contract installment receivables 206.7 202.1 Contract lease receivables, net of unearned finance charges of $32.3 million and $30.7 million, respectively 191.2 186.6 Total contract receivables 397.9 388.7 Total 1,674.0 1,600.8 Allowances for credit losses: Finance installment receivables (44.0) (41.3) Finance lease receivables (0.1) — Total finance allowance for credit losses (44.1) (41.3) Contract installment receivables (3.1) (3.1) Contract lease receivables (1.7) (1.8) Total contract allowance for credit losses (4.8) (4.9) Total allowance for credit losses (48.9) (46.2) Total long-term finance and contract receivables – net $ 1,625.1 $ 1,554.6 Finance receivables – net $ 1,232.0 $ 1,170.8 Contract receivables – net 393.1 383.8 Total long-term finance and contract receivables – net $ 1,625.1 $ 1,554.6
Schedule of Financing Receivable Credit Quality Indicators	The amortized cost basis of finance and contract receivables by origination year as of July 1, 2023, and charge-offs for the six months ended July 1, 2023, are as follows: (Amounts in millions) 2023 2022 2021 2020 2019 Prior Total Finance receivables: Delinquent $ 3.5 $ 18.7 $ 9.9 $ 5.9 $ 2.5 $ 1.4 $ 41.9 Non-delinquent 872.9 627.0 215.3 97.7 30.0 7.7 1,850.6 Total Finance receivables $ 876.4 $ 645.7 $ 225.2 $ 103.6 $ 32.5 $ 9.1 $ 1,892.5 Finance receivables charge-offs $ 0.2 $ 12.3 $ 8.2 $ 4.5 $ 1.9 $ 1.3 $ 28.4 Contract receivables: Delinquent $ 0.2 $ 0.8 $ 1.1 $ 0.5 $ 0.4 $ 0.2 $ 3.2 Non-delinquent 92.1 145.7 101.3 70.4 46.2 45.5 501.2 Total Contract receivables $ 92.3 $ 146.5 $ 102.4 $ 70.9 $ 46.6 $ 45.7 $ 504.4 Contract receivables charge-offs $ — $ 0.1 $ 0.3 $ 0.3 $ 0.1 $ 0.1 $ 0.9
Schedule of Financing Receivable, Allowance for Credit Loss	The following is a rollforward of the allowances for credit losses for finance and contract receivables for the three and six months ended July 1, 2023, and July 2, 2022: Three Months Ended Six Months Ended (Amounts in millions) Finance Contract Finance Contract Allowances for credit losses: Beginning of period $ 62.7 $ 6.5 $ 60.9 $ 6.6 Provision for credit losses 13.7 0.3 27.9 0.6 Charge-offs (13.9) (0.4) (28.4) (0.9) Recoveries 2.5 0.1 4.6 0.2 Currency translation 0.1 — 0.1 — End of period $ 65.1 $ 6.5 $ 65.1 $ 6.5 Three Months Ended Six Months Ended (Amounts in millions) Finance Receivables Contract Receivables Finance Receivables Contract Receivables Allowances for credit losses: Beginning of period $ 62.5 $ 7.7 $ 67.3 $ 8.4 Provision for credit losses 9.1 — 15.4 0.1 Charge-offs (12.8) (0.6) (26.2) (1.4) Recoveries 2.7 0.1 5.0 0.1 Currency translation (0.2) — (0.2) — End of period $ 61.3 $ 7.2 $ 61.3 $ 7.2
Schedule of Aging of Finance and Contract Receivables	The aging of finance and contract receivables as of July 1, 2023, and December 31, 2022, is as follows: (Amounts in millions) 30-59 60-90 Greater Total Past Total Not Total Greater July 1, 2023: Finance receivables $ 15.2 $ 10.1 $ 16.6 $ 41.9 $ 1,850.6 $ 1,892.5 $ 13.8 Contract receivables 0.9 0.7 1.6 3.2 501.2 504.4 0.1 December 31, 2022: Finance receivables $ 17.2 $ 11.2 $ 19.5 $ 47.9 $ 1,746.0 $ 1,793.9 $ 16.5 Contract receivables 1.2 0.3 2.2 3.7 496.6 500.3 0.3
Schedule of Finance and Contract Receivables on Nonaccrual Status	The amount of finance and contract receivables on nonaccrual status as of July 1, 2023, and December 31, 2022, is as follows: (Amounts in millions) July 1, December 31, 2022 Finance receivables $ 10.1 $ 8.7 Contract receivables 2.3 3.3

Inventories - (Tables)

Inventories - (Tables)	6 Months Ended
	Jul. 01, 2023
Inventory Disclosure [Abstract]
Schedule of Inventories by Major Classification	Inventories by major classification are as follows: (Amounts in millions) July 1, December 31, 2022 Finished goods $ 892.2 $ 882.2 Work in progress 77.0 77.2 Raw materials 187.0 182.3 Total FIFO value 1,156.2 1,141.7 Excess of current cost over LIFO cost (110.1) (108.6) Total inventories – net $ 1,046.1 $ 1,033.1

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets - (Tables)	6 Months Ended
	Jul. 01, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Changes in Carrying Amount of Goodwill by Segment	The changes in the carrying amount of goodwill by segment for the six months ended July 1, 2023, are as follows: (Amounts in millions) Commercial Snap-on Repair Systems Total Balance as of December 31, 2022 $ 302.9 $ 12.4 $ 730.0 $ 1,045.3 Currency translation 2.5 — 0.8 3.3 Balance as of July 1, 2023 $ 305.4 $ 12.4 $ 730.8 $ 1,048.6
Schedule of Other Intangible Assets by Major Class	Additional disclosures related to other intangible assets are as follows: July 1, 2023 December 31, 2022 (Amounts in millions) Gross Carrying Value Accumulated Net Carrying Value Gross Carrying Value Accumulated Net Carrying Value Amortized other intangible assets: Customer relationships $ 212.8 $ (157.2) $ 55.6 $ 212.1 $ (150.8) $ 61.3 Developed technology 36.1 (28.1) 8.0 35.8 (26.0) 9.8 Internally developed software 185.8 (143.1) 42.7 179.6 (137.2) 42.4 Patents 50.3 (26.0) 24.3 48.4 (25.6) 22.8 Trademarks 3.9 (2.4) 1.5 3.9 (2.4) 1.5 Other 7.5 (4.0) 3.5 7.7 (4.0) 3.7 Total 496.4 (360.8) 135.6 487.5 (346.0) 141.5 Non-amortized trademarks 133.9 — 133.9 134.1 — 134.1 Total other intangible assets $ 630.3 $ (360.8) $ 269.5 $ 621.6 $ (346.0) $ 275.6
Schedule of 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 15 Trademarks 9 Other 39

Exit and Disposal Activities (T

Exit and Disposal Activities (Tables)	6 Months Ended
	Jul. 01, 2023
Restructuring and Related Activities [Abstract]
Schedule of Exit and Disposal Accrual Activity	Snap-on’s exit and disposal accrual activity for the first six months of 2023 is as follows: Balance at First Quarter Balance at Second Quarter Balance at (Amounts in millions) December 31, 2022 Provision Usage April 1, Provision Usage July 1, Severance costs: Commercial & Industrial Group $ 1.6 $ — $ (0.1) $ 1.5 $ — $ (0.1) $ 1.4 Snap-on Tools Group 0.1 — — 0.1 — (0.1) — Repair System & Information Group 1.1 — (0.2) 0.9 — (0.1) 0.8 Total $ 2.8 $ — $ (0.3) $ 2.5 $ — $ (0.3) $ 2.2

Short-term and Long-term Debt -

Short-term and Long-term Debt - (Tables)	6 Months Ended
	Jul. 01, 2023
Debt Disclosure [Abstract]
Schedule of Short-term and Long-term Debt	Short-term and long-term debt as of July 1, 2023, and December 31, 2022, consisted of the following: (Amounts in millions) July 1, December 31, 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* 2.0 1.0 1,202.0 1,201.0 Less: notes payable (17.8) (17.2) Total long-term debt $ 1,184.2 $ 1,183.8 * Includes unamortized debt issuance costs.

Financial Instruments - (Tables

Financial Instruments - (Tables)	6 Months Ended
	Jul. 01, 2023
Fair Value Disclosures [Abstract]
Schedule of 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: July 1, 2023 December 31, 2022 (Amounts in millions) Carrying Fair Carrying Fair Finance receivables – net $ 1,827.4 $ 2,071.3 $ 1,733.0 $ 1,983.9 Contract receivables – net 497.9 524.1 493.7 520.4 Long-term debt and notes payable 1,202.0 1,009.5 1,201.0 982.1

Pension Plans - (Tables)

Pension Plans - (Tables)	6 Months Ended
	Jul. 01, 2023
Retirement Benefits [Abstract]
Schedule of Net Periodic Pension Benefit	Snap-on’s net periodic pension benefit included the following components: Three Months Ended Six Months Ended (Amounts in millions) July 1, 2023 July 2, 2022 July 1, 2023 July 2, 2022 Service cost $ 4.5 $ 6.3 $ 9.4 $ 13.4 Interest cost 16.4 11.2 32.7 22.3 Expected return on plan assets (26.1) (25.4) (52.3) (49.9) Amortization of unrecognized loss 0.4 4.7 0.7 9.2 Net periodic pension benefit $ (4.8) $ (3.2) $ (9.5) $ (5.0)

Postretirement Health Care Pl_2

Postretirement Health Care Plans - (Tables)	6 Months Ended
	Jul. 01, 2023
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 Six Months Ended (Amounts in millions) July 1, 2023 July 2, 2022 July 1, 2023 July 2, 2022 Interest cost $ 0.6 $ 0.3 $ 1.1 $ 0.6 Expected return on plan assets (0.2) (0.1) (0.4) (0.3) Amortization of unrecognized gain (0.3) — (0.6) — Net periodic postretirement health care cost $ 0.1 $ 0.2 $ 0.1 $ 0.3

Stock-based Compensation and _2

Stock-based Compensation and Other Stock Plans - (Tables)	6 Months Ended
	Jul. 01, 2023
Share-Based Payment Arrangement [Abstract]
Schedule 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 and six month periods ended July 1, 2023, and July 2, 2022, using the Black-Scholes valuation model: Three Months Ended Six Months Ended July 1, 2023 July 2, 2022 July 1, 2023 July 2, 2022 Expected term of option (in years) 3.80 3.74 4.89 5.14 Expected volatility factor 24.52% 23.12% 23.99% 22.61% Expected dividend yield 2.48% 2.73% 2.60% 2.68% Risk-free interest rate 3.63% 2.73% 3.99% 2.00%
Schedule of Stock Option Activity	A summary of stock option activity as of and for the six months ended July 1, 2023, is presented below: Shares (in thousands) Exercise Remaining Contractual Term* (in years) Aggregate Intrinsic Value (in millions) Outstanding at December 31, 2022 2,349 $ 163.07 Granted 241 249.28 Exercised (450) 152.60 Forfeited or expired (18) 215.97 Outstanding at July 1, 2023 2,122 174.65 5.6 $ 240.9 Exercisable at July 1, 2023 1,609 158.64 4.5 208.4 * Weighted-average
Schedule of Changes in Non-Vested Performance Awards	Changes to the company’s non-vested PSUs during the six months ended July 1, 2023, are as follows: Shares (in thousands) Fair Value Non-vested PSUs at December 31, 2022 199 $ 196.51 Granted 58 249.26 Performance assumption change ** 14 211.67 Vested — — Cancellations and other (4) 215.56 Non-vested PSUs at July 1, 2023 267 208.54 * Weighted-average ** Reflects the number of PSUs above target levels based on performance metrics.
Schedule of Non-vested Restricted Stock Units Activity	Changes to the company’s non-vested RSUs during the six months ended July 1, 2023, are as follows: Shares (in thousands) Fair Value Non-vested RSUs at December 31, 2022 58 $ 200.16 Granted 26 249.26 Vested — — Cancellations and other (2) 215.96 Non-vested RSUs at July 1, 2023 82 215.39 * Weighted-average
Schedule 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 six months ended July 1, 2023, and July 2, 2022, using the Black-Scholes valuation model: Six Months Ended July 1, 2023 July 2, 2022 Expected term of stock-settled SARs (in years) 4.08 4.02 Expected volatility factor 24.68% 23.09% Expected dividend yield 2.60% 2.68% Risk-free interest rate 3.87% 1.96% The following weighted-average assumptions were used in calculating the fair value of cash-settled SARs granted during the six months ended July 1, 2023, and July 2, 2022, using the Black-Scholes valuation model: Six Months Ended July 1, 2023 July 2, 2022 Expected term of cash-settled SARs (in years) 3.80 3.58 Expected volatility factor 24.06% 23.68% Expected dividend yield 2.25% 2.87% Risk-free interest rate 4.49% 2.85%
Schedule of Changes in SARs	A summary of stock-settled SARs as of and for the six months ended July 1, 2023, are as follows: Stock-settled SARs (in thousands) Exercise Remaining Contractual Term* (in years) Aggregate Intrinsic Value (in millions) Outstanding at December 31, 2022 385 $ 170.11 Granted 62 249.26 Exercised (46) 151.92 Forfeited or expired (71) 161.41 Outstanding at July 1, 2023 330 189.32 6.9 $ 32.6 Exercisable at July 1, 2023 199 165.46 5.6 24.4 * Weighted-average Changes to the company’s non-vested cash-settled SARs during the six months ended July 1, 2023, are as follows: Cash-settled SARs (in thousands) Fair Value Non-vested cash-settled SARs at December 31, 2022 2 $ 53.24 Granted 1 76.12 Vested (1) 110.38 Non-vested cash-settled SARs at July 1, 2023 2 86.09 * Weighted-average

Earnings Per Share - (Tables)

Earnings Per Share - (Tables)	6 Months Ended
	Jul. 01, 2023
Earnings Per Share [Abstract]
Schedule of 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 Six Months Ended July 1, 2023 July 2, 2022 July 1, 2023 July 2, 2022 Weighted-average common shares outstanding 52,956,701 53,312,259 52,987,935 53,354,487 Effect of dilutive securities 1,049,178 926,548 1,046,880 920,924 Weighted-average common shares outstanding, assuming dilution 54,005,879 54,238,807 54,034,815 54,275,411

Commitments and Contingencies -

Commitments and Contingencies - (Tables)	6 Months Ended
	Jul. 01, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of Product Warranty Accrual Activity	Snap-on’s product warranty accrual activity for the three and six months ended July 1, 2023, and July 2, 2022, is as follows: Three Months Ended Six Months Ended (Amounts in millions) July 1, 2023 July 2, 2022 July 1, 2023 July 2, 2022 Warranty reserve: Beginning of period $ 14.8 $ 16.5 $ 14.3 $ 17.3 Additions 4.1 3.2 7.9 5.4 Usage (4.0) (3.7) (7.3) (6.7) End of period $ 14.9 $ 16.0 $ 14.9 $ 16.0

Leases - (Tables)

Leases - (Tables)	6 Months Ended
	Jul. 01, 2023
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 July 1, 2023, and December 31, 2022, is as follows: (Amounts in millions) July 1, December 31, 2022 Finance leases: Property and equipment - gross $ 18.3 $ 19.4 Accumulated depreciation and amortization (15.8) (16.4) Property and equipment - net $ 2.5 $ 3.0 Other accrued liabilities $ 1.7 $ 2.0 Other long-term liabilities 1.4 1.9 Total finance lease liabilities $ 3.1 $ 3.9 Operating leases: Operating lease right-of-use assets $ 68.1 $ 61.5 Other accrued liabilities $ 20.8 $ 19.4 Operating lease liabilities 50.4 44.7 Total operating lease liabilities $ 71.2 $ 64.1

Other Income (Expense) - Net -

Other Income (Expense) - Net - (Tables)	6 Months Ended
	Jul. 01, 2023
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 Six Months Ended (Amounts in millions) July 1, 2023 July 2, 2022 July 1, 2023 July 2, 2022 Interest income $ 9.9 $ 1.6 $ 17.9 $ 2.1 Net foreign exchange loss (2.4) (1.6) (4.9) (2.6) Net periodic pension and postretirement benefits – non-service 9.2 9.3 18.8 18.1 Other 0.1 — 0.2 — Total other income (expense) – net $ 16.8 $ 9.3 $ 32.0 $ 17.6

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) - (Tables)	6 Months Ended
	Jul. 01, 2023
Equity [Abstract]
Schedule of 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 July 1, 2023: (Amounts in millions) Foreign Cash Flow Defined Total Balance as of April 1, 2023 $ (254.4) $ 6.9 $ (263.1) $ (510.6) Other comprehensive income before reclassifications 0.2 — — 0.2 Amounts reclassified from Accumulated OCI — (0.4) 0.1 (0.3) Net other comprehensive income (loss) 0.2 (0.4) 0.1 (0.1) Balance as of July 1, 2023 $ (254.2) $ 6.5 $ (263.0) $ (510.7) The following is a summary of net changes in Accumulated OCI by component and net of tax for the six months ended July 1, 2023: (Amounts in millions) Foreign Cash Flow Defined Total Balance as of December 31, 2022 $ (272.5) $ 7.3 $ (263.1) $ (528.3) Other comprehensive income before reclassifications 18.3 — — 18.3 Amounts reclassified from Accumulated OCI — (0.8) 0.1 (0.7) Net other comprehensive income (loss) 18.3 (0.8) 0.1 17.6 Balance as of July 1, 2023 $ (254.2) $ 6.5 $ (263.0) $ (510.7) The following is a summary of net changes in Accumulated OCI by component and net of tax for the three months ended July 2, 2022: (Amounts in millions) Foreign Cash Flow Defined Total Balance as of April 2, 2022 $ (154.8) $ 8.5 $ (204.3) $ (350.6) Other comprehensive loss before reclassifications (110.3) — — (110.3) Amounts reclassified from Accumulated OCI — (0.4) 3.6 3.2 Net other comprehensive income (loss) (110.3) (0.4) 3.6 (107.1) Balance as of July 2, 2022 $ (265.1) $ 8.1 $ (200.7) $ (457.7) The following is a summary of net changes in Accumulated OCI by component and net of tax for the six months ended July 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 (120.0) — — (120.0) Amounts reclassified from Accumulated OCI — (0.8) 7.0 6.2 Net other comprehensive income (loss) (120.0) (0.8) 7.0 (113.8) Balance as of July 2, 2022 $ (265.1) $ 8.1 $ (200.7) $ (457.7)
Schedule of Reclassifications Out of Accumulated OCI	The reclassifications out of Accumulated OCI for the three and six month periods ended July 1, 2023, and July 2, 2022, are as follows: Amount Reclassified from Accumulated OCI Three Months Ended Six Months Ended (Amounts in millions) July 1, 2023 July 2, 2022 July 1, 2023 July 2, 2022 Statement of Earnings Gains on cash flow hedges: Treasury locks $ 0.4 $ 0.4 $ 0.8 $ 0.8 Interest expense Income tax expense — — — — Income tax expense Net of tax 0.4 0.4 0.8 0.8 Amortization of net unrecognized losses $ (0.1) $ (4.7) $ (0.1) $ (9.2) See footnote below* Income tax benefit — 1.1 — 2.2 Income tax expense Net of tax (0.1) (3.6) (0.1) (7.0) Total reclassifications for the period, net of tax $ 0.3 $ (3.2) $ 0.7 $ (6.2) * These Accumulated OCI components are included in the computation of net periodic pension and postretirement health care costs; see Note 10 and Note 11 for additional information.

Segments - (Tables)

Segments - (Tables)	6 Months Ended
	Jul. 01, 2023
Segment Reporting [Abstract]
Schedule of Net Sales by Segment	Financial Data by Segment: Three Months Ended Six Months Ended (Amounts in millions) July 1, 2023 July 2, 2022 July 1, 2023 July 2, 2022 Net sales: Commercial & Industrial Group $ 364.2 $ 359.1 $ 728.0 $ 699.2 Snap-on Tools Group 523.1 520.6 1,060.1 1,032.7 Repair Systems & Information Group 452.0 416.8 898.6 815.0 Segment net sales 1,339.3 1,296.5 2,686.7 2,546.9 Intersegment eliminations (148.0) (159.9) (312.4) (312.5) Total net sales 1,191.3 1,136.6 2,374.3 2,234.4 Financial Services revenue 93.4 86.4 186.0 174.1 Total revenues $ 1,284.7 $ 1,223.0 $ 2,560.3 $ 2,408.5 Operating earnings: Commercial & Industrial Group $ 58.1 $ 51.7 $ 113.9 $ 97.4 Snap-on Tools Group 137.7 124.4 269.4 240.4 Repair Systems & Information Group 110.4 95.7 215.0 187.3 Financial Services 66.9 65.3 133.2 135.7 Segment operating earnings 373.1 337.1 731.5 660.8 Corporate (29.2) (25.2) (61.5) (55.4) Operating earnings 343.9 311.9 670.0 605.4 Interest expense (12.6) (11.7) (25.0) (23.3) Other income (expense) – net 16.8 9.3 32.0 17.6 Earnings before income taxes $ 348.1 $ 309.5 $ 677.0 $ 599.7
Schedule of Assets by Segment	(Amounts in millions) July 1, December 31, 2022 Assets: Commercial & Industrial Group $ 1,281.6 $ 1,245.8 Snap-on Tools Group 917.4 912.9 Repair Systems & Information Group 1,687.5 1,678.1 Financial Services 2,345.7 2,242.7 Total assets from reportable segments 6,232.2 6,079.5 Corporate 1,087.2 972.9 Elimination of intersegment receivables (89.0) (79.6) Total assets $ 7,230.4 $ 6,972.8

Revenue Recognition - Revenue D

Revenue Recognition - Revenue Disaggregation (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 1,184.6	$ 1,130.5	$ 2,361.1	$ 2,222.4
Net sales	1,284.7	1,223	2,560.3	2,408.5
Intersegment eliminations
Disaggregation of Revenue [Line Items]
Net sales	(148)	(159.9)	(312.4)	(312.5)
Commercial & Industrial Group
Disaggregation of Revenue [Line Items]
Net sales	364.2	359.1	728	699.2
Snap-on Tools Group
Disaggregation of Revenue [Line Items]
Net sales	523.1	520.6	1,060.1	1,032.7
Repair Systems & Information Group
Disaggregation of Revenue [Line Items]
Net sales	452	416.8	898.6	815
Financial Services
Disaggregation of Revenue [Line Items]
Net sales	93.4	86.4	186	174.1
Other revenues
Disaggregation of Revenue [Line Items]
Net sales	6.7	6.1	13.2	12
Total net sales
Disaggregation of Revenue [Line Items]
Net sales	1,191.3	1,136.6	2,374.3	2,234.4
Total net sales | Vehicle service professionals
Disaggregation of Revenue [Line Items]
Net sales	923.2	885.7	1,848.7	1,746.2
Total net sales | All other professionals
Disaggregation of Revenue [Line Items]
Net sales	268.1	250.9	525.6	488.2
Total net sales | Intersegment eliminations
Disaggregation of Revenue [Line Items]
Net sales	(148)	(159.9)	(312.4)	(312.5)
Total net sales | Total assets from reportable segments
Disaggregation of Revenue [Line Items]
Net sales	1,339.3	1,296.5	2,686.7	2,546.9
Total net sales | Commercial & Industrial Group
Disaggregation of Revenue [Line Items]
Net sales	289.8	276.1	568.4	537.3
Total net sales | Commercial & Industrial Group | Vehicle service professionals
Disaggregation of Revenue [Line Items]
Net sales	21.7	25.2	42.8	49.1
Total net sales | Commercial & Industrial Group | All other professionals
Disaggregation of Revenue [Line Items]
Net sales	268.1	250.9	525.6	488.2
Total net sales | Commercial & Industrial Group | Intersegment eliminations
Disaggregation of Revenue [Line Items]
Net sales	74.4	83	159.6	161.9
Total net sales | Commercial & Industrial Group | Total assets from reportable segments
Disaggregation of Revenue [Line Items]
Net sales	364.2	359.1	728	699.2
Total net sales | Snap-on Tools Group
Disaggregation of Revenue [Line Items]
Net sales	523.1	520.6	1,060.1	1,032.7
Total net sales | Snap-on Tools Group | Vehicle service professionals
Disaggregation of Revenue [Line Items]
Net sales	523.1	520.6	1,060.1	1,032.7
Total net sales | Snap-on Tools Group | All other professionals
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
Total net sales | Snap-on Tools Group | Intersegment eliminations
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
Total net sales | Snap-on Tools Group | Total assets from reportable segments
Disaggregation of Revenue [Line Items]
Net sales	523.1	520.6	1,060.1	1,032.7
Total net sales | Repair Systems & Information Group
Disaggregation of Revenue [Line Items]
Net sales	378.4	339.9	745.8	664.4
Total net sales | Repair Systems & Information Group | Vehicle service professionals
Disaggregation of Revenue [Line Items]
Net sales	378.4	339.9	745.8	664.4
Total net sales | Repair Systems & Information Group | All other professionals
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
Total net sales | Repair Systems & Information Group | Intersegment eliminations
Disaggregation of Revenue [Line Items]
Net sales	73.6	76.9	152.8	150.6
Total net sales | Repair Systems & Information Group | Total assets from reportable segments
Disaggregation of Revenue [Line Items]
Net sales	452	416.8	898.6	815
Total net sales | Financial Services
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
Total net sales | Financial Services | Vehicle service professionals
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
Total net sales | Financial Services | All other professionals
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
Total net sales | Financial Services | Intersegment eliminations
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
Total net sales | Financial Services | Total assets from reportable segments
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
Total net sales | North America
Disaggregation of Revenue [Line Items]
Net sales	889.5	843.7	1,782.8	1,648
Total net sales | North America | Commercial & Industrial Group
Disaggregation of Revenue [Line Items]
Net sales	144.3	128.7	281.9	242.4
Total net sales | North America | Snap-on Tools Group
Disaggregation of Revenue [Line Items]
Net sales	459.3	460.3	933.2	908.1
Total net sales | North America | Repair Systems & Information Group
Disaggregation of Revenue [Line Items]
Net sales	285.9	254.7	567.7	497.5
Total net sales | North America | Financial Services
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
Total net sales | Europe
Disaggregation of Revenue [Line Items]
Net sales	178.1	169.9	352	353.7
Total net sales | Europe | Commercial & Industrial Group
Disaggregation of Revenue [Line Items]
Net sales	75.5	73.1	150.5	154.9
Total net sales | Europe | Snap-on Tools Group
Disaggregation of Revenue [Line Items]
Net sales	39	36.4	74.7	76.5
Total net sales | Europe | Repair Systems & Information Group
Disaggregation of Revenue [Line Items]
Net sales	63.6	60.4	126.8	122.3
Total net sales | Europe | Financial Services
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
Total net sales | All other
Disaggregation of Revenue [Line Items]
Net sales	123.7	123	239.5	232.7
Total net sales | All other | Commercial & Industrial Group
Disaggregation of Revenue [Line Items]
Net sales	70	74.3	136	140
Total net sales | All other | Snap-on Tools Group
Disaggregation of Revenue [Line Items]
Net sales	24.8	23.9	52.2	48.1
Total net sales | All other | Repair Systems & Information Group
Disaggregation of Revenue [Line Items]
Net sales	28.9	24.8	51.3	44.6
Total net sales | All other | Financial Services
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
Financial services revenue
Disaggregation of Revenue [Line Items]
Net sales	93.4	86.4	186	174.1
Financial services revenue | Intersegment eliminations
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
Financial services revenue | Commercial & Industrial Group
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
Financial services revenue | Snap-on Tools Group
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
Financial services revenue | Repair Systems & Information Group
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
Financial services revenue | Financial Services
Disaggregation of Revenue [Line Items]
Net sales	$ 93.4	$ 86.4	$ 186	$ 174.1

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jul. 01, 2023	Jul. 01, 2023	Dec. 31, 2022
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Contractual obligation	$ 183	$ 183
Contract with customer, liability	67	67	$ 63.3
Contract with customer, liability, revenue recognized	$ 10.6	$ 45.3
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%

Revenue Recognition - Performan

Revenue Recognition - Performance Obligations (Details)	6 Months Ended
	Jul. 01, 2023
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]: 2023-07-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue, remaining performance obligation, percentage of revenue recognized	65%
Revenue, remaining performance obligation, expected timing of satisfaction, period	18 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-12-29
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue, remaining performance obligation, percentage of revenue recognized	30%
Revenue, remaining performance obligation, expected timing of satisfaction, period	2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-03
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period

Receivables - Narrative (Detail

Receivables - Narrative (Details)	6 Months Ended
	Jul. 01, 2023 portfolio_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	Jul. 01, 2023	Apr. 01, 2023	Dec. 31, 2022	Jul. 02, 2022	Apr. 02, 2022	Jan. 01, 2022
Receivables [Abstract]
Trade and other accounts receivable	$ 819.1		$ 792.8
Allowances for credit losses	(32.3)	$ (31.2)	(31.1)	$ (28.1)	$ (28.4)	$ (27.3)
Total trade and other accounts receivable – net	$ 786.8		$ 761.7

Receivables - Schedule of Allow

Receivables - Schedule of Allowance For Credit Losses On Receivables (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Allowances for credit losses:
Beginning of period	$ 31.2	$ 28.4	$ 31.1	$ 27.3
Provision for credit losses	3.5	2.9	8.2	6.6
Charge-offs	(2.5)	(2.2)	(7.3)	(5.2)
Recoveries	0	0	0	0.1
Currency translation	0.1	(1)	0.3	(0.7)
End of period	$ 32.3	$ 28.1	$ 32.3	$ 28.1

Receivables - Components of Cur

Receivables - Components of Current Finance and Contract Receivables (Details) - USD ($) $ in Millions	Jul. 01, 2023	Dec. 31, 2022
Financing Receivable, Allowance for Credit Loss [Line Items]
Finance and contract receivables, current	$ 722.9	$ 693.4
Allowance for credit losses, current	(22.7)	(21.3)
Total current finance and contract receivables – net	700.2	672.1
Finance Receivables
Financing Receivable, Allowance for Credit Loss [Line Items]
Finance and contract receivables, current	616.4	581.8
Allowance for credit losses, current	(21)	(19.6)
Total current finance and contract receivables – net	595.4	562.2
Finance Receivables | Finance installment receivables
Financing Receivable, Allowance for Credit Loss [Line Items]
Finance and contract receivables, current	611.3	578.6
Allowance for credit losses, current	(20.9)	(19.5)
Finance Receivables | Finance lease receivables
Financing Receivable, Allowance for Credit Loss [Line Items]
Unearned finance charges, current	1.2	0.5
Finance and contract receivables, current	5.1	3.2
Allowance for credit losses, current	(0.1)	(0.1)
Contract Receivables
Financing Receivable, Allowance for Credit Loss [Line Items]
Finance and contract receivables, current	106.5	111.6
Allowance for credit losses, current	(1.7)	(1.7)
Total current finance and contract receivables – net	104.8	109.9
Contract Receivables | Finance installment receivables
Financing Receivable, Allowance for Credit Loss [Line Items]
Finance and contract receivables, current	44.6	51.3
Allowance for credit losses, current	(0.8)	(0.8)
Contract Receivables | Finance lease receivables
Financing Receivable, Allowance for Credit Loss [Line Items]
Unearned finance charges, current	19.8	19.1
Finance and contract receivables, current	61.9	60.3
Allowance for credit losses, current	$ (0.9)	$ (0.9)

Receivables - Components of Fin

Receivables - Components of Finance and Contract Receivables Beyond One Year (Details) - USD ($) $ in Millions	Jul. 01, 2023	Dec. 31, 2022
Financing Receivable, Allowance for Credit Loss [Line Items]
Long-term finance and contract receivables	$ 1,674	$ 1,600.8
Allowance for credit loss, noncurrent	(48.9)	(46.2)
Total long-term finance and contract receivables – net	1,625.1	1,554.6
Finance Receivables
Financing Receivable, Allowance for Credit Loss [Line Items]
Long-term finance and contract receivables	1,276.1	1,212.1
Allowance for credit loss, noncurrent	(44.1)	(41.3)
Total long-term finance and contract receivables – net	1,232	1,170.8
Finance Receivables | Finance installment receivables
Financing Receivable, Allowance for Credit Loss [Line Items]
Long-term finance and contract receivables	1,272	1,210.4
Allowance for credit loss, noncurrent	(44)	(41.3)
Finance Receivables | Finance lease receivables
Financing Receivable, Allowance for Credit Loss [Line Items]
Unearned finance charges, noncurrent	0.8	0.2
Long-term finance and contract receivables	4.1	1.7
Allowance for credit loss, noncurrent	(0.1)	0
Contract Receivables
Financing Receivable, Allowance for Credit Loss [Line Items]
Long-term finance and contract receivables	397.9	388.7
Allowance for credit loss, noncurrent	(4.8)	(4.9)
Total long-term finance and contract receivables – net	393.1	383.8
Contract Receivables | Finance installment receivables
Financing Receivable, Allowance for Credit Loss [Line Items]
Long-term finance and contract receivables	206.7	202.1
Allowance for credit loss, noncurrent	(3.1)	(3.1)
Contract Receivables | Finance lease receivables
Financing Receivable, Allowance for Credit Loss [Line Items]
Unearned finance charges, noncurrent	32.3	30.7
Long-term finance and contract receivables	191.2	186.6
Allowance for credit loss, noncurrent	$ (1.7)	$ (1.8)

Receivables - Schedule of Perfo

Receivables - Schedule of Performing and Nonperforming Finance and Contract Receivables (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022	Dec. 31, 2022
Finance Receivables
Financing Receivable, Credit Quality Indicator [Line Items]
2023	$ 876.4		$ 876.4
2022	645.7		645.7
2021	225.2		225.2
2020	103.6		103.6
2019	32.5		32.5
Prior	9.1		9.1
Total	1,892.5		1,892.5		$ 1,793.9
Finance and contract receivables charge-offs year one			0.2
Finance and contract receivables charge-offs year two			12.3
Finance and contract receivables charge-offs year three			8.2
Finance and contract receivables charge-offs year four			4.5
Finance and contract receivables charge-offs year five			1.9
Finance and contract receivables charge-offs more than five years			1.3
Finance and contract receivables charge-offs	13.9	$ 12.8	28.4	$ 26.2
Contract Receivables
Financing Receivable, Credit Quality Indicator [Line Items]
2023	92.3		92.3
2022	146.5		146.5
2021	102.4		102.4
2020	70.9		70.9
2019	46.6		46.6
Prior	45.7		45.7
Total	504.4		504.4		$ 500.3
Finance and contract receivables charge-offs year one			0
Finance and contract receivables charge-offs year two			0.1
Finance and contract receivables charge-offs year three			0.3
Finance and contract receivables charge-offs year four			0.3
Finance and contract receivables charge-offs year five			0.1
Finance and contract receivables charge-offs more than five years			0.1
Finance and contract receivables charge-offs	0.4	$ 0.6	0.9	$ 1.4
Delinquent | Finance Receivables
Financing Receivable, Credit Quality Indicator [Line Items]
2023	3.5		3.5
2022	18.7		18.7
2021	9.9		9.9
2020	5.9		5.9
2019	2.5		2.5
Prior	1.4		1.4
Total	41.9		41.9
Delinquent | Contract Receivables
Financing Receivable, Credit Quality Indicator [Line Items]
2023	0.2		0.2
2022	0.8		0.8
2021	1.1		1.1
2020	0.5		0.5
2019	0.4		0.4
Prior	0.2		0.2
Total	3.2		3.2
Non-delinquent | Finance Receivables
Financing Receivable, Credit Quality Indicator [Line Items]
2023	872.9		872.9
2022	627		627
2021	215.3		215.3
2020	97.7		97.7
2019	30		30
Prior	7.7		7.7
Total	1,850.6		1,850.6
Non-delinquent | Contract Receivables
Financing Receivable, Credit Quality Indicator [Line Items]
2023	92.1		92.1
2022	145.7		145.7
2021	101.3		101.3
2020	70.4		70.4
2019	46.2		46.2
Prior	45.5		45.5
Total	$ 501.2		$ 501.2

Receivables - Finance and Contr

Receivables - Finance and Contract Receivables Allowance for Credit Losses Rollforward (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Allowances for credit losses:
Provision for credit losses			$ 27.9	$ 15.4
Finance Receivables
Allowances for credit losses:
Beginning of period	$ 62.7	$ 62.5	60.9	67.3
Provision for credit losses	13.7	9.1	27.9	15.4
Charge-offs	(13.9)	(12.8)	(28.4)	(26.2)
Recoveries	2.5	2.7	4.6	5
Currency translation	0.1	(0.2)	0.1	(0.2)
End of period	65.1	61.3	65.1	61.3
Contract Receivables
Allowances for credit losses:
Beginning of period	6.5	7.7	6.6	8.4
Provision for credit losses	0.3	0	0.6	0.1
Charge-offs	(0.4)	(0.6)	(0.9)	(1.4)
Recoveries	0.1	0.1	0.2	0.1
Currency translation	0	0	0	0
End of period	$ 6.5	$ 7.2	$ 6.5	$ 7.2

Receivables - Aging of Finance

Receivables - Aging of Finance and Contract Receivables (Details) - USD ($) $ in Millions	Jul. 01, 2023	Dec. 31, 2022
Finance Receivables
Financing Receivable, Past Due [Line Items]
Total	$ 1,892.5	$ 1,793.9
Greater Than 90 Days Past Due and Accruing	13.8	16.5
Finance Receivables | Total Past Due
Financing Receivable, Past Due [Line Items]
Total	41.9	47.9
Finance Receivables | 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Total	15.2	17.2
Finance Receivables | 60-90 Days Past Due
Financing Receivable, Past Due [Line Items]
Total	10.1	11.2
Finance Receivables | Greater Than 90 Days Past Due
Financing Receivable, Past Due [Line Items]
Total	16.6	19.5
Finance Receivables | Total Not Past Due
Financing Receivable, Past Due [Line Items]
Total	1,850.6	1,746
Contract Receivables
Financing Receivable, Past Due [Line Items]
Total	504.4	500.3
Greater Than 90 Days Past Due and Accruing	0.1	0.3
Contract Receivables | Total Past Due
Financing Receivable, Past Due [Line Items]
Total	3.2	3.7
Contract Receivables | 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Total	0.9	1.2
Contract Receivables | 60-90 Days Past Due
Financing Receivable, Past Due [Line Items]
Total	0.7	0.3
Contract Receivables | Greater Than 90 Days Past Due
Financing Receivable, Past Due [Line Items]
Total	1.6	2.2
Contract Receivables | Total Not Past Due
Financing Receivable, Past Due [Line Items]
Total	$ 501.2	$ 496.6

Receivables - Schedule of Finan

Receivables - Schedule of Finance and Contract Receivables on Nonaccrual Status (Details) - USD ($) $ in Millions	Jul. 01, 2023	Dec. 31, 2022
Finance Receivables
Financing Receivable, Past Due [Line Items]
Nonaccrual	$ 10.1	$ 8.7
Contract Receivables
Financing Receivable, Past Due [Line Items]
Nonaccrual	$ 2.3	$ 3.3

Inventories - Schedule of Inven

Inventories - Schedule of Inventories by Major Classification (Details) - USD ($) $ in Millions	Jul. 01, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Finished goods	$ 892.2	$ 882.2
Work in progress	77	77.2
Raw materials	187	182.3
Total FIFO value	1,156.2	1,141.7
Excess of current cost over LIFO cost	(110.1)	(108.6)
Total inventories – net	$ 1,046.1	$ 1,033.1

Inventories - Narrative (Detail

Inventories - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022	Dec. 31, 2022
Geographic Valuation Methodologies Of Inventory [Line Items]
Percentage of FIFO inventory	60%		60%		61%
Effect of LIFO inventory liquidation on income	$ 0	$ 0	$ 0	$ 0
United States
Geographic Valuation Methodologies Of Inventory [Line Items]
Percentage of FIFO inventory	37%		37%
Percentage of LIFO inventory	63%		63%

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Changes in Carrying Amount of Goodwill by Segment (Details) $ in Millions	6 Months Ended
	Jul. 01, 2023 USD ($)
Goodwill [Roll Forward]
Beginning balances	$ 1,045.3
Currency translation	3.3
Ending balances	1,048.6
Commercial & Industrial Group
Goodwill [Roll Forward]
Beginning balances	302.9
Currency translation	2.5
Ending balances	305.4
Snap-on Tools Group
Goodwill [Roll Forward]
Beginning balances	12.4
Currency translation	0
Ending balances	12.4
Repair Systems & Information Group
Goodwill [Roll Forward]
Beginning balances	730
Currency translation	0.8
Ending balances	$ 730.8

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Other Intangible Assets by Major Class (Details) - USD ($) $ in Millions	Jul. 01, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross  Carrying Value	$ 496.4	$ 487.5
Non-amortized trademarks	133.9	134.1
Total other intangible assets	630.3	621.6
Accumulated Amortization	(360.8)	(346)
Net Carrying Value	135.6	141.5
Non-amortized trademarks	133.9	134.1
Total other intangible assets	269.5	275.6
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross  Carrying Value	212.8	212.1
Accumulated Amortization	(157.2)	(150.8)
Net Carrying Value	55.6	61.3
Developed technology
Finite-Lived Intangible Assets [Line Items]
Gross  Carrying Value	36.1	35.8
Accumulated Amortization	(28.1)	(26)
Net Carrying Value	8	9.8
Internally developed software
Finite-Lived Intangible Assets [Line Items]
Gross  Carrying Value	185.8	179.6
Accumulated Amortization	(143.1)	(137.2)
Net Carrying Value	42.7	42.4
Patents
Finite-Lived Intangible Assets [Line Items]
Gross  Carrying Value	50.3	48.4
Accumulated Amortization	(26)	(25.6)
Net Carrying Value	24.3	22.8
Trademarks
Finite-Lived Intangible Assets [Line Items]
Gross  Carrying Value	3.9	3.9
Accumulated Amortization	(2.4)	(2.4)
Net Carrying Value	1.5	1.5
Other
Finite-Lived Intangible Assets [Line Items]
Gross  Carrying Value	7.5	7.7
Accumulated Amortization	(4)	(4)
Net Carrying Value	$ 3.5	$ 3.7

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Impairment of goodwill and other indefinite-lived intangible assets	$ 0
Accumulated impairment losses	$ 0		$ 0
Weighted-average amortization period (in years)	12 years		12 years
Aggregate amortization expense	$ 7,000,000	$ 7,200,000	$ 13,900,000	$ 14,400,000
Estimated annual amortization expense for fiscal period 2023	27,100,000		27,100,000
Estimated annual amortization expense for fiscal period 2024	21,600,000		21,600,000
Estimated annual amortization expense for fiscal period 2025	15,500,000		15,500,000
Estimated annual amortization expense for fiscal period 2026	11,700,000		11,700,000
Estimated annual amortization expense for fiscal period 2027	10,300,000		10,300,000
Estimated annual amortization expense for fiscal period 2028	$ 9,000,000		$ 9,000,000

Goodwill and Other Intangible_6

Goodwill and Other Intangible Assets - Weighted-Average Amortization Period by Major Class (Details)	Jul. 01, 2023
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)	15 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		6 Months Ended		12 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022	Dec. 31, 2023	Apr. 01, 2023	Dec. 31, 2022
Restructuring Cost and Reserve [Line Items]
Exit and disposal costs	$ 0	$ 0	$ 0	$ 0
Restructuring reserve	$ 2,200,000		$ 2,200,000			$ 2,500,000	$ 2,800,000
Forecast
Restructuring Cost and Reserve [Line Items]
Exit and disposal costs					$ 1,100,000

Exit and Disposal Activities _2

Exit and Disposal Activities - Accrual Activity (Details) - USD ($) $ in Millions	3 Months Ended
	Jul. 01, 2023	Apr. 01, 2023
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	$ 2.5	$ 2.8
Provision	0	0
Usage	(0.3)	(0.3)
Restructuring reserve, ending balance	2.2	2.5
Commercial & Industrial Group
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	1.5	1.6
Provision	0	0
Usage	(0.1)	(0.1)
Restructuring reserve, ending balance	1.4	1.5
Snap-on Tools Group
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	0.1	0.1
Provision	0	0
Usage	(0.1)	0
Restructuring reserve, ending balance	0	0.1
Repair Systems & Information Group
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	0.9	1.1
Provision	0	0
Usage	(0.1)	(0.2)
Restructuring reserve, ending balance	$ 0.8	$ 0.9

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($)	6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022
Income Tax [Line Items]
Effective income tax rate	23%	23.70%
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	500,000
Increase in unrecognized tax benefits	$ 700,000

Short-term and Long-term Debt_2

Short-term and Long-term Debt - Schedule of Short-term and Long-term Debt (Details) - USD ($) $ in Millions	Jul. 01, 2023	Dec. 31, 2022
Schedule Of Debt Instruments [Line Items]
Long term debt	$ 1,202	$ 1,201
Total long-term debt	1,184.2	1,183.8
Less: notes payable
Schedule Of Debt Instruments [Line Items]
Less: notes payable	(17.8)	(17.2)
Other
Schedule Of Debt Instruments [Line Items]
Long term debt	$ 2	1
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)	6 Months Ended
	Jul. 01, 2023 USD ($) revision	Dec. 31, 2022 USD ($)
Schedule Of Debt Instruments [Line Items]
Notes payable	$ 17,800,000	$ 17,200,000
Commercial paper borrowings
Schedule Of Debt Instruments [Line Items]
Short-term debt	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	0.07
Actual debt-to-income ratio	0.27
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 ($)	Jul. 01, 2023	Dec. 31, 2022
Equity Forwards
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity forwards in place of common stock associated with its deferred compensation plans (in shares)	68,800
Treasury locks
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Treasury locks outstanding	$ 0	$ 0
Fair Value Hedging
Fair Value, Balance Sheet Grouping, Financial Statement Captions [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	Jul. 01, 2023	Dec. 31, 2022
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt and notes payable	$ 1,202	$ 1,201
Carrying Value | Finance Receivables
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Finance receivables – net	1,827.4	1,733
Carrying Value | Contract Receivables
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Finance receivables – net	497.9	493.7
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt and notes payable	1,009.5	982.1
Fair Value | Finance Receivables
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Finance receivables – net	2,071.3	1,983.9
Fair Value | Contract Receivables
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Finance receivables – net	$ 524.1	$ 520.4

Pension Plans - Net Periodic Pe

Pension Plans - Net Periodic Pension (Benefit) Cost (Details) - Pension Plans, Defined Benefit - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 4.5	$ 6.3	$ 9.4	$ 13.4
Interest cost	16.4	11.2	32.7	22.3
Expected return on plan assets	(26.1)	(25.4)	(52.3)	(49.9)
Amortization of unrecognized loss	0.4	4.7	0.7	9.2
Net periodic (pension benefit) postretirement healthcare cost	$ (4.8)	$ (3.2)	$ (9.5)	$ (5)

Pension Plans - Narrative (Deta

Pension Plans - Narrative (Details) - Pension Plans, Defined Benefit $ in Millions	Jul. 01, 2023 USD ($)
Foreign Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Expected future employer contributions	$ 6.9
United States Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Expected future employer contributions	$ 2.4

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		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Postretirement Health Care Plans [Line Items]
Interest cost	$ 0.6	$ 0.3	$ 1.1	$ 0.6
Expected return on plan assets	(0.2)	(0.1)	(0.4)	(0.3)
Amortization of unrecognized gain	(0.3)	0	(0.6)	0
Net periodic (pension benefit) postretirement healthcare cost	$ 0.1	$ 0.2	$ 0.1	$ 0.3

Stock-based Compensation and _3

Stock-based Compensation and Other Stock Plans - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Net stock-based compensation expense	$ 10.2	$ 8.5	$ 20.4	$ 17.5
Cash received from stock purchase and option plan exercises	51.8	23.4	84.6	29.2
Tax benefit realized from exercise and vesting of share-based payment arrangements	$ 5.4	$ 1.8	$ 10.5	$ 3.9
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)	2,629,450		2,629,450

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		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
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)			$ 51.09	$ 34.35
Intrinsic value of stock exercised	$ 24.5	$ 7.4	$ 47.1	$ 10.2
Fair value of stock vested			9.1	$ 10.5
Unrecognized compensation cost related to non-vested award	$ 17.2		$ 17.2
Cost expected to be recognized over weighted-average period (in years)			1 year 10 months 24 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		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term of option (in years)	3 years 9 months 18 days	3 years 8 months 26 days	4 years 10 months 20 days	5 years 1 month 20 days
Expected volatility factor	24.52%	23.12%	23.99%	22.61%
Expected dividend yield	2.48%	2.73%	2.60%	2.68%
Risk-free interest rate	3.63%	2.73%	3.99%	2%

Stock-based Compensation and _6

Stock-based Compensation and Other Stock Plans - Schedule of Changes in Stock Options (Details) - Stock Option $ / shares in Units, shares in Thousands, $ in Millions	6 Months Ended
	Jul. 01, 2023 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Beginning balance (in shares) | shares	2,349
Granted (in shares) | shares	241
Exercised (in shares) | shares	(450)
Forfeited or expired (in shares) | shares	(18)
Ending balance (in shares) | shares	2,122
Exercisable at end of period (in shares) | shares	1,609
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price
Beginning balance (in dollars per share) | $ / shares	$ 163.07
Granted (in dollars per share) | $ / shares	249.28
Exercised (in dollars per share) | $ / shares	152.60
Forfeited or expired (in dollars per share) | $ / shares	215.97
Ending balance (in dollars per share) | $ / shares	174.65
Exercisable at end of period (in dollars per share) | $ / shares	$ 158.64
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures
Outstanding, remaining contractual term (in years)	5 years 7 months 6 days
Exercisable, remaining contractual term (in years)	4 years 6 months
Outstanding, aggregate intrinsic value | $	$ 240.9
Exercisable, aggregate intrinsic value | $	$ 208.4

Stock-based Compensation and _7

Stock-based Compensation and Other Stock Plans - Performance Share Unit and Restricted Stock Unit Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022
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%
Performance period	3 years
Weighted-average grant date fair value granted (in dollars per share)	$ 249.26	$ 204.87
Performance awards shares paid out (in shares)	60,402	46,217
Unrecognized compensation cost related to non-vested award	$ 23.9
Cost expected to be recognized over weighted-average period (in years)	1 year 2 months 12 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
Weighted-average grant date fair value granted (in dollars per share)	$ 249.26	$ 211.67
Unrecognized compensation cost related to non-vested award	$ 9.6
Cost expected to be recognized over weighted-average period (in years)	1 year 4 months 24 days

Stock-based Compensation and _8

Stock-based Compensation and Other Stock Plans - Schedule of Performance Share Unit and Restricted Stock Unit (Details) - $ / shares shares in Thousands	6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022
Performance Awards
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning balance (in shares)	199
Granted (in shares)	58
Performance assumption change (in shares)	14
Vested (in shares)	0
Cancellations and other (in shares)	(4)
Ending balance (in shares)	267
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)	$ 196.51
Granted (in dollars per share)	249.26	$ 204.87
Performance assumption change (in dollars per share)	211.67
Vested (in dollars per share)	0
Cancellations and other (in dollars per share)	215.56
Ending balance (in dollars per share)	$ 208.54
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning balance (in shares)	58
Granted (in shares)	26
Vested (in shares)	0
Cancellations and other (in shares)	(2)
Ending balance (in shares)	82
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)	$ 200.16
Granted (in dollars per share)	249.26	$ 211.67
Vested (in dollars per share)	0
Cancellations and other (in dollars per share)	215.96
Ending balance (in dollars per share)	$ 215.39

Stock-based Compensation and _9

Stock-based Compensation and Other Stock Plans - Stock Appreciation Rights Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
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)			$ 76.12
Intrinsic value of stock exercised	$ 0	$ 200,000	$ 400,000	$ 600,000
Fair value of stock vested			100,000	$ 100,000
Unrecognized compensation cost related to non-vested award	200,000		$ 200,000
Cost expected to be recognized over weighted-average period (in years)			1 year 10 months 24 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)			$ 48.85	$ 32.63
Intrinsic value of stock exercised	2,600,000	$ 500,000	$ 4,800,000	$ 700,000
Fair value of stock vested			1,900,000	$ 2,000,000
Unrecognized compensation cost related to non-vested award	$ 4,200,000		$ 4,200,000
Cost expected to be recognized over weighted-average period (in years)			1 year 10 months 24 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	6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term of stock-settled SARs (in years)	4 years 29 days	4 years 7 days
Expected volatility factor	24.68%	23.09%
Expected dividend yield	2.60%	2.68%
Risk-free interest rate	3.87%	1.96%

Stock-based Compensation and_11

Stock-based Compensation and Other Stock Plans - Schedule of Changes in Stock-Settled SARs (Details) - Stock-Settled SARs $ / shares in Units, shares in Thousands, $ in Millions	6 Months Ended
	Jul. 01, 2023 USD ($) $ / shares shares
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	385
Granted (in shares) | shares	62
Exercised (in shares) | shares	(46)
Forfeited or expired (in shares) | shares	(71)
Ending balance (in shares) | shares	330
Exercisable at end of period (in shares) | shares	199
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	$ 170.11
Granted (in dollars per share) | $ / shares	249.26
Exercised (in dollars per share) | $ / shares	151.92
Forfeited or expired (in dollars per share) | $ / shares	161.41
Ending balance (in dollars per share) | $ / shares	189.32
Exercisable at end of period (in dollars per share) | $ / shares	$ 165.46
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures
Outstanding, remaining contractual term	6 years 10 months 24 days
Exercisable, remaining contractual term	5 years 7 months 6 days
Outstanding, aggregate intrinsic value | $	$ 32.6
Exercisable, aggregate intrinsic value | $	$ 24.4

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)	6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	3 years 9 months 18 days	3 years 6 months 29 days
Expected volatility factor	24.06%	23.68%
Expected dividend yield	2.25%	2.87%
Risk-free interest rate	4.49%	2.85%

Stock-based Compensation and_13

Stock-based Compensation and Other Stock Plans - Schedule of Changes in Non-Vested Cash-Settled SARs (Details) - Stock Appreciation Rights (SARs) shares in Thousands	6 Months Ended
	Jul. 01, 2023 $ / shares shares
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	$ 53.24
Granted (in dollars per share) | $ / shares	76.12
Vested (in dollars per share) | $ / shares	110.38
Ending balance (in dollars per share) | $ / shares	$ 86.09

Stock-based Compensation and_14

Stock-based Compensation and Other Stock Plans - Restricted Stock Awards, Non-employee Directors Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Restricted Stock | Non Employee Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			5,760	6,525
Vesting period			1 year
Stock Appreciation Rights (SARs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Intrinsic value of stock exercised	$ 0	$ 200,000	$ 400,000	$ 600,000
Fair value of stock vested			$ 100,000	$ 100,000
Granted (in shares)			1,000
Unrecognized compensation cost related to non-vested award	$ 200,000		$ 200,000
Cost expected to be recognized over weighted-average period (in years)			1 year 10 months 24 days

Stock-based Compensation and_15

Stock-based Compensation and Other Stock Plans - Employee Stock Purchase Plan Narrative (Details) - Employee Stock - USD ($)	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued in period (in shares)			27,225	18,464
Shares reserved for future issuance (in shares)	551,598		551,598
Participant contributions held	$ 500,000		$ 500,000
Compensation expense	$ 500,000	$ 0	$ 1,000,000	$ 0

Stock-based Compensation and_16

Stock-based Compensation and Other Stock Plans - Franchise Stock Purchase Plan Narrative (Details) - Franchise Stock - USD ($)	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued in period (in shares)			46,510	44,937
Shares reserved for future issuance (in shares)	178,715		178,715
Participant contributions held	$ 1,000,000		$ 1,000,000
Compensation expense	$ 700,000	$ 0	$ 1,600,000	$ 0

Earnings Per Share - Computatio

Earnings Per Share - Computation of Basic and Diluted Earnings Per Common Share (Details) - shares	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Earnings Per Share [Abstract]
Weighted-average common shares outstanding (in shares)	52,956,701	53,312,259	52,987,935	53,354,487
Effect of dilutive securities (in shares)	1,049,178	926,548	1,046,880	920,924
Diluted (in shares)	54,005,879	54,238,807	54,034,815	54,275,411

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details) - shares	6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022
Stock-Settled SARs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Outstanding options or stock settled SARs (in shares)	500	0

Commitments and Contingencies_2

Commitments and Contingencies - Schedule of Product Warranty Accrual Activity (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Warranty reserve:
Beginning of period	$ 14.8	$ 16.5	$ 14.3	$ 17.3
Additions	4.1	3.2	7.9	5.4
Usage	(4)	(3.7)	(7.3)	(6.7)
End of period	$ 14.9	$ 16	$ 14.9	$ 16

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Millions	Jul. 01, 2023	Dec. 31, 2022
Finance leases:
Property and equipment - gross	$ 18.3	$ 19.4
Accumulated depreciation and amortization	$ (15.8)	$ (16.4)
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	$ 2.5	$ 3
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other accrued liabilities	Other accrued liabilities
Other accrued liabilities	$ 1.7	$ 2
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other long-term liabilities	Other long-term liabilities
Other long-term liabilities	$ 1.4	$ 1.9
Total finance lease liabilities	3.1	3.9
Operating leases:
Operating lease right-of-use assets	$ 68.1	$ 61.5
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other accrued liabilities	Other accrued liabilities
Other accrued liabilities	$ 20.8	$ 19.4
Operating lease liabilities	50.4	44.7
Total operating lease liabilities	$ 71.2	$ 64.1

Other Income (Expense) - Net _2

Other Income (Expense) - Net - Computation of Other Income (Expense) - Net (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Other Income and Expenses [Abstract]
Interest income	$ 9.9	$ 1.6	$ 17.9	$ 2.1
Net foreign exchange loss	(2.4)	(1.6)	(4.9)	(2.6)
Net periodic pension and postretirement benefits – non-service	9.2	9.3	18.8	18.1
Other	0.1	0	0.2	0
Total other income (expense) – net	$ 16.8	$ 9.3	$ 32	$ 17.6

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		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 4,632.4	$ 4,320.6	$ 4,503.5	$ 4,203.8
Other comprehensive income (loss) before reclassifications	0.2	(110.3)	18.3	(120)
Amounts reclassified from Accumulated OCI	(0.3)	3.2	(0.7)	6.2
Net other comprehensive income (loss)	(0.1)	(107.1)	17.6	(113.8)
Ending balance	4,779.3	4,346.8	4,779.3	4,346.8
Accumulated Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(510.6)	(350.6)	(528.3)	(343.9)
Net other comprehensive income (loss)	(0.1)	(107.1)	17.6	(113.8)
Ending balance	(510.7)	(457.7)	(510.7)	(457.7)
Foreign Currency Translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(254.4)	(154.8)	(272.5)	(145.1)
Other comprehensive income (loss) before reclassifications	0.2	(110.3)	18.3	(120)
Amounts reclassified from Accumulated OCI	0	0	0	0
Net other comprehensive income (loss)	0.2	(110.3)	18.3	(120)
Ending balance	(254.2)	(265.1)	(254.2)	(265.1)
Cash Flow Hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	6.9	8.5	7.3	8.9
Other comprehensive income (loss) before reclassifications	0	0	0	0
Amounts reclassified from Accumulated OCI	(0.4)	(0.4)	(0.8)	(0.8)
Net other comprehensive income (loss)	(0.4)	(0.4)	(0.8)	(0.8)
Ending balance	6.5	8.1	6.5	8.1
Defined Benefit Pension and Postretirement Plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(263.1)	(204.3)	(263.1)	(207.7)
Other comprehensive income (loss) before reclassifications	0	0	0	0
Amounts reclassified from Accumulated OCI	0.1	3.6	0.1	7
Net other comprehensive income (loss)	0.1	3.6	0.1	7
Ending balance	$ (263)	$ (200.7)	$ (263)	$ (200.7)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Income (Loss) - Reclassifications Out of Accumulated OCI (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Gains on cash flow hedges:
Interest expense	$ (12.6)	$ (11.7)	$ (25)	$ (23.3)
Other income (expense) - net	16.8	9.3	32	17.6
Income tax expense	(78.2)	(72.3)	(152.8)	(139.8)
Net earnings	269.9	237.2	524.2	459.9
Reclassification out of AOCI
Gains on cash flow hedges:
Net earnings	0.3	(3.2)	0.7	(6.2)
Cash Flow Hedges | Reclassification out of AOCI
Gains on cash flow hedges:
Interest expense	0.4	0.4	0.8	0.8
Income tax expense	0	0	0	0
Net earnings	0.4	0.4	0.8	0.8
Defined Benefit Pension and Postretirement Plans | Reclassification out of AOCI
Gains on cash flow hedges:
Other income (expense) - net	(0.1)	(4.7)	(0.1)	(9.2)
Income tax expense	0	1.1	0	2.2
Net earnings	$ (0.1)	$ (3.6)	$ (0.1)	$ (7)

Segments - Schedule of Net Sale

Segments - Schedule of Net Sales by Segment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Segment Reporting Information [Line Items]
Total revenues	$ 1,284.7	$ 1,223	$ 2,560.3	$ 2,408.5
Operating earnings	343.9	311.9	670	605.4
Interest expense	(12.6)	(11.7)	(25)	(23.3)
Other income (expense) – net	16.8	9.3	32	17.6
Earnings before income taxes	348.1	309.5	677	599.7
Commercial & Industrial Group
Segment Reporting Information [Line Items]
Total revenues	364.2	359.1	728	699.2
Snap-on Tools Group
Segment Reporting Information [Line Items]
Total revenues	523.1	520.6	1,060.1	1,032.7
Repair Systems & Information Group
Segment Reporting Information [Line Items]
Total revenues	452	416.8	898.6	815
Financial Services
Segment Reporting Information [Line Items]
Total revenues	93.4	86.4	186	174.1
Total assets from reportable segments
Segment Reporting Information [Line Items]
Operating earnings	373.1	337.1	731.5	660.8
Intersegment eliminations
Segment Reporting Information [Line Items]
Total revenues	(148)	(159.9)	(312.4)	(312.5)
Corporate
Segment Reporting Information [Line Items]
Operating earnings	29.2	25.2	61.5	55.4
Total net sales
Segment Reporting Information [Line Items]
Total revenues	1,191.3	1,136.6	2,374.3	2,234.4
Operating earnings	277	246.6	536.8	469.7
Total net sales | Commercial & Industrial Group
Segment Reporting Information [Line Items]
Total revenues	289.8	276.1	568.4	537.3
Total net sales | Snap-on Tools Group
Segment Reporting Information [Line Items]
Total revenues	523.1	520.6	1,060.1	1,032.7
Total net sales | Repair Systems & Information Group
Segment Reporting Information [Line Items]
Total revenues	378.4	339.9	745.8	664.4
Total net sales | Financial Services
Segment Reporting Information [Line Items]
Total revenues	0	0	0	0
Total net sales | Total assets from reportable segments
Segment Reporting Information [Line Items]
Total revenues	1,339.3	1,296.5	2,686.7	2,546.9
Total net sales | Total assets from reportable segments | Commercial & Industrial Group
Segment Reporting Information [Line Items]
Total revenues	364.2	359.1	728	699.2
Operating earnings	58.1	51.7	113.9	97.4
Total net sales | Total assets from reportable segments | Snap-on Tools Group
Segment Reporting Information [Line Items]
Total revenues	523.1	520.6	1,060.1	1,032.7
Operating earnings	137.7	124.4	269.4	240.4
Total net sales | Total assets from reportable segments | Repair Systems & Information Group
Segment Reporting Information [Line Items]
Total revenues	452	416.8	898.6	815
Operating earnings	110.4	95.7	215	187.3
Total net sales | Total assets from reportable segments | Financial Services
Segment Reporting Information [Line Items]
Total revenues	0	0	0	0
Total net sales | Intersegment eliminations
Segment Reporting Information [Line Items]
Total revenues	(148)	(159.9)	(312.4)	(312.5)
Total net sales | Intersegment eliminations | Commercial & Industrial Group
Segment Reporting Information [Line Items]
Total revenues	74.4	83	159.6	161.9
Total net sales | Intersegment eliminations | Snap-on Tools Group
Segment Reporting Information [Line Items]
Total revenues	0	0	0	0
Total net sales | Intersegment eliminations | Repair Systems & Information Group
Segment Reporting Information [Line Items]
Total revenues	73.6	76.9	152.8	150.6
Total net sales | Intersegment eliminations | Financial Services
Segment Reporting Information [Line Items]
Total revenues	0	0	0	0
Financial services revenue
Segment Reporting Information [Line Items]
Total revenues	93.4	86.4	186	174.1
Operating earnings	66.9	65.3	133.2	135.7
Financial services revenue | Commercial & Industrial Group
Segment Reporting Information [Line Items]
Total revenues	0	0	0	0
Financial services revenue | Snap-on Tools Group
Segment Reporting Information [Line Items]
Total revenues	0	0	0	0
Financial services revenue | Repair Systems & Information Group
Segment Reporting Information [Line Items]
Total revenues	0	0	0	0
Financial services revenue | Financial Services
Segment Reporting Information [Line Items]
Total revenues	93.4	86.4	186	174.1
Financial services revenue | Total assets from reportable segments | Financial Services
Segment Reporting Information [Line Items]
Operating earnings	66.9	65.3	133.2	135.7
Financial services revenue | Intersegment eliminations
Segment Reporting Information [Line Items]
Total revenues	$ 0	$ 0	$ 0	$ 0

Segments - Schedule of Assets b

Segments - Schedule of Assets by Segment (Details) - USD ($) $ in Millions	Jul. 01, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Assets	$ 7,230.4	$ 6,972.8
Total assets from reportable segments
Segment Reporting Information [Line Items]
Assets	6,232.2	6,079.5
Total assets from reportable segments | Commercial & Industrial Group
Segment Reporting Information [Line Items]
Assets	1,281.6	1,245.8
Total assets from reportable segments | Snap-on Tools Group
Segment Reporting Information [Line Items]
Assets	917.4	912.9
Total assets from reportable segments | Repair Systems & Information Group
Segment Reporting Information [Line Items]
Assets	1,687.5	1,678.1
Total assets from reportable segments | Financial Services
Segment Reporting Information [Line Items]
Assets	2,345.7	2,242.7
Corporate
Segment Reporting Information [Line Items]
Assets	1,087.2	972.9
Elimination of intersegment receivables
Segment Reporting Information [Line Items]
Assets	$ (89)	$ (79.6)