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Pension Plans (Tables)

12 Months Ended

Dec. 29, 2012

Summary Of Change In Benefit Obligation

(Amounts in millions)		2012				2011
Change in projected benefit obligation:
Benefit obligation at beginning of year		$	1,169.7			$	1,037.4
Service cost			21.1				19.1
Interest cost			52.0				53.9
Plan participants’ contributions			1.3				1.4
Plan settlements			(13.6)				–
Plan curtailments			(0.1)				–
Benefits paid			(55.8)				(53.5)
Plan amendments			(10.2)				0.9
Actuarial loss			57.9				112.3
Foreign currency impact			7.0				(1.8)
Benefit obligation at end of year		$	1,229.3			$	1,169.7

Summary Of Change In Fair Value Of Plan Assets

(Amounts in millions)		2012				2011
Change in projected benefit obligation:
Benefit obligation at beginning of year		$	1,169.7			$	1,037.4
Service cost			21.1				19.1
Interest cost			52.0				53.9
Plan participants’ contributions			1.3				1.4
Plan settlements			(13.6)				–
Plan curtailments			(0.1)				–
Benefits paid			(55.8)				(53.5)
Plan amendments			(10.2)				0.9
Actuarial loss			57.9				112.3
Foreign currency impact			7.0				(1.8)
Benefit obligation at end of year		$	1,229.3			$	1,169.7
Change in plan assets:
Fair value of plan assets at beginning of year		$	846.1			$	793.0
Actual return on plan assets			94.3				45.4
Plan participants’ contributions			1.3				1.4
Employer contributions			87.5				61.0
Benefits paid			(55.8)				(53.5)
Plan settlements			(13.6)				–
Foreign currency impact			4.2				(1.2)
Fair value of plan assets at end of year		$	964.0			$	846.1
Unfunded status at end of year		$	(265.3)			$	(323.6)

Summary Of Amounts Recognized In Consolidated Balance Sheets

(Amounts in millions)		2012				2011
Other assets		$	–			$	0.1
Accrued benefits			(4.6)				(6.0)
Pension liabilities			(260.7)				(317.7)
Net liability		$	(265.3)			$	(323.6)

Summary Of Amounts Included In Accumulated Other Comprehensive Income (Loss)

(Amounts in millions)		2012				2011
Net loss, net of tax of $147.1 million and $155.6 million, respectively		$	(260.4)			$	(268.0)
Prior service credit (cost), net of tax of $2.5 million and $1.9 million, respectively			4.0				(3.0)
		$	(256.4)			$	(271.0)

Summary Of Benefit Obligations In Excess Of Fair Value Of Plan Assets

(Amounts in millions)		2012				2011
Projected benefit obligation		$	1,229.3			$	1,116.4
Accumulated benefit obligation			1,170.6				1,074.1
Fair value of plan assets			964.0				796.0

Summary Of Components Of Net Periodic Benefit Costs And Other Amounts Recognized In Other Comprehensive Income (Loss)

(Amounts in millions)		2012				2011				2010
Net periodic benefit cost:
Service cost		$	21.1			$	19.1			$	16.5
Interest cost			52.0				53.9				54.2
Expected return on plan assets			(66.6)				(58.7)				(57.9)
Amortization of prior service cost			1.2				1.1				1.2
Amortization of unrecognized loss			41.4				31.1				19.4
Settlement loss recognized			6.8				–				–
Curtailment loss recognized			–				–				0.9
Net periodic benefit cost		$	55.9			$	46.5			$	34.3
Changes in benefit obligations recognized in OCI, net of tax:
Prior service cost		$	(7.0)			$	(0.2)			$	(1.4)
Net loss			(7.6)				61.1				13.5
Total recognized in OCI		$	(14.6)			$	60.9			$	12.1

Summary Of Amounts In Accumulated OCI To Be Amortized Over Next Fiscal Year

(Amounts in millions)		Amount
Amortization of prior service credit		$	(0.7)
Amortization of unrecognized loss			39.0
Total to be recognized in net periodic benefit cost		$	38.3

Summary Of Weighted-Average Assumptions Used To Determine Full-Year Pension Costs

		2012				2011				2010
Discount rate			4.5%				5.3%				5.9%
Expected long-term rate of return on plan assets			7.7%				7.8%				7.8%
Rate of compensation increase			3.6%				3.6%				3.6%

Summary Of Weighted-Average Assumptions Used To Determine Projected Benefit Obligation

2012				2011
Discount rate			4.3%				4.5%
Rate of compensation increase			3.6%				3.6%

Summary Of Expected Benefit Payments

(Amounts in millions)		Amount
Year:
2013		$	61.1
2014			63.3
2015			65.5
2016			67.7
2017			70.1
2018 – 2022			381.5

Domestic Pension Plans [Member]

Summary Of Target Allocation And Weighted-Average Asset Allocation By Asset Category And Fair Value Of Plan Assets

		Target				2012				2011
Asset category:
Equity securities			48%				48%				46%
Debt securities and cash			34%				37%				38%
Real estate and other real assets			8%				6%				6%
Hedge funds			10%				9%				10%
Total			100%				100%				100%
Fair value of plan assets (Amounts in millions)						$	830.6			$	720.8

Summary Of Fair Value By Asset Category And Level Within Fair Value Hierarchy

The following is a summary, by asset category, of the fair value and the level within the fair value hierarchy of Snap-on’s domestic pension plans’ assets as of 2012 year end:

(Amounts in millions)		Quoted Prices for Identical Assets				Significant Other Observable Inputs				Significant Unobservable Inputs
		(Level 1)				(Level 2)				(Level 3)				Total
Asset category:
Cash and cash equivalents		$	25.5			$	–			$	–			$	25.5
Equity securities:
Domestic			108.5				–				–				108.5
Commingled funds – domestic			–				172.2				–				172.2
Commingled funds – foreign			–				64.8				–				64.8
Private equity partnerships			–				–				49.6				49.6
Debt securities:
Government			91.9				–				–				91.9
Corporate bonds			192.5				–				–				192.5
Real estate and other real assets			11.6				–				39.0				50.6
Hedge funds			–				–				75.0				75.0
Total		$	430.0			$	237.0			$	163.6			$	830.6

The following is a summary, by asset category, of the fair value and the level within the fair value hierarchy of Snap-on’s domestic pension plans’ assets as of 2011 year end:

(Amounts in millions)		Quoted Prices for Identical Assets				Significant Other Observable Inputs				Significant Unobservable Inputs
		(Level 1)				(Level 2)				(Level 3)				Total
Asset category:
Cash and cash equivalents		$	9.2			$	–			$	–			$	9.2
Equity securities:
Domestic			150.7				–				–				150.7
Foreign			17.7				–				–				17.7
Commingled funds - foreign			–				112.3				–				112.3
Private equity partnerships			–				–				49.9				49.9
Debt securities:
Government			81.0				–				–				81.0
Corporate bonds			160.4				–				–				160.4
Commingled funds			6.4				21.5				–				27.9
Real estate and other real assets			9.2				–				33.9				43.1
Hedge funds			–				–				68.6				68.6
Total		$	434.6			$	133.8			$	152.4			$	720.8

Summary Of Changes In Fair Value Of Assets With Level 3 Inputs

The following is a summary of the fiscal 2012 changes in fair value of the domestic plans’ assets with Level 3 inputs:

(Amounts in millions)		Hedge Fund Interests				Private Equity Partnership Interests				Real Estate Interests				Total
Balance as of 2011 year end		$	68.6			$	49.9			$	33.9			$	152.4
Realized gains on assets sold			1.0				4.0				0.2				5.2
Unrealized gains (losses) attributable to     assets held			5.0				(5.1)				3.4				3.3
Net purchases and settlements			0.4				0.8				1.5				2.7
Balance as of 2012 year end		$	75.0			$	49.6			$	39.0			$	163.6

The following is a summary of the fiscal 2011 changes in fair value of the domestic plans’ assets with Level 3 inputs:

(Amounts in millions)		Hedge Fund Interests				Private Equity Partnership Interests				Real Estate Interests				Total
Balance as of 2010 year end		$	73.5			$	41.4			$	29.7			$	144.6
Realized gains on assets sold			0.5				3.3				0.2				4.0
Unrealized gains (losses) attributable to     assets held			(1.8)				1.0				3.4				2.6
Net purchases and settlements			(3.6)				4.2				0.6				1.2
Balance as of 2011 year end		$	68.6			$	49.9			$	33.9			$	152.4

U.S.Postretirement Health Care Plans [Member]

Summary Of Change In Benefit Obligation

The status of Snap-on’s U.S. postretirement health care plans is as follows:

(Amounts in millions)		2012				2011
Change in accumulated postretirement benefit obligation:
Benefit obligation at beginning of year		$	72.8			$	81.3
Service cost			0.2				0.2
Interest cost			2.6				3.3
Plan participants’ contributions			1.4				1.9
Benefits paid			(6.8)				(7.9)
Actuarial gain			(1.2)				(6.0)
Benefit obligation at end of year		$	69.0			$	72.8

Summary Of Change In Fair Value Of Plan Assets

Change in plan assets:
Fair value of plan assets at beginning of year		$	13.5			$	13.9
Plan participants’ contributions			1.4				1.9
Employer contributions			5.3				5.8
Actual return (loss) on VEBA plan assets			1.7				(0.2)
Benefits paid			(6.8)				(7.9)
Fair value of plan assets at end of year		$	15.1			$	13.5
Unfunded status at end of year		$	(53.9)			$	(59.3)

Summary Of Amounts Recognized In Consolidated Balance Sheets

(Amounts in millions)				2012				2011
Accrued benefits				$	(5.5)			$	(6.5)
Retiree health care benefits					(48.4)				(52.8)
Net liability				$	(53.9)			$	(59.3)

Summary Of Amounts Included In Accumulated Other Comprehensive Income (Loss)

Amounts included in Accumulated OCI on the accompanying Consolidated Balance Sheets as of 2012 and 2011 year end are as follows:
(Amounts in millions)				2012				2011
Net gain (loss), net of tax of $0.5 million and $0.3 million, respectively				$	0.8			$	(0.4)

Summary Of Components Of Net Periodic Benefit Costs And Other Amounts Recognized In Other Comprehensive Income (Loss)

The components of net periodic benefit cost and changes recognized in OCI are as follows:
(Amounts in millions)				2012				2011				2010
Net periodic benefit cost:
Service cost				$	0.2			$	0.2			$	0.2
Interest cost					2.6				3.3				3.9
Expected return on plan assets					(1.0)				(1.0)				(0.9)
Amortization of prior service credit					–				–				(0.4)
Net periodic benefit cost				$	1.8			$	2.5			$	2.8
Changes in benefit obligations recognized in OCI, net of tax:
Prior service cost				$	–			$	–			$	0.2
Net (gain) loss					(1.2)				(3.0)				1.5
Total recognized in OCI				$	(1.2)			$	(3.0)			$	1.7

Summary Of Weighted-Average Assumptions Used To Determine Full-Year Pension Costs

2012				2011				2010
Discount rate					3.8%				4.3%				5.0%

Summary Of Weighted-Average Assumptions Used To Determine Projected Benefit Obligation

2012				2011
Discount rate					3.2%				3.8%

Summary Of Expected Benefit Payments

The following benefit payments, which reflect expected future service, are expected to be paid as follows:

(Amounts in millions)		Amount
Year:
2013		$	7.1
2014			7.2
2015			7.4
2016			7.4
2017			7.4
2018 – 2022			27.1

Summary Of Target Allocation And Weighted-Average Asset Allocation By Asset Category And Fair Value Of Plan Assets

Snap-on’s VEBA plan target allocation and actual weighted-average asset allocation as of 2012 and 2011 year end, by asset category and fair value of plan assets, are as follows:

		Target				2012				2011
Asset category:
Equity securities			56%				56%				55%
Private equity partnerships			22%				21%				22%
Debt securities and cash			14%				15%				16%
Real estate and other real assets			8%				8%				7%
Total			100%				100%				100%
Fair value of plan assets (Amounts in millions)						$	15.1			$	13.5

Summary Of Fair Value By Asset Category And Level Within Fair Value Hierarchy

The following is a summary, by asset category, of the fair value and the level within the fair value hierarchy of the VEBA assets as of 2012 year end:

(Amounts in millions)		Quoted Prices for Identical Assets (Level 1)				Significant Unobservable Inputs (Level 3)				Total
	Asset category:
Cash and cash equivalents		$	0.1			$	–			$	0.1
Equity securities			8.5				–				8.5
Private equity partnerships			–				3.2				3.2
Debt securities			2.1				–				2.1
Real estate and other real assets			1.2				–				1.2
Total		$	11.9			$	3.2			$	15.1

The following is a summary, by asset category, of the fair value and the level within the fair value hierarchy of the VEBA assets as of 2011 year end:
(Amounts in millions)		Quoted Prices for Identical Assets (Level 1)				Significant Unobservable Inputs (Level 3)
										Total
Asset category:
Cash and cash equivalents		$	0.1			$	–			$	0.1
Equity securities			7.4				–				7.4
Private equity partnerships			–				3.0				3.0
Debt securities			2.1				–				2.1
Real estate and other real assets			0.9				–				0.9
Total		$	10.5			$	3.0			$	13.5

Summary Of Changes In Fair Value Of Assets With Level 3 Inputs

The following is a summary of the fiscal 2012 changes in fair value of the VEBA plan assets with Level 3 inputs:
(Amounts in millions)		Private Equity Partnership Interests
Balance as of 2011 year end		$	3.0
Unrealized gains attributable to assets held			0.2
Balance as of 2012 year end		$	3.2

The following is a summary of the fiscal 2011 changes in fair value of the VEBA plan assets with Level 3 inputs:
(Amounts in millions)		Private Equity Partnership Interests
Balance as of 2010 year end		$	2.8
Unrealized gains attributable to assets held			0.2
Balance as of 2011 year end		$	3.0

Foreign Pension Plans [Member]

Summary Of Target Allocation And Weighted-Average Asset Allocation By Asset Category And Fair Value Of Plan Assets

		Target		2012				2011
Asset category:
Equity securities*		33%			35%				31%
Debt securities and cash*		46%			47%				53%
Insurance contracts and hedge funds		21%			18%				16%
Total		100%			100%				100%
Fair value of plan assets (Amounts in millions)				$	133.4			$	125.3

* Includes commingled funds – multi-strategy

Summary Of Fair Value By Asset Category And Level Within Fair Value Hierarchy

The following is a summary, by asset category, of the fair value and the level within the fair value hierarchy of Snap-on’s foreign pension plans’ assets as of 2012 year end:

(Amounts in millions)		Quoted Prices for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Total
	Asset category:
Cash and cash equivalents		$	3.9			$	–			$	–			$	3.9
Equity securities			11.6				–				–				11.6
Commingled funds – multi-strategy			–				94.1				–				94.1
Insurance contracts			–				3.8				–				3.8
Hedge funds			–				–				20.0				20.0
Total		$	15.5			$	97.9			$	20.0			$	133.4

The following is a summary, by asset category, of the fair value and the level within the fair value hierarchy of Snap-on’s foreign pension plans’ assets as of 2011 year end:

(Amounts in millions)		Quoted Prices for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Total
	Asset category:
Cash and cash equivalents		$	11.2			$	–			$	–			$	11.2
Equity securities			10.1				–				–				10.1
Commingled funds – multi-strategy			–				83.4				–				83.4
Insurance contracts			–				4.1				–				4.1
Hedge funds			–				–				16.5				16.5
Total		$	21.3			$	87.5			$	16.5			$	125.3

Summary Of Changes In Fair Value Of Assets With Level 3 Inputs

The following is a summary of the fiscal 2012 changes in fair value of the foreign plans’ assets with Level 3 inputs:

(Amounts in millions)		Hedge Fund Interests
Balance as of 2011 year end		$	16.5
Unrealized gains attributable to assets held			2.0
Net purchases and settlements			1.5
Balance as of 2012 year end		$	20.0

The following is a summary of the fiscal 2011 changes in fair value of the foreign plans’ assets with Level 3 inputs:

(Amounts in millions)		Hedge Fund Interests
Balance as of 2010 year end		$	16.2
Unrealized gains attributable to assets held			0.3
Balance as of 2011 year end		$	16.5

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Balance Type:	na
Period Type:	duration