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Exit and Disposal Activities | 6 Months Ended
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Jun. 29, 2013
Restructuring And Related Activities [Abstract] |
Exit and Disposal Activities | Note 6: Exit and Disposal Activities Snap-on recorded costs associated with exit and disposal activities for the three and six month periods ended June 29, 2013, and June 30, 2012, as follows:
|  | Three Months Ended |  |  | Six Months Ended |
(Amounts in millions) |  | June 29, 2013 |  |  | June 30, 2012 |  |  | June 29, 2013 |  |  | June 30, 2012 |
Exit and disposal costs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of goods sold: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial & Industrial Group |  | $ | 0.1 |  |  | $ | 2.6 |  |  | $ | 2.2 |  |  | $ | 2.7 |
Snap-on Tools Group |  |  | 0.1 |  |  |  | 6.9 |  |  |  | 0.1 |  |  |  | 7.0 |
Repair Systems & Information Group |  |  | 0.6 |  |  |  | – |  |  |  | 0.8 |  |  |  | 0.2 |
Total cost of goods sold |  |  | 0.8 |  |  |  | 9.5 |  |  |  | 3.1 |  |  |  | 9.9 |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial & Industrial Group |  |  | 0.1 |  |  |  | 0.6 |  |  |  | 0.1 |  |  |  | 4.0 |
Snap-on Tools Group |  |  | 0.1 |  |  |  | – |  |  |  | 0.2 |  |  |  | 0.1 |
Repair Systems & Information Group |  |  | 0.8 |  |  |  | 0.1 |  |  |  | 1.2 |  |  |  | 0.2 |
Total operating expenses |  |  | 1.0 |  |  |  | 0.7 |  |  |  | 1.5 |  |  |  | 4.3 |
Financial Services |  |  | – |  |  |  | – |  |  |  | 0.1 |  |  |  | – |
Total exit and disposal costs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial & Industrial Group |  |  | 0.2 |  |  |  | 3.2 |  |  |  | 2.3 |  |  |  | 6.7 |
Snap-on Tools Group |  |  | 0.2 |  |  |  | 6.9 |  |  |  | 0.3 |  |  |  | 7.1 |
Repair Systems & Information Group |  |  | 1.4 |  |  |  | 0.1 |  |  |  | 2.0 |  |  |  | 0.4 |
Financial Services |  |  | – |  |  |  | – |  |  |  | 0.1 |  |  |  | – |
Total exit and disposal costs |  | $ | 1.8 |  |  | $ | 10.2 |  |  | $ | 4.7 |  |  | $ | 14.2 |
Of the $1.8 million and $4.7 million of costs incurred during the respective three and six month periods ended June 29, 2013, $1.6 million and $4.3 million, respectively, qualified for accrual treatment. Costs associated with exit and disposal activities in 2013 primarily related to headcount reductions from the ongoing optimization of the company’s cost structure in Europe and various other management and realignment actions. Costs associated with exit and disposal activities in 2012 primarily related to the settlement of a pension plan as a result of the 2011 closure of the company’s former Newmarket, Canada, facility, as well as other headcount reductions, largely to improve the company’s cost structure in Europe. In the three and six month periods ended June 30, 2012, the Snap-on Tools Group incurred costs of $6.8 million (included in “Cost of goods sold” above) related to the Newmarket pension settlement. Snap-on’s exit and disposal accrual activity for the first and second quarters of 2013 is as follows:
|  | Balance at |  |  | First Quarter |  |  | Balance at |  |  | Second Quarter |  |  | Balance at |
(Amounts in millions) |  | December 29, 2012 |  |  | Provision |  |  | Usage |  |  | March 30, 2013 |  |  | Provision |  |  | Usage |  |  | June 29, 2013 |
Severance costs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial & Industrial Group |  | $ | 6.2 |  |  | $ | 2.0 |  |  | $ | (1.9) |  |  | $ | 6.3 |  |  | $ | 0.2 |  |  | $ | (3.0) |  |  | $ | 3.5 |
Snap-on Tools Group |  |  | 0.1 |  |  |  | 0.1 |  |  |  | – |  |  |  | 0.2 |  |  |  | – |  |  |  | (0.1) |  |  |  | 0.1 |
Repair Systems & Information Group |  |  | 0.7 |  |  |  | 0.5 |  |  |  | (0.3) |  |  |  | 0.9 |  |  |  | 1.4 |  |  |  | (0.5) |  |  |  | 1.8 |
Financial Services |  |  | – |  |  |  | 0.1 |  |  |  | – |  |  |  | 0.1 |  |  |  | – |  |  |  | (0.1) |  |  |  | – |
Facility-related costs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial & Industrial Group |  |  | 0.2 |  |  |  | – |  |  |  | (0.1) |  |  |  | 0.1 |  |  |  | – |  |  |  | – |  |  |  | 0.1 |
Total |  | $ | 7.2 |  |  | $ | 2.7 |  |  | $ | (2.3) |  |  | $ | 7.6 |  |  | $ | 1.6 |  |  | $ | (3.7) |  |  | $ | 5.5 |
The majority of the exit and disposal accrual as of June 29, 2013, is expected to be utilized in 2013. Snap-on expects to fund the remaining cash requirements of its exit and disposal activities with available cash on hand, cash flows from operations and borrowings under the company’s existing credit facilities. The estimated costs for the exit and disposal activities were based on management’s best business judgment under prevailing circumstances.

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- Definition The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 5.P.3) -URI http://asc.fasb.org/extlink&oid=27011515&loc=d3e140864-122747 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 5 -Section P -Subsection 3, 4 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB TOPIC 5.P.4) -URI http://asc.fasb.org/extlink&oid=27011515&loc=d3e140904-122747 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869 + Details
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