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Short-term and Long-term Debt | 9 Months Ended
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Oct. 03, 2015
Debt Disclosure [Abstract] |
Short-term and Long-term Debt | Note 8: Short-term and Long-term Debt Short-term and long-term debt as of October 3, 2015, and January 3, 2015, consisted of the following:
|  | October 3, |  |  | January 3, |
(Amounts in millions) |  | 2015 |  |  | 2015 |
5.50% unsecured notes due 2017 |  | $ | 150.0 |  |  | $ | 150.0 |
4.25% unsecured notes due 2018 |  |  | 250.0 |  |  |  | 250.0 |
6.70% unsecured notes due 2019 |  |  | 200.0 |  |  |  | 200.0 |
6.125% unsecured notes due 2021 |  |  | 250.0 |  |  |  | 250.0 |
Other debt* |  |  | 87.7 |  |  |  | 69.3 |
|  |  | 937.7 |  |  |  | 919.3 |
Less: notes payable |  |  | (73.6) |  |  |  | (56.6) |
Total long-term debt |  | $ | 864.1 |  |  | $ | 862.7 |
* Includes fair value adjustments related to interest rate swaps. Notes payable of $73.6 million as of October 3, 2015, included $45.2 million of commercial paper borrowings and $28.4 million of other notes. Notes payable of $56.6 million as of 2014 year end included $37.0 million of commercial paper borrowings and $19.6 million of other notes. There were no current maturities of long-term debt as of October 3, 2015, or January 3, 2015. Snap-on has a five-year, $700 million multi-currency revolving credit facility that terminates on September 27, 2018 (the “Credit Facility”); no amounts were outstanding under the Credit Facility as of October 3, 2015. Borrowings under the Credit Facility bear interest at varying rates based on Snap-on’s then-current, long-term debt ratings. The Credit Facility’s financial covenant requires that Snap-on maintain, as of each fiscal quarter end, either (i) a ratio not greater than 0.60 to 1.00 of consolidated net debt (consolidated debt net of certain cash adjustments) to the sum of such consolidated net debt plus total equity and less accumulated other comprehensive income or loss; or (ii) a ratio not greater than 3.50 to 1.00 of such consolidated net debt to earnings before interest, taxes, depreciation, amortization and certain other adjustments for the preceding four fiscal quarters then ended. As of October 3, 2015, the company’s actual ratios of 0.26 and 1.08, respectively, were both within the permitted ranges set forth in this financial covenant. Snap-on’s Credit Facility and other debt agreements also contain certain usual and customary borrowing, affirmative, negative and maintenance covenants. As of October 3, 2015, Snap-on was in compliance with all covenants of its Credit Facility and other debt agreements.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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