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Exit and Disposal Activities

6 Months Ended

Jul. 02, 2016

Restructuring and Related Activities [Abstract]

Exit and Disposal Activities

Note 6: Exit and Disposal Activities

Snap-on recorded $0.9 million of costs for exit and disposal activities in the three and six month periods ended July 2, 2016, as follows:

		Three and Six Months Ended
		July 2,
(Amounts in millions)		2016
Exit and disposal costs:
Repair Systems & Information Group:
Cost of goods sold		$	0.8
Operating expenses			0.1
Total exit and disposal costs		$	0.9

The $0.9 million of costs incurred during the three and six month periods ended July 2, 2016, qualified for accrual treatment. Snap-on did not record any costs for exit and disposal activities in the three and six month periods ended July 4, 2015.

Snap-on’s exit and disposal accrual activity for the first and second quarters of 2016 is as follows:

		Balance at				First Quarter								Balance at				Second Quarter								Balance at
(Amounts in millions)		January 2,   2016				Provision				Usage				April 2, 2016				Provision				Usage				July 2,     2016
Severance costs:
Commercial & Industrial Group		$	0.3			$	—			$	(0.1	)		$	0.2			$	—			$	—			$	0.2
Repair Systems & Information Group			3.8				—				(0.8	)			3.0				0.9				(0.4	)			3.5
Total		$	4.1			$	—			$	(0.9	)		$	3.2			$	0.9			$	(0.4	)		$	3.7

The company expects that the majority of the $3.7 million exit and disposal accrual as of July 2, 2016, will be utilized in the balance of 2016; approximately $0.6 million of the exit and disposal accrual will extend into 2017 for longer-term severance obligations. 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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- References

No definition available.

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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 2
-Subparagraph (SAB Topic 5.P.4)
-URI http://asc.fasb.org/extlink&oid=27011515&loc=d3e140904-122747

Reference 2: 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 3: 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

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