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Pension Plans (Tables)

12 Months Ended

Dec. 30, 2017

Summary of Change in Benefit Obligation

(Amounts in millions)		2017				2016
Change in projected benefit obligation:
Benefit obligation at beginning of year		$	1,361.4			$	1,279.4
Service cost			22.7				19.3
Interest cost			56.1				56.5
Plan participant contributions			0.6				1.0
Plan settlements			(0.3)				–
Benefits paid			(66.6)				(63.2)
Actuarial loss			69.5				94.7
Foreign currency impact			24.2				(26.3)
Benefit obligation at end of year		$	1,467.6			$	1,361.4

Summary of Change in Fair Value of Plan Assets

(Amounts in millions)		2017				2016
Change in plan assets:
Fair value of plan assets at beginning of year		$	1,110.8			$	1,049.2
Actual return on plan assets			175.7				73.5
Employer contributions			69.6				68.7
Plan participant contributions			0.6				1.0
Plan settlements			(0.3)				–
Benefits paid			(66.6)				(63.2)
Foreign currency impact			15.2				(18.4)
Fair value of plan assets at end of year		$	1,305.0			$	1,110.8
Unfunded status at end of year		$	(162.6)			$	(250.6)

Summary of Amounts Recognized in Consolidated Balance Sheets

Amounts recognized in the Consolidated Balance Sheets as of 2017 and 2016 year end are as follows:

(Amounts in millions)		2017				2016
Other assets		$	1.5			$	0.6
Accrued benefits			(5.2)				(4.7)
Pension liabilities			(158.9)				(246.5)
Net liability		$	(162.6)			$	(250.6)

Summary of Amounts Included in Accumulated Other Comprehensive Income (Loss)

Amounts included in Accumulated OCI on the accompanying Consolidated Balance Sheets as of 2017 and 2016 year end are as follows:

(Amounts in millions)		2017				2016
Net loss, net of tax of $146.4 million and $160.6 million, respectively		$	(266.7)			$	(297.0)
Prior service credit, net of tax of $0.9 million and $1.3 million, respectively			1.5				2.2
		$	(265.2)			$	(294.8)

Summary of Benefit Obligations in Excess of Fair Value of Plan Assets

The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for Snap-on’s pension plans in which the accumulated benefit obligation exceeds the fair value of plan assets as of 2017 and 2016 year end are as follows:

(Amounts in millions)		2017				2016
Projected benefit obligation		$	398.7			$	1,312.1
Accumulated benefit obligation			378.1				1,238.7
Fair value of plan assets			275.6				1,061.0

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 “Other comprehensive income (loss)” (“OCI”) are as follows:

(Amounts in millions)		2017				2016				2015
Net periodic benefit cost:
Service cost		$	22.7			$	19.3			$	20.0
Interest cost			56.1				56.5				53.2
Expected return on plan assets			(83.4)				(81.0)				(79.0)
Amortization of unrecognized loss			27.9				31.3				38.6
Amortization of prior service credit			(1.1)				(1.1)				(0.9)
Settlement loss			0.1				–				–
Net periodic benefit cost		$	22.3			$	25.0			$	31.9
Changes in benefit obligations recognized in OCI, net of tax:
Net (gain) loss		$	(30.3)			$	43.3			$	6.3
Prior service cost			0.7				0.6				0.7
Total recognized in OCI		$	(29.6)			$	43.9			$	7.0

Summary of Amounts in Accumulated OCI to be Amortized Over Next Fiscal Year

Amounts in Accumulated OCI that are expected to be amortized as net expense into net periodic benefit cost during 2018 are as follows:

(Amounts in millions)		Amount
Amortization of unrecognized loss		$	32.0
Amortization of prior service credit			(1.2)
Total to be recognized in net periodic benefit cost		$	30.8

Summary of Weighted-Average Assumptions Used to Determine Full-Year Pension Costs

The worldwide weighted-average assumptions used to determine Snap-on’s full-year pension costs are as follows:

		2017				2016				2015
Discount rate			4.2%				4.5%				4.1%
Expected return on plan assets			7.2%				7.4%				7.4%
Rate of compensation increase			3.4%				3.6%				3.6%

Summary of Weighted-Average Assumptions Used to Determine Projected Benefit Obligation

The worldwide weighted-average assumptions used to determine Snap-on’s projected benefit obligation as of 2017 and 2016 year end are as follows:

		2017				2016
Discount rate			3.7%				4.2%
Rate of compensation increase			3.4%				3.4%

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:
2018		$	73.6
2019			75.2
2020			78.9
2021			81.5
2022			91.4
2023-2027			462.3

Domestic Pension Plans [Member]

Summary of Target Allocation and Weighted-Average Asset Allocation by Asset Category and Fair Value

Snap-on’s domestic pension plans’ target allocation and actual weighted-average asset allocation by asset category and fair value of plan assets as of 2017 and 2016 year end are as follows:

		Target				2017				2016
Asset category:
Equity securities			51%				51%				51%
Debt securities and cash and cash equivalents			37%				38%				39%
Real estate and other real assets			2%				1%				1%
Hedge funds			10%				10%				9%
Total			100%				100%				100%
Fair value of plan assets (Amounts in millions)						$	1,122.7			$	957.1

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 2017 year end:

(Amounts in millions)		Quoted Prices for Identical Assets   (Level 1)				Significant Other Observable Inputs   (Level 2)				Investments Measured at NAV				Total
Asset category:
Cash and cash equivalents		$	20.6			$	–			$	–			$	20.6
Equity securities:
Domestic			73.4				–				–				73.4
Foreign			100.1				–				–				100.1
Commingled funds – domestic			–				–				225.0				225.0
Commingled funds – foreign			–				–				148.8				148.8
Private equity partnerships			–				–				27.5				27.5
Debt securities:
Government			152.8				2.2				–				155.0
Corporate bonds			–				253.0				–				253.0
Real estate and other real assets			–				–				13.2				13.2
Hedge funds			–				–				106.1				106.1
Total		$	346.9			$	255.2			$	520.6			$	1,122.7

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 2016 year end:

(Amounts in millions)		Quoted Prices  for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Investments Measured at NAV				Total
Asset category:
Cash and cash equivalents		$	20.4			$	–			$	–			$	20.4
Equity securities:
Domestic			66.0				–				–				66.0
Foreign			74.7				–				–				74.7
Commingled funds – domestic			–				–				191.3				191.3
Commingled funds – foreign			–				–				117.7				117.7
Private equity partnerships			–				–				34.2				34.2
Debt securities:
Government			139.2				0.9				–				140.1
Corporate bonds			–				214.6				–				214.6
Real estate and other real assets			–				–				10.4				10.4
Hedge funds			–				–				87.7				87.7
Total		$	300.3			$	215.5			$	441.3			$	957.1

Foreign Pension Plans [Member]

Summary of Target Allocation and Weighted-Average Asset Allocation by Asset Category and Fair Value

Snap-on’s foreign pension plans’ target allocation and actual weighted-average asset allocation by asset category and fair value of plan assets as of 2017 and 2016 year end are as follows:

		Target				2017				2016
Asset category:
Equity securities*			35%				36%				41%
Debt securities* and cash and cash equivalents			40%				42%				36%
Insurance contracts and hedge funds			25%				22%				23%
Total			100%				100%				100%
Fair value of plan assets (Amounts in millions)						$	182.3			$	153.7

* 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 2017 year end:

(Amounts in millions)		Quoted Prices for Identical Assets   (Level 1)				Significant Other Observable Inputs   (Level 2)				Investments Measured at NAV				Total
Asset category:
Cash and cash equivalents		$	0.7			$	–			$	–			$	0.7
Commingled funds – multi-strategy			–				–				114.2				114.2
Debt securities:
Government			8.8				–				–				8.8
Corporate bonds			–				18.3				–				18.3
Insurance contracts			–				24.2				–				24.2
Hedge fund			–				–				16.1				16.1
Total		$	9.5			$	42.5			$	130.3			$	182.3

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 2016 year end:

(Amounts in millions)		Quoted Prices for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Investments Measured at NAV				Total
Asset category:
Cash and cash equivalents		$	0.7			$	–			$	–			$	0.7
Commingled funds – multi-strategy			–				–				117.4				117.4
Insurance contracts			–				21.3				–				21.3
Hedge fund			–				–				14.3				14.3
Total		$	0.7			$	21.3			$	131.7			$	153.7

Other Postretirement Benefit Plans, Defined Benefit [Member]

Summary of Change in Benefit Obligation

The status of Snap-on’s U.S. postretirement health care plans as of 2017 and 2016 year end is as follows:

(Amounts in millions)		2017				2016
Change in accumulated postretirement benefit obligation:
Benefit obligation at beginning of year			$      53.2				$      55.6
Service cost			–				0.1
Interest cost			2.1				2.2
Plan participant contributions			0.4				0.5
Benefits paid			(4.3)				(4.4)
Actuarial loss (gain)			1.1				(0.8)
Benefit obligation at end of year			$      52.5				$      53.2

Summary of Change in Fair Value of Plan Assets

Change in plan assets:
Fair value of plan assets at beginning of year			$      13.2				$      13.7
Actual return on plan assets			1.3				0.5
Employer contributions			2.8				2.9
Plan participant contributions			0.4				0.5
Benefits paid			(4.3)				(4.4)
Fair value of plan assets at end of year			$      13.4				$      13.2
Unfunded status at end of year			$    (39.1)				$    (40.0)

Summary of Amounts Recognized in Consolidated Balance Sheets

Amounts recognized in the Consolidated Balance Sheets as of 2017 and 2016 year end are as follows:

(Amounts in millions)		2017				2016
Accrued benefits			$      (3.1)				$      (3.3)
Retiree health care benefits			(36.0)				(36.7)
Net liability			$    (39.1)				$    (40.0)

Summary of Amounts Included in Accumulated Other Comprehensive Income (Loss)

Amounts included in Accumulated OCI on the accompanying Consolidated Balance Sheets as of 2017 and 2016 year end are as follows:

(Amounts in millions)		2017				2016
Net gain, net of tax of $2.6 million and $2.9 million, respectively			$    4.2				$    4.8

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)		2017				2016				2015
Net periodic benefit cost:
Service cost			$    –				$    0.1				$    0.1
Interest cost			2.1				2.2				2.2
Expected return on plan assets			(0.8)				(0.9)				(1.0)
Amortization of unrecognized (gain) loss			(0.3)				(0.1)				0.3
Net periodic benefit cost			$    1.0				$    1.3				$    1.6
Changes in benefit obligations recognized in OCI, net of tax:
Net (gain) loss			$    0.6				$    (0.3)				$    (2.1)

Summary of Weighted-Average Assumptions Used to Determine Full-Year Pension Costs

The weighted-average discount rate used to determine Snap-on’s postretirement health care expense is as follows:

		2017				2016				2015
Discount rate			4.1%				4.1%				3.6%

Summary of Expected Benefit Payments

(Amounts in millions)		Amount
Year:
2018		$	4.1
2019			4.2
2020			4.3
2021			4.4
2022			4.5
2023-2027			23.0

Summary of Target Allocation and Weighted-Average Asset Allocation by Asset Category and Fair Value

Snap-on’s VEBA plan target allocation and actual weighted-average asset allocation by asset category and fair value of plan assets as of 2017 and 2016 year end are as follows:

		Target				2017				2016
Asset category:
Debt securities and cash and cash equivalents			46%				42%				45%
Equity securities			29%				29%				28%
Hedge funds			25%				29%				27%
Total			100%				100%				100%
Fair value of plan assets (Amounts in millions)						$	13.4			$	13.2

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 plan assets as of 2017 year end:

(Amounts in millions)		Quoted Prices for Identical Assets     (Level 1)				Investments     Measured at     NAV				Total
Asset category:
Cash and cash equivalents		$	0.2			$	–			$	0.2
Debt securities			5.5				–				5.5
Equity securities			–				3.8				3.8
Hedge fund			–				3.9				3.9
Total		$	5.7			$	7.7			$	13.4

The following is a summary, by asset category, of the fair value and the level within the fair value hierarchy of the VEBA plan assets as of 2016 year end:

(Amounts in millions)		Quoted Prices for Identical Assets     (Level 1)				Investments     Measured  at     NAV				Total
Asset category:
Cash and cash equivalents		$	0.7			$	–			$	0.7
Debt securities			5.3				–				5.3
Equity securities			–				3.6				3.6
Hedge fund			–				3.6				3.6
Total		$	6.0			$	7.2			$	13.2

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