XML 50 R39.htm IDEA: XBRL DOCUMENT
v3.19.2

Leases - (Tables) | 6 Months Ended
--- | ---
Jun. 29, 2019
Leases [Abstract] |
Summary of Effects of New Accounting Pronouncement | The adoption of Topic 842 impacted the company’s previously reported results as follows:
(Amounts in millions) |  | Classification |  | Balance at December 29, 2018 |  | Topic 842 Adjustments |  | Opening Balance at December 30, 2018
Assets |  |  |  |  |  |  |  |
Finance lease assets |  | Property and equipment - net |  | $ | 7.8 |  |  | $ | — |  |  | $ | 7.8 |
Operating lease assets |  | Operating lease right-of-use assets |  | — |  |  | 60.5 |  |  | 60.5 |
Liabilities |  |  |  |  |  |  |  |
Current: |  |  |  |  |  |  |  |
Finance lease liabilities |  | Other accrued liabilities |  | $ | 1.2 |  |  | $ | — |  |  | $ | 1.2 |
Operating lease liabilities |  | Other accrued liabilities |  | — |  |  | 20.2 |  |  | 20.2 |
Non-current: |  |  |  |  |  |  |  |
Finance lease liabilities |  | Other long-term liabilities |  | $ | 6.6 |  |  | $ | — |  |  | $ | 6.6 |
Operating lease liabilities |  | Operating lease liabilities |  | — |  |  | 40.4 |  |  | 40.4 |
Schedule of Lease Cost | Total lease costs consist of the following:
|  | Three Months Ended |  | Six Months Ended
(Amounts in millions) |  | June 29, 2019 |  | June 29, 2019
Finance lease costs: |  |  |  |
Amortization of ROU assets |  | $ | 0.4 |  |  | $ | 0.7 |
Interest on lease liabilities |  | — |  |  | 0.1 |
Operating lease costs* |  | 6.3 |  |  | 12.5 |
Total lease costs |  | $ | 6.7 |  |  | $ | 13.3 |
* | Includes short-term leases, variable lease costs and sublease income, which are immaterial.
Supplemental cash flow information related to leases is as follows:
|  | Six Months Ended
(Amounts in millions) |  | June 29, 2019
Cash paid for amounts included in the measurement of lease liabilities: |  |
Financing cash flows from finance leases |  | $ | 0.7 |
Operating cash flows from finance leases |  | 0.1 |
Operating cash flows from operating leases |  | 11.7 |
|  | June 29, 2019
ROU assets obtained in exchange for new lease obligations: |  |
Finance lease liabilities |  | $ | 1.1 |
Operating lease liabilities |  | 6.2 |
Schedule of Lease Supplemental Balance Sheet Information and Weighted-Average Lease Terms and Discount Rates | Supplemental balance sheet information related to leases as of June 29, 2019, is as follows:
(Amounts in millions) |  | June 29, 2019
Finance leases: |  |
Property and equipment - gross |  | $ | 9.1 |
Accumulated depreciation and amortization |  | (0.7 | )
Property and equipment - net |  | $ | 8.4 |
Other accrued liabilities |  | $ | 1.5 |
Other long-term liabilities |  | 7.1 |
Total finance lease liabilities |  | $ | 8.6 |
Operating leases: |  |
Operating lease right-of-use assets |  | $ | 55.4 |
Other accrued liabilities |  | $ | 20.8 |
Operating lease liabilities |  | 35.7 |
Total operating lease liabilities |  | $ | 56.5 |
Weighted-average lease terms and discount rates as of June 29, 2019, are as follows:
|  | June 29, 2019
Weighted-average remaining lease terms: |  |
Finance leases |  | 5.5 years
Operating leases |  | 3.6 years
Weighted-average discount rates: |  |
Finance leases |  | 3.1%
Operating leases |  | 3.0%
Schedule of Finance Lease Liability Maturities (Topic 842) | Maturities of lease liabilities as of June 29, 2019, are as follows:
(Amounts in millions) |  | Operating Leases |  | Finance Leases
Year: |  |  |  |
2019 (excluding the six months ended June 29, 2019) |  | $ | 11.2 |  |  | $ | 0.8 |
2020 |  | 18.4 |  |  | 1.7 |
2021 |  | 13.4 |  |  | 1.7 |
2022 |  | 8.8 |  |  | 1.7 |
2023 |  | 4.1 |  |  | 1.7 |
2024 and thereafter |  | 3.7 |  |  | 1.7 |
Total lease payments |  | 59.6 |  |  | 9.3 |
Less: amount representing interest |  | (3.1 | ) |  | (0.7 | )
Total lease liabilities |  | $ | 56.5 |  |  | $ | 8.6 |
Schedule of Operating Lease Liability Maturities (Topic 842) | Maturities of lease liabilities as of June 29, 2019, are as follows:
(Amounts in millions) |  | Operating Leases |  | Finance Leases
Year: |  |  |  |
2019 (excluding the six months ended June 29, 2019) |  | $ | 11.2 |  |  | $ | 0.8 |
2020 |  | 18.4 |  |  | 1.7 |
2021 |  | 13.4 |  |  | 1.7 |
2022 |  | 8.8 |  |  | 1.7 |
2023 |  | 4.1 |  |  | 1.7 |
2024 and thereafter |  | 3.7 |  |  | 1.7 |
Total lease payments |  | 59.6 |  |  | 9.3 |
Less: amount representing interest |  | (3.1 | ) |  | (0.7 | )
Total lease liabilities |  | $ | 56.5 |  |  | $ | 8.6 |
Schedule of Future Minimum Lease Payments for Capital Leases (Topic 840) | Snap-on’s future minimum lease commitments, net of sub-lease rental income, as of December 29, 2018, under Accounting Standard Codification Topic 840, the predecessor to Topic 842, are as follows:
(Amounts in millions) |  | Operating Leases |  | Capital Leases
Year: |  |  |  |
2019 |  | $ | 25.6 |  |  | $ | 3.3 |
2020 |  | 18.4 |  |  | 3.2 |
2021 |  | 13.9 |  |  | 2.9 |
2022 |  | 9.8 |  |  | 2.5 |
2023 |  | 4.9 |  |  | 2.2 |
2024 and thereafter |  | 4.4 |  |  | 1.9 |
Total minimum lease payments |  | $ | 77.0 |  |  | 16.0 |
Less: amount representing interest |  |  |  | (0.9 | )
Total present value of minimum capital lease payments |  |  |  | $ | 15.1 |
Schedule of Future Minimum Rental Payments for Operating Leases (Topic 840) | Snap-on’s future minimum lease commitments, net of sub-lease rental income, as of December 29, 2018, under Accounting Standard Codification Topic 840, the predecessor to Topic 842, are as follows:
(Amounts in millions) |  | Operating Leases |  | Capital Leases
Year: |  |  |  |
2019 |  | $ | 25.6 |  |  | $ | 3.3 |
2020 |  | 18.4 |  |  | 3.2 |
2021 |  | 13.9 |  |  | 2.9 |
2022 |  | 9.8 |  |  | 2.5 |
2023 |  | 4.9 |  |  | 2.2 |
2024 and thereafter |  | 4.4 |  |  | 1.9 |
Total minimum lease payments |  | $ | 77.0 |  |  | 16.0 |
Less: amount representing interest |  |  |  | (0.9 | )
Total present value of minimum capital lease payments |  |  |  | $ | 15.1 |
Schedule of Minimum Capital Lease Payments Present Value | Amounts included in the accompanying Condensed Consolidated Balance Sheets for the present value of minimum capital lease payments as of 2018 year end are as follows:
(Amounts in millions) |  | 2018
Other accrued liabilities |  | $ | 3.0 |
Other long-term liabilities |  | 12.1 |
Total present value of minimum capital lease payments |  | $ | 15.1 |
Schedule of Sales-type Lease Receivable Maturities | Future minimum lease payments as of June 29, 2019, consisted of the following:
(Amounts in millions) |  | Lease Receivables
Year: |  |
2019 (excluding the six months ended June 29, 2019) |  | $ | 60.1 |
2020 |  | 102.8 |
2021 |  | 74.1 |
2022 |  | 50.1 |
2023 |  | 33.8 |
2024 and thereafter |  | 28.8 |
Total lease payments |  | 349.7 |
Less: unearned finance charges |  | (64.3 | )
Net investment in leases |  | $ | 285.4 |

X
- Definition Assets And Liabilities, Lessee [Table Text Block] + References No definition available. + Details
Name: | sna_AssetsAndLiabilitiesLesseeTableTextBlock
Namespace Prefix: | sna_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Schedule Of Minimum Capital Lease Payments Present Value [Table Text Block] + References No definition available. + Details
Name: | sna_ScheduleOfMinimumCapitalLeasePaymentsPresentValueTableTextBlock
Namespace Prefix: | sna_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of undiscounted cash flows of finance lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to finance lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918701-209980 + Details
Name: | us-gaap_FinanceLeaseLiabilityMaturityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918686-209980 + Details
Name: | us-gaap_LeaseCostTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_LeasesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918701-209980 + Details
Name: | us-gaap_LesseeOperatingLeaseLiabilityMaturityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of maturity of undiscounted cash flows to be received on annual basis for sales-type and direct financing leases receivable. Includes, but is not limited to, reconciliation to lease receivable recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 30 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=119202524&loc=SL77919391-209981 + Details
Name: | us-gaap_SalesTypeAndDirectFinancingLeasesLeaseReceivableMaturityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of future minimum lease payments as of the date of the latest balance sheet presented, in aggregate and for each of the five years succeeding fiscal years, with separate deductions from the total for the amount representing executor costs, including any profit thereon, included in the minimum lease payments and for the amount of the imputed interest necessary to reduce the net minimum lease payments to present value. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 30 -Section 50 -Paragraph 1 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=84164817&loc=d3e45280-112737 + Details
Name: | us-gaap_ScheduleOfFutureMinimumLeasePaymentsForCapitalLeasesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of future minimum payments required in the aggregate and for each of the five succeeding fiscal years for operating leases having initial or remaining noncancelable lease terms in excess of one year and the total minimum rentals to be received in the future under noncancelable subleases as of the balance sheet date. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=77902758&loc=d3e41502-112717 + Details
Name: | us-gaap_ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22499-107794 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=116846552&loc=d3e765-108305 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.10-01.(b)(6)) -URI http://asc.fasb.org/extlink&oid=27015980&loc=d3e46468-122699 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=116846552&loc=d3e725-108305 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22583-107794 + Details
Name: | us-gaap_ScheduleOfNewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration