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Revenue Recognition - (Tables)

6 Months Ended

Jul. 03, 2021

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The following table shows the consolidated revenues by revenue source:

			Three Months Ended												Six Months Ended
(Amounts in millions)			July 3, 2021						June 27, 2020						July 3, 2021						June 27, 2020
Revenue from contracts with customers			$	1,075.3					$	718.4					$	2,094.1					$	1,565.0
Other revenues			6.1						5.9						11.9						11.5
Total net sales			1,081.4						724.3						2,106.0						1,576.5
Financial services revenue			86.9						84.6						175.5						170.5
Total revenues			$	1,168.3					$	808.9					$	2,281.5					$	1,747.0

Snap-on evaluates the performance of its operating segments based on segment revenues, including both external and intersegment net sales, and segment operating earnings. Snap-on accounts for both intersegment sales and transfers based primarily on standard costs with reasonable mark-ups established between the segments. Intersegment amounts are eliminated to arrive at Snap-on’s consolidated financial results.

The following tables represent external net sales disaggregated by geography, based on the customers’ billing addresses:

						For the Three Months Ended July 3, 2021
						Commercial						Snap-on						Repair Systems
						& Industrial						Tools						& Information						Financial												Snap-on
(Amounts in millions)						Group						Group						Group						Services						Eliminations						Incorporated
Net sales:
North America*						$	126.6					$	416.3					$	236.8					$	—					$	—					$	779.7
Europe						79.2						43.8						66.5						—						—						189.5
All other						68.9						24.0						19.3						—						—						112.2
External net sales						274.7						484.1						322.6						—						—						1,081.4
Intersegment net sales						75.8						—						76.0						—						(151.8)						—
Total net sales						350.5						484.1						398.6						—						(151.8)						1,081.4
Financial services revenue						—						—						—						86.9						—						86.9
Total revenue						$	350.5					$	484.1					$	398.6					$	86.9					$	(151.8)					$	1,168.3

						For the Six Months Ended July 3, 2021
						Commercial						Snap-on						Repair Systems
						& Industrial						Tools						& Information						Financial												Snap-on
(Amounts in millions)						Group						Group						Group						Services						Eliminations						Incorporated
Net sales:
North America*						$	244.6					$	824.4					$	437.7					$	—					$	—					$	1,506.7
Europe						163.5						88.0						127.1						—						—						378.6
All other						137.7						50.0						33.0						—						—						220.7
External net sales						545.8						962.4						597.8						—						—						2,106.0
Intersegment net sales						150.4						—						148.4						—						(298.8)						—
Total net sales						696.2						962.4						746.2						—						(298.8)						2,106.0
Financial services revenue						—						—						—						175.5						—						175.5
Total revenue						$	696.2					$	962.4					$	746.2					$	175.5					$	(298.8)					$	2,281.5
* North America is comprised of the United States, Canada and Mexico.

						For the Three Months Ended June 27, 2020
						Commercial						Snap-on						Repair Systems
						& Industrial						Tools						& Information						Financial												Snap-on
(Amounts in millions)						Group						Group						Group						Services						Eliminations						Incorporated
Net sales:
North America*						$	96.9					$	291.5					$	148.5					$	—					$	—					$	536.9
Europe						54.9						17.5						36.9						—						—						109.3
All other						52.7						14.3						11.1						—						—						78.1
External net sales						204.5						323.3						196.5						—						—						724.3
Intersegment net sales						57.4						—						48.5						—						(105.9)						—
Total net sales						261.9						323.3						245.0						—						(105.9)						724.3
Financial services revenue						—						—						—						84.6						—						84.6
Total revenue						$	261.9					$	323.3					$	245.0					$	84.6					$	(105.9)					$	808.9

						For the Six Months Ended June 27, 2020
						Commercial						Snap-on						Repair Systems
						& Industrial						Tools						& Information						Financial												Snap-on
(Amounts in millions)						Group						Group						Group						Services						Eliminations						Incorporated
Net sales:
North America*						$	205.8					$	618.4					$	325.8					$	—					$	—					$	1,150.0
Europe						122.0						48.6						93.5						—						—						264.1
All other						103.7						32.2						26.5						—						—						162.4
External net sales						431.5						699.2						445.8						—						—						1,576.5
Intersegment net sales						130.3						—						113.8						—						(244.1)						—
Total net sales						561.8						699.2						559.6						—						(244.1)						1,576.5
Financial services revenue						—						—						—						170.5						—						170.5
Total revenue						$	561.8					$	699.2					$	559.6					$	170.5					$	(244.1)					$	1,747.0
* North America is comprised of the United States, Canada and Mexico.

The following tables represent external net sales disaggregated by customer type:

						For the Three Months Ended July 3, 2021
						Commercial						Snap-on						Repair Systems
						& Industrial						Tools						& Information						Financial												Snap-on
(Amounts in millions)						Group						Group						Group						Services						Eliminations						Incorporated
Net sales:
Vehicle service professionals						$	25.7					$	484.1					$	322.6					$	—					$	—					$	832.4
All other professionals						249.0						—						—						—						—						249.0
External net sales						274.7						484.1						322.6						—						—						1,081.4
Intersegment net sales						75.8						—						76.0						—						(151.8)						—
Total net sales						350.5						484.1						398.6						—						(151.8)						1,081.4
Financial services revenue						—						—						—						86.9						—						86.9
Total revenue						$	350.5					$	484.1					$	398.6					$	86.9					$	(151.8)					$	1,168.3

						For the Six Months Ended July 3, 2021
						Commercial						Snap-on						Repair Systems
						& Industrial						Tools						& Information						Financial												Snap-on
(Amounts in millions)						Group						Group						Group						Services						Eliminations						Incorporated
Net sales:
Vehicle service professionals						$	49.8					$	962.4					$	597.8					$	—					$	—					$	1,610.0
All other professionals						496.0						—						—						—						—						496.0
External net sales						545.8						962.4						597.8						—						—						2,106.0
Intersegment net sales						150.4						—						148.4						—						(298.8)						—
Total net sales						696.2						962.4						746.2						—						(298.8)						2,106.0
Financial services revenue						—						—						—						175.5						—						175.5
Total revenue						$	696.2					$	962.4					$	746.2					$	175.5					$	(298.8)					$	2,281.5

						For the Three Months Ended June 27, 2020
						Commercial						Snap-on						Repair Systems
						& Industrial						Tools						& Information						Financial												Snap-on
(Amounts in millions)						Group						Group						Group						Services						Eliminations						Incorporated
Net sales:
Vehicle service professionals						$	20.0					$	323.3					$	196.5					$	—					$	—					$	539.8
All other professionals						184.5						—						—						—						—						184.5
External net sales						204.5						323.3						196.5						—						—						724.3
Intersegment net sales						57.4						—						48.5						—						(105.9)						—
Total net sales						261.9						323.3						245.0						—						(105.9)						724.3
Financial services revenue						—						—						—						84.6						—						84.6
Total revenue						$	261.9					$	323.3					$	245.0					$	84.6					$	(105.9)					$	808.9

						For the Six Months Ended June 27, 2020
						Commercial						Snap-on						Repair Systems
						& Industrial						Tools						& Information						Financial												Snap-on
(Amounts in millions)						Group						Group						Group						Services						Eliminations						Incorporated
Net sales:
Vehicle service professionals						$	39.4					$	699.2					$	445.8					$	—					$	—					$	1,184.4
All other professionals						392.1						—						—						—						—						392.1
External net sales						431.5						699.2						445.8						—						—						1,576.5
Intersegment net sales						130.3						—						113.8						—						(244.1)						—
Total net sales						561.8						699.2						559.6						—						(244.1)						1,576.5
Financial services revenue						—						—						—						170.5						—						170.5
Total revenue						$	561.8					$	699.2					$	559.6					$	170.5					$	(244.1)					$	1,747.0

X

- Definition

Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130545-203045

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- References

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