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Revenue Recognition - (Tables) | 6 Months Ended
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Jul. 02, 2022
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 2, 2022 |  | July 3, 2021 |  | July 2, 2022 |  | July 3, 2021
Revenue from contracts with customers | $ | 1,130.5 |  |  | $ | 1,075.3 |  |  | $ | 2,222.4 |  |  | $ | 2,094.1 |
Other revenues | 6.1 |  |  | 6.1 |  |  | 12.0 |  |  | 11.9 |
Total net sales | 1,136.6 |  |  | 1,081.4 |  |  | 2,234.4 |  |  | 2,106.0 |
Financial services revenue | 86.4 |  |  | 86.9 |  |  | 174.1 |  |  | 175.5 |
Total revenues | $ | 1,223.0 |  |  | $ | 1,168.3 |  |  | $ | 2,408.5 |  |  | $ | 2,281.5 |
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 2, 2022
|  | Commercial |  | Snap-on |  | Repair Systems |  |  |  |  |  |
|  | & Industrial |  | Tools |  | & Information |  | Financial |  |  |  | Snap-on
(Amounts in millions) |  | Group |  | Group |  | Group |  | Services |  | Eliminations |  | Incorporated
Net sales: |  |  |  |  |  |  |  |  |  |  |  |
North America* |  | $ | 128.7 |  |  | $ | 460.3 |  |  | $ | 254.7 |  |  | $ | — |  |  | $ | — |  |  | $ | 843.7 |
Europe |  | 73.1 |  |  | 36.4 |  |  | 60.4 |  |  | — |  |  | — |  |  | 169.9 |
All other |  | 74.3 |  |  | 23.9 |  |  | 24.8 |  |  | — |  |  | — |  |  | 123.0 |
External net sales |  | 276.1 |  |  | 520.6 |  |  | 339.9 |  |  | — |  |  | — |  |  | 1,136.6 |
Intersegment net sales |  | 83.0 |  |  | — |  |  | 76.9 |  |  | — |  |  | (159.9) |  |  | — |
Total net sales |  | 359.1 |  |  | 520.6 |  |  | 416.8 |  |  | — |  |  | (159.9) |  |  | 1,136.6 |
Financial services revenue |  | — |  |  | — |  |  | — |  |  | 86.4 |  |  | — |  |  | 86.4 |
Total revenue |  | $ | 359.1 |  |  | $ | 520.6 |  |  | $ | 416.8 |  |  | $ | 86.4 |  |  | $ | (159.9) |  |  | $ | 1,223.0 |
|  | For the Six Months Ended July 2, 2022
|  | Commercial |  | Snap-on |  | Repair Systems |  |  |  |  |  |
|  | & Industrial |  | Tools |  | & Information |  | Financial |  |  |  | Snap-on
(Amounts in millions) |  | Group |  | Group |  | Group |  | Services |  | Eliminations |  | Incorporated
Net sales: |  |  |  |  |  |  |  |  |  |  |  |
North America* |  | $ | 242.4 |  |  | $ | 908.1 |  |  | $ | 497.5 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,648.0 |
Europe |  | 154.9 |  |  | 76.5 |  |  | 122.3 |  |  | — |  |  | — |  |  | 353.7 |
All other |  | 140.0 |  |  | 48.1 |  |  | 44.6 |  |  | — |  |  | — |  |  | 232.7 |
External net sales |  | 537.3 |  |  | 1,032.7 |  |  | 664.4 |  |  | — |  |  | — |  |  | 2,234.4 |
Intersegment net sales |  | 161.9 |  |  | — |  |  | 150.6 |  |  | — |  |  | (312.5) |  |  | — |
Total net sales |  | 699.2 |  |  | 1,032.7 |  |  | 815.0 |  |  | — |  |  | (312.5) |  |  | 2,234.4 |
Financial services revenue |  | — |  |  | — |  |  | — |  |  | 174.1 |  |  | — |  |  | 174.1 |
Total revenue |  | $ | 699.2 |  |  | $ | 1,032.7 |  |  | $ | 815.0 |  |  | $ | 174.1 |  |  | $ | (312.5) |  |  | $ | 2,408.5 |
* North America is comprised of the United States, Canada and Mexico. |  |  |  |  |  |  |  |
|  | 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. |  |  |  |  |  |  |  |
The following tables represent external net sales disaggregated by customer type:
|  | For the Three Months Ended July 2, 2022
|  | 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 |  | $ | 25.2 |  |  | $ | 520.6 |  |  | $ | 339.9 |  |  | $ | — |  |  | $ | — |  |  | $ | 885.7 |
All other professionals |  | 250.9 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 250.9 |
External net sales |  | 276.1 |  |  | 520.6 |  |  | 339.9 |  |  | — |  |  | — |  |  | 1,136.6 |
Intersegment net sales |  | 83.0 |  |  | — |  |  | 76.9 |  |  | — |  |  | (159.9) |  |  | — |
Total net sales |  | 359.1 |  |  | 520.6 |  |  | 416.8 |  |  | — |  |  | (159.9) |  |  | 1,136.6 |
Financial services revenue |  | — |  |  | — |  |  | — |  |  | 86.4 |  |  | — |  |  | 86.4 |
Total revenue |  | $ | 359.1 |  |  | $ | 520.6 |  |  | $ | 416.8 |  |  | $ | 86.4 |  |  | $ | (159.9) |  |  | $ | 1,223.0 |
|  | For the Six Months Ended July 2, 2022
|  | 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 |  | $ | 49.1 |  |  | $ | 1,032.7 |  |  | $ | 664.4 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,746.2 |
All other professionals |  | 488.2 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 488.2 |
External net sales |  | 537.3 |  |  | 1,032.7 |  |  | 664.4 |  |  | — |  |  | — |  |  | 2,234.4 |
Intersegment net sales |  | 161.9 |  |  | — |  |  | 150.6 |  |  | — |  |  | (312.5) |  |  | — |
Total net sales |  | 699.2 |  |  | 1,032.7 |  |  | 815.0 |  |  | — |  |  | (312.5) |  |  | 2,234.4 |
Financial services revenue |  | — |  |  | — |  |  | — |  |  | 174.1 |  |  | — |  |  | 174.1 |
Total revenue |  | $ | 699.2 |  |  | $ | 1,032.7 |  |  | $ | 815.0 |  |  | $ | 174.1 |  |  | $ | (312.5) |  |  | $ | 2,408.5 |
|  | 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 |

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- 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 https://asc.fasb.org/extlink&oid=126920106&loc=SL49130545-203045 + Details
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