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Segments | 6 Months Ended
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Jul. 02, 2022
Segment Reporting [Abstract] |
Segments | Segments Snap-on’s business segments are based on the organization structure used by management for making operating and investment decisions and for assessing performance. Snap-on’s reportable business segments are: (i) the Commercial & Industrial Group; (ii) the Snap-on Tools Group; (iii) the Repair Systems & Information Group; and (iv) Financial Services. The Commercial & Industrial Group consists of business operations serving a broad range of industrial and commercial customers worldwide, including customers in the aerospace, natural resources, government, power generation, transportation and technical education market segments (collectively, “critical industries”), primarily through direct and distributor channels. The Snap-on Tools Group consists of business operations primarily serving vehicle service and repair technicians through the company’s worldwide mobile tool distribution channel. The Repair Systems & Information Group consists of business operations serving other professional vehicle repair customers worldwide, primarily owners and managers of independent repair shops and OEM dealerships, through direct and distributor channels. Financial Services consists of the business operations of Snap-on’s finance subsidiaries. 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 intersegment sales and transfers based primarily on standard costs with reasonable mark-ups established between the segments. Identifiable assets by segment are those assets used in the respective reportable segment’s operations. Corporate assets consist of cash and cash equivalents (excluding cash held at Financial Services), deferred income taxes and certain other assets. Intersegment amounts are eliminated to arrive at Snap-on’s consolidated financial results. Financial Data by Segment:
| Three Months Ended |  | Six Months Ended
(Amounts in millions) | July 2, 2022 |  | July 3, 2021 |  | July 2, 2022 |  | July 3, 2021
Net sales: |  |  |  |  |  |  |
Commercial & Industrial Group | $ | 359.1 |  |  | $ | 350.5 |  |  | $ | 699.2 |  |  | $ | 696.2 |
Snap-on Tools Group | 520.6 |  |  | 484.1 |  |  | 1,032.7 |  |  | 962.4 |
Repair Systems & Information Group | 416.8 |  |  | 398.6 |  |  | 815.0 |  |  | 746.2 |
Segment net sales | 1,296.5 |  |  | 1,233.2 |  |  | 2,546.9 |  |  | 2,404.8 |
Intersegment eliminations | (159.9) |  |  | (151.8) |  |  | (312.5) |  |  | (298.8) |
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 |
Operating earnings: |  |  |  |  |  |  |
Commercial & Industrial Group | $ | 51.7 |  |  | $ | 55.5 |  |  | $ | 97.4 |  |  | $ | 106.2 |
Snap-on Tools Group | 124.4 |  |  | 103.5 |  |  | 240.4 |  |  | 202.4 |
Repair Systems & Information Group | 95.7 |  |  | 86.7 |  |  | 187.3 |  |  | 168.1 |
Financial Services | 65.3 |  |  | 68.9 |  |  | 135.7 |  |  | 134.2 |
Segment operating earnings | 337.1 |  |  | 314.6 |  |  | 660.8 |  |  | 610.9 |
Corporate | (25.2) |  |  | (28.6) |  |  | (55.4) |  |  | (58.7) |
Operating earnings | 311.9 |  |  | 286.0 |  |  | 605.4 |  |  | 552.2 |
Interest expense | (11.7) |  |  | (14.3) |  |  | (23.3) |  |  | (28.6) |
Other income (expense) – net | 9.3 |  |  | 3.4 |  |  | 17.6 |  |  | 7.7 |
Earnings before income taxes and equity earnings | $ | 309.5 |  |  | $ | 275.1 |  |  | $ | 599.7 |  |  | $ | 531.3 |
(Amounts in millions) | July 2, 2022 |  | January 1, 2022
Assets: |  |  |
Commercial & Industrial Group | $ | 1,204.6 |  |  | $ | 1,209.3 |
Snap-on Tools Group | 842.3 |  |  | 791.4 |
Repair Systems & Information Group | 1,630.1 |  |  | 1,624.3 |
Financial Services | 2,164.3 |  |  | 2,163.6 |
Total assets from reportable segments | 5,841.3 |  |  | 5,788.6 |
Corporate | 1,107.8 |  |  | 1,039.7 |
Elimination of intersegment receivables | (84.8) |  |  | (68.6) |
Total assets | $ | 6,864.3 |  |  | $ | 6,759.7 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI https://asc.fasb.org/topic&trid=2134510 + Details
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