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Exit and Disposal Activities

6 Months Ended

Jul. 02, 2022

Restructuring and Related Activities [Abstract]

Snap-on did not record any costs for exit and disposal activities for each of the three and six month periods ended July 2, 2022, and July 3, 2021.

Snap-on’s exit and disposal accrual activity for the first six months of 2022 is as follows:


	Balance at		First Quarter				Balance at		Second Quarter				Balance at
(Amounts in millions)	January 1, 2022		Provision		Usage		April 2, 2022		Provision		Usage		July 2, 2022
Severance costs:
Commercial & Industrial Group	$	4.3	$	—	$	(0.5)	$	3.8	$	—	$	(0.4)	$	3.4
Snap-on Tools Group	0.3		—		—		0.3		—		—		0.3
Repair System & Information Group	2.4		—		(0.4)		2.0		—		(0.3)		1.7
Total	$	7.0	$	—	$	(0.9)	$	6.1	$	—	$	(0.7)	$	5.4

As of July 2, 2022, the company expects that approximately $3.2 million of the $5.4 million exit and disposal accrual will be utilized in 2022, and the remainder thereafter, primarily for longer-term severance payments.

Snap-on expects to fund the remaining cash requirements of its exit and disposal activities with available cash on hand, cash flows from operating activities and borrowings under the company’s existing credit facilities. The estimated costs for the exit and disposal activities were based on management’s best business judgement under prevailing circumstances.