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Exit and Disposal Activities

12 Months Ended

Dec. 31, 2022

Restructuring and Related Activities [Abstract]

Snap-on did not record any costs for exit and disposal activities during fiscal 2022 or fiscal 2021.

Snap-on’s exit and disposal accrual activity for 2022 and 2021 are as follows:


	Balance at						Balance at						Balance at
(Amounts in millions)	2020 Year End		Provision in 2021		Usage in 2021		2021 Year End		Provision in 2022		Usage in 2022		2022 Year End
Severance costs:
Commercial & Industrial Group	$	5.8	$	—	$	(1.5)	$	4.3	$	—	$	(2.7)	$	1.6
Snap-on Tools Group	0.4		—		(0.1)		0.3		—		(0.2)		0.1
Repair System & Information Group	3.8		—		(1.4)		2.4		—		(1.3)		1.1
Total	$	10.0	$	—	$	(3.0)	$	7.0	$	—	$	(4.2)	$	2.8

As of December 31, 2022, the company expects that approximately $1.9 million of the $2.8 million exit and disposal accrual will be utilized in 2023, 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.