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Short-term and Long-term Debt
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Short-term and Long-term Debt Short-term and Long-term Debt
Short-term and long-term debt as of 2022 and 2021 year end consisted of the following: 
(Amounts in millions)20222021
3.25% unsecured notes due 2027
300.0 300.0 
4.10% unsecured notes due 2048
400.0 400.0 
3.10% unsecured notes due 2050
500.0 500.0 
Other debt*1.0 0.3 
1,201.0 1,200.3 
Less: notes payable(17.2)(17.4)
Total long-term debt$1,183.8 $1,182.9 
* Includes unamortized debt issuance costs.
Snap-on’s long-term debt and notes payable have no annual maturities in the next four years and $300.0 million matures in 2027.
Average notes payable outstanding were $18.6 million and $16.7 million in 2022 and 2021, respectively. The 2022 weighted-average interest rate on such borrowings of 9.93% compared with 8.39% in 2021. At 2022 year end, the weighted-average rate on outstanding notes payable of 10.89% compared with 8.39% in 2021. The 2022 year-end rate increased primarily due to higher rates on local borrowings in emerging markets.
On April 27, 2020, Snap-on sold, at a discount, $500 million of unsecured 3.10% notes that mature on May 1, 2050 (the “2050 Notes”). Interest on the 2050 Notes accrues at a rate of 3.10% and is paid semi-annually. Snap-on used the $489.9 million net proceeds from the sale of the 2050 Notes, reflecting $4.4 million of transaction costs, for general corporate purposes, which included working capital, capital expenditures and acquisitions.
Snap-on has an $800 million multi-currency revolving credit facility that terminates on September 16, 2024 (the “Credit Facility”); no amounts were borrowed or outstanding under the Credit Facility during the year ended and as of December 31, 2022 or January 1, 2022. Borrowings under the Credit Facility bear interest at varying rates based on either: (i) Snap-on’s then-current, long-term debt ratings; or (ii) Snap-on’s then-current ratio of consolidated debt net of certain cash adjustments (“Consolidated Net Debt”) to earnings before interest, taxes, depreciation, amortization and certain other adjustments for the preceding four fiscal quarters then ended (the “Consolidated Net Debt to EBITDA Ratio”). The Credit Facility’s financial covenant requires that Snap-on maintain, as of each fiscal quarter end, either (i) a ratio not greater than 0.60 to 1.00 of Consolidated Net Debt to the sum of Consolidated Net Debt plus total equity and less accumulated other comprehensive income or loss (the “Leverage Ratio”); or (ii) a Consolidated Net Debt to EBITDA Ratio not greater than 3.50 to 1.00. Snap-on may, up to two times during any five-year period during the term of the Credit Facility (including any extensions thereof), elect to increase the maximum Leverage Ratio to 0.65 to 1.00 and/or increase the maximum Consolidated Net Debt to EBITDA Ratio to 4.00 to 1.00 for four consecutive fiscal quarters in connection with certain material acquisitions (as defined in the related credit agreement). As of December 31, 2022, the company’s actual ratios of 0.09 and 0.37 respectively, were both within the permitted ranges set forth in this financial covenant. Snap-on generally issues commercial paper to fund its financing needs on a short-term basis and uses the Credit Facility as back-up liquidity to support such commercial paper issuances. There was no commercial paper issued or outstanding during the year ended and as of December 31, 2022 or January 1, 2022.