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Exit and Disposal Activities

3 Months Ended

Apr. 01, 2023

Restructuring and Related Activities [Abstract]

Snap-on did not record any costs for exit and disposal activities for each of the three month periods ended April 1, 2023, and April 2, 2022.

Snap-on’s exit and disposal accrual activity for the first three months of 2023 is as follows:


	Balance at		Three Months				Balance at
(Amounts in millions)	December 31, 2022		Provision		Usage		April 1, 2023
Severance costs:
Commercial & Industrial Group	$	1.6	$	—	$	(0.1)	$	1.5
Snap-on Tools Group	0.1		—		—		0.1
Repair System & Information Group	1.1		—		(0.2)		0.9
Total	$	2.8	$	—	$	(0.3)	$	2.5

As of April 1, 2023, the company expects that approximately $1.4 million of the $2.5 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.