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Postretirement Health Care Plans

6 Months Ended

Jul. 01, 2023

Postemployment Benefits [Abstract]

Postretirement Health Care Plans

Postretirement Health Care Plans

Snap-on’s net periodic postretirement health care cost included the following components: 

			Three Months Ended												Six Months Ended
(Amounts in millions)			July 1, 2023						July 2, 2022						July 1, 2023						July 2, 2022
Interest cost			$	0.6					$	0.3					$	1.1					$	0.6
Expected return on plan assets			(0.2)						(0.1)						(0.4)						(0.3)
Amortization of unrecognized gain			(0.3)						—						(0.6)						—
Net periodic postretirement health care cost			$	0.1					$	0.2					$	0.1					$	0.3

The components of net periodic postretirement health care cost are included in “Other income (expense) – net” on the accompanying Condensed Consolidated Statements of Earnings. See Note 16 for additional information on other income (expense) – net.

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- References

No definition available.

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- Definition

The entire disclosure for postemployment benefits, which may include supplemental unemployment benefits, obligations recognized for all types of benefits provided to former or inactive employees, their beneficiaries, and covered dependents after employment but before retirement. Disclosure may also include discussion that an obligation for postemployment benefits is not accrued in accordance with regulation only because the amount cannot be reasonably estimated.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 712
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//712/tableOfContent

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 712
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481565/712-10-50-2

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