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Short-term and Long-term Debt
 9 Months Ended
Sep. 30, 2023
Debt Disclosure [Abstract]  
Short-term and Long-term Debt Short-term and Long-term Debt
Short-term and long-term debt as of September 30, 2023, and December 31, 2022, consisted of the following:
(Amounts in millions)September 30,
2023		December 31, 2022
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*1.7 1.0 
1,201.7 1,201.0 
Less: notes payable
(17.3)(17.2)
Total long-term debt$1,184.4 $1,183.8 
*Includes unamortized debt issuance costs and issuance discounts.
Notes payable of $17.3 million as of September 30, 2023, compared to $17.2 million as of 2022 year end.
On September 12, 2023, Snap-on entered into a $900 million multi-currency revolving credit facility that terminates on September 12, 2028 (the “Credit Facility”), which amended and restated in its entirety the company’s previous $800 million multi-currency revolving credit facility that was set to terminate on September 16, 2024. The Credit Facility contains an accordion feature that, subject to certain customary conditions, may allow the maximum commitment to be increased by up to $450 million with the approval of the lenders providing additional commitments. No amounts were borrowed or outstanding under either Credit Facility during the nine months ended as of September 30, 2023. 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 September 30, 2023, the company’s actual ratios of 0.05 and 0.21, 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. As of September 30, 2023, there were no commercial paper issuances outstanding.