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Postretirement Plans (Tables) | 12 Months Ended
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Dec. 30, 2023
Retirement Benefits [Abstract] |
Schedule of Change in Benefit Obligation | The status of Snap-on’s pension plans as of 2023 and 2022 year end is as follows:
(Amounts in millions) |  | 2023 |  | 2022
Change in projected benefit obligation: |  |  |  |
Benefit obligation at beginning of year |  | $ | 1,254.6 |  |  | $ | 1,667.1 |
Service cost |  | 18.8 |  |  | 26.5 |
Interest cost |  | 65.3 |  |  | 44.4 |
Plan participant contributions |  | 0.4 |  |  | 0.4 |
Benefits paid |  | (79.2) |  |  | (77.7) |
Actuarial (gain) loss |  | 24.0 |  |  | (382.4) |
Foreign currency impact |  | 8.0 |  |  | (23.7) |
Benefit obligation at end of year |  | $ | 1,291.9 |  |  | $ | 1,254.6 |
The status of Snap-on’s U.S. postretirement health care plans as of 2023 and 2022 year end is as follows:
(Amounts in millions) |  | 2023 |  | 2022
Change in accumulated postretirement benefit obligation: |  |  |  |
Benefit obligation at beginning of year |  | $ | 37.3 |  |  | $ | 47.5 |
Interest cost |  | 1.9 |  |  | 1.2 |
Plan participant contributions |  | 0.2 |  |  | 0.2 |
Benefits paid |  | (3.3) |  |  | (3.8) |
Actuarial gain |  | (0.3) |  |  | (7.8) |
Benefit obligation at end of year |  | $ | 35.8 |  |  | $ | 37.3 |
Schedule of Change in Fair Value of Plan Assets |
Change in plan assets: |  |  |  |
Fair value of plan assets at beginning of year |  | $ | 1,241.7 |  |  | $ | 1,710.9 |
Actual gain (loss) on plan assets |  | 155.3 |  |  | (384.1) |
Employer contributions |  | 8.1 |  |  | 10.8 |
Plan participant contributions |  | 0.4 |  |  | 0.4 |
Benefits paid |  | (79.3) |  |  | (77.7) |
Foreign currency impact |  | 7.7 |  |  | (18.6) |
Fair value of plan assets at end of year |  | $ | 1,333.9 |  |  | $ | 1,241.7 |
Funded (unfunded) status at end of year |  | $ | 42.0 |  |  | $ | (12.9) |
Change in plan assets: |  |  |  |
Fair value of plan assets at beginning of year |  | $ | 11.2 |  |  | $ | 13.7 |
Actual gain (loss) on plan assets |  | 1.0 |  |  | (1.7) |
Employer contributions |  | 2.3 |  |  | 2.8 |
Plan participant contributions |  | 0.2 |  |  | 0.2 |
Benefits paid |  | (3.3) |  |  | (3.8) |
Fair value of plan assets at end of year |  | $ | 11.4 |  |  | $ | 11.2 |
Unfunded status at end of year |  | $ | (24.4) |  |  | $ | (26.1) |
Schedule of Amounts Recognized in Consolidated Balance Sheets | Amounts recognized in the Consolidated Balance Sheets as of 2023 and 2022 year end are as follows:
(Amounts in millions) |  | 2023 |  | 2022
Pension assets |  | $ | 130.5 |  |  | $ | 70.6 |
Accrued benefits |  | (6.2) |  |  | (4.9) |
Pension liabilities |  | (82.3) |  |  | (78.6) |
Net asset (liability) |  | $ | 42.0 |  |  | $ | (12.9) |
Amounts recognized in the Consolidated Balance Sheets as of 2023 and 2022 year end are as follows:
(Amounts in millions) |  | 2023 |  | 2022
Accrued benefits |  | $ | (2.6) |  |  | $ | (2.7) |
Retiree health care benefits |  | (21.8) |  |  | (23.4) |
Net liability |  | $ | (24.4) |  |  | $ | (26.1) |
Schedule of Net Periodic Benefit Costs in AOCI | Amounts included in Accumulated OCI on the accompanying Consolidated Balance Sheets as of 2023 and 2022 year end are as follows:
(Amounts in millions) |  | 2023 |  | 2022
Net loss, net of tax of $81.8 million and $88.8 million, respectively |  | $ | (249.1) |  |  | $ | (269.0) |
Prior service cost, net of tax of $0.2 million and $0.2 million, respectively |  | (0.5) |  |  | (0.5) |
Total amount included in Accumulated OCI |  | $ | (249.6) |  |  | $ | (269.5) |
Amounts included in Accumulated OCI on the accompanying Consolidated Balance Sheets as of 2023 and 2022 year end are as follows:
(Amounts in millions) |  | 2023 |  | 2022
Net gain, net of tax of $2.1 million and $2.2 million, respectively |  | $ | 6.2 |  |  | $ | 6.4 |
Schedule of Components of Net Periodic Benefit Costs and Other Amounts Recognized in Other Comprehensive Income (Loss) | The components of net periodic benefit cost (credit) and changes recognized in “Other comprehensive income (loss)” (“OCI”) are as follows:
(Amounts in millions) |  | 2023 |  | 2022 |  | 2021
Net periodic benefit cost (credit): |  |  |  |  |  |
Service cost |  | $ | 18.8 |  |  | $ | 26.5 |  |  | $ | 28.8 |
Interest cost |  | 65.3 |  |  | 44.4 |  |  | 42.3 |
Expected return on plan assets |  | (104.7) |  |  | (99.2) |  |  | (94.4) |
Amortization of unrecognized loss |  | 1.5 |  |  | 18.0 |  |  | 36.3 |
Amortization of prior service cost |  | 0.1 |  |  | 0.1 |  |  | 0.1 |
Net periodic benefit cost (credit) |  | $ | (19.0) |  |  | $ | (10.2) |  |  | $ | 13.1 |
Changes in benefit obligations recognized in OCI, net of tax: |  |  |  |  |  |
Net (gain) loss |  | $ | (19.9) |  |  | $ | 59.6 |  |  | $ | (92.8) |
Prior service credit |  | — |  |  | (0.1) |  |  | (0.1) |
Total recognized in OCI |  | $ | (19.9) |  |  | $ | 59.5 |  |  | $ | (92.9) |
The components of net periodic benefit cost and changes recognized in OCI are as follows:
(Amounts in millions) |  | 2023 |  | 2022 |  | 2021
Net periodic benefit cost: |  |  |  |  |  |
Interest cost |  | $ | 1.9 |  |  | $ | 1.2 |  |  | $ | 1.1 |
Expected return on plan assets |  | (0.6) |  |  | (0.6) |  |  | (0.6) |
Amortization of unrecognized gain |  | (1.1) |  |  | — |  |  | — |
Net periodic benefit cost |  | $ | 0.2 |  |  | $ | 0.6 |  |  | $ | 0.5 |
Changes in benefit obligations recognized in OCI, net of tax: |  |  |  |  |  |
Net (gain) loss |  | $ | 0.2 |  |  | $ | (4.1) |  |  | $ | (1.0) |
Schedule of Weighted-Average Assumptions Used to Determine Full-Year Pension Costs | The worldwide weighted-average assumptions used to determine Snap-on’s full-year pension costs are as follows:
|  | 2023 |  | 2022 |  | 2021
Discount rate |  | 5.4% |  | 2.8% |  | 2.5%
Expected return on plan assets |  | 7.4% |  | 6.2% |  | 6.5%
Rate of compensation increase |  | 3.2% |  | 3.4% |  | 3.4%
Interest crediting rate - U.S. cash balance plan |  | 3.8% |  | 3.8% |  | 3.8%
The worldwide weighted-average assumptions used to determine Snap-on’s projected benefit obligation as of 2023 and 2022 year end are as follows:
|  | 2023 |  | 2022
Discount rate |  | 5.3% |  | 5.4%
Rate of compensation increase |  | 3.2% |  | 3.2%
Interest crediting rate - U.S. cash balance plan |  | 3.8% |  | 3.8%
The weighted-average discount rate used to determine Snap-on’s postretirement health care expense is as follows:
|  | 2023 |  | 2022 |  | 2021
Discount rate |  | 5.3% |  | 2.7% |  | 2.3%
The weighted-average discount rate used to determine Snap-on’s accumulated benefit obligation is as follows:
|  | 2023 |  | 2022
Discount rate |  | 5.3% |  | 5.3%
Schedule of Expected Benefit Payments | The following benefit payments, which reflect expected future service, are expected to be paid as follows:
(Amounts in millions) | Amount
Year: |
2024 | $ | 91.2 |
2025 | 95.6 |
2026 | 96.4 |
2027 | 98.2 |
2028 | 99.8 |
2029-2033 | 504.7 |
The following benefit payments, which reflect expected future service, are expected to be paid as follows:
(Amounts in millions) |  | Amount
Year: |  |
2024 |  | $ | 3.3 |
2025 |  | 3.4 |
2026 |  | 3.4 |
2027 |  | 3.4 |
2028 |  | 3.5 |
2029-2033 |  | 16.8 |
Schedule of Allocation of Plan Assets | Snap-on’s domestic pension plans’ target allocation and actual weighted-average asset allocation by asset category and fair value of plan assets as of 2023 and 2022 year end are as follows:
|  | Target |  | 2023 |  | 2022
Asset category: |  |  |  |  |  |
Equity securities |  | 49% |  | 46% |  | 45%
Debt securities and cash and cash equivalents |  | 46% |  | 46% |  | 47%
Hedge funds |  | 5% |  | 8% |  | 8%
Total |  | 100% |  | 100% |  | 100%
Fair value of plan assets (Amounts in millions) |  |  |  | $ | 1,143.7 |  |  | $ | 1,074.9 |
The following is a summary, by asset category, of the fair value and the level within the fair value hierarchy of Snap-on’s domestic pension plans’ assets as of 2023 year end:
(Amounts in millions) |  | Quoted Prices for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Investments Measured at NAV |  | Total
Asset category: |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 12.2 |  |  | $ | — |  |  | $ | — |  |  | $ | 12.2 |
Equity securities: |  |  |  |  |  |  |  |
Domestic |  | 72.9 |  |  | — |  |  | — |  |  | 72.9 |
Foreign |  | 1.5 |  |  | — |  |  | — |  |  | 1.5 |
Commingled funds – domestic |  | — |  |  | — |  |  | 203.8 |  |  | 203.8 |
Commingled funds – foreign |  | — |  |  | — |  |  | 233.3 |  |  | 233.3 |
Private equity partnerships |  | — |  |  | — |  |  | 9.1 |  |  | 9.1 |
Debt securities: |  |  |  |  |  |  |  |
Government |  | 162.6 |  |  | 4.8 |  |  | — |  |  | 167.4 |
Corporate bonds |  | — |  |  | 350.4 |  |  | — |  |  | 350.4 |
Real estate and other real assets |  | — |  |  | — |  |  | 0.7 |  |  | 0.7 |
Hedge funds |  | — |  |  | — |  |  | 92.4 |  |  | 92.4 |
Total |  | $ | 249.2 |  |  | $ | 355.2 |  |  | $ | 539.3 |  |  | $ | 1,143.7 |
The following is a summary, by asset category, of the fair value and the level within the fair value hierarchy of Snap-on’s domestic pension plans’ assets as of 2022 year end:
(Amounts in millions) |  | Quoted Prices for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Investments Measured at NAV |  | Total
Asset category: |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 14.3 |  |  | $ | — |  |  | $ | — |  |  | $ | 14.3 |
Equity securities: |  |  |  |  |  |  |  |
Domestic |  | 67.1 |  |  | — |  |  | — |  |  | 67.1 |
Foreign |  | 39.2 |  |  | — |  |  | — |  |  | 39.2 |
Commingled funds – domestic |  | — |  |  | — |  |  | 189.1 |  |  | 189.1 |
Commingled funds – foreign |  | — |  |  | — |  |  | 180.6 |  |  | 180.6 |
Private equity partnerships |  | — |  |  | — |  |  | 11.0 |  |  | 11.0 |
Debt securities: |  |  |  |  |  |  |  |
Government |  | 158.7 |  |  | 6.0 |  |  | — |  |  | 164.7 |
Corporate bonds |  | — |  |  | 319.7 |  |  | — |  |  | 319.7 |
Real estate and other real assets |  | — |  |  | — |  |  | 2.5 |  |  | 2.5 |
Hedge funds |  | — |  |  | — |  |  | 86.7 |  |  | 86.7 |
Total |  | $ | 279.3 |  |  | $ | 325.7 |  |  | $ | 469.9 |  |  | $ | 1,074.9 |
Snap-on’s foreign pension plans’ target allocation and actual weighted-average asset allocation by asset category and fair value of plan assets as of 2023 and 2022 year end are as follows:
|  | Target |  | 2023 |  | 2022
Asset category: |  |  |  |  |  |
Equity securities* |  | 29% |  | 30% |  | 40%
Debt securities* and cash and cash equivalents |  | 59% |  | 58% |  | 49%
Insurance contracts |  | 12% |  | 12% |  | 11%
Total |  | 100% |  | 100% |  | 100%
Fair value of plan assets (Amounts in millions) |  |  |  | $ | 190.2 |  |  | $ | 166.8 |
* Includes commingled funds - multi-strategy |  |  |
The following is a summary, by asset category, of the fair value and the level within the fair value hierarchy of Snap-on’s foreign pension plans’ assets as of 2023 year end:
(Amounts in millions) |  | Quoted Prices for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Investments Measured at NAV |  | Total
Asset category: |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 1.9 |  |  | $ | — |  |  | $ | — |  |  | $ | 1.9 |
Commingled funds – multi-strategy |  | — |  |  | — |  |  | 119.8 |  |  | 119.8 |
Debt securities: |  |  |  |  |  |  |  |
Government |  | 20.4 |  |  | — |  |  | — |  |  | 20.4 |
Corporate bonds |  | — |  |  | 26.3 |  |  | — |  |  | 26.3 |
Insurance contracts |  | — |  |  | 21.8 |  |  | — |  |  | 21.8 |
Total |  | $ | 22.3 |  |  | $ | 48.1 |  |  | $ | 119.8 |  |  | $ | 190.2 |
The following is a summary, by asset category, of the fair value and the level within the fair value hierarchy of Snap-on’s foreign pension plans’ assets as of 2022 year end:
(Amounts in millions) |  | Quoted Prices for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Investments Measured at NAV |  | Total
Asset category: |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 0.5 |  |  | $ | — |  |  | $ | — |  |  | $ | 0.5 |
Commingled funds – multi-strategy |  | — |  |  | — |  |  | 113.4 |  |  | 113.4 |
Debt securities: |  |  |  |  |  |  |  |
Government |  | 11.6 |  |  | — |  |  | — |  |  | 11.6 |
Corporate bonds |  | — |  |  | 23.1 |  |  | — |  |  | 23.1 |
Insurance contracts |  | — |  |  | 18.2 |  |  | — |  |  | 18.2 |
Total |  | $ | 12.1 |  |  | $ | 41.3 |  |  | $ | 113.4 |  |  | $ | 166.8 |
Snap-on’s VEBA plan target allocation and actual weighted-average asset allocation by asset category and fair value of plan assets as of 2023 and 2022 year end are as follows:
|  | Target |  | 2023 |  | 2022
Asset category: |  |  |  |  |  |
Debt securities and cash and cash equivalents |  | 46% |  | 46% |  | 48%
Equity securities |  | 29% |  | 29% |  | 29%
Hedge funds |  | 25% |  | 25% |  | 23%
Total |  | 100% |  | 100% |  | 100%
Fair value of plan assets (Amounts in millions) |  |  |  | $ | 11.4 |  |  | $ | 11.2 |
The following is a summary, by asset category, of the fair value and the level within the fair value hierarchy of the VEBA plan assets as of 2023 year end:
(Amounts in millions) |  | Quoted Prices for Identical Assets (Level 1) |  | Investments Measured at NAV |  | Total
Asset category: |  |  |  |  |  |
Cash and cash equivalents |  | $ | 0.2 |  |  | $ | — |  |  | $ | 0.2 |
Debt securities |  | 5.1 |  |  | — |  |  | 5.1 |
Equity securities |  | — |  |  | 3.2 |  |  | 3.2 |
Hedge fund |  | — |  |  | 2.9 |  |  | 2.9 |
Total |  | $ | 5.3 |  |  | $ | 6.1 |  |  | $ | 11.4 |
The following is a summary, by asset category, of the fair value and the level within the fair value hierarchy of the VEBA plan assets as of 2022 year end:
(Amounts in millions) |  | Quoted Prices for Identical Assets (Level 1) |  | Investments Measured at NAV |  | Total
Asset category: |  |  |  |  |  |
Cash and cash equivalents |  | $ | 0.4 |  |  | $ | — |  |  | $ | 0.4 |
Debt securities |  | 4.9 |  |  | — |  |  | 4.9 |
Equity securities |  | — |  |  | 3.3 |  |  | 3.3 |
Hedge fund |  | — |  |  | 2.6 |  |  | 2.6 |
Total |  | $ | 5.3 |  |  | $ | 5.9 |  |  | $ | 11.2 |

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- Definition Tabular disclosure of the reconciliation of beginning and ending balances of the fair value of plan assets of pension plans and/or other employee benefit plans showing separately, if applicable, the effects during the period attributable to each of the following: actual return on plan assets, foreign currency exchange rate changes, contributions by the employer, contributions by plan participants, benefits paid, business combinations, divestitures, and settlements. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (b) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + Details
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