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Short-term and Long-term Debt
 12 Months Ended
Dec. 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 2023 and 2022 year end consisted of the following: 
(Amounts in millions)20232022
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*0.2 1.0 
1,200.2 1,201.0 
Less: notes payable(15.6)(17.2)
Total long-term debt$1,184.6 $1,183.8 
* Includes unamortized debt issuance costs and issuance discounts.
Snap-on’s long-term debt and notes payable maturities in the next five years include a $300.0 million note that matures in 2027.
Average notes payable outstanding were $17.5 million and $18.6 million in 2023 and 2022, respectively. The 2023 weighted-average interest rate on such borrowings of 11.0% compared with 9.9% in 2022. At 2023 year end, the weighted-average rate on outstanding notes payable of 11.1% compared with 10.9% in 2022.
On September 12, 2023, Snap-on entered into a $900 million multicurrency revolving credit facility that terminates on September 12, 2028 (the “Credit Facility”), which amended and restated in its entirety Snap-on’s previous $800 million multicurrency 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 years ended and as of December 30, 2023 or December 31, 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 30, 2023, the company’s actual ratios of 0.05 and 0.18 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 years ended and as of December 30, 2023 or December 31, 2022.