XML 33 R22.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Commitments and Contingencies
3 Months Ended
Mar. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Snap-on provides product warranties for specific product lines and accrues for estimated future warranty cost in the period in which the sale is recorded. Snap-on calculates its accrual requirements based on historic warranty loss experience that is periodically adjusted for recent actual experience, including the timing of claims during the warranty period and actual costs incurred.
Snap-on’s product warranty accrual activity for the three months ended March 30, 2024, and April 1, 2023, is as follows:

Three Months Ended
(Amounts in millions)March 30, 2024April 1, 2023
Warranty reserve:
Beginning of period$14.7 $14.3 
Additions4.0 3.8 
Usage(3.8)(3.3)
End of period$14.9 $14.8 

In the ordinary course of our business, Snap-on is subject to legal disputes that are being litigated and/or settled. The accompanying Condensed Consolidated Statement of Earnings for the three months ended March 30, 2024, includes an $11.3 million benefit in “Operating expenses” for payments received associated with a legal matter. Although it is not possible to predict the outcome of legal matters, management believes that the results of all legal matters will not have a material impact on Snap-on’s consolidated financial position, results of operations or cash flows.