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Pay vs Performance Disclosure
 12 Months Ended
Dec. 30, 2023
USD ($)
$ / shares
Dec. 31, 2022
USD ($)
Jan. 01, 2022
USD ($)
Jan. 02, 2021
USD ($)
Pay vs Performance Disclosure        
Pay vs Performance Disclosure, Table
PAY VERSUS PERFORMANCE
In accordance with Item 402(v) of Regulation
S-K,
the Company is providing the following information:
 
Year
  
Summary
Compensation
Table Total for
PEO
(1)
    
Compensation
Actually Paid
to PEO
(2)(3)(4)
    
Average
Summary
Compensation
Table Total for
non-PEO
Named
Executive
Officers
(1)
    
Average
Compensation
Actually Paid
to non-PEO
Named
Executive
Officers
(2)(3)(4)
    
Value of Initial Fixed $100
Investment Based On:
    
Net
Income
(6)
    
Operating
Income
(6)
    
 RONAEBIT
(7)
 
 
Total
Shareholder
Return
(5)
    
Peer Group
Total
Shareholder
Return
(5)
  
2023     $10,574,757       $21,236,348       $2,880,969       $5,248,302       $189.28       $150.20       $1,011.1       $1,047.6     37.6%
2022     9,484,660       12,577,620       2,687,596       3,520,186       145.95       127.15       911.7       954.7     35.5%
2021     9,872,946       17,335,075       2,809,457       4,597,000       134.00       134.52       820.5       852.9     35.5%
2020     7,933,529       3,713,918       2,398,651       1,274,781       104.01       111.06       627.0       630.9     27.8%
 
(1)
Information for the principal executive officer (“PEO”) for all years presented relates to Nicholas T. Pinchuk, Chairman, President and Chief Executive Officer.
Information for the
non-PEO
Named Executive Officers for all years presented relates to:
 
  •  
Aldo J. Pagliari – Senior Vice President–Finance and Chief Financial Officer
 
  •  
Thomas J. Ward – Senior Vice President and President–Repair Systems and Information Group
 
  •  
Anup R. Banerjee – Senior Vice President–Human Resources and Chief Development Officer
 
  •  
Timothy L. Chambers – Senior Vice President and
President–Snap-on
Tools Group
 
(2)
The dollar amounts reported in the “Compensation Actually Paid to PEO” and “Average Compensation Actually Paid to
non-PEO
Named Executive Officers” columns represent the amount of “compensation actually paid” to these executive officers as computed in accordance with Item 402(v) of Regulation
S-K.
The dollar amounts do not reflect the actual amount of compensation earned by or paid to these individuals during the applicable year.
Fair value or change in fair value, as applicable, of equity awards in the “Compensation Actually Paid” columns for the PEO and
non-PEO
NEOs was determined by reference to: (i) for stock options, a Black-Scholes value as of the relevant measurement date; (ii) for outstanding RSU awards from 2021, 2022 and 2023, the closing price on the applicable
year-end
dates or, in the case of vesting dates, the actual vesting price; and (iii) for the 2020 RSUs and PSUs granted in 2020 through 2023, the same valuation methodology as RSU awards discussed above except that
year-end
values are multiplied by the probability of achievement as of each such date.
 
(3)
For the portion of compensation included in the “Compensation Actually Paid” columns that is based on the
year-end
stock price, $288.84 was used for fiscal 2023. For PSUs that vested during the fiscal year, the values are based on the closing stock price on the vesting date, which was $249.26 in fiscal 2023. For further information regarding the valuation of equity awards, see Note 13 to our Consolidated Financial Statements, and for information regarding the stock prices used to value equity awards in the rows corresponding to 2020 to 2022, see “Pay Versus Performance” in the Company’s Proxy Statement for its 2023 Annual Meeting of Shareholders, which was filed with the SEC on March 10, 2023 (the “2023 Proxy Statement”).
 
(4)
The amounts reported in these columns for 2023 reflect the following adjustments from total compensation as reported in the Summary Compensation Table (the “SCT”):
 
    
PEO
    
Average
Non-PEO
  
 Total Compensation Reported in 2023 SCT
  
 
$10,574,757
 
  
 
$2,880,969
 
Less: Value of Option Awards reported in SCT
     (1,323,023)       (383,293)  
Less: Value of Stock Awards reported in SCT
     (5,532,076)       (1,202,119)  
Less: Change in Pension Value in SCT
     (455,232)       (139,019)  
Less: Fair value of awards granted in prior fiscal years that failed to vest
     —       —  
Plus:
Year-end
value of awards granted in the fiscal year that are unvested and outstanding
     7,612,450       1,625,158  
Plus: Change in fair value of prior year awards that are unvested and outstanding
     7,838,581       1,716,673  
Plus: Change in fair value of prior year awards that vested in the fiscal year
     315,496       77,852  
Plus:
Year-end
value of options granted in fiscal year that are unvested and outstanding
     1,508,537       437,038  
Plus: Change in fair value of prior year options that are unvested and outstanding
     409,847       128,925  
Plus: Change in fair value of prior year options that vested in the fiscal year
     287,011       79,944  
Plus: Dividends paid on unvested awards
     —       —  
Plus: Pension service cost in the fiscal year
     —       26,174  
 Actual Compensation Paid for Fiscal Year 2023
  
 
$21,236,348
 
  
 
$5,248,302
 
Pension service cost was calculated using the same methodology as used for the Company’s Consolidated Financial Statements, which is discussed in Note 11 to our Consolidated Financial Statements.
 
For information regarding adjustments from total compensation as reported in the SCT for 2020 to 2022, see “Pay Versus Performance” in the 2023 Proxy Statement.
 
(5)
The share prices illustrate the cumulative total shareholder return (“TSR”) each year of
Snap-on
common stock and of the S&P 500 Industrials Index since December 31, 2019, of a $100 investment, assuming that dividends were reinvested quarterly.
 
(6)
Net income and Operating income are reported in millions. Operating income represents income from continuing operations, excluding financial services income and the effect of foreign currency translation.
 
(7)
Return on net assets employed before interest and taxes (“RONAEBIT”) is calculated using a thirteen-month average and represents return on net assets employed before interest and taxes, excluding financial services and the effect of foreign currency translation. This methodology is consistent with that employed to calculate a company’s weighted average cost of capital.
     
Company Selected Measure Name RONAEBIT      
Named Executive Officers, Footnote
(1)
Information for the principal executive officer (“PEO”) for all years presented relates to Nicholas T. Pinchuk, Chairman, President and Chief Executive Officer.
Information for the
non-PEO
Named Executive Officers for all years presented relates to:
 
  •  
Aldo J. Pagliari – Senior Vice President–Finance and Chief Financial Officer
 
  •  
Thomas J. Ward – Senior Vice President and President–Repair Systems and Information Group
 
  •  
Anup R. Banerjee – Senior Vice President–Human Resources and Chief Development Officer
 
  •  
Timothy L. Chambers – Senior Vice President and
President–Snap-on
Tools Group
     
Peer Group Issuers, Footnote The share prices illustrate the cumulative total shareholder return (“TSR”) each year of
Snap-on
common stock and of the S&P 500 Industrials Index since December 31, 2019, of a $100 investment, assuming that dividends were reinvested quarterly. 		     
PEO Total Compensation Amount $ 10,574,757 $ 9,484,660 $ 9,872,946 $ 7,933,529
PEO Actually Paid Compensation Amount $ 21,236,348 12,577,620 17,335,075 3,713,918
Adjustment To PEO Compensation, Footnote
(4)
The amounts reported in these columns for 2023 reflect the following adjustments from total compensation as reported in the Summary Compensation Table (the “SCT”):
 
    
PEO
    
Average
Non-PEO
  
 Total Compensation Reported in 2023 SCT
  
 
$10,574,757
 
  
 
$2,880,969
 
Less: Value of Option Awards reported in SCT
     (1,323,023)       (383,293)  
Less: Value of Stock Awards reported in SCT
     (5,532,076)       (1,202,119)  
Less: Change in Pension Value in SCT
     (455,232)       (139,019)  
Less: Fair value of awards granted in prior fiscal years that failed to vest
     —       —  
Plus:
Year-end
value of awards granted in the fiscal year that are unvested and outstanding
     7,612,450       1,625,158  
Plus: Change in fair value of prior year awards that are unvested and outstanding
     7,838,581       1,716,673  
Plus: Change in fair value of prior year awards that vested in the fiscal year
     315,496       77,852  
Plus:
Year-end
value of options granted in fiscal year that are unvested and outstanding
     1,508,537       437,038  
Plus: Change in fair value of prior year options that are unvested and outstanding
     409,847       128,925  
Plus: Change in fair value of prior year options that vested in the fiscal year
     287,011       79,944  
Plus: Dividends paid on unvested awards
     —       —  
Plus: Pension service cost in the fiscal year
     —       26,174  
 Actual Compensation Paid for Fiscal Year 2023
  
 
$21,236,348
 
  
 
$5,248,302
 
Pension service cost was calculated using the same methodology as used for the Company’s Consolidated Financial Statements, which is discussed in Note 11 to our Consolidated Financial Statements.
     
Non-PEO NEO Average Total Compensation Amount $ 2,880,969 2,687,596 2,809,457 2,398,651
Non-PEO NEO Average Compensation Actually Paid Amount $ 5,248,302 3,520,186 4,597,000 1,274,781
Adjustment to Non-PEO NEO Compensation Footnote
(4)
The amounts reported in these columns for 2023 reflect the following adjustments from total compensation as reported in the Summary Compensation Table (the “SCT”):
 
    
PEO
    
Average
Non-PEO
  
 Total Compensation Reported in 2023 SCT
  
 
$10,574,757
 
  
 
$2,880,969
 
Less: Value of Option Awards reported in SCT
     (1,323,023)       (383,293)  
Less: Value of Stock Awards reported in SCT
     (5,532,076)       (1,202,119)  
Less: Change in Pension Value in SCT
     (455,232)       (139,019)  
Less: Fair value of awards granted in prior fiscal years that failed to vest
     —       —  
Plus:
Year-end
value of awards granted in the fiscal year that are unvested and outstanding
     7,612,450       1,625,158  
Plus: Change in fair value of prior year awards that are unvested and outstanding
     7,838,581       1,716,673  
Plus: Change in fair value of prior year awards that vested in the fiscal year
     315,496       77,852  
Plus:
Year-end
value of options granted in fiscal year that are unvested and outstanding
     1,508,537       437,038  
Plus: Change in fair value of prior year options that are unvested and outstanding
     409,847       128,925  
Plus: Change in fair value of prior year options that vested in the fiscal year
     287,011       79,944  
Plus: Dividends paid on unvested awards
     —       —  
Plus: Pension service cost in the fiscal year
     —       26,174  
 Actual Compensation Paid for Fiscal Year 2023
  
 
$21,236,348
 
  
 
$5,248,302
 
Pension service cost was calculated using the same methodology as used for the Company’s Consolidated Financial Statements, which is discussed in Note 11 to our Consolidated Financial Statements.
     
Compensation Actually Paid vs. Total Shareholder Return The graph below illustrates the relationship between the compensation actually paid to the Company’s CEO (referred to in the graphs below as the PEO) and the average of the compensation actually paid to the other NEOs, and the TSR of
Snap-on
common stock and the S&P 500 Industrials Index for the indicated fiscal years:
 
 
LOGO
     
Compensation Actually Paid vs. Net Income
The graph below illustrates the relationship between the compensation actually paid to the Company’s CEO and the average of the other NEOs and the Company’s net income and operating income for the indicated fiscal years:
 
 
LOGO
     
Compensation Actually Paid vs. Company Selected Measure
The graph below illustrates the relationship between the compensation actually paid to the Company’s CEO and the average of the other NEOs and the Company’s RONAEBIT for the indicated fiscal years:
 
 
LOGO
     
Total Shareholder Return Vs Peer Group The graph below illustrates the relationship between the compensation actually paid to the Company’s CEO (referred to in the graphs below as the PEO) and the average of the compensation actually paid to the other NEOs, and the TSR of
Snap-on
common stock and the S&P 500 Industrials Index for the indicated fiscal years:
 
 
LOGO
     
Tabular List, Table
The table below includes the metrics that the Company believes are the most important financial performance measures used to link compensation actually paid to Company performance for the most recently completed fiscal year:
 
Financial Performance Measure
  
Description
Operating income
  
Metric in annual incentive plan
RONAEBIT
  
Metric in annual incentive plan and PSUs
Sales
  
Metric in PSUs
Share price
  
Impacts value of stock options, PSUs and RSUs
      
Total Shareholder Return Amount $ 189.28 145.95 134 104.01
Peer Group Total Shareholder Return Amount 150.2 127.15 134.52 111.06
Net Income (Loss) $ 1,011,100,000 $ 911,700,000 $ 820,500,000 $ 627,000,000
Company Selected Measure Amount 0.376 0.355 0.355 0.278
PEO Name Nicholas T. Pinchuk      
Closing Stock Price On The Vesting Date $ 249.26      
Year End Closing Stock Price | $ / shares $ 288.84      
Measure:: 1        
Pay vs Performance Disclosure        
Compensation Actually Paid vs. Other Measure
The graph below illustrates the relationship between the compensation actually paid to the Company’s CEO and the average of the other NEOs and the Company’s net income and operating income for the indicated fiscal years:
 
 
LOGO
     
Other Performance Measure, Amount 1,047,600,000 954,700,000 852,900,000 630,900,000
Name Operating income      
Measure:: 2        
Pay vs Performance Disclosure        
Name RONAEBIT      
Measure:: 3        
Pay vs Performance Disclosure        
Name Sales      
Measure:: 4        
Pay vs Performance Disclosure        
Name Share price      
PEO | Value of Option Awards reported in SCT [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount $ (1,323,023)      
PEO | Value of Stock Awards reported in SCT [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (5,532,076)      
PEO | Change in Pension Value in SCT [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (455,232)      
PEO | Year-end value of awards granted in the fiscal year that are unvested and outstanding [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 7,612,450      
PEO | Change in fair value of prior year awards that are unvested and outstanding [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 7,838,581      
PEO | Change in fair value of prior year awards that vested in the fiscal year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 315,496      
PEO | Year-end value of options granted in fiscal year that are unvested and outstanding [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 1,508,537      
PEO | Change in fair value of prior year options that are unvested and outstanding [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 409,847      
PEO | Change in fair value of prior year options that vested in the fiscal year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 287,011      
Non-PEO NEO | Value of Option Awards reported in SCT [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (383,293)      
Non-PEO NEO | Value of Stock Awards reported in SCT [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (1,202,119)      
Non-PEO NEO | Change in Pension Value in SCT [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (139,019)      
Non-PEO NEO | Year-end value of awards granted in the fiscal year that are unvested and outstanding [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 1,625,158      
Non-PEO NEO | Change in fair value of prior year awards that are unvested and outstanding [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 1,716,673      
Non-PEO NEO | Change in fair value of prior year awards that vested in the fiscal year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 77,852      
Non-PEO NEO | Year-end value of options granted in fiscal year that are unvested and outstanding [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 437,038      
Non-PEO NEO | Change in fair value of prior year options that are unvested and outstanding [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 128,925      
Non-PEO NEO | Change in fair value of prior year options that vested in the fiscal year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 79,944      
Non-PEO NEO | Pension service cost in the fiscal year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount $ 26,174