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Income Taxes (Tables) | 12 Months Ended
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Dec. 28, 2024
Income Tax Disclosure [Abstract] |
Schedule of Earnings Before Income Taxes and Equity Earnings | The source of earnings before income taxes consisted of the following:
(Amounts in millions) |  | 2024 |  | 2023 |  | 2022
United States |  | $ | 1,188.2 |  |  | $ | 1,143.7 |  |  | $ | 1,028.7 |
Foreign |  | 184.9 |  |  | 184.3 |  |  | 173.9 |
Total |  | $ | 1,373.1 |  |  | $ | 1,328.0 |  |  | $ | 1,202.6 |
Schedule of Components of Income Tax | The provision (benefit) for income taxes consisted of the following:
(Amounts in millions) |  | 2024 |  | 2023 |  | 2022
Current: |  |  |  |  |  |
Federal |  | $ | 220.8 |  |  | $ | 215.4 |  |  | $ | 185.4 |
Foreign |  | 50.4 |  |  | 55.2 |  |  | 45.2 |
State |  | 41.2 |  |  | 41.5 |  |  | 48.4 |
Total current |  | 312.4 |  |  | 312.1 |  |  | 279.0 |
Deferred: |  |  |  |  |  |
Federal |  | (8.6) |  |  | (14.5) |  |  | (8.5) |
Foreign |  | 0.1 |  |  | (3.9) |  |  | (2.1) |
State |  | 0.3 |  |  | (0.3) |  |  | 0.3 |
Total deferred |  | (8.2) |  |  | (18.7) |  |  | (10.3) |
Total income tax provision |  | $ | 304.2 |  |  | $ | 293.4 |  |  | $ | 268.7 |
Schedule of Reconciliation of Statutory Federal Income Tax Rate | The following is a reconciliation of the statutory federal income tax rate to Snap-on’s effective tax rate:
|  | 2024 |  | 2023 |  | 2022
Statutory federal income tax rate |  | 21.0% |  | 21.0% |  | 21.0%
Increase (decrease) in tax rate resulting from: |  |  |  |  |  |
State income taxes, net of federal benefit |  | 2.5 |  | 2.6 |  | 3.0
Noncontrolling interests |  | (0.4) |  | (0.4) |  | (0.4)
Repatriation of foreign earnings |  | (0.2) |  | (0.3) |  | (0.3)
Change in valuation allowance for deferred tax assets |  | 0.2 |  | 0.2 |  | 0.3
Adjustments to tax accruals and reserves |  | (0.1) |  | (0.6) |  | (0.7)
Foreign rate differences |  | 0.6 |  | 0.7 |  | 0.4
Excess tax benefits related to equity compensation |  | (0.8) |  | (0.8) |  | (0.5)
Other |  | (0.6) |  | (0.3) |  | (0.5)
Effective tax rate |  | 22.2% |  | 22.1% |  | 22.3%
Schedule of Deferred Tax Assets and Liabilities | Temporary differences that give rise to the net deferred income tax asset (liability) as of 2024, 2023 and 2022 year end are as follows:
(Amounts in millions) |  | 2024 |  | 2023 |  | 2022
Deferred income tax assets (liabilities): |  |  |  |  |  |
Inventories |  | $ | 42.9 |  |  | $ | 43.2 |  |  | $ | 34.0 |
Accruals not currently deductible |  | 64.1 |  |  | 68.6 |  |  | 66.9 |
Tax credit carryforward |  | 3.0 |  |  | 5.2 |  |  | 4.2 |
Employee benefits |  | 2.9 |  |  | 1.4 |  |  | 16.7 |
Net operating losses |  | 49.0 |  |  | 48.0 |  |  | 47.9 |
Depreciation and amortization |  | (140.9) |  |  | (156.4) |  |  | (170.1) |
Valuation allowance |  | (23.9) |  |  | (27.2) |  |  | (23.5) |
Equity-based compensation |  | 12.1 |  |  | 16.2 |  |  | 14.7 |
Undistributed non-U.S. earnings |  | (3.6) |  |  | (3.9) |  |  | (4.2) |
Other |  | (1.1) |  |  | 1.7 |  |  | 1.3 |
Net deferred income tax asset (liability) |  | $ | 4.5 |  |  | $ | (3.2) |  |  | $ | (12.1) |
Schedule of Operating Loss Carry Forwards | As of 2024 year end, Snap-on had tax net operating loss carryforwards totaling $186.2 million as follows:
(Amounts in millions) |  | State |  | Federal |  | Foreign |  | Total
Year of expiration: |  |  |  |  |  |  |  |
2025-2029 |  | $ | — |  |  | $ | — |  |  | $ | 28.0 |  |  | $ | 28.0 |
2030-2034 |  | — |  |  | — |  |  | 21.5 |  |  | 21.5 |
2035-2039 |  | — |  |  | — |  |  | 52.8 |  |  | 52.8 |
2040-2044 |  | — |  |  | — |  |  | 34.1 |  |  | 34.1 |
2045-2049 |  | — |  |  | — |  |  | — |  |  | — |
Indefinite |  | — |  |  | — |  |  | 49.8 |  |  | 49.8 |
Total net operating loss carryforwards |  | $ | — |  |  | $ | — |  |  | $ | 186.2 |  |  | $ | 186.2 |
Schedule of Reconciliation of Unrecognized Tax Benefits | The following is a reconciliation of the beginning and ending amounts of unrecognized tax benefits for 2024, 2023 and 2022:
(Amounts in millions) |  | 2024 |  | 2023 |  | 2022
Unrecognized tax benefits at beginning of year |  | $ | 7.5 |  |  | $ | 5.6 |  |  | $ | 8.9 |
Gross increases – tax positions in prior periods |  | — |  |  | 1.2 |  |  | — |
Gross decreases – tax positions in prior periods |  | (0.7) |  |  | — |  |  | (0.3) |
Gross increases – tax positions in the current period |  | 0.6 |  |  | 0.7 |  |  | 0.6 |
Settlements with taxing authorities |  | — |  |  | — |  |  | (3.0) |
Lapsing of statutes of limitations |  | (0.8) |  |  | — |  |  | (0.6) |
Unrecognized tax benefits at end of year |  | $ | 6.6 |  |  | $ | 7.5 |  |  | $ | 5.6 |

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