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Income Taxes (Tables)

12 Months Ended

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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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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