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Postretirement Plans (Tables)

12 Months Ended

Dec. 28, 2024

Retirement Benefits [Abstract]

Schedule of Change in Benefit Obligation

The status of Snap-on’s pension plans as of 2024 and 2023 year end is as follows: 

(Amounts in millions)						2024						2023
Change in projected benefit obligation:
Benefit obligation at beginning of year						$	1,291.9					$	1,254.6
Service cost						19.9						18.8
Interest cost						65.4						65.3
Plan participant contributions						0.3						0.4
Benefits paid						(84.1)						(79.2)
Actuarial (gain) loss						(12.2)						24.0
Foreign currency impact						(11.0)						8.0
Benefit obligation at end of year						1,270.2						1,291.9
Change in plan assets:
Fair value of plan assets at beginning of year						1,333.9						1,241.7
Return on plan assets						58.8						155.3
Employer contributions						8.3						8.1
Plan participant contributions						0.3						0.4
Benefits paid						(84.1)						(79.3)
Foreign currency impact						(9.1)						7.7
Fair value of plan assets at end of year						1,308.1						1,333.9
Funded status at end of year						$	37.9					$	42.0

The status of Snap-on’s U.S. postretirement health care plans as of 2024 and 2023 year end is as follows:

(Amounts in millions)						2024						2023
Change in accumulated postretirement benefit obligation:
Benefit obligation at beginning of year						$	35.8					$	37.3
Interest cost						1.8						1.9
Plan participant contributions						0.1						0.2
Benefits paid						(3.6)						(3.3)
Actuarial gain						(0.6)						(0.3)
Benefit obligation at end of year						33.5						35.8
Change in plan assets:
Fair value of plan assets at beginning of year						11.4						11.2
Return on plan assets						1.0						1.0
Employer contributions						2.7						2.3
Plan participant contributions						0.1						0.2
Benefits paid						(3.6)						(3.3)
Fair value of plan assets at end of year						11.6						11.4
Unfunded status at end of year						$	(21.9)					$	(24.4)

Schedule of Change in Fair Value of Plan Assets

The status of Snap-on’s pension plans as of 2024 and 2023 year end is as follows: 

(Amounts in millions)						2024						2023
Change in projected benefit obligation:
Benefit obligation at beginning of year						$	1,291.9					$	1,254.6
Service cost						19.9						18.8
Interest cost						65.4						65.3
Plan participant contributions						0.3						0.4
Benefits paid						(84.1)						(79.2)
Actuarial (gain) loss						(12.2)						24.0
Foreign currency impact						(11.0)						8.0
Benefit obligation at end of year						1,270.2						1,291.9
Change in plan assets:
Fair value of plan assets at beginning of year						1,333.9						1,241.7
Return on plan assets						58.8						155.3
Employer contributions						8.3						8.1
Plan participant contributions						0.3						0.4
Benefits paid						(84.1)						(79.3)
Foreign currency impact						(9.1)						7.7
Fair value of plan assets at end of year						1,308.1						1,333.9
Funded status at end of year						$	37.9					$	42.0

The status of Snap-on’s U.S. postretirement health care plans as of 2024 and 2023 year end is as follows:

(Amounts in millions)						2024						2023
Change in accumulated postretirement benefit obligation:
Benefit obligation at beginning of year						$	35.8					$	37.3
Interest cost						1.8						1.9
Plan participant contributions						0.1						0.2
Benefits paid						(3.6)						(3.3)
Actuarial gain						(0.6)						(0.3)
Benefit obligation at end of year						33.5						35.8
Change in plan assets:
Fair value of plan assets at beginning of year						11.4						11.2
Return on plan assets						1.0						1.0
Employer contributions						2.7						2.3
Plan participant contributions						0.1						0.2
Benefits paid						(3.6)						(3.3)
Fair value of plan assets at end of year						11.6						11.4
Unfunded status at end of year						$	(21.9)					$	(24.4)

Schedule of Amounts Recognized in Consolidated Balance Sheets

Amounts recognized in the Consolidated Balance Sheets as of 2024 and 2023 year end are as follows: 

(Amounts in millions)						2024						2023
Pension assets						$	125.4					$	130.5
Accrued benefits						(9.1)						(6.2)
Pension liabilities						(78.4)						(82.3)
Net asset						$	37.9					$	42.0

Amounts recognized in the Consolidated Balance Sheets as of 2024 and 2023 year end are as follows:

(Amounts in millions)						2024						2023
Accrued benefits						$	(2.5)					$	(2.6)
Retiree health care benefits						(19.4)						(21.8)
Net liability						$	(21.9)					$	(24.4)

Schedule of Net Periodic Benefit Costs in AOCI

Amounts included in Accumulated OCI on the accompanying Consolidated Balance Sheets as of 2024 and 2023 year end are as follows: 

(Amounts in millions)						2024						2023
Net loss, net of tax of $86.9 million and $81.8 million, respectively						$	(264.0)					$	(249.1)
Prior service cost, net of tax of $0.1 million and $0.2 million, respectively						(0.5)						(0.5)
Total amount included in Accumulated OCI						$	(264.5)					$	(249.6)

Amounts included in Accumulated OCI on the accompanying Consolidated Balance Sheets as of 2024 and 2023 year end are as follows: 

(Amounts in millions)						2024						2023
Net gain, net of tax of $2.0 million and $2.1 million, respectively						$	6.1					$	6.2

Schedule of Components of Net Periodic Benefit Costs and Other Amounts Recognized in Other Comprehensive Income (Loss)

The components of net periodic benefit cost (credit) and changes recognized in “Other comprehensive income (loss)” (“OCI”) are as follows: 

(Amounts in millions)						2024						2023						2022
Net periodic benefit cost (credit):
Service cost						$	19.9					$	18.8					$	26.5
Interest cost						65.4						65.3						44.4
Expected return on plan assets						(101.5)						(104.7)						(99.2)
Amortization of unrecognized loss						9.2						1.5						18.0
Amortization of prior service cost						0.1						0.1						0.1
Net periodic benefit cost (credit)						$	(6.9)					$	(19.0)					$	(10.2)
Changes in benefit obligations recognized in OCI, net of tax:
Net (gain) loss						$	14.9					$	(19.9)					$	59.6
Prior service credit						—						—						(0.1)
Total recognized in OCI						$	14.9					$	(19.9)					$	59.5

The components of net periodic benefit cost (credit) and changes recognized in OCI are as follows:

(Amounts in millions)						2024						2023						2022
Net periodic benefit cost (credit):
Interest cost						$	1.8					$	1.9					$	1.2
Expected return on plan assets						(0.6)						(0.6)						(0.6)
Amortization of unrecognized gain						(1.2)						(1.1)						—
Net periodic benefit cost (credit)						$	—					$	0.2					$	0.6
Changes in benefit obligations recognized in OCI, net of tax:
Net (gain) loss						$	0.1					$	0.2					$	(4.1)

Schedule of Weighted-Average Assumptions Used to Determine Full-Year Pension Costs

The worldwide weighted-average assumptions used to determine Snap-on’s full-year pension costs are as follows: 

						2024						2023						2022
Discount rate						5.3%						5.4%						2.8%
Expected return on plan assets						7.3%						7.4%						6.2%
Rate of compensation increase						3.2%						3.2%						3.4%
Interest crediting rate - U.S. cash balance plan						3.8%						3.8%						3.8%

The worldwide weighted-average assumptions used to determine Snap-on’s projected benefit obligation as of 2024 and 2023 year end are as follows: 

						2024						2023
Discount rate						5.5%						5.3%
Rate of compensation increase						3.2%						3.2%
Interest crediting rate - U.S. cash balance plan						3.8%						3.8%

The weighted-average discount rate used to determine Snap-on’s postretirement health care expense is as follows: 

						2024						2023						2022
Discount rate						5.3%						5.3%						2.7%

The weighted-average discount rate used to determine Snap-on’s accumulated benefit obligation is as follows: 

						2024						2023
Discount rate						5.5%						5.3%

Schedule of Expected Benefit Payments

The following benefit payments, which reflect expected future service, are expected to be paid as follows:

(Amounts in millions)			Amount
Year:
2025			$	96.3
2026			97.4
2027			101.8
2028			101.6
2029			103.4
2030-2034			513.4

The following benefit payments, which reflect expected future service, are expected to be paid as follows: 

(Amounts in millions)						Amount
Year:
2025						$	3.1
2026						3.2
2027						3.2
2028						3.3
2029						3.3
2030-2034						15.7

Schedule of Allocation of Plan Assets

Snap-on’s domestic pension plans’ target allocation and actual weighted-average asset allocation by asset category and fair value of plan assets as of 2024 and 2023 year end are as follows: 

						Target						2024						2023
Asset category:
Equity securities						49%						46%						46%
Debt securities and cash and cash equivalents						46%						45%						46%
Hedge funds						5%						9%						8%
Total						100%						100%						100%
Fair value of plan assets (Amounts in millions)												$	1,126.3					$	1,143.7

The following is a summary, by asset category, of the fair value and the level within the fair value hierarchy of Snap-on’s domestic pension plans’ assets as of 2024 year end: 

(Amounts in millions)						Quoted Prices for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Investments Measured at NAV						Total
Asset category:
Cash and cash equivalents						$	23.9					$	—					$	—					$	23.9
Equity securities:
Domestic						71.9						—						—						71.9
Foreign						47.9						—						—						47.9
Commingled funds – domestic						—						—						212.9						212.9
Commingled funds – foreign						—						—						176.8						176.8
Private equity partnerships						—						—						6.5						6.5
Debt securities:
Government						147.2						3.9						—						151.1
Corporate bonds						—						330.9						—						330.9
Real estate and other real assets						—						—						0.6						0.6
Hedge funds						—						—						103.8						103.8
Total						$	290.9					$	334.8					$	500.6					$	1,126.3

The following is a summary, by asset category, of the fair value and the level within the fair value hierarchy of Snap-on’s domestic pension plans’ assets as of 2023 year end: 

(Amounts in millions)						Quoted Prices for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Investments Measured at NAV						Total
Asset category:
Cash and cash equivalents						$	12.2					$	—					$	—					$	12.2
Equity securities:
Domestic						72.9						—						—						72.9
Foreign						1.5						—						—						1.5
Commingled funds – domestic						—						—						203.8						203.8
Commingled funds – foreign						—						—						233.3						233.3
Private equity partnerships						—						—						9.1						9.1
Debt securities:
Government						162.6						4.8						—						167.4
Corporate bonds						—						350.4						—						350.4
Real estate and other real assets						—						—						0.7						0.7
Hedge funds						—						—						92.4						92.4
Total						$	249.2					$	355.2					$	539.3					$	1,143.7

Snap-on’s foreign pension plans’ target allocation and actual weighted-average asset allocation by asset category and fair value of plan assets as of 2024 and 2023 year end are as follows: 

						Target						2024						2023
Asset category:
Equity securities*						27%						29%						30%
Debt securities* and cash and cash equivalents						62%						60%						58%
Insurance contracts						11%						11%						12%
Total						100%						100%						100%
Fair value of plan assets (Amounts in millions)												$	181.8					$	190.2

* Includes commingled funds - multi-strategy

The following is a summary, by asset category, of the fair value and the level within the fair value hierarchy of Snap-on’s foreign pension plans’ assets as of 2024 year end: 

(Amounts in millions)						Quoted Prices for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Investments Measured at NAV						Total
Asset category:
Cash and cash equivalents						$	1.5					$	—					$	—					$	1.5
Commingled funds – multi-strategy						—						—						115.8						115.8
Debt securities:
Government						19.1						—						—						19.1
Corporate bonds						—						24.7						—						24.7
Insurance contracts						—						20.7						—						20.7
Total						$	20.6					$	45.4					$	115.8					$	181.8

The following is a summary, by asset category, of the fair value and the level within the fair value hierarchy of Snap-on’s foreign pension plans’ assets as of 2023 year end: 

(Amounts in millions)						Quoted Prices for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Investments Measured at NAV						Total
Asset category:
Cash and cash equivalents						$	1.9					$	—					$	—					$	1.9
Commingled funds – multi-strategy						—						—						119.8						119.8
Debt securities:
Government						20.4						—						—						20.4
Corporate bonds						—						26.3						—						26.3
Insurance contracts						—						21.8						—						21.8
Total						$	22.3					$	48.1					$	119.8					$	190.2

Snap-on’s VEBA plan target allocation and actual weighted-average asset allocation by asset category and fair value of plan assets as of 2024 and 2023 year end are as follows: 

						Target						2024						2023
Asset category:
Debt securities and cash and cash equivalents						46%						45%						46%
Equity securities						29%						28%						29%
Hedge funds						25%						27%						25%
Total						100%						100%						100%
Fair value of plan assets (Amounts in millions)												$	11.6					$	11.4

The following is a summary, by asset category, of the fair value and the level within the fair value hierarchy of the VEBA plan assets as of 2024 year end:

(Amounts in millions)						Quoted Prices for Identical Assets (Level 1)						Investments Measured at NAV						Total
Asset category:
Cash and cash equivalents						$	0.2					$	—					$	0.2
Debt securities						5.0						—						5.0
Equity securities						—						3.3						3.3
Hedge fund						—						3.1						3.1
Total						$	5.2					$	6.4					$	11.6

The following is a summary, by asset category, of the fair value and the level within the fair value hierarchy of the VEBA plan assets as of 2023 year end: 

(Amounts in millions)						Quoted Prices for Identical Assets (Level 1)						Investments Measured at NAV						Total
Asset category:
Cash and cash equivalents						$	0.2					$	—					$	0.2
Debt securities						5.1						—						5.1
Equity securities						—						3.2						3.2
Hedge fund						—						2.9						2.9
Total						$	5.3					$	6.1					$	11.4

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Tabular disclosure of the amounts that are recognized in the balance sheet (or statement of financial position) for pension plans and/or other employee benefit plans, showing separately the assets and current and noncurrent liabilities (if applicable) recognized.

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Tabular disclosure of assumption used to determine benefit obligation and net periodic benefit cost of defined benefit plan. Includes, but is not limited to, discount rate, rate of compensation increase, expected long-term rate of return on plan assets and interest crediting rate.

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Tabular disclosure of the reconciliation of beginning and ending balances of the fair value of plan assets of pension plans and/or other employee benefit plans showing separately, if applicable, the effects during the period attributable to each of the following: actual return on plan assets, foreign currency exchange rate changes, contributions by the employer, contributions by plan participants, benefits paid, business combinations, divestitures, and settlements.

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