v3.25.4
Income Taxes (Tables)
 12 Months Ended
Jan. 03, 2026
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)202520242023
United States$1,122.8 $1,188.2 $1,143.7 
Foreign213.1 184.9 184.3 
Total$1,335.9 $1,373.1 $1,328.0 
Schedule of Components of Income Tax
The provision (benefit) for income taxes consisted of the following: 
(Amounts in millions)202520242023
Current:
Federal$196.5 $220.8 $215.4 
Foreign49.4 50.4 55.2 
State45.2 41.2 41.5 
Total current291.1 312.4 312.1 
Deferred:
Federal0.5 (8.6)(14.5)
Foreign3.6 0.1 (3.9)
State(1.6)0.3 (0.3)
Total deferred2.5 (8.2)(18.7)
Total income tax provision$293.6 $304.2 $293.4 
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: 

202520242023
Earnings before income tax expense$1,335.9 $1,373.1 $1,328.0 
Statutory federal income tax rate$280.5 21.0 %$288.4 21.0 %$278.9 21.0 %
State income taxes, net of federal benefit*35.6 2.7 33.3 2.4 29.7 2.2 
Foreign tax effects8.7 0.6 9.8 0.7 10.8 0.8 
Effects of cross-border tax laws(12.6)(0.9)(11.1)(0.8)(11.9)(0.9)
Tax credits(7.8)(0.6)(2.9)(0.2)(4.3)(0.3)
Nontaxable or nondeductible items(10.8)(0.8)(13.3)(0.9)(9.8)(0.7)
Effective tax rate$293.6 22.0 %$304.2 22.2 %$293.4 22.1 %
*
State taxes in California, Illinois, Michigan, New Jersey, New York, Pennsylvania and Wisconsin comprised greater than 50% of the tax effect in this category.
Schedule of Income Taxes Paid, Net of Refunds
Income taxes paid, net of refunds are as follows:
(Amounts in millions)202520242023
U.S. Federal*$225.7 $207.8 $209.5 
State and local45.4 49.6 36.5 
United Kingdom**— — 16.5 
Other55.9 48.3 38.4 
Total foreign55.9 48.3 54.9 
Total income taxes paid, net$327.0 $305.7 $300.9 
*Includes amounts paid to purchase transferable clean energy tax credits during 2025.
**The amount of income taxes paid does not meet the 5% jurisdictional disaggregation threshold for 2025 and 2024.
Schedule of Deferred Tax Assets and Liabilities
Temporary differences that give rise to the net deferred income tax asset (liability) as of 2025, 2024 and 2023 year end are as follows:

(Amounts in millions)202520242023
Deferred income tax assets (liabilities):
Inventories$37.3 $42.9 $43.2 
Accruals not currently deductible59.4 64.1 68.6 
Tax credit carryforward4.9 3.0 5.2 
Employee benefits(8.7)2.9 1.4 
Net operating losses43.7 49.0 48.0 
Depreciation and amortization(134.2)(140.9)(156.4)
Valuation allowance(22.6)(23.9)(27.2)
Equity-based compensation11.1 12.1 16.2 
Undistributed non-U.S. earnings(3.7)(3.6)(3.9)
Other(1.7)(1.1)1.7 
Net deferred income tax asset (liability)$(14.5)$4.5 $(3.2)
Schedule of Operating Loss Carry Forwards
As of 2025 year end, Snap-on had tax net operating loss carryforwards totaling $164.9 million as follows:

(Amounts in millions)StateFederalForeignTotal
Year of expiration:
2026-2030$— $— $35.3 $35.3 
2031-2035— — 19.8 19.8 
2036-2040— — 30.3 30.3 
2041-2045— — 21.0 21.0 
Indefinite— — 58.5 58.5 
Total net operating loss carryforwards$— $— $164.9 $164.9 
Schedule of Reconciliation of Unrecognized Tax Benefits
The following is a reconciliation of the beginning and ending amounts of unrecognized tax benefits for 2025, 2024 and 2023:

(Amounts in millions)202520242023
Unrecognized tax benefits at beginning of year$6.6 $7.5 $5.6 
Gross increases – tax positions in prior periods0.6 — 1.2 
Gross decreases – tax positions in prior periods— (0.7)— 
Gross increases – tax positions in the current period0.8 0.6 0.7 
Settlements with taxing authorities— — — 
Lapsing of statutes of limitations(0.6)(0.8)— 
Unrecognized tax benefits at end of year$7.4 $6.6 $7.5