v3.25.4

Pension Plans (Tables)

12 Months Ended

Jan. 03, 2026

Retirement Benefits [Abstract]

Schedule of Change in Benefit Obligation

The status of Snap-on’s pension plans as of 2025 and 2024 year end is as follows:  

(Amounts in millions)						2025						2024
Change in projected benefit obligation:
Benefit obligation at beginning of year						$	1,270.2					$	1,291.9
Service cost						19.7						19.9
Interest cost						66.8						65.4
Plan participant contributions						0.3						0.3
Plan settlements						(0.5)						—
Benefits paid						(93.9)						(84.1)
Actuarial (gain) loss						8.1						(12.2)
Foreign currency impact						16.7						(11.0)
Benefit obligation at end of year						1,287.4						1,270.2
Change in plan assets:
Fair value of plan assets at beginning of year						1,308.1						1,333.9
Return on plan assets						134.2						58.8
Employer contributions						7.7						8.3
Plan participant contributions						0.3						0.3
Plan settlements						(0.5)						—
Benefits paid						(93.9)						(84.1)
Foreign currency impact						13.3						(9.1)
Fair value of plan assets at end of year						1,369.2						1,308.1
Funded status at end of year						$	81.8					$	37.9

The status of Snap-on’s U.S. postretirement health care plans as of 2025 and 2024 year end is as follows:

(Amounts in millions)						2025						2024
Change in accumulated postretirement benefit obligation:
Benefit obligation at beginning of year						$	33.5					$	35.8
Interest cost						1.8						1.8
Plan participant contributions						—						0.1
Benefits paid						(3.8)						(3.6)
Actuarial (gain) loss						1.0						(0.6)
Benefit obligation at end of year						32.5						33.5
Change in plan assets:
Fair value of plan assets at beginning of year						11.6						11.4
Return on plan assets						1.6						1.0
Employer contributions						3.0						2.7
Plan participant contributions						—						0.1
Benefits paid						(3.8)						(3.6)
Fair value of plan assets at end of year						12.4						11.6
Unfunded status at end of year						$	(20.1)					$	(21.9)

Schedule of Change in Fair Value of Plan Assets

The status of Snap-on’s pension plans as of 2025 and 2024 year end is as follows:  

(Amounts in millions)						2025						2024
Change in projected benefit obligation:
Benefit obligation at beginning of year						$	1,270.2					$	1,291.9
Service cost						19.7						19.9
Interest cost						66.8						65.4
Plan participant contributions						0.3						0.3
Plan settlements						(0.5)						—
Benefits paid						(93.9)						(84.1)
Actuarial (gain) loss						8.1						(12.2)
Foreign currency impact						16.7						(11.0)
Benefit obligation at end of year						1,287.4						1,270.2
Change in plan assets:
Fair value of plan assets at beginning of year						1,308.1						1,333.9
Return on plan assets						134.2						58.8
Employer contributions						7.7						8.3
Plan participant contributions						0.3						0.3
Plan settlements						(0.5)						—
Benefits paid						(93.9)						(84.1)
Foreign currency impact						13.3						(9.1)
Fair value of plan assets at end of year						1,369.2						1,308.1
Funded status at end of year						$	81.8					$	37.9

The status of Snap-on’s U.S. postretirement health care plans as of 2025 and 2024 year end is as follows:

(Amounts in millions)						2025						2024
Change in accumulated postretirement benefit obligation:
Benefit obligation at beginning of year						$	33.5					$	35.8
Interest cost						1.8						1.8
Plan participant contributions						—						0.1
Benefits paid						(3.8)						(3.6)
Actuarial (gain) loss						1.0						(0.6)
Benefit obligation at end of year						32.5						33.5
Change in plan assets:
Fair value of plan assets at beginning of year						11.6						11.4
Return on plan assets						1.6						1.0
Employer contributions						3.0						2.7
Plan participant contributions						—						0.1
Benefits paid						(3.8)						(3.6)
Fair value of plan assets at end of year						12.4						11.6
Unfunded status at end of year						$	(20.1)					$	(21.9)

Schedule of Amounts Recognized in Consolidated Balance Sheets

Amounts recognized in the Consolidated Balance Sheets as of 2025 and 2024 year end are as follows: 

(Amounts in millions)						2025						2024
Pension assets						$	173.8					$	125.4
Accrued benefits						(6.3)						(9.1)
Pension liabilities						(85.7)						(78.4)
Net asset						$	81.8					$	37.9

Amounts recognized in the Consolidated Balance Sheets as of 2025 and 2024 year end are as follows:

(Amounts in millions)						2025						2024
Accrued benefits						$	(2.4)					$	(2.5)
Retiree health care benefits						(17.7)						(19.4)
Net liability						$	(20.1)					$	(21.9)

Schedule of Amounts included in Accumulated OCI on the Accompanying Consolidated Balance Sheets

Amounts included in Accumulated OCI on the accompanying Consolidated Balance Sheets as of 2025 and 2024 year end are as follows: 

(Amounts in millions)						2025						2024
Net loss, net of tax of $73.2 million and $86.9 million, respectively						$	(223.5)					$	(264.0)
Prior service cost, net of tax of $0.1 million and $0.1 million, respectively						(0.4)						(0.5)
Total amount included in Accumulated OCI						$	(223.9)					$	(264.5)

Amounts included in Accumulated OCI on the accompanying Consolidated Balance Sheets as of 2025 and 2024 year end are as follows: 

(Amounts in millions)						2025						2024
Net gain, net of tax of $1.7 million and $2.0 million, respectively						$	5.1					$	6.1

Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets

The accumulated benefit obligation, projected benefit obligation and fair value of plan assets for Snap-on’s pension plans as of 2025 and 2024 year end are as follows:

(Amounts in millions)						2025						2024
Pension plans with accumulated benefit obligations in excess of plan assets:
Accumulated benefit obligation						$	108.4					$	101.5
Fair value of plan assets						18.6						17.6
Pension plans with projected benefit obligations in excess of plans assets:
Projected benefit obligation						$	110.6					$	105.1
Fair value of plan assets						18.6						17.6

Schedule of Components of Net Periodic Benefit Costs (Credits) 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)						2025						2024						2023
Net periodic benefit cost (credit):
Service cost						$	19.7					$	19.9					$	18.8
Interest cost						66.8						65.4						65.3
Expected return on plan assets						(92.1)						(101.5)						(104.7)
Amortization of unrecognized loss						22.3						9.2						1.5
Amortization of prior service cost						0.1						0.1						0.1
Settlement loss						0.1						—						—
Net periodic benefit cost (credit)						$	16.9					$	(6.9)					$	(19.0)
Changes in benefit obligations recognized in OCI, net of tax:
Net (gain) loss						$	(40.5)					$	14.9					$	(19.9)
Prior service credit						(0.1)						—						—
Total recognized in OCI						$	(40.6)					$	14.9					$	(19.9)

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

(Amounts in millions)						2025						2024						2023
Net periodic benefit cost (credit):
Interest cost						$	1.8					$	1.8					$	1.9
Expected return on plan assets						(0.7)						(0.6)						(0.6)
Amortization of unrecognized gain						(1.2)						(1.2)						(1.1)
Net periodic benefit cost (credit)						$	(0.1)					$	—					$	0.2
Changes in benefit obligations recognized in OCI, net of tax:
Net loss						$	1.0					$	0.1					$	0.2

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: 

						2025						2024						2023
Discount rate						5.4%						5.3%						5.4%
Expected return on plan assets						7.3%						7.3%						7.4%
Rate of compensation increase						3.2%						3.2%						3.2%
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 2025 and 2024 year end are as follows: 

						2025						2024
Discount rate						5.4%						5.5%
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: 

						2025						2024						2023
Discount rate						5.5%						5.3%						5.3%

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

						2025						2024
Discount rate						5.2%						5.5%

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:
2026			$	100.0
2027			102.9
2028			103.1
2029			105.4
2030			109.0
2031-2035			521.1

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

(Amounts in millions)						Amount
Year:
2026						$	3.0
2027						3.1
2028						3.2
2029						3.1
2030						3.1
2031-2035						14.6

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 2025 and 2024 year end are as follows: 

						Target						2025						2024
Asset category:
Equity securities						49%						45%						46%
Debt securities and cash and cash equivalents						46%						45%						45%
Hedge funds						5%						10%						9%
Total						100%						100%						100%
Fair value of plan assets (Amounts in millions)												$	1,171.5					$	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 2025 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						$	16.4					$	—					$	—					$	16.4
Equity securities:
Domestic						71.6						—						—						71.6
Foreign						45.5						—						—						45.5
Commingled funds – domestic						—						—						214.7						214.7
Commingled funds – foreign						—						—						193.4						193.4
Private equity partnerships						—						—						5.0						5.0
Debt securities:
Government						156.0						3.0						—						159.0
Corporate bonds						—						352.1						—						352.1
Real estate and other real assets						—						—						0.7						0.7
Hedge funds						—						—						113.1						113.1
Total						$	289.5					$	355.1					$	526.9					$	1,171.5

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

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 2025 and 2024 year end are as follows: 

						Target						2025						2024
Asset category:
Equity securities*						27%						27%						29%
Debt securities* and cash and cash equivalents						62%						62%						60%
Insurance contracts						11%						11%						11%
Total						100%						100%						100%
Fair value of plan assets (Amounts in millions)												$	197.7					$	181.8

* 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 2025 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						$	1.1					$	—					$	—					$	1.1
Commingled funds – multi-strategy						—						—						127.0						127.0
Debt securities:
Government						21.0						—						—						21.0
Corporate bonds						—						26.9						—						26.9
Insurance contracts						—						21.7						—						21.7
Total						$	22.1					$	48.6					$	127.0					$	197.7

The following is a summary, by asset category, of the fair value and the level within the fair value hierarchy of Snap-on’s 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

Snap-on’s VEBA plan target allocation and actual weighted-average asset allocation by asset category and fair value of plan assets as of 2025 and 2024 year end are as follows: 

						Target						2025						2024
Asset category:
Debt securities and cash and cash equivalents						46%						42%						45%
Equity securities						29%						31%						28%
Hedge funds						25%						27%						27%
Total						100%						100%						100%
Fair value of plan assets (Amounts in millions)												$	12.4					$	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 2025 year end:

(Amounts in millions)						Quoted Prices for Identical Assets (Level 1)						Investments Measured at NAV						Total
Asset category:
Cash and cash equivalents						$	0.1					$	—					$	0.1
Debt securities						5.1						—						5.1
Equity securities						—						3.9						3.9
Hedge fund						—						3.3						3.3
Total						$	5.2					$	7.2					$	12.4

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

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Tabular disclosure of the amounts related to pension plans and/or other employee benefit plans in accumulated other comprehensive income or loss that have not yet been recognized as components of net periodic benefit cost, such as the net gain (loss), net prior service cost or credit, and net transition asset or obligation.

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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

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