Snap-on (SNA) 10-K11 Feb 212020 FY Annual reportFinancial data

Company Profile

Cover

Cover - USD ($) $ in Billions	12 Months Ended
Cover - USD ($) $ in Billions	Jan. 02, 2021	Feb. 05, 2021	Jun. 26, 2020
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Jan. 2, 2021
Current Fiscal Year End Date	--01-02
Document Transition Report	false
Entity File Number	1-7724
Entity Registrant Name	Snap-on Inc
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	39-0622040
Entity Address, Address Line One	2801 80th Street
Entity Address, City or Town	Kenosha
Entity Address, State or Province	WI
Entity Address, Postal Zip Code	53143
City Area Code	262
Local Phone Number	656-5200
Title of 12(b) Security	Common Stock, $1.00 par value
Trading Symbol	SNA
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 7.2
Entity common stock, shares outstanding (in shares)		54,203,094
Documents Incorporated by Reference	Part III of this Annual Report on Form 10-K incorporates by reference certain information that will be set forth in Snap-on’s Proxy Statement, which is expected to first be mailed to shareholders on or about March 12, 2021, prepared for the Annual Meeting of Shareholders scheduled for April 29, 2021.
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Entity Central Index Key	0000091440

Consolidated Statements of Earn

Consolidated Statements of Earnings - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Jan. 02, 2021	Dec. 28, 2019	Dec. 29, 2018
Net sales	$ 3,942.2	$ 4,067.7	$ 4,070.4
Operating earnings	880.5	962.3	956.1
Interest expense	(54)	(49)	(50.4)
Other income (expense) – net	8.7	8.8	4.2
Earnings before income taxes and equity earnings	835.2	922.1	909.9
Income tax expense	(189.1)	(211.8)	(214.4)
Earnings before equity earnings	646.1	710.3	695.5
Equity earnings, net of tax	0.3	0.9	0.7
Net earnings	646.4	711.2	696.2
Net earnings attributable to noncontrolling interests	(19.4)	(17.7)	(16.3)
Net earnings attributable to Snap-on Incorporated	$ 627	$ 693.5	$ 679.9
Net earnings per share attributable to Snap-on Incorporated:
Basic (in dollars per share)	$ 11.55	$ 12.59	$ 12.08
Diluted (in dollars per share)	$ 11.44	$ 12.41	$ 11.87
Weighted-average shares outstanding:
Basic (in shares)	54.3	55.1	56.3
Effect of dilutive securities (in shares)	0.5	0.8	1
Diluted (in shares)	54.8	55.9	57.3
Product And Services, Excluding Financial Services
Net sales	$ 3,592.5	$ 3,730	$ 3,740.7
Cost of goods sold	(1,844)	(1,886)	(1,870.7)
Gross profit	1,748.5	1,844	1,870
Operating expenses	(1,116.6)	(1,127.6)	(1,144)
Operating earnings	631.9	716.4	726
Financial Service
Net sales	349.7	337.7	329.7
Cost of goods sold	(101.1)	(91.8)	(99.6)
Operating earnings	$ 248.6	$ 245.9	$ 230.1

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions		12 Months Ended
		Jan. 02, 2021	Dec. 28, 2019	Dec. 29, 2018
Comprehensive income (loss):
Net earnings		$ 646.4	$ 711.2	$ 696.2
Other comprehensive income (loss):
Foreign currency translation	[1]	112.7	(9.5)	(95.4)
Unrealized cash flow hedges, net of tax:
Other comprehensive income (loss) before reclassifications		1.4	0
Other comprehensive income (loss) before reclassifications				(0.8)
Reclassification of cash flow hedges to net earnings		(1.6)	(1.5)	(1.5)
Defined benefit pension and postretirement plans:
Net prior service costs and credits and unrecognized (loss) gain		3.8	(6.7)	(79)
Income tax (expense) benefit		(0.3)	0.2	20
Net of tax		3.5	(6.5)	(59)
Amortization of unrecognized loss and net prior service costs included in net periodic benefit cost		34.5	23.5	31.1
Income tax benefit		(8.4)	(5.8)	(7.6)
Net of tax		26.1	17.7	23.5
Total comprehensive income		788.5	711.4	563
Comprehensive income attributable to noncontrolling interests		(19.4)	(17.7)	(16.3)
Comprehensive income attributable to Snap-on Incorporated		$ 769.1	$ 693.7	$ 546.7

[1]	There is no reclassification adjustment as there was no sale or liquidation of any foreign entity during any period presented.

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Jan. 02, 2021	Dec. 28, 2019
Current assets:
Cash and cash equivalents	$ 923.4	$ 184.5
Trade and other accounts receivable – net	640.7	694.6
Finance and contract receivables, current, net	642.7	630.8
Inventories – net	746.5	760.4
Prepaid expenses and other assets	129.7	110.2
Total current assets	3,083	2,380.5
Property and equipment, and finance lease right-of-use asset, net	526.2	521.5
Operating lease right-of-use assets	51.9	55.6
Deferred income tax assets	50.3	52.3
Finance an contract receivable, net, non-current	1,511	1,463.6
Goodwill	982.4	913.8
Other intangibles – net	260.8	243.9
Other assets	91.7	62.3
Total assets	6,557.3	5,693.5
Current liabilities:
Notes payable and current maturities of long-term debt	268.5	202.9
Accounts payable	222.9	198.5
Accrued benefits	59.7	53.3
Accrued compensation	89.9	53.9
Franchisee deposits	78.4	68.2
Other accrued liabilities	445.5	370.8
Total current liabilities	1,164.9	947.6
Long-term debt	1,182.1	946.9
Deferred income tax liabilities	70.4	69.3
Retiree health care benefits	34.5	33.6
Pension liabilities	127.1	122.1
Operating lease liabilities	34	37.5
Other long-term liabilities	97.7	105.7
Total liabilities	2,710.7	2,262.7
Commitments and contingencies
Shareholders’ equity attributable to Snap-on Incorporated:
Preferred stock (authorized 15,000,000 shares of $1 par value; none outstanding)	0	0
Common stock (authorized 250,000,000 shares of $1 par value; issued 67,430,958 and 67,423,106 shares, respectively)	67.4	67.4
Additional paid-in capital	391.7	379.1
Retained earnings	5,156.9	4,779.7
Accumulated other comprehensive loss	(365.8)	(507.9)
Treasury stock at cost (13,328,859 and 12,772,882 shares, respectively)	(1,425.3)	(1,309.2)
Total shareholders’ equity attributable to Snap-on Incorporated	3,824.9	3,409.1
Noncontrolling interests	21.7	21.7
Total equity	3,846.6	3,430.8
Total liabilities and equity	6,557.3	5,693.5
Financing Receivables
Current assets:
Finance and contract receivables, current, net	530.2	530.1
Finance an contract receivable, net, non-current	1,136.3	1,103.5
Contract Receivables
Current assets:
Finance and contract receivables, current, net	112.5	100.7
Finance an contract receivable, net, non-current	$ 374.7	$ 360.1

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jan. 02, 2021	Dec. 28, 2019
Statement of Financial Position [Abstract]
Preferred stock, shares authorized (in shares)	15,000,000	15,000,000
Preferred stock, par value (in dollars per share)	$ 1	$ 1
Preferred stock, shares outstanding (in shares)	0	0
Common stock, shares authorized (in shares)	250,000,000	250,000,000
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, shares issued (in shares)	67,430,958	67,423,106
Treasury stock shares at cost (in shares)	13,328,859	12,772,882

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) $ in Millions	Total	Cumulative Effect, Period of Adoption, Adjustment	Cumulative Effect, Period of Adoption, Adjusted Balance	Common Stock	Common StockCumulative Effect, Period of Adoption, Adjusted Balance	Additional Paid-in Capital	Additional Paid-in CapitalCumulative Effect, Period of Adoption, Adjusted Balance	Retained Earnings	Retained EarningsCumulative Effect, Period of Adoption, Adjustment	Retained EarningsCumulative Effect, Period of Adoption, Adjusted Balance	Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss)Cumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Income (Loss)Cumulative Effect, Period of Adoption, Adjusted Balance	Treasury Stock	Treasury StockCumulative Effect, Period of Adoption, Adjusted Balance	Noncontrolling Interests	Noncontrolling InterestsCumulative Effect, Period of Adoption, Adjusted Balance
Beginning balance at Dec. 30, 2017	$ 2,972.3			$ 67.4		$ 343.2		$ 3,772.3			$ (329)			$ (900)		$ 18.4
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201802Member
Net earnings	$ 696.2							679.9								16.3
Other comprehensive income (loss)	(133.2)										(133.2)
Cash dividends	(192)							(192)
Stock compensation plans	76.9					16.2								60.7
Share repurchases	(284.1)													(284.1)
Other	(17.5)							(2.6)								(14.9)
Ending balance at Dec. 29, 2018	$ 3,118.6		$ 3,118.6	67.4	$ 67.4	359.4	$ 359.4	4,257.6	$ 45.9	$ 4,303.5	(462.2)	$ (45.9)	$ (508.1)	(1,123.4)	$ (1,123.4)	19.8	$ 19.8
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201613Member
Net earnings	$ 711.2							693.5								17.7
Other comprehensive income (loss)	0.2										0.2
Cash dividends	(216.6)							(216.6)
Stock compensation plans	72.3					19.7								52.6
Share repurchases	(238.4)													(238.4)
Other	(16.5)							(0.7)								(15.8)
Ending balance at Dec. 28, 2019	3,430.8	$ (6.1)	$ 3,424.7	67.4	$ 67.4	379.1	$ 379.1	4,779.7	$ (6.1)	$ 4,773.6	(507.9)		$ (507.9)	(1,309.2)	$ (1,309.2)	21.7	$ 21.7
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	646.4							627								19.4
Other comprehensive income (loss)	142.1										142.1
Cash dividends	(243.3)							(243.3)
Stock compensation plans	70.8					12.6								58.2
Share repurchases	(174.3)													(174.3)
Other	(19.8)							(0.4)								(19.4)
Ending balance at Jan. 02, 2021	$ 3,846.6			$ 67.4		$ 391.7		$ 5,156.9			$ (365.8)			$ (1,425.3)		$ 21.7

Consolidated Statements of Eq_2

Consolidated Statements of Equity (Parenthetical) - $ / shares	12 Months Ended
	Jan. 02, 2021	Dec. 28, 2019	Dec. 29, 2018
Statement of Stockholders' Equity [Abstract]
Cash dividends per share (in dollars per share)	$ 4.47	$ 3.93	$ 3.41
Share repurchases (in shares)	1,109,000	1,495,000	1,769,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Jan. 02, 2021	Dec. 28, 2019	Dec. 29, 2018
Operating activities:
Net earnings	$ 646.4	$ 711.2	$ 696.2
Adjustments to reconcile net earnings to net cash provided (used) by operating activities:
Depreciation	73.3	70.1	68.8
Amortization of other intangibles	23.4	22.3	25.3
Provision for losses on finance receivables	54.6	49.9	57.5
Provision for credit losses	22.7	18.3	12.8
Stock-based compensation expense	19.5	23.8	27.2
Deferred income tax provision (benefit)	(8.2)	34.2	13.7
Loss on sales of assets	1.4	0.9	0.5
Settlement of treasury lock	1.4	0	0
Loss on early extinguishment of debt	0	0	7.8
Changes in operating assets and liabilities, net of effects of acquisitions:
Trade and other accounts receivable	47.9	(15.7)	(47.7)
Contract receivables	(29.9)	(20.9)	(30.9)
Inventories	34.2	(97)	(38.6)
Prepaid and other assets	8.5	(22.2)	10.4
Accounts payable	17.8	(2.6)	27.5
Accruals and other liabilities	95.6	(97.7)	(66)
Net cash provided by operating activities	1,008.6	674.6	764.5
Investing activities:
Additions to finance receivables	(835)	(841.9)	(865.6)
Collections of finance receivables	750.3	754.3	747.7
Capital expenditures	(65.6)	(99.4)	(90.9)
Acquisitions of businesses, net of cash acquired	(41.5)	(38.6)	(3)
Disposals of property and equipment	1.8	1.7	0.7
Other	2.2	1.8	0.9
Net cash used by investing activities	(187.8)	(222.1)	(210.2)
Financing activities:
Proceeds from issuance of long-term debt	489.9	0	395.4
Repayments of long-term debt	0	0	(457.8)
Repayments of notes payable	0	0	(16.8)
Net increase (decrease) in other short-term borrowings	(187.2)	17.6	21.7
Cash dividends paid	(243.3)	(216.6)	(192)
Purchases of treasury stock	(174.3)	(238.4)	(284.1)
Proceeds from stock purchase and option plans	55.8	51.4	55.5
Other	(25.2)	(23.4)	(24.1)
Net cash used by financing activities	(84.3)	(409.4)	(502.2)
Effect of exchange rate changes on cash and cash equivalents	2.4	0.5	(3.2)
Increase in cash and cash equivalents	738.9	43.6	48.9
Cash and cash equivalents at beginning of year	184.5	140.9	92
Cash and cash equivalents at end of year	923.4	184.5	140.9
Supplemental cash flow disclosures:
Cash paid for interest	(49.8)	(46.3)	(51.5)
Net cash paid for income taxes	$ (188.4)	$ (191.2)	$ (188)

Summary of Accounting Policies

Summary of Accounting Policies	12 Months Ended
Summary of Accounting Policies	Jan. 02, 2021
Accounting Policies [Abstract]
Summary of Accounting Policies	Summary of Accounting Policies Principles of consolidation and presentation: The Consolidated Financial Statements include the accounts of Snap-on Incorporated and its wholly-owned and majority-owned subsidiaries (collectively, “Snap-on” or “the company”). Snap-on accounts for investments in unconsolidated affiliates where Snap-on has a non-significant ownership interest under the equity method of accounting. Investments in unconsolidated affiliates of $21.0 million as of January 2, 2021, and $18.8 million as of December 28, 2019, are included in “Other assets” on the accompanying Consolidated Balance Sheets; no equity investment dividends were received in any period presented. In the normal course of business, the company may purchase products or services from, or sell products or services to, unconsolidated affiliates. Purchases from unconsolidated affiliates were $9.3 million, $10.4 million and $11.2 million in 2020, 2019 and 2018, respectively, and sales to unconsolidated affiliates were $0.5 million in 2020, $0.6 million in 2019 and $0.8 million in 2018. The Consolidated Financial Statements do not include the accounts of the company’s independent franchisees. Snap-on’s Consolidated Financial Statements are prepared in conformity with generally accepted accounting principles in the United States of America (“GAAP”). Intercompany accounts and transactions have been eliminated. Fiscal year accounting period: Snap-on’s fiscal year ends on the Saturday that is on or nearest to December 31. The 2020 fiscal year ended on January 2, 2021 (“2020”). The 2019 fiscal year ended on December 28, 2019 (“2019”). The 2018 fiscal year ended on December 29, 2018 (“2018”). The 2020 fiscal year contained 53 weeks of operating results, with the additional week occurring in the fourth quarter. The impact of the additional week of operations was not material to Snap-on’s 2020 total revenues or net earnings. The 2019 and 2018 fiscal years each contained 52 weeks of operating results. Use of estimates: The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Financial instruments: The fair value of the company’s derivative financial instruments is generally determined using quoted prices in active markets for similar assets and liabilities. The carrying value of the company’s non-derivative financial instruments either approximates fair value, due to their short-term nature, or the amount disclosed for fair value is based upon a discounted cash flow analysis or quoted market values. See Note 11 for further information on financial instruments. Revenue recognition: Snap-on recognizes revenue from the sale of tools, diagnostic and equipment products and related services based on when control of the product passes to the customer or the service is provided and is recognized at an amount that reflects the consideration expected to be received in exchange for such goods or services. See Note 2 for information on revenue recognition. Financial services revenue: Snap-on generates revenue from various financing programs that include: (i) installment sales and lease contracts arising from franchisees’ customers and Snap-on customers who require financing for the purchase or lease of tools and diagnostic and equipment products on an extended-term payment plan; and (ii) business and vehicle loans and leases to franchisees. These financing programs are offered through Snap-on’s wholly owned finance subsidiaries. Financial services revenue consists primarily of interest income on finance and contract receivables and is recognized over the life of the underlying contracts, with interest computed primarily on the average daily balances of the underlying contracts. The decision to finance through Snap-on or another financing source is solely at the election of the customer. When assessing customers for potential financing, Snap-on considers various factors regarding ability to pay, including the customers’ financial condition, past payment experience, and credit bureau and proprietary Snap-on credit model information, as well as the value of the underlying collateral. For finance and contract receivables, Snap-on assesses quantitative and qualitative factors through the use of credit quality indicators consisting primarily of collection experience and related internal metrics. Delinquency is the primary indicator of credit quality for finance and contract receivables. Snap-on conducts monthly reviews of credit and collection performance for both the finance and contract receivable portfolios, focusing on data such as delinquency trends, nonaccrual receivables, and write-off and recovery activity. Financial services lease arrangements: Snap-on accounts for its financial services leases as sales-type leases. The company recognizes the net investment in the lease as the present value of the lease payments not yet received plus the present value of the unguaranteed residual value, using the interest rate implicit in the lease. The difference between the undiscounted lease payments received over the lease term and the related net investment in the lease is reported as unearned finance charges. Unearned finance charges are amortized to income over the life of the contract. The default covenants included in the lease arrangements are usual and customary, consistent with industry practice, and do not impact the lease classification. Except in circumstances where the company has concluded that a lessee’s financial condition has deteriorated, the other default covenants under Snap-on’s lease arrangements are objectively determinable. See Notes 4 and 17 for further information on finance and contract receivables and lessor accounting. Research and engineering: Snap-on incurred research and engineering costs of $57.4 million, $59.1 million and $61.2 million in 2020, 2019 and 2018, respectively. Research and engineering costs are included in “Operating expenses” on the accompanying Consolidated Statements of Earnings. Internally developed software: Costs incurred in the development of software that will ultimately be sold are capitalized from the time technological feasibility has been attained and capitalization ceases when the related product is ready for general release. During 2020, 2019 and 2018, Snap-on capitalized $12.0 million, $12.6 million and $9.7 million, respectively, of such costs. Amortization of capitalized software development costs, which is included in “Cost of goods sold” on the accompanying Consolidated Statements of Earnings, was $10.5 million in 2020, $10.1 million in 2019 and $13.4 million in 2018. Unamortized capitalized software development costs of $44.2 million as of 2020 year end and $42.6 million as of 2019 year end are included in “Other intangibles – net” on the accompanying Consolidated Balance Sheets. Internal-use software: Costs that are incurred in creating software solutions and enhancements to those solutions are capitalized only for the application development stage of the project. Shipping and handling: Amounts billed to customers for shipping and handling are included as a component of sales. Costs incurred by Snap-on for shipping and handling are included as a component of cost of goods sold when the costs relate to manufacturing activities. In 2020, 2019 and 2018, Snap-on incurred shipping and handling charges of $53.7 million, $56.5 million and $53.7 million, respectively, that were recorded in “Cost of goods sold” on the accompanying Consolidated Statements of Earnings. Shipping and handling costs incurred in conjunction with selling or distribution activities are included as a component of operating expenses. Shipping and handling charges were $94.2 million in 2020, $88.7 million in 2019 and $84.3 million in 2018; these charges were recorded in “Operating expenses” on the accompanying Consolidated Statements of Earnings. Advertising and promotion: Production costs of future media advertising are deferred until the advertising occurs. All other advertising and promotion costs are expensed when incurred. For 2020, 2019 and 2018, advertising and promotion expenses totaled $38.0 million, $47.7 million and $55.6 million, respectively. Advertising and promotion costs are included in “Operating expenses” on the accompanying Consolidated Statements of Earnings. Warranties: Snap-on provides product warranties for specific product lines and accrues for estimated future warranty costs in the period in which the sale is recorded. See Notes 2 and 16 for information on warranties. Foreign currency: The financial statements of Snap-on’s foreign subsidiaries are translated into U.S. dollars. Assets and liabilities of foreign subsidiaries are translated at current rates of exchange, and income and expense items are translated at the average exchange rates for the period. The resulting translation adjustments are recorded directly into “Accumulated other comprehensive loss” on the accompanying Consolidated Balance Sheets. Foreign exchange transactions, net of foreign currency hedges, resulted in pretax losses of $3.9 million, $3.6 million and $3.9 million in 2020, 2019 and 2018, respectively. Foreign exchange transaction gains and losses are reported in “Other income (expense) – net” on the accompanying Consolidated Statements of Earnings. Income taxes: Current tax assets and liabilities are based upon an estimate of taxes refundable or payable for each of the jurisdictions in which the company is subject to tax. In the ordinary course of business, there is inherent uncertainty in quantifying income tax positions. Snap-on assesses income tax positions and records tax benefits for all years subject to examination based upon management’s evaluation of the facts, circumstances and information available at the reporting dates. For those tax positions where it is more-likely-than-not that a tax benefit will be sustained, Snap-on records the largest amount of tax benefit with a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. For those income tax positions where it is not more-likely-than-not that a tax benefit will be sustained, no tax benefit is recognized in the financial statements. When applicable, associated interest and penalties are recognized as a component of income tax expense. Accrued interest and penalties are included within the related tax asset or liability on the accompanying Consolidated Balance Sheets. Deferred income taxes are provided for temporary differences arising from differences in bases of assets and liabilities for tax and financial reporting purposes. Deferred income taxes are recorded on temporary differences using enacted tax rates in effect for the year in which the temporary differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more-likely-than-not that some portion or all of the deferred tax assets will not be realized. See Note 9 for further information on income taxes. Per share data: Basic earnings per share calculations were computed by dividing net earnings attributable to Snap-on Incorporated by the corresponding weighted-average number of common shares outstanding for the period. The dilutive effect of the potential exercise of outstanding options and stock-settled stock appreciation rights (“SARs”) to purchase common shares is calculated using the treasury stock method. As of January 2, 2021, there were 2,207,411 awards outstanding that were anti-dilutive; as of December 28, 2019, there were 1,215,695 awards outstanding that were anti-dilutive; and as of December 29, 2018 there were 685,533 awards outstanding that were anti-dilutive. Performance-based equity awards are included in the diluted earnings per share calculation based on the attainment of the applicable performance metrics to date. Snap-on had dilutive securities totaling 473,196 shares, 748,395 shares and 986,984 shares, as of the end of 2020, 2019 and 2018, respectively. See Note 14 for further information on equity awards. Stock-based compensation: Snap-on recognizes the cost of employee services in exchange for awards of equity instruments based on the grant date fair value of those awards. That cost, based on the estimated number of awards that are expected to vest, is recognized on a straight-line basis over the period during which the employee is required to provide the service in exchange for the award. No compensation cost is recognized for awards for which employees do not render the requisite service. The grant date fair value of employee stock options and similar instruments is estimated using the Black-Scholes valuation model. The Black-Scholes valuation model requires the input of subjective assumptions, including the expected life of the stock-based award and stock price volatility. The assumptions used are management’s best estimates, but the estimates involve inherent uncertainties and the application of management judgment. As a result, if other assumptions had been used, the recorded stock-based compensation expense could have been materially different from that depicted in the financial statements. See Note 14 for further information on stock-based compensation. Derivatives: Snap-on utilizes derivative financial instruments, including foreign currency forward contracts, interest rate swap agreements, treasury lock agreements and prepaid equity forward agreements to manage its exposures to foreign currency exchange rate risks, interest rate risks, and market risk associated with the stock-based portion of its deferred compensation plans. Snap-on accounts for its derivative instruments at fair value. Snap-on does not use financial instruments for speculative or trading purposes. See Note 11 for further information on derivatives. Cash equivalents: Snap-on considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. Cash and cash equivalents consisted of investments in money market funds and bank deposits at January 2, 2021. There were no cash equivalents as of December 28, 2019. Receivables and allowances for credit losses: All trade, finance and contract receivables are reported on the Consolidated Balance Sheets at their amortized cost adjusted for any write-offs and net of allowances for credit losses. The amortized costs for finance and contract receivables is the amount originated adjusted for applicable accrued interest and net of deferred fees or costs, net of collections and write-offs. Snap-on maintains allowances for credit losses, which represent an estimate of expected losses over the remaining contractual life of its receivables considering current market conditions and supportable forecasts when appropriate. The estimate is a result of the company’s ongoing assessments and evaluations of collectability, historical loss experience, and future expectations in estimating credit losses in each of its receivable portfolios (trade, finance and contract receivables). For trade receivables, Snap-on uses historical loss experience rates by portfolio and applies them to a related aging analysis while also considering customer and/or economic risk where appropriate. For finance receivables, Snap-on uses a vintage loss experience analysis. For contract receivables, a weighted-average remaining maturity method is primarily used. Determination of the proper amount of allowances by portfolio requires management to exercise judgment about the timing, frequency and severity of credit losses that could materially affect the provision for credit losses and, as a result, net earnings. The allowances take into consideration numerous quantitative and qualitative factors that include receivable type, historical loss experience, delinquency trends, collection experience, current economic conditions, supportable forecasts, when appropriate, and credit risk characteristics. Snap-on evaluates the credit risk of the customer when extending credit based on a combination of various financial and qualitative factors that may affect its customers’ ability to pay. These factors may include the customer’s financial condition, past payment experience, and credit bureau and proprietary Snap-on credit model information, as well as the value of the underlying collateral. Management performs detailed reviews of its receivables on a monthly and/or quarterly basis to assess the adequacy of the allowances and to determine if any impairment has occurred. Monthly reviews of credit and collection performance are conducted for both its finance and contract receivable portfolios focusing on data such as delinquency trends, non-performing assets, and write-off and recovery activity. These reviews allow for the formulation of collection strategies and potential collection policy modifications in response to changing risk profiles in the finance and contract receivable portfolios. A receivable may have credit losses when it is expected that all amounts related to the receivable will not be collected according to the contractual terms of the agreement. Amounts determined to be uncollectable are charged directly against the allowances, while amounts recovered on previously written-off accounts increase the allowances. For both finance and contract receivables, net write-offs include the principal amount of losses written off as well as written-off interest and fees, and recourse from franchisees on finance receivables. Recovered interest and fees previously written off are recorded through the allowances for credit losses and increase the allowance. Finance receivables are assessed for write-off when an account becomes 120 days past due and are written off typically within 60 days of asset repossession. Contract receivables related to equipment leases are generally written off when an account becomes 150 days past due, while contract receivables related to franchise finance and van leases are generally written off up to 180 days past the asset return date. For finance and contract receivables, customer bankruptcies are generally written off upon notification that the associated debt is not being reaffirmed or, in any event, no later than 180 days past due. Changes to the allowances for credit losses are maintained through adjustments to the provision for credit losses, which are charged to current period earnings. Actual amounts as of the balance sheet dates may be materially different than the amounts reported in future periods due to the uncertainty in the estimation process. Also, future amounts could differ materially from those estimates due to changes in circumstances after the balance sheet date. Snap-on does not believe that its trade, finance or contract receivables represent significant concentrations of credit risk because of the diversified portfolio of individual customers and geographical areas. See Note 4 for further information on receivables and allowances for credit losses. Other accrued liabilities: Supplemental balance sheet information for “Other accrued liabilities” as of 2020 and 2019 year end is as follows: (Amounts in millions) 2020 2019 Income taxes $ 32.8 $ 23.9 Accrued warranty 17.6 17.3 Operating lease liability 19.3 19.5 Deferred subscription revenue 53.6 55.1 Accrued new tool return 56.3 50.9 Accrued property, payroll and other taxes 62.8 38.6 Accrued selling and promotion expense 33.2 28.3 Accrued restructuring expense 10.0 — Other 159.9 137.2 Total other accrued liabilities $ 445.5 $ 370.8 Inventories: Snap-on values its inventory at the lower of cost or market and adjusts for the value of inventory that is estimated to be excess, obsolete or otherwise unmarketable. Snap-on records allowances for excess and obsolete inventory based on historical and estimated future demand and market conditions. Allowances for raw materials are largely based on an analysis of raw material age and actual physical inspection of raw material for fitness for use. As part of evaluating the adequacy of allowances for work-in-progress and finished goods, management reviews individual product stock-keeping units (SKUs) by product category and product life cycle. Cost adjustments for each product category/product life-cycle state are generally established and maintained based on a combination of historical experience, forecasted sales and promotions, technological obsolescence, inventory age and other actual known conditions and circumstances. Should actual product marketability and raw material fitness for use be affected by conditions that are different from management estimates, further adjustments to inventory allowances may be required. Snap-on adopted the “last-in, first-out” (“LIFO”) inventory valuation method in 1973 for its U.S. locations. Snap-on’s U.S. inventories accounted for on a LIFO basis consist of purchased product and inventory manufactured at the company’s heritage U.S. manufacturing facilities (primarily hand tools and tool storage). Since Snap-on began acquiring businesses in the 1990’s, the company has used the “first-in, first-out” (“FIFO”) inventory valuation methodology for acquisitions; the company does not adopt the LIFO inventory valuation methodology for new acquisitions. See Note 5 for further information on inventories. Property and equipment: Property and equipment is stated at cost less accumulated depreciation and amortization. Depreciation and amortization are provided on a straight-line basis over estimated useful lives. Major repairs that extend the useful life of an asset are capitalized, while routine maintenance and repairs are expensed as incurred. Capitalized software included in property and equipment reflects costs related to internally developed or purchased software for internal use and is amortized on a straight-line basis over their estimated useful lives. Long-lived assets are evaluated for impairment when events or circumstances indicate that the carrying amount of the long-lived asset may not be recoverable. See Note 6 for further information on property and equipment. Goodwill and other intangible assets: Goodwill and other indefinite-lived assets are tested for impairment annually or more frequently if events or changes in circumstances indicate that the assets might be impaired. Annual impairment tests are performed by the company in the second quarter of each year using information available as of April month end. Snap-on evaluates the existence of goodwill and indefinite-lived intangible asset impairment on the basis of whether the assets are fully recoverable from projected, discounted cash flows of the related reportable unit or asset. Intangible assets with finite lives are amortized over their estimated useful lives using straight-line and accelerated methods depending on the nature of the particular asset. Intangible assets with finite lives are evaluated for impairment when events or circumstances indicate that the carrying amount of the intangible asset may not be recoverable. See Note 7 for further information on goodwill and other intangible assets. New accounting standards The following new accounting pronouncements were adopted in fiscal year 2020: On December 29, 2019, the beginning of Snap-on’s 2020 fiscal year, the company adopted ASU No. 2018-13, Fair Value Measurement (Topic 820) - Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement , which is designed to improve the effectiveness of disclosures by removing, modifying and adding disclosures related to fair value measurements. The adoption of this ASU did not have an impact on the company’s Consolidated Financial Statements or disclosures. On December 29, 2019, the beginning of Snap-on’s 2020 fiscal year, the company adopted ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326) , which requires the measurement of expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions and reasonable and supportable forecasts. The main objective of this ASU is to provide financial statement users with more information about the expected credit losses over the contractual life of financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. Snap-on adopted ASU No. 2016-13 under the modified retrospective approach for receivables measured at amortized costs with prior periods reported in accordance with previously applicable guidance. See Note 4 for a discussion about the impact the adoption of this ASU had on the company and further information on credit losses. The following new accounting pronouncement will be adopted in fiscal year 2021: In December 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes , which is designed to simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. ASU No. 2019-12 is effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The adoption of this ASU is not expected to have a significant impact on the company’s consolidated financial statements.

Revenue Recognition

Revenue Recognition	12 Months Ended
Revenue Recognition	Jan. 02, 2021
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition Snap-on recognizes revenue from the sale of tools, diagnostic and equipment products and related services based on when control of the product passes to the customer or the service is provided and is recognized at an amount that reflects the consideration expected to be received in exchange for such goods or services. Revenue disaggregation The following table shows the consolidated revenues by revenue source: (Amounts in millions) 2020 2019 Revenue from contracts with customers $ 3,569.3 $ 3,708.3 Other revenues 23.2 21.7 Total net sales 3,592.5 3,730.0 Financial services revenue 349.7 337.7 Total revenues $ 3,942.2 $ 4,067.7 Snap-on evaluates the performance of its operating segments based on segment revenues, including both external and intersegment net sales, and segment operating earnings. Snap-on accounts for both intersegment sales and transfers based primarily on standard costs with reasonable mark-ups established between the segments. Intersegment amounts are eliminated to arrive at Snap-on’s consolidated financial results. The following table represents external net sales disaggregated by geography, based on the customers’ billing addresses: 2020 Commercial & Snap-on Repair Systems Industrial Tools & Information Financial Snap-on (Amounts in millions) Group Group Group Services Eliminations Incorporated Net sales: North America* $ 432.3 $ 1,442.8 $ 720.7 $ — $ — $ 2,595.8 Europe 276.2 125.7 214.9 — — 616.8 All other 242.9 75.4 61.6 — — 379.9 External net sales 951.4 1,643.9 997.2 — — 3,592.5 Intersegment net sales 283.2 — 241.0 — (524.2) — Total net sales 1,234.6 1,643.9 1,238.2 — (524.2) 3,592.5 Financial services revenue — — — 349.7 — 349.7 Total revenue $ 1,234.6 $ 1,643.9 $ 1,238.2 $ 349.7 $ (524.2) $ 3,942.2 2019 Commercial & Snap-on Repair Systems Industrial Tools & Information Financial Snap-on (Amounts in millions) Group Group Group Services Eliminations Incorporated Net sales: North America* $ 482.1 $ 1,406.1 $ 766.4 $ — $ — $ 2,654.6 Europe 291.7 131.9 241.3 — — 664.9 All other 264.4 74.9 71.2 — — 410.5 External net sales 1,038.2 1,612.9 1,078.9 — — 3,730.0 Intersegment net sales 307.5 — 255.6 — (563.1) — Total net sales 1,345.7 1,612.9 1,334.5 — (563.1) 3,730.0 Financial services revenue — — — 337.7 — 337.7 Total revenue $ 1,345.7 $ 1,612.9 $ 1,334.5 $ 337.7 $ (563.1) $ 4,067.7 * North America is comprised of the United States, Canada and Mexico. The following table represents external net sales disaggregated by customer type: 2020 Commercial & Snap-on Repair Systems Industrial Tools & Information Financial Snap-on (Amounts in millions) Group Group Group Services Eliminations Incorporated Net sales: Vehicle service professionals $ 87.2 $ 1,643.9 $ 997.2 $ — $ — $ 2,728.3 All other professionals 864.2 — — — — 864.2 External net sales 951.4 1,643.9 997.2 — — 3,592.5 Intersegment net sales 283.2 — 241.0 — (524.2) — Total net sales 1,234.6 1,643.9 1,238.2 — (524.2) 3,592.5 Financial services revenue — — — 349.7 — 349.7 Total revenue $ 1,234.6 $ 1,643.9 $ 1,238.2 $ 349.7 $ (524.2) $ 3,942.2 2019 Commercial & Snap-on Repair Systems Industrial Tools & Information Financial Snap-on (Amounts in millions) Group Group Group Services Eliminations Incorporated Net sales: Vehicle service professionals $ 85.5 $ 1,612.9 $ 1,078.9 $ — $ — $ 2,777.3 All other professionals 952.7 — — — — 952.7 External net sales 1,038.2 1,612.9 1,078.9 — — 3,730.0 Intersegment net sales 307.5 — 255.6 — (563.1) — Total net sales 1,345.7 1,612.9 1,334.5 — (563.1) 3,730.0 Financial services revenue — — — 337.7 — 337.7 Total revenue $ 1,345.7 $ 1,612.9 $ 1,334.5 $ 337.7 $ (563.1) $ 4,067.7 Nature of goods and services: Snap-on derives net sales from a broad line of products and complementary services that are grouped into three categories: (i) tools; (ii) diagnostics, information and management systems; and (iii) equipment. The tools product category includes hand tools, power tools, tool storage products and other similar products. The diagnostics, information and management systems product category includes handheld and PC-based diagnostic products, service and repair information products, diagnostic software solutions, electronic parts catalogs, business management systems and services, point-of-sale systems, integrated systems for vehicle service shops, original equipment manufacturer (“OEM”) purchasing facilitation services, and warranty management systems and analytics to help OEM dealership service and repair shops (“OEM dealerships”) manage and track performance. The equipment product category includes solutions for the service of vehicles and industrial equipment. Snap-on supports the sale of its diagnostics and vehicle service shop equipment by offering training programs as well as after-sales support to its customers. Through its financial services businesses, Snap-on also derives revenue from various financing programs designed to facilitate the sales of its products and support its franchise business. Approximately 90% of Snap-on’s net sales are products sold at a point in time through ship-and-bill performance obligations that also includes repair services. The remaining sales revenue is earned over time primarily on a subscription basis including software, extended warranty and other subscription service agreements. Snap-on enters into contracts related to the selling of tools, diagnostic and repair information and equipment products and related services. At contract inception, an assessment of the goods and services promised in the contracts with customers is performed and a performance obligation is identified for each distinct promise to transfer to the customer a good or service (or bundle of goods or services). To identify the performance obligations, Snap-on considers all of the goods or services promised in the contract regardless of whether they are explicitly stated or are implied by customary business practices. Contracts with customers are comprised of customer purchase orders, invoices and written contracts. When performance obligations are satisfied: For performance obligations related to the majority of ship-and-bill products, including repair services contracts, control transfers at a point in time when title transfers upon shipment of the product to the customer, and for some sales, control transfers when title is transferred at time of receipt by customer. Once a product or repaired product has shipped or has been delivered, the customer is able to direct the use of, and obtain substantially all of the remaining benefits from the asset, revenue is recognized. Snap-on considers control to have transferred upon shipment or delivery when Snap-on has a present right to payment, the customer has legal title to the asset, Snap-on has transferred physical possession of the asset, and the customer has significant risk and rewards of ownership of the asset. For performance obligations related to software subscriptions, extended warranties and other subscription agreements, Snap-on transfers control and recognizes revenue over time on a ratable basis using a time-based output method. The performance obligations are typically satisfied as services are rendered on a straight-line basis over the contract term, which is generally for 12 months but can be for a term up to 60 months. Significant payment terms: For ship-and-bill type contracts with customers, the contract states the final terms of the sale, including the description, quantity, and price of each product or service purchased. Payment terms are typically due upon delivery or up to 30 days after delivery but can range up to 120 days after delivery. For subscription contracts, payment terms are in advance or in arrears of services on a monthly, quarterly or annual basis over the contract term, which is generally for 12 months but can be for a term up to 60 months depending on the product or service. The customer typically agrees to a stated rate and price in the contract that does not vary over the contract term. In some cases, customers prepay for their licenses, or in other cases, pay on a monthly or quarterly basis. When the timing of the payment made by the customer precedes the delivery of the performance obligation, a contract liability is recognized. Variable consideration: In some cases, the nature of Snap-on’s contracts give rise to variable consideration, including rebates, credits, allowances for returns or other similar items that generally decrease the transaction price. These variable amounts generally are credited to the customer, based on achieving certain levels of sales activity, product returns and making payments within specific terms. In the normal course of business, Snap-on allows franchisees to return product per the provisions in the franchise agreement that allow for the return of product in a saleable condition. For other customers, product returns are generally not accepted unless the item is defective as manufactured. Where applicable, Snap-on establishes provisions for estimated sales returns. Estimated product returns are recorded as a reduction in reported revenues at the time of sale based upon historical product return experience and is adjusted for known trends to arrive at the amount of consideration that Snap-on expects to receive. Variable consideration is estimated at the most likely amount that is expected to be earned. Estimated amounts are included in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. Estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of the anticipated performance and all information (historical, current and forecasted) that is reasonably available. Warranties: Snap-on allows customers to return product when the product is defective as manufactured. Where applicable, Snap-on establishes provisions for estimated warranties. Estimated product warranties are provided for specific product lines and Snap-on accrues for estimated future warranty cost in the period in which the sale is recorded. The costs are included in “Cost of goods sold” on the accompanying Consolidated Statements of Earnings. Snap-on calculates its accrual requirements based on historic warranty loss experience that is periodically adjusted for recent actual experience, including the timing of claims during the warranty period and actual costs incurred. Snap-on does not typically provide customers with the right to a refund. Practical expedients and exemptions of ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) : Snap-on typically expenses incremental direct costs of obtaining a contract (sales commissions) when incurred because the amortization period is generally 12 months or less. Capitalized long-term contract costs are not significant. Contract costs are expensed or amortized in “Operating expenses” on the accompanying Consolidated Statements of Earnings. Snap-on elected to account for shipping and handling activities that occur after control of the related good transfers to the customer as fulfillment activities and are therefore recognized upon shipment of the goods. Snap-on has applied the portfolio approach to its ship-and-bill contracts that have similar characteristics as it reasonably expects that the effects on the financial statements of applying this guidance to the portfolio of contracts would not differ materially from applying this guidance to the individual contracts within the portfolio. Snap-on typically excludes from its sales transaction price any amounts collected from customers for sales (and similar) taxes. For certain performance obligations related to software subscriptions, extended warranty and other subscription agreements that are settled over time, Snap-on has elected not to disclose the value of unsatisfied performance obligations for: (i) contracts that have an original expected length of one year or less; (ii) contracts where revenue is recognized as invoiced; and (iii) contracts with variable consideration related to unsatisfied performance obligations. The remaining duration of these unsatisfied performance obligations generally range from one month up to 60 months. Snap-on had approximately $217.0 million of long-term contracts that have fixed consideration that extends beyond one year as of January 2, 2021. Snap-on expects to recognize approximately 70% of these contracts as revenue by the end of fiscal 2022, an additional 25% by the end of fiscal 2024 and the balance thereafter. Contract liabilities (Deferred revenues): Contract liabilities are recorded when cash payments are received in advance of Snap-on’s performance. The timing of payment is typically on a monthly, quarterly or annual basis. The balance of total contract liabilities was $61.0 million and $65.1 million at January 2, 2021 and December 28, 2019, respectively. The current portion of contract liabilities is included in “Other accrued liabilities” and the non-current portion is included in “Other long-term liabilities” on the accompanying Consolidated Balance Sheets. In 2020, Snap-on recognized revenue of $53.5 million that was included in the contract liability balance as of December 28, 2019, which was primarily from the amortization of software subscriptions, extended warranties and other subscription agreements. The decrease in the total contract liabilities balance is primarily driven by the timing of cash payments received or due in advance of satisfying Snap-on’s performance obligations and growth in certain software subscriptions, partially offset by revenues recognized that were included in the contract liability balance at the beginning of the year. Franchise fee revenue, including nominal, non-refundable initial fees, is recognized upon the granting of a franchise, which is when the company has performed substantially all initial services required by the franchise agreement. Franchise fee revenue also includes ongoing monthly fees (primarily for sales and business training as well as marketing and product promotion programs) that are recognized as the fees are earned. Franchise fee revenue in 2020, 2019 and 2018 totaled $16.2 million, $15.4 million and $16.2 million, respectively.

Acquisitions

Acquisitions	12 Months Ended
Acquisitions	Jan. 02, 2021
Business Combinations [Abstract]
Acquisitions	AcquisitionsOn September 28, 2020, Snap-on acquired substantially all of the assets of AutoCrib, Inc. (“AutoCrib”) for a cash purchase price of $35.4 million. AutoCrib, based in Tustin, California, designs, manufactures and markets asset and tool control solutions for a variety of aerospace, automotive, military, natural resources and general industry operations. In fiscal 2020, the company substantially completed the purchase accounting valuations for the acquired net assets of AutoCrib, including intangible assets. Final purchase accounting valuations are expected to be completed in the first quarter of 2021. The preliminary $18.3 million excess of the purchase price over the fair value of the net assets acquired was recorded in “Goodwill” on the accompanying Consolidated Balance Sheets. On January 31, 2020, Snap-on acquired substantially all of the assets related to the TreadReader product line from Sigmavision Limited (“Sigmavision”) for a cash purchase price of $5.9 million. Sigmavision designs and manufactures handheld devices and drive-over ramps that provide tire information for use in the automotive industry. In fiscal 2020, the company completed the purchase accounting valuations for the acquired net assets of Sigmavision, including intangible assets. The $5.6 million excess of the purchase price over the fair value of the net assets acquired was recorded in “Goodwill” on the accompanying Consolidated Balance Sheets. On August 7, 2019, Snap-on acquired Cognitran Limited (“Cognitran”) for a cash purchase price of $30.6 million (or $29.6 million, net of cash acquired), which reflects a $0.2 million working capital adjustment finalized in fiscal 2020. Cognitran, based in Chelmsford, U.K., specializes in flexible, modular and highly scalable “Software as a Service” (SaaS) products for OEM customers and their dealers, focused on the creation and delivery of service, diagnostics, parts and repair information to the OEM dealers and connected vehicle platforms. In fiscal 2020, the company completed the purchase accounting valuations for the acquired net assets of Cognitran, including intangible assets. The $14.5 million excess of the purchase price over the fair value of the net assets acquired in “Goodwill” on the accompanying Consolidated Balance Sheets. On April 2, 2019, Snap-on acquired Power Hawk Technologies, Inc. (“Power Hawk”) for a cash purchase price of $7.9 million. Power Hawk, based in Rockaway, New Jersey, designs, manufactures and distributes rescue tools and related equipment for a variety of military, governmental, fire and rescue, and emergency operations. In fiscal 2019, the company completed the purchase accounting valuations for the acquired net assets of Power Hawk, including intangible assets. The $6.4 million excess of the purchase price over the fair value of the net assets acquired was recorded in “Goodwill” on the accompanying Consolidated Balance Sheets. On January 25, 2019, Snap-on acquired substantially all of the assets of TMB GeoMarketing Limited (“TMB”) for a cash purchase price of $1.3 million. TMB, based in Dorking, U.K., designs planning software used by OEMs to optimize dealer locations and manage the performance of dealer outlets. In fiscal 2019, the company completed the purchase accounting valuations for the acquired net assets of TMB. Substantially all of the purchase price over the fair value of the net assets acquired was recorded in “Goodwill” on the accompanying Consolidated Balance Sheets. On January 31, 2018, Snap-on acquired substantially all of the assets of George A. Sturdevant, Inc. (d/b/a Fastorq) for a cash purchase price of $3.0 million. Fastorq, based in New Caney, Texas, designs, assembles and distributes hydraulic torque and hydraulic tensioning products for use in critical industries. In fiscal 2018, the company completed the purchase accounting valuations for the acquired net assets of Fastorq. The $2.6 million excess of the purchase price over the fair value of the net assets acquired was recorded in “Goodwill” on the accompanying Consolidated Balance Sheets. For segment reporting purposes, the results of operations and assets of Sigmavision, Cognitran and TMB have been included in the Repair Systems & Information Group since the respective acquisition dates, and the results of operations and assets of AutoCrib, Power Hawk and Fastorq have been included in the Commercial & Industrial Group since the respective acquisition dates. Pro forma financial information has not been presented for any of these acquisitions as the net effects, individually and collectively, were neither significant nor material to Snap-on’s results of operations or financial position. See Note 7 for further information on goodwill and other intangible assets.

Receivables

Receivables	12 Months Ended
Receivables	Jan. 02, 2021
Receivables [Abstract]
Receivables	Receivables At the beginning of fiscal 2020, Snap-on adopted ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326) . The adoption did not have a significant impact on the company’s consolidated financial statements. Under ASU No. 2016-13, Snap-on is required to determine expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions and reasonable forecasts. The effects of adjustments to the December 28, 2019 Consolidated Balance Sheet as a result of the adoption of ASU No. 2016-13, including an increase in the allowance for credit losses of $8.1 million, were as follows: Balance at Opening Balance at (Amounts in millions) December 28, Topic 326 Adjustments December 29, Current assets Finance receivables - allowance for credit losses $ (19.7) $ (1.7) $ (21.4) Contract receivables - allowance for credit losses (1.5) (0.5) (2.0) Long-term assets Finance receivables - allowance for credit losses (42.2) (3.5) (45.7) Contract receivables - allowance for credit losses (4.1) (2.4) (6.5) Total allowances for credit losses $ (67.5) $ (8.1) $ (75.6) Deferred income tax assets $ 52.3 $ 2.0 $ 54.3 Equity Retained Earnings $ 4,779.7 $ (6.1) $ 4,773.6 Trade and Other Accounts Receivable: Snap-on’s trade and other accounts receivable primarily arise from the sale of tools and diagnostic and equipment products to a broad range of industrial and commercial customers and to Snap-on’s independent franchise van channel on a non-extended-term basis with payment terms generally ranging from 30 to 120 days. The components of Snap-on’s trade and other accounts receivable as of 2020 and 2019 year end are as follows: (Amounts in millions) 2020 2019 Trade and other accounts receivable $ 667.0 $ 715.5 Allowances for credit losses (26.3) (20.9) Total trade and other accounts receivable – net $ 640.7 $ 694.6 The following is a rollforward of the allowances for credit losses related to trade and other accounts receivable for 2020: (Amounts in millions) 2020 Allowances for credit losses: Beginning of period $ 20.9 Provision for credit losses 18.9 Charge-offs (13.6) Recoveries 0.2 Currency translation (0.1) End of period $ 26.3 Finance and Contract Receivables: Snap-on Credit LLC (“SOC”), the company’s financial services operation in the United States, originates extended-term finance and contract receivables on sales of Snap-on’s products sold through the U.S. franchisee network and to certain other customers of Snap-on; Snap-on’s foreign finance subsidiaries provide similar financing internationally. Interest income on finance and contract receivables is included in “Financial services revenue” on the accompanying Consolidated Statements of Earnings. Snap-on’s finance receivables are comprised of extended-term payment contracts to both technicians and independent shop owners (i.e., franchisees’ customers) to enable them to purchase tools and diagnostic and equipment products on an extended-term payment plan, generally with payment terms of approximately four years. Contract receivables, with payment terms of up to 10 years, are comprised of extended-term payment contracts to a broad base of customers worldwide, including shop owners, both independents and national chains, for their purchase of tools and diagnostic and equipment products, as well as extended-term contracts to franchisees to meet a number of financing needs, including working capital loans, loans to enable new franchisees to fund the purchase of the franchise and van leases, or the expansion of an existing franchise. Finance and contract receivables are generally secured by the underlying tools and/or diagnostic or equipment products financed and, for contracts to franchisees, other franchisee assets. The components of Snap-on’s current finance and contract receivables as of 2020 and 2019 year end are as follows: (Amounts in millions) 2020 2019 Finance installment receivables $ 533.9 $ 511.9 Finance lease receivables, net of unearned finance charges of $4.4 million and $11.7 million, respectively 20.2 37.9 Total finance receivables 554.1 549.8 Contract installment receivables 59.1 50.8 Contract lease receivables, net of unearned finance charges of $18.2 million and $18.2 million, respectively 55.7 51.4 Total contract receivables 114.8 102.2 Total 668.9 652.0 Allowances for credit losses: Finance installment receivables (23.6) (19.2) Finance lease receivables (0.3) (0.5) Total finance allowance for credit losses (23.9) (19.7) Contract installment receivables (1.4) (0.5) Contract lease receivables (0.9) (1.0) Total contract allowance for credit losses (2.3) (1.5) Total allowance for credit losses (26.2) (21.2) Total current finance and contract receivables – net $ 642.7 $ 630.8 Finance receivables – net $ 530.2 $ 530.1 Contract receivables – net 112.5 100.7 Total current finance and contract receivables – net $ 642.7 $ 630.8 The components of Snap-on’s finance and contract receivables with payment terms beyond one year as of 2020 and 2019 year end are as follows: (Amounts in millions) 2020 2019 Finance installment receivables $ 1,173.1 $ 1,106.0 Finance lease receivables, net of unearned finance charges of $2.5 million and $8.2 million, respectively 15.6 39.7 Total finance receivables 1,188.7 1,145.7 Contract installment receivables 199.7 195.5 Contract lease receivables, net of unearned finance charges of $30.2 million and $29.4 million, respectively 181.7 168.7 Total contract receivables 381.4 364.2 Total 1,570.1 1,509.9 Allowances for credit losses: Finance installment receivables (52.1) (41.6) Finance lease receivables (0.3) (0.6) Total finance allowance for credit losses (52.4) (42.2) Contract installment receivables (3.1) (1.8) Contract lease receivables (3.6) (2.3) Total contract allowance for credit losses (6.7) (4.1) Total allowance for credit losses (59.1) (46.3) Total long-term finance and contract receivables – net $ 1,511.0 $ 1,463.6 Finance receivables – net $ 1,136.3 $ 1,103.5 Contract receivables – net 374.7 360.1 Total long-term finance and contract receivables – net $ 1,511.0 $ 1,463.6 Long-term finance and contract receivables installments, net of unearned finance charges, as of 2020 and 2019 year end are scheduled as follows: 2020 2019 (Amounts in millions) Finance Contract Finance Contract Due in Months: 13 – 24 $ 444.6 $ 92.0 $ 439.1 $ 86.4 25 – 36 360.3 78.9 352.4 76.9 37 – 48 250.9 67.1 238.0 65.6 49 – 60 132.9 51.3 116.2 51.3 Thereafter — 92.1 — 84.0 Total $ 1,188.7 $ 381.4 $ 1,145.7 $ 364.2 Credit quality: The company’s receivable portfolio is comprised of two portfolio segments, finance and contract receivables, which are the same segments used to estimate expected credit losses reported in the allowance for credit losses. The amortized cost basis for finance and contract receivables is the amount originated adjusted for applicable accrued interest and net of deferred fees or costs, collection of cash, and write-offs. The company monitors and assesses credit risk based on the characteristics of each portfolio segment. When extending credit, Snap-on evaluates the collectability of the receivables based on a combination of various financial and qualitative factors that may affect a customer’s ability to pay. These factors may include the customer’s financial condition, past payment experience, and credit bureau and proprietary Snap-on credit model information, as well as the value of the underlying collateral. For finance and contract receivables, Snap-on assesses quantitative and qualitative factors through the use of credit quality indicators consisting primarily of collection experience and related internal metrics. Delinquency is the primary indicator of credit quality for finance and contract receivables. Snap-on conducts monthly reviews of credit and collection performance for both the finance and contract receivable portfolios focusing on data such as delinquency trends, nonaccrual receivables, and write-off and recovery activity. These reviews allow for the formulation of collection strategies and potential collection policy modifications in response to changing risk profiles in the finance and contract receivable portfolios. The other internal metrics include credit exposure by customer and delinquency classification to further monitor changing risk profiles. The company maintains a system that aggregates credit exposure and provides delinquency data by days past due aging categories. A receivable 30 days or more past due is considered delinquent. However, customers are monitored prior to becoming 30 days past due. The amortized cost basis of finance and contract receivables by origination year as of 2020 year end is as follows: (Amounts in millions) 2020 2019 2018 2017 2016 Prior Total Finance Receivables: Delinquent $ 15.9 $ 18.2 $ 10.0 $ 5.2 $ 2.2 $ 0.2 $ 51.7 Non-delinquent 1,129.5 349.4 143.9 53.3 14.0 1.0 1,691.1 Total Finance receivables $ 1,145.4 $ 367.6 $ 153.9 $ 58.5 $ 16.2 $ 1.2 $ 1,742.8 Contract receivables: Delinquent $ 0.6 $ 0.6 $ 0.8 $ 0.5 $ 0.6 $ 0.3 $ 3.4 Non-delinquent 180.5 124.8 84.7 52.5 24.6 25.7 492.8 Total Contract receivables $ 181.1 $ 125.4 $ 85.5 $ 53.0 $ 25.2 $ 26.0 $ 496.2 Allowance for credit losses: The allowance for credit losses utilizes an expected credit loss objective for the recognition of credit losses on receivables over the contractual life using historical experience, asset specific risk characteristics, current conditions, reasonable and supportable forecasts, and the appropriate reversion period, when applicable. The allowance for credit losses is maintained at a level that is considered adequate to cover credit-related losses on the receivables. Management performs detailed reviews of its receivables on a monthly and/or quarterly basis to assess the adequacy of the allowance and determine if any impairment has occurred. A receivable may have credit losses when it is expected that all amounts related to the receivable will not be collected according to the contractual terms of the agreement. Amounts determined to be uncollectable are charged directly against the allowance, while amounts recovered on previously written-off accounts increase the allowance. For both finance and contract receivables, net write-offs include the principal amount of losses written off as well as written-off accrued interest and fees, and recourse from franchisees on finance receivables. Recovered interest and fees previously written off are recorded through the allowance for credit losses and increase the allowance. Finance receivables are assessed for write-off when an account becomes 120 days past due and are written off typically within 60 days of asset repossession. Contract receivables related to equipment leases are generally written off when an account becomes 150 days past due, while contract receivables related to franchise finance and van leases are generally written off up to 180 days past the asset return date. For finance and contract receivables, customer bankruptcies are generally written off upon notification that the associated debt is not being reaffirmed or, in any event, no later than 180 days past due. Changes to the allowances for credit losses are maintained through adjustments to the provision for credit losses. For finance receivables, the company uses a vintage loss rate methodology to determine expected losses. Vintage analysis aims to calculate losses based on the timing of the losses relative to the origination of the receivables. The finance receivable portfolio contains a substantial amount of homogeneous contracts which fits well with the vintage analysis. For contract receivables the company primarily uses a Weighted-Average Remaining Maturity methodology (“WARM”). The WARM methodology calculates the average annual write-off rate and applies it to the remaining term of the receivables. The WARM method is used since the contract receivables have limited loss experience over generally longer terms and, therefore, the predictive loss patterns are more difficult to estimate. The company performed a correlation analysis to compare historical losses to many economic factors. The primary economic factors considered were real gross domestic product, civilian unemployment, industrial production index, and repair and maintenance employment rate; the company determined that there is limited correlation between the historical losses and economic factors. As a result, consideration was given to qualitative factors to adjust the reserve balance for asset specific risk characteristics, current conditions and future expectations. Similar qualitative factors are considered for both finance and contract receivables. The qualitative factors used in determining the estimate of expected credit losses are influenced by the changes in the composition of the portfolio, underwriting practices, and other relevant conditions that were different from the historical periods, which included considering the impact of the coronavirus (“COVID-19”) pandemic. The allowance for credit losses is adjusted each period for changes in the credit risk and expected lifetime credit losses. The following is a rollforward of the allowances for credit losses for finance and contract receivables for 2020 and 2019: 2020 2019 (Amounts in millions) Finance Contract Finance Contract Allowances for credit losses: Beginning of year $ 61.9 $ 5.6 $ 61.4 $ 4.3 Impact of adopting ASU No. 2016-13 5.2 2.9 — — Provision for credit losses 54.6 3.8 49.9 4.7 Charge-offs (53.8) (3.8) (57.1) (3.9) Recoveries 8.2 0.4 7.7 0.5 Currency translation 0.2 0.1 — — End of year $ 76.3 $ 9.0 $ 61.9 $ 5.6 Past due: Depending on the contract, payments for finance and contract receivables are due on a monthly or weekly basis. Weekly payments are converted into a monthly equivalent for purposes of calculating delinquency. Delinquencies are assessed at the end of each month following the monthly equivalent contractual payment due date. The entire receivable balance of a contract is considered delinquent when contractual payments become 30 days past due. Removal from delinquent status occurs when the cumulative amount of monthly contractual payments then due have been received by the company. It is the general practice of Snap-on’s financial services business not to engage in contract or loan modifications. In limited instances, Snap-on’s financial services business may modify certain receivables in troubled debt restructurings. The amount and number of restructured finance and contract receivables as of 2020 and 2019 year end were immaterial to both the financial services portfolio and the company’s results of operations and financial position. The aging of finance and contract receivables as of 2020 and 2019 year end is as follows: (Amounts in millions) 30-59 60-90 Greater Total Past Total Not Past Total Greater 2020 year end: Finance receivables $ 18.4 $ 12.2 $ 21.1 $ 51.7 $ 1,691.1 $ 1,742.8 $ 18.2 Contract receivables 1.3 0.6 1.5 3.4 492.8 496.2 0.2 2019 year end: Finance receivables $ 19.7 $ 12.0 $ 21.4 $ 53.1 $ 1,642.4 $ 1,695.5 $ 17.2 Contract receivables 1.5 0.9 1.5 3.9 462.5 466.4 0.5 Nonaccrual: SOC maintains the accrual of interest income during the progression through the various stages of delinquency prior to processing for write-off. At the time of write-off, the entire balance including the accrued but unpaid interest income amount is recorded as a loss. Finance receivables are generally placed on nonaccrual status (nonaccrual of interest and other fees): (i) when a customer is placed on repossession status; (ii) upon receipt of notification of bankruptcy; (iii) upon notification of the death of a customer; or (iv) in other instances in which management concludes collectability is not reasonably assured. Contract receivables are generally placed on nonaccrual status: (i) when a receivable is more than 90 days past due or at the point a customer’s account is placed on terminated status regardless of its delinquency status; (ii) upon notification of the death of a customer; or (iii) in other instances in which management concludes collectability is not reasonably assured. The accrual of interest and other fees is resumed when the finance or contract receivable becomes contractually current and collection of all remaining contractual amounts due is reasonably assured. A receivable may have credit losses when it is expected that all amounts related to the receivable will not be collected according to the contractual terms of the applicable agreement. Such finance and contract receivables are covered by the company’s respective allowances for credit losses and are written-off against the allowances when appropriate. The amount of finance and contract receivables on nonaccrual status as of 2020 and 2019 year end is as follows: (Amounts in millions) 2020 2019 Finance receivables $ 9.6 $ 12.2 Contract receivables 2.4 2.2

Inventories

Inventories	12 Months Ended
Inventories	Jan. 02, 2021
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories by major classification as of 2020 and 2019 year end are as follows: (Amounts in millions) 2020 2019 Finished goods $ 643.4 $ 661.0 Work in progress 61.6 57.1 Raw materials 125.5 126.8 Total FIFO value 830.5 844.9 Excess of current cost over LIFO cost (84.0) (84.5) Total inventories – net $ 746.5 $ 760.4

Property and Equipment

Property and Equipment	12 Months Ended
Property and Equipment	Jan. 02, 2021
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and Equipment Property and equipment (which are carried at cost) as of 2020 and 2019 year end are as follows: (Amounts in millions) 2020 2019 Land $ 34.0 $ 31.9 Buildings and improvements 432.0 405.1 Machinery, equipment and computer software 1,033.4 988.0 Property and equipment – gross 1,499.4 1,425.0 Accumulated depreciation and amortization (973.2) (903.5) Property and equipment – net $ 526.2 $ 521.5 The estimated service lives of property and equipment are principally as follows: Buildings and improvements 3 to 50 years Machinery, equipment and computer software 2 to 15 years

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	12 Months Ended
Goodwill and Other Intangible Assets	Jan. 02, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets The changes in the carrying amount of goodwill by segment for 2020 and 2019 are as follows: (Amounts in millions) Commercial Snap-on Repair Systems Total Balance as of 2018 year end $ 286.2 $ 12.5 $ 603.5 $ 902.2 Currency translation (6.4) — (1.1) (7.5) Acquisitions 6.4 — 12.7 19.1 Balance as of 2019 year end $ 286.2 $ 12.5 $ 615.1 $ 913.8 Currency translation 26.7 (0.1) 15.0 41.6 Acquisitions 18.3 — 8.7 27.0 Balance as of 2020 year end $ 331.2 $ 12.4 $ 638.8 $ 982.4 Goodwill of $982.4 million as of 2020 year end includes: (i) $5.6 million from the acquisition of certain assets of Sigmavision, (ii) $14.5 million from the acquisition of Cognitran; and (iii) $18.3 million, on a preliminary basis, from the acquisition of AutoCrib. During 2020, the purchase accounting valuations for the acquired net assets, including intangible assets, of Sigmavision and Cognitran were completed, resulting in an increase in goodwill of $3.1 million for Cognitran. The remaining purchase accounting valuations for the acquired net assets, including intangible assets, of AutoCrib are expected to be completed in the first quarter of 2021. The goodwill from the Sigmavision and Cognitran acquisitions is included in the Repair Systems & Information Group. The goodwill from the AutoCrib acquisition is included in the Commercial & Industrial Group. Goodwill of $913.8 million as of 2019 year end includes: (i) $11.4 million, on a preliminary basis, from the acquisition of Cognitran; (ii) $6.4 million from the acquisition of Power Hawk; and (iii) $1.3 million from the acquisition of TMB. The goodwill from the Cognitran and TMB acquisitions is included in the Repair Systems & Information Group. The goodwill from the Power Hawk acquisition is included in the Commercial & Industrial Group. See Note 3 for additional information on acquisitions. Additional disclosures related to other intangible assets as of 2020 and 2019 year end are as follows: 2020 2019 (Amounts in millions) Gross Accumulated Gross Accumulated Amortized other intangible assets: Customer relationships $ 191.5 $ (130.1) $ 182.9 $ (117.9) Developed technology 21.8 (19.9) 19.8 (18.9) Internally developed software 172.2 (128.0) 168.0 (125.4) Patents 43.2 (25.3) 38.5 (23.7) Trademarks 3.9 (2.4) 3.5 (2.1) Other 8.2 (3.9) 7.3 (3.1) Total 440.8 (309.6) 420.0 (291.1) Non-amortized trademarks 129.6 — 115.0 — Total other intangible assets $ 570.4 $ (309.6) $ 535.0 $ (291.1) As of year-end 2020, the gross carrying value of intangible assets includes $4.6 million of customer relationship s, $1.7 million of developed technology and $7.4 million of non-amortized trademarks as a result of the AutoCrib acquisition, as well as $0.3 million of patents from the Sigmavision acquisition. As of year-end 2019, the gross carrying value of customer relationships includes $10.2 million related to the Cognitran acquisition and $0.9 million related to the Power Hawk acquisition. Additionally, the gross carrying value of intangible assets in 2019 includes $6.5 million of non-amortized trademarks and $1.1 million of developed technology as a result of the Cognitran acquisition. Significant and unanticipated changes in circumstances, such as declines in profitability and cash flow due to significant and long-term deterioration in macroeconomic, industry and market conditions, the loss of key customers, changes in technology or markets, significant changes in key personnel or litigation, a significant and sustained decrease in share price and/or other events, including effects from the sale or disposal of a reporting unit, could require a provision for impairment of goodwill and/or other intangible assets in a future period. As of 2020 year end, the company had no accumulated impairment losses. The weighted-average amortization periods related to other intangible assets are as follows: In Years Customer relationships 15 Developed technology 3 Internally developed software 6 Patents 7 Trademarks 5 Other 39 Snap-on is amortizing its customer relationships on both an accelerated and straight-line basis over a 15 year weighted-average life; the remaining intangibles are amortized on a straight-line basis. The weighted-average amortization period for all amortizable intangibles on a combined basis is 11 years. The company’s customer relationships generally have contractual terms of three The aggregate amortization expense was $23.4 million in 2020, $22.3 million in 2019 and $25.3 million in 2018. Based on current levels of amortizable intangible assets and estimated weighted-average useful lives, estimated annual amortization expense is expected to be $23.3 million in 2021, $20.2 million in 2022, $17.2 million in 2023, $12.5 million in 2024, and $8.2 million in 2025.

Exit and Disposal Activities

Exit and Disposal Activities	12 Months Ended
Exit and Disposal Activities	Jan. 02, 2021
Restructuring and Related Activities [Abstract]
Exit and Disposal Activities	Exit and Disposal Activities Snap-on recorded costs associated with exit and disposal activities of $12.5 million during 2020. Snap-on did not record any costs for exit and disposal activities in 2019. The 2020 costs associated with disposal activities by operating segment are as follows: (Amounts in millions) 2020 Exit and disposal costs Cost of goods sold: Commercial & Industrial Group $ 6.4 Repair System & Information Group 0.7 Total cost of goods sold $ 7.1 Operating Expenses: Snap-on Tools Group $ 0.6 Repair System & Information Group 4.8 Total operating expenses $ 5.4 Total exit and disposal costs: Commercial & Industrial Group $ 6.4 Snap-on Tools Group 0.6 Repair System & Information Group 5.5 Total exit and disposal costs $ 12.5 Of the $12.5 million of costs incurred in 2020, $12.2 million qualified for accrual treatment. Costs associated with exit and disposal activities in 2020 primarily related to headcount reductions from the ongoing optimization of the company’s cost structure in Europe and various other management and realignment actions. Snap-on’s exit and disposal accrual activity for 2020 is as follows: Balance at Balance at (Amounts in millions) 2019 Year End Provision in 2020 Usage in 2020 2020 Year End Severance costs: Commercial & Industrial Group $ — $ 6.4 $ (0.6) $ 5.8 Snap-on Tools Group — 0.6 (0.2) 0.4 Repair System & Information Group — 5.2 (1.4) 3.8 Total $ — $ 12.2 $ (2.2) $ 10.0 As of January 2, 2021, the company expects that approximately $8.1 million of the $10.0 million exit and disposal accrual will be utilized in 2021, and the remainder thereafter, primarily for longer-term severance payments.

Income Taxes

Income Taxes	12 Months Ended
Income Taxes	Jan. 02, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The source of earnings before income taxes and equity earnings consisted of the following: (Amounts in millions) 2020 2019 2018 United States $ 715.9 $ 765.3 $ 735.4 Foreign 119.3 156.8 174.5 Total $ 835.2 $ 922.1 $ 909.9 The provision (benefit) for income taxes consisted of the following: (Amounts in millions) 2020 2019 2018 Current: Federal $ 136.8 $ 110.0 $ 117.9 Foreign 29.9 38.1 52.4 State 30.6 29.5 30.4 Total current 197.3 177.6 200.7 Deferred: Federal (10.0) 26.6 18.7 Foreign 3.0 1.5 (8.4) State (1.2) 6.1 3.4 Total deferred (8.2) 34.2 13.7 Total income tax provision $ 189.1 $ 211.8 $ 214.4 The following is a reconciliation of the statutory federal income tax rate to Snap-on’s effective tax rate: 2020 2019 2018 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 2.9 2.9 2.9 Noncontrolling interests (0.5) (0.4) (0.4) Repatriation of foreign earnings (0.7) (0.1) (0.1) Change in valuation allowance for deferred tax assets 0.5 0.4 0.3 Adjustments to tax accruals and reserves (0.5) (0.4) (0.2) Foreign rate differences 0.5 0.4 0.4 Excess tax benefits related to equity compensation (0.5) (0.5) (0.8) U.S. tax reform, net impact — — 0.4 Other (0.1) (0.3) 0.1 Effective tax rate 22.6% 23.0% 23.6% Snap-on’s effective income tax rate on earnings attributable to Snap-on Incorporated was 23.2% in 2020, 23.4% in 2019, and 24.0% in 2018. The effective tax rate for 2018 included an additional non-recurring net tax charge attributable to the prior year’s U.S. tax reform changes. On December 22, 2017, the U.S. government passed the Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act made broad and complex changes to the U.S. tax code, including, but not limited to: (i) reducing the U.S. federal corporate tax rate from 35% to 21%; (ii) requiring companies to pay a one-time transition tax on certain unremitted earnings of foreign subsidiaries; and (iii) bonus depreciation that allows for full expensing of qualified property. The Tax Act also established new tax laws that affect years after 2017, including, but not limited to: (i) the reduction of the U.S. federal corporate tax rate discussed above; (ii) a general elimination of U.S. federal income taxes on dividends from foreign subsidiaries; (iii) a new provision designed to tax global intangible low-taxed income (“GILTI”); (iv) the repeal of the domestic production activity deductions; (v) limitations on the deductibility of certain executive compensation; (vi) limitations on the use of foreign tax credits to reduce the U.S. income tax liability; and (vii) a new provision that allows a domestic corporation an immediate deduction for a portion of its foreign derived intangible income (“FDII”). During 2018, the company recorded additional net tax benefits of $4.4 million attributable to pension contributions made in 2018 that were deductible for 2017 at the higher 35% federal tax rate and other changes to the 2017 tax provision related to the Tax Act and subsequently-issued tax guidance. Due to the complexity of the new GILTI tax rules, the company continued to evaluate this provision of the Tax Act and the application of Accounting Standards Codification (“ASC”) 740 throughout 2018. Under GAAP, the company is allowed to make an accounting policy choice to either: (i) treat taxes due on future U.S. inclusions in taxable income related to GILTI as a current-period expense when incurred (the “period cost method”); or (ii) factor in such amounts into a company’s measurement of its deferred taxes (the “deferred method”). The company selected to apply the “period cost method” to account for the new GILTI tax, and treated it as a current-period expense for 2020, 2019 and 2018. Temporary differences that give rise to the net deferred income tax asset (liability) as of 2020, 2019 and 2018 year end are as follows: (Amounts in millions) 2020 2019 2018 Deferred income tax assets (liabilities): Inventories $ 41.4 $ 34.7 $ 33.6 Accruals not currently deductible 75.1 62.4 72.9 Tax credit carryforward 2.4 2.0 1.8 Employee benefits 32.4 41.3 56.5 Net operating losses 37.1 40.4 40.9 Depreciation and amortization (192.0) (178.9) (167.5) Valuation allowance (26.7) (27.8) (25.1) Equity-based compensation 14.3 16.2 16.6 Undistributed non-U.S. earnings (5.4) (6.6) (6.0) Other 1.3 (0.7) (0.4) Net deferred income tax asset (liability) $ (20.1) $ (17.0) $ 23.3 As of 2020 year end, Snap-on had tax net operating loss carryforwards totaling $184.1 million as follows: (Amounts in millions) State Federal Foreign Total Year of expiration: 2021-2025 $ 0.3 $ — $ 58.5 $ 58.8 2026-2030 — — 10.4 10.4 2031-2035 56.7 — — 56.7 2036-2040 — — — — 2041-2045 — — 31.9 31.9 Indefinite — — 26.3 26.3 Total net operating loss carryforwards $ 57.0 $ — $ 127.1 $ 184.1 A valuation allowance totaling $26.7 million, $27.8 million and $25.1 million as of 2020, 2019 and 2018 year end, respectively, has been established for deferred income tax assets primarily related to certain subsidiary loss carryforwards that may not be realized. Realization of the net deferred income tax assets is dependent on generating sufficient taxable income prior to their expiration. Although realization is not assured, management believes it is more-likely-than-not that the net deferred income tax assets will be realized. The amount of the net deferred income tax assets considered realizable, however, could change in the near term if estimates of future taxable income during the carryforward period fluctuate. The following is a reconciliation of the beginning and ending amounts of unrecognized tax benefits for 2020, 2019 and 2018: (Amounts in millions) 2020 2019 2018 Unrecognized tax benefits at beginning of year $ 10.3 $ 11.1 $ 7.7 Gross increases – tax positions in prior periods 0.4 — 1.3 Gross decreases – tax positions in prior periods — (0.6) (0.1) Gross increases – tax positions in the current period 0.4 0.5 2.8 Settlements with taxing authorities (1.4) — — Lapsing of statutes of limitations (0.6) (0.7) (0.6) Unrecognized tax benefits at end of year $ 9.1 $ 10.3 $ 11.1 The unrecognized tax benefits of $9.1 million, $10.3 million and $11.1 million as of 2020, 2019 and 2018 year end, respectively, would impact the effective income tax rate if recognized. As of January 2, 2021, unrecognized tax benefits of $1.4 million and $7.7 million were included in “Deferred income tax assets” and “Other long-term liabilities,” respectively, on the accompanying Consolidated Balance Sheets. Interest and penalties related to unrecognized tax benefits are recorded in income tax expense. As of 2020, 2019 and 2018 year end, the company had provided for $1.1 million, $1.1 million and $0.8 million, respectively, of accrued interest and penalties related to unrecognized tax benefits. As of January 2, 2021, $1.1 million of accrued interest and penalties were included in “Other long-term liabilities” on the accompanying Consolidated Balance Sheets. Snap-on and its subsidiaries file income tax returns in the United States and in various state, local and foreign jurisdictions. It is reasonably possible that certain unrecognized tax benefits may either be settled with taxing authorities or the statutes of limitations for such items may lapse within the next 12 months, causing Snap-on’s gross unrecognized tax benefits to decrease by a range of zero to $0.7 million. Over the next 12 months, Snap-on anticipates taking certain tax positions on various tax returns for which the related tax benefit does not meet the recognition threshold. Accordingly, Snap-on’s gross unrecognized tax benefits may increase by a range of zero to $0.8 million over the next 12 months for uncertain tax positions expected to be taken in future tax filings. With few exceptions, Snap-on is no longer subject to U.S. federal and state/local income tax examinations by tax authorities for years prior to 2017, and Snap-on is no longer subject to non-U.S. income tax examinations by tax authorities for years prior to 2012. In general, it is Snap-on’s practice and intention to reinvest certain earnings of its non-U.S. subsidiaries in those operations. As of 2020 year end, the company has not made a provision for incremental U.S. income taxes or additional foreign withholding taxes on approximately $319.1 million of such undistributed earnings that is deemed indefinitely reinvested. Determination of the amount of unrecognized deferred tax liability related to these earnings is not practicable. As a result of the Tax Act, which subjected the majority of the company’s undistributed foreign earnings to taxation for the 2017 tax year, the company can now repatriate non-U.S. cash in a tax efficient manner. Accordingly, the company has reversed its prior assertion concerning the indefinite reinvestment of the majority of its undistributed foreign earnings and has recorded a deferred tax liability of $5.4 million for the incremental tax costs associated with the future potential repatriation of such earnings.

Short-term and Long-term Debt

Short-term and Long-term Debt	12 Months Ended
Short-term and Long-term Debt	Jan. 02, 2021
Debt Disclosure [Abstract]
Short-term and Long-term Debt	Short-term and Long-term Debt Short-term and long-term debt as of 2020 and 2019 year end consisted of the following: (Amounts in millions) 2020 2019 6.125% unsecured notes due 2021 $ 250.0 $ 250.0 3.25% unsecured notes due 2027 300.0 300.0 4.10% unsecured notes due 2048 400.0 400.0 3.10% unsecured notes due 2050 500.0 — Other debt* 0.6 199.8 1,450.6 1,149.8 Less: notes payable and current maturities of long-term debt: Current maturities of long-term debt $ (250.0) $ — Commercial paper borrowings — (193.6) Other notes* (18.5) (9.3) (268.5) (202.9) Total long-term debt $ 1,182.1 $ 946.9 * Includes the net effects of debt amortization costs and fair value adjustments related to interest rate swaps. The annual maturities of Snap-on’s long-term debt and notes payable over the next five years are $268.5 million in 2021, with no maturities in 2022, 2023, 2024 and 2025. Average notes payable outstanding, including commercial paper and short-term credit facility borrowings, were $68.4 million and $175.0 million in 2020 and 2019, respectively. The 2020 weighted-average interest rate on such borrowings of 2.98% compared with 2.87% in 2019. Average commercial paper borrowings were $41.0 million and $162.2 million in 2020 and 2019, respectively, and the weighted-average interest rate of 1.53% on such borrowings in 2020 decreased from 2.27% last year. No commercial paper was outstanding as of year-end 2020. Average short-term credit facility borrowings were $13.9 million in 2020 with a weighted-average interest rate of 1.70%. No amounts were outstanding under the short-term credit facility as of year-end 2020 and no amounts were borrowed under the short-term credit facility in 2019. At 2020 year end, the weighted-average interest rate on outstanding notes payable of 8.87% compared with 2.23% in 2019. The 2020 year-end rate increased primarily due to higher local borrowings in emerging markets. On April 27, 2020, Snap-on sold, at a discount, $500 million of unsecured 3.10% notes that mature on May 1, 2050 (the “2050 Notes”). Interest on the 2050 Notes accrues at a rate of 3.10% and is paid semi-annually. Snap-on used the $489.9 million net proceeds from the sale of the 2050 Notes, reflecting $4.4 million of transaction costs, for general corporate purposes, which may include working capital, capital expenditures and potential acquisitions.

Financial Instruments

Financial Instruments	12 Months Ended
Financial Instruments	Jan. 02, 2021
Investments, All Other Investments [Abstract]
Financial Instruments	Financial Instruments Derivatives: All derivative instruments are reported in the Consolidated Financial Statements at fair value. Changes in the fair value of derivatives are recorded each period in earnings or on the accompanying Consolidated Balance Sheets, depending on whether the derivative is designated and effective as part of a hedged transaction. Gains or losses on derivative instruments recorded in earnings are presented in the same Consolidated Statement of Earnings line that is used to present the earnings effect of the hedged item. Gains or losses on derivative instruments in accumulated other comprehensive income (loss) (“Accumulated OCI”) are reclassified to earnings in the period in which earnings are affected by the underlying hedged item. The criteria used to determine if hedge accounting treatment is appropriate are: (i) the designation of the hedge to an underlying exposure; (ii) whether or not overall risk is being reduced; and (iii) if there is a correlation between the value of the derivative instrument and the underlying hedged item. Once a derivative contract is entered into, Snap-on designates the derivative as a fair value hedge, a cash flow hedge, a hedge of a net investment in a foreign operation, or a natural hedging instrument whose change in fair value is recognized as an economic hedge against changes in the value of the hedged item. Snap-on does not use derivative instruments for speculative or trading purposes. The company is exposed to global market risks, including the effects of changes in foreign currency exchange rates, interest rates, and the company’s stock price, and therefore uses derivatives to manage financial exposures that occur in the normal course of business. The primary risks managed by using derivative instruments are foreign currency risk, interest rate risk and stock-based deferred compensation risk. Foreign currency risk management: Snap-on has significant international operations and is subject to certain risks inherent with foreign operations that include currency fluctuations. Foreign currency exchange risk exists to the extent that Snap-on has payment obligations or receipts denominated in currencies other than the functional currency, including intercompany loans denominated in foreign currencies. To manage these exposures, Snap-on identifies naturally offsetting positions and then purchases hedging instruments to protect the residual net exposures. Snap-on manages most of these exposures on a consolidated basis, which allows for netting of certain exposures to take advantage of natural offsets. Foreign currency forward contracts (“foreign currency forwards”) are used to hedge the net exposures. Gains or losses on net foreign currency hedges are intended to offset losses or gains on the underlying net exposures in an effort to reduce the earnings volatility resulting from fluctuating foreign currency exchange rates. Snap-on’s foreign currency forwards are typically not designated as hedges. The fair value changes of these contracts are reported in earnings as foreign exchange gain or loss, which is included in “Other income (expense) - net” on the accompanying Consolidated Statements of Earnings. See Note 18 for additional information on Other income (expense) - net. As of 2020 year end, Snap-on had $46.7 million of net foreign currency forward buy contracts outstanding comprised of buy contracts including $58.9 million in Swedish kronor, $43.5 million in British pounds, $26.1 million in Chinese renminbi, $22.5 million in Hong Kong dollars, $14.6 million in Singapore dollars, $6.2 million in Australian dollars, $5.8 million in Norwegian kroner, $5.1 million in Danish kroner, and $3.7 million in other currencies, and sell contracts comprised of $120.4 million in Canadian dollars, $7.9 million in Indian rupees, $3.5 million in Hungarian forints, and $7.9 million in other currencies. As of 2019 year end, Snap-on had $33.2 million of net foreign currency forward buy contracts outstanding comprised of buy contracts including $41.4 million in euros, $34.5 million in Swedish kronor, $17.4 million in Hong Kong dollars, $13.1 million in Chinese renminbi, $13.0 million in Singapore dollars, $6.0 million in Norwegian kroner, and $7.0 million in other currencies, and sell contracts comprised of $52.9 million in British pounds, $17.5 million in Canadian dollars, $10.0 million in Indian rupees, $9.6 million in Japanese yen, and $9.2 million in other currencies. Interest rate risk management: Snap-on aims to control funding costs by managing the exposure created by the differing maturities and interest rate structures of Snap-on’s borrowings through the use of interest rate swap agreements (“interest rate swaps”) and treasury lock agreements (“treasury locks”). Interest rate swaps: Snap-on enters into interest rate swaps to manage risks associated with changing interest rates related to the company’s fixed rate borrowings. Interest rate swaps are accounted for as fair value hedges. The differentials paid or received on interest rate swaps are recognized as adjustments to “Interest expense” on the accompanying Consolidated Statements of Earnings. The change in fair value of the designated and qualifying derivative is recorded in “Notes payable and current maturities of long-term debt” in 2020 and “Long-term debt” in 2019 on the accompanying Consolidated Balance Sheets. The notional amount of interest rate swaps outstanding and designated as fair value hedges was $100 million as of both 2020 and 2019 year end. Consolidated Balance Sheets Line Item Where Hedge Item is Recorded Carrying Amount of the Hedged Assets/(Liabilities) Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities) (in millions) (in millions) 2020 2019 2020 2019 Notes payable and current maturities of long-term debt* $ (255.1) $ — $ (5.1) $ — Long-term debt* — (255.0) — (5.0) * The interest rate swap transacted in March 2010 was designated as a hedge of the first $100 million issuance of the $250 million, 6.125% unsecured notes due September 1, 2021. Treasury locks: Snap-on uses treasury locks to manage the potential change in interest rates in anticipation of the issuance of fixed rate debt. Treasury locks are accounted for as cash flow hedges. The differentials to be paid or received on treasury locks related to the anticipated issuance of fixed rate debt are initially recorded in Accumulated OCI for derivative instruments that are designated and qualify as cash flow hedges. Upon the issuance of debt, the related amount in Accumulated OCI is released over the hedging instrument’s designated term and recognized as an adjustment to interest expense on the Consolidated Statements of Earnings. In the second quarter of 2020, Snap-on entered into a $300.0 million treasury lock to manage changes in interest rates in anticipation of the issuance of fixed rate debt. Snap-on settled the $300.0 million treasury lock in conjunction with the April 2020 issuance of the 2050 Notes. The $1.4 million gain on the settlement of the treasury lock was recorded in Accumulated OCI and is being amortized over the initial 10-year term of the 2050 Notes and recognized as an adjustment to interest expense on the Consolidated Statements of Earnings. There were no treasury locks outstanding as of both January 2, 2021 and December 28, 2019. See Note 18 for additional information on Other income (expense) - net. Stock-based deferred compensation risk management: Snap-on aims to manage market risk associated with the stock-based portion of its deferred compensation plans through the use of prepaid equity forward agreements (“equity forwards”). Equity forwards are used to aid in offsetting the potential mark-to-market effect on stock-based deferred compensation from changes in Snap-on’s stock price. Since stock-based deferred compensation liabilities increase as the company’s stock price rises and decrease as the company’s stock price declines, the equity forwards are intended to mitigate the potential impact on deferred compensation expense that may result from such mark-to-market changes. As of 2020 and 2019 year end, Snap-on had equity forwards in place intended to manage market risk with respect to 78,800 shares and 89,600 shares, respectively, of Snap-on common stock associated with its deferred compensation plans. Counterparty risk: Snap-on is exposed to credit losses in the event of non-performance by the counterparties to its various financial agreements, including its foreign currency forward contracts, interest rate swap agreements, treasury lock agreements and prepaid equity forward agreements. Snap-on does not obtain collateral or other security to support financial instruments subject to credit risk, but monitors the credit standing of the counterparties and generally enters into agreements with financial institution counterparties with a credit rating of A- or better. Snap-on does not anticipate non-performance by its counterparties, but cannot provide assurances. Fair value measurements: The fair value measurement hierarchy prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority (“Level 1”) to unadjusted quoted prices in active markets for identical assets and liabilities and the lowest priority (“Level 3”) to unobservable inputs. Fair value measurements primarily based on observable market information are given a “Level 2” priority. Snap-on has derivative assets and liabilities related to interest rate swaps, treasury locks, foreign currency forwards and equity forwards that are measured at Level 2 fair value on a recurring basis. The fair values of derivative instruments included within the accompanying Consolidated Balance Sheets as of 2020 and 2019 year end are as follows: 2020 2019 (Amounts in millions) Balance Sheet Derivative Derivative Derivative Derivative Derivatives designated as hedging instruments: Interest rate swaps Other assets $ 5.1 $ — $ 5.0 $ — Derivatives not designated as hedging instruments: Foreign currency forwards Prepaid expenses and other assets $ 12.2 $ — $ 3.5 $ — Foreign currency forwards Other accrued liabilities — 7.0 — 4.6 Equity forwards Prepaid expenses and other assets 13.5 — 15.2 — 25.7 7.0 18.7 4.6 Total derivative instruments $ 30.8 $ 7.0 $ 23.7 $ 4.6 Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between participants at the measurement date. Level 2 fair value measurements for derivative assets and liabilities are measured using quoted prices in active markets for similar assets and liabilities. Interest rate swaps are valued based on the six-month LIBOR swap rate for similar instruments. Foreign currency forwards are valued based on exchange rates quoted by domestic and foreign banks for similar instruments. Equity forwards are valued using a market approach based primarily on the company’s stock price at the reporting date. The company did not have any derivative assets or liabilities measured at Level 1 or Level 3, nor did it implement any changes in its valuation techniques in 2020 and 2019, respectively. The effect of derivative instruments designated as cash flow hedges as included in the Accumulated OCI on the Consolidated Balance Sheets is as follows: Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivative (Amounts in millions) 2020 2019 2018 Derivatives in Hedging Relationships: Treasury locks $ 1.4 $ — $ (0.8) The effect of derivative instruments designated as fair value and cash flow hedges as included in the Consolidated Statements of Earnings is as follows: Gain (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships 2020 2019 2018 (Amounts in millions) Interest expense Other income (expense) - net Interest expense Other income (expense) - net Interest expense Other income (expense) - net Total amounts of income and expense presented in the Consolidated Statements of Earnings: $ (54.0) $ 8.7 $ (49.0) $ 8.8 $ (50.4) $ 4.2 Gain (loss) on fair value hedging relationships: Interest rate swaps Long-term debt $ (15.7) $ — $ (15.4) $ — $ (15.4) $ — Derivatives designated as hedging instruments 3.9 — 2.0 — 1.5 — Gain on cash flow hedging relationships: Treasury locks Gain reclassified from accumulated OCI into income $ 1.6 $ — $ 1.5 $ — $ 1.5 $ — Gain on settlement — — — — — 13.3 As of 2020 year end, the maximum maturity date of any fair value hedge was one year. During the next 12 months, Snap-on expects to reclassify into earnings net gains from Accumulated OCI of approximately $1.2 million after tax at the time the underlying hedge transactions are realized. The effects of derivative instruments not designated as hedging instruments as included in the Consolidated Statements of Earnings are as follows: Statement of Gain (Loss) Recognized in (Amounts in millions) 2020 2019 2018 Gain (loss) on derivative relationships: Foreign currency forwards Other income $ (6.6) $ (20.0) $ (40.4) Net exposures Other income 2.7 16.4 36.5 Equity forwards Operating expenses $ 1.0 $ 3.0 $ (2.1) Stock-based deferred compensation liabilities Operating expenses (1.2) (3.0) 2.0 Snap-on’s foreign currency forwards are typically not designated as hedges for financial reporting purposes. The fair value changes of foreign currency forwards not designated as hedging instruments are reported in earnings as foreign exchange gain or loss in “Other income (expense) – net” on the accompanying Consolidated Statements of Earnings. See Note 18 for additional information on “Other income (expense) – net.” Snap-on’s equity forwards are not designated as hedges for financial reporting purposes. Fair value changes of both the equity forwards and related stock-based (mark-to-market) deferred compensation liabilities are reported in “Operating expenses” on the accompanying Consolidated Statements of Earnings. Fair value of financial instruments: The fair values of financial instruments that do not approximate the carrying values in the financial statements as of 2020 and 2019 year end are as follows: 2020 2019 (Amounts in millions) Carrying Fair Carrying Fair Finance receivables – net $ 1,666.5 $ 2,024.4 $ 1,633.6 $ 1,920.6 Contract receivables – net 487.2 545.4 460.8 505.5 Long-term debt, notes payable and current maturities of long-term debt 1,450.6 1,678.2 1,149.8 1,238.8 The following methods and assumptions were used in estimating the fair value of financial instruments: • Finance and contract receivables include both short-term and long-term receivables. The fair value estimates of finance and contract receivables are derived utilizing discounted cash flow analyses performed on groupings of receivables that are similar in terms of loan type and characteristics. The cash flow analyses consider recent prepayment trends where applicable. The cash flows are discounted over the average life of the receivables using a current market discount rate of a similar term adjusted for credit quality. Significant inputs to the fair value measurements of the receivables are unobservable and, as such, are classified as Level 3. • Fair value of long-term debt and current maturities of long-term debt were estimated, using Level 2 fair value measurements, based on quoted market values of Snap-on’s publicly traded senior debt. The carrying value of long-term debt and the current maturities of long-term debt includes adjustments related to fair value hedges. The fair value of notes payable approximates such instruments’ carrying value due to their short-term nature. • The fair value of all other financial instruments, including trade and other accounts receivable, accounts payable and other financial instruments, approximates such instruments’ carrying value due to their short-term nature.

Pension Plans

Pension Plans	12 Months Ended
Pension Plans	Jan. 02, 2021
Retirement Benefits [Abstract]
Pension Plans	Pension PlansSnap-on has several non-contributory defined benefit pension plans covering most U.S. employees and certain employees in foreign countries. Snap-on also has foreign contributory defined benefit pension plans covering certain foreign employees. Retirement benefits are generally provided based on employees’ years of service and average earnings or stated amounts for years of service. Normal retirement age is 65, with provisions for earlier retirement. The status of Snap-on’s pension plans as of 2020 and 2019 year end is as follows: (Amounts in millions) 2020 2019 Change in projected benefit obligation: Benefit obligation at beginning of year $ 1,565.6 $ 1,386.9 Service cost 27.0 23.5 Interest cost 48.7 56.4 Plan participant contributions 0.4 0.5 Plan amendments 0.1 — Benefits paid (72.1) (73.0) Actuarial loss 122.8 169.5 Foreign currency impact 17.5 1.8 Benefit obligation at end of year $ 1,710.0 $ 1,565.6 Change in plan assets: Fair value of plan assets at beginning of year $ 1,455.5 $ 1,215.6 Actual gain on plan assets 227.9 258.7 Employer contributions 10.4 50.8 Plan participant contributions 0.4 0.4 Benefits paid (72.1) (73.0) Foreign currency impact 10.3 3.0 Fair value of plan assets at end of year $ 1,632.4 $ 1,455.5 Unfunded status at end of year $ (77.6) $ (110.1) The increase in the defined benefit pension plans benefit obligations in 2020 was primarily due to a decrease in the discount rate in 2020 as compared to 2019. Amounts recognized in the Consolidated Balance Sheets as of 2020 and 2019 year end are as follows: (Amounts in millions) 2020 2019 Other assets $ 54.2 $ 17.3 Accrued benefits (4.7) (5.3) Pension liabilities (127.1) (122.1) Net liability $ (77.6) $ (110.1) Amounts included in Accumulated OCI on the accompanying Consolidated Balance Sheets as of 2020 and 2019 year end are as follows: (Amounts in millions) 2020 2019 Net loss, net of tax of $95.4 million and $104.8 million, respectively $ (302.2) $ (333.8) Prior service cost, net of tax of ($0.2) million and ($0.1) million, respectively (0.7) (0.6) Total amount included in Accumulated OCI $ (302.9) $ (334.4) The accumulated benefit obligation for Snap-on’s pension plans as of 2020 and 2019 year end was $1,621.5 million and $1,478.0 million, respectively. The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for Snap-on’s pension plans as of 2020 and 2019 year end are as follows: (Amounts in millions) 2020 2019 Pension plans with accumulated benefit obligations in excess of plan assets: Accumulated benefit obligation $ 266.3 $ 231.0 Fair value of plan assets 152.6 126.5 Pension plans with projected benefit obligations in excess of plans assets: Projected benefit obligation $ 284.4 $ 1,336.9 Fair value of plan assets 152.6 1,209.5 The components of net periodic benefit cost and changes recognized in “Other comprehensive income (loss)” (“OCI”) are as follows: (Amounts in millions) 2020 2019 2018 Net periodic benefit cost: Service cost $ 27.0 $ 23.5 $ 25.1 Interest cost 48.7 56.4 52.8 Expected return on plan assets (94.7) (91.5) (88.6) Amortization of unrecognized loss 34.5 25.2 32.7 Amortization of prior service credit — (0.9) (1.2) Net periodic benefit cost $ 15.5 $ 12.7 $ 20.8 Changes in benefit obligations recognized in OCI, net of tax: Net (gain) loss $ (31.6) $ 31.9 $ 35.2 Prior service cost 0.1 0.4 1.7 Total recognized in OCI $ (31.5) $ 32.3 $ 36.9 The components of net periodic pension cost, other than the service cost component, are included in “Other income (expense) - net” on the accompanying Consolidated Statements of Earnings. See Note 18 for additional information on Other income (expense) - net. The worldwide weighted-average assumptions used to determine Snap-on’s full-year pension costs are as follows: 2020 2019 2018 Discount rate 3.2% 4.2% 3.7% Expected return on plan assets 7.0% 7.1% 7.1% Rate of compensation increase 3.4% 3.4% 3.4% The worldwide weighted-average assumptions used to determine Snap-on’s projected benefit obligation as of 2020 and 2019 year end are as follows: 2020 2019 Discount rate 2.5% 3.2% Rate of compensation increase 3.4% 3.4% Interest crediting rate - U.S. cash balance plan 3.8% 3.8% The objective of Snap-on’s discount rate assumption is to reflect the rate at which the pension benefits could be effectively settled. In making this determination, the company takes into account the timing and amount of benefits that would be available under the plans. The domestic discount rate as of 2020 and 2019 year end was selected based on a cash flow matching methodology developed by the company’s outside actuaries and which incorporates a review of current economic conditions. This methodology matches the plans’ yearly projected cash flows for benefits and service costs to those of hypothetical bond portfolios using high-quality, AA rated or better, corporate bonds from either Moody’s Investors Service or Standard & Poor’s credit rating agencies available at the measurement date. This technique calculates bond portfolios that produce adequate cash flows to pay the plans’ projected yearly benefits and then selects the portfolio with the highest yield and uses that yield as the recommended discount rate. The weighted-average discount rate for Snap-on’s domestic pension plans of 2.7% represents the single rate that produces the same present value of cash flows as the estimated benefit plan payments. Lowering Snap-on’s domestic discount rate assumption by 50 basis points (100 basis points (“bps”) equals 1.0 percent) would have increased Snap-on’s 2020 domestic pension expense and projected benefit obligation by approximately $4.5 million and $82.4 million, respectively. As of 2020 year end, Snap-on’s domestic projected benefit obligation comprised approximately 82% of Snap-on’s worldwide projected benefit obligation. The weighted-average discount rate for Snap-on’s foreign pension plans of 1.7% represents the single rate that produces the same present value of cash flows as the estimated benefit plan payments. Lowering Snap-on’s foreign discount rate assumption by 50 bps would have increased Snap-on’s 2020 foreign pension expense and projected benefit obligation by approximately $1.9 million and $32.3 million, respectively. Actuarial gains and losses in excess of 10 percent of the greater of the projected benefit obligation or market-related value of assets are amortized on a straight-line basis over the average remaining service period of active participants or over the average remaining life expectancy for plans with primarily inactive participants. Prior service costs and credits resulting from plan amendments are amortized in equal annual amounts over the average remaining service period of active participants or over the average remaining life expectancy for plans with primarily inactive participants. As a practical expedient, Snap-on uses the calendar year end as the measurement date for its plans. Snap-on funds its pension plans as required by governmental regulation and may consider discretionary contributions as conditions warrant. Snap-on intends to make contributions of $9.2 million to its foreign pension plans and $2.2 million to its domestic pension plans in 2021, as required by law. Depending on market and other conditions, Snap-on may make discretionary cash contributions to its pension plans in 2021. The following benefit payments, which reflect expected future service, are expected to be paid as follows: (Amounts in millions) Amount Year: 2021 $ 81.6 2022 93.3 2023 88.9 2024 91.9 2025 93.9 2025-2029 493.8 Snap-on’s domestic pension plans have a long-term investment horizon and a total return strategy that emphasizes a capital growth objective. The long-term investment performance objective for Snap-on’s domestic plans’ assets is to achieve net of expense returns that meet or exceed the 6.75% domestic long-term return on plan assets assumption used for reporting purposes. Snap-on uses a three-year, market-related value asset method of amortizing the difference between actual and expected returns on its domestic plans’ assets. As of 2020 year end, Snap-on’s domestic pension plans’ assets comprised approximately 86% of the company’s worldwide pension plan assets. The basis for determining the overall expected long-term return on plan assets assumption is a nominal returns forecasting method. For each asset class, future returns are estimated by identifying the premium of riskier asset classes over lower risk alternatives. The methodology constructs expected returns using a “building block” approach to the individual components of total return. These forecasts are stated in both nominal and real (after inflation) terms. This process first considers the long-term historical return premium based on the longest set of data available for each asset class. These premiums, which are calculated using the geometric mean, are then adjusted based on current relative valuation levels, macro-economic conditions, and the expected alpha related to active investment management. The asset return assumption is also adjusted by an implicit expense load for estimated administrative and investment-related expenses. For risk and correlation assumptions, the actual experience for each asset class is reviewed for the longest time period available. Expected relationships for a 10 to 20 year time horizon are determined based upon historical results, with adjustments made for material changes. Investments are diversified to attempt to minimize the risk of large losses. Since asset allocation is a key determinant of expected investment returns, assets are periodically rebalanced to the targeted allocation to correct significant deviations from the asset allocation policy that are caused by market fluctuations and cash flow. Asset/liability studies are conducted periodically to determine if any revisions to the strategic asset allocation policy are necessary. 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 2020 and 2019 year end are as follows: Target 2020 2019 Asset category: Equity securities 54% 54% 51% Debt securities and cash and cash equivalents 41% 41% 40% Real estate and other real assets — — 1% Hedge funds 5% 5% 8% Total 100% 100% 100% Fair value of plan assets (Amounts in millions) $1,401.0 $1,260.5 The fair value measurement hierarchy prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority (Level 1) to unadjusted quoted prices in active markets for identical assets and liabilities and the lowest priority (Level 3) to unobservable inputs. Fair value measurements primarily based on observable market information are given a Level 2 priority. Certain equity and debt securities are valued at quoted per share or unit market prices for which an official close or last trade pricing on an active exchange is available and are categorized as Level 1 in the fair value hierarchy. If quoted market prices are not readily available for specific securities, values are estimated using quoted prices of securities with similar characteristics and are categorized as Level 2 in the fair value hierarchy. Insurance contracts are valued at the present value of the estimated future cash flows promised under the terms of the insurance contracts and are categorized as Level 2 in the fair value hierarchy. Commingled equity securities and commingled multi-strategy funds are valued at the Net Asset Value (“NAV”) per share or unit multiplied by the number of shares or units held as of the measurement date, as reported by the fund managers. The share or unit price is quoted on a private market and is based on the value of the underlying investments, which are primarily based on observable inputs; such investments that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. Private equity partnership funds, hedge funds, and real estate and other real assets are valued at the NAV as reported by the fund managers. Private equity partnership funds, certain hedge funds, and certain real estate and other real assets are valued based on the proportionate interest or share of net assets held by the pension plan, which is based on the estimated fair market value of the underlying investments. Certain other hedge funds and real estate and other real assets are valued at the NAV per share or unit multiplied by the number of shares or units held as of the measurement date, based on the estimated value of the underlying investments as reported by the fund managers. These investments are measured at fair value using the NAV per share (or its equivalent) practical expedient and have not been classified in the fair value hierarchy. The company regularly reviews fund performance directly with its investment advisor and the fund managers, and performs qualitative analysis to corroborate the reasonableness of the reported NAVs. For funds for which the company did not receive a year-end NAV, the company recorded an estimate of the change in fair value for the latest period based on return estimates and other fund activity obtained from the fund managers. The columns labeled “Investments Measured at NAV” in the following tables reflect certain investments that are measured at fair value using the NAV per share (or its equivalent) practical expedient and have not been categorized in the fair value hierarchy. The fair value amounts presented in these tables are intended to permit a reconciliation of the fair value hierarchy to the pension plan assets. 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 2020 year end: (Amounts in millions) Quoted Significant Investments Total Asset category: Cash and cash equivalents $ 30.3 $ — $ — $ 30.3 Equity securities: Domestic 111.8 — — 111.8 Foreign 62.4 — — 62.4 Commingled funds – domestic — — 312.9 312.9 Commingled funds – foreign — — 248.5 248.5 Private equity partnerships — — 14.7 14.7 Debt securities: Government 161.7 2.9 — 164.6 Corporate bonds — 377.9 — 377.9 Real estate and other real assets — — 4.3 4.3 Hedge funds — — 73.6 73.6 Total $ 366.2 $ 380.8 $ 654.0 $ 1,401.0 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 2019 year end: (Amounts in millions) Quoted Significant Investments Total Asset category: Cash and cash equivalents $ 25.6 $ — $ — $ 25.6 Equity securities: Domestic 95.1 — — 95.1 Foreign 58.4 — — 58.4 Commingled funds – domestic — — 263.6 263.6 Commingled funds – foreign — — 209.4 209.4 Private equity partnerships — — 17.4 17.4 Debt securities: Government 144.0 2.7 — 146.7 Corporate bonds — 327.7 — 327.7 Real estate and other real assets — — 8.8 8.8 Hedge funds — — 107.8 107.8 Total $ 323.1 $ 330.4 $ 607.0 $ 1,260.5 Snap-on’s primary investment objective for its foreign pension plans’ assets is to meet the projected obligations to the beneficiaries over a long period of time, and to do so in a manner that is consistent with the company’s risk tolerance. The foreign asset allocation policies consider the company’s financial strength and long-term asset class risk/return expectations, since the obligations are long term in nature. The company believes the foreign pension plans’ assets, which are managed locally by professional investment firms, are well diversified. The expected long-term rates of return on foreign plans’ assets, which range from 1.0% to 5.4% as of 2020 year end, reflect management’s expectations of long-term average rates of return on funds invested to provide benefits included in the plans’ projected benefit obligation. The expected returns are based on outlooks for inflation, fixed income returns and equity returns, asset allocations and investment strategies. Differences between actual and expected returns on foreign pension plans’ assets are recorded as an actuarial gain or loss and amortized accordingly. 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 2020 and 2019 year end are as follows: Target 2020 2019 Asset category: Equity securities* 46% 46% 46% Debt securities* and cash and cash equivalents 40% 40% 40% Insurance contracts and hedge funds 14% 14% 14% Total 100% 100% 100% Fair value of plan assets (Amounts in millions) $231.4 $195.0 * 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 2020 year end: (Amounts in millions) Quoted Significant Investments Total Asset category: Cash and cash equivalents $ 1.0 $ — $ — $ 1.0 Commingled funds – multi-strategy — — 162.4 162.4 Debt securities: Government 12.0 — — 12.0 Corporate bonds — 23.8 — 23.8 Insurance contracts — 32.2 — 32.2 Total $ 13.0 $ 56.0 $ 162.4 $ 231.4 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 2019 year end: (Amounts in millions) Quoted Significant Investments Total Asset category: Cash and cash equivalents $ 0.9 $ — $ — $ 0.9 Commingled funds – multi-strategy — — 135.5 135.5 Debt securities: Government 10.1 — — 10.1 Corporate bonds — 21.4 — 21.4 Insurance contracts — 27.1 — 27.1 Total $ 11.0 $ 48.5 $ 135.5 $ 195.0 Snap-on has several 401(k) plans covering certain U.S. employees. Snap-on’s employer match to the 401(k) plans is made with cash contributions. For 2020, 2019 and 2018, Snap-on recognized $10.3 million, $9.8 million and $9.4 million, respectively, of expense related to its 401(k) plans.

Postretirement Plans

Postretirement Plans	12 Months Ended
Postretirement Plans	Jan. 02, 2021
Retirement Benefits [Abstract]
Postretirement Plans	Postretirement Plans Snap-on provides health care benefits for certain retired U.S. employees. For comprehensive major medical plans since 1989, benefits are paid based on deductibles and percentages of covered expenses. Plan provisions allow for benefit and coverage changes. Most retirees are required to pay the entire cost of the coverage, but Snap-on may elect to subsidize the cost of coverage under certain circumstances. Additionally, certain eligible retirees have been provided with an account for the reimbursement of qualifying medical expenses during retirement. Upon achieving specific age and service requirements, certain active associates are eligible for this account upon retirement from the company. Employees retiring prior to 1989 were eligible for retiree medical coverage upon reaching early retirement age, with no retiree contributions required. Benefits are paid based on deductibles and percentages of covered expenses and take into consideration payments made by Medicare and other insurance coverage. Snap-on has a Voluntary Employees Beneficiary Association (“VEBA”) trust for the funding of existing postretirement health care benefits for certain union retirees in the United States; all other retiree health care plans are unfunded. The status of Snap-on’s U.S. postretirement health care plans as of 2020 and 2019 year end is as follows: (Amounts in millions) 2020 2019 Change in accumulated postretirement benefit obligation: Benefit obligation at beginning of year $ 49.2 $ 46.8 Interest cost 1.5 1.9 Plan participant contributions 0.2 0.3 Benefits paid (3.6) (4.2) Actuarial loss 3.3 4.4 Benefit obligation at end of year $ 50.6 $ 49.2 Change in plan assets: Fair value of plan assets at beginning of year $ 12.8 $ 12.1 Actual return on plan assets 1.4 1.5 Employer contributions 2.5 3.1 Plan participant contributions 0.2 0.3 Benefits paid (3.6) (4.2) Fair value of plan assets at end of year $ 13.3 $ 12.8 Unfunded status at end of year $ (37.3) $ (36.4) Amounts recognized in the Consolidated Balance Sheets as of 2020 and 2019 year end are as follows: (Amounts in millions) 2020 2019 Accrued benefits $ (2.8) $ (2.8) Retiree health care benefits (34.5) (33.6) Net liability $ (37.3) $ (36.4) Amounts included in Accumulated OCI on the accompanying Consolidated Balance Sheets as of 2020 and 2019 year end are as follows: (Amounts in millions) 2020 2019 Net gain, net of tax of $0.5 million and $1.1 million, respectively $ 1.3 $ 3.2 The components of net periodic benefit cost and changes recognized in OCI are as follows: (Amounts in millions) 2020 2019 2018 Net periodic benefit cost: Interest cost $ 1.5 $ 1.9 $ 1.8 Expected return on plan assets (0.6) (0.7) (0.8) Amortization of unrecognized gain — (0.8) (0.4) Net periodic benefit cost $ 0.9 $ 0.4 $ 0.6 Changes in benefit obligations recognized in OCI, net of tax: Net (gain) loss $ 1.9 $ 2.4 $ (1.4) The components of net periodic postretirement health care cost, other than the service cost component, are included in “Other income (expense) - net” on the accompanying Consolidated Statements of Earnings. See Note 18 for additional information on Other income (expense) - net. The weighted-average discount rate used to determine Snap-on’s postretirement health care expense is as follows: 2020 2019 2018 Discount rate 3.1% 4.2% 3.6% The weighted-average discount rate used to determine Snap-on’s accumulated benefit obligation is as follows: 2020 2019 Discount rate 2.3% 3.1% The methodology for selecting the year-end 2020 and 2019 weighted-average discount rate for the company’s domestic postretirement plans was to match the plans’ yearly projected cash flows for benefits and service costs to those of hypothetical bond portfolios using high-quality, AA rated or better, corporate bonds from either Moody’s Investors Service or Standard & Poor’s credit rating agencies available at the measurement date. As a practical expedient, Snap-on uses the calendar year end as the measurement date for its plans. For 2021, the actuarial calculations assume a pre-65 health care cost trend rate of 5.5% and a post-65 health care cost trend rate of 6.0%, both decreasing gradually to 4.5% in 2038 and thereafter. The following benefit payments, which reflect expected future service, are expected to be paid as follows: (Amounts in millions) Amount Year: 2021 $ 3.6 2022 3.7 2023 3.7 2024 3.8 2025 3.8 2025-2029 19.0 The objective of the VEBA trust is to achieve net of expense returns that meet or exceed the 4.8% long-term return on plan assets assumption used for reporting purposes. Investments are diversified to attempt to minimize the risk of large losses. Since asset allocation is a key determinant of expected investment returns, assets are periodically rebalanced to the targeted allocation to correct significant deviations from the asset allocation policy that are caused by market fluctuations and cash flow. The basis for determining the overall expected long-term return on plan assets assumption is a nominal returns forecasting method. For each asset class, future returns are estimated by identifying the premium of riskier asset classes over lower risk alternatives. The methodology constructs expected returns using a “building block” approach to the individual components of total return. These forecasts are stated in both nominal and real (after inflation) terms. This process first considers the long-term historical return premium based on the longest set of data available for each asset class. These premiums, which are calculated using the geometric mean, are then adjusted based on current relative valuation levels and macro-economic conditions. The asset return assumption is also adjusted by an implicit expense load for estimated administrative and investment-related expenses. Snap-on’s VEBA plan target allocation and actual weighted-average asset allocation by asset category and fair value of plan assets as of 2020 and 2019 year end are as follows: Target 2020 2019 Asset category: Debt securities and cash and cash equivalents 46% 46% 51% Equity securities 29% 35% 31% Hedge funds 25% 19% 18% Total 100% 100% 100% Fair value of plan assets (Amounts in millions) $13.3 $12.8 The fair value measurement hierarchy prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority (Level 1) to unadjusted quoted prices in active markets for identical assets and liabilities and the lowest priority (Level 3) to unobservable inputs. Fair value measurements primarily based on observable market information are given a Level 2 priority. Debt securities are valued at quoted per share or unit market prices for which an official close or last trade pricing on an active exchange is available and are categorized as Level 1 in the fair value hierarchy. Equity securities are valued at the NAV per share or unit multiplied by the number of shares or units held as of the measurement date, as reported by the fund managers. The share or unit price is quoted on a private market and is based on the value of the underlying investments, which are primarily based on observable inputs; such investments that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. Hedge funds are stated at the NAV per share or unit (based on the estimated fair market value of the underlying investments) multiplied by the number of shares or units held as of the measurement date, as reported by the fund managers. These investments are measured at fair value using the NAV per share (or its equivalent) practical expedient and have not been classified in the fair value hierarchy. The company regularly reviews fund performance directly with its investment advisor and the fund managers, and performs qualitative analysis to corroborate the reasonableness of the reported NAVs. For funds for which the company did not receive a year-end NAV, the company recorded an estimate of the change in fair value for the latest period based on return estimates and other fund activity obtained from the fund managers. The columns labeled “Investments Measured at NAV” in the following tables are measured at fair value using the NAV per share (or its equivalent) practical expedient and have not been categorized in the fair value hierarchy. The fair value amounts presented in these tables are intended to permit a reconciliation of the fair value hierarchy to the VEBA plan assets. 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 2020 year end: (Amounts in millions) Quoted Investments Measured at Total Asset category: Cash and cash equivalents $ 0.3 $ — $ 0.3 Debt securities 5.9 — 5.9 Equity securities — 4.6 4.6 Hedge fund — 2.5 2.5 Total $ 6.2 $ 7.1 $ 13.3 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 2019 year end: (Amounts in millions) Quoted Investments Measured at Total Asset category: Cash and cash equivalents $ 0.5 $ — $ 0.5 Debt securities 6.0 — 6.0 Equity securities — 4.0 4.0 Hedge fund — 2.3 2.3 Total $ 6.5 $ 6.3 $ 12.8

Stock-based Compensation and Ot

Stock-based Compensation and Other Stock Plans	12 Months Ended
Stock-based Compensation and Other Stock Plans	Jan. 02, 2021
Share-based Payment Arrangement [Abstract]
Stock-based Compensation and Other Stock Plans	Stock-based Compensation and Other Stock Plans The 2011 Incentive Stock and Awards Plan (the “2011 Plan”) provides for the grant of stock options, performance awards, SARs and restricted stock awards (which may be designated as “restricted stock units” or “RSUs”). No further grants are being made under its predecessor, the 2001 Incentive Stock and Awards Plan (the “2001 Plan”), although outstanding awards under the 2001 Plan continue in accordance with their terms. As of 2020 year end, the 2011 Plan had 1,457,415 shares available for future grants. The company uses treasury stock to deliver shares under both the 2001 and 2011 Plans. Net stock-based compensation expense was $19.5 million in 2020, $23.8 million in 2019 and $27.2 million in 2018. Cash received from stock purchase and option plan exercises was $55.8 million in 2020, $51.4 million in 2019 and $55.5 million in 2018. The tax benefit realized from both the exercise and vesting of share-based payment arrangements was $8.2 million in 2020, $9.6 million in 2019 and $14.8 million in 2018. Stock options: Stock options are granted with an exercise price equal to the market value of a share of Snap-on’s common stock on the date of grant and have a contractual term of ten years. Stock option grants vest ratably on the first, second and third anniversaries of the date of grant. The fair value of each stock option award is estimated on the date of grant using the Black-Scholes valuation model. The company uses historical data regarding stock option exercise and forfeiture behaviors for different participating groups to estimate the period of time that options granted are expected to be outstanding. Expected volatility is based on the historical volatility of the company’s stock for the length of time corresponding to the expected term of the option. The expected dividend yield is based on the expected annual dividend as a percentage of the market value of our common stock as of the date of grant. The risk-free interest rate is based on the U.S. treasury yield curve on the grant date for the expected term of the option. The following weighted-average assumptions were used in calculating the fair value of stock options granted during 2020, 2019 and 2018, using the Black-Scholes valuation model: 2020 2019 2018 Expected term of option (in years) 5.53 5.53 5.35 Expected volatility factor 21.67% 21.30% 20.08% Expected dividend yield 2.78% 1.79% 1.68% Risk-free interest rate 1.50% 2.54% 2.71% A summary of stock option activity during 2020 is presented below: Shares (in thousands) Exercise Remaining Contractual Term* (in years) Aggregate Intrinsic Value (in millions) Outstanding at beginning of year 3,114 $ 135.60 Granted 459 155.34 Exercised (434) 106.04 Forfeited or expired (19) 159.78 Outstanding at end of year 3,120 142.47 5.9 $ 89.5 Exercisable at end of year 2,217 136.76 4.9 76.2 * Weighted-average The weighted-average grant date fair value of options granted was $22.95 in 2020, $29.98 in 2019 and $30.21 in 2018. The intrinsic value of options exercised was $26.0 million in 2020, $29.9 million in 2019 and $43.8 million in 2018. The fair value of stock options vested was $14.6 million in 2020, $15.7 million in 2019 and $16.0 million in 2018. As of 2020 year end, there was $13.0 million of unrecognized compensation cost related to non-vested stock options that is expected to be recognized as a charge to earnings over a weighted-average period of 1.5 years. Performance awards: Performance awards, which are granted as performance share units (“PSUs”) and performance-based RSUs, are earned and expensed using the fair value of the award over a contractual term of three years based on the company’s performance. Vesting of the performance awards is dependent upon performance relative to pre-defined goals for revenue growth and return on net assets for the applicable performance period. For performance achieved above specified levels, the recipient may earn additional shares of stock, not to exceed 100% of the number of performance awards initially granted. The PSUs have a three-year performance period based on the results of the consolidated financial metrics of the company. The performance-based RSUs have a one-year performance period based on the results of the consolidated financial metrics of the company followed by a two-year cliff vesting schedule, assuming continued employment. The fair value of performance awards is calculated using the market value of a share of Snap-on’s common stock on the date of grant and assumed forfeitures based on recent historical experience; in recent years, forfeitures have not been significant. The weighted-average grant date fair value of performance awards granted during 2020, 2019 and 2018 was $155.34, $155.92 and $161.18, respectively. There were no earned PSUs as of the 2020 year end. Earned PSUs totaled 21,183 shares as of 2019 year end and 32,154 shares as of 2018 year end. Any earned PSUs vest and are generally paid out following the conclusion of the applicable performance period upon approval by the Organization and Executive Compensation Committee of the company’s Board of Directors (the “Board”). PSUs related to 21,183 shares, 32,114 shares and 50,182 shares were paid out in 2020, 2019 and 2018, respectively. Based on the company’s 2020 performance, none of the RSUs granted in 2020 were earned. Based on the company’s 2019 performance, none of the RSUs granted in 2019 were earned. Based on the company’s 2018 performance, 33,170 RSUs granted in 2018 were earned; these RSUs vested as of fiscal 2020 year end and were paid out shortly thereafter. Changes to the company’s non-vested performance awards in 2020 are as follows: Shares (in thousands) Fair Value Non-vested performance awards at beginning of year 98 $ 158.94 Granted 82 155.34 Vested (30) 161.18 Cancellations and other (74) 157.49 Non-vested performance awards at end of year 76 155.61 * Weighted-average As of 2020 year end, there was $6.1 million of unrecognized compensation cost related to non-vested performance awards that is expected to be recognized as a charge to earnings over a weighted-average period of 1.7 years. Stock appreciation rights: The company also issues stock-settled and cash-settled SARs to certain key non-U.S. employees. SARs have a contractual term of ten years and vest ratably on the first, second and third anniversaries of the date of grant. SARs are granted with an exercise price equal to the market value of a share of Snap-on’s common stock on the date of grant. Stock-settled SARs are accounted for as equity instruments and provide for the issuance of Snap-on common stock equal to the amount by which the company’s stock has appreciated over the exercise price. Stock-settled SARs have an effect on dilutive shares and shares outstanding as any appreciation of Snap-on’s common stock value over the exercise price will be settled in shares of common stock. Cash-settled SARs provide for the cash payment of the excess of the fair market value of Snap-on’s common stock price on the date of exercise over the grant price. Cash-settled SARs have no effect on dilutive shares or shares outstanding as any appreciation of Snap-on’s common stock over the grant price is paid in cash and not in common stock. The fair value of stock-settled SARs is estimated on the date of grant using the Black-Scholes valuation model. The fair value of cash-settled SARs is revalued (mark-to-market) each reporting period using the Black-Scholes valuation model based on Snap-on’s period-end stock price. The company uses historical data regarding SARs exercise and forfeiture behaviors for different participating groups to estimate the expected term of the SARs granted based on the period of time that similar instruments granted are expected to be outstanding. Expected volatility is based on the historical volatility of the company’s stock for the length of time corresponding to the expected term of the SARs. The expected dividend yield is based on the expected annual dividend as a percentage of the market value of our common stock as of the date of grant (for stock-settled SARs) or reporting date (for cash-settled SARs). The risk-free interest rate is based on the U.S. treasury yield curve in effect as of the grant date (for stock-settled SARs) or reporting date (for cash-settled SARs) for the length of time corresponding to the expected term of the SARs. The following weighted-average assumptions were used in calculating the fair value of stock-settled SARs granted during 2020, 2019 and 2018, using the Black-Scholes valuation model: 2020 2019 2018 Expected term of stock-settled SARs (in years) 3.75 3.65 3.58 Expected volatility factor 22.50% 22.60% 20.08% Expected dividend yield 2.78% 1.81% 1.63% Risk-free interest rate 1.42% 2.48% 2.40% Changes to the company’s stock-settled SARs in 2020 are as follows: Stock-settled SARs (in thousands) Exercise Remaining Contractual Term* (in years) Aggregate Intrinsic Value (in millions) Outstanding at beginning of year 450 $ 149.18 Granted 92 155.34 Exercised (7) 112.50 Forfeited or expired (33) 138.12 Outstanding at end of year 502 151.59 6.6 $ 9.8 Exercisable at end of year 325 148.93 5.6 7.2 * Weighted-average The weighted-average grant date fair value of stock-settled SARs granted was $21.31 in 2020, $26.45 in 2019 and $24.71 in 2018. The intrinsic value of stock-settled SARs exercised was $0.4 million in 2020, $0.1 million in 2019 and $1.8 million in 2018. The fair value of stock-settled SARs vested was $2.3 million in 2020, $2.1 million in 2019 and $2.2 million in 2018. As of 2020 year end there was $2.3 million of unrecognized compensation cost related to non-vested stock-settled SARs that is expected to be recognized as a charge to earnings over a weighted-average period of 1.5 years. The following weighted-average assumptions were used in calculating the fair value of cash-settled SARs granted during 2020, 2019 and 2018, using the Black-Scholes valuation model: 2020 2019 2018 Expected term of cash-settled SARs (in years) 3.00 2.87 2.76 Expected volatility factor 34.58% 23.33% 21.96% Expected dividend yield 2.87% 2.02% 1.75% Risk-free interest rate 0.17% 1.60% 2.50% The intrinsic value of cash-settled SARs exercised was $1.0 million in 2020, $1.2 million in 2019 and $3.4 million in 2018. The fair value of cash-settled SARs vested during 2020 was zero and $0.1 million in both 2019 and 2018. Changes to the company’s non-vested cash-settled SARs in 2020 are as follows: Cash-settled SARs (in thousands) Fair Value Non-vested cash-settled SARs at beginning of year 2 $ 25.96 Granted 1 37.99 Vested (1) 34.02 Non-vested cash-settled SARs at end of year 2 36.99 * Weighted-average As of 2020 year end there was $0.1 million of unrecognized compensation cost related to non-vested cash-settled SARs that is expected to be recognized as a charge to earnings over a weighted-average period of 1.4 years. Restricted stock awards – non-employee directors: The company awarded 7,380 shares, 7,605 shares and 6,975 shares of restricted stock to non-employee directors in 2020, 2019 and 2018, respectively. The fair value of the restricted stock awards is expensed over a one-year vesting period based on the fair value on the date of grant. All restrictions for the restricted stock generally lapse upon the earlier of the first anniversary of the grant date, the recipient’s death or disability or in the event of a change in control, as defined in the 2011 Plan. If termination of the recipient’s service occurs prior to the first anniversary of the grant date for any reason other than death or disability, the shares of restricted stock would be forfeited, unless otherwise determined by the Board. Directors’ fee plan: Under the Directors’ 1993 Fee Plan, as amended, non-employee directors may elect to receive up to 100% of their fees and retainer in shares of Snap-on’s common stock. Directors may elect to defer receipt of all or part of these shares. For 2020, 2019 and 2018, issuances under the Directors’ Fee Plan totaled 1,836 shares, 1,784 shares and 1,727 shares, respectively, of which 1,364 shares, 1,374 shares and 1,315 shares, respectively, were deferred. As of 2020 year end, shares reserved for issuance to directors under this plan totaled 186,641 shares. Employee stock purchase plan: Substantially all Snap-on employees in the United States and Canada are eligible to participate in an employee stock purchase plan. The purchase price of the company’s common stock to participants is the lesser of the mean of the high and low price of the stock on the beginning date (May 15) or ending date (the following May 14) of each plan year. For 2020, 2019 and 2018, issuances under this plan totaled 25,425 shares, 25,820 shares and 22,794 shares, respectively. As of 2020 year end, shares reserved for issuance under this plan totaled 679,561 shares and Snap-on held participant contributions of approximately $3.3 million. Participants are able to withdraw from the plan at any time prior to the ending date and receive back all contributions made during the plan year. Compensation expense for plan participants was $1.1 million in 2020, $0.1 million in 2019 and $0.3 million in 2018. Franchisee stock purchase plan: All franchisees in the United States and Canada are eligible to participate in a franchisee stock purchase plan. The purchase price of the company’s common stock to participants is the lesser of the mean of the high and low price of the stock on the beginning date (May 15) or ending date (the following May 14) of each plan year. For 2020, 2019 and 2018, issuances under this plan totaled 55,980 shares, 49,921 shares and 46,704 shares, respectively. As of 2020 year end, shares reserved for issuance under this plan totaled 413,550 shares and Snap-on held participant contributions of approximately $5.5 million. Participants are able to withdraw from the plan at any time prior to the ending date and receive back all contributions made during the plan year. The company recognized mark-to-market expense of $1.9 million in 2020, $0.8 million in 2019, and $0.6 million in 2018.

Capital Stock

Capital Stock	12 Months Ended
Capital Stock	Jan. 02, 2021
Equity [Abstract]
Capital Stock	Capital Stock Snap-on has undertaken repurchases of Snap-on common stock from time to time to offset dilution created by shares issued for employee and franchisee stock purchase plans, stock awards and other corporate purposes. Snap-on repurchased 1,109,000 shares, 1,495,000 shares and 1,769,000 shares in 2020, 2019 and 2018, respectively. As of 2020 year end, Snap-on has remaining availability to repurchase up to an additional $275.7 million in common stock pursuant to Board authorizations. The purchase of Snap-on common stock is at the company’s discretion, subject to prevailing financial and market conditions. Cash dividends paid in 2020, 2019 and 2018 totaled $243.3 million, $216.6 million and $192.0 million, respectively. Cash dividends per share in 2020, 2019 and 2018 were $4.47, $3.93 and $3.41, respectively. On February 11, 2021, the company’s Board declared a quarterly dividend of $1.23 per share, payable on March 10, 2021, to shareholders of record on February 23, 2021.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Jan. 02, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Snap-on provides product warranties for specific product lines and accrues for estimated future warranty cost in the period in which the sale is recorded. Snap-on calculates its accrual requirements based on historic warranty loss experience that is periodically adjusted for recent actual experience, including the timing of claims during the warranty period and actual costs incurred. Snap-on’s product warranty accrual activity for 2020, 2019 and 2018 is as follows: (Amounts in millions) 2020 2019 2018 Warranty accrual: Beginning of year $ 17.3 $ 17.1 $ 17.2 Additions 13.9 16.0 14.9 Usage (13.6) (15.8) (15.0) End of year $ 17.6 $ 17.3 $ 17.1 Approximately 2,600 employees, or 21% of Snap-on’s worldwide workforce, are represented by unions and/or covered under collective bargaining agreements. The number of covered union employees whose contracts expire over the next five years approximates 1,325 employees in 2021, 475 employees in 2022, and 800 employees in 2023; there are no contracts currently scheduled to expire in 2024 or 2025. In recent years, Snap-on has not experienced any significant work slowdowns, stoppages or other labor disruptions. Snap-on is involved in various legal matters that are being litigated and/or settled in the ordinary course of business. Although it is not possible to predict the outcome of legal matters, management believes that the results of all legal matters will not have a material impact on Snap-on’s consolidated financial position, results of operations or cash flows.

Leases

Leases	12 Months Ended
Leases	Jan. 02, 2021
Leases [Abstract]
Leases	Leases Lessee accounting: Snap-on determines if an arrangement is a lease at inception. Snap-on has operating and finance leases for manufacturing plants, distribution centers, software development facilities, financial services offices, data centers, company store vans and certain equipment. Snap-on’s leases have lease terms of one year to 20 years and some include options to extend and/or terminate the lease. The exercise of lease renewal options is at the company’s sole discretion. Certain leases also include options to purchase the leased property. When deemed reasonably certain of exercise, the renewal and purchase options are included in the determination of the lease term and lease payment obligation, respectively. The depreciable life of assets and leasehold improvements are limited to the expected term, unless there is a transfer of title or purchase option reasonably certain of exercise. The company’s lease agreements do not contain any material variable lease payments, material residual value guarantees or any material restrictive covenants. Right-of-use (“ROU”) assets represent Snap-on’s right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date of the lease based on the present value of lease payments over the lease term. When readily determinable, Snap-on uses the implicit rate in determining the present value of lease payments. When leases do not provide an implicit rate, Snap-on uses its country specific incremental borrowing rate based on the information available at the lease commencement date, including the lease term. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Snap-on has lease agreements with lease and non-lease components, which are generally accounted for separately. For all equipment leases, including vehicles, Snap-on accounts for the lease and non-lease components as a single lease component. Total lease costs for 2020 and 2019 consist of the following: (Amounts in millions) 2020 2019 Finance lease costs: Amortization of ROU assets $ 1.7 $ 1.5 Interest on lease liabilities 0.4 0.5 Operating lease costs* 24.6 25.1 Total lease costs $ 26.7 $ 27.1 * Includes short-term leases, variable lease costs and sublease income, which are immaterial. Supplemental cash flow information related to leases in 2020 and 2019 is as follows: (Amounts in millions) 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Financing cash flows from finance leases $ 3.4 $ 2.8 Operating cash flows from finance leases 0.4 0.5 Operating cash flows from operating leases 23.1 23.5 ROU assets obtained in exchange for new lease obligations: Finance lease liabilities $ 0.4 $ 1.4 Operating lease liabilities 15.2 12.5 Supplemental balance sheet information related to leases in 2020 and 2019 is as follows: (Amounts in millions) 2020 2019 Finance leases: Property and equipment - gross $ 24.3 $ 9.2 Accumulated depreciation and amortization (17.5) (1.5) Property and equipment - net $ 6.8 $ 7.7 Other accrued liabilities $ 2.7 $ 2.8 Other long-term liabilities 7.4 10.0 Total finance lease liabilities $ 10.1 $ 12.8 Operating leases: Operating lease right-of-use assets $ 51.9 $ 55.6 Other accrued liabilities $ 19.3 $ 19.5 Operating lease liabilities 34.0 37.5 Total operating lease liabilities $ 53.3 $ 57.0 Weighted-average lease terms and discount rates in 2020 and 2019 are as follows: 2020 2019 Weighted-average remaining lease terms: Finance leases 3.7 years 4.5 years Operating leases 3.3 years 3.7 years Weighted-average discount rates: Finance leases 3.4% 3.4% Operating leases 2.6% 2.8% Maturities of lease liabilities as of January 2, 2021 are as follows: (Amounts in millions) Operating Leases Finance Leases Year: 2021 $ 20.3 $ 3.0 2022 15.6 2.8 2023 9.7 2.6 2024 5.8 2.1 2025 3.1 0.3 2026 and thereafter 1.2 — Total lease payments 55.7 10.8 Less: amount representing interest (2.4) (0.7) Total lease liabilities $ 53.3 $ 10.1 In 2020, Snap-on did not have any significant additional operating or finance leases that have not yet commenced. Rent expense for worldwide facilities, office equipment and vehicles, net of sub-lease rental income, was $33.0 million in 2018. Lessor accounting: Snap-on’s Financial Services business offers its customers lease financing for the lease of tools, diagnostics and equipment products and to franchisees who require financing for vehicle leases. Snap-on accounts for its financial services leases as sales-type leases. In certain circumstances, the lessee has the option to terminate the lease. In the event of the lessee’s deteriorated financial condition or default, Snap-on has the right to terminate the lease. The leases contain an end-of-term purchase option that is generally insignificant and is reasonably certain to be exercised by the lessee. The company recognizes the net investment in the lease as the present value of the lease payments not yet received plus the present value of the unguaranteed residual value, using the interest rate implicit in the lease. The difference between the undiscounted lease payments received over the lease term and the related net investment in the lease is reported as unearned finance charges. Unearned finance charges are amortized to income over the life of the contract and are included as a component of “Financial services revenue” on the accompanying Consolidated Statements of Earnings. Sales-type leases are included in both “Finance receivables - net” and “Long-term finance receivables - net” on the accompanying Consolidated Balance Sheets, with lease terms of up to five years. In 2020 and 2019, finance receivables have future minimum lease payments, including unguaranteed residual value, of $42.7 million and $97.5 million, respectively, and unearned finance charges of $6.9 million and $19.9 million, respectively. Sales-type leases are included in both “Contract receivables - net” and “Long-term contract receivables - net” on the accompanying Consolidated Balance Sheets, with lease terms of up to seven years. In 2020 and 2019, contract receivables have future minimum lease payments, including unguaranteed residual value, of $285.8 million and $267.7 million, respectively, and unearned finance charges of $48.4 million and $47.6 million, respectively. Future minimum lease payments as of January 2, 2021 are as follows: (Amounts in millions) Lease Receivables Year: 2021 $ 98.5 2022 77.3 2023 59.5 2024 44.2 2025 28.4 2026 and thereafter 20.6 Total lease payments 328.5 Less: unearned finance charges (55.3) Net investment in leases $ 273.2 See Note 4 for further information on finance and contract receivables.
Leases	Leases Lessee accounting: Snap-on determines if an arrangement is a lease at inception. Snap-on has operating and finance leases for manufacturing plants, distribution centers, software development facilities, financial services offices, data centers, company store vans and certain equipment. Snap-on’s leases have lease terms of one year to 20 years and some include options to extend and/or terminate the lease. The exercise of lease renewal options is at the company’s sole discretion. Certain leases also include options to purchase the leased property. When deemed reasonably certain of exercise, the renewal and purchase options are included in the determination of the lease term and lease payment obligation, respectively. The depreciable life of assets and leasehold improvements are limited to the expected term, unless there is a transfer of title or purchase option reasonably certain of exercise. The company’s lease agreements do not contain any material variable lease payments, material residual value guarantees or any material restrictive covenants. Right-of-use (“ROU”) assets represent Snap-on’s right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date of the lease based on the present value of lease payments over the lease term. When readily determinable, Snap-on uses the implicit rate in determining the present value of lease payments. When leases do not provide an implicit rate, Snap-on uses its country specific incremental borrowing rate based on the information available at the lease commencement date, including the lease term. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Snap-on has lease agreements with lease and non-lease components, which are generally accounted for separately. For all equipment leases, including vehicles, Snap-on accounts for the lease and non-lease components as a single lease component. Total lease costs for 2020 and 2019 consist of the following: (Amounts in millions) 2020 2019 Finance lease costs: Amortization of ROU assets $ 1.7 $ 1.5 Interest on lease liabilities 0.4 0.5 Operating lease costs* 24.6 25.1 Total lease costs $ 26.7 $ 27.1 * Includes short-term leases, variable lease costs and sublease income, which are immaterial. Supplemental cash flow information related to leases in 2020 and 2019 is as follows: (Amounts in millions) 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Financing cash flows from finance leases $ 3.4 $ 2.8 Operating cash flows from finance leases 0.4 0.5 Operating cash flows from operating leases 23.1 23.5 ROU assets obtained in exchange for new lease obligations: Finance lease liabilities $ 0.4 $ 1.4 Operating lease liabilities 15.2 12.5 Supplemental balance sheet information related to leases in 2020 and 2019 is as follows: (Amounts in millions) 2020 2019 Finance leases: Property and equipment - gross $ 24.3 $ 9.2 Accumulated depreciation and amortization (17.5) (1.5) Property and equipment - net $ 6.8 $ 7.7 Other accrued liabilities $ 2.7 $ 2.8 Other long-term liabilities 7.4 10.0 Total finance lease liabilities $ 10.1 $ 12.8 Operating leases: Operating lease right-of-use assets $ 51.9 $ 55.6 Other accrued liabilities $ 19.3 $ 19.5 Operating lease liabilities 34.0 37.5 Total operating lease liabilities $ 53.3 $ 57.0 Weighted-average lease terms and discount rates in 2020 and 2019 are as follows: 2020 2019 Weighted-average remaining lease terms: Finance leases 3.7 years 4.5 years Operating leases 3.3 years 3.7 years Weighted-average discount rates: Finance leases 3.4% 3.4% Operating leases 2.6% 2.8% Maturities of lease liabilities as of January 2, 2021 are as follows: (Amounts in millions) Operating Leases Finance Leases Year: 2021 $ 20.3 $ 3.0 2022 15.6 2.8 2023 9.7 2.6 2024 5.8 2.1 2025 3.1 0.3 2026 and thereafter 1.2 — Total lease payments 55.7 10.8 Less: amount representing interest (2.4) (0.7) Total lease liabilities $ 53.3 $ 10.1 In 2020, Snap-on did not have any significant additional operating or finance leases that have not yet commenced. Rent expense for worldwide facilities, office equipment and vehicles, net of sub-lease rental income, was $33.0 million in 2018. Lessor accounting: Snap-on’s Financial Services business offers its customers lease financing for the lease of tools, diagnostics and equipment products and to franchisees who require financing for vehicle leases. Snap-on accounts for its financial services leases as sales-type leases. In certain circumstances, the lessee has the option to terminate the lease. In the event of the lessee’s deteriorated financial condition or default, Snap-on has the right to terminate the lease. The leases contain an end-of-term purchase option that is generally insignificant and is reasonably certain to be exercised by the lessee. The company recognizes the net investment in the lease as the present value of the lease payments not yet received plus the present value of the unguaranteed residual value, using the interest rate implicit in the lease. The difference between the undiscounted lease payments received over the lease term and the related net investment in the lease is reported as unearned finance charges. Unearned finance charges are amortized to income over the life of the contract and are included as a component of “Financial services revenue” on the accompanying Consolidated Statements of Earnings. Sales-type leases are included in both “Finance receivables - net” and “Long-term finance receivables - net” on the accompanying Consolidated Balance Sheets, with lease terms of up to five years. In 2020 and 2019, finance receivables have future minimum lease payments, including unguaranteed residual value, of $42.7 million and $97.5 million, respectively, and unearned finance charges of $6.9 million and $19.9 million, respectively. Sales-type leases are included in both “Contract receivables - net” and “Long-term contract receivables - net” on the accompanying Consolidated Balance Sheets, with lease terms of up to seven years. In 2020 and 2019, contract receivables have future minimum lease payments, including unguaranteed residual value, of $285.8 million and $267.7 million, respectively, and unearned finance charges of $48.4 million and $47.6 million, respectively. Future minimum lease payments as of January 2, 2021 are as follows: (Amounts in millions) Lease Receivables Year: 2021 $ 98.5 2022 77.3 2023 59.5 2024 44.2 2025 28.4 2026 and thereafter 20.6 Total lease payments 328.5 Less: unearned finance charges (55.3) Net investment in leases $ 273.2 See Note 4 for further information on finance and contract receivables.
Leases	Leases Lessee accounting: Snap-on determines if an arrangement is a lease at inception. Snap-on has operating and finance leases for manufacturing plants, distribution centers, software development facilities, financial services offices, data centers, company store vans and certain equipment. Snap-on’s leases have lease terms of one year to 20 years and some include options to extend and/or terminate the lease. The exercise of lease renewal options is at the company’s sole discretion. Certain leases also include options to purchase the leased property. When deemed reasonably certain of exercise, the renewal and purchase options are included in the determination of the lease term and lease payment obligation, respectively. The depreciable life of assets and leasehold improvements are limited to the expected term, unless there is a transfer of title or purchase option reasonably certain of exercise. The company’s lease agreements do not contain any material variable lease payments, material residual value guarantees or any material restrictive covenants. Right-of-use (“ROU”) assets represent Snap-on’s right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date of the lease based on the present value of lease payments over the lease term. When readily determinable, Snap-on uses the implicit rate in determining the present value of lease payments. When leases do not provide an implicit rate, Snap-on uses its country specific incremental borrowing rate based on the information available at the lease commencement date, including the lease term. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Snap-on has lease agreements with lease and non-lease components, which are generally accounted for separately. For all equipment leases, including vehicles, Snap-on accounts for the lease and non-lease components as a single lease component. Total lease costs for 2020 and 2019 consist of the following: (Amounts in millions) 2020 2019 Finance lease costs: Amortization of ROU assets $ 1.7 $ 1.5 Interest on lease liabilities 0.4 0.5 Operating lease costs* 24.6 25.1 Total lease costs $ 26.7 $ 27.1 * Includes short-term leases, variable lease costs and sublease income, which are immaterial. Supplemental cash flow information related to leases in 2020 and 2019 is as follows: (Amounts in millions) 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Financing cash flows from finance leases $ 3.4 $ 2.8 Operating cash flows from finance leases 0.4 0.5 Operating cash flows from operating leases 23.1 23.5 ROU assets obtained in exchange for new lease obligations: Finance lease liabilities $ 0.4 $ 1.4 Operating lease liabilities 15.2 12.5 Supplemental balance sheet information related to leases in 2020 and 2019 is as follows: (Amounts in millions) 2020 2019 Finance leases: Property and equipment - gross $ 24.3 $ 9.2 Accumulated depreciation and amortization (17.5) (1.5) Property and equipment - net $ 6.8 $ 7.7 Other accrued liabilities $ 2.7 $ 2.8 Other long-term liabilities 7.4 10.0 Total finance lease liabilities $ 10.1 $ 12.8 Operating leases: Operating lease right-of-use assets $ 51.9 $ 55.6 Other accrued liabilities $ 19.3 $ 19.5 Operating lease liabilities 34.0 37.5 Total operating lease liabilities $ 53.3 $ 57.0 Weighted-average lease terms and discount rates in 2020 and 2019 are as follows: 2020 2019 Weighted-average remaining lease terms: Finance leases 3.7 years 4.5 years Operating leases 3.3 years 3.7 years Weighted-average discount rates: Finance leases 3.4% 3.4% Operating leases 2.6% 2.8% Maturities of lease liabilities as of January 2, 2021 are as follows: (Amounts in millions) Operating Leases Finance Leases Year: 2021 $ 20.3 $ 3.0 2022 15.6 2.8 2023 9.7 2.6 2024 5.8 2.1 2025 3.1 0.3 2026 and thereafter 1.2 — Total lease payments 55.7 10.8 Less: amount representing interest (2.4) (0.7) Total lease liabilities $ 53.3 $ 10.1 In 2020, Snap-on did not have any significant additional operating or finance leases that have not yet commenced. Rent expense for worldwide facilities, office equipment and vehicles, net of sub-lease rental income, was $33.0 million in 2018. Lessor accounting: Snap-on’s Financial Services business offers its customers lease financing for the lease of tools, diagnostics and equipment products and to franchisees who require financing for vehicle leases. Snap-on accounts for its financial services leases as sales-type leases. In certain circumstances, the lessee has the option to terminate the lease. In the event of the lessee’s deteriorated financial condition or default, Snap-on has the right to terminate the lease. The leases contain an end-of-term purchase option that is generally insignificant and is reasonably certain to be exercised by the lessee. The company recognizes the net investment in the lease as the present value of the lease payments not yet received plus the present value of the unguaranteed residual value, using the interest rate implicit in the lease. The difference between the undiscounted lease payments received over the lease term and the related net investment in the lease is reported as unearned finance charges. Unearned finance charges are amortized to income over the life of the contract and are included as a component of “Financial services revenue” on the accompanying Consolidated Statements of Earnings. Sales-type leases are included in both “Finance receivables - net” and “Long-term finance receivables - net” on the accompanying Consolidated Balance Sheets, with lease terms of up to five years. In 2020 and 2019, finance receivables have future minimum lease payments, including unguaranteed residual value, of $42.7 million and $97.5 million, respectively, and unearned finance charges of $6.9 million and $19.9 million, respectively. Sales-type leases are included in both “Contract receivables - net” and “Long-term contract receivables - net” on the accompanying Consolidated Balance Sheets, with lease terms of up to seven years. In 2020 and 2019, contract receivables have future minimum lease payments, including unguaranteed residual value, of $285.8 million and $267.7 million, respectively, and unearned finance charges of $48.4 million and $47.6 million, respectively. Future minimum lease payments as of January 2, 2021 are as follows: (Amounts in millions) Lease Receivables Year: 2021 $ 98.5 2022 77.3 2023 59.5 2024 44.2 2025 28.4 2026 and thereafter 20.6 Total lease payments 328.5 Less: unearned finance charges (55.3) Net investment in leases $ 273.2 See Note 4 for further information on finance and contract receivables.

Other Income (Expense) - Net

Other Income (Expense) - Net	12 Months Ended
Other Income (Expense) - Net	Jan. 02, 2021
Other Income and Expenses [Abstract]
Other Income (Expense) - Net	Other Income (Expense) – Net “Other income (expense) – net” on the accompanying Consolidated Statements of Earnings consists of the following: (Amounts in millions) 2020 2019 2018 Interest income $ 1.7 $ 1.5 $ 0.6 Net foreign exchange loss (3.9) (3.6) (3.9) Net periodic pension and postretirement benefits - non-service 10.6 10.4 3.7 Settlement of treasury lock — — 13.3 Loss on early extinguishment of debt — — (7.8) Other 0.3 0.5 (1.7) Total other income (expense) – net $ 8.7 $ 8.8 $ 4.2

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	12 Months Ended
Accumulated Other Comprehensive Income (Loss)	Jan. 02, 2021
Equity [Abstract]
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) The following is a summary of net changes in Accumulated OCI by component and net of tax for 2020 and 2019: (Amounts in millions) Foreign Cash Flow Hedges Defined Total Balance as of 2018 year end $ (177.9) $ 12.2 $ (296.5) $ (462.2) Impact of the Tax Act on Accumulated Other Comprehensive Income (ASU No. 2018-02) — — (45.9) (45.9) Balance at beginning of 2019 (177.9) 12.2 (342.4) (508.1) Other comprehensive loss before reclassifications (9.5) — (6.5) (16.0) Amounts reclassified from Accumulated OCI — (1.5) 17.7 16.2 Net other comprehensive income (loss) (9.5) (1.5) 11.2 0.2 Balance as of 2019 year end $ (187.4) $ 10.7 $ (331.2) $ (507.9) Other comprehensive income before reclassifications 112.7 1.4 3.5 117.6 Amounts reclassified from Accumulated OCI — (1.6) 26.1 24.5 Net other comprehensive income (loss) 112.7 (0.2) 29.6 142.1 Balance as of 2020 year end $ (74.7) $ 10.5 $ (301.6) $ (365.8) The reclassifications out of Accumulated OCI in 2020 and 2019 are as follows: Amounts Reclassified from Statement of Earnings (Amounts in millions) 2020 2019 Gains on cash flow hedges: Treasury locks $ 1.6 $ 1.5 Interest expense Income tax expense — — Income tax expense Net of tax 1.6 1.5 Amortization of net unrecognized losses and prior service credits (34.5) (23.5) See footnote below* Income tax benefit 8.4 5.8 Income tax expense Net of tax (26.1) (17.7) Total reclassifications for the period, net of tax $ (24.5) $ (16.2) * These Accumulated OCI components are included in the computation of net periodic pension and postretirement health care costs; see Note 12 and Note 13 for further information.

Segments

Segments	12 Months Ended
Segments	Jan. 02, 2021
Segment Reporting [Abstract]
Segments	Segments Snap-on’s business segments are based on the organization structure used by management for making operating and investment decisions and for assessing performance. Snap-on’s reportable business segments are: (i) the Commercial & Industrial Group; (ii) the Snap-on Tools Group; (iii) the Repair Systems & Information Group; and (iv) Financial Services. The Commercial & Industrial Group consists of business operations serving a broad range of industrial and commercial customers worldwide, including customers in the aerospace, natural resources, government, power generation, transportation and technical education market segments (collectively, “critical industries”), primarily through direct and distributor channels. The Snap-on Tools Group consists of business operations primarily serving vehicle service and repair technicians through the company’s worldwide mobile tool distribution channel. The Repair Systems & Information Group consists of business operations serving other professional vehicle repair customers worldwide, primarily owners and managers of independent repair shops and OEM dealerships, through direct and distributor channels. Financial Services consists of the business operations of Snap-on’s finance subsidiaries. Snap-on evaluates the performance of its operating segments based on segment revenues, including both external and intersegment net sales, and segment operating earnings. Snap-on accounts for intersegment sales and transfers based primarily on standard costs with reasonable mark-ups established between the segments. Identifiable assets by segment are those assets used in the respective reportable segment’s operations. Corporate assets consist of cash and cash equivalents (excluding cash held at Financial Services), deferred income taxes and certain other assets. Intersegment amounts are eliminated to arrive at Snap-on’s consolidated financial results. Snap-on does not have any single customer or government that represents 10% or more of its revenues in any of the indicated periods. Financial Data by Segment: (Amounts in millions) 2020 2019 2018 Net sales: Commercial & Industrial Group $ 1,234.6 $ 1,345.7 $ 1,343.3 Snap-on Tools Group 1,643.9 1,612.9 1,613.8 Repair Systems & Information Group 1,238.2 1,334.5 1,334.4 Segment net sales 4,116.7 4,293.1 4,291.5 Intersegment eliminations (524.2) (563.1) (550.8) Total net sales 3,592.5 3,730.0 3,740.7 Financial Services revenue 349.7 337.7 329.7 Total revenues $ 3,942.2 $ 4,067.7 $ 4,070.4 Operating earnings: Commercial & Industrial Group $ 153.7 $ 188.7 $ 199.3 Snap-on Tools Group 267.7 245.8 264.2 Repair Systems & Information Group 298.0 342.7 342.6 Financial Services 248.6 245.9 230.1 Segment operating earnings 968.0 1,023.1 1,036.2 Corporate (87.5) (60.8) (80.1) Operating earnings 880.5 962.3 956.1 Interest expense (54.0) (49.0) (50.4) Other income (expense) – net 8.7 8.8 4.2 Earnings before income taxes and equity earnings $ 835.2 $ 922.1 $ 909.9 Financial Data by Segment (continued): (Amounts in millions) 2020 2019 Assets: Commercial & Industrial Group $ 1,210.4 $ 1,138.8 Snap-on Tools Group 775.3 827.4 Repair Systems & Information Group 1,399.7 1,381.9 Financial Services 2,170.3 2,104.0 Total assets from reportable segments 5,555.7 5,452.1 Corporate 1,063.2 303.1 Elimination of intersegment receivables (61.6) (61.7) Total assets $ 6,557.3 $ 5,693.5 (Amounts in millions) 2020 2019 2018 Capital expenditures: Commercial & Industrial Group $ 20.3 $ 30.1 $ 21.5 Snap-on Tools Group 24.2 42.7 46.0 Repair Systems & Information Group 14.7 22.7 19.7 Financial Services 0.8 0.8 0.5 Total from reportable segments 60.0 96.3 87.7 Corporate 5.6 3.1 3.2 Total capital expenditures $ 65.6 $ 99.4 $ 90.9 Depreciation and amortization: Commercial & Industrial Group $ 25.1 $ 23.5 $ 23.6 Snap-on Tools Group 32.7 31.7 29.9 Repair Systems & Information Group 34.6 33.0 36.7 Financial Services 0.7 0.7 0.8 Total from reportable segments 93.1 88.9 91.0 Corporate 3.6 3.5 3.1 Total depreciation and amortization $ 96.7 $ 92.4 $ 94.1 Financial Data by Segment (continued): (Amounts in millions) 2020 2019 2018 Revenues by geographic region:* United States $ 2,772.3 $ 2,794.0 $ 2,727.9 Europe 677.5 730.3 784.7 All other 492.4 543.4 557.8 Total revenues $ 3,942.2 $ 4,067.7 $ 4,070.4 (Amounts in millions) 2020 2019 Long-lived assets:** United States $ 1,150.2 $ 1,112.3 Sweden 248.4 218.7 All other 370.8 348.2 Total long-lived assets $ 1,769.4 $ 1,679.2 * Revenues are attributed to countries based on origin of the sale. ** Long-lived assets consist of Property and equipment - net, Goodwill, and Other intangibles - net. Products and Services: Snap-on derives net sales from a broad line of products and complementary services that are grouped into three categories: (i) tools; (ii) diagnostics, information and management systems; and (iii) equipment. The tools product category includes hand tools, power tools, tool storage products and other similar products. The diagnostics, information and management systems product category includes handheld and PC-based diagnostic products, service and repair information products, diagnostic software solutions, electronic parts catalogs, business management systems and services, point-of-sale systems, integrated systems for vehicle service shops, OEM purchasing facilitation services, and warranty management systems and analytics to help OEM dealerships manage and track performance. The equipment product category includes solutions for the service of vehicles and industrial equipment. Snap-on supports the sale of its diagnostics and vehicle service shop equipment by offering training programs as well as after-sales service support to its customers. Through its financial services businesses, Snap-on also derives revenue from various financing programs designed to facilitate the sales of its products and support its franchise business. Further product line information is not presented as it is not practicable to do so. The following table shows the consolidated net sales and revenues of these product groups in the last three years: (Amounts in millions) 2020 2019 2018 Net sales: Tools $ 1,984.7 $ 2,017.5 $ 2,021.2 Diagnostics, information and management systems 783.8 827.5 797.9 Equipment 824.0 885.0 921.6 Total net sales 3,592.5 3,730.0 3,740.7 Financial services revenue 349.7 337.7 329.7 Total revenues $ 3,942.2 $ 4,067.7 $ 4,070.4

Quarterly Data

Quarterly Data	12 Months Ended
Quarterly Data	Jan. 02, 2021
Quarterly Financial Information Disclosure [Abstract]
Quarterly Data (unaudited)	Quarterly Data (unaudited) (Amounts in millions, except per share data) First Second Third Quarter Fourth Total 2020 Net sales $ 852.2 $ 724.3 $ 941.6 $ 1,074.4 $ 3,592.5 Gross profit 421.6 341.2 469.5 516.2 1,748.5 Financial services revenue 85.9 84.6 85.8 93.4 349.7 Financial services expenses (29.0) (27.0) (20.2) (24.9) (101.1) Net earnings 142.0 105.9 184.7 213.8 646.4 Net earnings attributable to Snap-on Incorporated 137.2 101.2 179.7 208.9 627.0 Earnings per share – basic 2.52 1.86 3.31 3.85 11.55 Earnings per share – diluted 2.49 1.85 3.28 3.82 11.44 Cash dividends paid per share 1.08 1.08 1.08 1.23 4.47 First Second Third Quarter Fourth Total 2019 Net sales $ 921.7 $ 951.3 $ 901.8 $ 955.2 $ 3,730.0 Gross profit 471.6 473.8 448.1 450.5 1,844.0 Financial services revenue 85.6 84.1 84.1 83.9 337.7 Financial services expenses (23.5) (23.5) (23.1) (21.7) (91.8) Net earnings 182.1 184.9 169.2 175.0 711.2 Net earnings attributable to Snap-on Incorporated 177.9 180.4 164.6 170.6 693.5 Earnings per share – basic 3.21 3.27 2.99 3.12 12.59 Earnings per share – diluted 3.16 3.22 2.96 3.08 12.41 Cash dividends paid per share 0.95 0.95 0.95 1.08 3.93

Summary of Accounting Policies

Summary of Accounting Policies (Policies)	12 Months Ended
Summary of Accounting Policies (Policies)	Jan. 02, 2021
Accounting Policies [Abstract]
Principles of consolidation and presentation	Principles of consolidation and presentation: The Consolidated Financial Statements include the accounts of Snap-on Incorporated and its wholly-owned and majority-owned subsidiaries (collectively, “Snap-on” or “the company”). Snap-on accounts for investments in unconsolidated affiliates where Snap-on has a non-significant ownership interest under the equity method of accounting. Investments in unconsolidated affiliates of $21.0 million as of January 2, 2021, and $18.8 million as of December 28, 2019, are included in “Other assets” on the accompanying Consolidated Balance Sheets; no equity investment dividends were received in any period presented. In the normal course of business, the company may purchase products or services from, or sell products or services to, unconsolidated affiliates. Purchases from unconsolidated affiliates were $9.3 million, $10.4 million and $11.2 million in 2020, 2019 and 2018, respectively, and sales to unconsolidated affiliates were $0.5 million in 2020, $0.6 million in 2019 and $0.8 million in 2018. The Consolidated Financial Statements do not include the accounts of the company’s independent franchisees. Snap-on’s Consolidated Financial Statements are prepared in conformity with generally accepted accounting principles in the United States of America (“GAAP”). Intercompany accounts and transactions have been eliminated.
Fiscal year accounting period	Fiscal year accounting period: Snap-on’s fiscal year ends on the Saturday that is on or nearest to December 31. The 2020 fiscal year ended on January 2, 2021 (“2020”). The 2019 fiscal year ended on December 28, 2019 (“2019”). The 2018 fiscal year ended on December 29, 2018 (“2018”). The 2020 fiscal year contained 53 weeks of operating results, with the additional week occurring in the fourth quarter. The impact of the additional week of operations was not material to Snap-on’s 2020 total revenues or net earnings. The 2019 and 2018 fiscal years each contained 52 weeks of operating results.
Use of estimates	Use of estimates: The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Financial instruments	Financial instruments: The fair value of the company’s derivative financial instruments is generally determined using quoted prices in active markets for similar assets and liabilities. The carrying value of the company’s non-derivative financial instruments either approximates fair value, due to their short-term nature, or the amount disclosed for fair value is based upon a discounted cash flow analysis or quoted market values. See Note 11 for further information on financial instruments.
Revenue recognition	Revenue recognition: Snap-on recognizes revenue from the sale of tools, diagnostic and equipment products and related services based on when control of the product passes to the customer or the service is provided and is recognized at an amount that reflects the consideration expected to be received in exchange for such goods or services. See Note 2 for information on revenue recognition. Shipping and handling: Amounts billed to customers for shipping and handling are included as a component of sales. Costs incurred by Snap-on for shipping and handling are included as a component of cost of goods sold when the costs relate to manufacturing activities. In 2020, 2019 and 2018, Snap-on incurred shipping and handling charges of $53.7 million, $56.5 million and $53.7 million, respectively, that were recorded in “Cost of goods sold” on the accompanying Consolidated Statements of Earnings. Shipping and handling costs incurred in conjunction with selling or distribution activities are included as a component of operating expenses. Shipping and handling charges were $94.2 million in 2020, $88.7 million in 2019 and $84.3 million in 2018; these charges were recorded in “Operating expenses” on the accompanying Consolidated Statements of Earnings. Nature of goods and services: Snap-on derives net sales from a broad line of products and complementary services that are grouped into three categories: (i) tools; (ii) diagnostics, information and management systems; and (iii) equipment. The tools product category includes hand tools, power tools, tool storage products and other similar products. The diagnostics, information and management systems product category includes handheld and PC-based diagnostic products, service and repair information products, diagnostic software solutions, electronic parts catalogs, business management systems and services, point-of-sale systems, integrated systems for vehicle service shops, original equipment manufacturer (“OEM”) purchasing facilitation services, and warranty management systems and analytics to help OEM dealership service and repair shops (“OEM dealerships”) manage and track performance. The equipment product category includes solutions for the service of vehicles and industrial equipment. Snap-on supports the sale of its diagnostics and vehicle service shop equipment by offering training programs as well as after-sales support to its customers. Through its financial services businesses, Snap-on also derives revenue from various financing programs designed to facilitate the sales of its products and support its franchise business. Approximately 90% of Snap-on’s net sales are products sold at a point in time through ship-and-bill performance obligations that also includes repair services. The remaining sales revenue is earned over time primarily on a subscription basis including software, extended warranty and other subscription service agreements. Snap-on enters into contracts related to the selling of tools, diagnostic and repair information and equipment products and related services. At contract inception, an assessment of the goods and services promised in the contracts with customers is performed and a performance obligation is identified for each distinct promise to transfer to the customer a good or service (or bundle of goods or services). To identify the performance obligations, Snap-on considers all of the goods or services promised in the contract regardless of whether they are explicitly stated or are implied by customary business practices. Contracts with customers are comprised of customer purchase orders, invoices and written contracts. When performance obligations are satisfied: For performance obligations related to the majority of ship-and-bill products, including repair services contracts, control transfers at a point in time when title transfers upon shipment of the product to the customer, and for some sales, control transfers when title is transferred at time of receipt by customer. Once a product or repaired product has shipped or has been delivered, the customer is able to direct the use of, and obtain substantially all of the remaining benefits from the asset, revenue is recognized. Snap-on considers control to have transferred upon shipment or delivery when Snap-on has a present right to payment, the customer has legal title to the asset, Snap-on has transferred physical possession of the asset, and the customer has significant risk and rewards of ownership of the asset. For performance obligations related to software subscriptions, extended warranties and other subscription agreements, Snap-on transfers control and recognizes revenue over time on a ratable basis using a time-based output method. The performance obligations are typically satisfied as services are rendered on a straight-line basis over the contract term, which is generally for 12 months but can be for a term up to 60 months. Significant payment terms: For ship-and-bill type contracts with customers, the contract states the final terms of the sale, including the description, quantity, and price of each product or service purchased. Payment terms are typically due upon delivery or up to 30 days after delivery but can range up to 120 days after delivery. For subscription contracts, payment terms are in advance or in arrears of services on a monthly, quarterly or annual basis over the contract term, which is generally for 12 months but can be for a term up to 60 months depending on the product or service. The customer typically agrees to a stated rate and price in the contract that does not vary over the contract term. In some cases, customers prepay for their licenses, or in other cases, pay on a monthly or quarterly basis. When the timing of the payment made by the customer precedes the delivery of the performance obligation, a contract liability is recognized. Variable consideration: In some cases, the nature of Snap-on’s contracts give rise to variable consideration, including rebates, credits, allowances for returns or other similar items that generally decrease the transaction price. These variable amounts generally are credited to the customer, based on achieving certain levels of sales activity, product returns and making payments within specific terms. In the normal course of business, Snap-on allows franchisees to return product per the provisions in the franchise agreement that allow for the return of product in a saleable condition. For other customers, product returns are generally not accepted unless the item is defective as manufactured. Where applicable, Snap-on establishes provisions for estimated sales returns. Estimated product returns are recorded as a reduction in reported revenues at the time of sale based upon historical product return experience and is adjusted for known trends to arrive at the amount of consideration that Snap-on expects to receive. Variable consideration is estimated at the most likely amount that is expected to be earned. Estimated amounts are included in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. Estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of the anticipated performance and all information (historical, current and forecasted) that is reasonably available. Warranties: Snap-on allows customers to return product when the product is defective as manufactured. Where applicable, Snap-on establishes provisions for estimated warranties. Estimated product warranties are provided for specific product lines and Snap-on accrues for estimated future warranty cost in the period in which the sale is recorded. The costs are included in “Cost of goods sold” on the accompanying Consolidated Statements of Earnings. Snap-on calculates its accrual requirements based on historic warranty loss experience that is periodically adjusted for recent actual experience, including the timing of claims during the warranty period and actual costs incurred. Snap-on does not typically provide customers with the right to a refund. Practical expedients and exemptions of ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) : Snap-on typically expenses incremental direct costs of obtaining a contract (sales commissions) when incurred because the amortization period is generally 12 months or less. Capitalized long-term contract costs are not significant. Contract costs are expensed or amortized in “Operating expenses” on the accompanying Consolidated Statements of Earnings. Snap-on elected to account for shipping and handling activities that occur after control of the related good transfers to the customer as fulfillment activities and are therefore recognized upon shipment of the goods. Snap-on has applied the portfolio approach to its ship-and-bill contracts that have similar characteristics as it reasonably expects that the effects on the financial statements of applying this guidance to the portfolio of contracts would not differ materially from applying this guidance to the individual contracts within the portfolio. Snap-on typically excludes from its sales transaction price any amounts collected from customers for sales (and similar) taxes. For certain performance obligations related to software subscriptions, extended warranty and other subscription agreements that are settled over time, Snap-on has elected not to disclose the value of unsatisfied performance obligations for: (i) contracts that have an original expected length of one year or less; (ii) contracts where revenue is recognized as invoiced; and (iii) contracts with variable consideration related to unsatisfied performance obligations. The remaining duration of these unsatisfied performance obligations generally range from one month up to 60 months. Snap-on had approximately $217.0 million of long-term contracts that have fixed consideration that extends beyond one year as of January 2, 2021. Snap-on expects to recognize approximately 70% of these contracts as revenue by the end of fiscal 2022, an additional 25% by the end of fiscal 2024 and the balance thereafter. Contract liabilities (Deferred revenues): Contract liabilities are recorded when cash payments are received in advance of Snap-on’s performance. The timing of payment is typically on a monthly, quarterly or annual basis. The balance of total contract liabilities was $61.0 million and $65.1 million at January 2, 2021 and December 28, 2019, respectively. The current portion of contract liabilities is included in “Other accrued liabilities” and the non-current portion is included in “Other long-term liabilities” on the accompanying Consolidated Balance Sheets. In 2020, Snap-on recognized revenue of $53.5 million that was included in the contract liability balance as of December 28, 2019, which was primarily from the amortization of software subscriptions, extended warranties and other subscription agreements. The decrease in the total contract liabilities balance is primarily driven by the timing of cash payments received or due in advance of satisfying Snap-on’s performance obligations and growth in certain software subscriptions, partially offset by revenues recognized that were included in the contract liability balance at the beginning of the year. Franchise fee revenue, including nominal, non-refundable initial fees, is recognized upon the granting of a franchise, which is when the company has performed substantially all initial services required by the franchise agreement. Franchise fee revenue also includes ongoing monthly fees (primarily for sales and business training as well as marketing and product promotion programs) that are recognized as the fees are earned. Franchise fee revenue in 2020, 2019 and 2018 totaled $16.2 million, $15.4 million and $16.2 million, respectively.
Financial services revenue	Financial services revenue: Snap-on generates revenue from various financing programs that include: (i) installment sales and lease contracts arising from franchisees’ customers and Snap-on customers who require financing for the purchase or lease of tools and diagnostic and equipment products on an extended-term payment plan; and (ii) business and vehicle loans and leases to franchisees. These financing programs are offered through Snap-on’s wholly owned finance subsidiaries. Financial services revenue consists primarily of interest income on finance and contract receivables and is recognized over the life of the underlying contracts, with interest computed primarily on the average daily balances of the underlying contracts.
Financial services lease arrangements	Financial services lease arrangements: Snap-on accounts for its financial services leases as sales-type leases. The company recognizes the net investment in the lease as the present value of the lease payments not yet received plus the present value of the unguaranteed residual value, using the interest rate implicit in the lease. The difference between the undiscounted lease payments received over the lease term and the related net investment in the lease is reported as unearned finance charges. Unearned finance charges are amortized to income over the life of the contract. The default covenants included in the lease arrangements are usual and customary, consistent with industry practice, and do not impact the lease classification. Except in circumstances where the company has concluded that a lessee’s financial condition has deteriorated, the other default covenants under Snap-on’s lease arrangements are objectively determinable. See Notes 4 and 17 for further information on finance and contract receivables and lessor accounting.
Research and engineering	Research and engineering: Snap-on incurred research and engineering costs of $57.4 million, $59.1 million and $61.2 million in 2020, 2019 and 2018, respectively. Research and engineering costs are included in “Operating expenses” on the accompanying Consolidated Statements of Earnings.
Internally developed software	Internally developed software: Costs incurred in the development of software that will ultimately be sold are capitalized from the time technological feasibility has been attained and capitalization ceases when the related product is ready for general release. During 2020, 2019 and 2018, Snap-on capitalized $12.0 million, $12.6 million and $9.7 million, respectively, of such costs. Amortization of capitalized software development costs, which is included in “Cost of goods sold” on the accompanying Consolidated Statements of Earnings, was $10.5 million in 2020, $10.1 million in 2019 and $13.4 million in 2018. Unamortized capitalized software development costs of $44.2 million as of 2020 year end and $42.6 million as of 2019 year end are included in “Other intangibles – net” on the accompanying Consolidated Balance Sheets.
Internal-use software	Internal-use software: Costs that are incurred in creating software solutions and enhancements to those solutions are capitalized only for the application development stage of the project.
Advertising and promotion	Advertising and promotion: Production costs of future media advertising are deferred until the advertising occurs. All other advertising and promotion costs are expensed when incurred. For 2020, 2019 and 2018, advertising and promotion expenses totaled $38.0 million, $47.7 million and $55.6 million, respectively. Advertising and promotion costs are included in “Operating expenses” on the accompanying Consolidated Statements of Earnings.
Warranties	Warranties: Snap-on provides product warranties for specific product lines and accrues for estimated future warranty costs in the period in which the sale is recorded. See Notes 2 and 16 for information on warranties.
Foreign currency	Foreign currency: The financial statements of Snap-on’s foreign subsidiaries are translated into U.S. dollars. Assets and liabilities of foreign subsidiaries are translated at current rates of exchange, and income and expense items are translated at the average exchange rates for the period. The resulting translation adjustments are recorded directly into “Accumulated other comprehensive loss” on the accompanying Consolidated Balance Sheets. Foreign exchange transactions, net of foreign currency hedges, resulted in pretax losses of $3.9 million, $3.6 million and $3.9 million in 2020, 2019 and 2018, respectively. Foreign exchange transaction gains and losses are reported in “Other income (expense) – net” on the accompanying Consolidated Statements of Earnings.
Income taxes	Income taxes: Current tax assets and liabilities are based upon an estimate of taxes refundable or payable for each of the jurisdictions in which the company is subject to tax. In the ordinary course of business, there is inherent uncertainty in quantifying income tax positions. Snap-on assesses income tax positions and records tax benefits for all years subject to examination based upon management’s evaluation of the facts, circumstances and information available at the reporting dates. For those tax positions where it is more-likely-than-not that a tax benefit will be sustained, Snap-on records the largest amount of tax benefit with a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. For those income tax positions where it is not more-likely-than-not that a tax benefit will be sustained, no tax benefit is recognized in the financial statements. When applicable, associated interest and penalties are recognized as a component of income tax expense. Accrued interest and penalties are included within the related tax asset or liability on the accompanying Consolidated Balance Sheets. Deferred income taxes are provided for temporary differences arising from differences in bases of assets and liabilities for tax and financial reporting purposes. Deferred income taxes are recorded on temporary differences using enacted tax rates in effect for the year in which the temporary differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more-likely-than-not that some portion or all of the deferred tax assets will not be realized. See Note 9 for further information on income taxes.
Per share data	Per share data: Basic earnings per share calculations were computed by dividing net earnings attributable to Snap-on Incorporated by the corresponding weighted-average number of common shares outstanding for the period. The dilutive effect of the potential exercise of outstanding options and stock-settled stock appreciation rights (“SARs”) to purchase common shares is calculated using the treasury stock method. As of January 2, 2021, there were 2,207,411 awards outstanding that were anti-dilutive; as of December 28, 2019, there were 1,215,695 awards outstanding that were anti-dilutive; and as of December 29, 2018 there were 685,533 awards outstanding that were anti-dilutive. Performance-based equity awards are included in the diluted earnings per share calculation based on the attainment of the applicable performance metrics to date. Snap-on had dilutive securities totaling 473,196 shares, 748,395 shares and 986,984 shares, as of the end of 2020, 2019 and 2018, respectively. See Note 14 for further information on equity awards.
Stock-based compensation	Stock-based compensation: Snap-on recognizes the cost of employee services in exchange for awards of equity instruments based on the grant date fair value of those awards. That cost, based on the estimated number of awards that are expected to vest, is recognized on a straight-line basis over the period during which the employee is required to provide the service in exchange for the award. No compensation cost is recognized for awards for which employees do not render the requisite service. The grant date fair value of employee stock options and similar instruments is estimated using the Black-Scholes valuation model. The Black-Scholes valuation model requires the input of subjective assumptions, including the expected life of the stock-based award and stock price volatility. The assumptions used are management’s best estimates, but the estimates involve inherent uncertainties and the application of management judgment. As a result, if other assumptions had been used, the recorded stock-based compensation expense could have been materially different from that depicted in the financial statements. See Note 14 for further information on stock-based compensation.
Derivatives	Derivatives: Snap-on utilizes derivative financial instruments, including foreign currency forward contracts, interest rate swap agreements, treasury lock agreements and prepaid equity forward agreements to manage its exposures to foreign currency exchange rate risks, interest rate risks, and market risk associated with the stock-based portion of its deferred compensation plans. Snap-on accounts for its derivative instruments at fair value. Snap-on does not use financial instruments for speculative or trading purposes. See Note 11 for further information on derivatives.
Cash equivalents	Cash equivalents: Snap-on considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. Cash and cash equivalents consisted of investments in money market funds and bank deposits at January 2, 2021. There were no cash equivalents as of December 28, 2019.
Receivables and allowances for credit losses	Receivables and allowances for credit losses: All trade, finance and contract receivables are reported on the Consolidated Balance Sheets at their amortized cost adjusted for any write-offs and net of allowances for credit losses. The amortized costs for finance and contract receivables is the amount originated adjusted for applicable accrued interest and net of deferred fees or costs, net of collections and write-offs. Snap-on maintains allowances for credit losses, which represent an estimate of expected losses over the remaining contractual life of its receivables considering current market conditions and supportable forecasts when appropriate. The estimate is a result of the company’s ongoing assessments and evaluations of collectability, historical loss experience, and future expectations in estimating credit losses in each of its receivable portfolios (trade, finance and contract receivables). For trade receivables, Snap-on uses historical loss experience rates by portfolio and applies them to a related aging analysis while also considering customer and/or economic risk where appropriate. For finance receivables, Snap-on uses a vintage loss experience analysis. For contract receivables, a weighted-average remaining maturity method is primarily used. Determination of the proper amount of allowances by portfolio requires management to exercise judgment about the timing, frequency and severity of credit losses that could materially affect the provision for credit losses and, as a result, net earnings. The allowances take into consideration numerous quantitative and qualitative factors that include receivable type, historical loss experience, delinquency trends, collection experience, current economic conditions, supportable forecasts, when appropriate, and credit risk characteristics. Snap-on evaluates the credit risk of the customer when extending credit based on a combination of various financial and qualitative factors that may affect its customers’ ability to pay. These factors may include the customer’s financial condition, past payment experience, and credit bureau and proprietary Snap-on credit model information, as well as the value of the underlying collateral. Management performs detailed reviews of its receivables on a monthly and/or quarterly basis to assess the adequacy of the allowances and to determine if any impairment has occurred. Monthly reviews of credit and collection performance are conducted for both its finance and contract receivable portfolios focusing on data such as delinquency trends, non-performing assets, and write-off and recovery activity. These reviews allow for the formulation of collection strategies and potential collection policy modifications in response to changing risk profiles in the finance and contract receivable portfolios. A receivable may have credit losses when it is expected that all amounts related to the receivable will not be collected according to the contractual terms of the agreement. Amounts determined to be uncollectable are charged directly against the allowances, while amounts recovered on previously written-off accounts increase the allowances. For both finance and contract receivables, net write-offs include the principal amount of losses written off as well as written-off interest and fees, and recourse from franchisees on finance receivables. Recovered interest and fees previously written off are recorded through the allowances for credit losses and increase the allowance. Finance receivables are assessed for write-off when an account becomes 120 days past due and are written off typically within 60 days of asset repossession. Contract receivables related to equipment leases are generally written off when an account becomes 150 days past due, while contract receivables related to franchise finance and van leases are generally written off up to 180 days past the asset return date. For finance and contract receivables, customer bankruptcies are generally written off upon notification that the associated debt is not being reaffirmed or, in any event, no later than 180 days past due. Changes to the allowances for credit losses are maintained through adjustments to the provision for credit losses, which are charged to current period earnings. Actual amounts as of the balance sheet dates may be materially different than the amounts reported in future periods due to the uncertainty in the estimation process. Also, future amounts could differ materially from those estimates due to changes in circumstances after the balance sheet date. Snap-on does not believe that its trade, finance or contract receivables represent significant concentrations of credit risk because of the diversified portfolio of individual customers and geographical areas. See Note 4 for further information on receivables and allowances for credit losses.
Inventories	Inventories: Snap-on values its inventory at the lower of cost or market and adjusts for the value of inventory that is estimated to be excess, obsolete or otherwise unmarketable. Snap-on records allowances for excess and obsolete inventory based on historical and estimated future demand and market conditions. Allowances for raw materials are largely based on an analysis of raw material age and actual physical inspection of raw material for fitness for use. As part of evaluating the adequacy of allowances for work-in-progress and finished goods, management reviews individual product stock-keeping units (SKUs) by product category and product life cycle. Cost adjustments for each product category/product life-cycle state are generally established and maintained based on a combination of historical experience, forecasted sales and promotions, technological obsolescence, inventory age and other actual known conditions and circumstances. Should actual product marketability and raw material fitness for use be affected by conditions that are different from management estimates, further adjustments to inventory allowances may be required. Snap-on adopted the “last-in, first-out” (“LIFO”) inventory valuation method in 1973 for its U.S. locations. Snap-on’s U.S. inventories accounted for on a LIFO basis consist of purchased product and inventory manufactured at the company’s heritage U.S. manufacturing facilities (primarily hand tools and tool storage). Since Snap-on began acquiring businesses in the 1990’s, the company has used the “first-in, first-out” (“FIFO”) inventory valuation methodology for acquisitions; the company does not adopt the LIFO inventory valuation methodology for new acquisitions. See Note 5 for further information on inventories.
Property and equipment	Property and equipment: Property and equipment is stated at cost less accumulated depreciation and amortization. Depreciation and amortization are provided on a straight-line basis over estimated useful lives. Major repairs that extend the useful life of an asset are capitalized, while routine maintenance and repairs are expensed as incurred. Capitalized software included in property and equipment reflects costs related to internally developed or purchased software for internal use and is amortized on a straight-line basis over their estimated useful lives. Long-lived assets are evaluated for impairment when events or circumstances indicate that the carrying amount of the long-lived asset may not be recoverable. See Note 6 for further information on property and equipment.
Goodwill and other intangible assets	Goodwill and other intangible assets: Goodwill and other indefinite-lived assets are tested for impairment annually or more frequently if events or changes in circumstances indicate that the assets might be impaired. Annual impairment tests are performed by the company in the second quarter of each year using information available as of April month end. Snap-on evaluates the existence of goodwill and indefinite-lived intangible asset impairment on the basis of whether the assets are fully recoverable from projected, discounted cash flows of the related reportable unit or asset. Intangible assets with finite lives are amortized over their estimated useful lives using straight-line and accelerated methods depending on the nature of the particular asset. Intangible assets with finite lives are evaluated for impairment when events or circumstances indicate that the carrying amount of the intangible asset may not be recoverable. See Note 7 for further information on goodwill and other intangible assets.
New accounting standards	New accounting standards The following new accounting pronouncements were adopted in fiscal year 2020: On December 29, 2019, the beginning of Snap-on’s 2020 fiscal year, the company adopted ASU No. 2018-13, Fair Value Measurement (Topic 820) - Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement , which is designed to improve the effectiveness of disclosures by removing, modifying and adding disclosures related to fair value measurements. The adoption of this ASU did not have an impact on the company’s Consolidated Financial Statements or disclosures. On December 29, 2019, the beginning of Snap-on’s 2020 fiscal year, the company adopted ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326) , which requires the measurement of expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions and reasonable and supportable forecasts. The main objective of this ASU is to provide financial statement users with more information about the expected credit losses over the contractual life of financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. Snap-on adopted ASU No. 2016-13 under the modified retrospective approach for receivables measured at amortized costs with prior periods reported in accordance with previously applicable guidance. See Note 4 for a discussion about the impact the adoption of this ASU had on the company and further information on credit losses. The following new accounting pronouncement will be adopted in fiscal year 2021: In December 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes , which is designed to simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. ASU No. 2019-12 is effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The adoption of this ASU is not expected to have a significant impact on the company’s consolidated financial statements.

Summary of Accounting Policie_2

Summary of Accounting Policies (Tables)	12 Months Ended
Summary of Accounting Policies (Tables)	Jan. 02, 2021
Accounting Policies [Abstract]
Other Accrued Liabilities	Supplemental balance sheet information for “Other accrued liabilities” as of 2020 and 2019 year end is as follows: (Amounts in millions) 2020 2019 Income taxes $ 32.8 $ 23.9 Accrued warranty 17.6 17.3 Operating lease liability 19.3 19.5 Deferred subscription revenue 53.6 55.1 Accrued new tool return 56.3 50.9 Accrued property, payroll and other taxes 62.8 38.6 Accrued selling and promotion expense 33.2 28.3 Accrued restructuring expense 10.0 — Other 159.9 137.2 Total other accrued liabilities $ 445.5 $ 370.8

Revenue Recognition (Tables)

Revenue Recognition (Tables)	12 Months Ended
Revenue Recognition (Tables)	Jan. 02, 2021
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table shows the consolidated revenues by revenue source: (Amounts in millions) 2020 2019 Revenue from contracts with customers $ 3,569.3 $ 3,708.3 Other revenues 23.2 21.7 Total net sales 3,592.5 3,730.0 Financial services revenue 349.7 337.7 Total revenues $ 3,942.2 $ 4,067.7 The following table represents external net sales disaggregated by geography, based on the customers’ billing addresses: 2020 Commercial & Snap-on Repair Systems Industrial Tools & Information Financial Snap-on (Amounts in millions) Group Group Group Services Eliminations Incorporated Net sales: North America* $ 432.3 $ 1,442.8 $ 720.7 $ — $ — $ 2,595.8 Europe 276.2 125.7 214.9 — — 616.8 All other 242.9 75.4 61.6 — — 379.9 External net sales 951.4 1,643.9 997.2 — — 3,592.5 Intersegment net sales 283.2 — 241.0 — (524.2) — Total net sales 1,234.6 1,643.9 1,238.2 — (524.2) 3,592.5 Financial services revenue — — — 349.7 — 349.7 Total revenue $ 1,234.6 $ 1,643.9 $ 1,238.2 $ 349.7 $ (524.2) $ 3,942.2 2019 Commercial & Snap-on Repair Systems Industrial Tools & Information Financial Snap-on (Amounts in millions) Group Group Group Services Eliminations Incorporated Net sales: North America* $ 482.1 $ 1,406.1 $ 766.4 $ — $ — $ 2,654.6 Europe 291.7 131.9 241.3 — — 664.9 All other 264.4 74.9 71.2 — — 410.5 External net sales 1,038.2 1,612.9 1,078.9 — — 3,730.0 Intersegment net sales 307.5 — 255.6 — (563.1) — Total net sales 1,345.7 1,612.9 1,334.5 — (563.1) 3,730.0 Financial services revenue — — — 337.7 — 337.7 Total revenue $ 1,345.7 $ 1,612.9 $ 1,334.5 $ 337.7 $ (563.1) $ 4,067.7 * North America is comprised of the United States, Canada and Mexico. The following table represents external net sales disaggregated by customer type: 2020 Commercial & Snap-on Repair Systems Industrial Tools & Information Financial Snap-on (Amounts in millions) Group Group Group Services Eliminations Incorporated Net sales: Vehicle service professionals $ 87.2 $ 1,643.9 $ 997.2 $ — $ — $ 2,728.3 All other professionals 864.2 — — — — 864.2 External net sales 951.4 1,643.9 997.2 — — 3,592.5 Intersegment net sales 283.2 — 241.0 — (524.2) — Total net sales 1,234.6 1,643.9 1,238.2 — (524.2) 3,592.5 Financial services revenue — — — 349.7 — 349.7 Total revenue $ 1,234.6 $ 1,643.9 $ 1,238.2 $ 349.7 $ (524.2) $ 3,942.2 2019 Commercial & Snap-on Repair Systems Industrial Tools & Information Financial Snap-on (Amounts in millions) Group Group Group Services Eliminations Incorporated Net sales: Vehicle service professionals $ 85.5 $ 1,612.9 $ 1,078.9 $ — $ — $ 2,777.3 All other professionals 952.7 — — — — 952.7 External net sales 1,038.2 1,612.9 1,078.9 — — 3,730.0 Intersegment net sales 307.5 — 255.6 — (563.1) — Total net sales 1,345.7 1,612.9 1,334.5 — (563.1) 3,730.0 Financial services revenue — — — 337.7 — 337.7 Total revenue $ 1,345.7 $ 1,612.9 $ 1,334.5 $ 337.7 $ (563.1) $ 4,067.7

Receivables (Tables)

Receivables (Tables)	12 Months Ended
Receivables (Tables)	Jan. 02, 2021
Receivables [Abstract]
Summary of Effects of ASU 2016-13 Adoption	The effects of adjustments to the December 28, 2019 Consolidated Balance Sheet as a result of the adoption of ASU No. 2016-13, including an increase in the allowance for credit losses of $8.1 million, were as follows: Balance at Opening Balance at (Amounts in millions) December 28, Topic 326 Adjustments December 29, Current assets Finance receivables - allowance for credit losses $ (19.7) $ (1.7) $ (21.4) Contract receivables - allowance for credit losses (1.5) (0.5) (2.0) Long-term assets Finance receivables - allowance for credit losses (42.2) (3.5) (45.7) Contract receivables - allowance for credit losses (4.1) (2.4) (6.5) Total allowances for credit losses $ (67.5) $ (8.1) $ (75.6) Deferred income tax assets $ 52.3 $ 2.0 $ 54.3 Equity Retained Earnings $ 4,779.7 $ (6.1) $ 4,773.6
Schedule of Components of Trade and Other Accounts Receivable	The components of Snap-on’s trade and other accounts receivable as of 2020 and 2019 year end are as follows: (Amounts in millions) 2020 2019 Trade and other accounts receivable $ 667.0 $ 715.5 Allowances for credit losses (26.3) (20.9) Total trade and other accounts receivable – net $ 640.7 $ 694.6
Rollforward of Combined Allowances for Doubtful Accounts Related to Trade and Other Accounts Receivable	The following is a rollforward of the allowances for credit losses related to trade and other accounts receivable for 2020: (Amounts in millions) 2020 Allowances for credit losses: Beginning of period $ 20.9 Provision for credit losses 18.9 Charge-offs (13.6) Recoveries 0.2 Currency translation (0.1) End of period $ 26.3
Components of Finance and Contract Receivables, Current and Beyond One Year	The components of Snap-on’s current finance and contract receivables as of 2020 and 2019 year end are as follows: (Amounts in millions) 2020 2019 Finance installment receivables $ 533.9 $ 511.9 Finance lease receivables, net of unearned finance charges of $4.4 million and $11.7 million, respectively 20.2 37.9 Total finance receivables 554.1 549.8 Contract installment receivables 59.1 50.8 Contract lease receivables, net of unearned finance charges of $18.2 million and $18.2 million, respectively 55.7 51.4 Total contract receivables 114.8 102.2 Total 668.9 652.0 Allowances for credit losses: Finance installment receivables (23.6) (19.2) Finance lease receivables (0.3) (0.5) Total finance allowance for credit losses (23.9) (19.7) Contract installment receivables (1.4) (0.5) Contract lease receivables (0.9) (1.0) Total contract allowance for credit losses (2.3) (1.5) Total allowance for credit losses (26.2) (21.2) Total current finance and contract receivables – net $ 642.7 $ 630.8 Finance receivables – net $ 530.2 $ 530.1 Contract receivables – net 112.5 100.7 Total current finance and contract receivables – net $ 642.7 $ 630.8 The components of Snap-on’s finance and contract receivables with payment terms beyond one year as of 2020 and 2019 year end are as follows: (Amounts in millions) 2020 2019 Finance installment receivables $ 1,173.1 $ 1,106.0 Finance lease receivables, net of unearned finance charges of $2.5 million and $8.2 million, respectively 15.6 39.7 Total finance receivables 1,188.7 1,145.7 Contract installment receivables 199.7 195.5 Contract lease receivables, net of unearned finance charges of $30.2 million and $29.4 million, respectively 181.7 168.7 Total contract receivables 381.4 364.2 Total 1,570.1 1,509.9 Allowances for credit losses: Finance installment receivables (52.1) (41.6) Finance lease receivables (0.3) (0.6) Total finance allowance for credit losses (52.4) (42.2) Contract installment receivables (3.1) (1.8) Contract lease receivables (3.6) (2.3) Total contract allowance for credit losses (6.7) (4.1) Total allowance for credit losses (59.1) (46.3) Total long-term finance and contract receivables – net $ 1,511.0 $ 1,463.6 Finance receivables – net $ 1,136.3 $ 1,103.5 Contract receivables – net 374.7 360.1 Total long-term finance and contract receivables – net $ 1,511.0 $ 1,463.6 Long-term finance and contract receivables installments, net of unearned finance charges, as of 2020 and 2019 year end are scheduled as follows: 2020 2019 (Amounts in millions) Finance Contract Finance Contract Due in Months: 13 – 24 $ 444.6 $ 92.0 $ 439.1 $ 86.4 25 – 36 360.3 78.9 352.4 76.9 37 – 48 250.9 67.1 238.0 65.6 49 – 60 132.9 51.3 116.2 51.3 Thereafter — 92.1 — 84.0 Total $ 1,188.7 $ 381.4 $ 1,145.7 $ 364.2
Financing Receivable Credit Quality Indicators	The amortized cost basis of finance and contract receivables by origination year as of 2020 year end is as follows: (Amounts in millions) 2020 2019 2018 2017 2016 Prior Total Finance Receivables: Delinquent $ 15.9 $ 18.2 $ 10.0 $ 5.2 $ 2.2 $ 0.2 $ 51.7 Non-delinquent 1,129.5 349.4 143.9 53.3 14.0 1.0 1,691.1 Total Finance receivables $ 1,145.4 $ 367.6 $ 153.9 $ 58.5 $ 16.2 $ 1.2 $ 1,742.8 Contract receivables: Delinquent $ 0.6 $ 0.6 $ 0.8 $ 0.5 $ 0.6 $ 0.3 $ 3.4 Non-delinquent 180.5 124.8 84.7 52.5 24.6 25.7 492.8 Total Contract receivables $ 181.1 $ 125.4 $ 85.5 $ 53.0 $ 25.2 $ 26.0 $ 496.2
Allowance for Credit Loss Rollforward	The following is a rollforward of the allowances for credit losses for finance and contract receivables for 2020 and 2019: 2020 2019 (Amounts in millions) Finance Contract Finance Contract Allowances for credit losses: Beginning of year $ 61.9 $ 5.6 $ 61.4 $ 4.3 Impact of adopting ASU No. 2016-13 5.2 2.9 — — Provision for credit losses 54.6 3.8 49.9 4.7 Charge-offs (53.8) (3.8) (57.1) (3.9) Recoveries 8.2 0.4 7.7 0.5 Currency translation 0.2 0.1 — — End of year $ 76.3 $ 9.0 $ 61.9 $ 5.6
Financing Receivable, Past Due	The aging of finance and contract receivables as of 2020 and 2019 year end is as follows: (Amounts in millions) 30-59 60-90 Greater Total Past Total Not Past Total Greater 2020 year end: Finance receivables $ 18.4 $ 12.2 $ 21.1 $ 51.7 $ 1,691.1 $ 1,742.8 $ 18.2 Contract receivables 1.3 0.6 1.5 3.4 492.8 496.2 0.2 2019 year end: Finance receivables $ 19.7 $ 12.0 $ 21.4 $ 53.1 $ 1,642.4 $ 1,695.5 $ 17.2 Contract receivables 1.5 0.9 1.5 3.9 462.5 466.4 0.5
Financing Receivable, Nonaccrual	The amount of finance and contract receivables on nonaccrual status as of 2020 and 2019 year end is as follows: (Amounts in millions) 2020 2019 Finance receivables $ 9.6 $ 12.2 Contract receivables 2.4 2.2

Inventories (Tables)

Inventories (Tables)	12 Months Ended
Inventories (Tables)	Jan. 02, 2021
Inventory Disclosure [Abstract]
Inventories by Major Classification	Inventories by major classification as of 2020 and 2019 year end are as follows: (Amounts in millions) 2020 2019 Finished goods $ 643.4 $ 661.0 Work in progress 61.6 57.1 Raw materials 125.5 126.8 Total FIFO value 830.5 844.9 Excess of current cost over LIFO cost (84.0) (84.5) Total inventories – net $ 746.5 $ 760.4

Property and Equipment (Tables)

Property and Equipment (Tables)	12 Months Ended
Property and Equipment (Tables)	Jan. 02, 2021
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment	Property and equipment (which are carried at cost) as of 2020 and 2019 year end are as follows: (Amounts in millions) 2020 2019 Land $ 34.0 $ 31.9 Buildings and improvements 432.0 405.1 Machinery, equipment and computer software 1,033.4 988.0 Property and equipment – gross 1,499.4 1,425.0 Accumulated depreciation and amortization (973.2) (903.5) Property and equipment – net $ 526.2 $ 521.5
Summary of Estimated Service Lives of Property and Equipment	The estimated service lives of property and equipment are principally as follows: Buildings and improvements 3 to 50 years Machinery, equipment and computer software 2 to 15 years

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	12 Months Ended
Goodwill and Other Intangible Assets (Tables)	Jan. 02, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Changes in Carrying Amount of Goodwill by Segment	The changes in the carrying amount of goodwill by segment for 2020 and 2019 are as follows: (Amounts in millions) Commercial Snap-on Repair Systems Total Balance as of 2018 year end $ 286.2 $ 12.5 $ 603.5 $ 902.2 Currency translation (6.4) — (1.1) (7.5) Acquisitions 6.4 — 12.7 19.1 Balance as of 2019 year end $ 286.2 $ 12.5 $ 615.1 $ 913.8 Currency translation 26.7 (0.1) 15.0 41.6 Acquisitions 18.3 — 8.7 27.0 Balance as of 2020 year end $ 331.2 $ 12.4 $ 638.8 $ 982.4
Other Intangible Assets by Major Class	Additional disclosures related to other intangible assets as of 2020 and 2019 year end are as follows: 2020 2019 (Amounts in millions) Gross Accumulated Gross Accumulated Amortized other intangible assets: Customer relationships $ 191.5 $ (130.1) $ 182.9 $ (117.9) Developed technology 21.8 (19.9) 19.8 (18.9) Internally developed software 172.2 (128.0) 168.0 (125.4) Patents 43.2 (25.3) 38.5 (23.7) Trademarks 3.9 (2.4) 3.5 (2.1) Other 8.2 (3.9) 7.3 (3.1) Total 440.8 (309.6) 420.0 (291.1) Non-amortized trademarks 129.6 — 115.0 — Total other intangible assets $ 570.4 $ (309.6) $ 535.0 $ (291.1)
Weighted-Average Amortization Period by Major Class	The weighted-average amortization periods related to other intangible assets are as follows: In Years Customer relationships 15 Developed technology 3 Internally developed software 6 Patents 7 Trademarks 5 Other 39

Exit and Disposal Activities (T

Exit and Disposal Activities (Tables)	12 Months Ended
Exit and Disposal Activities (Tables)	Jan. 02, 2021
Restructuring and Related Activities [Abstract]
Schedule of Restructuring Reserve by Type of Cost and Rollforward of Reserve	The 2020 costs associated with disposal activities by operating segment are as follows: (Amounts in millions) 2020 Exit and disposal costs Cost of goods sold: Commercial & Industrial Group $ 6.4 Repair System & Information Group 0.7 Total cost of goods sold $ 7.1 Operating Expenses: Snap-on Tools Group $ 0.6 Repair System & Information Group 4.8 Total operating expenses $ 5.4 Total exit and disposal costs: Commercial & Industrial Group $ 6.4 Snap-on Tools Group 0.6 Repair System & Information Group 5.5 Total exit and disposal costs $ 12.5 Snap-on’s exit and disposal accrual activity for 2020 is as follows: Balance at Balance at (Amounts in millions) 2019 Year End Provision in 2020 Usage in 2020 2020 Year End Severance costs: Commercial & Industrial Group $ — $ 6.4 $ (0.6) $ 5.8 Snap-on Tools Group — 0.6 (0.2) 0.4 Repair System & Information Group — 5.2 (1.4) 3.8 Total $ — $ 12.2 $ (2.2) $ 10.0

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
Income Taxes (Tables)	Jan. 02, 2021
Income Tax Disclosure [Abstract]
Earnings Before Income Taxes and Equity Earnings	The source of earnings before income taxes and equity earnings consisted of the following: (Amounts in millions) 2020 2019 2018 United States $ 715.9 $ 765.3 $ 735.4 Foreign 119.3 156.8 174.5 Total $ 835.2 $ 922.1 $ 909.9
Components of Income Tax	The provision (benefit) for income taxes consisted of the following: (Amounts in millions) 2020 2019 2018 Current: Federal $ 136.8 $ 110.0 $ 117.9 Foreign 29.9 38.1 52.4 State 30.6 29.5 30.4 Total current 197.3 177.6 200.7 Deferred: Federal (10.0) 26.6 18.7 Foreign 3.0 1.5 (8.4) State (1.2) 6.1 3.4 Total deferred (8.2) 34.2 13.7 Total income tax provision $ 189.1 $ 211.8 $ 214.4
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: 2020 2019 2018 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 2.9 2.9 2.9 Noncontrolling interests (0.5) (0.4) (0.4) Repatriation of foreign earnings (0.7) (0.1) (0.1) Change in valuation allowance for deferred tax assets 0.5 0.4 0.3 Adjustments to tax accruals and reserves (0.5) (0.4) (0.2) Foreign rate differences 0.5 0.4 0.4 Excess tax benefits related to equity compensation (0.5) (0.5) (0.8) U.S. tax reform, net impact — — 0.4 Other (0.1) (0.3) 0.1 Effective tax rate 22.6% 23.0% 23.6%
Schedule of Deferred Tax Assets and Liabilities	Temporary differences that give rise to the net deferred income tax asset (liability) as of 2020, 2019 and 2018 year end are as follows: (Amounts in millions) 2020 2019 2018 Deferred income tax assets (liabilities): Inventories $ 41.4 $ 34.7 $ 33.6 Accruals not currently deductible 75.1 62.4 72.9 Tax credit carryforward 2.4 2.0 1.8 Employee benefits 32.4 41.3 56.5 Net operating losses 37.1 40.4 40.9 Depreciation and amortization (192.0) (178.9) (167.5) Valuation allowance (26.7) (27.8) (25.1) Equity-based compensation 14.3 16.2 16.6 Undistributed non-U.S. earnings (5.4) (6.6) (6.0) Other 1.3 (0.7) (0.4) Net deferred income tax asset (liability) $ (20.1) $ (17.0) $ 23.3
Operating Loss Carry Forwards	As of 2020 year end, Snap-on had tax net operating loss carryforwards totaling $184.1 million as follows: (Amounts in millions) State Federal Foreign Total Year of expiration: 2021-2025 $ 0.3 $ — $ 58.5 $ 58.8 2026-2030 — — 10.4 10.4 2031-2035 56.7 — — 56.7 2036-2040 — — — — 2041-2045 — — 31.9 31.9 Indefinite — — 26.3 26.3 Total net operating loss carryforwards $ 57.0 $ — $ 127.1 $ 184.1
Reconciliation of Unrecognized Tax Benefits	The following is a reconciliation of the beginning and ending amounts of unrecognized tax benefits for 2020, 2019 and 2018: (Amounts in millions) 2020 2019 2018 Unrecognized tax benefits at beginning of year $ 10.3 $ 11.1 $ 7.7 Gross increases – tax positions in prior periods 0.4 — 1.3 Gross decreases – tax positions in prior periods — (0.6) (0.1) Gross increases – tax positions in the current period 0.4 0.5 2.8 Settlements with taxing authorities (1.4) — — Lapsing of statutes of limitations (0.6) (0.7) (0.6) Unrecognized tax benefits at end of year $ 9.1 $ 10.3 $ 11.1

Short-term and Long-term Debt (

Short-term and Long-term Debt (Tables)	12 Months Ended
Short-term and Long-term Debt (Tables)	Jan. 02, 2021
Debt Disclosure [Abstract]
Short-term and Long-term Debt	Short-term and long-term debt as of 2020 and 2019 year end consisted of the following: (Amounts in millions) 2020 2019 6.125% unsecured notes due 2021 $ 250.0 $ 250.0 3.25% unsecured notes due 2027 300.0 300.0 4.10% unsecured notes due 2048 400.0 400.0 3.10% unsecured notes due 2050 500.0 — Other debt* 0.6 199.8 1,450.6 1,149.8 Less: notes payable and current maturities of long-term debt: Current maturities of long-term debt $ (250.0) $ — Commercial paper borrowings — (193.6) Other notes* (18.5) (9.3) (268.5) (202.9) Total long-term debt $ 1,182.1 $ 946.9 * Includes the net effects of debt amortization costs and fair value adjustments related to interest rate swaps.

Financial Instruments (Tables)

Financial Instruments (Tables)	12 Months Ended
Financial Instruments (Tables)	Jan. 02, 2021
Investments, All Other Investments [Abstract]
Fair Values of Derivative Instruments Included within Accompanying Consolidated Balance Sheets	Consolidated Balance Sheets Line Item Where Hedge Item is Recorded Carrying Amount of the Hedged Assets/(Liabilities) Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities) (in millions) (in millions) 2020 2019 2020 2019 Notes payable and current maturities of long-term debt* $ (255.1) $ — $ (5.1) $ — Long-term debt* — (255.0) — (5.0) * The interest rate swap transacted in March 2010 was designated as a hedge of the first $100 million issuance of the $250 million, 6.125% unsecured notes due September 1, 2021. 2020 2019 (Amounts in millions) Balance Sheet Derivative Derivative Derivative Derivative Derivatives designated as hedging instruments: Interest rate swaps Other assets $ 5.1 $ — $ 5.0 $ — Derivatives not designated as hedging instruments: Foreign currency forwards Prepaid expenses and other assets $ 12.2 $ — $ 3.5 $ — Foreign currency forwards Other accrued liabilities — 7.0 — 4.6 Equity forwards Prepaid expenses and other assets 13.5 — 15.2 — 25.7 7.0 18.7 4.6 Total derivative instruments $ 30.8 $ 7.0 $ 23.7 $ 4.6
Effect of Derivative Instruments Designated as Cash Flow Hedges Included in AOCI on the Consolidated Balance Sheets	The effect of derivative instruments designated as cash flow hedges as included in the Accumulated OCI on the Consolidated Balance Sheets is as follows: Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivative (Amounts in millions) 2020 2019 2018 Derivatives in Hedging Relationships: Treasury locks $ 1.4 $ — $ (0.8)
Effect of Derivative Instruments Designated as Fair Value and Cash Flow Hedges Included in the Consolidated Statements of Earnings	The effect of derivative instruments designated as fair value and cash flow hedges as included in the Consolidated Statements of Earnings is as follows: Gain (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships 2020 2019 2018 (Amounts in millions) Interest expense Other income (expense) - net Interest expense Other income (expense) - net Interest expense Other income (expense) - net Total amounts of income and expense presented in the Consolidated Statements of Earnings: $ (54.0) $ 8.7 $ (49.0) $ 8.8 $ (50.4) $ 4.2 Gain (loss) on fair value hedging relationships: Interest rate swaps Long-term debt $ (15.7) $ — $ (15.4) $ — $ (15.4) $ — Derivatives designated as hedging instruments 3.9 — 2.0 — 1.5 — Gain on cash flow hedging relationships: Treasury locks Gain reclassified from accumulated OCI into income $ 1.6 $ — $ 1.5 $ — $ 1.5 $ — Gain on settlement — — — — — 13.3
Derivative Instruments Not Designated as Hedges Included in Consolidated Statements of Earnings	The effects of derivative instruments not designated as hedging instruments as included in the Consolidated Statements of Earnings are as follows: Statement of Gain (Loss) Recognized in (Amounts in millions) 2020 2019 2018 Gain (loss) on derivative relationships: Foreign currency forwards Other income $ (6.6) $ (20.0) $ (40.4) Net exposures Other income 2.7 16.4 36.5 Equity forwards Operating expenses $ 1.0 $ 3.0 $ (2.1) Stock-based deferred compensation liabilities Operating expenses (1.2) (3.0) 2.0
Fair Values of Financial Instruments Not Approximating Carrying Values in Financial Statements	The fair values of financial instruments that do not approximate the carrying values in the financial statements as of 2020 and 2019 year end are as follows: 2020 2019 (Amounts in millions) Carrying Fair Carrying Fair Finance receivables – net $ 1,666.5 $ 2,024.4 $ 1,633.6 $ 1,920.6 Contract receivables – net 487.2 545.4 460.8 505.5 Long-term debt, notes payable and current maturities of long-term debt 1,450.6 1,678.2 1,149.8 1,238.8

Pension Plans (Tables)

Pension Plans (Tables)	12 Months Ended
Pension Plans (Tables)	Jan. 02, 2021
Retirement Benefits [Abstract]
Summary of Change in Benefit Obligation	The status of Snap-on’s pension plans as of 2020 and 2019 year end is as follows: (Amounts in millions) 2020 2019 Change in projected benefit obligation: Benefit obligation at beginning of year $ 1,565.6 $ 1,386.9 Service cost 27.0 23.5 Interest cost 48.7 56.4 Plan participant contributions 0.4 0.5 Plan amendments 0.1 — Benefits paid (72.1) (73.0) Actuarial loss 122.8 169.5 Foreign currency impact 17.5 1.8 Benefit obligation at end of year $ 1,710.0 $ 1,565.6 The status of Snap-on’s U.S. postretirement health care plans as of 2020 and 2019 year end is as follows: (Amounts in millions) 2020 2019 Change in accumulated postretirement benefit obligation: Benefit obligation at beginning of year $ 49.2 $ 46.8 Interest cost 1.5 1.9 Plan participant contributions 0.2 0.3 Benefits paid (3.6) (4.2) Actuarial loss 3.3 4.4 Benefit obligation at end of year $ 50.6 $ 49.2
Summary of Change in Fair Value of Plan Assets	Change in plan assets: Fair value of plan assets at beginning of year $ 1,455.5 $ 1,215.6 Actual gain on plan assets 227.9 258.7 Employer contributions 10.4 50.8 Plan participant contributions 0.4 0.4 Benefits paid (72.1) (73.0) Foreign currency impact 10.3 3.0 Fair value of plan assets at end of year $ 1,632.4 $ 1,455.5 Unfunded status at end of year $ (77.6) $ (110.1) Change in plan assets: Fair value of plan assets at beginning of year $ 12.8 $ 12.1 Actual return on plan assets 1.4 1.5 Employer contributions 2.5 3.1 Plan participant contributions 0.2 0.3 Benefits paid (3.6) (4.2) Fair value of plan assets at end of year $ 13.3 $ 12.8 Unfunded status at end of year $ (37.3) $ (36.4)
Summary of Amounts Recognized in Consolidated Balance Sheets	Amounts recognized in the Consolidated Balance Sheets as of 2020 and 2019 year end are as follows: (Amounts in millions) 2020 2019 Other assets $ 54.2 $ 17.3 Accrued benefits (4.7) (5.3) Pension liabilities (127.1) (122.1) Net liability $ (77.6) $ (110.1) Amounts recognized in the Consolidated Balance Sheets as of 2020 and 2019 year end are as follows: (Amounts in millions) 2020 2019 Accrued benefits $ (2.8) $ (2.8) Retiree health care benefits (34.5) (33.6) Net liability $ (37.3) $ (36.4)
Schedule of Net Periodic Benefit Costs in AOCI	Amounts included in Accumulated OCI on the accompanying Consolidated Balance Sheets as of 2020 and 2019 year end are as follows: (Amounts in millions) 2020 2019 Net loss, net of tax of $95.4 million and $104.8 million, respectively $ (302.2) $ (333.8) Prior service cost, net of tax of ($0.2) million and ($0.1) million, respectively (0.7) (0.6) Total amount included in Accumulated OCI $ (302.9) $ (334.4) Amounts included in Accumulated OCI on the accompanying Consolidated Balance Sheets as of 2020 and 2019 year end are as follows: (Amounts in millions) 2020 2019 Net gain, net of tax of $0.5 million and $1.1 million, respectively $ 1.3 $ 3.2
Summary of Benefit Obligations in Excess of Fair Value of Plan Assets	The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for Snap-on’s pension plans as of 2020 and 2019 year end are as follows: (Amounts in millions) 2020 2019 Pension plans with accumulated benefit obligations in excess of plan assets: Accumulated benefit obligation $ 266.3 $ 231.0 Fair value of plan assets 152.6 126.5 Pension plans with projected benefit obligations in excess of plans assets: Projected benefit obligation $ 284.4 $ 1,336.9 Fair value of plan assets 152.6 1,209.5
Summary of Components of Net Periodic Benefit Costs and Other Amounts Recognized in Other Comprehensive Income (Loss)	The components of net periodic benefit cost and changes recognized in “Other comprehensive income (loss)” (“OCI”) are as follows: (Amounts in millions) 2020 2019 2018 Net periodic benefit cost: Service cost $ 27.0 $ 23.5 $ 25.1 Interest cost 48.7 56.4 52.8 Expected return on plan assets (94.7) (91.5) (88.6) Amortization of unrecognized loss 34.5 25.2 32.7 Amortization of prior service credit — (0.9) (1.2) Net periodic benefit cost $ 15.5 $ 12.7 $ 20.8 Changes in benefit obligations recognized in OCI, net of tax: Net (gain) loss $ (31.6) $ 31.9 $ 35.2 Prior service cost 0.1 0.4 1.7 Total recognized in OCI $ (31.5) $ 32.3 $ 36.9 The components of net periodic benefit cost and changes recognized in OCI are as follows: (Amounts in millions) 2020 2019 2018 Net periodic benefit cost: Interest cost $ 1.5 $ 1.9 $ 1.8 Expected return on plan assets (0.6) (0.7) (0.8) Amortization of unrecognized gain — (0.8) (0.4) Net periodic benefit cost $ 0.9 $ 0.4 $ 0.6 Changes in benefit obligations recognized in OCI, net of tax: Net (gain) loss $ 1.9 $ 2.4 $ (1.4)
Summary 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: 2020 2019 2018 Discount rate 3.2% 4.2% 3.7% Expected return on plan assets 7.0% 7.1% 7.1% Rate of compensation increase 3.4% 3.4% 3.4% The worldwide weighted-average assumptions used to determine Snap-on’s projected benefit obligation as of 2020 and 2019 year end are as follows: 2020 2019 Discount rate 2.5% 3.2% Rate of compensation increase 3.4% 3.4% 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: 2020 2019 2018 Discount rate 3.1% 4.2% 3.6% The weighted-average discount rate used to determine Snap-on’s accumulated benefit obligation is as follows: 2020 2019 Discount rate 2.3% 3.1%
Summary 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: 2021 $ 81.6 2022 93.3 2023 88.9 2024 91.9 2025 93.9 2025-2029 493.8 The following benefit payments, which reflect expected future service, are expected to be paid as follows: (Amounts in millions) Amount Year: 2021 $ 3.6 2022 3.7 2023 3.7 2024 3.8 2025 3.8 2025-2029 19.0
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 2020 and 2019 year end are as follows: Target 2020 2019 Asset category: Equity securities 54% 54% 51% Debt securities and cash and cash equivalents 41% 41% 40% Real estate and other real assets — — 1% Hedge funds 5% 5% 8% Total 100% 100% 100% Fair value of plan assets (Amounts in millions) $1,401.0 $1,260.5 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 2020 year end: (Amounts in millions) Quoted Significant Investments Total Asset category: Cash and cash equivalents $ 30.3 $ — $ — $ 30.3 Equity securities: Domestic 111.8 — — 111.8 Foreign 62.4 — — 62.4 Commingled funds – domestic — — 312.9 312.9 Commingled funds – foreign — — 248.5 248.5 Private equity partnerships — — 14.7 14.7 Debt securities: Government 161.7 2.9 — 164.6 Corporate bonds — 377.9 — 377.9 Real estate and other real assets — — 4.3 4.3 Hedge funds — — 73.6 73.6 Total $ 366.2 $ 380.8 $ 654.0 $ 1,401.0 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 2019 year end: (Amounts in millions) Quoted Significant Investments Total Asset category: Cash and cash equivalents $ 25.6 $ — $ — $ 25.6 Equity securities: Domestic 95.1 — — 95.1 Foreign 58.4 — — 58.4 Commingled funds – domestic — — 263.6 263.6 Commingled funds – foreign — — 209.4 209.4 Private equity partnerships — — 17.4 17.4 Debt securities: Government 144.0 2.7 — 146.7 Corporate bonds — 327.7 — 327.7 Real estate and other real assets — — 8.8 8.8 Hedge funds — — 107.8 107.8 Total $ 323.1 $ 330.4 $ 607.0 $ 1,260.5 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 2020 and 2019 year end are as follows: Target 2020 2019 Asset category: Equity securities* 46% 46% 46% Debt securities* and cash and cash equivalents 40% 40% 40% Insurance contracts and hedge funds 14% 14% 14% Total 100% 100% 100% Fair value of plan assets (Amounts in millions) $231.4 $195.0 * 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 2020 year end: (Amounts in millions) Quoted Significant Investments Total Asset category: Cash and cash equivalents $ 1.0 $ — $ — $ 1.0 Commingled funds – multi-strategy — — 162.4 162.4 Debt securities: Government 12.0 — — 12.0 Corporate bonds — 23.8 — 23.8 Insurance contracts — 32.2 — 32.2 Total $ 13.0 $ 56.0 $ 162.4 $ 231.4 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 2019 year end: (Amounts in millions) Quoted Significant Investments Total Asset category: Cash and cash equivalents $ 0.9 $ — $ — $ 0.9 Commingled funds – multi-strategy — — 135.5 135.5 Debt securities: Government 10.1 — — 10.1 Corporate bonds — 21.4 — 21.4 Insurance contracts — 27.1 — 27.1 Total $ 11.0 $ 48.5 $ 135.5 $ 195.0 Snap-on’s VEBA plan target allocation and actual weighted-average asset allocation by asset category and fair value of plan assets as of 2020 and 2019 year end are as follows: Target 2020 2019 Asset category: Debt securities and cash and cash equivalents 46% 46% 51% Equity securities 29% 35% 31% Hedge funds 25% 19% 18% Total 100% 100% 100% Fair value of plan assets (Amounts in millions) $13.3 $12.8 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 2020 year end: (Amounts in millions) Quoted Investments Measured at Total Asset category: Cash and cash equivalents $ 0.3 $ — $ 0.3 Debt securities 5.9 — 5.9 Equity securities — 4.6 4.6 Hedge fund — 2.5 2.5 Total $ 6.2 $ 7.1 $ 13.3 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 2019 year end: (Amounts in millions) Quoted Investments Measured at Total Asset category: Cash and cash equivalents $ 0.5 $ — $ 0.5 Debt securities 6.0 — 6.0 Equity securities — 4.0 4.0 Hedge fund — 2.3 2.3 Total $ 6.5 $ 6.3 $ 12.8

Postretirement Plans (Tables)

Postretirement Plans (Tables)	12 Months Ended
Postretirement Plans (Tables)	Jan. 02, 2021
Retirement Benefits [Abstract]
Summary of Change in Benefit Obligation	The status of Snap-on’s pension plans as of 2020 and 2019 year end is as follows: (Amounts in millions) 2020 2019 Change in projected benefit obligation: Benefit obligation at beginning of year $ 1,565.6 $ 1,386.9 Service cost 27.0 23.5 Interest cost 48.7 56.4 Plan participant contributions 0.4 0.5 Plan amendments 0.1 — Benefits paid (72.1) (73.0) Actuarial loss 122.8 169.5 Foreign currency impact 17.5 1.8 Benefit obligation at end of year $ 1,710.0 $ 1,565.6 The status of Snap-on’s U.S. postretirement health care plans as of 2020 and 2019 year end is as follows: (Amounts in millions) 2020 2019 Change in accumulated postretirement benefit obligation: Benefit obligation at beginning of year $ 49.2 $ 46.8 Interest cost 1.5 1.9 Plan participant contributions 0.2 0.3 Benefits paid (3.6) (4.2) Actuarial loss 3.3 4.4 Benefit obligation at end of year $ 50.6 $ 49.2
Summary of Change in Fair Value of Plan Assets	Change in plan assets: Fair value of plan assets at beginning of year $ 1,455.5 $ 1,215.6 Actual gain on plan assets 227.9 258.7 Employer contributions 10.4 50.8 Plan participant contributions 0.4 0.4 Benefits paid (72.1) (73.0) Foreign currency impact 10.3 3.0 Fair value of plan assets at end of year $ 1,632.4 $ 1,455.5 Unfunded status at end of year $ (77.6) $ (110.1) Change in plan assets: Fair value of plan assets at beginning of year $ 12.8 $ 12.1 Actual return on plan assets 1.4 1.5 Employer contributions 2.5 3.1 Plan participant contributions 0.2 0.3 Benefits paid (3.6) (4.2) Fair value of plan assets at end of year $ 13.3 $ 12.8 Unfunded status at end of year $ (37.3) $ (36.4)
Summary of Amounts Recognized in Consolidated Balance Sheets	Amounts recognized in the Consolidated Balance Sheets as of 2020 and 2019 year end are as follows: (Amounts in millions) 2020 2019 Other assets $ 54.2 $ 17.3 Accrued benefits (4.7) (5.3) Pension liabilities (127.1) (122.1) Net liability $ (77.6) $ (110.1) Amounts recognized in the Consolidated Balance Sheets as of 2020 and 2019 year end are as follows: (Amounts in millions) 2020 2019 Accrued benefits $ (2.8) $ (2.8) Retiree health care benefits (34.5) (33.6) Net liability $ (37.3) $ (36.4)
Schedule of Net Periodic Benefit Costs in AOCI	Amounts included in Accumulated OCI on the accompanying Consolidated Balance Sheets as of 2020 and 2019 year end are as follows: (Amounts in millions) 2020 2019 Net loss, net of tax of $95.4 million and $104.8 million, respectively $ (302.2) $ (333.8) Prior service cost, net of tax of ($0.2) million and ($0.1) million, respectively (0.7) (0.6) Total amount included in Accumulated OCI $ (302.9) $ (334.4) Amounts included in Accumulated OCI on the accompanying Consolidated Balance Sheets as of 2020 and 2019 year end are as follows: (Amounts in millions) 2020 2019 Net gain, net of tax of $0.5 million and $1.1 million, respectively $ 1.3 $ 3.2
Summary of Components of Net Periodic Benefit Costs and Other Amounts Recognized in Other Comprehensive Income (Loss)	The components of net periodic benefit cost and changes recognized in “Other comprehensive income (loss)” (“OCI”) are as follows: (Amounts in millions) 2020 2019 2018 Net periodic benefit cost: Service cost $ 27.0 $ 23.5 $ 25.1 Interest cost 48.7 56.4 52.8 Expected return on plan assets (94.7) (91.5) (88.6) Amortization of unrecognized loss 34.5 25.2 32.7 Amortization of prior service credit — (0.9) (1.2) Net periodic benefit cost $ 15.5 $ 12.7 $ 20.8 Changes in benefit obligations recognized in OCI, net of tax: Net (gain) loss $ (31.6) $ 31.9 $ 35.2 Prior service cost 0.1 0.4 1.7 Total recognized in OCI $ (31.5) $ 32.3 $ 36.9 The components of net periodic benefit cost and changes recognized in OCI are as follows: (Amounts in millions) 2020 2019 2018 Net periodic benefit cost: Interest cost $ 1.5 $ 1.9 $ 1.8 Expected return on plan assets (0.6) (0.7) (0.8) Amortization of unrecognized gain — (0.8) (0.4) Net periodic benefit cost $ 0.9 $ 0.4 $ 0.6 Changes in benefit obligations recognized in OCI, net of tax: Net (gain) loss $ 1.9 $ 2.4 $ (1.4)
Summary 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: 2020 2019 2018 Discount rate 3.2% 4.2% 3.7% Expected return on plan assets 7.0% 7.1% 7.1% Rate of compensation increase 3.4% 3.4% 3.4% The worldwide weighted-average assumptions used to determine Snap-on’s projected benefit obligation as of 2020 and 2019 year end are as follows: 2020 2019 Discount rate 2.5% 3.2% Rate of compensation increase 3.4% 3.4% 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: 2020 2019 2018 Discount rate 3.1% 4.2% 3.6% The weighted-average discount rate used to determine Snap-on’s accumulated benefit obligation is as follows: 2020 2019 Discount rate 2.3% 3.1%
Summary 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: 2021 $ 81.6 2022 93.3 2023 88.9 2024 91.9 2025 93.9 2025-2029 493.8 The following benefit payments, which reflect expected future service, are expected to be paid as follows: (Amounts in millions) Amount Year: 2021 $ 3.6 2022 3.7 2023 3.7 2024 3.8 2025 3.8 2025-2029 19.0
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 2020 and 2019 year end are as follows: Target 2020 2019 Asset category: Equity securities 54% 54% 51% Debt securities and cash and cash equivalents 41% 41% 40% Real estate and other real assets — — 1% Hedge funds 5% 5% 8% Total 100% 100% 100% Fair value of plan assets (Amounts in millions) $1,401.0 $1,260.5 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 2020 year end: (Amounts in millions) Quoted Significant Investments Total Asset category: Cash and cash equivalents $ 30.3 $ — $ — $ 30.3 Equity securities: Domestic 111.8 — — 111.8 Foreign 62.4 — — 62.4 Commingled funds – domestic — — 312.9 312.9 Commingled funds – foreign — — 248.5 248.5 Private equity partnerships — — 14.7 14.7 Debt securities: Government 161.7 2.9 — 164.6 Corporate bonds — 377.9 — 377.9 Real estate and other real assets — — 4.3 4.3 Hedge funds — — 73.6 73.6 Total $ 366.2 $ 380.8 $ 654.0 $ 1,401.0 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 2019 year end: (Amounts in millions) Quoted Significant Investments Total Asset category: Cash and cash equivalents $ 25.6 $ — $ — $ 25.6 Equity securities: Domestic 95.1 — — 95.1 Foreign 58.4 — — 58.4 Commingled funds – domestic — — 263.6 263.6 Commingled funds – foreign — — 209.4 209.4 Private equity partnerships — — 17.4 17.4 Debt securities: Government 144.0 2.7 — 146.7 Corporate bonds — 327.7 — 327.7 Real estate and other real assets — — 8.8 8.8 Hedge funds — — 107.8 107.8 Total $ 323.1 $ 330.4 $ 607.0 $ 1,260.5 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 2020 and 2019 year end are as follows: Target 2020 2019 Asset category: Equity securities* 46% 46% 46% Debt securities* and cash and cash equivalents 40% 40% 40% Insurance contracts and hedge funds 14% 14% 14% Total 100% 100% 100% Fair value of plan assets (Amounts in millions) $231.4 $195.0 * 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 2020 year end: (Amounts in millions) Quoted Significant Investments Total Asset category: Cash and cash equivalents $ 1.0 $ — $ — $ 1.0 Commingled funds – multi-strategy — — 162.4 162.4 Debt securities: Government 12.0 — — 12.0 Corporate bonds — 23.8 — 23.8 Insurance contracts — 32.2 — 32.2 Total $ 13.0 $ 56.0 $ 162.4 $ 231.4 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 2019 year end: (Amounts in millions) Quoted Significant Investments Total Asset category: Cash and cash equivalents $ 0.9 $ — $ — $ 0.9 Commingled funds – multi-strategy — — 135.5 135.5 Debt securities: Government 10.1 — — 10.1 Corporate bonds — 21.4 — 21.4 Insurance contracts — 27.1 — 27.1 Total $ 11.0 $ 48.5 $ 135.5 $ 195.0 Snap-on’s VEBA plan target allocation and actual weighted-average asset allocation by asset category and fair value of plan assets as of 2020 and 2019 year end are as follows: Target 2020 2019 Asset category: Debt securities and cash and cash equivalents 46% 46% 51% Equity securities 29% 35% 31% Hedge funds 25% 19% 18% Total 100% 100% 100% Fair value of plan assets (Amounts in millions) $13.3 $12.8 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 2020 year end: (Amounts in millions) Quoted Investments Measured at Total Asset category: Cash and cash equivalents $ 0.3 $ — $ 0.3 Debt securities 5.9 — 5.9 Equity securities — 4.6 4.6 Hedge fund — 2.5 2.5 Total $ 6.2 $ 7.1 $ 13.3 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 2019 year end: (Amounts in millions) Quoted Investments Measured at Total Asset category: Cash and cash equivalents $ 0.5 $ — $ 0.5 Debt securities 6.0 — 6.0 Equity securities — 4.0 4.0 Hedge fund — 2.3 2.3 Total $ 6.5 $ 6.3 $ 12.8

Stock-based Compensation and _2

Stock-based Compensation and Other Stock Plans (Tables)	12 Months Ended
Stock-based Compensation and Other Stock Plans (Tables)	Jan. 02, 2021
Share-based Payment Arrangement [Abstract]
Summary of Weighted-Average Assumptions of Fair Value Granted Using Black-Scholes Valuation Model, Stock Options	The following weighted-average assumptions were used in calculating the fair value of stock options granted during 2020, 2019 and 2018, using the Black-Scholes valuation model: 2020 2019 2018 Expected term of option (in years) 5.53 5.53 5.35 Expected volatility factor 21.67% 21.30% 20.08% Expected dividend yield 2.78% 1.79% 1.68% Risk-free interest rate 1.50% 2.54% 2.71%
Summary of Stock Option Activity	A summary of stock option activity during 2020 is presented below: Shares (in thousands) Exercise Remaining Contractual Term* (in years) Aggregate Intrinsic Value (in millions) Outstanding at beginning of year 3,114 $ 135.60 Granted 459 155.34 Exercised (434) 106.04 Forfeited or expired (19) 159.78 Outstanding at end of year 3,120 142.47 5.9 $ 89.5 Exercisable at end of year 2,217 136.76 4.9 76.2 * Weighted-average
Summary of Changes in Non-Vested Performance Awards	Changes to the company’s non-vested performance awards in 2020 are as follows: Shares (in thousands) Fair Value Non-vested performance awards at beginning of year 98 $ 158.94 Granted 82 155.34 Vested (30) 161.18 Cancellations and other (74) 157.49 Non-vested performance awards at end of year 76 155.61 * Weighted-average
Summary of Weighted-Average Assumptions of Fair Value Granted Using Black-Scholes Valuation Model, SAR's	The following weighted-average assumptions were used in calculating the fair value of stock-settled SARs granted during 2020, 2019 and 2018, using the Black-Scholes valuation model: 2020 2019 2018 Expected term of stock-settled SARs (in years) 3.75 3.65 3.58 Expected volatility factor 22.50% 22.60% 20.08% Expected dividend yield 2.78% 1.81% 1.63% Risk-free interest rate 1.42% 2.48% 2.40% The following weighted-average assumptions were used in calculating the fair value of cash-settled SARs granted during 2020, 2019 and 2018, using the Black-Scholes valuation model: 2020 2019 2018 Expected term of cash-settled SARs (in years) 3.00 2.87 2.76 Expected volatility factor 34.58% 23.33% 21.96% Expected dividend yield 2.87% 2.02% 1.75% Risk-free interest rate 0.17% 1.60% 2.50%
Summary of Changes in SARs	Changes to the company’s stock-settled SARs in 2020 are as follows: Stock-settled SARs (in thousands) Exercise Remaining Contractual Term* (in years) Aggregate Intrinsic Value (in millions) Outstanding at beginning of year 450 $ 149.18 Granted 92 155.34 Exercised (7) 112.50 Forfeited or expired (33) 138.12 Outstanding at end of year 502 151.59 6.6 $ 9.8 Exercisable at end of year 325 148.93 5.6 7.2 * Weighted-average Cash-settled SARs (in thousands) Fair Value Non-vested cash-settled SARs at beginning of year 2 $ 25.96 Granted 1 37.99 Vested (1) 34.02 Non-vested cash-settled SARs at end of year 2 36.99 * Weighted-average

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
Commitments and Contingencies (Tables)	Jan. 02, 2021
Commitments and Contingencies Disclosure [Abstract]
Summary of Product Warranty Accrual Activity	Snap-on’s product warranty accrual activity for 2020, 2019 and 2018 is as follows: (Amounts in millions) 2020 2019 2018 Warranty accrual: Beginning of year $ 17.3 $ 17.1 $ 17.2 Additions 13.9 16.0 14.9 Usage (13.6) (15.8) (15.0) End of year $ 17.6 $ 17.3 $ 17.1

Leases (Tables)

Leases (Tables)	12 Months Ended
Leases (Tables)	Jan. 02, 2021
Leases [Abstract]
Schedule of Lease Cost	Total lease costs for 2020 and 2019 consist of the following: (Amounts in millions) 2020 2019 Finance lease costs: Amortization of ROU assets $ 1.7 $ 1.5 Interest on lease liabilities 0.4 0.5 Operating lease costs* 24.6 25.1 Total lease costs $ 26.7 $ 27.1 * Includes short-term leases, variable lease costs and sublease income, which are immaterial. Supplemental cash flow information related to leases in 2020 and 2019 is as follows: (Amounts in millions) 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Financing cash flows from finance leases $ 3.4 $ 2.8 Operating cash flows from finance leases 0.4 0.5 Operating cash flows from operating leases 23.1 23.5 ROU assets obtained in exchange for new lease obligations: Finance lease liabilities $ 0.4 $ 1.4 Operating lease liabilities 15.2 12.5
Schedule of Lease Supplemental Balance Sheet Information and Weighted-Average Lease Terms and Discount Rates	Supplemental balance sheet information related to leases in 2020 and 2019 is as follows: (Amounts in millions) 2020 2019 Finance leases: Property and equipment - gross $ 24.3 $ 9.2 Accumulated depreciation and amortization (17.5) (1.5) Property and equipment - net $ 6.8 $ 7.7 Other accrued liabilities $ 2.7 $ 2.8 Other long-term liabilities 7.4 10.0 Total finance lease liabilities $ 10.1 $ 12.8 Operating leases: Operating lease right-of-use assets $ 51.9 $ 55.6 Other accrued liabilities $ 19.3 $ 19.5 Operating lease liabilities 34.0 37.5 Total operating lease liabilities $ 53.3 $ 57.0 Weighted-average lease terms and discount rates in 2020 and 2019 are as follows: 2020 2019 Weighted-average remaining lease terms: Finance leases 3.7 years 4.5 years Operating leases 3.3 years 3.7 years Weighted-average discount rates: Finance leases 3.4% 3.4% Operating leases 2.6% 2.8%
Schedule of Operating Lease Liability Maturities	Maturities of lease liabilities as of January 2, 2021 are as follows: (Amounts in millions) Operating Leases Finance Leases Year: 2021 $ 20.3 $ 3.0 2022 15.6 2.8 2023 9.7 2.6 2024 5.8 2.1 2025 3.1 0.3 2026 and thereafter 1.2 — Total lease payments 55.7 10.8 Less: amount representing interest (2.4) (0.7) Total lease liabilities $ 53.3 $ 10.1
Schedule of Finance Lease Liability Maturities	Maturities of lease liabilities as of January 2, 2021 are as follows: (Amounts in millions) Operating Leases Finance Leases Year: 2021 $ 20.3 $ 3.0 2022 15.6 2.8 2023 9.7 2.6 2024 5.8 2.1 2025 3.1 0.3 2026 and thereafter 1.2 — Total lease payments 55.7 10.8 Less: amount representing interest (2.4) (0.7) Total lease liabilities $ 53.3 $ 10.1
Schedule of Sales-type Lease Receivables Maturities	Future minimum lease payments as of January 2, 2021 are as follows: (Amounts in millions) Lease Receivables Year: 2021 $ 98.5 2022 77.3 2023 59.5 2024 44.2 2025 28.4 2026 and thereafter 20.6 Total lease payments 328.5 Less: unearned finance charges (55.3) Net investment in leases $ 273.2

Other Income (Expense) - Net (T

Other Income (Expense) - Net (Tables)	12 Months Ended
Other Income (Expense) - Net (Tables)	Jan. 02, 2021
Other Income and Expenses [Abstract]
Computation of Other Income (Expense) - Net	“Other income (expense) – net” on the accompanying Consolidated Statements of Earnings consists of the following: (Amounts in millions) 2020 2019 2018 Interest income $ 1.7 $ 1.5 $ 0.6 Net foreign exchange loss (3.9) (3.6) (3.9) Net periodic pension and postretirement benefits - non-service 10.6 10.4 3.7 Settlement of treasury lock — — 13.3 Loss on early extinguishment of debt — — (7.8) Other 0.3 0.5 (1.7) Total other income (expense) – net $ 8.7 $ 8.8 $ 4.2

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	12 Months Ended
Accumulated Other Comprehensive Income (Loss) (Tables)	Jan. 02, 2021
Equity [Abstract]
Net Changes in Accumulated OCI by Component, Net of Tax	The following is a summary of net changes in Accumulated OCI by component and net of tax for 2020 and 2019: (Amounts in millions) Foreign Cash Flow Hedges Defined Total Balance as of 2018 year end $ (177.9) $ 12.2 $ (296.5) $ (462.2) Impact of the Tax Act on Accumulated Other Comprehensive Income (ASU No. 2018-02) — — (45.9) (45.9) Balance at beginning of 2019 (177.9) 12.2 (342.4) (508.1) Other comprehensive loss before reclassifications (9.5) — (6.5) (16.0) Amounts reclassified from Accumulated OCI — (1.5) 17.7 16.2 Net other comprehensive income (loss) (9.5) (1.5) 11.2 0.2 Balance as of 2019 year end $ (187.4) $ 10.7 $ (331.2) $ (507.9) Other comprehensive income before reclassifications 112.7 1.4 3.5 117.6 Amounts reclassified from Accumulated OCI — (1.6) 26.1 24.5 Net other comprehensive income (loss) 112.7 (0.2) 29.6 142.1 Balance as of 2020 year end $ (74.7) $ 10.5 $ (301.6) $ (365.8)
Reclassifications Out of Accumulated OCI	The reclassifications out of Accumulated OCI in 2020 and 2019 are as follows: Amounts Reclassified from Statement of Earnings (Amounts in millions) 2020 2019 Gains on cash flow hedges: Treasury locks $ 1.6 $ 1.5 Interest expense Income tax expense — — Income tax expense Net of tax 1.6 1.5 Amortization of net unrecognized losses and prior service credits (34.5) (23.5) See footnote below* Income tax benefit 8.4 5.8 Income tax expense Net of tax (26.1) (17.7) Total reclassifications for the period, net of tax $ (24.5) $ (16.2) * These Accumulated OCI components are included in the computation of net periodic pension and postretirement health care costs; see Note 12 and Note 13 for further information.

Segments (Tables)

Segments (Tables)	12 Months Ended
Segments (Tables)	Jan. 02, 2021
Segment Reporting [Abstract]
Net Sales by Segment	(Amounts in millions) 2020 2019 2018 Net sales: Commercial & Industrial Group $ 1,234.6 $ 1,345.7 $ 1,343.3 Snap-on Tools Group 1,643.9 1,612.9 1,613.8 Repair Systems & Information Group 1,238.2 1,334.5 1,334.4 Segment net sales 4,116.7 4,293.1 4,291.5 Intersegment eliminations (524.2) (563.1) (550.8) Total net sales 3,592.5 3,730.0 3,740.7 Financial Services revenue 349.7 337.7 329.7 Total revenues $ 3,942.2 $ 4,067.7 $ 4,070.4 Operating earnings: Commercial & Industrial Group $ 153.7 $ 188.7 $ 199.3 Snap-on Tools Group 267.7 245.8 264.2 Repair Systems & Information Group 298.0 342.7 342.6 Financial Services 248.6 245.9 230.1 Segment operating earnings 968.0 1,023.1 1,036.2 Corporate (87.5) (60.8) (80.1) Operating earnings 880.5 962.3 956.1 Interest expense (54.0) (49.0) (50.4) Other income (expense) – net 8.7 8.8 4.2 Earnings before income taxes and equity earnings $ 835.2 $ 922.1 $ 909.9
Assets by Segment	(Amounts in millions) 2020 2019 Assets: Commercial & Industrial Group $ 1,210.4 $ 1,138.8 Snap-on Tools Group 775.3 827.4 Repair Systems & Information Group 1,399.7 1,381.9 Financial Services 2,170.3 2,104.0 Total assets from reportable segments 5,555.7 5,452.1 Corporate 1,063.2 303.1 Elimination of intersegment receivables (61.6) (61.7) Total assets $ 6,557.3 $ 5,693.5
Capital Expenditures, Depreciation and Amortization	(Amounts in millions) 2020 2019 2018 Capital expenditures: Commercial & Industrial Group $ 20.3 $ 30.1 $ 21.5 Snap-on Tools Group 24.2 42.7 46.0 Repair Systems & Information Group 14.7 22.7 19.7 Financial Services 0.8 0.8 0.5 Total from reportable segments 60.0 96.3 87.7 Corporate 5.6 3.1 3.2 Total capital expenditures $ 65.6 $ 99.4 $ 90.9 Depreciation and amortization: Commercial & Industrial Group $ 25.1 $ 23.5 $ 23.6 Snap-on Tools Group 32.7 31.7 29.9 Repair Systems & Information Group 34.6 33.0 36.7 Financial Services 0.7 0.7 0.8 Total from reportable segments 93.1 88.9 91.0 Corporate 3.6 3.5 3.1 Total depreciation and amortization $ 96.7 $ 92.4 $ 94.1
Revenue and Long-Lived Assets, Geographic Regions	(Amounts in millions) 2020 2019 2018 Revenues by geographic region:* United States $ 2,772.3 $ 2,794.0 $ 2,727.9 Europe 677.5 730.3 784.7 All other 492.4 543.4 557.8 Total revenues $ 3,942.2 $ 4,067.7 $ 4,070.4 (Amounts in millions) 2020 2019 Long-lived assets:** United States $ 1,150.2 $ 1,112.3 Sweden 248.4 218.7 All other 370.8 348.2 Total long-lived assets $ 1,769.4 $ 1,679.2 * Revenues are attributed to countries based on origin of the sale. ** Long-lived assets consist of Property and equipment - net, Goodwill, and Other intangibles - net.
Products and Services	The following table shows the consolidated net sales and revenues of these product groups in the last three years: (Amounts in millions) 2020 2019 2018 Net sales: Tools $ 1,984.7 $ 2,017.5 $ 2,021.2 Diagnostics, information and management systems 783.8 827.5 797.9 Equipment 824.0 885.0 921.6 Total net sales 3,592.5 3,730.0 3,740.7 Financial services revenue 349.7 337.7 329.7 Total revenues $ 3,942.2 $ 4,067.7 $ 4,070.4

Quarterly Data (unaudited) (Tab

Quarterly Data (unaudited) (Tables)	12 Months Ended
Quarterly Data (unaudited) (Tables)	Jan. 02, 2021
Quarterly Financial Information Disclosure [Abstract]
Schedule of Quarterly Financial Information	(Amounts in millions, except per share data) First Second Third Quarter Fourth Total 2020 Net sales $ 852.2 $ 724.3 $ 941.6 $ 1,074.4 $ 3,592.5 Gross profit 421.6 341.2 469.5 516.2 1,748.5 Financial services revenue 85.9 84.6 85.8 93.4 349.7 Financial services expenses (29.0) (27.0) (20.2) (24.9) (101.1) Net earnings 142.0 105.9 184.7 213.8 646.4 Net earnings attributable to Snap-on Incorporated 137.2 101.2 179.7 208.9 627.0 Earnings per share – basic 2.52 1.86 3.31 3.85 11.55 Earnings per share – diluted 2.49 1.85 3.28 3.82 11.44 Cash dividends paid per share 1.08 1.08 1.08 1.23 4.47 First Second Third Quarter Fourth Total 2019 Net sales $ 921.7 $ 951.3 $ 901.8 $ 955.2 $ 3,730.0 Gross profit 471.6 473.8 448.1 450.5 1,844.0 Financial services revenue 85.6 84.1 84.1 83.9 337.7 Financial services expenses (23.5) (23.5) (23.1) (21.7) (91.8) Net earnings 182.1 184.9 169.2 175.0 711.2 Net earnings attributable to Snap-on Incorporated 177.9 180.4 164.6 170.6 693.5 Earnings per share – basic 3.21 3.27 2.99 3.12 12.59 Earnings per share – diluted 3.16 3.22 2.96 3.08 12.41 Cash dividends paid per share 0.95 0.95 0.95 1.08 3.93

Summary of Accounting Policie_3

Summary of Accounting Policies - Narrative (Detail) - USD ($)	12 Months Ended
	Jan. 02, 2021	Dec. 28, 2019	Dec. 29, 2018
Summary Of Accounting Policies [Line Items]
Research and engineering costs	$ 57,400,000	$ 59,100,000	$ 61,200,000
Capitalized software development costs	12,000,000	12,600,000	9,700,000
Amortization of capitalized software development costs	10,500,000	10,100,000	13,400,000
Unamortized capitalized software development costs	44,200,000	42,600,000
Shipping and handling charges related to manufacturing activities	53,700,000	56,500,000	53,700,000
Advertising and promotion expenses	38,000,000	47,700,000	55,600,000
Foreign exchange loss	$ 3,900,000	$ 3,600,000	$ 3,900,000
Number of anti-dilutive awards outstanding (in shares)	2,207,411	1,215,695	685,533
Dilutive shares (in shares)	473,196	748,395	986,984
Cash and cash equivalents		$ 0
Days, past due, customer bankruptcies charged-off for finance and contract receivables	180 days
Unconsolidated Affiliates
Summary Of Accounting Policies [Line Items]
Investments in unconsolidated affiliates	$ 21,000,000	18,800,000
Purchases from unconsolidated affiliates	9,300,000	10,400,000	$ 11,200,000
Sales to unconsolidated affiliates	$ 500,000	600,000	800,000
Finance Receivables
Summary Of Accounting Policies [Line Items]
Days past due, finance receivables assessed for charge-off	120 days
Days past due, receivables charged-off	60 days
Contract Receivables Related To Equipment Leases
Summary Of Accounting Policies [Line Items]
Days past due, receivables charged-off	150 days
Contract Receivables Related To Franchise Finance
Summary Of Accounting Policies [Line Items]
Days past due, receivables charged-off	180 days
Shipping and Handling
Summary Of Accounting Policies [Line Items]
Shipping and handling charges	$ 94,200,000	$ 88,700,000	$ 84,300,000

Summary of Accounting Policie_4

Summary of Accounting Policies - Other Accrued Liabilities (Detail) - USD ($) $ in Millions	Jan. 02, 2021	Dec. 28, 2019
Accounting Policies [Abstract]
Income taxes	$ 32.8	$ 23.9
Accrued warranty	17.6	17.3
Operating lease liability	19.3	19.5
Deferred subscription revenue	53.6	55.1
Accrued new tool return	56.3	50.9
Accrued property, payroll and other taxes	62.8	38.6
Accrued selling and promotion expense	33.2	28.3
Accrued restructuring expense	10	0
Other	159.9	137.2
Total other accrued liabilities	$ 445.5	$ 370.8
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilitiesCurrent	us-gaap:OtherLiabilitiesCurrent

Revenue Recognition - Revenue D

Revenue Recognition - Revenue Disaggregation (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Jan. 02, 2021	Sep. 26, 2020	Jun. 27, 2020	Mar. 28, 2020	Dec. 28, 2019	Sep. 28, 2019	Jun. 29, 2019	Mar. 30, 2019	Jan. 02, 2021	Dec. 28, 2019	Dec. 29, 2018
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers									$ 3,569.3	$ 3,708.3
Net sales									3,942.2	4,067.7	$ 4,070.4
Europe
Disaggregation of Revenue [Line Items]
Net sales									677.5	730.3	784.7
Commercial & Industrial Group
Disaggregation of Revenue [Line Items]
Net sales									1,234.6	1,345.7
Snap-on Tools Group
Disaggregation of Revenue [Line Items]
Net sales									1,643.9	1,612.9
Repair Systems & Information Group
Disaggregation of Revenue [Line Items]
Net sales									1,238.2	1,334.5
Financial Services
Disaggregation of Revenue [Line Items]
Net sales									349.7	337.7
Intersegment eliminations
Disaggregation of Revenue [Line Items]
Net sales									(524.2)	(563.1)
Product and Service, Other
Disaggregation of Revenue [Line Items]
Net sales									23.2	21.7
Product And Services, Excluding Financial Services
Disaggregation of Revenue [Line Items]
Net sales	$ 1,074.4	$ 941.6	$ 724.3	$ 852.2	$ 955.2	$ 901.8	$ 951.3	$ 921.7	3,592.5	3,730	3,740.7
Product And Services, Excluding Financial Services \| Vehicle service professionals
Disaggregation of Revenue [Line Items]
Net sales									2,728.3	2,777.3
Product And Services, Excluding Financial Services \| All other professionals
Disaggregation of Revenue [Line Items]
Net sales									864.2	952.7
Product And Services, Excluding Financial Services \| North America
Disaggregation of Revenue [Line Items]
Net sales									2,595.8	2,654.6
Product And Services, Excluding Financial Services \| Europe
Disaggregation of Revenue [Line Items]
Net sales									616.8	664.9
Product And Services, Excluding Financial Services \| All other
Disaggregation of Revenue [Line Items]
Net sales									379.9	410.5
Product And Services, Excluding Financial Services \| Commercial & Industrial Group
Disaggregation of Revenue [Line Items]
Net sales									951.4	1,038.2
Product And Services, Excluding Financial Services \| Commercial & Industrial Group \| Vehicle service professionals
Disaggregation of Revenue [Line Items]
Net sales									87.2	85.5
Product And Services, Excluding Financial Services \| Commercial & Industrial Group \| All other professionals
Disaggregation of Revenue [Line Items]
Net sales									864.2	952.7
Product And Services, Excluding Financial Services \| Commercial & Industrial Group \| North America
Disaggregation of Revenue [Line Items]
Net sales									432.3	482.1
Product And Services, Excluding Financial Services \| Commercial & Industrial Group \| Europe
Disaggregation of Revenue [Line Items]
Net sales									276.2	291.7
Product And Services, Excluding Financial Services \| Commercial & Industrial Group \| All other
Disaggregation of Revenue [Line Items]
Net sales									242.9	264.4
Product And Services, Excluding Financial Services \| Snap-on Tools Group
Disaggregation of Revenue [Line Items]
Net sales									1,643.9	1,612.9
Product And Services, Excluding Financial Services \| Snap-on Tools Group \| Vehicle service professionals
Disaggregation of Revenue [Line Items]
Net sales									1,643.9	1,612.9
Product And Services, Excluding Financial Services \| Snap-on Tools Group \| All other professionals
Disaggregation of Revenue [Line Items]
Net sales									0	0
Product And Services, Excluding Financial Services \| Snap-on Tools Group \| North America
Disaggregation of Revenue [Line Items]
Net sales									1,442.8	1,406.1
Product And Services, Excluding Financial Services \| Snap-on Tools Group \| Europe
Disaggregation of Revenue [Line Items]
Net sales									125.7	131.9
Product And Services, Excluding Financial Services \| Snap-on Tools Group \| All other
Disaggregation of Revenue [Line Items]
Net sales									75.4	74.9
Product And Services, Excluding Financial Services \| Repair Systems & Information Group
Disaggregation of Revenue [Line Items]
Net sales									997.2	1,078.9
Product And Services, Excluding Financial Services \| Repair Systems & Information Group \| Vehicle service professionals
Disaggregation of Revenue [Line Items]
Net sales									997.2	1,078.9
Product And Services, Excluding Financial Services \| Repair Systems & Information Group \| All other professionals
Disaggregation of Revenue [Line Items]
Net sales									0	0
Product And Services, Excluding Financial Services \| Repair Systems & Information Group \| North America
Disaggregation of Revenue [Line Items]
Net sales									720.7	766.4
Product And Services, Excluding Financial Services \| Repair Systems & Information Group \| Europe
Disaggregation of Revenue [Line Items]
Net sales									214.9	241.3
Product And Services, Excluding Financial Services \| Repair Systems & Information Group \| All other
Disaggregation of Revenue [Line Items]
Net sales									61.6	71.2
Product And Services, Excluding Financial Services \| Financial Services
Disaggregation of Revenue [Line Items]
Net sales									0	0
Product And Services, Excluding Financial Services \| Financial Services \| Vehicle service professionals
Disaggregation of Revenue [Line Items]
Net sales									0	0
Product And Services, Excluding Financial Services \| Financial Services \| All other professionals
Disaggregation of Revenue [Line Items]
Net sales									0	0
Product And Services, Excluding Financial Services \| Financial Services \| North America
Disaggregation of Revenue [Line Items]
Net sales									0	0
Product And Services, Excluding Financial Services \| Financial Services \| Europe
Disaggregation of Revenue [Line Items]
Net sales									0	0
Product And Services, Excluding Financial Services \| Financial Services \| All other
Disaggregation of Revenue [Line Items]
Net sales									0	0
Product And Services, Excluding Financial Services \| Intersegment eliminations
Disaggregation of Revenue [Line Items]
Net sales									(524.2)	(563.1)	(550.8)
Product And Services, Excluding Financial Services \| Intersegment eliminations \| Commercial & Industrial Group
Disaggregation of Revenue [Line Items]
Net sales									283.2	307.5
Product And Services, Excluding Financial Services \| Intersegment eliminations \| Snap-on Tools Group
Disaggregation of Revenue [Line Items]
Net sales									0	0
Product And Services, Excluding Financial Services \| Intersegment eliminations \| Repair Systems & Information Group
Disaggregation of Revenue [Line Items]
Net sales									241	255.6
Product And Services, Excluding Financial Services \| Intersegment eliminations \| Financial Services
Disaggregation of Revenue [Line Items]
Net sales									0	0
Product And Services, Excluding Financial Services \| Operating Segments
Disaggregation of Revenue [Line Items]
Net sales									4,116.7	4,293.1	4,291.5
Product And Services, Excluding Financial Services \| Operating Segments \| Commercial & Industrial Group
Disaggregation of Revenue [Line Items]
Net sales									1,234.6	1,345.7	1,343.3
Product And Services, Excluding Financial Services \| Operating Segments \| Snap-on Tools Group
Disaggregation of Revenue [Line Items]
Net sales									1,643.9	1,612.9	1,613.8
Product And Services, Excluding Financial Services \| Operating Segments \| Repair Systems & Information Group
Disaggregation of Revenue [Line Items]
Net sales									1,238.2	1,334.5	1,334.4
Product And Services, Excluding Financial Services \| Operating Segments \| Financial Services
Disaggregation of Revenue [Line Items]
Net sales									0	0
Financial Service
Disaggregation of Revenue [Line Items]
Net sales	$ 93.4	$ 85.8	$ 84.6	$ 85.9	$ 83.9	$ 84.1	$ 84.1	$ 85.6	349.7	337.7	$ 329.7
Financial Service \| Commercial & Industrial Group
Disaggregation of Revenue [Line Items]
Net sales									0	0
Financial Service \| Snap-on Tools Group
Disaggregation of Revenue [Line Items]
Net sales									0	0
Financial Service \| Repair Systems & Information Group
Disaggregation of Revenue [Line Items]
Net sales									0	0
Financial Service \| Financial Services
Disaggregation of Revenue [Line Items]
Net sales									$ 349.7	$ 337.7

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 02, 2021	Dec. 28, 2019	Dec. 29, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue, performance obligation, description of timing	The remaining duration of these unsatisfied performance obligations generally range from one month up to 60 months.
Contract with customer, liability	$ 61	$ 65.1
Contract with customer, liability, revenue recognized	$ 53.5
Software Subscriptions, Extended Warranties and Other Subscription Agreements
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue, performance obligation, description of timing	For performance obligations related to software subscriptions, extended warranties and other subscription agreements, Snap-on transfers control and recognizes revenue over time on a ratable basis using a time-based output method. The performance obligations are typically satisfied as services are rendered on a straight-line basis over the contract term, which is generally for 12 months but can be for a term up to 60 months.
Franchise Fee Revenue
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue from contract with customer	$ 16.2	$ 15.4	$ 16.2
Ship-and-Bill Type Contracts
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue, performance obligation, description of timing	For ship-and-bill type contracts with customers, the contract states the final terms of the sale, including the description, quantity, and price of each product or service purchased. Payment terms are typically due upon delivery or up to 30 days after delivery but can range up to 120 days after delivery.
Subscription Contracts
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue, performance obligation, description of timing	For subscription contracts, payment terms are in advance or in arrears of services on a monthly, quarterly or annual basis over the contract term, which is generally for 12 months but can be for a term up to 60 months depending on the product or service.
Transferred at Point in Time \| Sales Revenue Net \| Product Concentration Risk
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Concentration risk, percentage	90.00%

Revenue Recognition - Remaining

Revenue Recognition - Remaining Performance Obligation Percentage (Details) $ in Millions	12 Months Ended
	Jan. 02, 2021USD ($)
Revenue from Contract with Customer [Abstract]
Contractual obligation	$ 217
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, performance obligation, description of timing	The remaining duration of these unsatisfied performance obligations generally range from one month up to 60 months.
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-03
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, percentage of revenue recognized	70.00%
Revenue, remaining performance obligation, expected timing of satisfaction, period	2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, percentage of revenue recognized	25.00%
Revenue, remaining performance obligation, expected timing of satisfaction, period	2 years

Acquisitions - Narrative (Detai

Acquisitions - Narrative (Detail) - USD ($) $ in Millions	Sep. 28, 2020	Jan. 31, 2020	Aug. 07, 2019	Apr. 02, 2019	Jan. 25, 2019	Jan. 31, 2018	Jan. 02, 2021	Dec. 28, 2019	Dec. 29, 2018
Business Acquisition [Line Items]
Goodwill							$ 982.4	$ 913.8	$ 902.2
Cash purchase price of acquisition, net of cash acquired							41.5	38.6	3
AutoCrib
Business Acquisition [Line Items]
Cash purchase price of acquisition	$ 35.4
Goodwill							18.3
Sigmavision Limited
Business Acquisition [Line Items]
Cash purchase price of acquisition		$ 5.9
Goodwill							5.6
Cognitran Limited
Business Acquisition [Line Items]
Cash purchase price of acquisition			$ 30.6
Goodwill							14.5	11.4
Cash purchase price of acquisition, net of cash acquired			$ 29.6
Working capital adjustment							$ 0.2
Power Hawk Technologies Inc
Business Acquisition [Line Items]
Cash purchase price of acquisition				$ 7.9
Goodwill								6.4
TMB GeoMarketing Limited
Business Acquisition [Line Items]
Cash purchase price of acquisition					$ 1.3
Goodwill								$ 1.3
George A. Sturdevant, Inc. (d/b/a Fastorq)
Business Acquisition [Line Items]
Cash purchase price of acquisition						$ 3
Goodwill									$ 2.6

Receivables - Narrative (Detail

Receivables - Narrative (Detail) $ in Millions	12 Months Ended
Receivables - Narrative (Detail) $ in Millions	Jan. 02, 2021USD ($)portfolioSegment	Dec. 28, 2019USD ($)	Dec. 29, 2018USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, allowance for credit loss		$ (67.5)
Minimum payment term for trade and other accounts receivable (in days)	30 days
Maximum payment term for trade and other accounts receivable (in days)	120 days
Average payment term for finance receivables (in years)	4 years
Average payment term for contract receivables (in years)	10 years
Number of portfolio segments \| portfolioSegment	2
Minimum period past due to consider receivable balances as delinquent (in days)	30 days
Minimum period past due to declare receivable as non-accrual status (in days)	90 days
Cumulative Effect, Period of Adoption, Adjustment \| Accounting Standards Update 2016-13
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, allowance for credit loss		(8.1)
Financing Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, allowance for credit loss	$ (76.3)	(61.9)	$ (61.4)
Financing receivable, threshold period after asset repossession, writeoff	60 days
Financing receivable, threshold period past due, writeoff	120 days
Contract Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, allowance for credit loss	$ (9)	$ (5.6)	$ (4.3)
Contract Receivables \| Non-Franchisee
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, threshold period past due, writeoff	150 days
Contract Receivables \| Franchisee
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, threshold period past due, writeoff	180 days
Financing Receivable And Loans Receivable, Customer Bankruptcy [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, threshold period past due, writeoff	180 days

Receivables - Summary of Effect

Receivables - Summary of Effects of ASU 2016-13 Adoption (Details) - USD ($) $ in Millions	Jan. 02, 2021	Dec. 28, 2019	Dec. 29, 2018
Current assets:
Allowances for doubtful accounts, finance and contract receivables	$ (26.2)	$ (21.2)
Long-term assets
Allowance for finance and contract receivables, non-current	(59.1)	(46.3)
Financing receivable, allowance for credit loss		(67.5)
Deferred income tax assets	50.3	52.3
Equity
Retained earnings	5,156.9	4,779.7
Cumulative Effect, Period of Adoption, Adjustment \| Accounting Standards Update 2016-13
Long-term assets
Financing receivable, allowance for credit loss		(8.1)
Deferred income tax assets		2
Equity
Retained earnings		(6.1)
Cumulative Effect, Period of Adoption, Adjusted Balance
Long-term assets
Financing receivable, allowance for credit loss		(75.6)
Deferred income tax assets		54.3
Equity
Retained earnings		4,773.6
Financing Receivables
Current assets:
Allowances for doubtful accounts, finance and contract receivables	(23.9)	(19.7)
Long-term assets
Allowance for finance and contract receivables, non-current	(52.4)	(42.2)
Financing receivable, allowance for credit loss	(76.3)	(61.9)	$ (61.4)
Financing Receivables \| Cumulative Effect, Period of Adoption, Adjustment \| Accounting Standards Update 2016-13
Current assets:
Allowances for doubtful accounts, finance and contract receivables		(1.7)
Long-term assets
Allowance for finance and contract receivables, non-current		(3.5)
Financing Receivables \| Cumulative Effect, Period of Adoption, Adjusted Balance
Current assets:
Allowances for doubtful accounts, finance and contract receivables		(21.4)
Long-term assets
Allowance for finance and contract receivables, non-current		(45.7)
Contract Receivables
Current assets:
Allowances for doubtful accounts, finance and contract receivables	(2.3)	(1.5)
Long-term assets
Allowance for finance and contract receivables, non-current	(6.7)	(4.1)
Financing receivable, allowance for credit loss	$ (9)	(5.6)	$ (4.3)
Contract Receivables \| Cumulative Effect, Period of Adoption, Adjustment \| Accounting Standards Update 2016-13
Current assets:
Allowances for doubtful accounts, finance and contract receivables		(0.5)
Long-term assets
Allowance for finance and contract receivables, non-current		(2.4)
Contract Receivables \| Cumulative Effect, Period of Adoption, Adjusted Balance
Current assets:
Allowances for doubtful accounts, finance and contract receivables		(2)
Long-term assets
Allowance for finance and contract receivables, non-current		$ (6.5)

Receivables - Components of Tra

Receivables - Components of Trade and Other Accounts Receivable (Detail) - USD ($) $ in Millions	Jan. 02, 2021	Dec. 28, 2019
Receivables [Abstract]
Trade and other accounts receivable	$ 667	$ 715.5
Allowances for credit losses	(26.3)	(20.9)
Total trade and other accounts receivable – net	$ 640.7	$ 694.6

Receivables - Rollforward of Co

Receivables - Rollforward of Combined Allowances for Doubtful Accounts Related to Trade and Other Accounts Receivable (Detail) $ in Millions	12 Months Ended
	Jan. 02, 2021USD ($)
Allowances for credit losses:
Beginning of period	$ 20.9
Provision for credit losses	18.9
Charge-offs	(13.6)
Recoveries	0.2
Currency translation	(0.1)
End of period	$ 26.3

Receivables - Components of Cur

Receivables - Components of Current Finance and Contract Receivables (Detail) - USD ($) $ in Millions	Jan. 02, 2021	Dec. 28, 2019
Financing Receivable, Allowance for Credit Loss [Line Items]
Finance and Contract receivable, before allowance for credit losses, current	$ 668.9	$ 652
Allowances for credit losses:
Allowances for doubtful accounts, finance and contract receivables	(26.2)	(21.2)
Total current finance and contract receivables – net	642.7	630.8
Financing Receivables
Financing Receivable, Allowance for Credit Loss [Line Items]
Finance and Contract receivable, before allowance for credit losses, current	554.1	549.8
Allowances for credit losses:
Allowances for doubtful accounts, finance and contract receivables	(23.9)	(19.7)
Total current finance and contract receivables – net	530.2	530.1
Financing Receivables \| Installment Receivables
Financing Receivable, Allowance for Credit Loss [Line Items]
Finance and Contract receivable, before allowance for credit losses, current	533.9	511.9
Allowances for credit losses:
Allowances for doubtful accounts, finance and contract receivables	(23.6)	(19.2)
Financing Receivables \| Finance and Contract Leases
Financing Receivable, Allowance for Credit Loss [Line Items]
Finance and Contract receivable, before allowance for credit losses, current	20.2	37.9
Unearned finance charges, current	4.4	11.7
Allowances for credit losses:
Allowances for doubtful accounts, finance and contract receivables	(0.3)	(0.5)
Contract Receivables
Financing Receivable, Allowance for Credit Loss [Line Items]
Finance and Contract receivable, before allowance for credit losses, current	114.8	102.2
Allowances for credit losses:
Allowances for doubtful accounts, finance and contract receivables	(2.3)	(1.5)
Total current finance and contract receivables – net	112.5	100.7
Contract Receivables \| Installment Receivables
Financing Receivable, Allowance for Credit Loss [Line Items]
Finance and Contract receivable, before allowance for credit losses, current	59.1	50.8
Allowances for credit losses:
Allowances for doubtful accounts, finance and contract receivables	(1.4)	(0.5)
Contract Receivables \| Finance and Contract Leases
Financing Receivable, Allowance for Credit Loss [Line Items]
Finance and Contract receivable, before allowance for credit losses, current	55.7	51.4
Unearned finance charges, current	18.2	18.2
Allowances for credit losses:
Allowances for doubtful accounts, finance and contract receivables	$ (0.9)	$ (1)

Receivables - Components of Fin

Receivables - Components of Finance and Contract Receivables Beyond One Year (Detail) - USD ($) $ in Millions	Jan. 02, 2021	Dec. 28, 2019
Financing Receivable, Allowance for Credit Loss [Line Items]
Finance and contract receivables, before allowance for credit losses, non-current	$ 1,570.1	$ 1,509.9
Allowances for credit losses:
Allowance for finance and contract receivables, non-current	(59.1)	(46.3)
Total long-term finance and contract receivables – net	1,511	1,463.6
Financing Receivables
Financing Receivable, Allowance for Credit Loss [Line Items]
Finance and contract receivables, before allowance for credit losses, non-current	1,188.7	1,145.7
Allowances for credit losses:
Allowance for finance and contract receivables, non-current	(52.4)	(42.2)
Total long-term finance and contract receivables – net	1,136.3	1,103.5
Financing Receivables \| Installment Receivables
Financing Receivable, Allowance for Credit Loss [Line Items]
Finance and contract receivables, before allowance for credit losses, non-current	1,173.1	1,106
Allowances for credit losses:
Allowance for finance and contract receivables, non-current	(52.1)	(41.6)
Financing Receivables \| Finance and Contract Leases
Financing Receivable, Allowance for Credit Loss [Line Items]
Finance and contract receivables, before allowance for credit losses, non-current	15.6	39.7
Unearned finance charges, non-current	2.5	8.2
Allowances for credit losses:
Allowance for finance and contract receivables, non-current	(0.3)	(0.6)
Contract Receivables
Financing Receivable, Allowance for Credit Loss [Line Items]
Finance and contract receivables, before allowance for credit losses, non-current	381.4	364.2
Allowances for credit losses:
Allowance for finance and contract receivables, non-current	(6.7)	(4.1)
Total long-term finance and contract receivables – net	374.7	360.1
Contract Receivables \| Installment Receivables
Financing Receivable, Allowance for Credit Loss [Line Items]
Finance and contract receivables, before allowance for credit losses, non-current	199.7	195.5
Allowances for credit losses:
Allowance for finance and contract receivables, non-current	(3.1)	(1.8)
Contract Receivables \| Finance and Contract Leases
Financing Receivable, Allowance for Credit Loss [Line Items]
Finance and contract receivables, before allowance for credit losses, non-current	181.7	168.7
Unearned finance charges, non-current	30.2	29.4
Allowances for credit losses:
Allowance for finance and contract receivables, non-current	$ (3.6)	$ (2.3)

Receivables - Schedule of Long-

Receivables - Schedule of Long-Term Finance and Contract Receivables (Detail) - USD ($) $ in Millions	Jan. 02, 2021	Dec. 28, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Finance and contract receivables, before allowance for credit losses, non-current	$ 1,570.1	$ 1,509.9
Financing Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Finance and contract receivables, due in 13 - 24 months	444.6	439.1
Finance and contract receivables, due in 25 - 36 months	360.3	352.4
Finance and contract receivables, due in 37 - 48 months	250.9	238
Finance and contract receivables, due in 49 - 60 months	132.9	116.2
Finance and contract receivables, due thereafter	0	0
Finance and contract receivables, before allowance for credit losses, non-current	1,188.7	1,145.7
Contract Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Finance and contract receivables, due in 13 - 24 months	92	86.4
Finance and contract receivables, due in 25 - 36 months	78.9	76.9
Finance and contract receivables, due in 37 - 48 months	67.1	65.6
Finance and contract receivables, due in 49 - 60 months	51.3	51.3
Finance and contract receivables, due thereafter	92.1	84
Finance and contract receivables, before allowance for credit losses, non-current	$ 381.4	$ 364.2

Receivables - Schedule of Perfo

Receivables - Schedule of Performing and Nonperforming Finance and Contract Receivables (Detail) - USD ($) $ in Millions	Jan. 02, 2021	Dec. 28, 2019
Financing Receivables
Financing Receivable, Recorded Investment [Line Items]
2020	$ 1,145.4
2019	367.6
2018	153.9
2017	58.5
2016	16.2
Prior	1.2
Total	1,742.8	$ 1,695.5
Financing Receivables \| Delinquent
Financing Receivable, Recorded Investment [Line Items]
2020	15.9
2019	18.2
2018	10
2017	5.2
2016	2.2
Prior	0.2
Total	51.7
Financing Receivables \| Non-delinquent
Financing Receivable, Recorded Investment [Line Items]
2020	1,129.5
2019	349.4
2018	143.9
2017	53.3
2016	14
Prior	1
Total	1,691.1
Contract Receivables
Financing Receivable, Recorded Investment [Line Items]
2020	181.1
2019	125.4
2018	85.5
2017	53
2016	25.2
Prior	26
Total	496.2	$ 466.4
Contract Receivables \| Delinquent
Financing Receivable, Recorded Investment [Line Items]
2020	0.6
2019	0.6
2018	0.8
2017	0.5
2016	0.6
Prior	0.3
Total	3.4
Contract Receivables \| Non-delinquent
Financing Receivable, Recorded Investment [Line Items]
2020	180.5
2019	124.8
2018	84.7
2017	52.5
2016	24.6
Prior	25.7
Total	$ 492.8

Receivables - Rollforward of Al

Receivables - Rollforward of Allowances for Doubtful Accounts for Finance and Contract Receivables (Detail) - USD ($) $ in Millions	12 Months Ended
	Jan. 02, 2021	Dec. 28, 2019
Financing Receivable, Allowance for Credit Loss [Line Items]
Beginning of year	$ 67.5
End of year		$ 67.5
Financing Receivables
Financing Receivable, Allowance for Credit Loss [Line Items]
Beginning of year	61.9	61.4
Impact of adopting ASU No. 2016-13	5.2	0
Provision for credit losses	54.6	49.9
Charge-offs	(53.8)	(57.1)
Recoveries	8.2	7.7
Currency translation	0.2	0
End of year	76.3	61.9
Contract Receivables
Financing Receivable, Allowance for Credit Loss [Line Items]
Beginning of year	5.6	4.3
Impact of adopting ASU No. 2016-13	2.9	0
Provision for credit losses	3.8	4.7
Charge-offs	(3.8)	(3.9)
Recoveries	0.4	0.5
Currency translation	0.1	0
End of year	$ 9	$ 5.6

Receivables - Aging of Finance

Receivables - Aging of Finance and Contract Receivables (Detail) - USD ($) $ in Millions	Jan. 02, 2021	Dec. 28, 2019
Financing Receivables
Financing Receivable, Past Due [Line Items]
Past due	$ 51.7	$ 53.1
Not past due	1,691.1	1,642.4
Total	1,742.8	1,695.5
Greater Than 90 Days Past Due and Accruing	18.2	17.2
Financing Receivables \| 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Past due	18.4	19.7
Financing Receivables \| 60-90 Days Past Due
Financing Receivable, Past Due [Line Items]
Past due	12.2	12
Financing Receivables \| Greater Than 90 Days Past Due
Financing Receivable, Past Due [Line Items]
Past due	21.1	21.4
Contract Receivables
Financing Receivable, Past Due [Line Items]
Past due	3.4	3.9
Not past due	492.8	462.5
Total	496.2	466.4
Greater Than 90 Days Past Due and Accruing	0.2	0.5
Contract Receivables \| 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Past due	1.3	1.5
Contract Receivables \| 60-90 Days Past Due
Financing Receivable, Past Due [Line Items]
Past due	0.6	0.9
Contract Receivables \| Greater Than 90 Days Past Due
Financing Receivable, Past Due [Line Items]
Past due	$ 1.5	$ 1.5

Receivables - Schedule of Finan

Receivables - Schedule of Finance and Contract Receivables on Nonaccrual Status (Detail) - USD ($) $ in Millions	Jan. 02, 2021	Dec. 28, 2019
Financing Receivables
Financing Receivable, Nonaccrual [Line Items]
Financing and contract receivable, nonaccrual status	$ 9.6	$ 12.2
Contract Receivables
Financing Receivable, Nonaccrual [Line Items]
Financing and contract receivable, nonaccrual status	$ 2.4	$ 2.2

Inventories - Inventories by Ma

Inventories - Inventories by Major Classification (Detail) - USD ($) $ in Millions	Jan. 02, 2021	Dec. 28, 2019
Inventory Disclosure [Abstract]
Finished goods	$ 643.4	$ 661
Work in progress	61.6	57.1
Raw materials	125.5	126.8
Total FIFO value	830.5	844.9
Excess of current cost over LIFO cost	(84)	(84.5)
Total inventories – net	$ 746.5	$ 760.4

Inventories - Narratve (Detail)

Inventories - Narratve (Detail) - USD ($)	12 Months Ended
Inventories - Narratve (Detail) - USD ($)	Jan. 02, 2021	Dec. 28, 2019	Dec. 29, 2018
Geographic Valuation Methodologies Of Inventory [Line Items]
Percentage of FIFO Inventory	57.00%	58.00%
Effect of LIFO inventory liquidation on income	$ 0	$ 0	$ 0
United States
Geographic Valuation Methodologies Of Inventory [Line Items]
Percentage of FIFO Inventory	30.00%
Percentage of LIFO Inventory	70.00%

Property and Equipment - Schedu

Property and Equipment - Schedule of Property and Equipment (Detail) - USD ($) $ in Millions	Jan. 02, 2021	Dec. 28, 2019
Property, Plant and Equipment [Line Items]
Property and equipment, and finance lease right-of-use asset, gross	$ 1,499.4	$ 1,425
Property and equipment, and finance lease right-of-use asset, accumulated depreciation and amortization	(973.2)	(903.5)
Property and equipment, and finance lease right-of-use asset, net	526.2	521.5
Land
Property, Plant and Equipment [Line Items]
Property and equipment - gross	34	31.9
Buildings and improvements
Property, Plant and Equipment [Line Items]
Property and equipment, and finance lease right-of-use asset, gross	432	405.1
Machinery, equipment and computer software
Property, Plant and Equipment [Line Items]
Property and equipment, and finance lease right-of-use asset, gross	$ 1,033.4	$ 988

Property and Equipment - Summar

Property and Equipment - Summary of Estimated Service Lives of Property and Equipment (Detail)	12 Months Ended
	Jan. 02, 2021
Minimum \| Buildings and improvements
Property, Plant and Equipment [Line Items]
Estimate life, years	3 years
Minimum \| Machinery, equipment and computer software
Property, Plant and Equipment [Line Items]
Estimate life, years	2 years
Maximum \| Buildings and improvements
Property, Plant and Equipment [Line Items]
Estimate life, years	50 years
Maximum \| Machinery, equipment and computer software
Property, Plant and Equipment [Line Items]
Estimate life, years	15 years

Property and Equipment - Narrat

Property and Equipment - Narratve (Detail) - USD ($) $ in Millions	12 Months Ended
	Jan. 02, 2021	Dec. 28, 2019	Dec. 29, 2018
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 73.3	$ 70.1	$ 68.8

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Changes in Carrying Amount of Goodwill by Segment (Detail) - USD ($) $ in Millions	12 Months Ended
	Jan. 02, 2021	Dec. 28, 2019
Goodwill [Roll Forward]
Beginning Balance	$ 913.8	$ 902.2
Currency translation	41.6	(7.5)
Acquisitions	27	19.1
Ending Balance	982.4	913.8
Commercial & Industrial Group
Goodwill [Roll Forward]
Beginning Balance	286.2	286.2
Currency translation	26.7	(6.4)
Acquisitions	18.3	6.4
Ending Balance	331.2	286.2
Snap-on Tools Group
Goodwill [Roll Forward]
Beginning Balance	12.5	12.5
Currency translation	(0.1)	0
Acquisitions	0	0
Ending Balance	12.4	12.5
Repair Systems & Information Group
Goodwill [Roll Forward]
Beginning Balance	615.1	603.5
Currency translation	15	(1.1)
Acquisitions	8.7	12.7
Ending Balance	$ 638.8	$ 615.1

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Narratve (Detail) - USD ($) $ in Millions	12 Months Ended
	Jan. 02, 2021	Dec. 28, 2019	Dec. 29, 2018
Acquired Finite And Indefinite Lived Intangible Assets [Line Items]
Goodwill	$ 982.4	$ 913.8	$ 902.2
Gross carrying value, finite-lived intangible assets	440.8	420
Non-amortized trademarks	$ 129.6	115
Weighted-average amortization period (in years)	11 years
Aggregate amortization expense	$ 23.4	22.3	$ 25.3
Estimated annual amortization expense for fiscal period 2021	23.3
Estimated annual amortization expense for fiscal period 2022	20.2
Estimated annual amortization expense for fiscal period 2023	17.2
Estimated annual amortization expense for fiscal period 2024	12.5
Estimated annual amortization expense for fiscal period 2025	8.2
Sigmavision Limited
Acquired Finite And Indefinite Lived Intangible Assets [Line Items]
Goodwill	5.6
Cognitran Limited
Acquired Finite And Indefinite Lived Intangible Assets [Line Items]
Goodwill	14.5	11.4
Increase in goodwill associated with acquisition, purchase accounting adjustment	3.1
Non-amortized trademarks		6.5
AutoCrib
Acquired Finite And Indefinite Lived Intangible Assets [Line Items]
Goodwill	18.3
Non-amortized trademarks	7.4
Power Hawk Technologies Inc
Acquired Finite And Indefinite Lived Intangible Assets [Line Items]
Goodwill		6.4
TMB GeoMarketing Limited
Acquired Finite And Indefinite Lived Intangible Assets [Line Items]
Goodwill		1.3
Patents
Acquired Finite And Indefinite Lived Intangible Assets [Line Items]
Gross carrying value, finite-lived intangible assets	$ 43.2	38.5
Weighted-average amortization period (in years)	7 years
Patents \| Sigmavision Limited
Acquired Finite And Indefinite Lived Intangible Assets [Line Items]
Gross carrying value, finite-lived intangible assets	$ 0.3
Customer relationships
Acquired Finite And Indefinite Lived Intangible Assets [Line Items]
Gross carrying value, finite-lived intangible assets	$ 191.5	182.9
Weighted-average amortization period (in years)	15 years
Customer relationship contractual term, minimum (in years)	3 years
Customer relationship contractual term, maximum (in years)	5 years
Customer relationships \| Cognitran Limited
Acquired Finite And Indefinite Lived Intangible Assets [Line Items]
Gross carrying value, finite-lived intangible assets		10.2
Customer relationships \| AutoCrib
Acquired Finite And Indefinite Lived Intangible Assets [Line Items]
Gross carrying value, finite-lived intangible assets	$ 4.6
Customer relationships \| Power Hawk Technologies Inc
Acquired Finite And Indefinite Lived Intangible Assets [Line Items]
Gross carrying value, finite-lived intangible assets		0.9
Developed technology
Acquired Finite And Indefinite Lived Intangible Assets [Line Items]
Gross carrying value, finite-lived intangible assets	$ 21.8	19.8
Weighted-average amortization period (in years)	3 years
Developed technology \| Cognitran Limited
Acquired Finite And Indefinite Lived Intangible Assets [Line Items]
Gross carrying value, finite-lived intangible assets		$ 1.1
Developed technology \| AutoCrib
Acquired Finite And Indefinite Lived Intangible Assets [Line Items]
Gross carrying value, finite-lived intangible assets	$ 1.7

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets - Other Intangible Assets by Major class (Detail) - USD ($) $ in Millions	Jan. 02, 2021	Dec. 28, 2019
Finite-Lived Intangible Assets [Line Items]
Gross carrying value, finite-lived intangible assets	$ 440.8	$ 420
Non-amortized trademarks	129.6	115
Total gross carrying value, other intangible assets	570.4	535
Accumulated Amortization, Total	(309.6)	(291.1)
Total accumulated amortization, other intangible assets	(309.6)	(291.1)
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross carrying value, finite-lived intangible assets	191.5	182.9
Accumulated Amortization, Total	(130.1)	(117.9)
Developed technology
Finite-Lived Intangible Assets [Line Items]
Gross carrying value, finite-lived intangible assets	21.8	19.8
Accumulated Amortization, Total	(19.9)	(18.9)
Internally developed software
Finite-Lived Intangible Assets [Line Items]
Gross carrying value, finite-lived intangible assets	172.2	168
Accumulated Amortization, Total	(128)	(125.4)
Patents
Finite-Lived Intangible Assets [Line Items]
Gross carrying value, finite-lived intangible assets	43.2	38.5
Accumulated Amortization, Total	(25.3)	(23.7)
Trademarks
Finite-Lived Intangible Assets [Line Items]
Gross carrying value, finite-lived intangible assets	3.9	3.5
Accumulated Amortization, Total	(2.4)	(2.1)
Other
Finite-Lived Intangible Assets [Line Items]
Gross carrying value, finite-lived intangible assets	8.2	7.3
Accumulated Amortization, Total	$ (3.9)	$ (3.1)

Goodwill and Other Intangible_6

Goodwill and Other Intangible Assets - Weighted-Average Amortization Periods by Major class (Detail)	12 Months Ended
	Jan. 02, 2021
Finite-Lived Intangible Assets [Line Items]
Weighted-average amortization period (in years)	11 years
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Weighted-average amortization period (in years)	15 years
Developed technology
Finite-Lived Intangible Assets [Line Items]
Weighted-average amortization period (in years)	3 years
Internally developed software
Finite-Lived Intangible Assets [Line Items]
Weighted-average amortization period (in years)	6 years
Patents
Finite-Lived Intangible Assets [Line Items]
Weighted-average amortization period (in years)	7 years
Trademarks
Finite-Lived Intangible Assets [Line Items]
Weighted-average amortization period (in years)	5 years
Other
Finite-Lived Intangible Assets [Line Items]
Weighted-average amortization period (in years)	39 years

Exit and Disposal Activities -

Exit and Disposal Activities - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 01, 2022	Jan. 02, 2021	Dec. 28, 2019
Restructuring Cost and Reserve [Line Items]
Exit and disposal costs		$ 12.5	$ 0
Provision		12.2
Restructuring reserve		$ 10	$ 0
Forecast
Restructuring Cost and Reserve [Line Items]
Exit and disposal costs	$ 8.1

Exit and Disposal Activities _2

Exit and Disposal Activities - Summary of Exit and Disposal Activities (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 02, 2021	Dec. 28, 2019
Restructuring Cost and Reserve [Line Items]
Exit and disposal costs	$ 12.5	$ 0
Commercial & Industrial Group
Restructuring Cost and Reserve [Line Items]
Exit and disposal costs	6.4
Repair Systems & Information Group
Restructuring Cost and Reserve [Line Items]
Exit and disposal costs	5.5
Snap-on Tools Group
Restructuring Cost and Reserve [Line Items]
Exit and disposal costs	0.6
Cost of goods sold:
Restructuring Cost and Reserve [Line Items]
Exit and disposal costs	7.1
Cost of goods sold: \| Commercial & Industrial Group
Restructuring Cost and Reserve [Line Items]
Exit and disposal costs	6.4
Cost of goods sold: \| Repair Systems & Information Group
Restructuring Cost and Reserve [Line Items]
Exit and disposal costs	0.7
Operating expenses
Restructuring Cost and Reserve [Line Items]
Exit and disposal costs	5.4
Operating expenses \| Repair Systems & Information Group
Restructuring Cost and Reserve [Line Items]
Exit and disposal costs	4.8
Operating expenses \| Snap-on Tools Group
Restructuring Cost and Reserve [Line Items]
Exit and disposal costs	$ 0.6

Exit and Disposal Activities _3

Exit and Disposal Activities - Restructuring Accrual Rollforward (Details) $ in Millions	12 Months Ended
	Jan. 02, 2021USD ($)
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	$ 0
Provision	12.2
Usage	(2.2)
Restructuring reserve, ending balance	10
Commercial & Industrial Group
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	0
Provision	6.4
Usage	(0.6)
Restructuring reserve, ending balance	5.8
Snap-on Tools Group
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	0
Provision	0.6
Usage	(0.2)
Restructuring reserve, ending balance	0.4
Repair Systems & Information Group
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	0
Provision	5.2
Usage	(1.4)
Restructuring reserve, ending balance	$ 3.8

Income Taxes - Earnings Before

Income Taxes - Earnings Before Income Taxes And Equity Earnings (Detail) - USD ($) $ in Millions	12 Months Ended
	Jan. 02, 2021	Dec. 28, 2019	Dec. 29, 2018
Income Tax Disclosure [Abstract]
Earnings before income taxes and equity earnings, United States	$ 715.9	$ 765.3	$ 735.4
Earnings before income taxes and equity earnings, Foreign	119.3	156.8	174.5
Earnings before income taxes and equity earnings	$ 835.2	$ 922.1	$ 909.9

Income Taxes - Components of In

Income Taxes - Components of Income Tax (Detail) - USD ($) $ in Millions	12 Months Ended
	Jan. 02, 2021	Dec. 28, 2019	Dec. 29, 2018
Current:
Current income taxes, federal	$ 136.8	$ 110	$ 117.9
Current income taxes, foreign	29.9	38.1	52.4
Current income taxes, state	30.6	29.5	30.4
Total current	197.3	177.6	200.7
Deferred:
Deferred income taxes, federal	(10)	26.6	18.7
Deferred income taxes, foreign	3	1.5	(8.4)
Deferred income taxes, state	(1.2)	6.1	3.4
Total deferred	(8.2)	34.2	13.7
Total income tax provision	$ 189.1	$ 211.8	$ 214.4

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Statutory Federal Income Tax Rate (Detail)	12 Months Ended
	Jan. 02, 2021	Dec. 28, 2019	Dec. 29, 2018
Income Tax Disclosure [Abstract]
Statutory federal income tax rate	21.00%	21.00%	21.00%
Increase (decrease) in tax rate resulting from:
State income taxes, net of federal benefit	2.90%	2.90%	2.90%
Noncontrolling interests	(0.50%)	(0.40%)	(0.40%)
Repatriation of foreign earnings	(0.70%)	(0.10%)	(0.10%)
Change in valuation allowance for deferred tax assets	0.50%	0.40%	0.30%
Adjustments to tax accruals and reserves	(0.50%)	(0.40%)	(0.20%)
Foreign rate differences	0.50%	0.40%	0.40%
Excess tax benefits related to equity compensation	(0.50%)	(0.50%)	(0.80%)
U.S. tax reform, net impact	0.00%	0.00%	0.40%
Other	(0.10%)	(0.30%)	0.10%
Effective tax rate	22.60%	23.00%	23.60%

Income Taxes - Narratve (Detail

Income Taxes - Narratve (Detail) - USD ($)	12 Months Ended
Income Taxes - Narratve (Detail) - USD ($)	Jan. 02, 2021	Dec. 28, 2019	Dec. 29, 2018	Dec. 30, 2017
Income Tax [Line Items]
Effective income tax rate	23.20%	23.40%	24.00%
Additional net tax benefits due to pension contributions and other changes			$ 4,400,000
Valuation allowance	$ 26,700,000	$ 27,800,000	25,100,000
Unrecognized tax benefits	9,100,000	10,300,000	11,100,000	$ 7,700,000
Accrued interest and penalties related to unrecognized tax benefits	1,100,000	1,100,000	800,000
Increase in unrecognized tax benefits	400,000	500,000	2,800,000
Undistributed earnings	319,100,000
Undistributed foreign earnings	5,400,000	$ 6,600,000	$ 6,000,000
Deferred Income Tax Assets
Income Tax [Line Items]
Unrecognized tax benefits	1,400,000
Other Long-Term Liabilities
Income Tax [Line Items]
Unrecognized tax benefits	7,700,000
Accrued interest and penalties related to unrecognized tax benefits	1,100,000
Minimum
Income Tax [Line Items]
Decrease in unrecognized tax benefits	0
Increase in unrecognized tax benefits	0
Maximum
Income Tax [Line Items]
Decrease in unrecognized tax benefits	700,000
Increase in unrecognized tax benefits	$ 800,000

Income Taxes - Schedule of Defe

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Millions	Jan. 02, 2021	Dec. 28, 2019	Dec. 29, 2018
Components of Deferred Tax Assets and Liabilities [Abstract]
Inventories	$ 41.4	$ 34.7	$ 33.6
Accruals not currently deductible	75.1	62.4	72.9
Tax credit carryforward	2.4	2	1.8
Employee benefits	32.4	41.3	56.5
Net operating losses	37.1	40.4	40.9
Depreciation and amortization	(192)	(178.9)	(167.5)
Valuation allowance	(26.7)	(27.8)	(25.1)
Equity-based compensation	14.3	16.2	16.6
Undistributed non-U.S. earnings	(5.4)	(6.6)	(6)
Other	1.3
Other		(0.7)	(0.4)
Net deferred income tax asset			$ 23.3
Net deferred income tax liabilities	$ (20.1)	$ (17)

Income Taxes - Operating Loss C

Income Taxes - Operating Loss Carry Forwards (Detail) $ in Millions	Jan. 02, 2021USD ($)
Income Taxes [Line Items]
Total net operating loss carryforwards	$ 184.1
State
Income Taxes [Line Items]
Total net operating loss carryforwards	57
Federal
Income Taxes [Line Items]
Total net operating loss carryforwards	0
Foreign
Income Taxes [Line Items]
Total net operating loss carryforwards	127.1
2021-2025
Income Taxes [Line Items]
Total net operating loss carryforwards	58.8
2021-2025 \| State
Income Taxes [Line Items]
Total net operating loss carryforwards	0.3
2021-2025 \| Federal
Income Taxes [Line Items]
Total net operating loss carryforwards	0
2021-2025 \| Foreign
Income Taxes [Line Items]
Total net operating loss carryforwards	58.5
2026-2030
Income Taxes [Line Items]
Total net operating loss carryforwards	10.4
2026-2030 \| State
Income Taxes [Line Items]
Total net operating loss carryforwards	0
2026-2030 \| Federal
Income Taxes [Line Items]
Total net operating loss carryforwards	0
2026-2030 \| Foreign
Income Taxes [Line Items]
Total net operating loss carryforwards	10.4
2031-2035
Income Taxes [Line Items]
Total net operating loss carryforwards	56.7
2031-2035 \| State
Income Taxes [Line Items]
Total net operating loss carryforwards	56.7
2031-2035 \| Federal
Income Taxes [Line Items]
Total net operating loss carryforwards	0
2031-2035 \| Foreign
Income Taxes [Line Items]
Total net operating loss carryforwards	0
2036-2040
Income Taxes [Line Items]
Total net operating loss carryforwards	0
2036-2040 \| State
Income Taxes [Line Items]
Total net operating loss carryforwards	0
2036-2040 \| Federal
Income Taxes [Line Items]
Total net operating loss carryforwards	0
2036-2040 \| Foreign
Income Taxes [Line Items]
Total net operating loss carryforwards	0
2041-2045
Income Taxes [Line Items]
Total net operating loss carryforwards	31.9
2041-2045 \| State
Income Taxes [Line Items]
Total net operating loss carryforwards	0
2041-2045 \| Federal
Income Taxes [Line Items]
Total net operating loss carryforwards	0
2041-2045 \| Foreign
Income Taxes [Line Items]
Total net operating loss carryforwards	31.9
Indefinite
Income Taxes [Line Items]
Total net operating loss carryforwards	26.3
Indefinite \| State
Income Taxes [Line Items]
Total net operating loss carryforwards	0
Indefinite \| Federal
Income Taxes [Line Items]
Total net operating loss carryforwards	0
Indefinite \| Foreign
Income Taxes [Line Items]
Total net operating loss carryforwards	$ 26.3

Income Taxes - Reconciliation_2

Income Taxes - Reconciliation of Unrecognized Tax Benefits (Detail) - USD ($) $ in Millions	12 Months Ended
	Jan. 02, 2021	Dec. 28, 2019	Dec. 29, 2018
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Unrecognized tax benefits at beginning of year	$ 10.3	$ 11.1	$ 7.7
Gross increases – tax positions in prior periods	0.4	0	1.3
Gross decreases – tax positions in prior periods	0	(0.6)	(0.1)
Gross increases – tax positions in the current period	0.4	0.5	2.8
Settlements with taxing authorities	(1.4)	0	0
Lapsing of statutes of limitations	(0.6)	(0.7)	(0.6)
Unrecognized tax benefits at end of year	$ 9.1	$ 10.3	$ 11.1

Short-term and Long-term Debt -

Short-term and Long-term Debt - Summary of Short-term and Long-term Debt (Detail) - USD ($)	Jan. 02, 2021	Apr. 27, 2020	Dec. 28, 2019
Schedule Of Debt Instruments [Line Items]
Long-term debt, gross	$ 1,450,600,000		$ 1,149,800,000
Less: notes payable and current maturities of long-term debt:
Current maturities of long-term debt	(250,000,000)		0
Current maturities of long-term debt	(268,500,000)		(202,900,000)
Long-term debt	1,182,100,000		946,900,000
Commercial paper borrowings
Less: notes payable and current maturities of long-term debt:
Commercial paper borrowings and other notes	0		(193,600,000)
Other notes*
Less: notes payable and current maturities of long-term debt:
Commercial paper borrowings and other notes	(18,500,000)		(9,300,000)
Other Debt
Schedule Of Debt Instruments [Line Items]
Long-term debt, gross	$ 600,000		199,800,000
6.125% unsecured notes due 2021
Schedule Of Debt Instruments [Line Items]
Unsecured notes, interest rate	6.125%
6.125% unsecured notes due 2021 \| Unsecured Debt
Schedule Of Debt Instruments [Line Items]
Long-term debt, gross	$ 250,000,000		250,000,000
3.25% unsecured notes due 2027
Schedule Of Debt Instruments [Line Items]
Unsecured notes, interest rate	3.25%
3.25% unsecured notes due 2027 \| Unsecured Debt
Schedule Of Debt Instruments [Line Items]
Long-term debt, gross	$ 300,000,000		300,000,000
4.10% unsecured notes due 2048
Schedule Of Debt Instruments [Line Items]
Unsecured notes, interest rate	4.10%
4.10% unsecured notes due 2048 \| Unsecured Debt
Schedule Of Debt Instruments [Line Items]
Long-term debt, gross	$ 400,000,000		400,000,000
3.10% unsecured notes due 2050
Schedule Of Debt Instruments [Line Items]
Unsecured notes, interest rate	3.10%
3.10% unsecured notes due 2050 \| Unsecured Debt
Schedule Of Debt Instruments [Line Items]
Unsecured notes, interest rate		3.10%
Long-term debt, gross	$ 500,000,000		$ 0

Short-term and Long-term Debt_2

Short-term and Long-term Debt - Narratve (Detail) - USD ($)	Apr. 27, 2020	Jan. 02, 2021	Dec. 28, 2019	Dec. 29, 2018	Sep. 16, 2019
Schedule Of Debt Instruments [Line Items]
Long-term debt and notes payable maturity, 2021		$ 268,500,000
Long-term debt and notes payable maturity, 2022		0
Long-term debt and notes payable maturity, 2023		0
Long-term debt and notes payable maturity, 2024		0
Long-term debt and notes payable maturity, 2025		0
Proceeds from sale of unsecured long-term notes		489,900,000	$ 0	$ 395,400,000
Notes Payable and Commercial Paper Borrowings
Schedule Of Debt Instruments [Line Items]
Average notes payable and commercial paper borrowings outstanding		$ 68,400,000	$ 175,000,000
Weighted-average interest rate		2.98%	2.87%
Commercial paper borrowings
Schedule Of Debt Instruments [Line Items]
Average notes payable and commercial paper borrowings outstanding		$ 41,000,000	$ 162,200,000
Weighted-average interest rate		1.53%	2.27%
Commercial paper outstanding balance		$ 0	$ 193,600,000
Notes Payable
Schedule Of Debt Instruments [Line Items]
Weighted-average interest rate		8.87%	2.23%
Revolving Credit Facility
Schedule Of Debt Instruments [Line Items]
Average notes payable and commercial paper borrowings outstanding		$ 13,900,000
Weighted-average interest rate		1.70%
Short-term credit facility outstanding balance		$ 0
Proceeds from Lines of Credit			$ 0
3.10% unsecured notes due 2050
Schedule Of Debt Instruments [Line Items]
Unsecured notes, interest rate		3.10%
3.10% unsecured notes due 2050 \| Unsecured Debt
Schedule Of Debt Instruments [Line Items]
Debt instrument, face amount	$ 500,000,000
Unsecured notes, interest rate	3.10%
Proceeds from sale of unsecured long-term notes	$ 489,900,000
Transaction costs	$ 4,400,000
Five-year Multi-Currency Revolving Credit Facility
Schedule Of Debt Instruments [Line Items]
Revolving credit facility, amount available					$ 800,000,000
Revolving credit facility, outstanding amount		$ 0
Actual debt-to-capital ratio		0.12
Actual debt-to-income ratio		0.57
Five-year Multi-Currency Revolving Credit Facility \| Maximum
Schedule Of Debt Instruments [Line Items]
Maximum limit of required debt-to-capital ratio		0.60
Maximum limit of required debt-to-income ratio		3.50
Five-year Multi-Currency Revolving Credit Facility \| Maximum \| Material Acquisition
Schedule Of Debt Instruments [Line Items]
Maximum limit of required debt-to-capital ratio		0.65
Maximum limit of required debt-to-income ratio		4

Financial Instruments - Narratv

Financial Instruments - Narratve (Detail) - USD ($)	3 Months Ended	12 Months Ended
Financial Instruments - Narratve (Detail) - USD ($)	Jun. 27, 2020	Jan. 02, 2021	Dec. 28, 2019
Investment Holdings [Line Items]
Foreign currency forwards outstanding, net		$ 46,700,000	$ 33,200,000
Gain on settlement of treasury lock		1,400,000	0
Derivative gain expected to reclassify from Accumulated OCI into earnings, in the next 12 months, net of tax		$ 1,200,000
3.10% unsecured notes due 2050 \| Unsecured Debt
Investment Holdings [Line Items]
Debt maturity term		10 years
Maximum
Investment Holdings [Line Items]
Maximum maturity date of fair value hedge (in years)		1 year
Fair Value Hedging
Investment Holdings [Line Items]
Notional amount of interest rate swaps outstanding and designated as fair value hedges		$ 100,000,000	100,000,000
Foreign currency forwards \| Euros
Investment Holdings [Line Items]
Foreign currency forwards outstanding, buy contracts			41,400,000
Foreign currency forwards \| Swedish Kronor
Investment Holdings [Line Items]
Foreign currency forwards outstanding, buy contracts		58,900,000	34,500,000
Foreign currency forwards \| British Pounds
Investment Holdings [Line Items]
Foreign currency forwards outstanding, buy contracts		43,500,000
Foreign currency forwards outstanding, sell contracts			52,900,000
Foreign currency forwards \| Chinese Renminbi
Investment Holdings [Line Items]
Foreign currency forwards outstanding, buy contracts		26,100,000	13,100,000
Foreign currency forwards \| Hong Kong Dollars
Investment Holdings [Line Items]
Foreign currency forwards outstanding, buy contracts		22,500,000	17,400,000
Foreign currency forwards \| Singapore Dollars
Investment Holdings [Line Items]
Foreign currency forwards outstanding, buy contracts		14,600,000	13,000,000
Foreign currency forwards \| Australian Dollars
Investment Holdings [Line Items]
Foreign currency forwards outstanding, buy contracts		6,200,000
Foreign currency forwards \| Norwegian Kroner
Investment Holdings [Line Items]
Foreign currency forwards outstanding, buy contracts		5,800,000	6,000,000
Foreign currency forwards \| Danish Kroner
Investment Holdings [Line Items]
Foreign currency forwards outstanding, buy contracts		5,100,000
Foreign currency forwards \| Canadian Dollars
Investment Holdings [Line Items]
Foreign currency forwards outstanding, sell contracts		120,400,000	17,500,000
Foreign currency forwards \| Indian Rupees
Investment Holdings [Line Items]
Foreign currency forwards outstanding, sell contracts		7,900,000	10,000,000
Foreign currency forwards \| Hungarian Forint
Investment Holdings [Line Items]
Foreign currency forwards outstanding, sell contracts		3,500,000
Foreign currency forwards \| Japan, Yen
Investment Holdings [Line Items]
Foreign currency forwards outstanding, sell contracts			9,600,000
Foreign currency forwards \| Other Currencies
Investment Holdings [Line Items]
Foreign currency forwards outstanding, buy contracts		3,700,000	7,000,000
Foreign currency forwards outstanding, sell contracts		$ 7,900,000	$ 9,200,000
Equity forwards
Investment Holdings [Line Items]
Equity forwards in place of common stock associated with its deferred compensation plans (in shares)		78,800	89,600
Treasury locks
Investment Holdings [Line Items]
Treasury lock, notional amount	$ 300,000,000
Gain on settlement of treasury lock	$ 1,400,000
Treasury locks outstanding		$ 0	$ 0

Financial Instruments - Change

Financial Instruments - Change in Fair Value of Derivative (Detail) - USD ($)	Jan. 02, 2021	Dec. 28, 2019
Notes Payable And Current Maturities Of Short Term Debt
Derivatives, Fair Value [Line Items]
Carrying Amount of the Hedged Assets/(Liabilities)	$ (255,100,000)	$ 0
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities)	(5,100,000)	0
Long-term debt
Derivatives, Fair Value [Line Items]
Carrying Amount of the Hedged Assets/(Liabilities)	0	(255,000,000)
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities)	0	$ (5,000,000)
6.125% unsecured notes due 2021
Derivatives, Fair Value [Line Items]
Notional amount of interest rate swaps outstanding and designated as fair value hedges	100,000,000
Unsecured notes. noncurrent	$ 250,000,000
Unsecured notes, interest rate	6.125%

Financial Instruments - Fair Va

Financial Instruments - Fair Values of Derivative Instruments Included within Accompanying Consolidated Balance Sheets (Detail) - USD ($) $ in Millions	Jan. 02, 2021	Dec. 28, 2019
Derivatives, Fair Value [Line Items]
Derivative Assets Fair Value	$ 30.8	$ 23.7
Derivative Liability Fair Value	7	4.6
Derivatives designated as hedging instruments: \| Other assets \| Interest rate swaps
Derivatives, Fair Value [Line Items]
Derivative Assets Fair Value	5.1	5
Derivatives not designated as hedging instruments:
Derivatives, Fair Value [Line Items]
Derivative Assets Fair Value	25.7	18.7
Derivative Liability Fair Value	7	4.6
Derivatives not designated as hedging instruments: \| Prepaid expenses and other assets \| Foreign currency forwards
Derivatives, Fair Value [Line Items]
Derivative Assets Fair Value	12.2	3.5
Derivatives not designated as hedging instruments: \| Prepaid expenses and other assets \| Equity forwards
Derivatives, Fair Value [Line Items]
Derivative Assets Fair Value	13.5	15.2
Derivatives not designated as hedging instruments: \| Other accrued liabilities \| Foreign currency forwards
Derivatives, Fair Value [Line Items]
Derivative Liability Fair Value	$ 7	$ 4.6

Financial Instruments - Effect

Financial Instruments - Effect of Derivative Instruments Designated as Cash Flow Hedges Included in AOCI on the Consolidated Balance Sheets (Detail) - Treasury locks - USD ($) $ in Millions	12 Months Ended
	Jan. 02, 2021	Dec. 28, 2019	Dec. 29, 2018
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivative	$ 1.4	$ 0
Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivative			$ (0.8)

Financial Instruments - Effec_2

Financial Instruments - Effect of Derivative Instruments Designated as Fair Value and Cash Flow Hedges Included in the Consolidated Statements of Earnings (Detail) - USD ($) $ in Millions	12 Months Ended
	Jan. 02, 2021	Dec. 28, 2019	Dec. 29, 2018
Derivative Instruments, Gain (Loss) [Line Items]
Interest expense	$ (54)	$ (49)	$ (50.4)
Other income (expense) – net	8.7	8.8	4.2
Gain on settlement	0	0	13.3
Interest rate swaps \| Interest expense \| Long-term debt
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on fair value hedging relationships:	(15.7)	(15.4)	(15.4)
Interest rate swaps \| Interest expense \| Derivatives designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on fair value hedging relationships:	3.9	2	1.5
Interest rate swaps \| Other income (expense) – net \| Long-term debt
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on fair value hedging relationships:	0	0	0
Interest rate swaps \| Other income (expense) – net \| Derivatives designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on fair value hedging relationships:	0	0	0
Treasury locks \| Interest expense
Derivative Instruments, Gain (Loss) [Line Items]
Gain reclassified from accumulated OCI into income	1.6	1.5	1.5
Gain on settlement	0	0	0
Treasury locks \| Other income (expense) – net
Derivative Instruments, Gain (Loss) [Line Items]
Gain reclassified from accumulated OCI into income	0	0	0
Gain on settlement	$ 0	$ 0	$ 13.3

Financial Instruments - Derivat

Financial Instruments - Derivative Instruments Not Designated as Hedges Included in Consolidated Statements of Earnings (Detail) - USD ($) $ in Millions	12 Months Ended
	Jan. 02, 2021	Dec. 28, 2019	Dec. 29, 2018
Other income (expense) – net \| Foreign currency forwards
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Recognized in Income on Derivatives	$ (6.6)	$ (20)	$ (40.4)
Other income (expense) – net \| Net exposures
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Recognized in Income on Derivatives	2.7	16.4	36.5
Operating expenses \| Equity forwards
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Recognized in Income on Derivatives	1	3	(2.1)
Operating expenses \| Stock-based deferred compensation liabilities
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Recognized in Income on Derivatives	$ (1.2)	$ (3)	$ 2

Financial Instruments - Fair _2

Financial Instruments - Fair Values of Financial Instruments Not Approximating Carrying Values in Financial Statements (Detail) - USD ($) $ in Millions	Jan. 02, 2021	Dec. 28, 2019
Carrying Value
Fair Values Not Approximating Carrying Value [Line Items]
Finance receivables – net	$ 1,666.5	$ 1,633.6
Contract receivables – net	487.2	460.8
Long-term debt, notes payable and current maturities of long-term debt, carrying value	1,450.6	1,149.8
Fair Value
Fair Values Not Approximating Carrying Value [Line Items]
Finance receivables – net	2,024.4	1,920.6
Contract receivables – net	545.4	505.5
Long-term debt, notes payable and current maturities of long-term debt, fair value	$ 1,678.2	$ 1,238.8

Pension Plans - Narrative (Deta

Pension Plans - Narrative (Detail) - USD ($) $ in Millions	12 Months Ended
Pension Plans - Narrative (Detail) - USD ($) $ in Millions	Jan. 02, 2021	Dec. 28, 2019	Dec. 29, 2018
Defined Benefit Plan Disclosure [Line Items]
Normal retirement age	65 years
Accumulated benefit obligation	$ 1,621.5	$ 1,478
Expense recognized related to 401(k)plan	$ 10.3	$ 9.8	$ 9.4
Minimum
Defined Benefit Plan Disclosure [Line Items]
Time horizon for asset under risk and correlation assumption (in years)	10 years
Maximum
Defined Benefit Plan Disclosure [Line Items]
Time horizon for asset under risk and correlation assumption (in years)	20 years
United States
Defined Benefit Plan Disclosure [Line Items]
Weighted-average discount rate	2.70%
Increase in pension expense	$ 4.5
Increase in projected benefit obligation	$ 82.4
Percentage of projected benefit obligations	82.00%
Foreign Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Weighted-average discount rate	1.70%
Increase in pension expense	$ 1.9
Increase in projected benefit obligation	$ 32.3
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Expected long-term rate of return on plan assets	7.00%	7.10%	7.10%
Pension Plan \| United States
Defined Benefit Plan Disclosure [Line Items]
Expected future employer contributions	$ 2.2
Expected long-term rate of return on plan assets	6.75%
Pension plans' assets as percentage of worldwide pension assets	86.00%
Pension Plan \| Foreign Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Expected future employer contributions	$ 9.2
Pension Plan \| Foreign Pension Plans \| Minimum
Defined Benefit Plan Disclosure [Line Items]
Expected long-term rate of return on plan assets	1.00%
Pension Plan \| Foreign Pension Plans \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Expected long-term rate of return on plan assets	5.40%

Pension Plans - Summary of Chan

Pension Plans - Summary of Change in Benefit Obligation (Detail) - Pension Plan - USD ($) $ in Millions	12 Months Ended
	Jan. 02, 2021	Dec. 28, 2019	Dec. 29, 2018
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Benefit obligation at beginning of year	$ 1,565.6	$ 1,386.9
Service cost	27	23.5	$ 25.1
Interest cost	48.7	56.4	52.8
Plan participant contributions	0.4	0.5
Plan amendments	0.1	0
Benefits paid	(72.1)	(73)
Actuarial loss	122.8	169.5
Foreign currency impact	17.5	1.8
Benefit obligation at end of year	$ 1,710	$ 1,565.6	$ 1,386.9

Pension Plans - Summary of Ch_2

Pension Plans - Summary of Change in Fair Value of Plan Assets (Detail) - Pension Plan - USD ($) $ in Millions	12 Months Ended
	Jan. 02, 2021	Dec. 28, 2019
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	$ 1,455.5	$ 1,215.6
Actual gain on plan assets	227.9	258.7
Employer contributions	10.4	50.8
Plan participant contributions	0.4	0.4
Benefits paid	(72.1)	(73)
Foreign currency impact	10.3	3
Fair value of plan assets at end of year	1,632.4	1,455.5
Unfunded status at end of year	$ (77.6)	$ (110.1)

Pension Plans - Summary of Amou

Pension Plans - Summary of Amounts Recognized in Consolidated Balance Sheets (Detail) - USD ($) $ in Millions	Jan. 02, 2021	Dec. 28, 2019
Defined Benefit Plan Disclosure [Line Items]
Pension liabilities	$ (127.1)	$ (122.1)
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Other assets	54.2	17.3
Accrued benefits	(4.7)	(5.3)
Pension liabilities	(127.1)	(122.1)
Net liability	$ (77.6)	$ (110.1)

Pension Plans - Summary of Am_2

Pension Plans - Summary of Amounts Included in Accumulated Other Comprehensive Income Loss (Detail) - Pension Plan - USD ($) $ in Millions	Jan. 02, 2021	Dec. 28, 2019
Defined Benefit Plan Disclosure [Line Items]
Net loss, net of tax of $95.4 million and $104.8 million, respectively	$ (302.2)	$ (333.8)
Prior service cost, net of tax of ($0.2) million and ($0.1) million, respectively	(0.7)	(0.6)
Amounts included in accumulated other comprehensive income (loss)	(302.9)	(334.4)
Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent
Defined Benefit Plan Disclosure [Line Items]
AOCI, tax	95.4	104.8
Accumulated Defined Benefit Plans Adjustment, Net Prior Service Attributable to Parent
Defined Benefit Plan Disclosure [Line Items]
AOCI, tax	$ (0.2)	$ (0.1)

Pension Plans - Summary of Bene

Pension Plans - Summary of Benefit Obligations in Excess of Fair Value of Plan Assets (Detail) - Pension Plan - USD ($) $ in Millions	Jan. 02, 2021	Dec. 28, 2019
Pension plans with accumulated benefit obligations in excess of plan assets:
Accumulated benefit obligation	$ 266.3	$ 231
Fair value of plan assets	152.6	126.5
Pension plans with projected benefit obligations in excess of plans assets:
Projected benefit obligation	284.4	1,336.9
Fair value of plan assets	$ 152.6	$ 1,209.5

Pension Plans - Net Periodic Pe

Pension Plans - Net Periodic Pension Cost (Detail) - Pension Plan - USD ($) $ in Millions	12 Months Ended
	Jan. 02, 2021	Dec. 28, 2019	Dec. 29, 2018
Net periodic benefit cost:
Service cost	$ 27	$ 23.5	$ 25.1
Interest cost	48.7	56.4	52.8
Expected return on plan assets	(94.7)	(91.5)	(88.6)
Amortization of unrecognized loss	34.5	25.2	32.7
Amortization of prior service credit	0	(0.9)	(1.2)
Net periodic benefit cost	15.5	12.7	20.8
Changes in benefit obligations recognized in OCI, net of tax:
Net (gain) loss	(31.6)	31.9	35.2
Prior service cost	0.1	0.4	1.7
Total recognized in OCI	$ (31.5)	$ 32.3	$ 36.9

Pension Plans - Summary of Weig

Pension Plans - Summary of Weighted-Average Assumptions Used to Determine Full-Year Pension Costs (Detail) - Pension Plan	12 Months Ended
	Jan. 02, 2021	Dec. 28, 2019	Dec. 29, 2018
Defined Benefit Plan Disclosure [Line Items]
Discount rate	3.20%	4.20%	3.70%
Expected return on plan assets	7.00%	7.10%	7.10%
Rate of compensation increase	3.40%	3.40%	3.40%

Pension Plans - Summary of We_2

Pension Plans - Summary of Weighted Average Assumptions Used to Determine Projected Benefit Obligation (Detail) - Pension Plan	Jan. 02, 2021	Dec. 28, 2019
Defined Benefit Plan Disclosure [Line Items]
Discount rate	2.50%	3.20%
Rate of compensation increase	3.40%	3.40%
Interest crediting rate - U.S. cash balance plan	3.80%	3.80%

Pension Plans - Summary of Expe

Pension Plans - Summary of Expected Benefit Payments (Detail) - Pension Plan $ in Millions	Jan. 02, 2021USD ($)
Defined Benefit Plan Disclosure [Line Items]
2021	$ 81.6
2022	93.3
2023	88.9
2024	91.9
2025	93.9
2025-2029	$ 493.8

Pension Plans - Summary of Targ

Pension Plans - Summary of Target Allocation and Weighted-Average Asset Allocation by Asset Category and Fair Value of Plan Assets (Detail) - USD ($) $ in Millions	Jan. 02, 2021	Dec. 28, 2019	Dec. 29, 2018
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 1,632.4	$ 1,455.5	$ 1,215.6
United States
Defined Benefit Plan Disclosure [Line Items]
Target allocation	100.00%
Actual weighted-average asset allocation	100.00%	100.00%
Fair value of plan assets	$ 1,401	$ 1,260.5
United States \| Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 1,401	$ 1,260.5
United States \| Equity securities
Defined Benefit Plan Disclosure [Line Items]
Target allocation	54.00%
Actual weighted-average asset allocation	54.00%	51.00%
United States \| Debt securities and cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Target allocation	41.00%
Actual weighted-average asset allocation	41.00%	40.00%
United States \| Real estate and other real assets
Defined Benefit Plan Disclosure [Line Items]
Target allocation	0.00%
Actual weighted-average asset allocation	0.00%	1.00%
United States \| Real estate and other real assets \| Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 4.3	$ 8.8
United States \| Hedge funds
Defined Benefit Plan Disclosure [Line Items]
Target allocation	5.00%
Actual weighted-average asset allocation	5.00%	8.00%
United States \| Hedge funds \| Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 73.6	$ 107.8
Foreign Pension Plans \| Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Target allocation	100.00%
Actual weighted-average asset allocation	100.00%	100.00%
Fair value of plan assets	$ 231.4	$ 195
Foreign Pension Plans \| Equity securities \| Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Target allocation	46.00%
Actual weighted-average asset allocation	46.00%	46.00%
Foreign Pension Plans \| Debt securities and cash and cash equivalents \| Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Target allocation	40.00%
Actual weighted-average asset allocation	40.00%	40.00%
Foreign Pension Plans \| Insurance contracts and hedge funds \| Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Target allocation	14.00%
Actual weighted-average asset allocation	14.00%	14.00%

Pension Plans - Summary of Fair

Pension Plans - Summary of Fair Value by Asset Category and Within Fair Value Hierarchy (Detail) - USD ($) $ in Millions	Jan. 02, 2021	Dec. 28, 2019	Dec. 29, 2018
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 1,632.4	$ 1,455.5	$ 1,215.6
United States
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	1,401	1,260.5
United States \| Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	1,401	1,260.5
United States \| Cash and cash equivalents \| Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	30.3	25.6
United States \| Domestic \| Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	111.8	95.1
United States \| Foreign \| Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	62.4	58.4
United States \| Commingled funds – domestic \| Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	312.9	263.6
United States \| Commingled funds – foreign \| Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	248.5	209.4
United States \| Private equity partnerships \| Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	14.7	17.4
United States \| Government \| Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	164.6	146.7
United States \| Corporate bonds \| Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	377.9	327.7
United States \| Real estate and other real assets \| Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	4.3	8.8
United States \| Hedge funds \| Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	73.6	107.8
Foreign Pension Plans \| Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	231.4	195
Foreign Pension Plans \| Cash and cash equivalents \| Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	1	0.9
Foreign Pension Plans \| Government \| Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	12	10.1
Foreign Pension Plans \| Corporate bonds \| Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	23.8	21.4
Foreign Pension Plans \| Insurance contracts \| Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	32.2	27.1
Foreign Pension Plans \| Commingled funds – multi-strategy \| Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	162.4	135.5
Quoted Prices for Identical Assets (Level 1) \| United States \| Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	366.2	323.1
Quoted Prices for Identical Assets (Level 1) \| United States \| Cash and cash equivalents \| Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	30.3	25.6
Quoted Prices for Identical Assets (Level 1) \| United States \| Domestic \| Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	111.8	95.1
Quoted Prices for Identical Assets (Level 1) \| United States \| Foreign \| Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	62.4	58.4
Quoted Prices for Identical Assets (Level 1) \| United States \| Commingled funds – domestic \| Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Quoted Prices for Identical Assets (Level 1) \| United States \| Commingled funds – foreign \| Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Quoted Prices for Identical Assets (Level 1) \| United States \| Private equity partnerships \| Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Quoted Prices for Identical Assets (Level 1) \| United States \| Government \| Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	161.7	144
Quoted Prices for Identical Assets (Level 1) \| United States \| Corporate bonds \| Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Quoted Prices for Identical Assets (Level 1) \| United States \| Real estate and other real assets \| Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Quoted Prices for Identical Assets (Level 1) \| United States \| Hedge funds \| Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Quoted Prices for Identical Assets (Level 1) \| Foreign Pension Plans \| Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	13	11
Quoted Prices for Identical Assets (Level 1) \| Foreign Pension Plans \| Cash and cash equivalents \| Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	1	0.9
Quoted Prices for Identical Assets (Level 1) \| Foreign Pension Plans \| Government \| Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	12	10.1
Quoted Prices for Identical Assets (Level 1) \| Foreign Pension Plans \| Corporate bonds \| Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Quoted Prices for Identical Assets (Level 1) \| Foreign Pension Plans \| Insurance contracts \| Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Quoted Prices for Identical Assets (Level 1) \| Foreign Pension Plans \| Commingled funds – multi-strategy \| Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Significant Other Observable Inputs (Level 2) \| United States \| Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	380.8	330.4
Significant Other Observable Inputs (Level 2) \| United States \| Cash and cash equivalents \| Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Significant Other Observable Inputs (Level 2) \| United States \| Domestic \| Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Significant Other Observable Inputs (Level 2) \| United States \| Foreign \| Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Significant Other Observable Inputs (Level 2) \| United States \| Commingled funds – domestic \| Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Significant Other Observable Inputs (Level 2) \| United States \| Commingled funds – foreign \| Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Significant Other Observable Inputs (Level 2) \| United States \| Private equity partnerships \| Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Significant Other Observable Inputs (Level 2) \| United States \| Government \| Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	2.9	2.7
Significant Other Observable Inputs (Level 2) \| United States \| Corporate bonds \| Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	377.9	327.7
Significant Other Observable Inputs (Level 2) \| United States \| Real estate and other real assets \| Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Significant Other Observable Inputs (Level 2) \| United States \| Hedge funds \| Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Significant Other Observable Inputs (Level 2) \| Foreign Pension Plans \| Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	56	48.5
Significant Other Observable Inputs (Level 2) \| Foreign Pension Plans \| Cash and cash equivalents \| Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Significant Other Observable Inputs (Level 2) \| Foreign Pension Plans \| Government \| Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Significant Other Observable Inputs (Level 2) \| Foreign Pension Plans \| Corporate bonds \| Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	23.8	21.4
Significant Other Observable Inputs (Level 2) \| Foreign Pension Plans \| Insurance contracts \| Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	32.2	27.1
Significant Other Observable Inputs (Level 2) \| Foreign Pension Plans \| Commingled funds – multi-strategy \| Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Investments Measured at NAV \| United States \| Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	654	607
Investments Measured at NAV \| United States \| Cash and cash equivalents \| Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Investments Measured at NAV \| United States \| Domestic \| Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Investments Measured at NAV \| United States \| Foreign \| Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Investments Measured at NAV \| United States \| Commingled funds – domestic \| Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	312.9	263.6
Investments Measured at NAV \| United States \| Commingled funds – foreign \| Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	248.5	209.4
Investments Measured at NAV \| United States \| Private equity partnerships \| Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	14.7	17.4
Investments Measured at NAV \| United States \| Government \| Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Investments Measured at NAV \| United States \| Corporate bonds \| Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Investments Measured at NAV \| United States \| Real estate and other real assets \| Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	4.3	8.8
Investments Measured at NAV \| United States \| Hedge funds \| Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	73.6	107.8
Investments Measured at NAV \| Foreign Pension Plans \| Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	162.4	135.5
Investments Measured at NAV \| Foreign Pension Plans \| Cash and cash equivalents \| Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Investments Measured at NAV \| Foreign Pension Plans \| Government \| Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Investments Measured at NAV \| Foreign Pension Plans \| Corporate bonds \| Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Investments Measured at NAV \| Foreign Pension Plans \| Insurance contracts \| Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Investments Measured at NAV \| Foreign Pension Plans \| Commingled funds – multi-strategy \| Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 162.4	$ 135.5

Postretirement Plans - Summary

Postretirement Plans - Summary of Change in Benefit Obligation (Detail) - U.S. Postretirement Health Care Plans - USD ($) $ in Millions	12 Months Ended
	Jan. 02, 2021	Dec. 28, 2019	Dec. 29, 2018
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Benefit obligation at beginning of year	$ 49.2	$ 46.8
Interest cost	1.5	1.9	$ 1.8
Plan participant contributions	0.2	0.3
Benefits paid	(3.6)	(4.2)
Actuarial loss	3.3	4.4
Benefit obligation at end of year	$ 50.6	$ 49.2	$ 46.8

Postretirement Plans - Summar_2

Postretirement Plans - Summary of Change in Fair Value of Plan Assets (Detail) - U.S. Postretirement Health Care Plans - USD ($) $ in Millions	12 Months Ended
	Jan. 02, 2021	Dec. 28, 2019
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	$ 12.8	$ 12.1
Actual gain on plan assets	1.4	1.5
Employer contributions	2.5	3.1
Plan participant contributions	0.2	0.3
Benefits paid	(3.6)	(4.2)
Fair value of plan assets at end of year	13.3	12.8
Unfunded status at end of year	$ (37.3)	$ (36.4)

Postretirement Plans - Summar_3

Postretirement Plans - Summary of Amounts Recognized in Consolidated Balance Sheets (Detail) - USD ($) $ in Millions	Jan. 02, 2021	Dec. 28, 2019
Defined Benefit Plan Disclosure [Line Items]
Retiree health care benefits	$ (127.1)	$ (122.1)
U.S. Postretirement Health Care Plans
Defined Benefit Plan Disclosure [Line Items]
Accrued benefits	(2.8)	(2.8)
Retiree health care benefits	(34.5)	(33.6)
Net liability	$ (37.3)	$ (36.4)

Postretirement Plans - Summar_4

Postretirement Plans - Summary of Amounts Included in Accumulated Other Comprehensive Income on Accompanying Consolidated Balance Sheets (Detail) - U.S. Postretirement Health Care Plans - USD ($) $ in Millions	Jan. 02, 2021	Dec. 28, 2019
Defined Benefit Plan Disclosure [Line Items]
Net gain, net of tax of $0.5 million and $1.1 million, respectively	$ 1.3	$ 3.2
Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent
Defined Benefit Plan Disclosure [Line Items]
AOCI, tax	$ 0.5	$ 1.1

Postretirement Plans - Summar_5

Postretirement Plans - Summary of Components of Net Periodic Benefit Costs and Other Amounts Recognized in Other Comprehensive Income (Loss) (Detail) - U.S. Postretirement Health Care Plans - USD ($) $ in Millions	12 Months Ended
	Jan. 02, 2021	Dec. 28, 2019	Dec. 29, 2018
Net periodic benefit cost:
Interest cost	$ 1.5	$ 1.9	$ 1.8
Expected return on plan assets	(0.6)	(0.7)	(0.8)
Amortization of unrecognized gain	0	(0.8)	(0.4)
Net periodic benefit cost	0.9	0.4	0.6
Changes in benefit obligations recognized in OCI, net of tax:
Net (gain) loss	$ 1.9	$ 2.4	$ (1.4)

Postretirement Plans - Narratve

Postretirement Plans - Narratve (Detail)	12 Months Ended
Postretirement Plans - Narratve (Detail)	Jan. 02, 2021
Defined Benefit Plan Disclosure [Line Items]
Health care cost trend rate, pre-65	5.50%
Health care cost trend rate, post-65	6.00%
U.S. Postretirement Health Care Plans
Defined Benefit Plan Disclosure [Line Items]
Health care cost trend rate, 2039 and thereafter	4.50%
Expected long-term rate of return on plan assets	4.80%

Postretirement Plans - Summar_6

Postretirement Plans - Summary of Weighted-Average Discount Rates Used to Determine Postretirement Health Care Expenses (Detail)	12 Months Ended
	Jan. 02, 2021	Dec. 28, 2019	Dec. 29, 2018
U.S. Postretirement Health Care Plans
Defined Benefit Plan Disclosure [Line Items]
Discount rate	3.10%	4.20%	3.60%

Postretirement Plans - Summar_7

Postretirement Plans - Summary of Weighted-Average Assumptions Used to Determine Accumulated Benefit Obligation (Detail)	Jan. 02, 2021	Dec. 28, 2019
U.S. Postretirement Health Care Plans
Defined Benefit Plan Disclosure [Line Items]
Discount rate	2.30%	3.10%

Postretirement Plans - Summar_8

Postretirement Plans - Summary of Expected Benefit Payments (Detail) - U.S. Postretirement Health Care Plans $ in Millions	Jan. 02, 2021USD ($)
Defined Benefit Plan Disclosure [Line Items]
2021	$ 3.6
2022	3.7
2023	3.7
2024	3.8
2025	3.8
2025-2029	$ 19

Postretirement Plans - Summar_9

Postretirement Plans - Summary of Target Allocation and Weighted-Average Asset Allocation by Asset Category and Fair Value of Plan Assets (Detail) - U.S. Postretirement Health Care Plans - USD ($) $ in Millions	Jan. 02, 2021	Dec. 28, 2019	Dec. 29, 2018
Defined Benefit Plan Disclosure [Line Items]
Target allocation	100.00%
Actual weighted-average asset allocation	100.00%	100.00%
Fair value of plan assets	$ 13.3	$ 12.8	$ 12.1
Debt securities and cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Target allocation	46.00%
Actual weighted-average asset allocation	46.00%	51.00%
Equity securities
Defined Benefit Plan Disclosure [Line Items]
Target allocation	29.00%
Actual weighted-average asset allocation	35.00%	31.00%
Fair value of plan assets	$ 4.6	$ 4
Hedge funds
Defined Benefit Plan Disclosure [Line Items]
Target allocation	25.00%
Actual weighted-average asset allocation	19.00%	18.00%
Fair value of plan assets	$ 2.5	$ 2.3

Postretirement Plans - Summa_10

Postretirement Plans - Summary of Fair Value by Asset Category and Level Within Fair Value Hierarchy (Detail) - U.S. Postretirement Health Care Plans - USD ($) $ in Millions	Jan. 02, 2021	Dec. 28, 2019	Dec. 29, 2018
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 13.3	$ 12.8	$ 12.1
Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.3	0.5
Debt securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	5.9	6
Equity securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	4.6	4
Hedge funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	2.5	2.3
Quoted Prices for Identical Assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	6.2	6.5
Quoted Prices for Identical Assets (Level 1) \| Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.3	0.5
Quoted Prices for Identical Assets (Level 1) \| Debt securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	5.9	6
Quoted Prices for Identical Assets (Level 1) \| Equity securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Quoted Prices for Identical Assets (Level 1) \| Hedge funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Investments Measured at NAV
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	7.1	6.3
Investments Measured at NAV \| Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Investments Measured at NAV \| Debt securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Investments Measured at NAV \| Equity securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	4.6	4
Investments Measured at NAV \| Hedge funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 2.5	$ 2.3

Stock-Based Compensation and _3

Stock-Based Compensation and Other Stock Plans - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 02, 2021	Dec. 28, 2019	Dec. 29, 2018
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Net stock-based compensation expense	$ 19.5	$ 23.8	$ 27.2
Cash received from stock purchase and option plan exercises	55.8	51.4	55.5
Tax benefit realized from exercise and vesting of share-based payment arrangements	$ 8.2	$ 9.6	$ 14.8
2011 Incentive Stock and Awards Plan
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Number of shares available for future grants (in shares)	1,457,415

Stock-Based Compensation and _4

Stock-Based Compensation and Other Stock Plans - Stock Options Narrative (Details) - Stock Option - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Jan. 02, 2021	Dec. 28, 2019	Dec. 29, 2018
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Weighted average contractual term (in years)	10 years
Weighted-average grant date fair value granted (in dollars per share)	$ 22.95	$ 29.98	$ 30.21
Intrinsic value of stock exercised	$ 26	$ 29.9	$ 43.8
Fair value of stock vested	14.6	$ 15.7	$ 16
Unrecognized compensation cost related to non-vested award	$ 13
Cost expected to be recognized over weighted-average period (in years)	1 year 6 months

Stock-Based Compensation and _5

Stock-Based Compensation and Other Stock Plans - Stock Options, Summary of Weighted-Average Assumptions of Fair Value Granted Using Black-Scholes Valuation Model (Details) - Stock Option	12 Months Ended
	Jan. 02, 2021	Dec. 28, 2019	Dec. 29, 2018
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Expected term (in years)	5 years 6 months 10 days	5 years 6 months 10 days	5 years 4 months 6 days
Expected volatility factor	21.67%	21.30%	20.08%
Expected dividend yield	2.78%	1.79%	1.68%
Risk-free interest rate	1.50%	2.54%	2.71%

Stock-Based Compensation and _6

Stock-Based Compensation and Other Stock Plans - Summary of Changes in Stock Options (Details) - Stock Option $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Jan. 02, 2021USD ($)$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares [Roll Forward]
Outstanding at beginning of year (in shares) \| shares	3,114
Granted (in shares) \| shares	459
Exercised (in shares) \| shares	(434)
Forfeited or expired (in shares) \| shares	(19)
Outstanding at end of year (in shares) \| shares	3,120
Exercisable at end of year (in shares) \| shares	2,217
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Exercise price per share, outstanding at beginning of year (in dollars per share) \| $ / shares	$ 135.60
Exercise price per share, granted (in dollars per share) \| $ / shares	155.34
Exercise price per share, exercised (in dollars per share) \| $ / shares	106.04
Exercise price per share, forfeited or expired (in dollars per share) \| $ / shares	159.78
Exercise price per share, outstanding at end of year (in dollars per share) \| $ / shares	142.47
Exercise price per share, exercisable at end of year (in dollars per share) \| $ / shares	$ 136.76
Remaining contractual term, outstanding at end of year (in years)	5 years 10 months 24 days
Remaining contractual term, exercisable at end of year (in years)	4 years 10 months 24 days
Aggregate intrinsic value, outstanding at end of year \| $	$ 89.5
Aggregate intrinsic value, exercisable at end of year \| $	$ 76.2

Stock-Based Compensation and _7

Stock-Based Compensation and Other Stock Plans - Performance Awards Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Jan. 02, 2021	Dec. 28, 2019	Dec. 29, 2018
Performance Awards
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Weighted average contractual term (in years)	3 years
Maximum stock percentage to be awarded	100.00%
Performance period for awards granted (in years)	3 years
Weighted-average grant date fair value granted (in dollars per share)	$ 155.34	$ 155.92	$ 161.18
Shares vested (in shares)	0	21,183	32,154
Performance awards shares paid out	21,183	32,114	50,182
Unrecognized compensation cost related to non-vested award	$ 6.1
Cost expected to be recognized over weighted-average period (in years)	1 year 8 months 12 days
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Performance period for awards granted (in years)	1 year
Awards granted vesting period (in years)	2 years
Shares granted (in shares)	0	0	33,170

Stock-Based Compensation and _8

Stock-Based Compensation and Other Stock Plans - Summary of Changes in Non-Vested Performance Awards (Details) - Nonvested Performance Shares shares in Thousands	12 Months Ended
	Jan. 02, 2021$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding at beginning of year (in shares) \| shares	98
Shares granted (in shares) \| shares	82
Shares vested (in shares) \| shares	(30)
Share cancellations and other (in shares) \| shares	(74)
Outstanding at end of year (in shares) \| shares	76
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Fair value price per share, at beginning of year (in dollars per share) \| $ / shares	$ 158.94
Fair value price per share, granted (in dollars per share) \| $ / shares	155.34
Fair value price per share, vested (in dollars per share) \| $ / shares	161.18
Fair value price per share, cancellations and other (in dollars per share) \| $ / shares	157.49
Fair value price per share, at end of year (in dollars per share) \| $ / shares	$ 155.61

Stock-Based Compensation and _9

Stock-Based Compensation and Other Stock Plans - Stock Appreciation Rights Narrative (Details) - USD ($)	12 Months Ended
	Jan. 02, 2021	Dec. 28, 2019	Dec. 29, 2018
Stock-Settled SARs
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Weighted-average grant date fair value granted (in dollars per share)	$ 21.31	$ 26.45	$ 24.71
Intrinsic value of stock exercised	$ 400,000	$ 100,000	$ 1,800,000
Fair value of stock vested	2,300,000	2,100,000	2,200,000
Unrecognized compensation cost related to non-vested award	$ 2,300,000
Cost expected to be recognized over weighted-average period (in years)	1 year 6 months
Cash-Settled Stock Appreciation Rights
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Weighted average contractual term (in years)	10 years
Weighted-average grant date fair value granted (in dollars per share)	$ 37.99
Intrinsic value of stock exercised	$ 1,000,000	1,200,000	3,400,000
Fair value of stock vested	0	$ 100,000	$ 100,000
Unrecognized compensation cost related to non-vested award	$ 100,000
Cost expected to be recognized over weighted-average period (in years)	1 year 4 months 24 days

Stock-Based Compensation and_10

Stock-Based Compensation and Other Stock Plans - Stock-Settled SARs, Summary of Weighted-Average Assumptions of Fair Value Granted Using Black-Scholes Valuation Model (Details) - Stock-Settled SARs	12 Months Ended
	Jan. 02, 2021	Dec. 28, 2019	Dec. 29, 2018
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Expected term (in years)	3 years 9 months	3 years 7 months 24 days	3 years 6 months 29 days
Expected volatility factor	22.50%	22.60%	20.08%
Expected dividend yield	2.78%	1.81%	1.63%
Risk-free interest rate	1.42%	2.48%	2.40%

Stock-Based Compensation and_11

Stock-Based Compensation and Other Stock Plans - Summary of Changes in Stock-Settled SARs (Details) - Stock-Settled SARs $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Jan. 02, 2021USD ($)$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding at beginning of year (in shares) \| shares	450
Shares granted (in shares) \| shares	92
Shares exercised (in shares) \| shares	(7)
Shares forfeited or expired (in shares) \| shares	(33)
Outstanding at end of year (in shares) \| shares	502
Shares, exercisable at end of year (in shares) \| shares	325
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Exercise price per share, outstanding at beginning of year (in dollars per share) \| $ / shares	$ 149.18
Exercise price per share, granted (in dollars per share) \| $ / shares	155.34
Exercise price per share, exercised (in dollars per share) \| $ / shares	112.50
Exercise price per share, forfeited or expired (in dollars per share) \| $ / shares	138.12
Exercise price per share, outstanding at end of year (in dollars per share) \| $ / shares	151.59
Exercise price per share, exercisable at end of year (in dollars per share) \| $ / shares	$ 148.93
Remaining contractual term, outstanding at end of year (in years)	6 years 7 months 6 days
Remaining contractual term, exercisable at end of year (in years)	5 years 7 months 6 days
Aggregate intrinsic value, outstanding at end of year \| $	$ 9.8
Aggregate intrinsic value, exercisable at end of year \| $	$ 7.2

Stock-Based Compensation and_12

Stock-Based Compensation and Other Stock Plans - Cash-Settled SARs, Summary of Weighted-Average Assumptions of Fair Value Granted Using Black-Scholes Valuation Model (Details) - Cash-Settled Stock Appreciation Rights	12 Months Ended
	Jan. 02, 2021	Dec. 28, 2019	Dec. 29, 2018
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Expected term (in years)	3 years	2 years 10 months 13 days	2 years 9 months 3 days
Expected volatility factor	34.58%	23.33%	21.96%
Expected dividend yield	2.87%	2.02%	1.75%
Risk-free interest rate	0.17%	1.60%	2.50%

Stock-Based Compensation and_13

Stock-Based Compensation and Other Stock Plans - Summary of Changes in Non-Vested Cash-Settled SARs (Details) - Cash-Settled Stock Appreciation Rights shares in Thousands	12 Months Ended
	Jan. 02, 2021$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding at beginning of year (in shares) \| shares	2
Shares granted (in shares) \| shares	1
Shares vested (in shares) \| shares	(1)
Outstanding at end of year (in shares) \| shares	2
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Fair value price per share, at beginning of year (in dollars per share) \| $ / shares	$ 25.96
Fair value price per share, granted (in dollars per share) \| $ / shares	37.99
Fair value price per share, vested (in dollars per share) \| $ / shares	34.02
Fair value price per share, at end of year (in dollars per share) \| $ / shares	$ 36.99

Stock-Based Compensation and_14

Stock-Based Compensation and Other Stock Plans - Other Stock Plans Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 02, 2021	Dec. 28, 2019	Dec. 29, 2018
Directors' Fee Plan
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Percentage of non-employee directors fee	100.00%
Number of shares issued (in shares)	1,836	1,784	1,727
Deferred shares received (in shares)	1,364	1,374	1,315
Number of shares reserved for issuance (in shares)	186,641
Non-employee Directors \| Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Shares granted (in shares)	7,380	7,605	6,975
Vesting period	1 year
Employees Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Number of shares issued (in shares)	25,425	25,820	22,794
Number of shares reserved for issuance (in shares)	679,561
Employee contributions for purchase of common stock	$ 3.3
Compensation expense	$ 1.1	$ 0.1	$ 0.3
Franchisee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Number of shares issued (in shares)	55,980	49,921	46,704
Number of shares reserved for issuance (in shares)	413,550
Compensation expense	$ 1.9	$ 0.8	$ 0.6
Franchisee contributions for purchase of common stock	$ 5.5

Capital Stock - Narratve (Detai

Capital Stock - Narratve (Detail) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended								12 Months Ended
	Jan. 02, 2021	Sep. 26, 2020	Jun. 27, 2020	Mar. 28, 2020	Dec. 28, 2019	Sep. 28, 2019	Jun. 29, 2019	Mar. 30, 2019	Jan. 02, 2021	Dec. 28, 2019	Dec. 29, 2018	Mar. 10, 2021
Dividends Payable [Line Items]
Shares repurchased (in shares)									1,109,000	1,495,000	1,769,000
Availability of additional repurchase	$ 275.7								$ 275.7
Cash dividends paid									$ 243.3	$ 216.6	$ 192
Cash dividends paid per share (in dollars per share)	$ 1.23	$ 1.08	$ 1.08	$ 1.08	$ 1.08	$ 0.95	$ 0.95	$ 0.95	$ 4.47	$ 3.93	$ 3.41
Subsequent Event
Dividends Payable [Line Items]
Dividends payable amount (in dollars per share)												$ 1.23

Commitments and Contingencies -

Commitments and Contingencies - Summary of Product Warranty Accrual Activity (Detail) - USD ($) $ in Millions	12 Months Ended
	Jan. 02, 2021	Dec. 28, 2019	Dec. 29, 2018
Warranty accrual:
Beginning of year	$ 17.3	$ 17.1	$ 17.2
Additions	13.9	16	14.9
Usage	(13.6)	(15.8)	(15)
End of year	$ 17.6	$ 17.3	$ 17.1

Commitments and Contingencies_2

Commitments and Contingencies - Narratve (Detail) $ in Millions	12 Months Ended
	Jan. 02, 2021agreementEmployees	Dec. 28, 2019USD ($)	Dec. 29, 2018USD ($)
Commitments And Contingencies [Line Items]
Collective bargaining agreements expiration	5 years
Benefit recorded related to settlement \| $		$ 11.6
Workforce Subject to Collective Bargaining Arrangements
Commitments And Contingencies [Line Items]
Number of employees covered under collective bargaining agreements	2,600
Percentage of employees covered under collective bargaining agreements	21.00%
Workforce Subject to Collective Bargaining Agreements Expiring in 2021
Commitments And Contingencies [Line Items]
Number of employees covered under collective bargaining agreements	1,325
Workforce Subject to Collective Bargaining Arrangements Expiring in 2022
Commitments And Contingencies [Line Items]
Number of employees covered under collective bargaining agreements	475
Workforce Subject to Collective Bargaining Arrangements Expiring in 2023
Commitments And Contingencies [Line Items]
Number of employees covered under collective bargaining agreements	800
Workforce Subject to Collective Bargaining Arrangements Expiring in 2024
Commitments And Contingencies [Line Items]
Number of employees covered under collective bargaining agreements \| agreement	0
Workforce Subject to Collective Bargaining Arrangements Expiring in 2025
Commitments And Contingencies [Line Items]
Number of employees covered under collective bargaining agreements \| agreement	0
Judgment In Patent Related Litigation Matter
Commitments And Contingencies [Line Items]
Loss contingency accrual \| $			$ 30.9

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Leases - Narrative (Details) - USD ($) $ in Millions	Jan. 02, 2021	Dec. 29, 2018	Dec. 28, 2019
Lessee, Lease, Description [Line Items]
Rent expense, net of sub-lease rental income		$ 33
Sales-type lease total future minimum lease payments	$ 328.5
Sales-type lease unearned finance charges	$ 55.3
Minimum
Lessee, Lease, Description [Line Items]
Operating and finance leases contract terms	1 year
Maximum
Lessee, Lease, Description [Line Items]
Operating and finance leases contract terms	20 years
Financing Receivables
Lessee, Lease, Description [Line Items]
Sales-type lease payment terms	5 years
Sales-type lease total future minimum lease payments	$ 42.7		$ 97.5
Sales-type lease unearned finance charges	$ 6.9		19.9
Contract Receivable
Lessee, Lease, Description [Line Items]
Sales-type lease payment terms	7 years
Sales-type lease total future minimum lease payments	$ 285.8		267.7
Sales-type lease unearned finance charges	$ 48.4		$ 47.6

Leases - Lease Cost (Details)

Leases - Lease Cost (Details) - USD ($) $ in Millions	12 Months Ended
Leases - Lease Cost (Details) - USD ($) $ in Millions	Jan. 02, 2021	Dec. 28, 2019
Finance lease costs:
Amortization of ROU assets	$ 1.7	$ 1.5
Interest on lease liabilities	0.4	0.5
Operating lease costs	24.6	25.1
Total lease costs	$ 26.7	$ 27.1

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 02, 2021	Dec. 28, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Financing cash flows from finance leases	$ 3.4	$ 2.8
Operating cash flows from finance leases	0.4	0.5
Operating cash flows from operating leases	23.1	23.5
ROU assets obtained in exchange for new lease obligations:
Finance lease liabilities	0.4	1.4
Operating lease liabilities	$ 15.2	$ 12.5

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Millions	Jan. 02, 2021	Dec. 28, 2019
Finance leases:
Property and equipment - gross	$ 24.3	$ 9.2
Accumulated depreciation and amortization	(17.5)	(1.5)
Property and equipment - net	$ 6.8	7.7
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	us-gaap:PropertyPlantAndEquipmentNet
Other accrued liabilities	$ 2.7	2.8
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilitiesCurrent
Other long-term liabilities	$ 7.4	10
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilitiesNoncurrent
Total finance lease liabilities	$ 10.1	12.8
Operating Lease Right-Of-Use Asset [Abstract]
Operating lease right-of-use assets	51.9	55.6
Operating lease liability	19.3	19.5
Operating lease liabilities	34	37.5
Total operating lease liabilities	$ 53.3	$ 57
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilitiesCurrent	us-gaap:OtherLiabilitiesCurrent

Leases - Weighted Average Terms

Leases - Weighted Average Terms and Discount Rates (Details)	Jan. 02, 2021	Dec. 28, 2019
Weighted-average remaining lease terms:
Finance leases	3 years 8 months 12 days	4 years 6 months
Operating leases	3 years 3 months 18 days	3 years 8 months 12 days
Weighted-average discount rates:
Finance leases	3.40%	3.40%
Operating leases	2.60%	2.80%

Leases - Maturities of Lease Li

Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Millions	Jan. 02, 2021	Dec. 28, 2019
Operating Leases
2021	$ 20.3
2022	15.6
2023	9.7
2024	5.8
2025	3.1
2026 and thereafter	1.2
Total lease payments	55.7
Less: amount representing interest	(2.4)
Total lease liabilities	53.3	$ 57
Finance Leases
2021	3
2022	2.8
2023	2.6
2024	2.1
2025	0.3
2026 and thereafter	0
Total lease payments	10.8
Less: amount representing interest	(0.7)
Total lease liabilities	$ 10.1	$ 12.8

Leases - Future Minimum Lease P

Leases - Future Minimum Lease Payment Receivables (Details) $ in Millions	Jan. 02, 2021USD ($)
Sales-type and Direct Financing Leases, Lease Receivable, Fiscal Year Maturity [Abstract]
2021	$ 98.5
2022	77.3
2023	59.5
2024	44.2
2025	28.4
2026 and thereafter	20.6
Total lease payments	328.5
Less: unearned finance charges	(55.3)
Net investment in leases	$ 273.2

Other Income (Expense) - Net -

Other Income (Expense) - Net - Computation of Other Income (Expense) - Net (Detail) - USD ($) $ in Millions	12 Months Ended
	Jan. 02, 2021	Dec. 28, 2019	Dec. 29, 2018
Other Income and Expenses [Abstract]
Interest income	$ 1.7	$ 1.5	$ 0.6
Net foreign exchange loss	(3.9)	(3.6)	(3.9)
Net periodic pension and postretirement benefits - non-service	10.6	10.4	3.7
Settlement of treasury lock	0	0	13.3
Loss on early extinguishment of debt	0	0	(7.8)
Other	0.3	0.5	(1.7)
Total other income (expense) – net	$ 8.7	$ 8.8	$ 4.2

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) - Net Changes in Accumulated OCI by Component, Net of Tax (Detail) - USD ($) $ in Millions	12 Months Ended
	Jan. 02, 2021	Dec. 28, 2019	Dec. 29, 2018
Accumulated Other Comprehensive Income (Loss) , Net Changes [Roll Forward]
Beginning balance	$ 3,430.8	$ 3,118.6	$ 2,972.3
Other comprehensive loss before reclassifications	117.6	(16)
Amounts reclassified from Accumulated OCI	24.5	16.2
Net other comprehensive income (loss)	142.1	0.2	(133.2)
Ending balance	3,846.6	3,430.8	3,118.6
Cumulative Effect, Period of Adoption, Adjustment
Accumulated Other Comprehensive Income (Loss) , Net Changes [Roll Forward]
Beginning balance	(6.1)
Ending balance		(6.1)
Cumulative Effect, Period of Adoption, Adjustment \| Accounting Standards Update 2018-02
Accumulated Other Comprehensive Income (Loss) , Net Changes [Roll Forward]
Beginning balance		(45.9)
Ending balance			(45.9)
Cumulative Effect, Period of Adoption, Adjusted Balance
Accumulated Other Comprehensive Income (Loss) , Net Changes [Roll Forward]
Beginning balance	3,424.7	3,118.6
Ending balance		3,424.7	3,118.6
Foreign Currency Translation
Accumulated Other Comprehensive Income (Loss) , Net Changes [Roll Forward]
Beginning balance	(187.4)	(177.9)
Other comprehensive loss before reclassifications	112.7	(9.5)
Amounts reclassified from Accumulated OCI	0	0
Net other comprehensive income (loss)	112.7	(9.5)
Ending balance	(74.7)	(187.4)	(177.9)
Foreign Currency Translation \| Cumulative Effect, Period of Adoption, Adjusted Balance
Accumulated Other Comprehensive Income (Loss) , Net Changes [Roll Forward]
Beginning balance		(177.9)
Ending balance			(177.9)
Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss) , Net Changes [Roll Forward]
Beginning balance	10.7	12.2
Other comprehensive loss before reclassifications	1.4	0
Amounts reclassified from Accumulated OCI	(1.6)	(1.5)
Net other comprehensive income (loss)	(0.2)	(1.5)
Ending balance	10.5	10.7	12.2
Cash Flow Hedges \| Cumulative Effect, Period of Adoption, Adjusted Balance
Accumulated Other Comprehensive Income (Loss) , Net Changes [Roll Forward]
Beginning balance		12.2
Ending balance			12.2
Defined Benefit Pension and Postretirement Plans
Accumulated Other Comprehensive Income (Loss) , Net Changes [Roll Forward]
Beginning balance	(331.2)	(296.5)
Other comprehensive loss before reclassifications	3.5	(6.5)
Amounts reclassified from Accumulated OCI	26.1	17.7
Net other comprehensive income (loss)	29.6	11.2
Ending balance	(301.6)	(331.2)	(296.5)
Defined Benefit Pension and Postretirement Plans \| Cumulative Effect, Period of Adoption, Adjustment \| Accounting Standards Update 2018-02
Accumulated Other Comprehensive Income (Loss) , Net Changes [Roll Forward]
Beginning balance		(45.9)
Ending balance			(45.9)
Defined Benefit Pension and Postretirement Plans \| Cumulative Effect, Period of Adoption, Adjusted Balance
Accumulated Other Comprehensive Income (Loss) , Net Changes [Roll Forward]
Beginning balance		(342.4)
Ending balance			(342.4)
AOCI Attributable to Parent
Accumulated Other Comprehensive Income (Loss) , Net Changes [Roll Forward]
Beginning balance	(507.9)	(462.2)	(329)
Net other comprehensive income (loss)	142.1	0.2	(133.2)
Ending balance	(365.8)	(507.9)	(462.2)
AOCI Attributable to Parent \| Cumulative Effect, Period of Adoption, Adjustment
Accumulated Other Comprehensive Income (Loss) , Net Changes [Roll Forward]
Beginning balance		(45.9)
Ending balance			(45.9)
AOCI Attributable to Parent \| Cumulative Effect, Period of Adoption, Adjusted Balance
Accumulated Other Comprehensive Income (Loss) , Net Changes [Roll Forward]
Beginning balance	$ (507.9)	(508.1)
Ending balance		$ (507.9)	$ (508.1)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Income (Loss) - Reclassifications Out of Accumulated OCI (Detail) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Jan. 02, 2021	Sep. 26, 2020	Jun. 27, 2020	Mar. 28, 2020	Dec. 28, 2019	Sep. 28, 2019	Jun. 29, 2019	Mar. 30, 2019	Jan. 02, 2021	Dec. 28, 2019	Dec. 29, 2018
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest expense									$ (54)	$ (49)	$ (50.4)
Income tax expense									(189.1)	(211.8)	(214.4)
Amortization of net unrecognized losses and prior service credits									8.7	8.8	4.2
Net earnings	$ 213.8	$ 184.7	$ 105.9	$ 142	$ 175	$ 169.2	$ 184.9	$ 182.1	646.4	711.2	$ 696.2
Reclassification out of AOCI
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net earnings									(24.5)	(16.2)
Cash Flow Hedges \| Reclassification out of AOCI
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest expense									1.6	1.5
Income tax expense									0	0
Net earnings									1.6	1.5
Defined Benefit Pension and Postretirement Plans \| Reclassification out of AOCI
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income tax expense									8.4	5.8
Amortization of net unrecognized losses and prior service credits									(34.5)	(23.5)
Net earnings									$ (26.1)	$ (17.7)

Segments - Net Sales by Segment

Segments - Net Sales by Segment (Detail) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Jan. 02, 2021	Sep. 26, 2020	Jun. 27, 2020	Mar. 28, 2020	Dec. 28, 2019	Sep. 28, 2019	Jun. 29, 2019	Mar. 30, 2019	Jan. 02, 2021	Dec. 28, 2019	Dec. 29, 2018
Segment Reporting Information [Line Items]
Net sales									$ 3,942.2	$ 4,067.7	$ 4,070.4
Operating earnings									880.5	962.3	956.1
Interest expense									(54)	(49)	(50.4)
Other income (expense) – net									8.7	8.8	4.2
Earnings before income taxes and equity earnings									835.2	922.1	909.9
Commercial & Industrial Group
Segment Reporting Information [Line Items]
Net sales									1,234.6	1,345.7
Snap-on Tools Group
Segment Reporting Information [Line Items]
Net sales									1,643.9	1,612.9
Repair Systems & Information Group
Segment Reporting Information [Line Items]
Net sales									1,238.2	1,334.5
Financial Services
Segment Reporting Information [Line Items]
Net sales									349.7	337.7
Operating Segments
Segment Reporting Information [Line Items]
Operating earnings									968	1,023.1	1,036.2
Operating Segments \| Commercial & Industrial Group
Segment Reporting Information [Line Items]
Operating earnings									153.7	188.7	199.3
Operating Segments \| Snap-on Tools Group
Segment Reporting Information [Line Items]
Operating earnings									267.7	245.8	264.2
Operating Segments \| Repair Systems & Information Group
Segment Reporting Information [Line Items]
Operating earnings									298	342.7	342.6
Operating Segments \| Financial Services
Segment Reporting Information [Line Items]
Operating earnings									248.6	245.9	230.1
Intersegment eliminations
Segment Reporting Information [Line Items]
Net sales									(524.2)	(563.1)
Corporate
Segment Reporting Information [Line Items]
Operating earnings									(87.5)	(60.8)	(80.1)
Product And Services, Excluding Financial Services
Segment Reporting Information [Line Items]
Net sales	$ 1,074.4	$ 941.6	$ 724.3	$ 852.2	$ 955.2	$ 901.8	$ 951.3	$ 921.7	3,592.5	3,730	3,740.7
Operating earnings									631.9	716.4	726
Product And Services, Excluding Financial Services \| Commercial & Industrial Group
Segment Reporting Information [Line Items]
Net sales									951.4	1,038.2
Product And Services, Excluding Financial Services \| Snap-on Tools Group
Segment Reporting Information [Line Items]
Net sales									1,643.9	1,612.9
Product And Services, Excluding Financial Services \| Repair Systems & Information Group
Segment Reporting Information [Line Items]
Net sales									997.2	1,078.9
Product And Services, Excluding Financial Services \| Financial Services
Segment Reporting Information [Line Items]
Net sales									0	0
Product And Services, Excluding Financial Services \| Operating Segments
Segment Reporting Information [Line Items]
Net sales									4,116.7	4,293.1	4,291.5
Product And Services, Excluding Financial Services \| Operating Segments \| Commercial & Industrial Group
Segment Reporting Information [Line Items]
Net sales									1,234.6	1,345.7	1,343.3
Product And Services, Excluding Financial Services \| Operating Segments \| Snap-on Tools Group
Segment Reporting Information [Line Items]
Net sales									1,643.9	1,612.9	1,613.8
Product And Services, Excluding Financial Services \| Operating Segments \| Repair Systems & Information Group
Segment Reporting Information [Line Items]
Net sales									1,238.2	1,334.5	1,334.4
Product And Services, Excluding Financial Services \| Operating Segments \| Financial Services
Segment Reporting Information [Line Items]
Net sales									0	0
Product And Services, Excluding Financial Services \| Intersegment eliminations
Segment Reporting Information [Line Items]
Net sales									(524.2)	(563.1)	(550.8)
Product And Services, Excluding Financial Services \| Intersegment eliminations \| Commercial & Industrial Group
Segment Reporting Information [Line Items]
Net sales									283.2	307.5
Product And Services, Excluding Financial Services \| Intersegment eliminations \| Snap-on Tools Group
Segment Reporting Information [Line Items]
Net sales									0	0
Product And Services, Excluding Financial Services \| Intersegment eliminations \| Repair Systems & Information Group
Segment Reporting Information [Line Items]
Net sales									241	255.6
Product And Services, Excluding Financial Services \| Intersegment eliminations \| Financial Services
Segment Reporting Information [Line Items]
Net sales									0	0
Financial Service
Segment Reporting Information [Line Items]
Net sales	$ 93.4	$ 85.8	$ 84.6	$ 85.9	$ 83.9	$ 84.1	$ 84.1	$ 85.6	349.7	337.7	329.7
Operating earnings									248.6	245.9	$ 230.1
Financial Service \| Commercial & Industrial Group
Segment Reporting Information [Line Items]
Net sales									0	0
Financial Service \| Snap-on Tools Group
Segment Reporting Information [Line Items]
Net sales									0	0
Financial Service \| Repair Systems & Information Group
Segment Reporting Information [Line Items]
Net sales									0	0
Financial Service \| Financial Services
Segment Reporting Information [Line Items]
Net sales									$ 349.7	$ 337.7

Segments - Assets by Segment (D

Segments - Assets by Segment (Detail) - USD ($) $ in Millions	Jan. 02, 2021	Dec. 28, 2019
Segment Reporting Information [Line Items]
Assets	$ 6,557.3	$ 5,693.5
Operating Segments
Segment Reporting Information [Line Items]
Assets	5,555.7	5,452.1
Operating Segments \| Commercial & Industrial Group
Segment Reporting Information [Line Items]
Assets	1,210.4	1,138.8
Operating Segments \| Snap-on Tools Group
Segment Reporting Information [Line Items]
Assets	775.3	827.4
Operating Segments \| Repair Systems & Information Group
Segment Reporting Information [Line Items]
Assets	1,399.7	1,381.9
Operating Segments \| Financial Services
Segment Reporting Information [Line Items]
Assets	2,170.3	2,104
Corporate
Segment Reporting Information [Line Items]
Assets	1,063.2	303.1
Intersegment eliminations
Segment Reporting Information [Line Items]
Assets	$ (61.6)	$ (61.7)

Segments - Capital Expenditures

Segments - Capital Expenditures, Depreciation and Amortization (Detail) - USD ($) $ in Millions	12 Months Ended
	Jan. 02, 2021	Dec. 28, 2019	Dec. 29, 2018
Segment Reporting Information [Line Items]
Capital expenditures	$ 65.6	$ 99.4	$ 90.9
Depreciation and amortization	96.7	92.4	94.1
Operating Segments
Segment Reporting Information [Line Items]
Capital expenditures	60	96.3	87.7
Depreciation and amortization	93.1	88.9	91
Operating Segments \| Commercial & Industrial Group
Segment Reporting Information [Line Items]
Capital expenditures	20.3	30.1	21.5
Depreciation and amortization	25.1	23.5	23.6
Operating Segments \| Snap-on Tools Group
Segment Reporting Information [Line Items]
Capital expenditures	24.2	42.7	46
Depreciation and amortization	32.7	31.7	29.9
Operating Segments \| Repair Systems & Information Group
Segment Reporting Information [Line Items]
Capital expenditures	14.7	22.7	19.7
Depreciation and amortization	34.6	33	36.7
Operating Segments \| Financial Services
Segment Reporting Information [Line Items]
Capital expenditures	0.8	0.8	0.5
Depreciation and amortization	0.7	0.7	0.8
Corporate
Segment Reporting Information [Line Items]
Capital expenditures	5.6	3.1	3.2
Depreciation and amortization	$ 3.6	$ 3.5	$ 3.1

Segments - Revenue and Long-Liv

Segments - Revenue and Long-Lived Assets, Geographic Region (Detail) - USD ($) $ in Millions	12 Months Ended
	Jan. 02, 2021	Dec. 28, 2019	Dec. 29, 2018
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	$ 3,942.2	$ 4,067.7	$ 4,070.4
Long-lived assets	1,769.4	1,679.2
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	2,772.3	2,794	2,727.9
Long-lived assets	1,150.2	1,112.3
Europe
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	677.5	730.3	784.7
Sweden
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	248.4	218.7
All other
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	492.4	543.4	$ 557.8
Long-lived assets	$ 370.8	$ 348.2

Segments - Products and Service

Segments - Products and Services (Detail) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Jan. 02, 2021	Sep. 26, 2020	Jun. 27, 2020	Mar. 28, 2020	Dec. 28, 2019	Sep. 28, 2019	Jun. 29, 2019	Mar. 30, 2019	Jan. 02, 2021	Dec. 28, 2019	Dec. 29, 2018
Revenue from External Customer [Line Items]
Net sales									$ 3,942.2	$ 4,067.7	$ 4,070.4
Product And Services, Excluding Financial Services
Revenue from External Customer [Line Items]
Net sales	$ 1,074.4	$ 941.6	$ 724.3	$ 852.2	$ 955.2	$ 901.8	$ 951.3	$ 921.7	3,592.5	3,730	3,740.7
Product And Services, Excluding Financial Services \| Tools
Revenue from External Customer [Line Items]
Net sales									1,984.7	2,017.5	2,021.2
Product And Services, Excluding Financial Services \| Diagnostics, information and management systems
Revenue from External Customer [Line Items]
Net sales									783.8	827.5	797.9
Product And Services, Excluding Financial Services \| Equipment
Revenue from External Customer [Line Items]
Net sales									824	885	921.6
Financial Services
Revenue from External Customer [Line Items]
Net sales									$ 349.7	$ 337.7	$ 329.7

Quarterly Data - Schedule of Qu

Quarterly Data - Schedule of Quarterly Data (unaudited) (Detail) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended								12 Months Ended
	Jan. 02, 2021	Sep. 26, 2020	Jun. 27, 2020	Mar. 28, 2020	Dec. 28, 2019	Sep. 28, 2019	Jun. 29, 2019	Mar. 30, 2019	Jan. 02, 2021	Dec. 28, 2019	Dec. 29, 2018
Condensed Income Statements, Captions [Line Items]
Net sales									$ 3,942.2	$ 4,067.7	$ 4,070.4
Net earnings	$ 213.8	$ 184.7	$ 105.9	$ 142	$ 175	$ 169.2	$ 184.9	$ 182.1	646.4	711.2	696.2
Net earnings attributable to Snap-on Incorporated	$ 208.9	$ 179.7	$ 101.2	$ 137.2	$ 170.6	$ 164.6	$ 180.4	$ 177.9	$ 627	$ 693.5	$ 679.9
Earnings per share - basic (in dollars per share)	$ 3.85	$ 3.31	$ 1.86	$ 2.52	$ 3.12	$ 2.99	$ 3.27	$ 3.21	$ 11.55	$ 12.59	$ 12.08
Earnings per share - diluted (in dollars per share)	3.82	3.28	1.85	2.49	3.08	2.96	3.22	3.16	11.44	12.41	11.87
Cash dividends paid per share (in dollars per share)	$ 1.23	$ 1.08	$ 1.08	$ 1.08	$ 1.08	$ 0.95	$ 0.95	$ 0.95	$ 4.47	$ 3.93	$ 3.41
Product And Services, Excluding Financial Services
Condensed Income Statements, Captions [Line Items]
Net sales	$ 1,074.4	$ 941.6	$ 724.3	$ 852.2	$ 955.2	$ 901.8	$ 951.3	$ 921.7	$ 3,592.5	$ 3,730	$ 3,740.7
Gross profit	516.2	469.5	341.2	421.6	450.5	448.1	473.8	471.6	1,748.5	1,844	1,870
Financial services expenses									(1,844)	(1,886)	(1,870.7)
Financial Service
Condensed Income Statements, Captions [Line Items]
Net sales	93.4	85.8	84.6	85.9	83.9	84.1	84.1	85.6	349.7	337.7	329.7
Financial services expenses	$ (24.9)	$ (20.2)	$ (27)	$ (29)	$ (21.7)	$ (23.1)	$ (23.5)	$ (23.5)	$ (101.1)	$ (91.8)	$ (99.6)