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Pension Plans (Tables)
 12 Months Ended
Dec. 28, 2019
Retirement Benefits [Abstract]  
Summary of Change in Benefit Obligation
The status of Snap-on’s pension plans as of 2019 and 2018 year end is as follows: 
(Amounts in millions)20192018
Change in projected benefit obligation:
Benefit obligation at beginning of year$1,386.9  $1,467.6  
Service cost23.5  25.1  
Interest cost56.4  52.8  
Plan participant contributions0.5  0.5  
Plan amendments—  1.0  
Benefits paid(73.0) (68.5) 
Actuarial (gain) loss169.5  (77.9) 
Foreign currency impact1.8  (13.7) 
Benefit obligation at end of year$1,565.6  $1,386.9  
The status of Snap-on’s U.S. postretirement health care plans as of 2019 and 2018 year end is as follows:
(Amounts in millions)20192018
Change in accumulated postretirement benefit obligation:
Benefit obligation at beginning of year$46.8  $52.5  
Interest cost1.9  1.8  
Plan participant contributions0.3  0.3  
Benefits paid(4.2) (4.5) 
Actuarial (gain) loss4.4  (3.3) 
Benefit obligation at end of year$49.2  $46.8  
Summary of Change in Fair Value of Plan Assets
(Amounts in millions)20192018
Change in plan assets:
Fair value of plan assets at beginning of year$1,215.6  $1,305.0  
Actual (loss) gain on plan assets258.7  (72.8) 
Employer contributions50.8  61.3  
Plan participant contributions0.4  0.5  
Benefits paid(73.0) (68.5) 
Foreign currency impact3.0  (9.9) 
Fair value of plan assets at end of year$1,455.5  $1,215.6  
Unfunded status at end of year$(110.1) $(171.3) 
Change in plan assets:
Fair value of plan assets at beginning of year$12.1  $13.4  
Actual return on plan assets1.5  (0.2) 
Employer contributions3.1  3.1  
Plan participant contributions0.3  0.3  
Benefits paid(4.2) (4.5) 
Fair value of plan assets at end of year$12.8  $12.1  
Unfunded status at end of year$(36.4) $(34.7) 
Summary of Amounts Recognized in Consolidated Balance Sheets
Amounts recognized in the Consolidated Balance Sheets as of 2019 and 2018 year end are as follows: 
(Amounts in millions)20192018
Other assets$17.3  $4.3  
Accrued benefits(5.3) (4.3) 
Pension liabilities(122.1) (171.3) 
Net liability$(110.1) $(171.3) 
Amounts recognized in the Consolidated Balance Sheets as of 2019 and 2018 year end are as follows:
(Amounts in millions)20192018
Accrued benefits$(2.8) $(2.9) 
Retiree health care benefits(33.6) (31.8) 
Net liability$(36.4) $(34.7) 
Schedule of Net Periodic Benefit Costs in AOCI
Amounts included in Accumulated OCI on the accompanying Consolidated Balance Sheets as of 2019 and 2018 year end are as follows: 
(Amounts in millions)20192018
Net loss, net of tax of $104.8 million and $158.8 million, respectively
$(333.8) $(301.9) 
Prior service cost, net of tax of ($0.1) million and $0.4 million, respectively
(0.6) (0.2) 
Total amount included in Accumulated OCI$(334.4) $(302.1) 
mounts included in Accumulated OCI on the accompanying Consolidated Balance Sheets as of 2019 and 2018 year end are as follows: 
(Amounts in millions)20192018
Net gain, net of tax of $1.1 million and $3.1 million, respectively
$3.2  $5.6  
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 2019 and 2018 year end are as follows:
(Amounts in millions)20192018
Pension plans with accumulated benefit obligations in excess of plan assets:
Accumulated benefit obligation$231.0  $1,028.6  
Fair value of plan assets126.5  916.2  
Pension plans with projected benefit obligations in excess of plans assets:
Projected benefit obligation$1,336.9  $1,183.2  
Fair value of plan assets1,209.5  1,007.6  
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)201920182017
Net periodic benefit cost:
Service cost$23.5  $25.1  $22.7  
Interest cost56.4  52.8  56.1  
Expected return on plan assets(91.5) (88.6) (83.4) 
Amortization of unrecognized loss25.2  32.7  27.9  
Amortization of prior service credit(0.9) (1.2) (1.1) 
Settlement loss—  —  0.1  
Net periodic benefit cost$12.7  $20.8  $22.3  
Changes in benefit obligations recognized in OCI, net of tax:
Net (gain) loss$31.9  $35.2  $(30.3) 
Prior service cost0.4  1.7  0.7  
Total recognized in OCI$32.3  $36.9  $(29.6) 
The components of net periodic benefit cost and changes recognized in OCI are as follows:
(Amounts in millions)201920182017
Net periodic benefit cost:
Interest cost$1.9  $1.8  $2.1  
Expected return on plan assets(0.7) (0.8) (0.8) 
Amortization of unrecognized gain(0.8) (0.4) (0.3) 
Net periodic benefit cost$0.4  $0.6  $1.0  
Changes in benefit obligations recognized in OCI, net of tax:
Net (gain) loss$2.4  $(1.4) $0.6  
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: 
201920182017
Discount rate4.2%  3.7%  4.2%  
Expected return on plan assets7.1%  7.1%  7.2%  
Rate of compensation increase3.4%  3.4%  3.4%  
The worldwide weighted-average assumptions used to determine Snap-on’s projected benefit obligation as of 2019 and 2018 year end are as follows: 
20192018
Discount rate3.2%  4.4%  
Rate of compensation increase3.4%  3.4%  
Interest crediting rate - U.S. cash balance plan3.8%  3.8%  
The weighted-average discount rate used to determine Snap-on’s postretirement health care expense is as follows: 
201920182017
Discount rate4.2%  3.6%  4.1%  
The weighted-average discount rate used to determine Snap-on’s accumulated benefit obligation is as follows: 
20192018
Discount rate3.1%  4.2%  
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:
2020$81.7  
202184.3  
202295.1  
202391.3  
202494.6  
2025-2029498.9  
The following benefit payments, which reflect expected future service, are expected to be paid as follows: 
(Amounts in millions)Amount
Year:
2020$3.7  
20213.8  
20223.8  
20233.9  
20244.0  
2025-202920.3  
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 2019 and 2018 year end are as follows: 
Target20192018
Asset category:
Equity securities51%  51%  49%  
Debt securities and cash and cash equivalents37%  40%  40%  
Real estate and other real assets2%  1%  1%  
Hedge funds10%  8%  10%  
Total100%  100%  100%  
Fair value of plan assets (Amounts in millions)
$1,260.5  $1,049.0  
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
Prices for
Identical
Assets (Level 1)  		Significant
Other
Observable
Inputs
(Level 2)  		Investments
Measured at
NAV		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  
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 2018 year end: 
(Amounts in millions)Quoted
Prices for
Identical
Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Investments
Measured at
NAV		Total
Asset category:
Cash and cash equivalents$17.8  $—  $—  $17.8  
Equity securities:
Domestic
70.5  —  —  70.5  
Foreign
87.5  —  —  87.5  
Commingled funds – domestic
—  —  200.6  200.6  
Commingled funds – foreign
—  —  128.4  128.4  
Private equity partnerships
—  —  22.7  22.7  
Debt securities:
Government
131.2  2.6  —  133.8  
Corporate bonds
—  271.3  —  271.3  
Real estate and other real assets—  —  11.9  11.9  
Hedge funds—  —  104.5  104.5  
Total$307.0  $273.9  $468.1  $1,049.0  
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 2019 and 2018 year end are as follows: 
Target20192018
Asset category:
Equity securities*46%  46%  35%  
Debt securities* and cash and cash equivalents40%  40%  42%  
Insurance contracts and hedge funds14%  14%  23%  
Total100%  100%  100%  
Fair value of plan assets (Amounts in millions)
$195.0  $166.6  

* 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 2019 year end: 
(Amounts in millions)Quoted
Prices for
Identical
Assets
(Level 1)  		Significant
Other
Observable
Inputs
(Level 2)  		Investments
Measured at
NAV		Total
Asset category:
Cash and cash equivalents$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  
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 2018 year end: 
(Amounts in millions)Quoted
Prices for
Identical
Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Investments
Measured at
NAV		Total
Asset category:
Cash and cash equivalents$1.2  $—  $—  $1.2  
Commingled funds – multi-strategy—  —  101.5  101.5  
Debt securities:
Government
8.3  —  —  8.3  
Corporate bonds
—  17.5  —  17.5  
Insurance contracts—  23.8  —  23.8  
Hedge fund—  —  14.3  14.3  
Total$9.5  $41.3  $115.8  $166.6  
Snap-on’s VEBA plan target allocation and actual weighted-average asset allocation by asset category and fair value of plan assets as of 2019 and 2018 year end are as follows: 
Target20192018
Asset category:
Debt securities and cash and cash equivalents46%  51%  56%  
Equity securities29%  31%  26%  
Hedge funds25%  18%  18%  
Total100%  100%  100%  
Fair value of plan assets (Amounts in millions)
$12.8  $12.1  
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
Prices for
Identical
Assets
(Level 1)		Investments Measured at
NAV		Total
Asset category:
Cash and cash equivalents$0.5  $—  $0.5  
Debt securities6.0  —  6.0  
Equity securities—  4.0  4.0  
Hedge fund—  2.3  2.3  
Total$6.5  $6.3  $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 2018 year end: 
(Amounts in millions)Quoted
Prices for
Identical
Assets
(Level 1)		Investments Measured at
NAV		Total
Asset category:
Cash and cash equivalents$1.3  $—  $1.3  
Debt securities5.5  —  5.5  
Equity securities—  3.1  3.1  
Hedge fund—  2.2  2.2  
Total$6.8  $5.3  $12.1