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Pension Plans (Tables)
 12 Months Ended
Jan. 01, 2022
Retirement Benefits [Abstract]  
Summary of Change in Benefit Obligation
The status of Snap-on’s pension plans as of 2021 and 2020 year end is as follows: 
(Amounts in millions)20212020
Change in projected benefit obligation:
Benefit obligation at beginning of year$1,710.0 $1,565.6 
Service cost28.8 27.0 
Interest cost42.3 48.7 
Plan participant contributions0.5 0.4 
Plan amendments— 0.1 
Benefits paid(75.6)(72.1)
Actuarial (gain) loss(30.2)122.8 
Foreign currency impact(8.7)17.5 
Benefit obligation at end of year$1,667.1 $1,710.0 
The status of Snap-on’s U.S. postretirement health care plans as of 2021 and 2020 year end is as follows:

(Amounts in millions)20212020
Change in accumulated postretirement benefit obligation:
Benefit obligation at beginning of year$50.6 $49.2 
Interest cost1.1 1.5 
Plan participant contributions0.2 0.2 
Benefits paid(3.6)(3.6)
Actuarial (gain) loss(0.8)3.3 
Benefit obligation at end of year$47.5 $50.6 
Summary of Change in Fair Value of Plan Assets
Change in plan assets:
Fair value of plan assets at beginning of year$1,632.4 $1,455.5 
Actual gain on plan assets146.3 227.9 
Employer contributions10.7 10.4 
Plan participant contributions0.5 0.4 
Benefits paid(75.6)(72.1)
Foreign currency impact(3.4)10.3 
Fair value of plan assets at end of year$1,710.9 $1,632.4 
Funded (unfunded) status at end of year$43.8 $(77.6)
Change in plan assets:
Fair value of plan assets at beginning of year$13.3 $12.8 
Actual return on plan assets1.1 1.4 
Employer contributions2.7 2.5 
Plan participant contributions0.2 0.2 
Benefits paid(3.6)(3.6)
Fair value of plan assets at end of year$13.7 $13.3 
Unfunded status at end of year$(33.8)$(37.3)
Summary of Amounts Recognized in Consolidated Balance Sheets
Amounts recognized in the Consolidated Balance Sheets as of 2021 and 2020 year end are as follows: 
(Amounts in millions)20212020
Other assets$160.7 $54.2 
Accrued benefits(12.0)(4.7)
Pension liabilities(104.9)(127.1)
Net asset (liability)$43.8 $(77.6)
Amounts recognized in the Consolidated Balance Sheets as of 2021 and 2020 year end are as follows:
(Amounts in millions)20212020
Accrued benefits$(2.7)$(2.8)
Retiree health care benefits(31.1)(34.5)
Net liability$(33.8)$(37.3)
Schedule of Net Periodic Benefit Costs in AOCI
Amounts included in Accumulated OCI on the accompanying Consolidated Balance Sheets as of 2021 and 2020 year end are as follows: 
(Amounts in millions)20212020
Net loss, net of tax of $68.1 million and $95.4 million, respectively
$(209.4)$(302.2)
Prior service cost, net of tax of ($0.2) million and ($0.2) million, respectively
(0.6)(0.7)
Total amount included in Accumulated OCI$(210.0)$(302.9)
Amounts included in Accumulated OCI on the accompanying Consolidated Balance Sheets as of 2021 and 2020 year end are as follows: 
(Amounts in millions)20212020
Net gain, net of tax of $0.8 million and $0.5 million, respectively
$2.3 $1.3 
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 2021 and 2020 year end are as follows:

(Amounts in millions)20212020
Pension plans with accumulated benefit obligations in excess of plan assets:
Accumulated benefit obligation$127.8 $266.3 
Fair value of plan assets25.1 152.6 
Pension plans with projected benefit obligations in excess of plans assets:
Projected benefit obligation$280.4 $284.4 
Fair value of plan assets163.5 152.6 
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)202120202019
Net periodic benefit cost:
Service cost$28.8 $27.0 $23.5 
Interest cost42.3 48.7 56.4 
Expected return on plan assets(94.4)(94.7)(91.5)
Amortization of unrecognized loss36.3 34.5 25.2 
Amortization of prior service cost (credit)0.1 — (0.9)
Net periodic benefit cost$13.1 $15.5 $12.7 
Changes in benefit obligations recognized in OCI, net of tax:
Net (gain) loss$(92.8)$(31.6)$31.9 
Prior service cost (credit)(0.1)0.1 0.4 
Total recognized in OCI$(92.9)$(31.5)$32.3 
The components of net periodic benefit cost and changes recognized in OCI are as follows:
(Amounts in millions)202120202019
Net periodic benefit cost:
Interest cost$1.1 $1.5 $1.9 
Expected return on plan assets(0.6)(0.6)(0.7)
Amortization of unrecognized gain— — (0.8)
Net periodic benefit cost$0.5 $0.9 $0.4 
Changes in benefit obligations recognized in OCI, net of tax:
Net (gain) loss$(1.0)$1.9 $2.4 
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: 

202120202019
Discount rate2.5%3.2%4.2%
Expected return on plan assets6.5%7.0%7.1%
Rate of compensation increase3.4%3.4%3.4%
Interest crediting rate - U.S. cash balance plan3.8%3.8%3.8%

The worldwide weighted-average assumptions used to determine Snap-on’s projected benefit obligation as of 2021 and 2020 year end are as follows: 
20212020
Discount rate2.8%2.5%
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: 
202120202019
Discount rate2.3%3.1%4.2%

The weighted-average discount rate used to determine Snap-on’s accumulated benefit obligation is as follows: 
20212020
Discount rate2.7%2.3%
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:
2022$92.4 
202387.6 
202491.5 
202592.6 
202694.5 
2027-2031493.9 
The following benefit payments, which reflect expected future service, are expected to be paid as follows: 
(Amounts in millions)Amount
Year:
2022$3.5 
20233.5 
20243.6 
20253.6 
20263.6 
2027-203118.2 
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 2021 and 2020 year end are as follows: 
Target20212020
Asset category:
Equity securities54%52%54%
Debt securities and cash and cash equivalents41%42%41%
Hedge funds5%6%5%
Total100%100%100%
Fair value of plan assets (Amounts in millions)
$1,464.7$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 2021 year end: 

(Amounts in millions)Quoted
Prices for
Identical
Assets (Level 1)  		Significant
Other
Observable
Inputs
(Level 2)  		Investments
Measured at
NAV		Total
Asset category:
Cash and cash equivalents$23.7 $— $— $23.7 
Equity securities:
Domestic
109.4 — — 109.4 
Foreign
59.1 — — 59.1 
Commingled funds – domestic
— — 311.7 311.7 
Commingled funds – foreign
— — 261.4 261.4 
Private equity partnerships
— — 14.5 14.5 
Debt securities:
Government
180.0 0.7 — 180.7 
Corporate bonds
— 414.3 — 414.3 
Real estate and other real assets— — 2.7 2.7 
Hedge funds— — 87.2 87.2 
Total$372.2 $415.0 $677.5 $1,464.7 
The following is a summary, by asset category, of the fair value and the level within the fair value hierarchy of Snap-on’s domestic pension plans’ assets as of 2020 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$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 
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 2021 and 2020 year end are as follows: 
Target20212020
Asset category:
Equity securities*44%43%46%
Debt securities* and cash and cash equivalents44%45%40%
Insurance contracts and hedge funds12%12%14%
Total100%100%100%
Fair value of plan assets (Amounts in millions)
$246.2$231.4
* 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 2021 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$1.8 $— $— $1.8 
Commingled funds – multi-strategy— — 172.5 172.5 
Debt securities:
Government
13.9 — — 13.9 
Corporate bonds
— 28.1 — 28.1 
Insurance contracts— 29.9 — 29.9 
Total$15.7 $58.0 $172.5 $246.2 

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
Prices for
Identical
Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Investments
Measured at
NAV		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 
Snap-on’s VEBA plan target allocation and actual weighted-average asset allocation by asset category and fair value of plan assets as of 2021 and 2020 year end are as follows: 
Target20212020
Asset category:
Debt securities and cash and cash equivalents46%44%46%
Equity securities29%34%35%
Hedge funds25%22%19%
Total100%100%100%
Fair value of plan assets (Amounts in millions)
$13.7$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 2021 year end:
(Amounts in millions)Quoted
Prices for
Identical
Assets
(Level 1)		Investments Measured at
NAV		Total
Asset category:
Cash and cash equivalents$0.3 $— $0.3 
Debt securities5.8 — 5.8 
Equity securities— 4.6 4.6 
Hedge fund— 3.0 3.0 
Total$6.1 $7.6 $13.7 

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
Prices for
Identical
Assets
(Level 1)		Investments Measured at
NAV		Total
Asset category:
Cash and cash equivalents$0.3 $— $0.3 
Debt securities5.9 — 5.9 
Equity securities— 4.6 4.6 
Hedge fund— 2.5 2.5 
Total$6.2 $7.1 $13.3