Acquisition

6 Months Ended

Jul. 04, 2015

Business Combinations [Abstract]

Acquisition

Note 2: Acquisition

On May 28, 2014, Snap-on acquired substantially all of the assets of Pro-Cut International, Inc. (“Pro-Cut”) for a preliminary cash purchase price of $41.6 million; the final cash purchase price of $41.3 million, including post-closing adjustments, was concluded in the third quarter of 2014. Pro-Cut designs, manufactures and distributes on-car brake lathes, related equipment and accessories used in brake servicing by automotive repair facilities. For segment reporting purposes, the results of operations and assets of Pro-Cut have been included in the Repair Systems & Information Group since the date of acquisition. Pro forma financial information has not been presented as the net effects of the Pro-Cut acquisition were neither significant nor material to Snap-on’s results of operations or financial position.