Document and Entity Information - shares |
6 Months Ended | |
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Jun. 30, 2018 |
Jul. 13, 2018 |
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Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2018 | |
Document Fiscal Year Focus | 2018 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | SNA | |
Entity Registrant Name | SNAP-ON Inc | |
CIK | 0000091440 | |
Current Fiscal Year End Date | --12-29 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding (in shares) | 56,402,181 |
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- Definition If the value is true, then the document is an amendment to previously-filed/accepted document. No definition available.
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- Definition End date of current fiscal year in the format --MM-DD. No definition available.
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- Definition This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY. No definition available.
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- Definition This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006. No definition available.
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- Definition The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented. If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD. No definition available.
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- Definition The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word "Other". No definition available.
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- Definition A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument. No definition available.
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- Definition Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, (4) Smaller Reporting Company (Non-accelerated) or (5) Smaller Reporting Accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure. No definition available.
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- Definition The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Trading symbol of an instrument as listed on an exchange. No definition available.
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- Definition Document and Entity Information [Abstract] No definition available.
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Condensed Consolidated Statements of Earnings (Unaudited) - USD ($) shares in Millions, $ in Millions |
3 Months Ended | 6 Months Ended | ||
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Jun. 30, 2018 |
Jul. 01, 2017 |
Jun. 30, 2018 |
Jul. 01, 2017 |
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Income Statement [Abstract] | ||||
Net sales | $ 954.6 | $ 921.4 | $ 1,890.1 | $ 1,808.5 |
Cost of goods sold | (467.5) | (458.2) | (931.4) | (897.0) |
Gross profit | 487.1 | 463.2 | 958.7 | 911.5 |
Operating expenses | (294.0) | (279.5) | (587.9) | (557.6) |
Operating earnings before financial services | 193.1 | 183.7 | 370.8 | 353.9 |
Financial services revenue | 82.0 | 77.7 | 165.0 | 154.5 |
Financial services expenses | (24.2) | (23.1) | (50.3) | (47.4) |
Operating earnings from financial services | 57.8 | 54.6 | 114.7 | 107.1 |
Operating earnings | 250.9 | 238.3 | 485.5 | 461.0 |
Interest expense | (12.0) | (13.0) | (25.6) | (25.7) |
Other income (expense) – net | (0.6) | (1.9) | 2.2 | (4.3) |
Earnings before income taxes and equity earnings | 238.3 | 223.4 | 462.1 | 431.0 |
Income tax expense | (55.8) | (67.3) | (113.4) | (129.9) |
Earnings before equity earnings | 182.5 | 156.1 | 348.7 | 301.1 |
Equity earnings, net of tax | 0.2 | 0.7 | 0.8 | 0.8 |
Net earnings | 182.7 | 156.8 | 349.5 | 301.9 |
Net earnings attributable to noncontrolling interests | (4.0) | (3.6) | (7.8) | (7.1) |
Net earnings attributable to Snap-on Incorporated | $ 178.7 | $ 153.2 | $ 341.7 | $ 294.8 |
Net earnings per share attributable to Snap-on Incorporated: | ||||
Basic (in dollars per share) | $ 3.17 | $ 2.65 | $ 6.04 | $ 5.09 |
Diluted (in dollars per share) | $ 3.12 | $ 2.60 | $ 5.93 | $ 4.98 |
Weighted-average shares outstanding: | ||||
Basic (in shares) | 56.4 | 57.8 | 56.6 | 57.9 |
Effect of dilutive securities (in shares) | 0.9 | 1.2 | 1.0 | 1.3 |
Diluted (in shares) | 57.3 | 59.0 | 57.6 | 59.2 |
Dividends declared per common share (in dollars per share) | $ 0.82 | $ 0.71 | $ 1.64 | $ 1.42 |
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- Definition Earnings before equity earnings. No definition available.
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- Definition Operating earnings before financial services. No definition available.
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- Definition Operating earnings from segment. No definition available.
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- Definition Aggregate dividends declared during the period for each share of common stock outstanding. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The aggregate costs related to goods produced and sold and services rendered by an entity during the reporting period. This excludes costs incurred during the reporting period related to financial services rendered and other revenue generating activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- References No definition available.
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- Definition The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- References No definition available.
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- Definition The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The aggregate costs incurred during the reporting period related to financial services rendered by an entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The aggregate financial services revenue and operating interest income earned during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of income (loss) from continuing operations before deduction of income tax expense (benefit) and income (loss) attributable to noncontrolling interest, and addition of income (loss) from equity method investments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition This item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. This item includes income or expense related to stock-based compensation based on the investor's grant of stock to employees of an equity method investee. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- References No definition available.
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- Definition Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Additional shares included in the calculation of diluted EPS as a result of the potentially dilutive effect of share based payment arrangements using the treasury stock method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of the cost of borrowed funds accounted for as interest expense. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of Net Income (Loss) attributable to noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense. No definition available.
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- Definition The net result for the period of deducting operating expenses from operating revenues. No definition available.
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- Definition Amount of income (expense) related to nonoperating activities, classified as other. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Total revenue from sale of goods and services rendered during the reporting period, in the normal course of business, reduced by sales returns and allowances, and sales discounts. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- References No definition available.
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- Definition Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- References No definition available.
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- Definition Amount after tax, before reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- References No definition available.
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- References No definition available.
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- Definition Amount after tax of reclassification adjustment from accumulated other comprehensive income of accumulated gain (loss) realized from derivative instruments designated and qualifying as the effective portion of cash flow hedges and an entity's share of an equity investee's deferred hedging gain (loss). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount, before tax, of reclassification adjustment from accumulated other comprehensive income (loss) for gain (loss) of defined benefit plan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount, after tax, of reclassification adjustment from accumulated other comprehensive income (loss) for gain (loss) of defined benefit plan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of tax expense (benefit) of reclassification adjustment from accumulated other comprehensive income (loss) for gain (loss) of defined benefit plan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount after tax of increase (decrease) in accumulated gain (loss) from derivative instruments designated and qualifying as the effective portion of cash flow hedges and an entity's share of an equity investee's increase (decrease) in deferred hedging gain (loss). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions |
Jun. 30, 2018 |
Dec. 30, 2017 |
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Current assets: | ||
Cash and cash equivalents | $ 112.3 | $ 92.0 |
Trade and other accounts receivable – net | 667.1 | 675.6 |
Finance receivables – net | 514.4 | 505.4 |
Contract receivables – net | 87.6 | 96.8 |
Inventories – net | 668.3 | 638.8 |
Prepaid expenses and other assets | 105.7 | 110.7 |
Total current assets | 2,155.4 | 2,119.3 |
Property and equipment: | ||
Land | 24.1 | 24.5 |
Buildings and improvements | 364.5 | 357.4 |
Machinery, equipment and computer software | 924.5 | 889.2 |
Total property and equipment | 1,313.1 | 1,271.1 |
Accumulated depreciation and amortization | (833.7) | (786.7) |
Property and equipment – net | 479.4 | 484.4 |
Deferred income tax assets | 51.7 | 52.0 |
Long-term finance receivables – net | 1,051.3 | 1,039.2 |
Long-term contract receivables – net | 332.6 | 322.6 |
Goodwill | 911.0 | 924.1 |
Other intangibles – net | 240.9 | 253.7 |
Other assets | 49.7 | 53.8 |
Total assets | 5,272.0 | 5,249.1 |
Current liabilities: | ||
Notes payable and current maturities of long-term debt | 127.6 | 433.2 |
Accounts payable | 198.5 | 178.2 |
Accrued benefits | 44.6 | 55.8 |
Accrued compensation | 68.1 | 71.5 |
Franchisee deposits | 68.7 | 66.5 |
Other accrued liabilities | 419.5 | 388.1 |
Total current liabilities | 927.0 | 1,193.3 |
Long-term debt | 945.4 | 753.6 |
Deferred income tax liabilities | 27.2 | 28.4 |
Retiree health care benefits | 34.5 | 36.0 |
Pension liabilities | 117.8 | 158.9 |
Other long-term liabilities | 108.5 | 106.6 |
Total liabilities | 2,160.4 | 2,276.8 |
Commitments and contingencies (Note 14) | ||
Shareholders’ equity attributable to Snap-on Incorporated: | ||
Preferred stock (authorized 15,000,000 shares of $1 par value; none outstanding) | 0.0 | 0.0 |
Common stock (authorized 250,000,000 shares of $1 par value; issued 67,414,937 and 67,407,704 shares, respectively) | 67.4 | 67.4 |
Additional paid-in capital | 352.6 | 343.2 |
Retained earnings | 4,018.9 | 3,772.3 |
Accumulated other comprehensive loss | (377.3) | (329.0) |
Treasury stock at cost (11,014,379 and 10,717,455 shares, respectively) | (968.4) | (900.0) |
Total shareholders’ equity attributable to Snap-on Incorporated | 3,093.2 | 2,953.9 |
Noncontrolling interests | 18.4 | 18.4 |
Total equity | 3,111.6 | 2,972.3 |
Total liabilities and equity | $ 5,272.0 | $ 5,249.1 |
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- Definition Contract receivable net current. No definition available.
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- Definition Contract receivables net noncurrent. No definition available.
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- Definition Notes payable and current maturities of long-term debt. No definition available.
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- Definition Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount due from customers or clients, within one year of the balance sheet date (or the normal operating cycle, whichever is longer), for goods or services (including trade receivables) that have been delivered or sold in the normal course of business, reduced to the estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Carrying value as of the balance sheet date of the obligations incurred through that date and payable for employees' services provided. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of accumulated depreciation, depletion and amortization for physical assets used in the normal conduct of business to produce goods and services. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Excess of issue price over par or stated value of the entity's capital stock and amounts received from other transactions involving the entity's stock or stockholders. Includes adjustments to additional paid in capital. Some examples of such adjustments include recording the issuance of debt with a beneficial conversion feature and certain tax consequences of equity instruments awarded to employees. Use this element for the aggregate amount of additional paid-in capital associated with common and preferred stock. For additional paid-in capital associated with only common stock, use the element additional paid in capital, common stock. For additional paid-in capital associated with only preferred stock, use the element additional paid in capital, preferred stock. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- References No definition available.
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- Definition Amount before accumulated depreciation of building structures held for productive use including addition, improvement, or renovation to the structure, including, but not limited to, interior masonry, interior flooring, electrical, and plumbing. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Represents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount, after deferred tax asset, of deferred tax liability attributable to taxable differences with jurisdictional netting. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, with jurisdictional netting and classified as noncurrent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The current portion, due within one year or one operating cycle, if longer, of deposits held other than customer deposits. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Sum of the carrying amounts of all intangible assets, excluding goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount after valuation and LIFO reserves of inventory expected to be sold, or consumed within one year or operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount before accumulated depletion of real estate held for productive use, excluding land held for sale. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of liabilities and equity items, including the portion of equity attributable to noncontrolling interests, if any. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- References No definition available.
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- Definition Amount after unamortized (discount) premium and debt issuance costs of long-term debt classified as noncurrent and excluding amounts to be repaid within one year or the normal operating cycle, if longer. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount before accumulated depreciation of tangible personal property used to produce goods and services, including, but is not limited to, tools, dies and molds, computer and office equipment. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which is directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent (that is, noncontrolling interest, previously referred to as minority interest). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition An amount representing an agreement for an unconditional promise by the maker to pay the Company (holder) a definite sum of money within one year from the balance sheet date (or the normal operating cycle, whichever is longer), net of any write-downs taken for collection uncertainty on the part of the holder. Such amount may include accrued interest receivable in accordance with the terms of the debt. The debt also may contain provisions and related items including a discount or premium, payable on demand, secured, or unsecured, interest bearing or noninterest bearing, among a myriad of other features and characteristics. This amount does not include amounts related to receivables held-for-sale. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition An amount representing an agreement for an unconditional promise by the maker to pay the Entity (holder) a definite sum of money at a future date more than one year from the balance sheet date, net of any write-downs taken for collection uncertainty on the part of the holder. Such amount may include accrued interest receivable in accordance with the terms of the debt. The debt also may contain provisions and related items including a discount or premium, payable on demand, secured, or unsecured, interest bearing or noninterest bearing, among a myriad of other features and characteristics. This amount does not include amounts related to receivables held-for-sale. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of noncurrent assets classified as other. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of liabilities classified as other, due within one year or the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of liabilities classified as other, due after one year or the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of liability, recognized in statement of financial position, for defined benefit pension and other postretirement plans, classified as noncurrent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition For a classified balance sheet, the carrying amount as of the balance sheet date of the portion of the obligations recognized for the various benefits provided to former or inactive employees, their beneficiaries, and covered dependents after employment but before retirement that is payable after one year (or beyond the operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition Aggregate par or stated value of issued nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable preferred shares, par value and other disclosure concepts are in another section within stockholders' equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition Amount of asset related to consideration paid in advance for costs that provide economic benefits in future periods, and amount of other assets that are expected to be realized or consumed within one year or the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Amount before accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition The cumulative amount of the reporting entity's undistributed earnings or deficit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition The amount allocated to treasury stock. Treasury stock is common and preferred shares of an entity that were issued, repurchased by the entity, and are held in its treasury. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares |
Jun. 30, 2018 |
Dec. 30, 2017 |
---|---|---|
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) | 67,414,937 | 67,407,704 |
Treasury stock (in shares) | 11,014,379 | 10,717,455 |
X | ||||||||||
- Definition Face amount or stated value per share of common stock. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The maximum number of common shares permitted to be issued by an entity's charter and bylaws. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Face amount or stated value per share of preferred stock nonredeemable or redeemable solely at the option of the issuer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The maximum number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Aggregate share number for all nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) held by stockholders. Does not include preferred shares that have been repurchased. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition Number of common and preferred shares that were previously issued and that were repurchased by the issuing entity and held in treasury on the financial statement date. This stock has no voting rights and receives no dividends. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
Condensed Consolidated Statements of Equity (Unaudited) - USD ($) $ in Millions |
Total |
Common Stock |
Additional Paid-in Capital |
Retained Earnings |
Accumulated Other Comprehensive Income (Loss) |
Treasury Stock |
Noncontrolling Interests |
---|---|---|---|---|---|---|---|
Beginning balance at Dec. 31, 2016 | $ 2,635.2 | $ 67.4 | $ 317.3 | $ 3,384.9 | $ (498.5) | $ (653.9) | $ 18.0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net earnings | 301.9 | 294.8 | 7.1 | ||||
Other comprehensive income (loss) | 101.5 | 101.5 | |||||
Cash dividends | (82.3) | (82.3) | |||||
Stock compensation plans | 46.6 | 19.8 | 26.8 | ||||
Share repurchases | (122.5) | (122.5) | |||||
Other | (7.4) | (0.4) | (7.0) | ||||
Ending balance at Jul. 01, 2017 | 2,873.0 | 67.4 | 337.1 | 3,597.0 | (397.0) | (749.6) | 18.1 |
Beginning balance at Apr. 01, 2017 | (450.4) | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Other comprehensive income (loss) | 53.4 | ||||||
Ending balance at Jul. 01, 2017 | 2,873.0 | 67.4 | 337.1 | 3,597.0 | (397.0) | (749.6) | 18.1 |
Beginning balance at Dec. 30, 2017 | 2,972.3 | 67.4 | 343.2 | 3,772.3 | (329.0) | (900.0) | 18.4 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net earnings | 349.5 | 341.7 | 7.8 | ||||
Other comprehensive income (loss) | (48.3) | (48.3) | |||||
Cash dividends | (92.8) | (92.8) | |||||
Stock compensation plans | 39.7 | 9.4 | 30.3 | ||||
Share repurchases | (98.7) | (98.7) | |||||
Other | (10.1) | (2.3) | (7.8) | ||||
Ending balance at Jun. 30, 2018 | 3,111.6 | 67.4 | 352.6 | 4,018.9 | (377.3) | (968.4) | 18.4 |
Beginning balance at Mar. 31, 2018 | (285.4) | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Other comprehensive income (loss) | (91.9) | ||||||
Ending balance at Jun. 30, 2018 | $ 3,111.6 | $ 67.4 | $ 352.6 | $ 4,018.9 | $ (377.3) | $ (968.4) | $ 18.4 |
X | ||||||||||
- Definition Net earnings excluding net income loss attributable to redeemable noncontrolling interest. No definition available.
|
X | ||||||||||
- Definition Stock compensation plans. No definition available.
|
X | ||||||||||
- Definition Amount of paid and unpaid common stock dividends declared with the form of settlement in cash. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period. No definition available.
|
X | ||||||||||
- Definition Amount after tax and reclassification adjustments of other comprehensive income (loss). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition This element represents movements included in the statement of changes in stockholders' equity which are not separately disclosed or provided for elsewhere in the taxonomy. No definition available.
|
X | ||||||||||
- Definition Equity impact of the cost of common and preferred stock that were repurchased during the period. Recorded using the cost method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
Condensed Consolidated Statements of Equity (Unaudited) - Parenthetical - $ / shares shares in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2018 |
Jul. 01, 2017 |
|
Statement of Stockholders' Equity [Abstract] | ||
Cash dividends per share (in dollars per share) | $ 1.64 | $ 1.42 |
Share repurchases (in shares) | 646 | 745 |
X | ||||||||||
- Definition Aggregate dividends declared during the period for each share of common stock outstanding. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition Number of shares that have been repurchased during the period and are being held in treasury. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions |
6 Months Ended | |
---|---|---|
Jun. 30, 2018 |
Jul. 01, 2017 |
|
Operating activities: | ||
Net earnings | $ 349.5 | $ 301.9 |
Adjustments to reconcile net earnings to net cash provided (used) by operating activities: | ||
Depreciation | 35.0 | 32.3 |
Amortization of other intangibles | 13.0 | 13.6 |
Provision for losses on finance receivables | 29.4 | 25.8 |
Provision for losses on non-finance receivables | 5.5 | 4.6 |
Stock-based compensation expense | 14.6 | 14.4 |
Deferred income tax provision (benefit) | (4.1) | 3.1 |
Loss (gain) on sales of assets | 0.1 | (0.2) |
Settlement of treasury lock | 0.0 | 14.9 |
Loss on early extinguishment of debt | 7.8 | 0.0 |
Changes in operating assets and liabilities, net of effects of acquisitions: | ||
Increase in trade and other accounts receivable | (9.1) | (26.8) |
Increase in contract receivables | (4.5) | (5.6) |
Increase in inventories | (24.5) | (48.3) |
(Increase) decrease in prepaid and other assets | 6.4 | (9.9) |
Increase in accounts payable | 25.4 | 27.7 |
Decrease in accruals and other liabilities | (25.7) | (28.0) |
Net cash provided by operating activities | 418.8 | 319.5 |
Investing activities: | ||
Additions to finance receivables | (436.7) | (458.8) |
Collections of finance receivables | 379.9 | 352.9 |
Capital expenditures | (38.6) | (34.4) |
Acquisitions of businesses, net of cash acquired | (3.0) | (80.2) |
Disposals of property and equipment | 0.5 | 0.9 |
Other | (2.9) | (0.7) |
Net cash used by investing activities | (100.8) | (220.3) |
Financing activities: | ||
Proceeds from issuance of long-term debt | 395.4 | 297.8 |
Repayments of long-term debt | (457.8) | (150.0) |
Repayment of notes payable | (16.8) | 0.0 |
Net decrease in other short-term borrowings | (37.2) | (52.7) |
Cash dividends paid | (92.8) | (82.3) |
Purchases of treasury stock | (98.7) | (122.5) |
Proceeds from stock purchase and option plans | 28.3 | 34.6 |
Other | (16.2) | (14.9) |
Net cash used by financing activities | (295.8) | (90.0) |
Effect of exchange rate changes on cash and cash equivalents | (1.9) | 2.2 |
Increase in cash and cash equivalents | 20.3 | 11.4 |
Cash and cash equivalents at beginning of year | 92.0 | 77.6 |
Cash and cash equivalents at end of period | 112.3 | 89.0 |
Supplemental cash flow disclosures: | ||
Cash paid for interest | (27.8) | (24.9) |
Net cash paid for income taxes | $ (97.4) | $ (99.8) |
X | ||||||||||
- Definition The effective portion of gains on derivative instruments designated and qualifying as hedging instruments that was recognized in other comprehensive income during the current period here. No definition available.
|
X | ||||||||||
- Definition Net increase (decrease) in other short-term borrowing. No definition available.
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets. As a noncash expense, this element is added back to net income when calculating cash provided by or used in operations using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Amount of increase (decrease) in cash and cash equivalents. Cash and cash equivalents are the amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Includes effect from exchange rate changes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The amount of expense recognized in the current period that reflects the allocation of the cost of tangible assets over the assets' useful lives. Includes production and non-production related depreciation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Amount of increase (decrease) from the effect of exchange rate changes on cash and cash equivalent balances held in foreign currencies. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Difference between the fair value of payments made and the carrying amount of debt which is extinguished prior to maturity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Amount of gain (loss) on sale or disposal of assets utilized in financial service operations. No definition available.
|
X | ||||||||||
- Definition The amount of cash paid during the current period to foreign, federal, state, and local authorities as taxes on income, net of any cash received during the current period as refunds for the overpayment of taxes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The increase (decrease) during the reporting period in the amount due from customers for the credit sale of goods and services; includes accounts receivable and other types of receivables. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The increase (decrease) during the reporting period in the aggregate amount of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The increase (decrease) during the reporting period in outstanding loans including accrued interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The increase (decrease) during the reporting period in the aggregate value of all inventory held by the reporting entity, associated with underlying transactions that are classified as operating activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition The increase (decrease) during the reporting period in other expenses incurred but not yet paid. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Amount of increase (decrease) in receivables classified as other. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Amount of increase (decrease) in prepaid expenses, and assets classified as other. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Amount of cash paid for interest. Includes, but is not limited to, payment to settle zero-coupon bond attributable to accreted interest of debt discount and debt instrument with insignificant coupon interest rate in relation to effective interest rate of borrowing attributable to accreted interest of debt discount. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Amount of cash inflow (outflow) from financing activities, including discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition Amount of cash inflow (outflow) from investing activities, including discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition Amount of cash inflow (outflow) from operating activities, including discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition The cash outflow for acquisition of or capital improvements to properties held for investment (operating, managed, leased) or for use. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Amount of cash (inflow) outflow from investing activities classified as other. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The cash outflow to reacquire common stock during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition Cash outflow in the form of capital distributions and dividends to common shareholders, preferred shareholders and noncontrolling interests. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The cash outflow associated with the acquisition of a business, net of the cash acquired from the purchase. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition The cash inflow from a debt initially having maturity due after one year or beyond the operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Amount of cash inflow (outflow) from financing activities classified as other. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The cash inflow associated with the sale or collection of receivables arising from the financing of goods and services. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Amount of cash inflow for the sale of long-lived, physical assets used to produce goods and services and not intended for resale, classified as other. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Amount of cash inflow from exercise of stock options granted under share-based compensation arrangement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Amount of expense related to write-down of receivables to the amount expected to be collected. Includes, but is not limited to, accounts receivable and notes receivable. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Amount of expense related to estimated loss from loan and lease transactions. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The cash outflow for debt initially having maturity due after one year or beyond the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The cash outflow for a borrowing supported by a written promise to pay an obligation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- References No definition available.
|
Summary of Accounting Policies |
6 Months Ended |
---|---|
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Summary of Accounting Policies | Summary of Accounting Policies Principles of consolidation and presentation The Condensed Consolidated Financial Statements include the accounts of Snap-on Incorporated and its wholly-owned and majority-owned subsidiaries (collectively, “Snap-on” or the “company”). These financial statements should be read in conjunction with, and have been prepared in conformity with, the accounting principles reflected in the consolidated financial statements and related notes included in Snap-on’s 2017 Annual Report on Form 10-K for the fiscal year ended December 30, 2017 (“2017 year end”). The company’s 2018 fiscal second quarter ended on June 30, 2018; the 2017 fiscal second quarter ended on July 1, 2017. Each of the company’s 2018 and 2017 fiscal first and second quarters each contained 13 weeks of operating results. Certain prior year amounts have been reclassified on the Condensed Consolidated Statements of Earnings to conform to the 2018 presentation following the retrospective adoption of ASU No. 2017-07, Compensation - Retirement Benefits (Topic 715) - Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. Expense of $0.2 million included in “Cost of goods sold” and income of $0.2 million included in “Operating expenses” in the second quarter of 2017 were reclassified to “Other income (expense) - net”. As a result, previously reported “Cost of goods sold” of $458.4 million is now $458.2 million, “Operating expenses” of $279.3 million is now $279.5 million and “Other income (expense) - net” of $1.9 million of expense remains $1.9 million of expense. Expense of $0.5 million included in “Cost of goods sold” and expense of $0.2 million included in “Operating expenses” in the six months ended July 1, 2017 were reclassified to “Other income (expense) - net”. As a result, previously reported “Cost of goods sold” of $897.5 million is now $897.0 million, “Operating expenses” of $557.8 million is now $557.6 million and “Other income (expense) - net” of $3.6 million of expense is now $4.3 million of expense. Additionally, prior year “Operating earnings” for certain reportable business segments have been restated to reflect these reclassifications. See Note 17 for information on Snap-on’s reportable business segments. In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for the fair presentation of the Condensed Consolidated Financial Statements for the three and six month periods ended June 30, 2018, and July 1, 2017, have been made. Interim results of operations are not necessarily indicative of the results to be expected for the full fiscal year. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America (“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 9 for further information on financial instruments. New Accounting Standards The following new accounting pronouncements were adopted in fiscal year 2018: In March 2017, the Financial Accounting Standards Board (the “FASB”) issued ASU No. 2017-07, Compensation – Retirement Benefits (Topic 715) – Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost, which provides additional guidance on the presentation of net periodic pension and postretirement benefit costs in the income statement and on the components eligible for capitalization. The amendments in this ASU require that an employer report the service cost component of the net periodic benefit costs in the same income statement line item as other compensation costs arising from services rendered by employees during the period. The non-service-cost components of net periodic benefit costs are to be presented in the income statement separately from the service cost components and outside a subtotal of income from operations. The ASU also allows for the capitalization of the service cost components, when applicable (i.e., as a cost of internally manufactured inventory or a self-constructed asset). Snap-on adopted this ASU at the beginning of its 2018 fiscal year, with the changes related to the presentation in the statements of earnings of the service cost and non-service-cost components of net periodic benefit costs applied retrospectively, using the practical expedient permitting the use of the amounts disclosed in pension and other postretirement benefit plan notes as the estimation basis for the presentation of the prior comparative periods. For fiscal 2018 and all comparative periods, the non-service-cost components of net periodic benefit costs are included in “Other income (expense) - net” on the accompanying condensed consolidated statements of earnings. Beginning in fiscal 2018, changes related to the capitalization in assets of the service cost component of net periodic benefit costs were applied prospectively. The adoption of this ASU did not have a significant impact on the company’s Condensed Consolidated Statements of Earnings. In October 2016, the FASB issued ASU No. 2016-16, Income Taxes (Topic 740) – Intra-Entity Transfers of Assets Other Than Inventory. The ASU eliminates the requirement to defer the recognition of current and deferred income taxes for an intra-entity asset transfer until the asset has been sold to an outside party. Under the new guidance, an entity should recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. The ASU is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The amendments in this ASU were to be applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings at the time of adoption. The adoption of this ASU did not have an impact on the company’s consolidated financial statements. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230), which adds and/or clarifies guidance on the classification of certain cash receipts and payments in the statement of cash flows. The new guidance is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. This ASU is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The adoption of this ASU did not have a significant impact to the designations of operating, investing and financing activities on the company’s Condensed Consolidated Statements of Cash Flows. On December 31, 2017, the beginning of Snap-on’s 2018 fiscal year, Snap-on adopted ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. Topic 606 is based on the principle that an entity should recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Topic 606 also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to fulfill a contract. Snap-on adopted Topic 606 using the modified retrospective approach applied to those contracts that were not completed as of December 31, 2017, which means Topic 606 has been applied to the fiscal 2018 financial statements and disclosures going forward, but that prior period financial statements and disclosures reflect the prior revenue recognition standard. See Note 2 for additional information on revenue recognition. Snap-on’s revenues are primarily from the selling of products that are shipped and billed, services provided to customers and from subscriptions, including software subscriptions. Approximately 90% of net sales are earned at a point in time through ship-and- bill performance obligations. The remaining performance obligations that are recorded over time relate primarily to software subscriptions and to a lesser extent extended warranty and other subscription agreements. Revenues are recognized when control is transferred to customers, in an amount that reflects the consideration Snap-on expects to be entitled to in exchange for those goods and services. Revenue recognition is evaluated through the following five steps: (i) identification of the contract, or contracts, with a customer; (ii) identification of the performance obligations in the contract; (iii) determination of the transaction price; (iv) allocation of the transaction price to the performance obligations in the contract; and (v) recognition of revenue when or as a performance obligation is satisfied. Revenue related to software subscriptions, as well as extended warranty and other subscription agreements, is generally recognized over time on a ratable basis over the contract term beginning on the date that our service is made available to the customer. Contracts with customers may include multiple performance obligations related to sales of hardware, software and software-related services. For these contracts, individual performance obligations are recorded separately if they are distinct. The transaction price, including any discounts, is allocated to each separate performance obligation based on its relative standalone selling price. The standalone selling prices are determined based on the prices charged to customers or by using an expected cost plus margin approach. The amount assigned to the products or services is recognized when the product is delivered and/or when the services are performed. In instances where the product and/or services are performed over an extended period, as is the case with subscription agreements, revenue is generally recognized over time on a ratable basis using a time-based output method applied over the contract term beginning on the date that the service is made available to the customer. These contracts are generally for 12 months but can be for a term up to 60 months. 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 totaled $4.2 million and $8.1 million for the three and six month periods ended June 30, 2018, respectively. The following new accounting pronouncements, and related impacts on adoption, are being evaluated by the company: In February 2018, the FASB issued ASU No. 2018-02, Income Statement - Reporting Comprehensive Income - Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income (Topic 220), which allows for a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from “H.R.1”, formerly known as the Tax Cuts and Jobs Act (the “Tax Act”). ASU No. 2018-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years; the ASU allows for early adoption in any interim period after issuance of the update. The company is currently assessing the impact this ASU will have on its consolidated financial statements. In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815) – Targeted Improvements to Accounting for Hedging Activities, which improves the financial reporting of hedging relationships to better portray the economic results of an entity’s risk management activities in its financial statements. The amendments in this update also make certain targeted improvements to simplify the application of the hedge accounting guidance in current GAAP. ASU No. 2017-12 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years; the ASU allows for early adoption in any interim period after issuance of the update. The company is currently assessing the impact this ASU will have on its consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326), to require the measurement of expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions and reasonable forecasts. The main objective of this ASU is to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. ASU No. 2016-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years; the ASU allows for early adoption as of the beginning of an interim or annual reporting period beginning after December 15, 2018. The company is currently assessing the impact this ASU will have on its consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The ASU is intended to represent an improvement over previous GAAP, which did not require lease assets and lease liabilities to be recognized for most leases. This ASU, which supersedes most current lease guidance, affects any entity that enters into a lease (as that term is defined in the ASU), with some specified scope exemptions. ASU No. 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years; the ASU allows for early adoption as of the beginning of an interim or annual reporting period. Snap-on commenced its assessment of Topic 842 during the second half of 2017 and developed a comprehensive project plan that included representatives from across the company’s business segments. The project plan included evaluating Snap-on’s lease portfolio, analyzing the standard’s impact on the company’s various types of lease contracts and identifying the reporting requirements of the new standard. The company is in the process of identifying and implementing appropriate changes to its business processes, systems and controls to support lease accounting and disclosures under Topic 842. The company is currently assessing the impact this ASU will have on its consolidated financial statements. |
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- References No definition available.
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- Definition The entire disclosure for all significant accounting policies of the reporting entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Revenue Recognition |
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Revenue Recognition and Deferred Revenue [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. The effects of adjustments to the December 30, 2017 consolidated balance sheet for the adoption of Topic 606 were as follows:
The adoption of Topic 606 did not have a significant impact on the company’s consolidated financial statements. The adoption resulted in the recognition of an inventory asset related to certain product returns by increasing the returns liability and recognizing an inventory asset for the anticipated value of the returns to recognize Snap-on’s contractual obligation to recover products from customers; this gross up had no corresponding impact on the Condensed Consolidated Statement of Earnings. For the anticipated value of the returns, the adoption resulted in the recognition of an increase in the inventory obsolescence reserve of $2.4 million with a corresponding adjustment to fiscal 2018 beginning retained earnings. Other than the amounts recorded for the adoption of Topic 606 on the Condensed Consolidated Balance Sheets, there were no other changes since the adoption that would be materially different from previous accounting standards that would affect the Condensed Consolidated Statements of Earnings, Balance Sheets, or Cash Flows. Revenue Disaggregation The following table shows the consolidated revenues by revenue source:
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. All significant 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:
The following table represents external net sales disaggregated by customer type:
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 service 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 to which 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 Condensed 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 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 Condensed 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 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 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 June 30, 2018. Snap-on expects to recognize approximately 60% of these contracts as revenue by the end of fiscal 2019, an additional 30% by the end of fiscal 2021 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 at June 30, 2018, was $60.4 million and was $49.4 million at the beginning of fiscal 2018. The current portion of contract liabilities and the non-current portion are included in “Other accrued liabilities” and “Other long-term liabilities”, respectively, on the accompanying Condensed Consolidated Balance Sheets. For the first six months of 2018, Snap-on recognized revenue of $31.2 million that was included in the contract liability balance as of December 30, 2017, which was primarily from the amortization of software subscriptions, extended warranties and other subscription agreements. The increase 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 period. Revenue Recognition Prior to 2018 Revenue recognition for fiscal 2017, as presented, is based on Revenue Recognition (Topic 605). Snap-on recognized revenue from the sale of tools and diagnostic and equipment products when contract terms were met, the price was fixed or determinable, collectability was reasonably assured and a product was shipped or risk of ownership had been transferred to and accepted by the customer. For sales contingent upon customer acceptance, revenue recognition was deferred until such obligations were fulfilled. Estimated product returns were recorded as a reduction in reported revenues at the time of sale based upon historical product return experience and gross profit margin was adjusted for known trends. Provisions for customer volume rebates, discounts and allowances were also recorded as a reduction in reported revenues at the time of sale based on historical experience and known trends. Revenue related to extended warranty and subscription agreements was recognized over the terms of the respective agreements. Snap-on also recognized revenue related to multiple element arrangements, including sales of hardware, software and software-related services. When a sales arrangement contained multiple elements, such as hardware and software products and/or services, Snap‑on used the relative selling price method to allocate revenues between hardware and software elements. For software elements that were not essential to the hardware’s functionality and related software post-contract customer support, vendor specific objective evidence (“VSOE”) of fair value was used to further allocate revenue to each element based on its relative fair value and, when necessary, the residual method was used to assign value to the delivered elements when VSOE only existed for the undelivered elements. The amount assigned to the products or services was recognized when the product was delivered and/or when the services were performed. In instances where the product and/or services were performed over an extended period, as is the case with subscription agreements or the providing of ongoing support, revenue was generally recognized on a straight-line basis over the term of the agreement, which generally ranged from 12 months to 60 months. Franchise fee revenue, including nominal, non-refundable initial fees, was recognized upon the granting of a franchise, which was when the company performed substantially all initial services required by the franchise agreement. Franchise fee revenue also included ongoing monthly fees (primarily for sales and business training as well as marketing and product promotion programs) that were recognized as the fees were earned. Franchise fee revenue totaled $3.4 million and $6.9 million for the three and six month periods ended July 1, 2017, respectively. |
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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- References No definition available.
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Acquisitions |
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Jun. 30, 2018 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions 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. As of the second quarter of 2018, the company has 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 Condensed Consolidated Balance Sheets. On July 28, 2017, Snap-on acquired Torque Control Specialists Pty Ltd (“TCS”) for a cash purchase price of $3.6 million (or $3.5 million, net of cash acquired). TCS distributes a full range of torque products, including wrenches, multipliers and calibrators for use in critical industries. As of the second quarter of 2018, the company has completed the purchase accounting valuations for the acquired net assets of TCS. The $2.0 million excess of purchase price over the fair value of the net assets acquired was recorded in “Goodwill” on the accompanying Condensed Consolidated Balance Sheets. On May 4, 2017, Snap-on acquired Norbar Torque Tools Holdings Limited, along with its U.S. and Chinese joint ventures (“Norbar”) for a cash purchase price of $71.6 million (or $69.9 million, net of cash acquired). Norbar designs and manufactures a full range of torque products, including wrenches, multipliers and calibrators for use in critical industries. As of the second quarter of 2018, the company has completed the purchase accounting valuations for the acquired net assets of Norbar, including intangible assets. The $25.1 million excess of purchase price over the fair value of the net assets acquired was recorded in “Goodwill” on the accompanying Condensed Consolidated Balance Sheets. On January 30, 2017, Snap-on acquired BTC Global Limited (“BTC”) for a cash purchase price of $9.2 million. BTC designs and implements automotive vehicle inspection and management software for OEM franchise repair shops. In the second quarter of 2017, the company completed the purchase accounting valuations for the acquired net assets of BTC, including intangible assets. The $5.9 million excess of purchase price over the fair value of the net assets acquired was recorded in “Goodwill” on the accompanying Condensed Consolidated Balance Sheets. For segment reporting purposes, the results of operations and assets of Fastorq, TCS and Norbar have been included in the Commercial & Industrial Group since the acquisition date and the results of operations and assets of BTC have been included in the Repair Systems and Information Group since the acquisition date. 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 6 for further information on goodwill and other intangible assets. |
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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- References No definition available.
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Receivables |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables | Receivables 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 June 30, 2018, and December 30, 2017, are as follows:
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 and customer 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 Condensed Consolidated Statements of Earnings. Snap-on’s finance receivables are comprised of extended-term installment 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 average payment terms approaching four years. Contract receivables, with payment terms of up to 10 years, are comprised of extended-term installment 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. Contract receivables also include extended-term installment loans 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. Finance and contract receivables are generally secured by the underlying tools and/or diagnostic or equipment products financed and, for installment loans to franchisees, other franchisee assets. The components of Snap-on’s current finance and contract receivables as of June 30, 2018, and December 30, 2017, are as follows:
The components of Snap-on’s finance and contract receivables with payment terms beyond one year as of June 30, 2018, and December 30, 2017, are as follows:
Delinquency is the primary indicator of credit quality for finance and contract receivables. The entire receivable balance of a contract is considered delinquent when contractual payments become 30 days 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 due date. Removal from delinquent status occurs when the cumulative number of monthly payments due has been received by the company. 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. Finance receivables that are considered nonperforming include receivables that are on nonaccrual status and receivables that are generally more than 90 days past due. 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. Contract receivables that are considered nonperforming include receivables that are on nonaccrual status and receivables that are generally more than 90 days past due. 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. Finance and contract receivables are evaluated for impairment on a collective basis. A receivable is impaired when it is probable that all amounts related to the receivable will not be collected according to the contractual terms of the applicable agreement. Impaired finance and contract receivables are covered by the company’s respective allowances for doubtful accounts and are charged-off against the allowances when appropriate. As of June 30, 2018, and December 30, 2017, there were $24.6 million and $28.0 million, respectively, of impaired finance receivables, and there were $4.5 million and $2.3 million, respectively, of impaired contract receivables. It is the general practice of Snap-on’s financial services business to not engage in contract or loan modifications. In limited instances, Snap-on’s financial services business may modify certain impaired receivables in troubled debt restructurings. The amount and number of restructured finance and contract receivables as of June 30, 2018, and December 30, 2017, 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 June 30, 2018, and December 30, 2017, is as follows:
The amount of performing and nonperforming finance and contract receivables based on payment activity as of June 30, 2018, and December 30, 2017, is as follows:
The amount of finance and contract receivables on nonaccrual status as of June 30, 2018, and December 30, 2017, is as follows:
The following is a rollforward of the allowances for doubtful accounts for finance and contract receivables for the three and six months ended June 30, 2018, and July 1, 2017:
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- Definition The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- References No definition available.
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Inventories |
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | Inventories Inventories by major classification are as follows:
Inventories accounted for using the first-in, first-out (“FIFO”) method approximated 61% of total inventories as of both June 30, 2018, and December 30, 2017. The company accounts for its non-U.S. inventory on the FIFO method. As of June 30, 2018, approximately 35% of the company’s U.S. inventory was accounted for using the FIFO method and 65% was accounted for using the last-in, first-out (“LIFO”) method. There were no LIFO inventory liquidations in the three and six months ended June 30, 2018, or July 1, 2017. |
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- References No definition available.
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- Definition The entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Goodwill and Other Intangible Assets |
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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 the six months ended June 30, 2018, are as follows:
Goodwill of $911.0 million as of June 30, 2018, includes: (i) $25.1 million from the acquisition of Norbar, (ii) $2.6 million from the acquisition of Fastorq, and (iii) $2.0 million from the acquisition of TCS, which reflects the final purchase accounting that was completed in the second quarter of 2018. The goodwill from the Norbar, Fastorq and TCS acquisitions is included in the Commercial & Industrial Group. See Note 3 for additional information on acquisitions. Additional disclosures related to other intangible assets are as follows:
Snap-on completed its annual impairment testing of goodwill and other indefinite-lived intangible assets in the second quarter of 2018, the results of which did not result in any impairment. 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 June 30, 2018, the company had no accumulated impairment losses. The weighted-average amortization periods related to other intangible assets are as follows:
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 to five years and are typically renewed without significant cost to the company. The weighted-average 15-year life for customer relationships is based on the company’s historical renewal experience. Intangible asset renewal costs are expensed as incurred. The aggregate amortization expense was $6.4 million and $13.0 million for the respective three and six months ended June 30, 2018, and $6.5 million and $13.6 million for the respective three and six months July 1, 2017. Based on current levels of amortizable intangible assets and estimated weighted-average useful lives, estimated annual amortization expense is expected to be $25.4 million in 2018, $22.8 million in 2019, $18.6 million in 2020, $15.7 million in 2021, $14.3 million in 2022, and $12.4 million in 2023. |
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- References No definition available.
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- Definition The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Income Taxes |
6 Months Ended |
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Jun. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Snap-on’s effective income tax rate on earnings attributable to Snap-on was 25.0% and 30.6% in the first six months of 2018 and 2017, respectively. The effective tax rate for 2018 includes the net tax benefits attributable to the Tax Act, which was signed into law on December 22, 2017. 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 percent to 21 percent; and (ii) requiring companies to pay a one-time transition tax on certain unremitted earnings of foreign subsidiaries. The Tax Act also established new tax laws that affect 2018, 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”). The Securities and Exchange Commission staff issued Staff Accounting Bulletin (“SAB”) 118, which provides guidance on accounting for the tax effects of the Tax Act. SAB 118 provides a measurement period that should not extend beyond one year from the Tax Act enactment date for companies to complete the related accounting under ASC 740, Accounting for Income Taxes. In accordance with SAB 118, a company must reflect the income tax effects of those aspects of the Tax Act for which the accounting under ASC 740 is complete. To the extent that a company’s accounting for a certain income tax effect of the Tax Act is incomplete, but it is able to determine a reasonable estimate, it must record a provisional estimate in the financial statements. If a company cannot determine a provisional estimate to be included in the financial statements, it should continue to apply ASC 740 on the basis of the provisions of the tax laws that were in effect immediately before the enactment of the Tax Act. The company’s accounting for the certain elements of the Tax Act was incomplete as of the period ended December 30, 2017, and remains incomplete as of June 30, 2018. However, the company was able to make reasonable estimates of the effects and, therefore, recorded provisional estimates for these items. In connection with its initial analysis of the impact of the Tax Act, the company recorded a provisional discrete net tax expense of $7.0 million in the period ended December 30, 2017. This provisional estimate consists of a net expense of $13.7 million for the one-time transition tax and a net benefit of $6.7 million related to revaluation of deferred tax assets and liabilities, caused by the new lower corporate tax rate. To determine the transition tax, the company must determine the amount of post-1986 accumulated earnings and profits of the relevant subsidiaries, as well as the amount of non-U.S. income taxes paid on such earnings. While the company was able to make a reasonable estimate of the transition tax, it is continuing to gather additional information to more precisely compute the final amount. Likewise, while the company was able to make a reasonable estimate of the impact of the reduction to the corporate tax rate, its rate may be affected by other analyses related to the Tax Act, including, but not limited to, the state tax effect of adjustments made to federal temporary differences. Due to the complexity of the new GILTI tax rules, the company is continuing to evaluate this provision of the Tax Act and the application of ASC 740. 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’s selection of an accounting policy with respect to the new GILTI tax rules is dependent on additional analysis and potential future modifications to existing structures, which are not currently known. The company has not made a policy decision regarding whether to record deferred taxes on GILTI. The company will continue to analyze the full effects of the Tax Act on its consolidated financial statements. During the first six months of 2018, the Internal Revenue Service issued new guidance affecting the computation of the company’s 2017 federal income tax liability. As a result of this new guidance and additional analysis of the impacts of the Tax Act, the company revised its prior estimates and recorded $0.5 million of tax benefit and $2.1 million of tax expense related to the Tax Act during the respective three and six months ended June 30, 2018. The ultimate impact of the Tax Act may differ from the current estimates, possibly materially, due to changes in interpretations and assumptions the company has made, future guidance that may be issued and actions the company may take as a result of the law. 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 $1.5 million over the next 12 months for uncertain tax positions expected to be taken in future tax filings. |
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- References No definition available.
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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Short-term and Long-term Debt |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term and Long-term Debt | Short-term and Long-term Debt Short-term and long-term debt as of June 30, 2018, and December 30, 2017, consisted of the following:
Notes payable and current maturities of long-term debt of $127.6 million as of June 30, 2018, included $115.5 million of commercial paper borrowings and $12.1 million of other notes. As of 2017 year end, notes payable and current maturities of long-term debt of $433.2 million included $250 million of unsecured 4.25% notes due on January 16, 2018 (the “2018 Notes”), that were repaid upon maturity in accordance with their terms, $151.0 million of commercial paper borrowings and $32.2 million of other notes. As of 2017 year end, $200 million of unsecured 6.70% notes due March 1, 2019 (the “2019 Notes”) were included in “Long-term debt” on the accompanying Condensed Consolidated Balance Sheets as their scheduled maturity was in excess of one year of the 2017 year-end balance sheet date. On February 20, 2018, Snap-on commenced a tender offer to repurchase the 2019 Notes with $26.1 million of the 2019 Notes tendered and repaid on February 27, 2018. On February 20, 2018, Snap-on also issued a notice of redemption for remaining outstanding 2019 Notes not tendered, with the redemption completed on March 22, 2018. The total cash cost for this tender and redemption was $209.1 million, including accrued interest of $1.5 million. Snap-on recorded $7.8 million for the loss on the early extinguishment of debt related to the 2019 Notes, which included the redemption premium and other issuance costs associated with this debt in “Other income (expense) - net” on the accompanying Condensed Consolidated Statement of Earnings. See Note 15 for additional information on Other income (expense) - net. On February 20, 2018, Snap-on sold, at a discount, $400 million of unsecured 4.10% long-term notes that mature on March 1, 2048 (the “2048 Notes”). Interest on the 2048 Notes is payable semi-annually beginning September 1, 2018. Snap-on used a portion of the $395.4 million of net proceeds from the sale of the 2048 Notes, reflecting $3.5 million of transaction costs, to repay the 2019 Notes. The remaining net proceeds were used to repay a portion of its then-outstanding commercial paper borrowings and for general corporate purposes. Snap-on has a five-year, $700 million multi-currency revolving credit facility that terminates on December 15, 2020 (the “Credit Facility”); no amounts were outstanding under the Credit Facility as of June 30, 2018. Borrowings under the Credit Facility bear interest at varying rates based on Snap-on’s then-current, long-term debt ratings. The Credit Facility’s financial covenant requires that Snap-on maintain, as of each fiscal quarter end, either (i) a ratio not greater than 0.60 to 1.00 of consolidated net debt (consolidated debt net of certain cash adjustments) to the sum of such consolidated net debt plus total equity and less accumulated other comprehensive income or loss (the “Debt Ratio”); or (ii) a ratio not greater than 3.50 to 1.00 of such consolidated net debt to earnings before interest, taxes, depreciation, amortization and certain other adjustments for the preceding four fiscal quarters then ended (the “Debt to EBITDA Ratio”). Snap-on may, up to two times during any five-year period during the term of the Credit Facility (including any extensions thereof), increase the maximum Debt Ratio to 0.65 to 1.00 and/or increase the maximum Debt to EBITDA Ratio to 3.75 to 1.00 for four consecutive fiscal quarters in connection with certain material acquisitions (as defined in the related credit agreement). As of June 30, 2018, the company’s actual ratios of 0.23 and 1.00, respectively, were both within the permitted ranges set forth in this financial covenant. Snap-on generally issues commercial paper to fund its financing needs on a short-term basis and uses the Credit Facility as back-up liquidity to support such commercial paper issuances. |
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- References No definition available.
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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Financial Instruments |
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Investments, All Other Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Instruments | Financial Instruments Derivatives: All derivative instruments are reported in the Condensed Consolidated Financial Statements at fair value. Changes in the fair value of derivatives are recorded each period in earnings or on the accompanying Condensed 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 Accumulated other comprehensive income (loss) (“Accumulated OCI”) must be reclassified to earnings in the period in which earnings are affected by the underlying hedged item and the ineffective portion of all hedges must be recognized in earnings in the period that such portion is determined to be ineffective. 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. On the date 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 Condensed Consolidated Statements of Earnings. 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”). 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 Condensed Consolidated Statements of Earnings. The effective portion of the change in fair value of the derivative is recorded in “Long-term debt” on the accompanying Condensed Consolidated Balance Sheets, while any ineffective portion is recorded as an adjustment to “Interest expense” on the accompanying Condensed Consolidated Statements of Earnings. The notional amount of interest rate swaps outstanding and designated as fair value hedges was $100 million as of both June 30, 2018, and December 30, 2017. Snap-on entered into a $300 million treasury lock in the fourth quarter of 2017 to manage the potential change in interest rates in anticipation of the possible issuance of fixed rate debt in the first quarter of 2018. Treasury locks are accounted for as cash flow hedges. The effective differentials to be paid or received on treasury locks related to the anticipated issuance of fixed rate debt are initially recorded in Accumulated OCI, net of tax effect. In the first quarter of 2018, Snap-on settled the outstanding $300 million treasury lock after it was deemed to be an ineffective hedge related to the 2048 Notes which were issued in February 2018. The $13.3 million gain on the settlement of the treasury lock was recorded in “Other income (expense) - net” on the accompanying Condensed Consolidated Statements of Earnings. As of June 30, 2018, no treasury locks were outstanding. The notional amount of treasury locks outstanding and designated as cash flow hedges as of December 30, 2017, was $300 million. See Note 15 for additional information on Other income (expense) - net. In first quarter of 2017, Snap-on settled the $250 million treasury lock in conjunction with the February 2017 issuance of the 2027 Notes. The $14.9 million gain on the settlement of the treasury lock was recorded in Accumulated OCI and is being amortized over the term of the 2027 Notes and recognized as an adjustment to interest expense on the Condensed Consolidated Statements of Earnings. 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 June 30, 2018, Snap-on had equity forwards in place intended to manage market risk with respect to 119,300 shares 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 of Financial Instruments: The fair values of financial instruments that do not approximate the carrying values in the financial statements are as follows:
The following methods and assumptions were used in estimating the fair value of financial instruments:
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- Definition The entire disclosure for financial instruments. This disclosure includes, but is not limited to, fair value measurements of short and long term marketable securities, international currencies forward contracts, and auction rate securities. Financial instruments may include hedging and non-hedging currency exchange instruments, derivatives, securitizations and securities available for sale at fair value. Also included are investment results, realized and unrealized gains and losses as well as impairments and risk management disclosures. No definition available.
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- References No definition available.
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Pension Plans |
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension Plans | Pension Plans Snap-on’s net periodic pension cost included the following components:
The components of net periodic pension cost, other than the service cost component, are included in “Other income (expense) - net” on the accompanying Condensed Consolidated Statements of Earnings. See Note 15 for additional information on Other income (expense) - net. Snap-on intends to make contributions of $9.7 million to its foreign pension plans and $2.4 million to its domestic pension plans in 2018, as required by law. In the first six months of 2018, Snap-on made $30.8 million of cash contributions to its domestic pension plans consisting of (i) $30.0 million of discretionary contributions and (ii) $0.8 million of required contributions. Depending on market and other conditions, Snap-on may make additional discretionary cash contributions to its pension plans in 2018. |
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- References No definition available.
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- Definition The entire disclosure for pension and other postretirement benefits. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Postretirement Health Care Plans |
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Postretirement Health Care Plans | Postretirement Health Care Plans Snap-on’s net periodic postretirement health care cost included the following components:
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 Condensed Consolidated Statements of Earnings. See Note 15 for additional information on Other income (expense) - net. |
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- References No definition available.
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- Definition The entire disclosure for postemployment benefits, which may include supplemental unemployment benefits, obligations recognized for all types of benefits provided to former or inactive employees, their beneficiaries, and covered dependents after employment but before retirement. Disclosure may also include discussion that an obligation for postemployment benefits is not accrued in accordance with regulation only because the amount cannot be reasonably estimated. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Stock-based Compensation and Other Stock Plans |
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Disclosure of Compensation Related Costs, Share-based Payments [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, stock appreciation rights (“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 June 30, 2018, the 2011 Plan had 2,606,100 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 $7.9 million and $14.6 million for the respective three and six months ended June 30, 2018, and $7.0 million and $14.4 million for the respective three and six months ended July 1, 2017. Cash received from stock purchase and option plan exercises during the respective three and six months ended June 30, 2018, totaled $16.8 million and $28.3 million. Cash received from stock purchase and option plan exercises during the respective three and six months ended July 1, 2017, totaled $20.5 million and $34.6 million. The tax benefit realized from both the exercise and vesting of share-based payment arrangements was $2.5 million and $7.6 million for the respective three and six months ended June 30, 2018, and $3.1 million and $12.1 million for the respective three and six months ended July 1, 2017. 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 company’s historical dividend payments. 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 the six months ended June 30, 2018, and July 1, 2017, using the Black-Scholes valuation model; there were no stock options granted during the three months ended June 30, 2018, or July 1, 2017:
A summary of stock option activity as of and for the six months ended June 30, 2018, is presented below:
The weighted-average grant date fair value of options granted during the six months ended June 30, 2018, and July 1, 2017, was $30.21 and $31.13, respectively. The intrinsic value of options exercised was $10.2 million and $21.2 million during the respective three and six months ended June 30, 2018, and $8.2 million and $21.4 million during the respective three and six months ended July 1, 2017. The fair value of stock options vested was $16.0 million and $14.0 million during the respective six months ended June 30, 2018, and July 1, 2017. As of June 30, 2018, there was $26.0 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 1.9 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 the six months ended June 30, 2018, and July 1, 2017, was $160.25 and $168.70, respectively. PSUs related to 50,182 shares and 60,980 shares were paid out during the respective six months ended June 30, 2018, and July 1, 2017. Earned PSUs 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”). Based on the company’s 2017 performance, 13,648 RSUs granted in 2017 were earned; assuming continued employment, these RSUs will vest at the end of fiscal 2019. Based on the company’s 2016 performance, 45,502 RSUs granted in 2016 were earned; assuming continued employment, these RSUs will vest at the end of fiscal 2018. Based on the company’s 2015 performance, 64,327 RSUs granted in 2015 were earned; these RSUs vested as of fiscal 2017 year end and were paid out shortly thereafter. Changes to the company’s non-vested performance awards during the six months ended June 30, 2018, are as follows:
As of June 30, 2018, there was $17.6 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 2.0 years. Stock Appreciation Rights (“SARs”) 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 company’s historical dividend payments. 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 the six months ended June 30, 2018, and July 1, 2017, using the Black-Scholes valuation model; there were no stock-settled SARs granted during the three months ended June 30, 2018, or July 1, 2017:
Changes to the company’s stock-settled SARs during the six months ended June 30, 2018, are as follows:
The weighted-average grant date fair value of stock-settled SARs granted during the six months ended June 30, 2018, and July 1, 2017, was $24.71 and $24.13, respectively. The intrinsic value of stock-settled SARs exercised was zero and $0.6 million during the respective three and six months ended June 30, 2018, and zero and $0.5 million during the respective three and six months ended July 1, 2017. The fair value of stock-settled SARs vested was $2.2 million and $2.1 million during the respective six months ended June 30, 2018, and July 1, 2017. As of June 30, 2018, there was $3.5 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 1.9 years. The following weighted-average assumptions were used in calculating the fair value of cash-settled SARs granted during the six months ended June 30, 2018, and July 1, 2017, using the Black-Scholes valuation model; no cash-settled SARs were granted during the three months ended June 30, 2018, or July 1, 2017:
The intrinsic value of cash-settled SARs exercised was $0.1 million and $2.1 million during the respective three and six months ended June 30, 2018, and $0.2 million and $0.8 million during the respective three and six months ended July 1, 2017. The fair value of cash-settled SARs vested was $0.1 million during both the six months ended June 30, 2018, and July 1, 2017. Changes to the company’s non-vested cash-settled SARs during the six months ended June 30, 2018, are as follows:
As of June 30, 2018, 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 1.6 years. Restricted Stock Awards – Non-employee Directors The company awarded 6,975 shares and 6,966 shares of restricted stock to non-employee directors in the first six months of 2018 and 2017, 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. |
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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Earnings Per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | Earnings Per Share The shares used in the computation of the company’s basic and diluted earnings per common share are as follows:
The dilutive effect of the potential exercise of outstanding options and stock-settled SARs to purchase common shares is calculated using the treasury stock method. As of June 30, 2018, there were 1,295,441 awards outstanding that were anti-dilutive; as of July 1, 2017, there were 722,015 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. |
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- Definition The entire disclosure for earnings per share. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Commitments and Contingencies |
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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 the three and six months ended June 30, 2018, and July 1, 2017, is as follows:
Snap-on is involved in various legal matters that are being litigated and/or settled in the ordinary course of business. The Condensed Consolidated Balance Sheets as of June 30, 2018, and December 30, 2017, included fiscal 2017 accruals of $30.9 million related to a judgment in a patent-related litigation matter, as well as $15.0 million related to a judgment in an employment-related litigation matter brought by an individual; both judgments are being appealed. Although it is not possible to predict the outcome of these 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. |
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- Definition The entire disclosure for commitments and contingencies. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Other Income (Expense) - Net |
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Other Income (Expense) - Net | Other Income (Expense) – Net “Other income (expense) – net” on the accompanying Condensed Consolidated Statements of Earnings consists of the following:
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- Definition The entire disclosure for other income or other expense items (both operating and nonoperating). Sources of nonoperating income or nonoperating expense that may be disclosed, include amounts earned from dividends, interest on securities, profits (losses) on securities, net and miscellaneous other income or income deductions. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Accumulated Other Comprehensive Income (Loss) |
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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 the three months ended June 30, 2018:
The following is a summary of net changes in Accumulated OCI by component and net of tax for the six months ended June 30, 2018:
The following is a summary of net changes in Accumulated OCI by component and net of tax for the three months ended July 1, 2017:
The following is a summary of net changes in Accumulated OCI by component and net of tax for the six months ended July 1, 2017:
The reclassifications out of Accumulated OCI for the three and six month periods ended June 30, 2018, and July 1, 2017, are as follows:
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- Definition The entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Segments |
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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. All significant intersegment amounts are eliminated to arrive at Snap-on’s consolidated financial results. See Note 1 for additional information on the retrospective adoption of ASU No. 2017-07 for the three and six months ended July 1, 2017. Financial Data by Segment:
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- References No definition available.
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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Summary of Accounting Policies (Policies) |
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Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Principles of consolidation and presentation | Principles of consolidation and presentation The Condensed Consolidated Financial Statements include the accounts of Snap-on Incorporated and its wholly-owned and majority-owned subsidiaries (collectively, “Snap-on” or the “company”). These financial statements should be read in conjunction with, and have been prepared in conformity with, the accounting principles reflected in the consolidated financial statements and related notes included in Snap-on’s 2017 Annual Report on Form 10-K for the fiscal year ended December 30, 2017 (“2017 year end”). The company’s 2018 fiscal second quarter ended on June 30, 2018; the 2017 fiscal second quarter ended on July 1, 2017. Each of the company’s 2018 and 2017 fiscal first and second quarters each contained 13 weeks of operating results. Certain prior year amounts have been reclassified on the Condensed Consolidated Statements of Earnings to conform to the 2018 presentation following the retrospective adoption of ASU No. 2017-07, Compensation - Retirement Benefits (Topic 715) - Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. Expense of $0.2 million included in “Cost of goods sold” and income of $0.2 million included in “Operating expenses” in the second quarter of 2017 were reclassified to “Other income (expense) - net”. As a result, previously reported “Cost of goods sold” of $458.4 million is now $458.2 million, “Operating expenses” of $279.3 million is now $279.5 million and “Other income (expense) - net” of $1.9 million of expense remains $1.9 million of expense. Expense of $0.5 million included in “Cost of goods sold” and expense of $0.2 million included in “Operating expenses” in the six months ended July 1, 2017 were reclassified to “Other income (expense) - net”. As a result, previously reported “Cost of goods sold” of $897.5 million is now $897.0 million, “Operating expenses” of $557.8 million is now $557.6 million and “Other income (expense) - net” of $3.6 million of expense is now $4.3 million of expense. Additionally, prior year “Operating earnings” for certain reportable business segments have been restated to reflect these reclassifications. See Note 17 for information on Snap-on’s reportable business segments. In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for the fair presentation of the Condensed Consolidated Financial Statements for the three and six month periods ended June 30, 2018, and July 1, 2017, have been made. Interim results of operations are not necessarily indicative of the results to be expected for the full fiscal year. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America (“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 9 for further information on financial instruments. |
New Accounting Standards | New Accounting Standards The following new accounting pronouncements were adopted in fiscal year 2018: In March 2017, the Financial Accounting Standards Board (the “FASB”) issued ASU No. 2017-07, Compensation – Retirement Benefits (Topic 715) – Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost, which provides additional guidance on the presentation of net periodic pension and postretirement benefit costs in the income statement and on the components eligible for capitalization. The amendments in this ASU require that an employer report the service cost component of the net periodic benefit costs in the same income statement line item as other compensation costs arising from services rendered by employees during the period. The non-service-cost components of net periodic benefit costs are to be presented in the income statement separately from the service cost components and outside a subtotal of income from operations. The ASU also allows for the capitalization of the service cost components, when applicable (i.e., as a cost of internally manufactured inventory or a self-constructed asset). Snap-on adopted this ASU at the beginning of its 2018 fiscal year, with the changes related to the presentation in the statements of earnings of the service cost and non-service-cost components of net periodic benefit costs applied retrospectively, using the practical expedient permitting the use of the amounts disclosed in pension and other postretirement benefit plan notes as the estimation basis for the presentation of the prior comparative periods. For fiscal 2018 and all comparative periods, the non-service-cost components of net periodic benefit costs are included in “Other income (expense) - net” on the accompanying condensed consolidated statements of earnings. Beginning in fiscal 2018, changes related to the capitalization in assets of the service cost component of net periodic benefit costs were applied prospectively. The adoption of this ASU did not have a significant impact on the company’s Condensed Consolidated Statements of Earnings. In October 2016, the FASB issued ASU No. 2016-16, Income Taxes (Topic 740) – Intra-Entity Transfers of Assets Other Than Inventory. The ASU eliminates the requirement to defer the recognition of current and deferred income taxes for an intra-entity asset transfer until the asset has been sold to an outside party. Under the new guidance, an entity should recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. The ASU is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The amendments in this ASU were to be applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings at the time of adoption. The adoption of this ASU did not have an impact on the company’s consolidated financial statements. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230), which adds and/or clarifies guidance on the classification of certain cash receipts and payments in the statement of cash flows. The new guidance is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. This ASU is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The adoption of this ASU did not have a significant impact to the designations of operating, investing and financing activities on the company’s Condensed Consolidated Statements of Cash Flows. On December 31, 2017, the beginning of Snap-on’s 2018 fiscal year, Snap-on adopted ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. Topic 606 is based on the principle that an entity should recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Topic 606 also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to fulfill a contract. Snap-on adopted Topic 606 using the modified retrospective approach applied to those contracts that were not completed as of December 31, 2017, which means Topic 606 has been applied to the fiscal 2018 financial statements and disclosures going forward, but that prior period financial statements and disclosures reflect the prior revenue recognition standard. See Note 2 for additional information on revenue recognition. Snap-on’s revenues are primarily from the selling of products that are shipped and billed, services provided to customers and from subscriptions, including software subscriptions. Approximately 90% of net sales are earned at a point in time through ship-and- bill performance obligations. The remaining performance obligations that are recorded over time relate primarily to software subscriptions and to a lesser extent extended warranty and other subscription agreements. Revenues are recognized when control is transferred to customers, in an amount that reflects the consideration Snap-on expects to be entitled to in exchange for those goods and services. Revenue recognition is evaluated through the following five steps: (i) identification of the contract, or contracts, with a customer; (ii) identification of the performance obligations in the contract; (iii) determination of the transaction price; (iv) allocation of the transaction price to the performance obligations in the contract; and (v) recognition of revenue when or as a performance obligation is satisfied. Revenue related to software subscriptions, as well as extended warranty and other subscription agreements, is generally recognized over time on a ratable basis over the contract term beginning on the date that our service is made available to the customer. Contracts with customers may include multiple performance obligations related to sales of hardware, software and software-related services. For these contracts, individual performance obligations are recorded separately if they are distinct. The transaction price, including any discounts, is allocated to each separate performance obligation based on its relative standalone selling price. The standalone selling prices are determined based on the prices charged to customers or by using an expected cost plus margin approach. The amount assigned to the products or services is recognized when the product is delivered and/or when the services are performed. In instances where the product and/or services are performed over an extended period, as is the case with subscription agreements, revenue is generally recognized over time on a ratable basis using a time-based output method applied over the contract term beginning on the date that the service is made available to the customer. These contracts are generally for 12 months but can be for a term up to 60 months. 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 totaled $4.2 million and $8.1 million for the three and six month periods ended June 30, 2018, respectively. The following new accounting pronouncements, and related impacts on adoption, are being evaluated by the company: In February 2018, the FASB issued ASU No. 2018-02, Income Statement - Reporting Comprehensive Income - Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income (Topic 220), which allows for a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from “H.R.1”, formerly known as the Tax Cuts and Jobs Act (the “Tax Act”). ASU No. 2018-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years; the ASU allows for early adoption in any interim period after issuance of the update. The company is currently assessing the impact this ASU will have on its consolidated financial statements. In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815) – Targeted Improvements to Accounting for Hedging Activities, which improves the financial reporting of hedging relationships to better portray the economic results of an entity’s risk management activities in its financial statements. The amendments in this update also make certain targeted improvements to simplify the application of the hedge accounting guidance in current GAAP. ASU No. 2017-12 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years; the ASU allows for early adoption in any interim period after issuance of the update. The company is currently assessing the impact this ASU will have on its consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326), to require the measurement of expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions and reasonable forecasts. The main objective of this ASU is to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. ASU No. 2016-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years; the ASU allows for early adoption as of the beginning of an interim or annual reporting period beginning after December 15, 2018. The company is currently assessing the impact this ASU will have on its consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The ASU is intended to represent an improvement over previous GAAP, which did not require lease assets and lease liabilities to be recognized for most leases. This ASU, which supersedes most current lease guidance, affects any entity that enters into a lease (as that term is defined in the ASU), with some specified scope exemptions. ASU No. 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years; the ASU allows for early adoption as of the beginning of an interim or annual reporting period. Snap-on commenced its assessment of Topic 842 during the second half of 2017 and developed a comprehensive project plan that included representatives from across the company’s business segments. The project plan included evaluating Snap-on’s lease portfolio, analyzing the standard’s impact on the company’s various types of lease contracts and identifying the reporting requirements of the new standard. The company is in the process of identifying and implementing appropriate changes to its business processes, systems and controls to support lease accounting and disclosures under Topic 842. The company is currently assessing the impact this ASU will have on its consolidated financial statements. |
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- References No definition available.
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- Definition Disclosure of accounting policy regarding (1) the principles it follows in consolidating or combining the separate financial statements, including the principles followed in determining the inclusion or exclusion of subsidiaries or other entities in the consolidated or combined financial statements and (2) its treatment of interests (for example, common stock, a partnership interest or other means of exerting influence) in other entities, for example consolidation or use of the equity or cost methods of accounting. The accounting policy may also address the accounting treatment for intercompany accounts and transactions, noncontrolling interest, and the income statement treatment in consolidation for issuances of stock by a subsidiary. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Disclosure of accounting policy for determining the fair value of financial instruments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Disclosure of accounting policy pertaining to new accounting pronouncements that may impact the entity's financial reporting. Includes, but is not limited to, quantification of the expected or actual impact. No definition available.
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- Definition Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Revenue Recognition (Tables) |
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Revenue Recognition and Deferred Revenue [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | The effects of adjustments to the December 30, 2017 consolidated balance sheet for the adoption of Topic 606 were as follows:
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Disaggregation of Revenue | The following table shows the consolidated revenues by revenue source:
The following table represents external net sales disaggregated by geography, based on the customers’ billing addresses:
The following table represents external net sales disaggregated by customer type:
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- Definition Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- References No definition available.
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- Definition Tabular disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Receivables (Tables) |
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Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Trade and Other Accounts Receivable | The components of Snap-on’s trade and other accounts receivable as of June 30, 2018, and December 30, 2017, are as follows:
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Components of Current Finance and Contract Receivables | The components of Snap-on’s current finance and contract receivables as of June 30, 2018, and December 30, 2017, are as follows:
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Components of Finance and Contract Receivables Beyond One Year | The components of Snap-on’s finance and contract receivables with payment terms beyond one year as of June 30, 2018, and December 30, 2017, are as follows:
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Aging of Finance and Contract Receivables | The aging of finance and contract receivables as of June 30, 2018, and December 30, 2017, is as follows:
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Schedule of Performing and Nonperforming Finance and Contract Receivables | The amount of performing and nonperforming finance and contract receivables based on payment activity as of June 30, 2018, and December 30, 2017, is as follows:
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Schedule of Finance and Contract Receivables on Nonaccrual Status | The amount of finance and contract receivables on nonaccrual status as of June 30, 2018, and December 30, 2017, is as follows:
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Rollforward of Allowances for Doubtful Accounts for Finance and Contract Receivables |
The following is a rollforward of the allowances for doubtful accounts for finance and contract receivables for the three and six months ended June 30, 2018, and July 1, 2017: |
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- Definition Tabular disclosure of notes and loans and contract receivables and activity in the allowance for credit losses account. No definition available.
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- Definition Tabular disclosure of notes and loans and contract receivables that are past due but not impaired, notes and loans and contract receivables that are 90 days past due and still accruing, and notes and loans and contract receivables on nonaccrual status. No definition available.
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X | ||||||||||
- Definition Schedule of components of notes and loans and contract receivables current. No definition available.
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- Definition Schedule of components of trade and other accounts receivable. No definition available.
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- Definition Tabular disclosure of nonaccrual and past due notes and loans and contract receivables on nonaccrual status as of each balance sheet date. No definition available.
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- Definition Schedule of notes and loans and contract receivables non current. No definition available.
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- Definition Schedule of performing and nonperforming notes and loans and contract receivables. No definition available.
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- References No definition available.
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Inventories (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories by Major Classification | Inventories by major classification are as follows:
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- References No definition available.
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- Definition Tabular disclosure of the carrying amount as of the balance sheet date of merchandise, goods, commodities, or supplies held for future sale or to be used in manufacturing, servicing or production process. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Goodwill and Other Intangible Assets (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 the six months ended June 30, 2018, are as follows:
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Other Intangible Assets by Major Class | Additional disclosures related to other intangible assets are as follows:
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Weighted-Average Amortization Period by Major Class | The weighted-average amortization periods related to other intangible assets are as follows:
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- Definition Schedule of finite-lived intangible assets by amortization period. No definition available.
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- Definition Schedule of intangible assets by major class. No definition available.
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- References No definition available.
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- Definition Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Short-term and Long-term Debt (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term and Long-term Debt | Short-term and long-term debt as of June 30, 2018, and December 30, 2017, consisted of the following:
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- References No definition available.
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- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. No definition available.
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Financial Instruments (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, All Other Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Values of Financial Instruments Not Approximating Carrying Values in Financial Statements | Fair Value of Financial Instruments: The fair values of financial instruments that do not approximate the carrying values in the financial statements are as follows:
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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- References No definition available.
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Pension Plans (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Periodic Pension Cost | Snap-on’s net periodic pension cost included the following components:
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- References No definition available.
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- Definition Tabular disclosure of one or more of the entity's defined benefit pension plans or one or more other defined benefit postretirement plans, separately for pension plans and other postretirement benefit plans including the entity's schedule of fair value of plan assets for defined benefit or other postretirement plans. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Postretirement Health Care Plans (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Periodic Postretirement Health Care Cost | Snap-on’s net periodic postretirement health care cost included the following components:
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- References No definition available.
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- Definition Tabular disclosure of the costs related to the various types of retirement plans including defined benefit pension plan cost, defined contribution plan cost, other postretirement benefit plan cost, and net periodic benefit cost. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Stock-based Compensation and Other Stock Plans (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Weighted-Average Assumptions of Fair Value Granted Using Black-Scholes Valuation Model | The following weighted-average assumptions were used in calculating the fair value of stock options granted during the six months ended June 30, 2018, and July 1, 2017, using the Black-Scholes valuation model; there were no stock options granted during the three months ended June 30, 2018, or July 1, 2017:
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Summary of Stock Option Activity | A summary of stock option activity as of and for the six months ended June 30, 2018, is presented below:
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Summary of Changes in Non-Vested Performance Awards | Changes to the company’s non-vested performance awards during the six months ended June 30, 2018, are as follows:
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Summary of Weighted-Average Assumptions of Fair Value Granted Using Black-Scholes Valuation Model | The following weighted-average assumptions were used in calculating the fair value of cash-settled SARs granted during the six months ended June 30, 2018, and July 1, 2017, using the Black-Scholes valuation model; no cash-settled SARs were granted during the three months ended June 30, 2018, or July 1, 2017:
The following weighted-average assumptions were used in calculating the fair value of stock-settled SARs granted during the six months ended June 30, 2018, and July 1, 2017, using the Black-Scholes valuation model; there were no stock-settled SARs granted during the three months ended June 30, 2018, or July 1, 2017:
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Summary of Changes in SARs | Changes to the company’s stock-settled SARs during the six months ended June 30, 2018, are as follows:
Changes to the company’s non-vested cash-settled SARs during the six months ended June 30, 2018, are as follows:
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X | ||||||||||
- Definition Share-based compensation arrangement by share-based payment award, fair value assumptions. No definition available.
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X | ||||||||||
- References No definition available.
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X | ||||||||||
- Definition Tabular disclosure of the changes in outstanding nonvested performance-based units. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for stock appreciation rights awards that were outstanding at the beginning and end of the year, and the number of stock appreciation rights awards that were granted, exercised or converted, forfeited, and expired during the year. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Earnings Per Share (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Computation of Basic and Diluted Earnings Per Common Share | The shares used in the computation of the company’s basic and diluted earnings per common share are as follows:
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- References No definition available.
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- Definition Tabular disclosure of the weighted average number of shares used in calculating basic net earnings per share (or unit) and diluted earnings per share (or unit). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Commitments and Contingencies (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Product Warranty Accrual Activity | Snap‑on’s product warranty accrual activity for the three and six months ended June 30, 2018, and July 1, 2017, is as follows:
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition Tabular disclosure of the changes in the guarantor's aggregate product warranty liability, including the beginning balance of the aggregate product warranty liability, the aggregate reductions in that liability for payments made (in cash or in kind) under the warranty, the aggregate changes in the liability for accruals related to product warranties issued during the reporting period, the aggregate changes in the liability for accruals related to preexisting warranties (including adjustments related to changes in estimates), and the ending balance of the aggregate product warranty liability. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Other Income (Expense) - Net (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Computation of Other Income (Expense) - Net | “Other income (expense) – net” on the accompanying Condensed Consolidated Statements of Earnings consists of the following:
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition Tabular disclosure of the components of non-operating income or non-operating expense that may include amounts earned from dividends, interest on securities, gains (losses) on securities sold, equity earnings of unconsolidated affiliates, net gain (loss) on sales of business, interest expense and other miscellaneous income or expense items. No definition available.
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Accumulated Other Comprehensive Income (Loss) (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 the three months ended June 30, 2018:
The following is a summary of net changes in Accumulated OCI by component and net of tax for the six months ended June 30, 2018:
The following is a summary of net changes in Accumulated OCI by component and net of tax for the three months ended July 1, 2017:
The following is a summary of net changes in Accumulated OCI by component and net of tax for the six months ended July 1, 2017:
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Reclassifications Out of Accumulated OCI | The reclassifications out of Accumulated OCI for the three and six month periods ended June 30, 2018, and July 1, 2017, are as follows:
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition Tabular disclosure of information about items reclassified out of accumulated other comprehensive income (loss). No definition available.
|
X | ||||||||||
- Definition Tabular disclosure of the components of accumulated other comprehensive income (loss). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Segments (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Sales by Segment | Financial Data by Segment:
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Assets by Segment |
|
X | ||||||||||
- Definition Tabular disclosure of all significant reconciling items in the reconciliation of total assets from reportable segments to the entity's consolidated assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- References No definition available.
|
Summary of Accounting Policies - Additional Information (Detail) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jul. 01, 2017 |
Jun. 30, 2018 |
Jul. 01, 2017 |
|
Revenue, Major Customer [Line Items] | ||||
Cost of goods sold | $ 467.5 | $ 458.2 | $ 931.4 | $ 897.0 |
Operating income | 250.9 | 238.3 | 485.5 | 461.0 |
Operating expenses | 294.0 | 279.5 | 587.9 | 557.6 |
Other income (expense) – net | (0.6) | (1.9) | $ 2.2 | (4.3) |
Revenue, performance obligation, term of contract | 12 months | |||
Franchise fee revenue | $ 4.2 | 3.4 | $ 8.1 | 6.9 |
Maximum | ||||
Revenue, Major Customer [Line Items] | ||||
Revenue, performance obligation, term of contract | 60 months | |||
Transferred at Point in Time | Ship and Bill Performance Obligations | Sales Revenue, Net | ||||
Revenue, Major Customer [Line Items] | ||||
Concentration risk, percentage | 90.00% | |||
Accounting Standards Update 2017-07 | ||||
Revenue, Major Customer [Line Items] | ||||
Cost of goods sold | 458.2 | 897.0 | ||
Operating expenses | 279.5 | 557.6 | ||
Other income (expense) – net | (1.9) | (4.3) | ||
Accounting Standards Update 2017-07 | Restatement Adjustment | ||||
Revenue, Major Customer [Line Items] | ||||
Cost of goods sold | (0.2) | (0.5) | ||
Operating income | 0.2 | |||
Operating expenses | (0.2) | |||
Accounting Standards Update 2017-07 | Scenario, Previously Reported | ||||
Revenue, Major Customer [Line Items] | ||||
Cost of goods sold | 458.4 | 897.5 | ||
Operating expenses | 279.3 | 557.8 | ||
Other income (expense) – net | $ (1.9) | $ (3.6) |
X | ||||||||||
- Definition For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The aggregate costs related to goods produced and sold and services rendered by an entity during the reporting period. This excludes costs incurred during the reporting period related to financial services rendered and other revenue generating activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
X | ||||||||||
- Definition Revenue earned during the period from consideration (often a percentage of the franchisee's sales) received for the right to operate a business using the entity's name, merchandise, services, methodologies, promotional support, marketing, and supplies. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense. No definition available.
|
X | ||||||||||
- Definition The net result for the period of deducting operating expenses from operating revenues. No definition available.
|
X | ||||||||||
- Definition Amount of income (expense) related to nonoperating activities, classified as other. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Period in which remaining performance obligation is expected to be recognized as revenue, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents reported fact of one year, five months, and thirteen days. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Details
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X | ||||||||||
- Details
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X | ||||||||||
- Details
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X | ||||||||||
- Details
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X | ||||||||||
- Details
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X | ||||||||||
- Details
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X | ||||||||||
- Details
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Revenue Recognition - Effect of Adopting of ASU 606 (Detail) - USD ($) $ in Millions |
Jun. 30, 2018 |
Dec. 31, 2017 |
Dec. 30, 2017 |
---|---|---|---|
ASSETS | |||
Inventories – net | $ 668.3 | $ 659.7 | $ 638.8 |
Deferred income tax assets | 52.6 | ||
LIABILITIES AND EQUITY | |||
Other accrued liabilities | 411.4 | ||
Retained earnings | $ 4,018.9 | 3,770.5 | 3,772.3 |
Balance at December 30, 2017 | |||
ASSETS | |||
Inventories – net | 638.8 | ||
Deferred income tax assets | 52.0 | ||
LIABILITIES AND EQUITY | |||
Other accrued liabilities | 388.1 | ||
Retained earnings | $ 3,772.3 | ||
Accounting Standards Update 2014-09 | |||
LIABILITIES AND EQUITY | |||
Retained earnings | (2.4) | ||
Accounting Standards Update 2014-09 | Topic 606 Adjustments | |||
ASSETS | |||
Inventories – net | 20.9 | ||
Deferred income tax assets | 0.6 | ||
LIABILITIES AND EQUITY | |||
Other accrued liabilities | 23.3 | ||
Retained earnings | $ (1.8) |
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, with jurisdictional netting. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Amount after valuation and LIFO reserves of inventory expected to be sold, or consumed within one year or operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition Amount of expenses incurred but not yet paid classified as other. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The cumulative amount of the reporting entity's undistributed earnings or deficit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
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X | ||||||||||
- Details
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Revenue Recognition - Additional Information (Detail) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Jun. 30, 2018 |
Jul. 01, 2017 |
Jun. 30, 2018 |
Jul. 01, 2017 |
Jan. 01, 2022 |
Dec. 28, 2019 |
Dec. 31, 2017 |
Dec. 30, 2017 |
|
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Adjustment to retained earnings | $ (4,018.9) | $ (4,018.9) | $ (3,770.5) | $ (3,772.3) | ||||
Revenue, performance obligation, term of contract | 12 months | |||||||
Contractual obligation | 217.0 | $ 217.0 | ||||||
Contract with customer, liability | 60.4 | 60.4 | 49.4 | |||||
Contract with customer, liability, revenue recognized | 31.2 | |||||||
Franchise fee revenue | $ 4.2 | $ 3.4 | $ 8.1 | $ 6.9 | ||||
Accounting Standards Update 2014-09 | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Increase in inventory obsolescence reserve | 2.4 | |||||||
Adjustment to retained earnings | $ 2.4 | |||||||
Software Subscriptions, Extended Warranties and Other Subscription Agreements | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Revenue, performance obligation, term of contract | 12 months | |||||||
Ship-and-Bill Type Contracts | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Revenue, performance obligation, term of contract | 30 days | |||||||
Subscription Arrangement | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Revenue, performance obligation, term of contract | 12 months | |||||||
Transferred at Point in Time | Sales Revenue, Net | Ship and Bill Performance Obligations | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Concentration risk, percentage | 90.00% | |||||||
Maximum | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Revenue, performance obligation, term of contract | 60 months | |||||||
Capitalized contract cost, amortization period | 12 months | |||||||
Maximum | Software Subscriptions, Extended Warranties and Other Subscription Agreements | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Revenue, performance obligation, term of contract | 60 months | |||||||
Maximum | Ship-and-Bill Type Contracts | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Revenue, performance obligation, term of contract | 120 days | |||||||
Maximum | Subscription Arrangement | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Revenue, performance obligation, term of contract | 60 months | |||||||
Minimum | Software Subscriptions, Extended Warranties and Other Subscription Agreements | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Revenue, performance obligation, term of contract | 1 month | |||||||
Minimum | Subscription Arrangement | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Revenue, performance obligation, term of contract | 12 months | |||||||
Scenario, Forecast | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Revenue, remaining performance obligation, percentage of revenue recognized | 30.00% | 60.00% |
X | ||||||||||
- Definition Capitalized Contract Cost, Amortization Period No definition available.
|
X | ||||||||||
- Definition Revenue, Remaining Performance Obligation, Percentage of Revenue Recognized No definition available.
|
X | ||||||||||
- Definition For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Amount of obligation to transfer good or service to customer for which consideration has been received or is receivable. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Amount of revenue recognized that was previously included in balance of obligation to transfer good or service to customer for which consideration from customer has been received or is due. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Amount of contractual obligation, including but not limited to, long-term debt, capital lease obligations, operating lease obligations, purchase obligations, and other commitments. No definition available.
|
X | ||||||||||
- Definition Revenue earned during the period from consideration (often a percentage of the franchisee's sales) received for the right to operate a business using the entity's name, merchandise, services, methodologies, promotional support, marketing, and supplies. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Amount of valuation reserve for inventory. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
X | ||||||||||
- Definition The cumulative amount of the reporting entity's undistributed earnings or deficit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Period in which remaining performance obligation is expected to be recognized as revenue, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents reported fact of one year, five months, and thirteen days. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Details
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X | ||||||||||
- Details
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X | ||||||||||
- Details
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X | ||||||||||
- Details
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X | ||||||||||
- Details
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X | ||||||||||
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X | ||||||||||
- Details
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Revenue Recognition - Revenue Disaggregation (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jul. 01, 2017 |
Jun. 30, 2018 |
Jul. 01, 2017 |
|
Disaggregation of Revenue [Line Items] | ||||
Total net sales | $ 954.6 | $ 1,890.1 | ||
Financial services revenue | 82.0 | $ 77.7 | 165.0 | $ 154.5 |
Total revenues | 1,036.6 | $ 999.1 | 2,055.1 | $ 1,963.0 |
Commercial & Industrial Group | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | 267.1 | 525.9 | ||
Financial services revenue | 0.0 | 0.0 | ||
Total revenues | 337.8 | 669.4 | ||
Snap-on Tools Group | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | 411.9 | 816.6 | ||
Financial services revenue | 0.0 | 0.0 | ||
Total revenues | 411.9 | 816.6 | ||
Repair Systems & Information Group | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | 275.6 | 547.6 | ||
Financial services revenue | 0.0 | 0.0 | ||
Total revenues | 343.1 | 680.1 | ||
Financial Services | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | 0.0 | 0.0 | ||
Financial services revenue | 82.0 | 165.0 | ||
Total revenues | 82.0 | 165.0 | ||
North America | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | 653.9 | 1,285.6 | ||
North America | Commercial & Industrial Group | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | 118.3 | 225.8 | ||
North America | Snap-on Tools Group | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | 346.2 | 685.1 | ||
North America | Repair Systems & Information Group | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | 189.4 | 374.7 | ||
North America | Financial Services | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | 0.0 | 0.0 | ||
Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | 188.5 | 379.9 | ||
Europe | Commercial & Industrial Group | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | 76.6 | 159.5 | ||
Europe | Snap-on Tools Group | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | 43.7 | 85.2 | ||
Europe | Repair Systems & Information Group | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | 68.2 | 135.2 | ||
Europe | Financial Services | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | 0.0 | 0.0 | ||
All other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | 112.2 | 224.6 | ||
All other | Commercial & Industrial Group | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | 72.2 | 140.6 | ||
All other | Snap-on Tools Group | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | 22.0 | 46.3 | ||
All other | Repair Systems & Information Group | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | 18.0 | 37.7 | ||
All other | Financial Services | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | 0.0 | 0.0 | ||
Intersegment eliminations | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | (138.2) | (276.0) | ||
Total revenues | (138.2) | (276.0) | ||
Intersegment eliminations | Commercial & Industrial Group | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | 70.7 | 143.5 | ||
Intersegment eliminations | Snap-on Tools Group | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | 0.0 | 0.0 | ||
Intersegment eliminations | Repair Systems & Information Group | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | 67.5 | 132.5 | ||
Intersegment eliminations | Financial Services | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | 0.0 | 0.0 | ||
Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | 954.6 | 1,890.1 | ||
Operating Segments | Commercial & Industrial Group | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | 337.8 | 669.4 | ||
Operating Segments | Snap-on Tools Group | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | 411.9 | 816.6 | ||
Operating Segments | Repair Systems & Information Group | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | 343.1 | 680.1 | ||
Operating Segments | Financial Services | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | 0.0 | 0.0 | ||
Vehicle service professionals | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | 713.1 | 1,412.3 | ||
Vehicle service professionals | Commercial & Industrial Group | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | 25.6 | 48.1 | ||
Vehicle service professionals | Snap-on Tools Group | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | 411.9 | 816.6 | ||
Vehicle service professionals | Repair Systems & Information Group | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | 275.6 | 547.6 | ||
Vehicle service professionals | Financial Services | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | 0.0 | 0.0 | ||
All other professionals | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | 241.5 | 477.8 | ||
All other professionals | Commercial & Industrial Group | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | 241.5 | 477.8 | ||
All other professionals | Snap-on Tools Group | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | 0.0 | 0.0 | ||
All other professionals | Repair Systems & Information Group | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | 0.0 | 0.0 | ||
All other professionals | Financial Services | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | 0.0 | 0.0 | ||
Revenue from contracts with customers | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | 949.2 | 1,879.6 | ||
Other revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | $ 5.4 | $ 10.5 |
X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
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- Definition The aggregate financial services revenue and operating interest income earned during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Acquisitions - Additional Information (Detail) - USD ($) $ in Millions |
6 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Jan. 31, 2018 |
Jul. 28, 2017 |
May 04, 2017 |
Jan. 30, 2017 |
Jun. 30, 2018 |
Jul. 01, 2017 |
Dec. 30, 2017 |
|
Business Acquisition [Line Items] | |||||||
Goodwill | $ 911.0 | $ 924.1 | |||||
Cash purchase price of acquisition, net of cash acquired | 3.0 | $ 80.2 | |||||
George A. Sturdevant, Inc. (d/b/a Fastorq) | |||||||
Business Acquisition [Line Items] | |||||||
Cash purchase price of acquisition | $ 3.0 | ||||||
Goodwill | 2.6 | ||||||
Torque Control Specialist | |||||||
Business Acquisition [Line Items] | |||||||
Cash purchase price of acquisition | $ 3.6 | ||||||
Goodwill | 2.0 | ||||||
Cash purchase price of acquisition, net of cash acquired | $ 3.5 | ||||||
Norbar | |||||||
Business Acquisition [Line Items] | |||||||
Cash purchase price of acquisition | $ 71.6 | ||||||
Goodwill | 25.1 | ||||||
Cash purchase price of acquisition, net of cash acquired | $ 69.9 | ||||||
BTC | |||||||
Business Acquisition [Line Items] | |||||||
Goodwill | $ 5.9 | ||||||
Cash purchase price of acquisition, net of cash acquired | $ 9.2 |
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- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
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- Definition Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The cash outflow associated with the acquisition of business during the period. The cash portion only of the acquisition price. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The cash outflow associated with the acquisition of a business, net of the cash acquired from the purchase. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Receivables - Additional Information (Detail) - USD ($) $ in Millions |
6 Months Ended | |
---|---|---|
Jun. 30, 2018 |
Dec. 30, 2017 |
|
Receivables [Abstract] | ||
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 | |
Maximum payment term for contract receivables (in years) | 10 years | |
Minimum period past due to consider receivable balances as delinquent (days) | 30 days | |
Minimum period past due to consider non-accrual finance receivables nonperforming (days) | 90 days | |
Minimum period past due to declare receivable as non-accrual status (days) | 90 days | |
Impaired finance receivables | $ 24.6 | $ 28.0 |
Impaired contract receivables | $ 4.5 | $ 2.3 |
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- Definition Contract receivables, extended-term installment loans, term. No definition available.
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- Definition Impaired contract receivables. No definition available.
|
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- Definition Impaired notes and loans receivables. No definition available.
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- Definition Minimum period past due to consider notes and loans non-accrual receivables non-performing. No definition available.
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- Definition Minimum period past due to consider receivable balances as delinquent. No definition available.
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- Definition Minimum period past due to place contract receivables on nonaccrual status. No definition available.
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- Definition Notes and loans receivables extended term payment plan term. No definition available.
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- Definition Trade and other accounts receivable, non-extended-term payment, maximum. No definition available.
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- Definition Trade and other accounts receivable, non-extended-term payment, minimum. No definition available.
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- References No definition available.
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Receivables - Components of Trade and Other Accounts Receivable (Detail) - USD ($) $ in Millions |
Jun. 30, 2018 |
Dec. 30, 2017 |
---|---|---|
Receivables [Abstract] | ||
Trade and other accounts receivable | $ 683.3 | $ 690.2 |
Allowances for doubtful accounts | (16.2) | (14.6) |
Total trade and other accounts receivable – net | $ 667.1 | $ 675.6 |
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- Definition Amounts due from customers or clients, within one year of the balance sheet date (or the normal operating cycle, whichever is longer) for goods or services (including trade receivables) that have been delivered or sold in the normal course of business. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount due from customers or clients, within one year of the balance sheet date (or the normal operating cycle, whichever is longer), for goods or services (including trade receivables) that have been delivered or sold in the normal course of business, reduced to the estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition A valuation allowance for trade and other receivables due to an Entity within one year (or the normal operating cycle, whichever is longer) that are expected to be uncollectible. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- References No definition available.
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Receivables - Components of Current Finance and Contract Receivables (Detail) - USD ($) $ in Millions |
Jun. 30, 2018 |
Dec. 30, 2017 |
---|---|---|
Receivables [Abstract] | ||
Finance receivables, net of unearned finance charges of $20.7 million and $21.0 million, respectively | $ 533.4 | $ 523.1 |
Contract receivables, net of unearned finance charges of $18.6 million and $17.6 million, respectively | 88.9 | 98.1 |
Total | 622.3 | 621.2 |
Allowances for doubtful accounts: | ||
Finance receivables | (19.0) | (17.7) |
Contract receivables | (1.3) | (1.3) |
Total | (20.3) | (19.0) |
Total current finance and contract receivables – net | 602.0 | 602.2 |
Finance receivables – net | 514.4 | 505.4 |
Contract receivables – net | 87.6 | 96.8 |
Total current finance and contract receivables – net | 602.0 | 602.2 |
Unearned finance charges, finance receivables | 20.7 | 21.0 |
Unearned finance charges, contract receivable | $ 18.6 | $ 17.6 |
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- Definition Allowance for contracts receivable, current. No definition available.
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- Definition Allowance for notes and loans and contract receivables current. No definition available.
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- Definition Contract receivable, gross, current. No definition available.
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- Definition Contract receivable net current. No definition available.
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- Definition Current notes and loans and contract receivables net. No definition available.
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- Definition Deferred discounts finance charges and interest included in contract receivables current. No definition available.
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- Definition Deferred discounts finance charges and interest included in notes and loans receivable current. No definition available.
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- Definition Notes and loans and contract receivable gross current. No definition available.
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- References No definition available.
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- Definition A valuation allowance relating to a written agreement to receive money (at a specified future date(s) within one year from the reporting date (or the normal operating cycle, whichever is longer), consisting of principal as well as any accrued interest) for the portion that is expected to be uncollectible. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition An amount representing an agreement for an unconditional promise by the maker to pay the Entity (holder) a definite sum of money at a future date(s) within one year of the balance sheet date or the normal operating cycle, whichever is longer. Such amount may include accrued interest receivable in accordance with the terms of the debt. The debt also may contain provisions including a discount or premium, payable on demand, secured, or unsecured, interest bearing or noninterest bearing, among a myriad of other features and characteristics. This amount does not include amounts related to receivables held-for-sale. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition An amount representing an agreement for an unconditional promise by the maker to pay the Company (holder) a definite sum of money within one year from the balance sheet date (or the normal operating cycle, whichever is longer), net of any write-downs taken for collection uncertainty on the part of the holder. Such amount may include accrued interest receivable in accordance with the terms of the debt. The debt also may contain provisions and related items including a discount or premium, payable on demand, secured, or unsecured, interest bearing or noninterest bearing, among a myriad of other features and characteristics. This amount does not include amounts related to receivables held-for-sale. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Receivables - Components of Finance and Contract Receivables Beyond One Year (Detail) - USD ($) $ in Millions |
Jun. 30, 2018 |
Dec. 30, 2017 |
---|---|---|
Receivables [Abstract] | ||
Finance receivables, net of unearned finance charges of $16.7 million and $16.7 million, respectively | $ 1,091.3 | $ 1,078.0 |
Contract receivables, net of unearned finance charges of $27.6 million and $25.5 million, respectively | 336.1 | 325.9 |
Total | 1,427.4 | 1,403.9 |
Allowances for doubtful accounts: | ||
Finance receivables | (40.0) | (38.8) |
Contract receivables | (3.5) | (3.3) |
Total | (43.5) | (42.1) |
Total long-term finance and contract receivables – net | 1,383.9 | 1,361.8 |
Finance receivables – net | 1,051.3 | 1,039.2 |
Contract receivables – net | 332.6 | 322.6 |
Total long-term finance and contract receivables – net | 1,383.9 | 1,361.8 |
Unearned finance charges, finance receivables | 16.7 | 16.7 |
Unearned finance charges, contract receivable | $ 27.6 | $ 25.5 |
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- Definition Allowance for contracts receivable, noncurrent. No definition available.
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- Definition Allowance for notes and loans and contract receivables noncurrent. No definition available.
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- Definition Contract receivable, gross, noncurrent. No definition available.
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- Definition Contract receivables net noncurrent. No definition available.
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- Definition Deferred discounts, finance charges and interest included in contract receivables, non-current. No definition available.
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- Definition Deferred discounts finance charges and interest included in notes and loans receivable non current. No definition available.
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- Definition Notes and loans and contract receivable gross non-current. No definition available.
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- Definition Notes and loans and contract receivables net non current. No definition available.
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- References No definition available.
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- Definition A valuation allowance relating to a written agreement to receive money (at a specified future date(s) more than one year from the reporting date, consisting of principal as well as any accrued interest) for the portion that is expected to be uncollectible. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition An amount representing an agreement for an unconditional promise by the maker to pay the Entity (holder) a definite sum of money at a future date(s) more than one year from the balance sheet date. Such amount may include accrued interest receivable in accordance with the terms of the debt. The debt also may contain provisions and related items including a discount or premium, payable on demand, secured, or unsecured, interest bearing or noninterest bearing, among a myriad of other features and characteristics. This amount does not include amounts related to receivables held-for-sale. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition An amount representing an agreement for an unconditional promise by the maker to pay the Entity (holder) a definite sum of money at a future date more than one year from the balance sheet date, net of any write-downs taken for collection uncertainty on the part of the holder. Such amount may include accrued interest receivable in accordance with the terms of the debt. The debt also may contain provisions and related items including a discount or premium, payable on demand, secured, or unsecured, interest bearing or noninterest bearing, among a myriad of other features and characteristics. This amount does not include amounts related to receivables held-for-sale. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- References No definition available.
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Receivables - Aging of Finance and Contract Receivables (Detail) - USD ($) $ in Millions |
Jun. 30, 2018 |
Dec. 30, 2017 |
---|---|---|
Receivables [Abstract] | ||
Finance receivables, 30-59 Days Past Due | $ 16.9 | $ 19.3 |
Finance receivables, 60-90 Days Past Due | 10.6 | 13.9 |
Finance receivables, Greater Than 90 Days Past Due | 16.2 | 20.1 |
Finance receivables, Total Past Due | 43.7 | 53.3 |
Finance receivables, Total Not Past Due | 1,581.0 | 1,547.8 |
Finance receivables, Total | 1,624.7 | 1,601.1 |
Finance receivables, Greater Than 90 Days Past Due and Accruing | 12.3 | 15.4 |
Contract receivables, 30-59 Days Past Due | 2.0 | 1.2 |
Contract receivables, 60-90 Days Past Due | 0.9 | 0.6 |
Contract receivables, Greater Than 90 Days Past Due | 3.5 | 1.9 |
Contract receivables, Total Past Due | 6.4 | 3.7 |
Contract receivables, Total Not Past Due | 418.6 | 420.3 |
Contract receivables, Total | 425.0 | 424.0 |
Contract receivables, Greater Than 90 Days Past Due and Accruing | $ 0.2 | $ 0.6 |
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- Definition Contract receivable. No definition available.
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- Definition Contract receivable not past due. No definition available.
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- Definition Contract receivable recorded investment greater than 90 days past due. No definition available.
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- Definition Contract receivable recorded investment 90 days past due and still accruing. No definition available.
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- Definition Contract receivable recorded investment past due. No definition available.
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- Definition Contract receivable recorded investment sixty to ninety days past due. No definition available.
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- Definition Contract receivable recorded investment thirty to fifty nine days past due. No definition available.
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- Definition Notes and loans receivable. No definition available.
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- Definition Notes and loans receivable not past due. No definition available.
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- Definition Notes and loans receivable recorded investment greater than ninety days past due. No definition available.
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- Definition Notes and loans receivable recorded investment ninety days past due and still accruing. No definition available.
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- Definition Notes and loans receivable recorded investment past due. No definition available.
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- Definition Notes and loans receivable recorded investment sixty to ninety days past due. No definition available.
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- Definition Notes and loans receivable recorded investment thirty to fifty nine days past due. No definition available.
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- References No definition available.
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Receivables - Schedule of Performing and Nonperforming Finance and Contract Receivables (Detail) - USD ($) $ in Millions |
Jun. 30, 2018 |
Dec. 30, 2017 |
---|---|---|
Financing Receivable, Recorded Investment [Line Items] | ||
Finance Receivables | $ 1,624.7 | $ 1,601.1 |
Contract Receivables | 425.0 | 424.0 |
Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Finance Receivables | 1,600.1 | 1,573.1 |
Contract Receivables | 420.5 | 421.7 |
Nonperforming | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Finance Receivables | 24.6 | 28.0 |
Contract Receivables | $ 4.5 | $ 2.3 |
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- Definition Contract receivable. No definition available.
|
X | ||||||||||
- Definition Notes and loans receivable. No definition available.
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- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
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Receivables - Schedule of Finance and Contract Receivables on Nonaccrual Status (Detail) - USD ($) $ in Millions |
Jun. 30, 2018 |
Dec. 30, 2017 |
---|---|---|
Receivables [Abstract] | ||
Finance receivables | $ 12.3 | $ 12.6 |
Contract receivables | $ 4.3 | $ 1.7 |
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- Definition Contract receivable recorded investment nonaccrual status. No definition available.
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- Definition Notes and loans receivable recorded investment non-accrual status. No definition available.
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- References No definition available.
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Receivables - Rollforward of Allowances for Doubtful Accounts for Finance and Contract Receivables (Detail) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jul. 01, 2017 |
Jun. 30, 2018 |
Jul. 01, 2017 |
|
Allowance for Doubtful Accounts Receivable [Roll Forward] | ||||
Finance receivables, allowance for doubtful accounts, beginning of year | $ 58.3 | $ 50.5 | $ 56.5 | $ 48.6 |
Finance receivables, provision | 13.6 | 12.8 | 29.4 | 25.8 |
Finance receivables, charge-offs | (14.6) | (12.5) | (30.4) | (25.4) |
Finance receivables, recoveries | 1.7 | 1.7 | 3.6 | 3.4 |
Finance receivables, currency translation | 0.0 | 0.0 | (0.1) | (0.1) |
Finance receivables, allowance for doubtful accounts, end of period | 59.0 | 52.5 | 59.0 | 52.5 |
Contract receivables, allowance for doubtful accounts, beginning of year | 4.6 | 4.7 | 4.6 | 3.9 |
Contract receivables, provision | 0.6 | 0.6 | 1.1 | 1.9 |
Contract receivables, charge-offs | (0.5) | (0.6) | (1.1) | (1.2) |
Contract receivables, recoveries | 0.1 | 0.0 | 0.2 | 0.1 |
Contract receivables, currency translation | 0.0 | (0.1) | 0.0 | (0.1) |
Contract receivables, allowance for doubtful accounts, end of period | $ 4.8 | $ 4.8 | $ 4.8 | $ 4.8 |
X | ||||||||||
- Definition Contract receivable allowance for credit losses. No definition available.
|
X | ||||||||||
- Definition Contract receivable, charge-offs. No definition available.
|
X | ||||||||||
- Definition Contract receivables foreign currency translation adjustments. No definition available.
|
X | ||||||||||
- Definition Contract receivables provision for bad debt expense. No definition available.
|
X | ||||||||||
- Definition Contract receivables, recoveries. No definition available.
|
X | ||||||||||
- Definition Notes and loans receivable allowance for credit losses. No definition available.
|
X | ||||||||||
- Definition Notes and loans receivable allowance for credit losses currency translation adjustment. No definition available.
|
X | ||||||||||
- Definition Notes and loans receivable allowance for credit losses recoveries. No definition available.
|
X | ||||||||||
- Definition Notes and loans receivable allowance for credit losses write offs. No definition available.
|
X | ||||||||||
- Definition A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period. No definition available.
|
X | ||||||||||
- Definition Amount of expense related to estimated loss from loan and lease transactions. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
Inventories - Inventories by Major Classification (Detail) - USD ($) $ in Millions |
Jun. 30, 2018 |
Dec. 31, 2017 |
Dec. 30, 2017 |
---|---|---|---|
Inventory Disclosure [Abstract] | |||
Finished goods | $ 566.9 | $ 541.9 | |
Work in progress | 50.7 | 49.3 | |
Raw materials | 127.1 | 122.7 | |
Total FIFO value | 744.7 | 713.9 | |
Excess of current cost over LIFO cost | (76.4) | (75.1) | |
Total inventories – net | $ 668.3 | $ 659.7 | $ 638.8 |
X | ||||||||||
- Definition The excess of replacement or current cost over the stated LIFO (last in first out) inventory value when the LIFO inventory method is utilized. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The amount of FIFO (first in first out) inventory present at the reporting date when inventory is also valued using different valuation methods. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition Amount before valuation and LIFO reserves of completed merchandise or goods expected to be sold within one year or operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Amount after valuation and LIFO reserves of inventory expected to be sold, or consumed within one year or operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Amount before valuation and LIFO reserves of raw materials expected to be sold, or consumed within one year or operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Amount before valuation and LIFO reserves of merchandise or goods in the production process expected to be completed within one year or operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
Inventories - Additional Information (Detail) - USD ($) |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2018 |
Jul. 01, 2017 |
Jun. 30, 2018 |
Jul. 01, 2017 |
Dec. 30, 2017 |
|
Geographic Valuation Methodologies Of Inventory [Line Items] | |||||
Percentage of FIFO Inventory | 61.00% | 61.00% | 61.00% | ||
Effect of LIFO inventory liquidation on income | $ 0 | $ 0 | $ 0 | $ 0 | |
United States | |||||
Geographic Valuation Methodologies Of Inventory [Line Items] | |||||
Percentage of FIFO Inventory | 35.00% | 35.00% | |||
Percentage of LIFO Inventory | 65.00% | 65.00% |
X | ||||||||||
- Definition Geographic Valuation Methodologies of Inventory [Line Items] No definition available.
|
X | ||||||||||
- Definition The effect of liquidating LIFO (last in first out) inventory layers on income. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The percentage of FIFO (first in first out) inventory to total inventory as of the balance sheet date if other than 100 percent. No definition available.
|
X | ||||||||||
- Definition The percentage of LIFO (last in first out) inventory to total inventory as of the balance sheet date if other than 100 percent. No definition available.
|
X | ||||||||||
- Details
|
Goodwill and Other Intangible Assets - Changes in Carrying Amount of Goodwill by Segment (Detail) $ in Millions |
6 Months Ended |
---|---|
Jun. 30, 2018
USD ($)
| |
Goodwill [Roll Forward] | |
December 30, 2017 | $ 924.1 |
Currency translation | (17.2) |
Acquisitions and related adjustments | 4.1 |
June 30, 2018 | 911.0 |
Commercial & Industrial Group | |
Goodwill [Roll Forward] | |
December 30, 2017 | 298.4 |
Currency translation | (10.7) |
Acquisitions and related adjustments | 4.1 |
June 30, 2018 | 291.8 |
Snap-on Tools Group | |
Goodwill [Roll Forward] | |
December 30, 2017 | 12.5 |
Currency translation | 0.0 |
Acquisitions and related adjustments | 0.0 |
June 30, 2018 | 12.5 |
Repair Systems & Information Group | |
Goodwill [Roll Forward] | |
December 30, 2017 | 613.2 |
Currency translation | (6.5) |
Acquisitions and related adjustments | 0.0 |
June 30, 2018 | $ 606.7 |
X | ||||||||||
- Definition Goodwill acquired and related adjustment. No definition available.
|
X | ||||||||||
- Definition Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period. No definition available.
|
X | ||||||||||
- Definition Amount of increase (decrease) from foreign currency translation adjustments and purchase accounting adjustments of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2018 |
Jul. 01, 2017 |
Jun. 30, 2018 |
Jul. 01, 2017 |
Dec. 30, 2017 |
|
Acquired Finite And Indefinite Lived Intangible Assets [Line Items] | |||||
Goodwill | $ 911,000,000 | $ 911,000,000 | $ 924,100,000 | ||
Goodwill impairment | 0 | ||||
Accumulated impairment losses | 0 | $ 0 | |||
Weighted-average amortization period (in years) | 11 years | ||||
Aggregate amortization expense | 6,400,000 | $ 6,500,000 | $ 13,000,000 | $ 13,600,000 | |
Estimated annual amortization expense for fiscal period 2018 | 25,400,000 | 25,400,000 | |||
Estimated annual amortization expense for fiscal period 2019 | 22,800,000 | 22,800,000 | |||
Estimated annual amortization expense for fiscal period 2020 | 18,600,000 | 18,600,000 | |||
Estimated annual amortization expense for fiscal period 2021 | 15,700,000 | 15,700,000 | |||
Estimated annual amortization expense for fiscal period 2022 | 14,300,000 | 14,300,000 | |||
Estimated annual amortization expense for fiscal period 2023 | 12,400,000 | $ 12,400,000 | |||
Customer relationships | |||||
Acquired Finite And Indefinite Lived Intangible Assets [Line Items] | |||||
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 | ||||
Norbar | |||||
Acquired Finite And Indefinite Lived Intangible Assets [Line Items] | |||||
Goodwill | 25,100,000 | $ 25,100,000 | |||
Fastorq | |||||
Acquired Finite And Indefinite Lived Intangible Assets [Line Items] | |||||
Goodwill | 2,600,000 | 2,600,000 | |||
TCS | |||||
Acquired Finite And Indefinite Lived Intangible Assets [Line Items] | |||||
Goodwill | $ 2,000,000 | $ 2,000,000 |
X | ||||||||||
- Definition Acquired Finite And Indefinite Lived Intangible Assets [Line Items] No definition available.
|
X | ||||||||||
- Definition Customer relationship contractual term maximum. No definition available.
|
X | ||||||||||
- Definition Customer relationship contractual term minimum. No definition available.
|
X | ||||||||||
- Definition The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets. As a noncash expense, this element is added back to net income when calculating cash provided by or used in operations using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Useful life of finite-lived intangible assets, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. No definition available.
|
X | ||||||||||
- Definition Amount of amortization expense for assets, excluding financial assets and goodwill, lacking physical substance with a finite life expected to be recognized in the next rolling twelve months following the latest balance sheet. For interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. No definition available.
|
X | ||||||||||
- Definition Amount of amortization expense for assets, excluding financial assets and goodwill, lacking physical substance with a finite life expected to be recognized after the fifth rolling twelve months following the latest balance sheet. For interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. No definition available.
|
X | ||||||||||
- Definition Amount of amortization expense for assets, excluding financial assets and goodwill, lacking physical substance with a finite life expected to be recognized in the fifth rolling twelve months following the latest balance sheet. For interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. No definition available.
|
X | ||||||||||
- Definition Amount of amortization expense for assets, excluding financial assets and goodwill, lacking physical substance with a finite life expected to be recognized in the fourth rolling twelve months following the latest balance sheet. For interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. No definition available.
|
X | ||||||||||
- Definition Amount of amortization expense for assets, excluding financial assets and goodwill, lacking physical substance with a finite life expected to be recognized in the third rolling twelve months following the latest balance sheet. For interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. No definition available.
|
X | ||||||||||
- Definition Amount of amortization expense for assets, excluding financial assets and goodwill, lacking physical substance with a finite life expected to be recognized in the second rolling twelve months following the latest balance sheet. For interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. No definition available.
|
X | ||||||||||
- Definition Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Amount of accumulated impairment loss for an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Amount of loss from the write-down of an asset representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
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X | ||||||||||
- Details
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X | ||||||||||
- Details
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X | ||||||||||
- Details
|
Goodwill and Other Intangible Assets - Other Intangible Assets by Major Class (Detail) - USD ($) $ in Millions |
Jun. 30, 2018 |
Dec. 30, 2017 |
---|---|---|
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | $ 418.2 | $ 415.9 |
Non-amortized trademarks | 111.4 | 115.2 |
Total other intangible assets | 529.6 | 531.1 |
Accumulated Amortization | (288.7) | (277.4) |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 173.3 | 175.2 |
Accumulated Amortization | (103.0) | (98.2) |
Developed technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 18.7 | 18.9 |
Accumulated Amortization | (18.4) | (18.4) |
Internally developed software | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 181.1 | 177.0 |
Accumulated Amortization | (139.8) | (133.4) |
Patents | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 34.4 | 34.1 |
Accumulated Amortization | (22.7) | (22.7) |
Trademarks | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 3.0 | 3.0 |
Accumulated Amortization | (1.9) | (2.0) |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 7.7 | 7.7 |
Accumulated Amortization | $ (2.9) | $ (2.7) |
X | ||||||||||
- Definition Accumulated amount of amortization of assets, excluding financial assets and goodwill, lacking physical substance with a finite life. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Amount before amortization of assets, excluding financial assets and goodwill, lacking physical substance with a finite life. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
X | ||||||||||
- Definition Carrying amount (original costs adjusted for previously recognized amortization and impairment) as of the balance sheet date for the rights acquired through registration of a trademark to gain or protect exclusive use of a business name, symbol or other device or style for a projected indefinite period of benefit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Amount before accumulated amortization of intangible assets, excluding goodwill. No definition available.
|
X | ||||||||||
- Details
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X | ||||||||||
- Details
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X | ||||||||||
- Details
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X | ||||||||||
- Details
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X | ||||||||||
- Details
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X | ||||||||||
- Details
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Goodwill and Other Intangible Assets - Weighted-Average Amortization Period by Major Class (Detail) |
6 Months Ended |
---|---|
Jun. 30, 2018 | |
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) | 4 years |
Patents | |
Finite-Lived Intangible Assets [Line Items] | |
Weighted-average amortization period (in years) | 8 years |
Trademarks | |
Finite-Lived Intangible Assets [Line Items] | |
Weighted-average amortization period (in years) | 6 years |
Other | |
Finite-Lived Intangible Assets [Line Items] | |
Weighted-average amortization period (in years) | 39 years |
X | ||||||||||
- Definition Useful life of finite-lived intangible assets, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. No definition available.
|
X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
X | ||||||||||
- Details
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X | ||||||||||
- Details
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X | ||||||||||
- Details
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X | ||||||||||
- Details
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X | ||||||||||
- Details
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X | ||||||||||
- Details
|
Income Taxes - Additional Information (Detail) - USD ($) |
3 Months Ended | 6 Months Ended | 12 Months Ended | |
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2018 |
Jul. 01, 2017 |
Dec. 30, 2017 |
|
Income Tax [Line Items] | ||||
Effective income tax rate | 25.00% | 30.60% | ||
Tax Cuts And Jobs Act Of 2017, incomplete accounting, provisional income tax expense (benefit) | $ 7,000,000 | |||
Tax Cuts And Jobs Act Of 2017, incomplete accounting, transition tax for accumulated foreign earnings, provisional income tax expense | 13,700,000 | |||
Tax Cuts And Jobs Act Of 2017, incomplete accounting, change in tax rate, deferred tax asset, provisional income tax benefit | $ 6,700,000 | |||
Tax Cuts And Jobs Act Of 2017, incomplete accounting, increase (decrease) in provisional income tax expense | $ (500,000) | $ 2,100,000 | ||
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 | $ 1,500,000 |
X | ||||||||||
- Definition Effective income tax rate on earnings attributable to Snap-on. No definition available.
|
X | ||||||||||
- Definition Income Tax [Line Items] No definition available.
|
X | ||||||||||
- Definition Tax Cuts And Jobs Act Of 2017, Incomplete Accounting, Change In Tax Rate, Deferred Tax Asset, Provisional Income Tax Expense No definition available.
|
X | ||||||||||
- Definition Tax Cuts And Jobs Act Of 2017, Incomplete Accounting, Increase (Decrease) in Provisional Income Tax Expense No definition available.
|
X | ||||||||||
- Definition Tax Cuts And Jobs Act Of 2017, Incomplete Accounting, Provisional Income Tax Expense (Benefit) No definition available.
|
X | ||||||||||
- Definition Tax Cuts And Jobs Act Of 2017, Incomplete Accounting, Transition Tax For Accumulated Foreign Earnings, Provisional Income Tax Expense No definition available.
|
X | ||||||||||
- Definition Amount of decrease in unrecognized tax benefits resulting from tax positions that have been or will be taken in current period tax return. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Amount of increase in unrecognized tax benefits resulting from tax positions that have been or will be taken in current period tax return. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
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X | ||||||||||
- Details
|
Short-term and Long-term Debt - Summary of Debt (Detail) - USD ($) $ in Millions |
Jun. 30, 2018 |
Dec. 30, 2017 |
---|---|---|
Schedule Of Debt Instruments [Line Items] | ||
Current unsecured notes | $ 0.0 | $ 250.0 |
Other debt | 123.0 | 186.8 |
Long-term debt including current maturities | 1,073.0 | 1,186.8 |
Less: notes payable and current maturities of long-term debt: | ||
Current maturities of long-term debt | 0.0 | (250.0) |
Commercial paper borrowings | (115.5) | (151.0) |
Other notes | (12.1) | (32.2) |
Notes payable and current maturities of long-term debt | (127.6) | (433.2) |
Long-term debt | 945.4 | 753.6 |
4.25% unsecured notes due 2018 | ||
Schedule Of Debt Instruments [Line Items] | ||
Current unsecured notes | 0.0 | 250.0 |
Less: notes payable and current maturities of long-term debt: | ||
Current maturities of long-term debt | 0.0 | (250.0) |
6.70% unsecured notes due 2019 | ||
Schedule Of Debt Instruments [Line Items] | ||
Noncurrent unsecured notes | 0.0 | 200.0 |
6.125% unsecured notes due 2021 | ||
Schedule Of Debt Instruments [Line Items] | ||
Noncurrent unsecured notes | 250.0 | 250.0 |
3.25% unsecured notes due 2027 | ||
Schedule Of Debt Instruments [Line Items] | ||
Noncurrent unsecured notes | 300.0 | 300.0 |
4.10% unsecured notes due 2048 | ||
Schedule Of Debt Instruments [Line Items] | ||
Noncurrent unsecured notes | $ 400.0 | $ 0.0 |
X | ||||||||||
- Definition Notes payable and current maturities of long-term debt. No definition available.
|
X | ||||||||||
- Definition Notes payable and current maturities of long term debt. No definition available.
|
X | ||||||||||
- Definition Includes both short term and long term debt. No definition available.
|
X | ||||||||||
- Definition Schedule Of Debt Instruments [Line Items] No definition available.
|
X | ||||||||||
- Definition Carrying value as of the balance sheet date of short-term borrowings using unsecured obligations issued by banks, corporations and other borrowers to investors. The maturities of these money market securities generally do not exceed 270 days. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Represents the aggregate of total long-term debt, including current maturities and short-term debt. No definition available.
|
X | ||||||||||
- Definition Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt, classified as current. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Amount after unamortized (discount) premium and debt issuance costs of long-term debt classified as noncurrent and excluding amounts to be repaid within one year or the normal operating cycle, if longer. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Amount of long-term notes payable classified as other. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Carrying value as of the balance sheet date of uncollateralized debt obligation (with maturities initially due after one year or beyond the operating cycle if longer), excluding current portion. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
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X | ||||||||||
- Details
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X | ||||||||||
- Details
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X | ||||||||||
- Details
|
Short-term and Long-term Debt - Schedule of Debt Additional Information (Detail) |
Jun. 30, 2018 |
Feb. 20, 2018 |
Dec. 30, 2017 |
---|---|---|---|
4.25% unsecured notes due 2018 | |||
Schedule Of Debt Instruments [Line Items] | |||
Unsecured notes, interest rate | 4.25% | ||
6.70% unsecured notes due 2019 | |||
Schedule Of Debt Instruments [Line Items] | |||
Unsecured notes, interest rate | 6.70% | ||
6.125% unsecured notes due 2021 | |||
Schedule Of Debt Instruments [Line Items] | |||
Unsecured notes, interest rate | 6.125% | ||
3.25% unsecured notes due 2027 | |||
Schedule Of Debt Instruments [Line Items] | |||
Unsecured notes, interest rate | 3.25% | ||
4.10% unsecured notes due 2048 | |||
Schedule Of Debt Instruments [Line Items] | |||
Unsecured notes, interest rate | 4.10% | 4.10% |
X | ||||||||||
- Definition Schedule Of Debt Instruments [Line Items] No definition available.
|
X | ||||||||||
- Definition Contractual interest rate for funds borrowed, under the debt agreement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
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- Details
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X | ||||||||||
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X | ||||||||||
- Details
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Short-term and Long-term Debt - Additional Information (Detail) |
3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
---|---|---|---|---|---|---|---|
Mar. 22, 2018
USD ($)
|
Jun. 30, 2018
USD ($)
revision
|
Jul. 01, 2017
USD ($)
|
Jun. 30, 2018
USD ($)
revision
|
Jul. 01, 2017
USD ($)
|
Dec. 30, 2017
USD ($)
|
Feb. 20, 2018
USD ($)
|
|
Schedule Of Debt Instruments [Line Items] | |||||||
Notes payable and current maturities of long-term debt | $ 127,600,000 | $ 127,600,000 | $ 433,200,000 | ||||
Commercial paper outstanding | 115,500,000 | 115,500,000 | 151,000,000 | ||||
Other notes payable | 12,100,000 | 12,100,000 | 32,200,000 | ||||
Loss on early extinguishment of debt | 0 | $ 0 | 7,800,000 | $ 0 | |||
Proceeds from sale of unsecured long-term notes | $ 395,400,000 | $ 297,800,000 | |||||
Five-year Multi-Currency Revolving Credit Facility | |||||||
Schedule Of Debt Instruments [Line Items] | |||||||
Debt maturity term | 5 years | ||||||
Revolving credit facility, amount available | 700,000,000 | $ 700,000,000 | |||||
Revolving credit facility, termination date | Dec. 15, 2020 | ||||||
Revolving credit facility, outstanding amount | $ 0 | $ 0 | |||||
Number of allowed revisions to debt ratios | revision | 2 | 2 | |||||
Actual debt-to-capital ratio | 0.23 | 0.23 | |||||
Actual debt-to-income ratio | 1.00 | 1.00 | |||||
Five-year Multi-Currency Revolving Credit Facility | Maximum | |||||||
Schedule Of Debt Instruments [Line Items] | |||||||
Maximum limit of required debt-to-capital ratio | 0.6 | 0.6 | |||||
Maximum limit of required debt-to-income ratio | 3.5 | 3.5 | |||||
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 | 0.65 | |||||
Maximum limit of required debt-to-income ratio | 3.75 | 3.75 | |||||
4.25% unsecured notes due 2018 | |||||||
Schedule Of Debt Instruments [Line Items] | |||||||
Debt instrument, face amount | $ 250,000,000 | ||||||
Unsecured notes, interest rate | 4.25% | ||||||
Unsecured notes, maturity period | Jan. 16, 2018 | ||||||
6.70% unsecured notes due 2019 | |||||||
Schedule Of Debt Instruments [Line Items] | |||||||
Unsecured notes, interest rate | 6.70% | ||||||
Unsecured notes | $ 0 | $ 0 | $ 200,000,000 | ||||
2019 Notes | |||||||
Schedule Of Debt Instruments [Line Items] | |||||||
Debt instrument, repurchase amount | $ 26,100,000 | ||||||
Payment for debt extinguishment | $ 209,100,000 | ||||||
Accrued interest | 1,500,000 | ||||||
Loss on early extinguishment of debt | $ 7,800,000 | ||||||
4.10% unsecured notes due 2048 | |||||||
Schedule Of Debt Instruments [Line Items] | |||||||
Debt instrument, face amount | $ 400,000,000 | ||||||
Unsecured notes, interest rate | 4.10% | 4.10% | 4.10% | ||||
Unsecured notes | $ 400,000,000 | $ 400,000,000 | $ 0 | ||||
Proceeds from sale of unsecured long-term notes | 395,400,000 | ||||||
Transaction costs | $ 3,500,000 | $ 3,500,000 |
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- Definition Actual Debt To Capital Ratio No definition available.
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X | ||||||||||
- Definition Actual Debt To Income Ratio No definition available.
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X | ||||||||||
- Definition Line of Credit Facility, Number of Allowed Revisions to Debt Ratios No definition available.
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X | ||||||||||
- Definition Notes payable and current maturities of long-term debt. No definition available.
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X | ||||||||||
- Definition Required Debt To Capital Ratio No definition available.
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X | ||||||||||
- Definition Required Debt To Income Ratio No definition available.
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X | ||||||||||
- Definition Schedule Of Debt Instruments [Line Items] No definition available.
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X | ||||||||||
- Definition Carrying value as of the balance sheet date of short-term borrowings using unsecured obligations issued by banks, corporations and other borrowers to investors. The maturities of these money market securities generally do not exceed 270 days. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Face (par) amount of debt instrument at time of issuance. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Contractual interest rate for funds borrowed, under the debt agreement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Date when the debt instrument is scheduled to be fully repaid, in CCYY-MM-DD format. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Fair value amount of debt instrument that was repurchased. No definition available.
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X | ||||||||||
- Definition Period of time between issuance and maturity of debt instrument, in PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. No definition available.
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X | ||||||||||
- Definition Amount, after accumulated amortization, of debt issuance costs. Includes, but is not limited to, legal, accounting, underwriting, printing, and registration costs. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition Difference between the fair value of payments made and the carrying amount of debt which is extinguished prior to maturity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition Amount of the cost of borrowed funds accounted for as interest expense for debt. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Date the credit facility terminates, in CCYY-MM-DD format. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition Maximum borrowing capacity under the credit facility without consideration of any current restrictions on the amount that could be borrowed or the amounts currently outstanding under the facility. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition Amount of long-term notes payable classified as other. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition Amount of cash outflow for cost from early extinguishment and prepayment of debt. Includes, but is not limited to, third-party cost, premium paid, and other fee paid to lender directly for debt extinguishment or debt prepayment. Excludes accrued interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition The cash inflow from a debt initially having maturity due after one year or beyond the operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition Carrying value as of the balance sheet date of uncollateralized debt obligation (with maturities initially due after one year or beyond the operating cycle if longer), excluding current portion. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Financial Instruments - Additional Information (Detail) - USD ($) |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2018 |
Apr. 01, 2017 |
Jun. 30, 2018 |
Dec. 30, 2017 |
|
Equity Forwards | ||||
Investment Holdings [Line Items] | ||||
Equity forwards in place of common stock associated with its deferred compensation plans (in shares) | 119,300 | |||
Treasury locks | ||||
Investment Holdings [Line Items] | ||||
Treasury locks outstanding | $ 0 | $ 300,000,000 | ||
Treasury locks settled | $ 300,000,000 | $ 250,000,000 | ||
Gain on the settlement of the treasury lock | $ 13,300,000 | $ 14,900,000 | ||
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 |
X | ||||||||||
- Definition Treasury locks outstanding. No definition available.
|
X | ||||||||||
- Definition Treasury locks settled. No definition available.
|
X | ||||||||||
- Definition Number of common shares reserved for future issuance related to deferred compensation arrangements with individuals. No definition available.
|
X | ||||||||||
- Definition Nominal or face amount used to calculate payments on the derivative asset. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition The effective portion of gains on derivative instruments designated and qualifying as hedging instruments that was recognized in other comprehensive income during the current period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
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Financial Instruments - Fair Values of Financial Instruments Not Approximating Carrying Values in Financial Statements (Detail) - USD ($) $ in Millions |
Jun. 30, 2018 |
Dec. 30, 2017 |
---|---|---|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, notes payable and current maturities of long-term debt | $ 1,073.0 | $ 1,186.8 |
Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Finance receivables – net | 1,565.7 | 1,544.6 |
Contract receivables – net | 420.2 | 419.4 |
Long-term debt, notes payable and current maturities of long-term debt | 1,073.0 | 1,186.8 |
Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Finance receivables – net | 1,806.3 | 1,791.5 |
Contract receivables – net | 458.0 | 459.1 |
Long-term debt, notes payable and current maturities of long-term debt | $ 1,085.4 | $ 1,235.6 |
X | ||||||||||
- Definition Contract receivables - net. No definition available.
|
X | ||||||||||
- Definition Notes and loans receivable net. No definition available.
|
X | ||||||||||
- Definition Represents the aggregate of total long-term debt, including current maturities and short-term debt. No definition available.
|
X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
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Pension Plans - Net Periodic Pension Cost (Detail) - Pension Plans, Defined Benefit - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jul. 01, 2017 |
Jun. 30, 2018 |
Jul. 01, 2017 |
|
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 6.1 | $ 5.3 | $ 12.6 | $ 11.2 |
Interest cost | 13.2 | 13.9 | 26.4 | 27.9 |
Expected return on plan assets | (22.2) | (20.9) | (43.9) | (41.0) |
Amortization of unrecognized loss | 8.4 | 7.0 | 16.4 | 13.9 |
Amortization of prior service credit | (0.3) | (0.3) | (0.6) | (0.6) |
Net periodic pension cost | $ 5.2 | $ 5.0 | $ 10.9 | $ 11.4 |
X | ||||||||||
- Definition Amount of gain (loss) recognized in net periodic benefit (cost) credit of defined benefit plan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition Amount of prior service cost (credit) recognized in net periodic benefit cost (credit) of defined benefit plan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
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X | ||||||||||
- Definition Amount of expected return (loss) recognized in net periodic benefit (cost) credit, calculated based on expected long-term rate of return and market-related value of plan assets of defined benefit plan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of cost recognized for passage of time related to defined benefit plan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition Amount of net periodic benefit cost (credit) for defined benefit plan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of cost for actuarial present value of benefits attributed to service rendered by employee for defined benefit plan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Pension Plans - Additional Information (Detail) $ in Millions |
6 Months Ended |
---|---|
Jun. 30, 2018
USD ($)
| |
Foreign Pension Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected future employer contributions | $ 9.7 |
Domestic Pension Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected future employer contributions | 2.4 |
Cash contributions made | 30.8 |
Discretionary contribution | 30.0 |
Required contribution | $ 0.8 |
X | ||||||||||
- Definition Defined benefit plan contributions by employer, required by law. No definition available.
|
X | ||||||||||
- Definition Amount of contribution received by defined benefit plan from employer which increases plan assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
X | ||||||||||
- Definition Amount of contributions expected to be received by defined benefit plan from employer in fiscal year. Excludes contributions paid by employer in current fiscal year. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of discretionary contributions made by an employer to a defined contribution plan. No definition available.
|
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Postretirement Health Care Plans - Net Periodic Postretirement Health Care Cost (Detail) - Postretirement Health Coverage - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jul. 01, 2017 |
Jun. 30, 2018 |
Jul. 01, 2017 |
|
Postretirement Health Care Plans [Line Items] | ||||
Interest cost | $ 0.4 | $ 0.5 | $ 0.9 | $ 1.0 |
Expected return on plan assets | (0.2) | (0.2) | (0.4) | (0.4) |
Amortization of unrecognized gain | (0.1) | 0.0 | (0.2) | (0.1) |
Net periodic pension cost | $ 0.1 | $ 0.3 | $ 0.3 | $ 0.5 |
X | ||||||||||
- Definition Postretirement Health Care Plans [Line Items] No definition available.
|
X | ||||||||||
- Definition Amount of gain (loss) recognized in net periodic benefit (cost) credit of defined benefit plan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition Amount of expected return (loss) recognized in net periodic benefit (cost) credit, calculated based on expected long-term rate of return and market-related value of plan assets of defined benefit plan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of cost recognized for passage of time related to defined benefit plan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition Amount of net periodic benefit cost (credit) for defined benefit plan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Stock-Based Compensation and Other Stock Plans - Additional Information (Detail) - USD ($) |
3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
---|---|---|---|---|---|---|---|
Jun. 30, 2018 |
Jul. 01, 2017 |
Jun. 30, 2018 |
Jul. 01, 2017 |
Dec. 30, 2017 |
Dec. 31, 2016 |
Jan. 02, 2016 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Net stock-based compensation expense | $ 7,900,000 | $ 7,000,000 | $ 14,600,000 | $ 14,400,000 | |||
Cash received from stock purchase and option plan exercises | 16,800,000 | 20,500,000 | 28,300,000 | 34,600,000 | |||
Tax benefit realized from exercise and vesting of share-based payment arrangements | 2,500,000 | 3,100,000 | $ 7,600,000 | $ 12,100,000 | |||
Stock Option | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Weighted average contractual term (in years) | 10 years | ||||||
Weighted-average grant date fair value granted (in dollars per share) | $ 30.21 | $ 31.13 | |||||
Intrinsic value of stock exercised | 10,200,000 | 8,200,000 | $ 21,200,000 | $ 21,400,000 | |||
Fair value of stock vested | 16,000,000 | $ 14,000,000 | |||||
Unrecognized compensation cost related to non-vested award | 26,000,000 | $ 26,000,000 | |||||
Cost expected to be recognized over weighted-average period, in years | 1 year 10 months 24 days | ||||||
Performance Awards | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Weighted average contractual term (in years) | 3 years | ||||||
Weighted-average grant date fair value granted (in dollars per share) | $ 160.25 | $ 168.70 | |||||
Unrecognized compensation cost related to non-vested award | 17,600,000 | $ 17,600,000 | |||||
Cost expected to be recognized over weighted-average period, in years | 2 years | ||||||
Maximum stock percentage to be awarded | 100.00% | ||||||
Performance period for awards granted (in years) | 3 years | ||||||
Performance awards shares paid out (in shares) | 50,182 | 60,980 | |||||
Restricted Stock Units | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Performance period for awards granted (in years) | 1 year | ||||||
Awards granted vesting period (in years) | 2 years | ||||||
Granted (in shares) | 13,648 | 45,502 | 64,327 | ||||
Units granted vesting date | 2019 | 2018 | 2017 | ||||
Cash-Settled Stock Appreciation Rights | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Weighted average contractual term (in years) | 10 years | ||||||
Weighted-average grant date fair value granted (in dollars per share) | $ 24.26 | ||||||
Intrinsic value of stock exercised | 100,000 | 200,000 | $ 2,100,000 | $ 800,000 | |||
Fair value of stock vested | 100,000 | $ 100,000 | |||||
Unrecognized compensation cost related to non-vested award | 100,000 | $ 100,000 | |||||
Cost expected to be recognized over weighted-average period, in years | 1 year 7 months 6 days | ||||||
Granted (in shares) | 1,000 | ||||||
Stock-Settled SARs | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Weighted-average grant date fair value granted (in dollars per share) | $ 24.71 | $ 24.13 | |||||
Intrinsic value of stock exercised | 0 | $ 0 | $ 600,000 | $ 500,000 | |||
Fair value of stock vested | 2,200,000 | $ 2,100,000 | |||||
Unrecognized compensation cost related to non-vested award | $ 3,500,000 | $ 3,500,000 | |||||
Cost expected to be recognized over weighted-average period, in years | 1 year 10 months 24 days | ||||||
Granted (in shares) | 89,000 | ||||||
2011 Incentive Stock and Awards Plan | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of shares available for grant (in shares) | 2,606,100 | 2,606,100 | |||||
Non-employee Directors | Restricted Stock | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Granted (in shares) | 6,975 | 6,966 | |||||
Award vesting period | 1 year |
X | ||||||||||
- Definition Maximum stock to be awarded as percentage of stock initially awarded under share based compensation plan. No definition available.
|
X | ||||||||||
- Definition Performance awards shares paid out. No definition available.
|
X | ||||||||||
- Definition Share based compensation arrangement by share based payment award equity instruments other than options exercises in period intrinsic value. No definition available.
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- Definition Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants performance period. No definition available.
|
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- Definition Share based compensation arrangement by share based payment award equity instruments other than options grants vesting period. No definition available.
|
X | ||||||||||
- Definition Share based compensation arrangement by share based payment award equity instruments other than options weighted average contractual term. No definition available.
|
X | ||||||||||
- Definition Share based compensation arrangement by share based payment award expiration year. No definition available.
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X | ||||||||||
- Definition Unrecognized cost of unvested share-based compensation awards. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Weighted average period over which unrecognized compensation is expected to be recognized for equity-based compensation plans, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The total recognized tax benefit related to compensation cost for equity-based payment arrangements recognized in income during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of cash inflow from exercise of stock options granted under share-based compensation arrangement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Period which an employee's right to exercise an award is no longer contingent on satisfaction of either a service condition, market condition or a performance condition, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The number of grants made during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition The weighted average fair value at grant date for nonvested equity-based awards issued during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition Fair value of share-based awards for which the grantee gained the right by satisfying service and performance requirements, to receive or retain shares or units, other instruments, or cash. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
X | ||||||||||
- Definition The difference between the maximum number of shares (or other type of equity) authorized for issuance under the plan (including the effects of amendments and adjustments), and the sum of: 1) the number of shares (or other type of equity) already issued upon exercise of options or other equity-based awards under the plan; and 2) shares (or other type of equity) reserved for issuance on granting of outstanding awards, net of cancellations and forfeitures, if applicable. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Stock-Based Compensation and Other Stock Plans - Summary of Weighted-Average Assumptions of Fair Value Granted Using Black-Scholes Valuation Model (Detail) |
6 Months Ended | |
---|---|---|
Jun. 30, 2018 |
Jul. 01, 2017 |
|
Stock Option | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Expected term (in years) | 5 years 4 months 6 days | 5 years 1 month 24 days |
Expected volatility factor | 20.08% | 22.01% |
Expected dividend yield | 1.68% | 1.63% |
Risk-free interest rate | 2.71% | 1.78% |
Stock-Settled SARs | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Expected term (in years) | 3 years 6 months 29 days | 3 years 11 months 26 days |
Expected volatility factor | 20.08% | 19.39% |
Expected dividend yield | 1.63% | 1.46% |
Risk-free interest rate | 2.40% | 1.55% |
Cash-Settled Stock Appreciation Rights | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Expected term (in years) | 3 years 3 months 4 days | 3 years 7 months 14 days |
Expected volatility factor | 20.54% | 19.56% |
Expected dividend yield | 1.67% | 1.55% |
Risk-free interest rate | 2.63% | 1.55% |
X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
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X | ||||||||||
- Definition The estimated dividend rate (a percentage of the share price) to be paid (expected dividends) to holders of the underlying shares over the option's term. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition The estimated measure of the percentage by which a share price is expected to fluctuate during a period. Volatility also may be defined as a probability-weighted measure of the dispersion of returns about the mean. The volatility of a share price is the standard deviation of the continuously compounded rates of return on the share over a specified period. That is the same as the standard deviation of the differences in the natural logarithms of the stock prices plus dividends, if any, over the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition The risk-free interest rate assumption that is used in valuing an option on its own shares. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition Expected term of share-based compensation awards, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Stock-Based Compensation and Other Stock Plans - Summary of Stock Option Activity and Stock-settled SARs (Detail) $ / shares in Units, shares in Thousands, $ in Millions |
6 Months Ended |
---|---|
Jun. 30, 2018
USD ($)
$ / shares
shares
| |
Stock Option | |
Shares (in thousands) | |
Beginning balance (in shares) | shares | 3,198 |
Granted (in shares) | shares | 515 |
Exercised (in shares) | shares | (244) |
Forfeited or expired (in shares) | shares | (34) |
Ending balance (in shares) | shares | 3,435 |
Exercisable at June 30, 2018 (in shares) | shares | 2,340 |
Exercise Price Per Share | |
Beginning balance (in dollars per share) | $ / shares | $ 115.30 |
Granted (in dollars per share) | $ / shares | 161.18 |
Exercised (in dollars per share) | $ / shares | 73.33 |
Forfeited or expired (in dollars per share) | $ / shares | 159.17 |
Ending balance (in dollars per share) | $ / shares | 124.72 |
Exercisable at June 30, 2018 (in dollars per share) | $ / shares | $ 108.26 |
Additional Disclosures | |
Outstanding, remaining contractual term (in years) | 6 years 7 months 6 days |
Exercisable, remaining contractual term (in years) | 5 years 6 months |
Outstanding, aggregate intrinsic value | $ | $ 128.8 |
Exercisable, aggregate intrinsic value | $ | $ 124.4 |
Stock-Settled SARs | |
Stock-settled SARs (in thousands) | |
Beginning balance (in shares) | shares | 360 |
Granted (in shares) | shares | 89 |
Exercised (in shares) | shares | (8) |
Forfeited or expired (in shares) | shares | (21) |
Ending balance (in shares) | shares | 420 |
Exercisable at June 30, 2018 (in shares) | shares | 238 |
Exercise Price Per Share | |
Beginning balance (in dollars per share) | $ / shares | $ 138.63 |
Granted (in dollars per share) | $ / shares | 161.18 |
Exercised (in dollars per share) | $ / shares | 101.87 |
Forfeited or expired (in dollars per share) | $ / shares | 131.42 |
Ending balance (in dollars per share) | $ / shares | 144.43 |
Exercisable at June 30, 2018 (in dollars per share) | $ / shares | $ 132.55 |
Additional Disclosures | |
Outstanding, remaining contractual term | 7 years 8 months 12 days |
Exercisable, remaining contractual term | 6 years 8 months 12 days |
Outstanding, aggregate intrinsic value | $ | $ 7.7 |
Exercisable, aggregate intrinsic value | $ | $ 7.0 |
X | ||||||||||
- Definition Share based compensation arrangement by share based payment award equity instruments other than options exercisable nonvested intrinsic values. No definition available.
|
X | ||||||||||
- Definition Share based compensation arrangement by share based payment award equity instruments other than options exercisable nonvested number. No definition available.
|
X | ||||||||||
- Definition Share based compensation arrangement by share based payment award equity instruments other than options exercisable nonvested weighted average exercise price. No definition available.
|
X | ||||||||||
- Definition Share based compensation arrangement by share based payment award equity instruments other than options exercisable weighted average remaining contractual terms. No definition available.
|
X | ||||||||||
- Definition Share based compensation arrangement by share based payment award equity instruments other than options exercised in period. No definition available.
|
X | ||||||||||
- Definition Share based compensation arrangement by share based payment award equity instruments other than options exercised in period weighted average exercised price. No definition available.
|
X | ||||||||||
- Definition Share based compensation arrangement by share based payment award equity instruments other than options forfeited in period weighted average exercised price. No definition available.
|
X | ||||||||||
- Definition Share based compensation arrangement by share based payment award equity instruments other than options grants in period weighted average exercised price. No definition available.
|
X | ||||||||||
- Definition Share based compensation arrangement by share based payment award equity instruments other than options nonvested intrinsic values. No definition available.
|
X | ||||||||||
- Definition Share based compensation arrangement by share based payment award equity instruments other than options nonvested weighted average exercise price. No definition available.
|
X | ||||||||||
- Definition Share based compensation arrangement by share based payment award options exercisable weighted average remaining contractual terms. No definition available.
|
X | ||||||||||
- Definition Weighted average remaining contractual term for option awards outstanding. No definition available.
|
X | ||||||||||
- Definition Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Exercise Price [Roll Forward] No definition available.
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition The number of equity-based payment instruments, excluding stock (or unit) options, that were forfeited during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition The number of grants made during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition The number of non-vested equity-based payment instruments, excluding stock (or unit) options, that validly exist and are outstanding as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period. No definition available.
|
X | ||||||||||
- Definition Weighted average remaining contractual term for equity-based awards excluding options, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition The number of shares into which fully or partially vested stock options outstanding as of the balance sheet date can be currently converted under the option plan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition The weighted-average price as of the balance sheet date at which grantees can acquire the shares reserved for issuance on vested portions of options outstanding and currently exercisable under the stock option plan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition For presentations that combine terminations, the number of shares under options that were cancelled during the reporting period as a result of occurrence of a terminating event specified in contractual agreements pertaining to the stock option plan or that expired. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition Weighted average price of options that were either forfeited or expired. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition Net number of share options (or share units) granted during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition Amount by which the current fair value of the underlying stock exceeds the exercise price of options outstanding. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition Number of options outstanding, including both vested and non-vested options. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period. No definition available.
|
X | ||||||||||
- Definition Weighted average price at which grantees can acquire the shares reserved for issuance under the stock option plan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition Weighted average price at which option holders acquired shares when converting their stock options into shares. No definition available.
|
X | ||||||||||
- Definition Weighted average per share amount at which grantees can acquire shares of common stock by exercise of options. No definition available.
|
X | ||||||||||
- Definition Amount of difference between fair value of the underlying shares reserved for issuance and exercise price of vested portions of options outstanding and currently exercisable. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition Number of share options (or share units) exercised during the current period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
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X | ||||||||||
- Details
|
Stock-Based Compensation and Other Stock Plans - Summary of Changes in Non-Vested Awards (Detail) shares in Thousands |
6 Months Ended |
---|---|
Jun. 30, 2018
$ / shares
shares
| |
Nonvested Performance Shares | |
Stock-settled SARs (in thousands) | |
Beginning balance (in shares) | shares | 132 |
Granted (in shares) | shares | 93 |
Vested (in shares) | shares | 0 |
Cancellations and other (in shares) | shares | (7) |
Ending balance (in shares) | shares | 218 |
Fair Value Price per Share | |
Beginning balance (in dollars per share) | $ / shares | $ 149.93 |
Granted (in dollars per share) | $ / shares | 160.25 |
Vested (in dollars per share) | $ / shares | 0.00 |
Cancellations and other (in dollars per share) | $ / shares | 158.90 |
Ending balance (in dollars per share) | $ / shares | $ 154.06 |
Cash-Settled Stock Appreciation Rights | |
Stock-settled SARs (in thousands) | |
Beginning balance (in shares) | shares | 5 |
Granted (in shares) | shares | 1 |
Vested (in shares) | shares | (3) |
Ending balance (in shares) | shares | 3 |
Fair Value Price per Share | |
Beginning balance (in dollars per share) | $ / shares | $ 35.41 |
Granted (in dollars per share) | $ / shares | 24.26 |
Vested (in dollars per share) | $ / shares | 24.30 |
Ending balance (in dollars per share) | $ / shares | $ 23.94 |
X | ||||||||||
- Definition The number of equity-based payment instruments, excluding stock (or unit) options, that were forfeited during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Weighted average fair value as of the grant date of equity-based award plans other than stock (unit) option plans that were not exercised or put into effect as a result of the occurrence of a terminating event. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The number of grants made during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The weighted average fair value at grant date for nonvested equity-based awards issued during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The number of non-vested equity-based payment instruments, excluding stock (or unit) options, that validly exist and are outstanding as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period. No definition available.
|
X | ||||||||||
- Definition The weighted average fair value of nonvested awards on equity-based plans excluding option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, revenue or profit achievement stock award plan) for which the employer is contingently obligated to issue equity instruments or transfer assets to an employee who has not yet satisfied service or performance criteria necessary to gain title to proceeds from the sale of the award or underlying shares or units. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period. No definition available.
|
X | ||||||||||
- Definition The number of equity-based payment instruments, excluding stock (or unit) options, that vested during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The weighted average fair value as of grant date pertaining to an equity-based award plan other than a stock (or unit) option plan for which the grantee gained the right during the reporting period, by satisfying service and performance requirements, to receive or retain shares or units, other instruments, or cash in accordance with the terms of the arrangement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Details
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X | ||||||||||
- Details
|
Earnings Per Share - Computation of Basic and Diluted Earnings Per Common Share (Detail) - shares shares in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jul. 01, 2017 |
Jun. 30, 2018 |
Jul. 01, 2017 |
|
Earnings Per Share [Abstract] | ||||
Weighted-average common shares outstanding (in shares) | 56.4 | 57.8 | 56.6 | 57.9 |
Effect of dilutive securities (in shares) | 0.9 | 1.2 | 1.0 | 1.3 |
Diluted (in shares) | 57.3 | 59.0 | 57.6 | 59.2 |
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition Additional shares included in the calculation of diluted EPS as a result of the potentially dilutive effect of share based payment arrangements using the treasury stock method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
Earnings Per Share - Additional Information (Detail) - shares |
6 Months Ended | |
---|---|---|
Jun. 30, 2018 |
Jul. 01, 2017 |
|
Stock-Settled SARs | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Outstanding options or stock settled SARs (in shares) | 1,295,441 | 722,015 |
X | ||||||||||
- Definition Securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
X | ||||||||||
- Details
|
Commitments and Contingencies - Summary of Product Warranty Accrual Activity (Detail) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jul. 01, 2017 |
Jun. 30, 2018 |
Jul. 01, 2017 |
|
Warranty reserve: | ||||
Beginning of period | $ 17.5 | $ 17.1 | $ 17.2 | $ 16.0 |
Additions | 4.1 | 5.6 | 7.9 | 9.3 |
Usage | (4.1) | (3.8) | (7.6) | (6.4) |
End of period | $ 17.5 | $ 18.9 | $ 17.5 | $ 18.9 |
X | ||||||||||
- Definition A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period. No definition available.
|
X | ||||||||||
- Definition Carrying value as of the balance sheet date of obligations incurred through that date and payable for estimated claims under standard and extended warranty protection rights granted to customers. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Amount of decrease in the standard and extended product warranty accrual from payments made in cash or in kind to satisfy claims under the terms of the standard and extended product warranty. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Amount of increase in the standard and extended product warranty accrual from warranties issued. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions |
Jun. 30, 2018 |
Dec. 30, 2017 |
---|---|---|
Patent Related Litigation Matter | ||
Loss Contingencies [Line Items] | ||
Loss contingency accrual | $ 30.9 | $ 30.9 |
Employment Related Litigation Matter | ||
Loss Contingencies [Line Items] | ||
Loss contingency accrual | $ 15.0 | $ 15.0 |
X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
X | ||||||||||
- Definition Amount of loss contingency liability. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
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- Details
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X | ||||||||||
- Details
|
Other Income (Expense) - Net - Computation of Other Income (Expense) - Net (Detail) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jul. 01, 2017 |
Jun. 30, 2018 |
Jul. 01, 2017 |
|
Other Income and Expenses [Abstract] | ||||
Interest income | $ 0.2 | $ 0.1 | $ 0.3 | $ 0.2 |
Net foreign exchange loss | (0.3) | (2.0) | (2.4) | (3.7) |
Net periodic pension and postretirement benefits (costs) – non-service | 0.8 | 0.0 | 1.4 | (0.7) |
Settlement of treasury lock | 0.0 | 0.0 | 13.3 | 0.0 |
Loss on early extinguishment of debt | 0.0 | 0.0 | (7.8) | 0.0 |
Other | (1.3) | 0.0 | (2.6) | (0.1) |
Total other income (expense) – net | $ (0.6) | $ (1.9) | $ 2.2 | $ (4.3) |
X | ||||||||||
- Definition Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Non-Service No definition available.
|
X | ||||||||||
- Definition Gain (Loss) Related to Treasury Lock Settlement No definition available.
|
X | ||||||||||
- Definition Other nonoperating income expense other. No definition available.
|
X | ||||||||||
- Definition Amount before tax of foreign currency transaction realized and unrealized gain (loss) recognized in the income statement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Difference between the fair value of payments made and the carrying amount of debt which is extinguished prior to maturity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Amount before accretion (amortization) of purchase discount (premium) of interest income on nonoperating securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition Amount of income (expense) related to nonoperating activities, classified as other. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
Accumulated Other Comprehensive Income (Loss) - Net Changes in Accumulated OCI by Component, Net of Tax (Detail) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jul. 01, 2017 |
Jun. 30, 2018 |
Jul. 01, 2017 |
|
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Beginning balance | $ 2,972.3 | $ 2,635.2 | ||
Other comprehensive income (loss) before reclassifications | $ (97.6) | $ 49.4 | (59.3) | 93.6 |
Amounts reclassified from Accumulated OCI | 5.7 | 4.0 | 11.0 | 7.9 |
Net other comprehensive income (loss) | (91.9) | 53.4 | (48.3) | 101.5 |
Ending balance | 3,111.6 | 2,873.0 | 3,111.6 | 2,873.0 |
Foreign Currency Translation | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Beginning balance | (43.4) | (179.6) | (82.5) | (217.7) |
Other comprehensive income (loss) before reclassifications | (97.6) | 49.4 | (58.5) | 87.5 |
Amounts reclassified from Accumulated OCI | 0.0 | 0.0 | 0.0 | 0.0 |
Net other comprehensive income (loss) | (97.6) | 49.4 | (58.5) | 87.5 |
Ending balance | (141.0) | (130.2) | (141.0) | (130.2) |
Cash Flow Hedges | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Beginning balance | 13.2 | 15.0 | 14.5 | 9.2 |
Other comprehensive income (loss) before reclassifications | 0.0 | 0.0 | (0.8) | 6.1 |
Amounts reclassified from Accumulated OCI | (0.3) | (0.4) | (0.8) | (0.7) |
Net other comprehensive income (loss) | (0.3) | (0.4) | (1.6) | 5.4 |
Ending balance | 12.9 | 14.6 | 12.9 | 14.6 |
Defined Benefit Pension and Postretirement Plans | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Beginning balance | (255.2) | (285.8) | (261.0) | (290.0) |
Other comprehensive income (loss) before reclassifications | 0.0 | 0.0 | 0.0 | 0.0 |
Amounts reclassified from Accumulated OCI | 6.0 | 4.4 | 11.8 | 8.6 |
Net other comprehensive income (loss) | 6.0 | 4.4 | 11.8 | 8.6 |
Ending balance | (249.2) | (281.4) | (249.2) | (281.4) |
Accumulated Other Comprehensive Income (Loss) | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Beginning balance | (285.4) | (450.4) | (329.0) | (498.5) |
Net other comprehensive income (loss) | (48.3) | 101.5 | ||
Ending balance | $ (377.3) | $ (397.0) | $ (377.3) | $ (397.0) |
X | ||||||||||
- Definition Amount after tax, before reclassification adjustments of other comprehensive income (loss). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Amount after tax and reclassification adjustments of other comprehensive income (loss). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Amount after tax of reclassification adjustments of other comprehensive income (loss). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period. No definition available.
|
X | ||||||||||
- Definition Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Details
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- Details
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- Details
|
Accumulated Other Comprehensive Income (Loss) - Reclassifications Out of Accumulated OCI (Detail) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jul. 01, 2017 |
Jun. 30, 2018 |
Jul. 01, 2017 |
|
Gains on cash flow hedges: | ||||
Interest expense | $ 12.0 | $ 13.0 | $ 25.6 | $ 25.7 |
Income tax expense | 55.8 | 67.3 | 113.4 | 129.9 |
Net earnings attributable to Snap-on Incorporated | 178.7 | 153.2 | 341.7 | 294.8 |
Amortization of net unrecognized losses and prior service credits | ||||
Total reclassifications for the period, net of tax | (5.7) | (4.0) | (11.0) | (7.9) |
Cash Flow Hedges | ||||
Amortization of net unrecognized losses and prior service credits | ||||
Total reclassifications for the period, net of tax | 0.3 | 0.4 | 0.8 | 0.7 |
Amortization of net unrecognized losses and prior service credits | ||||
Amortization of net unrecognized losses and prior service credits | ||||
Amortization of net unrecognized losses and prior service credits | (8.0) | (6.7) | (15.6) | (13.2) |
Defined Benefit Pension and Postretirement Plans | ||||
Amortization of net unrecognized losses and prior service credits | ||||
Income tax benefit | 2.0 | 2.3 | 3.8 | 4.6 |
Total reclassifications for the period, net of tax | (6.0) | (4.4) | (11.8) | (8.6) |
Reclassification out of AOCI | Cash Flow Hedges | ||||
Gains on cash flow hedges: | ||||
Income tax expense | 0.0 | 0.0 | 0.0 | 0.0 |
Net earnings attributable to Snap-on Incorporated | 0.3 | 0.4 | 0.8 | 0.7 |
Reclassification out of AOCI | Treasury locks | Cash Flow Hedges | ||||
Gains on cash flow hedges: | ||||
Interest expense | $ 0.3 | $ 0.4 | $ 0.8 | $ 0.7 |
X | ||||||||||
- Definition Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Amount of the cost of borrowed funds accounted for as interest expense. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition Amount before tax of reclassification adjustments of other comprehensive income (loss). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Amount after tax of reclassification adjustments of other comprehensive income (loss). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Amount of tax expense (benefit) of reclassification adjustment from accumulated other comprehensive income (loss). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Details
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X | ||||||||||
- Details
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X | ||||||||||
- Details
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X | ||||||||||
- Details
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X | ||||||||||
- Details
|
Segments - Net Sales by Segment (Detail) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jul. 01, 2017 |
Jun. 30, 2018 |
Jul. 01, 2017 |
|
Segment Reporting Information [Line Items] | ||||
Net sales | $ 954.6 | $ 921.4 | $ 1,890.1 | $ 1,808.5 |
Financial services revenue | 82.0 | 77.7 | 165.0 | 154.5 |
Total revenues | 1,036.6 | 999.1 | 2,055.1 | 1,963.0 |
Operating earnings | 250.9 | 238.3 | 485.5 | 461.0 |
Interest expense | (12.0) | (13.0) | (25.6) | (25.7) |
Other income (expense) – net | (0.6) | (1.9) | 2.2 | (4.3) |
Earnings before income taxes and equity earnings | 238.3 | 223.4 | 462.1 | 431.0 |
Commercial & Industrial Group | ||||
Segment Reporting Information [Line Items] | ||||
Financial services revenue | 0.0 | 0.0 | ||
Total revenues | 337.8 | 669.4 | ||
Snap-on Tools Group | ||||
Segment Reporting Information [Line Items] | ||||
Financial services revenue | 0.0 | 0.0 | ||
Total revenues | 411.9 | 816.6 | ||
Repair Systems & Information Group | ||||
Segment Reporting Information [Line Items] | ||||
Financial services revenue | 0.0 | 0.0 | ||
Total revenues | 343.1 | 680.1 | ||
Financial Services | ||||
Segment Reporting Information [Line Items] | ||||
Financial services revenue | 82.0 | 165.0 | ||
Total revenues | 82.0 | 165.0 | ||
Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 1,092.8 | 1,061.9 | 2,166.1 | 2,088.8 |
Operating earnings | 274.5 | 260.5 | 532.6 | 504.3 |
Operating Segments | Commercial & Industrial Group | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 337.8 | 310.0 | 669.4 | 608.7 |
Operating earnings | 49.0 | 43.0 | 95.5 | 84.9 |
Operating Segments | Snap-on Tools Group | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 411.9 | 413.8 | 816.6 | 823.2 |
Operating earnings | 79.0 | 80.7 | 147.9 | 151.0 |
Operating Segments | Repair Systems & Information Group | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 343.1 | 338.1 | 680.1 | 656.9 |
Operating earnings | 88.7 | 82.2 | 174.5 | 161.3 |
Operating Segments | Financial Services | ||||
Segment Reporting Information [Line Items] | ||||
Operating earnings | 57.8 | 54.6 | 114.7 | 107.1 |
Intersegment eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | (138.2) | (140.5) | (276.0) | (280.3) |
Total revenues | (138.2) | (276.0) | ||
Corporate | ||||
Segment Reporting Information [Line Items] | ||||
Operating earnings | $ (23.6) | $ (22.2) | $ (47.1) | $ (43.3) |
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- Definition Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Total revenue from sale of goods and services rendered during the reporting period, in the normal course of business, reduced by sales returns and allowances, and sales discounts. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Segments - Assets by Segment (Detail) - USD ($) $ in Millions |
Jun. 30, 2018 |
Dec. 30, 2017 |
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Segment Reporting Information [Line Items] | ||
Assets | $ 5,272.0 | $ 5,249.1 |
Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Assets | 5,111.5 | 5,114.3 |
Operating Segments | Commercial & Industrial Group | ||
Segment Reporting Information [Line Items] | ||
Assets | 1,087.4 | 1,113.9 |
Operating Segments | Snap-on Tools Group | ||
Segment Reporting Information [Line Items] | ||
Assets | 746.7 | 714.3 |
Operating Segments | Repair Systems & Information Group | ||
Segment Reporting Information [Line Items] | ||
Assets | 1,289.0 | 1,314.3 |
Operating Segments | Financial Services | ||
Segment Reporting Information [Line Items] | ||
Assets | 1,988.4 | 1,971.8 |
Corporate | ||
Segment Reporting Information [Line Items] | ||
Assets | 225.1 | 200.6 |
Elimination of intersegment receivables | ||
Segment Reporting Information [Line Items] | ||
Assets | $ (64.6) | $ (65.8) |
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