Cover and table of contents

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Cover and table of contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark one)

☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended October 1, 2022

OR

☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number 1-7724

Snap-on Incorporated

(Exact name of registrant as specified in its charter)

Delaware39-0622040
(State of incorporation)(I.R.S. Employer Identification No.)
2801 80th Street,Kenosha,Wisconsin53143
(Address of principal executive offices)(Zip code)

(262) 656-5200

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $1.00 par valueSNANew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer☒Accelerated filer☐Non-accelerated filer☐Smaller reporting company☐
Emerging growth company☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date:

ClassOutstanding at October 14, 2022
Common Stock, $1.00 par value53,154,639 shares

TABLE OF CONTENTS

Page
Part I: Financial Information
Item 1.Financial Statements
Condensed Consolidated Statements of Earnings (unaudited) – Three and Nine Months Ended October 1, 2022, and October 2, 20213
Condensed Consolidated Statements of Comprehensive Income (unaudited) – Three and Nine Months Ended October 1, 2022, and October 2, 20214
Condensed Consolidated Balance Sheets (unaudited) – October 1, 2022, and January 1, 20225
Condensed Consolidated Statements of Equity (unaudited) – Three and Nine Months Ended October 1, 2022, and October 2, 20217
Condensed Consolidated Statements of Cash Flows (unaudited) – Nine Months Ended October 1, 2022, and October 2, 20219
Notes to Condensed Consolidated Financial Statements (unaudited)10
Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations37
Item 3.Quantitative and Qualitative Disclosures About Market Risk54
Item 4.Controls and Procedures55
Part II: Other Information
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds56
Item 6.Exhibits57
Signatures58

PART I. FINANCIAL INFORMATION

Next: Item 1. Financial Statements