filings.toolsItem 1. Financial Statements
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Item 1. Financial Statements
SNAP-ON INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(Amounts in millions, except per share data)
(Unaudited)
| Three Months Ended | |||||||||||||||||||||||
| April 4, 2026 | March 29, 2025 | ||||||||||||||||||||||
| Net sales | $ | 1,207.2 | $ | 1,141.1 | |||||||||||||||||||
| Cost of goods sold | (598.9) | (562.6) | |||||||||||||||||||||
| Gross profit | 608.3 | 578.5 | |||||||||||||||||||||
| Operating expenses | (357.5) | (335.4) | |||||||||||||||||||||
| Operating earnings before financial services | 250.8 | 243.1 | |||||||||||||||||||||
| Financial services revenue | 101.1 | 102.1 | |||||||||||||||||||||
| Financial services expenses | (33.1) | (31.8) | |||||||||||||||||||||
| Operating earnings from financial services | 68.0 | 70.3 | |||||||||||||||||||||
| Operating earnings | 318.8 | 313.4 | |||||||||||||||||||||
| Interest expense | (12.4) | (12.4) | |||||||||||||||||||||
| Other income (expense) – net | 16.8 | 14.4 | |||||||||||||||||||||
| Earnings before income taxes | 323.2 | 315.4 | |||||||||||||||||||||
| Income tax expense | (69.7) | (68.7) | |||||||||||||||||||||
| Net earnings | 253.5 | 246.7 | |||||||||||||||||||||
| Net earnings attributable to noncontrolling interests | (6.5) | (6.2) | |||||||||||||||||||||
| Net earnings attributable to Snap-on Incorporated | $ | 247.0 | $ | 240.5 | |||||||||||||||||||
| Net earnings per share attributable to Snap-on Incorporated: | |||||||||||||||||||||||
| Basic | $ | 4.76 | $ | 4.59 | |||||||||||||||||||
| Diluted | 4.69 | 4.51 | |||||||||||||||||||||
| Weighted-average shares outstanding: | |||||||||||||||||||||||
| Basic | 51.9 | 52.4 | |||||||||||||||||||||
| Effect of dilutive securities | 0.8 | 0.9 | |||||||||||||||||||||
| Diluted | 52.7 | 53.3 | |||||||||||||||||||||
| Dividends declared per common share | $ | 2.44 | $ | 2.14 |
See Notes to Condensed Consolidated Financial Statements.
SNAP-ON INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Amounts in millions)
(Unaudited)
| Three Months Ended | |||||||||||||||||||||||
| April 4, 2026 | March 29, 2025 | ||||||||||||||||||||||
| Comprehensive income: | |||||||||||||||||||||||
| Net earnings | $ | 253.5 | $ | 246.7 | |||||||||||||||||||
| Other comprehensive income (loss): | |||||||||||||||||||||||
| Foreign currency translation | (23.9) | 72.0 | |||||||||||||||||||||
| Reclassification of cash flow hedges to net earnings | (0.4) | (0.4) | |||||||||||||||||||||
| Defined benefit pension and postretirement plans: | |||||||||||||||||||||||
| Amortization of net unrecognized losses | 4.3 | 5.2 | |||||||||||||||||||||
| Income tax benefit | (1.1) | (1.3) | |||||||||||||||||||||
| Net of tax | 3.2 | 3.9 | |||||||||||||||||||||
| Total comprehensive income | 232.4 | 322.2 | |||||||||||||||||||||
| Comprehensive income attributable to noncontrolling interests | (6.5) | (6.2) | |||||||||||||||||||||
| Comprehensive income attributable to Snap-on Incorporated | $ | 225.9 | $ | 316.0 |
See Notes to Condensed Consolidated Financial Statements.
SNAP-ON INCORPORATED
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in millions, except share data)
(Unaudited)
| April 4, 2026 | January 3, 2026 | ||||||||||
| ASSETS | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 1,753.3 | $ | 1,624.5 | |||||||
| Trade and other accounts receivable – net | 890.7 | 881.4 | |||||||||
| Finance receivables – net | 598.2 | 590.2 | |||||||||
| Contract receivables – net | 127.4 | 130.0 | |||||||||
| Inventories – net | 1,020.5 | 1,025.2 | |||||||||
| Prepaid expenses and other current assets | 157.6 | 151.5 | |||||||||
| Total current assets | 4,547.7 | 4,402.8 | |||||||||
| Property and equipment: | |||||||||||
| Land | 35.4 | 35.8 | |||||||||
| Buildings and improvements | 470.0 | 470.3 | |||||||||
| Machinery, equipment and computer software | 1,150.9 | 1,142.7 | |||||||||
| Property and equipment – gross | 1,656.3 | 1,648.8 | |||||||||
| Accumulated depreciation | (1,108.6) | (1,096.5) | |||||||||
| Property and equipment – net | 547.7 | 552.3 | |||||||||
| Operating lease right-of-use assets | 89.9 | 83.7 | |||||||||
| Deferred income tax assets | 74.3 | 72.5 | |||||||||
| Long-term finance receivables – net | 1,273.3 | 1,298.8 | |||||||||
| Long-term contract receivables – net | 417.6 | 423.1 | |||||||||
| Goodwill | 1,102.1 | 1,109.5 | |||||||||
| Other intangible assets – net | 267.2 | 270.7 | |||||||||
| Pension assets | 173.3 | 173.8 | |||||||||
| Other long-term assets | 23.3 | 25.1 | |||||||||
| Total assets | $ | 8,516.4 | $ | 8,412.3 |
See Notes to Condensed Consolidated Financial Statements.
SNAP-ON INCORPORATED
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in millions, except share data)
(Unaudited)
| April 4, 2026 | January 3, 2026 | ||||||||||
| LIABILITIES AND EQUITY | |||||||||||
| Current liabilities: | |||||||||||
| Notes payable and current maturities of long-term debt | $ | 316.2 | $ | 16.2 | |||||||
| Accounts payable | 253.6 | 229.1 | |||||||||
| Accrued benefits | 69.7 | 64.7 | |||||||||
| Accrued compensation | 66.2 | 77.2 | |||||||||
| Franchisee deposits | 64.4 | 66.2 | |||||||||
| Other accrued liabilities | 519.0 | 465.1 | |||||||||
| Total current liabilities | 1,289.1 | 918.5 | |||||||||
| Long-term debt | 886.9 | 1,186.4 | |||||||||
| Deferred income tax liabilities | 92.8 | 87.0 | |||||||||
| Retiree health care benefits | 17.2 | 17.7 | |||||||||
| Pension liabilities | 81.7 | 85.7 | |||||||||
| Operating lease liabilities | 67.9 | 61.8 | |||||||||
| Other long-term liabilities | 97.7 | 98.4 | |||||||||
| Total liabilities | 2,533.3 | 2,455.5 | |||||||||
| Commitments and contingencies (Note 14) | |||||||||||
| Equity | |||||||||||
| Shareholders’ equity attributable to Snap-on Incorporated: | |||||||||||
| Preferred stock (authorized 15,000,000 shares of $1 par value; none outstanding) | — | — | |||||||||
| Common stock (authorized 250,000,000 shares of $1 par value; issued 67,466,026 and 67,461,309 shares, respectively) | 67.5 | 67.5 | |||||||||
| Additional paid-in capital | 575.1 | 578.5 | |||||||||
| Retained earnings | 8,257.4 | 8,137.5 | |||||||||
| Accumulated other comprehensive loss | (375.9) | (354.8) | |||||||||
| Treasury stock at cost (15,670,397 and 15,594,254 shares, respectively) | (2,566.0) | (2,496.9) | |||||||||
| Total shareholders’ equity attributable to Snap-on Incorporated | 5,958.1 | 5,931.8 | |||||||||
| Noncontrolling interests | 25.0 | 25.0 | |||||||||
| Total equity | 5,983.1 | 5,956.8 | |||||||||
| Total liabilities and equity | $ | 8,516.4 | $ | 8,412.3 |
See Notes to Condensed Consolidated Financial Statements.
SNAP-ON INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(Amounts in millions, except share data)
(Unaudited)
The following summarizes the changes in total equity for the three month period ended April 4, 2026:
| Shareholders’ Equity Attributable to Snap-on Incorporated | ||||||||||||||||||||||||||||||||||||||||||||
| Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | Noncontrolling Interests | Total Equity | ||||||||||||||||||||||||||||||||||||||
| Balance at January 3, 2026 | $ | 67.5 | $ | 578.5 | $ | 8,137.5 | $ | (354.8) | $ | (2,496.9) | $ | 25.0 | $ | 5,956.8 | ||||||||||||||||||||||||||||||
| Net earnings for the three months ended April 4, 2026 | — | — | 247.0 | — | — | 6.5 | 253.5 | |||||||||||||||||||||||||||||||||||||
| Other comprehensive loss | — | — | — | (21.1) | — | — | (21.1) | |||||||||||||||||||||||||||||||||||||
| Cash dividends – $2.44 per share | — | — | (126.8) | — | — | — | (126.8) | |||||||||||||||||||||||||||||||||||||
| Stock compensation plans | — | (3.4) | — | — | 30.8 | — | 27.4 | |||||||||||||||||||||||||||||||||||||
| Share repurchases – 267,000 shares | — | — | — | — | (99.9) | — | (99.9) | |||||||||||||||||||||||||||||||||||||
| Other | — | — | (0.3) | — | — | (6.5) | (6.8) | |||||||||||||||||||||||||||||||||||||
| Balance at April 4, 2026 | $ | 67.5 | $ | 575.1 | $ | 8,257.4 | $ | (375.9) | $ | (2,566.0) | $ | 25.0 | $ | 5,983.1 |
The following summarizes the changes in total equity for the three month period ended March 29, 2025:
| Shareholders’ Equity Attributable to Snap-on Incorporated | ||||||||||||||||||||||||||||||||||||||||||||
| Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | Noncontrolling Interests | Total Equity | ||||||||||||||||||||||||||||||||||||||
| Balance at December 28, 2024 | $ | 67.5 | $ | 557.7 | $ | 7,584.3 | $ | (575.0) | $ | (2,240.4) | $ | 22.9 | $ | 5,417.0 | ||||||||||||||||||||||||||||||
| Net earnings for the three months ended March 29, 2025 | — | — | 240.5 | — | — | 6.2 | 246.7 | |||||||||||||||||||||||||||||||||||||
| Other comprehensive income | — | — | — | 75.5 | — | — | 75.5 | |||||||||||||||||||||||||||||||||||||
| Cash dividends – $2.14 per share | — | — | (112.2) | — | — | — | (112.2) | |||||||||||||||||||||||||||||||||||||
| Stock compensation plans | — | (14.2) | — | — | 24.5 | — | 10.3 | |||||||||||||||||||||||||||||||||||||
| Share repurchases – 260,000 shares | — | — | — | — | (87.2) | — | (87.2) | |||||||||||||||||||||||||||||||||||||
| Other | — | — | (0.2) | — | — | (5.8) | (6.0) | |||||||||||||||||||||||||||||||||||||
| Balance at March 29, 2025 | $ | 67.5 | $ | 543.5 | $ | 7,712.4 | $ | (499.5) | $ | (2,303.1) | $ | 23.3 | $ | 5,544.1 |
See Notes to Condensed Consolidated Financial Statements.
SNAP-ON INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in millions)
(Unaudited)
| Three Months Ended | |||||||||||
| April 4, 2026 | March 29, 2025 | ||||||||||
| Operating activities: | |||||||||||
| Net earnings | $ | 253.5 | $ | 246.7 | |||||||
| Adjustments to reconcile net earnings to net cash provided (used) by operating activities: | |||||||||||
| Depreciation | 19.7 | 18.3 | |||||||||
| Amortization of other intangible assets | 5.3 | 5.7 | |||||||||
| Provisions for losses on finance receivables | 18.3 | 18.2 | |||||||||
| Provisions for losses on non-finance receivables | 5.1 | 5.8 | |||||||||
| Stock-based compensation expense | 6.8 | 4.5 | |||||||||
| Deferred income tax provision | 3.8 | 3.7 | |||||||||
| Loss on sales of assets | 0.1 | — | |||||||||
| Changes in operating assets and liabilities, net of effects of the acquisition: | |||||||||||
| Trade and other accounts receivable | (17.1) | (33.4) | |||||||||
| Contract receivables | 6.5 | 2.9 | |||||||||
| Inventories | 3.0 | (3.0) | |||||||||
| Prepaid expenses and other assets | (7.9) | (9.4) | |||||||||
| Accounts payable | 29.4 | 18.5 | |||||||||
| Accrued and other liabilities | 42.2 | 20.0 | |||||||||
| Net cash provided by operating activities | 368.7 | 298.5 | |||||||||
| Investing activities: | |||||||||||
| Additions to finance receivables | (218.4) | (218.9) | |||||||||
| Collections of finance receivables | 215.9 | 210.7 | |||||||||
| Capital expenditures | (21.2) | (22.9) | |||||||||
| Acquisition of business, net of cash acquired | (5.1) | — | |||||||||
| Disposals of property and equipment | 0.4 | 0.1 | |||||||||
| Other | (0.2) | (1.0) | |||||||||
| Net cash used by investing activities | (28.6) | (32.0) | |||||||||
| Financing activities: | |||||||||||
| Net increase in other short-term borrowings | 0.4 | 4.5 | |||||||||
| Cash dividends paid | (126.8) | (112.2) | |||||||||
| Purchases of treasury stock | (99.9) | (87.2) | |||||||||
| Proceeds from stock purchase plans and stock option exercises | 30.6 | 18.3 | |||||||||
| Other | (15.4) | (17.0) | |||||||||
| Net cash used by financing activities | (211.1) | (193.6) | |||||||||
| Effect of exchange rate changes on cash and cash equivalents | (0.2) | 1.5 | |||||||||
| Increase in cash and cash equivalents | 128.8 | 74.4 | |||||||||
| Cash and cash equivalents at beginning of year | 1,624.5 | 1,360.5 | |||||||||
| Cash and cash equivalents at end of period | $ | 1,753.3 | $ | 1,434.9 | |||||||
| Supplemental cash flow disclosures: | |||||||||||
| Cash paid for interest | $ | (13.8) | $ | (13.6) | |||||||
| Net cash paid for income taxes | (19.4) | (19.8) |
See Notes to Condensed Consolidated Financial Statements.
SNAP-ON INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note 1: 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”). Snap-on’s Condensed Consolidated Financial Statements are prepared in conformity with generally accepted accounting principles in the United States of America (“GAAP”). 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 2025 Annual Report on Form 10-K for the fiscal year ended January 3, 2026 (“2025 year end”).
The company’s 2026 fiscal first quarter ended on April 4, 2026, and its 2025 fiscal first quarter ended on March 29, 2025. The company’s 2026 and 2025 fiscal first quarters each contained 13 weeks of operating results. The company’s 2026 fiscal year, which ends on January 2, 2027, will contain 52 weeks of operating results. The company’s 2025 fiscal year contained 53 weeks of operating results, with the additional week occurring in the fourth quarter.
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 month periods ended April 4, 2026, and March 29, 2025, 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 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 additional information on financial instruments.
New accounting standards: In the first quarter of 2026, Snap-on adopted, on a prospective basis, ASU No. 2025-06, Intangibles-Goodwill and Other-Internal Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which removes all references to software development project stages so that the guidance is neutral to different software development methods. Under the ASU, software capitalization begins when management has authorized and committed to funding the software project and when it is probable that the project will be completed and the software will be used to perform the function intended. The adoption of this ASU did not have a significant impact on Snap-on’s Condensed Consolidated Financial Statements.
In November 2024, the FASB issued ASU No. 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires disaggregated expense information in the notes to the financial statements related to purchases of inventory, employee compensation, depreciation, intangible asset amortization and selling expenses for each statement of earnings line item that contains those expenses. ASU No. 2024-03 is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027. The guidance is to be applied on a prospective basis with the option to apply the standard retrospectively; this ASU allows for early adoption. The adoption of this ASU is being evaluated by the company and is not expected to have a material impact on Snap-on’s Condensed Consolidated Financial Statements.
Note 2: Revenue Recognition
Snap-on recognizes revenue from the sale of tools, diagnostics, equipment, 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.
SNAP-ON INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)
Revenue Disaggregation: The following table shows the consolidated revenues by revenue source:
| Three Months Ended | |||||||||||||||||||||||
| (Amounts in millions) | April 4, 2026 | March 29, 2025 | |||||||||||||||||||||
| Revenue from contracts with customers | $ | 1,198.0 | $ | 1,133.3 | |||||||||||||||||||
| Other revenues | 9.2 | 7.8 | |||||||||||||||||||||
| Total net sales | 1,207.2 | 1,141.1 | |||||||||||||||||||||
| Financial services revenue | 101.1 | 102.1 | |||||||||||||||||||||
| Total revenues | $ | 1,308.3 | $ | 1,243.2 | |||||||||||||||||||
Snap-on evaluates the performance of the Commercial & Industrial Group, the Snap-on Tools Group and the Repair Systems &
Information Group operating segments based on segment net sales and segment operating earnings. The segment net sales of the Snap-on Tools Group reflect external net sales, while the segment net sales of the Commercial & Industrial Group and the Repair Systems & Information Group include both external and intersegment net sales. Snap-on accounts for intersegment net sales and transfers based primarily on standard costs with reasonable mark-ups established between the segments. Intersegment amounts are eliminated to arrive at Snap-on’s consolidated financial results. The Financial Services operating segment is evaluated based on financial services revenue and segment operating earnings.
The following tables represent external net sales disaggregated by geography, based on the customers’ billing addresses:
| For the Three Months Ended April 4, 2026 | ||||||||||||||||||||||||||||||||||||||
| Commercial | Snap-on | Repair Systems | ||||||||||||||||||||||||||||||||||||
| & Industrial | Tools | & Information | Financial | Snap-on | ||||||||||||||||||||||||||||||||||
| (Amounts in millions) | Group | Group | Group | Services | Eliminations | Incorporated | ||||||||||||||||||||||||||||||||
| Net sales: | ||||||||||||||||||||||||||||||||||||||
| North America* | $ | 154.5 | $ | 408.2 | $ | 307.2 | $ | — | $ | — | $ | 869.9 | ||||||||||||||||||||||||||
| Europe | 90.7 | 47.0 | 77.5 | — | — | 215.2 | ||||||||||||||||||||||||||||||||
| All other | 63.6 | 30.8 | 27.7 | — | — | 122.1 | ||||||||||||||||||||||||||||||||
| External net sales | 308.8 | 486.0 | 412.4 | — | — | 1,207.2 | ||||||||||||||||||||||||||||||||
| Intersegment net sales | 72.2 | — | 72.9 | — | (145.1) | — | ||||||||||||||||||||||||||||||||
| Total net sales | 381.0 | 486.0 | 485.3 | — | (145.1) | 1,207.2 | ||||||||||||||||||||||||||||||||
| Financial services revenue | — | — | — | 101.1 | — | 101.1 | ||||||||||||||||||||||||||||||||
| Total revenue | $ | 381.0 | $ | 486.0 | $ | 485.3 | $ | 101.1 | $ | (145.1) | $ | 1,308.3 | ||||||||||||||||||||||||||
| * North America is comprised of the United States, Canada and Mexico. |
SNAP-ON INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)
| For the Three Months Ended March 29, 2025 | ||||||||||||||||||||||||||||||||||||||
| Commercial | Snap-on | Repair Systems | ||||||||||||||||||||||||||||||||||||
| & Industrial | Tools | & Information | Financial | Snap-on | ||||||||||||||||||||||||||||||||||
| (Amounts in millions) | Group | Group | Group | Services | Eliminations | Incorporated | ||||||||||||||||||||||||||||||||
| Net sales: | ||||||||||||||||||||||||||||||||||||||
| North America* | $ | 140.6 | $ | 395.1 | $ | 317.7 | $ | — | $ | — | $ | 853.4 | ||||||||||||||||||||||||||
| Europe | 77.1 | 41.6 | 59.2 | — | — | 177.9 | ||||||||||||||||||||||||||||||||
| All other | 59.0 | 26.2 | 24.6 | — | — | 109.8 | ||||||||||||||||||||||||||||||||
| External net sales | 276.7 | 462.9 | 401.5 | — | — | 1,141.1 | ||||||||||||||||||||||||||||||||
| Intersegment net sales | 67.2 | — | 74.4 | — | (141.6) | — | ||||||||||||||||||||||||||||||||
| Total net sales | 343.9 | 462.9 | 475.9 | — | (141.6) | 1,141.1 | ||||||||||||||||||||||||||||||||
| Financial services revenue | — | — | — | 102.1 | — | 102.1 | ||||||||||||||||||||||||||||||||
| Total revenue | $ | 343.9 | $ | 462.9 | $ | 475.9 | $ | 102.1 | $ | (141.6) | $ | 1,243.2 | ||||||||||||||||||||||||||
| * North America is comprised of the United States, Canada and Mexico. |
The following tables represent external net sales disaggregated by customer type:
| For the Three Months Ended April 4, 2026 | ||||||||||||||||||||||||||||||||||||||
| Commercial | Snap-on | Repair Systems | ||||||||||||||||||||||||||||||||||||
| & Industrial | Tools | & Information | Financial | Snap-on | ||||||||||||||||||||||||||||||||||
| (Amounts in millions) | Group | Group | Group | Services | Eliminations | Incorporated | ||||||||||||||||||||||||||||||||
| Net sales: | ||||||||||||||||||||||||||||||||||||||
| Vehicle service professionals | $ | 20.5 | $ | 486.0 | $ | 412.4 | $ | — | $ | — | $ | 918.9 | ||||||||||||||||||||||||||
| All other professionals | 288.3 | — | — | — | — | 288.3 | ||||||||||||||||||||||||||||||||
| External net sales | 308.8 | 486.0 | 412.4 | — | — | 1,207.2 | ||||||||||||||||||||||||||||||||
| Intersegment net sales | 72.2 | — | 72.9 | — | (145.1) | — | ||||||||||||||||||||||||||||||||
| Total net sales | 381.0 | 486.0 | 485.3 | — | (145.1) | 1,207.2 | ||||||||||||||||||||||||||||||||
| Financial services revenue | — | — | — | 101.1 | — | 101.1 | ||||||||||||||||||||||||||||||||
| Total revenue | $ | 381.0 | $ | 486.0 | $ | 485.3 | $ | 101.1 | $ | (145.1) | $ | 1,308.3 | ||||||||||||||||||||||||||
| For the Three Months Ended March 29, 2025 | ||||||||||||||||||||||||||||||||||||||
| Commercial | Snap-on | Repair Systems | ||||||||||||||||||||||||||||||||||||
| & Industrial | Tools | & Information | Financial | Snap-on | ||||||||||||||||||||||||||||||||||
| (Amounts in millions) | Group | Group | Group | Services | Eliminations | Incorporated | ||||||||||||||||||||||||||||||||
| Net sales: | ||||||||||||||||||||||||||||||||||||||
| Vehicle service professionals | $ | 19.0 | $ | 462.9 | $ | 401.5 | $ | — | $ | — | $ | 883.4 | ||||||||||||||||||||||||||
| All other professionals | 257.7 | — | — | — | — | 257.7 | ||||||||||||||||||||||||||||||||
| External net sales | 276.7 | 462.9 | 401.5 | — | — | 1,141.1 | ||||||||||||||||||||||||||||||||
| Intersegment net sales | 67.2 | — | 74.4 | — | (141.6) | — | ||||||||||||||||||||||||||||||||
| Total net sales | 343.9 | 462.9 | 475.9 | — | (141.6) | 1,141.1 | ||||||||||||||||||||||||||||||||
| Financial services revenue | — | — | — | 102.1 | — | 102.1 | ||||||||||||||||||||||||||||||||
| Total revenue | $ | 343.9 | $ | 462.9 | $ | 475.9 | $ | 102.1 | $ | (141.6) | $ | 1,243.2 | ||||||||||||||||||||||||||
SNAP-ON INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)
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 computer-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 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 include repair services. The remaining sales revenue is earned over time primarily for software subscriptions, other subscription service agreements and extended warranty programs.
Snap-on enters into contracts related to the selling of tools, diagnostics, repair information, equipment 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.
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 ranges from one month up to 60 months. Snap-on had $216.3 million of long-term contracts that have fixed consideration that extends beyond one year as of April 4, 2026. Snap-on expects to recognize approximately 70% of these contracts as revenue by the end of fiscal 2027, an additional 25% by the end of fiscal 2029, and the balance thereafter.
Contract liabilities: 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 was $80.7 million and $73.5 million at April 4, 2026, and January 3, 2026, respectively. The current portion of contract liabilities is included in “Other accrued liabilities” and the non-current portion of such liabilities is included in “Other long-term liabilities” on the accompanying Condensed Consolidated Balance Sheets. During the three months ended April 4, 2026, Snap-on recognized $37.9 million of revenue that was included in the contract liability balance at January 3, 2026, which was primarily from the amortization of software subscriptions, extended warranties and other subscription agreements.
Note 3: Acquisition
On February 3, 2026, Snap-on acquired certain assets of Car-O-Liner Australia Pty Ltd (“Car-O-Liner Australia”), a former independent distributor, for a cash purchase price of $5.1 million. Car-O-Liner Australia, based in Unanderra, Australia, distributes and services vehicle collision equipment in Australia. In the first quarter of 2026, the company recorded, on a preliminary basis, the $2.1 million excess of the purchase price over the fair value of the net assets acquired in “Goodwill” on the accompanying Condensed Consolidated Balance Sheets. The company does not expect that the goodwill will be tax deductible. The company anticipates completing the purchase accounting for the acquired net assets of Car-O-Liner Australia in the first half of 2026. For segment reporting purposes, the results of operations and assets of Car-O-Liner Australia have been included in the Commercial & Industrial Group since the acquisition date.
Pro forma financial information has not been presented for the acquisition as the net effects were not significant to Snap-on’s results of operations or financial position. See Note 6 for additional information on goodwill and other intangible assets.
SNAP-ON INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)
Note 4: Receivables
Trade and other accounts receivable: Snap-on’s trade and other accounts receivable primarily arise from the sale of tools, diagnostics, and equipment products to a broad range of industrial and commercial customers and to Snap-on’s independent franchise van channel with payment terms generally ranging from 30 to 120 days.
The components of Snap-on’s trade and other accounts receivable as of April 4, 2026, and January 3, 2026, are as follows:
| (Amounts in millions) | April 4, 2026 | January 3, 2026 | |||||||||
| Trade and other accounts receivable | $ | 931.1 | $ | 921.8 | |||||||
| Allowances for credit losses | (40.4) | (40.4) | |||||||||
| Total trade and other accounts receivable – net | $ | 890.7 | $ | 881.4 |
The following is a rollforward of the allowances for credit losses related to trade and other accounts receivable for the three month periods ended April 4, 2026, and March 29, 2025:
| Three Months Ended | |||||||||||||||||||||||
| (Amounts in millions) | April 4, 2026 | March 29, 2025 | |||||||||||||||||||||
| Allowances for credit losses: | |||||||||||||||||||||||
| Beginning of period | $ | 40.4 | $ | 37.1 | |||||||||||||||||||
| Provisions for credit losses | 4.6 | 4.9 | |||||||||||||||||||||
| Charge-offs | (4.6) | (3.3) | |||||||||||||||||||||
| Recoveries | 0.1 | 0.1 | |||||||||||||||||||||
| Currency translation | (0.1) | 0.4 | |||||||||||||||||||||
| End of period | $ | 40.4 | $ | 39.2 |
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 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.
Finance receivables are comprised of extended-term payment contracts to both technicians and independent shop owners (i.e., franchisees’ customers) to enable them to purchase tools, diagnostics, and equipment products on an extended-term payment plan, with average payment terms of approximately four years.
Contract receivables, with payment terms of up to 10 years, are comprised of extended-term payment contracts to a broad base of customers worldwide, including shop owners, both independents and national chains, for their purchase of tools, diagnostics, and equipment products, as well as extended-term contracts 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, or the expansion of an existing franchise. Finance and contract receivables are generally secured by the underlying tools, diagnostics and/or equipment products financed and, for contracts to franchisees, other franchisee assets.
SNAP-ON INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)
The components of Snap-on’s current finance and contract receivables as of April 4, 2026, and January 3, 2026, are as follows:
| (Amounts in millions) | April 4, 2026 | January 3, 2026 | |||||||||
| Finance installment receivables | $ | 595.6 | $ | 588.0 | |||||||
| Finance lease receivables, net of unearned finance charges of $9.3 million and $9.2 million, respectively | 25.9 | 25.0 | |||||||||
| Total finance receivables | 621.5 | 613.0 | |||||||||
| Contract installment receivables | 68.4 | 69.6 | |||||||||
| Contract lease receivables, net of unearned finance charges of $20.9 million and $21.4 million, respectively | 60.8 | 62.4 | |||||||||
| Total contract receivables | 129.2 | 132.0 | |||||||||
| Total | 750.7 | 745.0 | |||||||||
| Allowances for credit losses: | |||||||||||
| Finance installment receivables | (22.8) | (22.3) | |||||||||
| Finance lease receivables | (0.5) | (0.5) | |||||||||
| Total finance allowances for credit losses | (23.3) | (22.8) | |||||||||
| Contract installment receivables | (1.0) | (1.0) | |||||||||
| Contract lease receivables | (0.8) | (1.0) | |||||||||
| Total contract allowances for credit losses | (1.8) | (2.0) | |||||||||
| Total allowances for credit losses | (25.1) | (24.8) | |||||||||
| Total current finance and contract receivables – net | $ | 725.6 | $ | 720.2 | |||||||
| Finance receivables – net | $ | 598.2 | $ | 590.2 | |||||||
| Contract receivables – net | 127.4 | 130.0 | |||||||||
| Total current finance and contract receivables – net | $ | 725.6 | $ | 720.2 |
SNAP-ON INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)
The components of Snap-on’s finance and contract receivables with payment terms beyond one year as of April 4, 2026, and January 3, 2026, are as follows:
| (Amounts in millions) | April 4, 2026 | January 3, 2026 | |||||||||
| Finance installment receivables | $ | 1,287.1 | $ | 1,313.8 | |||||||
| Finance lease receivables, net of unearned finance charges of $8.6 million and $8.4 million, respectively | 36.3 | 35.7 | |||||||||
| Total finance receivables | 1,323.4 | 1,349.5 | |||||||||
| Contract installment receivables | 230.2 | 232.2 | |||||||||
| Contract lease receivables, net of unearned finance charges of $33.9 million and $34.7 million, respectively | 192.6 | 196.2 | |||||||||
| Total contract receivables | 422.8 | 428.4 | |||||||||
| Total | 1,746.2 | 1,777.9 | |||||||||
| Allowances for credit losses: | |||||||||||
| Finance installment receivables | (49.5) | (50.1) | |||||||||
| Finance lease receivables | (0.6) | (0.6) | |||||||||
| Total finance allowances for credit losses | (50.1) | (50.7) | |||||||||
| Contract installment receivables | (3.2) | (3.2) | |||||||||
| Contract lease receivables | (2.0) | (2.1) | |||||||||
| Total contract allowances for credit losses | (5.2) | (5.3) | |||||||||
| Total allowances for credit losses | (55.3) | (56.0) | |||||||||
| Total long-term finance and contract receivables – net | $ | 1,690.9 | $ | 1,721.9 | |||||||
| Finance receivables – net | $ | 1,273.3 | $ | 1,298.8 | |||||||
| Contract receivables – net | 417.6 | 423.1 | |||||||||
| Total long-term finance and contract receivables – net | $ | 1,690.9 | $ | 1,721.9 |
SNAP-ON INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)
Credit quality: The company’s receivable portfolio is comprised of two portfolio segments, finance and contract receivables, which are the same segments used to estimate expected credit losses reported in the allowances for credit losses. The amortized cost basis for finance and contract receivables is the amount originated adjusted for applicable accrued interest and net of deferred fees or costs, collections, and write-offs. The company monitors and assesses credit risk based on the characteristics of each portfolio segment.
When extending credit, Snap-on evaluates the collectability of the receivables based on a combination of various financial and qualitative factors that may affect a customer’s ability to pay. These factors may include the customer’s financial condition, past payment experience, and credit bureau and proprietary Snap-on credit model information, as well as the value of the underlying collateral.
For finance and contract receivables, Snap-on assesses quantitative and qualitative factors through the use of credit quality indicators consisting primarily of delinquency classification, collection experience and credit exposure by customer. Delinquency is the primary indicator of credit quality for finance and contract receivables. Snap-on conducts monthly reviews of credit and collection performance for both the finance and contract receivable portfolios focusing on data such as delinquency trends, nonaccrual receivables, and write-off and recovery activity. These reviews allow for the formulation of collection strategies and potential collection policy modifications in response to changing risk profiles in the finance and contract receivable portfolios. The company also maintains a system that aggregates credit exposure and provides delinquency data by days past due aging categories. A receivable 30 days or more past due is considered delinquent. However, customer receivables are monitored prior to becoming 30 days past due.
The amortized cost basis of finance and contract receivables by origination year as of April 4, 2026, and charge-offs recorded in the three months ended April 4, 2026, by origination year, are as follows:
| (Amounts in millions) | 2026 | 2025 | 2024 | 2023 | 2022 | Prior | Total | ||||||||||||||||||||||||||||||||||
| Finance receivables: | |||||||||||||||||||||||||||||||||||||||||
| Delinquent | $ | 0.3 | $ | 22.5 | $ | 20.1 | $ | 11.3 | $ | 4.2 | $ | 2.0 | $ | 60.4 | |||||||||||||||||||||||||||
| Non-delinquent | 438.9 | 900.9 | 348.6 | 142.6 | 43.7 | 9.8 | 1,884.5 | ||||||||||||||||||||||||||||||||||
| Total finance receivables | $ | 439.2 | $ | 923.4 | $ | 368.7 | $ | 153.9 | $ | 47.9 | $ | 11.8 | $ | 1,944.9 | |||||||||||||||||||||||||||
| Finance receivables charge-offs | $ | — | $ | 7.2 | $ | 7.7 | $ | 3.9 | $ | 1.6 | $ | 0.8 | $ | 21.2 | |||||||||||||||||||||||||||
| Contract receivables: | |||||||||||||||||||||||||||||||||||||||||
| Delinquent | $ | — | $ | 0.2 | $ | 0.9 | $ | 1.4 | $ | 1.1 | $ | 0.2 | $ | 3.8 | |||||||||||||||||||||||||||
| Non-delinquent | 45.8 | 179.0 | 127.8 | 84.1 | 52.3 | 59.2 | 548.2 | ||||||||||||||||||||||||||||||||||
| Total contract receivables | $ | 45.8 | $ | 179.2 | $ | 128.7 | $ | 85.5 | $ | 53.4 | $ | 59.4 | $ | 552.0 | |||||||||||||||||||||||||||
| Contract receivables charge-offs | $ | — | $ | 0.1 | $ | 0.3 | $ | 0.2 | $ | 0.1 | $ | 0.1 | $ | 0.8 |
Allowances for credit losses: The allowances for credit losses are maintained at levels that are considered adequate to cover expected credit losses over the remaining contractual life of the receivables using historical loss experience, asset specific risk characteristics, current conditions, reasonable and supportable forecasts, and an appropriate reversion period, when applicable. Management performs detailed reviews of its receivables on a monthly and/or quarterly basis to assess the adequacy of the allowances and to determine if any impairment has occurred. A receivable generally has credit losses when it is expected that all amounts related to the receivable will not be collected according to the contractual terms of the agreement. Amounts determined to be uncollectable are charged directly against the allowances, while amounts recovered on previously written off accounts increase the allowances.
SNAP-ON INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)
For both finance and contract receivables, write-offs include the uncollectable principal amount of the receivable as well as the uncollectable accrued interest, net of repossessions. For finance receivables only, write-offs are partially offset by recourse from franchisees. Recovered principal and interest previously written off are recorded through the allowances for credit losses and increase the allowances. Absent a repossession, finance receivables are typically written off when an account reaches 120 days past due. Repossessed accounts are typically written off within 60 days of asset repossession. Contract receivables related to equipment leases are generally written off when an account becomes 150 days past due, while contract receivables related to franchise finance and van leases are generally written off no later than when the receivable becomes 180 days past the asset return date. For finance and contract receivables, customer bankruptcies are generally written off upon notification that the associated debt is not being reaffirmed or, in any event, no later than when the receivable becomes 180 days past due. Changes to the allowances for credit losses are maintained through adjustments to the provisions for credit losses.
For finance receivables, the company uses a vintage loss rate methodology to determine expected losses. Vintage analysis aims to calculate losses based on the timing of the losses relative to the origination of the receivables. The finance receivable portfolio contains a substantial amount of homogeneous contracts, which fits well with the vintage analysis.
For contract receivables, the company primarily uses a Weighted-Average Remaining Maturity (“WARM”) methodology. The WARM methodology calculates the average annual write-off rate and applies it to the remaining term of the receivables. The WARM methodology is used since contract receivables have limited loss experience over generally longer terms and, therefore, the predictive loss patterns are more difficult to estimate.
The company performed a correlation analysis to compare historical losses to many economic factors. The primary economic factors considered were real gross domestic product, civilian unemployment, industrial production index, and repair and maintenance employment rate; the company determined that there is limited correlation between the historical losses and economic factors. As a result, consideration was given to qualitative factors to adjust the reserve balance for asset specific risk characteristics, current conditions and future expectations. Similar qualitative factors are considered for both finance and contract receivables. The qualitative factors used in determining the estimate of expected credit losses are influenced by the changes in the composition of the portfolio, underwriting practices, and other relevant conditions that were different from the historical periods.
The allowances for credit losses are adjusted each period for changes in the credit risk and expected lifetime credit losses.
The following is a rollforward of the allowances for credit losses for finance and contract receivables for the three month periods ended April 4, 2026, and March 29, 2025:
| Three Months Ended April 4, 2026 | Three Months Ended March 29, 2025 | ||||||||||||||||||||||
| (Amounts in millions) | Finance Receivables | Contract Receivables | Finance Receivables | Contract Receivables | |||||||||||||||||||
| Allowances for credit losses: | |||||||||||||||||||||||
| Beginning of period | $ | 73.5 | $ | 7.3 | $ | 72.4 | $ | 6.8 | |||||||||||||||
| Provisions for credit losses | 18.3 | 0.5 | 18.2 | 0.9 | |||||||||||||||||||
| Charge-offs | (21.2) | (0.8) | (20.0) | (0.6) | |||||||||||||||||||
| Recoveries | 2.8 | 0.1 | 2.4 | 0.1 | |||||||||||||||||||
| Currency translation | — | (0.1) | 0.1 | 0.1 | |||||||||||||||||||
| End of period | $ | 73.4 | $ | 7.0 | $ | 73.1 | $ | 7.3 | |||||||||||||||
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 contractual payment due date. The entire receivable balance of a contract is considered delinquent when contractual payments become 30 days past due. Removal from delinquent status occurs when the cumulative amount of monthly contractual payments then due have been received by the company.
SNAP-ON INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)
It is the general practice of Snap-on’s financial services business not to engage in contract or loan modifications. In limited instances, Snap-on’s financial services business may modify certain receivables. The amount and number of finance and contract receivable modifications as of April 4, 2026, and January 3, 2026, 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 April 4, 2026, and January 3, 2026, is as follows:
| (Amounts in millions) | 30-59 Days Past Due | 60-90 Days Past Due | Greater Than 90 Days Past Due | Total Past Due | Total Not Past Due | Total | Greater Than 90 Days Past Due and Accruing | ||||||||||||||||||||||||||||||||||
| April 4, 2026: | |||||||||||||||||||||||||||||||||||||||||
| Finance receivables | $ | 20.2 | $ | 13.5 | $ | 26.7 | $ | 60.4 | $ | 1,884.5 | $ | 1,944.9 | $ | 21.9 | |||||||||||||||||||||||||||
| Contract receivables | 1.4 | 1.1 | 1.3 | 3.8 | 548.2 | 552.0 | 0.3 | ||||||||||||||||||||||||||||||||||
| January 3, 2026: | |||||||||||||||||||||||||||||||||||||||||
| Finance receivables | $ | 25.6 | $ | 15.7 | $ | 27.9 | $ | 69.2 | $ | 1,893.3 | $ | 1,962.5 | $ | 23.7 | |||||||||||||||||||||||||||
| Contract receivables | 1.4 | 0.7 | 1.4 | 3.5 | 556.9 | 560.4 | 0.4 |
Nonaccrual: SOC maintains the accrual of interest income during the progression through the various stages of delinquency prior to processing for write-off. At the time of write-off, the entire balance including the accrued but unpaid interest income amount is written off against the allowances.
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.
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.
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. A receivable may have credit losses when it is expected that all amounts related to the receivable will not be collected according to the contractual terms of the applicable agreement. Such finance and contract receivables are covered by the company’s respective allowances for credit losses and are written off against the allowances when appropriate.
The amount of finance and contract receivables on nonaccrual status as of April 4, 2026, and January 3, 2026, is as follows:
| (Amounts in millions) | April 4, 2026 | January 3, 2026 | |||||||||
| Finance receivables | $ | 14.3 | $ | 13.1 | |||||||
| Contract receivables | 2.9 | 2.6 |
SNAP-ON INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)
Note 5: Inventories
Inventories by major classification are as follows:
| (Amounts in millions) | April 4, 2026 | January 3, 2026 | |||||||||
| Finished goods | $ | 898.3 | $ | 902.7 | |||||||
| Work in progress | 78.0 | 75.5 | |||||||||
| Raw materials | 171.9 | 173.7 | |||||||||
| Total FIFO value | 1,148.2 | 1,151.9 | |||||||||
| Excess of current cost over LIFO cost | (127.7) | (126.7) | |||||||||
| Total inventories – net | $ | 1,020.5 | $ | 1,025.2 |
Inventories accounted for using the first-in, first-out (“FIFO”) method approximated 61% and 62% of total inventories as of April 4, 2026, and January 3, 2026, respectively. The company accounts for its non-U.S. inventory on the FIFO method. As of April 4, 2026, approximately 39% of the company’s U.S. inventory was accounted for using the FIFO method and 61% was accounted for using the last-in, first-out (“LIFO”) method. There were no LIFO inventory liquidations in the three month periods ended April 4, 2026, and March 29, 2025.
Note 6: Goodwill and Other Intangible Assets
The changes in the carrying amount of goodwill by segment for the three months ended April 4, 2026, are as follows:
| (Amounts in millions) | Commercial & Industrial Group | Snap-on Tools Group | Repair Systems & Information Group | Total | |||||||||||||||||||
| Balance as of January 3, 2026 | $ | 349.4 | $ | 12.4 | $ | 747.7 | $ | 1,109.5 | |||||||||||||||
| Currency translation | (5.8) | — | (3.7) | (9.5) | |||||||||||||||||||
| Acquisition | 2.1 | — | — | 2.1 | |||||||||||||||||||
| Balance as of April 4, 2026 | $ | 345.7 | $ | 12.4 | $ | 744.0 | $ | 1,102.1 |
Goodwill of $1,102.1 million as of April 4, 2026, included $2.1 million from the acquisition of Car-O-Liner Australia, on a preliminary basis, and is reported in the Commercial & Industrial Group segment. See Note 3 for additional information on the acquisition.
Additional disclosures related to other intangible assets are as follows:
| April 4, 2026 | January 3, 2026 | ||||||||||||||||||||||||||||||||||
| (Amounts in millions) | Gross Carrying Value | Accumulated Amortization | Net Carrying Value | Gross Carrying Value | Accumulated Amortization | Net Carrying Value | |||||||||||||||||||||||||||||
| Amortized other intangible assets: | |||||||||||||||||||||||||||||||||||
| Customer relationships | $ | 79.0 | $ | (35.6) | $ | 43.4 | $ | 79.8 | $ | (34.7) | $ | 45.1 | |||||||||||||||||||||||
| Developed technology | 26.4 | (26.4) | — | 26.5 | (26.0) | 0.5 | |||||||||||||||||||||||||||||
| Internally developed software | 203.0 | (149.3) | 53.7 | 200.8 | (146.5) | 54.3 | |||||||||||||||||||||||||||||
| Patents | 55.3 | (23.8) | 31.5 | 54.0 | (23.4) | 30.6 | |||||||||||||||||||||||||||||
| Trademarks | 4.1 | (2.8) | 1.3 | 4.1 | (2.8) | 1.3 | |||||||||||||||||||||||||||||
| Other | 0.9 | (0.5) | 0.4 | 0.9 | (0.5) | 0.4 | |||||||||||||||||||||||||||||
| Total | 368.7 | (238.4) | 130.3 | 366.1 | (233.9) | 132.2 | |||||||||||||||||||||||||||||
| Non-amortized trademarks | 136.9 | — | 136.9 | 138.5 | — | 138.5 | |||||||||||||||||||||||||||||
| Total other intangible assets | $ | 505.6 | $ | (238.4) | $ | 267.2 | $ | 504.6 | $ | (233.9) | $ | 270.7 |
SNAP-ON INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)
Provisions for impairment of goodwill and/or other intangible assets could arise in a future period due to significant and unanticipated changes in circumstances, such as declines in profitability and cash flow due to long-term deterioration in macroeconomic, industry and market conditions, the loss of key customers, changes in technology or markets, changes in key personnel or litigation, a sustained decrease in share price and/or other events. As of April 4, 2026, the company had no accumulated impairment losses.
The weighted-average amortization periods related to other intangible assets are as follows:
| In Years | |||||
| Customer relationships | 14 | ||||
| Developed technology | 5 | ||||
| Internally developed software | 5 | ||||
| Patents | 15 | ||||
| Trademarks | 9 | ||||
| Other | 50 |
The weighted-average amortization period for all amortizable intangible assets on a combined basis is 11 years. Intangible asset renewal costs are expensed as incurred.
The aggregate amortization expense was $5.3 million and $5.7 million for the respective three month periods ended April 4, 2026, and March 29, 2025. Based on current levels of amortizable intangible assets and estimated weighted-average useful lives, estimated annual amortization expense is expected to be $19.0 million in 2026, $16.8 million in 2027, $13.7 million in 2028, $11.8 million in 2029, $10.6 million in 2030, and $6.7 million in 2031.
Note 7: Income Taxes
Snap-on’s effective income tax rate on earnings attributable to Snap-on was 22.0% and 22.2% in the first three months of fiscal 2026 and 2025, respectively.
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. 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 over the next 12 months for uncertain tax positions expected to be taken in future tax filings.
SNAP-ON INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)
Note 8: Short-term and Long-term Debt
Short-term and long-term debt as of April 4, 2026, and January 3, 2026, consisted of the following:
| (Amounts in millions) | April 4, 2026 | January 3, 2026 | |||||||||
| 3.25% unsecured notes due 2027 | $ | 300.0 | $ | 300.0 | |||||||
| 4.10% unsecured notes due 2048 | 400.0 | 400.0 | |||||||||
| 3.10% unsecured notes due 2050 | 500.0 | 500.0 | |||||||||
| Other debt* | 3.1 | 2.6 | |||||||||
| Total debt | 1,203.1 | 1,202.6 | |||||||||
| Less: | |||||||||||
| Current maturities of long-term debt* | (299.7) | — | |||||||||
| Notes payable | (16.5) | (16.2) | |||||||||
| Notes payable and current maturities of long-term debt | (316.2) | (16.2) | |||||||||
| Total long-term debt | $ | 886.9 | $ | 1,186.4 |
| * | Includes unamortized debt issuance costs and issuance discounts. |
Snap-on has a $900 million multicurrency revolving credit facility that terminates on September 12, 2028 (the “Credit Facility”). The Credit Facility contains an accordion feature that, subject to certain customary conditions, may allow the maximum commitment to be increased by up to $450 million with the approval of the lenders providing additional commitments. No amounts were borrowed or outstanding under the Credit Facility during the three months ended and as of April 4, 2026.
Borrowings under the Credit Facility bear interest at varying rates based on either: (i) Snap-on’s then-current, long-term debt ratings; or (ii) Snap-on’s then-current ratio of consolidated debt net of certain cash adjustments (“Consolidated Net Debt”) to earnings before interest, taxes, depreciation, amortization and certain other adjustments for the preceding four fiscal quarters then ended (the “Consolidated Net Debt to EBITDA Ratio”). 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 to the sum of Consolidated Net Debt plus total equity and less accumulated other comprehensive income or loss (the “Leverage Ratio”); or (ii) a Consolidated Net Debt to EBITDA Ratio not greater than 3.50 to 1.00. Snap-on may, up to two times during any five-year period during the term of the Credit Facility (including any extensions thereof), elect to increase the maximum Leverage Ratio to 0.65 to 1.00 and/or increase the maximum Consolidated Net Debt to EBITDA Ratio to 4.00 to 1.00 for four consecutive fiscal quarters in connection with certain material acquisitions (as defined in the related credit agreement). As of April 4, 2026, the company’s consolidated cash balance, net of certain adjustments, exceeded consolidated debt resulting in actual ratios of (0.07) and (0.28), respectively. Both ratios are 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. There was no commercial paper issued or outstanding during the three months ended and as of April 4, 2026.
Note 9: 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 earnings are presented in the same Condensed Consolidated Statement of Earnings line that is used to present the earnings effect of the hedged item. Gains or losses on derivative instruments in accumulated other comprehensive income (loss) (“Accumulated OCI”) are reclassified to earnings in the period in which earnings are affected by the underlying hedged item.
SNAP-ON INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)
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. Once 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.
Snap-on is exposed to global market risks, including the effects of changes in foreign currency exchange rates, interest rates, and the company’s stock price. The company 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. See Note 16 for additional information on Other income (expense) – net.
Interest rate risk management: Snap-on may manage 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”).
Interest rate swaps: Snap-on may enter 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 change in the fair value of the derivative is recorded in “Long-term debt” on the accompanying Condensed Consolidated Balance Sheets. There were no outstanding interest rate swaps as of both April 4, 2026, and January 3, 2026.
Treasury locks: Snap-on may use treasury locks to manage the potential change in interest rates in anticipation of the issuance of fixed rate debt. Treasury locks are accounted for as cash flow hedges. The differentials to be paid or received on treasury locks related to the anticipated issuance of fixed rate debt are initially recorded in Accumulated OCI for derivative instruments that are designated and qualify as cash flow hedges. Upon the issuance of debt, the related amount in Accumulated OCI is released over the term of the debt and recognized as an adjustment to interest expense on the Condensed Consolidated Statements of Earnings. There were no treasury locks outstanding as of both April 4, 2026, and January 3, 2026.
Stock-based deferred compensation risk management: Snap-on manages 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 April 4, 2026, and January 3, 2026, Snap‑on had equity forwards in place intended to manage market risk with respect to 73,500 shares and 73,000 shares, respectively, 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.
SNAP-ON INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)
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:
| April 4, 2026 | January 3, 2026 | ||||||||||||||||||||||
| (Amounts in millions) | Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||||||||
| Finance receivables – net | $ | 1,871.5 | $ | 2,135.1 | $ | 1,889.0 | $ | 2,166.0 | |||||||||||||||
| Contract receivables – net | 545.0 | 580.8 | 553.1 | 593.4 | |||||||||||||||||||
| Long-term debt and notes payable and current maturities of long-term debt | 1,203.1 | 954.1 | 1,202.6 | 967.8 |
The following methods and assumptions are used in estimating the fair value of financial instruments:
-
Finance and contract receivables include both short-term and long-term receivables. The fair value estimates of finance and contract receivables are derived utilizing discounted cash flow analyses performed on groupings of receivables that are similar in terms of loan type and characteristics. The cash flow analyses consider recent prepayment trends where applicable. The cash flows are discounted over the average life of the receivables using a current market discount rate of a similar term adjusted for credit quality. Significant inputs to the fair value measurements of the receivables are unobservable and, as such, are classified as Level 3.
-
The fair value of long-term debt and current maturities of long-term debt are estimated, using Level 2 fair value measurements, based on quoted market values of Snap-on’s publicly traded senior debt. The carrying value of long-term debt and current maturities of long-term debt includes unamortized debt issuance costs and issuance discounts. The fair value of notes payable approximates such instruments’ carrying value due to their short-term nature.
-
The fair value of all other financial instruments, including trade and other accounts receivable, accounts payable and other financial instruments, approximates such instruments’ carrying value due to their short-term nature.
Note 10: Pension Plans
Snap-on’s pension net periodic benefit cost included the following components:
| Three Months Ended | |||||||||||||||||||||||
| (Amounts in millions) | April 4, 2026 | March 29, 2025 | |||||||||||||||||||||
| Service cost | $ | 5.2 | $ | 5.1 | |||||||||||||||||||
| Interest cost | 16.7 | 16.6 | |||||||||||||||||||||
| Expected return on plan assets | (23.8) | (23.0) | |||||||||||||||||||||
| Amortization of unrecognized loss | 4.5 | 5.5 | |||||||||||||||||||||
| Net periodic benefit cost | $ | 2.6 | $ | 4.2 |
The components of pension net periodic benefit cost, other than the service cost component, are included in “Other income (expense) – net” on the accompanying Condensed Consolidated Statements of Earnings. See Note 16 for additional information on other income (expense) – net.
Snap-on intends to make contributions of $4.5 million to its foreign pension plans and $3.7 million to its domestic pension plans in 2026, as required by law. Depending on market and other conditions, Snap-on may make discretionary cash contributions to its pension plans in 2026.
SNAP-ON INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)
Note 11: Postretirement Health Care Plans
Snap-on’s postretirement health care net periodic benefit cost included the following components:
| Three Months Ended | |||||||||||||||||||||||
| (Amounts in millions) | April 4, 2026 | March 29, 2025 | |||||||||||||||||||||
| Interest cost | $ | 0.4 | $ | 0.4 | |||||||||||||||||||
| Expected return on plan assets | (0.2) | (0.1) | |||||||||||||||||||||
| Amortization of unrecognized gain | (0.2) | (0.3) | |||||||||||||||||||||
| Net periodic benefit cost | $ | — | $ | — |
The components of postretirement health care net periodic benefit cost are included in “Other income (expense) – net” on the accompanying Condensed Consolidated Statements of Earnings. See Note 16 for additional information on Other income (expense) – net.
Note 12: 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 share units (“PSUs”), stock appreciation rights (“SARs”) and restricted stock awards (which may be designated as “restricted stock units” or “RSUs”). As of April 4, 2026, the 2011 Plan had 1,382,889 shares available for future grants. The company uses treasury stock to deliver shares under the 2011 Plan.
Net stock-based compensation expense was $6.8 million and $4.5 million for the respective three month periods ended April 4, 2026, and March 29, 2025. Cash received from stock purchase plans and stock option exercises totaled $30.6 million and $18.3 million during the respective three month periods ended April 4, 2026, and March 29, 2025. The tax benefit realized from both the exercise and vesting of share-based payment arrangements was $8.9 million and $8.3 million for the respective three month periods ended April 4, 2026, and March 29, 2025.
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 10 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 stock 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 stock option. The expected dividend yield is based on the expected annual dividend as a percentage of the market value of our common stock as of the date of grant. The risk-free interest rate is based on the U.S. treasury yield curve on the grant date for the expected term of the stock option.
The following weighted-average assumptions were used in calculating the fair value of stock options granted during the three month periods ended April 4, 2026, and March 29, 2025, using the Black-Scholes valuation model:
| Three Months Ended | |||||||||||||||||||||||
| April 4, 2026 | March 29, 2025 | ||||||||||||||||||||||
| Expected term of stock option (in years) | 4.57 | 4.57 | |||||||||||||||||||||
| Expected volatility factor | 23.82% | 23.86% | |||||||||||||||||||||
| Expected dividend yield | 2.58% | 2.52% | |||||||||||||||||||||
| Risk-free interest rate | 3.63% | 4.36% |
SNAP-ON INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)
Below is a summary of stock option activity as of and for the three months ended April 4, 2026:
| Shares (in thousands) | Exercise Price Per Share* | Remaining Contractual Term* (in years) | Aggregate Intrinsic Value (in millions) | ||||||||||||||||||||
| Outstanding at January 3, 2026 | 1,528 | $ | 214.14 | ||||||||||||||||||||
| Granted | 199 | 378.55 | |||||||||||||||||||||
| Exercised | (146) | 209.38 | |||||||||||||||||||||
| Forfeited or expired | (3) | 314.22 | |||||||||||||||||||||
| Outstanding at April 4, 2026 | 1,578 | 235.12 | 5.6 | $ | 208.4 | ||||||||||||||||||
| Exercisable at April 4, 2026 | 1,181 | 197.55 | 4.4 | 198.5 |
| * | Weighted-average |
The weighted-average grant date fair value of stock options granted during the respective three month periods ended April 4, 2026, and March 29, 2025, was $73.31 and $70.62. The intrinsic value of stock options exercised was $24.8 million and $15.7 million during the respective three month periods ended April 4, 2026, and March 29, 2025. The fair value of stock options vested was $11.8 million and $10.4 million during the respective three month periods ended April 4, 2026, and March 29, 2025.
As of April 4, 2026, there was $25.7 million of unrecognized compensation cost related to non-vested stock options, which is expected to be recognized as a charge to earnings over a weighted-average period of 2.2 years.
Performance share units: PSUs 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 PSUs 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 fair value of PSUs 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 PSUs granted during the three month periods ended April 4, 2026, and March 29, 2025, was $378.55 and $339.73, respectively. PSUs related to 38,082 shares and 62,171 shares were paid out during the three month periods ended April 4, 2026, and March 29, 2025, respectively. Earned PSUs vest and 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”).
Changes to the company’s non-vested PSUs during the three months ended April 4, 2026, are as follows:
| Shares (in thousands) | Fair Value Price per Share* | ||||||||||
| Non-vested PSUs at January 3, 2026 | 80 | $ | 305.17 | ||||||||
| Granted | 43 | 378.55 | |||||||||
| Performance assumption change** | (18) | 310.20 | |||||||||
| Non-vested PSUs at April 4, 2026 | 105 | 334.06 |
| * | Weighted-average | |||||||
| ** | Reflects the number of PSUs adjusted based on performance metrics. |
As of April 4, 2026, there was $23.0 million of unrecognized compensation cost related to non-vested PSUs, which is expected to be recognized as a charge to earnings over a weighted-average period of 1.9 years.
SNAP-ON INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)
Restricted stock units: RSUs are earned and expensed using the fair value of the award over the contractual term of three years. Vesting of the RSUs is dependent upon continued employment over the three-year cliff vesting period.
The fair value of RSUs 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 RSUs granted during the three month periods ended April 4, 2026, and March 29, 2025, was $378.55 and $339.73, respectively.
Changes to the company’s non-vested RSUs during the three months ended April 4, 2026, are as follows:
| Shares (in thousands) | Fair Value Price per Share* | ||||||||||
| Non-vested RSUs at January 3, 2026 | 63 | $ | 282.28 | ||||||||
| Granted | 19 | 378.55 | |||||||||
| Vested | (23) | 249.34 | |||||||||
| Non-vested RSUs at April 4, 2026 | 59 | 326.56 |
| * | Weighted-average |
As of April 4, 2026, there was $12.2 million of unrecognized compensation cost related to non-vested RSUs, which is expected to be recognized as a charge to earnings over a weighted-average period of 1.8 years.
Stock appreciation rights: The company also issues stock-settled and cash-settled SARs to certain key non-U.S. employees. SARs have a contractual term of 10 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 period of time that SARs 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 expected annual dividend as a percentage of the market value of our common stock as of the date of grant (for stock-settled SARs) or reporting date (for cash-settled SARs). 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 expected term of the SARs.
The following weighted-average assumptions were used in calculating the fair value of stock-settled SARs granted during the three month periods ended April 4, 2026, and March 29, 2025, using the Black-Scholes valuation model:
| Three Months Ended | |||||||||||
| April 4, 2026 | March 29, 2025 | ||||||||||
| Expected term of stock-settled SARs (in years) | 4.07 | 4.11 | |||||||||
| Expected volatility factor | 23.94% | 23.79% | |||||||||
| Expected dividend yield | 2.58% | 2.52% | |||||||||
| Risk-free interest rate | 3.67% | 4.39% |
SNAP-ON INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)
Below is a summary of stock-settled SARs as of and for the three months ended April 4, 2026:
| Stock-settled SARs (in thousands) | Exercise Price Per Share* | Remaining Contractual Term* (in years) | Aggregate Intrinsic Value (in millions) | ||||||||||||||||||||
| Outstanding at January 3, 2026 | 309 | $ | 233.57 | ||||||||||||||||||||
| Granted | 52 | 378.55 | |||||||||||||||||||||
| Exercised | (9) | 199.45 | |||||||||||||||||||||
| Forfeited or expired | (13) | 234.56 | |||||||||||||||||||||
| Outstanding at April 4, 2026 | 339 | 256.89 | 6.5 | $ | 37.5 | ||||||||||||||||||
| Exercisable at April 4, 2026 | 232 | 215.43 | 5.3 | 34.8 |
| * | Weighted-average |
The weighted-average grant date fair value of stock-settled SARs granted during the three month periods ended April 4, 2026, and March 29, 2025, was $71.23 and $68.11, respectively. The intrinsic value of stock-settled SARs exercised was $1.6 million and $2.0 million during the respective three month periods ended April 4, 2026, and March 29, 2025. The fair value of stock-settled SARs vested was $3.1 million and $2.8 million during the respective three month periods ended April 4, 2026, and March 29, 2025.
As of April 4, 2026, there was $6.7 million of unrecognized compensation cost related to non-vested stock-settled SARs, which is expected to be recognized as a charge to earnings over a weighted-average period of 2.2 years.
The following weighted-average assumptions were used in calculating the fair value of cash-settled SARs granted during the three month periods ended April 4, 2026, and March 29, 2025, using the Black-Scholes valuation model:
| Three Months Ended | |||||||||||
| April 4, 2026 | March 29, 2025 | ||||||||||
| Expected term of cash-settled SARs (in years) | 3.98 | 4.02 | |||||||||
| Expected volatility factor | 23.64% | 23.93% | |||||||||
| Expected dividend yield | 2.67% | 2.60% | |||||||||
| Risk-free interest rate | 3.99% | 3.98% |
The intrinsic value of cash-settled SARs exercised was $0.3 million for the three month period ended April 4, 2026, and zero for the three month period ended March 29, 2025. The fair value of cash-settled SARs vested was $0.1 million for both the three month periods ended April 4, 2026, and March 29, 2025.
Changes to the company’s non-vested cash-settled SARs during the three months ended April 4, 2026, are as follows:
| Cash-settled SARs (in thousands) | Fair Value Price per Share* | ||||||||||
| Non-vested cash-settled SARs at January 3, 2026 | 2 | $ | 79.24 | ||||||||
| Granted | 1 | 63.59 | |||||||||
| Vested | (1) | 97.00 | |||||||||
| Non-vested cash-settled SARs at April 4, 2026 | 2 | 72.33 |
| * | Weighted-average |
As of April 4, 2026, there was $0.2 million of unrecognized compensation cost related to non-vested cash-settled SARs, which is expected to be recognized as a charge to earnings over a weighted-average period of 2.2 years.
SNAP-ON INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)
Restricted stock awards – non-employee directors: The company awarded 4,680 shares and 4,437 shares of restricted stock to non-employee directors for the respective three month periods ended April 4, 2026, and March 29, 2025. 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 on the restricted stock awards 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.
Employee stock purchase plan: Substantially all Snap-on employees in the United States and Canada are eligible to participate in an employee stock purchase plan. The purchase price of the company’s common stock to participants is the lesser of the mean of the high and low prices of the stock on the beginning date (May 15) or ending date (the following May 14) of each plan year. The company records compensation expense when Snap-on’s period-end stock price is greater than the plan purchase price. There were no shares issued under this plan for both the three month periods ended April 4, 2026, and March 29, 2025. As of April 4, 2026, 505,119 shares were reserved for issuance under this plan and Snap-on held participant contributions of approximately $5.5 million. Participants are able to withdraw from the plan at any time prior to the ending date and receive back all contributions made during the plan year. Compensation expense for plan participants was $0.4 million and $0.3 million for the respective three month periods ended April 4, 2026, and March 29, 2025.
Franchisee stock purchase plan: All franchisees in the United States and Canada are eligible to participate in a franchisee stock purchase plan. The purchase price of the company’s common stock to participants is the lesser of the mean of the high and low prices of the stock on the beginning date (May 15) or ending date (the following May 14) of each plan year. The company records mark-to-market expense when Snap-on’s period-end stock price is greater than the plan purchase price. There were no shares issued under this plan for both the three month periods ended April 4, 2026, and March 29, 2025. As of April 4, 2026, 92,531 shares were reserved for issuance under this plan and Snap-on held participant contributions of approximately $11.2 million. Participants are able to withdraw from the plan at any time prior to the ending date and generally receive back all contributions made during the plan year. The company recognized mark-to-market expense of $0.7 million and $0.2 million for the respective three month periods ended April 4, 2026, and March 29, 2025.
Note 13: Earnings Per Share
The shares used in the computation of the company’s basic and diluted earnings per common share are as follows:
| Three Months Ended | |||||||||||||||||||||||
| April 4, 2026 | March 29, 2025 | ||||||||||||||||||||||
| Weighted-average common shares outstanding | 51,876,330 | 52,359,633 | |||||||||||||||||||||
| Effect of dilutive securities | 825,058 | 923,639 | |||||||||||||||||||||
| Weighted-average common shares outstanding, assuming dilution | 52,701,388 | 53,283,272 |
The dilutive effect of the potential exercise of outstanding stock options and stock-settled SARs to purchase common shares is calculated using the treasury stock method. As of April 4, 2026, there were 251,001 awards outstanding that were anti-dilutive. As of March 29, 2025, there were no 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.
SNAP-ON INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)
Note 14: 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 month periods ended April 4, 2026, and March 29, 2025, is as follows:
| Three Months Ended | |||||||||||||||||||||||
| (Amounts in millions) | April 4, 2026 | March 29, 2025 | |||||||||||||||||||||
| Warranty reserve: | |||||||||||||||||||||||
| Beginning of period | $ | 14.5 | $ | 15.2 | |||||||||||||||||||
| Additions | 3.9 | 3.5 | |||||||||||||||||||||
| Usage | (4.0) | (3.3) | |||||||||||||||||||||
| End of period | $ | 14.4 | $ | 15.4 |
In the ordinary course of business, Snap-on is subject to legal disputes that are being litigated and/or settled. Although it is not possible to predict the outcome of 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.
Note 15: Leases
Lessee accounting: Supplemental balance sheet information related to leases as of April 4, 2026, and January 3, 2026, is as follows:
| (Amounts in millions) | April 4, 2026 | January 3, 2026 | |||||||||
| Finance leases: | |||||||||||
| Property and equipment – gross | $ | 2.3 | $ | 2.4 | |||||||
| Accumulated depreciation | (1.1) | (1.0) | |||||||||
| Property and equipment – net | $ | 1.2 | $ | 1.4 | |||||||
| Other accrued liabilities | $ | 0.4 | $ | 0.4 | |||||||
| Other long-term liabilities | 0.9 | 1.0 | |||||||||
| Total finance lease liabilities | $ | 1.3 | $ | 1.4 | |||||||
| Operating leases: | |||||||||||
| Operating lease right-of-use assets | $ | 89.9 | $ | 83.7 | |||||||
| Other accrued liabilities | $ | 27.9 | $ | 27.5 | |||||||
| Operating lease liabilities | 67.9 | 61.8 | |||||||||
| Total operating lease liabilities | $ | 95.8 | $ | 89.3 |
SNAP-ON INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)
Lessor accounting: Snap-on’s Financial Services business offers lease financing to support the sales of tools, diagnostics, and equipment products, as well as vehicle leases for franchisees. Sales-type leases are included in both “Finance receivables – net” and “Long-term finance receivables – net” and also in both “Contract receivables – net” and “Long-term contract receivables – net” on the accompanying Condensed Consolidated Balance Sheets.
See Note 4 for additional information on finance and contract receivables.
Note 16: Other Income (Expense) – Net
“Other income (expense) – net” on the accompanying Condensed Consolidated Statements of Earnings consists of the following:
| Three Months Ended | |||||||||||||||||||||||
| (Amounts in millions) | April 4, 2026 | March 29, 2025 | |||||||||||||||||||||
| Interest income | $ | 14.0 | $ | 13.9 | |||||||||||||||||||
| Net foreign exchange loss | (0.1) | (0.6) | |||||||||||||||||||||
| Pension and postretirement net periodic benefit credits – non-service | 2.6 | 0.9 | |||||||||||||||||||||
| Other | 0.3 | 0.2 | |||||||||||||||||||||
| Total other income (expense) – net | $ | 16.8 | $ | 14.4 |
Note 17: Accumulated Other Comprehensive Income (Loss)
Below is a summary of net changes in Accumulated OCI by component and net of tax for the three months ended April 4, 2026:
| (Amounts in millions) | Foreign Currency Translation | Cash Flow Hedges | Defined Benefit Pension and Postretirement Plans | Total | |||||||||||||||||||
| Balance as of January 3, 2026 | $ | (138.3) | $ | 2.3 | $ | (218.8) | $ | (354.8) | |||||||||||||||
| Other comprehensive loss before reclassifications | (23.9) | — | — | (23.9) | |||||||||||||||||||
| Amounts reclassified from Accumulated OCI | — | (0.4) | 3.2 | 2.8 | |||||||||||||||||||
| Net other comprehensive income (loss) | (23.9) | (0.4) | 3.2 | (21.1) | |||||||||||||||||||
| Balance as of April 4, 2026 | $ | (162.2) | $ | 1.9 | $ | (215.6) | $ | (375.9) |
Below is a summary of net changes in Accumulated OCI by component and net of tax for the three months ended March 29, 2025:
| (Amounts in millions) | Foreign Currency Translation | Cash Flow Hedges | Defined Benefit Pension and Postretirement Plans | Total | |||||||||||||||||||
| Balance as of December 28, 2024 | $ | (320.6) | $ | 4.0 | $ | (258.4) | $ | (575.0) | |||||||||||||||
| Other comprehensive income before reclassifications | 72.0 | — | — | 72.0 | |||||||||||||||||||
| Amounts reclassified from Accumulated OCI | — | (0.4) | 3.9 | 3.5 | |||||||||||||||||||
| Net other comprehensive income (loss) | 72.0 | (0.4) | 3.9 | 75.5 | |||||||||||||||||||
| Balance as of March 29, 2025 | $ | (248.6) | $ | 3.6 | $ | (254.5) | $ | (499.5) |
SNAP-ON INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)
The reclassifications out of Accumulated OCI for the three month periods ended April 4, 2026, and March 29, 2025, are as follows:
| Amount Reclassified from Accumulated OCI | |||||||||||||||||||||||||||||
| Three Months Ended | |||||||||||||||||||||||||||||
| (Amounts in millions) | April 4, 2026 | March 29, 2025 | Statement of Earnings Presentation | ||||||||||||||||||||||||||
| Gains on cash flow hedges: | |||||||||||||||||||||||||||||
| Treasury locks | $ | 0.4 | $ | 0.4 | Interest expense | ||||||||||||||||||||||||
| Income tax expense | — | — | Income tax expense | ||||||||||||||||||||||||||
| Net of tax | 0.4 | 0.4 | |||||||||||||||||||||||||||
| Amortization of net unrecognized losses | $ | (4.3) | $ | (5.2) | See footnote below* | ||||||||||||||||||||||||
| Income tax benefit | 1.1 | 1.3 | Income tax expense | ||||||||||||||||||||||||||
| Net of tax | (3.2) | (3.9) | |||||||||||||||||||||||||||
| Total reclassifications for the period, net of tax | $ | (2.8) | $ | (3.5) |
| * | These Accumulated OCI components are included in the computation of net periodic pension and postretirement health care costs; see Note 10 and Note 11 for additional information. |
Note 18: Segments
Snap-on’s operating segments, which represent Snap-on’s reportable segments, are based on the organizational structure used by the Chief Executive Officer, its chief operating decision maker (“CODM”), to make operating and investment determinations and to assess performance. Snap-on’s reportable operating 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 and military, 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 multinational 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.
The CODM evaluates the performance of the Commercial & Industrial Group, the Snap-on Tools Group and the Repair Systems & Information Group operating segments based on segment net sales and segment operating earnings. The segment net sales of the Snap-on Tools Group reflect external net sales, while the segment net sales of the Commercial & Industrial Group and the Repair Systems & Information Group include both external and intersegment net sales. Snap-on accounts for intersegment net sales and transfers based primarily on standard costs with reasonable mark-ups established between the segments. The Financial Services operating segment is evaluated based on financial services revenue and segment operating earnings. Segment net sales and segment operating earnings are used to determine the compensation of certain management employees.
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. Corporate expenses primarily reflect stock-based compensation and other costs not attributable to an operating segment. Intersegment amounts are eliminated to arrive at Snap-on’s consolidated financial results.
SNAP-ON INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)
Financial Data by Segment:
| Three Months Ended April 4, 2026 | |||||||||||||||||||||||||||||
| Commercial & | Snap-on | Repair Systems | |||||||||||||||||||||||||||
| Industrial | Tools | & Information | Financial | Total | |||||||||||||||||||||||||
| (Amounts in millions) | Group | Group | Group | Services | Segments | ||||||||||||||||||||||||
| External net sales | $ | 308.8 | $ | 486.0 | $ | 412.4 | $ | — | $ | 1,207.2 | |||||||||||||||||||
| Intersegment net sales | 72.2 | — | 72.9 | — | 145.1 | ||||||||||||||||||||||||
| Segment net sales | 381.0 | 486.0 | 485.3 | — | 1,352.3 | ||||||||||||||||||||||||
| Segment cost of goods sold | (227.4) | (254.4) | (262.2) | — | (744.0) | ||||||||||||||||||||||||
| Segment gross profit | 153.6 | 231.6 | 223.1 | — | 608.3 | ||||||||||||||||||||||||
| Financial services revenue | — | — | — | 101.1 | 101.1 | ||||||||||||||||||||||||
| Segment operating and financial services expenses | |||||||||||||||||||||||||||||
| Personnel | (59.5) | (51.8) | (69.0) | (9.5) | |||||||||||||||||||||||||
| Shipping and handling costs | (7.7) | (19.8) | — | — | |||||||||||||||||||||||||
| Depreciation and amortization | (1.7) | (1.9) | (4.7) | (0.2) | |||||||||||||||||||||||||
| Provisions for credit losses | — | — | — | (18.8) | |||||||||||||||||||||||||
| Other segment expenses* | (29.8) | (53.1) | (29.9) | (4.6) | |||||||||||||||||||||||||
| Total segment operating and financial services expenses | (98.7) | (126.6) | (103.6) | (33.1) | (362.0) | ||||||||||||||||||||||||
| Segment operating earnings | $ | 54.9 | $ | 105.0 | $ | 119.5 | $ | 68.0 | $ | 347.4 | |||||||||||||||||||
| Reconciliation of segment net sales to total net sales and total revenues: | |||||||||||||||||||||||||||||
| Segment net sales | $ | 1,352.3 | |||||||||||||||||||||||||||
| Intersegment eliminations | (145.1) | ||||||||||||||||||||||||||||
| Total net sales | 1,207.2 | ||||||||||||||||||||||||||||
| Financial services revenue | 101.1 | ||||||||||||||||||||||||||||
| Total revenues | $ | 1,308.3 | |||||||||||||||||||||||||||
| Reconciliation of segment cost of goods sold to cost of goods sold: | |||||||||||||||||||||||||||||
| Segment cost of goods sold | $ | (744.0) | |||||||||||||||||||||||||||
| Intersegment eliminations | 145.1 | ||||||||||||||||||||||||||||
| Cost of goods sold | $ | (598.9) | |||||||||||||||||||||||||||
| Reconciliation of segment operating earnings to operating earnings and earnings before income taxes: | |||||||||||||||||||||||||||||
| Segment operating earnings | $ | 347.4 | |||||||||||||||||||||||||||
| Corporate operating expenses | (28.6) | ||||||||||||||||||||||||||||
| Operating earnings | 318.8 | ||||||||||||||||||||||||||||
| Interest expense | (12.4) | ||||||||||||||||||||||||||||
| Other income (expense) – net | 16.8 | ||||||||||||||||||||||||||||
| Earnings before income taxes | $ | 323.2 | |||||||||||||||||||||||||||
| * | Other segment expenses primarily include: | ||||||||||||||||||||||
| Commercial & Industrial Group - shared service allocations; technology, travel and marketing expenses. | |||||||||||||||||||||||
| Snap-on Tools Group - franchisee support costs, shared service allocations and technology expenses. | |||||||||||||||||||||||
| Repair Systems & Information Group - technology, travel, professional-fee and marketing expenses; shared service allocations. | |||||||||||||||||||||||
| Financial Services - customer support and technology expenses. |
SNAP-ON INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)
Financial Data by Segment (continued):
| Three Months Ended March 29, 2025 | |||||||||||||||||||||||||||||
| Commercial & | Snap-on | Repair Systems | |||||||||||||||||||||||||||
| Industrial | Tools | & Information | Financial | Total | |||||||||||||||||||||||||
| (Amounts in millions) | Group | Group | Group | Services | Segments | ||||||||||||||||||||||||
| External net sales | $ | 276.7 | $ | 462.9 | $ | 401.5 | $ | — | $ | 1,141.1 | |||||||||||||||||||
| Intersegment net sales | 67.2 | — | 74.4 | — | 141.6 | ||||||||||||||||||||||||
| Segment net sales | 343.9 | 462.9 | 475.9 | — | 1,282.7 | ||||||||||||||||||||||||
| Segment cost of goods sold | (197.4) | (248.4) | (258.4) | — | (704.2) | ||||||||||||||||||||||||
| Segment gross profit | 146.5 | 214.5 | 217.5 | — | 578.5 | ||||||||||||||||||||||||
| Financial services revenue | — | — | — | 102.1 | 102.1 | ||||||||||||||||||||||||
| Segment operating and financial services expenses | |||||||||||||||||||||||||||||
| Personnel | (55.9) | (48.4) | (65.1) | (8.8) | |||||||||||||||||||||||||
| Shipping and handling costs | (7.5) | (18.5) | — | — | |||||||||||||||||||||||||
| Depreciation and amortization | (1.8) | (1.8) | (4.5) | (0.2) | |||||||||||||||||||||||||
| Provisions for credit losses | — | — | — | (19.1) | |||||||||||||||||||||||||
| Other segment expenses* | (28.1) | (53.4) | (25.8) | (3.7) | |||||||||||||||||||||||||
| Total segment operating and financial services expenses | (93.3) | (122.1) | (95.4) | (31.8) | (342.6) | ||||||||||||||||||||||||
| Segment operating earnings | $ | 53.2 | $ | 92.4 | $ | 122.1 | $ | 70.3 | $ | 338.0 | |||||||||||||||||||
| Reconciliation of segment net sales to total net sales and total revenues: | |||||||||||||||||||||||||||||
| Segment net sales | $ | 1,282.7 | |||||||||||||||||||||||||||
| Intersegment eliminations | (141.6) | ||||||||||||||||||||||||||||
| Total net sales | 1,141.1 | ||||||||||||||||||||||||||||
| Financial services revenue | 102.1 | ||||||||||||||||||||||||||||
| Total revenues | $ | 1,243.2 | |||||||||||||||||||||||||||
| Reconciliation of segment cost of goods sold to cost of goods sold: | |||||||||||||||||||||||||||||
| Segment cost of goods sold | $ | (704.2) | |||||||||||||||||||||||||||
| Intersegment eliminations | 141.6 | ||||||||||||||||||||||||||||
| Cost of goods sold | $ | (562.6) | |||||||||||||||||||||||||||
| Reconciliation of segment operating earnings to operating earnings and earnings before income taxes: | |||||||||||||||||||||||||||||
| Segment operating earnings | $ | 338.0 | |||||||||||||||||||||||||||
| Corporate operating expenses | (24.6) | ||||||||||||||||||||||||||||
| Operating earnings | 313.4 | ||||||||||||||||||||||||||||
| Interest expense | (12.4) | ||||||||||||||||||||||||||||
| Other income (expense) – net | 14.4 | ||||||||||||||||||||||||||||
| Earnings before income taxes | $ | 315.4 | |||||||||||||||||||||||||||
| * | Other segment expenses primarily include: | ||||||||||||||||||||||
| Commercial & Industrial Group - shared service allocations; technology, travel and marketing expenses. | |||||||||||||||||||||||
| Snap-on Tools Group - franchisee support costs, shared service allocations and technology expenses. | |||||||||||||||||||||||
| Repair Systems & Information Group - technology, travel, professional-fee and marketing expenses; shared service allocations. | |||||||||||||||||||||||
| Financial Services - customer support and technology expenses. |
SNAP-ON INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)
Financial Data by Segment (continued):
| (Amounts in millions) | April 4, 2026 | January 3, 2026 | |||||||||
| Assets: | |||||||||||
| Commercial & Industrial Group | $ | 1,298.5 | $ | 1,318.1 | |||||||
| Snap-on Tools Group | 998.3 | 972.1 | |||||||||
| Repair Systems & Information Group | 1,776.8 | 1,784.3 | |||||||||
| Financial Services | 2,454.5 | 2,477.2 | |||||||||
| Total assets from reportable segments | 6,528.1 | 6,551.7 | |||||||||
| Corporate | 2,071.1 | 1,946.3 | |||||||||
| Elimination of intersegment receivables | (82.8) | (85.7) | |||||||||
| Total assets | $ | 8,516.4 | $ | 8,412.3 |
SNAP-ON INCORPORATED
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
Previous: Cover and table of contents · Next: Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations