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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark one)


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

For the quarterly period ended ~~September~~March 2829, ~~2024~~2025


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

For the transition period from to

Commission File Number 1-7724

Snap-on Incorporated

(Exact name of registrant as specified in its charter)

Delaware

39-0622040

(State of incorporation)

(I.R.S. Employer Identification No.)

2801 80th Street,

Kenosha,

Wisconsin

53143

(Address of principal executive offices)

(Zip code)

(262) 656-5200

(Registrant’s telephone number, including area code)

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


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $1.00 par value	SNA	New York Stock Exchange

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

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

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

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

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

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

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

Class						Outstanding at ~~October~~April 11, ~~2024~~2025
Common Stock, $1.00 par value						52,~~507~~291,~~402~~024 shares

Table of Contents

TABLE OF CONTENTS

		Page
Part I: Financial Information
Item 1.	Financial Statements
	Condensed Consolidated Statements of Earnings (unaudited) – Three and Nine Months Ended September 28, 2024, and September 30, 2023	3
	Condensed Consolidated Statements of Earnings (unaudited) – Three Months Ended March 29, 2025, and March 30, 2024	3
	Condensed Consolidated Statements of Comprehensive Income (unaudited) – Three and Nine Months Ended September 28, 2024, and September 30, 2023	4
	Condensed Consolidated Statements of Comprehensive Income (unaudited) – Three Months Ended March 29, 2025, and March 30, 2024	4
	Condensed Consolidated Balance Sheets (unaudited) – September 28, 2024, and December 30, 2023	5
	Condensed Consolidated Balance Sheets (unaudited) – March 29, 2025, and December 28, 2024	5
	Condensed Consolidated Statements of Equity (unaudited) – Three and Nine Months Ended September 28, 2024, and September 30, 2023	7
	Condensed Consolidated Statements of Equity (unaudited) – Three Months Ended March 29, 2025, and March 30, 2024	7
	Condensed Consolidated Statements of Cash Flows (unaudited) – Nine Months Ended September 28, 2024, and September 30, 2023	9
	Condensed Consolidated Statements of Cash Flows (unaudited) – Three Months Ended March 29, 2025, and March 30, 2024	8
	Notes to Condensed Consolidated Financial Statements (unaudited)	109
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	4036
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	5749
Item 4.	Controls and Procedures	5749
Part II: Other Information
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	5850
Item 5.	Other Information	5951
Item 6.	Exhibits	6052
	Signatures	6153

Table of Contents

PART I. FINANCIAL INFORMATION

Item 1: Financial Statements

SNAP-ON INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

(Amounts in millions, except per share data)

(Unaudited)

Three Months Ended

~~Nine Months Ended~~

September 28, 2024

September 30, 2023

September 28, 2024

September 30, 2023

March 29, 2025

March 30, 2024

Net sales

1,~~147~~141.01

1,~~159~~182.3

~~3,508.7~~

~~3,533.6~~

Cost of goods sold

(~~559~~562.26)

(~~581~~585.16)

~~(1,726.9)~~

~~(1,762.1)~~

Gross profit

~~587~~578.85

~~578~~596.27

~~1,781.8~~

~~1,771.5~~

Operating expenses

(335.4)

(~~333~~325.08)

~~(978.2)~~

~~(989.5)~~

Operating earnings before financial services

~~252~~243.41

~~245~~270.29

~~803.6~~

~~782.0~~

Financial services revenue

~~100~~102.41

9499.96

~~300.5~~

~~280.9~~

Financial services expenses

(2831.78)

(2531.53)

~~(90.3)~~

~~(78.3)~~

Operating earnings from financial services

7170.73

6968.43

~~210.2~~

~~202.6~~

Operating earnings

~~324~~313.14

~~314~~339.62

~~1,013.8~~

~~984.6~~

Interest expense

(12.54)

(12.45)

~~(37.3)~~

~~(37.4)~~

Other income (expense) – net

2014.64

18.01

~~57.4~~

~~50.0~~

Earnings before income taxes

~~332~~315.24

~~320~~344.28

~~1,033.9~~

~~997.2~~

Income tax expense

(7468.7)

(7175.12)

~~(229.2)~~

~~(223.9)~~

Net earnings

~~257~~246.57

~~249~~269.16

~~804.7~~

~~773.3~~

Net earnings attributable to noncontrolling interests

(6.42)

(6.01)

~~(18.9)~~

~~(17.5)~~

Net earnings attributable to Snap-on Incorporated

~~251~~240.15

~~243~~263.15

~~785.8~~

~~755.8~~

Net earnings per share attributable to Snap-on Incorporated:

Basic

4.7759

4.6099

~~14.91~~

~~14.29~~

Diluted

4.7051

4.5191

~~14.69~~

~~14.00~~

Weighted-average shares outstanding:

Basic

52.64

52.8

~~52.7~~

~~52.9~~

Effect of dilutive securities

0.89

10.19

~~0.8~~

~~1.1~~

Diluted

53.43

53.97

~~53.5~~

~~54.0~~

Dividends declared per common share

12.8614

1.6286

~~5.58~~

~~4.86~~

See Notes to Condensed Consolidated Financial Statements.

Table of Contents

SNAP-ON INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Amounts in millions)

(Unaudited)

Three Months Ended

~~Nine Months Ended~~

September 28, 2024

September 30, 2023

September 28, 2024

September 30, 2023

March 29, 2025

March 30, 2024

Comprehensive income (loss):

Net earnings

~~257~~246.57

~~249~~269.16

~~804.7~~

~~773.3~~

Other comprehensive income (loss):

Foreign currency translation

7972.0

(5244.38)

~~21.4~~

~~(34.0)~~

Reclassification of cash flow hedges to net earnings, net of tax

(0.4)

~~(1.2)~~

Defined benefit pension and postretirement plans:

Amortization of net unrecognized losses

25.02

0.1.8

~~6.0~~

~~0.2~~

Income tax benefit

(01.53)

—(0.4)

~~(1.4)~~

—

Net of tax

13.59

0.1.4

~~4.6~~

~~0.2~~

Total comprehensive income

~~337~~322.62

~~196~~225.58

~~829.5~~

~~738.3~~

Comprehensive income attributable to noncontrolling interests

(6.42)

(6.01)

~~(18.9)~~

~~(17.5)~~

Comprehensive income attributable to Snap-on Incorporated

~~331~~316.20

~~190~~219.57

~~810.6~~

~~720.8~~

See Notes to Condensed Consolidated Financial Statements.

Table of Contents

SNAP-ON INCORPORATED

CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in millions, except share data)

(Unaudited)

	September 28,2024		December 30, 2023
	March 29,2025		December 28, 2024
ASSETS
Current assets:
Cash and cash equivalents	$	1,~~313~~434.39	$	1,~~001~~360.5
Trade and other accounts receivable – net	~~796~~852.47		~~791~~815.36
Finance receivables – net	~~624~~620.74		~~594~~610.13
Contract receivables – net	~~122~~116.14		120.80
Inventories – net	~~995~~961.82		~~1,005~~943.94
Prepaid expenses and other current assets	~~148~~155.48		~~138~~139.46
Total current assets	4,~~000~~141.74		3,~~652~~989.04
Property and equipment:
Land	34.94		3433.57
Buildings and improvements	~~459~~454.39		~~452~~462.86
Machinery, equipment and computer software	1,~~128~~125.67		1,~~083~~103.17
Property and equipment – gross	1,~~622~~615.80		1,~~570~~600.40
Accumulated depreciation	(1,~~074~~067.53)		(1,~~031~~057.14)
Property and equipment – net	~~548~~547.37		~~539~~542.36
Operating lease right-of-use assets	7891.07		7489.74
Deferred income tax assets	7978.73		7678.0
Long-term finance receivables – net	1,~~309~~296.03		1,~~284~~312.20
Long-term contract receivables – net	~~422~~420.1		~~407~~418.93
Goodwill	1,~~086~~077.67		1,~~097~~056.48
Other intangible assets – net	~~277~~271.34		~~268~~267.96
Pension assets	~~134~~127.52		~~130~~125.54
Other long-term assets	17.12		1417.03
Total assets	$	78,~~953~~069.30	$	7,~~544~~896.98

See Notes to Condensed Consolidated Financial Statements.

Table of Contents

SNAP-ON INCORPORATED

CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in millions, except share data)

(Unaudited)

	September 28,2024		December 30, 2023
	March 29,2025		December 28, 2024
LIABILITIES AND EQUITY
Current liabilities:
Notes payable	$	1418.32	$	1513.67
Accounts payable	~~270~~281.03		~~238~~265.09
Accrued benefits	5972.49		6467.42
Accrued compensation	8363.58		~~102~~86.91
Franchisee deposits	7971.21		7370.39
Other accrued liabilities	~~450~~492.06		~~447~~457.47
Total current liabilities	~~956~~999.49		~~941~~961.65
Long-term debt	1,185.37		1,~~184~~185.65
Deferred income tax liabilities	8379.25		7973.25
Retiree health care benefits	2018.29		2119.84
Pension liabilities	6577.57		8278.34
Operating lease liabilities	5770.10		5468.6
Other long-term liabilities	8793.92		8792.49
Total liabilities	2,~~455~~524.69		2,~~451~~479.58
Commitments and contingencies (Note 14)
Commitments and contingencies (Note 13)
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 67,456,600 and 67,450,999 shares, respectively)	67.5		67.5
Common stock (authorized 250,000,000 shares of $1 par value; issued 67,461,116 and 67,456,641 shares, respectively)	67.5		67.5
Additional paid-in capital	~~549~~543.05		~~545~~557.57
Retained earnings	7,~~439~~712.04		67,~~948~~584.53
Accumulated other comprehensive loss	(~~424~~499.75)		(~~449~~575.50)
Treasury stock at cost (14,950,516 and 14,756,982 shares, respectively)	(2,155.8)		(2,040.7)
Treasury stock at cost (15,171,925 and 15,074,968 shares, respectively)	(2,303.1)		(2,240.4)
Total shareholders’ equity attributable to Snap-on Incorporated	5,~~475~~520.08		5,~~071~~394.31
Noncontrolling interests	2223.73		22.19
Total equity	5,~~497~~544.71		5,~~093~~417.40
Total liabilities and equity	$	78,~~953~~069.30	$	7,~~544~~896.98

See Notes to Condensed Consolidated Financial Statements.

Table of Contents

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 ~~September~~March 2829, ~~2024~~2025:

	Shareholders’ Equity Attributable to Snap-on Incorporated
	CommonStock		AdditionalPaid-inCapital		RetainedEarnings		AccumulatedOtherComprehensiveLoss		TreasuryStock		NoncontrollingInterests		TotalEquity
Balance at June 29, 2024	$	67.5	$	542.8	$	7,286.0	$	(504.8)	$	(2,105.2)	$	22.6	$	5,308.9
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 September 28, 2024	—		—		251.1		—		—		6.4		257.5
Net earnings for the three months ended March 29, 2025	—		—		240.5		—		—		6.2		246.7
Other comprehensive income	—		—		—		8075.15		—		—		8075.15
Cash dividends – $1.86 per share	—		—		(97.9)		—		—		—		(97.9)
Cash dividends – $2.14 per share	—		—		(112.2)		—		—		—		(112.2)
Stock compensation plans	—		6(14.2)		—		—		924.35		—		1510.53
Share repurchases – 215,000 shares	—		—		—		—		(59.9)		—		(59.9)
Share repurchases – 260,000 shares	—		—		—		—		(87.2)		—		(87.2)
Other	—		—		(0.2)		—		—		(65.38)		(6.50)
Balance at September 28, 2024	$	67.5	$	549.0	$	7,439.0	$	(424.7)	$	(2,155.8)	$	22.7	$	5,497.7
Balance at March 29, 2025	$	67.5	$	543.5	$	7,712.4	$	(499.5)	$	(2,303.1)	$	23.3	$	5,544.1

The following summarizes the changes in total equity for the ~~nine~~three month period ended ~~September~~March 2830, 2024:

	Shareholders’ Equity Attributable to Snap-on Incorporated
	CommonStock		AdditionalPaid-inCapital		RetainedEarnings		AccumulatedOtherComprehensiveLoss		TreasuryStock		NoncontrollingInterests		TotalEquity
Balance at December 30, 2023	$	67.5	$	545.5	$	6,948.5	$	(449.5)	$	(2,040.7)	$	22.1	$	5,093.4
Net earnings for the nine months ended September 28, 2024	—		—		785.8		—		—		18.9		804.7
Net earnings for the three months ended March 30, 2024	—		—		263.5		—		—		6.1		269.6
Other comprehensive income	—		—		—		24.8		—		—		24.8
Other comprehensive loss	—		—		—		(43.8)		—		—		(43.8)
Cash dividends – $5.58 per share	—		—		(294.1)		—		—		—		(294.1)
Cash dividends – $1.86 per share	—		—		(98.2)		—		—		—		(98.2)
Stock compensation plans	—		3(18.51)		—		—		6237.42		—		6519.91
Share repurchases – 637,000 shares	—		—		—		—		(177.5)		—		(177.5)
Share repurchases – 248,000 shares	—		—		—		—		(70.2)		—		(70.2)
Other	—		—		(10.27)		—		—		(185.39)		(196.56)
Balance at September 28, 2024	$	67.5	$	549.0	$	7,439.0	$	(424.7)	$	(2,155.8)	$	22.7	$	5,497.7
Balance at March 30, 2024	$	67.5	$	527.4	$	7,113.1	$	(493.3)	$	(2,073.7)	$	22.3	$	5,163.3

See Notes to Condensed Consolidated Financial Statements.

Table of Contents

The following summarizes the changes in total equity for the three month period ended September 30, 2023:

	Shareholders’ Equity Attributable to Snap-on Incorporated
	CommonStock		AdditionalPaid-inCapital		RetainedEarnings		AccumulatedOtherComprehensiveLoss		TreasuryStock		NoncontrollingInterests		TotalEquity
Balance at July 1,2023	$	67.5	$	521.1	$	6,635.6	$	(510.7)	$	(1,956.4)	$	22.2	$	4,779.3
Net earnings for the three months ended September 30, 2023	—		—		243.1		—		—		6.0		249.1
Other comprehensive loss	—		—		—		(52.6)		—		—		(52.6)
Cash dividends – $1.62 per share	—		—		(85.6)		—		—		—		(85.6)
Stock compensation plans	—		10.6		—		—		10.2		—		20.8
Share repurchases – 194,000 shares	—		—		—		—		(51.8)		—		(51.8)
Other			—		(0.8)		—		—		(6.0)		(6.8)
Balance at September 30, 2023	$	67.5	$	531.7	$	6,792.3	$	(563.3)	$	(1,998.0)	$	22.2	$	4,852.4

The following summarizes the changes in total equity for the nine month period ended September 30, 2023:

	Shareholders’ Equity Attributable to Snap-on Incorporated
	CommonStock		AdditionalPaid-inCapital		RetainedEarnings		AccumulatedOtherComprehensiveLoss		TreasuryStock		NoncontrollingInterests		TotalEquity
Balance at December 31, 2022	$	67.4	$	499.9	$	6,296.2	$	(528.3)	$	(1,853.9)	$	22.2	$	4,503.5
Net earnings for the nine months ended September 30, 2023	—		—		755.8		—		—		17.5		773.3
Other comprehensive loss	—		—		—		(35.0)		—		—		(35.0)
Cash dividends – $4.86 per share	—		—		(257.6)		—		—		—		(257.6)
Stock compensation plans	—		31.8		—		—		89.7		—		121.5
Share repurchases – 909,000 shares	—		—		—		—		(233.8)		—		(233.8)
Other	0.1		—		(2.1)		—		—		(17.5)		(19.5)
Balance at September 30, 2023	$	67.5	$	531.7	$	6,792.3	$	(563.3)	$	(1,998.0)	$	22.2	$	4,852.4

See Notes to Condensed Consolidated Financial Statements.

Table of Contents

SNAP-ON INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Amounts in millions)

(Unaudited)

	Nine Months Ended
	Three Months Ended
	September 28, 2024		September 30, 2023
	March 29, 2025		March 30, 2024
Operating activities:
Net earnings	$	~~804~~246.7	$	~~773~~269.36
Adjustments to reconcile net earnings to net cash provided (used) by operating activities:
Depreciation	5418.73		5318.62
Amortization of other intangible assets	195.07		206.73
Provision for losses on finance receivables	5018.62		4018.72
Provision for losses on non-finance receivables	175.8		154.09
Stock-based compensation expense	214.5		319.48
Deferred income tax benefit	(7.2)		(16.5)
Deferred income tax provision	3.7		1.6
Gain on sales of assets	~~(0.5)~~—		(0.62)
Changes in operating assets and liabilities, net of effects of acquisitions:
Trade and other accounts receivable	(2833.14)		(3847.39)
Contract receivables	~~(15~~2.4)9		(274.90)
Inventories	8(3.60)		~~(21~~22.0)1
Prepaid expenses and other current assets	10.5		30.3
Prepaid expenses and other assets	(9.4)		(3.5)
Accounts payable	3318.65		423.3
Accrued and other liabilities	~~(45~~20.8)0		(730.7)3
Net cash provided by operating activities	~~924~~298.05		~~857~~348.37
Investing activities:
Additions to finance receivables	(~~731~~218.39)		(~~779~~248.80)
Collections of finance receivables	~~629~~210.37		~~626~~207.58
Capital expenditures	(6522.49)		(7321.98)
Disposals of property and equipment	2.0.1		1.51
Other	(1.50)		(12.53)
Net cash used by investing activities	(~~163~~32.90)		(~~227~~63.2)
Financing activities:
Net decrease in other short-term borrowings	(0.9)		—
Net increase (decrease) in other short-term borrowings	4.5		(0.4)
Cash dividends paid	(~~294~~112.12)		(~~257~~98.62)
Purchases of treasury stock	(~~177~~87.52)		(~~233~~70.82)
Proceeds from stock purchase plans and stock option exercises	6118.63		9428.53
Other	(3717.40)		(2723.07)
Net cash used by financing activities	(~~448~~193.36)		(~~423~~164.92)
Effect of exchange rate changes on cash and cash equivalents	—1.5		(4.1.8)
Increase in cash and cash equivalents	~~311~~74.84		~~202~~119.15
Cash and cash equivalents at beginning of year	1,~~001~~360.5		~~757~~1,001.25
Cash and cash equivalents at end of period	$	1,~~313~~434.39	$	~~959~~1,121.30
Supplemental cash flow disclosures:
Cash paid for interest	$	(3513.86)	$	(3613.17)
Net cash paid for income taxes	(~~243~~19.98)		(~~224~~14.57)

See Notes to Condensed Consolidated Financial Statements.

Table of Contents

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”). 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 2024 Annual Report on Form 10-K for the fiscal year ended December 28, 2024 (“2024 year end”).

The ~~Condensed~~company’s ~~Consolidated~~2025 ~~Financial~~fiscal ~~Statements~~year, ~~include~~which ~~the~~ends ~~accounts of Snap-~~on ~~Incorporated~~January ~~and~~3, ~~its wholly owned and majority-owned subsidiaries (collectively~~2026, ~~“Snap-on”~~will orcontain ~~the~~53 ~~“company”).~~weeks ~~These~~of ~~financial~~operating ~~statements should be read in conjunction with~~results, ~~and have been prepared in conformity~~ with, the ~~accounting~~additional ~~principles~~week ~~reflected~~occurring in the ~~consolidated~~fourth ~~financial~~quarter. ~~statements~~The ~~and related notes included in Snap-on~~company’s ~~2023~~2024 ~~Annual Report on Form 10-K for the~~ fiscal year ~~ended~~contained ~~December~~52 ~~30,~~weeks ~~2023~~of ~~(“2023~~operating ~~year end”)~~results. The company’s ~~2024~~2025 fiscal ~~third~~first quarter ended on ~~September~~March 2829, ~~2024~~2025, and its ~~2023~~2024 fiscal ~~third~~first quarter ended on ~~September~~March 30, ~~2023~~2024. The company’s ~~2024~~2025 and ~~2023~~2024 fiscal ~~third~~first quarters each contained 13 weeks of operating results. Snap-on’s Condensed Consolidated Financial Statements are prepared in conformity with generally accepted accounting principles in the United States of America (“GAAP”).

In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for the fair presentation of the Condensed Consolidated Financial Statements for the three ~~and nine~~ month periods ended ~~September~~March 2829, ~~2024~~2025, and ~~September~~March 30, ~~2023~~2024, 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~~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.

~~The~~Financial ~~preparation~~instruments: ofThe ~~financial~~fair ~~statements~~value inof ~~conformity~~the ~~with~~company’s ~~GAAP~~derivative ~~requires~~financial ~~management~~instruments tois ~~make~~generally ~~estimates~~determined ~~and~~using ~~assumptions~~quoted ~~that~~prices ~~affect~~in ~~the~~active ~~reported~~markets ~~amounts~~for ofsimilar assets and liabilities,. ~~the~~The ~~disclosure~~carrying value of ~~contingent~~the ~~assets~~company’s ~~and~~non-derivative ~~liabilities~~financial atinstruments ~~the~~either ~~date~~approximates offair ~~the~~value, ~~financial~~due ~~statements~~to their short-term nature, ~~and~~or the ~~reported~~amount ~~amounts~~disclosed offor ~~revenues~~fair ~~and~~value ~~expenses~~is ~~during~~based ~~the~~upon ~~reporting~~a ~~period~~discounted cash flow analysis or quoted market values. ~~Actual~~See ~~results~~Note ~~could~~8 ~~differ~~for ~~from~~additional ~~those~~information ~~estimates~~on financial instruments.

New accounting standards: 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 not expected to have a material impact on Snap-on’s Condensed Consolidated Financial ~~Instruments~~Statements.

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 December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. ASU No. 2023-09 is effective for annual periods beginning after December 15, 2024. 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 not expected to have a material impact on Snap-on’s Condensed Consolidated Financial Statements.

In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires the disclosure of additional segment information. ASU No. 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The adoption of this ASU 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.

109

Table of Contents

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

~~Nine Months Ended~~

(Amounts in millions)

~~September~~March 2829, ~~2024~~2025

~~September~~March 30, ~~2023~~2024

~~September 28, 2024~~

~~September 30, 2023~~

Revenue from contracts with customers

1,~~139~~133.3

1,~~152~~175.2

~~3,486.5~~

~~3,513.3~~

Other revenues

7.78

7.1

~~22.2~~

~~20.3~~

Total net sales

1,~~147~~141.01

1,~~159~~182.3

~~3,508.7~~

~~3,533.6~~

Financial services revenue

~~100~~102.41

9499.96

~~300.5~~

~~280.9~~

Total revenues

1,~~247~~243.42

1,~~254~~281.29

~~3,809.2~~

~~3,814.5~~

Snap-on evaluates the performance of ~~its operating segments based on segment revenues and segment operating earnings. The Snap-on Tools Group segment revenues include external net sales, while~~ the Commercial & Industrial Group, ~~and~~ the ~~Repair Systems & Information Group segment revenues include both external and intersegment net sales.~~ Snap-on ~~accounts~~Tools ~~for~~Group ~~intersegment net sales~~ and ~~transfers based primarily on standard costs with reasonable mark-ups established between~~ the ~~segments.~~Repair ~~Intersegment~~Systems ~~amounts are eliminated to arrive at Snap-on’s consolidated financial results.~~&

~~The~~Information ~~following~~Group ~~tables~~operating ~~represent~~segments ~~external~~based on segment net sales ~~disaggregated~~and bysegment ~~geography,~~operating ~~based~~earnings onwhile the ~~customers’~~Financial ~~billing addresses:~~Services

	For the Three Months Ended September 28, 2024
	Commercial		Snap-on		Repair Systems
	& Industrial		Tools		& Information		Financial				Snap-on
(Amounts in millions)	Group		Group		Group		Services		Eliminations		Incorporated
Net sales:
North America*	$	155.2	$	434.0	$	273.9	$	—	$	—	$	863.1
Europe	72.2		37.4		58.7		—		—		168.3
All other	61.3		29.1		25.2		—		—		115.6
External net sales	288.7		500.5		357.8		—		—		1,147.0
Intersegment net sales	77.0		—		64.9		—		(141.9)		—
Total net sales	365.7		500.5		422.7		—		(141.9)		1,147.0
Financial services revenue	—		—		—		100.4		—		100.4
Total revenue	$	365.7	$	500.5	$	422.7	$	100.4	$	(141.9)	$	1,247.4

operating segment is evaluated based on segment revenue 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.

	For the Nine Months Ended September 28, 2024
	Commercial		Snap-on		Repair Systems
	& Industrial		Tools		& Information		Financial				Snap-on
(Amounts in millions)	Group		Group		Group		Services		Eliminations		Incorporated
Net sales:
North America*	$	467.3	$	1,280.7	$	874.2	$	—	$	—	$	2,622.2
Europe	230.0		118.4		188.0		—		—		536.4
All other	187.4		83.5		79.2		—		—		350.1
External net sales	884.7		1,482.6		1,141.4		—		—		3,508.7
Intersegment net sales	212.9		—		199.9		—		(412.8)		—
Total net sales	1,097.6		1,482.6		1,341.3		—		(412.8)		3,508.7
Financial services revenue	—		—		—		300.5		—		300.5
Total revenue	$	1,097.6	$	1,482.6	$	1,341.3	$	300.5	$	(412.8)	$	3,809.2
* North America is comprised of the United States, Canada and Mexico.

Table of Contents

SNAP-ON INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(Unaudited)

	For the Three Months Ended September 30, 2023
	Commercial		Snap-on		Repair Systems
	& Industrial		Tools		& Information		Financial				Snap-on
(Amounts in millions)	Group		Group		Group		Services		Eliminations		Incorporated
Net sales:
North America*	$	146.4	$	451.4	$	282.0	$	—	$	—	$	879.8
Europe	69.6		37.5		54.0		—		—		161.1
All other	64.5		26.5		27.4		—		—		118.4
External net sales	280.5		515.4		363.4		—		—		1,159.3
Intersegment net sales	85.9		—		68.4		—		(154.3)		—
Total net sales	366.4		515.4		431.8		—		(154.3)		1,159.3
Financial services revenue	—		—		—		94.9		—		94.9
Total revenue	$	366.4	$	515.4	$	431.8	$	94.9	$	(154.3)	$	1,254.2

The following tables represent external net sales disaggregated by geography, based on the customers’ billing addresses:

For the Nine Months Ended September 30, 2023

For the Three Months Ended March 29, 2025

Commercial

Snap-on

Repair Systems

& Industrial

Tools

& Information

Financial

Snap-on

(Amounts in millions)

Group

Services

Eliminations

Incorporated

Net sales:

North America*

~~428~~140.36

~~1,384~~395.61

~~849~~317.7

—

~~2,662~~853.64

Europe

~~220~~77.1

~~112~~41.26

~~180~~59.82

—

~~513~~177.19

All other

~~200~~59.50

7826.72

7824.76

—

~~357~~109.98

External net sales

~~848~~276.97

~~1,575~~462.59

~~1,109~~401.25

—

31,~~533~~141.61

Intersegment net sales

~~245~~67.52

—

~~221~~74.24

—

(~~466~~141.76)

—

Total net sales

~~1,094~~343.49

~~1,575~~462.59

~~1,330~~475.49

—

(~~466~~141.76)

31,~~533~~141.61

Financial services revenue

—

~~280~~102.91

—

~~280~~102.91

Total revenue

~~1,094~~343.49

~~1,575~~462.59

~~1,330~~475.49

~~280~~102.91

(~~466~~141.76)

31,~~814~~243.52

* North America is comprised of the United States, Canada and Mexico.


	For the Three Months Ended March 30, 2024
	Commercial		Snap-on		Repair Systems
	& Industrial		Tools		& Information		Financial				Snap-on
(Amounts in millions)	Group		Group		Group		Services		Eliminations		Incorporated
Net sales:
North America*	$	148.6	$	433.3	$	302.1	$	—	$	—	$	884.0
Europe	81.0		39.6		62.1		—		—		182.7
All other	61.4		27.2		27.0		—		—		115.6
External net sales	291.0		500.1		391.2		—		—		1,182.3
Intersegment net sales	68.9		—		72.6		—		(141.5)		—
Total net sales	359.9		500.1		463.8		—		(141.5)		1,182.3
Financial services revenue	—		—		—		99.6		—		99.6
Total revenue	$	359.9	$	500.1	$	463.8	$	99.6	$	(141.5)	$	1,281.9

* North America is comprised of the United States, Canada and Mexico.

Table of Contents

SNAP-ON INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(Unaudited)

The following tables represent external net sales disaggregated by customer type:

	For the Three Months Ended September 28, 2024
	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	$	2019.10	$	~~500~~462.59	$	~~357~~401.85	$	—	$	—	$	~~878~~883.4
All other professionals	~~268~~257.67		—		—		—		—		~~268~~257.67
External net sales	~~288~~276.7		~~500~~462.59		~~357~~401.85		—		—		1,~~147~~141.01
Intersegment net sales	7767.02		—		6474.94		—		(141.96)		—
Total net sales	~~365~~343.79		~~500~~462.59		~~422~~475.79		—		(141.96)		1,~~147~~141.01
Financial services revenue	—		—		—		~~100~~102.41		—		~~100~~102.41
Total revenue	$	~~365~~343.79	$	~~500~~462.59	$	~~422~~475.79	$	~~100~~102.41	$	(141.96)	$	1,~~247~~243.42

For the Nine Months Ended September 28, 2024

For the Three Months Ended March 30, 2024

Commercial

Snap-on

Repair Systems

& Industrial

Tools

& Information

Financial

Snap-on

(Amounts in millions)

Group

Services

Eliminations

Incorporated

Net sales:

Vehicle service professionals

6120.43

~~1,482~~500.61

~~1,141~~391.42

—

~~2,685~~911.46

All other professionals

~~823~~270.37

—

~~823~~270.37

External net sales

~~884~~291.70

~~1,482~~500.61

~~1,141~~391.42

—

31,~~508~~182.73

Intersegment net sales

~~212~~68.9

—

~~199~~72.96

—

(~~412~~141.85)

—

Total net sales

~~1,097~~359.69

~~1,482~~500.61

~~1,341~~463.38

—

(~~412~~141.85)

31,~~508~~182.73

Financial services revenue

—

~~300~~99.56

—

~~300~~99.56

Total revenue

~~1,097~~359.69

~~1,482~~500.61

~~1,341~~463.38

~~300~~99.56

(~~412~~141.85)

31,~~809~~281.29

	For the Three Months Ended September 30, 2023
	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	$	19.4	$	515.4	$	363.4	$	—	$	—	$	898.2
All other professionals	261.1		—		—		—		—		261.1
External net sales	280.5		515.4		363.4		—		—		1,159.3
Intersegment net sales	85.9		—		68.4		—		(154.3)		—
Total net sales	366.4		515.4		431.8		—		(154.3)		1,159.3
Financial services revenue	—		—		—		94.9		—		94.9
Total revenue	$	366.4	$	515.4	$	431.8	$	94.9	$	(154.3)	$	1,254.2

Table of Contents

SNAP-ON INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(Unaudited)

	For the Nine Months Ended September 30, 2023
	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	$	62.2	$	1,575.5	$	1,109.2	$	—	$	—	$	2,746.9
All other professionals	786.7		—		—		—		—		786.7
External net sales	848.9		1,575.5		1,109.2		—		—		3,533.6
Intersegment net sales	245.5		—		221.2		—		(466.7)		—
Total net sales	1,094.4		1,575.5		1,330.4		—		(466.7)		3,533.6
Financial services revenue	—		—		—		280.9		—		280.9
Total revenue	$	1,094.4	$	1,575.5	$	1,330.4	$	280.9	$	(466.7)	$	3,814.5

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.12

Table of Contents

SNAP-ON INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(Unaudited)

~~For~~Snap-on ~~certain~~enters ~~performance~~into ~~obligations~~contracts related to ~~software~~the ~~subscriptions,~~selling ~~extended~~of ~~warranty~~tools, ~~and~~diagnostics, ~~other~~repair ~~subscription~~information, ~~agreements~~equipment ~~that~~and ~~are~~related ~~settled~~services. ~~over~~At ~~time~~contract inception, ~~Snap-on~~an ~~has~~assessment ~~elected~~of ~~not to disclose~~ the ~~value~~goods ofand ~~unsatisfied~~services ~~performance~~promised ~~obligations~~in ~~for:~~the ~~(i)~~ contracts ~~that~~with ~~have~~customers anis ~~original~~performed ~~expected~~and ~~length~~a ofperformance ~~one~~obligation ~~year~~is oridentified ~~less;~~for ~~(ii)~~each ~~contracts~~distinct ~~where~~promise ~~revenue~~to istransfer ~~recognized~~to asthe ~~invoiced;~~customer ~~and~~a ~~(iii)~~good ~~contracts~~or ~~with~~service ~~variable~~(or ~~consideration~~bundle ~~related~~of togoods ~~unsatisfied~~or ~~performance obligations~~services). ~~The~~To ~~remaining~~identify ~~duration~~the ~~of these unsatisfied~~ performance obligations, ~~range from one month up to 60 months.~~ Snap-on ~~had~~considers ~~approximately~~all ~~$183.0 million~~ of ~~long-term~~the ~~contracts~~goods ~~that~~or ~~have~~services ~~fixed~~promised ~~consideration~~in ~~that~~the ~~extends~~contract ~~beyond~~regardless ~~one year as~~ of ~~September 28,~~whether ~~2024.~~they ~~Snap-on~~are ~~expects~~explicitly tostated ~~recognize~~or ~~approximately~~are ~~55%~~implied ~~of these contracts as revenue~~ by ~~the~~customary ~~end~~business ofpractices. ~~fiscal~~Contracts ~~2025,~~with ancustomers ~~additional~~are ~~40%~~comprised ~~by the end~~ of ~~fiscal~~customer ~~2027~~purchase orders, invoices and ~~the~~written ~~balance thereafter~~contracts.

~~Contract~~For ~~liabilities:~~certain ~~Contract~~performance ~~liabilities~~obligations ~~are~~related ~~recorded~~to ~~when~~software ~~cash~~subscriptions, ~~payments~~extended ~~are~~warranty ~~received~~and inother ~~advance~~subscription ofagreements that are settled over time, Snap-on’s ~~performance.~~has ~~The~~elected ~~timing~~not to disclose the value of ~~payment~~unsatisfied isperformance ~~typically~~obligations onfor: a(i) ~~monthly,~~contracts ~~quarterly~~that orhave ~~annual~~an ~~basis.~~original ~~The~~expected ~~balance~~length of ~~total~~one ~~contract~~year ~~liabilities~~or ~~was~~less; ~~$67.4~~(ii) ~~million~~contracts ~~and~~where ~~$63.3~~revenue ~~million~~is atrecognized ~~September 28,~~as ~~2024,~~invoiced; and ~~December~~(iii) ~~30,~~contracts ~~2023,~~with ~~respectively. The~~variable ~~current~~consideration ~~portion~~related ofto ~~contract~~unsatisfied ~~liabilities~~performance isobligations. ~~included~~The inremaining ~~“Other~~duration ~~accrued~~of ~~liabilities”~~these ~~and~~unsatisfied ~~the~~performance ~~non-current~~obligations ~~portion~~range offrom ~~such~~one ~~liabilities~~month isup ~~included~~to in60 ~~“Other long~~months. Snap-~~term~~on ~~liabilities”~~had on$202.6 ~~the~~million ~~accompanying~~of ~~Condensed~~long-term ~~Consolidated~~contracts ~~Balance~~that ~~Sheets. During~~have ~~the~~fixed ~~three~~consideration ~~and~~that ~~nine~~extends ~~month~~beyond ~~periods~~one ~~ended~~year ~~September~~as of March 2829, ~~2024,~~2025. Snap-on ~~recognized~~expects ~~$4.5~~to ~~million~~recognize ~~and~~approximately ~~$53.3~~65% ~~million~~ of ~~revenue~~these ~~that~~contracts ~~was~~as ~~included~~revenue inby the ~~$63.3~~end ~~million~~of ~~contract~~fiscal ~~liability~~2026, ~~balance~~an atadditional ~~December~~ 30,% ~~2023,~~by ~~which was primarily from~~ the ~~amortization~~end of ~~software~~fiscal ~~subscriptions~~2028, ~~extended warranties~~ and ~~other~~the ~~subscription~~balance ~~agreements~~thereafter.

~~Note~~Contract 3liabilities: ~~Acquisitions~~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 $73.4 million and $63.8 million at March 29, 2025, and December 28, 2024, 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 March 29, 2025, Snap-on recognized $37.0 million of revenue that was included in the contract liability balance at December 28, 2024, which was primarily from the amortization of software subscriptions, extended warranties and other subscription agreements.

OnNote ~~November 20, 2023, Snap-on acquired certain assets of SAVTEQ, Inc. (“SAVTEQ”) for a cash purchase price of $~~3.0: million. SAVTEQ, based in Lexington, Kentucky, provides precise non-contact measuring capabilities. In fiscal 2023, the company completed the purchase accounting valuations for the acquired net assets of SAVTEQ. The $1.7 million excess of the purchase price over the fair value of the net assets acquired was recorded in “Goodwill” on the accompanying Condensed Consolidated Balance Sheets.Receivables

On November 1, 2023, Snap-on acquired Mountz, Inc. (“Mountz”) for a cash purchase price of $39.6 million. Mountz, based in San Jose, California, is a leading developer, manufacturer and marketer of high-precision torque tools, including measurement, calibration and documentation products. The company completed the purchase accounting valuations for the acquired net assets of Mountz in the first quarter of 2024. The $19.8 million excess of the purchase price over the fair value of the net assets acquired was recorded in “Goodwill” on the accompanying Condensed Consolidated Balance Sheets.

For segment reporting purposes, the results of operations and assets of SAVTEQ have been included in the Repair Systems & Information Group and the results of operations and assets of Mountz have been included in the Commercial & Industrial Group since the respective acquisition dates.

Pro forma financial information has not been presented for these acquisitions as the net effects, individually and collectively, were neither significant nor material to Snap-on’s results of operations or financial position. See Note 6 for additional information on goodwill and other intangible assets.

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 ~~September~~March 2829, ~~2024~~2025, and December 3028, ~~2023~~2024, are as follows:

(Amounts in millions)	~~September~~March 2829,~~2024~~2025		December 3028, ~~2023~~2024
Trade and other accounts receivable	$	~~834~~891.59	$	~~826~~852.27
Allowances for credit losses	(3839.12)		(3437.91)
Total trade and other accounts receivable – net	$	~~796~~852.47	$	~~791~~815.36

15The following is a rollforward of the allowances for credit losses related to trade and other accounts receivable for the three month periods ended March 29, 2025, and March 30, 2024:


	Three Months Ended
(Amounts in millions)	March 29, 2025		March 30, 2024
Allowances for credit losses:
Beginning of period	$	37.1	$	34.9
Provision for credit losses	4.9		4.3
Charge-offs	(3.3)		(3.0)
Recoveries	0.1		0.1
Currency translation	0.4		(0.4)
End of period	$	39.2	$	35.9

Table of Contents

SNAP-ON INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(Unaudited)

The following is a rollforward of the allowances for credit losses related to trade and other accounts receivable for the three and nine month periods ended September 28, 2024, and September 30, 2023:

	Three Months Ended				Nine Months Ended
(Amounts in millions)	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Allowances for credit losses:
Beginning of period	$	36.5	$	32.3	$	34.9	$	31.1
Provision for credit losses	5.3		5.5		16.2		13.7
Charge-offs	(4.3)		(3.6)		(12.9)		(10.9)
Recoveries	0.1		—		0.2		—
Currency translation	0.5		(0.4)		(0.3)		(0.1)
End of period	$	38.1	$	33.8	$	38.1	$	33.8

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.

16The components of Snap-on’s current finance and contract receivables as of March 29, 2025, and December 28, 2024, are as follows:


(Amounts in millions)	March 29, 2025		December 28, 2024
Finance installment receivables	$	624.5	$	616.0
Finance lease receivables, net of unearned finance charges of $7.4 million and $6.5 million, respectively	19.3		17.1
Total finance receivables	643.8		633.1

Contract installment receivables	57.4		61.7
Contract lease receivables, net of unearned finance charges of $21.8 million and $21.9 million, respectively	60.8		60.0
Total contract receivables	118.2		121.7
Total	762.0		754.8

Allowances for credit losses:
Finance installment receivables	(23.1)		(22.5)
Finance lease receivables	(0.3)		(0.3)
Total finance allowances for credit losses	(23.4)		(22.8)

Contract installment receivables	(0.9)		(0.9)
Contract lease receivables	(0.9)		(0.8)
Total contract allowances for credit losses	(1.8)		(1.7)
Total allowances for credit losses	(25.2)		(24.5)
Total current finance and contract receivables – net	$	736.8	$	730.3

Finance receivables – net	$	620.4	$	610.3
Contract receivables – net	116.4		120.0
Total current finance and contract receivables – net	$	736.8	$	730.3

Table of Contents

SNAP-ON INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(Unaudited)

The components of Snap-on’s ~~current~~ finance and contract receivables with payment terms beyond one year as of ~~September~~March 2829, ~~2024~~2025, and December 3028, ~~2023~~2024, are as follows:

(Amounts in millions)	~~September~~March 2829,~~2024~~2025		December 3028, ~~2023~~2024
Finance installment receivables	$	~~630~~1,318.45	$	~~605~~1,337.25
Finance lease receivables, net of unearned finance charges of $6.4 million and $3.4 million, respectively	17.0		10.1
Finance lease receivables, net of unearned finance charges of $6.4 million and $5.7 million, respectively	27.5		24.1
Total finance receivables	~~647~~1,346.40		~~615~~1,361.36
Contract installment receivables	61226.98		59223.90
Contract lease receivables, net of unearned finance charges of $22.1 million and $21.1 million, respectively	62.0		62.7
Contract lease receivables, net of unearned finance charges of $36.0 million and $36.3 million, respectively	198.8		200.4
Total contract receivables	~~123~~425.96		~~122~~423.64
Total	1,771.36		~~737~~1,785.90
Allowances for credit losses:
Finance installment receivables	(2249.42)		(2149.12)
Finance lease receivables	(0.35)		(0.14)
Total finance allowances for credit losses	(2249.7)		(2149.26)
Contract installment receivables	(03.93)		(03.93)
Contract lease receivables	(02.92)		(01.98)
Total contract allowances for credit losses	(15.85)		(15.81)
Total allowances for credit losses	(2455.52)		(2354.07)
Total current finance and contract receivables – net	$	746.8	$	714.9
Total long-term finance and contract receivables – net	$	1,716.4	$	1,730.3
Finance receivables – net	$	~~624~~1,296.73	$	~~594.~~1,312.0
Contract receivables – net	~~122~~420.1		~~120~~418.83
Total current finance and contract receivables – net	$	746.8	$	714.9
Total long-term finance and contract receivables – net	$	1,716.4	$	1,730.3

1715

Table of Contents

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 September 28, 2024, and December 30, 2023, are as follows:

(Amounts in millions)	September 28,2024		December 30, 2023
Finance installment receivables	$	1,334.1	$	1,318.5
Finance lease receivables, net of unearned finance charges of $5.5 million and $2.8 million, respectively	23.2		12.3
Total finance receivables	1,357.3		1,330.8
Contract installment receivables	225.0		216.0
Contract lease receivables, net of unearned finance charges of $37.0 million and $35.1 million, respectively	202.2		196.8
Total contract receivables	427.2		412.8
Total	1,784.5		1,743.6
Allowances for credit losses:
Finance installment receivables	(47.8)		(46.4)
Finance lease receivables	(0.5)		(0.2)
Total finance allowances for credit losses	(48.3)		(46.6)
Contract installment receivables	(3.3)		(3.1)
Contract lease receivables	(1.8)		(1.8)
Total contract allowances for credit losses	(5.1)		(4.9)
Total allowances for credit losses	(53.4)		(51.5)
Total long-term finance and contract receivables – net	$	1,731.1	$	1,692.1
Finance receivables – net	$	1,309.0	$	1,284.2
Contract receivables – net	422.1		407.9
Total long-term finance and contract receivables – net	$	1,731.1	$	1,692.1

Table of Contents

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 ~~September~~March 2829, ~~2024~~2025, and charge-offs recorded in the ~~nine~~three months ended ~~September~~March 2829, ~~2024~~2025, by origination year, are as follows:

(Amounts in millions)	~~2024~~2025		~~2023~~2024		~~2022~~2023		~~2021~~2022		~~2020~~2021		Prior		Total
Finance receivables:
Delinquent	$	140.43	$	25.75	$	1220.24	$	59.85	$	23.95	$	12.16	$	6261.18
Non-delinquent	~~1,104~~470.61		~~553~~943.15		~~191~~344.48		65120.31		2337.79		411.56		1,~~942~~928.60
Total Finance receivables	$	1,119.0	$	578.8	$	203.6	$	71.1	$	26.6	$	5.6	$	2,004.7
Total finance receivables	$	470.4	$	969.0	$	365.2	$	129.6	$	41.4	$	14.2	$	1,989.8
Finance receivables charge-offs	$	~~2.0~~—	$	257.84	$	157.30	$	63.53	$	31.45	$	10.78	$	5420.70
Contract receivables:
Delinquent	$	~~0.3~~—	$	0.64	$	1.0.6	$	0.47	$	0.51	$	0.42	$	3.2.0
Non-delinquent	~~158~~50.05		~~151~~182.03		98123.03		6280.8		3949.91		3855.28		~~547~~541.98
Total Contract receivables	$	158.3	$	151.6	$	99.0	$	63.2	$	40.4	$	38.6	$	551.1
Total contract receivables	$	50.5	$	182.7	$	123.9	$	81.5	$	49.2	$	56.0	$	543.8
Contract receivables charge-offs	$	—	$	~~0.3~~—	$	0.52	$	0.42	$	0.31	$	0.31	$	10.86

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.

1916

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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 and fees, net of repossessions. For finance receivables only, write-offs are partially offset by recourse from franchisees. Recovered interest and fees 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 ~~and nine~~ month periods ended ~~September~~March 2829, ~~2024~~2025, and ~~September~~March 30, ~~2023~~2024:

	Three Months EndedSeptember 28, 2024				Nine Months EndedSeptember 28, 2024
	Three Months EndedMarch 29, 2025				Three Months EndedMarch 30, 2024
(Amounts in millions)	FinanceReceivables		ContractReceivables		FinanceReceivables		ContractReceivables
Allowances for credit losses:
Beginning of period	$	7172.14	$	6.8	$	67.8	$	6.7
Provision for credit losses	15.2		0.7		50.6		1.6
Provisions for credit losses	18.2		0.9		18.2		0.6
Charge-offs	(1720.70)		(0.86)		(5418.73)		(10.86)
Recoveries	2.24		0.1		72.2		0.31
Currency translation	0.21		0.1		(0.1)		~~0.1~~—
End of period	$	7173.01	$	67.93	$	7169.08	$	6.98

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.

2017

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(Unaudited)

	Three Months EndedSeptember 30, 2023				Nine Months EndedSeptember 30, 2023
(Amounts in millions)	Finance Receivables		Contract Receivables		Finance Receivables		Contract Receivables
Allowances for credit losses:
Beginning of period	$	65.1	$	6.5	$	60.9	$	6.6
Provision for credit losses	12.8		0.7		40.7		1.3
Charge-offs	(13.7)		(0.7)		(42.1)		(1.6)
Recoveries	1.9		0.1		6.5		0.3
Currency translation	(0.1)		(0.1)		—		(0.1)
End of period	$	66.0	$	6.5	$	66.0	$	6.5

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 March 29, 2025, and December 28, 2024, were immaterial to both the financial services portfolio and the company’s results of operations and financial position.

~~Past~~The ~~due:~~aging ~~Depending~~of ~~on the contract, payments for~~ finance and contract receivables ~~are~~as ~~due on a monthly or weekly basis. Weekly payments are converted into a monthly equivalent for purposes~~ of ~~calculating~~March 29, ~~delinquency.~~2025, ~~Delinquencies~~and ~~are~~December ~~assessed~~28, at2024, ~~the end of each month following the monthly equivalent contractual payment due date. The entire receivable balance of a contract~~ is ~~considered~~as 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.follows:

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 September 28, 2024, and December 30, 2023, were immaterial to both the financial services portfolio and the company’s results of operations and financial position.


(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
March 29, 2025:
Finance receivables	$	19.9	$	13.9	$	28.0	$	61.8	$	1,928.0	$	1,989.8	$	23.5
Contract receivables	0.7		0.5		0.8		2.0		541.8		543.8		0.2

December 28, 2024:
Finance receivables	$	26.6	$	14.8	$	26.7	$	68.1	$	1,926.6	$	1,994.7	$	23.0
Contract receivables	0.9		0.5		1.0		2.4		542.7		545.1		0.2

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SNAP-ON INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(Unaudited)

The aging of finance and contract receivables as of September 28, 2024, and December 30, 2023, is as follows:

(Amounts in millions)	30-59Days PastDue		60-90Days PastDue		GreaterThan 90Days PastDue		Total PastDue		Total NotPast Due		Total		GreaterThan 90Days PastDue andAccruing
September 28, 2024:
Finance receivables	$	21.9	$	14.5	$	25.7	$	62.1	$	1,942.6	$	2,004.7	$	21.8
Contract receivables	1.2		0.5		1.5		3.2		547.9		551.1		0.2
December 30, 2023:
Finance receivables	$	21.5	$	13.6	$	23.2	$	58.3	$	1,887.8	$	1,946.1	$	19.9
Contract receivables	1.5		0.6		1.2		3.3		532.1		535.4		0.2

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 recorded as a loss.

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 ~~September~~March 2829, ~~2024~~2025, and December 3028, ~~2023~~2024, is as follows:

(Amounts in millions)	~~September~~March 2829,~~2024~~2025		December 3028, ~~2023~~2024
Finance receivables	$	1112.81	$	1011.63
Contract receivables	2.42		32.35

2218

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(Unaudited)

Note 54: Inventories

Inventories by major classification are as follows:

(Amounts in millions)	~~September~~March 2829,~~2024~~2025		December 3028, ~~2023~~2024
Finished goods	$	~~873~~854.30	$	~~874~~840.61
Work in progress	7875.48		7672.15
Raw materials	~~169~~154.85		~~171~~153.12
Total FIFO value	1,~~121~~084.53		1,~~121~~065.8
Excess of current cost over LIFO cost	(~~125~~123.71)		(~~115~~122.94)
Total inventories – net	$	~~995~~961.82	$	~~1,005~~943.94

Inventories accounted for using the first-in, first-out (“FIFO”) method approximated 5859% and 5957% of total inventories as of ~~September~~March 2829, ~~2024~~2025, and December 3028, ~~2023~~2024, respectively. The company accounts for its non-U.S. inventory on the FIFO method. As of ~~September~~March 2829, ~~2024~~2025, approximately 3537% of the company’s U.S. inventory was accounted for using the FIFO method and 6563% was accounted for using the last-in, first-out (“LIFO”) method. There were no LIFO inventory liquidations in the three ~~and nine~~ month periods ended ~~September~~March 2829, ~~2024~~2025, and ~~September~~March 30, ~~2023~~2024.

~~Note~~ 65: Goodwill and Other Intangible Assets

The changes in the carrying amount of goodwill by segment for the ~~nine~~three months ended ~~September~~March 2829, ~~2024~~2025, are as follows:

(Amounts in millions)	Commercial& IndustrialGroup		Snap-onTools Group		Repair Systems& InformationGroup		Total
Balance as of December 30, 2023	$	346.6	$	12.4	$	738.4	$	1,097.4
Balance as of December 28, 2024	$	315.6	$	12.4	$	728.8	$	1,056.8
Currency translation	112.25		—		18.24		220.49
Acquisition adjustments	(13.2)		—		—		(13.2)
Balance as of March 29, 2025	$	328.1	$	12.4	$	737.2	$	1,077.7
Balance as of September 28, 2024	$	334.6	$	12.4	$	739.6	$	1,086.6

~~Goodwill~~Additional ofdisclosures ~~$1,086.6~~related ~~million~~to asother ofintangible ~~September 28, 2024, includes $19.8 million from the acquisition of Mountz. In the first quarter of 2024, the purchase accounting valuations for the acquired net~~ assets ofare ~~Mountz~~as ~~were completed, resulting in a reduction of goodwill of $13.2 million from year end 2023. See Note 3 for additional information on acquisitions.~~follows:


	March 29, 2025						December 28, 2024
(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	$	86.2	$	(37.7)	$	48.5	$	84.2	$	(35.1)	$	49.1
Developed technology	26.8		(24.1)		2.7		26.6		(23.1)		3.5
Internally developed software	182.6		(138.6)		44.0		179.6		(135.6)		44.0
Patents	51.0		(22.0)		29.0		49.8		(21.4)		28.4
Trademarks	4.0		(2.7)		1.3		3.8		(2.5)		1.3
Other	6.1		(2.9)		3.2		6.1		(2.9)		3.2
Total	356.7		(228.0)		128.7		350.1		(220.6)		129.5
Non-amortized trademarks	142.7		—		142.7		138.1		—		138.1
Total other intangible assets	$	499.4	$	(228.0)	$	271.4	$	488.2	$	(220.6)	$	267.6

Table of Contents

SNAP-ON INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(Unaudited)

~~Additional~~Provisions ~~disclosures~~for ~~related~~the toimpairment of goodwill and/or other intangible assets ~~are~~could arise in a future period due to significant and unanticipated changes in circumstances, such as ~~follows:~~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 March 29, 2025, the company had no accumulated impairment losses.

	September 28, 2024						December 30, 2023
(Amounts in millions)	Gross Carrying Value		AccumulatedAmortization		Net Carrying Value		Gross Carrying Value		AccumulatedAmortization		Net Carrying Value
Amortized other intangible assets:
Customer relationships	$	218.0	$	(165.7)	$	52.3	$	214.5	$	(163.6)	$	50.9
Developed technology	36.6		(32.4)		4.2		36.2		(29.8)		6.4
Internally developed software	202.0		(156.6)		45.4		191.3		(148.2)		43.1
Patents	48.5		(21.2)		27.3		53.0		(26.8)		26.2
Trademarks	3.9		(2.5)		1.4		4.0		(2.5)		1.5
Other	6.3		(2.9)		3.4		6.2		(2.8)		3.4
Total	515.3		(381.3)		134.0		505.2		(373.7)		131.5
Non-amortized trademarks	143.3		—		143.3		137.4		—		137.4
Total other intangible assets	$	658.6	$	(381.3)	$	277.3	$	642.6	$	(373.7)	$	268.9

The gross carrying value of customer relationships and non-amortized trademarks includes $8.7 million and $5.4 million, respectively, related to the Mountz acquisition.

Snap-on completed its annual impairment testing of goodwill and other indefinite-lived intangible assets in the second quarter of 2024, the results of which did not result in any impairment. Provisions for the 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 September 28, 2024, 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			6
Patents			15
Trademarks			9
Other			39

The weighted-average amortization period for all amortizable intangible assets on a combined basis is 12 years. Intangible asset renewal costs are expensed as incurred.

The aggregate amortization expense was $65.37 million and $196.03 million for the respective three ~~and nine~~ month periods ended ~~September~~March 2829, ~~2024~~2025, and ~~$6.8 million and $20.7 million for the respective three and nine month periods ended September~~March 30, ~~2023~~2024. Based on current levels of amortizable intangible assets and estimated weighted-average useful lives, estimated annual amortization expense is expected to be $2521.49 million in ~~2024~~2025, $2117.05 million in ~~2025~~2026, $1614.19 million in ~~2026~~2027, $1311.49 million in ~~2027~~2028, $118.43 million in ~~2028~~2029, and $8.20 million in ~~2029~~2030.

24Note 6: Income Taxes

~~Table~~Snap-on’s effective income tax rate on earnings attributable to Snap-on was 22.2% in the first three months of ~~Contents~~both fiscal 2025 and 2024.

SNAP-ON INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(Unaudited)

Note 7: Income Taxes

Snap-on’s effective income tax rate on earnings attributable to Snap-on was 22.6% and 22.9% in the first nine months of fiscal 2024 and 2023, 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 by a range of zero to $0.6 million. Over the next 12 months, Snap-on anticipates taking certain tax positions on various tax returns for which the related tax benefit does not meet the recognition threshold. Accordingly, Snap-on’s gross unrecognized tax benefits may increase by a range of zero to $0.9 million over the next 12 months for uncertain tax positions expected to be taken in future tax filings.

Note 87: Short-term and Long-term Debt

Short-term and long-term debt as of ~~September~~March 2829, ~~2024~~2025, and December 3028, ~~2023~~2024, consisted of the following:

(Amounts in millions)	~~September~~March 2829,~~2024~~2025		December 3028, ~~2023~~2024
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*	(03.4)9		(0.28)
	1,199.6		1,200.2
	1,203.9		1,199.2
Less: notes payable	(1418.32)		(1513.67)
Total long-term debt	$	1,185.37	$	1,~~184~~185.65



*			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 nine months ended and as of September 28, 2024.20

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 September 28, 2024, the company’s consolidated cash balance, net of certain adjustments, exceeded consolidated debt resulting in actual ratios of (0.01) and (0.03), 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. As of September 28, 2024, there were no commercial paper issuances outstanding.

Table of Contents

SNAP-ON INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(Unaudited)

~~Note~~Snap-on 9:has ~~Financial~~a ~~Instruments~~$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 March 29, 2025.

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 March 29, 2025, the company’s consolidated cash balance, net of certain adjustments, exceeded consolidated debt resulting in actual ratios of (0.03) and (0.10), 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. As of March 29, 2025, there were no commercial paper issuances outstanding.

Note 8: 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.

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 1615 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”).21

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 September 28, 2024, and December 30, 2023.

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 September 28, 2024, and December 30, 2023. See Note 16 for additional information on Other income (expense) – net.

Table of Contents

SNAP-ON INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(Unaudited)

~~Stock-based~~Interest ~~deferred~~rate ~~compensation~~ risk management: Snap-on ~~manages~~may ~~market~~manage ~~risk associated with~~ the ~~stock-based~~exposure ~~portion~~created ofby ~~its~~the ~~deferred~~differing ~~compensation~~maturities ~~plans~~and ~~through~~interest ~~the~~rate ~~use~~structures of ~~prepaid equity forward agreements (“equity forwards”). Equity forwards are used to aid in offsetting the potential mark~~Snap-~~to-market effect~~ on ~~stock-based deferred compensation from changes in Snap‑on~~’s ~~stock~~borrowings ~~price.~~through ~~Since stock-based deferred compensation liabilities increase as~~ the ~~company’s~~use 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 ~~September 28,~~interest ~~2024,~~rate ~~Snap-on~~swap ~~had~~agreements ~~equity~~(“interest ~~forwards~~rate inswaps”) ~~place~~and ~~intended~~treasury tolock ~~manage~~agreements ~~market~~(“treasury ~~risk with respect to 77,200 shares of Snap-on common stock associated with its deferred compensation plans~~locks”).

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 March 29, 2025, and December 28, 2024. See Note 15 for additional information on Other income (expense) – net.

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 March 29, 2025, Snap-on had equity forwards in place intended to manage market risk with respect to 71,300 shares of Snap-on common stock associated with its deferred compensation plans.

Counterparty risk: Snap-on is exposed to credit losses in the event of non-performance by the counterparties to its various financial agreements, including its foreign currency forward contracts, interest rate swap agreements, treasury lock agreements and prepaid equity forward agreements. Snap-on does not obtain collateral or other security to support financial instruments subject to credit risk, but monitors the credit standing of the counterparties and generally enters into agreements with financial institution counterparties with a credit rating of A- or better. Snap-on does not anticipate non-performance by its counterparties, but cannot provide assurances.

Table of Contents

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:

September 28, 2024

December 30, 2023

March 29, 2025

December 28, 2024

(Amounts in millions)

CarryingValue

FairValue

CarryingValue

FairValue

Finance receivables – net

1,~~933~~916.7

2,~~208~~178.31

1,~~878~~922.3

2,~~138~~180.79

Contract receivables – net

~~544~~536.25

~~583~~573.79

~~528~~538.73

~~561~~569.65

Long-term debt and notes payable

1,~~199~~203.69

~~1,007~~955.97

1,~~200~~199.2

~~1,031~~944.52

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.

•Fair value of long-term debt is 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 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.

27Note 9: Pension Plans

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SNAP-ON INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(Unaudited)

Note 10: Pension Plans

Snap-on’s net periodic pension benefit included the following components:

	Three Months Ended				~~Nine Months Ended~~
(Amounts in millions)	~~September~~March 2829, ~~2024~~2025		~~September~~March 30, ~~2023~~2024		~~September 28, 2024~~		~~September 30, 2023~~
Service cost	$	5.01	$	45.70	$	~~15.0~~	$	~~14.1~~
Interest cost	16.46		16.34		~~49.2~~		~~49.0~~
Expected return on plan assets	(2523.50)		(2625.15)		~~(76.3)~~		~~(78.4)~~
Amortization of unrecognized loss	25.35		02.41		~~6.9~~		~~1.1~~
Net periodic pension benefit	$	(1.8)	$	(4.7)	$	(5.2)	$	(14.2)
Net periodic pension cost (benefit)	$	4.2	$	(2.0)

The components of net periodic pension cost (benefit), other than the service cost component, are included in “Other income (expense) – net” on the accompanying Condensed Consolidated Statements of Earnings. See Note 1615 for additional information on other income (expense) – net.

Snap-on intends to make contributions of $64.03 million to its foreign pension plans and $36.75 million to its domestic pension plans in ~~2024~~2025, as required by law. Depending on market and other conditions, Snap-on may make discretionary cash contributions to its pension plans in ~~2024~~2025.

~~Note 11: Postretirement Health Care Plans~~23

Snap-on’s net periodic postretirement health care cost included the following components:

	Three Months Ended				Nine Months Ended
(Amounts in millions)	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Interest cost	$	0.5	$	0.4	$	1.4	$	1.5
Expected return on plan assets	(0.2)		(0.1)		(0.5)		(0.5)
Amortization of unrecognized gain	(0.3)		(0.3)		(0.9)		(0.9)
Net periodic postretirement health care cost	$	—	$	—	$	—	$	0.1

The components of net periodic postretirement health care cost, other than the service cost component, are included in “Other income (expense) – net” on the accompanying Condensed Consolidated Statements of Earnings. See Note 16 for additional information on Other income (expense) – net.

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SNAP-ON INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(Unaudited)

Note 1210: ~~Stock-based~~Postretirement ~~Compensation~~Health ~~and~~Care ~~Other Stock~~ Plans

~~The~~Snap-on’s ~~2011~~net ~~Incentive~~periodic ~~Stock~~postretirement ~~and~~health ~~Awards~~care ~~Plan~~cost ~~(the~~included ~~“2011 Plan”) provides for~~ the ~~grant~~following 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 September 28, 2024, the 2011 Plan had 2,091,365 shares available for future grants. The company uses treasury stock to deliver shares under the 2011 Plan.components:

Net stock-based compensation expense was $5.7 million and $21.5 million for the respective three and nine month periods ended September 28, 2024, and $11.0 million and $31.4 million for the respective three and nine month periods ended September 30, 2023. Cash received from stock purchase plans and stock option exercises totaled $9.9 million and $61.6 million during the respective three and nine month periods ended September 28, 2024, and $9.9 million and $94.5 million for the respective three and nine month periods ended September 30, 2023. The tax benefit realized from both the exercise and vesting of share-based payment arrangements was $1.8 million and $12.9 million for the respective three and nine month periods ended September 28, 2024, and $2.6 million and $13.1 million for the respective three and nine month periods ended September 30, 2023.


	Three Months Ended
(Amounts in millions)	March 29, 2025		March 30, 2024
Interest cost	$	0.4	$	0.5
Expected return on plan assets	(0.1)		(0.2)
Amortization of unrecognized gain	(0.3)		(0.3)
Net periodic postretirement health care cost	$	—	$	—

The components of net periodic postretirement health care cost, other than the service cost component, are included in “Other income (expense) – net” on the accompanying Condensed Consolidated Statements of Earnings. See Note 15 for additional information on Other income (expense) – net.

Note 11: 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 March 29, 2025, the 2011 Plan had 1,700,020 shares available for future grants. The company uses treasury stock to deliver shares under the 2011 Plan.

Net stock-based compensation expense was $4.5 million and $9.8 million for the respective three month periods ended March 29, 2025, and March 30, 2024. Cash received from stock purchase plans and stock option exercises totaled $18.3 million and $28.3 million during the respective three month periods ended March 29, 2025, and March 30, 2024. The tax benefit realized from both the exercise and vesting of share-based payment arrangements was $8.3 million and $9.7 million for the respective three month periods ended March 29, 2025, and March 30, 2024.

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 ~~nine~~three month periods ended ~~September~~March 2829, ~~2024~~2025, and ~~September~~March 30, ~~2023~~2024, using the Black-Scholes valuation model~~; no stock options were granted during the three month periods ended September 28, 2024, and September 30, 2023~~:

	Nine Months Ended
	Three Months Ended
		September 28, 2024	September 30, 2023
		March 29, 2025	March 30, 2024
Expected term of stock option (in years)		4.9057	4.8990
Expected volatility factor		23.6386%	23.9963%
Expected dividend yield		2.7652%	2.6076%
Risk-free interest rate		4.3036%	34.9930%

2924

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(Unaudited)

Below is a summary of stock option activity as of and for the ~~nine~~three months ended ~~September~~March 2829, ~~2024~~2025:

	Shares(in thousands)	ExercisePrice PerShare*		RemainingContractualTerm*(in years)	AggregateIntrinsicValue(in millions)
Outstanding at December 30, 2023	1,916	$	177.79
Outstanding at December 28, 2024	1,670	$	190.73
Granted	~~233~~202	~~269~~339.0173
Exercised	(~~268~~101)	~~167~~181.8492
Forfeited or expired	(331)	~~245~~262.0526
Outstanding at September 28, 2024	1,848	189.56		5.3	$	182.9
Outstanding at March 29, 2025	1,770	208.18		5.6	$	216.5
Exercisable at September 28, 2024	1,401	169.56		4.3	166.7
Exercisable at March 29, 2025	1,351	179.80		4.4	202.0

Weighted-average

The weighted-average grant date fair value of stock options granted during the respective three month periods ended March 29, 2025, and March 30, 2024, was $70.62 and $55.07. The intrinsic value of stock options exercised was $15.7 million and $17.1 million during the respective three month periods ended March 29, 2025, and March 30, 2024. The fair value of stock options vested was $10.4 million and $9.5 million during the respective three month periods ended March 29, 2025, and March 30, 2024.

~~Table~~As of ~~Contents~~March 29, 2025, there was $24.3 million of unrecognized compensation cost related to non-vested stock options that is expected to be recognized as a charge to earnings over a weighted-average period of 2.2 years.

SNAP-ON INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(Unaudited)

The weighted-average grant date fair value of stock options granted during the nine month periods ended September 28, 2024, and September 30, 2023, was $55.07 and $51.09, respectively. The intrinsic value of stock options exercised was $7.3 million and $30.0 million during the respective three and nine month periods ended September 28, 2024, and $9.9 million and $57.0 million during the respective three and nine month periods ended September 30, 2023. The fair value of stock options vested was $9.5 million and $9.1 million during the respective nine month periods ended September 28, 2024, and September 30, 2023.

As of September 28, 2024, there was $15.7 million of unrecognized compensation cost related to non-vested stock options that is expected to be recognized as a charge to earnings over a weighted-average period of 1.7 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 ~~nine~~respective three month periods ended ~~September~~March 2829, ~~2024~~2025, and ~~September~~March 30, ~~2023~~2024, was $~~269~~339.0073 and $~~249~~269.~~26, respectively~~00. PSUs related to ~~137~~62,~~096~~171 shares and 60137,~~402~~096 shares were paid out during the ~~nine~~respective three month periods ended ~~September~~March 2829, ~~2024~~2025, and ~~September~~March 30, ~~2023, respectively~~2024. 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 ~~nine~~three months ended ~~September~~March 2829, ~~2024~~2025, are as follows:

	Shares(in thousands)	Fair ValuePrice perShare*
Non-vested PSUs at December 30, 2023	177	$	226.81
Non-vested PSUs at December 28, 2024	113	$	257.95
Granted	5341	~~269~~339.0073
Performance assumption change **	(3227)	~~211~~254.6777
Vested	—	—
Cancellations and other	~~(8)~~—	~~247.56~~—
Non-vested PSUs at September 28, 2024	190	240.18
Non-vested PSUs at March 29, 2025	127	285.11



*			Weighted-average
**			Reflects the number of PSUs adjusted based on performance metrics.

As of ~~September~~March 2829, ~~2024~~2025, there was $1822.42 million of unrecognized compensation cost related to non-vested PSUs that are expected to be recognized as a charge to earnings over a weighted-average period of 1.17 years.

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.25

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 nine month periods ended September 28, 2024, and September 30, 2023, was $269.00 and $249.26, respectively.

Table of Contents

SNAP-ON INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(Unaudited)

~~Changes~~Restricted tostock units: RSUs are earned and expensed using the ~~company’s~~fair ~~non-vested~~value ~~RSUs~~of ~~during~~the award over the ~~nine~~contractual ~~months~~term ~~ended~~of ~~September 28,~~three ~~2024,~~years. ~~are~~Vesting asof ~~follows:~~the RSUs is dependent upon continued employment over the three-year cliff vesting period.

	Shares(in thousands)	Fair ValuePrice perShare*
Non-vested RSUs at December 30, 2023	80	$	215.84
Granted	24	269.00
Vested	(29)	190.48
Cancellations and other	(3)	251.93
Non-vested RSUs at September 28, 2024	72	242.19

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 respective three month periods ended March 29, 2025, and March 30, 2024, was $339.73 and $269.00.

Changes to the company’s non-vested RSUs during the three months ended March 29, 2025, are as follows:


	Shares (in thousands)	Fair Value Price per Share*
Non-vested RSUs at December 28, 2024	70	$	242.63
Granted	18	339.73
Vested	(24)	212.05
Cancellations and other	—	—
Non-vested RSUs at March 29, 2025	64	282.01



*			Weighted-average

As of ~~September~~March 2829, ~~2024~~2025, there was $711.92 million of unrecognized compensation cost related to non-vested RSUs that are expected to be recognized as a charge to earnings over a weighted-average period of 1.38 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 ~~expected term of the SARs granted based on the~~ period of time that ~~similar~~SARs ~~instruments~~ granted are expected to be outstanding. Expected volatility is based on the historical volatility of the company’s stock for the length of time corresponding to the expected term of the SARs. The expected dividend yield is based on the 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 ~~length of time corresponding to the~~ expected term of the SARs.

The following weighted-average assumptions were used in calculating the fair value of stock-settled SARs granted during the ~~nine~~three month periods ended ~~September~~March 2829, ~~2024~~2025, and ~~September~~March 30, ~~2023~~2024, using the Black-Scholes valuation model~~; no stock-settled SARs were granted during the three month periods ended September 28, 2024, and September 30, 2023~~:

	Nine Months Ended
	Three Months Ended
	September 28, 2024	September 30, 2023
	March 29, 2025	March 30, 2024
Expected term of stock-settled SARs (in years)	4.2011	4.0820
Expected volatility factor	23.8079%	2423.6880%
Expected dividend yield	2.7752%	2.6077%
Risk-free interest rate	4.2239%	34.8722%

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(Unaudited)

Below is a summary of stock-settled SARs as of and for the ~~nine~~three months ended ~~September~~March 2829, ~~2024~~2025:

	Stock-settledSARs(in thousands)	ExercisePrice PerShare*		RemainingContractualTerm*(in years)	AggregateIntrinsicValue(in millions)
Outstanding at December 30, 2023	321	$	189.93
Outstanding at December 28, 2024	311	$	207.64
Granted	6360	~~269~~339.0073
Exercised	(1412)	~~159~~174.8338
Forfeited or expired	(2217)	~~183~~202.6384
Outstanding at September 28, 2024	348	205.76		6.5	$	28.8
Outstanding at March 29, 2025	342	232.27		6.8	$	33.9
Exercisable at September 28, 2024	222	179.41		5.3	24.2
Exercisable at March 29, 2025	222	194.98		5.5	29.9



*			Weighted-average

The weighted-average grant date fair value of stock-settled SARs granted during the ~~nine~~respective three month periods ended ~~September~~March 2829, ~~2024~~2025, and ~~September~~March 30, ~~2023~~2024, was $5268.1211 and $4852.~~85, respectively~~12. The intrinsic value of stock-settled SARs exercised was $02.30 million and $1.73 million during the respective three ~~and nine~~ month periods ended ~~September~~March 2829, ~~2024~~2025, and ~~$0.2 million and $5.0 million during the respective three and nine periods ended September~~March 30, ~~2023~~2024. The fair value of stock-settled SARs vested was $2.38 million and $12.93 million during the respective ~~nine~~three month periods ended ~~September~~March 2829, ~~2024~~2025, and ~~September~~March 30, ~~2023~~2024.

As of ~~September~~March 2829, ~~2024~~2025, there was $46.27 million of unrecognized compensation cost related to non-vested stock-settled SARs that is expected to be recognized as a charge to earnings over a weighted-average period of 12.72 years.

The following weighted-average assumptions were used in calculating the fair value of cash-settled SARs granted during the ~~nine~~three month periods ended ~~September~~March 2829, ~~2024~~2025, and ~~September~~March 30, ~~2023~~2024, using the Black-Scholes valuation model~~; no cash-settled SARs were granted during the three month periods ended September 28, 2024, and September 30, 2023~~:

	Nine Months Ended
	Three Months Ended
	September 28, 2024	September 30, 2023
	March 29, 2025	March 30, 2024
Expected term of cash-settled SARs (in years)	34.6502	34.5413
Expected volatility factor	23.5393%	23.9776%
Expected dividend yield	2.5860%	2.5451%
Risk-free interest rate	3.4998%	4.8021%

The intrinsic value of cash-settled SARs exercised was zero for both the three ~~and nine~~ month periods ended ~~September~~March 2829, ~~2024~~2025, and ~~zero and $0.4 million for the respective three and nine month periods ended September~~March 30, ~~2023~~2024. The fair value of cash-settled SARs vested was $0.1 million for both the ~~nine~~three month periods ended ~~September~~March 2829, ~~2024~~2025, and ~~September~~March 30, ~~2023~~2024.

Changes to the company’s non-vested cash-settled SARs during the ~~nine~~three months ended ~~September~~March 2829, ~~2024~~2025, are as follows:

	Cash-settledSARs(in thousands)	Fair ValuePrice perShare*
Non-vested cash-settled SARs at December 30, 2023	2	$	79.16
Non-vested cash-settled SARs at December 28, 2024	2	$	108.41
Granted	1	5859.4015
Vested	(1)	8197.3958
Non-vested cash-settled SARs at September 28, 2024	2	63.90
Non-vested cash-settled SARs at March 29, 2025	2	72.81



*			Weighted-average

As of ~~September~~March 2829, ~~2024~~2025, there was $0.2 million of unrecognized compensation cost related to non-vested cash-settled SARs that is expected to be recognized as a charge to earnings over a weighted-average period of 12.72 years.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(Unaudited)

Restricted stock awards – non-employee directors: The company awarded 54,~~391~~437 shares and 5,~~760~~391 shares of restricted stock to non-employee directors for the respective ~~nine~~three month periods ended ~~September~~March 2829, ~~2024~~2025, and ~~September~~March 30, ~~2023~~2024. 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 ~~21,798~~no shares ~~and 27,225 shares~~ issued under this plan for both the ~~respective~~three ~~nine~~ month periods ended ~~September~~March 2829, ~~2024~~2025, and ~~September~~March 30, ~~2023~~2024. As of ~~September~~March 2829, ~~2024~~2025, 529,800 shares were reserved for issuance under this plan and Snap-on held participant contributions of approximately $16.70 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 $0.13 million ~~and $0.2 million~~ for both the ~~respective~~ three ~~and nine~~ month periods ended ~~September~~March 2829, ~~2024~~2025, and ~~zero and $1.0 million for the respective three and nine month periods ended September~~March 30, ~~2023~~2024.

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 ~~42,687~~no shares ~~and 46,510 shares~~ issued under this plan for both the ~~respective~~three ~~nine~~ month periods ended ~~September~~March 2829, ~~2024~~2025, and ~~September~~March 30, ~~2023~~2024. As of ~~September~~March 2829, ~~2024~~2025, 136,049 shares were reserved for issuance under this plan and Snap-on held participant contributions of approximately $411.52 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 $0.12 million and $0.27 million for the respective three ~~and nine~~ month periods ended ~~September~~March 2829, ~~2024~~2025, and ~~zero and $1.6 million for the respective three and nine month periods ended September~~March 30, ~~2023~~2024.

Note 1312: 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

~~Nine Months Ended~~

September 28, 2024

September 30, 2023

September 28, 2024

September 30, 2023

March 29, 2025

March 30, 2024

Weighted-average common shares outstanding

52,~~577~~359,~~687~~633

52,~~822~~741,~~472~~565

~~52,660,264~~

~~52,932,781~~

Effect of dilutive securities

~~825~~923,~~262~~639

1929,~~079,707~~466

~~863,023~~

~~1,057,822~~

Weighted-average common shares outstanding, assuming dilution

53,~~402~~283,~~949~~272

53,~~902~~671,~~179~~031

~~53,523,287~~

~~53,990,603~~

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 ~~September~~both March 2829, ~~2024~~2025, and ~~September~~March 30, ~~2023~~2024, 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.

3428

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(Unaudited)

Note 1413: Commitments and Contingencies

Snap-on provides product warranties for specific product lines and accrues for estimated future warranty cost in the period in which the sale is recorded. Snap-on calculates its accrual requirements based on historic warranty loss experience that is periodically adjusted for recent actual experience, including the timing of claims during the warranty period and actual costs incurred.

Snap-on’s product warranty accrual activity for the three ~~and nine~~ month periods ended ~~September~~March 2829, ~~2024~~2025, and ~~September~~March 30, ~~2023~~2024, is as follows:

	Three Months Ended				~~Nine Months Ended~~
(Amounts in millions)	~~September~~March 2829, ~~2024~~2025		~~September~~March 30, ~~2023~~2024		~~September 28, 2024~~		~~September 30, 2023~~
Warranty reserve:
Beginning of period	$	15.2	$	14.97	$	~~14.7~~	$	~~14.3~~
Additions	3.35		34.60		~~10.9~~		~~11.5~~
Usage	(3.53)		(3.98)		~~(10.6)~~		~~(11.2)~~
End of period	$	15.04	$	14.69	$	~~15.0~~	$	~~14.6~~

In the ordinary course of business, Snap-on is subject to legal disputes that are being litigated and/or settled. The accompanying Condensed Consolidated Statements of Earnings for the ~~nine~~three months ended ~~September~~March 2830, 2024, include benefits in “Operating expenses” of $2211.5 3 million for payments received associated with a legal matter~~; the final payments related to this matter were received in the three months ended June 29, 2024~~. 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 1514: Leases

Lessee accounting: Supplemental balance sheet information related to leases as of ~~September~~March 2829, ~~2024~~2025, and December 3028, ~~2023~~2024, is as follows:

(Amounts in millions)	~~September~~March 2829,~~2024~~2025		December 3028, ~~2023~~2024
Finance leases:
Property and equipment - gross	$	18.2	$	19.1
Property and equipment – gross	$	2.3	$	17.0
Accumulated depreciation	(160.68)		(1615.85)
Property and equipment - net	$	1.6	$	2.3
Property and equipment – net	$	1.5	$	1.5
Other accrued liabilities	$	0.84	$	10.65
Other long-term liabilities	1.01		1.10
Total finance lease liabilities	$	1.85	$	21.75
Operating leases:
Operating lease right-of-use assets	$	7891.07	$	7489.74
Other accrued liabilities	$	2526.32	$	2325.80
Operating lease liabilities	5770.10		5468.6
Total operating lease liabilities	$	8296.42	$	7893.46

3529

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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 43 for additional information on finance and contract receivables.

Note 1615: Other Income (Expense) – Net

“Other income (expense) – net” on the accompanying Condensed Consolidated Statements of Earnings consists of the following:

	Three Months Ended				~~Nine Months Ended~~
(Amounts in millions)	~~September~~March 2829, ~~2024~~2025		~~September~~March 30, ~~2023~~2024		~~September 28, 2024~~		~~September 30, 2023~~
Interest income	$	1513.29	$	1012.9	$	~~42.3~~	$	~~28.8~~
Net foreign exchange loss	(10.6)		(2.20)		~~(5.1)~~		~~(7.1)~~
Net periodic pension and postretirement benefits – non-service	60.89		97.40		~~20.2~~		~~28.2~~
Other	0.2		(0.1)2		—		~~0.1~~
Total other income (expense) – net	$	2014.64	$	18.01	$	~~57.4~~	$	~~50.0~~

Note 1716: 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 ~~September~~March 2829, ~~2024~~2025:

(Amounts in millions)	ForeignCurrencyTranslation		Cash FlowHedges		DefinedBenefitPension andPostretirementPlans		Total
Balance as of June 29, 2024	$	(269.4)	$	4.9	$	(240.3)	$	(504.8)
Balance as of December 28, 2024	$	(320.6)	$	4.0	$	(258.4)	$	(575.0)
Other comprehensive income before reclassifications	7972.0		—		—		7972.0
Amounts reclassified from Accumulated OCI	—		(0.4)		13.59		13.15
Net other comprehensive income (loss)	7972.0		(0.4)		13.59		8075.15
Balance as of September 28, 2024	$	(190.4)	$	4.5	$	(238.8)	$	(424.7)
Balance as of March 29, 2025	$	(248.6)	$	3.6	$	(254.5)	$	(499.5)

Below is a summary of net changes in Accumulated OCI by component and net of tax for the ~~nine~~three months ended ~~September~~March 2830, 2024:

(Amounts in millions)	ForeignCurrencyTranslation		Cash FlowHedges		DefinedBenefitPension andPostretirementPlans		Total
Balance as of December 30, 2023	$	(211.8)	$	5.7	$	(243.4)	$	(449.5)
Other comprehensive income before reclassifications	21.4		—		—		21.4
Other comprehensive loss before reclassifications	(44.8)		—		—		(44.8)
Amounts reclassified from Accumulated OCI	—		(10.24)		41.64		31.40
Net other comprehensive income (loss)	21(44.48)		(10.24)		41.64		24(43.8)
Balance as of September 28, 2024	$	(190.4)	$	4.5	$	(238.8)	$	(424.7)
Balance as of March 30, 2024	$	(256.6)	$	5.3	$	(242.0)	$	(493.3)

3630

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(Unaudited)

~~Below~~The isreclassifications aout ~~summary~~ of ~~net changes in~~ Accumulated OCI ~~by component and net of tax~~ for the three ~~months~~month periods ended ~~September~~March 29, 2025, and March 30, ~~2023~~2024, are as follows:

(Amounts in millions)	ForeignCurrencyTranslation		Cash FlowHedges		DefinedBenefitPension andPostretirementPlans		Total
	Amount Reclassified from Accumulated OCI
Balance as of July 1, 2023	$	(254.2)	$	6.5	$	(263.0)	$	(510.7)
	Three Months Ended
Other comprehensive loss before reclassifications	(52.3)		—		—		(52.3)
(Amounts in millions)	March 29, 2025		March 30, 2024						Statement of EarningsPresentation
Amounts reclassified from Accumulated OCI	—		(0.4)		0.1		(0.3)
Gains on cash flow hedges:
Net other comprehensive income (loss)	(52.3)		(0.4)		0.1		(52.6)
Treasury locks	$	0.4	$	0.4					Interest expense
Balance as of September 30, 2023	$	(306.5)	$	6.1	$	(262.9)	$	(563.3)
Income tax expense	—		—						Income tax expense
Net of tax	0.4		0.4
Amortization of net unrecognized losses:	$	(5.2)	$	(1.8)					See footnote below*
Income tax benefit	1.3		0.4						Income tax expense
Net of tax	(3.9)		(1.4)
Total reclassifications for the period, net of tax	$	(3.5)	$	(1.0)

~~Below~~* isThese aAccumulated ~~summary~~OCI ofcomponents ~~net~~are ~~changes~~included in ~~Accumulated~~the ~~OCI~~computation byof ~~component~~net periodic pension and ~~net~~postretirement ofhealth ~~tax~~care ~~for~~costs; ~~the~~see ~~nine~~Note ~~months~~9 ~~ended~~and ~~September 30,~~Note ~~2023:~~10 for additional information.

(Amounts in millions)	ForeignCurrencyTranslation		Cash FlowHedges		DefinedBenefitPension andPostretirementPlans		Total
Balance as of December 31, 2022	$	(272.5)	$	7.3	$	(263.1)	$	(528.3)
Other comprehensive loss before reclassifications	(34.0)		—		—		(34.0)
Amounts reclassified from Accumulated OCI	—		(1.2)		0.2		(1.0)
Net other comprehensive income (loss)	(34.0)		(1.2)		0.2		(35.0)
Balance as of September 30, 2023	$	(306.5)	$	6.1	$	(262.9)	$	(563.3)

The reclassifications out of Accumulated OCI for the three and nine month periods ended September 28, 2024, and September 30, 2023, are as follows:

	Amount Reclassified from Accumulated OCI
	Three Months Ended				Nine Months Ended
(Amounts in millions)	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023		Statement of EarningsPresentation
Gains on cash flow hedges:
Treasury locks	$	0.4	$	0.4	$	1.2	$	1.2	Interest expense
Income tax expense	—		—		—		—		Income tax expense
Net of tax	0.4		0.4		1.2		1.2
Amortization of net unrecognized losses	$	(2.0)	$	(0.1)	$	(6.0)	$	(0.2)	See footnote below*
Income tax benefit	0.5		—		1.4		—		Income tax expense
Net of tax	(1.5)		(0.1)		(4.6)		(0.2)
Total reclassifications for the period, net of tax	$	(1.1)	$	0.3	$	(3.4)	$	1.0

* 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.

Table of Contents

SNAP-ON INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(Unaudited)

Note 1817: Segments

Snap-on’s ~~business~~operating segments, which represent Snap-on’s reportable segments, are based on the ~~organization~~organizational structure used by ~~management~~the ~~for~~Chief ~~making~~Executive Officer, its chief operating decision maker (“CODM”), to make operating and investment ~~decisions~~determinations and ~~for~~to ~~assessing~~assess performance. Snap-on’s reportable ~~business~~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.

~~Snap-on~~The CODM evaluates the performance of ~~its~~the Commercial & Industrial Group, the Snap-on Tools Group and the Repair Systems & Information Group operating segments based on segment ~~revenues~~net sales and segment operating earnings. The segment net sales of the Snap-on Tools Group ~~segment~~reflect ~~revenues include~~ external net sales, while the segment net sales of the Commercial & Industrial Group and the Repair Systems & Information Group ~~segment revenues~~ 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. ~~Identifiable~~The ~~assets~~Financial byServices operating segment ~~are~~is ~~those~~evaluated ~~assets~~based ~~used~~on infinancial ~~the~~services ~~respective~~revenue ~~reportable~~and segment’s ~~operations~~operating earnings. ~~Corporate~~Segment ~~assets~~net ~~consist~~sales ~~of cash~~ and ~~cash~~segment ~~equivalents~~operating ~~(excluding~~earnings ~~cash~~are ~~held~~used atto ~~Financial~~determine ~~Services),~~the ~~deferred~~compensation ~~income~~of ~~taxes and~~ certain ~~other~~management ~~assets~~employees. ~~Intersegment amounts are eliminated to arrive at Snap-on’s consolidated financial results.~~

~~Financial~~Identifiable ~~Data~~assets by ~~Segment:~~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.

	Three Months Ended				Nine Months Ended
(Amounts in millions)	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Net sales:
Commercial & Industrial Group	$	365.7	$	366.4	$	1,097.6	$	1,094.4
Snap-on Tools Group	500.5		515.4		1,482.6		1,575.5
Repair Systems & Information Group	422.7		431.8		1,341.3		1,330.4
Segment net sales	1,288.9		1,313.6		3,921.5		4,000.3
Intersegment eliminations	(141.9)		(154.3)		(412.8)		(466.7)
Total net sales	1,147.0		1,159.3		3,508.7		3,533.6
Financial Services revenue	100.4		94.9		300.5		280.9
Total revenues	$	1,247.4	$	1,254.2	$	3,809.2	$	3,814.5
Operating earnings:
Commercial & Industrial Group	$	61.0	$	58.1	$	178.6	$	172.0
Snap-on Tools Group	108.3		113.4		340.4		382.8
Repair Systems & Information Group	107.3		104.9		333.8		319.9
Financial Services	71.7		69.4		210.2		202.6
Segment operating earnings	348.3		345.8		1,063.0		1,077.3
Corporate	(24.2)		(31.2)		(49.2)		(92.7)
Operating earnings	324.1		314.6		1,013.8		984.6
Interest expense	(12.5)		(12.4)		(37.3)		(37.4)
Other income (expense) – net	20.6		18.0		57.4		50.0
Earnings before income taxes	$	332.2	$	320.2	$	1,033.9	$	997.2

Table of Contents

SNAP-ON INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(Unaudited)

Financial Data by Segment:

(Amounts in millions)	September 28,2024		December 30, 2023
	Three Months Ended March 29, 2025
Assets:
	Commercial &		Snap-on		Repair Systems
Commercial & Industrial Group	$	1,293.0	$	1,293.7
	Industrial		Tools		& Information		Financial		Total
Snap-on Tools Group	986.2		941.8
(Amounts in millions)	Group		Group		Group		Services		Segments
Repair Systems & Information Group	1,661.3		1,680.0
External net sales	$	276.7	$	462.9	$	401.5	$	—	$	1,141.1
Financial Services	2,505.4		2,430.0
Intersegment net sales	67.2		—		74.4		—		141.6
Total assets from reportable segments	6,445.9		6,345.5
Segment net sales	343.9		462.9		475.9		—		1,282.7
Corporate	1,602.5		1,285.0
Segment cost of goods sold	(197.4)		(248.4)		(258.4)		—		(704.2)
Elimination of intersegment receivables	(95.1)		(85.6)
Segment gross profit	146.5		214.5		217.5		—		578.5
Total assets	$	7,953.3	$	7,544.9
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

39* 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.

Table of Contents

SNAP-ON INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(Unaudited)

Financial Data by Segment (continued):


	Three Months Ended March 30, 2024
	Commercial &		Snap-on		Repair Systems
	Industrial		Tools		& Information		Financial		Total
(Amounts in millions)	Group		Group		Group		Services		Segments
External net sales	$	291.0	$	500.1	$	391.2	$	—	$	1,182.3
Intersegment net sales	68.9		—		72.6		—		141.5
Segment net sales	359.9		500.1		463.8		—		1,323.8
Segment cost of goods sold	(213.2)		(259.0)		(254.9)		—		(727.1)
Segment gross profit	146.7		241.1		208.9		—		596.7
Financial services revenue	—		—		—		99.6		99.6
Segment operating and financial services expenses
Personnel	(55.1)		(49.2)		(64.2)		(8.7)
Shipping and handling costs	(6.1)		(22.6)		—		—
Depreciation and amortization	(2.1)		(1.9)		(5.4)		(0.3)
Provisions for credit losses	—		—		—		(18.8)
Other segment expenses*	(28.0)		(50.1)		(26.4)		(3.5)
Total segment operating and financial services expenses	(91.3)		(123.8)		(96.0)		(31.3)		(342.4)
Segment operating earnings	$	55.4	$	117.3	$	112.9	$	68.3	$	353.9

Reconciliation of segment net sales to total net sales and total revenues:
Segment net sales									$	1,323.8
Intersegment eliminations									(141.5)
Total net sales									1,182.3
Financial services revenue									99.6
Total revenues									$	1,281.9

Reconciliation of segment cost of goods sold to cost of goods sold:
Segment cost of goods sold									$	(727.1)
Intersegment eliminations									141.5
Cost of goods sold									$	(585.6)

Reconciliation of segment operating earnings to operating earnings and earnings before income taxes:
Segment operating earnings									$	353.9
Corporate operating expenses									(14.7)
Operating earnings									339.2
Interest expense									(12.5)
Other income (expense) – net									18.1
Earnings before income taxes									$	344.8

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.

Table of Contents

SNAP-ON INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(Unaudited)

Financial Data by Segment (continued):


(Amounts in millions)	March 29, 2025		December 28, 2024
Assets:
Commercial & Industrial Group	$	1,268.1	$	1,230.8
Snap-on Tools Group	949.9		937.5
Repair Systems & Information Group	1,737.4		1,695.5
Financial Services	2,486.3		2,491.9
Total assets from reportable segments	6,441.7		6,355.7
Corporate	1,716.6		1,633.0
Elimination of intersegment receivables	(89.3)		(91.9)
Total assets	$	8,069.0	$	7,896.8

Table of Contents

SNAP-ON INCORPORATED

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS

OF OPERATIONS

Item 2: Management’s Discussion and Analysis of Financial Condition and Results of Operations

Caution Regarding Forward-Looking Statements:

Statements in this document that are not historical facts, including statements that (i) are in the future tense, (ii) include the words “expects,” “plans,” “targets,” “estimates,” “believes,” “anticipates,” or similar words that reference Snap-on Incorporated (“Snap-on” or “the company”) or its management, (iii) are specifically identified as forward-looking, or (iv) describe Snap‑on’s or management’s future outlook, plans, estimates, objectives or goals, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Snap-on cautions the reader that any forward-looking statements included in this document that are based upon assumptions and estimates were developed by management in good faith and are subject to risks, uncertainties or other factors that could cause (and in some cases have caused) actual results to differ materially from those described in any such statement. Accordingly, forward-looking statements should not be relied upon as a prediction of actual results or regarded as a representation by the company or its management that the projected results will be achieved. For those forward-looking statements, Snap-on cautions the reader that numerous important factors, such as those listed below, as well as those factors discussed in its Annual Report on Form 10-K for the fiscal year ended December 3028, ~~2023~~2024 (“~~2023~~2024 year end”), particularly those in Part I, Item 1A: Risk Factors, and those discussed in this document, could affect the company’s actual results and could cause its actual consolidated results to differ materially from those expressed in any forward-looking statement made by, or on behalf of, Snap-on.

Risks and uncertainties include, without limitation:

•Uncertainties related to estimates, assumptions and projections generally;

•The timing and progress with which Snap-on can attain value through its Snap-on Value Creation Processes, including its ability to (i) realize efficiencies and savings from its rapid continuous improvement and other cost reduction initiatives, (ii) improve workforce productivity, (iii) achieve improvements in the company’s manufacturing footprint and greater efficiencies in its supply chain, and (iv) enhance machine maintenance, plant productivity and manufacturing line set-up and change-over practices, any or all of which could result in production inefficiencies, higher costs and/or lost revenues;

•Snap-on’s capability to successfully implement future strategies with respect to its existing businesses, including increasing or optimizing selling, designing, or manufacturing capacity;

•Snap-on’s ability to refine its brand and franchise strategies, retain and attract franchisees, and further enhance service and value to franchisees in order to help improve the sales and profitability of franchisees;

•The company’s ability to introduce successful new products;

•Significant changes in the current competitive environment;

•Risks related to pursuing, completing and integrating acquisitions;

•Inflation, interest rate changes and other monetary and market fluctuations;

•Price and supply fluctuations related to raw materials, components and certain purchased finished goods, such as steel, plastics, and electronics;

•The effects of external economic factors, including adverse developments in world financial markets, disruptions related to tariffs and other trade or sanction issues, and global supply chain inefficiencies, including as a result of the ~~current~~ongoing war in Ukraine, ~~and~~as ~~other~~well ~~regional~~as conflicts in the Middle East and other regions;

•~~Snap-on’s~~Significant ~~ability to successfully manage~~ changes in ~~prices and~~ the ~~availability~~current ofcompetitive ~~energy sources, including gasoline~~environment;

•~~Snap-on’s~~Risks ~~ability~~related to ~~withstand disruption arising from natural disasters~~pursuing, ~~including~~completing ~~climate-related~~and ~~events~~integrating ~~or other unusual occurrences~~acquisitions;

•Snap-on’s ability to successfully manage changes in prices and the availability of energy;

•The company’s ability to withstand disruption arising from natural disasters, including climate-related events or other unusual occurrences;

•Risks associated with data security and technological systems and protections, including the effects of cyber incidents and from new legislation, regulations or government-related developments;

•~~The impact of labor interruptions or challenges, and~~ Snap-on’s ability to effectively manage human capital resources;

•~~Weakness~~The inimpact ~~certain~~of ~~geographic~~production ~~areas~~and sourcing challenges, including aslabor ainterruptions ~~result~~and ofsupply ~~localized~~chain ~~recessions~~disruptions, ~~and the impact of matters related~~ to ~~the~~both ~~United~~Snap-on ~~Kingdom’s~~and ~~exit~~relevant ~~from~~third ~~the European Union~~parties;

•Weakness in certain geographic areas, including as a result of localized recessions;

•Changes in tax rates, laws and regulations as well as uncertainty surrounding potential changes;

•The amount, rate and growth of health care and postretirement costs, including continuing and potentially increasing required contributions to pension and postretirement plans;

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•The effects of new or changing requirements, legislation, regulations or government-related developments or issues, as well as third party actions, including those addressing climate change;

•Potential reputational damages and costs related to litigation;

•The impact of outbreaks of infectious diseases as well as the effects of governmental actions related thereto on Snap-on’s business, which could have the potential to amplify the impact of the other risks facing the company; and

•Other world or local events outside Snap-on’s control, including terrorist disruptions, armed conflicts and civil unrest.

Snap-on disclaims any responsibility to update any forward-looking statement provided in this document, except as required by law.

In addition, investors should be aware that generally accepted accounting principles in the United States of America (“GAAP”) prescribe when a company should reserve for particular risks, including litigation exposures. Accordingly, results for a given reporting period could be significantly affected if and when a reserve is established for a major contingency. Reported results, therefore, may appear to be volatile in certain accounting periods.

Non-GAAP Measures

References in Management’s Discussion and Analysis of Financial Condition and Results of Operations to “organic sales” refer to sales from continuing operations calculated in accordance with GAAP, adjusted to exclude acquisition-related sales and the impact of foreign currency translation. Management evaluates the company’s sales performance based on organic sales growth, which primarily reflects growth from the company’s existing businesses as a result of increased output, expanded customer base, geographic expansion, new product development and pricing changes, and excludes sales contributions from acquired operations the company did not own as of the comparable prior-year reporting period. Organic sales also exclude the effects of foreign currency translation as foreign currency translation is subject to volatility that can obscure underlying business trends. Management believes that the non-GAAP financial measure of organic sales is meaningful to investors as it provides them with useful information to aid in identifying underlying growth trends in the company’s businesses and facilitates comparisons of its sales performance with prior periods.

41Recent Developments

As disclosed in Part I, Item 1A: Risk Factors, of our Annual Report on Form 10-K for the fiscal year ended December 28, 2024, the company’s business is subject to risks related to, among other factors, tariffs and other trade protection measures put in the place by the United States or other countries, as well as U.S. international trade relations, including those with China, Canada and the European Union. Starting in the first quarter of 2025, the United States government announced additional tariffs on goods imported into the U.S. from numerous countries and multiple nations countered with reciprocal tariffs and other actions in response. The U.S. government stated that it is willing to negotiate with other countries regarding the tariffs. While the company generally manufactures products in the markets where they are sold, the tariffs may negatively impact demand and result in an increase in some product costs. Snap-on is currently analyzing the impacts of the tariffs and actions that can be taken to moderate and/or minimize their effects.

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RESULTS OF OPERATIONS

Results of operations for the three months ended ~~September~~March 2829, ~~2024~~2025, and ~~September~~March 30, ~~2023~~2024, are as follows:

	Three Months Ended
(Amounts in millions)	~~September~~March 2829, ~~2024~~2025				~~September~~March 30, ~~2023~~2024				Change
Net sales	$	1,~~147~~141.01	100.0	%	$	1,~~159~~182.3	100.0	%	$	(1241.32)	(13.15)	%
Cost of goods sold	(~~559~~562.26)		(4849.83)	%	(~~581~~585.16)		(5049.15)	%	2123.90		3.89	%
Gross profit	~~587~~578.85		5150.27	%	~~578~~596.27		4950.95	%	9(18.62)		1(3.71)	%
Operating expenses	(335.4)		(29.24)	%	(~~333~~325.08)		(2827.76)	%	(29.46)		(02.79)	%
Operating earnings before financial services	~~252~~243.41		2221.03	%	~~245~~270.29		2122.29	%	7(27.28)		2(10.93)	%
Financial services revenue	~~100~~102.41		100.0	%	9499.96		100.0	%	52.5		52.85	%
Financial services expenses	(2831.78)		(2831.61)	%	(2531.53)		(2631.94)	%	(30.25)		(121.56)	%
Operating earnings from financial services	7170.73		7168.49	%	6968.43		7368.16	%	2.30		32.39	%
Operating earnings	~~324~~313.14		2625.02	%	~~314~~339.62		2526.15	%	9(25.58)		3(7.06)	%
Interest expense	(12.54)		(1.0)	%	(12.45)		(1.0)	%	(0.1)		(0.8)	%
Other income (expense) – net	2014.64		1.72	%	18.01		1.4	%	2(3.67)		14(20.4)	%
Earnings before income taxes	~~332~~315.24		2625.74	%	~~320~~344.28		2526.59	%	12(29.04)		3(8.75)	%
Income tax expense	(7468.7)		(65.16)	%	(7175.12)		(5.69)	%	~~(3.~~6).5		(58.1)6	%
Net earnings	~~257~~246.57		2019.68	%	~~249~~269.16		1921.90	%	8(22.49)		3(8.45)	%
Net earnings attributable to noncontrolling interests	(6.42)		(0.5)	%	(6.01)		(0.54)	%	(0.41)		(61.76)	%
Net earnings attributable to Snap-on Inc.	$	~~251~~240.15	2019.13	%	$	~~243~~263.15	1920.46	%	$	8(23.0)	3(8.37)	%




Percentage Disclosure: All income statement line item percentages below “Operating earnings from financial services” are calculated as a percentage of the sum of Net sales and Financial services revenue.

Net sales of $1,~~147~~141.01 million in the ~~third~~first quarter of ~~2024~~2025 represented a decrease of $1241.32 million, or 13.15%, from ~~2023~~2024 levels, reflecting a $1927.23 million, or 12.73%, organic decline and $013.39 million of unfavorable foreign currency translation~~, partially offset by $7~~.~~2 million of acquisition-related sales.~~

Gross profit of $~~587~~578.85 million in the ~~third~~first quarter of ~~2024~~2025 compared to $~~578~~596.27 million last year. Gross margin (gross profit as a percentage of net sales) in the quarter improved ~~130~~20 basis points (100 basis points (“bps”) equals 1.0 percent) from the ~~third~~first quarter of ~~2023~~2024 primarily reflecting ~~increased sales in higher-gross-margin businesses,~~ benefits from the company’s “Rapid Continuous Improvement” or “RCI” initiatives~~, and lower material and other costs~~.

Snap-on’s RCI initiatives employ a structured set of tools and processes across multiple businesses and geographies intended to eliminate waste and improve operations. Savings from Snap-on’s RCI initiatives reflect benefits from a wide variety of ongoing efficiency, productivity and process improvements, including savings generated from product design cost reductions, improved manufacturing line set-up and change-over practices, lower-cost sourcing initiatives, and facility consolidations. Unless individually significant, it is not practicable to disclose each RCI activity that generated savings and/or segregate RCI savings embedded in sales volume increases.

Operating expenses of $335.4 million in the ~~third~~first quarter of ~~2024~~2025 compared to $~~333~~325.08 million last year, which included an $11.3 million benefit for payments received in 2024 associated with a legal matter (the “legal payments”). Operating expenses as a percentage of net sales rose 50180 bps from ~~2023~~last year primarily due to a 90 bps non-recurring benefit from the legal payments in 2024 and the effects of lower sales volumes, partially offset by savings from RCI initiatives.

Operating earnings before financial services of $~~252~~243.41 million in the ~~third~~first quarter of ~~2024~~2025 compared to $~~245~~270.29 million in ~~the~~2024, ~~third~~which ~~quarter~~included ofan ~~2023~~$11.3 million benefit from the legal payments. As a percentage of net sales, operating earnings before financial services were 2221.03% compared to 2122.29% last year, which included a 90 bps benefit from the legal payments.

Financial services revenue of $~~100~~102.41 million in the ~~third~~first quarter of ~~2024~~2025 compared to $9499.96 million last year. Financial services operating earnings of $7170.73 million compared to $6968.43 million in ~~2023~~2024.

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Operating earnings of $~~324~~313.14 million in the ~~third~~first quarter of ~~2024~~2025 compared to $~~314~~339.62 million ~~last~~in ~~year~~2024, which included an $11.3 million benefit from the legal payments. As a percentage of revenues (net sales plus financial services revenue), operating earnings were 2625.02% in the quarter compared to 2526.15% last year, which included a 90 bps benefit from the legal payments.

Interest expense in the ~~third~~first quarter of ~~2024~~2025 ~~increased~~decreased $0.1 million from last year. See Note 87 to the Condensed Consolidated Financial Statements for additional information on debt and credit facilities.

Other income (expense) – net primarily includes interest income, non-service components of net periodic benefit costs, and net gains and losses associated with hedging and currency exchange rate transactions. In the first quarter of 2025, other income (expense) – net included $6.1 million of increased year-over-year non-service net periodic benefit costs, primarily reflecting higher amortization of actuarial losses. See Note 1615 to the Condensed Consolidated Financial Statements for additional information on Other income (expense) – net.

The effective income tax rate on earnings attributable to Snap-on was 22.92% ~~and 22.6%~~ in the ~~third~~first quarters of ~~2024~~both 2025 and ~~2023, respectively~~2024. See Note 76 to the Condensed Consolidated Financial Statements for additional information on income taxes.

Net earnings attributable to Snap-on of $~~251~~240.15 million, or $4.7051 per diluted share, in the ~~third~~first quarter of ~~2024~~2025 compared to $~~243~~263.15 million, or $4.5191 per diluted share, in the ~~third~~first quarter of ~~2023~~2024, which included an $8.8 million, or $0.16 per diluted share, after-tax benefit from the legal payments.

Segment Results

~~Results~~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 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 ~~for~~serving a broad range of industrial and commercial customers worldwide, including customers in the ~~nine~~aerospace, ~~months~~natural ~~ended~~resources, ~~September 28~~government and military, ~~2024~~power generation, transportation and ~~September~~technical education market segments, 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 30& Information Group consists of business operations serving other professional vehicle repair customers worldwide, ~~2023~~primarily owners and managers of independent repair shops and OEM dealerships, ~~are~~through asdirect ~~follows:~~and distributor channels. Financial Services consists of the business operations of Snap-on’s finance subsidiaries.

	Nine Months Ended
(Amounts in millions)	September 28, 2024				September 30, 2023				Change
Net sales	$	3,508.7	100.0	%	$	3,533.6	100.0	%	$	(24.9)	(0.7)	%
Cost of goods sold	(1,726.9)		(49.2)	%	(1,762.1)		(49.9)	%	35.2		2.0	%
Gross profit	1,781.8		50.8	%	1,771.5		50.1	%	10.3		0.6	%
Operating expenses	(978.2)		(27.9)	%	(989.5)		(28.0)	%	11.3		1.1	%
Operating earnings before financial services	803.6		22.9	%	782.0		22.1	%	21.6		2.8	%
Financial services revenue	300.5		100.0	%	280.9		100.0	%	19.6		7.0	%
Financial services expenses	(90.3)		(30.0)	%	(78.3)		(27.9)	%	(12.0)		(15.3)	%
Operating earnings from financial services	210.2		70.0	%	202.6		72.1	%	7.6		3.8	%
Operating earnings	1,013.8		26.6	%	984.6		25.8	%	29.2		3.0	%
Interest expense	(37.3)		(1.0)	%	(37.4)		(1.0)	%	0.1		0.3	%
Other income (expense) – net	57.4		1.5	%	50.0		1.3	%	7.4		14.8	%
Earnings before income taxes	1,033.9		27.1	%	997.2		26.1	%	36.7		3.7	%
Income tax expense	(229.2)		(6.0)	%	(223.9)		(5.8)	%	(5.3)		(2.4)	%
Net earnings	804.7		21.1	%	773.3		20.3	%	31.4		4.1	%
Net earnings attributable to noncontrolling interests	(18.9)		(0.5)	%	(17.5)		(0.5)	%	(1.4)		(8.0)	%
Net earnings attributable to Snap-on Inc.	$	785.8	20.6	%	$	755.8	19.8	%	$	30.0	4.0	%

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. 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.

Percentage Disclosure: All income statement line item percentages below “Operating earnings from financial services” are calculated as a percentage of the sum of Net sales and Financial services revenue.39

Net sales of $3,508.7 million in the first nine months of 2024 represented a decrease of $24.9 million, or 0.7%, from 2023 levels, reflecting a $42.6 million, or 1.2%, organic decline and $3.5 million of unfavorable foreign currency translation, partially offset by $21.2 million of acquisition-related sales.

Gross profit of $1,781.8 million in the first nine months of 2024 compared to $1,771.5 million last year. Gross margin in the first nine months improved 70 bps from 2023 primarily due to benefits from the company’s RCI initiatives and lower material and other costs.

Operating expenses of $978.2 million in the first nine months of 2024, including a $22.5 million benefit for the final payments received associated with a legal matter in the first six months of 2024 (the “legal payments”), compared to $989.5 million last year. Operating expenses as a percentage of net sales improved 10 bps from 2023 primarily reflecting benefits from the legal payments, partially offset by the effects of lower sales volumes.

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Commercial & Industrial Group

Operating earnings before financial services of $803.6 million in the first nine months of 2024, including a $22.5 million benefit from the legal payments, compared to $782.0 million in 2023. As a percentage of net sales, operating earnings before financial services were 22.9% compared to 22.1% last year.


	Three Months Ended
(Amounts in millions)	March 29, 2025				March 30, 2024				Change
External net sales	$	276.7	80.5	%	$	291.0	80.9	%	$	(14.3)	(4.9)	%
Intersegment net sales	67.2		19.5	%	68.9		19.1	%	(1.7)		(2.5)	%
Segment net sales	343.9		100.0	%	359.9		100.0	%	(16.0)		(4.4)	%
Segment cost of goods sold	(197.4)		(57.4)	%	(213.2)		(59.2)	%	15.8		7.4	%
Segment gross profit	146.5		42.6	%	146.7		40.8	%	(0.2)		(0.1)	%
Segment operating expenses	(93.3)		(27.1)	%	(91.3)		(25.4)	%	(2.0)		(2.2)	%
Segment operating earnings	$	53.2	15.5	%	$	55.4	15.4	%	$	(2.2)	(4.0)	%

~~Financial~~Segment ~~services~~net ~~revenue~~sales of $~~300~~343.59 million in the first ~~nine~~quarter ~~months~~ of ~~2024~~2025 ~~compared~~represented toa decrease of $~~280~~16.90 million, ~~last~~or ~~year~~4.4%, ~~Financial~~from ~~services~~2024 ~~operating~~levels, ~~earnings~~reflecting ofa $~~210~~10.24 million, ~~compared~~or to2.9%, organic sales decline and $~~202~~5.6 million of unfavorable foreign currency translation. The organic reduction includes a low single-digit decrease in ~~2023~~activity with customers in critical industries, where lower sales to the military more than offset gains in other critical industry sectors, and a low single-digit decline in the European-based hand tools business.

~~Operating~~Segment ~~earnings~~gross ofmargin ~~$1,013.8 million~~ in the first ~~nine~~quarter ~~months~~improved of180 ~~2024,~~bps ~~including~~from alast ~~$22.5 million~~year ~~benefit~~primarily ~~from~~reflecting ~~the~~lower ~~legal~~material ~~payments,~~and ~~compared~~other tocosts, ~~$984.6~~increased ~~million~~volumes ~~last~~in ~~year.~~the Ashigher-gross-margin asectors ~~percentage~~ of ~~revenues~~critical industries, ~~operating~~and ~~earnings~~savings ~~were~~from ~~26.6% in~~ the ~~period~~segment’s ~~compared~~RCI ~~to 25~~initiatives.~~8% last year.~~

~~Interest~~Segment ~~expense~~operating inexpenses ~~the~~as ~~first~~a ~~nine~~percentage ~~months~~ of ~~2024~~net ~~decreased~~sales ~~$0.1~~in ~~million~~the ~~from~~first ~~last~~quarter ~~year.~~rose ~~See~~170 ~~Note~~bps 8as compared to ~~the~~2024 ~~Condensed~~primarily ~~Consolidated~~due ~~Financial~~to ~~Statements~~the ~~for~~impact ~~additional~~of ~~information~~lower onsales ~~debt and credit facilities~~volumes.

~~Other~~As ~~income~~a ~~(expense)~~result –of ~~net~~these ~~primarily~~factors, ~~includes~~segment ~~interest~~operating ~~income,~~earnings ~~non-service~~of ~~components~~$53.2 ofmillion ~~net~~in ~~periodic~~the ~~benefit~~first ~~costs,~~quarter ~~and~~of ~~net~~2025 ~~gains~~compared ~~and~~to ~~losses~~$55.4 ~~associated~~million ~~with~~in ~~hedging~~2024. ~~and~~Operating ~~currency~~margin ~~exchange~~(segment ~~rate~~operating ~~transactions.~~earnings ~~See~~as ~~Note~~a 16percentage toof segment net sales) for the ~~Condensed~~Commercial & ~~Consolidated~~Industrial ~~Financial~~Group ~~Statements~~of ~~for~~15.5% ~~additional~~in ~~information~~the onfirst ~~Other~~quarter ~~income~~of ~~(expense)~~2025 –compared ~~net~~to 15.4% in 2024.

Snap-on Tools Group

The effective income tax rate on earnings attributable to Snap-on was 22.6% and 22.9% in the first nine months of 2024 and 2023, respectively. See Note 7 to the Condensed Consolidated Financial Statements for additional information on income taxes.


	Three Months Ended
(Amounts in millions)	March 29, 2025				March 30, 2024				Change
Segment net sales	$	462.9	100.0	%	$	500.1	100.0	%	$	(37.2)	(7.4)	%
Segment cost of goods sold	(248.4)		(53.7)	%	(259.0)		(51.8)	%	10.6		4.1	%
Segment gross profit	214.5		46.3	%	241.1		48.2	%	(26.6)		(11.0)	%
Segment operating expenses	(122.1)		(26.3)	%	(123.8)		(24.7)	%	1.7		1.4	%
Segment operating earnings	$	92.4	20.0	%	$	117.3	23.5	%	$	(24.9)	(21.2)	%

~~Net~~Segment ~~earnings~~net ~~attributable~~sales ~~to Snap-on~~ of $~~785~~462.89 million, ~~or $14.69 per diluted share,~~ in the first ~~nine~~quarter ~~months~~ of ~~2024,~~2025 ~~including~~represented a decrease of $1737.52 million, or $07.324%, ~~per~~from ~~diluted~~2024 ~~share~~levels, ~~after-tax~~reflecting ~~benefit~~a ~~from~~$33.6 ~~the~~million, ~~legal~~or ~~payments~~6.8%, ~~compared~~organic tosales decline and $~~755~~3.86 million, orof ~~$14~~unfavorable foreign currency translation.00 ~~per~~The ~~diluted~~organic ~~share,~~decrease is due to a high single-digit decline in the ~~first~~U.S., ~~nine~~partially ~~months~~offset ofby ~~2023~~a low single-digit gain in the segment’s international operations.

Segment ~~Results~~gross margin in the first quarter decreased 190 bps from last year primarily due to a year-over-year shift in product mix, as well as a result of the reduced volumes.

~~Snap-on’s~~Segment ~~business segments are based on the organization structure used by management for making~~ operating ~~and~~expenses ~~investment~~as decisions and for assessing performance. Snap-on’s reportable business segments are: (i) the Commercial & Industrial Group; (ii) the Snap-on Tools Group; (iii) the Repair Systems & Information Group; and (iv) Financial Services. The Commercial & Industrial Group consists of business operations serving a ~~broad~~percentage ~~range~~ of ~~industrial~~net ~~and~~sales ~~commercial customers worldwide, including customers~~ in the ~~aerospace,~~first ~~natural~~quarter ~~resources,~~rose ~~government~~160 ~~and~~bps ~~military,~~as ~~power~~compared ~~generation,~~to ~~transportation,~~2024 ~~and technical education market segments (collectively, “critical industries”),~~ primarily ~~through~~reflecting ~~direct and distributor channels. The Snap-on Tools Group consists of business operations primarily serving vehicle service and repair technicians through~~ the ~~company’s~~lower ~~multinational~~sales ~~mobile tool distribution channel~~volumes. 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 original equipment manufacturer (“OEM”) dealership service and repair shops (“OEM dealerships”), through direct and distributor channels. Financial Services consists of the business operations of Snap-on’s finance subsidiaries.

~~Snap-on~~As ~~evaluates~~a ~~the~~result ~~performance~~ of ~~its~~these ~~operating~~factors, ~~segments based on~~ segment ~~revenues and segment~~ operating earnings. ~~The~~of ~~Snap-on~~$92.4 ~~Tools~~million ~~Group~~in ~~segment revenues include external net sales, while~~ the ~~Commercial~~first &quarter ~~Industrial~~of ~~Group~~2025 ~~and~~compared ~~the~~to ~~Repair~~$117.3 ~~Systems~~million &in ~~Information~~2024. ~~Group~~Operating ~~segment~~margin ~~revenues~~for ~~include~~the ~~both external and intersegment net sales.~~ Snap-on ~~accounts~~Tools ~~for~~Group ~~intersegment~~of ~~net sales and transfers based primarily on standard costs with reasonable mark-ups established between the segments~~20.0% ~~Identifiable assets by segment are those assets used~~ in the ~~respective~~first ~~reportable~~quarter ~~segment’s operations. Corporate assets consist~~ of ~~cash~~2025 ~~and~~compared ~~cash~~to ~~equivalents (excluding cash held at Financial Services), deferred income taxes and certain other assets~~23.5% ~~Intersegment~~last ~~amounts are eliminated to arrive at Snap-on’s consolidated financial results~~year.

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	Three Months Ended
(Amounts in millions)	September 28, 2024				September 30, 2023				Change
External net sales	$	288.7	78.9	%	$	280.5	76.6	%	$	8.2	2.9	%
Intersegment net sales	77.0		21.1	%	85.9		23.4	%	(8.9)		(10.4)	%
Segment net sales	365.7		100.0	%	366.4		100.0	%	(0.7)		(0.2)	%
Cost of goods sold	(214.9)		(58.8)	%	(223.4)		(61.0)	%	8.5		3.8	%
Gross profit	150.8		41.2	%	143.0		39.0	%	7.8		5.5	%
Operating expenses	(89.8)		(24.5)	%	(84.9)		(23.1)	%	(4.9)		(5.8)	%
Segment operating earnings	$	61.0	16.7	%	$	58.1	15.9	%	$	2.9	5.0	%

Segment net sales of $365.7 million in the third quarter of 2024 represented a decrease of $0.7 million, or 0.2%, from 2023 levels, reflecting a $7.8 million, or 2.1%, organic sales decline and $0.1 million of unfavorable foreign currency translation, partially offset by $7.2 million of acquisition-related sales. The organic decrease is primarily due to a double-digit reduction in the power tools operation and a mid single-digit decline in the European-based hand tools business, partially offset by a gain in sales to customers in critical industries, including a high single-digit increase in specialty torque.

Segment gross margin in the third quarter improved 220 bps from last year, primarily reflecting increased sales volumes in higher-gross-margin critical industry sectors, lower material and other costs, savings from the segment’s RCI initiatives, and 50 bps of benefits from acquisitions. These improvements were partially offset by 30 bps of unfavorable foreign currency effects.

Segment operating expenses as a percentage of net sales in the third quarter rose 140 bps as compared to 2023 primarily due to increased personnel and other costs, and a 50 bps impact from acquisitions.

As a result of these factors, segment operating earnings of $61.0 million in the third quarter of 2024 compared to $58.1 million in 2023, an increase of $2.9 million or 5.0%. Operating margin (segment operating earnings as a percentage of segment net sales) for the Commercial & Industrial Group of 16.7% in the third quarter of 2024 compared to 15.9% in 2023.

	Nine Months Ended
(Amounts in millions)	September 28, 2024				September 30, 2023				Change
External net sales	$	884.7	80.6	%	$	848.9	77.6	%	$	35.8	4.2	%
Intersegment net sales	212.9		19.4	%	245.5		22.4	%	(32.6)		(13.3)	%
Segment net sales	1,097.6		100.0	%	1,094.4		100.0	%	3.2		0.3	%
Cost of goods sold	(644.8)		(58.7)	%	(666.2)		(60.9)	%	21.4		3.2	%
Gross profit	452.8		41.3	%	428.2		39.1	%	24.6		5.7	%
Operating expenses	(274.2)		(25.0)	%	(256.2)		(23.4)	%	(18.0)		(7.0)	%
Segment operating earnings	$	178.6	16.3	%	$	172.0	15.7	%	$	6.6	3.8	%

Segment net sales of $1,097.6 million in the first nine months of 2024 represented an increase of $3.2 million, or 0.3%, from 2023 levels, reflecting $21.2 million of acquisition-related sales, partially offset by a $12.7 million, or 1.2%, organic sales decline and $5.3 million of unfavorable foreign currency translation. The organic decrease is primarily due to a double-digit reduction in the power tools operation and a mid single-digit decline in the European-based hand tools business, partially offset by a mid single-digit gain in sales to customers in critical industries.

Segment gross margin in the first nine months improved 220 bps from last year, primarily reflecting increased sales volumes in higher-gross-margin critical industry sectors, savings from the segment’s RCI initiatives, lower material and other costs, and 50 bps of benefits from acquisitions.

Segment operating expenses as a percentage of net sales in the first nine months rose 160 bps as compared to 2023 primarily due to increased personnel and other costs, and a 60 bps impact from acquisitions.

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As a result of these factors, segment operating earnings of $178.6 million in the first nine months of 2024 compared to $172.0 million in 2023, an increase of $6.6 million or 3.8%. Operating margin for the Commercial & Industrial Group of 16.3% in the first nine months of 2024 compared to 15.7% in 2023.

Snap-on Tools Group

	Three Months Ended
(Amounts in millions)	September 28, 2024				September 30, 2023				Change
Segment net sales	$	500.5	100.0	%	$	515.4	100.0	%	$	(14.9)	(2.9)	%
Cost of goods sold	(264.0)		(52.7)	%	(276.8)		(53.7)	%	12.8		4.6	%
Gross profit	236.5		47.3	%	238.6		46.3	%	(2.1)		(0.9)	%
Operating expenses	(128.2)		(25.7)	%	(125.2)		(24.3)	%	(3.0)		(2.4)	%
Segment operating earnings	$	108.3	21.6	%	$	113.4	22.0	%	$	(5.1)	(4.5)	%

Segment net sales of $500.5 million in the third quarter of 2024 represented a decrease of $14.9 million, or 2.9%, from 2023 levels, reflecting a $15.8 million, or 3.1%, organic sales decline, partially offset by $0.9 million of favorable foreign currency translation. The organic decrease is due to a mid single-digit decline in the U.S., partially offset by a low single-digit gain in the segment’s international operations.

Segment gross margin in the third quarter improved 100 bps from last year primarily due to lower material and other costs, and benefits from RCI initiatives.

Segment operating expenses as a percentage of net sales in the third quarter rose 140 bps as compared to 2023 primarily reflecting the lower sales volumes.

As a result of these factors, segment operating earnings of $108.3 million in the third quarter of 2024 compared to $113.4 million in 2023, a decrease of $5.1 million or 4.5%. Operating margin for the Snap-on Tools Group of 21.6% in the third quarter of 2024 compared to 22.0% last year.

	Nine Months Ended
(Amounts in millions)	September 28, 2024				September 30, 2023				Change
Segment net sales	$	1,482.6	100.0	%	$	1,575.5	100.0	%	$	(92.9)	(5.9)	%
Cost of goods sold	(769.8)		(51.9)	%	(826.5)		(52.5)	%	56.7		6.9	%
Gross profit	712.8		48.1	%	749.0		47.5	%	(36.2)		(4.8)	%
Operating expenses	(372.4)		(25.1)	%	(366.2)		(23.2)	%	(6.2)		(1.7)	%
Segment operating earnings	$	340.4	23.0	%	$	382.8	24.3	%	$	(42.4)	(11.1)	%

Segment net sales of $1,482.6 million in the first nine months of 2024 represented a decrease of $92.9 million, or 5.9%, from 2023 levels, reflecting a $93.6 million, or 5.9%, organic sales decline, partially offset by $0.7 million of favorable foreign currency translation. The organic decrease is due to a high single-digit decline in the U.S., partially offset by a low single-digit gain in the segment’s international operations.

Segment gross margin in the first nine months improved 60 bps from last year primarily reflecting decreased sales of lower-gross-margin products.

Segment operating expenses as a percentage of net sales in the first nine months rose 190 bps as compared to 2023 primarily due to the lower sales volumes.

As a result of these factors, segment operating earnings of $340.4 million in the first nine months of 2024 compared to $382.8 million in 2023, a decrease of $42.4 million or 11.1%. Operating margin for the Snap-on Tools Group of 23.0% in the first nine months of 2024 compared to 24.3% last year.

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Repair Systems & Information Group

	Three Months Ended
(Amounts in millions)	~~September~~March 2829, ~~2024~~2025				~~September~~March 30, ~~2023~~2024				Change
External net sales	$	~~357~~401.85	84.64	%	$	~~363~~391.42	84.23	%	$	(510.6)3	(12.5)6	%
Intersegment net sales	6474.94		15.46	%	6872.46		15.87	%	(31.5)8		(52.1)5	%
Segment net sales	~~422~~475.79		100.0	%	~~431~~463.8		100.0	%	(912.1)		(2.1)6	%
Cost of goods sold	(222.2)		(52.6)	%	(235.2)		(54.5)	%	13.0		5.5	%
Segment cost of goods sold	(258.4)		(54.3)	%	(254.9)		(55.0)	%	(3.5)		(1.4)	%
Gross profit	200.5		47.4	%	196.6		45.5	%	3.9		2.0	%
Segment gross profit	217.5		45.7	%	208.9		45.0	%	8.6		4.1	%
Operating expenses	(93.2)		(22.0)	%	(91.7)		(21.2)	%	(1.5)		(1.6)	%
Segment operating expenses	(95.4)		(20.0)	%	(96.0)		(20.7)	%	0.6		0.6	%
Segment operating earnings	$	~~107~~122.31	25.47	%	$	~~104~~112.9	24.3	%	$	29.42	28.31	%

Segment net sales of $~~422~~475.79 million in the ~~third~~first quarter of ~~2024~~2025 represented aan ~~decrease~~increase of $912.1 million, or 2.16%, from ~~2023~~2024 levels, reflecting ana $817.20 million, or 13.97%, organic sales ~~decline~~gain, ~~and~~partially offset by $04.9 million of unfavorable foreign currency translation. The organic ~~decrease~~improvement isincludes ~~due to~~ a ~~mid single~~double-digit ~~decline~~increase in ~~sales of undercar equipment and a low single-digit reduction in~~ activity with OEM dealerships, ~~partially~~and ~~offset by~~ a low single-digit gain in sales of diagnostic and repair information products to independent repair shop owners and managers, partially offset by a mid single-digit decline in sales of undercar equipment.

Segment gross margin in the ~~third~~first quarter improved ~~190~~70 bps from last year primarily reflecting increased sales of higher-gross-margin products and benefits from the segment’s RCI initiatives, partially offset by higher material and other costs.

Segment operating expenses as a percentage of net sales in the ~~third~~first quarter ~~rose~~improved 8070 bps from ~~2023~~2024 primarily due to the ~~lower~~higher sales volumes and ~~increased~~savings ~~personnel~~from ~~and~~RCI ~~other costs~~initiatives.

As a result of these factors, segment operating earnings of $~~107~~122.31 million in the ~~third~~first quarter of ~~2024~~2025 compared to $~~104~~112.9 million in ~~2023, an increase of $2~~2024.4 ~~million or 2.3%.~~ Operating margin for the Repair Systems & Information Group of 25.47% in the ~~third~~first quarter of ~~2024~~2025 compared to 24.3% last year.

	Nine Months Ended
(Amounts in millions)	September 28, 2024				September 30, 2023				Change
External net sales	$	1,141.4	85.1	%	$	1,109.2	83.4	%	$	32.2	2.9	%
Intersegment net sales	199.9		14.9	%	221.2		16.6	%	(21.3)		(9.6)	%
Segment net sales	1,341.3		100.0	%	1,330.4		100.0	%	10.9		0.8	%
Cost of goods sold	(725.1)		(54.1)	%	(736.1)		(55.3)	%	11.0		1.5	%
Gross profit	616.2		45.9	%	594.3		44.7	%	21.9		3.7	%
Operating expenses	(282.4)		(21.0)	%	(274.4)		(20.7)	%	(8.0)		(2.9)	%
Segment operating earnings	$	333.8	24.9	%	$	319.9	24.0	%	$	13.9	4.3	%

Segment net sales of $1,341.3 million in the first nine months of 2024 represented an increase of $10.9 million, or 0.8%, from 2023 levels, reflecting a $10.8 million, or 0.8%, organic sales gain and $0.1 million of favorable foreign currency translation. The organic improvement reflects a mid single-digit increase in activity with OEM dealerships, partially offset by low single-digit declines in both sales of undercar equipment and of diagnostic and information products to independent repair shop owners and managers.

Segment gross margin in the first nine months improved 120 bps from last year primarily due to savings from RCI initiatives, and lower material and other costs.

Segment operating expenses as a percentage of net sales in the first nine months rose 30 bps from 2023 primarily reflecting increased personnel and other costs.

As a result of these factors, segment operating earnings of $333.8 million in the first nine months of 2024 compared to $319.9 million in 2023, an increase of $13.9 million or 4.3%. Operating margin for the Repair Systems & Information Group of 24.9% in the first nine months of 2024 compared to 24.0% last year.

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Financial Services

	Three Months Ended
(Amounts in millions)	~~September~~March 2829, ~~2024~~2025				~~September~~March 30, ~~2023~~2024				Change
Financial services revenue	$	~~100~~102.41	100.0	%	$	9499.96	100.0	%	$	52.5	52.85	%
Financial services expenses	(2831.78)		(2831.61)	%	(2531.53)		(2631.94)	%	(30.25)		(121.56)	%
Segment operating earnings	$	7170.73	7168.49	%	$	6968.43	7368.16	%	$	2.30	32.39	%

Financial services revenue is generally dependent on the size of the average financial services portfolio during the period, as well as on the average yield on receivables. Financial services revenue of $~~100~~102.41 million in the ~~third~~first quarter of ~~2024~~2025 ~~increased~~represented an increase of $52.5 million, or 52.85%, from last year. In the ~~third~~first quarters of ~~both~~2025 ~~2024~~ and ~~2023~~2024, the respective average ~~yield~~yields on finance receivables ~~was~~were 17.6% and 17.7%. In the ~~third~~first quarters of ~~2024~~2025 and ~~2023~~2024, the average yields on contract receivables were 9.1% and 89.80%, respectively. Originations of $~~288~~268.07 million in the ~~third~~first quarter of ~~2024~~2025 represented a decrease of $1733.20 million, or 510.69%, from ~~2023~~2024 levels.

Financial services expenses primarily include personnel-related and other general and administrative costs, as well as provisions for credit losses. These expenses are generally more dependent on changes in the size of the financial services portfolio than they are on the revenue of the segment. ~~Financial services expenses in the third quarter of 2024 increased primarily due to higher provisions for credit losses as compared to those recorded in the third quarter of 2023.~~ As a percentage of the average financial services portfolio, expenses were 1.13% in the ~~third~~first quarters of both ~~2024~~2025 and ~~2023~~2024.

As a result of these factors, segment operating earnings of $7170.73 million in the ~~third~~first quarter of ~~2024~~2025 compared to $6968.43 million in ~~2023, an increase of $2~~2024.~~3 million, or 3.3%.~~

	Nine Months Ended
(Amounts in millions)	September 28, 2024				September 30, 2023				Change
Financial services revenue	$	300.5	100.0	%	$	280.9	100.0	%	$	19.6	7.0	%
Financial services expenses	(90.3)		(30.0)	%	(78.3)		(27.9)	%	(12.0)		(15.3)	%
Segment operating earnings	$	210.2	70.0	%	$	202.6	72.1	%	$	7.6	3.8	%

Financial services revenue of $300.5 million in the first nine months of 2024 increased $19.6 million, or 7.0%, from last year. In the first nine months of both 2024 and 2023, the average yield on finance receivables was 17.7%. In the first nine months of 2024 and 2023, the average yields on contract receivables were 9.0% and 8.7%, respectively. Originations of $897.8 million in the first nine months of 2024 represented a decrease of $34.6 million, or 3.7%, from 2023 levels.

Financial services expenses in the first nine months of 2024 increased primarily due to higher provisions for credit losses as compared to those recorded last year. As a percentage of the average financial services portfolio, expenses were 3.6% and 3.3% in the respective first nine months of 2024 and 2023.

As a result of these factors, segment operating earnings of $210.2 million in the first nine months of 2024 compared to $202.6 million in 2023, an increase of $7.6 million, or 3.8%.

Corporate

Snap-on’s third quarter 2024 general corporate expenses of $24.2 million compared to $31.2 million last year. The year-over-year decrease primarily reflects lower performance-based compensation and other costs.

For the first nine months of 2024, general corporate expenses of $49.2 million compared to $92.7 million recorded in 2023. The year-over-year decrease primarily reflects benefits from the legal payments received in the first six months of 2024 and lower performance-based compensation and other costs.

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Corporate

Snap-on’s first quarter 2025 general corporate expenses of $24.6 million compared to $14.7 million last year. The year-over-year increase primarily reflects benefits from the legal payments received in the first quarter of 2024.

Non-GAAP Supplemental Data

The following non-GAAP supplemental data is presented for informational purposes to provide readers with insight into the information used by management for assessing the operating performance of Snap-on’s non-financial services (“Operations”) and Financial Services businesses.

The supplemental Operations data reflects the results of operations and financial position of Snap-on’s tools, diagnostics, equipment products, software, and other non-financial services operations with Financial Services presented on the equity method. The supplemental Financial Services data reflects the results of operations and financial position of Snap-on’s U.S. and international financial services operations. The financing needs of Financial Services are met through intersegment borrowings and cash generated from Operations; Financial Services is charged interest expense on intersegment borrowings at market rates. Income taxes are charged to Financial Services on the basis of the specific tax attributes generated by the U.S. and international financial services businesses. Transactions between the Operations and Financial Services businesses are eliminated to arrive at the Condensed Consolidated Financial Statements.

Non-GAAP Supplemental Consolidating Data – Supplemental Condensed Statements of Earnings information for the three months ended ~~September~~March 2829, ~~2024~~2025, and ~~September~~March 30, ~~2023~~2024, is as follows:

	Operations*				Financial Services
(Amounts in millions)	~~September~~March 2829, ~~2024~~2025		~~September~~March 30, ~~2023~~2024		~~September~~March 2829, ~~2024~~2025		~~September~~March 30, ~~2023~~2024
Net sales	$	1,~~147~~141.01	$	1,~~159~~182.3	$	—	$	—
Cost of goods sold	(~~559~~562.26)		(~~581~~585.16)		—		—
Gross profit	~~587~~578.85		~~578~~596.27		—		—
Operating expenses	(335.4)		(~~333~~325.08)		—		—
Operating earnings before financial services	~~252~~243.41		~~245~~270.29		—		—
Financial services revenue	—		—		~~100~~102.41		9499.96
Financial services expenses	—		—		(2831.78)		(2531.53)
Operating earnings from financial services	—		—		7170.73		6968.43
Operating earnings	~~252~~243.41		~~245~~270.29		7170.73		6968.43
Interest expense	(12.54)		(12.45)		—		—
Intersegment interest income (expense) – net	1617.80		16.17		(1617.80)		(16.17)
Other income (expense) – net	2014.64		1718.90		—		0.1
Earnings before income taxes and equity earnings	~~277~~262.31		~~266~~293.81		5453.93		5351.47
Income tax expense	(6255.04)		(5762.3)		(1213.73)		(1312.89)
Earnings before equity earnings	~~215~~206.37		~~209~~230.58		4240.20		3938.68
Financial services – net earnings attributable to Snap-on	4240.20		3938.68		—		—
Net earnings	~~257~~246.57		~~249~~269.16		4240.20		3938.68
Net earnings attributable to noncontrolling interests	(6.42)		(6.01)		—		—
Net earnings attributable to Snap-on	$	~~251~~240.15	$	~~243~~263.15	$	4240.20	$	3938.68

* Snap-on with Financial Services presented on the equity method.

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Non-GAAP Supplemental Consolidating Data – Supplemental Condensed ~~Statements~~Balance ofSheets ~~Earnings~~ information ~~for~~as ~~the~~of ~~nine month periods ended September~~March 2829, ~~2024~~2025, and ~~September 30~~December 28, ~~2023~~2024, is as follows:

	Operations*				Financial Services
(Amounts in millions)	~~September~~March 2829, ~~2024~~2025		~~September~~December 3028, ~~2023~~2024		~~September~~March 2829, ~~2024~~2025		~~September~~December 3028, ~~2023~~2024
Net sales	$	3,508.7	$	3,533.6	$	—	$	—
ASSETS
Cost of goods sold	(1,726.9)		(1,762.1)		—		—
Current assets:
Gross profit	1,781.8		1,771.5		—		—
Cash and cash equivalents	$	1,434.7	$	1,360.4	$	0.2	$	0.1
Operating expenses	(978.2)		(989.5)		—		—
Intersegment receivables	16.4		15.1		—		—
Operating earnings before financial services	803.6		782.0		—		—
Trade and other accounts receivable – net	851.4		815.0		1.3		0.6
Financial services revenue	—		—		300.5		280.9
Finance receivables – net	—		—		620.4		610.3
Financial services expenses	—		—		(90.3)		(78.3)
Contract receivables – net	4.9		4.8		111.5		115.2
Operating earnings from financial services	—		—		210.2		202.6
Inventories – net	961.2		943.4		—		—
Operating earnings	803.6		782.0		210.2		202.6
Prepaid expenses and other current assets	158.9		143.8		10.6		9.4
Interest expense	(37.3)		(37.4)		—		—
Total current assets	3,427.5		3,282.5		744.0		735.6
Intersegment interest income (expense) – net	50.6		47.9		(50.6)		(47.9)
Property and equipment – net	545.4		540.2		2.3		2.4
Other income (expense) – net	57.3		49.8		0.1		0.2
Operating lease right-of-use assets	86.2		83.8		5.5		5.6
Earnings before income taxes and equity earnings	874.2		842.3		159.7		154.9
Investment in Financial Services	400.4		403.5		—		—
Income tax expense	(189.3)		(183.8)		(39.9)		(40.1)
Deferred income tax assets	51.9		51.8		26.4		26.2
Earnings before equity earnings	684.9		658.5		119.8		114.8
Intersegment long-term notes receivable	816.3		831.8		—		—
Financial services – net earnings attributable to Snap-on	119.8		114.8		—		—
Long-term finance receivables – net	—		—		1,296.3		1,312.0
Net earnings	804.7		773.3		119.8		114.8
Long-term contract receivables – net	8.5		8.4		411.6		409.9
Net earnings attributable to noncontrolling interests	(18.9)		(17.5)		—		—
Goodwill	1,077.7		1,056.8		—		—
Net earnings attributable to Snap-on	$	785.8	$	755.8	$	119.8	$	114.8
Other intangible assets – net	271.4		267.6		—		—
Pension assets	127.2		125.4		—		—
Other long-term assets	35.5		35.6		0.2		0.2
Total assets	$	6,848.0	$	6,687.4	$	2,486.3	$	2,491.9

Filing Compare · Snap-on Inc