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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 October 2, 2021
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                                                   to                                                          
Commission File Number 1-7724
Snap-on Incorporated

(Exact name of registrant as specified in its charter)
Delaware39-0622040
(State of incorporation)(I.R.S. Employer Identification No.)
2801 80th Street,Kenosha,Wisconsin53143
            (Address of principal executive offices)(Zip code)
(262) 656-5200
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $1.00 par valueSNANew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes   No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes    No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, 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 filerAccelerated filerNon-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No
Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date:
ClassOutstanding at October 15, 2021
Common Stock, $1.00 par value53,725,444 shares



TABLE OF CONTENTS 

Page

2

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 EndedNine Months Ended
October 2, 2021September 26, 2020October 2, 2021September 26, 2020
Net sales$1,037.7 $941.6 $3,143.7 $2,518.1 
Cost of goods sold(517.0)(472.1)(1,566.3)(1,285.8)
Gross profit520.7 469.5 1,577.4 1,232.3 
Operating expenses(319.4)(283.8)(958.1)(816.6)
Operating earnings before financial services201.3 185.7 619.3 415.7 
Financial services revenue87.3 85.8 262.8 256.3 
Financial services expenses(16.7)(20.2)(58.0)(76.2)
Operating earnings from financial services70.6 65.6 204.8 180.1 
Operating earnings271.9 251.3 824.1 595.8 
Interest expense(13.2)(13.8)(41.8)(38.6)
Other income (expense) – net3.7 2.8 11.4 6.3 
Earnings before income taxes and equity earnings262.4 240.3 793.7 563.5 
Income tax expense(60.9)(55.1)(182.9)(130.9)
Earnings before equity earnings201.5 185.2 610.8 432.6 
Equity earnings (loss), net of tax (0.5)1.5  
Net earnings201.5 184.7 612.3 432.6 
Net earnings attributable to noncontrolling interests(5.3)(5.0)(15.5)(14.5)
Net earnings attributable to Snap-on Incorporated$196.2 $179.7 $596.8 $418.1 
Net earnings per share attributable to Snap-on Incorporated:
Basic$3.65 $3.31 $11.05 $7.69 
Diluted3.57 3.28 10.83 7.62 
Weighted-average shares outstanding:
Basic53.8 54.3 54.0 54.4 
Effect of dilutive securities1.1 0.5 1.1 0.5 
Diluted54.9 54.8 55.1 54.9 
Dividends declared per common share$1.23 $1.08 $3.69 $3.24 

See Notes to Condensed Consolidated Financial Statements.

3

SNAP-ON INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Amounts in millions)
(Unaudited)
 
Three Months EndedNine Months Ended
October 2, 2021September 26, 2020October 2, 2021September 26, 2020
Comprehensive income (loss):
Net earnings$201.5 $184.7 $612.3 $432.6 
Other comprehensive income (loss):
Foreign currency translation(38.6)42.6 (47.4)22.4 
Reclassification of foreign currency translation loss from sale of equity interest to net earnings  (1.0) 
Unrealized cash flow hedges, net of tax:
Other comprehensive income before reclassifications   1.4 
Reclassification of cash flow hedges to net earnings(0.4)(0.4)(1.2)(1.2)
Defined benefit pension and postretirement plans:
Amortization of net unrecognized losses included in net periodic benefit cost
9.0 8.7 27.2 25.9 
Income tax benefit
(2.1)(2.1)(6.6)(6.2)
Net of tax
6.9 6.6 20.6 19.7 
Total comprehensive income$169.4 $233.5 $583.3 $474.9 
Comprehensive income attributable to noncontrolling interests
(5.3)(5.0)(15.5)(14.5)
Comprehensive income attributable to Snap-on Incorporated
$164.1 $228.5 $567.8 $460.4 

.

See Notes to Condensed Consolidated Financial Statements.

4

SNAP-ON INCORPORATED
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in millions, except share data)
(Unaudited)
October 2, 2021January 2, 2021
ASSETS
Current assets:
Cash and cash equivalents$735.5 $923.4 
Trade and other accounts receivable – net653.2 640.7 
Finance receivables – net544.8 530.2 
Contract receivables – net117.8 112.5 
Inventories – net789.6 746.5 
Prepaid expenses and other assets133.4 129.7 
Total current assets2,974.3 3,083.0 
Property and equipment:
Land34.1 34.0 
Buildings and improvements429.4 432.0 
Machinery, equipment and computer software1,061.6 1,033.4 
Property and equipment – gross1,525.1 1,499.4 
Accumulated depreciation and amortization(1,004.2)(973.2)
Property and equipment – net520.9 526.2 
Operating lease right-of-use assets52.9 51.9 
Deferred income tax assets49.1 50.3 
Long-term finance receivables – net1,110.4 1,136.3 
Long-term contract receivables – net380.1 374.7 
Goodwill1,171.0 982.4 
Other intangibles – net249.6 260.8 
Other assets72.6 91.7 
Total assets$6,580.9 $6,557.3 
See Notes to Condensed Consolidated Financial Statements.

5

SNAP-ON INCORPORATED
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in millions, except share data)
(Unaudited)
October 2, 2021January 2, 2021
LIABILITIES AND EQUITY
Current liabilities:
Notes payable and current maturities of long-term debt$17.4 $268.5 
Accounts payable266.9 222.9 
Accrued benefits57.8 59.7 
Accrued compensation101.4 89.9 
Franchisee deposits89.3 78.4 
Other accrued liabilities446.9 445.5 
Total current liabilities979.7 1,164.9 
Long-term debt1,182.7 1,182.1 
Deferred income tax liabilities80.2 70.4 
Retiree health care benefits32.3 34.5 
Pension liabilities103.2 127.1 
Operating lease liabilities35.0 34.0 
Other long-term liabilities98.5 97.7 
Total liabilities2,511.6 2,710.7 
Commitments and contingencies (Note 15)
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 67,438,068 and 67,430,958 shares, respectively)
67.4 67.4 
Additional paid-in capital
467.7 391.7 
Retained earnings5,552.8 5,156.9 
Accumulated other comprehensive loss(394.8)(365.8)
Treasury stock at cost (13,712,717 and 13,328,859 shares, respectively)
(1,645.8)(1,425.3)
Total shareholders’ equity attributable to Snap-on Incorporated
4,047.3 3,824.9 
Noncontrolling interests22.0 21.7 
Total equity4,069.3 3,846.6 
Total liabilities and equity$6,580.9 $6,557.3 

See Notes to Condensed Consolidated Financial Statements.

6

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 October 2, 2021:
Shareholders’ Equity Attributable to Snap-on Incorporated
Common
Stock
Additional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Treasury
Stock
Noncontrolling
Interests
Total
Equity
Balance at July 3, 2021$67.4 $461.1 $5,423.5 $(362.7)$(1,585.9)$22.1 $4,025.5 
Net Earnings for the three months ended October 2, 2021
— — 196.2 — — 5.3 201.5 
Other comprehensive loss— — — (32.1)— — (32.1)
Cash dividends – $1.23 per share
— — (66.3)— — — (66.3)
Stock compensation plans— 6.6 — — 6.6 — 13.2 
Share repurchases – 300,000 shares
— — — — (66.5)— (66.5)
Other— — (0.6)— — (5.4)(6.0)
Balance at October 2, 2021$67.4 $467.7 $5,552.8 $(394.8)$(1,645.8)$22.0 $4,069.3 


The following summarizes the changes in total equity for the nine month period ended October 2, 2021:
Shareholders’ Equity Attributable to Snap-on Incorporated
Common
Stock
Additional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Treasury
Stock
Noncontrolling
Interests
Total
Equity
Balance at January 2, 2021$67.4 $391.7 $5,156.9 $(365.8)$(1,425.3)$21.7 $3,846.6 
Net Earnings for the nine months ended October 2, 2021
— — 596.8 — — 15.5 612.3 
Other comprehensive loss— — — (29.0)— — (29.0)
Cash dividends – $3.69 per share
— — (199.7)— — — (199.7)
Stock compensation plans— 76.0 — — 135.3 — 211.3 
Share repurchases – 1,588,900 shares
— — — — (355.8)— (355.8)
Other— — (1.2)— — (15.2)(16.4)
Balance at October 2, 2021$67.4 $467.7 $5,552.8 $(394.8)$(1,645.8)$22.0 $4,069.3 


See Notes to Condensed Consolidated Financial Statements.

7


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 26, 2020:
Shareholders’ Equity Attributable to Snap-on Incorporated
Common
Stock
Additional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Treasury
Stock
Noncontrolling
Interests
Total
Equity
Balance at June 27, 2020$67.4 $383.1 $4,894.2 $(514.4)$(1,343.6)$21.9 $3,508.6 
Net Earnings for the three months ended September 26, 2020
— — 179.7 — — 5.0 184.7 
Other comprehensive income— — — 48.8 — — 48.8 
Cash dividends – $1.08 per share
— — (58.8)— — — (58.8)
Stock compensation plans— 3.2 — — 4.7 — 7.9 
Share repurchases – 300,000 shares
— — — — (45.1)— (45.1)
Other— — (0.2)— — (5.1)(5.3)
Balance at Balance at September 26, 2020$67.4 $386.3 $5,014.9 $(465.6)$(1,384.0)$21.8 $3,640.8 


The following summarizes the changes in total equity for the nine month period ended September 26, 2020:
Shareholders’ Equity Attributable to Snap-on Incorporated
Common
Stock
Additional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Treasury
Stock
Noncontrolling
Interests
Total
Equity
Balance at December 28, 2019$67.4 $379.1 $4,779.7 $(507.9)$(1,309.2)$21.7 $3,430.8 
Impact of adopting the Credit Loss Standard (ASU No. 2016-13)
— — (6.1)— — — (6.1)
Balance at December 29, 201967.4 379.1 4,773.6 (507.9)(1,309.2)21.7 3,424.7 
Net Earnings for the nine months ended September 26, 2020
— — 418.1 — — 14.5 432.6 
Other comprehensive income— — — 42.3 — — 42.3 
Cash dividends – $3.24 per share
— — (176.5)— — — (176.5)
Stock compensation plans— 7.2 — — 20.8 — 28.0 
Share repurchases – 649,000 shares
— — — — (95.6)— (95.6)
Other— — (0.3)— — (14.4)(14.7)
Balance at Balance at September 26, 2020$67.4 $386.3 $5,014.9 $(465.6)$(1,384.0)$21.8 $3,640.8 


See Notes to Condensed Consolidated Financial Statements.

8

SNAP-ON INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in millions)
(Unaudited)
Nine Months Ended
October 2, 2021September 26, 2020
Operating activities:
Net earnings$612.3 $432.6 
Adjustments to reconcile net earnings to net cash provided (used) by operating activities:
Depreciation56.4 54.3 
Amortization of other intangibles18.7 17.2 
Provision for losses on finance receivables23.7 41.2 
Provision for losses on non-finance receivables
12.5 16.3 
Stock-based compensation expense33.3 12.5 
Deferred income tax provision (benefit)3.4 (8.5)
Loss on sales of assets1.5 0.7 
Settlement of treasury lock 1.4 
Changes in operating assets and liabilities, net of effects of acquisitions:
Trade and other accounts receivable(23.4)58.5 
Contract receivables(12.2)(26.8)
Inventories(54.6)(3.6)
Prepaid and other assets(10.0)(0.3)
Accounts payable48.3 10.3 
Accruals and other liabilities34.0 85.2 
Net cash provided by operating activities743.9 691.0 
Investing activities:
Additions to finance receivables(662.6)(611.5)
Collections of finance receivables648.4 542.7 
Capital expenditures(53.8)(39.1)
Acquisitions of businesses, net of cash acquired(199.7)(6.1)
Disposals of property and equipment1.6 1.4 
Other(0.5)(1.6)
Net cash used by investing activities(266.6)(114.2)
Financing activities:
Proceeds from issuance of long-term debt 489.9 
Repayment of long-term debt(250.0) 
Net increase (decrease) in other short-term borrowings3.0 (187.7)
Cash dividends paid(199.7)(176.5)
Purchases of treasury stock(355.8)(95.6)
Proceeds from stock purchase and option plans158.4 16.5 
Other(20.6)(19.3)
Net cash provided (used) by financing activities(664.7)27.3 
Effect of exchange rate changes on cash and cash equivalents(0.5)(1.1)
Increase (decrease) in cash and cash equivalents(187.9)603.0 
Cash and cash equivalents at beginning of year923.4 184.5 
Cash and cash equivalents at end of period$735.5 $787.5 
Supplemental cash flow disclosures:
Cash paid for interest$(47.5)$(41.2)
Net cash paid for income taxes(187.2)(131.9)

See Notes to Condensed Consolidated Financial Statements.

9

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 2020 Annual Report on Form 10-K for the fiscal year ended January 2, 2021 (“2020 year end”).
The company’s 2021 fiscal year, which ends on January 1, 2022, will contain 52 weeks of operating results. The company’s 2020 fiscal year contained 53 weeks of operating results, with the additional week occurring in the fourth quarter. Snap-on’s 2021 fiscal third quarter ended on October 2, 2021; the 2020 fiscal third quarter ended on September 26, 2020. The company’s 2021 and 2020 fiscal third 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 October 2, 2021, and September 26, 2020, have been made. Interim results of operations are not necessarily indicative of the results to be expected for the full fiscal year.
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Financial Instruments
The fair value of the company’s derivative financial instruments is generally determined using quoted prices in active markets for similar assets and liabilities. The carrying value of the company’s non-derivative financial instruments either approximates fair value, due to their short-term nature, or the amount disclosed for fair value is based upon a discounted cash flow analysis or quoted market values. See Note 10 for further information on financial instruments.
New Accounting Standards
On January 3, 2021, the beginning of Snap-on’s 2021 fiscal year, the company adopted ASU No. 2019-12, Simplifying the Accounting for Income Taxes, which is designed to simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The adoption of this ASU did not have a significant impact on the company’s Condensed Consolidated Financial Statements.

Note 2: Revenue Recognition
Snap-on recognizes revenue from the sale of tools, diagnostic and equipment products and related services based on when control of the product passes to the customer or the service is provided and is recognized at an amount that reflects the consideration expected to be received in exchange for such goods or services.

10

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 EndedNine Months Ended
(Amounts in millions)October 2, 2021September 26, 2020October 2, 2021September 26, 2020
Revenue from contracts with customers$1,031.6 $935.8 $3,125.7 $2,500.8 
Other revenues6.1 5.8 18.0 17.3 
Total net sales1,037.7 941.6 3,143.7 2,518.1 
Financial services revenue87.3 85.8 262.8 256.3 
Total revenues$1,125.0 $1,027.4 $