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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 July 2, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                                                   to                                                          
Commission File Number 1-7724
Snap-on Incorporated

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

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $1.00 par valueSNANew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes   No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes    No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated 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 July 15, 2022
Common Stock, $1.00 par value53,267,889 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 EndedSix Months Ended
July 2, 2022July 3, 2021July 2, 2022July 3, 2021
Net sales$1,136.6 $1,081.4 $2,234.4 $2,106.0 
Cost of goods sold(583.1)(538.3)(1,146.6)(1,049.3)
Gross profit553.5 543.1 1,087.8 1,056.7 
Operating expenses(306.9)(326.0)(618.1)(638.7)
Operating earnings before financial services246.6 217.1 469.7 418.0 
Financial services revenue86.4 86.9 174.1 175.5 
Financial services expenses(21.1)(18.0)(38.4)(41.3)
Operating earnings from financial services65.3 68.9 135.7 134.2 
Operating earnings311.9 286.0 605.4 552.2 
Interest expense(11.7)(14.3)(23.3)(28.6)
Other income (expense) – net9.3 3.4 17.6 7.7 
Earnings before income taxes and equity earnings309.5 275.1 599.7 531.3 
Income tax expense(72.3)(62.9)(139.8)(122.0)
Earnings before equity earnings237.2 212.2 459.9 409.3 
Equity earnings, net of tax 1.0  1.5 
Net earnings237.2 213.2 459.9 410.8 
Net earnings attributable to noncontrolling interests(5.7)(5.2)(11.0)(10.2)
Net earnings attributable to Snap-on Incorporated$231.5 $208.0 $448.9 $400.6 
Net earnings per share attributable to Snap-on Incorporated:
Basic$4.34 $3.85 $8.41 $7.40 
Diluted4.27 3.76 8.27 7.26 
Weighted-average shares outstanding:
Basic53.3 54.0 53.4 54.1 
Effect of dilutive securities0.9 1.3 0.9 1.1 
Diluted54.2 55.3 54.3 55.2 
Dividends declared per common share$1.42 $1.23 $2.84 $2.46 

See Notes to Condensed Consolidated Financial Statements.

3

SNAP-ON INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Amounts in millions)
(Unaudited)
 
Three Months EndedSix Months Ended
July 2, 2022July 3, 2021July 2, 2022July 3, 2021
Comprehensive income (loss):
Net earnings$237.2 $213.2 $459.9 $410.8 
Other comprehensive income (loss):
Foreign currency translation(110.3)20.2 (120.0)(8.8)
Reclassification of foreign currency translation loss from sale of equity interest to net earnings (1.0) (1.0)
Unrealized cash flow hedges, net of tax:
Reclassification of cash flow hedges to net earnings(0.4)(0.4)(0.8)(0.8)
Defined benefit pension and postretirement plans:
Amortization of net unrecognized losses
4.7 9.1 9.2 18.2 
Income tax benefit
(1.1)(2.3)(2.2)(4.5)
Net of tax
3.6 6.8 7.0 13.7 
Total comprehensive income$130.1 $238.8 $346.1 $413.9 
Comprehensive income attributable to noncontrolling interests
(5.7)(5.2)(11.0)(10.2)
Comprehensive income attributable to Snap-on Incorporated
$124.4 $233.6 $335.1 $403.7 





See Notes to Condensed Consolidated Financial Statements.

4

SNAP-ON INCORPORATED
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in millions, except share data)
(Unaudited)
July 2, 2022January 1, 2022
ASSETS
Current assets:
Cash and cash equivalents$812.9 $780.0 
Trade and other accounts receivable – net729.1 682.3 
Finance receivables – net547.0 542.3 
Contract receivables – net98.3 110.4 
Inventories – net893.3 803.8 
Prepaid expenses and other assets150.1 134.6 
Total current assets3,230.7 3,053.4 
Property and equipment:
Land32.5 33.8 
Buildings and improvements419.1 434.4 
Machinery, equipment and computer software1,058.5 1,059.2 
Property and equipment – gross1,510.1 1,527.4 
Accumulated depreciation and amortization(1,006.6)(1,009.2)
Property and equipment – net503.5 518.2 
Operating lease right-of-use assets56.6 51.9 
Deferred income tax assets67.5 49.5 
Long-term finance receivables – net1,127.0 1,114.0 
Long-term contract receivables – net375.4 378.2 
Goodwill1,046.0 1,116.5 
Other intangibles – net283.5 301.7 
Other assets174.1 176.3 
Total assets$6,864.3 $6,759.7 
See Notes to Condensed Consolidated Financial Statements.

5

SNAP-ON INCORPORATED
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in millions, except share data)
(Unaudited)
July 2, 2022January 1, 2022
LIABILITIES AND EQUITY
Current liabilities:
Notes payable $18.8 $17.4 
Accounts payable308.5 277.6 
Accrued benefits59.2 67.4 
Accrued compensation81.6 114.8 
Franchisee deposits77.5 80.7 
Other accrued liabilities440.5 424.3 
Total current liabilities986.1 982.2 
Long-term debt1,183.4 1,182.9 
Deferred income tax liabilities102.2 122.7 
Retiree health care benefits29.7 31.1 
Pension liabilities83.1 104.9 
Operating lease liabilities39.7 34.2 
Other long-term liabilities93.3 97.9 
Total liabilities2,517.5 2,555.9 
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 67,444,855 and 67,438,129 shares, respectively)
67.4 67.4 
Additional paid-in capital
488.1 472.7 
Retained earnings5,996.2 5,699.9 
Accumulated other comprehensive loss(457.7)(343.9)
Treasury stock at cost (14,177,040 and 14,008,479 shares, respectively)
(1,769.6)(1,714.2)
Total shareholders’ equity attributable to Snap-on Incorporated
4,324.4 4,181.9 
Noncontrolling interests22.4 21.9 
Total equity4,346.8 4,203.8 
Total liabilities and equity$6,864.3 $6,759.7 

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 July 2, 2022:
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 April 2, 2022$67.4 $474.7 $5,841.0 $(350.6)$(1,734.2)$22.3 $4,320.6 
Net Earnings for the three months ended July 2, 2022
— — 231.5 — — 5.7 237.2 
Other comprehensive loss— — — (107.1)— — (107.1)
Cash dividends – $1.42 per share
— — (75.7)— — — (75.7)
Stock compensation plans— 13.4 — — 18.4 — 31.8 
Share repurchases – 251,000 shares
— — — — (53.8)— (53.8)
Other— — (0.6)— — (5.6)(6.2)
Balance at July 2, 2022$67.4 $488.1 $5,996.2 $(457.7)$(1,769.6)$22.4 $4,346.8 


The following summarizes the changes in total equity for the six month period ended July 2, 2022:
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 1, 2022$67.4 $472.7 $5,699.9 $(343.9)$(1,714.2)$21.9 $4,203.8 
Net Earnings for the six months ended July 2, 2022
— — 448.9 — — 11.0 459.9 
Other comprehensive loss— — — (113.8)— — (113.8)
Cash dividends – $2.84 per share
— — (151.4)— — — (151.4)
Stock compensation plans— 15.4 — — 27.2 — 42.6 
Share repurchases – 387,000 shares
— — — — (82.6)— (82.6)
Other— — (1.2)— — (10.5)(11.7)
Balance at July 2, 2022$67.4 $488.1 $5,996.2 $(457.7)$(1,769.6)$22.4 $4,346.8 



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 July 3, 2021:
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 April 3, 2021$67.4 $419.7 $5,282.5 $(388.3)$(1,505.3)$21.9 $3,897.9 
Net Earnings for the three months ended July 3, 2021
— — 208.0 — — 5.2 213.2 
Other comprehensive income— — — 25.6 — — 25.6 
Cash dividends – $1.23 per share
— — (66.7)— — — (66.7)
Stock compensation plans— 41.4 — — 56.8 — 98.2 
Share repurchases – 566,900 shares
— — — — (137.4)— (137.4)
Other— — (0.3)— — (5.0)(5.3)
Balance at Balance at July 3, 2021$67.4 $461.1 $5,423.5 $(362.7)$(1,585.9)$22.1 $4,025.5 


The following summarizes the changes in total equity for the six month period ended July 3, 2021:
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 January 2, 2021$67.4 $391.7 $5,156.9 $(365.8)$(1,425.3)$21.7 $3,846.6 
Net Earnings for the six months ended July 3, 2021
— — 400.6 — — 10.2 410.8 
Other comprehensive income— — — 3.1 — — 3.1 
Cash dividends – $2.46 per share
— — (133.4)— — — (133.4)
Stock compensation plans— 69.4 — — 128.7 — 198.1 
Share repurchases – 1,288,900 shares
— — — — (289.3)— (289.3)
Other— — (0.6)— — (9.8)(10.4)
Balance at Balance at July 3, 2021$67.4 $461.1 $5,423.5 $(362.7)$(1,585.9)$22.1 $4,025.5 


See Notes to Condensed Consolidated Financial Statements.

8

SNAP-ON INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in millions)
(Unaudited)
Six Months Ended
July 2, 2022July 3, 2021
Operating activities:
Net earnings$459.9 $410.8 
Adjustments to reconcile net earnings to net cash provided (used) by operating activities:
Depreciation36.7 37.9 
Amortization of other intangibles14.4 12.3 
Provision for losses on finance receivables15.4 17.9 
Provision for losses on non-finance receivables
6.7 8.1 
Stock-based compensation expense17.5 23.8 
Deferred income tax provision (benefit)(7.1)4.0 
Loss (gain) on sales of assets(2.9)1.4 
Changes in operating assets and liabilities, net of effects of acquisitions:
Trade and other accounts receivable(73.7)(4.0)
Contract receivables10.4 4.5 
Inventories(123.4)(16.1)
Prepaid expenses and other assets(23.4)(14.3)
Accounts payable42.1 59.5 
Accruals and other liabilities(37.9)11.7 
Net cash provided by operating activities334.7 557.5 
Investing activities:
Additions to finance receivables(469.6)(454.5)
Collections of finance receivables426.2 447.9 
Capital expenditures(41.5)(37.6)
Acquisitions of businesses, net of cash acquired0.5 (195.8)
Disposals of property and equipment4.2 1.4 
Other(0.2)1.7 
Net cash used by investing activities(80.4)(236.9)
Financing activities:
Net increase in other short-term borrowings2.8 2.9 
Cash dividends paid(151.4)(133.4)
Purchases of treasury stock(82.6)(289.3)
Proceeds from stock purchase and option plans29.2 154.8 
Other(16.5)(13.9)
Net cash used by financing activities(218.5)(278.9)
Effect of exchange rate changes on cash and cash equivalents(2.9)0.8 
Increase in cash and cash equivalents32.9 42.5 
Cash and cash equivalents at beginning of year780.0 923.4 
Cash and cash equivalents at end of period$812.9 $965.9 
Supplemental cash flow disclosures:
Cash paid for interest$(22.4)$(27.9)
Net cash paid for income taxes(129.2)(126.6)

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 2021 Annual Report on Form 10-K for the fiscal year ended January 1, 2022 (“2021 year end”). The company’s 2022 fiscal second quarter ended on July 2, 2022; the 2021 fiscal second quarter ended on July 3, 2021. The company’s 2022 and 2021 fiscal second 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 six month periods ended July 2, 2022, and July 3, 2021, 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
In March 2022, the FASB issued ASU No. 2022-02, Financial Instruments – Credit Losses (Topic 326) – Troubled Debt Restructurings and Vintage Disclosures, which requires enhanced disclosure of certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty while eliminating certain current recognition and measurement accounting guidance. This ASU also requires the disclosure of current-period gross write-offs by year of origination for financing receivables and net investments in leases. ASU No. 2022-02 is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years; this ASU allows for early adoption in any interim period after issuance of the update. The adoption of this ASU is not expected to have a material impact on Snap-on’s 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.

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 EndedSix Months Ended
(Amounts in millions)July 2, 2022July 3, 2021July 2, 2022July 3, 2021
Revenue from contracts with customers$1,130.5 $1,075.3 $2,222.4 $2,094.1 
Other revenues6.1 6.1 12.0 11.9 
Total net sales1,136.6 1,081.4 2,234.4 2,106.0 
Financial services revenue86.4 86.9 174.1 175.5 
Total revenues$1,223.0 $1,168.3 $2,408.5 $2,281.5 

Snap-on evaluates the performance of its operating segments based on segment revenues, including both external and intersegment net sales, and segment operating earnings. Snap-on accounts for both intersegment sales and transfers based primarily on standard costs with reasonable mark-ups established between the segments. Intersegment amounts are eliminated to arrive at Snap-on’s consolidated financial results.
The following tables represent external net sales disaggregated by geography, based on the customers’ billing addresses:
For the Three Months Ended July 2, 2022
CommercialSnap-onRepair Systems
& IndustrialTools& InformationFinancialSnap-on
(Amounts in millions)
GroupGroupGroupServicesEliminationsIncorporated
Net sales:
North America*$128.7 $460.3 $254.7 $ $— $843.7 
Europe73.1 36.4 60.4  — 169.9 
All other74.3 23.9 24.8  — 123.0 
External net sales276.1 520.6 339.9  — 1,136.6 
Intersegment net sales83.0  76.9  (159.9)— 
Total net sales359.1