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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 March 30, 2024
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 April 12, 2024
Common Stock, $1.00 par value
52,718,549 shares



TABLE OF CONTENTS 

Page



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
March 30, 2024April 1, 2023
Net sales$1,182.3 $1,183.0 
Cost of goods sold(585.6)(593.4)
Gross profit596.7 589.6 
Operating expenses(325.8)(329.8)
Operating earnings before financial services270.9 259.8 
Financial services revenue99.6 92.6 
Financial services expenses(31.3)(26.3)
Operating earnings from financial services68.3 66.3 
Operating earnings339.2 326.1 
Interest expense(12.5)(12.4)
Other income (expense) – net18.1 15.2 
Earnings before income taxes 344.8 328.9 
Income tax expense(75.2)(74.6)
Net earnings269.6 254.3 
Net earnings attributable to noncontrolling interests(6.1)(5.6)
Net earnings attributable to Snap-on Incorporated$263.5 $248.7 
Net earnings per share attributable to Snap-on Incorporated:
Basic$4.99 $4.69 
Diluted4.91 4.60 
Weighted-average shares outstanding:
Basic52.8 53.0 
Effect of dilutive securities0.9 1.1 
Diluted53.7 54.1 
Dividends declared per common share$1.86 $1.62 

See Notes to Condensed Consolidated Financial Statements.

3

SNAP-ON INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Amounts in millions)
(Unaudited)
 
Three Months Ended
March 30, 2024April 1, 2023
Comprehensive income (loss):
Net earnings$269.6 $254.3 
Other comprehensive income (loss):
Foreign currency translation(44.8)18.1 
Reclassification of cash flow hedges to net earnings, net of tax(0.4)(0.4)
Defined benefit pension and postretirement plans:
Amortization of net unrecognized losses
1.8  
Income tax benefit
(0.4) 
Net of tax
1.4  
Total comprehensive income225.8 272.0 
Comprehensive income attributable to noncontrolling interests
(6.1)(5.6)
Comprehensive income attributable to Snap-on Incorporated
$219.7 $266.4 





See Notes to Condensed Consolidated Financial Statements.

4

SNAP-ON INCORPORATED
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in millions, except share data)
(Unaudited)
March 30,
2024
December 30, 2023
ASSETS
Current assets:
Cash and cash equivalents$1,121.0 $1,001.5 
Trade and other accounts receivable – net827.5 791.3 
Finance receivables – net604.9 594.1 
Contract receivables – net116.6 120.8 
Inventories – net970.5 1,005.9 
Prepaid expenses and other current assets135.6 138.4 
Total current assets3,776.1 3,652.0 
Property and equipment:
Land34.1 34.5 
Buildings and improvements446.0 452.8 
Machinery, equipment and computer software1,088.1 1,083.1 
Property and equipment – gross1,568.2 1,570.4 
Accumulated depreciation(1,033.5)(1,031.1)
Property and equipment – net534.7 539.3 
Operating lease right-of-use assets74.4 74.7 
Deferred income tax assets78.4 76.0 
Long-term finance receivables – net1,290.6 1,284.2 
Long-term contract receivables – net413.6 407.9 
Goodwill1,071.3 1,097.4 
Other intangible assets – net277.7 268.9 
Pension assets130.4 130.5 
Other long-term assets19.6 14.0 
Total assets$7,666.8 $7,544.9 
See Notes to Condensed Consolidated Financial Statements.

5

SNAP-ON INCORPORATED
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in millions, except share data)
(Unaudited)
March 30,
2024
December 30, 2023
LIABILITIES AND EQUITY
Current liabilities:
Notes payable $15.2 $15.6 
Accounts payable257.4 238.0 
Accrued benefits70.5 64.4 
Accrued compensation67.9 102.9 
Franchisee deposits73.7 73.3 
Other accrued liabilities505.0 447.4 
Total current liabilities989.7 941.6 
Long-term debt1,184.9 1,184.6 
Deferred income tax liabilities88.3 79.2 
Retiree health care benefits21.2 21.8 
Pension liabilities75.3 82.3 
Operating lease liabilities54.5 54.6 
Other long-term liabilities89.6 87.4 
Total liabilities2,503.5 2,451.5 
Commitments and contingencies (Note 14)
Equity
Shareholders’ equity attributable to Snap-on Incorporated:
Preferred stock (authorized 15,000,000 shares of $1 par value; none outstanding)
  
Common stock (authorized 250,000,000 shares of $1 par value; issued 67,456,437 and 67,450,999 shares, respectively)
67.5 67.5 
Additional paid-in capital
527.4 545.5 
Retained earnings7,113.1 6,948.5 
Accumulated other comprehensive loss(493.3)(449.5)
Treasury stock at cost (14,737,944 and 14,756,982 shares, respectively)
(2,073.7)(2,040.7)
Total shareholders’ equity attributable to Snap-on Incorporated
5,141.0 5,071.3 
Noncontrolling interests22.3 22.1 
Total equity5,163.3 5,093.4 
Total liabilities and equity$7,666.8 $7,544.9 

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 March 30, 2024:
Shareholders’ Equity Attributable to Snap-on Incorporated
Common
Stock
Additional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Treasury
Stock
Noncontrolling
Interests
Total
Equity
Balance at December 30, 2023$67.5 $545.5 $6,948.5 $(449.5)$(2,040.7)$22.1 $5,093.4 
Net earnings for the three months ended March 30, 2024
— — 263.5 — — 6.1 269.6 
Other comprehensive loss— — — (43.8)— — (43.8)
Cash dividends – $1.86 per share
— — (98.2)— — — (98.2)
Stock compensation plans— (18.1)— — 37.2 — 19.1 
Share repurchases – 248,000 shares
— — — — (70.2)— (70.2)
Other— — (0.7)— — (5.9)(6.6)
Balance at March 30, 2024$67.5 $527.4 $7,113.1 $(493.3)$(2,073.7)$22.3 $5,163.3 

The following summarizes the changes in total equity for the three month period ended April 1, 2023:
Shareholders’ Equity Attributable to Snap-on Incorporated
Common
Stock
Additional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Treasury
Stock
Noncontrolling
Interests
Total
Equity
Balance at December 31, 2022$67.4 $499.9 $6,296.2 $(528.3)$(1,853.9)$22.2 $4,503.5 
Net earnings for the three months ended April 1, 2023
— — 248.7 — — 5.6 254.3 
Other comprehensive income— — — 17.7 — — 17.7 
Cash dividends – $1.62 per share
— — (86.1)— — — (86.1)
Stock compensation plans— 0.3 — — 36.1 — 36.4 
Share repurchases – 356,000 shares
— — — — (87.2)— (87.2)
Other0.1 — (0.7)— — (5.6)(6.2)
Balance at April 1, 2023$67.5 $500.2 $6,458.1 $(510.6)$(1,905.0)$22.2 $4,632.4 



See Notes to Condensed Consolidated Financial Statements.

7

SNAP-ON INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in millions)
(Unaudited)
Three Months Ended
March 30, 2024April 1, 2023
Operating activities:
Net earnings$269.6 $254.3 
Adjustments to reconcile net earnings to net cash provided (used) by operating activities:
Depreciation18.2 18.0 
Amortization of other intangible assets6.3 6.9 
Provision for losses on finance receivables18.2 14.2 
Provision for losses on non-finance receivables
4.9 5.0 
Stock-based compensation expense9.8 10.2 
Deferred income tax provision (benefit)1.6 (0.2)
Gain on sales of assets(0.2)(0.2)
Changes in operating assets and liabilities, net of effects of acquisitions:
Trade and other accounts receivable(47.9)(22.9)
Contract receivables(4.0)0.2 
Inventories22.1 (13.2)
Prepaid expenses and other current assets(3.5)1.7 
Accounts payable23.3 (0.5)
Accrued and other liabilities30.3 28.1 
Net cash provided by operating activities348.7 301.6 
Investing activities:
Additions to finance receivables(248.0)(257.1)
Collections of finance receivables207.8 207.5 
Capital expenditures(21.8)(23.0)
Disposals of property and equipment1.1 0.5 
Other(2.3)(0.8)
Net cash used by investing activities(63.2)(72.9)
Financing activities:
Net increase (decrease) in other short-term borrowings(0.4)0.8 
Cash dividends paid(98.2)(86.1)
Purchases of treasury stock(70.2)(87.2)
Proceeds from stock purchase plan and stock option exercises28.3 32.8 
Other(23.7)(12.4)
Net cash used by financing activities(164.2)(152.1)
Effect of exchange rate changes on cash and cash equivalents(1.8) 
Increase in cash and cash equivalents119.5 76.6 
Cash and cash equivalents at beginning of year1,001.5 757.2 
Cash and cash equivalents at end of period$1,121.0 $833.8 
Supplemental cash flow disclosures:
Cash paid for interest$(13.7)$(13.6)
Net cash paid for income taxes(14.7)(13.3)

See Notes to Condensed Consolidated Financial Statements.

8

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 2023 Annual Report on Form 10-K for the fiscal year ended December 30, 2023 (“2023 year end”). The company’s 2024 fiscal first quarter ended on March 30, 2024, and its 2023 fiscal first quarter ended on April 1, 2023. The company’s 2024 and 2023 fiscal 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 month periods ended March 30, 2024, and April 1, 2023, have been made. Interim results of operations are not necessarily indicative of the results to be expected for the full fiscal year.
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Financial Instruments
The fair value of the company’s derivative financial instruments is generally determined using quoted prices in active markets for similar assets and liabilities. The carrying value of the company’s non-derivative financial instruments either approximates fair value, due to their short-term nature, or the amount disclosed for fair value is based upon a discounted cash flow analysis or quoted market values. See Note 9 for additional information on financial instruments.
New Accounting Standards
In 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; 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 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.

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.

9

SNAP-ON INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)


Revenue Disaggregation: The following table shows the consolidated revenues by revenue source:
Three Months Ended
(Amounts in millions)March 30, 2024April 1, 2023
Revenue from contracts with customers$1,175.2 $1,176.5 
Other revenues7.1 6.5 
Total net sales1,182.3 1,183.0 
Financial services revenue99.6 92.6 
Total revenues$1,281.9 $1,275.6 

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 for intersegment net sales and transfers based primarily on standard costs with reasonable mark-ups established between the segments. Intersegment amounts are eliminated to arrive at Snap-on’s consolidated financial results.
The following tables represent external net sales disaggregated by geography, based on the customers’ billing addresses:
For the Three Months Ended March 30, 2024
CommercialSnap-onRepair Systems
& IndustrialTools& InformationFinancialSnap-on
(Amounts in millions)
GroupGroupGroupServicesEliminationsIncorporated
Net sales:
North America*$148.6 $433.3 $302.1 $ $— $884.0 
Europe81.0 39.6 62.1  — 182.7 
All other61.4 27.2 27.0  — 115.6 
External net sales291.0 500.1 391.2  — 1,182.3 
Intersegment net sales68.9  72.6  (141.5)— 
Total net sales359.9 500.1 463.8  (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 
For the Three Months Ended April 1, 2023
Commercial Snap-onRepair Systems
& IndustrialTools& InformationFinancialSnap-on
(Amounts in millions)GroupGroupGroupServicesEliminationsIncorporated
Net sales:
North America*$137.6 $473.9 $281.8 $ $— $893.3 
Europe75.0 35.7 63.2  — 173.9 
All other66.0 27.4 22.4  — 115.8 
External net sales278.6 537.0 367.4  — 1,183.0 
Intersegment net sales85.2  79.2  (164.4)— 
Total net sales363.8 537.0 446.6  (164.4)1,183.0 
Financial services revenue   92.6 — 92.6 
Total revenue$363.8 $537.0 $446.6 $92.6 $(164.4)$1,275.6 
* North America is comprised of the United States, Canada and Mexico.

10

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 March 30, 2024
Commercial Snap-onRepair Systems
& IndustrialTools& InformationFinancialSnap-on
(Amounts in millions)GroupGroupGroupServicesEliminationsIncorporated
Net sales:
Vehicle service professionals$20.3 $500.1 $391.2 $ $— $911.6 
All other professionals270.7    — 270.7 
External net sales291.0 500.1 391.2  — 1,182.3 
Intersegment net sales68.9  72.6  (141.5)— 
Total net sales359.9 500.1 463.8  (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 

For the Three Months Ended April 1, 2023
Commercial Snap-onRepair Systems
& IndustrialTools& InformationFinancialSnap-on
(Amounts in millions)GroupGroupGroupServicesEliminationsIncorporated
Net sales:
Vehicle service professionals$21.1 $537.0 $367.4 $ $— $925.5 
All other professionals257.5    — 257.5 
External net sales278.6 537.0 367.4  — 1,183.0 
Intersegment net sales85.2  79.2  (164.4)— 
Total net sales363.8 537.0 446.6  (164.4)1,183.0 
Financial services revenue   92.6  92.6 
Total revenue$363.8 $537.0 $446.6 $92.6 $(164.4)$1,275.6 
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.
11

SNAP-ON INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)


Snap-on enters into contracts related to the selling of tools, diagnostics, repair information, equipment and related services. At contract inception, an assessment of the goods and services promised in the contracts with customers is performed and a performance obligation is identified for each distinct promise to transfer to the customer a good or service (or bundle of goods or services). To identify the performance obligations, Snap-on considers all of the goods or services promised in the contract regardless of whether they are explicitly stated or are implied by customary business practices. Contracts with customers are comprised of customer purchase orders, invoices and written contracts.
For certain performance obligations related to software subscriptions, extended warranty and other subscription agreements that are settled over time, Snap-on has elected not to disclose the value of unsatisfied performance obligations for: (i) contracts that have an original expected length of one year or less; (ii) contracts where revenue is recognized as invoiced; and (iii) contracts with variable consideration related to unsatisfied performance obligations. The remaining duration of these unsatisfied performance obligations range from one month up to 60 months. Snap-on had approximately $187.0 million of long-term contracts that have fixed consideration that extends beyond one year as of March 30, 2024. Snap-on expects to recognize approximately 70% of these contracts as revenue by the end of fiscal 2025, an additional 25% by the end of fiscal 2027, and the balance thereafter. 

Contract liabilities: Contract liabilities are recorded when cash payments are received in advance of Snap-on’s performance. The timing of payment is typically on a monthly, quarterly or annual basis. The balance of total contract liabilities was $66.3 million and $63.3 million at March 30, 2024, and December 30, 2023, 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 30, 2024, Snap-on recognized $35.4 million of revenue that was included in the $63.3 million contract liability balance at December 30, 2023, which was primarily from the amortization of software subscriptions, extended warranties and other subscription agreements.

Note 3: Acquisitions
On 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.
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 since the acquisition date, and the results of operations and assets of Mountz have been included in the Commercial & Industrial Group since the acquisition date.
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.
12

SNAP-ON INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)


The components of Snap-on’s trade and other accounts receivable as of March 30, 2024, and December 30, 2023, are as follows:

(Amounts in millions)March 30,
2024
December 30, 2023
Trade and other accounts receivable$863.4 $826.2 
Allowances for credit losses(35.9)(34.9)
Total trade and other accounts receivable – net$827.5 $791.3 

The following is a rollforward of the allowances for credit losses related to trade and other accounts receivable for the three months ended March 30, 2024, and April 1, 2023:
Three Months Ended
(Amounts in millions)March 30, 2024April 1, 2023
Allowances for credit losses:
Beginning of period$34.9 $31.1 
Provision for credit losses
4.3 4.7 
Charge-offs
(3.0)(4.8)
Recoveries
0.1  
Currency translation
(0.4)0.2 
End of period$35.9 $31.2 

Finance and contract receivables: Snap-on Credit LLC (“SOC”), the company’s financial services operation in the United States, originates extended-term finance and contract receivables on sales of Snap-on’s products sold through the U.S. franchisee network and to certain other customers of Snap-on; Snap-on’s foreign finance subsidiaries provide similar financing internationally. Interest income on finance and contract receivables is included in “Financial services revenue” on the accompanying Condensed Consolidated Statements of Earnings.
Finance receivables are comprised of extended-term payment contracts to both technicians and independent shop owners (i.e., franchisees’ customers) to enable them to purchase tools, diagnostics, and equipment products on an extended-term payment plan, with average payment terms of approximately four years.
Contract receivables, with payment terms of up to 10 years, are comprised of extended-term payment contracts to a broad base of customers worldwide, including shop owners, both independents and national chains, for their purchase of tools, diagnostics, and equipment products, as well as extended-term contracts to franchisees to meet a number of financing needs, including working capital loans, loans to enable new franchisees to fund the purchase of the franchise and van leases, or the expansion of an existing franchise. Finance and contract receivables are generally secured by the underlying tools, diagnostics and/or equipment products financed and, for contracts to franchisees, other franchisee assets.
13

SNAP-ON INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)


The components of Snap-on’s current finance and contract receivables as of March 30, 2024, and December 30, 2023, are as follows:

(Amounts in millions)March 30,
2024
December 30, 2023
Finance installment receivables$614.5 $605.2 
Finance lease receivables, net of unearned finance charges of $4.3 million and $3.4 million, respectively
12.4 10.1 
Total finance receivables626.9 615.3 
Contract installment receivables55.5 59.9 
Contract lease receivables, net of unearned finance charges of $21.4 million and $21.1 million, respectively
62.8 62.7 
Total contract receivables118.3 122.6 
Total745.2 737.9 
Allowances for credit losses:
Finance installment receivables(21.8)(21.1)
Finance lease receivables(0.2)(0.1)
Total finance allowances for credit losses(22.0)(21.2)
Contract installment receivables(0.8)(0.9)
Contract lease receivables(0.9)(0.9)
Total contract allowances for credit losses(1.7)(1.8)
Total allowances for credit losses(23.7)(23.0)
Total current finance and contract receivables – net$721.5 $714.9 
Finance receivables – net$604.9 $594.1 
Contract receivables – net116.6 120.8 
Total current finance and contract receivables – net$721.5 $714.9 

14

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 March 30, 2024, and December 30, 2023, are as follows: 

(Amounts in millions)March 30,
2024
December 30, 2023
Finance installment receivables$1,323.0 $1,318.5 
Finance lease receivables, net of unearned finance charges of $3.5 million and $2.8 million, respectively
15.4 12.3 
Total finance receivables1,338.4 1,330.8 
Contract installment receivables219.9 216.0 
Contract lease receivables, net of unearned finance charges of $35.8 million and $35.1 million, respectively
198.8 196.8 
Total contract receivables418.7 412.8 
Total1,757.1 1,743.6 
Allowances for credit losses:
Finance installment receivables(47.5)(46.4)
Finance lease receivables(0.3)(0.2)
Total finance allowances for credit losses(47.8)(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(52.9)(51.5)
Total long-term finance and contract receivables – net$1,704.2 $1,692.1 
Finance receivables – net$1,290.6 $1,284.2 
Contract receivables – net413.6 407.9 
Total long-term finance and contract receivables – net$1,704.2 $1,692.1 

15

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 March 30, 2024, and charge-offs recorded in the three months ended March 30, 2024, by origination year, are as follows:

(Amounts in millions)20242023202220212020PriorTotal
Finance receivables:
Delinquent$0.2 $24.1 $15.8 $7.4 $3.9 $2.3 $53.7 
Non-delinquent513.3 937.8 297.1 107.2 44.7 11.5 1,911.6 
Total Finance receivables$513.5 $961.9 $312.9 $114.6 $48.6 $13.8 $1,965.3 
Finance receivables charge-offs$ $7.7 $6.0 $2.6 $1.4 $0.6 $18.3 
Contract receivables:
Delinquent$ $0.3 $0.9 $0.5 $0.5 $0.4 $2.6 
Non-delinquent54.9 178.3 116.5 78.2 52.0 54.5 534.4 
Total Contract receivables$54.9 $178.6 $117.4 $78.7 $52.5 $54.9 $537.0 
Contract receivables charge-offs$ $0.1 $0.1 $0.1 $0.2 $0.1 $0.6 
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.
16

SNAP-ON INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)


For both finance and contract receivables, write-offs include the uncollectable principal amount of the receivable as well as the uncollectable accrued interest 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 months ended March 30, 2024, and April 1, 2023:
 
Three Months Ended
March 30, 2024
Three Months Ended
April 1, 2023
(Amounts in millions)Finance
Receivables
Contract
Receivables
Finance
Receivables
Contract
Receivables
Allowances for credit losses:
Beginning of period$67.8 $6.7 $60.9 $6.6 
Provision for credit losses18.2 0.6 14.2 0.3 
Charge-offs(18.3)(0.6)(14.5)(0.5)
Recoveries2.2 0.1 2.1 0.1 
Currency translation(0.1)   
End of period$69.8 $6.8 $62.7 $6.5 
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.
17

SNAP-ON INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)


It is the general practice of Snap-on’s financial services business not to engage in contract or loan modifications. In limited instances, Snap-on’s financial services business may modify certain receivables. The amount and number of finance and contract receivable modifications as of March 30, 2024, and December 30, 2023, were immaterial to both the financial services portfolio and the company’s results of operations and financial position.
The aging of finance and contract receivables as of March 30, 2024, and December 30, 2023, is as follows:
(Amounts in millions)30-59
Days Past
Due
60-90
Days Past
Due
Greater
Than 90
Days Past
Due
Total Past
Due
Total Not
Past Due
TotalGreater
Than 90
Days Past
Due and
Accruing
March 30, 2024:
Finance receivables$15.9 $12.7 $25.1 $53.7 $1,911.6 $1,965.3 $21.2 
Contract receivables1.1 0.3 1.2 2.6 534.4 537.0 0.3 
December 30, 2023:
Finance receivables$21.5 $13.6 $23.2 $58.3 $1,887.8 $1,946.1 $19.9 
Contract receivables1.5 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 March 30, 2024, and December 30, 2023, is as follows:

(Amounts in millions)March 30,
2024
December 30, 2023
Finance receivables$11.3 $10.6 
Contract receivables2.6 3.3 


18

SNAP-ON INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)


Note 5: Inventories
Inventories by major classification are as follows:
(Amounts in millions)March 30,
2024
December 30, 2023
Finished goods$846.3 $874.6 
Work in progress76.5 76.1 
Raw materials168.3 171.1 
Total FIFO value1,091.1 1,121.8 
Excess of current cost over LIFO cost(120.6)(115.9)
Total inventories – net$970.5 $1,005.9 

Inventories accounted for using the first-in, first-out (“FIFO”) method approximated 59% of total inventories as of both March 30, 2024, and December 30, 2023. The company accounts for its non-U.S. inventory on the FIFO method. As of March 30, 2024, approximately 36% of the company’s U.S. inventory was accounted for using the FIFO method and 64% was accounted for using the last-in, first-out (“LIFO”) method. There were no LIFO inventory liquidations in the three months ended March 30, 2024, or April 1, 2023.

Note 6: Goodwill and Other Intangible Assets
The changes in the carrying amount of goodwill by segment for the three months ended March 30, 2024, are as follows:
(Amounts in millions)Commercial
& Industrial
Group
Snap-on
Tools Group
Repair Systems
& Information
Group
Total
Balance as of December 30, 2023$346.6 $12.4 $738.4 $1,097.4 
Currency translation(8.0) (4.9)(12.9)
Acquisition adjustments(13.2)  (13.2)
Balance as of March 30, 2024$325.4 $12.4 $733.5 $1,071.3 

Goodwill of $1,071.3 million as of March 30, 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 of Mountz were completed, resulting in a reduction of goodwill of $13.2 million from year end 2023. See Note 3 for additional information on acquisitions.


19

SNAP-ON INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)


Additional disclosures related to other intangible assets are as follows:
March 30, 2024December 30, 2023
(Amounts in millions)Gross  Carrying ValueAccumulated
Amortization
Net Carrying ValueGross  Carrying ValueAccumulated
Amortization
Net Carrying Value
Amortized other intangible assets:
Customer relationships$220.8 $(164.4)$56.4 $214.5 $(163.6)$50.9 
Developed technology36.2 (30.5)5.7 36.2 (29.8)6.4 
Internally developed software194.5 (150.6)43.9