Company Quick10K Filing
Snap-On
Price169.43 EPS13
Shares56 P/E13
MCap9,471 P/FCF14
Net Debt762 EBIT972
TEV10,234 TEV/EBIT11
TTM 2019-12-28, in MM, except price, ratios
10-Q 2020-03-28 Filed 2020-04-21
10-K 2019-12-28 Filed 2020-02-13
10-Q 2019-09-28 Filed 2019-10-17
10-Q 2019-06-29 Filed 2019-07-18
10-Q 2019-03-30 Filed 2019-04-18
10-K 2018-12-29 Filed 2019-02-14
10-Q 2018-09-29 Filed 2018-10-18
10-Q 2018-06-30 Filed 2018-07-19
10-Q 2018-03-31 Filed 2018-04-19
10-K 2017-12-30 Filed 2018-02-15
10-Q 2017-09-30 Filed 2017-10-19
10-Q 2017-07-01 Filed 2017-07-20
10-Q 2017-04-01 Filed 2017-04-20
10-K 2016-12-31 Filed 2017-02-09
10-Q 2016-10-01 Filed 2016-10-20
10-Q 2016-07-02 Filed 2016-07-21
10-Q 2016-04-02 Filed 2016-04-21
10-K 2016-01-02 Filed 2016-02-11
10-Q 2015-10-03 Filed 2015-10-22
10-Q 2015-07-04 Filed 2015-07-23
10-Q 2015-04-04 Filed 2015-04-23
10-K 2015-01-03 Filed 2015-02-12
10-Q 2014-09-27 Filed 2014-10-16
10-Q 2014-06-28 Filed 2014-07-17
10-Q 2014-03-29 Filed 2014-04-17
10-K 2013-12-28 Filed 2014-02-14
10-Q 2013-09-28 Filed 2013-10-17
10-Q 2013-06-29 Filed 2013-07-18
10-Q 2013-03-30 Filed 2013-04-18
10-K 2012-12-29 Filed 2013-02-14
10-Q 2012-09-29 Filed 2012-10-18
10-Q 2012-06-30 Filed 2012-07-19
10-Q 2012-03-31 Filed 2012-04-19
10-K 2011-12-31 Filed 2012-02-16
10-Q 2011-10-01 Filed 2011-10-20
10-Q 2011-07-02 Filed 2011-07-21
10-Q 2011-04-02 Filed 2011-04-21
10-K 2011-01-01 Filed 2011-02-17
10-Q 2010-10-02 Filed 2010-10-22
10-Q 2010-07-03 Filed 2010-07-28
10-Q 2010-04-03 Filed 2010-04-22
10-K 2010-01-02 Filed 2010-02-18
8-K 2020-04-27
8-K 2020-04-23
8-K 2020-04-21
8-K 2020-04-06
8-K 2020-02-06
8-K 2019-10-17
8-K 2019-09-16
8-K 2019-07-18
8-K 2019-04-25
8-K 2019-04-18
8-K 2019-02-12
8-K 2019-02-07
8-K 2018-10-18
8-K 2018-07-19
8-K 2018-04-26
8-K 2018-04-19
8-K 2018-02-20
8-K 2018-02-20
8-K 2018-02-08
8-K 2015-07-23
8-K 2015-04-30
8-K 2015-04-23
8-K 2015-02-05

SNA 10Q Quarterly Report

Part I. Financial Information
Item 1: Financial Statements
Note 1: Summary of Accounting Policies
Note 2: Revenue Recognition
Note 3: Acquisitions
Note 4: Receivables
Note 5: Inventories
Note 6: Goodwill and Other Intangible Assets
Note 7: Exit and Disposal Activities
Note 8: Income Taxes
Note 9: Short - Term and Long - Term Debt
Note 10: Financial Instruments
Note 11: Pension Plans
Note 12: Postretirement Health Care Plans
Note 13: Stock - Based Compensation and Other Stock Plans
Note 14: Earnings per Share
Note 15: Commitments and Contingencies
Note 16: Leases
Note 17: Other Income (Expense) - Net
Note 18: Accumulated Other Comprehensive Income (Loss)
Note 19: Segments
Note 20: Subsequent Events
Item 2: Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3: Quantitative and Qualitative Disclosures About Market Risk
Item 4: Controls and Procedures
Part II. Other Information
Item 1A: Risk Factors
Item 2: Unregistered Sales of Equity Securities and Use of Proceeds
EX-31.1 q1fy20ex311.htm
EX-31.2 q1fy20ex312.htm
EX-32.1 q1fy20ex321.htm
EX-32.2 q1fy20ex322.htm

Snap-On Earnings 2020-03-28

Balance SheetIncome StatementCash Flow
10.08.06.04.02.00.02011201420172021
Assets, Equity
1.10.90.70.40.20.02011201420172021
Rev, G Profit, Net Income
0.30.20.1-0.1-0.2-0.32011201420172021
Ops, Inv, Fin

sna-20200328
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Table of Contents
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 28, 2020
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 April 17, 2020
Common Stock, $1.00 par value54,354,240 shares  


Table of Contents
TABLE OF CONTENTS 
Page

2

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
March 28, 2020March 30, 2019
Net sales$852.2  $921.7  
Cost of goods sold(430.6) (450.1) 
Gross profit421.6  471.6  
Operating expenses(282.7) (284.2) 
Operating earnings before financial services138.9  187.4  
Financial services revenue85.9  85.6  
Financial services expenses(29.0) (23.5) 
Operating earnings from financial services56.9  62.1  
Operating earnings195.8  249.5  
Interest expense(11.4) (12.5) 
Other income (expense) – net1.5  1.5  
Earnings before income taxes and equity earnings185.9  238.5  
Income tax expense(43.9) (56.9) 
Earnings before equity earnings142.0  181.6  
Equity earnings, net of tax  0.5  
Net earnings142.0  182.1  
Net earnings attributable to noncontrolling interests(4.8) (4.2) 
Net earnings attributable to Snap-on Incorporated$137.2  $177.9  
Net earnings per share attributable to Snap-on Incorporated:
Basic$2.52  $3.21  
Diluted2.49  3.16  
Weighted-average shares outstanding:
Basic54.5  55.5  
Effect of dilutive securities0.5  0.8  
Diluted55.0  56.3  
Dividends declared per common share$1.08  $0.95  

See Notes to Condensed Consolidated Financial Statements.

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SNAP-ON INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Amounts in millions)
(Unaudited)
 
Three Months Ended
March 28, 2020March 30, 2019
Comprehensive income (loss):
Net earnings$142.0  $182.1  
Other comprehensive income (loss):
Foreign currency translation*(108.0) 7.6  
Unrealized cash flow hedges, net of tax:
Reclassification of cash flow hedges to net earnings(0.4) (0.4) 
Defined benefit pension and postretirement plans:
Amortization of net unrecognized losses and prior service credits included in net periodic benefit cost
8.4  5.8  
Income tax benefit
(2.0) (1.3) 
Net of tax
6.4  4.5  
Total comprehensive income40.0  193.8  
Comprehensive income attributable to noncontrolling interests
(4.8) (4.2) 
Comprehensive income attributable to Snap-on Incorporated
$35.2  $189.6  

* There is no reclassification adjustment as there was no sale or liquidation of any foreign entity during any period presented.

See Notes to Condensed Consolidated Financial Statements.

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SNAP-ON INCORPORATED
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in millions, except share data)
(Unaudited)

March 28, 2020December 28, 2019
ASSETS
Current assets:
Cash and cash equivalents$185.8  $184.5  
Trade and other accounts receivable – net635.2  694.6  
Finance receivables – net514.3  530.1  
Contract receivables – net92.2  100.7  
Inventories – net757.4  760.4  
Prepaid expenses and other assets118.2  110.2  
Total current assets2,303.1  2,380.5  
Property and equipment:
Land30.9  31.9  
Buildings and improvements398.0  405.1  
Machinery, equipment and computer software982.5  988.0  
1,411.4  1,425.0  
Accumulated depreciation and amortization(903.1) (903.5) 
Property and equipment – net508.3  521.5  
Operating lease right-of-use assets51.3  55.6  
Deferred income tax assets53.3  52.3  
Long-term finance receivables – net1,101.9  1,103.5  
Long-term contract receivables – net355.4  360.1  
Goodwill898.2  913.8  
Other intangibles – net234.3  243.9  
Other assets58.5  62.3  
Total assets$5,564.3  $5,693.5  
See Notes to Condensed Consolidated Financial Statements.

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SNAP-ON INCORPORATED
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in millions, except share data)
(Unaudited)

March 28, 2020December 28, 2019
LIABILITIES AND EQUITY
Current liabilities:
Notes payable$160.1  $202.9  
Accounts payable193.7  198.5  
Accrued benefits55.0  53.3  
Accrued compensation51.3  53.9  
Franchisee deposits64.8  68.2  
Other accrued liabilities397.0  370.8  
Total current liabilities921.9  947.6  
Long-term debt948.2  946.9  
Deferred income tax liabilities66.3  69.3  
Retiree health care benefits32.9  33.6  
Pension liabilities113.2  122.1  
Operating lease liabilities34.7  37.5  
Other long-term liabilities93.7  105.7  
Total liabilities2,210.9  2,262.7  
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 67,430,564 and 67,423,106 shares, respectively)
67.4  67.4  
Additional paid-in capital
378.4  379.1  
Retained earnings4,852.0  4,779.7  
Accumulated other comprehensive loss(609.9) (507.9) 
Treasury stock at cost (13,091,322 and 12,772,882 shares, respectively)
(1,356.6) (1,309.2) 
Total shareholders’ equity attributable to Snap-on Incorporated
3,331.3  3,409.1  
Noncontrolling interests22.1  21.7  
Total equity3,353.4  3,430.8  
Total liabilities and equity$5,564.3  $5,693.5  

See Notes to Condensed Consolidated Financial Statements.

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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 28, 2020:
Shareholders’ Equity Attributable to Snap-on Incorporated
Common
Stock
Additional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Treasury
Stock
Noncontrolling
Interests
Total
Equity
Balance at December 28, 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 three months ended March 28, 2020
—  —  137.2  —  —  4.8  142.0  
Other comprehensive loss—  —  —  (102.0) —  —  (102.0) 
Cash dividends – $1.08 per share
—  —  (59.0) —  —  —  (59.0) 
Stock compensation plans—  (0.7) —  —  3.1  —  2.4  
Share repurchases – 349,000 shares
—  —  —  —  (50.5) —  (50.5) 
Other—  —  0.2  —  —  (4.4) (4.2) 
Balance at March 28, 2020$67.4  $378.4  $4,852.0  $(609.9) $(1,356.6) $22.1  $3,353.4  

The following summarizes the changes in total equity for the three month period ended March 30, 2019:

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 29, 2018$67.4  $359.4  $4,257.6  $(462.2) $(1,123.4) $19.8  $3,118.6  
Impact of U.S. tax reform on Accumulated Other Comprehensive Income (Loss) (ASU No. 2018-02)
—  —  45.9  (45.9) —  —  —  
Balance at December 30, 201867.4  359.4  4,303.5  (508.1) (1,123.4) 19.8  3,118.6  
Net Earnings for the three months ended March 30, 2019
—  —  177.9  —  —  4.2  182.1  
Other comprehensive income—  —  —  11.7  —  —  11.7  
Cash dividends – $0.95 per share
—  —  (52.8) —  —  —  (52.8) 
Stock compensation plans—  1.9  —  —  7.7  —  9.6  
Share repurchases – 295,000 shares
—  —  —  —  (47.4) —  (47.4) 
Other—  —  (0.2) —  —  (3.8) (4.0) 
Balance at March 30, 2019$67.4  $361.3  $4,428.4  $(496.4) $(1,163.1) $20.2  $3,217.8  


See Notes to Condensed Consolidated Financial Statements.

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SNAP-ON INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in millions)
(Unaudited)
Three Months Ended
March 28, 2020March 30, 2019
Operating activities:
Net earnings$142.0  $182.1  
Adjustments to reconcile net earnings to net cash provided (used) by operating activities:
Depreciation18.1  17.2  
Amortization of other intangibles5.7  5.4  
Provision for losses on finance receivables16.3  12.5  
Provision for losses on non-finance receivables
5.0  5.0  
Stock-based compensation expense1.1  7.3  
Deferred income tax (benefit) provision(3.6) 5.4  
Loss on sales of assets0.1  0.3  
Changes in operating assets and liabilities, net of effects of acquisitions:
Trade and other accounts receivable34.3  14.8  
Contract receivables1.2  6.1  
Inventories(23.8) (33.2) 
Prepaid and other assets3.2  (19.7) 
Accounts payable1.9  1.8  
Accruals and other liabilities11.9  (3.7) 
Net cash provided by operating activities213.4  201.3  
Investing activities:
Additions to finance receivables(212.8) (210.5) 
Collections of finance receivables190.7  191.9  
Capital expenditures(17.2) (20.2) 
Acquisitions of businesses, net of cash acquired(6.1) (1.3) 
Disposals of property and equipment  0.2  
Other(4.4) 1.2  
Net cash used by investing activities(49.8) (38.7) 
Financing activities:
Net decrease in other short-term borrowings(41.9) (43.8) 
Cash dividends paid(59.0) (52.8) 
Purchases of treasury stock(50.5) (47.4) 
Proceeds from stock purchase and option plans1.5  4.8  
Other(7.2) (8.4) 
Net cash used by financing activities(157.1) (147.6) 
Effect of exchange rate changes on cash and cash equivalents(5.2) 0.5  
Increase in cash and cash equivalents1.3  15.5  
Cash and cash equivalents at beginning of year184.5  140.9  
Cash and cash equivalents at end of period$185.8  $156.4  
Supplemental cash flow disclosures:
Cash paid for interest$(20.7) $(21.6) 
Net cash paid for income taxes(15.1) (18.4) 


See Notes to Condensed Consolidated Financial Statements.

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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 2019 Annual Report on Form 10-K for the fiscal year ended December 28, 2019 (“2019 year end”), as updated below.
The company’s 2020 fiscal year, which ends on January 2, 2021, will contain 53 weeks of operating results, with the additional week occurring in the fourth quarter. The company’s 2019 fiscal year contained 52 weeks of operating results. Snap-on’s 2020 fiscal first quarter ended on March 28, 2020; the 2019 fiscal first quarter ended on March 30, 2019. The company’s 2020 and 2019 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 28, 2020, and March 30, 2019, have been made. Interim results of operations are not necessarily indicative of the results to be expected for the full fiscal year.
With the adoption of ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326), the company has updated the following policies, effective December 29, 2019, the beginning of Snap-on’s fiscal year 2020:
Financial services revenue: Snap-on generates revenue from various financing programs that include: (i) installment sales and lease contracts arising from franchisees’ customers and Snap-on customers who require financing for the purchase or lease of tools and diagnostic and equipment products on an extended-term payment plan; and (ii) business loans and vehicle leases to franchisees. These financing programs are offered through Snap-on’s wholly owned finance subsidiaries. Financial services revenue consists primarily of interest income on finance and contract receivables and is recognized over the life of the underlying contracts, with interest computed primarily on the average daily balances of the underlying contracts.
The decision to finance through Snap-on or another financing source is solely at the election of the customer. When assessing customers for potential financing, Snap-on considers various factors regarding ability to pay, including the customers’ 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 collection experience and related internal metrics. 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.
Receivables and allowances for credit losses: All trade, finance and contract receivables are reported on the Condensed Consolidated Balance Sheets at their amortized cost adjusted for any write-offs and net of allowances for credit losses. The amortized costs for finance and contract receivables is the amount originated adjusted for applicable accrued interest and net of deferred fees or costs, net of collections and write-offs.
Snap-on maintains allowances for credit losses, which represent an estimate of expected losses over the remaining contractual life of its receivables considering current market conditions and estimates for supportable forecasts when appropriate. The estimate is a result of the company’s ongoing assessments and evaluations of collectability, historical loss experience, and future expectations in estimating credit losses in each of its receivable portfolios (trade, finance and contract receivables). For trade receivables, Snap-on uses historical loss experience rates by portfolio and applies them to a related aging analysis while also considering customer and/or economic risk where appropriate. For finance receivables, Snap-on uses a vintage loss experience analysis. For contract receivables, a weighted-average remaining maturity method is primarily used. Determination of the proper amount of allowances by portfolio requires management to exercise judgment about the timing, frequency and severity of credit losses that could materially affect the provision for credit losses and, as a result, net earnings. The allowances take into consideration numerous quantitative and qualitative factors that include receivable type, historical loss experience, loss migration, delinquency trends, collection experience, current economic conditions, estimates for supportable forecasts, when appropriate, and credit risk characteristics.
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SNAP-ON INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)

Snap-on evaluates the credit risk of the customer when extending credit based on a combination of various financial and qualitative factors that may affect its customers’ 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.
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. Monthly reviews of credit and collection performance are conducted for both its finance and contract receivable portfolios focusing on data such as delinquency trends, non-performing assets, 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. 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 agreement. Amounts determined to be uncollectable are charged directly against the allowances, while amounts recovered on previously written-off accounts increase the allowances. For both finance and contract receivables, net write-offs include the principal amount of losses written off as well as written-off interest and fees, and recourse from franchisees on finance receivables. Recovered interest and fees previously written off are recorded through the allowances for credit losses and increase the allowance. Finance receivables are assessed for write-off when an account becomes 120 days past due and are written off typically 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 up to 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 180 days past due. Changes to the allowances for credit losses are maintained through adjustments to the provision for credit losses, which are charged to current period earnings.
Actual amounts as of the balance sheet dates may be materially different than the amounts reported in future periods due to the uncertainty in the estimation process. Also, future amounts could differ materially from those estimates due to changes in circumstances after the balance sheet date.
Snap-on does not believe that its trade, finance or contract receivables represent significant concentrations of credit risk because of the diversified portfolio of individual customers and geographical areas. See Note 4 for further information on receivables and allowances for credit losses.
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
The following new accounting pronouncements were adopted by Snap-on in fiscal year 2020:
On December 29, 2019, the beginning of Snap-on’s fiscal year, the company adopted ASU No. 2018-13, Fair Value Measurement (Topic 820) - Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement, which is designed to improve the effectiveness of disclosures by removing, modifying and adding disclosures related to fair value measurements. The adoption of this ASU did not have an impact on the company’s Condensed Consolidated Financial Statements or disclosures.
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SNAP-ON INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)

On December 29, 2019, the beginning of Snap-on’s fiscal year, the company adopted ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326), which required the measurement of expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions and reasonable and supportable forecasts. The main objective of this ASU is to provide financial statement users with more information about the expected credit losses over the contractual life of financial instruments and other commitments to extend credit held by a reporting entity at each reporting date.
Snap-on adopted ASU No. 2016-13 under the modified retrospective approach for receivables measured at amortized costs with prior periods reported in accordance with previously applicable guidance. See Note 4 for a discussion about the impact the adoption of this ASU had on the company and further information on credit losses.
The following new accounting pronouncements, and related impacts on adoption, are being evaluated by the company:

In December 2019, the FASB issued 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. ASU No. 2019-12 is effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years; this ASU allows for early adoption in any interim period after issuance of the update. The company is currently assessing the impact this ASU will have on its 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.

Revenue Disaggregation: The following table shows the consolidated revenues by revenue source:
Three Months Ended
(Amounts in millions)March 28, 2020March 30, 2019
Revenue from contracts with customers$846.6