0000091440false00000914402025-02-062025-02-06

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported):          February 6, 2025

Snap-on Incorporated
(Exact name of registrant as specified in its charter)
Delaware 001-0772439-0622040
(State or Other Jurisdiction
of Incorporation)		 (Commission
File Number)		 (IRS Employer
Identification No.)
2801 80th Street,Kenosha,Wisconsin53143-5656
(Address of Principal Executive Offices, and Zip Code)

(262) 656-5200
(Registrant’s telephone number, including area code)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐  Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐  Pre-commencement communication pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐  Pre-commencement communication pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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 is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2 of this chapter).
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.☐


Item 2.02                          Results of Operations and Financial Condition

On February 6, 2025, Snap-on Incorporated (the “Corporation”) issued a press release announcing results for its fourth quarter ended December 28, 2024. The text of the press release is furnished herewith as Exhibit 99 to this Current Report on Form 8-K.

The press release contains cautionary statements identifying important factors that could cause actual results of the Corporation to differ materially from those described in any forward-looking statement of the Corporation.

Item 9.01                          Financial Statements and Exhibits (furnished pursuant to Item 2.02)

(d) Exhibits
 
99      Press Release of Snap-on Incorporated, dated February 6, 2025




SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, Snap-on Incorporated has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 SNAP-ON INCORPORATED
   
   
Date:  February 6, 2025
By:/s/ Aldo J. Pagliari
  Aldo J. Pagliari, Principal Financial Officer,
  Senior Vice President – Finance and
Chief Financial Officer



Exhibit 99



Snap-on Announces Fourth Quarter and Full Year 2024 Results

Diluted EPS of $4.82 for the quarter compares to $4.75 in Q4 2023;
Operating margin before financial services in Q4 2024 improves 50 basis points to 22.1%;
Sales of $1,198.7 million in the quarter compares to $1,196.6 million last year

KENOSHA, Wis. — February 6, 2025 — Snap-on Incorporated (NYSE: SNA), a leading global innovator, manufacturer and marketer of tools, equipment, diagnostics, repair information and systems solutions for professional users performing critical tasks, today announced 2024 operating results for the fourth quarter and full year.
•Net sales of $1,198.7 million in the fourth quarter of 2024 represented an increase of $2.1 million, or 0.2%, from 2023 levels, reflecting a $2.0 million, or 0.2%, organic gain and $2.1 million of acquisition-related sales, partially offset by $2.0 million of unfavorable foreign currency translation.
•Operating earnings before financial services for the quarter of $265.2 million compared to $257.9 million in 2023. As a percentage of net sales, operating earnings before financial services were 22.1% in the fourth quarter compared to 21.6% last year.
•Financial services revenue in the quarter of $100.5 million compared to $97.2 million in 2023; financial services operating earnings of $66.7 million compared to $67.9 million last year.
•Consolidated operating earnings for the quarter of $331.9 million, or 25.5% of revenues (net sales plus financial services revenue), compared to $325.8 million, or 25.2% of revenues, in 2023.
•The fourth quarter effective income tax rate was 22.5% in 2024 and 21.4% last year.
•Net earnings in the quarter of $258.1 million, or $4.82 per diluted share, compared to net earnings of $255.3 million, or $4.75 per diluted share, a year ago.
•Full year net sales of $4,707.4 million in 2024 represented a decrease of $22.8 million, or 0.5%, from 2023 levels, reflecting a $40.6 million, or 0.9%, organic decline and $5.5 million of unfavorable foreign currency translation, partially offset by $23.3 million of acquisition-related sales. Full year net earnings of $1,043.9 million, or $19.51 per diluted share, compared to $1,011.1 million, or $18.76 per diluted share, in 2023, an increase of $32.8 million or $0.75 per diluted share. In 2024, net earnings included a $17.5 million, or $0.32 per diluted share, after-tax benefit for the final payments associated with a legal matter, which were received in the first six months of 2024.
See “Non-GAAP Measures” below for a definition of, and further explanation about, organic sales.



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“We are encouraged by our fourth quarter results as our businesses were again strong, achieving a positive balance and overall progress, with our operations serving critical industries and repair shop owners and managers advancing in both sales and profitability, and with the Snap-on Tools Group continuing to narrow the gap versus prior periods despite the environment of general uncertainty,” said Nick Pinchuk, Snap-on chairman and chief executive officer. “In addition to reconfirming the special resilience of our markets and our enterprise, rooted in essential repair, the quarter demonstrates the considerable capabilities of our team, as is evident in the Tools Group success, pivoting our advantages in product, brand, and people to better match the current preferences of technicians for quick payback items. As we proceed into 2025, we’ll enhance the franchise network by further refocusing our product development, manufacturing, and marketing, meeting the demands of the day, extend to critical industries by sharpening our ability to take full advantage of the growing need for customized solutions, and expand our already prominent position with shop owners and managers by serving the rising complexity of vehicle repair. At the same time, we’ll engage our Snap-on Value Creation Processes, driving improvements across the corporation that when combined with our runways for growth, we believe will author substantial and strategic gain. Finally, I want to thank our franchisees and our associates worldwide for their many contributions, for their steadfast dedication, and for their deep confidence in our prospects as we move forward through this 105th year of our company and significantly beyond.”
Segment Results - Fourth Quarter
Commercial & Industrial Group segment sales of $379.2 million in the quarter compared to $363.9 million last year, reflecting a $14.2 million, or 3.9%, organic gain and $2.1 million of acquisition-related sales, partially offset by $1.0 million of unfavorable foreign currency translation. The organic increase is primarily due to higher sales to customers in critical industries, with particular progress in the specialty torque arena.
Operating earnings of $63.5 million in the period compared to $54.1 million in 2023. The operating margin (operating earnings as a percentage of segment sales) improved 180 basis points to 16.7% from 14.9% last year.
Snap-on Tools Group segment sales of $506.6 million in the quarter compared to $513.3 million last year, reflecting a $7.3 million, or 1.4%, organic sales decrease, partially offset by $0.6 million of favorable foreign currency translation. The organic decline is due to lower activity in the U.S., partially offset by higher sales in the segment’s international operations.
Operating earnings of $106.9 million in the period compared to $111.0 million in 2023. The operating margin of 21.1% compared to 21.6% a year ago.
Repair Systems & Information Group segment sales of $456.6 million in the quarter compared to $450.8 million last year, reflecting a $7.3 million, or 1.6%, organic sales increase, partially offset by $1.5 million of unfavorable foreign currency translation. The organic gain includes higher activity with OEM dealerships and increased sales of diagnostic and repair information products to independent repair shop owners and managers, partially offset by lower volumes of undercar equipment.
Operating earnings of $121.4 million in the period compared to $113.3 million in 2023. The operating margin improved 150 basis points to 26.6% from 25.1% last year.
Financial Services operating earnings of $66.7 million on revenue of $100.5 million in the quarter compared to operating earnings of $67.9 million on revenue of $97.2 million a year ago. Originations of $285.1 million in the fourth quarter represented a decrease of $18.0 million, or 5.9%, from 2023 levels.
Corporate expenses in the fourth quarter of $26.6 million compared to $20.5 million last year.

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Outlook
We believe that our markets and our operations possess and have demonstrated continuing and considerable resilience against the uncertainties of the current environment. In 2025, Snap-on expects to make ongoing progress along its decisive runways for coherent growth, leveraging capabilities already proven in the automotive repair arena, developing and expanding its professional customer base, not only in automotive repair, but in adjacent markets, additional geographies and other areas, including extending in critical industries, where the cost and penalties for failure can be high. In pursuit of these initiatives, we project that capital expenditures in 2025 will approximate $100 million.
Snap-on currently anticipates that its full-year 2025 effective income tax rate will be in the range of 22% to 23%.
Conference Call and Webcast on February 6, 2025, at 9:00 a.m. Central Time
A discussion of this release will be webcast on Thursday, February 6, 2025, at 9:00 a.m. Central Time, and a replay will be available for at least 10 days following the call. To access the webcast, visit https://www.snapon.com/EN/Investors/Investor-Events and click on the link to the call. The slide presentation accompanying the call can be accessed under the Downloads tab in the webcast viewer, as well as on the Snap-on website at https://www.snapon.com/EN/Investors/Financial-Information/Quarterly-Earnings.
Non-GAAP Measures
References in this release to “organic sales” refer to sales from continuing operations calculated in accordance with generally accepted accounting principles in the United States (“GAAP”), adjusted to exclude acquisition-related sales and the impact of foreign currency translation. Management evaluates the company’s sales performance based on organic sales growth, which primarily reflects growth from the company’s existing businesses as a result of increased output, expanded customer base, geographic expansion, new product development and pricing changes, and excludes sales contributions from acquired operations the company did not own as of the comparable prior-year reporting period. Organic sales also exclude the effects of foreign currency translation as foreign currency translation is subject to volatility that can obscure underlying business trends. Management believes that the non-GAAP financial measure of organic sales is meaningful to investors as it provides them with useful information to aid in identifying underlying growth trends in the company’s businesses and facilitates comparisons of its sales performance with prior periods.
About Snap-on
Snap-on Incorporated is a leading global innovator, manufacturer, and marketer of tools, equipment, diagnostics, repair information and systems solutions for professional users performing critical tasks including those working in vehicle repair, aerospace, the military, natural resources, and manufacturing. From its founding in 1920, Snap-on has been recognized as the mark of the serious and the outward sign of the pride and dignity working men and women take in their professions. Products and services are sold through the company’s network of widely recognized franchisee vans, as well as through direct and distributor channels, under a variety of notable brands. The company also provides financing programs to facilitate the sales of its products and to support its franchise business. Snap-on, an S&P 500 company, generated sales of $4.7 billion in 2024, and is headquartered in Kenosha, Wisconsin.


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Forward-looking Statements
Statements in this news release that are not historical facts, including statements that (i) are in the future tense; (ii) include the words “expects,” “anticipates,” “intends,” “approximates,” or similar words that reference Snap-on or its management; (iii) are specifically identified as forward-looking; or (iv) describe Snap-on’s or management’s future outlook, plans, estimates, objectives or goals, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Snap-on cautions the reader that this news release may contain statements, including earnings projections, that are forward-looking in nature and were developed by management in good faith and, accordingly, are subject to risks and uncertainties regarding Snap-on’s expected results that could cause (and in some cases have caused) actual results to differ materially from those described or contemplated in any forward-looking statement. Factors that may cause the company’s actual results to differ materially from those contained in the forward-looking statements include those found in the company’s reports filed with the Securities and Exchange Commission, including the information under the “Safe Harbor” and “Risk Factors” headings in its Annual Report on Form 10-K for the fiscal year ended December 30, 2023, which are incorporated herein by reference. Snap-on disclaims any responsibility to update any forward-looking statement provided in this news release, except as required by law.
# # #
For additional information, please visit www.snapon.com or contact:
Investors:                                Media:
Sara Verbsky                                Samuel Bottum
262/656-4869                                262/656-5793


SNAP-ON INCORPORATED
Condensed Consolidated Statements of Earnings
(Amounts in millions, except per share data)
(unaudited)

Fourth QuarterFull Year
2024202320242023
Net sales$1,198.7 $1,196.6 $4,707.4 $4,730.2 
Cost of goods sold(602.6)(619.0)(2,329.5)(2,381.1)
Gross profit596.1 577.6 2,377.9 2,349.1 
Operating expenses(330.9)(319.7)(1,309.1)(1,309.2)
Operating earnings before financial services265.2 257.9 1,068.8 1,039.9 
Financial services revenue100.5 97.2 401.0 378.1 
Financial services expenses(33.8)(29.3)(124.1)(107.6)
Operating earnings from financial services66.7 67.9 276.9 270.5 
Operating earnings331.9 325.8 1,345.7 1,310.4 
Interest expense(12.3)(12.5)(49.6)(49.9)
Other income (expense) – net19.6 17.5 77.0 67.5 
Earnings before income taxes339.2 330.8 1,373.1 1,328.0 
Income tax expense(75.0)(69.5)(304.2)(293.4)
Net earnings264.2 261.3 1,068.9 1,034.6 
Net earnings attributable to noncontrolling interests(6.1)(6.0)(25.0)(23.5)
Net earnings attributable to Snap-on Inc.$258.1 $255.3 $1,043.9 $1,011.1 
Net earnings per share attributable to Snap-on Inc.:
Basic$4.92 $4.84 $19.85 $19.11 
Diluted4.82 4.75 19.51 18.76 
Weighted-average shares outstanding:
Basic52.5 52.7 52.6 52.9 
Effect of dilutive securities1.0 1.1 0.9 1.0 
Diluted53.5 53.8 53.5 53.9 



SNAP-ON INCORPORATED
Supplemental Segment Information
(Amounts in millions)
(unaudited)

Fourth QuarterFull Year
2024202320242023
Net sales:
Commercial & Industrial Group$379.2 $363.9 $1,476.8 $1,458.3 
Snap-on Tools Group506.6 513.3 1,989.2 2,088.8 
Repair Systems & Information Group456.6 450.8 1,797.9 1,781.2 
Segment net sales1,342.4 1,328.0 5,263.9 5,328.3 
Intersegment eliminations(143.7)(131.4)(556.5)(598.1)
Total net sales1,198.7 1,196.6 4,707.4 4,730.2 
Financial Services revenue100.5 97.2 401.0 378.1 
Total revenues$1,299.2 $1,293.8 $5,108.4 $5,108.3 
Operating earnings:
Commercial & Industrial Group$63.5 $54.1 $242.1 $226.1 
Snap-on Tools Group106.9 111.0 447.3 493.8 
Repair Systems & Information Group121.4 113.3 455.2 433.2 
Financial Services66.7 67.9 276.9 270.5 
Segment operating earnings358.5 346.3 1,421.5 1,423.6 
Corporate(26.6)(20.5)(75.8)(113.2)
Operating earnings331.9 325.8 1,345.7 1,310.4 
Interest expense(12.3)(12.5)(49.6)(49.9)
Other income (expense) – net19.6 17.5 77.0 67.5 
Earnings before income taxes$339.2 $330.8 $1,373.1 $1,328.0 



SNAP-ON INCORPORATED
Condensed Consolidated Balance Sheets
(Amounts in millions)
(unaudited)
Fiscal Year End
20242023
Assets
Cash and cash equivalents$1,360.5 $1,001.5 
Trade and other accounts receivable – net815.6 791.3 
Finance receivables – net610.3 594.1 
Contract receivables – net120.0 120.8 
Inventories – net943.4 1,005.9 
Prepaid expenses and other current assets139.6 138.4 
Total current assets3,989.4 3,652.0 
Property and equipment – net542.6 539.3 
Operating lease right-of-use assets89.4 74.7 
Deferred income tax assets78.0 76.0 
Long-term finance receivables – net1,312.0 1,284.2 
Long-term contract receivables – net418.3 407.9 
Goodwill1,056.8 1,097.4 
Other intangible assets – net267.6 268.9 
Pension assets125.4 130.5 
Other long-term assets17.3 14.0 
Total assets$7,896.8 $7,544.9 
Liabilities and Equity
Notes payable$13.7 $15.6 
Accounts payable265.9 238.0 
Accrued benefits67.2 64.4 
Accrued compensation86.1 102.9 
Franchisee deposits70.9 73.3 
Other accrued liabilities457.7 447.4 
Total current liabilities961.5 941.6 
Long-term debt1,185.5 1,184.6 
Deferred income tax liabilities73.5 79.2 
Retiree health care benefits19.4 21.8 
Pension liabilities78.4 82.3 
Operating lease liabilities68.6 54.6 
Other long-term liabilities92.9 87.4 
Total liabilities2,479.8 2,451.5 
Equity
Shareholders' equity attributable to Snap-on Inc.
Common stock67.5 67.5 
Additional paid-in capital557.7 545.5 
Retained earnings7,584.3 6,948.5 
Accumulated other comprehensive loss(575.0)(449.5)
Treasury stock at cost(2,240.4)(2,040.7)
Total shareholders' equity attributable to Snap-on Inc.5,394.1 5,071.3 
Noncontrolling interests22.9 22.1 
Total equity5,417.0 5,093.4 
Total liabilities and equity$7,896.8 $7,544.9 


SNAP-ON INCORPORATED
Condensed Consolidated Statements of Cash Flows
(Amounts in millions)
(unaudited)

Fourth Quarter
20242023
Operating activities:
Net earnings$264.2 $261.3 
Adjustments to reconcile net earnings to net cash provided (used) by operating activities:
Depreciation18.0 18.6 
Amortization of other intangible assets6.3 6.4 
Provision for losses on finance receivables20.5 16.5 
Provision for losses on non-finance receivables5.0 4.2 
Stock-based compensation expense7.1 13.3 
Deferred income tax benefit(1.0)(2.2)
Gain on sales of assets(0.1)(0.4)
Changes in operating assets and liabilities, net of effects of acquisitions:
Trade and other accounts receivable(44.8)(6.9)
Contract receivables(2.0)(6.1)
Inventories19.2 44.3 
Prepaid expenses and other current assets(0.1)4.8 
Accounts payable(4.6)(52.4)
Accrued and other liabilities5.8 (4.5)
Net cash provided by operating activities293.5 296.9 
Investing activities:
Additions to finance receivables(234.7)(249.2)
Collections of finance receivables208.5 207.0 
Capital expenditures(18.1)(21.1)
Acquisitions of businesses, net of cash acquired— (42.6)
Disposals of property and equipment1.1 1.2 
Other3.0 0.1 
Net cash used by investing activities(40.2)(104.6)
Financing activities:
Net decrease in other short-term borrowings(0.4)(1.7)
Cash dividends paid(112.3)(98.0)
Purchases of treasury stock(112.5)(60.9)
Proceeds from stock purchase plans and stock option exercises30.7 19.1 
Other(7.0)(7.5)
Net cash used by financing activities(201.5)(149.0)
Effect of exchange rate changes on cash and cash equivalents(4.6)(1.1)
Increase in cash and cash equivalents47.2 42.2 
Cash and cash equivalents at beginning of period1,313.3 959.3 
Cash and cash equivalents at end of year$1,360.5 $1,001.5 
Supplemental cash flow disclosures:
Cash paid for interest$(8.3)$(8.4)
Net cash paid for income taxes(61.8)(76.4)



SNAP-ON INCORPORATED
Condensed Consolidated Statements of Cash Flows
(Amounts in millions)
(unaudited)

Full Year
20242023
Operating activities:
Net earnings$1,068.9 $1,034.6 
Adjustments to reconcile net earnings to net cash provided (used) by operating activities:
Depreciation72.7 72.2 
Amortization of other intangible assets25.3 27.1 
Provision for losses on finance receivables71.1 57.2 
Provision for losses on non-finance receivables22.8 19.2 
Stock-based compensation expense28.6 44.7 
Deferred income tax benefit(8.2)(18.7)
Gain on sales of assets(0.6)(1.0)
Changes in operating assets and liabilities, net of effects of acquisitions:
Trade and other accounts receivable(72.9)(45.2)
Contract receivables(17.4)(34.0)
Inventories27.8 23.3 
Prepaid expenses and other current assets10.4 35.1 
Accounts payable29.0 (48.1)
Accrued and other liabilities(40.0)(12.2)
Net cash provided by operating activities1,217.5 1,154.2 
Investing activities:
Additions to finance receivables(966.0)(1,029.0)
Collections of finance receivables837.8 833.5 
Capital expenditures(83.5)(95.0)
Acquisitions of businesses, net of cash acquired— (42.6)
Disposals of property and equipment3.1 2.7 
Other4.5 (1.4)
Net cash used by investing activities(204.1)(331.8)
Financing activities:
Net decrease in other short-term borrowings(1.3)(1.7)
Cash dividends paid(406.4)(355.6)
Purchases of treasury stock(290.0)(294.7)
Proceeds from stock purchase plans and stock option exercises92.3 113.6 
Other(44.4)(34.5)
Net cash used by financing activities(649.8)(572.9)
Effect of exchange rate changes on cash and cash equivalents(4.6)(5.2)
Increase in cash and cash equivalents359.0 244.3 
Cash and cash equivalents at beginning of year1,001.5 757.2 
Cash and cash equivalents at end of year$1,360.5 $1,001.5 
Supplemental cash flow disclosures:
Cash paid for interest$(44.1)$(44.5)
Net cash paid for income taxes(305.7)(300.9)



Non-GAAP Supplemental Data
The following non-GAAP supplemental data is presented for informational purposes to provide readers with insight into the information used by management for assessing the operating performance of Snap-on Incorporated's (“Snap-on”) non-financial services (“Operations”) and Financial Services businesses.
The supplemental Operations data reflects the results of operations and financial position of Snap-on's tools, diagnostics, equipment products, software and other non-financial services operations with Financial Services presented on the equity method. The supplemental Financial Services data reflects the results of operations and financial position of Snap-on's U.S. and international financial services operations. The financing needs of Financial Services are met through intersegment borrowings and cash generated from Operations; Financial Services is charged interest expense on intersegment borrowings at market rates. Income taxes are charged to Financial Services on the basis of the specific tax attributes generated by the U.S. and international financial services businesses. Transactions between the Operations and Financial Services businesses are eliminated to arrive at the Condensed Consolidated Financial Statements.
SNAP-ON INCORPORATED
Non-GAAP Supplemental Consolidating Data - Supplemental Condensed Statements of Earnings
(Amounts in millions)
(unaudited)

Operations*Financial Services
Fourth QuarterFourth Quarter
2024202320242023
Net sales$1,198.7 $1,196.6 $— $— 
Cost of goods sold(602.6)(619.0)— — 
Gross profit596.1 577.6 — — 
Operating expenses(330.9)(319.7)— — 
Operating earnings before financial services265.2 257.9 — — 
Financial services revenue— — 100.5 97.2 
Financial services expenses— — (33.8)(29.3)
Operating earnings from financial services— — 66.7 67.9 
Operating earnings265.2 257.9 66.7 67.9 
Interest expense(12.3)(12.5)— — 
Intersegment interest income (expense) – net16.5 16.0 (16.5)(16.0)
Other income (expense) – net19.5 17.5 0.1 — 
Earnings before income taxes and equity earnings288.9 278.9 50.3 51.9 
Income tax expense(62.4)(57.8)(12.6)(11.7)
Earnings before equity earnings226.5 221.1 37.7 40.2 
Financial services – net earnings attributable to Snap-on37.7 40.2 — — 
Net earnings264.2 261.3 37.7 40.2 
Net earnings attributable to noncontrolling interests(6.1)(6.0)— — 
Net earnings attributable to Snap-on$258.1 $255.3 $37.7 $40.2 
* Snap-on with Financial Services presented on the equity method.



SNAP-ON INCORPORATED
Non-GAAP Supplemental Consolidating Data - Supplemental Condensed Statements of Earnings
(Amounts in millions)
(unaudited)

Operations*Financial Services
 Full YearFull Year
 2024202320242023
Net sales$4,707.4 $4,730.2 $— $— 
Cost of goods sold(2,329.5)(2,381.1)— — 
Gross profit2,377.9 2,349.1 — — 
Operating expenses(1,309.1)(1,309.2)— — 
Operating earnings before financial services1,068.8 1,039.9 — — 
Financial services revenue— — 401.0 378.1 
Financial services expenses— — (124.1)(107.6)
Operating earnings from financial services— — 276.9 270.5 
Operating earnings1,068.8 1,039.9 276.9 270.5 
Interest expense(49.6)(49.9)— — 
Intersegment interest income (expense) – net67.1 63.9 (67.1)(63.9)
Other income (expense) – net76.8 67.3 0.2 0.2 
Earnings before income taxes and equity earnings1,163.1 1,121.2 210.0 206.8 
Income tax expense(251.7)(241.6)(52.5)(51.8)
Earnings before equity earnings911.4 879.6 157.5 155.0 
Financial services – net earnings attributable to Snap-on157.5 155.0 — — 
Net earnings1,068.9 1,034.6 157.5 155.0 
Net earnings attributable to noncontrolling interests(25.0)(23.5)— — 
Net earnings attributable to Snap-on$1,043.9 $1,011.1 $157.5 $155.0 
* Snap-on with Financial Services presented on the equity method.



SNAP-ON INCORPORATED
Non-GAAP Supplemental Consolidating Data - Supplemental Condensed Balance Sheets
(Amounts in millions)
(unaudited)
 Operations*Financial Services
 Fiscal Year EndFiscal Year End
 2024202320242023
Assets
Cash and cash equivalents$1,360.4 $1,001.3 $0.1 $0.2 
Intersegment receivables15.1 15.7 — — 
Trade and other accounts receivable – net815.0 790.6 0.6 0.7 
Finance receivables – net— — 610.3 594.1 
Contract receivables – net4.8 5.5 115.2 115.3 
Inventories – net943.4 1,005.9 — — 
Prepaid expenses and other current assets143.8 143.2 9.4 7.4 
Total current assets3,282.5 2,962.2 735.6 717.7 
Property and equipment – net540.2 536.5 2.4 2.8 
Operating lease right-of-use assets83.8 73.8 5.6 0.9 
Investment in Financial Services403.5 393.9 — — 
Deferred income tax assets51.8 51.3 26.2 24.7 
Intersegment long-term notes receivable831.8 785.6 — — 
Long-term finance receivables – net— — 1,312.0 1,284.2 
Long-term contract receivables – net8.4 8.3 409.9 399.6 
Goodwill1,056.8 1,097.4 — — 
Other intangible assets – net267.6 268.9 — — 
Pension assets125.4 130.5 — — 
Other long-term assets35.6 30.2 0.2 0.1 
Total assets$6,687.4 $6,338.6 $2,491.9 $2,430.0 
Liabilities and Equity
Notes payable $13.7 $15.6 $— $— 
Accounts payable265.4 236.2 0.5 1.8 
Intersegment payables— — 15.1 15.7 
Accrued benefits67.2 64.4 — — 
Accrued compensation83.5 99.9 2.6 3.0 
Franchisee deposits70.9 73.3 — — 
Other accrued liabilities443.6 432.2 27.7 27.4 
Total current liabilities944.3 921.6 45.9 47.9 
Long-term debt and intersegment long-term debt— — 2,017.3 1,970.2 
Deferred income tax liabilities73.5 79.2 — — 
Retiree health care benefits19.4 21.8 — — 
Pension liabilities78.4 82.3 — — 
Operating lease liabilities63.0 54.0 5.6 0.6 
Other long-term liabilities91.8 86.3 19.6 17.4 
Total liabilities1,270.4 1,245.2 2,088.4 2,036.1 
Total shareholders' equity attributable to Snap-on5,394.1 5,071.3 403.5 393.9 
Noncontrolling interests22.9 22.1 — — 
Total equity5,417.0 5,093.4 403.5 393.9 
Total liabilities and equity$6,687.4 $6,338.6 $2,491.9 $2,430.0 
* Snap-on with Financial Services presented on the equity method.

v3.25.0.1
Cover
Feb. 06, 2025
Cover [Abstract]  
Document Type 8-K
Document Period End Date Feb. 06, 2025
Entity Registrant Name Snap-on Inc
Entity Incorporation, State or Country Code DE
Entity File Number 001-07724
Entity Tax Identification Number 39-0622040
Entity Address, Address Line One 2801 80th Street,
Entity Address, City or Town Kenosha,
Entity Address, State or Province WI
Entity Address, Postal Zip Code 53143-5656
City Area Code 262
Local Phone Number 656-5200
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, $1.00 par value
Trading Symbol SNA
Security Exchange Name NYSE
Entity Emerging Growth Company false
Entity Central Index Key 0000091440
Amendment Flag false
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