4 unchanged sentences
The following chart discloses information regarding the shares of Snap-on’s common stock repurchased by the company during the fourth quarter of fiscal 2022, all of which were purchased pursuant to the Board’s authorizations that the company has publicly announced.
−Removed: Snap-on has undertaken stock repurchases from time to time to offset dilution created by shares issued for employee and franchisee stock purchase plans, and equity plans, and for other corporate purposes, as well as when the company believes market conditions are favorable.
−Removed: The repurchase of Snap-on common stock is at the company’s discretion, subject to prevailing financial and market conditions.
+Added: Snap-on has undertaken stock repurchases from time to time to offset dilution related to equity plan issuances and for other corporate purposes, as well as when the company believes market conditions are favorable.
+Added: The repurchase of Snap-on common stock is at the company’s discretion, subject to prevailing financial and market conditions, and pursuant to the Board’s authorizations that the company has publicly announced.
Period Shares
14 unchanged sentences
Not applicable
−Removed: * Subject to further adjustment pursuant to the 1996 Authorization described below, as of January 1, 2022, the approximate value of shares that may yet be purchased pursuant to the outstanding Board authorizations discussed below is $454.9 million.
−Removed: • In 1996, the Board authorized the company to repurchase shares of the company’s common stock from time to time in the open market or in privately negotiated transactions (“the 1996 Authorization”).
−Removed: The 1996 Authorization allows the repurchase of up to the number of shares issued or delivered from treasury from time to time under the various plans the company has in place that call for the issuance of the company’s common stock.
−Removed: Because the number of shares that are purchased pursuant to the 1996 Authorization will change from time to time as (i) the company issues shares under its various plans;
+Added: * Subject to further adjustment pursuant to the 1996 Authorization described below, as of December 31, 2022, the approximate value of shares that may yet be purchased pursuant to the outstanding Board authorizations discussed below is $362.4 million.
+Added: • In 1996, the Board authorized the company to repurchase shares of the company’s common stock periodically in the open market or in privately negotiated transactions (“the 1996 Authorization”).
+Added: The 1996 Authorization allows the repurchase of up to the number of shares issued or delivered from treasury under the various plans the company has in place that call for the issuance of the company’s common stock.
+Added: Because the number of shares that are purchased pursuant to the 1996 Authorization will change as (i) the company issues shares under its various plans;
and (ii) shares are repurchased pursuant to this authorization, the number of shares authorized to be repurchased will vary from time to time.
The 1996 Authorization will expire when terminated by the Board.
−Removed: When calculating the approximate value of shares that the company may yet purchase under the 1996 Authorization, the company assumed a price of $203.23, $211.30 and $215.38 per share of common stock as of the end of the fiscal 2021 months ended October 30, 2021, November 27, 2021, and January 1, 2022, respectively.
−Removed: • On February 14, 2019, the Board authorized the repurchase of an aggregate of up to $500 million of the company’s common stock (the “2019 Authorization”).
• On November 4, 2021, the Board authorized the repurchase of up to $500 million of the company’s common stock (the “2021 Authorization”).
−Removed: The 2021 Authorization replaced the 2019 Authorization (under which approximately $179 million remained available at the time of replacement) and, will expire when the aggregate repurchase price limit is met, unless terminated earlier by the Board.
−Removed: 2021 ANNUAL REPORT 23
+Added: The 2021 Authorization will expire when the aggregate repurchase price limit is met, unless terminated earlier by the Board.
+Added: SNAP-ON INCORPORATED
Other Purchases or Sales of Equity Securities
4 unchanged sentences
The Agreement has no stated expiration date and does not provide for Snap-on to purchase or repurchase its shares.
−Removed: Citibank Sales of Snap-on Stock
−Removed: Period Shares Sold Average Price
+Added: Citibank Purchases (Sales) of Snap-on Stock
+Added: Period Shares Purchased (Sold) Average Price
10/02/22 to 10/29/22 — —
2 unchanged sentences
Total/Average (5,900) $229.11
−Removed: SNAP-ON INCORPORATED
+Added: 2022 ANNUAL REPORT 25
Five-year Stock Performance Graph
13 unchanged sentences
for ease of calculation, the fiscal year end is assumed to be December 31.
−Removed: 2021 ANNUAL REPORT 25
+Added: SNAP-ON INCORPORATED
Management’s Discussion and Analysis of Financial Condition and Results of Operations
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.