What changed in this filing

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Item 1. Financial Statements

2024-10-17 compared with 2024-07-18 · 175 added, 171 removed, 996 unchanged (26% of the section changed)

3 unchanged sentences

(Amounts in millions, except per share data)

Three Months Ended Six Months Ended

June 29, 2024 July 1, 2023 June 29, 2024 July 1, 2023

Three Months Ended Nine Months Ended

September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023

Net sales $ 1,147.0 $ 1,159.3 $ 3,508.7 $ 3,533.6

26 unchanged sentences

(Amounts in millions)

Three Months Ended Six Months Ended

June 29, 2024 July 1, 2023 June 29, 2024 July 1, 2023

Three Months Ended Nine Months Ended

September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023

Comprehensive income (loss):

18 unchanged sentences

(Amounts in millions, except share data)

September 28,

2024 December 30, 2023

27 unchanged sentences

(Amounts in millions, except share data)

September 28,

2024 December 30, 2023

35 unchanged sentences

(Amounts in millions, except share data)

The following summarizes the changes in total equity for the three month period ended June 29, 2024:

The following summarizes the changes in total equity for the three month period ended September 28, 2024:

Shareholders’ Equity Attributable to Snap-on Incorporated

6 unchanged sentences

Interests Total

Balance at March 30, 2024 $ 67.5 $ 527.4 $ 7,113.1 $ ( 493.3 ) $ ( 2,073.7 ) $ 22.3 $ 5,163.3

Net earnings for the three months ended June 29, 2024

Balance at June 29, 2024 $ 67.5 $ 542.8 $ 7,286.0 $ ( 504.8 ) $ ( 2,105.2 ) $ 22.6 $ 5,308.9

Net earnings for the three months ended September 28, 2024

— — 251.1 — — 6.4 257.5

Other comprehensive loss — — — ( 11.5 ) — — ( 11.5 )

Other comprehensive income — — — 80.1 — — 80.1

Cash dividends – $ 1.86 per share

4 unchanged sentences

Other — — ( 0.2 ) — — ( 6.3 ) ( 6.5 )

Balance at June 29, 2024 $ 67.5 $ 542.8 $ 7,286.0 $ ( 504.8 ) $ ( 2,105.2 ) $ 22.6 $ 5,308.9

The following summarizes the changes in total equity for the six month period ended June 29, 2024:

Balance at September 28, 2024 $ 67.5 $ 549.0 $ 7,439.0 $ ( 424.7 ) $ ( 2,155.8 ) $ 22.7 $ 5,497.7

The following summarizes the changes in total equity for the nine month period ended September 28, 2024:

Shareholders’ Equity Attributable to Snap-on Incorporated

7 unchanged sentences

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 six months ended June 29, 2024

Net earnings for the nine months ended September 28, 2024

— — 785.8 — — 18.9 804.7

Other comprehensive loss — — — ( 55.3 ) — — ( 55.3 )

Other comprehensive income — — — 24.8 — — 24.8

Cash dividends – $ 5.58 per share

4 unchanged sentences

Other — — ( 1.2 ) — — ( 18.3 ) ( 19.5 )

Balance at June 29, 2024 $ 67.5 $ 542.8 $ 7,286.0 $ ( 504.8 ) $ ( 2,105.2 ) $ 22.6 $ 5,308.9

Balance at September 28, 2024 $ 67.5 $ 549.0 $ 7,439.0 $ ( 424.7 ) $ ( 2,155.8 ) $ 22.7 $ 5,497.7

See Notes to Condensed Consolidated Financial Statements.

The following summarizes the changes in total equity for the three month period ended July 1, 2023:

The following summarizes the changes in total equity for the three month period ended September 30, 2023:

Shareholders’ Equity Attributable to Snap-on Incorporated

6 unchanged sentences

Interests Total

Balance at April 1,2023 $ 67.5 $ 500.2 $ 6,458.1 $ ( 510.6 ) $ ( 1,905.0 ) $ 22.2 $ 4,632.4

Net earnings for the three months ended July 1, 2023

Balance at July 1,2023 $ 67.5 $ 521.1 $ 6,635.6 $ ( 510.7 ) $ ( 1,956.4 ) $ 22.2 $ 4,779.3

Net earnings for the three months ended September 30, 2023

— — 243.1 — — 6.0 249.1

6 unchanged sentences

Other — ( 0.8 ) — — ( 6.0 ) ( 6.8 )

Balance at July 1, 2023 $ 67.5 $ 521.1 $ 6,635.6 $ ( 510.7 ) $ ( 1,956.4 ) $ 22.2 $ 4,779.3

The following summarizes the changes in total equity for the six month period ended July 1, 2023:

Balance at September 30, 2023 $ 67.5 $ 531.7 $ 6,792.3 $ ( 563.3 ) $ ( 1,998.0 ) $ 22.2 $ 4,852.4

The following summarizes the changes in total equity for the nine month period ended September 30, 2023:

Shareholders’ Equity Attributable to Snap-on Incorporated

7 unchanged sentences

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 six months ended July 1, 2023

Net earnings for the nine months ended September 30, 2023

— — 755.8 — — 17.5 773.3

Other comprehensive income — — — 17.6 — — 17.6

Other comprehensive loss — — — ( 35.0 ) — — ( 35.0 )

Cash dividends – $ 4.86 per share

4 unchanged sentences

Other 0.1 — ( 2.1 ) — — ( 17.5 ) ( 19.5 )

Balance at July 1, 2023 $ 67.5 $ 521.1 $ 6,635.6 $ ( 510.7 ) $ ( 1,956.4 ) $ 22.2 $ 4,779.3

Balance at September 30, 2023 $ 67.5 $ 531.7 $ 6,792.3 $ ( 563.3 ) $ ( 1,998.0 ) $ 22.2 $ 4,852.4

See Notes to Condensed Consolidated Financial Statements.

2 unchanged sentences

(Amounts in millions)

Six Months Ended

June 29, 2024 July 1, 2023

Nine Months Ended

September 28, 2024 September 30, 2023

Operating activities:

24 unchanged sentences

Financing activities:

Net increase in other short-term borrowings 0.4 0.3

Net decrease in other short-term borrowings ( 0.9 ) —

Cash dividends paid ( 294.1 ) ( 257.6 )

17 unchanged sentences

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 second quarter ended on June 29, 2024, and its 2023 fiscal second quarter ended on July 1, 2023.

The company’s 2024 and 2023 fiscal second quarters each contained 13 weeks of operating results.

The company’s 2024 fiscal third quarter ended on September 28, 2024, and its 2023 fiscal third quarter ended on September 30, 2023.

The company’s 2024 and 2023 fiscal third quarters each contained 13 weeks of operating results.

Snap-on’s Condensed Consolidated Financial Statements are prepared in conformity with generally accepted accounting principles in the United States of America (“GAAP”).

In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for the fair presentation of the Condensed Consolidated Financial Statements for the three and six month periods ended June 29, 2024, and July 1, 2023, have been made.

In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for the fair presentation of the Condensed Consolidated Financial Statements for the three and nine month periods ended September 28, 2024, and September 30, 2023, have been made.

Interim results of operations are not necessarily indicative of the results to be expected for the full fiscal year.

18 unchanged sentences

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.

5 unchanged sentences

The following table shows the consolidated revenues by revenue source:

Three Months Ended Six Months Ended

(Amounts in millions) June 29, 2024 July 1, 2023 June 29, 2024 July 1, 2023

Three Months Ended Nine Months Ended

(Amounts in millions) September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023

Revenue from contracts with customers $ 1,139.3 $ 1,152.2 $ 3,486.5 $ 3,513.3

8 unchanged sentences

The following tables represent external net sales disaggregated by geography, based on the customers’ billing addresses:

For the Three Months Ended June 29, 2024

For the Three Months Ended September 28, 2024

Commercial Snap-on Repair Systems

10 unchanged sentences

Total revenue $ 365.7 $ 500.5 $ 422.7 $ 100.4 $ ( 141.9 ) $ 1,247.4

For the Six Months Ended June 29, 2024

For the Nine Months Ended September 28, 2024

Commercial Snap-on Repair Systems

12 unchanged sentences

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

For the Three Months Ended July 1, 2023

For the Three Months Ended September 30, 2023

Commercial Snap-on Repair Systems

9 unchanged sentences

Total revenue $ 366.4 $ 515.4 $ 431.8 $ 94.9 $ ( 154.3 ) $ 1,254.2

For the Six Months Ended July 1, 2023

For the Nine Months Ended September 30, 2023

Commercial Snap-on Repair Systems

13 unchanged sentences

The following tables represent external net sales disaggregated by customer type:

For the Three Months Ended June 29, 2024

For the Three Months Ended September 28, 2024

Commercial Snap-on Repair Systems

8 unchanged sentences

Total revenue $ 365.7 $ 500.5 $ 422.7 $ 100.4 $ ( 141.9 ) $ 1,247.4

For the Six Months Ended June 29, 2024

For the Nine Months Ended September 28, 2024

Commercial Snap-on Repair Systems

8 unchanged sentences

Total revenue $ 1,097.6 $ 1,482.6 $ 1,341.3 $ 300.5 $ ( 412.8 ) $ 3,809.2

For the Three Months Ended July 1, 2023

For the Three Months Ended September 30, 2023

Commercial Snap-on Repair Systems

10 unchanged sentences

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

For the Six Months Ended July 1, 2023

For the Nine Months Ended September 30, 2023

Commercial Snap-on Repair Systems

30 unchanged sentences

The remaining duration of these unsatisfied performance obligations range from one month up to 60 months.

Snap-on had approximately $ 184.0 million of long-term contracts that have fixed consideration that extends beyond one year as of June 29, 2024.

Snap-on had approximately $ 183.0 million of long-term contracts that have fixed consideration that extends beyond one year as of September 28, 2024.

Snap-on expects to recognize approximately 55 % of these contracts as revenue by the end of fiscal 2025, an additional 40 % by the end of fiscal 2027, and the balance thereafter.

2 unchanged sentences

The timing of payment is typically on a monthly, quarterly or annual basis.

The balance of total contract liabilities was $ 68.8 million and $ 63.3 million at June 29, 2024, and December 30, 2023, respectively.

The balance of total contract liabilities was $ 67.4 million and $ 63.3 million at September 28, 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 and six months ended June 29, 2024, Snap-on recognized $ 13.4 million and $ 48.8 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.

During the three and nine month periods ended September 28, 2024, Snap-on recognized $ 4.5 million and $ 53.3 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.

On November 20, 2023, Snap-on acquired certain assets of SAVTEQ, Inc.

13 unchanged sentences

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.

The components of Snap-on’s trade and other accounts receivable as of June 29, 2024, and December 30, 2023, are as follows:

(Amounts in millions) June 29,

The components of Snap-on’s trade and other accounts receivable as of September 28, 2024, and December 30, 2023, are as follows:

(Amounts in millions) September 28,

2024 December 30, 2023

4 unchanged sentences

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

The following is a rollforward of the allowances for credit losses related to trade and other accounts receivable for the three and six months ended June 29, 2024, and July 1, 2023:

Three Months Ended Six Months Ended

(Amounts in millions) June 29, 2024 July 1, 2023 June 29, 2024 July 1, 2023

The following is a rollforward of the allowances for credit losses related to trade and other accounts receivable for the three and nine month periods ended September 28, 2024, and September 30, 2023:

Three Months Ended Nine Months Ended

(Amounts in millions) September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023

Allowances for credit losses:

16 unchanged sentences

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

The components of Snap-on’s current finance and contract receivables as of June 29, 2024, and December 30, 2023, are as follows:

(Amounts in millions) June 29,

The components of Snap-on’s current finance and contract receivables as of September 28, 2024, and December 30, 2023, are as follows:

(Amounts in millions) September 28,

2024 December 30, 2023

20 unchanged sentences

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

The components of Snap-on’s finance and contract receivables with payment terms beyond one year as of June 29, 2024, and December 30, 2023, are as follows:

(Amounts in millions) June 29,

The components of Snap-on’s finance and contract receivables with payment terms beyond one year as of September 28, 2024, and December 30, 2023, are as follows:

(Amounts in millions) September 28,

2024 December 30, 2023

33 unchanged sentences

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 June 29, 2024, and charge-offs recorded in the six months ended June 29, 2024, by origination year, are as follows:

The amortized cost basis of finance and contract receivables by origination year as of September 28, 2024, and charge-offs recorded in the nine months ended September 28, 2024, by origination year, are as follows:

(Amounts in millions) 2024 2023 2022 2021 2020 Prior Total

37 unchanged sentences

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 and six months ended June 29, 2024, and July 1, 2023:

The following is a rollforward of the allowances for credit losses for finance and contract receivables for the three and nine month periods ended September 28, 2024, and September 30, 2023:

Three Months Ended

June 29, 2024 Six Months Ended

June 29, 2024

September 28, 2024 Nine Months Ended

September 28, 2024

(Amounts in millions) Finance

12 unchanged sentences

Three Months Ended

July 1, 2023 Six Months Ended

September 30, 2023 Nine Months Ended

September 30, 2023

(Amounts in millions) Finance Receivables Contract Receivables Finance Receivables Contract Receivables

13 unchanged sentences

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 June 29, 2024, and December 30, 2023, were immaterial to both the financial services portfolio and the company’s results of operations and financial position.

The amount and number of finance and contract receivable modifications as of September 28, 2024, and December 30, 2023, were immaterial to both the financial services portfolio and the company’s results of operations and financial position.

SNAP-ON INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

The aging of finance and contract receivables as of June 29, 2024, and December 30, 2023, is as follows:

The aging of finance and contract receivables as of September 28, 2024, and December 30, 2023, is as follows:

(Amounts in millions) 30-59

2 unchanged sentences

Past Due Total Greater

June 29, 2024:

September 28, 2024:

Finance receivables $ 21.9 $ 14.5 $ 25.7 $ 62.1 $ 1,942.6 $ 2,004.7 $ 21.8

17 unchanged sentences

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 June 29, 2024, and December 30, 2023, is as follows:

(Amounts in millions) June 29,

The amount of finance and contract receivables on nonaccrual status as of September 28, 2024, and December 30, 2023, is as follows:

(Amounts in millions) September 28,

2024 December 30, 2023

4 unchanged sentences

Inventories by major classification are as follows:

(Amounts in millions) June 29,

(Amounts in millions) September 28,

2024 December 30, 2023

5 unchanged sentences

Total inventories – net $ 995.8 $ 1,005.9

Inventories accounted for using the first-in, first-out (“FIFO”) method approximated 59 % of total inventories as of both June 29, 2024, and December 30, 2023.

Inventories accounted for using the first-in, first-out (“FIFO”) method approximated 58 % and 59 % of total inventories as of September 28, 2024, and December 30, 2023.

The company accounts for its non-U.S.

inventory on the FIFO method.

As of June 29, 2024, approximately 37 % of the company’s U.S.

As of September 28, 2024, approximately 35 % of the company’s U.S.

inventory was accounted for using the FIFO method and 65 % was accounted for using the last-in, first-out (“LIFO”) method.

There were no LIFO inventory liquidations in the three and six months ended June 29, 2024, or July 1, 2023.

There were no LIFO inventory liquidations in the three and nine month periods ended September 28, 2024, and September 30, 2023.

Goodwill and Other Intangible Assets

The changes in the carrying amount of goodwill by segment for the six months ended June 29, 2024, are as follows:

The changes in the carrying amount of goodwill by segment for the nine months ended September 28, 2024, are as follows:

(Amounts in millions) Commercial

5 unchanged sentences

Acquisition adjustments ( 13.2 ) — — ( 13.2 )

Balance as of June 29, 2024 $ 322.7 $ 12.4 $ 732.8 $ 1,067.9

Goodwill of $ 1,067.9 million as of June 29, 2024, includes $ 19.8 million from the acquisition of Mountz.

Balance as of September 28, 2024 $ 334.6 $ 12.4 $ 739.6 $ 1,086.6

Goodwill of $ 1,086.6 million as of September 28, 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.

3 unchanged sentences

Additional disclosures related to other intangible assets are as follows:

June 29, 2024 December 30, 2023

September 28, 2024 December 30, 2023

(Amounts in millions) Gross Carrying Value Accumulated

14 unchanged sentences

Provisions for the impairment of goodwill and/or other intangible assets could arise in a future period due to significant and unanticipated changes in circumstances, such as declines in profitability and cash flow due to long-term deterioration in macroeconomic, industry and market conditions, the loss of key customers, changes in technology or markets, changes in key personnel or litigation, a sustained decrease in share price and/or other events.

As of June 29, 2024, the company had no accumulated impairment losses.

As of September 28, 2024, the company had no accumulated impairment losses.

The weighted-average amortization periods related to other intangible assets are as follows:

4 unchanged sentences

Intangible asset renewal costs are expensed as incurred.

The aggregate amortization expense was $ 6.4 million and $ 12.7 million for the respective three and six month periods ended June 29, 2024, and $ 7.0 million and $ 13.9 million for the respective three and six month periods ended July 1, 2023.

The aggregate amortization expense was $ 6.3 million and $ 19.0 million for the respective three and nine month periods ended September 28, 2024, and $ 6.8 million and $ 20.7 million for the respective three and nine month periods ended September 30, 2023.

Based on current levels of amortizable intangible assets and estimated weighted-average useful lives, estimated annual amortization expense is expected to be $ 25.4 million in 2024, $ 21.0 million in 2025, $ 16.1 million in 2026, $ 13.4 million in 2027, $ 11.4 million in 2028, and $ 8.2 million in 2029.

1 unchanged sentence

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Snap-on’s effective income tax rate on earnings attributable to Snap-on was 22.4 % and 23.0 % in the first six months of fiscal 2024 and 2023, respectively.

Snap-on’s effective income tax rate on earnings attributable to Snap-on was 22.6 % and 22.9 % in the first nine months of fiscal 2024 and 2023, respectively.

Snap-on and its subsidiaries file income tax returns in the United States and in various state, local and foreign jurisdictions.

3 unchanged sentences

Short-term and Long-term Debt

Short-term and long-term debt as of June 29, 2024, and December 30, 2023, consisted of the following:

(Amounts in millions) June 29,

Short-term and long-term debt as of September 28, 2024, and December 30, 2023, consisted of the following:

(Amounts in millions) September 28,

2024 December 30, 2023

11 unchanged sentences

The Credit Facility contains an accordion feature that, subject to certain customary conditions, may allow the maximum commitment to be increased by up to $ 450 million with the approval of the lenders providing additional commitments.

No amounts were borrowed or outstanding under the Credit Facility during the six months ended and as of June 29, 2024.

No amounts were borrowed or outstanding under the Credit Facility during the nine months ended and as of September 28, 2024.

Borrowings under the Credit Facility bear interest at varying rates based on either:

4 unchanged sentences

Snap-on may, up to two times during any five-year period during the term of the Credit Facility (including any extensions thereof), elect to increase the maximum Leverage Ratio to 0.65 to 1.00 and/or increase the maximum Consolidated Net Debt to EBITDA Ratio to 4.00 to 1.00 for four consecutive fiscal quarters in connection with certain material acquisitions (as defined in the related credit agreement).

As of June 29, 2024, the company’s actual ratios of 0.01 and 0.03 , respectively, were both within the permitted ranges set forth in this financial covenant.

As of September 28, 2024, the company’s consolidated cash balance, net of certain adjustments, exceeded consolidated debt resulting in actual ratios of ( 0.01 ) and ( 0.03 ), respectively.

Both ratios are within the permitted ranges set forth in this financial covenant.

Snap-on generally issues commercial paper to fund its financing needs on a short-term basis and uses the Credit Facility as back-up liquidity to support such commercial paper issuances.

As of June 29, 2024, there were no commercial paper issuances outstanding.

As of September 28, 2024, there were no commercial paper issuances outstanding.

SNAP-ON INCORPORATED

31 unchanged sentences

The change in the fair value of the derivative is recorded in “Long-term debt” on the accompanying Condensed Consolidate d Balance Sheets.

T here were no outstanding interest rate swaps as of both June 29, 2024, and December 30, 2023 .

T here were no outstanding interest rate swaps as of both September 28, 2024, and December 30, 2023 .

Treasury locks:

3 unchanged sentences

Upon the issuance of debt, the related amount in Accumulated OCI is released over the term of the debt and recognized as an adjustment to interest expense on the Condensed Consolidated Statements of Earnings.

There were no treasury locks outstanding as of both June 29, 2024, and December 30, 2023.

There were no treasury locks outstanding as of both September 28, 2024, and December 30, 2023.

See Note 16 for additional information on Other income (expense) – net.

5 unchanged sentences

Since stock-based deferred compensation liabilities increase as the company’s stock price rises and decrease as the company’s stock price declines, the equity forwards are intended to mitigate the potential impact on deferred compensation expense that may result from such mark-to-market changes.

As of June 29, 2024, Snap-on had equity forwards in place intended to manage market risk with respect to 77,600 shares of Snap-on common stock associated with its deferred compensation plans.

As of September 28, 2024, Snap-on had equity forwards in place intended to manage market risk with respect to 77,200 shares of Snap-on common stock associated with its deferred compensation plans.

Counterparty risk:

4 unchanged sentences

The fair values of financial instruments that do not approximate the carrying values in the financial statements are as follows:

June 29, 2024 December 30, 2023

September 28, 2024 December 30, 2023

(Amounts in millions) Carrying

18 unchanged sentences

Snap-on’s net periodic pension benefit included the following components:

Three Months Ended Six Months Ended

(Amounts in millions) June 29, 2024 July 1, 2023 June 29, 2024 July 1, 2023

Three Months Ended Nine Months Ended

(Amounts in millions) September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023

Service cost $ 5.0 $ 4.7 $ 15.0 $ 14.1

9 unchanged sentences

Snap-on’s net periodic postretirement health care cost included the following components:

Three Months Ended Six Months Ended

(Amounts in millions) June 29, 2024 July 1, 2023 June 29, 2024 July 1, 2023

Three Months Ended Nine Months Ended

(Amounts in millions) September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023

Interest cost $ 0.5 $ 0.4 $ 1.4 $ 1.5

8 unchanged sentences

The 2011 Incentive Stock and Awards Plan (the “2011 Plan”) provides for the grant of stock options, performance share units (“PSUs”), stock appreciation rights (“SARs”) and restricted stock awards (which may be designated as “restricted stock units” or “RSUs”).

As of June 29, 2024, the 2011 Plan had 2,080,196 shares available for future grants.

As of September 28, 2024, the 2011 Plan had 2,091,365 shares available for future grants.

The company uses treasury stock to deliver shares under the 2011 Plan.

Net stock-based compensation expense was $ 6.0 million and $ 15.8 million for the respective three and six month periods ended June 29, 2024, and $ 10.2 million and $ 20.4 million for the respective three and six month periods ended July 1, 2023.

Cash received from stock purchase plans and stock option exercises totaled $ 23.4 million and $ 51.7 million during the respective three and six month periods ended June 29, 2024, and $ 51.8 million and $ 84.6 million for the respective three and six month periods ended July 1, 2023.

The tax benefit realized from both the exercise and vesting of share-based payment arrangements was $ 1.4 million and $ 11.1 million for the respective three and six month periods ended June 29, 2024, and $ 5.4 million and $ 10.5 million for the respective three and six month periods ended July 1, 2023.

Net stock-based compensation expense was $ 5.7 million and $ 21.5 million for the respective three and nine month periods ended September 28, 2024, and $ 11.0 million and $ 31.4 million for the respective three and nine month periods ended September 30, 2023.

Cash received from stock purchase plans and stock option exercises totaled $ 9.9 million and $ 61.6 million during the respective three and nine month periods ended September 28, 2024, and $ 9.9 million and $ 94.5 million for the respective three and nine month periods ended September 30, 2023.

The tax benefit realized from both the exercise and vesting of share-based payment arrangements was $ 1.8 million and $ 12.9 million for the respective three and nine month periods ended September 28, 2024, and $ 2.6 million and $ 13.1 million for the respective three and nine month periods ended September 30, 2023.

Stock options:

7 unchanged sentences

treasury yield curve on the grant date for the expected term of the stock option.

The following weighted-average assumptions were used in calculating the fair value of stock options granted during the three month period ended July 1, 2023, and the six month periods ended June 29, 2024, and July 1, 2023, using the Black-Scholes valuation model;

no stock options were granted during the three month period ended June 29, 2024:

Three Months Ended Six Months Ended

June 29, 2024 July 1, 2023 June 29, 2024 July 1, 2023

The following weighted-average assumptions were used in calculating the fair value of stock options granted during the nine month periods ended September 28, 2024, and September 30, 2023, using the Black-Scholes valuation model;

no stock options were granted during the three month periods ended September 28, 2024, and September 30, 2023:

Nine Months Ended

September 28, 2024 September 30, 2023

Expected term of stock option (in years)

N/A 3.80 4.90 4.89

Expected volatility factor N/A 24.52 % 23.63 % 23.99 %

Expected dividend yield N/A 2.48 % 2.76 % 2.60 %

Risk-free interest rate N/A 3.63 % 4.30 % 3.99 %

Not applicable

Below is a summary of stock option activity as of and for the six months ended June 29, 2024:

Expected volatility factor 23.63 % 23.99 %

Expected dividend yield 2.76 % 2.60 %

Risk-free interest rate 4.30 % 3.99 %

SNAP-ON INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Below is a summary of stock option activity as of and for the nine months ended September 28, 2024:

(in thousands)

5 unchanged sentences

Forfeited or expired ( 33 ) 245.05

Outstanding at June 29, 2024 1,917 188.75 5.5 $ 141.0

Exercisable at June 29, 2024 1,464 169.08 4.4 135.1

Outstanding at September 28, 2024 1,848 189.56 5.3 $ 182.9

Exercisable at September 28, 2024 1,401 169.56 4.3 166.7

* Weighted-average

1 unchanged sentence

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

The weighted-average grant date fair value of stock options granted during the six months ended June 29, 2024, and July 1, 2023, was $ 55.07 and $ 51.09 , respectively.

The intrinsic value of stock options exercised was $ 5.6 million and $ 22.7 million during the respective three and six month periods ended June 29, 2024, and $ 24.5 million and $ 47.1 million during the respective three and six month periods ended July 1, 2023.

The fair value of stock options vested was $ 9.5 million and $ 9.1 million during the respective six month periods ended June 29, 2024, and July 1, 2023.

As of June 29, 2024, there was $ 18.6 million of unrecognized compensation cost related to non-vested stock options that is expected to be recognized as a charge to earnings over a weighted-average period of 1.9 years.

The weighted-average grant date fair value of stock options granted during the nine month periods ended September 28, 2024, and September 30, 2023, was $ 55.07 and $ 51.09 , respectively.

The intrinsic value of stock options exercised was $ 7.3 million and $ 30.0 million during the respective three and nine month periods ended September 28, 2024, and $ 9.9 million and $ 57.0 million during the respective three and nine month periods ended September 30, 2023.

The fair value of stock options vested was $ 9.5 million and $ 9.1 million during the respective nine month periods ended September 28, 2024, and September 30, 2023.

As of September 28, 2024, there was $ 15.7 million of unrecognized compensation cost related to non-vested stock options that is expected to be recognized as a charge to earnings over a weighted-average period of 1.7 years.

Performance share units:

5 unchanged sentences

in recent years, forfeitures have not been significant.

The weighted-average grant date fair value of PSUs granted during the six months ended June 29, 2024, and July 1, 2023, was $ 269.00 and $ 249.26 , respectively.

PSUs related to 137,096 shares and 60,402 shares were paid out during the six months ended June 29, 2024, and July 1, 2023, respectively.

The weighted-average grant date fair value of PSUs granted during the nine month periods ended September 28, 2024, and September 30, 2023, was $ 269.00 and $ 249.26 , respectively.

PSUs related to 137,096 shares and 60,402 shares were paid out during the nine month periods ended September 28, 2024, and September 30, 2023, respectively.

Earned PSUs vest and are generally paid out following the conclusion of the applicable performance period upon approval by the Organization and Executive Compensation Committee of the company’s Board of Directors (the “Board”).

Changes to the company’s non-vested PSUs during the six months ended June 29, 2024, are as follows:

Changes to the company’s non-vested PSUs during the nine months ended September 28, 2024, are as follows:

(in thousands)

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Cancellations and other ( 8 ) 247.56

Non-vested PSUs at June 29, 2024 209 237.92

Non-vested PSUs at September 28, 2024 190 240.18

* Weighted-average

** Reflects the number of PSUs adjusted based on performance metrics.

As of June 29, 2024, there was $ 23.1 million of unrecognized compensation cost related to non-vested PSUs that are expected to be recognized as a charge to earnings over a weighted-average period of 1.3 years.

As of September 28, 2024, there was $ 18.4 million of unrecognized compensation cost related to non-vested PSUs that are expected to be recognized as a charge to earnings over a weighted-average period of 1.1 years.

Restricted stock units:

3 unchanged sentences

in recent years, forfeitures have not been significant.

The weighted-average grant date fair value of RSUs granted during the six months ended June 29, 2024, and July 1, 2023, was $ 269.00 and $ 249.26 , respectively.

The weighted-average grant date fair value of RSUs granted during the nine month periods ended September 28, 2024, and September 30, 2023, was $ 269.00 and $ 249.26 , respectively.

SNAP-ON INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Changes to the company’s non-vested RSUs during the six months ended June 29, 2024, are as follows:

Changes to the company’s non-vested RSUs during the nine months ended September 28, 2024, are as follows:

(in thousands)

3 unchanged sentences

Cancellations and other ( 3 ) 251.93

Non-vested RSUs at June 29, 2024 73 242.27

Non-vested RSUs at September 28, 2024 72 242.19

* Weighted-average

As of June 29, 2024, there was $ 9.5 million of unrecognized compensation cost related to non-vested RSUs that are expected to be recognized as a charge to earnings over a weighted-average period of 1.6 years.

As of September 28, 2024, there was $ 7.9 million of unrecognized compensation cost related to non-vested RSUs that are expected to be recognized as a charge to earnings over a weighted-average period of 1.3 years.

Stock appreciation rights:

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treasury yield curve in effect as of the grant date (for stock-settled SARs) or reporting date (for cash-settled SARs) for the length of time corresponding to the expected term of the SARs.

The following weighted-average assumptions were used in calculating the fair value of stock-settled SARs granted during the six months ended June 29, 2024, and July 1, 2023, using the Black-Scholes valuation model:

Six Months Ended

June 29, 2024 July 1, 2023

The following weighted-average assumptions were used in calculating the fair value of stock-settled SARs granted during the nine month periods ended September 28, 2024, and September 30, 2023, using the Black-Scholes valuation model;

no stock-settled SARs were granted during the three month periods ended September 28, 2024, and September 30, 2023:

Nine Months Ended

September 28, 2024 September 30, 2023

Expected term of stock-settled SARs (in years)

4 unchanged sentences

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Below is a summary of stock-settled SARs as of and for the six months ended June 29, 2024:

Below is a summary of stock-settled SARs as of and for the nine months ended September 28, 2024:

Stock-settled

6 unchanged sentences

Forfeited or expired ( 22 ) 183.63

Outstanding at June 29, 2024 353 205.08 6.7 $ 20.4

Exercisable at June 29, 2024 228 178.99 5.5 18.8

Outstanding at September 28, 2024 348 205.76 6.5 $ 28.8

Exercisable at September 28, 2024 222 179.41 5.3 24.2

* Weighted-average

The weighted-average grant date fair value of stock-settled SARs granted during the six months ended June 29, 2024, and July 1, 2023, was $ 52.12 and $ 48.85 , respectively.

The intrinsic value of stock-settled SARs exercised was $ 0.1 million and $ 1.4 million during the respective three and six month periods ended June 29, 2024, and $ 2.6 million and $ 4.8 million during the respective three and six periods ended July 1, 2023.

The fair value of stock-settled SARs vested was $ 2.3 million and $ 1.9 million during the respective six month periods ended June 29, 2024, and July 1, 2023.

As of June 29, 2024, there was $ 4.9 million of unrecognized compensation cost related to non-vested stock-settled SARs that is expected to be recognized as a charge to earnings over a weighted-average period of 1.9 years.

The following weighted-average assumptions were used in calculating the fair value of cash-settled SARs granted during the six months ended June 29, 2024, and July 1, 2023, using the Black-Scholes valuation model:

Six Months Ended

June 29, 2024 July 1, 2023

The weighted-average grant date fair value of stock-settled SARs granted during the nine month periods ended September 28, 2024, and September 30, 2023, was $ 52.12 and $ 48.85 , respectively.

The intrinsic value of stock-settled SARs exercised was $ 0.3 million and $ 1.7 million during the respective three and nine month periods ended September 28, 2024, and $ 0.2 million and $ 5.0 million during the respective three and nine periods ended September 30, 2023.

The fair value of stock-settled SARs vested was $ 2.3 million and $ 1.9 million during the respective nine month periods ended September 28, 2024, and September 30, 2023.

As of September 28, 2024, there was $ 4.2 million of unrecognized compensation cost related to non-vested stock-settled SARs that is expected to be recognized as a charge to earnings over a weighted-average period of 1.7 years.

The following weighted-average assumptions were used in calculating the fair value of cash-settled SARs granted during the nine month periods ended September 28, 2024, and September 30, 2023, using the Black-Scholes valuation model;

no cash-settled SARs were granted during the three month periods ended September 28, 2024, and September 30, 2023:

Nine Months Ended

September 28, 2024 September 30, 2023

Expected term of cash-settled SARs (in years)

2 unchanged sentences

Risk-free interest rate 3.49 % 4.80 %

The intrinsic value of cash-settled SARs exercised was zero for both the three and six month periods ended June 29, 2024, and zero and $ 0.4 million for the respective three and six month periods ended July 1, 2023.

The fair value of cash-settled SARs vested was $ 0.1 million for both the six month periods ended June 29, 2024, and July 1, 2023.

Changes to the company’s non-vested cash-settled SARs during the six months ended June 29, 2024, are as follows:

The intrinsic value of cash-settled SARs exercised was zero for both the three and nine month periods ended September 28, 2024, and zero and $ 0.4 million for the respective three and nine month periods ended September 30, 2023.

The fair value of cash-settled SARs vested was $ 0.1 million for both the nine month periods ended September 28, 2024, and September 30, 2023.

Changes to the company’s non-vested cash-settled SARs during the nine months ended September 28, 2024, are as follows:

(in thousands)

2 unchanged sentences

Vested ( 1 ) 81.39

Non-vested cash-settled SARs at June 29, 2024 2 50.07

Non-vested cash-settled SARs at September 28, 2024 2 63.90

* Weighted-average

As of June 29, 2024, there was $ 0.1 million of unrecognized compensation cost related to non-vested cash-settled SARs that is expected to be recognized as a charge to earnings over a weighted-average period of 2.0 years.

As of September 28, 2024, there was $ 0.2 million of unrecognized compensation cost related to non-vested cash-settled SARs that is expected to be recognized as a charge to earnings over a weighted-average period of 1.7 years.

SNAP-ON INCORPORATED

1 unchanged sentence

Restricted stock awards – non-employee directors:

The company awarded 5,391 shares and 5,760 shares of restricted stock to non-employee directors for the respective six month periods ended June 29, 2024, and July 1, 2023.

The company awarded 5,391 shares and 5,760 shares of restricted stock to non-employee directors for the respective nine month periods ended September 28, 2024, and September 30, 2023.

The fair value of the restricted stock awards is expensed over a one-year vesting period based on the fair value on the date of grant.

5 unchanged sentences

The company records compensation expense when Snap-on’s period-end stock price is greater than the plan purchase price.

There were 21,798 shares and 27,225 shares issued under this plan for the respective six month periods ended June 29, 2024, and July 1, 2023.

As of June 29, 2024, 529,800 shares were reserved for issuance under this plan and Snap-on held participant contributions of approximately $ 0.4 million.

There were 21,798 shares and 27,225 shares issued under this plan for the respective nine month periods ended September 28, 2024, and September 30, 2023.

As of September 28, 2024, 529,800 shares were reserved for issuance under this plan and Snap-on held participant contributions of approximately $ 1.7 million.

Participants are able to withdraw from the plan at any time prior to the ending date and receive back all contributions made during the plan year.

The company recognized a $ 0.2 million compensation benefit and $ 0.1 million of compensation expense for plan participants during the respective three and six month periods ended June 29, 2024, and $ 0.5 million and $ 1.0 million of compensation expense during the respective three and six month periods ended July 1, 2023.

Compensation expense for plan participants was $ 0.1 million and $ 0.2 million for the respective three and nine month periods ended September 28, 2024, and zero and $ 1.0 million for the respective three and nine month periods ended September 30, 2023.

Franchisee stock purchase plan:

2 unchanged sentences

The company records mark-to-market expense when Snap-on’s period-end stock price is greater than the plan purchase price.

There were 42,687 shares and 46,510 shares issued under this plan for the respective six month periods ended June 29, 2024, and July 1, 2023.

As of June 29, 2024, 136,049 shares were reserved for issuance under this plan and Snap-on held participant contributions of approximately $ 1.2 million.

There were 42,687 shares and 46,510 shares issued under this plan for the respective nine month periods ended September 28, 2024, and September 30, 2023.

As of September 28, 2024, 136,049 shares were reserved for issuance under this plan and Snap-on held participant contributions of approximately $ 4.5 million.

Participants are able to withdraw from the plan at any time prior to the ending date and generally receive back all contributions made during the plan year.

The company recognized a mark-to-market benefit of $ 0.6 million and $ 0.1 million of mark-to-market expense during the respective three and six month periods ended June 29, 2024, and $ 0.7 million and $ 1.6 million of mark-to-market expense during the respective three and six month periods ended July 1, 2023.

The company recognized mark-to-market expense of $ 0.1 million and $ 0.2 million for the respective three and nine month periods ended September 28, 2024, and zero and $ 1.6 million for the respective three and nine month periods ended September 30, 2023.

Earnings Per Share

The shares used in the computation of the company’s basic and diluted earnings per common share are as follows:

Three Months Ended Six Months Ended

June 29, 2024 July 1, 2023 June 29, 2024 July 1, 2023

Three Months Ended Nine Months Ended

September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023

Weighted-average common shares outstanding 52,577,687 52,822,472 52,660,264 52,932,781

3 unchanged sentences

The dilutive effect of the potential exercise of outstanding stock options and stock-settled SARs to purchase common shares is calculated using the treasury stock method.

As of June 29, 2024, there were no awards outstanding that were anti-dilutive;

as of July 1, 2023, there were 500 awards outstanding that were anti-dilutive.

As of September 28, 2024, and September 30, 2023, there were no awards outstanding that were anti-dilutive.

Performance-based equity awards are included in the diluted earnings per share calculation based on the attainment of the applicable performance metrics to date.

4 unchanged sentences

Snap-on calculates its accrual requirements based on historic warranty loss experience that is periodically adjusted for recent actual experience, including the timing of claims during the warranty period and actual costs incurred.

Snap-on’s product warranty accrual activity for the three and six months ended June 29, 2024, and July 1, 2023, is as follows:

Three Months Ended Six Months Ended

(Amounts in millions) June 29, 2024 July 1, 2023 June 29, 2024 July 1, 2023

Snap-on’s product warranty accrual activity for the three and nine month periods ended September 28, 2024, and September 30, 2023, is as follows:

Three Months Ended Nine Months Ended

(Amounts in millions) September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023

Warranty reserve:

3 unchanged sentences

End of period $ 15.0 $ 14.6 $ 15.0 $ 14.6

In the ordinary course of our business, Snap-on is subject to legal disputes that are being litigated and/or settled.

The accompanying Condensed Consolidated Statements of Earnings for the three and six months ended June 29, 2024, include benefits in “Operating expenses” of $ 11.2 million and $ 22.5 million, respectively, for payments received associated with a legal matter;

In the ordinary course of business, Snap-on is subject to legal disputes that are being litigated and/or settled.

The accompanying Condensed Consolidated Statements of Earnings for the nine months ended September 28, 2024, include benefits in “Operating expenses” of $ 22.5 million for payments received associated with a legal matter;

the final payments related to this matter were received in the three months ended June 29, 2024.

1 unchanged sentence

Lessee accounting:

Supplemental balance sheet information related to leases as of June 29, 2024, and December 30, 2023, is as follows:

(Amounts in millions) June 29,

Supplemental balance sheet information related to leases as of September 28, 2024, and December 30, 2023, is as follows:

(Amounts in millions) September 28,

2024 December 30, 2023

19 unchanged sentences

“Other income (expense) – net” on the accompanying Condensed Consolidated Statements of Earnings consists of the following:

Three Months Ended Six Months Ended

(Amounts in millions) June 29, 2024 July 1, 2023 June 29, 2024 July 1, 2023

Three Months Ended Nine Months Ended

(Amounts in millions) September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023

Interest income $ 15.2 $ 10.9 $ 42.3 $ 28.8

4 unchanged sentences

Accumulated Other Comprehensive Income (Loss)

Below is a summary of net changes in Accumulated OCI by component and net of tax for the three months ended June 29, 2024:

Below is a summary of net changes in Accumulated OCI by component and net of tax for the three months ended September 28, 2024:

(Amounts in millions) Foreign

2 unchanged sentences

Postretirement

Balance as of March 30, 2024 $ ( 256.6 ) $ 5.3 $ ( 242.0 ) $ ( 493.3 )

Other comprehensive loss before reclassifications ( 12.8 ) — — ( 12.8 )

Balance as of June 29, 2024 $ ( 269.4 ) $ 4.9 $ ( 240.3 ) $ ( 504.8 )

Other comprehensive income before reclassifications 79.0 — — 79.0

Amounts reclassified from Accumulated OCI — ( 0.4 ) 1.5 1.1

Net other comprehensive income (loss) 79.0 ( 0.4 ) 1.5 80.1

Balance as of June 29, 2024 $ ( 269.4 ) $ 4.9 $ ( 240.3 ) $ ( 504.8 )

Below is a summary of net changes in Accumulated OCI by component and net of tax for the six months ended June 29, 2024:

Balance as of September 28, 2024 $ ( 190.4 ) $ 4.5 $ ( 238.8 ) $ ( 424.7 )

Below is a summary of net changes in Accumulated OCI by component and net of tax for the nine months ended September 28, 2024:

(Amounts in millions) Foreign

3 unchanged sentences

Balance as of December 30, 2023 $ ( 211.8 ) $ 5.7 $ ( 243.4 ) $ ( 449.5 )

Other comprehensive loss before reclassifications ( 57.6 ) — — ( 57.6 )

Other comprehensive income before reclassifications 21.4 — — 21.4

Amounts reclassified from Accumulated OCI — ( 1.2 ) 4.6 3.4

Net other comprehensive income (loss) 21.4 ( 1.2 ) 4.6 24.8

Balance as of June 29, 2024 $ ( 269.4 ) $ 4.9 $ ( 240.3 ) $ ( 504.8 )

Balance as of September 28, 2024 $ ( 190.4 ) $ 4.5 $ ( 238.8 ) $ ( 424.7 )

SNAP-ON INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Below is a summary of net changes in Accumulated OCI by component and net of tax for the three months ended July 1, 2023:

Below is a summary of net changes in Accumulated OCI by component and net of tax for the three months ended September 30, 2023:

(Amounts in millions) Foreign

2 unchanged sentences

Postretirement

Balance as of April 1, 2023 $ ( 254.4 ) $ 6.9 $ ( 263.1 ) $ ( 510.6 )

Other comprehensive income before reclassifications 0.2 — — 0.2

Balance as of July 1, 2023 $ ( 254.2 ) $ 6.5 $ ( 263.0 ) $ ( 510.7 )

Other comprehensive loss before reclassifications ( 52.3 ) — — ( 52.3 )

Amounts reclassified from Accumulated OCI — ( 0.4 ) 0.1 ( 0.3 )

Net other comprehensive income (loss) ( 52.3 ) ( 0.4 ) 0.1 ( 52.6 )

Balance as of July 1, 2023 $ ( 254.2 ) $ 6.5 $ ( 263.0 ) $ ( 510.7 )

Below is a summary of net changes in Accumulated OCI by component and net of tax for the six months ended July 1, 2023:

Balance as of September 30, 2023 $ ( 306.5 ) $ 6.1 $ ( 262.9 ) $ ( 563.3 )

Below is a summary of net changes in Accumulated OCI by component and net of tax for the nine months ended September 30, 2023:

(Amounts in millions) Foreign

3 unchanged sentences

Balance as of December 31, 2022 $ ( 272.5 ) $ 7.3 $ ( 263.1 ) $ ( 528.3 )

Other comprehensive income before reclassifications 18.3 — — 18.3

Other comprehensive loss before reclassifications ( 34.0 ) — — ( 34.0 )

Amounts reclassified from Accumulated OCI — ( 1.2 ) 0.2 ( 1.0 )

Net other comprehensive income (loss) ( 34.0 ) ( 1.2 ) 0.2 ( 35.0 )

Balance as of July 1, 2023 $ ( 254.2 ) $ 6.5 $ ( 263.0 ) $ ( 510.7 )

The reclassifications out of Accumulated OCI for the three and six month periods ended June 29, 2024, and July 1, 2023, are as follows:

Balance as of September 30, 2023 $ ( 306.5 ) $ 6.1 $ ( 262.9 ) $ ( 563.3 )

The reclassifications out of Accumulated OCI for the three and nine month periods ended September 28, 2024, and September 30, 2023, are as follows:

Amount Reclassified from Accumulated OCI

Three Months Ended Six Months Ended

(Amounts in millions) June 29, 2024 July 1, 2023 June 29, 2024 July 1, 2023 Statement of Earnings

Three Months Ended Nine Months Ended

(Amounts in millions) September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023 Statement of Earnings

Gains on cash flow hedges:

29 unchanged sentences

Financial Data by Segment:

Three Months Ended Six Months Ended

(Amounts in millions) June 29, 2024 July 1, 2023 June 29, 2024 July 1, 2023

Three Months Ended Nine Months Ended

(Amounts in millions) September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023

Commercial & Industrial Group $ 365.7 $ 366.4 $ 1,097.6 $ 1,094.4

19 unchanged sentences

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(Amounts in millions) June 29,

(Amounts in millions) September 28,

2024 December 30, 2023

11 unchanged sentences

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.

What changed 10-Q

Item 1. Financial Statements