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Snap-on markets its products and brands worldwide in more than 130 countries.
−Removed: Snap-on’s largest geographic markets include the United States, Europe, Canada and Asia Pacific.
+Added: Snap-on’s largest geographic market is the United States.
+Added: In addition, Snap-on has a meaningful presence across continental Europe and in the Asia Pacific region, as well as in Canada and the United Kingdom.
The company began with the development of the original Snap-on interchangeable socket set and subsequently pioneered mobile tool distribution in the automotive repair market, where well-stocked vans sell to professional vehicle technicians at their place of business.
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Savings from Snap-on’s RCI initiatives reflect benefits from a wide variety of ongoing efficiency, productivity and process improvements, including savings generated from product design cost reductions, improved manufacturing line set-up and change-over practices, lower-cost sourcing initiatives and facility consolidations.
−Removed: SNAP-ON INCORPORATED
Snap-on’s primary customer segments include:
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and (ii) franchisees who require financing options for vehicle and business needs.
−Removed: Snap-on’s business segments are based on the organization structure used by management for making operating and investment decisions and for assessing performance.
−Removed: Snap-on’s reportable business segments are:
+Added: SNAP-ON INCORPORATED
+Added: Snap-on’s operating segments, which represent Snap-on’s reportable segments, are based on the organizational structure used by the Chief Executive Officer, its chief operating decision maker (“CODM”), to make operating and investment determinations and to assess performance.
+Added: Snap-on’s reportable operating segments are:
(i) the Commercial & Industrial Group;
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Financial Services consists of the business operations of Snap-on Credit LLC (“SOC”), the company’s financial services business in the United States, and Snap-on’s other financial services subsidiaries in those international markets where Snap-on has franchise operations.
−Removed: See Note 19 to the Consolidated Financial Statements for information on business segments and foreign operations.
−Removed: Snap-on evaluates the performance of its operating segments based on segment revenues and segment operating earnings.
−Removed: The Snap-on Tools Group segment revenues include external net sales, while the Commercial & Industrial Group and the Repair Systems & Information Group segment revenues include both external and intersegment net sales.
+Added: See Note 19 to the Consolidated Financial Statements for information on operating segments and foreign operations.
+Added: Snap-on evaluates the performance of the Commercial & Industrial Group, the Snap-on Tools Group and the Repair Systems & Information Group operating segments based on segment net sales and segment operating earnings while the Financial Services operating segment is evaluated based on segment revenue and segment operating earnings.
+Added: The Snap-on Tools Group segment net sales reflect external net sales, while the Commercial & Industrial Group and the Repair Systems & Information Group segment net sales include both external and intersegment net sales.
Snap-on accounts for intersegment net sales and transfers based primarily on standard costs with reasonable mark-ups established between the segments.
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Corporate assets consist of cash and cash equivalents (excluding cash held at Financial Services), deferred income taxes and certain other assets.
+Added: Corporate expenses primarily reflect stock-based compensation and other costs not attributable to an operating segment.
Intersegment amounts are eliminated to arrive at Snap-on’s consolidated financial results.
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BAHCO Saw blades, cutting tools, pruning tools, hand tools, power tools and tool storage, including tool control systems
−Removed: Blackhawk Collision repair equipment
Blue-Point Hand tools, power tools, tool storage, diagnostics, certain equipment and related accessories
−Removed: Car-O-Liner Collision repair equipment, and information and truck alignment systems
+Added: Car-O-Liner Collision repair equipment and information systems
Cartec Safety testing, brake testers, test lane equipment, dynamometers, suspension testers, emission testers and other equipment
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Snap-on offers financing through SOC and the company’s international finance subsidiaries in most markets where Snap-on has franchise operations.
−Removed: Financing revenue from contract originations is recognized over the life of the underlying contracts, with interest or finance charges computed primarily on the average daily balances of the underlying contracts.
+Added: Financing revenue is recognized over the life of the underlying contracts, with interest or finance charges computed primarily on the average daily balances of the underlying contracts.
Sales and Distribution
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Company Direct Sales
−Removed: A significant proportion of shop equipment sales in North America under the Blackhawk, Car-O-Liner, Challenger, Hofmann, John Bean and Pro-Cut brands, diagnostic products under the Snap-on brand, and information and shop management products under the Mitchell1 brand are made by direct and independent sales forces that have responsibility for national and other accounts.
+Added: A significant proportion of shop equipment sales in North America under the Car-O-Liner, Challenger, Hofmann, John Bean and Pro-Cut brands, diagnostic products under the Snap-on brand, and information and shop management products under the Mitchell1 and Dealer-FX brands are made by direct and independent sales forces that have responsibility for national and other accounts.
As the vehicle service and repair sector consolidates (with more business conducted by national chains and franchised service centers), Snap-on believes these larger organizations can be serviced most effectively by sales people who can demonstrate and sell the full line of diagnostics, equipment, and services.
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Selling activities focus on industrial customers whose main purchase criteria are quality and integrated solutions.
−Removed: As of 2023 year end, Snap-on had industrial sales associates and independent distributors primarily in the United States, Canada and in various European, Latin American, Middle Eastern, Asian and African countries, with the United States representing the majority of Snap-on’s total industrial sales.
+Added: As of 2024 year end, Snap-on had industrial sales associates and independent distributors primarily in the United States, Canada and in various European, Latin American, Middle Eastern, Asia Pacific and African countries, with the United States representing the majority of Snap-on’s total industrial sales.
2024 ANNUAL REPORT 9
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Asset and tool control solutions are sold under the AutoCrib brand primarily through distributors worldwide.
−Removed: Wheel service and other vehicle service equipment are sold through distributors primarily under brands including Blackhawk, Car-O-Liner, Cartec, Challenger, Ecotechnics, Hofmann, John Bean, and Pro-Cut.
−Removed: Diagnostics and equipment products are marketed through distributors in South America and Asia, and through both a direct sales force and distributors in Europe under the Snap-on, Blue-Point and Sun brands.
+Added: Wheel service and other vehicle service equipment are sold through distributors primarily under brands including Car-O-Liner, Challenger, Ecotechnics, Hofmann, John Bean, and Pro-Cut.
+Added: Diagnostics and equipment products are marketed through distributors in South America and Asia, and through both distributors and a direct sales force in Europe under the Snap-on, Blue-Point and Sun brands.
Snap-on offers current and prospective customers online access to research and purchase products through its public website, www.snapon.com .
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Snap-on’s supply of raw materials, including steel, and purchased components are generally available from numerous suppliers and the company continuously works to expand and enhance supplier relationships to meet its supply needs.
−Removed: Snap-on believes it has secured a sufficient amount of raw materials and purchased components for the near future to meet the expected general sales demand.
+Added: Snap-on believes it has secured sufficient raw materials and purchased components for the near future to meet the expected general sales demand.
While the company does experience raw material and component cost fluctuations, as well as availability variations from time to time and from operation to operation, Snap-on endeavors to employ its RCI processes to improve efficiencies and reduce waste to minimize the impact of any cost increases.
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Expenditures on environmental and governmental matters through EH & SMS have not had a material effect upon Snap-on’s capital expenditures, earnings or competitive position.
−Removed: However, the increasing global focus on climate change may result in new or more stringent environmental or climate-related regulations or standards.
+Added: However, the increasing global focus on climate change is resulting in new and/or more stringent environmental or climate-related regulations or standards.
While such regulations have historically created select opportunities for our business operations, the company continually monitors developments in this area.
1 unchanged sentence
As of December 28, 2024, Snap-on employed approximately 13,000 people worldwide, of which approximately 7,300 were employed in the United States and approximately 5,700 were outside the United States.
−Removed: Based on Snap-on’s most recently filed EEO-1 data, which is available under “ESG Reporting” in the “Investors” section of the company’s website at www.snapon.com , females constitut e 26.4% and minorities constitute 25.2% of th e company’s workforce in the United States.
+Added: Recently filed EEO-1 data is available under “ESG Reporting” in the “Investors” section of the company’s website at www.snapon.com .
Additionally, on a global basis, approximately 2,300 employees are represented by unions and/or covered under collective bargaining agreements with varying expiration dates through 2027.
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Other benefits, including skill training and tuition assistance programs, are available to employees, but vary from location to location.
−Removed: • Snap-on seeks to advance our progress on diversity and inclusion within our company and is committed to providing equal opportunities.
−Removed: The company does not tolerate discrimination.
−Removed: As part of our efforts, Snap-on has instituted company-wide training on inclusion and unconscious bias, and has expanded internship, mentorship and recruitment activities for underrepresented groups.
−Removed: Additionally, to further our support of makers and fixers, both within and outside our company, Snap-on is partnering with national nonprofit organizations and community colleges to leverage career and technical education to expand the opportunities for underrepresented groups in our facilities, as well as in the critical industries we serve and beyond.
−Removed: The company is also investing in and building relationships with several Historically Black Colleges and Universities (HBCUs) to help advance their missions and broaden the pipeline of Black engineers and other technically trained graduates.
+Added: • Snap-on is committed to providing equal opportunities across all of our stakeholders and the company does not tolerate discrimination.
+Added: To further our support of makers and fixers, both within and outside our company, Snap-on is partnering with national nonprofit organizations and community colleges to leverage career and technical education to expand the opportunities in our facilities, as well as in the critical industries we serve and beyond, for people from all walks of life.
• Snap-on’s people and the behaviors they display define our success, including integrity, respect and teamwork.
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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.