22 unchanged sentences
The estimated maximum potential net one-day loss in fair value, calculated using the VAR model, as of 2024 and 2023 year end was $9.8 million, consisting of a $10.0 million loss on interest rate-sensitive financial instruments and a $0.2 million gain on foreign currency-sensitive financial instruments;
−Removed: and $18.2 million, consisting of a $18.0 million loss on interest rate-sensitive financial instruments and a $0.2 million loss on foreign currency-sensitive financial instruments, respectively.
+Added: and $15.2 million, consisting of a $15.8 million loss on interest rate-sensitive financial instruments and a $0.6 million gain on foreign currency-sensitive financial instruments, respectively.
The VAR model is a risk management tool and does not purport to represent actual losses in fair value that will be incurred by Snap-on, nor does it consider the potential effect of favorable changes in market factors.
11 unchanged sentences
Counterparty Risk
−Removed: Snap-on is exposed to credit losses in the event of non-performance by the counterparties to its various financial agreements, including its foreign currency forward contracts, interest rate swap agreements, treasury lock agreements and prepaid equity forward agreements.
+Added: Snap-on is exposed to credit losses in the event of non-performance by the counterparties to its various financial agreements, including current or future foreign currency forward contracts, interest rate swap agreements, treasury lock agreements and prepaid equity forward agreements.
Snap-on does not obtain collateral or other security to support financial instruments subject to credit risk, but monitors the credit standing of the counterparties and generally enters into agreements with financial institution counterparties with a credit rating of A- or better.
3 unchanged sentences
Snap-on continually monitors its exposure in these markets.
−Removed: For example, the company is monitoring the continuing global economic impact of and developments related to Russia’s invasion of Ukraine and the conflict in the Middle East.
+Added: For example, the company is monitoring the global economic impact of and developments related to the ongoing war in Ukraine as well as conflicts in the Middle East and other regions.
While inflation has become more prevalent in the world economy, Snap-on has taken steps to control and offset associated cost increases through its supply chain management, pricing actions, and deployment of Rapid Continuous Improvement (“RCI”).
−Removed: In addition, the company continues to monitor developments resulting from the United Kingdom’s exit from the European Union, and the effects this may have on the world economy and the company.
As a result of the above market, credit and economic risks, net earnings and revenues in any particular period may not be representative of full-year results and may vary significantly from year to year.
8 unchanged sentences
Steel and other raw materials, components and certain finished goods can exhibit price and demand cyclicality, including as a result of tariffs and other trade protection measures.
−Removed: Associated unexpected price increases could result in an erosion of product margins or require Snap-on to increase prices to customers to maintain margins.
−Removed: To the extent that commodity prices increase and the company does not have firm pricing agreements with its suppliers, the company may experience margin declines to the extent that it is not able to increase the selling prices of its products.
+Added: Associated unexpected cost increases could result in an erosion of product margins or require Snap-on to increase prices to customers to maintain margins if other cost reduction efforts do not offset raw material cost increases.
+Added: To the extent that commodity prices increase and the company does not have firm pricing agreements with its suppliers, the company may experience margin declines to the extent that it is not able to increase the selling prices of its products or reduce other costs.
SNAP-ON INCORPORATED
3 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.