What changed in this filing

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Item 1. Financial Statements

2025-07-17 compared with 2025-04-17 · 376 added, 155 removed, 936 unchanged (36% of the section changed)

3 unchanged sentences

(Amounts in millions, except per share data)

Three Months Ended

March 29, 2025 March 30, 2024

Three Months Ended Six Months Ended

June 28, 2025 June 29, 2024 June 28, 2025 June 29, 2024

Net sales $ 1,179.4 $ 1,179.4 $ 2,320.5 $ 2,361.7

26 unchanged sentences

(Amounts in millions)

Three Months Ended

March 29, 2025 March 30, 2024

Three Months Ended Six Months Ended

June 28, 2025 June 29, 2024 June 28, 2025 June 29, 2024

Comprehensive income (loss):

5 unchanged sentences

Amortization of net unrecognized losses

5.4 2.2 10.6 4.0

Income tax benefit

( 1.4 ) ( 0.5 ) ( 2.7 ) ( 0.9 )

4.0 1.7 7.9 3.1

Total comprehensive income 353.8 266.1 676.0 491.9

73 unchanged sentences

(Amounts in millions, except share data)

The following summarizes the changes in total equity for the three month period ended March 29, 2025:

The following summarizes the changes in total equity for the three month period ended June 28, 2025:

Shareholders’ Equity Attributable to Snap-on Incorporated

6 unchanged sentences

Interests Total

Balance at March 29, 2025 $ 67.5 $ 543.5 $ 7,712.4 $ ( 499.5 ) $ ( 2,303.1 ) $ 23.3 $ 5,544.1

Net earnings for the three months ended June 28, 2025

— — 250.3 — — 6.5 256.8

Other comprehensive income — — — 97.0 — — 97.0

Cash dividends – $ 2.14 per share

— — ( 111.8 ) — — — ( 111.8 )

Stock compensation plans — 19.8 — — 18.8 — 38.6

Share repurchases – 250,000 shares

— — — — ( 79.0 ) — ( 79.0 )

Other — — ( 0.4 ) — — ( 5.8 ) ( 6.2 )

Balance at June 28, 2025 $ 67.5 $ 563.3 $ 7,850.5 $ ( 402.5 ) $ ( 2,363.3 ) $ 24.0 $ 5,739.5

The following summarizes the changes in total equity for the six month period ended June 28, 2025:

Shareholders’ Equity Attributable to Snap-on Incorporated

Stock Additional

Capital Retained

Earnings Accumulated

Comprehensive

Loss Treasury

Stock Noncontrolling

Interests Total

Balance at December 28, 2024 $ 67.5 $ 557.7 $ 7,584.3 $ ( 575.0 ) $ ( 2,240.4 ) $ 22.9 $ 5,417.0

Net earnings for the three months ended March 29, 2025

Net earnings for the six months ended June 28, 2025

— — 490.8 — — 12.7 503.5

6 unchanged sentences

Other — — ( 0.6 ) — — ( 11.6 ) ( 12.2 )

Balance at June 28, 2025 $ 67.5 $ 563.3 $ 7,850.5 $ ( 402.5 ) $ ( 2,363.3 ) $ 24.0 $ 5,739.5

See Notes to Condensed Consolidated Financial Statements.

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

Shareholders’ Equity Attributable to Snap-on Incorporated

Stock Additional

Capital Retained

Earnings Accumulated

Comprehensive

Loss Treasury

Stock Noncontrolling

Interests Total

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

The following summarizes the changes in total equity for the three month period ended March 30, 2024:

Net earnings for the three months ended June 29, 2024

— — 271.2 — — 6.4 277.6

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

Cash dividends – $ 1.86 per share

— — ( 98.0 ) — — — ( 98.0 )

Stock compensation plans — 15.4 — — 15.9 — 31.3

Share repurchases – 174,000 shares

— — — — ( 47.4 ) — ( 47.4 )

Other — — ( 0.3 ) — — ( 6.1 ) ( 6.4 )

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:

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 three months ended March 30, 2024

Net earnings for the six months ended June 29, 2024

— — 534.7 — — 12.5 547.2

6 unchanged sentences

Other — — ( 1.0 ) — — ( 12.0 ) ( 13.0 )

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

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

See Notes to Condensed Consolidated Financial Statements.

2 unchanged sentences

(Amounts in millions)

Three Months Ended

March 29, 2025 March 30, 2024

Six Months Ended

June 28, 2025 June 29, 2024

Operating activities:

3 unchanged sentences

Amortization of other intangible assets 11.6 12.7

Provision for losses on finance receivables 18.2 18.2

Provision for losses on non-finance receivables 5.8 4.9

Provisions for losses on finance receivables 36.5 35.4

Provisions for losses on non-finance receivables 9.7 11.8

Stock-based compensation expense 13.0 15.8

Deferred income tax provision 3.7 1.6

Deferred income tax provision (benefit) 0.1 ( 4.4 )

Gain on sales of assets — ( 0.3 )

15 unchanged sentences

Financing activities:

Net increase (decrease) in other short-term borrowings 4.5 ( 0.4 )

Net increase in other short-term borrowings 4.0 0.4

Cash dividends paid ( 224.0 ) ( 196.2 )

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 2024 Annual Report on Form 10-K for the fiscal year ended December 28, 2024 (“2024 year end”).

The company’s 2025 fiscal second quarter ended on June 28, 2025, and its 2024 fiscal second quarter ended on June 29, 2024.

The company’s 2025 and 2024 fiscal second quarters each contained 13 weeks of operating results.

The company’s 2025 fiscal year, which ends on January 3, 2026, will contain 53 weeks of operating results, with the additional week occurring in the fourth quarter.

The company’s 2024 fiscal year contained 52 weeks of operating results.

The company’s 2025 fiscal first quarter ended on March 29, 2025, and its 2024 fiscal first quarter ended on March 30, 2024.

The company’s 2025 and 2024 fiscal first 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 month periods ended March 29, 2025, and March 30, 2024, 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 six month periods ended June 28, 2025, and June 29, 2024, have been made.

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

19 unchanged sentences

The guidance is to be applied on a prospective basis with the option to apply the standard retrospectively.

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

(Amounts in millions) March 29, 2025 March 30, 2024

Three Months Ended Six Months Ended

(Amounts in millions) June 28, 2025 June 29, 2024 June 28, 2025 June 29, 2024

Revenue from contracts with customers $ 1,170.9 $ 1,172.0 $ 2,304.2 $ 2,347.2

9 unchanged sentences

Intersegment amounts are eliminated to arrive at Snap-on’s consolidated financial results.

SNAP-ON INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

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

For the Three Months Ended March 29, 2025

For the Three Months Ended June 28, 2025

Commercial Snap-on Repair Systems

10 unchanged sentences

Total revenue $ 347.8 $ 491.0 $ 468.6 $ 101.7 $ ( 128.0 ) $ 1,281.1

For the Three Months Ended March 30, 2024

For the Six Months Ended June 28, 2025

Commercial Snap-on Repair Systems

12 unchanged sentences

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

For the Three Months Ended June 29, 2024

Commercial Snap-on Repair Systems

& Industrial Tools & Information Financial Snap-on

(Amounts in millions) Group Group Group Services Eliminations Incorporated

North America* $ 163.5 $ 413.4 $ 298.2 $ — $ — $ 875.1

Europe 76.8 41.4 67.2 — — 185.4

All other 64.7 27.2 27.0 — — 118.9

External net sales 305.0 482.0 392.4 — — 1,179.4

Intersegment net sales 67.0 — 62.4 — ( 129.4 ) —

Total net sales 372.0 482.0 454.8 — ( 129.4 ) 1,179.4

Financial services revenue — — — 100.5 — 100.5

Total revenue $ 372.0 $ 482.0 $ 454.8 $ 100.5 $ ( 129.4 ) $ 1,279.9

For the Six Months Ended June 29, 2024

Commercial Snap-on Repair Systems

& Industrial Tools & Information Financial Snap-on

(Amounts in millions) Group Group Group Services Eliminations Incorporated

North America* $ 312.1 $ 846.7 $ 600.3 $ — $ — $ 1,759.1

Europe 157.8 81.0 129.3 — — 368.1

All other 126.1 54.4 54.0 — — 234.5

External net sales 596.0 982.1 783.6 — — 2,361.7

Intersegment net sales 135.9 — 135.0 — ( 270.9 ) —

Total net sales 731.9 982.1 918.6 — ( 270.9 ) 2,361.7

Financial services revenue — — — 200.1 — 200.1

Total revenue $ 731.9 $ 982.1 $ 918.6 $ 200.1 $ ( 270.9 ) $ 2,561.8

* North America is comprised of the United States, Canada and Mexico.

SNAP-ON INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

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

For the Three Months Ended March 29, 2025

For the Three Months Ended June 28, 2025

Commercial Snap-on Repair Systems

8 unchanged sentences

Total revenue $ 347.8 $ 491.0 $ 468.6 $ 101.7 $ ( 128.0 ) $ 1,281.1

For the Three Months Ended March 30, 2024

For the Six Months Ended June 28, 2025

Commercial Snap-on Repair Systems

8 unchanged sentences

Total revenue $ 691.7 $ 953.9 $ 944.5 $ 203.8 $ ( 269.6 ) $ 2,524.3

For the Three Months Ended June 29, 2024

Commercial Snap-on Repair Systems

& Industrial Tools & Information Financial Snap-on

(Amounts in millions) Group Group Group Services Eliminations Incorporated

Vehicle service professionals $ 21.0 $ 482.0 $ 392.4 $ — $ — $ 895.4

All other professionals 284.0 — — — — 284.0

External net sales 305.0 482.0 392.4 — — 1,179.4

Intersegment net sales 67.0 — 62.4 — ( 129.4 ) —

Total net sales 372.0 482.0 454.8 — ( 129.4 ) 1,179.4

Financial services revenue — — — 100.5 — 100.5

Total revenue $ 372.0 $ 482.0 $ 454.8 $ 100.5 $ ( 129.4 ) $ 1,279.9

SNAP-ON INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

For the Six Months Ended June 29, 2024

Commercial Snap-on Repair Systems

& Industrial Tools & Information Financial Snap-on

(Amounts in millions) Group Group Group Services Eliminations Incorporated

Vehicle service professionals $ 41.3 $ 982.1 $ 783.6 $ — $ — $ 1,807.0

All other professionals 554.7 — — — — 554.7

External net sales 596.0 982.1 783.6 — — 2,361.7

Intersegment net sales 135.9 — 135.0 — ( 270.9 ) —

Total net sales 731.9 982.1 918.6 — ( 270.9 ) 2,361.7

Financial services revenue — — — 200.1 — 200.1

Total revenue $ 731.9 $ 982.1 $ 918.6 $ 200.1 $ ( 270.9 ) $ 2,561.8

Nature of goods and services:

9 unchanged sentences

The remaining sales revenue is earned over time primarily for software subscriptions, other subscription service agreements and extended warranty programs.

SNAP-ON INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Snap-on enters into contracts related to the selling of tools, diagnostics, repair information, equipment and related services.

7 unchanged sentences

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

Snap-on had $ 202.6 million of long-term contracts that have fixed consideration that extends beyond one year as of March 29, 2025.

Snap-on had $ 197.7 million of long-term contracts that have fixed consideration that extends beyond one year as of June 28, 2025.

Snap-on expects to recognize approximately 60 % of these contracts as revenue by the end of fiscal 2026, an additional 35 % by the end of fiscal 2028, 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 $ 73.4 million and $ 63.8 million at March 29, 2025, and December 28, 2024, respectively.

The balance of total contract liabilities was $ 76.7 million and $ 63.8 million at June 28, 2025, and December 28, 2024, 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 months ended March 29, 2025, Snap-on recognized $ 37.0 million of revenue that was included in the contract liability balance at December 28, 2024, which was primarily from the amortization of software subscriptions, extended warranties and other subscription agreements.

During the three and six months ended June 28, 2025, Snap-on recognized $ 11.1 million and $ 48.1 million of revenue that was included in the contract liability balance at December 28, 2024, which was primarily from the amortization of software subscriptions, extended warranties and other subscription agreements.

SNAP-ON INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Trade and other accounts receivable:

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 March 29, 2025, and December 28, 2024, are as follows:

(Amounts in millions) March 29,

The components of Snap-on’s trade and other accounts receivable as of June 28, 2025, and December 28, 2024, are as follows:

(Amounts in millions) June 28,

2025 December 28, 2024

2 unchanged sentences

Total trade and other accounts receivable – net $ 842.4 $ 815.6

The following is a rollforward of the allowances for credit losses related to trade and other accounts receivable for the three month periods ended March 29, 2025, and March 30, 2024:

Three Months Ended

(Amounts in millions) March 29, 2025 March 30, 2024

The following is a rollforward of the allowances for credit losses related to trade and other accounts receivable for the three and six month periods ended June 28, 2025, and June 29, 2024:

Three Months Ended Six Months Ended

(Amounts in millions) June 28, 2025 June 29, 2024 June 28, 2025 June 29, 2024

Allowances for credit losses:

Beginning of period $ 39.2 $ 35.9 $ 37.1 $ 34.9

Provision for credit losses

Provisions for credit losses 3.2 6.6 8.1 10.9

( 3.0 ) ( 5.6 ) ( 6.3 ) ( 8.6 )

0.3 — 0.4 0.1

Currency translation

0.6 ( 0.4 ) 1.0 ( 0.8 )

End of period $ 40.3 $ 36.5 $ 40.3 $ 36.5

SNAP-ON INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Finance and contract receivables:

6 unchanged sentences

Finance and contract receivables are generally secured by the underlying tools, diagnostics and/or equipment products financed and, for contracts to franchisees, other franchisee assets.

The components of Snap-on’s current finance and contract receivables as of March 29, 2025, and December 28, 2024, are as follows:

(Amounts in millions) March 29,

SNAP-ON INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

The components of Snap-on’s current finance and contract receivables as of June 28, 2025, and December 28, 2024, are as follows:

(Amounts in millions) June 28,

2025 December 28, 2024

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 March 29, 2025, and December 28, 2024, are as follows:

(Amounts in millions) March 29,

The components of Snap-on’s finance and contract receivables with payment terms beyond one year as of June 28, 2025, and December 28, 2024, are as follows:

(Amounts in millions) June 28,

2025 December 28, 2024

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 March 29, 2025, and charge-offs recorded in the three months ended March 29, 2025, by origination year, are as follows:

The amortized cost basis of finance and contract receivables by origination year as of June 28, 2025, and charge-offs recorded in the six months ended June 28, 2025, by origination year, are as follows:

(Amounts in millions) 2025 2024 2023 2022 2021 Prior Total

16 unchanged sentences

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

For both finance and contract receivables, write-offs include the uncollectable principal amount of the receivable as well as the uncollectable accrued interest and fees, net of repossessions.

For both finance and contract receivables, write-offs include the uncollectable principal amount of the receivable as well as the uncollectable accrued interest, net of repossessions.

For finance receivables only, write-offs are partially offset by recourse from franchisees.

Recovered interest and fees previously written off are recorded through the allowances for credit losses and increase the allowances.

Recovered principal and interest previously written off are recorded through the allowances for credit losses and increase the allowances.

Absent a repossession, finance receivables are typically written off when an account reaches 120 days past due.

16 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 month periods ended March 29, 2025, and March 30, 2024:

The following is a rollforward of the allowances for credit losses for finance and contract receivables for the three and six month periods ended June 28, 2025, and June 29, 2024:

Three Months Ended

March 29, 2025 Three Months Ended

March 30, 2024

June 28, 2025 Six Months Ended

June 28, 2025

(Amounts in millions) Finance

9 unchanged sentences

End of period $ 74.0 $ 7.4 $ 74.0 $ 7.4

SNAP-ON INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Three Months Ended

June 29, 2024 Six Months Ended

June 29, 2024

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

Allowances for credit losses:

Beginning of period $ 69.8 $ 6.8 $ 67.8 $ 6.7

Provisions for credit losses 17.2 0.3 35.4 0.9

Charge-offs ( 18.7 ) ( 0.4 ) ( 37.0 ) ( 1.0 )

Recoveries 2.8 0.1 5.0 0.2

Currency translation — — ( 0.1 ) —

End of period $ 71.1 $ 6.8 $ 71.1 $ 6.8

Depending on the contract, payments for finance and contract receivables are due on a monthly or weekly basis.

3 unchanged sentences

Removal from delinquent status occurs when the cumulative amount of monthly contractual payments then due have been received by the company.

SNAP-ON INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

It is the general practice of Snap-on’s financial services business not to engage in contract or loan modifications.

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 March 29, 2025, and December 28, 2024, were immaterial to both the financial services portfolio and the company’s results of operations and financial position.

The aging of finance and contract receivables as of March 29, 2025, and December 28, 2024, is as follows:

The amount and number of finance and contract receivable modifications as of June 28, 2025, and December 28, 2024, 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 28, 2025, and December 28, 2024, is as follows:

(Amounts in millions) 30-59

2 unchanged sentences

Past Due Total Greater

March 29, 2025:

June 28, 2025:

Finance receivables $ 23.2 $ 14.1 $ 24.8 $ 62.1 $ 1,946.4 $ 2,008.5 $ 21.0

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 March 29, 2025, and December 28, 2024, is as follows:

(Amounts in millions) March 29,

The amount of finance and contract receivables on nonaccrual status as of June 28, 2025, and December 28, 2024, is as follows:

(Amounts in millions) June 28,

2025 December 28, 2024

4 unchanged sentences

Inventories by major classification are as follows:

(Amounts in millions) March 29,

(Amounts in millions) June 28,

2025 December 28, 2024

5 unchanged sentences

Total inventories – net $ 997.7 $ 943.4

Inventories accounted for using the first-in, first-out (“FIFO”) method approximated 59 % and 57 % of total inventories as of March 29, 2025, and December 28, 2024, respectively.

Inventories accounted for using the first-in, first-out (“FIFO”) method approximated 62 % and 57 % of total inventories as of June 28, 2025, and December 28, 2024, respectively.

The company accounts for its non-U.S.

inventory on the FIFO method.

As of March 29, 2025, approximately 37 % of the company’s U.S.

As of June 28, 2025, approximately 40 % of the company’s U.S.

inventory was accounted for using the FIFO method and 60 % was accounted for using the last-in, first-out (“LIFO”) method.

There were no LIFO inventory liquidations in the three month periods ended March 29, 2025, and March 30, 2024.

There were no LIFO inventory liquidations in the three and six month periods ended June 28, 2025, and June 29, 2024.

Goodwill and Other Intangible Assets

The changes in the carrying amount of goodwill by segment for the three months ended March 29, 2025, are as follows:

The changes in the carrying amount of goodwill by segment for the six months ended June 28, 2025, are as follows:

(Amounts in millions) Commercial

4 unchanged sentences

Currency translation 29.1 — 16.7 45.8

Balance as of March 29, 2025 $ 328.1 $ 12.4 $ 737.2 $ 1,077.7

Balance as of June 28, 2025 $ 344.7 $ 12.4 $ 745.5 $ 1,102.6

Additional disclosures related to other intangible assets are as follows:

March 29, 2025 December 28, 2024

June 28, 2025 December 28, 2024

(Amounts in millions) Gross Carrying Value Accumulated

13 unchanged sentences

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Snap-on completed its annual impairment testing of goodwill and other indefinite-lived intangible assets in the second quarter of 2025, the results of which did not result in any impairment.

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 March 29, 2025, the company had no accumulated impairment losses.

As of June 28, 2025, 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 $ 5.7 million and $ 6.3 million for the respective three month periods ended March 29, 2025, and March 30, 2024.

The aggregate amortization expense was $ 5.9 million and $ 11.6 million for the respective three and six month periods ended June 28, 2025, and $ 6.4 million and $ 12.7 million for the respective three and six month periods ended June 29, 2024.

Based on current levels of amortizable intangible assets and estimated weighted-average useful lives, estimated annual amortization expense is expected to be $ 22.7 million in 2025, $ 18.8 million in 2026, $ 16.2 million in 2027, $ 12.7 million in 2028, $ 8.4 million in 2029, and $ 8.2 million in 2030.

Snap-on’s effective income tax rate on earnings attributable to Snap-on was 22.2 % in the first three months of both fiscal 2025 and 2024.

Snap-on’s effective income tax rate on earnings attributable to Snap-on was 22.3 % and 22.4 % in the first six months of fiscal 2025 and 2024, respectively.

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

2 unchanged sentences

Accordingly, Snap-on’s gross unrecognized tax benefits may increase by a range of zero to $ 0.9 million over the next 12 months for uncertain tax positions expected to be taken in future tax filings.

SNAP-ON INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Short-term and Long-term Debt

Short-term and long-term debt as of March 29, 2025, and December 28, 2024, consisted of the following:

(Amounts in millions) March 29,

Short-term and long-term debt as of June 28, 2025, and December 28, 2024, consisted of the following:

(Amounts in millions) June 28,

2025 December 28, 2024

4 unchanged sentences

Other debt* 3.7 ( 0.8 )

1,203.9 1,199.2

Total debt 1,203.7 1,199.2

notes payable

2 unchanged sentences

* Includes unamortized debt issuance costs and issuance discounts.

SNAP-ON INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

S nap-on has a $ 900 million multicurrency revolving credit facility that terminates on September 12, 2028 (the “Credit Facility”).

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 three months ended and as of March 29, 2025.

No amounts were borrowed or outstanding under the Credit Facility during the six months ended and as of June 28, 2025.

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 March 29, 2025, the company’s consolidated cash balance, net of certain adjustments, exceeded consolidated debt resulting in actual ratios of ( 0.03 ) and ( 0.10 ), respectively.

As of June 28, 2025, the company’s consolidated cash balance, net of certain adjustments, exceeded consolidated debt resulting in actual ratios of ( 0.03 ) and ( 0.11 ), 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 March 29, 2025, there were no commercial paper issuances outstanding.

As of June 28, 2025, there were no commercial paper issuances outstanding.

Financial Instruments

9 unchanged sentences

Snap-on does not use derivative instruments for speculative or trading purposes.

SNAP-ON INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Snap-on is exposed to global market risks, including the effects of changes in foreign currency exchange rates, interest rates, and the company’s stock price.

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See Note 15 for additional information on Other income (expense) – net.

SNAP-ON INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Interest rate risk management:

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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 March 29, 2025, and December 28, 2024 .

T here were no outstanding interest rate swaps as of both June 28, 2025, and December 28, 2024 .

Treasury locks:

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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 March 29, 2025, and December 28, 2024.

There were no treasury locks outstanding as of both June 28, 2025, and December 28, 2024.

See Note 15 for additional information on Other income (expense) – net.

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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 March 29, 2025, Snap-on had equity forwards in place intended to manage market risk with respect to 71,300 shares of Snap-on common stock associated with its deferred compensation plans.

As of June 28, 2025, and December 28, 2024, Snap‑on had equity forwards in place intended to manage market risk with respect to 72,500 shares and 68,100 shares, respectively, of Snap-on common stock associated with its deferred compensation plans.

Counterparty risk:

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

March 29, 2025 December 28, 2024

June 28, 2025 December 28, 2024

(Amounts in millions) Carrying

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

Three Months Ended

(Amounts in millions) March 29, 2025 March 30, 2024

Three Months Ended Six Months Ended

(Amounts in millions) June 28, 2025 June 29, 2024 June 28, 2025 June 29, 2024

Service cost $ 4.7 $ 5.0 $ 9.8 $ 10.0

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

Three Months Ended

(Amounts in millions) March 29, 2025 March 30, 2024

Three Months Ended Six Months Ended

(Amounts in millions) June 28, 2025 June 29, 2024 June 28, 2025 June 29, 2024

Interest cost $ 0.5 $ 0.4 $ 0.9 $ 0.9

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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 March 29, 2025, the 2011 Plan had 1,700,020 shares available for future grants.

As of June 28, 2025, the 2011 Plan had 1,718,543 shares available for future grants.

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

Net stock-based compensation expense was $ 4.5 million and $ 9.8 million for the respective three month periods ended March 29, 2025, and March 30, 2024.

Cash received from stock purchase plans and stock option exercises totaled $ 18.3 million and $ 28.3 million during the respective three month periods ended March 29, 2025, and March 30, 2024.

The tax benefit realized from both the exercise and vesting of share-based payment arrangements was $ 8.3 million and $ 9.7 million for the respective three month periods ended March 29, 2025, and March 30, 2024.

Net stock-based compensation expense was $ 8.5 million and $ 13.0 million for the respective three and six month periods ended June 28, 2025, and $ 6.0 million and $ 15.8 million for the respective three and six month periods ended June 29, 2024.

Cash received from stock purchase plans and stock option exercises totaled $ 26.9 million and $ 45.2 million during the respective three and six month periods ended June 28, 2025, and $ 23.4 million and $ 51.7 million during the respective three and six month periods ended June 29, 2024.

The tax benefit realized from both the exercise and vesting of share-based payment arrangements was $ 2.2 million and $ 10.5 million for the respective three and six month periods ended June 28, 2025, and $ 1.4 million and $ 11.1 million for the respective three and six month periods ended June 29, 2024.

Stock options:

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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 periods ended March 29, 2025, and March 30, 2024, using the Black-Scholes valuation model:

Three Months Ended

March 29, 2025 March 30, 2024

The following weighted-average assumptions were used in calculating the fair value of stock options granted during the six month periods ended June 28, 2025, and June 29, 2024, using the Black-Scholes valuation model:

Six Months Ended

June 28, 2025 June 29, 2024

Expected term of stock option (in years)

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Below is a summary of stock option activity as of and for the three months ended March 29, 2025:

Below is a summary of stock option activity as of and for the six months ended June 28, 2025:

(in thousands)

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Forfeited or expired ( 14 ) 276.77

Outstanding at March 29, 2025 1,770 208.18 5.6 $ 216.5

Exercisable at March 29, 2025 1,351 179.80 4.4 202.0

Outstanding at June 28, 2025 1,705 209.48 5.4 $ 178.9

Exercisable at June 28, 2025 1,299 181.06 4.3 168.9

* Weighted-average

The weighted-average grant date fair value of stock options granted during the respective three month periods ended March 29, 2025, and March 30, 2024, was $ 70.62 and $ 55.07 .

The intrinsic value of stock options exercised was $ 15.7 million and $ 17.1 million during the respective three month periods ended March 29, 2025, and March 30, 2024.

The fair value of stock options vested was $ 10.4 million and $ 9.5 million during the respective three month periods ended March 29, 2025, and March 30, 2024.

As of March 29, 2025, there was $ 24.3 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 2.2 years.

The weighted-average grant date fair value of stock options granted during the respective six month periods ended June 28, 2025, and June 29, 2024, was $ 70.62 and $ 55.07 .

The intrinsic value of stock options exercised was $ 8.9 million and $ 24.6 million during the respective three and six month periods ended June 28, 2025, and $ 5.6 million and $ 22.7 million during the respective three and six month periods ended June 29, 2024.

The fair value of stock options vested was $ 10.4 million and $ 9.5 million during the respective six month periods ended June 28, 2025, and June 29, 2024.

As of June 28, 2025, there was $ 20.7 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 2.0 years.

Performance share units:

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in recent years, forfeitures have not been significant.

The weighted-average grant date fair value of PSUs granted during the respective three month periods ended March 29, 2025, and March 30, 2024, was $ 339.73 and $ 269.00 .

PSUs related to 62,171 shares and 137,096 shares were paid out during the respective three month periods ended March 29, 2025, and March 30, 2024.

The weighted-average grant date fair value of PSUs granted during the six month periods ended June 28, 2025, and June 29, 2024, was $ 339.73 and $ 269.00 , respectively.

PSUs related to 62,171 shares and 137,096 shares were paid out during the six month periods ended June 28, 2025, and June 29, 2024, 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 three months ended March 29, 2025, are as follows:

Changes to the company’s non-vested PSUs during the six months ended June 28, 2025, are as follows:

(in thousands)

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Cancellations and other ( 1 ) 262.45

Non-vested PSUs at March 29, 2025 127 285.11

Non-vested PSUs at June 28, 2025 127 285.20

* Weighted-average

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

As of March 29, 2025, there was $ 22.2 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 1.7 years.

As of June 28, 2025, there was $ 19.1 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 1.5 years.

SNAP-ON INCORPORATED

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in recent years, forfeitures have not been significant.

The weighted-average grant date fair value of RSUs granted during the respective three month periods ended March 29, 2025, and March 30, 2024, was $ 339.73 and $ 269.00 .

Changes to the company’s non-vested RSUs during the three months ended March 29, 2025, are as follows:

The weighted-average grant date fair value of RSUs granted during the six month periods ended June 28, 2025, and June 29, 2024, was $ 339.73 and $ 269.00 , respectively.

Changes to the company’s non-vested RSUs during the six months ended June 28, 2025, are as follows:

(in thousands)

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Cancellations and other — —

Non-vested RSUs at March 29, 2025 64 282.01

Non-vested RSUs at June 28, 2025 64 282.12

* Weighted-average

As of March 29, 2025, there was $ 11.2 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 1.8 years.

As of June 28, 2025, there was $ 9.6 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.

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 expected term of the SARs.

The following weighted-average assumptions were used in calculating the fair value of stock-settled SARs granted during the three month periods ended March 29, 2025, and March 30, 2024, using the Black-Scholes valuation model:

Three Months Ended

March 29, 2025 March 30, 2024

The following weighted-average assumptions were used in calculating the fair value of stock-settled SARs granted during the six month periods ended June 28, 2025, and June 29, 2024, using the Black-Scholes valuation model:

Six Months Ended

June 28, 2025 June 29, 2024

Expected term of stock-settled SARs (in years)

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Below is a summary of stock-settled SARs as of and for the three months ended March 29, 2025:

Below is a summary of stock-settled SARs as of and for the six months ended June 28, 2025:

Stock-settled

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Forfeited or expired ( 25 ) 223.01

Outstanding at March 29, 2025 342 232.27 6.8 $ 33.9

Exercisable at March 29, 2025 222 194.98 5.5 29.9

Outstanding at June 28, 2025 332 231.59 6.5 $ 28.1

Exercisable at June 28, 2025 216 194.16 5.2 25.3

* Weighted-average

The weighted-average grant date fair value of stock-settled SARs granted during the respective three month periods ended March 29, 2025, and March 30, 2024, was $ 68.11 and $ 52.12 .

The intrinsic value of stock-settled SARs exercised was $ 2.0 million and $ 1.3 million during the respective three month periods ended March 29, 2025, and March 30, 2024.

The fair value of stock-settled SARs vested was $ 2.8 million and $ 2.3 million during the respective three month periods ended March 29, 2025, and March 30, 2024.

As of March 29, 2025, there was $ 6.7 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 2.2 years.

The following weighted-average assumptions were used in calculating the fair value of cash-settled SARs granted during the three month periods ended March 29, 2025, and March 30, 2024, using the Black-Scholes valuation model:

Three Months Ended

March 29, 2025 March 30, 2024

The weighted-average grant date fair value of stock-settled SARs granted during the six month periods ended June 28, 2025, and June 29, 2024, was $ 68.11 and $ 52.12 , respectively.

The intrinsic value of stock-settled SARs exercised was $ 0.2 million and $ 2.2 million during the respective three and six month periods ended June 28, 2025, and $ 0.1 million and $ 1.4 million during the respective three and six month periods ended June 29, 2024.

The fair value of stock-settled SARs vested was $ 2.8 million and $ 2.3 million during the respective six month periods ended June 28, 2025, and June 29, 2024.

As of June 28, 2025, there was $ 5.7 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 2.0 years.

The following weighted-average assumptions were used in calculating the fair value of cash-settled SARs granted during the six month periods ended June 28, 2025, and June 29, 2024, using the Black-Scholes valuation model:

Six Months Ended

June 28, 2025 June 29, 2024

Expected term of cash-settled SARs (in years)

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Risk-free interest rate 3.83 % 4.52 %

The intrinsic value of cash-settled SARs exercised was zero for both the three month periods ended March 29, 2025, and March 30, 2024.

The fair value of cash-settled SARs vested was $ 0.1 million for both the three month periods ended March 29, 2025, and March 30, 2024.

Changes to the company’s non-vested cash-settled SARs during the three months ended March 29, 2025, are as follows:

The intrinsic value of cash-settled SARs exercised was zero for both the three and six month periods ended June 28, 2025, and June 29, 2024.

The fair value of cash-settled SARs vested was $ 0.1 million for both the six month periods ended June 28, 2025, and June 29, 2024.

Changes to the company’s non-vested cash-settled SARs during the six months ended June 28, 2025, are as follows:

(in thousands)

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Vested ( 1 ) 81.69

Non-vested cash-settled SARs at March 29, 2025 2 72.81

Non-vested cash-settled SARs at June 28, 2025 2 59.67

* Weighted-average

As of March 29, 2025, 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 2.2 years.

As of June 28, 2025, 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.

SNAP-ON INCORPORATED

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Restricted stock awards – non-employee directors:

The company awarded 4,437 shares and 5,391 shares of restricted stock to non-employee directors for the respective three month periods ended March 29, 2025, and March 30, 2024.

The company awarded 4,437 shares and 5,391 shares of restricted stock to non-employee directors for the respective six month periods ended June 28, 2025, and June 29, 2024.

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.

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

There were no shares issued under this plan for both the three month periods ended March 29, 2025, and March 30, 2024.

As of March 29, 2025, 529,800 shares were reserved for issuance under this plan and Snap-on held participant contributions of approximately $ 6.0 million.

There were 24,680 shares and 21,798 shares issued under this plan for the respective six month periods ended June 28, 2025, and June 29, 2024.

As of June 28, 2025, 505,119 shares were reserved for issuance under this plan and Snap-on held participant contributions of approximately $ 0.5 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.

Compensation expense for plan participants was $ 0.3 million for both the three month periods ended March 29, 2025, and March 30, 2024.

Compensation expense for plan participants was $ 0.1 million and $ 0.4 million for the respective three and six month periods ended June 28, 2025.

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.

Franchisee stock purchase plan:

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

There were no shares issued under this plan for both the three month periods ended March 29, 2025, and March 30, 2024.

As of March 29, 2025, 136,049 shares were reserved for issuance under this plan and Snap-on held participant contributions of approximately $ 11.2 million.

There were 43,518 shares and 42,687 shares issued under this plan for the respective six month periods ended June 28, 2025, and June 29, 2024.

As of June 28, 2025, 92,531 shares were reserved for issuance under this plan and Snap-on held participant contributions of approximately $ 1.3 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 mark-to-market expense of $ 0.2 million and $ 0.7 million for the respective three month periods ended March 29, 2025, and March 30, 2024.

The company recognized mark-to-market expense of zero and $ 0.2 million for the respective three and six month periods ended June 28, 2025, and a $ 0.6 million mark-to-market benefit and $ 0.1 million of mark-to-market expense during the respective three and six month periods ended June 29, 2024.

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

March 29, 2025 March 30, 2024

Three Months Ended Six Months Ended

June 28, 2025 June 29, 2024 June 28, 2025 June 29, 2024

Weighted-average common shares outstanding 52,211,679 52,661,542 52,285,656 52,701,553

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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 both March 29, 2025, and March 30, 2024, there were no awards outstanding that were anti-dilutive.

As of June 28, 2025, there were 257,592 awards outstanding that were anti-dilutive.

As of June 29, 2024, 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.

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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 month periods ended March 29, 2025, and March 30, 2024, is as follows:

Three Months Ended

(Amounts in millions) March 29, 2025 March 30, 2024

Snap-on’s product warranty accrual activity for the three and six month periods ended June 28, 2025, and June 29, 2024, is as follows:

Three Months Ended Six Months Ended

(Amounts in millions) June 28, 2025 June 29, 2024 June 28, 2025 June 29, 2024

Warranty reserve:

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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 three months ended March 30, 2024, include benefits in “Operating expenses” of $ 11.3 million for payments received associated with a legal matter.

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 the final payments received associated with a legal matter.

Although it is not possible to predict the outcome of legal matters, management believes that the results of all legal matters will not have a material impact on Snap-on’s consolidated financial position, results of operations or cash flows.

Lessee accounting:

Supplemental balance sheet information related to leases as of March 29, 2025, and December 28, 2024, is as follows:

(Amounts in millions) March 29,

Supplemental balance sheet information related to leases as of June 28, 2025, and December 28, 2024, is as follows:

(Amounts in millions) June 28,

2025 December 28, 2024

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

Three Months Ended

(Amounts in millions) March 29, 2025 March 30, 2024

Three Months Ended Six Months Ended

(Amounts in millions) June 28, 2025 June 29, 2024 June 28, 2025 June 29, 2024

Interest income $ 14.1 $ 14.2 $ 28.0 $ 27.1

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Total other income (expense) – net $ 14.3 $ 18.7 $ 28.7 $ 36.8

SNAP-ON INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

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 March 29, 2025:

Below is a summary of net changes in Accumulated OCI by component and net of tax for the three months ended June 28, 2025:

(Amounts in millions) Foreign

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Postretirement

Balance as of December 28, 2024 $ ( 320.6 ) $ 4.0 $ ( 258.4 ) $ ( 575.0 )

Balance as of March 29, 2025 $ ( 248.6 ) $ 3.6 $ ( 254.5 ) $ ( 499.5 )

Other comprehensive income before reclassifications 93.4 — — 93.4

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Net other comprehensive income (loss) 93.4 ( 0.4 ) 4.0 97.0

Balance as of March 29, 2025 $ ( 248.6 ) $ 3.6 $ ( 254.5 ) $ ( 499.5 )

Below is a summary of net changes in Accumulated OCI by component and net of tax for the three months ended March 30, 2024:

Balance as of June 28, 2025 $ ( 155.2 ) $ 3.2 $ ( 250.5 ) $ ( 402.5 )

Below is a summary of net changes in Accumulated OCI by component and net of tax for the six months ended June 28, 2025:

(Amounts in millions) Foreign

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Balance as of December 28, 2024 $ ( 320.6 ) $ 4.0 $ ( 258.4 ) $ ( 575.0 )

Other comprehensive loss before reclassifications ( 44.8 ) — — ( 44.8 )

Other comprehensive income before reclassifications 165.4 — — 165.4

Amounts reclassified from Accumulated OCI — ( 0.8 ) 7.9 7.1

Net other comprehensive income (loss) 165.4 ( 0.8 ) 7.9 172.5

Balance as of June 28, 2025 $ ( 155.2 ) $ 3.2 $ ( 250.5 ) $ ( 402.5 )

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

(Amounts in millions) Foreign

Translation Cash Flow

Hedges Defined

Postretirement

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

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

Amounts reclassified from Accumulated OCI — ( 0.4 ) 1.7 1.3

Net other comprehensive income (loss) ( 12.8 ) ( 0.4 ) 1.7 ( 11.5 )

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

SNAP-ON INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

The reclassifications out of Accumulated OCI for the three month periods ended March 29, 2025, and March 30, 2024, are as follows:

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

(Amounts in millions) Foreign

Translation Cash Flow

Hedges Defined

Postretirement

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

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

Amounts reclassified from Accumulated OCI — ( 0.8 ) 3.1 2.3

Net other comprehensive income (loss) ( 57.6 ) ( 0.8 ) 3.1 ( 55.3 )

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

The reclassifications out of Accumulated OCI for the three and six month periods ended June 28, 2025, and June 29, 2024, are as follows:

Amount Reclassified from Accumulated OCI

Three Months Ended

(Amounts in millions) March 29, 2025 March 30, 2024 Statement of Earnings

Three Months Ended Six Months Ended

(Amounts in millions) June 28, 2025 June 29, 2024 June 28, 2025 June 29, 2024 Statement of Earnings

Gains on cash flow hedges:

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Financial Data by Segment:

Three Months Ended March 29, 2025

Three Months Ended June 28, 2025

Commercial & Snap-on Repair Systems

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Financial Data by Segment (continued):

Three Months Ended March 30, 2024

Six Months Ended June 28, 2025

Commercial & Snap-on Repair Systems

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Financial Data by Segment (continued):

(Amounts in millions) March 29,

Three Months Ended June 29, 2024

Commercial & Snap-on Repair Systems

Industrial Tools & Information Financial Total

(Amounts in millions) Group Group Group Services Segments

External net sales $ 305.0 $ 482.0 $ 392.4 $ — $ 1,179.4

Intersegment net sales 67.0 — 62.4 — 129.4

Segment net sales 372.0 482.0 454.8 — 1,308.8

Segment cost of goods sold ( 216.7 ) ( 246.8 ) ( 248.0 ) — ( 711.5 )

Segment gross profit 155.3 235.2 206.8 — 597.3

Financial services revenue — — — 100.5 100.5

Segment operating and financial services expenses

Personnel ( 54.6 ) ( 45.9 ) ( 63.1 ) ( 8.5 )

Shipping and handling costs ( 7.4 ) ( 21.6 ) — —

Depreciation and amortization ( 2.0 ) ( 1.8 ) ( 5.2 ) ( 0.2 )

Provisions for credit losses — — — ( 17.5 )

Other segment expenses* ( 29.1 ) ( 51.1 ) ( 24.9 ) ( 4.1 )

Total segment operating and financial services expenses ( 93.1 ) ( 120.4 ) ( 93.2 ) ( 30.3 ) ( 337.0 )

Segment operating earnings $ 62.2 $ 114.8 $ 113.6 $ 70.2 $ 360.8

Reconciliation of segment net sales to total net sales and total revenues:

Segment net sales $ 1,308.8

Intersegment eliminations ( 129.4 )

Total net sales 1,179.4

Financial services revenue 100.5

Total revenues $ 1,279.9

Reconciliation of segment cost of goods sold to cost of goods sold:

Segment cost of goods sold $ ( 711.5 )

Intersegment eliminations 129.4

Cost of goods sold $ ( 582.1 )

Reconciliation of segment operating earnings to operating earnings and earnings before income taxes:

Segment operating earnings $ 360.8

Corporate operating expenses ( 10.3 )

Operating earnings 350.5

Interest expense ( 12.3 )

Other income (expense) – net 18.7

Earnings before income taxes $ 356.9

* Other segment expenses primarily include:

Commercial & Industrial Group - shared service allocations;

technology, travel and marketing expenses.

Snap-on Tools Group - franchisee support costs, shared service allocations and technology expenses.

Repair Systems & Information Group - technology, travel, professional fee and marketing expenses;

shared service allocations.

Financial Services - customer support and technology expenses.

SNAP-ON INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Financial Data by Segment (continued):

Six Months Ended June 29, 2024

Commercial & Snap-on Repair Systems

Industrial Tools & Information Financial Total

(Amounts in millions) Group Group Group Services Segments

External net sales $ 596.0 $ 982.1 $ 783.6 $ — $ 2,361.7

Intersegment net sales 135.9 — 135.0 — 270.9

Segment net sales 731.9 982.1 918.6 — 2,632.6

Segment cost of goods sold ( 429.9 ) ( 505.8 ) ( 502.9 ) — ( 1,438.6 )

Segment gross profit 302.0 476.3 415.7 — 1,194.0

Financial services revenue — — — 200.1 200.1

Segment operating and financial services expenses

Personnel ( 109.7 ) ( 95.1 ) ( 127.3 ) ( 17.2 )

Shipping and handling costs ( 13.5 ) ( 44.2 ) — —

Depreciation and amortization ( 4.1 ) ( 3.7 ) ( 10.6 ) ( 0.5 )

Provisions for credit losses — — — ( 36.3 )

Other segment expenses* ( 57.1 ) ( 101.2 ) ( 51.3 ) ( 7.6 )

Total segment operating and financial services expenses ( 184.4 ) ( 244.2 ) ( 189.2 ) ( 61.6 ) ( 679.4 )

Segment operating earnings $ 117.6 $ 232.1 $ 226.5 $ 138.5 $ 714.7

Reconciliation of segment net sales to total net sales and total revenues:

Segment net sales $ 2,632.6

Intersegment eliminations ( 270.9 )

Total net sales 2,361.7

Financial services revenue 200.1

Total revenues $ 2,561.8

Reconciliation of segment cost of goods sold to cost of goods sold:

Segment cost of goods sold $ ( 1,438.6 )

Intersegment eliminations 270.9

Cost of goods sold $ ( 1,167.7 )

Reconciliation of segment operating earnings to operating earnings and earnings before income taxes:

Segment operating earnings $ 714.7

Corporate operating expenses ( 25.0 )

Operating earnings 689.7

Interest expense ( 24.8 )

Other income (expense) – net 36.8

Earnings before income taxes $ 701.7

* Other segment expenses primarily include:

Commercial & Industrial Group - shared service allocations;

technology, travel and marketing expenses.

Snap-on Tools Group - franchisee support costs, shared service allocations and technology expenses.

Repair Systems & Information Group - technology, travel, professional fee and marketing expenses;

shared service allocations.

Financial Services - customer support and technology expenses.

SNAP-ON INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Financial Data by Segment (continued):

(Amounts in millions) June 28,

2025 December 28, 2024

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What changed 10-Q

Item 1. Financial Statements