XML 42 R29.htm IDEA: XBRL DOCUMENT v3.22.0.1
Segments
 12 Months Ended
Jan. 01, 2022
Segment Reporting [Abstract]  
Segments SegmentsSnap-on’s business segments are based on the organization structure used by management for making operating and investment decisions and for assessing performance. Snap-on’s reportable business segments are: (i) the Commercial & Industrial Group; (ii) the Snap-on Tools Group; (iii) the Repair Systems & Information Group; and (iv) Financial Services. The Commercial & Industrial Group consists of business operations serving a broad range of industrial and commercial customers worldwide, including customers in the aerospace, natural resources, government, power generation, transportation and technical education market segments (collectively, “critical industries”), primarily through direct and distributor channels. The Snap-on Tools Group consists of business operations primarily serving vehicle service and repair technicians through the company’s worldwide mobile tool distribution channel. The Repair Systems & Information Group consists of business operations serving other professional vehicle repair customers worldwide, primarily owners and managers of independent repair shops and OEM dealerships, through direct and distributor channels. Financial Services consists of the business operations of Snap-on’s finance subsidiaries.
Snap-on evaluates the performance of its operating segments based on segment revenues, including both external and intersegment net sales, and segment operating earnings. Snap-on accounts for intersegment sales and transfers based primarily on standard costs with reasonable mark-ups established between the segments. Identifiable assets by segment are those assets used in the respective reportable segment’s operations. Corporate assets consist of cash and cash equivalents (excluding cash held at Financial Services), deferred income taxes and certain other assets. Intersegment amounts are eliminated to arrive at Snap-on’s consolidated financial results.

Snap-on does not have any single customer or government that represents 10% or more of its revenues in any of the indicated periods.

Financial Data by Segment:
(Amounts in millions)202120202019
Net sales:
Commercial & Industrial Group$1,406.3 $1,234.6 $1,345.7 
Snap-on Tools Group1,938.6 1,643.9 1,612.9 
Repair Systems & Information Group1,503.1 1,238.2 1,334.5 
Segment net sales4,848.0 4,116.7 4,293.1 
Intersegment eliminations(596.0)(524.2)(563.1)
Total net sales4,252.0 3,592.5 3,730.0 
Financial Services revenue349.7 349.7 337.7 
Total revenues$4,601.7 $3,942.2 $4,067.7 
Operating earnings:
Commercial & Industrial Group$209.9 $153.7 $188.7 
Snap-on Tools Group411.1 267.7 245.8 
Repair Systems & Information Group348.6 298.0 342.7 
Financial Services272.0 248.6 245.9 
Segment operating earnings1,241.6 968.0 1,023.1 
Corporate(118.1)(87.5)(60.8)
Operating earnings1,123.5 880.5 962.3 
Interest expense(53.1)(54.0)(49.0)
Other income (expense) – net16.5 8.7 8.8 
Earnings before income taxes and equity earnings$1,086.9 $835.2 $922.1 

(Amounts in millions)20212020
Assets:
Commercial & Industrial Group$1,209.3 $1,210.4 
Snap-on Tools Group791.4 775.3 
Repair Systems & Information Group1,624.3 1,399.7 
Financial Services2,163.6 2,170.3 
Total assets from reportable segments5,788.6 5,555.7 
Corporate1,039.7 1,063.2 
Elimination of intersegment receivables(68.6)(61.6)
Total assets$6,759.7 $6,557.3 
Financial Data by Segment (continued):
(Amounts in millions)202120202019
Capital expenditures:
Commercial & Industrial Group$24.3 $20.3 $30.1 
Snap-on Tools Group27.1 24.2 42.7 
Repair Systems & Information Group15.4 14.7 22.7 
Financial Services0.8 0.8 0.8 
Total from reportable segments67.6 60.0 96.3 
Corporate2.5 5.6 3.1 
Total capital expenditures$70.1 $65.6 $99.4 
Depreciation and amortization:
Commercial & Industrial Group$28.2 $25.1 $23.5 
Snap-on Tools Group31.2 32.7 31.7 
Repair Systems & Information Group40.9 34.6 33.0 
Financial Services0.9 0.7 0.7 
Total from reportable segments101.2 93.1 88.9 
Corporate3.6 3.6 3.5 
Total depreciation and amortization$104.8 $96.7 $92.4 
Revenues by geographic region:*
United States$3,153.0 $2,772.3 $2,794.0 
Europe808.5 677.5 730.3 
All other640.2 492.4 543.4 
Total revenues$4,601.7 $3,942.2 $4,067.7 
(Amounts in millions)20212020
Long-lived assets:**
United States$342.2 $345.3 
Europe171.2 174.2 
All other56.7 58.6 
Total long-lived assets$570.1 $578.1 
*Revenues are attributed to countries based on origin of the sale.
**Long-lived assets consist of Property and equipment - net and Operating lease right-of-use assets. Prior year has been recast to conform with the current year presentation which includes Operating lease right-of-use assets and excludes Goodwill and Other intangibles - net.
 
Products and Services: Snap-on derives net sales from a broad line of products and complementary services that are grouped into three categories: (i) tools; (ii) diagnostics, information and management systems; and (iii) equipment. The tools product category includes hand tools, power tools, tool storage products and other similar products. The diagnostics, information and management systems product category includes handheld and computer-based diagnostic products, service and repair information products, diagnostic software solutions, electronic parts catalogs, business management systems and services, point-of-sale systems, integrated systems for vehicle service shops, OEM purchasing facilitation services, and warranty management systems and analytics to help OEM dealerships manage and track performance. The equipment product category includes solutions for the service of vehicles and industrial equipment. Snap-on supports the sale of its diagnostics and vehicle service shop equipment by offering training programs as well as after-sales service support for its customers. Through its financial services businesses, Snap-on also derives revenue from various financing programs designed to facilitate the sales of its products and support its franchise business. Further product line information is not presented as it is not practicable to do so.

The following table shows the consolidated net sales and revenues of these product groups in the last three years:

(Amounts in millions)202120202019
Net sales:
Tools$2,343.0 $1,984.7 $2,017.5 
Diagnostics, information and management systems892.5 783.8 827.5 
Equipment1,016.5 824.0 885.0 
Total net sales4,252.0 3,592.5 3,730.0 
Financial services revenue349.7 349.7 337.7 
Total revenues$4,601.7 $3,942.2 $4,067.7