UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark one)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended July 1, 2023

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                                                   to                                                          

Commission File Number 1-7724

Snap-on Incorporated

(Exact name of registrant as specified in its charter)

Delaware			39-0622040
(State of incorporation)			(I.R.S. Employer Identification No.)
2801 80th Street,	Kenosha,	Wisconsin	53143
(Address of principal executive offices)			(Zip code)

(262) 656-5200

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $1.00 par value	SNA	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒   No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒   No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☒	Accelerated filer	☐	Non-accelerated filer	☐	Smaller reporting company	☐
Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date:

Class	Outstanding at July 14, 2023
Common Stock, $1.00 par value	52,916,548 shares

TABLE OF CONTENTS 

		Page
Part I: Financial Information
Item 1.	Financial Statements
	Condensed Consolidated Statements of Earnings (unaudited) – Three and Six Months Ended July 1, 2023, and July 2, 2022	3
	Condensed Consolidated Statements of Comprehensive Income (unaudited) – Three and Six Months Ended July 1, 2023, and July 2, 2022	4
	Condensed Consolidated Balance Sheets (unaudited) – July 1, 2023, and December 31, 2022	5
	Condensed Consolidated Statements of Equity (unaudited) – Three and Six Months Ended July 1, 2023, and July 2, 2022	7
	Condensed Consolidated Statements of Cash Flows (unaudited) – Three and Six Months Ended July 1, 2023, and July 2, 2022	9
	Notes to Condensed Consolidated Financial Statements (unaudited)	10
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	36
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	52
Item 4.	Controls and Procedures	53
Part II: Other Information
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	54
Item 5.	Other Information	55
Item 6.	Exhibits	56
	Signatures	57

PART I. FINANCIAL INFORMATION

Item 1: Financial Statements

SNAP-ON INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

(Amounts in millions, except per share data)

(Unaudited)

	Three Months Ended				Six Months Ended
	July 1, 2023		July 2, 2022		July 1, 2023		July 2, 2022
Net sales	$	1,191.3	$	1,136.6	$	2,374.3	$	2,234.4
Cost of goods sold	(587.6)		(583.1)		(1,181.0)		(1,146.6)
Gross profit	603.7		553.5		1,193.3		1,087.8
Operating expenses	(326.7)		(306.9)		(656.5)		(618.1)
Operating earnings before financial services	277.0		246.6		536.8		469.7
Financial services revenue	93.4		86.4		186.0		174.1
Financial services expenses	(26.5)		(21.1)		(52.8)		(38.4)
Operating earnings from financial services	66.9		65.3		133.2		135.7
Operating earnings	343.9		311.9		670.0		605.4
Interest expense	(12.6)		(11.7)		(25.0)		(23.3)
Other income (expense) – net	16.8		9.3		32.0		17.6
Earnings before income taxes	348.1		309.5		677.0		599.7
Income tax expense	(78.2)		(72.3)		(152.8)		(139.8)
Net earnings	269.9		237.2		524.2		459.9
Net earnings attributable to noncontrolling interests	(5.9)		(5.7)		(11.5)		(11.0)
Net earnings attributable to Snap-on Incorporated	$	264.0	$	231.5	$	512.7	$	448.9
Net earnings per share attributable to Snap-on Incorporated:
Basic	$	4.98	$	4.34	$	9.67	$	8.41
Diluted	4.89		4.27		9.49		8.27
Weighted-average shares outstanding:
Basic	53.0		53.3		53.0		53.4
Effect of dilutive securities	1.0		0.9		1.0		0.9
Diluted	54.0		54.2		54.0		54.3
Dividends declared per common share	$	1.62	$	1.42	$	3.24	$	2.84

See Notes to Condensed Consolidated Financial Statements.

3

SNAP-ON INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Amounts in millions)

(Unaudited)

 

	Three Months Ended				Six Months Ended
	July 1, 2023		July 2, 2022		July 1, 2023		July 2, 2022
Comprehensive income (loss):
Net earnings	$	269.9	$	237.2	$	524.2	$	459.9
Other comprehensive income (loss):
Foreign currency translation	0.2		(110.3)		18.3		(120.0)
Unrealized cash flow hedges, net of tax:
Reclassification of cash flow hedges to net earnings	(0.4)		(0.4)		(0.8)		(0.8)
Defined benefit pension and postretirement plans:
Amortization of net unrecognized losses	0.1		4.7		0.1		9.2
Income tax benefit	—		(1.1)		—		(2.2)
Net of tax	0.1		3.6		0.1		7.0
Total comprehensive income	269.8		130.1		541.8		346.1
Comprehensive income attributable to noncontrolling interests	(5.9)		(5.7)		(11.5)		(11.0)
Comprehensive income attributable to Snap-on Incorporated	$	263.9	$	124.4	$	530.3	$	335.1

See Notes to Condensed Consolidated Financial Statements.

4

SNAP-ON INCORPORATED

CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in millions, except share data)

(Unaudited)

	July 1, 2023		December 31, 2022
ASSETS
Current assets:
Cash and cash equivalents	$	871.3	$	757.2
Trade and other accounts receivable – net	786.8		761.7
Finance receivables – net	595.4		562.2
Contract receivables – net	104.8		109.9
Inventories – net	1,046.1		1,033.1
Prepaid expenses and other assets	129.0		144.8
Total current assets	3,533.4		3,368.9
Property and equipment:
Land	33.2		32.6
Buildings and improvements	438.9		434.7
Machinery, equipment and computer software	1,098.8		1,069.3
Property and equipment – gross	1,570.9		1,536.6
Accumulated depreciation and amortization	(1,047.2)		(1,024.0)
Property and equipment – net	523.7		512.6
Operating lease right-of-use assets	68.1		61.5
Deferred income tax assets	75.4		70.0
Long-term finance receivables – net	1,232.0		1,170.8
Long-term contract receivables – net	393.1		383.8
Goodwill	1,048.6		1,045.3
Other intangibles – net	269.5		275.6
Pension assets	73.6		70.6
Other assets	13.0		13.7
Total assets	$	7,230.4	$	6,972.8

See Notes to Condensed Consolidated Financial Statements.

5

SNAP-ON INCORPORATED

CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in millions, except share data)

(Unaudited)

	July 1, 2023		December 31, 2022
LIABILITIES AND EQUITY
Current liabilities:
Notes payable	$	17.8	$	17.2
Accounts payable	274.2		287.0
Accrued benefits	54.3		58.6
Accrued compensation	85.1		98.6
Franchisee deposits	73.7		73.8
Other accrued liabilities	457.2		436.4
Total current liabilities	962.3		971.6
Long-term debt	1,184.2		1,183.8
Deferred income tax liabilities	79.4		82.1
Retiree health care benefits	22.4		23.4
Pension liabilities	65.4		78.6
Operating lease liabilities	50.4		44.7
Other long-term liabilities	87.0		85.1
Total liabilities	2,451.1		2,469.3
Commitments and contingencies (Note 14)
Equity
Shareholders’ equity attributable to Snap-on Incorporated:
Preferred stock (authorized 15,000,000 shares of $1 par value; none outstanding)	—		—
Common stock (authorized 250,000,000 shares of $1 par value; issued 67,450,896 and 67,444,966 shares, respectively)	67.5		67.4
Additional paid-in capital	521.1		499.9
Retained earnings	6,635.6		6,296.2
Accumulated other comprehensive loss	(510.7)		(528.3)
Treasury stock at cost (14,552,727 and 14,442,386 shares, respectively)	(1,956.4)		(1,853.9)
Total shareholders’ equity attributable to Snap-on Incorporated	4,757.1		4,481.3
Noncontrolling interests	22.2		22.2
Total equity	4,779.3		4,503.5
Total liabilities and equity	$	7,230.4	$	6,972.8

See Notes to Condensed Consolidated Financial Statements.

6

SNAP-ON INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

(Amounts in millions, except share data)

(Unaudited)

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

	Shareholders’ Equity Attributable to Snap-on Incorporated
	Common Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Treasury Stock		Noncontrolling Interests		Total Equity
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	—		—		264.0		—		—		5.9		269.9
Other comprehensive loss	—		—		—		(0.1)		—		—		(0.1)
Cash dividends – $1.62 per share	—		—		(85.9)		—		—		—		(85.9)
Stock compensation plans	—		20.9		—		—		43.4		—		64.3
Share repurchases – 359,000 shares	—		—		—		—		(94.8)		—		(94.8)
Other	—		—		(0.6)		—		—		(5.9)		(6.5)
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:

	Shareholders’ Equity Attributable to Snap-on Incorporated
	Common Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Treasury Stock		Noncontrolling Interests		Total Equity
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	—		—		512.7		—		—		11.5		524.2
Other comprehensive income	—		—		—		17.6		—		—		17.6
Cash dividends – $3.24 per share	—		—		(172.0)		—		—		—		(172.0)
Stock compensation plans	—		21.2		—		—		79.5		—		100.7
Share repurchases – 715,000 shares	—		—		—		—		(182.0)		—		(182.0)
Other	0.1		—		(1.3)		—		—		(11.5)		(12.7)
Balance at July 1, 2023	$	67.5	$	521.1	$	6,635.6	$	(510.7)	$	(1,956.4)	$	22.2	$	4,779.3

See Notes to Condensed Consolidated Financial Statements.

7

SNAP-ON INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

(Amounts in millions, except share data)

(Unaudited)

The following summarizes the changes in total equity for the three month period ended July 2, 2022:

	Shareholders’ Equity Attributable to Snap-on Incorporated
	Common Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Treasury Stock		Noncontrolling Interests		Total Equity
Balance at April 2, 2022	$	67.4	$	474.7	$	5,841.0	$	(350.6)	$	(1,734.2)	$	22.3	$	4,320.6
Net earnings for the three months ended July 2, 2022	—		—		231.5		—		—		5.7		237.2
Other comprehensive loss	—		—		—		(107.1)		—		—		(107.1)
Cash dividends – $1.42 per share	—		—		(75.7)		—		—		—		(75.7)
Stock compensation plans	—		13.4		—		—		18.4		—		31.8
Share repurchases – 251,000 shares	—		—		—		—		(53.8)		—		(53.8)
Other	—		—		(0.6)		—		—		(5.6)		(6.2)
Balance at July 2, 2022	$	67.4	$	488.1	$	5,996.2	$	(457.7)	$	(1,769.6)	$	22.4	$	4,346.8

The following summarizes the changes in total equity for the six month period ended July 2, 2022:

	Shareholders’ Equity Attributable to Snap-on Incorporated
	Common Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Treasury Stock		Noncontrolling Interests		Total Equity
Balance at January 1, 2022	$	67.4	$	472.7	$	5,699.9	$	(343.9)	$	(1,714.2)	$	21.9	$	4,203.8
Net Earnings for the six months ended July 2, 2022	—		—		448.9		—		—		11.0		459.9
Other comprehensive loss	—		—		—		(113.8)		—		—		(113.8)
Cash dividends – $2.84 per share	—		—		(151.4)		—		—		—		(151.4)
Stock compensation plans	—		15.4		—		—		27.2		—		42.6
Share repurchases – 387,000 shares	—		—		—		—		(82.6)		—		(82.6)
Other	—		—		(1.2)		—		—		(10.5)		(11.7)
Balance at July 2, 2022	$	67.4	$	488.1	$	5,996.2	$	(457.7)	$	(1,769.6)	$	22.4	$	4,346.8

See Notes to Condensed Consolidated Financial Statements.

8

SNAP-ON INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Amounts in millions)

(Unaudited)

	Six Months Ended
	July 1, 2023		July 2, 2022
Operating activities:
Net earnings	$	524.2	$	459.9
Adjustments to reconcile net earnings to net cash provided (used) by operating activities:
Depreciation	35.8		36.7
Amortization of other intangibles	13.9		14.4
Provision for losses on finance receivables	27.9		15.4
Provision for losses on non-finance receivables	8.8		6.7
Stock-based compensation expense	20.4		17.5
Deferred income tax benefit	(9.2)		(7.1)
Gain on sales of assets	(0.3)		(2.9)
Changes in operating assets and liabilities, net of effects of acquisitions:
Trade and other accounts receivable	(30.7)		(73.7)
Contract receivables	(2.9)		10.4
Inventories	(13.4)		(123.4)
Prepaid expenses and other assets	14.2		(23.4)
Accounts payable	(8.3)		42.1
Accruals and other liabilities	(8.5)		(37.9)
Net cash provided by operating activities	571.9		334.7
Investing activities:
Additions to finance receivables	(536.3)		(469.6)
Collections of finance receivables	418.1		426.2
Capital expenditures	(48.8)		(41.5)
Acquisitions of businesses, net of cash acquired	—		0.5
Disposals of property and equipment	1.0		4.2
Other	(1.5)		(0.2)
Net cash used by investing activities	(167.5)		(80.4)
Financing activities:
Net increase in other short-term borrowings	0.3		2.8
Cash dividends paid	(172.0)		(151.4)
Purchases of treasury stock	(182.0)		(82.6)
Proceeds from stock purchase and option plans	84.6		29.2
Other	(19.5)		(16.5)
Net cash used by financing activities	(288.6)		(218.5)
Effect of exchange rate changes on cash and cash equivalents	(1.7)		(2.9)
Increase in cash and cash equivalents	114.1		32.9
Cash and cash equivalents at beginning of year	757.2		780.0
Cash and cash equivalents at end of period	$	871.3	$	812.9
Supplemental cash flow disclosures:
Cash paid for interest	$	(22.3)	$	(22.4)
Net cash paid for income taxes	(147.7)		(129.2)

See Notes to Condensed Consolidated Financial Statements.

9

SNAP-ON INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Note 1: Summary of Accounting Policies

Principles of consolidation and presentation

The Condensed Consolidated Financial Statements include the accounts of Snap-on Incorporated and its wholly owned and majority-owned subsidiaries (collectively, “Snap-on” or the “company”). 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 2022 Annual Report on Form 10-K for the fiscal year ended December 31, 2022 (“2022 year end”). The company’s 2023 fiscal second quarter ended on July 1, 2023, and its 2022 fiscal second quarter ended on July 2, 2022. The company’s 2023 and 2022 fiscal second 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 July 1, 2023, and July 2, 2022, have been made. Interim results of operations are not necessarily indicative of the results to be expected for the full fiscal year.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Financial Instruments

The fair value of the company’s derivative financial instruments is generally determined using quoted prices in active markets for similar assets and liabilities. The carrying value of the company’s non-derivative financial instruments either approximates fair value, due to their short-term nature, or the amount disclosed for fair value is based upon a discounted cash flow analysis or quoted market values. See Note 9 for additional information on financial instruments.

New Accounting Standards

On January 1, 2023, the beginning of Snap-on’s 2023 fiscal year, the company adopted ASU No. 2022-02, Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures, which requires enhanced disclosure of certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty and eliminates certain current recognition and measurement accounting guidance. This ASU also requires the disclosure of current-period gross write-offs by year of origination for financing receivables and net investments in leases. The adoption of this ASU did not have a significant impact on the company’s Condensed Consolidated Financial Statements.

Note 2: Revenue Recognition

Snap-on recognizes revenue from the sale of tools, diagnostics, equipment, and related services based on when control of the product passes to the customer or the service is provided and is recognized at an amount that reflects the consideration expected to be received in exchange for such goods or services.

10

SNAP-ON INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(Unaudited)

Revenue Disaggregation: The following table shows the consolidated revenues by revenue source:

	Three Months Ended				Six Months Ended
(Amounts in millions)	July 1, 2023		July 2, 2022		July 1, 2023		July 2, 2022
Revenue from contracts with customers	$	1,184.6	$	1,130.5	$	2,361.1	$	2,222.4
Other revenues	6.7		6.1		13.2		12.0
Total net sales	1,191.3		1,136.6		2,374.3		2,234.4
Financial services revenue	93.4		86.4		186.0		174.1
Total revenues	$	1,284.7	$	1,223.0	$	2,560.3	$	2,408.5

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 both intersegment sales and transfers based primarily on standard costs with reasonable mark-ups established between the segments. Intersegment amounts are eliminated to arrive at Snap-on’s consolidated financial results.

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

	For the Three Months Ended July 1, 2023
	Commercial		Snap-on		Repair Systems
	& Industrial		Tools		& Information		Financial				Snap-on
(Amounts in millions)	Group		Group		Group		Services		Eliminations		Incorporated
Net sales:
North America*	$	144.3	$	459.3	$	285.9	$	—	$	—	$	889.5
Europe	75.5		39.0		63.6		—		—		178.1
All other	70.0		24.8		28.9		—		—		123.7
External net sales	289.8		523.1		378.4		—		—		1,191.3
Intersegment net sales	74.4		—		73.6		—		(148.0)		—
Total net sales	364.2		523.1		452.0		—		(148.0)		1,191.3
Financial services revenue	—		—		—		93.4		—		93.4
Total revenue	$	364.2	$	523.1	$	452.0	$	93.4	$	(148.0)	$	1,284.7

	For the Six Months Ended July 1, 2023
	Commercial		Snap-on		Repair Systems
	& Industrial		Tools		& Information		Financial				Snap-on
(Amounts in millions)	Group		Group		Group		Services		Eliminations		Incorporated
Net sales:
North America*	$	281.9	$	933.2	$	567.7	$	—	$	—	$	1,782.8
Europe	150.5		74.7		126.8		—		—		352.0
All other	136.0		52.2		51.3		—		—		239.5
External net sales	568.4		1,060.1		745.8		—		—		2,374.3
Intersegment net sales	159.6		—		152.8		—		(312.4)		—
Total net sales	728.0		1,060.1		898.6		—		(312.4)		2,374.3
Financial services revenue	—		—		—		186.0		—		186.0
Total revenue	$	728.0	$	1,060.1	$	898.6	$	186.0	$	(312.4)	$	2,560.3
* North America is comprised of the United States, Canada and Mexico.

11

SNAP-ON INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(Unaudited)

	For the Three Months Ended July 2, 2022
	Commercial		Snap-on		Repair Systems
	& Industrial		Tools		& Information		Financial				Snap-on
(Amounts in millions)	Group		Group		Group		Services		Eliminations		Incorporated
Net sales:
North America*	$	128.7	$	460.3	$	254.7	$	—	$	—	$	843.7
Europe	73.1		36.4		60.4		—		—		169.9
All other	74.3		23.9		24.8		—		—		123.0
External net sales	276.1		520.6		339.9		—		—		1,136.6
Intersegment net sales	83.0		—		76.9		—		(159.9)		—
Total net sales	359.1		520.6		416.8		—		(159.9)		1,136.6
Financial services revenue	—		—		—		86.4		—		86.4
Total revenue	$	359.1	$	520.6	$	416.8	$	86.4	$	(159.9)	$	1,223.0

	For the Six Months Ended July 2, 2022
	Commercial		Snap-on		Repair Systems
	& Industrial		Tools		& Information		Financial				Snap-on
(Amounts in millions)	Group		Group		Group		Services		Eliminations		Incorporated
Net sales:
North America*	$	242.4	$	908.1	$	497.5	$	—	$	—	$	1,648.0
Europe	154.9		76.5		122.3		—		—		353.7
All other	140.0		48.1		44.6		—		—		232.7
External net sales	537.3		1,032.7		664.4		—		—		2,234.4
Intersegment net sales	161.9		—		150.6		—		(312.5)		—
Total net sales	699.2		1,032.7		815.0		—		(312.5)		2,234.4
Financial services revenue	—		—		—		174.1		—		174.1
Total revenue	$	699.2	$	1,032.7	$	815.0	$	174.1	$	(312.5)	$	2,408.5
* North America is comprised of the United States, Canada and Mexico.

12

SNAP-ON INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(Unaudited)

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

	For the Three Months Ended July 1, 2023
	Commercial		Snap-on		Repair Systems
	& Industrial		Tools		& Information		Financial				Snap-on
(Amounts in millions)	Group		Group		Group		Services		Eliminations		Incorporated
Net sales:
Vehicle service professionals	$	21.7	$	523.1	$	378.4	$	—	$	—	$	923.2
All other professionals	268.1		—		—		—		—		268.1
External net sales	289.8		523.1		378.4		—		—		1,191.3
Intersegment net sales	74.4		—		73.6		—		(148.0)		—
Total net sales	364.2		523.1		452.0		—		(148.0)		1,191.3
Financial services revenue	—		—		—		93.4		—		93.4
Total revenue	$	364.2	$	523.1	$	452.0	$	93.4	$	(148.0)	$	1,284.7

	For the Six Months Ended July 1, 2023
	Commercial		Snap-on		Repair Systems
	& Industrial		Tools		& Information		Financial				Snap-on
(Amounts in millions)	Group		Group		Group		Services		Eliminations		Incorporated
Net sales:
Vehicle service professionals	$	42.8	$	1,060.1	$	745.8	$	—	$	—	$	1,848.7
All other professionals	525.6		—		—		—		—		525.6
External net sales	568.4		1,060.1		745.8		—		—		2,374.3
Intersegment net sales	159.6		—		152.8		—		(312.4)		—
Total net sales	728.0		1,060.1		898.6		—		(312.4)		2,374.3
Financial services revenue	—		—		—		186.0		—		186.0
Total revenue	$	728.0	$	1,060.1	$	898.6	$	186.0	$	(312.4)	$	2,560.3

	For the Three Months Ended July 2, 2022
	Commercial		Snap-on		Repair Systems
	& Industrial		Tools		& Information		Financial				Snap-on
(Amounts in millions)	Group		Group		Group		Services		Eliminations		Incorporated
Net sales:
Vehicle service professionals	$	25.2	$	520.6	$	339.9	$	—	$	—	$	885.7
All other professionals	250.9		—		—		—		—		250.9
External net sales	276.1		520.6		339.9		—		—		1,136.6
Intersegment net sales	83.0		—		76.9		—		(159.9)		—
Total net sales	359.1		520.6		416.8		—		(159.9)		1,136.6
Financial services revenue	—		—		—		86.4		—		86.4
Total revenue	$	359.1	$	520.6	$	416.8	$	86.4	$	(159.9)	$	1,223.0

13

SNAP-ON INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(Unaudited)

	For the Six Months Ended July 2, 2022
	Commercial		Snap-on		Repair Systems
	& Industrial		Tools		& Information		Financial				Snap-on
(Amounts in millions)	Group		Group		Group		Services		Eliminations		Incorporated
Net sales:
Vehicle service professionals	$	49.1	$	1,032.7	$	664.4	$	—	$	—	$	1,746.2
All other professionals	488.2