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 June 29, 2024

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 12, 2024
Common Stock, $1.00 par value	52,682,657 shares

TABLE OF CONTENTS 

		Page
Part I: Financial Information
Item 1.	Financial Statements
	Condensed Consolidated Statements of Earnings (unaudited) – Three and Six Months Ended June 29, 2024, and July 1, 2023	3
	Condensed Consolidated Statements of Comprehensive Income (unaudited) – Three and Six Months Ended June 29, 2024, and July 1, 2023	4
	Condensed Consolidated Balance Sheets (unaudited) – June 29, 2024, and December 30, 2023	5
	Condensed Consolidated Statements of Equity (unaudited) – Three and Six Months Ended June 29, 2024, and July 1, 2023	7
	Condensed Consolidated Statements of Cash Flows (unaudited) – Six Months Ended June 29, 2024, and July 1, 2023	9
	Notes to Condensed Consolidated Financial Statements (unaudited)	10
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	39
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	56
Item 4.	Controls and Procedures	56
Part II: Other Information
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	57
Item 5.	Other Information	58
Item 6.	Exhibits	59
	Signatures	60

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
	June 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023
Net sales	$	1,179.4	$	1,191.3	$	2,361.7	$	2,374.3
Cost of goods sold	(582.1)		(587.6)		(1,167.7)		(1,181.0)
Gross profit	597.3		603.7		1,194.0		1,193.3
Operating expenses	(317.0)		(326.7)		(642.8)		(656.5)
Operating earnings before financial services	280.3		277.0		551.2		536.8
Financial services revenue	100.5		93.4		200.1		186.0
Financial services expenses	(30.3)		(26.5)		(61.6)		(52.8)
Operating earnings from financial services	70.2		66.9		138.5		133.2
Operating earnings	350.5		343.9		689.7		670.0
Interest expense	(12.3)		(12.6)		(24.8)		(25.0)
Other income (expense) – net	18.7		16.8		36.8		32.0
Earnings before income taxes	356.9		348.1		701.7		677.0
Income tax expense	(79.3)		(78.2)		(154.5)		(152.8)
Net earnings	277.6		269.9		547.2		524.2
Net earnings attributable to noncontrolling interests	(6.4)		(5.9)		(12.5)		(11.5)
Net earnings attributable to Snap-on Incorporated	$	271.2	$	264.0	$	534.7	$	512.7
Net earnings per share attributable to Snap-on Incorporated:
Basic	$	5.15	$	4.98	$	10.15	$	9.67
Diluted	5.07		4.89		9.98		9.49
Weighted-average shares outstanding:
Basic	52.7		53.0		52.7		53.0
Effect of dilutive securities	0.8		1.0		0.9		1.0
Diluted	53.5		54.0		53.6		54.0
Dividends declared per common share	$	1.86	$	1.62	$	3.72	$	3.24

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
	June 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023
Comprehensive income (loss):
Net earnings	$	277.6	$	269.9	$	547.2	$	524.2
Other comprehensive income (loss):
Foreign currency translation	(12.8)		0.2		(57.6)		18.3
Reclassification of cash flow hedges to net earnings, net of tax	(0.4)		(0.4)		(0.8)		(0.8)
Defined benefit pension and postretirement plans:
Amortization of net unrecognized losses	2.2		0.1		4.0		0.1
Income tax benefit	(0.5)		—		(0.9)		—
Net of tax	1.7		0.1		3.1		0.1
Total comprehensive income	266.1		269.8		491.9		541.8
Comprehensive income attributable to noncontrolling interests	(6.4)		(5.9)		(12.5)		(11.5)
Comprehensive income attributable to Snap-on Incorporated	$	259.7	$	263.9	$	479.4	$	530.3

See Notes to Condensed Consolidated Financial Statements.

4

SNAP-ON INCORPORATED

CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in millions, except share data)

(Unaudited)

	June 29, 2024		December 30, 2023
ASSETS
Current assets:
Cash and cash equivalents	$	1,232.7	$	1,001.5
Trade and other accounts receivable – net	783.5		791.3
Finance receivables – net	617.9		594.1
Contract receivables – net	112.0		120.8
Inventories – net	965.0		1,005.9
Prepaid expenses and other current assets	147.0		138.4
Total current assets	3,858.1		3,652.0
Property and equipment:
Land	34.0		34.5
Buildings and improvements	444.8		452.8
Machinery, equipment and computer software	1,105.2		1,083.1
Property and equipment – gross	1,584.0		1,570.4
Accumulated depreciation	(1,045.3)		(1,031.1)
Property and equipment – net	538.7		539.3
Operating lease right-of-use assets	74.9		74.7
Deferred income tax assets	78.9		76.0
Long-term finance receivables – net	1,301.4		1,284.2
Long-term contract receivables – net	417.4		407.9
Goodwill	1,067.9		1,097.4
Other intangible assets – net	274.8		268.9
Pension assets	130.9		130.5
Other long-term assets	16.9		14.0
Total assets	$	7,759.9	$	7,544.9

See Notes to Condensed Consolidated Financial Statements.

5

SNAP-ON INCORPORATED

CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in millions, except share data)

(Unaudited)

	June 29, 2024		December 30, 2023
LIABILITIES AND EQUITY
Current liabilities:
Notes payable	$	15.7	$	15.6
Accounts payable	271.1		238.0
Accrued benefits	54.4		64.4
Accrued compensation	74.2		102.9
Franchisee deposits	76.8		73.3
Other accrued liabilities	457.9		447.4
Total current liabilities	950.1		941.6
Long-term debt	1,185.1		1,184.6
Deferred income tax liabilities	84.2		79.2
Retiree health care benefits	20.7		21.8
Pension liabilities	69.3		82.3
Operating lease liabilities	54.8		54.6
Other long-term liabilities	86.8		87.4
Total liabilities	2,451.0		2,451.5
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 67,456,553 and 67,450,999 shares, respectively)	67.5		67.5
Additional paid-in capital	542.8		545.5
Retained earnings	7,286.0		6,948.5
Accumulated other comprehensive loss	(504.8)		(449.5)
Treasury stock at cost (14,800,401 and 14,756,982 shares, respectively)	(2,105.2)		(2,040.7)
Total shareholders’ equity attributable to Snap-on Incorporated	5,286.3		5,071.3
Noncontrolling interests	22.6		22.1
Total equity	5,308.9		5,093.4
Total liabilities and equity	$	7,759.9	$	7,544.9

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 June 29, 2024:

	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 March 30, 2024	$	67.5	$	527.4	$	7,113.1	$	(493.3)	$	(2,073.7)	$	22.3	$	5,163.3
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
	Common Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Treasury Stock		Noncontrolling Interests		Total Equity
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 six months ended June 29, 2024	—		—		534.7		—		—		12.5		547.2
Other comprehensive loss	—		—		—		(55.3)		—		—		(55.3)
Cash dividends – $3.72 per share	—		—		(196.2)		—		—		—		(196.2)
Stock compensation plans	—		(2.7)		—		—		53.1		—		50.4
Share repurchases – 422,000 shares	—		—		—		—		(117.6)		—		(117.6)
Other	—		—		(1.0)		—		—		(12.0)		(13.0)
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.

7

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.

8

SNAP-ON INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Amounts in millions)

(Unaudited)

	Six Months Ended
	June 29, 2024		July 1, 2023
Operating activities:
Net earnings	$	547.2	$	524.2
Adjustments to reconcile net earnings to net cash provided (used) by operating activities:
Depreciation	36.4		35.8
Amortization of other intangible assets	12.7		13.9
Provision for losses on finance receivables	35.4		27.9
Provision for losses on non-finance receivables	11.8		8.8
Stock-based compensation expense	15.8		20.4
Deferred income tax benefit	(4.4)		(9.2)
Gain on sales of assets	(0.3)		(0.3)
Changes in operating assets and liabilities, net of effects of acquisitions:
Trade and other accounts receivable	(20.8)		(30.7)
Contract receivables	(3.7)		(2.9)
Inventories	21.9		(13.4)
Prepaid expenses and other current assets	(11.9)		14.2
Accounts payable	38.1		(8.3)
Accrued and other liabilities	(28.4)		(8.5)
Net cash provided by operating activities	649.8		571.9
Investing activities:
Additions to finance receivables	(504.2)		(536.3)
Collections of finance receivables	422.8		418.1
Capital expenditures	(45.0)		(48.8)
Disposals of property and equipment	1.6		1.0
Other	1.4		(1.5)
Net cash used by investing activities	(123.4)		(167.5)
Financing activities:
Net increase in other short-term borrowings	0.4		0.3
Cash dividends paid	(196.2)		(172.0)
Purchases of treasury stock	(117.6)		(182.0)
Proceeds from stock purchase plans and stock option exercises	51.7		84.6
Other	(30.4)		(19.5)
Net cash used by financing activities	(292.1)		(288.6)
Effect of exchange rate changes on cash and cash equivalents	(3.1)		(1.7)
Increase in cash and cash equivalents	231.2		114.1
Cash and cash equivalents at beginning of year	1,001.5		757.2
Cash and cash equivalents at end of period	$	1,232.7	$	871.3
Supplemental cash flow disclosures:
Cash paid for interest	$	(22.0)	$	(22.3)
Net cash paid for income taxes	(153.7)		(147.7)

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 2023 Annual Report on Form 10-K for the fiscal year ended December 30, 2023 (“2023 year end”). The company’s 2024 fiscal second quarter ended on June 29, 2024, and its 2023 fiscal second quarter ended on July 1, 2023. The company’s 2024 and 2023 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 June 29, 2024, and July 1, 2023, 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

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. ASU No. 2023-09 is effective for annual periods beginning after December 15, 2024. 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.

In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires the disclosure of additional segment information. ASU No. 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024; 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.

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)	June 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023
Revenue from contracts with customers	$	1,172.0	$	1,184.6	$	2,347.2	$	2,361.1
Other revenues	7.4		6.7		14.5		13.2
Total net sales	1,179.4		1,191.3		2,361.7		2,374.3
Financial services revenue	100.5		93.4		200.1		186.0
Total revenues	$	1,279.9	$	1,284.7	$	2,561.8	$	2,560.3

Snap-on evaluates the performance of its operating segments based on segment revenues and segment operating earnings. The Snap-on Tools Group segment revenues include external net sales, while the Commercial & Industrial Group and the Repair Systems & Information Group segment revenues include both external and intersegment net sales. Snap-on accounts for intersegment net 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 June 29, 2024
	Commercial		Snap-on		Repair Systems
	& Industrial		Tools		& Information		Financial				Snap-on
(Amounts in millions)	Group		Group		Group		Services		Eliminations		Incorporated
Net sales:
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
Net sales:
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.

11

SNAP-ON INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(Unaudited)

	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.

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 June 29, 2024
	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	$	21.0	$	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

	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
Net sales:
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

	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