XML 37 R26.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Segments
 3 Months Ended
Mar. 30, 2024
Segment Reporting [Abstract]  
Segments Segments
Snap-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 and military, 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 multinational 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 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. 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.
Financial Data by Segment:
Three Months Ended
(Amounts in millions)March 30, 2024April 1, 2023
Net sales:
Commercial & Industrial Group$359.9 $363.8 
Snap-on Tools Group500.1 537.0 
Repair Systems & Information Group463.8 446.6 
Segment net sales1,323.8 1,347.4 
Intersegment eliminations(141.5)(164.4)
Total net sales1,182.3 1,183.0 
Financial Services revenue99.6 92.6 
Total revenues$1,281.9 $1,275.6 
Operating earnings:
Commercial & Industrial Group$55.4 $55.8 
Snap-on Tools Group117.3 131.7 
Repair Systems & Information Group112.9 104.6 
Financial Services68.3 66.3 
Segment operating earnings353.9 358.4 
Corporate(14.7)(32.3)
Operating earnings339.2 326.1 
Interest expense(12.5)(12.4)
Other income (expense) – net18.1 15.2 
Earnings before income taxes$344.8 $328.9 

(Amounts in millions)March 30,
2024		December 30, 2023
Assets:
Commercial & Industrial Group$1,282.9 $1,293.7 
Snap-on Tools Group941.2 941.8 
Repair Systems & Information Group1,673.5 1,680.0 
Financial Services2,450.6 2,430.0 
Total assets from reportable segments6,348.2 6,345.5 
Corporate1,405.7 1,285.0 
Elimination of intersegment receivables(87.1)(85.6)
Total assets$7,666.8 $7,544.9