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v3.24.2

Revenue Recognition (Tables) | 6 Months Ended
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Jun. 29, 2024
Revenue from Contract with Customer [Abstract] |
Schedule of Disaggregation of Revenue | 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 |
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. |  |  |  |  |  |  |  |
|  | 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. |  |  |  |  |  |  |  |
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 |  |  | $ | 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 |

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- Definition Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-5 + Details
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