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Segments (Tables) | 12 Months Ended
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Dec. 28, 2024
Segment Reporting [Abstract] |
Schedule of Net Sales by Segment | Financial Data by Segment:
| 2024
| Commercial & |  | Snap-on |  | Repair Systems |  |  |  |
| Industrial |  | Tools |  | & Information |  | Financial |  | Total
(Amounts in millions) | Group |  | Group |  | Group |  | Services |  | Segments
External net sales | $ | 1,187.6 |  |  | $ | 1,989.2 |  |  | $ | 1,530.6 |  |  | $ | — |  |  | $ | 4,707.4 |
Intersegment net sales | 289.2 |  |  | — |  |  | 267.3 |  |  | — |  |  | 556.5 |
Segment net sales | 1,476.8 |  |  | 1,989.2 |  |  | 1,797.9 |  |  | — |  |  | 5,263.9 |
Segment cost of goods sold | (868.6) |  |  | (1,050.3) |  |  | (967.1) |  |  | — |  |  | (2,886.0) |
Segment gross profit | 608.2 |  |  | 938.9 |  |  | 830.8 |  |  | — |  |  | 2,377.9 |
Financial services revenue | — |  |  | — |  |  | — |  |  | 401.0 |  |  | 401.0 |
Segment operating and financial services expenses |  |  |  |  |  |  |  |  |
Personnel | (218.8) |  |  | (191.7) |  |  | (253.9) |  |  | (34.7) |  |  |
Shipping and handling costs | (27.8) |  |  | (87.7) |  |  | — |  |  | — |  |  |
Depreciation and amortization | (7.8) |  |  | (7.5) |  |  | (20.8) |  |  | (1.0) |  |  |
Provisions for credit losses | — |  |  | — |  |  | — |  |  | (73.7) |  |  |
Other segment expenses* | (111.7) |  |  | (204.7) |  |  | (100.9) |  |  | (14.7) |  |  |
Total segment operating and financial services expenses | (366.1) |  |  | (491.6) |  |  | (375.6) |  |  | (124.1) |  |  | (1,357.4) |
Segment operating earnings | $ | 242.1 |  |  | $ | 447.3 |  |  | $ | 455.2 |  |  | $ | 276.9 |  |  | $ | 1,421.5 |
Reconciliation of segment net sales to total net sales and total revenues: |  |  |  |  |  |
Segment net sales |  |  |  |  |  |  |  |  | $ | 5,263.9 |
Intersegment eliminations |  |  |  |  |  |  |  |  | (556.5) |
Total net sales |  |  |  |  |  |  |  |  | 4,707.4 |
Financial services revenue |  |  |  |  |  |  |  |  | 401.0 |
Total revenues |  |  |  |  |  |  |  |  | $ | 5,108.4 |
Reconciliation of segment cost of goods sold to cost of goods sold: |  |  |  |  |  |
Segment cost of goods sold |  |  |  |  |  |  |  |  | $ | (2,886.0) |
Intersegment eliminations |  |  |  |  |  |  |  |  | 556.5 |
Cost of goods sold |  |  |  |  |  |  |  |  | $ | (2,329.5) |
Reconciliation of segment operating earnings to operating earnings and |  |  |  |
earnings before income taxes: |  |  |  |  |  |  |  |  |
Segment operating earnings |  |  |  |  |  |  |  |  | $ | 1,421.5 |
Corporate operating expenses |  |  |  |  |  |  |  |  | (75.8) |
Operating earnings |  |  |  |  |  |  |  |  | 1,345.7 |
Interest expense |  |  |  |  |  |  |  |  | (49.6) |
Other income (expense) – net |  |  |  |  |  |  |  |  | 77.0 |
Earnings before income taxes |  |  |  |  |  |  |  |  | $ | 1,373.1 |
* | Other segment expenses primarily include: |  |  |
Commercial & Industrial Group - shared service allocations; technology, travel and marketing expenses.
| Snap-on Tools Group - franchisee support costs, shared service allocations and technology expenses.
| Repair Systems & Information Group - technology, travel, professional fee and marketing expenses; shared service allocations.
| Financial Services - customer support and technology expenses.
Financial Data by Segment (continued):
| 2023
| Commercial & |  | Snap-on |  | Repair Systems |  |  |  |
| Industrial |  | Tools |  | & Information |  | Financial |  | Total
(Amounts in millions) | Group |  | Group |  | Group |  | Services |  | Segments
External net sales | $ | 1,145.6 |  |  | $ | 2,088.8 |  |  | $ | 1,495.8 |  |  | $ | — |  |  | $ | 4,730.2 |
Intersegment net sales | 312.7 |  |  | — |  |  | 285.4 |  |  | — |  |  | 598.1 |
Segment net sales | 1,458.3 |  |  | 2,088.8 |  |  | 1,781.2 |  |  | — |  |  | 5,328.3 |
Segment cost of goods sold | (887.5) |  |  | (1,107.7) |  |  | (984.0) |  |  | — |  |  | (2,979.2) |
Segment gross profit | 570.8 |  |  | 981.1 |  |  | 797.2 |  |  | — |  |  | 2,349.1 |
Financial services revenue | — |  |  | — |  |  | — |  |  | 378.1 |  |  | 378.1 |
Segment operating and financial services expenses |  |  |  |  |  |  |  |  |
Personnel | (207.7) |  |  | (199.9) |  |  | (248.9) |  |  | (34.7) |  |  |
Shipping and handling and other freight expenses | (24.7) |  |  | (93.3) |  |  | — |  |  | — |  |  |
Depreciation and amortization | (7.5) |  |  | (7.5) |  |  | (24.4) |  |  | (0.9) |  |  |
Provisions for credit losses | — |  |  | — |  |  | — |  |  | (59.1) |  |  |
Other segment expenses* | (104.8) |  |  | (186.6) |  |  | (90.7) |  |  | (12.9) |  |  |
Total segment operating and financial services expenses | (344.7) |  |  | (487.3) |  |  | (364.0) |  |  | (107.6) |  |  | (1,303.6) |
Segment operating earnings | $ | 226.1 |  |  | $ | 493.8 |  |  | $ | 433.2 |  |  | $ | 270.5 |  |  | $ | 1,423.6 |
Reconciliation of segment net sales to total net sales and total revenues: |  |  |  |  |  |
Segment net sales |  |  |  |  |  |  |  |  | $ | 5,328.3 |
Intersegment eliminations |  |  |  |  |  |  |  |  | (598.1) |
Total net sales |  |  |  |  |  |  |  |  | 4,730.2 |
Financial services revenue |  |  |  |  |  |  |  |  | 378.1 |
Total revenues |  |  |  |  |  |  |  |  | $ | 5,108.3 |
Reconciliation of segment cost of goods sold to cost of goods sold: |  |  |  |  |  |
Segment cost of goods sold |  |  |  |  |  |  |  |  | $ | (2,979.2) |
Intersegment eliminations |  |  |  |  |  |  |  |  | 598.1 |
Cost of goods sold |  |  |  |  |  |  |  |  | $ | (2,381.1) |
Reconciliation of segment operating earnings to operating earnings and |  |  |  |
earnings before income taxes: |  |  |  |  |  |  |  |  |
Segment operating earnings |  |  |  |  |  |  |  |  | $ | 1,423.6 |
Corporate operating expenses |  |  |  |  |  |  |  |  | (113.2) |
Operating earnings |  |  |  |  |  |  |  |  | 1,310.4 |
Interest expense |  |  |  |  |  |  |  |  | (49.9) |
Other income (expense) – net |  |  |  |  |  |  |  |  | 67.5 |
Earnings before income taxes |  |  |  |  |  |  |  |  | $ | 1,328.0 |
* | Other segment expenses primarily include: |  |  |
Commercial & Industrial Group - shared service allocations; technology, travel and marketing expenses.
| Snap-on Tools Group - franchisee support costs, shared service allocations and technology expenses.
| Repair Systems & Information Group - technology, travel, professional fee and marketing expenses; shared service allocations.
| Financial Services - customer support and technology expenses.
Financial Data by Segment (continued):
| 2022
| Commercial & |  | Snap-on |  | Repair Systems |  |  |  |
| Industrial |  | Tools |  | & Information |  | Financial |  | Total
(Amounts in millions) | Group |  | Group |  | Group |  | Services |  | Segments
External net sales | $ | 1,058.3 |  |  | $ | 2,072.0 |  |  | $ | 1,362.5 |  |  | $ | — |  |  | $ | 4,492.8 |
Intersegment net sales | 340.9 |  |  | — |  |  | 304.4 |  |  | — |  |  | 645.3 |
Segment net sales | 1,399.2 |  |  | 2,072.0 |  |  | 1,666.9 |  |  | — |  |  | 5,138.1 |
Segment cost of goods sold | (880.5) |  |  | (1,141.7) |  |  | (934.8) |  |  | — |  |  | (2,957.0) |
Segment gross profit | 518.7 |  |  | 930.3 |  |  | 732.1 |  |  | — |  |  | 2,181.1 |
Financial services revenue | — |  |  | — |  |  | — |  |  | 349.7 |  |  | 349.7 |
Segment operating and financial services expenses |  |  |  |  |  |  |  |  |
Personnel | (194.2) |  |  | (199.0) |  |  | (234.0) |  |  | (32.6) |  |  |
Shipping and handling and other freight expenses | (24.2) |  |  | (90.2) |  |  | — |  |  | — |  |  |
Depreciation and amortization | (7.4) |  |  | (9.0) |  |  | (24.3) |  |  | (0.9) |  |  |
Provisions for credit losses | — |  |  | — |  |  | — |  |  | (38.2) |  |  |
Other segment expenses* | (95.3) |  |  | (173.4) |  |  | (80.5) |  |  | (12.0) |  |  |
Total segment operating and financial services expenses | (321.1) |  |  | (471.6) |  |  | (338.8) |  |  | (83.7) |  |  | (1,215.2) |
Segment operating earnings | $ | 197.6 |  |  | $ | 458.7 |  |  | $ | 393.3 |  |  | $ | 266.0 |  |  | $ | 1,315.6 |
Reconciliation of segment net sales to total net sales and total revenues: |  |  |  |  |  |
Segment net sales |  |  |  |  |  |  |  |  | $ | 5,138.1 |
Intersegment eliminations |  |  |  |  |  |  |  |  | (645.3) |
Total net sales |  |  |  |  |  |  |  |  | 4,492.8 |
Financial services revenue |  |  |  |  |  |  |  |  | 349.7 |
Total revenues |  |  |  |  |  |  |  |  | $ | 4,842.5 |
Reconciliation of segment cost of goods sold to cost of goods sold: |  |  |  |  |  |
Segment cost of goods sold |  |  |  |  |  |  |  |  | $ | (2,957.0) |
Intersegment eliminations |  |  |  |  |  |  |  |  | 645.3 |
Cost of goods sold |  |  |  |  |  |  |  |  | $ | (2,311.7) |
Reconciliation of segment operating earnings to operating earnings and |  |  |  |
earnings before income taxes: |  |  |  |  |  |  |  |  |
Segment operating earnings |  |  |  |  |  |  |  |  | $ | 1,315.6 |
Corporate operating expenses |  |  |  |  |  |  |  |  | (108.4) |
Operating earnings |  |  |  |  |  |  |  |  | 1,207.2 |
Interest expense |  |  |  |  |  |  |  |  | (47.1) |
Other income (expense) – net |  |  |  |  |  |  |  |  | 42.5 |
Earnings before income taxes |  |  |  |  |  |  |  |  | $ | 1,202.6 |
* | Other segment expenses primarily include: |  |  |
Commercial & Industrial Group - shared service allocations; technology, travel and marketing expenses.
| Snap-on Tools Group - franchisee support costs, shared service allocations and technology expenses.
| Repair Systems & Information Group - technology, travel, professional fee, and marketing expenses; shared service allocations.
| Financial Services - customer support and technology expenses.
Schedule of Capital Expenditures, Depreciation and Amortization | Financial Data by Segment (continued):
(Amounts in millions) |  | 2024 |  | 2023 |  | 2022
Capital expenditures: |  |  |  |  |  |
Commercial & Industrial Group |  | $ | 19.4 |  |  | $ | 22.5 |  |  | $ | 26.0 |
Snap-on Tools Group |  | 39.6 |  |  | 46.1 |  |  | 35.0 |
Repair Systems & Information Group |  | 22.2 |  |  | 20.3 |  |  | 18.3 |
Financial Services |  | 0.6 |  |  | 1.8 |  |  | 1.1 |
Total from reportable segments |  | 81.8 |  |  | 90.7 |  |  | 80.4 |
Corporate |  | 1.7 |  |  | 4.3 |  |  | 3.8 |
Total capital expenditures |  | $ | 83.5 |  |  | $ | 95.0 |  |  | $ | 84.2 |
Depreciation and amortization: |  |  |  |  |  |
Commercial & Industrial Group |  | $ | 25.3 |  |  | $ | 25.7 |  |  | $ | 26.1 |
Snap-on Tools Group |  | 30.5 |  |  | 29.3 |  |  | 29.3 |
Repair Systems & Information Group |  | 37.0 |  |  | 39.4 |  |  | 40.1 |
Financial Services |  | 1.0 |  |  | 0.9 |  |  | 0.9 |
Total from reportable segments |  | 93.8 |  |  | 95.3 |  |  | 96.4 |
Corporate |  | 4.2 |  |  | 4.0 |  |  | 3.8 |
Total depreciation and amortization |  | $ | 98.0 |  |  | $ | 99.3 |  |  | $ | 100.2 |
Schedule of Revenue and Long-Lived Assets, Geographic Regions |
Revenues by geographic region:* |  |  |  |  |  |
United States |  | $ | 3,640.9 |  |  | $ | 3,664.3 |  |  | $ | 3,465.4 |
Europe |  | 793.8 |  |  | 760.9 |  |  | 723.3 |
All other |  | 673.7 |  |  | 683.1 |  |  | 653.8 |
Total revenues |  | $ | 5,108.4 |  |  | $ | 5,108.3 |  |  | $ | 4,842.5 |
(Amounts in millions) |  | 2024 |  | 2023
Assets: |  |  |  |
Commercial & Industrial Group |  | $ | 1,230.8 |  |  | $ | 1,293.7 |
Snap-on Tools Group |  | 937.5 |  |  | 941.8 |
Repair Systems & Information Group |  | 1,695.5 |  |  | 1,680.0 |
Financial Services |  | 2,491.9 |  |  | 2,430.0 |
Total assets from reportable segments |  | 6,355.7 |  |  | 6,345.5 |
Corporate |  | 1,633.0 |  |  | 1,285.0 |
Elimination of intersegment receivables |  | (91.9) |  |  | (85.6) |
Total assets |  | $ | 7,896.8 |  |  | $ | 7,544.9 |
Long-lived assets:** |  |  |  |
United States |  | $ | 412.7 |  |  | $ | 394.2 |
Europe |  | 163.9 |  |  | 172.1 |
All other |  | 55.4 |  |  | 47.7 |
Total long-lived assets |  | $ | 632.0 |  |  | $ | 614.0 |
* | 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.
Schedule of Products and Services | The following table shows the consolidated net sales and revenues of these product groups in the last three years:
(Amounts in millions) |  | 2024 |  | 2023 |  | 2022
Net sales: |  |  |  |  |  |
Tools |  | $ | 2,546.2 |  |  | $ | 2,528.9 |  |  | $ | 2,399.4 |
Diagnostics, information and management systems |  | 1,028.1 |  |  | 991.2 |  |  | 942.4 |
Equipment |  | 1,133.1 |  |  | 1,210.1 |  |  | 1,151.0 |
Total net sales |  | 4,707.4 |  |  | 4,730.2 |  |  | 4,492.8 |
Financial services revenue |  | 401.0 |  |  | 378.1 |  |  | 349.7 |
Total revenues |  | $ | 5,108.4 |  |  | $ | 5,108.3 |  |  | $ | 4,842.5 |

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