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Segments
 12 Months Ended
Dec. 28, 2024
Segment Reporting [Abstract]  
Segments Segments
Snap-on’s operating segments, which represent Snap-on’s reportable segments, are based on the organizational structure used by the Chief Executive Officer, its chief operating decision maker (“CODM”), to make operating and investment determinations and to assess performance. Snap-on’s reportable operating 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.

The CODM evaluates the performance of the Commercial & Industrial Group, the Snap-on Tools Group and the Repair Systems & Information Group operating segments based on segment net sales and segment operating earnings. The Snap-on Tools Group segment net sales reflect external net sales, while the Commercial & Industrial Group and the Repair Systems & Information Group segment net sales 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. The Financial Services operating segment is evaluated based on financial services revenue and segment operating earnings. Segment net sales and segment operating earnings are used to determine the compensation of certain management employees.

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. Corporate expenses primarily reflect stock-based compensation and other costs not attributable to an operating segment. Intersegment amounts are eliminated to arrive at Snap-on’s consolidated financial results.

Snap-on does not have any single customer or government that represents 10% or more of its revenues in any of the indicated periods.
Financial Data by Segment:
2024
Commercial &Snap-onRepair Systems
IndustrialTools& InformationFinancialTotal
(Amounts in millions)GroupGroupGroupServicesSegments
External net sales$1,187.6 $1,989.2 $1,530.6 $— $4,707.4 
Intersegment net sales289.2 — 267.3 — 556.5 
Segment net sales1,476.8 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 profit608.2 938.9 830.8 — 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 sales4,707.4 
Financial services revenue401.0 
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 eliminations556.5 
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 earnings1,345.7 
Interest expense(49.6)
Other income (expense) – net77.0 
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-onRepair Systems
IndustrialTools& InformationFinancialTotal
(Amounts in millions)GroupGroupGroupServicesSegments
External net sales$1,145.6 $2,088.8 $1,495.8 $— $4,730.2 
Intersegment net sales312.7 — 285.4 — 598.1 
Segment net sales1,458.3 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 profit570.8 981.1 797.2 — 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 sales4,730.2 
Financial services revenue378.1 
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 eliminations598.1 
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 earnings1,310.4 
Interest expense(49.9)
Other income (expense) – net67.5 
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-onRepair Systems
IndustrialTools& InformationFinancialTotal
(Amounts in millions)GroupGroupGroupServicesSegments
External net sales$1,058.3 $2,072.0 $1,362.5 $— $4,492.8 
Intersegment net sales340.9 — 304.4 — 645.3 
Segment net sales1,399.2 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 profit518.7 930.3 732.1 — 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 sales4,492.8 
Financial services revenue349.7 
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 eliminations645.3 
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 earnings1,207.2 
Interest expense(47.1)
Other income (expense) – net42.5 
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.
Financial Data by Segment (continued):
(Amounts in millions)202420232022
Capital expenditures:
Commercial & Industrial Group$19.4 $22.5 $26.0 
Snap-on Tools Group39.6 46.1 35.0 
Repair Systems & Information Group22.2 20.3 18.3 
Financial Services0.6 1.8 1.1 
Total from reportable segments81.8 90.7 80.4 
Corporate1.7 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 Group30.5 29.3 29.3 
Repair Systems & Information Group37.0 39.4 40.1 
Financial Services1.0 0.9 0.9 
Total from reportable segments93.8 95.3 96.4 
Corporate4.2 4.0 3.8 
Total depreciation and amortization$98.0 $99.3 $100.2 
Revenues by geographic region:*
United States$3,640.9 $3,664.3 $3,465.4 
Europe793.8 760.9 723.3 
All other673.7 683.1 653.8 
Total revenues$5,108.4 $5,108.3 $4,842.5 
(Amounts in millions)20242023
Assets:
Commercial & Industrial Group$1,230.8 $1,293.7 
Snap-on Tools Group937.5 941.8 
Repair Systems & Information Group1,695.5 1,680.0 
Financial Services2,491.9 2,430.0 
Total assets from reportable segments6,355.7 6,345.5 
Corporate1,633.0 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 
Europe163.9 172.1 
All other55.4 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.
Products and Services: Snap-on derives net sales from a broad line of products and complementary services that are grouped into three categories: (i) tools; (ii) diagnostics, information and management systems; and (iii) equipment. The tools product category includes hand tools, power tools, tool storage products and other similar products. The diagnostics, information and management systems product category includes handheld and computer-based diagnostic products, service and repair information products, diagnostic software solutions, electronic parts catalogs, business management systems and services, point-of-sale systems, integrated systems for vehicle service shops, OEM purchasing facilitation services, and warranty management systems and analytics to help OEM dealerships manage and track performance. The equipment product category includes solutions for the service of vehicles and industrial equipment. Snap-on supports the sale of its diagnostics and vehicle service shop equipment by offering training programs as well as after-sales support for its customers. Through its financial services businesses, Snap-on also derives revenue from various financing programs designed to facilitate the sales of its products and support its franchise business. Further product line information is not presented as it is not practicable to do so.

The following table shows the consolidated net sales and revenues of these product groups in the last three years:

(Amounts in millions)202420232022
Net sales:
Tools$2,546.2 $2,528.9 $2,399.4 
Diagnostics, information and management systems1,028.1 991.2 942.4 
Equipment1,133.1 1,210.1 1,151.0 
Total net sales4,707.4 4,730.2 4,492.8 
Financial services revenue401.0 378.1 349.7 
Total revenues$5,108.4 $5,108.3 $4,842.5