Goodwill and Other Intangible Assets

6 Months Ended

Jun. 28, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

The changes in the carrying amount of goodwill by segment for the six months ended June 28, 2025, are as follows:


(Amounts in millions)	Commercial & Industrial Group		Snap-on Tools Group		Repair Systems & Information Group		Total
Balance as of December 28, 2024	$	315.6	$	12.4	$	728.8	$	1,056.8
Currency translation	29.1		—		16.7		45.8

Balance as of June 28, 2025	$	344.7	$	12.4	$	745.5	$	1,102.6

Additional disclosures related to other intangible assets are as follows:


	June 28, 2025						December 28, 2024
(Amounts in millions)	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Amortized other intangible assets:
Customer relationships	$	79.3	$	(31.6)	$	47.7	$	84.2	$	(35.1)	$	49.1
Developed technology	26.6		(24.6)		2.0		26.6		(23.1)		3.5
Internally developed software	185.7		(141.2)		44.5		179.6		(135.6)		44.0
Patents	52.4		(22.4)		30.0		49.8		(21.4)		28.4
Trademarks	4.1		(2.7)		1.4		3.8		(2.5)		1.3
Other	6.3		(3.0)		3.3		6.1		(2.9)		3.2
Total	354.4		(225.5)		128.9		350.1		(220.6)		129.5
Non-amortized trademarks	146.2		—		146.2		138.1		—		138.1
Total other intangible assets	$	500.6	$	(225.5)	$	275.1	$	488.2	$	(220.6)	$	267.6

Snap-on completed its annual impairment testing of goodwill and other indefinite-lived intangible assets in the second quarter of 2025, the results of which did not result in any impairment. Provisions for the impairment of goodwill and/or other intangible assets could arise in a future period due to significant and unanticipated changes in circumstances, such as declines in profitability and cash flow due to long-term deterioration in macroeconomic, industry and market conditions, the loss of key customers, changes in technology or markets, changes in key personnel or litigation, a sustained decrease in share price and/or other events. As of June 28, 2025, the company had no accumulated impairment losses.

The weighted-average amortization periods related to other intangible assets are as follows:


			In Years
Customer relationships			14
Developed technology			5
Internally developed software			6
Patents			15
Trademarks			9
Other			39

The weighted-average amortization period for all amortizable intangible assets on a combined basis is 12 years. Intangible asset renewal costs are expensed as incurred.

The aggregate amortization expense was $5.9 million and $11.6 million for the respective three and six month periods ended June 28, 2025, and $6.4 million and $12.7 million for the respective three and six month periods ended June 29, 2024. Based on current levels of amortizable intangible assets and estimated weighted-average useful lives, estimated annual amortization expense is expected to be $22.7 million in 2025, $18.8 million in 2026, $16.2 million in 2027, $12.7 million in 2028, $8.4 million in 2029, and $8.2 million in 2030.