Segments

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Segments

SegmentsSnap-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 multi-national 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, including both external and intersegment net sales, and segment operating earnings. Snap-on accounts for intersegment 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				Nine Months Ended
(Amounts in millions)	September 30, 2023		October 1, 2022		September 30, 2023		October 1, 2022
Net sales:
Commercial & Industrial Group	$	366.4	$	356.8	$	1,094.4	$	1,056.0
Snap-on Tools Group	515.4		496.6		1,575.5		1,529.3
Repair Systems & Information Group	431.8		414.0		1,330.4		1,229.0
Segment net sales	1,313.6		1,267.4		4,000.3		3,814.3
Intersegment eliminations	(154.3)		(164.9)		(466.7)		(477.4)
Total net sales	1,159.3		1,102.5		3,533.6		3,336.9
Financial Services revenue	94.9		87.3		280.9		261.4
Total revenues	$	1,254.2	$	1,189.8	$	3,814.5	$	3,598.3
Operating earnings:
Commercial & Industrial Group	$	58.1	$	52.3	$	172.0	$	149.7
Snap-on Tools Group	113.4		102.2		382.8		342.6
Repair Systems & Information Group	104.9		95.4		319.9		282.7
Financial Services	69.4		66.4		202.6		202.1
Segment operating earnings	345.8		316.3		1,077.3		977.1
Corporate	(31.2)		(26.4)		(92.7)		(81.8)
Operating earnings	314.6		289.9		984.6		895.3
Interest expense	(12.4)		(11.8)		(37.4)		(35.1)
Other income (expense) – net	18.0		13.1		50.0		30.7
Earnings before income taxes	$	320.2	$	291.2	$	997.2	$	890.9

(Amounts in millions)	September 30, 2023		December 31, 2022
Assets:
Commercial & Industrial Group	$	1,238.6	$	1,245.8
Snap-on Tools Group	945.1		912.9
Repair Systems & Information Group	1,645.4		1,678.1
Financial Services	2,383.0		2,242.7
Total assets from reportable segments	6,212.1		6,079.5
Corporate	1,175.1		972.9
Elimination of intersegment receivables	(82.9)		(79.6)
Total assets	$	7,304.3	$	6,972.8