Snap-on Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Snap-on Inc. has filed its 2023 10-K, providing a comprehensive overview of its financial health and operational performance for the fiscal year.</b>

AI Summary

Snap-on Inc (SNA) filed a Annual Report (10-K) with the SEC on February 16, 2024. Snap-on Inc. filed its 2023 Form 10-K on February 16, 2024, reporting for the fiscal year ending December 30, 2023. The filing covers the company's financial performance and business operations for the fiscal year 2023. Key financial data and disclosures for the period are included in the report. The report details Snap-on's business segments, including 'Product and Services Excluding Financial Services' and 'Financial Services'. Information regarding executive compensation and stock performance is also part of the filing.

Why It Matters

For investors and stakeholders tracking Snap-on Inc, this filing contains several important signals. This 10-K filing provides investors with detailed financial statements, management's discussion and analysis, and risk factors, enabling informed investment decisions. The report offers insights into Snap-on's revenue streams, profitability, and strategic direction, crucial for understanding its market position and future prospects.

Risk Assessment

Risk Level: medium — Snap-on Inc shows moderate risk based on this filing. The company operates in the hand tools and general hardware industry, which can be subject to economic downturns and competitive pressures, as indicated by its SIC code and business description.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to assess Snap-on's performance and outlook.

Revenue Breakdown

Key Numbers

• 2023-12-30 — Fiscal Year End (Conformed period of report)
• 2024-02-16 — Filing Date (Date the 10-K was filed)
• 001-07724 — SEC File Number (Snap-on Inc.'s SEC file number)
• 390622040 — IRS Number (Snap-on Inc.'s IRS number)

Key Players & Entities

• Snap-on Inc. (company) — Filer and subject of the report
• Nicholas T. Pinchuk (person) — Mentioned in relation to executive roles or board membership
• Aldo J. Pagliari (person) — Mentioned in relation to executive roles or board membership
• 2023-12-30 (date) — Fiscal year end date
• 2024-02-16 (date) — Filing date
• 3420 (industry_code) — Standard Industrial Classification for Cutlery, Handtools & General Hardware

FAQ

Risk Factors

• Industry and Economic Conditions [medium — market]: The company's operations are subject to fluctuations in economic conditions and demand within the automotive repair and other industries it serves.
• Supply Chain and Manufacturing [medium — operational]: Disruptions in the supply chain or manufacturing processes could impact the company's ability to produce and deliver products.
• Credit and Financing Risks [medium — financial]: The financial services segment involves risks related to customer creditworthiness and the performance of financing receivables.

Key Dates

• 2023-12-30: Fiscal Year End — Marks the end of the reporting period for the 2023 10-K.
• 2024-02-16: Filing Date — The date Snap-on Inc. officially submitted its 2023 10-K to the SEC.

Key Financial Figures

• $1.00 — ange on which registered Common Stock, $1.00 par value SNA New York Stock Exchange
• $288.19 — rs) computed by reference to the price ($288.19) at which common equity was last sold a

Filing Documents

• sna-20231230.htm (10-K) — 3831KB
• sna_fy23ex19.htm (EX-19) — 41KB
• snafy23ex21.htm (EX-21) — 76KB
• snafy23ex23.htm (EX-23) — 4KB
• snafy23ex311.htm (EX-31.1) — 11KB
• snafy23ex312.htm (EX-31.2) — 11KB
• snafy23ex321.htm (EX-32.1) — 8KB
• snafy23ex322.htm (EX-32.2) — 8KB
• snafy23ex97.htm (EX-97) — 35KB
• sna-20231230_g1.jpg (GRAPHIC) — 99KB
• 0000091440-24-000005.txt (&nbsp;) — 20896KB
• sna-20231230.xsd (EX-101.SCH) — 118KB
• sna-20231230_cal.xml (EX-101.CAL) — 155KB
• sna-20231230_def.xml (EX-101.DEF) — 786KB
• sna-20231230_lab.xml (EX-101.LAB) — 1408KB
• sna-20231230_pre.xml (EX-101.PRE) — 1123KB
• sna-20231230_htm.xml (XML) — 4020KB

Business

Business 4 Item 1A

Risk Factors

Risk Factors 13 Item 1B Unresolved Staff Comments 21 Item 1C C ybersecurity 21 Item 2

Properties

Properties 23 Item 3

Legal Proceedings

Legal Proceedings 25 Item 4 Mine Safety Disclosures 25 PART II Item 5 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 25 Item 6 [Reserved] 27 Item 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 28 Item 7A

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 51 Item 8

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 53 Item 9 Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 53 Item 9A

Controls and Procedures

Controls and Procedures 53 Item 9B Other Information 55 Item 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 55 PART III Item 10 Directors, Executive Officers and Corporate Governance 56 Item 11

Executive Compensation

Executive Compensation 57 Item 12

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 57 Item 13 Certain Relationships and Related Transactions, and Director Independence 57 Item 14 Principal Accountant Fees and Services 57 PART IV Item 15 Exhibit and Financial Statement Schedules 58 Item 16 Form 10-K Summary 60

Signatures

Signatures 115 Consent of Independent Registered Public Accounting Firm 120 Certifications 121 2 SNAP-ON INCORPORATED PART I Safe Harbor Risks and uncertainties include, without limitation: Uncertainties related to estimates, assumptions and projections generally; The timing and progress with which Snap-on can attain value through its Snap-on Value Creation Processes, including its ability to

: Business

Item 1: Business Snap-on is a leading global innovator, manufacturer and marketer of tools, equipment, diagnostics, repair information and systems solutions for professional users performing critical tasks including those working in vehicle repair, aerospace, the military, natural resources, and manufacturing. From its founding in 1920, Snap-on has been recognized as the mark of the serious and the outward sign of the pride and dignity working men and women take in their professions. Products and services are sold through the company's network of widely recognized franchisee vans as well as through direct and distributor channels, under a variety of notable brands. The company also provides financing programs to facilitate the sales of its products and to support its franchise business. Snap-on markets its products and brands worldwide in more than 130 countries. Snap-on's largest geographic markets include the United States, Europe, Canada and Asia Pacific. The company began with the development of the original Snap-on interchangeable socket set and subsequently pioneered mobile tool distribution in the automotive repair market, where well-stocked vans sell to professional vehicle technicians at their place of business. Today, Snap-on defines its value proposition more broadly, extending its reach "beyond the garage" to deliver a broad array of unique solutions that make work easier for serious professionals. The company's "coherent growth" strategy focuses on developing and expanding its professional customer base in its legacy automotive market, as well as in adjacent markets, additional geographies and other areas, including in critical industries, where the cost and penalties for failure can be high. In addition to its coherent growth strategy, Snap-on is committed to its "Value Creation Processes" – a set of strategic principles and processes designed to create value and employed in the areas of (i) safety; (ii) quality; (iii) customer connection; (iv) inn

View Full Filing

View this 10-K filing on SEC EDGAR