Snap-on IncSNA

Snap-on Inc Goodwill & Intangibles Disclosure

10-KFiled Feb 12, 20263 min read
Goodwill and Other Intangible Assets
The changes in the carrying amount of goodwill by segment for 2025 and 2024 are as follows: 
(Amounts in millions)Commercial
& Industrial
Group		Snap-on
Tools Group		Repair Systems 
& Information
Group		Total
Balance as of 2023 year end
$346.6 $12.4 $738.4 $1,097.4 
Currency translation(17.8)— (9.6)(27.4)
Acquisition adjustments(13.2)— — (13.2)
Balance as of 2024 year end$315.6 $12.4 $728.8 $1,056.8 
Currency translation33.8 — 18.9 52.7 
Balance as of 2025 year end$349.4 $12.4 $747.7 $1,109.5 
Goodwill of $1,056.8 million as of 2024 year end included $19.8 million, from the acquisition of Mountz. In the first quarter of 2024, the purchase accounting valuations for the acquired net assets of Mountz were completed, resulting in a reduction of goodwill of $13.2 million from year end 2023. See Note 3 for additional information on acquisitions.
Additional disclosures related to other intangible assets as of 2025 and 2024 year end are as follows: 
 20252024
(Amounts in millions)Gross Carrying ValueAccumulated
Amortization		Net Carrying ValueGross
Carrying Value		Accumulated
Amortization		Net Carrying Value
Amortized other intangible assets:
Customer relationships$79.8 $(34.7)$45.1 $84.2 $(35.1)$49.1 
Developed technology26.5 (26.0)0.5 26.6 (23.1)3.5 
Internally developed software200.8 (146.5)54.3 179.6 (135.6)44.0 
Patents54.0 (23.4)30.6 49.8 (21.4)28.4 
Trademarks4.1 (2.8)1.3 3.8 (2.5)1.3 
Other0.9 (0.5)0.4 6.1 (2.9)3.2 
Total366.1 (233.9)132.2 350.1 (220.6)129.5 
Non-amortized trademarks138.5 — 138.5 138.1 — 138.1 
Total other intangible assets$504.6 $(233.9)$270.7 $488.2 $(220.6)$267.6 
In 2025, Snap-on retired $8.4 million of customer relationships, $1.6 million of internally developed software and $0.7 million of developed technology that were fully amortized and had reached the end of their useful lives. Snap-on also retired $8.9 million of non-amortized trademarks and $5.5 million of land-use rights with a net carrying value of $2.9 million related to a building that was sold. See Note 6 for additional information on property and equipment.
In 2024, Snap-on retired $136.9 million of customer relationships, $23.2 million of internally developed software and $9.5 million of developed technology that were fully amortized and had reached the end of their useful lives.
The gross carrying value of customer relationships and non-amortized trademarks as of year end 2024 includes $8.7 million and $5.4 million, respectively, related to the Mountz acquisition.
Provisions for 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 2025 year end, 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  5
Patents  15
Trademarks  9
Other  50
The weighted-average amortization period for all amortizable intangible assets on a combined basis is 11 years. Intangible asset renewal costs are expensed as incurred.
The aggregate amortization expense was $22.7 million in 2025, $25.3 million in 2024 and $27.1 million in 2023. Based on current levels of amortizable intangible assets and estimated weighted-average useful lives, estimated annual amortization expense is expected to be $18.5 million in 2026, $16.0 million in 2027, $13.2 million in 2028, $10.8 million in 2029, and $9.8 million in 2030.

Historical Timeline

Fiscal YearFiled
2026Feb 12, 2026Showing above
2024Feb 13, 2025
2023Feb 16, 2024
2022Feb 11, 2022
2021Feb 11, 2021
2019Feb 13, 2020
2018Feb 14, 2019
2017Feb 15, 2018
2016Feb 9, 2017

About Goodwill & Intangibles Disclosures

Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.

Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.

Other Available Disclosures

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