Earlier this month, Snap-on detected unusual activity in some areas of its information technology environment. We quickly took down our network connections as part of our defense protocols, particularly appropriate given heightened warnings from various agencies. We launched a comprehensive analysis assisted by a leading external forensics firm, identified the event as a security incident, and notified law enforcement of the incursion.

Over the days since the event, we have continued to pursue our commercial activities, restoring our connections as system interfaces are cleared. Plants have been running, customer-facing applications are working, and we continue to communicate with impacted stakeholders. Based on the ongoing extensive forensic evaluation, the company does not believe the event has a significant effect on its business, financial condition, results of operations or cash flows. In that regard, we have confidence in our experienced team to navigate the turbulence of these times and believe that our business will continue along its demonstrated trajectory in the face of various headwinds.