Snap-on Announces Fourth Quarter and Full Year 2012 Results
Snap-on Announces Fourth Quarter and Full Year 2012 Results
Diluted EPS of $1.43 for the quarter; $5.20 for the full year;
Operating earnings before financial services improves to 14.8% of sales in the
quarter;
Organic (excluding foreign currency) sales in the quarter up 2.5%;
Full year 2012 organic sales up 4.6%
Business Wire
KENOSHA, Wis. -- February 7, 2013
Snap-on Incorporated (NYSE: SNA), a leading global innovator, manufacturer and
marketer of tools, equipment, diagnostics, repair information and systems
solutions for professional users performing critical tasks, today announced
2012 operating results for the fourth quarter and full year.
* Sales of $753.2 million in the quarter increased $16.6 million, or 2.3%,
from 2011 levels; excluding $1.9 million of unfavorable foreign currency
translation, organic sales increased 2.5%.
* Operating earnings before financial services of $111.4 million in the
quarter improved to 14.8% of sales as compared to $103.8 million, or 14.1%
of sales, last year.
* Financial services operating earnings of $29.3 million in the quarter
increased $7.2 million from 2011 levels, reflecting the growth of the
on-book finance portfolio.
* Consolidated operating earnings of $140.7 million in the quarter improved
to 17.7% of revenues (net sales plus financial services revenue) as
compared to $125.9 million, or 16.3% of revenues, last year.
* Net earnings of $84.6 million, or $1.43 per diluted share, for the quarter
compares with net earnings of $74.3 million, or $1.27 per diluted share, a
year ago.
* Full year 2012 sales of $2.94 billion increased 2.9% from 2011 levels;
excluding $46.0 million of unfavorable foreign currency translation,
organic sales increased 4.6%. Full year 2012 net earnings of $306.1
million, or $5.20 per diluted share, compares with 2011 net earnings of
$265.2 million, or $4.52 per diluted share, excluding last year’s $18.0
million pretax ($11.1 million after tax, or $0.19 per diluted share)
arbitration settlement gain. Net earnings for the full year 2011,
including the arbitration settlement gain, were $276.3 million or $4.71
per diluted share.
“We believe our performance in the fourth quarter of 2012 further confirms
Snap-on’s strengths in making work easier for serious professionals performing
critical tasks, where the costs and penalties for failure can be high,” said
Nick Pinchuk, Snap-on chairman and chief executive officer. “In the fourth
quarter and throughout 2012, we continued to progress in those strategic areas
of importance that we’ve identified as being decisive to our future, while
achieving higher year-over-year sales and operating income despite ongoing
macroeconomic and political headwinds impacting specific parts of our
business. As we move forward in 2013, we believe we will make continued
advancements along our coherent runways for growth and achieve further
improvements from our Snap-on Value Creation Processes. Finally, our progress
in 2012 would not have been possible without the tremendous contributions and
efforts of our franchisees and associates worldwide; I thank them all for
their significant commitment and extraordinary dedication.”
Segment Results
Commercial & Industrial Group segment sales of $275.6 million in the quarter
decreased $19.8 million, or 6.7%, from 2011 levels. Excluding $1.7 million of
unfavorable foreign currency translation, organic sales in the quarter
decreased 6.2% year over year primarily due to lower sales to the military and
in the segment’s European-based hand tools business as a result of continued
economic weakness in that region.
Operating earnings of $31.9 million in the period decreased $1.1 million, or
3.3%, from 2011 levels, while the operating margin (operating earnings as a
percentage of segment sales) of 11.6% increased from 11.2% a year ago.
Snap-on Tools Group segment sales of $321.6 million in the quarter rose $28.8
million, or 9.8%, from 2011 levels; excluding $1.4 million of favorable
foreign currency translation, organic sales increased 9.3%, reflecting
increases across both the company’s U.S. and international franchise
operations.
Operating earnings of $45.6 million in the period increased $6.0 million, or
15.2%, from 2011 levels and the operating margin of 14.2% improved from 13.5%
a year ago.
Repair Systems & Information Group segment sales of $241.6 million in the
quarter increased $5.1 million, or 2.2%, from 2011 levels; excluding $1.6
million of unfavorable foreign currency translation, organic sales rose 2.9%,
primarily due to gains in sales of diagnostics and repair information products
to repair shop owners and managers, and in sales to Original Equipment
Manufacturer (OEM) dealerships.
Operating earnings of $55.4 million in the period increased $6.2 million, or
12.6%, from 2011 levels and the operating margin of 22.9% increased from 20.8%
a year ago.
Financial Services operating earnings of $29.3 million on revenue of $42.9
million in the quarter compared with operating earnings of $22.1 million on
revenue of $35.5 million a year ago.
Corporate expenses of $21.5 million in the fourth quarter compared with $18.0
million last year.
Outlook
In 2013, Snap-on expects to continue with the advancement of its strategic
framework designed to enhance its mobile tool distribution network, expand in
the vehicle repair garage, extend to critical industries and build in emerging
markets. In pursuit of these initiatives, Snap-on anticipates that capital
expenditures in 2013 will be in a range of $70 million to $80 million. Snap-on
expects that its full year 2013 effective income tax rate will be comparable
to its 2012 rate.
Conference Call and Webcast February 7, 2013, at 9:00 a.m. Central Time
A discussion of this release will be webcast on Thursday, February 7, 2013, at
9:00 a.m. Central Time, and a replay will be available for at least 10 days
following the call. To access the webcast and supporting materials, visit
www.snapon.com/sna and click on the link toward the bottom of the page.
Additional detail about Snap-on is also available on the Snap-on web site.
About Snap-on
Snap-on Incorporated is a leading global innovator, manufacturer and marketer
of tools, equipment, diagnostics, repair information and systems solutions for
professional users performing critical tasks. Products and services include
hand and power tools, tool storage, diagnostics software, information and
management systems, shop equipment and other solutions for vehicle dealerships
and repair centers, as well as for customers in industries, including aviation
and aerospace, agriculture, construction, government and military, mining,
natural resources, power generation and technical education. Snap-on also
derives income from various financing programs to facilitate the sales of its
products. Products and services are sold through the company’s franchisee,
company-direct, distributor and internet channels. Founded in 1920, Snap-on is
a $2.9 billion, S&P 500 company headquartered in Kenosha, Wisconsin.
Forward-looking Statements
Statements in this news release that are not historical facts, including
statements that (i) are in the future tense; (ii) include the words “expects,”
“anticipates,” “intends,” “approximates,” or similar words that reference
Snap-on or its management; (iii) are specifically identified as
forward-looking; or (iv) describe Snap-on’s or management’s future outlook,
plans, estimates, objectives or goals, are forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995. Snap-on
cautions the reader that this news release contains statements, including
earnings projections, that are forward-looking in nature and were developed by
management in good faith and, accordingly, are subject to risks and
uncertainties regarding Snap-on’s expected results that could cause (and in
some cases have caused) actual results to differ materially from those
described or contemplated in any forward-looking statement. Factors that may
cause the company’s actual results to differ materially from those contained
in the forward-looking statements include those found in the company’s reports
filed with the Securities and Exchange Commission, including the information
under the “Safe Harbor” and “Risk Factors” headings in its Annual Report on
Form 10-K for the fiscal year ended December 31, 2011, which are incorporated
herein by reference. Snap-on disclaims any responsibility to update any
forward-looking statement provided in this news release, except as required by
law.
For additional information, please visit www.snapon.com.
SNAP-ON INCORPORATED
Condensed Consolidated Statements of Earnings
(Amounts in millions, except per share data)
(unaudited)
Fourth Quarter Full Year
2012 2011 2012 2011
Net sales $ 753.2 $ 736.6 $ 2,937.9 $ 2,854.2
Cost of goods sold (401.2 ) (400.8 ) (1,547.9 ) (1,516.3 )
Gross profit 352.0 335.8 1,390.0 1,337.9
Operating expenses (240.6 ) (232.0 ) (980.3 ) (953.7 )
Operating earnings
before financial 111.4 103.8 409.7 384.2
services
Financial services 42.9 35.5 161.3 124.3
revenue
Financial services (13.6 ) (13.4 ) (54.6 ) (51.4 )
expenses
Operating earnings
from financial
services
before arbitration 29.3 22.1 106.7 72.9
settlement
Arbitration settlement - - - 18.0
Operating earnings
from financial 29.3 22.1 106.7 90.9
services
Operating earnings 140.7 125.9 516.4 475.1
Interest expense (14.4 ) (13.5 ) (55.8 ) (61.2 )
Other income (expense) 0.1 (1.0 ) (0.4 ) (1.0 )
– net
Earnings before income
taxes and equity 126.4 111.4 460.2 412.9
earnings
Income tax expense (39.8 ) (36.2 ) (148.2 ) (133.7 )
Earnings before equity 86.6 75.2 312.0 279.2
earnings
Equity earnings, net 0.1 0.9 2.6 4.6
of tax
Net earnings 86.7 76.1 314.6 283.8
Net earnings
attributable to (2.1 ) (1.8 ) (8.5 ) (7.5 )
noncontrolling
interests
Net earnings
attributable to $ 84.6 $ 74.3 $ 306.1 $ 276.3
Snap-on Inc.
Net earnings per share
attributable to
Snap-on Inc.:
Basic $ 1.45 $ 1.28 $ 5.26 $ 4.75
Diluted 1.43 1.27 5.20 4.71
Weighted-average
shares outstanding:
Basic 58.2 58.2 58.2 58.2
Effect of dilutive 0.8 0.5 0.7 0.5
options
Diluted 59.0 58.7 58.9 58.7
SNAP-ON INCORPORATED
Supplemental Segment Information
(Amounts in millions)
(unaudited)
Fourth Quarter Full Year
2012 2011 2012 2011
Net sales:
Commercial &
Industrial $ 275.6 $ 295.4 $ 1,125.9 $ 1,125.8
Group
Snap-on Tools 321.6 292.8 1,272.0 1,153.4
Group
Repair
Systems & 241.6 236.5 917.1 920.6
Information
Group
Segment net 838.8 824.7 3,315.0 3,199.8
sales
Intersegment (85.6 ) (88.1 ) (377.1 ) (345.6 )
eliminations
Total net $ 753.2 $ 736.6 $ 2,937.9 $ 2,854.2
sales
Financial
Services 42.9 35.5 161.3 124.3
revenue
Total $ 796.1 $ 772.1 $ 3,099.2 $ 2,978.5
revenues
Operating
earnings:
Commercial &
Industrial $ 31.9 $ 33.0 $ 127.3 $ 123.4
Group
Snap-on Tools 45.6 39.6 176.4 158.5
Group
Repair
Systems & 55.4 49.2 205.7 184.7
Information
Group
Financial 29.3 22.1 106.7 90.9
Services*
Segment
operating 162.2 143.9 616.1 557.5
earnings
Corporate (21.5 ) (18.0 ) (99.7 ) (82.4 )
Operating $ 140.7 $ 125.9 $ 516.4 $ 475.1
earnings
Interest (14.4 ) (13.5 ) (55.8 ) (61.2 )
expense
Other income
(expense) – 0.1 (1.0 ) (0.4 ) (1.0 )
net
Earnings
before income
taxes
and equity $ 126.4 $ 111.4 $ 460.2 $ 412.9
earnings
* Financial Services' operating earnings for the full year 2011 includes an
$18.0 million pretax arbitration settlement gain from a second quarter 2011
arbitration settlement.
SNAP-ON INCORPORATED
Reconciliation of Non-GAAP Financial Measures
(Amounts in millions, except per share data)
(unaudited)
Fourth Quarter Full Year
2012 2011 2012 2011
AS REPORTED
Net sales $ 753.2 $ 736.6 $ 2,937.9 $ 2,854.2
Financial 42.9 35.5 161.3 124.3
services revenue
Total revenues $ 796.1 $ 772.1 $ 3,099.2 $ 2,978.5
PRO FORMA
INFORMATION
1) Operating
earnings
As reported $ 140.7 $ 125.9 $ 516.4 $ 475.1
Less: Arbitration - - - (18.0 )
settlement gain
Excluding
arbitration $ 140.7 $ 125.9 $ 516.4 $ 457.1
settlement gain
Operating
earnings as a
percentage of
total revenues
As reported 17.7 % 16.3 % 16.7 % 16.0 %
Excluding
arbitration 17.7 % 16.3 % 16.7 % 15.3 %
settlement gain
2) Arbitration
settlement gain
As reported $ - $ - $ - $ 18.0
Income tax - - - (6.9 )
expense
Arbitration
settlement gain, $ - $ - $ - $ 11.1
net of tax
Weighted-average
shares 59.0 58.7 58.9 58.7
outstanding -
Diluted
Diluted EPS -
Arbitration $ - $ - $ - $ 0.19
settlement gain
3) Net earnings
attributable to
Snap-on
Incorporated
As reported $ 84.6 $ 74.3 $ 306.1 $ 276.3
Less: Arbitration
settlement gain, - - - (11.1 )
net of tax
Excluding
arbitration $ 84.6 $ 74.3 $ 306.1 $ 265.2
settlement gain
4) Diluted EPS
As reported $ 1.43 $ 1.27 $ 5.20 $ 4.71
Less: Diluted EPS
- Arbitration - - - (0.19 )
settlement gain
Excluding
arbitration $ 1.43 $ 1.27 $ 5.20 $ 4.52
settlement gain
Snap-on is providing the above reconciliations of non-GAAP financial
measures (excluding last year's $18.0 million pretax arbitration settlement
gain recorded in the second quarter of 2011) as management believes that
these non-GAAP measures provide a more meaningful year-over-year comparison
of the company's operating performance.
SNAP-ON INCORPORATED
Condensed Consolidated Balance Sheets
(Amounts in millions)
(unaudited)
Fiscal Year End
2012 2011
Assets
Cash and cash equivalents $ 214.5 $ 185.6
Trade and other accounts receivable – net 497.9 463.5
Finance receivables – net 323.1 277.2
Contract receivables – net 62.7 49.7
Inventories – net 404.2 386.4
Deferred income tax assets 81.8 92.6
Prepaid expenses and other assets 84.8 75.7
Total current assets 1,669.0 1,530.7
Property and equipment – net 375.2 352.9
Deferred income tax assets 110.4 125.2
Long-term finance receivables – net 494.6 431.8
Long-term contract receivables – net 194.4 165.1
Goodwill 807.4 795.8
Other intangibles – net 187.2 188.3
Other assets 64.1 83.1
Total assets $ 3,902.3 $ 3,672.9
Liabilities and Equity
Notes payable $ 5.2 $ 16.2
Accounts payable 142.5 124.6
Accrued benefits 50.6 48.8
Accrued compensation 88.3 91.0
Franchisee deposits 54.7 47.3
Other accrued liabilities 247.9 255.9
Total current liabilities 589.2 583.8
Long-term debt 970.4 967.9
Deferred income tax liabilities 127.1 108.1
Retiree health care benefits 48.4 52.8
Pension liabilities 260.7 317.7
Other long-term liabilities 87.5 95.3
Total liabilities 2,083.3 2,125.6
Equity
Shareholders' equity attributable to Snap-on Inc.
Common stock 67.4 67.3
Additional paid-in capital 204.6 181.4
Retained earnings 2,067.0 1,843.7
Accumulated other comprehensive loss (124.2 ) (174.6 )
Treasury stock at cost (412.7 ) (386.9 )
Total shareholders' equity attributable to Snap-on 1,802.1 1,530.9
Inc.
Noncontrolling interests 16.9 16.4
Total equity 1,819.0 1,547.3
Total liabilities and equity $ 3,902.3 $ 3,672.9
SNAP-ON INCORPORATED
Condensed Consolidated Statements of Cash Flow
(Amounts in millions)
(unaudited)
Fourth Quarter
2012 2011
Operating activities:
Net earnings $ 86.7 $ 76.1
Adjustments to reconcile net earnings to net cash
provided (used) by
operating activities:
Depreciation 12.6 12.5
Amortization of other intangibles 6.9 6.7
Provision for losses on finance receivables 4.9 4.6
Provision for losses on non-finance receivables 5.0 0.3
Stock-based compensation expense 7.1 7.9
Excess tax benefits from stock-based compensation (3.2 ) (0.6 )
Deferred income tax provision 25.7 14.3
Gain on sale of assets - (0.1 )
Changes in operating assets and liabilities:
Increase in trade and other accounts receivable (24.5 ) (21.5 )
Increase in contract receivables (3.2 ) (8.2 )
Decrease in inventories 14.0 8.3
Decrease (increase) in prepaid and other assets 7.2 (1.7 )
Decrease in accounts payable (7.2 ) (7.5 )
Decrease in accruals and other liabilities (29.1 ) (18.8 )
Net cash provided by operating activities 102.9 72.3
Investing activities:
Additions to finance receivables (143.5 ) (132.6 )
Collections of finance receivables 116.6 97.2
Capital expenditures (19.9 ) (14.6 )
Disposal of property and equipment 0.2 0.7
Proceeds from sale of equity investment 27.0 -
Other 0.1 (0.1 )
Net cash used by investing activities (19.5 ) (49.4 )
Financing activities:
Proceeds from short-term borrowings 4.8 4.5
Repayments of short-term borrowings (16.2 ) (1.6 )
Net decrease in other short-term borrowings (2.3 ) (0.8 )
Cash dividends paid (22.1 ) (20.2 )
Purchase of treasury stock (16.3 ) -
Proceeds from stock purchase and option plans 6.5 0.6
Excess tax benefits from stock-based compensation 3.2 0.6
Other (2.5 ) (5.2 )
Net cash used by financing activities (44.9 ) (22.1 )
Effect of exchange rate changes on cash and cash (0.1 ) (0.9 )
equivalents
Increase (decrease) in cash and cash equivalents 38.4 (0.1 )
Cash and cash equivalents at beginning of period 176.1 185.7
Cash and cash equivalents at end of year $ 214.5 $ 185.6
Supplemental cash flow disclosures:
Cash paid for interest $ (1.8 ) $ (0.4 )
Net cash paid for income taxes (33.7 ) (20.0 )
SNAP-ON INCORPORATED
Condensed Consolidated Statements of Cash Flow
(Amounts in millions)
(unaudited)
Full Year
2012 2011
Operating activities:
Net earnings $ 314.6 $ 283.8
Adjustments to reconcile net earnings to net cash
provided (used) by
operating activities:
Depreciation 50.2 49.3
Amortization of other intangibles 26.5 25.3
Provision for losses on finance receivables 18.7 13.3
Provision for losses on non-finance receivables 12.6 12.9
Stock-based compensation expense 32.1 20.3
Excess tax benefits from stock-based compensation (8.2 ) (2.8 )
Deferred income tax provision 29.3 5.1
Gain on sale of assets (0.9 ) (0.1 )
Changes in operating assets and liabilities:
Increase in trade and other accounts receivable (43.4 ) (36.8 )
Increase in contract receivables (41.1 ) (51.5 )
Increase in inventories (13.4 ) (60.9 )
Increase in prepaid and other assets (24.8 ) (35.7 )
Increase (decrease) in accounts payable 16.6 (21.5 )
Decrease in accruals and other liabilities (39.5 ) (72.2 )
Net cash provided by operating activities 329.3 128.5
Investing activities:
Additions to finance receivables (569.6 ) (519.1 )
Collections of finance receivables 445.5 356.9
Capital expenditures (79.4 ) (61.2 )
Disposal of property and equipment 2.6 3.7
Proceeds from sale of equity investment 27.0 -
Other 0.8 0.1
Net cash used by investing activities (173.1 ) (219.6 )
Financing activities:
Repayment of long-term debt - (200.0 )
Proceeds from short-term borrowings 16.0 19.7
Repayments of short-term borrowings (30.3 ) (17.9 )
Net increase (decrease) in other short-term 3.1 (1.2 )
borrowings
Cash dividends paid (81.5 ) (76.7 )
Purchase of treasury stock (78.1 ) (37.4 )
Proceeds from stock purchase and option plans 46.8 25.7
Excess tax benefits from stock-based compensation 8.2 2.8
Other (11.2 ) (8.7 )
Net cash used by financing activities (127.0 ) (293.7 )
Effect of exchange rate changes on cash and cash (0.3 ) (1.8 )
equivalents
Increase (decrease) in cash and cash equivalents 28.9 (386.6 )
Cash and cash equivalents at beginning of year 185.6 572.2
Cash and cash equivalents at end of year $ 214.5 $ 185.6
Supplemental cash flow disclosures:
Cash paid for interest $ (55.6 ) $ (59.3 )
Net cash paid for income taxes (93.6 ) (128.8 )
SNAP-ON INCORPORATED
Supplemental Consolidating Data - Condensed Statements of Earnings
(Amounts in millions)
(unaudited)
Operations* Financial Services
Fourth Quarter Fourth Quarter
2012 2011 2012 2011
Net sales $ 753.2 $ 736.6 $ - $ -
Cost of goods (401.2 ) (400.8 ) - -
sold
Gross profit 352.0 335.8 - -
Operating (240.6 ) (232.0 ) - -
expenses
Operating
earnings before 111.4 103.8 - -
financial
services
Financial - - 42.9 35.5
services revenue
Financial
services - - (13.6 ) (13.4 )
expenses
Operating
earnings from - - 29.3 22.1
financial
services
Operating 111.4 103.8 29.3 22.1
earnings
Interest expense (13.5 ) (13.3 ) (0.9 ) (0.2 )
Intersegment
interest income 11.1 9.6 (11.1 ) (9.6 )
(expense) – net
Other income - (1.0 ) 0.1 -
(expense) – net
Earnings before
income taxes and 109.0 99.1 17.4 12.3
equity earnings
Income tax (33.5 ) (31.7 ) (6.3 ) (4.5 )
expense
Earnings before 75.5 67.4 11.1 7.8
equity earnings
Financial
services – net
earnings
attributable to 11.1 7.8 - -
Snap-on Inc.
Equity earnings, 0.1 0.9 - -
net of tax
Net earnings 86.7 76.1 11.1 7.8
Net earnings
attributable to (2.1 ) (1.8 ) - -
noncontrolling
interests
Net earnings
attributable to $ 84.6 $ 74.3 $ 11.1 $ 7.8
Snap-on Inc.
* Snap-on Inc. with Financial Services on the equity method.
Transactions between Operations and Financial Services were eliminated to
arrive at the consolidated financial statements.
SNAP-ON INCORPORATED
Supplemental Consolidating Data - Condensed Statements of Earnings
(Amounts in millions)
(unaudited)
Operations* Financial Services
Full Year Full Year
2012 2011 2012 2011
Net sales $ 2,937.9 $ 2,854.2 $ - $ -
Cost of goods (1,547.9 ) (1,516.3 ) - -
sold
Gross profit 1,390.0 1,337.9 - -
Operating (980.3 ) (953.7 ) - -
expenses
Operating
earnings before 409.7 384.2 - -
financial
services
Financial
services - - 161.3 124.3
revenue
Financial
services - - (54.6 ) (51.4 )
expenses
Operating
earnings from
financial
services
before
arbitration - - 106.7 72.9
settlement
Arbitration - - - 18.0
settlement
Operating
earnings from - - 106.7 90.9
financial
services
Operating 409.7 384.2 106.7 90.9
earnings
Interest (54.0 ) (60.0 ) (1.8 ) (1.2 )
expense
Intersegment
interest income 42.4 35.8 (42.4 ) (35.8 )
(expense) – net
Other income (0.4 ) (1.0 ) - -
(expense) – net
Earnings before
income taxes 397.7 359.0 62.5 53.9
and equity
earnings
Income tax (125.3 ) (113.9 ) (22.9 ) (19.8 )
expense
Earnings before 272.4 245.1 39.6 34.1
equity earnings
Financial
services – net
earnings
attributable to 39.6 34.1 - -
Snap-on Inc.
Equity
earnings, net 2.6 4.6 - -
of tax
Net earnings 314.6 283.8 39.6 34.1
Net earnings
attributable to (8.5 ) (7.5 ) - -
noncontrolling
interests
Net earnings
attributable to $ 306.1 $ 276.3 $ 39.6 $ 34.1
Snap-on Inc.
* Snap-on Inc. with Financial Services on the equity method.
Transactions between Operations and Financial Services were eliminated to
arrive at the consolidated financial statements.
SNAP-ON INCORPORATED
Supplemental Consolidating Data - Condensed Balance Sheets
(Amounts in millions)
(unaudited)
Operations* Financial Services
Fiscal Year End Fiscal Year End
2012 2011 2012 2011
Assets
Cash and cash $ 211.2 $ 181.1 $ 3.3 $ 4.5
equivalents
Intersegment 14.1 10.8 - -
receivables
Trade and other
accounts receivable 497.5 463.3 0.4 0.2
– net
Finance receivables - - 323.1 277.2
– net
Contract receivables 7.4 6.5 55.3 43.2
– net
Inventories – net 404.2 386.4 - -
Deferred income tax 68.8 90.0 13.0 2.6
assets
Prepaid expenses and 88.3 78.1 1.0 0.9
other assets
Total current assets 1,291.5 1,216.2 396.1 328.6
Property and 373.2 351.9 2.0 1.0
equipment – net
Investment in 165.3 142.0 - -
Financial Services
Deferred income tax 110.2 119.8 0.2 5.4
assets
Long-term finance - - 494.6 431.8
receivables – net
Long-term contract 12.1 9.1 182.3 156.0
receivables – net
Goodwill 807.4 795.8 - -
Other intangibles – 187.2 188.3 - -
net
Other assets 65.3 83.7 1.1 1.0
Total assets $ 3,012.2 $ 2,906.8 $ 1,076.3 $ 923.8
Liabilities and
Equity
Notes payable $ 5.2 $ 16.2 $ - $ -
Accounts payable 142.1 124.0 0.4 0.6
Intersegment - - 14.1 10.8
payables
Accrued benefits 50.6 48.8 - -
Accrued compensation 84.9 87.1 3.4 3.9
Franchisee deposits 54.7 47.3 - -
Other accrued 207.8 229.7 46.9 31.1
liabilities
Total current 545.3 553.1 64.8 46.4
liabilities
Long-term debt and
intersegment 143.2 257.6 827.2 710.3
long-term debt
Deferred income tax 125.7 108.0 1.4 0.1
liabilities
Retiree health care 48.4 52.8 - -
benefits
Pension liabilities 260.7 317.7 - -
Other long-term 69.9 70.3 17.6 25.0
liabilities
Total liabilities 1,193.2 1,359.5 911.0 781.8
Total shareholders'
equity attributable 1,802.1 1,530.9 165.3 142.0
to Snap-on Inc.
Noncontrolling 16.9 16.4 - -
interests
Total equity 1,819.0 1,547.3 165.3 142.0
Total liabilities $ 3,012.2 $ 2,906.8 $ 1,076.3 $ 923.8
and equity
* Snap-on Inc. with Financial Services on the equity method.
Transactions between Operations and Financial Services were eliminated to
arrive at the consolidated financial statements.
Contact:
Snap-on Incorporated
Investors:
Leslie Kratcoski, 262/656-6121
or
Media:
Richard Secor, 262/656-5561
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