Diluted EPS of $2.22 increases
12.1%;
Operating earnings before financial services
of 18.9% of sales up 140 basis points;
Reported net sales up 1.5%; Organic net
sales up 2.6%
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 operating results for the third
quarter of 2016.
- Net sales of $834.1 million increased
$12.6 million, or 1.5%, from 2015 levels; excluding $9.7 million of
unfavorable foreign currency translation and $1.1 million of
acquisition-related sales, organic sales increased $21.2 million or
2.6%. (See “Non-GAAP Measures” below for a definition of, and
further information on, organic sales.)
- Operating earnings before financial
services of $157.6 million increased 140 basis points to 18.9% of
sales as compared to $143.6 million, or 17.5% of sales, last
year.
- Financial services operating earnings
of $50.6 million increased $7.1 million, or 16.3%, from 2015
levels; financial services revenue of $71.6 million increased 17.2%
from 2015 levels.
- Consolidated operating earnings of
$208.2 million improved to 23.0% of revenues (net sales plus
financial services revenue) as compared to $187.1 million, or 21.2%
of revenues, last year.
- The third quarter effective income tax
rate was 31.2% in 2016 and 31.6% in 2015.
- Net earnings of $131.7 million, or
$2.22 per diluted share, compared to net earnings of $116.8
million, or $1.98 per diluted share, a year ago.
“We believe Snap-on’s third quarter results, including a 12.1%
increase in diluted earnings per share and continued growth in
organic sales, confirm our success in serving serious professionals
performing critical tasks and in leveraging our Snap-on Value
Creation Processes,” said Nick Pinchuk, Snap-on chairman and chief
executive officer. “The 140 basis point improvement in operating
margin before financial services reflects our ability to drive
ongoing improvements in safety, quality, customer connection and
rapid continuous improvement. In the third quarter, we again
received recognition for several of our new products with awards
from both MOTOR Magazine and Professional Tool & Equipment
News, providing further evidence of the winning innovation that
results from actively connecting with customers and furthering our
deep understanding of their work. Finally, these results would not
have been possible without the dedication and capability of our
franchisees and associates worldwide; I thank them for their
extraordinary commitment and ongoing contributions.”
Segment Results
Commercial & Industrial Group segment sales of $289.3
million in the quarter increased $0.8 million, or 0.3%, from 2015
levels. Excluding $3.5 million of unfavorable foreign currency
translation, organic sales increased $4.3 million, or 1.5%,
primarily due to higher sales in the segment’s European-based hand
tools business and in the segment’s power tools and Asia/Pacific
operations; organic sales to customers in critical industries were
essentially flat.
Operating earnings of $43.7 million in the period, including
$0.3 million of favorable foreign currency effects, increased $2.4
million from 2015 levels, and the operating margin (operating
earnings as a percentage of segment sales) of 15.1% improved 80
basis points from 14.3% a year ago.
Snap-on Tools Group segment sales of $397.2 million in
the quarter rose $16.6 million, or 4.4%, from 2015 levels.
Excluding $4.6 million of unfavorable foreign currency translation,
organic sales were up $21.2 million, or 5.6%, reflecting similar
sales increases in both the company’s U.S. and international
franchise operations.
Operating earnings of $64.6 million in the period, including
$3.2 million of unfavorable foreign currency effects, increased
$8.3 million from 2015 levels, and the operating margin of 16.3%
improved 150 basis points from 14.8% a year ago.
Repair Systems & Information Group segment sales of
$286.1 million in the quarter rose $3.2 million, or 1.1%, from 2015
levels. Excluding $2.8 million of unfavorable foreign currency
translation and $1.1 million of acquisition-related sales, organic
sales increased $4.9 million, or 1.7%, primarily due to higher
sales of diagnostic and repair information products to independent
repair shop owners and managers; sales of both undercar equipment
and sales to OEM dealerships were essentially flat.
Operating earnings of $71.8 million in the period, including
$1.1 million of unfavorable foreign currency effects, increased
$2.1 million from 2015 levels, and the operating margin of 25.1%
improved 50 basis points from 24.6% a year ago.
Financial Services operating earnings of $50.6 million on
revenue of $71.6 million in the quarter compared to operating
earnings of $43.5 million on revenue of $61.1 million a year
ago.
Corporate expenses of $22.5 million in the quarter
decreased $1.2 million from $23.7 million last year, primarily due
to lower pension expense.
Outlook
Snap-on expects to make continued progress during the balance of
2016 along its defined runways for coherent growth, leveraging
capabilities already demonstrated in the automotive repair arena
and developing and expanding its professional customer base, not
only in automotive repair, but also in adjacent markets, additional
geographies and other areas, including in critical industries,
where the cost and penalties for failure can be high. In pursuit of
these initiatives, Snap-on now anticipates that capital
expenditures in 2016 will approximate $80 million, of which $56.6
million was incurred through the end of the third quarter. Snap-on
presently expects that its full year 2016 effective income tax rate
will be slightly below its full year 2015 rate.
Conference Call and Webcast on October
20, 2016, at 9:00 a.m. Central Time
A discussion of this release will be webcast on Thursday,
October 20, 2016, 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, visit http://www.snapon.com/sna and click on the link to
the webcast. The slide presentation accompanying the call can be
accessed under the Downloads tab in the webcast viewer, as well as
on the Snap-on website under the tabs Investor Information /
Investor Events / Company Presentations.
Non-GAAP Measures
References in this document to “organic sales” refer to sales
from continuing operations calculated in accordance with generally
accepted accounting principles in the United States (“GAAP”),
excluding acquisition-related sales and the impact of foreign
currency translation. Management evaluates the company’s sales
performance based on organic sales growth, which primarily reflects
growth from the company’s existing businesses as a result of
increased output, customer base and geographic expansion, new
product development and/or pricing, and excludes sales
contributions from acquired operations the company did not own as
of the comparable prior-year reporting period. The company’s
organic sales disclosures also exclude the effects of foreign
currency translation as foreign currency translation is subject to
volatility that can obscure underlying business trends. Snap-on has
significant international operations and is subject to risks
inherent with foreign operations, including foreign currency
translation fluctuations. Management believes that the non-GAAP
financial measure of organic sales is meaningful to investors as it
provides them with useful information to aid in identifying
underlying growth trends in our businesses and facilitating
comparisons of our sales performance with prior periods.
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
$3.4 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 may contain
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 January 2, 2016, 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)
Three Months Ended Nine Months Ended
October 1, October 3, October 1, October
3, 2016 2015 2016 2015
Net sales $ 834.1 $ 821.5 $ 2,540.6 $ 2,501.1 Cost of goods
sold (415.0 ) (414.6 ) (1,274.9 )
(1,265.1 )
Gross profit 419.1 406.9 1,265.7 1,236.0
Operating expenses (261.5 ) (263.3 ) (786.3 )
(803.7 )
Operating earnings before financial services
157.6 143.6 479.4 432.3
Financial services revenue
71.6 61.1 207.2 177.2 Financial services expenses (21.0 )
(17.6 ) (60.1 ) (52.0 )
Operating earnings
from financial services 50.6 43.5
147.1 125.2
Operating
earnings 208.2 187.1 626.5 557.5 Interest expense (13.1 ) (13.0
) (39.1 ) (38.9 ) Other income (expense) – net (0.8 )
(0.5 ) (0.3 ) (1.9 )
Earnings before income taxes
and equity earnings 194.3 173.6 587.1 516.7 Income tax expense
(59.6 ) (53.9 ) (179.4 ) (161.9 )
Earnings before equity earnings 134.7 119.7 407.7 354.8
Equity earnings, net of tax 0.5 0.2
2.2 1.3
Net earnings 135.2 119.9
409.9 356.1 Net earnings attributable to noncontrolling interests
(3.5 ) (3.1 ) (9.8 ) (8.8 )
Net
earnings attributable to Snap-on Inc. $ 131.7 $ 116.8
$ 400.1 $ 347.3
Net earnings
per share attributable to Snap-on Inc.: Basic $ 2.27 $ 2.01 $
6.89 $ 5.98 Diluted 2.22 1.98 6.74 5.88
Weighted-average
shares outstanding: Basic 58.0 58.1 58.1 58.1 Effect of
dilutive securities 1.3 1.0 1.3
1.0 Diluted 59.3 59.1
59.4 59.1
SNAP-ON
INCORPORATED Supplemental Segment Information
(Amounts in millions) (unaudited)
Three Months Ended Nine Months
Ended October 1, October 3, October 1,
October 3, 2016 2015 2016 2015
Net sales: Commercial & Industrial Group $ 289.3
$ 288.5 $ 862.0 $ 881.8 Snap-on Tools Group 397.2 380.6 1,216.4
1,157.5 Repair Systems & Information Group 286.1
282.9 860.1 832.6
Segment net sales 972.6 952.0 2,938.5 2,871.9 Intersegment
eliminations (138.5 ) (130.5 ) (397.9 )
(370.8 )
Total net sales $ 834.1 $ 821.5 $ 2,540.6 $ 2,501.1
Financial Services revenue 71.6 61.1
207.2 177.2
Total revenues $
905.7 $ 882.6 $ 2,747.8 $ 2,678.3
Operating earnings: Commercial & Industrial Group
$ 43.7 $ 41.3 $ 124.1 $ 127.5 Snap-on Tools Group 64.6 56.3 207.6
184.1 Repair Systems & Information Group 71.8 69.7 215.3 201.3
Financial Services 50.6 43.5
147.1 125.2
Segment operating earnings
230.7 210.8 694.1 638.1 Corporate (22.5 ) (23.7 )
(67.6 ) (80.6 )
Operating earnings $ 208.2 $
187.1 $ 626.5 $ 557.5 Interest expense (13.1 ) (13.0 ) (39.1 )
(38.9 ) Other income (expense) – net (0.8 ) (0.5 )
(0.3 ) (1.9 )
Earnings before income taxes
and equity earnings $ 194.3 $ 173.6 $ 587.1
$ 516.7
SNAP-ON INCORPORATED
Condensed Consolidated Balance Sheets (Amounts in
millions) (unaudited) October
1, January 2, 2016 2016
Assets Cash and cash equivalents $ 117.5 $ 92.8 Trade and
other accounts receivable – net 589.1 562.5 Finance receivables –
net 474.4 447.3 Contract receivables – net 92.7 82.1 Inventories –
net 523.6 497.8 Prepaid expenses and other assets 111.4
106.3 Total current assets 1,908.7 1,788.8
Property and equipment – net 419.2 413.5 Deferred income tax
assets 66.0 60.4 Long-term finance receivables – net 899.8 772.7
Long-term contract receivables – net 284.0 266.6 Goodwill 788.3
790.1 Other intangibles – net 185.5 195.0 Other assets 48.6
44.0
Total assets $ 4,600.1 $
4,331.1
Liabilities and Equity Notes payable
and current maturities of long-term debt $ 182.6 $ 18.4 Accounts
payable 172.6 148.3 Accrued benefits 49.7 52.1 Accrued compensation
85.1 91.0 Franchisee deposits 78.7 64.4 Other accrued liabilities
309.9 296.0 Total current liabilities
878.6 670.2 Long-term debt 713.4 861.7 Deferred income tax
liabilities 13.4 14.3 Retiree health care benefits 35.2 37.9
Pension liabilities 179.8 227.8 Other long-term liabilities
91.1 88.5
Total liabilities
1,911.5 1,900.4
Equity
Shareholders' equity attributable to Snap-on Inc. Common
stock 67.4 67.4 Additional paid-in capital 319.1 296.3 Retained
earnings 3,280.0 2,986.9 Accumulated other comprehensive loss
(372.9 ) (364.2 ) Treasury stock at cost (623.0 )
(573.7 )
Total shareholders' equity attributable to Snap-on
Inc. 2,670.6 2,412.7 Noncontrolling interests 18.0
18.0
Total equity 2,688.6
2,430.7
Total liabilities and equity $ 4,600.1
$ 4,331.1
SNAP-ON INCORPORATED
Condensed Consolidated Statements of Cash Flows (Amounts
in millions) (unaudited) Three Months
Ended October 1, October 3, 2016
2015 Operating activities: Net earnings $ 135.2 $
119.9 Adjustments to reconcile net earnings to net cash provided
(used) by operating activities: Depreciation 15.3 14.5 Amortization
of other intangibles 5.9 6.0 Provision for losses on finance
receivables 10.8 8.0 Provision for losses on non-finance
receivables 1.4 2.9 Stock-based compensation expense 7.3 6.7 Excess
tax benefits from stock-based compensation - (0.9 ) Deferred income
tax benefit (6.8 ) (9.3 ) Gain on sale of assets (0.1 ) - Changes
in operating assets and liabilities, net of effects of acquisition:
Increase in trade and other accounts receivable (25.4 ) (18.0 )
Increase in contract receivables (25.3 ) (21.8 ) Increase in
inventories (17.9 ) (31.3 ) (Increase) decrease in prepaid and
other assets (3.7 ) 10.4 Increase in accounts payable 3.6 7.8
Increase in accruals and other liabilities 11.6
18.8
Net cash provided by operating activities
111.9 113.7
Investing activities: Additions to
finance receivables (216.3 ) (213.2 ) Collections of finance
receivables 160.3 157.3 Capital expenditures (16.5 ) (18.5 )
Acquisition of business - (13.1 ) Disposal of property and
equipment 0.5 0.1 Other 2.8 0.5
Net
cash used by investing activities (69.2 ) (86.9 )
Financing activities: Proceeds from notes payable 4.5 5.5
Repayments of notes payable (4.5 ) (3.2 ) Net increase in other
short-term borrowings 8.2 11.6 Cash dividends paid (35.4 ) (30.8 )
Purchases of treasury stock (17.9 ) (14.7 ) Proceeds from stock
purchase and option plans 4.0 3.2 Excess tax benefits from
stock-based compensation - 0.9 Other (3.8 ) (3.4 )
Net cash used by financing activities (44.9 ) (30.9 )
Effect of exchange rate changes on cash and cash equivalents
(0.2 ) (1.3 )
Decrease in cash and cash
equivalents (2.4 ) (5.4 ) Cash and cash equivalents at
beginning of period 119.9 124.6
Cash
and cash equivalents at end of period $ 117.5 $ 119.2
Supplemental cash flow disclosures: Cash paid
for interest $ (23.7 ) $ (23.8 ) Net cash paid for income taxes
(69.2 ) (57.8 )
SNAP-ON INCORPORATED Condensed
Consolidated Statements of Cash Flows (Amounts in
millions) (unaudited) Nine Months
Ended October 1, October 3, 2016
2015 Operating activities: Net earnings $ 409.9 $
356.1 Adjustments to reconcile net earnings to net cash provided
(used) by operating activities: Depreciation 45.7 42.7 Amortization
of other intangibles 18.2 18.4 Provision for losses on finance
receivables 30.4 22.4 Provision for losses on non-finance
receivables 6.1 10.8 Stock-based compensation expense 21.5 29.8
Excess tax benefits from stock-based compensation - (14.9 )
Deferred income tax benefit (12.5 ) (6.2 ) (Gain) loss on sale of
assets (0.1 ) 0.3 Changes in operating assets and liabilities, net
of effects of acquisition: Increase in trade and other accounts
receivable (31.2 ) (44.8 ) Increase in contract receivables (30.8 )
(31.5 ) Increase in inventories (29.9 ) (67.1 ) Increase in prepaid
and other assets (28.5 ) (28.0 ) Increase in accounts payable 27.7
35.6 Increase (decrease) in accruals and other liabilities
(10.9 ) 28.5
Net cash provided by operating
activities 415.6 352.1
Investing activities:
Additions to finance receivables (691.4 ) (629.2 ) Collections of
finance receivables 501.7 476.6 Capital expenditures (56.6 ) (64.3
) Acquisition of business - (13.1 ) Disposal of property and
equipment 1.9 0.5 Other 0.3 (2.3 )
Net cash
used by investing activities (244.1 ) (231.8 )
Financing activities: Proceeds from notes payable 4.5 7.1
Repayments of notes payable (5.3 ) (4.8 ) Net increase in other
short-term borrowings 15.6 16.8 Cash dividends paid (106.3 ) (92.5
) Purchases of treasury stock (76.4 ) (101.6 ) Proceeds from stock
purchase and option plans 32.4 39.7 Excess tax benefits from
stock-based compensation - 14.9 Other (11.3 ) (10.7 )
Net cash used by financing activities (146.8 ) (131.1 )
Effect of exchange rate changes on cash and cash
equivalents - (2.9 )
Increase
(decrease) in cash and cash equivalents 24.7 (13.7 )
Cash and cash equivalents at beginning of year 92.8
132.9
Cash and cash equivalents at end of
period $ 117.5 $ 119.2
Supplemental
cash flow disclosures: Cash paid for interest $ (49.2 ) $ (49.2
) Net cash paid for income taxes (175.7 ) (124.2 )
Non-GAAP
Supplemental Data
The following non-GAAP supplemental data is presented for
informational purposes to provide readers with insight into the
information used by management for assessing the operating
performance of Snap-on Incorporated's ("Snap-on") non-financial
services ("Operations") and "Financial Services" businesses.
The supplemental Operations data reflects the results of operations
and financial position of Snap-on's tools, diagnostic and equipment
products, software and other non-financial services operations with
Financial Services on the equity method. The supplemental Financial
Services data reflects the results of operations and financial
position of Snap-on's U.S. and international financial services
operations. The financing needs of Financial Services are met
through intersegment borrowings and cash generated from Operations;
Financial Services is charged interest expense on intersegment
borrowings at market rates. Income taxes are charged to Financial
Services on the basis of the specific tax attributes generated by
the U.S. and international financial services businesses.
Transactions between the Operations and Financial Services
businesses were eliminated to arrive at the Condensed Consolidated
Financial Statements.
SNAP-ON INCORPORATED
Supplemental Consolidating Data - Condensed Statements of
Earnings (Amounts in millions) (unaudited)
Operations* Financial
Services Three Months Ended Three Months Ended
October 1, October 3, October 1, October
3, 2016 2015 2016 2015
Net sales $ 834.1 $ 821.5 $ - $ - Cost of goods sold
(415.0 ) (414.6 ) - -
Gross
profit 419.1 406.9 - - Operating expenses (261.5 )
(263.3 ) - -
Operating
earnings before financial services 157.6 143.6 - -
Financial services revenue - - 71.6 61.1 Financial services
expenses - - (21.0 )
(17.6 )
Operating earnings from financial services -
- 50.6 43.5
Operating earnings 157.6 143.6 50.6 43.5 Interest expense
(13.0 ) (12.9 ) (0.1 ) (0.1 ) Intersegment interest income
(expense) – net 18.3 15.8 (18.3 ) (15.8 ) Other income (expense) –
net (0.9 ) (0.5 ) 0.1 -
Earnings before income taxes and equity earnings 162.0 146.0
32.3 27.6 Income tax expense (47.7 ) (43.8 )
(11.9 ) (10.1 )
Earnings before equity earnings 114.3
102.2 20.4 17.5
Financial services – net earnings
attributable to Snap-on 20.4 17.5 - - Equity earnings, net
of tax 0.5 0.2 - -
Net earnings 135.2 119.9 20.4 17.5 Net earnings
attributable to noncontrolling interests (3.5 ) (3.1
) - -
Net earnings attributable to
Snap-on $ 131.7 $ 116.8 $ 20.4 $ 17.5
*Snap-on with Financial Services on the
equity method.
SNAP-ON INCORPORATED Supplemental Consolidating
Data - Condensed Statements of Earnings (Amounts in
millions) (unaudited)
Operations* Financial Services Nine Months
Ended Nine Months Ended October 1, October
3, October 1, October 3, 2016 2015
2016 2015 Net sales $ 2,540.6 $ 2,501.1
$ - $ - Cost of goods sold (1,274.9 ) (1,265.1 )
- -
Gross profit 1,265.7 1,236.0
- - Operating expenses (786.3 ) (803.7 ) -
-
Operating earnings before financial
services 479.4 432.3 - -
Financial services
revenue - - 207.2 177.2 Financial services expenses -
- (60.1 ) (52.0 )
Operating
earnings from financial services - -
147.1 125.2
Operating
earnings 479.4 432.3 147.1 125.2 Interest expense (38.8 ) (38.6
) (0.3 ) (0.3 ) Intersegment interest income (expense) – net 53.9
46.5 (53.9 ) (46.5 ) Other income (expense) – net (0.4 )
(1.9 ) 0.1 -
Earnings before
income taxes and equity earnings 494.1 438.3 93.0 78.4 Income
tax expense (145.1 ) (133.1 ) (34.3 )
(28.8 )
Earnings before equity earnings 349.0 305.2 58.7
49.6
Financial services – net earnings attributable to
Snap-on 58.7 49.6 - - Equity earnings, net of tax 2.2
1.3 - -
Net
earnings 409.9 356.1 58.7 49.6 Net earnings attributable to
noncontrolling interests (9.8 ) (8.8 ) -
-
Net earnings attributable to Snap-on
$ 400.1 $ 347.3 $ 58.7 $ 49.6
*Snap-on with Financial Services on the
equity method.
SNAP-ON INCORPORATED Supplemental Consolidating
Data - Condensed Balance Sheets (Amounts in millions)
(unaudited)
Operations* Financial Services October 1,
January 2, October 1, January 2, 2016
2016 2016 2016 Assets Cash and
cash equivalents $ 117.2 $ 92.7 $ 0.3 $ 0.1 Intersegment
receivables 18.5 15.9 - - Trade and other accounts receivable – net
588.8 562.2 0.3 0.3 Finance receivables – net - - 474.4 447.3
Contract receivables – net 8.0 8.0 84.7 74.1 Inventories – net
523.6 497.8 - - Prepaid expenses and other assets 116.9
111.5 1.5 1.2 Total current assets 1,373.0
1,288.1 561.2 523.0 Property and equipment – net 417.9 412.1
1.3 1.4 Investment in Financial Services 281.9 251.8 - - Deferred
income tax assets 42.8 40.6 23.2 19.8 Intersegment long-term notes
receivable 546.3 398.7 - - Long-term finance receivables – net - -
899.8 772.7 Long-term contract receivables – net 11.5 12.1 272.5
254.5 Goodwill 788.3 790.1 - - Other intangibles – net 185.5 195.0
- - Other assets 56.4 49.9 0.1 1.0
Total assets $ 3,703.6 $ 3,438.4 $ 1,758.1 $ 1,572.4
Liabilities and Equity Notes payable and current maturities
of long-term debt $ 32.5 $ 18.4 $ 150.1 $ - Accounts payable 172.1
148.2 0.5 0.1 Intersegment payables - - 18.5 15.9 Accrued benefits
49.6 52.1 0.1 - Accrued compensation 82.2 86.9 2.9 4.1 Franchisee
deposits 78.7 64.4 - - Other accrued liabilities 287.7
277.4 29.2 25.0 Total current liabilities
702.8 647.4 201.3 45.1 Long-term debt and intersegment
long-term debt - - 1,259.7 1,260.4 Deferred income tax liabilities
13.4 14.1 - 0.2 Retiree health care benefits 35.2 37.9 - - Pension
liabilities 179.8 227.8 - - Other long-term liabilities 83.8
80.5 15.2 14.9
Total liabilities
1,015.0 1,007.7 1,476.2 1,320.6
Total shareholders' equity attributable to Snap-on 2,670.6
2,412.7 281.9 251.8 Noncontrolling interests 18.0
18.0 - -
Total equity 2,688.6
2,430.7 281.9 251.8
Total liabilities and
equity $ 3,703.6 $ 3,438.4 $ 1,758.1 $ 1,572.4
*Snap-on with Financial Services on the
equity method.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20161020005310/en/
Snap-on IncorporatedInvestors:Leslie
Kratcoski262/656-6121orMedia:Richard Secor262/656-5561
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