Diluted EPS of $2.60 increases
10.2%;
Operating earnings before financial services
of 19.9% of sales up 80 basis points;
Reported net sales up 5.6%; Organic net
sales up 2.7%
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 second
quarter of 2017.
- Net sales of $921.4 million increased
$49.1 million, or 5.6%, from 2016 levels, reflecting a $23.2
million, or 2.7%, organic sales gain and $38.4 million of
acquisition-related sales, partially offset by $12.5 million of
unfavorable foreign currency translation. (See “Non-GAAP Measures”
below for a definition of, and further explanation about, organic
sales.)
- Operating earnings before financial
services of $183.7 million improved 80 basis points to 19.9% of
sales as compared to $166.4 million, or 19.1% of sales, last
year.
- Financial services revenue of $77.7
million increased $8.4 million from 2016 levels; financial services
operating earnings of $54.6 million increased from $49.5 million
last year.
- Consolidated operating earnings of
$238.3 million improved 100 basis points to 23.9% of revenues (net
sales plus financial services revenue) as compared to $215.9
million, or 22.9% of revenues, last year.
- The second quarter effective income tax
rate was 30.6% in 2017 and 31.0% in 2016.
- Net earnings of $153.2 million, or
$2.60 per diluted share, compared to net earnings of $140.1
million, or $2.36 per diluted share, a year ago.
“We believe diluted earnings per share growth of 10.2% and a net
sales increase of 5.6%, including an organic sales rise of 2.7%,
represent encouraging results for the second quarter and confirm
our success in serving serious professionals performing critical
tasks,” said Nick Pinchuk, Snap-on chairman and chief executive
officer. “Our year-over-year improvement in operating margin before
financial services reflects ongoing progress through our Snap-on
Value Creation Processes. At the same time, these results also
demonstrate continued advancement along our strategic runways for
growth, as indicated by the notable increase in activity in the
quarter. Despite some sales headwinds in the quarter for the
Snap-on Tools Group, we believe the vehicle repair markets in which
we operate remain robust and afford significant ongoing
opportunity. Furthermore, our acquisition of Norbar Torque Tools in
the second quarter adds to our expanding product offering to
customers in critical industries. 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 $310.0
million in the quarter increased $24.3 million, or 8.5%, from 2016
levels, reflecting a $13.3 million, or 4.7%, organic sales gain,
$15.9 million of acquisition-related sales, and $4.9 million of
unfavorable foreign currency translation. The organic sales
increase primarily includes gains in the segment’s European-based
hand tools business and higher sales to customers in critical
industries.
Operating earnings of $42.7 million in the period increased $3.4
million from 2016 levels, and the operating margin (operating
earnings as a percentage of segment sales) was 13.8% in both
periods.
Snap-on Tools Group segment sales of $413.8 million in
the quarter decreased $2.9 million, or 0.7%, from 2016 levels,
reflecting a $2.1 million, or 0.5%, organic sales gain and $5.0
million of unfavorable foreign currency translation.
Operating earnings of $80.6 million in the period, including
$3.2 million of unfavorable foreign currency effects, increased
$4.3 million from 2016 levels, and the operating margin of 19.5%
improved 120 basis points from 18.3% a year ago.
Repair Systems & Information Group segment sales of
$338.1 million in the quarter increased $42.9 million, or 14.5%,
from 2016 levels, reflecting a $24.1 million, or 8.3%, organic
sales gain, $22.5 million of acquisition-related sales and $3.7
million of unfavorable foreign currency translation. The organic
sales gain includes higher sales of diagnostics and repair
information products to independent repair shop owners and
managers, increased sales to OEM dealerships, and higher sales of
undercar equipment.
Operating earnings of $81.9 million in the period, including
$1.2 million of unfavorable foreign currency effects, increased
$7.4 million from 2016 levels, and the operating margin of 24.2%
compared to 25.2% a year ago.
Financial Services operating earnings of $54.6 million on
revenue of $77.7 million in the quarter compared to operating
earnings of $49.5 million on revenue of $69.3 million a year ago.
Originations of $270.6 million in the second quarter decreased
$10.4 million, or 3.7%, from 2016 levels.
Corporate expenses of $21.5 million in the quarter
compared to $23.7 million last year, primarily due to lower pension
expense.
Outlook
Snap-on expects to make continued progress in 2017 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 in adjacent markets, additional geographies
and other areas, including extending in critical industries, where
the cost and penalties for failure can be high. In pursuit of these
initiatives, Snap-on expects that capital expenditures in 2017 will
be in a range of $80 million to $90 million, of which $34.4 million
was expended in the first six months of the year. Snap-on also
anticipates that its full year 2017 effective income tax rate will
be comparable to its 2016 full year rate.
Conference Call and Webcast on July 20,
2017, at 9:00 a.m. Central Time
A discussion of this release will be webcast on Thursday, July
20, 2017, 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”),
adjusted to exclude 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. 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 and support its
franchise business. 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 December 31, 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 Six
Months Ended July 1, July 2, July 1,
July 2, 2017 2016 2017 2016
Net sales $ 921.4 $ 872.3 $ 1,808.5 $ 1,706.5 Cost of
goods sold (458.4 ) (441.0 ) (897.5 )
(859.9 )
Gross profit 463.0 431.3 911.0 846.6 Operating
expenses (279.3 ) (264.9 ) (557.8 )
(524.8 )
Operating earnings before financial services 183.7
166.4 353.2 321.8
Financial services revenue 77.7
69.3 154.5 135.6 Financial services expenses (23.1 )
(19.8 ) (47.4 ) (39.1 )
Operating earnings from
financial services 54.6 49.5
107.1 96.5
Operating earnings
238.3 215.9 460.3 418.3 Interest expense (13.0 ) (12.9 ) (25.7 )
(26.0 ) Other income (expense) – net (1.9 ) 1.2
(3.6 ) 0.5
Earnings before income
taxes and equity earnings 223.4 204.2 431.0 392.8 Income tax
expense (67.3 ) (62.2 ) (129.9 ) (119.8
)
Earnings before equity earnings 156.1 142.0 301.1 273.0
Equity earnings, net of tax 0.7 1.4
0.8 1.7
Net earnings 156.8 143.4
301.9 274.7 Net earnings attributable to noncontrolling interests
(3.6 ) (3.3 ) (7.1 ) (6.3 )
Net
earnings attributable to Snap-on Inc. $ 153.2 $ 140.1
$ 294.8 $ 268.4
Net earnings
per share attributable to Snap-on Inc.: Basic $ 2.65 $ 2.41 $
5.09 $ 4.62 Diluted 2.60 2.36 4.98 4.52
Weighted-average
shares outstanding: Basic 57.8 58.1 57.9 58.1 Effect of
dilutive securities 1.2 1.3 1.3
1.3 Diluted 59.0 59.4
59.2 59.4
SNAP-ON
INCORPORATED Supplemental Segment Information
(Amounts in millions) (unaudited)
Three Months Ended Six
Months Ended July 1, July 2, July 1,
July 2, 2017 2016 2017 2016
Net sales: Commercial & Industrial Group $ 310.0
$ 285.7 $ 608.7 $ 572.7 Snap-on Tools Group 413.8 416.7 823.2 819.2
Repair Systems & Information Group 338.1
295.2 656.9 574.0
Segment net
sales 1,061.9 997.6 2,088.8 1,965.9 Intersegment eliminations
(140.5 ) (125.3 ) (280.3 ) (259.4 )
Total net sales $ 921.4 $ 872.3 $ 1,808.5 $ 1,706.5
Financial Services revenue 77.7 69.3
154.5 135.6
Total revenues $
999.1 $ 941.6 $ 1,963.0 $ 1,842.1
Operating earnings: Commercial & Industrial Group
$ 42.7 $ 39.3 $ 84.3 $ 80.4 Snap-on Tools Group 80.6 76.3 150.9
143.0 Repair Systems & Information Group 81.9 74.5 160.6 143.5
Financial Services 54.6 49.5
107.1 96.5
Segment operating earnings
259.8 239.6 502.9 463.4 Corporate (21.5 ) (23.7 )
(42.6 ) (45.1 )
Operating earnings $ 238.3 $
215.9 $ 460.3 $ 418.3 Interest expense (13.0 ) (12.9 ) (25.7 )
(26.0 ) Other income (expense) – net (1.9 ) 1.2
(3.6 ) 0.5
Earnings before income
taxes and equity earnings $ 223.4 $ 204.2
$ 431.0 $ 392.8
SNAP-ON INCORPORATED
Condensed Consolidated Balance Sheets (Amounts in
millions) (unaudited)
July 1, December 31, 2017
2016 Assets Cash and cash equivalents $ 89.0 $
77.6 Trade and other accounts receivable – net 645.3 598.8 Finance
receivables – net 496.5 472.5 Contract receivables – net 82.4 88.1
Inventories – net 601.4 530.5 Prepaid expenses and other assets
119.5 116.5 Total current assets
2,034.1 1,884.0 Property and equipment – net 463.4 425.2
Deferred income tax assets 71.8 72.8 Long-term finance receivables
– net 998.6 934.5 Long-term contract receivables – net 299.4 286.7
Goodwill 899.2 895.5 Other intangibles – net 256.3 184.6 Other
assets 44.3 39.9
Total assets $
5,067.1 $ 4,723.2
Liabilities and
Equity Notes payable and current maturities of long-term debt $
350.2 $ 301.4 Accounts payable 202.3 170.9 Accrued benefits 43.7
52.8 Accrued compensation 69.5 89.8 Franchisee deposits 65.7 66.7
Other accrued liabilities 342.4 307.9
Total current liabilities 1,073.8 989.5 Long-term debt 755.6
708.8 Deferred income tax liabilities 21.9 13.1 Retiree health care
benefits 35.1 36.7 Pension liabilities 213.9 246.5 Other long-term
liabilities 93.8 93.4
Total
liabilities 2,194.1 2,088.0
Equity Shareholders' equity attributable to Snap-on
Inc. Common stock 67.4 67.4 Additional paid-in capital 337.1
317.3 Retained earnings 3,597.0 3,384.9 Accumulated other
comprehensive loss (397.0 ) (498.5 ) Treasury stock at cost
(749.6 ) (653.9 )
Total shareholders' equity attributable
to Snap-on Inc. 2,854.9 2,617.2 Noncontrolling interests
18.1 18.0
Total equity 2,873.0
2,635.2
Total liabilities and equity $
5,067.1 $ 4,723.2
SNAP-ON INCORPORATED
Condensed Consolidated Statements of Cash Flows (Amounts
in millions)
(unaudited)
Three Months Ended
July 1, July 2, 2017 2016 Operating
activities: Net earnings $ 156.8 $ 143.4 Adjustments to
reconcile net earnings to net cash provided (used) by operating
activities: Depreciation 16.3 15.5 Amortization of other
intangibles 6.5 6.2 Provision for losses on finance receivables
12.8 10.3 Provision for losses on non-finance receivables 2.4 1.5
Stock-based compensation expense 7.0 8.4 Deferred income tax
provision (4.3 ) (15.1 ) Changes in operating assets and
liabilities, net of effects of acquisitions: Increase in trade and
other accounts receivable (24.9 ) (1.0 ) Increase in contract
receivables (3.5 ) (5.8 ) Increase in inventories (31.0 ) (2.1 )
Increase in prepaid and other assets (2.4 ) (9.3 ) Increase in
accounts payable 7.4 9.1 Increase (decrease) in accruals and other
liabilities (16.0 ) 1.0
Net cash provided
by operating activities 127.1 162.1
Investing
activities: Additions to finance receivables (231.8 ) (244.2 )
Collections of finance receivables 179.1 167.3 Capital expenditures
(15.8 ) (20.6 ) Acquisitions of businesses, net of cash acquired
(70.7 ) - Disposals of property and equipment (0.1 ) 1.2 Other
0.7 1.0
Net cash used by investing
activities (138.6 ) (95.3 )
Financing activities:
Net increase in other short-term borrowings 83.0 3.8 Cash dividends
paid (41.1 ) (35.5 ) Purchases of treasury stock (86.7 ) (35.4 )
Proceeds from stock purchase and option plans 20.5 18.5 Other
0.9 (4.0 )
Net cash used by financing
activities (23.4 ) (52.6 )
Effect of exchange rate
changes on cash and cash equivalents 0.9
(0.6 )
Increase (decrease) in cash and cash equivalents
(34.0 ) 13.6 Cash and cash equivalents at beginning of
period 123.0 106.3
Cash and cash
equivalents at end of period $ 89.0 $ 119.9
Supplemental cash flow disclosures: Cash paid for
interest $ (0.9 ) $ (1.6 ) Net cash paid for income taxes (85.8 )
(88.8 )
SNAP-ON INCORPORATED Condensed
Consolidated Statements of Cash Flows (Amounts in
millions) (unaudited)
Six Months Ended July 1, July 2, 2017
2016 Operating activities: Net earnings $ 301.9 $
274.7 Adjustments to reconcile net earnings to net cash provided
(used) by operating activities: Depreciation 32.3 30.4 Amortization
of other intangibles 13.6 12.3 Provision for losses on finance
receivables 25.8 19.6 Provision for losses on non-finance
receivables 4.6 4.7 Stock-based compensation expense 14.4 14.2
Deferred income tax provision (benefit) 3.1 (5.7 ) Gain on sales of
assets (0.2 ) - Settlement of treasury lock 14.9 - Changes in
operating assets and liabilities, net of effects of acquisitions:
Increase in trade and other accounts receivable (26.8 ) (5.8 )
Increase in contract receivables (5.6 ) (5.5 ) Increase in
inventories (48.3 ) (12.0 ) Increase in prepaid and other assets
(9.9 ) (24.8 ) Increase in accounts payable 27.7 24.1 Decrease in
accruals and other liabilities (28.0 ) (22.5 )
Net
cash provided by operating activities 319.5 303.7
Investing activities: Additions to finance receivables
(458.8 ) (475.1 ) Collections of finance receivables 352.9 341.4
Capital expenditures (34.4 ) (40.1 ) Acquisitions of businesses,
net of cash acquired (80.2 ) - Disposals of property and equipment
0.9 1.4 Other (0.7 ) (2.5 )
Net cash used by
investing activities (220.3 ) (174.9 )
Financing
activities: Proceeds from issuance of long-term debt 297.8 -
Repayment of long-term debt (150.0 ) - Repayments of notes payable
- (0.8 ) Net increase (decrease) in other short-term borrowings
(52.7 ) 7.4 Cash dividends paid (82.3 ) (70.9 ) Purchases of
treasury stock (122.5 ) (58.5 ) Proceeds from stock purchase and
option plans 34.6 28.4 Other (14.9 ) (7.5 )
Net
cash used by financing activities (90.0 ) (101.9 )
Effect of exchange rate changes on cash and cash equivalents
2.2 0.2
Increase in cash and cash
equivalents 11.4 27.1 Cash and cash equivalents at
beginning of year 77.6 92.8
Cash and
cash equivalents at end of period $ 89.0 $ 119.9
Supplemental cash flow disclosures: Cash paid for
interest $ (24.9 ) $ (25.5 ) Net cash paid for income taxes (99.8 )
(106.5 )
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 Non-GAAP Supplemental Consolidating
Data - Condensed Statements of Earnings (Amounts in
millions) (unaudited)
Operations* Financial Services Three
Months Ended Three Months Ended July 1, July
2, July 1, July 2, 2017 2016
2017 2016 Net sales $ 921.4 $ 872.3 $ -
$ - Cost of goods sold (458.4 ) (441.0 ) -
-
Gross profit 463.0 431.3 - -
Operating expenses (279.3 ) (264.9 ) -
-
Operating earnings before financial services
183.7 166.4 - -
Financial services revenue - - 77.7
69.3 Financial services expenses - -
(23.1 ) (19.8 )
Operating earnings from financial
services - - 54.6
49.5
Operating earnings 183.7 166.4
54.6 49.5 Interest expense (12.9 ) (12.8 ) (0.1 ) (0.1 )
Intersegment interest income (expense) – net 17.9 18.3 (17.9 )
(18.3 ) Other income (expense) – net (1.9 ) 1.2
- -
Earnings before income
taxes and equity earnings 186.8 173.1 36.6 31.1 Income tax
expense (53.7 ) (50.7 ) (13.6 ) (11.5 )
Earnings before equity earnings 133.1 122.4 23.0 19.6
Financial services – net earnings attributable to
Snap-on 23.0 19.6 - - Equity earnings, net of tax 0.7
1.4 - -
Net
earnings 156.8 143.4 23.0 19.6 Net earnings attributable to
noncontrolling interests (3.6 ) (3.3 ) -
-
Net earnings attributable to Snap-on
$ 153.2 $ 140.1 $ 23.0 $ 19.6
* Snap-on with Financial Services on the
equity method.
SNAP-ON INCORPORATED Non-GAAP Supplemental
Consolidating Data - Condensed Statements of Earnings
(Amounts in millions) (unaudited)
Operations* Financial
Services Six Months Ended Six Months Ended
July 1, July 2, July 1, July 2,
2017 2016 2017 2016 Net
sales $ 1,808.5 $ 1,706.5 $ - $ - Cost of goods sold
(897.5 ) (859.9 ) - -
Gross
profit 911.0 846.6 - - Operating expenses (557.8 )
(524.8 ) - -
Operating
earnings before financial services 353.2 321.8 - -
Financial services revenue - - 154.5 135.6 Financial
services expenses - - (47.4 )
(39.1 )
Operating earnings from financial services
- - 107.1 96.5
Operating earnings 353.2 321.8 107.1 96.5
Interest expense (25.5 ) (25.8 ) (0.2 ) (0.2 ) Intersegment
interest income (expense) – net 35.4 35.6 (35.4 ) (35.6 ) Other
income (expense) – net (3.6 ) 0.5 -
-
Earnings before income taxes and equity
earnings 359.5 332.1 71.5 60.7 Income tax expense (103.4
) (97.4 ) (26.5 ) (22.4 )
Earnings before
equity earnings 256.1 234.7 45.0 38.3
Financial services –
net earnings attributable to Snap-on 45.0 38.3 - -
Equity earnings, net of tax 0.8 1.7
- -
Net earnings 301.9 274.7
45.0 38.3 Net earnings attributable to noncontrolling interests
(7.1 ) (6.3 ) - -
Net
earnings attributable to Snap-on $ 294.8 $ 268.4
$ 45.0 $ 38.3
* Snap-on with Financial Services on the
equity method.
SNAP-ON INCORPORATED Non-GAAP Supplemental
Consolidating Data - Condensed Balance Sheets (Amounts in
millions) (unaudited)
Operations*
Financial Services July 1, December 31,
July 1, December 31, 2017 2016
2017 2016 Assets Cash and cash
equivalents $ 88.9 $ 77.5 $ 0.1 $ 0.1 Intersegment receivables 19.8
15.0 - - Trade and other accounts receivable – net 644.6 598.2 0.7
0.6 Finance receivables – net - - 496.5 472.5 Contract receivables
– net 8.0 7.9 74.4 80.2 Inventories – net 601.4 530.5 - - Prepaid
expenses and other assets 125.3 122.4 1.4
1.1 Total current assets 1,488.0 1,351.5 573.1 554.5
Property and equipment – net 461.9 423.8 1.5 1.4 Investment in
Financial Services 302.7 288.7 - - Deferred income tax assets 46.6
49.1 25.2 23.7 Intersegment long-term notes receivable 508.4 584.7
- - Long-term finance receivables – net - - 998.6 934.5 Long-term
contract receivables – net 11.3 11.2 288.1 275.5 Goodwill 899.2
895.5 - - Other intangibles – net 256.3 184.6 - - Other assets
52.8 47.9 0.1 0.1
Total assets $
4,027.2 $ 3,837.0 $ 1,886.6 $ 1,789.7
Liabilities and
Equity Notes payable and current maturities of long-term debt $
100.2 $ 151.4 $ 250.0 $ 150.0 Accounts payable 201.6 170.3 0.7 0.6
Intersegment payables - - 19.8 15.0 Accrued benefits 43.7 52.8 - -
Accrued compensation 67.0 85.7 2.5 4.1 Franchisee deposits 65.7
66.7 - - Other accrued liabilities 317.7 292.1
31.9 22.8 Total current liabilities 795.9 819.0 304.9 192.5
Long-term debt and intersegment long-term debt - - 1,264.0
1,293.5 Deferred income tax liabilities 21.9 13.1 - - Retiree
health care benefits 35.1 36.7 - - Pension liabilities 213.9 246.5
- - Other long-term liabilities 87.4 86.5 15.0
15.0
Total liabilities 1,154.2 1,201.8
1,583.9 1,501.0
Total shareholders' equity
attributable to Snap-on 2,854.9 2,617.2 302.7 288.7
Noncontrolling interests 18.1 18.0 - -
Total equity 2,873.0 2,635.2 302.7
288.7
Total liabilities and equity $ 4,027.2 $
3,837.0 $ 1,886.6 $ 1,789.7
* Snap-on with Financial Services on the
equity method.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170720005253/en/
Snap-on IncorporatedInvestors:Leslie
Kratcoski262/656-6121orMedia:Richard Secor262/656-5561
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