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Snap-on Announces Third Quarter 2012 Results

By: Snap-on Tools |  4 Shares     96 Reads

Diluted EPS of $1.26; Sales, excluding foreign currency effects, up 4.6%

KENOSHA, Wis. - October 18, 2012 - (BUSINESS WIRE)--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 2012.

• Sales of $711.6 million increased $14.4 million, or 2.1%, from 2011 levels; excluding $16.6 million of unfavorable foreign currency translation, organic sales increased 4.6%.
• Operating earnings before financial services of $96.2 million, including $12.2 million of higher year-over-year stock-based, mark-to-market expense, compares to $94.3 million last year.
• Financial services operating earnings of $27.9 million increased $7.1 million from 2011 levels, reflecting the growth of the on-book finance portfolio.
• Consolidated operating earnings of $124.1 million improved to 16.5% of revenues (net sales plus financial services revenue) as compared to $115.1 million, or 15.8% of revenues, last year.
• Net earnings of $74.1 million, or $1.26 per diluted share, compares with net earnings of $67.8 million, or $1.16 per diluted share, last year.

“We believe our third quarter results demonstrate continued progress along our defined runways for coherent growth: enhancing the franchise network, expanding in the vehicle repair garage, extending into critical industries and building in emerging markets,” said Nick Pinchuk, Snap-on chairman and chief executive officer. “These results also underscore the way in which our commitment to the Snap-on Value Creation processes drives ongoing improvement in safety, quality, customer connection, innovation and rapid continuous improvement. As further evidence of our success in connecting with customers and translating that insight into winning innovation, we are honored to have been recognized again in 2012 by both MOTOR Magazine and Professional Tool & Equipment News with multiple awards for Snap-on products in each publication. Finally, these results and achievements reflect significant effort and dedication across the organization and I thank our franchisees and associates worldwide for their extraordinary contributions and commitment.”

Segment Results

Commercial & Industrial Group segment sales of $280.4 million in the third quarter increased $2.1 million, or 0.8%, from 2011 levels; excluding $8.8 million of unfavorable foreign currency translation, organic sales increased 4.0%.

Operating earnings of $33.4 million in the period increased $3.8 million, or 12.8%, from 2011 levels and the operating margin (operating earnings as a percentage of segment sales) of 11.9% increased from 10.6% a year ago.

Snap-on Tools Group segment sales of $308.8 million in the third quarter rose $29.2 million, or 10.4%, from 2011 levels; excluding $1.6 million of unfavorable foreign currency translation, organic sales increased 11.1%.

Operating earnings of $40.2 million in the period increased $4.6 million, or 12.9%, from 2011 levels and the operating margin of 13.0% improved from 12.7% a year ago.

Repair Systems & Information Group segment sales of $222.0 million in the third quarter decreased $0.6 million from 2011 levels; excluding $6.5 million of unfavorable foreign currency translation, organic sales rose 2.7%.

Operating earnings of $49.5 million in the period increased $5.8 million from 2011 levels and the operating margin of 22.3% increased from 19.6% a year ago.

Financial Services operating earnings were $27.9 million on $40.5 million of revenue in the third quarter of 2012, as compared to operating earnings of $20.8 million on $32.7 million of revenue a year ago.

Corporate expenses of $26.9 million increased $12.3 million from prior-year levels primarily due to $12.2 million of higher stock-based (mark-to-market) expense. As a result of changes in the company’s quarter-end stock price, operating expenses in the third quarter of 2012 included $4.4 million of mark-to-market expense, while operating expenses in the third quarter of 2011 were partially offset by $7.8 million of mark-to-market benefit.

Outlook

Snap-on expects to continue with its planned strategic investments to enhance its mobile tool distribution network, expand in the vehicle repair garage, extend to critical industries and build in emerging markets. As a result of these initiatives, Snap-on anticipates that capital expenditures in 2012 will be in a range of $75 million to $80 million, of which $59.5 million was spent in the first nine months of 2012. Snap-on anticipates that its full year 2012 effective income tax rate will approximate 33.2%.

Conference Call and Webcast October 18, 2012, at 9:00 a.m. Central Time

A discussion of this release will be webcast on Thursday, October 18, 2012, 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, visitwww.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, aerospace, agriculture, construction, government and military, mining, natural resources and power generation. 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)
				Three Months Ended									Nine Months Ended
				Sept. 29,				Oct. 1,					Sept. 29,				Oct. 1,
				2012				2011					2012				2011
Net sales				$	711.6			$	697.2				$	2,184.7			$	2,117.6
Cost of goods sold					(371.2	)			(367.9	)				(1,146.7	)			(1,115.5	)
Gross profit					340.4				329.3					1,038.0				1,002.1
Operating expenses					(244.2	)			( 235.0	)				(   739.7	)			(   721.7	)
Operating earnings before financial services					96.2				94.3					298.3				280.4
Financial services revenue					40.5				32.7					118.4				88.8
Financial services expenses					( 12.6	)			(  11.9	)				(    41.0	)			(    38.0	)
Operating earnings from financial services
before arbitration settlement					27.9				20.8					77.4				50.8
Arbitration settlement					-				-					-				18.0
Operating earnings from financial services					27.9				20.8					77.4				68.8
Operating earnings					124.1				115.1					375.7				349.2
Interest expense					( 13.6	)			(  15.1	)				(    41.4	)			(    47.7	)
Other income (expense) – net					(   0.2	)			(    1.7	)				(      0.5	)			-
Earnings before income taxes and
equity earnings					110.3				98.3					333.8				301.5
Income tax expense					( 34.9	)			(  30.5	)				( 108.4	)			(    97.5	)
Earnings before equity earnings					75.4				67.8					225.4				204.0
Equity earnings, net of tax					1.0				2.0					2.5				3.7
Net earnings					76.4				69.8					227.9				207.7
Net earnings attributable to noncontrolling interests					(   2.3	)			(   2.0	)				(     6.4	)			(      5.7	)
Net earnings attributable to Snap-on Inc.				$	74.1			$	67.8				$	221.5			$	202.0
Net earnings per share attributable to Snap-on Inc.:
Basic				$	1.27			$	1.16				$	3.81			$	3.47
Diluted					1.26				1.16					3.77				3.44
Weighted-average shares outstanding:
Basic					58.3				58.2					58.2				58.2
Effect of dilutive options					0.6				0.5					0.6				0.5
Diluted					58.9				58.7					58.8				58.7

 

SNAP-ON INCORPORATED
Supplemental Segment Information
(Amounts in millions)
(unaudited)
			Three Months Ended									Nine Months Ended
			Sept. 29,				Oct. 1,					Sept. 29,				Oct. 1,
			2012				2011					2012				2011
Net sales:
Commercial & Industrial Group			$	280.4			$	278.3				$	850.3			$	830.4
Snap-on Tools Group				308.8				279.6					950.4				860.6
Repair Systems & Information Group				222.0				222.6					675.5				684.1
Segment net sales				811.2				780.5					2,476.2				2,375.1
Intersegment eliminations				(99.6	)			(83.3	)				( 291.5	)			( 257.5	)
Total net sales			$	711.6			$	697.2				$	2,184.7			$	2,117.6
Financial Services revenue				40.5				32.7					118.4				88.8
Total revenues			$	752.1			$	729.9				$	2,303.1			$	2,206.4
Operating earnings:
Commercial & Industrial Group			$	33.4			$	29.6				$	95.4			$	90.4
Snap-on Tools Group				40.2				35.6					130.8				118.9
Repair Systems & Information Group				49.5				43.7					150.3				135.5
Financial Services*				27.9				20.8					77.4				68.8
Segment operating earnings				151.0				129.7					453.9				413.6
Corporate				(26.9	)			(14.6	)				(   78.2	)			(   64.4	)
Operating earnings			$	124.1			$	115.1				$	375.7			$	349.2
Interest expense				(13.6	)			(15.1	)				(   41.4	)			(   47.7	)
Other income (expense) – net				(  0.2	)			(  1.7	)				(     0.5	)			-
Earnings before income taxes
and equity earnings			$	110.3			$	98.3				$	333.8			$	301.5
* For the nine month period ended October 1, 2011, Financial Services operating earnings included 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)
			Three Months Ended								Nine Months Ended
			Sept. 29,				Oct. 1,				Sept. 29,				Oct. 1,
			2012				2011				2012				2011
AS REPORTED
	Net sales		$	711.6			$	697.2			$	2,184.7			$	2,117.6
	Financial services revenue			40.5				32.7				118.4				88.8
	Total revenues		$	752.1			$	729.9			$	2,303.1			$	2,206.4
PRO FORMA INFORMATION
1)	Operating earnings
	As reported		$	124.1			$	115.1			$	375.7			$	349.2
	Less: Arbitration settlement gain			-				-				-				(18.0	)
	Excluding arbitration settlement gain		$	124.1			$	115.1			$	375.7			$	331.2
	Operating earnings as a percentage of total revenues
	As reported			16.5	%			15.8	%			16.3	%			15.8	%
	Excluding arbitration settlement gain			16.5	%			15.8	%			16.3	%			15.0	%
2)	Arbitration settlement gain
	As reported		$	-			$	-			$	-			$	18.0
	Income tax expense			-				-				-				( 6.9	)
	Arbitration settlement gain, net of tax		$	-			$	-			$	-			$	11.1
	Weighted-average shares outstanding - Diluted			58.9				58.7				58.8				58.7
	Diluted EPS - Arbitration settlement gain		$	-			$	-			$	-			$	0.19
3)	Net earnings attributable to Snap-on Incorporated
	As reported		$	74.1			$	67.8			$	221.5			$	202.0
	Less: Arbitration settlement gain, net of tax			-				-				-				(11.1	)
	Excluding arbitration settlement gain		$	74.1			$	67.8			$	221.5			$	190.9
4)	Diluted EPS
	As reported		$	1.26			$	1.16			$	3.77			$	3.44
	Less: Diluted EPS - Arbitration settlement gain			-				-				-				(0.19	)
	Excluding arbitration settlement gain		$	1.26			$	1.16			$	3.77			$	3.25
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 comparison of the company's year-over-year operating performance.

 

SNAP-ON INCORPORATED
Condensed Consolidated Balance Sheets
(Amounts in millions)
(unaudited)
				Sept. 29,						Dec. 31,
				2012						2011
Assets
Cash and cash equivalents				$	176.1					$	185.6
Trade and other accounts receivable – net					476.9						463.5
Finance receivables – net					314.4						277.2
Contract receivables – net					62.4						49.7
Inventories – net					417.5						386.4
Deferred income tax assets					91.3						92.6
Prepaid expenses and other assets					85.3						75.7
Total current assets					1,623.9						1,530.7
Property and equipment – net					373.3						352.9
Deferred income tax assets					120.5						125.2
Long-term finance receivables – net					481.9						431.8
Long-term contract receivables – net					192.4						165.1
Goodwill					799.9						795.8
Other intangibles – net					187.5						188.3
Other assets					92.5						83.1
Total Assets				$	3,871.9					$	3,672.9
Liabilities and Equity
Notes payable and current maturities of long-term debt				$	18.7					$	16.2
Accounts payable					146.9						124.6
Accrued benefits					47.9						48.8
Accrued compensation					83.8						91.0
Franchisee deposits					57.9						47.3
Other accrued liabilities					266.4						255.9
Total current liabilities					621.6						583.8
Long-term debt					971.2						967.9
Deferred income tax liabilities					119.4						108.1
Retiree health care benefits					49.2						52.8
Pension liabilities					255.6						317.7
Other long-term liabilities					98.6						95.3
Total Liabilities					2,115.6						2,125.6
Equity
Shareholders' Equity attributable to Snap-on Inc.
Common stock					67.4						67.3
Additional paid-in capital					205.0						181.4
Retained earnings					2,004.8						1,843.7
Accumulated other comprehensive loss					( 131.0	)					( 174.6	)
Treasury stock at cost					( 406.5	)					( 386.9	)
Total Shareholders' Equity attributable to Snap-on Inc.					1,739.7						1,530.9
Noncontrolling interests					16.6						16.4
Total Equity					1,756.3						1,547.3
Total Liabilities and Equity				$	3,871.9					$	3,672.9

 

SNAP-ON INCORPORATED
Condensed Consolidated Statements of Cash Flow
(Amounts in millions)
(unaudited)
				Three Months Ended
				Sept. 29,						Oct. 1,
				2012						2011
Operating activities:
Net earnings				$	76.4					$	69.8
Adjustments to reconcile net earnings to net cash provided (used) by
operating activities:
Depreciation					12.4						12.6
Amortization of other intangibles					6.6						6.2
Provision for losses on finance receivables					5.1						2.3
Provision for losses on non-finance receivables					1.3						4.4
Stock-based compensation expense					8.9						0.2
Excess tax benefits from stock-based compensation					(   2.3	)					(    0.2	)
Deferred income tax provision (benefit)					1.0						(    4.8	)
Gain on sale of assets					-						(    0.1	)
Changes in operating assets and liabilities:
(Increase) decrease in trade and other accounts receivable					(  16.0	)					(  11.9	)
(Increase) decrease in contract receivables					(  24.4	)					(  21.3	)
(Increase) decrease in inventories					(    8.0	)					(  19.4	)
(Increase) decrease in prepaid and other assets					(    5.0	)					(    9.0	)
Increase (decrease) in accounts payable					3.7						(    4.2	)
Increase (decrease) in accruals and other liabilities					10.0						17.4
Net cash provided by operating activities					69.7						42.0
Investing activities:
Additions to finance receivables					(140.7	)					(124.9	)
Collections of finance receivables					112.7						89.0
Capital expenditures					(  19.7	)					(  13.3	)
Disposal of property and equipment					0.2						0.3
Other					0.7						-
Net cash used by investing activities					(  46.8	)					(  48.9	)
Financing activities:
Repayment of long-term debt					-						(200.0	)
Proceeds from short-term borrowings					4.7						4.0
Repayments of short-term borrowings					(    5.6	)					(    4.3	)
Net increase (decrease) in other short-term borrowings					5.2						(    0.4	)
Purchase of treasury stock					(  23.7	)					(    2.9	)
Proceeds from stock purchase and option plans					17.8						1.8
Cash dividends paid					(  19.8	)					(  19.0	)
Excess tax benefits from stock-based compensation					2.3						0.2
Other					(    2.4	)					(    2.3	)
Net cash used by financing activities					(  21.5	)					(222.9	)
Effect of exchange rate changes on cash and cash equivalents					1.1						(    2.7	)
Increase (decrease) in cash and cash equivalents					2.5						(232.5	)
Cash and cash equivalents at beginning of period					173.6						418.2
Cash and cash equivalents at end of period				$	176.1					$	185.7
Supplemental cash flow disclosures:
Cash paid for interest				$	(  26.1	)				$	(  34.6	)
Net cash paid for income taxes					(  20.8	)					(  36.9	)

 

SNAP-ON INCORPORATED
Condensed Consolidated Statements of Cash Flow
(Amounts in millions)
(unaudited)
				Nine Months Ended
				Sept. 29,						Oct. 1,
				2012						2011
Operating activities:
Net earnings				$	227.9					$	207.7
Adjustments to reconcile net earnings to net cash provided (used) by
operating activities:
Depreciation					37.6						36.8
Amortization of other intangibles					19.6						18.6
Provision for losses on finance receivables					13.8						8.7
Provision for losses on non-finance receivables					7.6						12.6
Stock-based compensation expense					25.0						12.4
Excess tax benefits from stock-based compensation					(   5.0	)					(   2.2	)
Deferred income tax provision (benefit)					3.6						(   9.2	)
Gain on sale of assets					(   0.9	)					-
Changes in operating assets and liabilities:
(Increase) decrease in trade and other accounts receivable					( 18.9	)					( 15.3	)
(Increase) decrease in contract receivables					( 37.9	)					( 43.3	)
(Increase) decrease in inventories					( 27.4	)					( 69.2	)
(Increase) decrease in prepaid and other assets					( 32.0	)					( 34.0	)
Increase (decrease) in accounts payable					23.8						( 14.0	)
Increase (decrease) in accruals and other liabilities					( 10.4	)					( 53.4	)
Net cash provided by operating activities					226.4						56.2
Investing activities:
Additions to finance receivables					(426.1	)					(386.5	)
Collections of finance receivables					328.9						259.7
Capital expenditures					( 59.5	)					(  46.6	)
Disposal of property and equipment					2.4						3.0
Other					0.7						0.2
Net cash used by investing activities					(153.6	)					(170.2	)
Financing activities:
Repayment of long-term debt					-						(200.0	)
Proceeds from short-term borrowings					11.2						15.2
Repayments of short-term borrowings					(  14.1	)					(  16.3	)
Net increase (decrease) in other short-term borrowings					5.4						(    0.4	)
Purchase of treasury stock					(  61.8	)					(  37.4	)
Proceeds from stock purchase and option plans					40.3						28.1
Cash dividends paid					(  59.4	)					(  56.5	)
Excess tax benefits from stock-based compensation					5.0						2.2
Other					(    8.7	)					(    6.5	)
Net cash used by financing activities					(  82.1	)					(271.6	)
Effect of exchange rate changes on cash and cash equivalents					(    0.2	)					(    0.9	)
Decrease in cash and cash equivalents					(    9.5	)					(386.5	)
Cash and cash equivalents at beginning of year					185.6						572.2
Cash and cash equivalents at end of period				$	176.1					$	185.7
Supplemental cash flow disclosures:
Cash paid for interest				$	(  53.8	)				$	(  58.9	)
Net cash paid for income taxes					(  59.8	)					(108.8	)

 

SNAP-ON INCORPORATED
Supplemental Consolidating Data - Condensed Statements of Earnings
(Amounts in millions)
(unaudited)
				Operations*									Financial Services
				Three Months Ended									Three Months Ended
				Sept. 29,				Oct. 1,					Sept. 29,				Oct. 1,
				2012				2011					2012				2011
Net sales				$	711.6			$	697.2				$	-			$	-
Cost of goods sold					(371.2	)			(367.9	)				-				-
Gross profit					340.4				329.3					-				-
Operating expenses					(244.2	)			(235.0	)				-				-
Operating earnings before financial services					96.2				94.3					-				-
Financial services revenue					-				-					40.5				32.7
Financial services expenses					-				-					(12.6	)			(11.9	)
Operating earnings from financial services					-				-					27.9				20.8
Operating earnings					96.2				94.3					27.9				20.8
Interest expense					( 13.3	)			( 14.8	)				( 0.3	)			( 0.3	)
Intersegment interest income (expense) – net					11.1				9.5					11.1	)			( 9.5	)
Other income (expense) – net					(  0.2	)			(   1.6	)				-				( 0.1	)
Earnings before income taxes and equity earnings					93.8				87.4					16.5				10.9
Income tax expense					(28.8	)			( 26.6	)				(6.1	)			( 3.9	)
Earnings before equity earnings					65.0				60.8					10.4				7.0
Financial services – net earnings
	attributable to Snap-on Inc.				10.4				7.0					-				-
Equity earnings, net of tax					1.0				2.0					-				-
Net earnings					76.4				69.8					10.4				7.0
Net earnings attributable to noncontrolling interests					( 2.3	)			(  2.0	)				-				-
Net earnings attributable to Snap-on Inc.				$	74.1			$	67.8				$	10.4			$	7.0
*	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
				Nine Months Ended									Nine Months Ended
				Sept. 29,				Oct. 1,					Sept. 29,				Oct. 1,
				2012				2011					2012				2011
Net sales				$	2,184.7			$	2,117.6				$	-			$	-
Cost of goods sold					(1,146.7	)			(1,115.5	)				-				-
Gross profit					1,038.0				1,002.1					-				-
Operating expenses					(  739.7	)			(   721.7	)				-				-
Operating earnings before financial services					298.3				280.4					-				-
Financial services revenue					-				-					118.4				88.8
Financial services expenses					-				-					(41.0	)			(38.0	)
Operating earnings from financial services
before arbitration settlement					-				-					77.4				50.8
Arbitration settlement					-				-					-				18.0
Operating earnings from financial services					-				-					77.4				68.8
Operating earnings					298.3				280.4					77.4				68.8
Interest expense					(40.5	)			( 46.7	)				(  0.9	)			(  1.0	)
Intersegment interest income (expense) – net					31.3				26.2					(31.3	)			(26.2	)
Other income (expense) – net					(   0.4	)			-					(  0.1	)			-
Earnings before income taxes and equity earnings					288.7				259.9					45.1				41.6
Income tax expense					( 91.8	)			( 82.2	)				(16.6	)			(15.3	)
Earnings before equity earnings					196.9				177.7					28.5				26.3
Financial services – net earnings
attributable to Snap-on Inc.					28.5				26.3					-				-
Equity earnings, net of tax					2.5				3.7					-				-
Net earnings					227.9				207.7					28.5				26.3
Net earnings attributable to noncontrolling interests					(6.4	)			(   5.7	)				-				-
Net earnings attributable to Snap-on Inc.				$	221.5			$	202.0				$	28.5			$	26.3
*	Snap-on Incorporated 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
				Sept. 29,			Dec. 31,				Sept. 29,			Dec. 31,
				2012			2011				2012			2011
Assets
	Cash and cash equivalents			$	171.8		$	181.1			$	4.3		$	4.5
	Intersegment receivables				16.4			10.8				-			-
	Trade and other accounts receivable – net				476.7			463.3				0.2			0.2
	Finance receivables – net				-			-				314.4			277.2
	Contract receivables – net				6.7			6.5				55.7			43.2
	Inventories – net				417.5			386.4				-			-
	Deferred income tax assets				78.7			90.0				12.6			2.6
	Prepaid expenses and other assets				89.0			78.1				0.6			0.9
	Total current assets				1,256.8			1,216.2				387.8			328.6
	Property and equipment – net				370.6			351.9				2.7			1.0
	Investment in Financial Services				163.1			142.0				-			-
	Deferred income tax assets				120.3			119.8				0.2			5.4
	Long-term finance receivables – net				-			-				481.9			431.8
	Long-term contract receivables – net				11.1			9.1				181.3			156.0
	Goodwill				799.9			795.8				-			-
	Other intangibles – net				187.5			188.3				-			-
	Other assets				93.6			83.7				1.0			1.0
Total Assets				$	3,002.9		$	2,906.8			$	1,054.9		$	923.8
Liabilities and Equity
	Notes payable and current maturities of long-term debt			$	18.7		$	16.2			$	-		$	-
	Accounts payable				146.8			124.0				0.1			0.6
	Intersegment payables				-			-				16.4			10.8
	Accrued benefits				47.9			48.8				-			-
	Accrued compensation				81.0			87.1				2.8			3.9
	Franchisee deposits				57.9			47.3				-			-
	Other accrued liabilities				240.2			229.7				32.6			31.1
	Total current liabilities				592.5			553.1				51.9			46.4
	Long-term debt and intersegment long-term debt				155.3			257.6				815.9			710.3
	Deferred income tax liabilities				118.0			108.0				1.4			0.1
	Retiree health care benefits				49.2			52.8				-			-
	Pension liabilities				255.6			317.7				-			-
	Other long-term liabilities				76.0			70.3				22.6			25.0
	Total Liabilities				1,246.6			1,359.5				891.8			781.8
	Total Shareholders' Equity attributable to Snap-on Inc.				1,739.7			1,530.9				163.1			142.0
	Noncontrolling interests				16.6			16.4				-			-
	Total Equity				1,756.3			1,547.3				163.1			142.0
Total Liabilities and Equity				$	3,002.9		$	2,906.8			$	1,054.9		$	923.8
*	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.

Contacts

Snap-on Incorporated

Investors
Leslie Kratcoski
262/656-6121

Media:
Richard Secor
262/656-5561

###

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