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Snap-on Announces Fourth Quarter and Full Year 2012 Results

By: Snap-on Tools |  1,014 Shares     85 Reads

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%

KENOSHA, Wis - (BUSINESS WIRE) - Feb. 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 $0.19per 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 services			111.4				103.8				409.7				384.2
Financial services revenue			42.9				35.5				161.3				124.3
Financial services expenses			(13.6	)			(13.4	)			(54.6	)			(51.4	)
Operating earnings from financial services
before arbitration settlement			29.3				22.1				106.7				72.9
Arbitration settlement			-				-				-				18.0
Operating earnings from financial services			29.3				22.1				106.7				90.9
Operating earnings			140.7				125.9				516.4				475.1
Interest expense			(14.4	)			(13.5	)			(55.8	)			(61.2	)
Other income (expense) – net			0.1				(1.0	)			(0.4	)			(1.0	)
Earnings before income taxes and equity earnings			126.4				111.4				460.2				412.9
Income tax expense			(39.8	)			(36.2	)			(148.2	)			(133.7	)
Earnings before equity earnings			86.6				75.2				312.0				279.2
Equity earnings, net of tax			0.1				0.9				2.6				4.6
Net earnings			86.7				76.1				314.6				283.8
Net earnings attributable to noncontrolling interests			(2.1	)			(1.8	)			(8.5	)			(7.5	)
Net earnings attributable to Snap-on Inc.		$	84.6			$	74.3			$	306.1			$	276.3
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 options			0.8				0.5				0.7				0.5
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 Group		$	275.6			$	295.4				$	1,125.9			$	1,125.8
	Snap-on Tools Group			321.6				292.8					1,272.0				1,153.4
	Repair Systems & Information Group			241.6				236.5					917.1				920.6
	Segment net sales			838.8				824.7					3,315.0				3,199.8
	Intersegment eliminations			(85.6	)			(88.1	)				(377.1	)			(345.6	)
	Total net sales		$	753.2			$	736.6				$	2,937.9			$	2,854.2
	Financial Services revenue			42.9				35.5					161.3				124.3
	Total revenues		$	796.1			$	772.1				$	3,099.2			$	2,978.5
	Operating earnings:
	Commercial & Industrial Group		$	31.9			$	33.0				$	127.3			$	123.4
	Snap-on Tools Group			45.6				39.6					176.4				158.5
	Repair Systems & Information Group			55.4				49.2					205.7				184.7
	Financial Services*			29.3				22.1					106.7				90.9
	Segment operating earnings			162.2				143.9					616.1				557.5
	Corporate			(21.5	)			(18.0	)				(99.7	)			(82.4	)
	Operating earnings		$	140.7			$	125.9				$	516.4			$	475.1
	Interest expense			(14.4	)			(13.5	)				(55.8	)			(61.2	)
	Other income (expense) – net			0.1				(1.0	)				(0.4	)			(1.0	)
	Earnings before income taxes
	and equity earnings		$	126.4			$	111.4				$	460.2			$	412.9
*	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 services revenue			42.9				35.5				161.3				124.3
	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 settlement gain			-				-				-				(18.0	)
	Excluding arbitration settlement gain		$	140.7			$	125.9			$	516.4			$	457.1
	Operating earnings as a percentage of total revenues
	As reported			17.7	%			16.3	%			16.7	%			16.0	%
	Excluding arbitration settlement gain			17.7	%			16.3	%			16.7	%			15.3	%
	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			59.0				58.7				58.9				58.7
	Diluted EPS - Arbitration settlement gain		$	-			$	-			$	-			$	0.19
	3) Net earnings attributable to Snap-on Incorporated
	As reported		$	84.6			$	74.3			$	306.1			$	276.3
	Less: Arbitration settlement gain, net of tax			-				-				-				(11.1	)
	Excluding arbitration settlement gain		$	84.6			$	74.3			$	306.1			$	265.2
	4) Diluted EPS
	As reported		$	1.43			$	1.27			$	5.20			$	4.71
	Less: Diluted EPS - Arbitration settlement gain			-				-				-				(0.19	)
	Excluding arbitration settlement gain		$	1.43			$	1.27			$	5.20			$	4.52
	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 Inc.			1,802.1				1,530.9
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 equivalents			(0.1	)			(0.9	)
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 borrowings			3.1				(1.2	)
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 equivalents			(0.3	)			(1.8	)
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 sold			(401.2	)			(400.8	)			-				-
Gross profit			352.0				335.8				-				-
Operating expenses			(240.6	)			(232.0	)			-				-
Operating earnings before financial services			111.4				103.8				-				-
Financial services revenue			-				-				42.9				35.5
Financial services expenses			-				-				(13.6	)			(13.4	)
Operating earnings from financial services			-				-				29.3				22.1
Operating earnings			111.4				103.8				29.3				22.1
Interest expense			(13.5	)			(13.3	)			(0.9	)			(0.2	)
Intersegment interest income (expense) – net			11.1				9.6				(11.1	)			(9.6	)
Other income (expense) – net			-				(1.0	)			0.1				-
Earnings before income taxes and equity earnings			109.0				99.1				17.4				12.3
Income tax expense			(33.5	)			(31.7	)			(6.3	)			(4.5	)
Earnings before equity earnings			75.5				67.4				11.1				7.8
Financial services – net earnings
attributable to Snap-on Inc.			11.1				7.8				-				-
Equity earnings, net of tax			0.1				0.9				-				-
Net earnings			86.7				76.1				11.1				7.8
Net earnings attributable to noncontrolling interests			(2.1	)			(1.8	)			-				-
Net earnings attributable to Snap-on Inc.		$	84.6			$	74.3			$	11.1			$	7.8
* 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.

 

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 sold			(1,547.9	)			(1,516.3	)			-				-
Gross profit			1,390.0				1,337.9				-				-
Operating expenses			(980.3	)			(953.7	)			-				-
Operating earnings before financial services			409.7				384.2				-				-
Financial services revenue			-				-				161.3				124.3
Financial services expenses			-				-				(54.6	)			(51.4	)
Operating earnings from financial services
before arbitration settlement			-				-				106.7				72.9
Arbitration settlement			-				-				-				18.0
Operating earnings from financial services			-				-				106.7				90.9
Operating earnings			409.7				384.2				106.7				90.9
Interest expense			(54.0	)			(60.0	)			(1.8	)			(1.2	)
Intersegment interest income (expense) – net			42.4				35.8				(42.4	)			(35.8	)
Other income (expense) – net			(0.4	)			(1.0	)			-				-
Earnings before income taxes and equity earnings			397.7				359.0				62.5				53.9
Income tax expense			(125.3	)			(113.9	)			(22.9	)			(19.8	)
Earnings before equity earnings			272.4				245.1				39.6				34.1
Financial services – net earnings
attributable to Snap-on Inc.			39.6				34.1				-				-
Equity earnings, net of tax			2.6				4.6				-				-
Net earnings			314.6				283.8				39.6				34.1
Net earnings attributable to noncontrolling interests			(8.5	)			(7.5	)			-				-
Net earnings attributable to Snap-on Inc.		$	306.1			$	276.3			$	39.6			$	34.1
* 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 equivalents		$	211.2		$	181.1		$	3.3		$	4.5
Intersegment receivables			14.1			10.8			-			-
Trade and other accounts receivable – net			497.5			463.3			0.4			0.2
Finance receivables – net			-			-			323.1			277.2
Contract receivables – net			7.4			6.5			55.3			43.2
Inventories – net			404.2			386.4			-			-
Deferred income tax assets			68.8			90.0			13.0			2.6
Prepaid expenses and other assets			88.3			78.1			1.0			0.9
Total current assets			1,291.5			1,216.2			396.1			328.6
Property and equipment – net			373.2			351.9			2.0			1.0
Investment in Financial Services			165.3			142.0			-			-
Deferred income tax assets			110.2			119.8			0.2			5.4
Long-term finance receivables – net			-			-			494.6			431.8
Long-term contract receivables – net			12.1			9.1			182.3			156.0
Goodwill			807.4			795.8			-			-
Other intangibles – net			187.2			188.3			-			-
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 payables			-			-			14.1			10.8
Accrued benefits			50.6			48.8			-			-
Accrued compensation			84.9			87.1			3.4			3.9
Franchisee deposits			54.7			47.3			-			-
Other accrued liabilities			207.8			229.7			46.9			31.1
Total current liabilities			545.3			553.1			64.8			46.4
Long-term debt and intersegment long-term debt			143.2			257.6			827.2			710.3
Deferred income tax liabilities			125.7			108.0			1.4			0.1
Retiree health care benefits			48.4			52.8			-			-
Pension liabilities			260.7			317.7			-			-
Other long-term liabilities			69.9			70.3			17.6			25.0
Total liabilities			1,193.2			1,359.5			911.0			781.8
Total shareholders' equity attributable to Snap-on Inc.			1,802.1			1,530.9			165.3			142.0
Noncontrolling interests			16.9			16.4			-			-
Total equity			1,819.0			1,547.3			165.3			142.0
Total liabilities and equity		$	3,012.2		$	2,906.8		$	1,076.3		$	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.

Source: Snap-on Incorporated

Contacts:

Snap-on Incorporated

Investors
Leslie Kratcoski
262/656-6121

Media
Richard Secor
262/656-5561

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