Snap-on Announces Fourth Quarter and Full Year 2014 Results

Diluted EPS of $1.97 for the quarter increases 23.1%;

Operating earnings before financial services of 16.9% of sales in the quarter improves 140 basis points;

Organic sales up 9.8% in the quarter

KENOSHA, Wis. - (BUSINESS WIRE) - Feb. 5, 2015 - 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 2014 operating results for the fourth quarter and full year.

  • Sales of $857.4 million in the quarter increased $59.9 million, or 7.5%, from 2013 levels; excluding $21.5 million of unfavorable foreign currency translation and $5.7 million of acquisition-related sales, organic sales increased 9.8%.
  • Operating earnings before financial services of $145.2 million in the quarter improved to 16.9% of sales as compared to $123.6 million, or 15.5% of sales, last year.
  • Financial services operating earnings in the quarter were $42.2 million on revenues of $59.4 million; originations of $232.2 million in the quarter increased $34.6 million from 2013 levels.
  • Consolidated operating earnings of $187.4 million in the quarter improved to 20.4% of revenues (net sales plus financial services revenue) as compared to $156.6 million, or 18.5% of revenues, last year.
  • The effective income tax rate was 32.1% in the fourth quarters of both 2014 and 2013.
  • Fourth quarter 2014 net earnings of $116.2 million, or $1.97 per diluted share, compared to net earnings of $94.5 million, or $1.60 per diluted share, a year ago.
  • Full year 2014 sales of $3,277.7 million increased 7.2% from 2013 levels; excluding $37.0 million of acquisition-related sales and $25.3 million of unfavorable foreign currency translation, organic sales increased 6.9%. Full year 2014 net earnings of $421.9 million, or $7.14 per diluted share, compared to net earnings of $350.3 million, or $5.93 per diluted share, last year.

"Our fourth quarter results, including a 9.8% organic increase in net sales, a 140 basis point improvement in operating margin before financial services, and a 23.1% gain in diluted earnings per share, represent an encouraging finish to 2014," said Nick Pinchuk, Snap-on chairman and chief executive officer. "For the full year, despite headwinds, we achieved a 6.9% growth in organic sales and a 20.4% increase in diluted earnings per share, once again confirming the strength of Snap-on’s value proposition to make work easier for serious professionals performing critical tasks in workplaces of consequence. In 2015, we believe we will continue to reach more and more of these professionals by advancing further along each of our runways for coherent growth while, at the same time, making ongoing operating progress through our Snap-on Value Creation Processes in the areas of safety, quality, customer connection, innovation and rapid continuous improvement. As always, I thank our franchisees and associates for their significant contributions to our team. Without their capability and commitment, these results would not have been possible."

Segment Results

Commercial & Industrial Group segment sales of $298.2 million in the quarter increased $15.0 million, or 5.3%, from 2013 levels. Excluding $11.9 million of unfavorable foreign currency translation, organic sales increased $26.9 million, or 9.9%, primarily due to higher volume with customers in critical industries, as well as increased sales in the segment’s European-based hand tools and Asia/Pacific operations.

Operating earnings of $40.5 million in the period increased $3.4 million from 2013 levels, and the operating margin (operating earnings as a percentage of segment sales) of 13.6% improved 50 basis points from 13.1% a year ago.

Snap-on Tools Group segment sales of $387.5 million in the quarter rose $36.4 million, or 10.4%, from 2013 levels, reflecting sales increases in both the company’s U.S. and international franchise operations. Excluding $4.5 million of unfavorable foreign currency translation, organic sales increased 11.8%.

Operating earnings of $63.9 million in the period increased $12.9 million from 2013 levels, and the operating margin of 16.5% improved 200 basis points from 14.5% a year ago.

Repair Systems & Information Group segment sales of $282.8 million in the quarter increased $18.2 million, or 6.9%, from 2013 levels. Excluding $5.7 million of acquisition-related sales and $5.5 million of unfavorable foreign currency translation, organic sales increased $18.0 million, or 6.9%, primarily due to higher sales of undercar equipment, increased sales to OEM dealerships, and higher sales of diagnostic and repair information products to independent repair shop owners and managers.

Operating earnings of $65.2 million in the fourth quarter of 2014 increased $4.4 million from 2013 levels, and the operating margin of 23.1% improved 10 basis points from 23.0% a year ago.

Financial Services operating earnings of $42.2 million on revenue of $59.4 million in the quarter, compared to operating earnings of $33.0 million on revenue of $47.4 million a year ago.

Corporate expenses of $24.4 million in the quarter compared to expenses of $25.3 million last year.

Outlook

In 2015, Snap-on expects to make continued progress 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 in critical industries, where the cost and penalties for failure can be high. Through continued deployment of its Snap-on Value Creation Processes, Snap-on also anticipates making further progress in 2015 in the areas of safety, quality, customer connection, innovation and rapid continuous improvement. In pursuit of these initiatives, Snap-on expects that capital expenditures in 2015 will be in a range of $80 million to $90 million. Snap-on also anticipates that its full year 2015 effective income tax rate will be at or below its 2014 full year rate.

Conference Call and Webcast on February 5, 2015, at 9:00 a.m. Central Time

A discussion of this release will be webcast on Thursday, February 5, 2015, 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.

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 $3.3 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 28, 2013, 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
        2014     2013     2014     2013
                     
Net sales   $ 857.4     $  797.5     $  3,277.7     $  3,056.5  
Cost of goods sold     (446.1 )     (419.0 )     (1,693.4 )     (1,583.6 )
Gross profit     411.3       378.5       1,584.3       1,472.9  
Operating expenses     (266.1 )     (254.9 )     (1,048.7 )     (1,012.4 )
Operating earnings before financial services     145.2       123.6       535.6       460.5  
                     
Financial services revenue     59.4       47.4       214.9       181.0  
Financial services expenses     (17.2 )     (14.4 )     (65.8 )     (55.3 )
Operating earnings from financial services     42.2       33.0       149.1       125.7  
                     
Operating earnings     187.4       156.6       684.7       586.2  
Interest expense     (13.8 )     (14.3 )     (52.9 )     (56.1 )
Other income (expense) – net     (0.2 )     (0.8 )     (0.9 )     (3.9 )
Earnings before income taxes and equity earnings     173.4       141.5       630.9       526.2  
Income tax expense     (54.9 )     (44.6 )     (199.5 )     (166.7 )
Earnings before equity earnings     118.5       96.9       431.4       359.5  
Equity earnings, net of tax     0.2       -       0.7       0.2  
Net earnings     118.7       96.9       432.1       359.7  
Net earnings attributable to noncontrolling interests     (2.5 )     (2.4 )     (10.2 )     (9.4 )
Net earnings attributable to Snap-on Inc.   $ 116.2     $ 94.5     $ 421.9     $ 350.3  
                     
                     
Net earnings per share attributable to Snap-on Inc.:                
    Basic   $ 2.00     $ 1.63     $ 7.26     $ 6.02  
    Diluted     1.97       1.60       7.14       5.93  
                     
Weighted-average shares outstanding:                
    Basic     58.1       58.1       58.1       58.2  
    Effect of dilutive securities     1.0       1.0       1.0       0.9  
    Diluted     59.1       59.1       59.1       59.1  

 

                   

SNAP-ON INCORPORATED

Supplemental Segment Information
(Amounts in millions)
(unaudited)
                   
                   
    Fourth Quarter     Full Year
    2014     2013     2014     2013
                   
Net sales:                  
Commercial & Industrial Group   $ 298.2     $ 283.2       $ 1,174.8     $ 1,091.0  
Snap-on Tools Group     387.5       351.1         1,455.2       1,358.4  
Repair Systems & Information Group     282.8       264.6         1,095.2       1,009.6  
Segment net sales     968.5       898.9         3,725.2       3,459.0  
Intersegment eliminations     (111.1 )     (101.4 )       (447.5 )     (402.5 )
Total net sales   $ 857.4     $ 797.5       $ 3,277.7     $ 3,056.5  
Financial Services revenue     59.4       47.4         214.9       181.0  
Total revenues   $ 916.8     $ 844.9       $ 3,492.6     $ 3,237.5  
                   
Operating earnings:                  
Commercial & Industrial Group   $ 40.5     $ 37.1       $ 158.6     $ 137.3  
Snap-on Tools Group     63.9       51.0         223.1       194.6  
Repair Systems & Information Group     65.2       60.8         251.2       231.9  
Financial Services     42.2       33.0         149.1       125.7  
Segment operating earnings     211.8       181.9         782.0       689.5  
Corporate     (24.4 )     (25.3 )       (97.3 )     (103.3 )
Operating earnings   $ 187.4     $ 156.6       $ 684.7     $ 586.2  
Interest expense     (13.8 )     (14.3 )       (52.9 )     (56.1 )
Other income (expense) – net     (0.2 )     (0.8 )       (0.9 )     (3.9 )

Earnings before income taxes and equity earnings

  $ 173.4     $ 141.5       $ 630.9     $ 526.2  

 

         
SNAP-ON INCORPORATED
Condensed Consolidated Balance Sheets
(Amounts in millions)
(unaudited)
             
             
        Fiscal Year End
        2014     2013
             
Assets        
  Cash and cash equivalents   $ 132.9     $ 217.6  
  Trade and other accounts receivable – net     550.8       531.6  
  Finance receivables – net     402.4       374.6  
  Contract receivables – net     74.5       68.4  
  Inventories – net     475.5       434.4  
  Deferred income tax assets     101.0       85.4  
  Prepaid expenses and other assets     121.5       84.2  
    Total current assets     1,858.6       1,796.2  
             
  Property and equipment – net     404.5       392.5  
  Deferred income tax assets     93.2       57.1  
  Long-term finance receivables – net     650.5       560.6  
  Long-term contract receivables – net     242.0       217.1  
  Goodwill     810.7       838.8  
  Other intangibles – net     203.3       190.5  
  Other assets     47.3       57.2  
Total assets   $ 4,310.1     $ 4,110.0  
             
Liabilities and Equity        
  Notes payable and current maturities of long-term debt   $ 56.6     $ 113.1  
  Accounts payable     145.0       155.6  
  Accrued benefits     53.8       48.1  
  Accrued compensation     99.2       95.5  
  Franchisee deposits     65.8       59.4  
  Other accrued liabilities     298.3       243.7  
    Total current liabilities     718.7       715.4  
             
  Long-term debt     862.7       858.9  
  Deferred income tax liabilities     159.2       143.8  
  Retiree health care benefits     42.5       41.7  
  Pension liabilities     217.9       135.8  
  Other long-term liabilities     83.8       84.0  
    Total liabilities     2,084.8       1,979.6  
             
  Equity        
    Shareholders' equity attributable to Snap-on Inc.        
    Common stock     67.4       67.4  
    Additional paid-in capital     254.7       225.1  
    Retained earnings     2,637.2       2,324.1  
    Accumulated other comprehensive loss     (248.2 )     (44.8 )
    Treasury stock at cost     (503.3 )     (458.6 )
    Total shareholders' equity attributable to Snap-on Inc.     2,207.8       2,113.2  
    Noncontrolling interests     17.5       17.2  
    Total equity     2,225.3       2,130.4  
Total liabilities and equity   $ 4,310.1     $ 4,110.0  

 

         
SNAP-ON INCORPORATED
Condensed Consolidated Statements of Cash Flows
(Amounts in millions)
(unaudited)
               
               
          Fourth Quarter
          2014     2013
Operating activities:        
Net earnings   $ 118.7     $ 96.9  

Adjustments to reconcile net earnings to net cash provided (used) by operating activities:

       
  Depreciation     14.2       12.9  
  Amortization of other intangibles     6.3       6.1  
  Provision for losses on finance receivables     7.6       5.4  
  Provision for losses on non-finance receivables     3.6       2.5  
  Stock-based compensation expense     10.8       9.6  
  Excess tax benefits from stock-based compensation     (3.6 )     (3.3 )
  Deferred income tax provision     6.3       6.7  
  Loss on sale of assets     0.2       -  
Changes in operating assets and liabilities:        
  (Increase) decrease in trade and other accounts receivable     4.3       (14.2 )
  Increase in contract receivables     (5.8 )     (2.3 )
  (Increase) decrease in inventories     (3.6 )     3.5  
  (Increase) decrease in prepaid and other assets     (18.7 )     15.2  
  Decrease in accounts payable     (23.6 )     (8.3 )
  Decrease in accruals and other liabilities     (19.5 )     (8.2 )
Net cash provided by operating activities     97.2       122.5  
               
Investing activities:        
  Additions to finance receivables     (197.0 )     (168.9 )
  Collections of finance receivables     166.3       135.1  
  Capital expenditures     (17.3 )     (19.9 )
  Disposal of property and equipment     0.2       7.7  
  Other     1.8       1.5  
Net cash used by investing activities     (46.0 )     (44.5 )
               
Financing activities:        
  Proceeds from short-term borrowings     -       1.7  
  Repayments of short-term borrowings     -       (1.9 )
  Net decrease in other short-term borrowings     (1.5 )     (4.0 )
  Cash dividends paid     (30.8 )     (25.5 )
  Purchases of treasury stock     (11.8 )     (15.1 )
  Proceeds from stock purchase and option plans     2.2       1.3  
  Excess tax benefits from stock-based compensation     3.6       3.3  
  Other     (2.9 )     (2.5 )
Net cash used by financing activities     (41.2 )     (42.7 )
               
Effect of exchange rate changes on cash and cash equivalents     (1.8 )     (0.2 )
Increase in cash and cash equivalents     8.2       35.1  
               
Cash and cash equivalents at beginning of period     124.7       182.5  
Cash and cash equivalents at end of year   $ 132.9     $ 217.6  
               
Supplemental cash flow disclosures:        
  Cash paid for interest   $ (1.7 )   $ (1.6 )
  Net cash paid for income taxes     (55.3 )     (45.6 )

 

         
SNAP-ON INCORPORATED
Condensed Consolidated Statements of Cash Flows
(Amounts in millions)
(unaudited)
               
               
          Full Year
          2014     2013
Operating activities:        
Net earnings   $ 432.1     $ 359.7  

Adjustments to reconcile net earnings to net cash provided (used) by operating activities:

       
  Depreciation     54.8       51.2  
  Amortization of other intangibles     24.7       25.5  
  Provision for losses on finance receivables     27.4       20.4  
  Provision for losses on non-finance receivables     14.3       10.4  
  Stock-based compensation expense     38.1       38.5  
  Excess tax benefits from stock-based compensation     (13.9 )     (9.8 )
  Deferred income tax provision     3.2       9.5  
  Loss on sale of assets     0.4       -  
Changes in operating assets and liabilities, net of effects of acquisitions:        
  Increase in trade and other accounts receivable     (57.4 )     (42.0 )
  Increase in contract receivables     (37.5 )     (33.7 )
  Increase in inventories     (61.1 )     (32.0 )
  Increase in prepaid and other assets     (50.9 )     (10.3 )
  Increase (decrease) in accounts payable     (7.0 )     8.4  
  Increase (decrease) in accruals and other liabilities     30.7       (3.2 )
Net cash provided by operating activities     397.9       392.6  
               
Investing activities:        
  Additions to finance receivables     (746.2 )     (651.3 )
  Collections of finance receivables     591.4       508.8  
  Capital expenditures     (80.6 )     (70.6 )
  Acquisitions of businesses     (41.3 )     (38.2 )
  Disposal of property and equipment     0.8       8.4  
  Other     2.7       (7.5 )
Net cash used by investing activities     (273.2 )     (250.4 )
               
Financing activities:        
  Repayment of long-term debt     (100.0 )     -  
  Proceeds from short-term borrowings     4.9       3.3  
  Repayments of short-term borrowings     (1.6 )     (2.4 )
  Net increase in other short-term borrowings     41.7       8.1  
  Cash dividends paid     (107.6 )     (92.0 )
  Purchases of treasury stock     (79.3 )     (82.6 )
  Proceeds from stock purchase and option plans     33.0       29.2  
  Excess tax benefits from stock-based compensation     13.9       9.8  
  Other     (11.9 )     (11.2 )
Net cash used by financing activities     (206.9 )     (137.8 )
               
Effect of exchange rate changes on cash and cash equivalents     (2.5 )     (1.3 )
Increase (decrease) in cash and cash equivalents     (84.7 )     3.1  
               
Cash and cash equivalents at beginning of year     217.6       214.5  
Cash and cash equivalents at end of year   $ 132.9     $ 217.6  
               
Supplemental cash flow disclosures:        
  Cash paid for interest   $ (52.8 )   $ (55.5 )
  Net cash paid for income taxes     (191.2 )     (162.9 )

 

                 
SNAP-ON INCORPORATED
Supplemental Consolidating Data - Condensed Statements of Earnings
(Amounts in millions)
(unaudited)
                     
                     
        Operations*   Financial Services
        Fourth Quarter   Fourth Quarter
        2014     2013     2014     2013
                     
Net sales   $ 857.4     $ 797.5     $ -     $ -  
Cost of goods sold     (446.1 )     (419.0 )     -       -  
Gross profit     411.3       378.5       -       -  
Operating expenses     (266.1 )     (254.9 )     -       -  
Operating earnings before financial services     145.2       123.6       -       -  
                     
Financial services revenue     -       -       59.4       47.4  
Financial services expenses     -       -       (17.2 )     (14.4 )
Operating earnings from financial services     -       -       42.2       33.0  
                     
Operating earnings     145.2       123.6       42.2       33.0  
Interest expense     (13.6 )     (14.1 )     (0.2 )     (0.2 )
Intersegment interest income (expense) – net     15.3       12.5       (15.3 )     (12.5 )
Other income (expense) – net     (0.2 )     (0.8 )     -       -  
Earnings before income taxes and equity earnings     146.7       121.2       26.7       20.3  
Income tax expense     (45.1 )     (37.2 )     (9.8 )     (7.4 )
Earnings before equity earnings     101.6       84.0       16.9       12.9  

Financial services – net earnings

               
attributable to Snap-on Inc.     16.9       12.9       -       -  
Equity earnings, net of tax     0.2       -       -       -  
Net earnings     118.7       96.9       16.9       12.9  
Net earnings attributable to noncontrolling interests     (2.5 )     (2.4 )     -       -  
Net earnings attributable to Snap-on Inc.   $ 116.2     $ 94.5     $ 16.9     $ 12.9  
                     

* Snap-on Inc. with Financial Services on the equity method.

Transactions between the Operations and Financial Services businesses 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
        2014     2013     2014     2013
                     
Net sales   $ 3,277.7     $ 3,056.5     $ -     $ -  
Cost of goods sold     (1,693.4 )     (1,583.6 )     -       -  
Gross profit     1,584.3       1,472.9       -       -  
Operating expenses     (1,048.7 )     (1,012.4 )     -       -  
Operating earnings before financial services     535.6       460.5       -       -  
                     
Financial services revenue     -       -       214.9       181.0  
Financial services expenses     -       -       (65.8 )     (55.3 )
Operating earnings from financial services     -       -       149.1       125.7  
                     
Operating earnings     535.6       460.5       149.1       125.7  
Interest expense     (52.2 )     (54.6 )     (0.7 )     (1.5 )
Intersegment interest income (expense) – net     56.7       47.7       (56.7 )     (47.7 )
Other income (expense) – net     (0.8 )     (4.0 )     (0.1 )     0.1  
Earnings before income taxes and equity earnings     539.3       449.6       91.6       76.6  
Income tax expense     (165.8 )     (138.6 )     (33.7 )     (28.1 )
Earnings before equity earnings     373.5       311.0       57.9       48.5  
Financial services – net earnings                
attributable to Snap-on Inc.     57.9       48.5       -       -  
Equity earnings, net of tax     0.7       0.2       -       -  
Net earnings     432.1       359.7       57.9       48.5  
Net earnings attributable to noncontrolling interests     (10.2 )     (9.4 )     -       -  
Net earnings attributable to Snap-on Inc.   $ 421.9     $ 350.3     $ 57.9     $ 48.5  
                     

* Snap-on Inc. with Financial Services on the equity method.

Transactions between the Operations and Financial Services businesses 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
        2014     2013     2014     2013
                     
Assets                
  Cash and cash equivalents   $ 132.8   $ 214.4   $ 0.1   $ 3.2
  Intersegment receivables     16.0     15.3     -     -
  Trade and other accounts receivable – net     550.5     531.1     0.3     0.5
  Finance receivables – net     -     -     402.4     374.6
  Contract receivables – net     7.6     7.0     66.9     61.4
  Inventories – net     475.5     434.4     -     -
  Deferred income tax assets     85.4     71.1     15.6     14.3
  Prepaid expenses and other assets     125.5     88.1     0.9     1.3
    Total current assets     1,393.3     1,361.4     486.2     455.3
                     
  Property and equipment – net     403.4     390.9     1.1     1.6
  Investment in Financial Services     218.9     193.7     -     -
  Deferred income tax assets     92.9     56.8     0.3     0.3
  Intersegment long-term notes receivable     232.1     9.6     -     -
  Long-term finance receivables – net     -     -     650.5     560.6
  Long-term contract receivables – net     12.8     12.0     229.2     205.1
  Goodwill     810.7     838.8     -     -
  Other intangibles – net     203.3     190.5     -     -
  Other assets     50.9     58.9     1.0     1.1
Total assets   $ 3,418.3   $ 3,112.6   $ 1,368.3   $ 1,224.0
                     
Liabilities and Equity                
  Notes payable and current maturities of long-term debt   $ 56.6   $ 13.1   $ -   $ 100.0
  Accounts payable     144.7     150.7     0.3     4.9
  Intersegment payables     -     -     16.0     15.3
  Accrued benefits     53.8     48.1     -     -
  Accrued compensation     95.2     91.9     4.0     3.6
  Franchisee deposits     65.8     59.4     -     -
  Other accrued liabilities     285.0     229.5     18.2     22.2
    Total current liabilities     701.1     592.7     38.5     146.0
                     
  Long-term debt and intersegment long-term debt     -     -     1,094.8     868.5
  Deferred income tax liabilities     158.6     142.7     0.6     1.1
  Retiree health care benefits     42.5     41.7     -     -
  Pension liabilities     217.9     135.8     -     -
  Other long-term liabilities     72.9     69.3     15.5     14.7
    Total liabilities     1,193.0     982.2     1,149.4     1,030.3
                     
  Total shareholders' equity attributable to Snap-on Inc.     2,207.8     2,113.2     218.9     193.7
  Noncontrolling interests     17.5     17.2     -     -
    Total equity     2,225.3     2,130.4     218.9     193.7
Total liabilities and equity   $ 3,418.3   $ 3,112.6   $ 1,368.3   $ 1,224.0
                     

* Snap-on Inc. with Financial Services on the equity method.

Transactions between the Operations and Financial Services businesses were eliminated to arrive at the consolidated financial statements.

SOURCE Snap-on Incorporated

Contacts:

Leslie Kratcoski
Snap-on Incorporated
Investor Relations
262/656-6121

Richard Secor
Snap-on Incorporated
Media Relations
262/656-5561

###

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