Snap-on Announces Second Quarter 2016 Results

  • Diluted EPS of $2.36 increases 16.3%;
  • Operating earnings before financial services of 19.1% of sales up 140 basis points;
  • Reported net sales up 2.4%; Organic net sales up 2.9%

KENOSHA, Wis. - (BUSINESS WIRE) - July 21, 2016 - 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 2016.

  • Net sales of $872.3 million increased $20.5 million, or 2.4%, from 2015 levels; excluding $10.2 million(120 basis points) of unfavorable foreign currency translation and $5.9 million (70 basis points) of acquisition-related sales, organic sales increased $24.8 million or 2.9%. (See “Non-GAAP Measures” below for a definition of, and further information on, organic sales.)
  • Operating earnings before financial services of $166.4 million increased 140 basis points to 19.1% of sales as compared to $150.8 million, or 17.7% of sales, last year.
  • Financial services operating earnings of $49.5 million increased $8.1 million, or 19.6%, from 2015 levels; financial services revenue of $69.3 million increased 18.1% from 2015 levels.
  • Consolidated operating earnings of $215.9 million improved to 22.9% of revenues (net sales plus financial services revenue) as compared to $192.2 million, or 21.1% of revenues, last year.
  • The second quarter effective income tax rate was 31.0% in 2016 and 32.0% in 2015.
  • Net earnings of $140.1 million, or $2.36 per diluted share, compared to net earnings of $120.0 million, or $2.03 per diluted share, a year ago.

“We believe our second quarter results continue to confirm Snap-on’s capabilities in serving serious professionals performing critical tasks in workplaces of consequence around the world,” said Nick Pinchuk, Snap-on chairman and chief executive officer. “This performance, which includes 2.9% organic sales growth and a 16.3% increase in diluted earnings per share, demonstrates further progress along our defined runways for coherent growth and ongoing strength in automotive repair while overcoming continuing headwinds in certain challenging end markets and geographies. The 140 basis point improvement in operating margin before financial services also reflects contributions from our Snap-on Value Creation Processes, which drive our ongoing improvements in safety, quality, customer connection, innovation and rapid continuous improvement. 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 $285.7 million in the quarter decreased $10.1 million, or 3.4%, from 2015 levels. Excluding $4.2 million of unfavorable foreign currency translation, organic sales declined $5.9 million, or 2.0%, as lower sales to customers in critical industries were partially offset by gains in the segment’sAsia/Pacific and power tools operations, as well as higher sales from the segment’s European-based hand tools business.

Operating earnings of $39.3 million in the period, including $1.0 million of unfavorable foreign currency effects, decreased $2.9 million from 2015 levels, and the operating margin (operating earnings as a percentage of segment sales) of 13.8% declined 50 basis points from 14.3% a year ago.

Snap-on Tools Group segment sales of $416.7 million in the quarter rose $18.0 million, or 4.5%, from 2015 levels. Excluding $4.7 million of unfavorable foreign currency translation, organic sales were up 5.8%, reflecting similar sales increases in both the company’s U.S. and international franchise operations.

Operating earnings of $76.3 million in the period, including $4.1 million of unfavorable foreign currency effects, increased $8.3 million from 2015 levels, and the operating margin of 18.3% improved 120 basis points from 17.1% a year ago.

Repair Systems & Information Group segment sales of $295.2 million in the quarter rose $17.8 million, or 6.4%, from 2015 levels. Excluding $5.9 million of acquisition-related sales and $2.3 million of unfavorable foreign currency translation, organic sales increased $14.2 million, or 5.2%, due to higher sales of diagnostic and repair information products to independent repair shop owners and managers, increased sales of undercar equipment and higher sales to OEM dealerships.

Operating earnings of $74.5 million in the period, including $1.0 million of unfavorable foreign currency effects, increased $6.8 million from 2015 levels, and the operating margin of 25.2% improved 80 basis points from 24.4% a year ago.

Financial Services operating earnings of $49.5 million on revenue of $69.3 million in the quarter compared to operating earnings of $41.4 million on revenue of $58.7 million a year ago.

Corporate expenses of $23.7 million in the quarter declined $3.4 million from $27.1 million last year, primarily due to lower stock-based (mark-to-market) compensation and pension expense.

Outlook

Snap-on expects to make continued progress in 2016 along its defined runways for coherent growth, leveraging capabilities already demonstrated in the automotive repair arena and developing and expanding its professional customer base, not only in automotive repair, but also in adjacent markets, additional geographies and other areas, including in critical industries, where the cost and penalties for failure can be high. In pursuit of these initiatives, Snap-on continues to expect that capital expenditures in 2016 will be in a range of $80 million to $90 million. Snap-on also continues to anticipate that its full year 2016 effective income tax rate will be comparable to its 2015 full year rate.

Conference Call and Webcast on July 21, 2016, at 9:00 a.m. Central Time

A discussion of this release will be webcast on Thursday, July 21, 2016, at 9:00 a.m. Central Time, and a replay will be available for at least 10 days following the call. To access the webcast, visit http://www.snapon.com/sna and click on the link to the webcast. The slide presentation accompanying the call can be accessed under the Downloads tab in the webcast viewer, as well as on the Snap-on website under the tabs Investor Information / Investor Events / Company Presentations.

Non-GAAP Measures

References in this document to “organic sales” refer to sales from continuing operations calculated in accordance with generally accepted accounting principles in the United States (“GAAP”), excluding acquisition-related sales and the impact of foreign currency translation. Snap-on has significant international operations and is subject to risks inherent with foreign operations, including foreign currency translation fluctuations. 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. Products and services are sold through the company’s franchisee, company-direct, distributor and internet channels. Founded in 1920, Snap-on is a $3.4 billion, S&P 500 company headquartered in Kenosha, Wisconsin.

Forward-looking Statements

Statements in this news release that are not historical facts, including statements that (i) are in the future tense; (ii) include the words “expects,” “anticipates,” “intends,” “approximates,” or similar words that reference Snap-on or its management; (iii) are specifically identified as forward-looking; or (iv) describe Snap-on’s or management’s future outlook, plans, estimates, objectives or goals, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Snap-on cautions the reader that this news release may contain statements, including earnings projections, that are forward-looking in nature and were developed by management in good faith and, accordingly, are subject to risks and uncertainties regarding Snap-on’s expected results that could cause (and in some cases have caused) actual results to differ materially from those described or contemplated in any forward-looking statement. Factors that may cause the company’s actual results to differ materially from those contained in the forward-looking statements include those found in the company’s reports filed with the Securities and Exchange Commission, including the information under the “Safe Harbor” and “Risk Factors” headings in its Annual Report on Form 10-K for the fiscal year ended January 2, 2016, which are incorporated herein by reference. Snap-on disclaims any responsibility to update any forward-looking statement provided in this news release, except as required by law.

For additional information, please visit www.snapon.com.

SNAP-ON INCORPORATED
Condensed Consolidated Statements of Earnings
(Amounts in millions, except per share data)
(unaudited)
                   
                   
                   
    Three Months Ended     Six Months Ended
    July 2,   July 4,     July 2,   July 4,
    2016   2015     2016   2015
                   
Net sales   $ 872.3     $ 851.8       $ 1,706.5     $ 1,679.6  
Cost of goods sold     (441.0 )     (432.8 )       (859.9 )     (850.5 )
Gross profit     431.3       419.0         846.6       829.1  
Operating expenses     (264.9 )     (268.2 )       (524.8 )     (540.4 )
Operating earnings before financial services     166.4       150.8         321.8       288.7  
                   
Financial services revenue     69.3       58.7         135.6       116.1  
Financial services expenses     (19.8 )     (17.3 )       (39.1 )     (34.4 )
Operating earnings from financial services     49.5       41.4         96.5       81.7  
                   
Operating earnings     215.9       192.2         418.3       370.4  
Interest expense     (12.9 )     (12.9 )       (26.0 )     (25.9 )
Other income (expense) – net     1.2       (0.7 )       0.5       (1.4 )
Earnings before income taxes and equity earnings     204.2       178.6         392.8       343.1  
Income tax expense     (62.2 )     (56.2 )       (119.8 )     (108.0 )
Earnings before equity earnings     142.0       122.4         273.0       235.1  
Equity earnings, net of tax     1.4       0.6         1.7       1.1  
Net earnings     143.4       123.0         274.7       236.2  
Net earnings attributable to noncontrolling interests     (3.3 )     (3.0 )       (6.3 )     (5.7 )
Net earnings attributable to Snap-on Inc.   $ 140.1     $ 120.0       $ 268.4     $ 230.5  
                   
                   
Net earnings per share attributable to Snap-on Inc.:                  
Basic   $ 2.41     $ 2.07       $ 4.62     $ 3.97  
Diluted     2.36       2.03         4.52       3.90  
                   
Weighted-average shares outstanding:                  
Basic     58.1       58.1         58.1       58.1  
Effect of dilutive securities     1.3       1.0         1.3       1.0  
Diluted     59.4       59.1         59.4       59.1  

 

                   
SNAP-ON INCORPORATED
Supplemental Segment Information
(Amounts in millions)
(unaudited)
                   
                   
    Three Months Ended     Six Months Ended
    July 2,   July 4,     July 2,   July 4,
    2016   2015     2016   2015
                   
Net sales:                  
Commercial & Industrial Group   $ 285.7     $ 295.8       $ 572.7     $ 593.3  
Snap-on Tools Group     416.7       398.7         819.2       776.9  
Repair Systems & Information Group     295.2       277.4         574.0       549.7  
Segment net sales     997.6       971.9         1,965.9       1,919.9  
Intersegment eliminations     (125.3 )     (120.1 )       (259.4 )     (240.3 )
Total net sales   $ 872.3     $ 851.8       $ 1,706.5     $ 1,679.6  
Financial Services revenue     69.3       58.7         135.6       116.1  
Total revenues   $ 941.6     $ 910.5       $ 1,842.1     $ 1,795.7  
                   
Operating earnings:                  
Commercial & Industrial Group   $ 39.3     $ 42.2       $ 80.4     $ 86.2  
Snap-on Tools Group     76.3       68.0         143.0       127.8  
Repair Systems & Information Group     74.5       67.7         143.5       131.6  
Financial Services     49.5       41.4         96.5       81.7  
Segment operating earnings     239.6       219.3         463.4       427.3  
Corporate     (23.7 )     (27.1 )       (45.1 )     (56.9 )
Operating earnings   $ 215.9     $ 192.2       $ 418.3     $ 370.4  
Interest expense     (12.9 )     (12.9 )       (26.0 )     (25.9 )
Other income (expense) – net     1.2       (0.7 )       0.5       (1.4 )

Earnings before income taxes and equity earnings

  $ 204.2     $ 178.6       $ 392.8     $ 343.1  

 

           
SNAP-ON INCORPORATED
Condensed Consolidated Balance Sheets
(Amounts in millions)
(unaudited)
           
           
    July 2,     January 2,
    2016     2016
           
Assets          
Cash and cash equivalents   $ 119.9       $ 92.8  
Trade and other accounts receivable – net     565.9         562.5  
Finance receivables – net     463.5         447.3  
Contract receivables – net     76.4         82.1  
Inventories – net     507.1         497.8  
Prepaid expenses and other assets     119.6         106.3  
Total current assets     1,852.4         1,788.8  
           
Property and equipment – net     418.5         413.5  
Deferred income tax assets     61.6         60.4  
Long-term finance receivables – net     868.2         772.7  
Long-term contract receivables – net     276.6         266.6  
Goodwill     788.2         790.1  
Other intangibles – net     189.2         195.0  
Other assets     50.4         44.0  
Total assets   $ 4,505.1       $ 4,331.1  
           
Liabilities and Equity          
Notes payable and current maturities of long-term debt   $ 174.4       $ 18.4  
Accounts payable     169.1         148.3  
Accrued benefits     44.9         52.1  
Accrued compensation     73.9         91.0  
Franchisee deposits     68.9         64.4  
Other accrued liabilities     321.9         296.0  
Total current liabilities     853.1         670.2  
           
Long-term debt     715.2         861.7  
Deferred income tax liabilities     13.5         14.3  
Retiree health care benefits     36.1         37.9  
Pension liabilities     193.2         227.8  
Other long-term liabilities     92.4         88.5  
Total liabilities     1,903.5         1,900.4  
           
Equity          
Shareholders' equity attributable to Snap-on Inc.          
Common stock     67.4         67.4  
Additional paid-in capital     311.1         296.3  
Retained earnings     3,183.9         2,986.9  
Accumulated other comprehensive loss     (369.8 )       (364.2 )
Treasury stock at cost     (609.0 )       (573.7 )
Total shareholders' equity attributable to Snap-on Inc.     2,583.6         2,412.7  
Noncontrolling interests     18.0         18.0  
Total equity     2,601.6         2,430.7  
Total liabilities and equity   $ 4,505.1       $ 4,331.1  

 

           
SNAP-ON INCORPORATED          
Condensed Consolidated Statements of Cash Flows          
(Amounts in millions)          
(unaudited)          
           
    Three Months Ended
    July 2,     July 4,
    2016     2015
Operating activities:          
Net earnings   $ 143.4       $ 123.0  

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

         
Depreciation     15.5         14.4  
Amortization of other intangibles     6.2         6.2  
Provision for losses on finance receivables     10.3         7.3  
Provision for losses on non-finance receivables     1.5         3.0  
Stock-based compensation expense     8.4         11.6  
Excess tax benefits from stock-based compensation     -         (3.0 )
Deferred income tax benefit     (15.1 )       (7.6 )
Loss on sale of assets     -         0.3  
Changes in operating assets and liabilities:          
Increase in trade and other accounts receivable     (1.0 )       (6.6 )
Increase in contract receivables     (5.8 )       (6.4 )
Increase in inventories     (2.1 )       (11.8 )
Increase in prepaid and other assets     (9.3 )       (11.4 )
Increase in accounts payable     9.1         2.9  
Increase in accruals and other liabilities     1.0         38.4  
Net cash provided by operating activities     162.1         160.3  
           
Investing activities:          
Additions to finance receivables     (244.2 )       (217.2 )
Collections of finance receivables     167.3         159.1  
Capital expenditures     (20.6 )       (27.7 )
Disposal of property and equipment     1.2         0.4  
Other     1.0         -  
Net cash used by investing activities     (95.3 )       (85.4 )
           
Financing activities:          
Proceeds from notes payable     -         1.6  
Repayments of notes payable     -         (1.6 )
Net increase (decrease) in other short-term borrowings     3.8         (17.6 )
Cash dividends paid     (35.5 )       (30.8 )
Purchases of treasury stock     (35.4 )       (37.2 )
Proceeds from stock purchase and option plans     18.5         22.0  
Excess tax benefits from stock-based compensation     -         3.0  
Other     (4.0 )       (4.3 )
Net cash used by financing activities     (52.6 )       (64.9 )
           
Effect of exchange rate changes on cash and cash equivalents     (0.6 )       0.2  
Increase in cash and cash equivalents     13.6         10.2  
           
Cash and cash equivalents at beginning of period     106.3         114.4  
Cash and cash equivalents at end of period   $ 119.9       $ 124.6  
           
Supplemental cash flow disclosures:          
Cash paid for interest   $ (1.6 )     $ (1.7 )
Net cash paid for income taxes     (88.8 )       (45.7 )

 

           
SNAP-ON INCORPORATED
Condensed Consolidated Statements of Cash Flows
(Amounts in millions)
(unaudited)
           
    Six Months Ended
    July 2,     July 4,
    2016     2015
Operating activities:          
Net earnings   $ 274.7       $ 236.2  

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

         
Depreciation     30.4         28.2  
Amortization of other intangibles     12.3         12.4  
Provision for losses on finance receivables     19.6         14.4  
Provision for losses on non-finance receivables     4.7         7.9  
Stock-based compensation expense     14.2         23.1  
Excess tax benefits from stock-based compensation     -         (14.0 )
Deferred income tax provision (benefit)     (5.7 )       3.1  
Loss on sale of assets     -         0.3  
Changes in operating assets and liabilities:          
Increase in trade and other accounts receivable     (5.8 )       (26.8 )
Increase in contract receivables     (5.5 )       (9.7 )
Increase in inventories     (12.0 )       (35.8 )
Increase in prepaid and other assets     (24.8 )       (38.4 )
Increase in accounts payable     24.1         27.8  
Increase (decrease) in accruals and other liabilities     (22.5 )       9.7  
Net cash provided by operating activities     303.7         238.4  
           
Investing activities:          
Additions to finance receivables     (475.1 )       (416.0 )
Collections of finance receivables     341.4         319.3  
Capital expenditures     (40.1 )       (45.8 )
Disposal of property and equipment     1.4         0.4  
Other     (2.5 )       (2.8 )
Net cash used by investing activities     (174.9 )       (144.9 )
           
Financing activities:          
Proceeds from notes payable     -         1.6  
Repayments of notes payable     (0.8 )       (1.6 )
Net increase in other short-term borrowings     7.4         5.2  
Cash dividends paid     (70.9 )       (61.7 )
Purchases of treasury stock     (58.5 )       (86.9 )
Proceeds from stock purchase and option plans     28.4         36.5  
Excess tax benefits from stock-based compensation     -         14.0  
Other     (7.5 )       (7.3 )
Net cash used by financing activities     (101.9 )       (100.2 )
           
Effect of exchange rate changes on cash and cash equivalents     0.2         (1.6 )
Increase (decrease) in cash and cash equivalents     27.1         (8.3 )
           
Cash and cash equivalents at beginning of year     92.8         132.9  
Cash and cash equivalents at end of period   $ 119.9       $ 124.6  
           
Supplemental cash flow disclosures:          
Cash paid for interest   $ (25.5 )     $ (25.4 )
Net cash paid for income taxes     (106.5 )       (66.4 )

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's") non-financial services ("Operations") and "Financial Services" businesses.
 
The supplemental Operations data reflects the results of operations and financial position of Snap-on's tools, diagnostic and equipment products, software and other non-financial services operations with Financial Services on the equity method. The supplemental Financial Services data reflects the results of operations and financial position of Snap-on's U.S. and international financial services operations. The financing needs of Financial Services are met through intersegment borrowings and cash generated from Operations; Financial Services is charged interest expense on intersegment borrowings at market rates. Income taxes are charged to Financial Services on the basis of the specific tax attributes generated by the U.S. and international financial services businesses. Transactions between the Operations and Financial Services businesses were eliminated to arrive at the Condensed Consolidated Financial Statements.

                 
                   
SNAP-ON INCORPORATED
Supplemental Consolidating Data - Condensed Statements of Earnings
(Amounts in millions)
(unaudited)
                   
                   
    Operations*     Financial Services
    Three Months Ended     Three Months Ended
    July 2,   July 4,     July 2,   July 4,
    2016   2015     2016   2015
                   
Net sales   $ 872.3     $ 851.8       $ -     $ -  
Cost of goods sold     (441.0 )     (432.8 )       -       -  
Gross profit     431.3       419.0         -       -  
Operating expenses     (264.9 )     (268.2 )       -       -  
Operating earnings before financial services     166.4       150.8         -       -  
                   
Financial services revenue     -       -         69.3       58.7  
Financial services expenses     -       -         (19.8 )     (17.3 )
Operating earnings from financial services     -       -         49.5       41.4  
                   
Operating earnings     166.4       150.8         49.5       41.4  
Interest expense     (12.8 )     (12.8 )       (0.1 )     (0.1 )
Intersegment interest income (expense) – net     18.3       15.7         (18.3 )     (15.7 )
Other income (expense) – net     1.2       (0.7 )       -       -  
Earnings before income taxes and equity earnings     173.1       153.0         31.1       25.6  
Income tax expense     (50.7 )     (46.8 )       (11.5 )     (9.4 )
Earnings before equity earnings     122.4       106.2         19.6       16.2  

Financial services – net earnings attributable to Snap-on Inc.

    19.6       16.2         -       -  
Equity earnings, net of tax     1.4       0.6         -       -  
Net earnings     143.4       123.0         19.6       16.2  
Net earnings attributable to noncontrolling interests     (3.3 )     (3.0 )       -       -  
Net earnings attributable to Snap-on Inc.   $ 140.1     $ 120.0       $ 19.6     $ 16.2  
                   
* Snap-on Inc. with Financial Services on the equity method.

 

                   
SNAP-ON INCORPORATED
Supplemental Consolidating Data - Condensed Statements of Earnings
(Amounts in millions)
(unaudited)
                   
                   
    Operations*     Financial Services
    Six Months Ended     Six Months Ended
    July 2,   July 4,     July 2,   July 4,
    2016   2015     2016   2015
                   
Net sales   $ 1,706.5     $ 1,679.6       $ -     $ -  
Cost of goods sold     (859.9 )     (850.5 )       -       -  
Gross profit     846.6       829.1         -       -  
Operating expenses     (524.8 )     (540.4 )       -       -  
Operating earnings before financial services     321.8       288.7         -       -  
                   
Financial services revenue     -       -         135.6       116.1  
Financial services expenses     -       -         (39.1 )     (34.4 )
Operating earnings from financial services     -       -         96.5       81.7  
                   
Operating earnings     321.8       288.7         96.5       81.7  
Interest expense     (25.8 )     (25.7 )       (0.2 )     (0.2 )
Intersegment interest income (expense) – net     35.6       30.7         (35.6 )     (30.7 )
Other income (expense) – net     0.5       (1.4 )       -       -  
Earnings before income taxes and equity earnings     332.1       292.3         60.7       50.8  
Income tax expense     (97.4 )     (89.3 )       (22.4 )     (18.7 )
Earnings before equity earnings     234.7       203.0         38.3       32.1  

Financial services – net earnings attributable to Snap-on Inc.

    38.3       32.1         -       -  
Equity earnings, net of tax     1.7       1.1         -       -  
Net earnings     274.7       236.2         38.3       32.1  
Net earnings attributable to noncontrolling interests     (6.3 )     (5.7 )       -       -  
Net earnings attributable to Snap-on Inc.   $ 268.4     $ 230.5       $ 38.3     $ 32.1  
                   
* Snap-on Inc. with Financial Services on the equity method.          

 

                 
SNAP-ON INCORPORATED
Supplemental Consolidating Data - Condensed Balance Sheets
(Amounts in millions)
(unaudited)
                 
                 
    Operations*   Financial Services
    July 2,   January 2,   July 2,   January 2,
    2016   2016   2016   2016
                 
Assets                
Cash and cash equivalents   $ 119.7   $ 92.7   $ 0.2   $ 0.1
Intersegment receivables     18.8     15.9     -     -
Trade and other accounts receivable – net     565.6     562.2     0.3     0.3
Finance receivables – net     -     -     463.5     447.3
Contract receivables – net     7.9     8.0     68.5     74.1
Inventories – net     507.1     497.8     -     -
Prepaid expenses and other assets     125.0     111.5     1.5     1.2
Total current assets     1,344.1     1,288.1     534.0     523.0
                 
Property and equipment – net     417.2     412.1     1.3     1.4
Investment in Financial Services     270.9     251.8     -     -
Deferred income tax assets     40.0     40.6     21.6     19.8
Intersegment long-term notes receivable     489.4     398.7     -     -
Long-term finance receivables – net     -     -     868.2     772.7
Long-term contract receivables – net     11.3     12.1     265.3     254.5
Goodwill     788.2     790.1     -     -
Other intangibles – net     189.2     195.0     -     -
Other assets     58.1     49.9     0.1     1.0
Total assets   $ 3,608.4   $ 3,438.4   $ 1,690.5   $ 1,572.4
                 
Liabilities and Equity                
Notes payable and current maturities of long-term debt   $ 24.4   $ 18.4   $ 150.0   $ -
Accounts payable     169.0     148.2     0.1     0.1
Intersegment payables     -     -     18.8     15.9
Accrued benefits     44.9     52.1     -     -
Accrued compensation     71.5     86.9     2.4     4.1
Franchisee deposits     68.9     64.4     -     -
Other accrued liabilities     300.3     277.4     28.5     25.0
Total current liabilities     679.0     647.4     199.8     45.1
                 
Long-term debt and intersegment long-term debt     -     -     1,204.6     1,260.4
Deferred income tax liabilities     13.5     14.1     -     0.2
Retiree health care benefits     36.1     37.9     -     -
Pension liabilities     193.2     227.8     -     -
Other long-term liabilities     85.0     80.5     15.2     14.9
Total liabilities     1,006.8     1,007.7     1,419.6     1,320.6
                 
Total shareholders' equity attributable to Snap-on Inc.     2,583.6     2,412.7     270.9     251.8
Noncontrolling interests     18.0     18.0     -     -
Total equity     2,601.6     2,430.7     270.9     251.8
Total liabilities and equity   $ 3,608.4   $ 3,438.4   $ 1,690.5   $ 1,572.4
                 
* Snap-on Inc. with Financial Services on the equity method.

SOURCE Snap-on Incorporated

Contacts:

Leslie Kratcoski
Snap-on Incorporated
Investors:
262/656-6121

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

###

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