Snap-on Announces Second Quarter 2017 Results

  • Diluted EPS of $2.60 increases 10.2%;
  • Operating earnings before financial services of 19.9% of sales up 80 basis points;
  • Reported net sales up 5.6%; Organic net sales up 2.7%

KENOSHA, Wis. - (BUSINESS WIRE) - Jul. 20, 2017 - Snap-on Incorporated (NYSE: SNA), a leading global innovator, manufacturer and marketer of tools, equipment, diagnostics, repair information and systems solutions for professional users performing critical tasks, today announced operating results for the second quarter of 2017.

  • Net sales of $921.4 million increased $49.1 million, or 5.6%, from 2016 levels, reflecting a $23.2 million, or 2.7%, organic sales gain and $38.4 million of acquisition-related sales, partially offset by $12.5 million of unfavorable foreign currency translation. (See “Non-GAAP Measures” below for a definition of, and further explanation about, organic sales.)
  • Operating earnings before financial services of $183.7 million improved 80 basis points to 19.9% of sales as compared to $166.4 million, or 19.1% of sales, last year.
  • Financial services revenue of $77.7 million increased $8.4 million from 2016 levels; financial services operating earnings of $54.6 million increased from $49.5 million last year.
  • Consolidated operating earnings of $238.3 million improved 100 basis points to 23.9% of revenues (net sales plus financial services revenue) as compared to $215.9 million, or 22.9% of revenues, last year.
  • The second quarter effective income tax rate was 30.6% in 2017 and 31.0% in 2016.
  • Net earnings of $153.2 million, or $2.60 per diluted share, compared to net earnings of $140.1 million, or $2.36 per diluted share, a year ago.

“We believe diluted earnings per share growth of 10.2% and a net sales increase of 5.6%, including an organic sales rise of 2.7%, represent encouraging results for the second quarter and confirm our success in serving serious professionals performing critical tasks,” said Nick Pinchuk, Snap-on chairman and chief executive officer. “Our year-over-year improvement in operating margin before financial services reflects ongoing progress through our Snap-on Value Creation Processes. At the same time, these results also demonstrate continued advancement along our strategic runways for growth, as indicated by the notable increase in activity in the quarter. Despite some sales headwinds in the quarter for the Snap-on Tools Group, we believe the vehicle repair markets in which we operate remain robust and afford significant ongoing opportunity. Furthermore, our acquisition of Norbar Torque Tools in the second quarter adds to our expanding product offering to customers in critical industries. Finally, these results would not have been possible without the dedication and capability of our franchisees and associates worldwide; I thank them for their extraordinary commitment and ongoing contributions.”

Segment Results

Commercial & Industrial Group segment sales of $310.0 million in the quarter increased $24.3 million, or 8.5%, from 2016 levels, reflecting a $13.3 million, or 4.7%, organic sales gain, $15.9 million of acquisition-related sales, and $4.9 million of unfavorable foreign currency translation. The organic sales increase primarily includes gains in the segment’s European-based hand tools business and higher sales to customers in critical industries.

Operating earnings of $42.7 million in the period increased $3.4 million from 2016 levels, and the operating margin (operating earnings as a percentage of segment sales) was 13.8% in both periods.

Snap-on Tools Group segment sales of $413.8 million in the quarter decreased $2.9 million, or 0.7%, from 2016 levels, reflecting a $2.1 million, or 0.5%, organic sales gain and $5.0 million of unfavorable foreign currency translation.

Operating earnings of $80.6 million in the period, including $3.2 million of unfavorable foreign currency effects, increased $4.3 million from 2016 levels, and the operating margin of 19.5% improved 120 basis points from 18.3% a year ago.

Repair Systems & Information Group segment sales of $338.1 million in the quarter increased $42.9 million, or 14.5%, from 2016 levels, reflecting a $24.1 million, or 8.3%, organic sales gain, $22.5 million of acquisition-related sales and $3.7 million of unfavorable foreign currency translation. The organic sales gain includes higher sales of diagnostics and repair information products to independent repair shop owners and managers, increased sales to OEM dealerships, and higher sales of undercar equipment.

Operating earnings of $81.9 million in the period, including $1.2 million of unfavorable foreign currency effects, increased $7.4 million from 2016 levels, and the operating margin of 24.2% compared to 25.2% a year ago.

Financial Services operating earnings of $54.6 million on revenue of $77.7 million in the quarter compared to operating earnings of $49.5 million on revenue of $69.3 million a year ago. Originations of $270.6 million in the second quarter decreased $10.4 million, or 3.7%, from 2016 levels.

Corporate expenses of $21.5 million in the quarter compared to $23.7 million last year, primarily due to lower pension expense.

Outlook

Snap-on expects to make continued progress in 2017 along its defined runways for coherent growth, leveraging capabilities already demonstrated in the automotive repair arena and developing and expanding its professional customer base, not only in automotive repair, but in adjacent markets, additional geographies and other areas, including extending in critical industries, where the cost and penalties for failure can be high. In pursuit of these initiatives, Snap-on expects that capital expenditures in 2017 will be in a range of $80 million to $90 million, of which $34.4 million was expended in the first six months of the year. Snap-on also anticipates that its full year 2017 effective income tax rate will be comparable to its 2016 full year rate.

Conference Call and Webcast on July 20, 2017, at 9:00 a.m. Central Time

A discussion of this release will be webcast on Thursday, July 20, 2017, at 9:00 a.m. Central Time, and a replay will be available for at least 10 days following the call. To access the webcast, visit http://www.snapon.com/sna and click on the link to the webcast. The slide presentation accompanying the call can be accessed under the Downloads tab in the webcast viewer, as well as on the Snap-on website under the tabs Investor Information / Investor Events / Company Presentations.

Non-GAAP Measures

References in this document to “organic sales” refer to sales from continuing operations calculated in accordance with generally accepted accounting principles in the United States (“GAAP”), adjusted to exclude acquisition-related sales and the impact of foreign currency translation. Management evaluates the company’s sales performance based on organic sales growth, which primarily reflects growth from the company’s existing businesses as a result of increased output, customer base and geographic expansion, new product development and/or pricing, and excludes sales contributions from acquired operations the company did not own as of the comparable prior-year reporting period. The company’s organic sales disclosures also exclude the effects of foreign currency translation as foreign currency translation is subject to volatility that can obscure underlying business trends. Management believes that the non-GAAP financial measure of organic sales is meaningful to investors as it provides them with useful information to aid in identifying underlying growth trends in our businesses and facilitating comparisons of our sales performance with prior periods.

About Snap-on

Snap-on Incorporated is a leading global innovator, manufacturer and marketer of tools, equipment, diagnostics, repair information and systems solutions for professional users performing critical tasks. Products and services include hand and power tools, tool storage, diagnostics software, information and management systems, shop equipment and other solutions for vehicle dealerships and repair centers, as well as for customers in industries, including aviation and aerospace, agriculture, construction, government and military, mining, natural resources, power generation and technical education. Snap-on also derives income from various financing programs to facilitate the sales of its products and support its franchise business. Products and services are sold through the company’s franchisee, company-direct, distributor and internet channels. Founded in 1920, Snap-on is a $3.4 billion, S&P 500 company headquartered in Kenosha, Wisconsin.

Forward-looking Statements

Statements in this news release that are not historical facts, including statements that (i) are in the future tense; (ii) include the words “expects,” “anticipates,” “intends,” “approximates,” or similar words that reference Snap-on or its management; (iii) are specifically identified as forward-looking; or (iv) describe Snap-on’s or management’s future outlook, plans, estimates, objectives or goals, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.Snap-on cautions the reader that this news release may contain statements, including earnings projections, that are forward-looking in nature and were developed by management in good faith and, accordingly, are subject to risks and uncertainties regarding Snap-on’s expected results that could cause (and in some cases have caused) actual results to differ materially from those described or contemplated in any forward-looking statement. Factors that may cause the company’s actual results to differ materially from those contained in the forward-looking statements include those found in the company’s reports filed with the Securities and Exchange Commission, including the information under the “Safe Harbor” and “Risk Factors” headings in its Annual Report on Form 10-K for the fiscal year ended December 31, 2016, which are incorporated herein by reference.Snap-on disclaims any responsibility to update any forward-looking statement provided in this news release, except as required by law.

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

SNAP-ON INCORPORATED
Condensed Consolidated Statements of Earnings
(Amounts in millions, except per share data)
(unaudited)
                         
                         
          Three Months Ended     Six Months Ended
          July 1,   July 2,     July 1,   July 2,
          2017   2016     2017   2016
                         
Net sales     $ 921.4     $ 872.3       $ 1,808.5     $ 1,706.5  
Cost of goods sold       (458.4 )     (441.0 )       (897.5 )     (859.9 )
Gross profit       463.0       431.3         911.0       846.6  
Operating expenses       (279.3 )     (264.9 )       (557.8 )     (524.8 )
Operating earnings before financial services       183.7       166.4         353.2       321.8  
                         
Financial services revenue       77.7       69.3         154.5       135.6  
Financial services expenses       (23.1 )     (19.8 )       (47.4 )     (39.1 )
Operating earnings from financial services       54.6       49.5         107.1       96.5  
                         
Operating earnings       238.3       215.9         460.3       418.3  
Interest expense       (13.0 )     (12.9 )       (25.7 )     (26.0 )
Other income (expense) – net       (1.9 )     1.2         (3.6 )     0.5  
Earnings before income taxes and equity earnings       223.4       204.2         431.0       392.8  
Income tax expense       (67.3 )     (62.2 )       (129.9 )     (119.8 )
Earnings before equity earnings       156.1       142.0         301.1       273.0  
Equity earnings, net of tax       0.7       1.4         0.8       1.7  
Net earnings       156.8       143.4         301.9       274.7  
Net earnings attributable to noncontrolling interests       (3.6 )     (3.3 )       (7.1 )     (6.3 )
Net earnings attributable to Snap-on Inc.     $ 153.2     $ 140.1       $ 294.8     $ 268.4  
                         
                         
Net earnings per share attributable to Snap-on Inc.:                    
    Basic     $ 2.65     $ 2.41       $ 5.09     $ 4.62  
    Diluted       2.60       2.36         4.98       4.52  
                         
Weighted-average shares outstanding:                    
    Basic       57.8       58.1         57.9       58.1  
    Effect of dilutive securities       1.2       1.3         1.3       1.3  
    Diluted       59.0       59.4         59.2       59.4  
                                         

 

SNAP-ON INCORPORATED
Supplemental Segment Information
(Amounts in millions)
(unaudited)
                     
                     
      Three Months Ended     Six Months Ended
      July 1,   July 2,     July 1,   July 2,
      2017   2016     2017   2016
                     
Net sales:                    
Commercial & Industrial Group     $ 310.0     $ 285.7       $ 608.7     $ 572.7  
Snap-on Tools Group       413.8       416.7         823.2       819.2  
Repair Systems & Information Group       338.1       295.2         656.9       574.0  
Segment net sales       1,061.9       997.6         2,088.8       1,965.9  
Intersegment eliminations       (140.5 )     (125.3 )       (280.3 )     (259.4 )
Total net sales     $ 921.4     $ 872.3       $ 1,808.5     $ 1,706.5  
Financial Services revenue       77.7       69.3         154.5       135.6  
Total revenues     $ 999.1     $ 941.6       $ 1,963.0     $ 1,842.1  
                     
Operating earnings:                    
Commercial & Industrial Group     $ 42.7     $ 39.3       $ 84.3     $ 80.4  
Snap-on Tools Group       80.6       76.3         150.9       143.0  
Repair Systems & Information Group       81.9       74.5         160.6       143.5  
Financial Services       54.6       49.5         107.1       96.5  
Segment operating earnings       259.8       239.6         502.9       463.4  
Corporate       (21.5 )     (23.7 )       (42.6 )     (45.1 )
Operating earnings     $ 238.3     $ 215.9       $ 460.3     $ 418.3  
Interest expense       (13.0 )     (12.9 )       (25.7 )     (26.0 )
Other income (expense) – net       (1.9 )     1.2         (3.6 )     0.5  
Earnings before income taxes                    
and equity earnings     $ 223.4     $ 204.2       $ 431.0     $ 392.8  
                                     

 

SNAP-ON INCORPORATED
Condensed Consolidated Balance Sheets
(Amounts in millions)
(unaudited)
                     
                     
            July 1,       December 31,
            2017       2016
                     
Assets                
  Cash and cash equivalents     $ 89.0         $ 77.6  
  Trade and other accounts receivable – net       645.3           598.8  
  Finance receivables – net       496.5           472.5  
  Contract receivables – net       82.4           88.1  
  Inventories – net       601.4           530.5  
  Prepaid expenses and other assets       119.5           116.5  
    Total current assets       2,034.1           1,884.0  
                     
  Property and equipment – net       463.4           425.2  
  Deferred income tax assets       71.8           72.8  
  Long-term finance receivables – net       998.6           934.5  
  Long-term contract receivables – net       299.4           286.7  
  Goodwill       899.2           895.5  
  Other intangibles – net       256.3           184.6  
  Other assets       44.3           39.9  
Total assets     $ 5,067.1         $ 4,723.2  
                     
Liabilities and Equity              
  Notes payable and current maturities of long-term debt     $ 350.2         $ 301.4  
  Accounts payable       202.3           170.9  
  Accrued benefits       43.7           52.8  
  Accrued compensation       69.5           89.8  
  Franchisee deposits       65.7           66.7  
  Other accrued liabilities       342.4           307.9  
    Total current liabilities       1,073.8           989.5  
                     
  Long-term debt       755.6           708.8  
  Deferred income tax liabilities       21.9           13.1  
  Retiree health care benefits       35.1           36.7  
  Pension liabilities       213.9           246.5  
  Other long-term liabilities       93.8           93.4  
    Total liabilities       2,194.1           2,088.0  
                     
  Equity              
    Shareholders' equity attributable to Snap-on Inc.              
    Common stock       67.4           67.4  
    Additional paid-in capital       337.1           317.3  
    Retained earnings       3,597.0           3,384.9  
    Accumulated other comprehensive loss       (397.0 )         (498.5 )
    Treasury stock at cost       (749.6 )         (653.9 )
      Total shareholders' equity attributable to Snap-on Inc.       2,854.9           2,617.2  
    Noncontrolling interests       18.1           18.0  
      Total equity       2,873.0           2,635.2  
Total liabilities and equity     $ 5,067.1         $ 4,723.2  
                       

 

SNAP-ON INCORPORATED
Condensed Consolidated Statements of Cash Flows
(Amounts in millions)

(unaudited)

               
        Three Months Ended
        July 1,     July 2,
        2017     2016
Operating activities:            
Net earnings     $ 156.8       $ 143.4  
Adjustments to reconcile net earnings to net cash provided (used) by            
  operating activities:            
  Depreciation       16.3         15.5  
  Amortization of other intangibles       6.5         6.2  
  Provision for losses on finance receivables       12.8         10.3  
  Provision for losses on non-finance receivables       2.4         1.5  
  Stock-based compensation expense       7.0         8.4  
  Deferred income tax provision       (4.3 )       (15.1 )
Changes in operating assets and liabilities, net of effects of acquisitions:            
  Increase in trade and other accounts receivable       (24.9 )       (1.0 )
  Increase in contract receivables       (3.5 )       (5.8 )
  Increase in inventories       (31.0 )       (2.1 )
  Increase in prepaid and other assets       (2.4 )       (9.3 )
  Increase in accounts payable       7.4         9.1  
  Increase (decrease) in accruals and other liabilities       (16.0 )       1.0  
Net cash provided by operating activities       127.1         162.1  
               
Investing activities:            
  Additions to finance receivables       (231.8 )       (244.2 )
  Collections of finance receivables       179.1         167.3  
  Capital expenditures       (15.8 )       (20.6 )
  Acquisitions of businesses, net of cash acquired       (70.7 )       -  
  Disposals of property and equipment       (0.1 )       1.2  
  Other       0.7         1.0  
Net cash used by investing activities       (138.6 )       (95.3 )
               
Financing activities:            
  Net increase in other short-term borrowings       83.0         3.8  
  Cash dividends paid       (41.1 )       (35.5 )
  Purchases of treasury stock       (86.7 )       (35.4 )
  Proceeds from stock purchase and option plans       20.5         18.5  
  Other       0.9         (4.0 )
Net cash used by financing activities       (23.4 )       (52.6 )
               
Effect of exchange rate changes on cash and cash equivalents       0.9         (0.6 )
Increase (decrease) in cash and cash equivalents       (34.0 )       13.6  
               
Cash and cash equivalents at beginning of period       123.0         106.3  
Cash and cash equivalents at end of period     $ 89.0       $ 119.9  
               
Supplemental cash flow disclosures:            
  Cash paid for interest     $ (0.9 )     $ (1.6 )
  Net cash paid for income taxes       (85.8 )       (88.8 )
                       

 

SNAP-ON INCORPORATED
Condensed Consolidated Statements of Cash Flows
(Amounts in millions)
(unaudited)
               
        Six Months Ended
        July 1,     July 2,
        2017     2016
Operating activities:            
Net earnings     $ 301.9       $ 274.7  
Adjustments to reconcile net earnings to net cash provided (used) by            
  operating activities:            
  Depreciation       32.3         30.4  
  Amortization of other intangibles       13.6         12.3  
  Provision for losses on finance receivables       25.8         19.6  
  Provision for losses on non-finance receivables       4.6         4.7  
  Stock-based compensation expense       14.4         14.2  
  Deferred income tax provision (benefit)       3.1         (5.7 )
  Gain on sales of assets       (0.2 )       -  
  Settlement of treasury lock       14.9         -  
Changes in operating assets and liabilities, net of effects of acquisitions:            
  Increase in trade and other accounts receivable       (26.8 )       (5.8 )
  Increase in contract receivables       (5.6 )       (5.5 )
  Increase in inventories       (48.3 )       (12.0 )
  Increase in prepaid and other assets       (9.9 )       (24.8 )
  Increase in accounts payable       27.7         24.1  
  Decrease in accruals and other liabilities       (28.0 )       (22.5 )
Net cash provided by operating activities       319.5         303.7  
               
Investing activities:            
  Additions to finance receivables       (458.8 )       (475.1 )
  Collections of finance receivables       352.9         341.4  
  Capital expenditures       (34.4 )       (40.1 )
  Acquisitions of businesses, net of cash acquired       (80.2 )       -  
  Disposals of property and equipment       0.9         1.4  
  Other       (0.7 )       (2.5 )
Net cash used by investing activities       (220.3 )       (174.9 )
               
Financing activities:            
  Proceeds from issuance of long-term debt       297.8         -  
  Repayment of long-term debt       (150.0 )       -  
  Repayments of notes payable       -         (0.8 )
  Net increase (decrease) in other short-term borrowings       (52.7 )       7.4  
  Cash dividends paid       (82.3 )       (70.9 )
  Purchases of treasury stock       (122.5 )       (58.5 )
  Proceeds from stock purchase and option plans       34.6         28.4  
  Other       (14.9 )       (7.5 )
Net cash used by financing activities       (90.0 )       (101.9 )
               
Effect of exchange rate changes on cash and cash equivalents       2.2         0.2  
Increase in cash and cash equivalents       11.4         27.1  
               
Cash and cash equivalents at beginning of year       77.6         92.8  
Cash and cash equivalents at end of period     $ 89.0       $ 119.9  
               
Supplemental cash flow disclosures:            
  Cash paid for interest     $ (24.9 )     $ (25.5 )
  Net cash paid for income taxes       (99.8 )       (106.5 )
                       

 

Non-GAAP Supplemental Data

The following non-GAAP supplemental data is presented for informational purposes to provide readers with insight into the information used by management for assessing the operating performance of Snap-on Incorporated's ("Snap-on") non-financial services ("Operations") and "Financial Services" businesses.

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

SNAP-ON INCORPORATED
Non-GAAP Supplemental Consolidating Data - Condensed Statements of Earnings
(Amounts in millions)
(unaudited)
                     
                     
      Operations*     Financial Services
      Three Months Ended     Three Months Ended
      July 1,   July 2,     July 1,   July 2,
      2017   2016     2017   2016
                     
Net sales     $ 921.4     $ 872.3       $ -     $ -  
Cost of goods sold       (458.4 )     (441.0 )       -       -  
Gross profit       463.0       431.3         -       -  
Operating expenses       (279.3 )     (264.9 )       -       -  
Operating earnings before financial services       183.7       166.4         -       -  
                     
Financial services revenue       -       -         77.7       69.3  
Financial services expenses       -       -         (23.1 )     (19.8 )
Operating earnings from financial services       -       -         54.6       49.5  
                     
Operating earnings       183.7       166.4         54.6       49.5  
Interest expense       (12.9 )     (12.8 )       (0.1 )     (0.1 )
Intersegment interest income (expense) – net       17.9       18.3         (17.9 )     (18.3 )
Other income (expense) – net       (1.9 )     1.2         -       -  
Earnings before income taxes and equity earnings       186.8       173.1         36.6       31.1  
Income tax expense       (53.7 )     (50.7 )       (13.6 )     (11.5 )
Earnings before equity earnings       133.1       122.4         23.0       19.6  
Financial services – net earnings                    
attributable to Snap-on       23.0       19.6         -       -  
Equity earnings, net of tax       0.7       1.4         -       -  
Net earnings       156.8       143.4         23.0       19.6  
Net earnings attributable to noncontrolling interests       (3.6 )     (3.3 )       -       -  
Net earnings attributable to Snap-on     $ 153.2     $ 140.1       $ 23.0     $ 19.6  
                     

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

 

 

SNAP-ON INCORPORATED
Non-GAAP Supplemental Consolidating Data - Condensed Statements of Earnings
(Amounts in millions)
(unaudited)
                     
                     
      Operations*     Financial Services
      Six Months Ended     Six Months Ended
      July 1,   July 2,     July 1,   July 2,
      2017   2016     2017   2016
                     
Net sales     $ 1,808.5     $ 1,706.5       $ -     $ -  
Cost of goods sold       (897.5 )     (859.9 )       -       -  
Gross profit       911.0       846.6         -       -  
Operating expenses       (557.8 )     (524.8 )       -       -  
Operating earnings before financial services       353.2       321.8         -       -  
                     
Financial services revenue       -       -         154.5       135.6  
Financial services expenses       -       -         (47.4 )     (39.1 )
Operating earnings from financial services       -       -         107.1       96.5  
                     
Operating earnings       353.2       321.8         107.1       96.5  
Interest expense       (25.5 )     (25.8 )       (0.2 )     (0.2 )
Intersegment interest income (expense) – net       35.4       35.6         (35.4 )     (35.6 )
Other income (expense) – net       (3.6 )     0.5         -       -  
Earnings before income taxes and equity earnings       359.5       332.1         71.5       60.7  
Income tax expense       (103.4 )     (97.4 )       (26.5 )     (22.4 )
Earnings before equity earnings       256.1       234.7         45.0       38.3  
Financial services – net earnings                    
attributable to Snap-on       45.0       38.3         -       -  
Equity earnings, net of tax       0.8       1.7         -       -  
Net earnings       301.9       274.7         45.0       38.3  
Net earnings attributable to noncontrolling interests       (7.1 )     (6.3 )       -       -  
Net earnings attributable to Snap-on     $ 294.8     $ 268.4       $ 45.0     $ 38.3  
                     

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

 

 

SNAP-ON INCORPORATED
Non-GAAP Supplemental Consolidating Data - Condensed Balance Sheets
(Amounts in millions)
(unaudited)
                             
                             
              Operations*     Financial Services
              July 1,   December 31,     July 1,   December 31,
              2017   2016     2017   2016
                             
Assets                    
  Cash and cash equivalents     $ 88.9   $ 77.5     $ 0.1   $ 0.1
  Intersegment receivables       19.8     15.0       -     -
  Trade and other accounts receivable – net       644.6     598.2       0.7     0.6
  Finance receivables – net       -     -       496.5     472.5
  Contract receivables – net       8.0     7.9       74.4     80.2
  Inventories – net       601.4     530.5       -     -
  Prepaid expenses and other assets       125.3     122.4       1.4     1.1
    Total current assets       1,488.0     1,351.5       573.1     554.5
                             
  Property and equipment – net       461.9     423.8       1.5     1.4
  Investment in Financial Services       302.7     288.7       -     -
  Deferred income tax assets       46.6     49.1       25.2     23.7
  Intersegment long-term notes receivable       508.4     584.7       -     -
  Long-term finance receivables – net       -     -       998.6     934.5
  Long-term contract receivables – net       11.3     11.2       288.1     275.5
  Goodwill       899.2     895.5       -     -
  Other intangibles – net       256.3     184.6       -     -
  Other assets       52.8     47.9       0.1     0.1
Total assets     $ 4,027.2   $ 3,837.0     $ 1,886.6   $ 1,789.7
                             
Liabilities and Equity                    
  Notes payable and current maturities of long-term debt     $ 100.2   $ 151.4     $ 250.0   $ 150.0
  Accounts payable       201.6     170.3       0.7     0.6
  Intersegment payables       -     -       19.8     15.0
  Accrued benefits       43.7     52.8       -     -
  Accrued compensation       67.0     85.7       2.5     4.1
  Franchisee deposits       65.7     66.7       -     -
  Other accrued liabilities       317.7     292.1       31.9     22.8
    Total current liabilities       795.9     819.0       304.9     192.5
                             
  Long-term debt and intersegment long-term debt       -     -       1,264.0     1,293.5
  Deferred income tax liabilities       21.9     13.1       -     -
  Retiree health care benefits       35.1     36.7       -     -
  Pension liabilities       213.9     246.5       -     -
  Other long-term liabilities       87.4     86.5       15.0     15.0
    Total liabilities       1,154.2     1,201.8       1,583.9     1,501.0
                             
  Total shareholders' equity attributable to Snap-on       2,854.9     2,617.2       302.7     288.7
  Noncontrolling interests       18.1     18.0       -     -
    Total equity       2,873.0     2,635.2       302.7     288.7
Total liabilities and equity     $ 4,027.2   $ 3,837.0     $ 1,886.6   $ 1,789.7
                             

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

Contacts:

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

Richard Secor
Media Relations
262/656-5561

View source version on businesswire.com: http://www.businesswire.com/news/home/20170720005253/en/

SOURCE Snap-on Incorporated

###

Share this Story:

Comments:

comments powered by Disqus

Franchise News Room »


News By Industry »


Featured Opportunities

Elements Massage
When simplicity is the essence of your business model, clients and owners benefit. Clients want a predictably wonderful experience with every visit....
Sky Zone
Sky Zone created, built and franchises the first of its kind wall-to-wall trampoline playing courts with unlimited purposes and endless possibilities.
The Dapper Doughnut
Hot mini donuts are taking the food industry by storm wherever they’re served and the gourmet dessert sector is booming. There is a growing...
Capriotti's Sandwich Shop
Capriotti's has mastered the art of sandwich making since 1976, achieving over 250 awards & counting. Our fans & franchise community agree,...
WaveMAX Laundry
WaveMAX is the franchise for you. We are looking for professionals that want to build a multi-unit franchise empire.

Subscribe to Franchising.com Express

A Franchise Update Media Production
Franchise Update Media | P.O. Box 20547 // San Jose, CA 95160 // PH. (408) 402-5681
Copyright © 2001 - 2017. All Rights Reserved.

In Loving Memory Of Timothy Gardner (1987-2014)