UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of
Report (Date of earliest event reported) April
23, 2015
Snap-on
Incorporated
(Exact
name of registrant as specified in its charter)
Delaware
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1-7724
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39-0622040
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(State
or other jurisdiction of
incorporation
or organization)
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(Commission
File Number)
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(I.R.S.
Employer Identification No.)
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2801
80th Street, Kenosha, Wisconsin 53143-5656
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(Address
of principal executive offices)
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Registrant’s telephone number, including area code: (262)
656-5200
Check the
appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions:
⃞
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
⃞
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
⃞
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
⃞
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item 2.02 Results of
Operations and Financial Condition
On April 23, 2015, Snap-on Incorporated (the “Corporation”) issued a
press release entitled “Snap-on Announces First Quarter 2015 Results; Organic
sales up 9.9%; Operating earnings before financial services of 16.7% of
sales improves 120 basis points; Diluted EPS of $1.87 increases 15.4%.” The
text of the press release is furnished herewith as Exhibit 99 and
incorporated herein by reference.
The press release contains cautionary statements identifying important
factors that could cause actual results of the Corporation to differ
materially from those described in any forward-looking statement of the
Corporation.
The press release also contains information concerning the impacts of
foreign currency translation on certain items of reported results, and
this information may include non-GAAP financial measures. The
Corporation presents information in this manner to show changes in these
items of reported results apart from those related to the quarterly
volatility of foreign currency changes.
Item 9.01 Financial
Statements and Exhibits (furnished pursuant to Item 2.02)
(d) Exhibits
99 Press Release of Snap-on Incorporated, dated April
23, 2015
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934,
Snap-on Incorporated has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
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SNAP-ON INCORPORATED
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Date:
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April 23, 2015
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By:
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/s/ Aldo J. Pagliari
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Aldo J. Pagliari, Principal Financial Officer,
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Senior Vice President - Finance and
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Chief Financial Officer
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EXHIBIT INDEX
Exhibit Number
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Description
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99
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Press Release of Snap-on Incorporated, dated April 23, 2015
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Exhibit 99
Snap-on
Announces First Quarter 2015 Results
Organic
sales up 9.9%;
Operating
earnings before financial services of 16.7% of sales improves 120 basis
points;
Diluted
EPS of $1.87 increases 15.4%
KENOSHA, Wis.--(BUSINESS WIRE)--April 23, 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
operating results for the first quarter of 2015.
-
Sales of $827.8 million increased $40.3 million, or 5.1%, from 2014
levels; excluding $38.5 million of unfavorable foreign currency
translation and $4.9 million of acquisition-related sales, organic
sales increased 9.9%.
-
Operating earnings before financial services of $137.9 million
improved 120 basis points to 16.7% of sales as compared to $121.7
million, or 15.5% of sales, last year.
-
Financial services operating earnings of $40.3 million increased $5.9
million, or 17.2%, from 2014 levels; financial services revenues of
$57.4 million increased 14.3% from 2014 levels.
-
Consolidated operating earnings of $178.2 million improved to 20.1% of
revenues (net sales plus financial services revenue) as compared to
$156.1 million, or 18.6% of revenues, last year.
-
The first quarter effective income tax rate was 32.0% in 2015 and
31.6% in 2014.
-
Net earnings of $110.5 million, or $1.87 per diluted share, compared
to net earnings of $95.9 million, or $1.62 per diluted share, a year
ago.
“We’re pleased to begin 2015 with encouraging first quarter results that
included broad-based organic sales growth of 9.9% and a 15.4% increase
in diluted earnings per share,” said Nick Pinchuk, Snap-on chairman and
chief executive officer. “We believe these results confirm Snap-on’s
unique capabilities in providing valued productivity solutions to a
growing range of professional customers performing critical tasks in
workplaces of consequence. Additionally, we achieved a 120 basis point
improvement in operating margin before financial services, further
demonstrating our ability to realize ongoing benefits from our Snap-on
Value Creation Processes. Finally, this continued progress along our
defined runways for both coherent growth and operating improvement would
not be possible without the capability and commitment so evident across
Snap-on, and I thank our franchisees and associates worldwide for their
significant contributions and extraordinary effort.”
Segment Results
Commercial & Industrial Group segment sales of $297.5 million
in the quarter increased $6.9 million, or 2.4%, from 2014 levels.
Excluding $19.6 million of unfavorable foreign currency translation,
organic sales increased $26.5 million, or 9.8%, primarily due to higher
volumes with customers in critical industries and increased sales in the
segment’s European-based hand tools business.
Operating earnings of $44.0 million in the period, including $1.3
million of unfavorable foreign currency effects, increased $4.9 million
from 2014 levels, and the operating margin (operating earnings as a
percentage of segment sales) of 14.8% improved 130 basis points from
13.5% a year ago.
Snap-on Tools Group segment sales of $378.2 million in the
quarter rose $34.6 million, or 10.1%, from 2014 levels, reflecting sales
increases in both the company’s U.S. and international franchise
operations. Excluding $8.7 million of unfavorable foreign currency
translation, organic sales for the Group increased 12.9%.
Operating earnings of $59.8 million in the period, including $3.0
million of unfavorable foreign currency effects, increased $10.6 million
from 2014 levels, and the operating margin of 15.8% improved 150 basis
points from 14.3% a year ago.
Repair Systems & Information Group segment sales of $272.3
million in the quarter increased $9.6 million, or 3.7%, from 2014
levels. Excluding $11.2 million of unfavorable foreign currency
translation and $4.9 million of acquisition-related sales, organic sales
increased $15.9 million, or 6.3%, 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 $63.9 million in the period, including $2.1
million of unfavorable foreign currency effects, increased $5.8 million
from 2014 levels, and the operating margin of 23.5% improved 140 basis
points from 22.1% a year ago.
Financial Services operating earnings of $40.3 million on revenue
of $57.4 million in the quarter, compared to operating earnings of $34.4
million on revenue of $50.2 million a year ago.
Corporate expenses of $29.8 million in the quarter increased $5.1
million from $24.7 million last year, primarily reflecting increased
performance-based and stock-based compensation expenses, as well as
planned higher pension expense.
Outlook
Snap-on expects to make continued progress along its defined runways for
coherent growth, including enhancing the franchise network, expanding in
the vehicle repair garage, extending to critical industries and building
in emerging markets. In pursuit of these initiatives, Snap-on continues
to expect that capital expenditures in 2015 will be in a range of $80
million to $90 million. Snap-on also continues to expect that its full
year 2015 effective income tax rate will be at or below its 2014 full
year rate.
Conference Call and Webcast on April 23, 2015, at 9:00 a.m.
Central Time
A discussion of this release will be webcast on Thursday, April 23,
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 January 3, 2015, 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.
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SNAP-ON INCORPORATED
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Condensed Consolidated Statements of Earnings
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(Amounts in millions, except per share data)
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(unaudited)
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Three Months Ended
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April 4,
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March 29,
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2015
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2014
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Net sales
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$
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827.8
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$
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787.5
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Cost of goods sold
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(417.7
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)
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(408.8
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Gross profit
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410.1
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378.7
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Operating expenses
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(272.2
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)
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(257.0
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Operating earnings before financial services
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137.9
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121.7
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Financial services revenue
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57.4
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50.2
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Financial services expenses
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(17.1
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(15.8
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Operating earnings from financial services
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40.3
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34.4
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Operating earnings
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178.2
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156.1
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Interest expense
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(13.0
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(13.7
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Other income (expense) – net
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(0.7
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(0.1
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Earnings before income taxes
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and equity earnings
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164.5
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142.3
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Income tax expense
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(51.8
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)
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(44.3
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)
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Earnings before equity earnings
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112.7
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98.0
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Equity earnings, net of tax
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0.5
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0.2
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Net earnings
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113.2
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98.2
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Net earnings attributable to noncontrolling interests
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(2.7
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)
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(2.3
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Net earnings attributable to Snap-on Inc.
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$
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110.5
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$
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95.9
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Net earnings per share attributable to Snap-on Inc.:
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Basic
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$
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1.90
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$
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1.65
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Diluted
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1.87
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1.62
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Weighted-average shares outstanding:
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Basic
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58.1
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58.2
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Effect of dilutive securities
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1.0
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0.9
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Diluted
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59.1
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59.1
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SNAP-ON INCORPORATED
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Supplemental Segment Information
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(Amounts in millions)
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(unaudited)
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Three Months Ended
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April 4,
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March 29,
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2015
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2014
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Net sales:
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Commercial & Industrial Group
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$
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297.5
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$
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290.6
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Snap-on Tools Group
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378.2
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343.6
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Repair Systems & Information Group
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272.3
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262.7
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Segment net sales
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948.0
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896.9
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Intersegment eliminations
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(120.2
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(109.4
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)
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Total net sales
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$
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827.8
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$
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787.5
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Financial Services revenue
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57.4
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50.2
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Total revenues
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$
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885.2
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$
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837.7
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Operating earnings:
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Commercial & Industrial Group
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$
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44.0
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$
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39.1
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Snap-on Tools Group
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59.8
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49.2
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Repair Systems & Information Group
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63.9
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58.1
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Financial Services
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40.3
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34.4
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Segment operating earnings
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208.0
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180.8
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Corporate
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(29.8
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)
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(24.7
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)
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Operating earnings
|
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$
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178.2
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|
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$
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156.1
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Interest expense
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(13.0
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)
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(13.7
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)
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Other income (expense) – net
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(0.7
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)
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(0.1
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)
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Earnings before income taxes
|
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and equity earnings
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$
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164.5
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$
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142.3
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SNAP-ON INCORPORATED
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Condensed Consolidated Balance Sheets
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(Amounts in millions)
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(unaudited)
|
|
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April 4,
|
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January 3,
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2015
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2015
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Assets
|
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Cash and cash equivalents
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$
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114.4
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$
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132.9
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Trade and other accounts receivable – net
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548.4
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550.8
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Finance receivables – net
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408.6
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402.4
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Contract receivables – net
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70.2
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74.5
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Inventories – net
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482.3
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475.5
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Deferred income tax assets
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92.1
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101.0
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Prepaid expenses and other assets
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127.3
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121.5
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Total current assets
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1,843.3
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1,858.6
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Property and equipment – net
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396.2
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404.5
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Deferred income tax assets
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87.8
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93.2
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Long-term finance receivables – net
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667.2
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650.5
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Long-term contract receivables – net
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244.7
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242.0
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Goodwill
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778.3
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|
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810.7
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Other intangibles – net
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|
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198.8
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203.3
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Other assets
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|
|
46.1
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|
|
|
47.3
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Total assets
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$
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4,262.4
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|
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$
|
4,310.1
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|
|
|
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|
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Liabilities and Equity
|
|
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Notes payable
|
|
$
|
78.8
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|
|
$
|
56.6
|
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Accounts payable
|
|
|
162.0
|
|
|
|
145.0
|
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Accrued benefits
|
|
|
54.7
|
|
|
|
53.8
|
|
Accrued compensation
|
|
|
71.9
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|
|
|
99.2
|
|
Franchisee deposits
|
|
|
66.9
|
|
|
|
65.8
|
|
Other accrued liabilities
|
|
|
292.2
|
|
|
|
298.3
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Total current liabilities
|
|
|
726.5
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|
|
|
718.7
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|
|
|
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|
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Long-term debt
|
|
|
864.4
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|
|
|
862.7
|
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Deferred income tax liabilities
|
|
|
158.7
|
|
|
|
159.2
|
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Retiree health care benefits
|
|
|
41.4
|
|
|
|
42.5
|
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Pension liabilities
|
|
|
196.3
|
|
|
|
217.9
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Other long-term liabilities
|
|
|
86.8
|
|
|
|
83.8
|
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Total liabilities
|
|
|
2,074.1
|
|
|
|
2,084.8
|
|
|
|
|
|
|
Equity
|
|
|
|
|
Shareholders' equity attributable to Snap-on Inc.
|
|
|
|
|
Common stock
|
|
|
67.4
|
|
|
|
67.4
|
|
Additional paid-in capital
|
|
|
261.5
|
|
|
|
254.7
|
|
Retained earnings
|
|
|
2,716.6
|
|
|
|
2,637.2
|
|
Accumulated other comprehensive loss
|
|
|
(339.2
|
)
|
|
|
(248.2
|
)
|
Treasury stock at cost
|
|
|
(535.7
|
)
|
|
|
(503.3
|
)
|
Total shareholders' equity attributable to Snap-on Inc.
|
|
|
2,170.6
|
|
|
|
2,207.8
|
|
Noncontrolling interests
|
|
|
17.7
|
|
|
|
17.5
|
|
Total equity
|
|
|
2,188.3
|
|
|
|
2,225.3
|
|
Total liabilities and equity
|
|
$
|
4,262.4
|
|
|
$
|
4,310.1
|
|
|
SNAP-ON INCORPORATED
|
Condensed Consolidated Statements of Cash Flows
|
(Amounts in millions)
|
(unaudited)
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
April 4,
|
|
March 29,
|
|
|
2015
|
|
2014
|
|
|
|
|
|
Operating activities:
|
|
|
|
|
Net earnings
|
|
$
|
113.2
|
|
|
$
|
98.2
|
|
Adjustments to reconcile net earnings to net cash provided (used) by
|
|
|
|
|
operating activities:
|
|
|
|
|
Depreciation
|
|
|
13.8
|
|
|
|
13.4
|
|
Amortization of other intangibles
|
|
|
6.2
|
|
|
|
6.2
|
|
Provision for losses on finance receivables
|
|
|
7.1
|
|
|
|
6.2
|
|
Provision for losses on non-finance receivables
|
|
|
4.9
|
|
|
|
3.4
|
|
Stock-based compensation expense
|
|
|
11.5
|
|
|
|
8.6
|
|
Excess tax benefits from stock-based compensation
|
|
|
(11.0
|
)
|
|
|
(6.9
|
)
|
Deferred income tax provision
|
|
|
10.7
|
|
|
|
6.8
|
|
Changes in operating assets and liabilities:
|
|
|
|
|
Increase in trade and other accounts receivable
|
|
|
(20.2
|
)
|
|
|
(31.0
|
)
|
Increase in contract receivables
|
|
|
(3.3
|
)
|
|
|
(5.9
|
)
|
Increase in inventories
|
|
|
(24.0
|
)
|
|
|
(18.5
|
)
|
Increase in prepaid and other assets
|
|
|
(27.0
|
)
|
|
|
(19.7
|
)
|
Increase in accounts payable
|
|
|
24.9
|
|
|
|
7.0
|
|
Increase (decrease) in accruals and other liabilities
|
|
|
(28.7
|
)
|
|
|
20.5
|
|
Net cash provided by operating activities
|
|
|
78.1
|
|
|
|
88.3
|
|
|
|
|
|
|
Investing activities:
|
|
|
|
|
Additions to finance receivables
|
|
|
(198.8
|
)
|
|
|
(169.7
|
)
|
Collections of finance receivables
|
|
|
160.2
|
|
|
|
139.4
|
|
Capital expenditures
|
|
|
(18.1
|
)
|
|
|
(18.3
|
)
|
Disposal of property and equipment
|
|
|
-
|
|
|
|
0.2
|
|
Other
|
|
|
(2.8
|
)
|
|
|
(2.5
|
)
|
Net cash used by investing activities
|
|
|
(59.5
|
)
|
|
|
(50.9
|
)
|
|
|
|
|
|
Financing activities:
|
|
|
|
|
Repayment of long-term debt
|
|
|
-
|
|
|
|
(100.0
|
)
|
Net increase in short-term borrowings
|
|
|
22.8
|
|
|
|
4.0
|
|
Cash dividends paid
|
|
|
(30.9
|
)
|
|
|
(25.6
|
)
|
Purchases of treasury stock
|
|
|
(49.7
|
)
|
|
|
(22.1
|
)
|
Proceeds from stock purchase and option plans
|
|
|
14.5
|
|
|
|
12.8
|
|
Excess tax benefits from stock-based compensation
|
|
|
11.0
|
|
|
|
6.9
|
|
Other
|
|
|
(3.0
|
)
|
|
|
(3.1
|
)
|
Net cash used by financing activities
|
|
|
(35.3
|
)
|
|
|
(127.1
|
)
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash equivalents
|
|
|
(1.8
|
)
|
|
|
(0.1
|
)
|
Decrease in cash and cash equivalents
|
|
|
(18.5
|
)
|
|
|
(89.8
|
)
|
|
|
|
|
|
Cash and cash equivalents at beginning of year
|
|
|
132.9
|
|
|
|
217.6
|
|
Cash and cash equivalents at end of period
|
|
$
|
114.4
|
|
|
$
|
127.8
|
|
|
|
|
|
|
Supplemental cash flow disclosures:
|
|
|
|
|
Cash paid for interest
|
|
$
|
(23.7
|
)
|
|
$
|
(26.2
|
)
|
Net cash paid for income taxes
|
|
|
(20.7
|
)
|
|
|
(16.7
|
)
|
|
SNAP-ON INCORPORATED
|
Supplemental Consolidating Data - Condensed Statements of Earnings
|
(Amounts in millions)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Operations*
|
|
|
Financial Services
|
|
|
Three Months Ended
|
|
|
Three Months Ended
|
|
|
April 4,
|
|
March 29,
|
|
|
April 4,
|
|
March 29,
|
|
|
2015
|
|
2014
|
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
$
|
827.8
|
|
|
$
|
787.5
|
|
|
|
$
|
-
|
|
|
$
|
-
|
|
Cost of goods sold
|
|
|
(417.7
|
)
|
|
|
(408.8
|
)
|
|
|
|
-
|
|
|
|
-
|
|
Gross profit
|
|
|
410.1
|
|
|
|
378.7
|
|
|
|
|
-
|
|
|
|
-
|
|
Operating expenses
|
|
|
(272.2
|
)
|
|
|
(257.0
|
)
|
|
|
|
-
|
|
|
|
-
|
|
Operating earnings before financial services
|
|
|
137.9
|
|
|
|
121.7
|
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
Financial services revenue
|
|
|
-
|
|
|
|
-
|
|
|
|
|
57.4
|
|
|
|
50.2
|
|
Financial services expenses
|
|
|
-
|
|
|
|
-
|
|
|
|
|
(17.1
|
)
|
|
|
(15.8
|
)
|
Operating earnings from financial services
|
|
|
-
|
|
|
|
-
|
|
|
|
|
40.3
|
|
|
|
34.4
|
|
|
|
|
|
|
|
|
|
|
|
Operating earnings
|
|
|
137.9
|
|
|
|
121.7
|
|
|
|
|
40.3
|
|
|
|
34.4
|
|
Interest expense
|
|
|
(12.9
|
)
|
|
|
(13.5
|
)
|
|
|
|
(0.1
|
)
|
|
|
(0.2
|
)
|
Intersegment interest income (expense) – net
|
|
|
15.0
|
|
|
|
13.4
|
|
|
|
|
(15.0
|
)
|
|
|
(13.4
|
)
|
Other income (expense) – net
|
|
|
(0.7
|
)
|
|
|
(0.1
|
)
|
|
|
|
-
|
|
|
|
-
|
|
Earnings before income taxes
|
|
|
|
|
|
|
|
|
|
and equity earnings
|
|
|
139.3
|
|
|
|
121.5
|
|
|
|
|
25.2
|
|
|
|
20.8
|
|
Income tax expense
|
|
|
(42.5
|
)
|
|
|
(36.7
|
)
|
|
|
|
(9.3
|
)
|
|
|
(7.6
|
)
|
Earnings before equity earnings
|
|
|
96.8
|
|
|
|
84.8
|
|
|
|
|
15.9
|
|
|
|
13.2
|
|
Financial services – net earnings
|
|
|
|
|
|
|
|
|
|
attributable to Snap-on Inc.
|
|
|
15.9
|
|
|
|
13.2
|
|
|
|
|
-
|
|
|
|
-
|
|
Equity earnings, net of tax
|
|
|
0.5
|
|
|
|
0.2
|
|
|
|
|
-
|
|
|
|
-
|
|
Net earnings
|
|
|
113.2
|
|
|
|
98.2
|
|
|
|
|
15.9
|
|
|
|
13.2
|
|
Net earnings attributable to noncontrolling interests
|
|
|
(2.7
|
)
|
|
|
(2.3
|
)
|
|
|
|
-
|
|
|
|
-
|
|
Net earnings attributable to Snap-on Inc.
|
|
$
|
110.5
|
|
|
$
|
95.9
|
|
|
|
$
|
15.9
|
|
|
$
|
13.2
|
|
*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
|
|
|
April 4,
|
|
January 3,
|
|
|
April 4,
|
|
January 3,
|
|
|
2015
|
|
2015
|
|
|
2015
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
114.2
|
|
$
|
132.8
|
|
|
$
|
0.2
|
|
$
|
0.1
|
Intersegment receivables
|
|
|
15.6
|
|
|
16.0
|
|
|
|
-
|
|
|
-
|
Trade and other accounts receivable – net
|
|
|
548.1
|
|
|
550.5
|
|
|
|
0.3
|
|
|
0.3
|
Finance receivables – net
|
|
|
-
|
|
|
-
|
|
|
|
408.6
|
|
|
402.4
|
Contract receivables – net
|
|
|
7.5
|
|
|
7.6
|
|
|
|
62.7
|
|
|
66.9
|
Inventories – net
|
|
|
482.3
|
|
|
475.5
|
|
|
|
-
|
|
|
-
|
Deferred income tax assets
|
|
|
76.7
|
|
|
85.4
|
|
|
|
15.4
|
|
|
15.6
|
Prepaid expenses and other assets
|
|
|
131.7
|
|
|
125.5
|
|
|
|
1.1
|
|
|
0.9
|
Total current assets
|
|
|
1,376.1
|
|
|
1,393.3
|
|
|
|
488.3
|
|
|
486.2
|
|
|
|
|
|
|
|
|
|
|
Property and equipment – net
|
|
|
395.3
|
|
|
403.4
|
|
|
|
0.9
|
|
|
1.1
|
Investment in Financial Services
|
|
|
221.3
|
|
|
218.9
|
|
|
|
-
|
|
|
-
|
Deferred income tax assets
|
|
|
87.5
|
|
|
92.9
|
|
|
|
0.3
|
|
|
0.3
|
Intersegment long-term notes receivable
|
|
|
241.9
|
|
|
232.1
|
|
|
|
-
|
|
|
-
|
Long-term finance receivables – net
|
|
|
-
|
|
|
-
|
|
|
|
667.2
|
|
|
650.5
|
Long-term contract receivables – net
|
|
|
12.7
|
|
|
12.8
|
|
|
|
232.0
|
|
|
229.2
|
Goodwill
|
|
|
778.3
|
|
|
810.7
|
|
|
|
-
|
|
|
-
|
Other intangibles – net
|
|
|
198.8
|
|
|
203.3
|
|
|
|
-
|
|
|
-
|
Other assets
|
|
|
50.3
|
|
|
50.9
|
|
|
|
1.0
|
|
|
1.0
|
Total assets
|
|
$
|
3,362.2
|
|
$
|
3,418.3
|
|
|
$
|
1,389.7
|
|
$
|
1,368.3
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Equity
|
|
|
|
|
|
|
|
|
|
Notes payable
|
|
$
|
78.8
|
|
$
|
56.6
|
|
|
$
|
-
|
|
$
|
-
|
Accounts payable
|
|
|
161.9
|
|
|
144.7
|
|
|
|
0.1
|
|
|
0.3
|
Intersegment payables
|
|
|
-
|
|
|
-
|
|
|
|
15.6
|
|
|
16.0
|
Accrued benefits
|
|
|
54.6
|
|
|
53.8
|
|
|
|
0.1
|
|
|
-
|
Accrued compensation
|
|
|
70.7
|
|
|
95.2
|
|
|
|
1.2
|
|
|
4.0
|
Franchisee deposits
|
|
|
66.9
|
|
|
65.8
|
|
|
|
-
|
|
|
-
|
Other accrued liabilities
|
|
|
267.6
|
|
|
285.0
|
|
|
|
30.1
|
|
|
18.2
|
Total current liabilities
|
|
|
700.5
|
|
|
701.1
|
|
|
|
47.1
|
|
|
38.5
|
|
|
|
|
|
|
|
|
|
|
Long-term debt and intersegment long-term debt
|
|
|
-
|
|
|
-
|
|
|
|
1,106.3
|
|
|
1,094.8
|
Deferred income tax liabilities
|
|
|
158.5
|
|
|
158.6
|
|
|
|
0.2
|
|
|
0.6
|
Retiree health care benefits
|
|
|
41.4
|
|
|
42.5
|
|
|
|
-
|
|
|
-
|
Pension liabilities
|
|
|
196.3
|
|
|
217.9
|
|
|
|
-
|
|
|
-
|
Other long-term liabilities
|
|
|
77.2
|
|
|
72.9
|
|
|
|
14.8
|
|
|
15.5
|
Total liabilities
|
|
|
1,173.9
|
|
|
1,193.0
|
|
|
|
1,168.4
|
|
|
1,149.4
|
|
|
|
|
|
|
|
|
|
|
Total shareholders' equity attributable to Snap-on Inc.
|
|
|
2,170.6
|
|
|
2,207.8
|
|
|
|
221.3
|
|
|
218.9
|
Noncontrolling interests
|
|
|
17.7
|
|
|
17.5
|
|
|
|
-
|
|
|
-
|
Total equity
|
|
|
2,188.3
|
|
|
2,225.3
|
|
|
|
221.3
|
|
|
218.9
|
Total liabilities and equity
|
|
$
|
3,362.2
|
|
$
|
3,418.3
|
|
|
$
|
1,389.7
|
|
$
|
1,368.3
|
*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.
|
|
CONTACT:
Snap-on Incorporated
Investors:
Leslie Kratcoski
262/656-6121
or
Media:
Richard
Secor
262/656-5561
Snap on (NYSE:SNA)
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From Mar 2024 to Apr 2024
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