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)    July 23, 2015

Snap-on Incorporated
(Exact name of registrant as specified in its charter)

Delaware

1-7724

39-0622040

(State or other jurisdiction of

incorporation or organization)

(Commission File Number)

(I.R.S. Employer Identification No.)


2801 80th Street, Kenosha, Wisconsin  53143-5656

(Address of principal executive offices)


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 July 23, 2015, Snap-on Incorporated (the “Corporation”) issued a press release entitled
“Snap-on Announces Second Quarter 2015 Results; Organic sales up 8.4%; Operating earnings before financial services of 17.7% of sales improves 100 basis points; Diluted EPS of $2.03 increases 12.8%.” 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 July 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.



SNAP-ON INCORPORATED

 

 
 
Date:

July 23, 2015

By:

/s/ Aldo J. Pagliari

Aldo J. Pagliari, Principal Financial Officer,

Senior Vice President - Finance and

Chief Financial Officer


EXHIBIT INDEX

Exhibit Number

 

Description

 

99

Press Release of Snap-on Incorporated, dated July 23, 2015



Exhibit 99

Snap-on Announces Second Quarter 2015 Results

Organic sales up 8.4%;
Operating earnings before financial services of 17.7% of sales improves 100 basis points;
Diluted EPS of $2.03 increases 12.8%

KENOSHA, Wis.--(BUSINESS WIRE)--July 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 second quarter of 2015.

  • Sales of $851.8 million increased $25.3 million, or 3.1%, from 2014 levels; excluding $43.4 million of unfavorable foreign currency translation and $2.8 million of acquisition-related sales, organic sales increased $65.9 million or 8.4%.
  • Operating earnings before financial services of $150.8 million improved 100 basis points to 17.7% of sales as compared to $138.1 million, or 16.7% of sales, last year.
  • Financial services operating earnings of $41.4 million increased $6.6 million, or 19.0%, from 2014 levels; financial services revenues of $58.7 million increased 13.5% from 2014 levels.
  • Consolidated operating earnings of $192.2 million improved to 21.1% of revenues (net sales plus financial services revenue) as compared to $172.9 million, or 19.7% of revenues, last year.
  • The second quarter effective income tax rate was 32.0% in 2015 and 32.9% in 2014.
  • Net earnings of $120.0 million, or $2.03 per diluted share, compared to net earnings of $106.1 million, or $1.80 per diluted share, a year ago.

“We’re encouraged by the ongoing progress reflected in our second quarter results, including 8.4% organic sales growth, a 17.7% operating margin before financial services, representing a 100 basis point improvement, and a 12.8% increase in diluted earnings per share,” said Nick Pinchuk, Snap-on chairman and chief executive officer. “We believe these results once again validate Snap-on’s ability to build upon our unique combination of capabilities in serving serious professionals and to successfully navigate our runways for coherent growth and operating improvement in multiple industries across varied geographies. Finally, this continued progress is only possible as a result of the tremendous dedication, effort and skill across the Snap-on team. In that regard, I thank our franchisees and associates worldwide for their contributions, commitment and support.”


Segment Results

Commercial & Industrial Group segment sales of $295.8 million in the quarter increased $8.6 million, or 3.0%, from 2014 levels. Excluding $21.2 million of unfavorable foreign currency translation, organic sales increased $29.8 million, or 11.2%, reflecting sales gains across all of the segment’s businesses.

Operating earnings of $42.2 million in the period, including $2.0 million of unfavorable foreign currency effects, increased $4.0 million from 2014 levels, and the operating margin (operating earnings as a percentage of segment sales) of 14.3% improved 100 basis points from 13.3% a year ago.

Snap-on Tools Group segment sales of $398.7 million in the quarter rose $29.6 million, or 8.0%, from 2014 levels. Excluding $10.6 million of unfavorable foreign currency translation, organic sales increased $40.2 million, or 11.2%, reflecting similar sales increases in both the company’s U.S. and international franchise operations.

Operating earnings of $68.0 million in the period, including $6.7 million of unfavorable foreign currency effects, increased $7.5 million from 2014 levels, and the operating margin of 17.1% improved 70 basis points from 16.4% a year ago.

Repair Systems & Information Group segment sales of $277.4 million in the quarter decreased $1.1 million, or 0.4%, from 2014 levels. Excluding $12.6 million of unfavorable foreign currency translation and $2.8 million of acquisition-related sales, organic sales increased $8.7 million, or 3.3%, reflecting higher sales of diagnostic 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 $67.7 million in the period, including $3.3 million of unfavorable foreign currency effects, increased $3.1 million from 2014 levels, and the operating margin of 24.4% improved 120 basis points from 23.2% a year ago.

Financial Services operating earnings of $41.4 million on revenue of $58.7 million in the quarter, compared to operating earnings of $34.8 million on revenue of $51.7 million a year ago.

Corporate expenses of $27.1 million in the quarter increased $1.9 million from $25.2 million last year, primarily reflecting 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 July 23, 2015, at 9:00 a.m. Central Time

A discussion of this release will be webcast on Thursday, July 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.


 
 
SNAP-ON INCORPORATED
Condensed Consolidated Statements of Earnings
(Amounts in millions, except per share data)
(unaudited)
             
Three Months Ended Six Months Ended
July 4, June 28, July 4, June 28,
2015 2014 2015 2014
 
Net sales $ 851.8 $ 826.5 $ 1,679.6 $ 1,614.0
Cost of goods sold   (432.8 )   (426.1 )   (850.5 )   (834.9 )
Gross profit 419.0 400.4 829.1 779.1
Operating expenses   (268.2 )   (262.3 )   (540.4 )   (519.3 )
Operating earnings before financial services 150.8 138.1 288.7 259.8
 
Financial services revenue 58.7 51.7 116.1 101.9
Financial services expenses   (17.3 )   (16.9 )   (34.4 )   (32.7 )
Operating earnings from financial services   41.4     34.8     81.7     69.2  
 
Operating earnings 192.2 172.9 370.4 329.0
Interest expense (12.9 ) (12.7 ) (25.9 ) (26.4 )
Other income (expense) – net   (0.7 )   0.3     (1.4 )   0.2  
Earnings before income taxes and equity earnings 178.6 160.5 343.1 302.8
Income tax expense   (56.2 )   (51.9 )   (108.0 )   (96.2 )
Earnings before equity earnings 122.4 108.6 235.1 206.6
Equity earnings, net of tax   0.6     0.2     1.1     0.4  
Net earnings 123.0 108.8 236.2 207.0
Net earnings attributable to noncontrolling interests   (3.0 )   (2.7 )   (5.7 )   (5.0 )
Net earnings attributable to Snap-on Inc. $ 120.0   $ 106.1   $ 230.5   $ 202.0  
 
 
Net earnings per share attributable to Snap-on Inc.:
Basic $ 2.07 $ 1.83 $ 3.97 $ 3.48
Diluted 2.03 1.80 3.90 3.42
 
Weighted-average shares outstanding:
Basic 58.1 58.1 58.1 58.1
Effect of dilutive securities   1.0     0.9     1.0     0.9  
Diluted   59.1     59.0     59.1     59.0  

             
 
SNAP-ON INCORPORATED
Supplemental Segment Information
(Amounts in millions)
(unaudited)
 
Three Months Ended Six Months Ended
July 4, June 28, July 4, June 28,
2015 2014 2015 2014
 
Net sales:
Commercial & Industrial Group $ 295.8 $ 287.2 $ 593.3 $ 577.8
Snap-on Tools Group 398.7 369.1 776.9 712.7
Repair Systems & Information Group   277.4     278.5     549.7     541.2  
Segment net sales 971.9 934.8 1,919.9 1,831.7
Intersegment eliminations   (120.1 )   (108.3 )   (240.3 )   (217.7 )
Total net sales $ 851.8 $ 826.5 $ 1,679.6 $ 1,614.0
Financial Services revenue   58.7     51.7     116.1     101.9  
Total revenues $ 910.5   $ 878.2   $ 1,795.7   $ 1,715.9  
 
Operating earnings:
Commercial & Industrial Group $ 42.2 $ 38.2 $ 86.2 $ 77.3
Snap-on Tools Group 68.0 60.5 127.8 109.7
Repair Systems & Information Group 67.7 64.6 131.6 122.7
Financial Services   41.4     34.8     81.7     69.2  
Segment operating earnings 219.3 198.1 427.3 378.9
Corporate   (27.1 )   (25.2 )   (56.9 )   (49.9 )
Operating earnings $ 192.2 $ 172.9 $ 370.4 $ 329.0
Interest expense (12.9 ) (12.7 ) (25.9 ) (26.4 )
Other income (expense) – net   (0.7 )   0.3     (1.4 )   0.2  
Earnings before income taxes
and equity earnings $ 178.6   $ 160.5   $ 343.1   $ 302.8  

 
 

SNAP-ON INCORPORATED

Condensed Consolidated Balance Sheets

(Amounts in millions)

(unaudited)

         

July 4,

January 3,

Assets

2015

2015

Cash and cash equivalents $ 124.6 $ 132.9
Trade and other accounts receivable – net 558.0 550.8
Finance receivables – net 421.7 402.4
Contract receivables – net 69.1 74.5
Inventories – net 499.2 475.5
Deferred income tax assets 96.7 101.0
Prepaid expenses and other assets   128.6     121.5  
Total current assets 1,897.9 1,858.6
 
Property and equipment – net 411.2 404.5
Deferred income tax assets 88.2 93.2
Long-term finance receivables – net 708.8 650.5
Long-term contract receivables – net 252.9 242.0
Goodwill 787.8 810.7
Other intangibles – net 198.0 203.3
Other assets   45.9     47.3  
Total assets $ 4,390.7   $ 4,310.1  
 
Liabilities and Equity
Notes payable $ 61.0 $ 56.6
Accounts payable 166.1 145.0
Accrued benefits 45.1 53.8
Accrued compensation 76.6 99.2
Franchisee deposits 68.4 65.8
Other accrued liabilities   322.6     298.3  
Total current liabilities 739.8 718.7
 
Long-term debt 861.4 862.7
Deferred income tax liabilities 160.4 159.2
Retiree health care benefits 40.3 42.5
Pension liabilities 184.6 217.9
Other long-term liabilities   88.0     83.8  
Total liabilities   2,074.5     2,084.8  
 
Equity
Shareholders' equity attributable to Snap-on Inc.
Common stock 67.4 67.4
Additional paid-in capital 285.5 254.7
Retained earnings 2,805.5 2,637.2
Accumulated other comprehensive loss (302.0 ) (248.2 )
Treasury stock at cost   (557.9 )   (503.3 )
Total shareholders' equity attributable to Snap-on Inc. 2,298.5 2,207.8
Noncontrolling interests   17.7     17.5  
Total equity   2,316.2     2,225.3  
Total liabilities and equity $ 4,390.7   $ 4,310.1  

 
 
SNAP-ON INCORPORATED
Condensed Consolidated Statements of Cash Flows
(Amounts in millions)
(unaudited)
         
Three Months Ended
July 4, June 28,
2015 2014
Operating activities:
Net earnings $ 123.0 $ 108.8

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

Depreciation 14.4 13.6
Amortization of other intangibles 6.2 6.1
Provision for losses on finance receivables 7.3 7.2
Provision for losses on non-finance receivables 3.0 3.2
Stock-based compensation expense 11.6 10.1
Excess tax benefits from stock-based compensation (3.0 ) (2.7 )
Deferred income tax benefit (7.6 ) (9.6 )
Loss on sale of assets 0.3 0.2
Changes in operating assets and liabilities, net of effects of acquisition:
Increase in trade and other accounts receivable (6.6 ) (5.0 )
Increase in contract receivables (6.4 ) (8.0 )
Increase in inventories (11.8 ) (9.9 )
Increase in prepaid and other assets (11.4 ) (15.6 )
Increase in accounts payable 2.9 11.4
Increase in accruals and other liabilities   38.4     14.6  
Net cash provided by operating activities 160.3 124.4
 
Investing activities:
Additions to finance receivables (217.2 ) (200.9 )
Collections of finance receivables 159.1 142.9
Capital expenditures (27.7 ) (22.7 )
Acquisition of business - (41.6 )
Disposal of property and equipment 0.4 0.3
Other   -     2.3  
Net cash used by investing activities (85.4 ) (119.7 )
 
Financing activities:
Proceeds from short-term borrowings 1.6 -
Repayment of short-term borrowings (1.6 ) -
Net increase (decrease) in other short-term borrowings (17.6 ) 29.8
Purchases of treasury stock (37.2 ) (40.4 )
Cash dividends paid (30.8 ) (25.6 )
Proceeds from stock purchase and option plans 22.0 19.3
Excess tax benefits from stock-based compensation 3.0 2.7
Other   (4.3 )   (2.9 )
Net cash used by financing activities (64.9 ) (17.1 )
 
Effect of exchange rate changes on cash and cash equivalents   0.2     0.4  
Increase (decrease) in cash and cash equivalents 10.2 (12.0 )
 
Cash and cash equivalents at beginning of period   114.4     127.8  
Cash and cash equivalents at end of period $ 124.6   $ 115.8  
 
Supplemental cash flow disclosures:
Cash paid for interest

$

(1.7 )

$

(1.6 )
Net cash paid for income taxes (45.7 ) (71.2 )

 
 
SNAP-ON INCORPORATED
Condensed Consolidated Statements of Cash Flows
(Amounts in millions)
(unaudited)
         
Six Months Ended
July 4, June 28,
2015 2014
Operating activities:
Net earnings $ 236.2 $ 207.0

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

Depreciation 28.2 27.0
Amortization of other intangibles 12.4 12.3
Provision for losses on finance receivables 14.4 13.4
Provision for losses on non-finance receivables 7.9 6.6
Stock-based compensation expense 23.1 18.7
Excess tax benefits from stock-based compensation (14.0 ) (9.6 )
Deferred income tax provision (benefit) 3.1 (2.8 )
Loss on sale of assets 0.3 0.2
Changes in operating assets and liabilities, net of effects of acquisition:
Increase in trade and other accounts receivable (26.8 ) (36.0 )
Increase in contract receivables (9.7 ) (13.9 )
Increase in inventories (35.8 ) (28.4 )
Increase in prepaid and other assets (38.4 ) (35.3 )
Increase in accounts payable 27.8 18.4
Increase in accruals and other liabilities   9.7     35.1  
Net cash provided by operating activities 238.4 212.7
 
Investing activities:
Additions to finance receivables (416.0 ) (370.6 )
Collections of finance receivables 319.3 282.3
Capital expenditures (45.8 ) (41.0 )
Acquisition of business - (41.6 )
Disposal of property and equipment 0.4 0.5
Other   (2.8 )   (0.2 )
Net cash used by investing activities (144.9 ) (170.6 )
 
Financing activities:
Repayment of long-term debt - (100.0 )
Proceeds from short-term borrowings 1.6 -
Repayment of short-term borrowings (1.6 ) -
Net increase in other short-term borrowings 5.2 33.8
Purchases of treasury stock (86.9 ) (62.5 )
Cash dividends paid (61.7 ) (51.2 )
Proceeds from stock purchase and option plans 36.5 32.1
Excess tax benefits from stock-based compensation 14.0 9.6
Other   (7.3 )   (6.0 )
Net cash used by financing activities (100.2 ) (144.2 )
 
Effect of exchange rate changes on cash and cash equivalents   (1.6 )   0.3  
Decrease in cash and cash equivalents (8.3 ) (101.8 )
 
Cash and cash equivalents at beginning of year   132.9     217.6  
Cash and cash equivalents at end of period $ 124.6   $ 115.8  
 
Supplemental cash flow disclosures:
Cash paid for interest $ (25.4 ) $ (27.8 )
Net cash paid for income taxes (66.4 ) (87.9 )

 
 
SNAP-ON INCORPORATED
Supplemental Consolidating Data - Condensed Statements of Earnings
(Amounts in millions)
(unaudited)
               
Operations* Financial Services
Three Months Ended Three Months Ended
July 4, June 28, July 4, June 28,
2015 2014 2015 2014
 
Net sales $ 851.8 $ 826.5 $ - $ -
Cost of goods sold   (432.8 )   (426.1 )   -     -  
Gross profit 419.0 400.4 - -
Operating expenses   (268.2 )   (262.3 )   -     -  
Operating earnings before financial services 150.8 138.1 - -
 
Financial services revenue - - 58.7 51.7
Financial services expenses   -     -     (17.3 )   (16.9 )
Operating earnings from financial services   -     -     41.4     34.8  
 
Operating earnings 150.8 138.1 41.4 34.8
Interest expense (12.8 ) (12.5 ) (0.1 ) (0.2 )
Intersegment interest income (expense) – net 15.7 13.9 (15.7 ) (13.9 )
Other income (expense) – net   (0.7 )   0.3     -     -  
Earnings before income taxes and equity earnings 153.0 139.8 25.6 20.7
Income tax expense   (46.8 )   (44.3 )   (9.4 )   (7.6 )
Earnings before equity earnings 106.2 95.5 16.2 13.1
Financial services – net earnings
attributable to Snap-on Inc. 16.2 13.1 - -
Equity earnings, net of tax   0.6     0.2     -     -  
Net earnings 123.0 108.8 16.2 13.1
Net earnings attributable to noncontrolling interests   (3.0 )   (2.7 )   -     -  
Net earnings attributable to Snap-on Inc. $ 120.0   $ 106.1   $ 16.2   $ 13.1  
 
* Snap-on Inc. with Financial Services on the equity method.
Transactions between the Operations and Financial Services businesses were eliminated to arrive at the consolidated financial statements.

 
 
SNAP-ON INCORPORATED
Supplemental Consolidating Data - Condensed Statements of Earnings
(Amounts in millions)
(unaudited)
               
Operations* Financial Services
Six Months Ended Six Months Ended
July 4, June 28, July 4, June 28,
2015 2014 2015 2014
 
Net sales $ 1,679.6 $ 1,614.0 $ - $ -
Cost of goods sold   (850.5 )   (834.9 )   -     -  
Gross profit 829.1 779.1 - -
Operating expenses   (540.4 )   (519.3 )   -     -  
Operating earnings before financial services 288.7 259.8 - -
 
Financial services revenue - - 116.1 101.9
Financial services expenses   -     -     (34.4 )   (32.7 )
Operating earnings from financial services   -     -     81.7     69.2  
 
Operating earnings 288.7 259.8 81.7 69.2
Interest expense (25.7 ) (26.0 ) (0.2 ) (0.4 )
Intersegment interest income (expense) – net 30.7 27.3 (30.7 ) (27.3 )
Other income (expense) – net   (1.4 )   0.2     -     -  
Earnings before income taxes and equity earnings 292.3 261.3 50.8 41.5
Income tax expense   (89.3 )   (81.0 )   (18.7 )   (15.2 )
Earnings before equity earnings 203.0 180.3 32.1 26.3
Financial services – net earnings
attributable to Snap-on Inc. 32.1 26.3 - -
Equity earnings, net of tax   1.1     0.4     -     -  
Net earnings 236.2 207.0 32.1 26.3
Net earnings attributable to noncontrolling interests   (5.7 )   (5.0 )   -     -  
Net earnings attributable to Snap-on Inc. $ 230.5   $ 202.0   $ 32.1   $ 26.3  
 
* 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.

 
 
SNAP-ON INCORPORATED
Supplemental Consolidating Data - Condensed Balance Sheets
(Amounts in millions)
(unaudited)
               
Operations* Financial Services
July 4, January 3, July 4, January 3,
2015 2015 2015 2015
 
Assets
Cash and cash equivalents $ 124.4 $ 132.8 $ 0.2 $ 0.1
Intersegment receivables 19.2 16.0 - -
Trade and other accounts receivable – net 557.7 550.5 0.3 0.3
Finance receivables – net - - 421.7 402.4
Contract receivables – net 7.6 7.6 61.5 66.9
Inventories – net 499.2 475.5 - -
Deferred income tax assets 80.0 85.4 16.7 15.6
Prepaid expenses and other assets   133.1   125.5   1.6   0.9
Total current assets 1,421.2 1,393.3 502.0 486.2
 
Property and equipment – net 410.3 403.4 0.9 1.1
Investment in Financial Services 228.4 218.9 - -
Deferred income tax assets 87.9 92.9 0.3 0.3
Intersegment long-term notes receivable 281.0 232.1 - -
Long-term finance receivables – net - - 708.8 650.5
Long-term contract receivables – net 13.3 12.8 239.6 229.2
Goodwill 787.8 810.7 - -
Other intangibles – net 198.0 203.3 - -
Other assets   50.7   50.9   1.0   1.0
Total assets $ 3,478.6 $ 3,418.3 $ 1,452.6 $ 1,368.3
 
Liabilities and Equity
Notes payable $ 61.0 $ 56.6 $ - $ -
Accounts payable 166.0 144.7 0.1 0.3
Intersegment payables - - 19.2 16.0
Accrued benefits 45.1 53.8 - -
Accrued compensation 74.2 95.2 2.4 4.0
Franchisee deposits 68.4 65.8 - -
Other accrued liabilities   283.2   285.0   45.5   18.2
Total current liabilities 697.9 701.1 67.2 38.5
 
Long-term debt and intersegment long-term debt - - 1,142.4 1,094.8
Deferred income tax liabilities 160.4 158.6 - 0.6
Retiree health care benefits 40.3 42.5 - -
Pension liabilities 184.6 217.9 - -
Other long-term liabilities   79.2   72.9   14.6   15.5
Total liabilities   1,162.4   1,193.0   1,224.2   1,149.4
 
Total shareholders' equity attributable to Snap-on Inc. 2,298.5 2,207.8 228.4 218.9
Noncontrolling interests   17.7   17.5   -   -
Total equity   2,316.2   2,225.3   228.4   218.9
Total liabilities and equity $ 3,478.6 $ 3,418.3 $ 1,452.6 $ 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

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