Diluted EPS of $2.36 increases
16.3%;
Operating earnings before financial services
of 19.1% of sales up 140 basis points;
Reported net sales up 2.4%; Organic net
sales up 2.9%
Snap-on Incorporated (NYSE: SNA), a leading global innovator,
manufacturer and marketer of tools, equipment, diagnostics, repair
information and systems solutions for professional users performing
critical tasks, today announced operating results for the second
quarter of 2016.
- Net sales of $872.3 million increased
$20.5 million, or 2.4%, from 2015 levels; excluding $10.2 million
(120 basis points) of unfavorable foreign currency translation and
$5.9 million (70 basis points) of acquisition-related sales,
organic sales increased $24.8 million or 2.9%. (See “Non-GAAP
Measures” below for a definition of, and further information on,
organic sales.)
- Operating earnings before financial
services of $166.4 million increased 140 basis points to 19.1% of
sales as compared to $150.8 million, or 17.7% of sales, last
year.
- Financial services operating earnings
of $49.5 million increased $8.1 million, or 19.6%, from 2015
levels; financial services revenue of $69.3 million increased 18.1%
from 2015 levels.
- Consolidated operating earnings of
$215.9 million improved to 22.9% of revenues (net sales plus
financial services revenue) as compared to $192.2 million, or 21.1%
of revenues, last year.
- The second quarter effective income tax
rate was 31.0% in 2016 and 32.0% in 2015.
- Net earnings of $140.1 million, or
$2.36 per diluted share, compared to net earnings of $120.0
million, or $2.03 per diluted share, a year ago.
“We believe our second quarter results continue to confirm
Snap-on’s capabilities in serving serious professionals performing
critical tasks in workplaces of consequence around the world,” said
Nick Pinchuk, Snap-on chairman and chief executive officer. “This
performance, which includes 2.9% organic sales growth and a 16.3%
increase in diluted earnings per share, demonstrates further
progress along our defined runways for coherent growth and ongoing
strength in automotive repair while overcoming continuing headwinds
in certain challenging end markets and geographies. The 140 basis
point improvement in operating margin before financial services
also reflects contributions from our Snap-on Value Creation
Processes, which drive our ongoing improvements in safety, quality,
customer connection, innovation and rapid continuous improvement.
Finally, these results and achievements reflect significant effort
and dedication across the organization and I thank our franchisees
and associates worldwide for their extraordinary contributions and
commitment.”
Segment Results
Commercial & Industrial Group segment sales of $285.7
million in the quarter decreased $10.1 million, or 3.4%, from 2015
levels. Excluding $4.2 million of unfavorable foreign currency
translation, organic sales declined $5.9 million, or 2.0%, as lower
sales to customers in critical industries were partially offset by
gains in the segment’s Asia/Pacific and power tools operations, as
well as higher sales from the segment’s European-based hand tools
business.
Operating earnings of $39.3 million in the period, including
$1.0 million of unfavorable foreign currency effects, decreased
$2.9 million from 2015 levels, and the operating margin (operating
earnings as a percentage of segment sales) of 13.8% declined 50
basis points from 14.3% a year ago.
Snap-on Tools Group segment sales of $416.7 million in
the quarter rose $18.0 million, or 4.5%, from 2015 levels.
Excluding $4.7 million of unfavorable foreign currency translation,
organic sales were up 5.8%, reflecting similar sales increases in
both the company’s U.S. and international franchise operations.
Operating earnings of $76.3 million in the period, including
$4.1 million of unfavorable foreign currency effects, increased
$8.3 million from 2015 levels, and the operating margin of 18.3%
improved 120 basis points from 17.1% a year ago.
Repair Systems & Information Group segment sales of
$295.2 million in the quarter rose $17.8 million, or 6.4%, from
2015 levels. Excluding $5.9 million of acquisition-related sales
and $2.3 million of unfavorable foreign currency translation,
organic sales increased $14.2 million, or 5.2%, due to higher sales
of diagnostic and repair information products to independent repair
shop owners and managers, increased sales of undercar equipment and
higher sales to OEM dealerships.
Operating earnings of $74.5 million in the period, including
$1.0 million of unfavorable foreign currency effects, increased
$6.8 million from 2015 levels, and the operating margin of 25.2%
improved 80 basis points from 24.4% a year ago.
Financial Services operating earnings of $49.5 million on
revenue of $69.3 million in the quarter compared to operating
earnings of $41.4 million on revenue of $58.7 million a year
ago.
Corporate expenses of $23.7 million in the quarter
declined $3.4 million from $27.1 million last year, primarily due
to lower stock-based (mark-to-market) compensation and pension
expense.
Outlook
Snap-on expects to make continued progress in 2016 along its
defined runways for coherent growth, leveraging capabilities
already demonstrated in the automotive repair arena and developing
and expanding its professional customer base, not only in
automotive repair, but also in adjacent markets, additional
geographies and other areas, including in critical industries,
where the cost and penalties for failure can be high. In pursuit of
these initiatives, Snap-on continues to expect that capital
expenditures in 2016 will be in a range of $80 million to $90
million. Snap-on also continues to anticipate that its full year
2016 effective income tax rate will be comparable to its 2015 full
year rate.
Conference Call and Webcast on July 21,
2016, at 9:00 a.m. Central Time
A discussion of this release will be webcast on Thursday, July
21, 2016, at 9:00 a.m. Central Time, and a replay will be available
for at least 10 days following the call. To access the webcast,
visit http://www.snapon.com/sna and click on the link to the
webcast. The slide presentation accompanying the call can be
accessed under the Downloads tab in the webcast viewer, as well as
on the Snap-on website under the tabs Investor Information /
Investor Events / Company Presentations.
Non-GAAP Measures
References in this document to “organic sales” refer to sales
from continuing operations calculated in accordance with generally
accepted accounting principles in the United States (“GAAP”),
excluding acquisition-related sales and the impact of foreign
currency translation. Snap-on has significant international
operations and is subject to risks inherent with foreign
operations, including foreign currency translation fluctuations.
Management evaluates the company’s sales performance based on
organic sales growth, which primarily reflects growth from the
company’s existing businesses as a result of increased output,
customer base and geographic expansion, new product development
and/or pricing, and excludes sales contributions from acquired
operations the company did not own as of the comparable prior-year
reporting period. The company’s organic sales disclosures also
exclude the effects of foreign currency translation as foreign
currency translation is subject to volatility that can obscure
underlying business trends. Management believes that the non-GAAP
financial measure of organic sales is meaningful to investors as it
provides them with useful information to aid in identifying
underlying growth trends in our businesses and facilitating
comparisons of our sales performance with prior periods.
About Snap-on
Snap-on Incorporated is a leading global innovator, manufacturer
and marketer of tools, equipment, diagnostics, repair information
and systems solutions for professional users performing critical
tasks. Products and services include hand and power tools, tool
storage, diagnostics software, information and management systems,
shop equipment and other solutions for vehicle dealerships and
repair centers, as well as for customers in industries, including
aviation and aerospace, agriculture, construction, government and
military, mining, natural resources, power generation and technical
education. Snap-on also derives income from various financing
programs to facilitate the sales of its products. Products and
services are sold through the company’s franchisee, company-direct,
distributor and internet channels. Founded in 1920, Snap-on is a
$3.4 billion, S&P 500 company headquartered in Kenosha,
Wisconsin.
Forward-looking
Statements
Statements in this news release that are not historical facts,
including statements that (i) are in the future tense; (ii) include
the words “expects,” “anticipates,” “intends,” “approximates,” or
similar words that reference Snap-on or its management; (iii) are
specifically identified as forward-looking; or (iv) describe
Snap-on’s or management’s future outlook, plans, estimates,
objectives or goals, are forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Snap-on cautions the reader that this news release may contain
statements, including earnings projections, that are
forward-looking in nature and were developed by management in good
faith and, accordingly, are subject to risks and uncertainties
regarding Snap-on’s expected results that could cause (and in some
cases have caused) actual results to differ materially from those
described or contemplated in any forward-looking statement. Factors
that may cause the company’s actual results to differ materially
from those contained in the forward-looking statements include
those found in the company’s reports filed with the Securities and
Exchange Commission, including the information under the “Safe
Harbor” and “Risk Factors” headings in its Annual Report on Form
10-K for the fiscal year ended January 2, 2016, which are
incorporated herein by reference. Snap-on disclaims any
responsibility to update any forward-looking statement provided in
this news release, except as required by law.
For additional information, please visit www.snapon.com.
SNAP-ON INCORPORATED
Condensed Consolidated Statements of Earnings (Amounts in
millions, except per share data) (unaudited)
Three Months Ended Six Months Ended
July 2, July 4, July 2, July 4,
2016 2015 2016 2015 Net
sales $ 872.3 $ 851.8 $ 1,706.5 $ 1,679.6 Cost of goods sold
(441.0 ) (432.8 ) (859.9 ) (850.5 )
Gross profit 431.3 419.0 846.6 829.1 Operating expenses
(264.9 ) (268.2 ) (524.8 ) (540.4 )
Operating earnings before financial services 166.4 150.8
321.8 288.7
Financial services revenue 69.3 58.7
135.6 116.1 Financial services expenses (19.8 ) (17.3
) (39.1 ) (34.4 )
Operating earnings from
financial services 49.5 41.4
96.5 81.7
Operating earnings
215.9 192.2 418.3 370.4 Interest expense (12.9 ) (12.9 ) (26.0 )
(25.9 ) Other income (expense) – net 1.2 (0.7
) 0.5 (1.4 )
Earnings before income taxes
and equity earnings 204.2 178.6 392.8 343.1 Income tax expense
(62.2 ) (56.2 ) (119.8 ) (108.0 )
Earnings before equity earnings 142.0 122.4 273.0 235.1
Equity earnings, net of tax 1.4 0.6
1.7 1.1
Net earnings 143.4 123.0
274.7 236.2 Net earnings attributable to noncontrolling interests
(3.3 ) (3.0 ) (6.3 ) (5.7 )
Net
earnings attributable to Snap-on Inc. $ 140.1 $ 120.0
$ 268.4 $ 230.5
Net earnings
per share attributable to Snap-on Inc.: Basic $ 2.41 $ 2.07 $
4.62 $ 3.97 Diluted 2.36 2.03 4.52 3.90
Weighted-average
shares outstanding: Basic 58.1 58.1 58.1 58.1 Effect of
dilutive securities 1.3 1.0 1.3
1.0 Diluted 59.4 59.1
59.4 59.1
SNAP-ON INCORPORATED Supplemental Segment
Information (Amounts in millions) (unaudited)
Three Months Ended Six Months Ended
July 2, July 4, July 2, July 4,
2016 2015 2016 2015 Net
sales: Commercial & Industrial Group $ 285.7 $ 295.8 $
572.7 $ 593.3 Snap-on Tools Group 416.7 398.7 819.2 776.9 Repair
Systems & Information Group 295.2 277.4
574.0 549.7
Segment net
sales 997.6 971.9 1,965.9 1,919.9 Intersegment eliminations
(125.3 ) (120.1 ) (259.4 ) (240.3 )
Total net sales $ 872.3 $ 851.8 $ 1,706.5 $ 1,679.6
Financial Services revenue 69.3 58.7
135.6 116.1
Total revenues $
941.6 $ 910.5 $ 1,842.1 $ 1,795.7
Operating earnings: Commercial & Industrial Group
$ 39.3 $ 42.2 $ 80.4 $ 86.2 Snap-on Tools Group 76.3 68.0 143.0
127.8 Repair Systems & Information Group 74.5 67.7 143.5 131.6
Financial Services 49.5 41.4
96.5 81.7
Segment operating earnings
239.6 219.3 463.4 427.3 Corporate (23.7 ) (27.1 )
(45.1 ) (56.9 )
Operating earnings $ 215.9 $
192.2 $ 418.3 $ 370.4 Interest expense (12.9 ) (12.9 ) (26.0 )
(25.9 ) Other income (expense) – net 1.2 (0.7
) 0.5 (1.4 )
Earnings before income taxes and equity
earnings
$ 204.2 $ 178.6 $ 392.8 $ 343.1
SNAP-ON INCORPORATED Condensed Consolidated
Balance Sheets (Amounts in millions) (unaudited)
July 2, January 2, 2016
2016 Assets Cash and cash equivalents $ 119.9
$ 92.8 Trade and other accounts receivable – net 565.9 562.5
Finance receivables – net 463.5 447.3 Contract receivables – net
76.4 82.1 Inventories – net 507.1 497.8 Prepaid expenses and other
assets 119.6 106.3 Total current assets
1,852.4 1,788.8 Property and equipment – net 418.5 413.5
Deferred income tax assets 61.6 60.4 Long-term finance receivables
– net 868.2 772.7 Long-term contract receivables – net 276.6 266.6
Goodwill 788.2 790.1 Other intangibles – net 189.2 195.0 Other
assets 50.4 44.0
Total assets $
4,505.1 $ 4,331.1
Liabilities and
Equity Notes payable and current maturities of long-term debt $
174.4 $ 18.4 Accounts payable 169.1 148.3 Accrued benefits 44.9
52.1 Accrued compensation 73.9 91.0 Franchisee deposits 68.9 64.4
Other accrued liabilities 321.9 296.0
Total current liabilities 853.1 670.2 Long-term debt 715.2
861.7 Deferred income tax liabilities 13.5 14.3 Retiree health care
benefits 36.1 37.9 Pension liabilities 193.2 227.8 Other long-term
liabilities 92.4 88.5
Total
liabilities 1,903.5 1,900.4
Equity Shareholders' equity attributable to Snap-on
Inc. Common stock 67.4 67.4 Additional paid-in capital 311.1
296.3 Retained earnings 3,183.9 2,986.9 Accumulated other
comprehensive loss (369.8 ) (364.2 ) Treasury stock at cost
(609.0 ) (573.7 )
Total shareholders' equity attributable
to Snap-on Inc. 2,583.6 2,412.7 Noncontrolling interests
18.0 18.0
Total equity 2,601.6
2,430.7
Total liabilities and equity $
4,505.1 $ 4,331.1
SNAP-ON
INCORPORATED Condensed Consolidated Statements of Cash
Flows (Amounts in millions) (unaudited)
Three Months Ended July 2, July 4, 2016
2015 Operating activities: Net earnings $ 143.4 $
123.0
Adjustments to reconcile net earnings to
net cash provided (used) by operating activities:
Depreciation 15.5 14.4 Amortization of other intangibles 6.2 6.2
Provision for losses on finance receivables 10.3 7.3 Provision for
losses on non-finance receivables 1.5 3.0 Stock-based compensation
expense 8.4 11.6 Excess tax benefits from stock-based compensation
- (3.0 ) Deferred income tax benefit (15.1 ) (7.6 ) Loss on sale of
assets - 0.3 Changes in operating assets and liabilities: Increase
in trade and other accounts receivable (1.0 ) (6.6 ) Increase in
contract receivables (5.8 ) (6.4 ) Increase in inventories (2.1 )
(11.8 ) Increase in prepaid and other assets (9.3 ) (11.4 )
Increase in accounts payable 9.1 2.9 Increase in accruals and other
liabilities 1.0 38.4
Net cash
provided by operating activities 162.1 160.3
Investing activities: Additions to finance receivables
(244.2 ) (217.2 ) Collections of finance receivables 167.3 159.1
Capital expenditures (20.6 ) (27.7 ) Disposal of property and
equipment 1.2 0.4 Other 1.0 -
Net
cash used by investing activities (95.3 ) (85.4 )
Financing activities: Proceeds from notes payable - 1.6
Repayments of notes payable - (1.6 ) Net increase (decrease) in
other short-term borrowings 3.8 (17.6 ) Cash dividends paid (35.5 )
(30.8 ) Purchases of treasury stock (35.4 ) (37.2 ) Proceeds from
stock purchase and option plans 18.5 22.0 Excess tax benefits from
stock-based compensation - 3.0 Other (4.0 ) (4.3 )
Net cash used by financing activities (52.6 ) (64.9 )
Effect of exchange rate changes on cash and cash equivalents
(0.6 ) 0.2
Increase in cash and cash
equivalents 13.6 10.2 Cash and cash equivalents at
beginning of period 106.3 114.4
Cash
and cash equivalents at end of period $ 119.9 $ 124.6
Supplemental cash flow disclosures: Cash paid
for interest $ (1.6 ) $ (1.7 ) Net cash paid for income taxes (88.8
) (45.7 )
SNAP-ON INCORPORATED
Condensed Consolidated Statements of Cash Flows (Amounts
in millions) (unaudited) Six Months Ended
July 2, July 4, 2016 2015 Operating
activities: Net earnings $ 274.7 $ 236.2
Adjustments to reconcile net earnings to
net cash provided (used) by operating activities:
Depreciation 30.4 28.2 Amortization of other intangibles 12.3 12.4
Provision for losses on finance receivables 19.6 14.4 Provision for
losses on non-finance receivables 4.7 7.9 Stock-based compensation
expense 14.2 23.1 Excess tax benefits from stock-based compensation
- (14.0 ) Deferred income tax provision (benefit) (5.7 ) 3.1 Loss
on sale of assets - 0.3 Changes in operating assets and
liabilities: Increase in trade and other accounts receivable (5.8 )
(26.8 ) Increase in contract receivables (5.5 ) (9.7 ) Increase in
inventories (12.0 ) (35.8 ) Increase in prepaid and other assets
(24.8 ) (38.4 ) Increase in accounts payable 24.1 27.8 Increase
(decrease) in accruals and other liabilities (22.5 )
9.7
Net cash provided by operating activities 303.7
238.4
Investing activities: Additions to finance
receivables (475.1 ) (416.0 ) Collections of finance receivables
341.4 319.3 Capital expenditures (40.1 ) (45.8 ) Disposal of
property and equipment 1.4 0.4 Other (2.5 ) (2.8 )
Net cash used by investing activities (174.9 ) (144.9 )
Financing activities: Proceeds from notes payable -
1.6 Repayments of notes payable (0.8 ) (1.6 ) Net increase in other
short-term borrowings 7.4 5.2 Cash dividends paid (70.9 ) (61.7 )
Purchases of treasury stock (58.5 ) (86.9 ) Proceeds from stock
purchase and option plans 28.4 36.5 Excess tax benefits from
stock-based compensation - 14.0 Other (7.5 ) (7.3 )
Net cash used by financing activities (101.9 ) (100.2 )
Effect of exchange rate changes on cash and cash
equivalents 0.2 (1.6 )
Increase
(decrease) in cash and cash equivalents 27.1 (8.3 ) Cash
and cash equivalents at beginning of year 92.8
132.9
Cash and cash equivalents at end of period $
119.9 $ 124.6
Supplemental cash flow
disclosures: Cash paid for interest $ (25.5 ) $ (25.4 ) Net
cash paid for income taxes (106.5 ) (66.4 )
Non-GAAP
Supplemental Data
The following non-GAAP supplemental data is presented for
informational purposes to provide readers with insight into the
information used by management for assessing the operating
performance of Snap-on Incorporated's ("Snap-on's") non-financial
services ("Operations") and "Financial Services" businesses.
The supplemental Operations data reflects
the results of operations and financial position of Snap-on's
tools, diagnostic and equipment products, software and other
non-financial services operations with Financial Services on the
equity method. The supplemental Financial Services data reflects
the results of operations and financial position of Snap-on's U.S.
and international financial services operations. The financing
needs of Financial Services are met through intersegment borrowings
and cash generated from Operations; Financial Services is charged
interest expense on intersegment borrowings at market rates. Income
taxes are charged to Financial Services on the basis of the
specific tax attributes generated by the U.S. and international
financial services businesses. Transactions between the Operations
and Financial Services businesses were eliminated to arrive at the
Condensed Consolidated Financial Statements.
SNAP-ON INCORPORATED Supplemental
Consolidating Data - Condensed Statements of Earnings
(Amounts in millions) (unaudited)
Operations* Financial Services Three Months
Ended Three Months Ended July 2, July 4,
July 2, July 4, 2016 2015 2016
2015 Net sales $ 872.3 $ 851.8 $ - $ - Cost of
goods sold (441.0 ) (432.8 ) - -
Gross profit 431.3 419.0 - - Operating expenses
(264.9 ) (268.2 ) - -
Operating earnings before financial services 166.4 150.8 - -
Financial services revenue - - 69.3 58.7 Financial
services expenses - - (19.8 )
(17.3 )
Operating earnings from financial services
- - 49.5 41.4
Operating earnings 166.4 150.8 49.5 41.4
Interest expense (12.8 ) (12.8 ) (0.1 ) (0.1 ) Intersegment
interest income (expense) – net 18.3 15.7 (18.3 ) (15.7 ) Other
income (expense) – net 1.2 (0.7 ) -
-
Earnings before income taxes and equity
earnings 173.1 153.0 31.1 25.6 Income tax expense (50.7
) (46.8 ) (11.5 ) (9.4 )
Earnings before
equity earnings 122.4 106.2 19.6 16.2
Financial services – net earnings
attributable to Snap-on Inc.
19.6 16.2 - - Equity earnings, net of tax 1.4
0.6 - -
Net earnings
143.4 123.0 19.6 16.2 Net earnings attributable to noncontrolling
interests (3.3 ) (3.0 ) - -
Net earnings attributable to Snap-on Inc. $ 140.1
$ 120.0 $ 19.6 $ 16.2 * Snap-on
Inc. with Financial Services on the equity method.
SNAP-ON INCORPORATED Supplemental
Consolidating Data - Condensed Statements of Earnings
(Amounts in millions) (unaudited)
Operations* Financial Services Six Months
Ended Six Months Ended July 2, July 4,
July 2, July 4, 2016 2015 2016
2015 Net sales $ 1,706.5 $ 1,679.6 $ - $ -
Cost of goods sold (859.9 ) (850.5 ) -
-
Gross profit 846.6 829.1 - - Operating
expenses (524.8 ) (540.4 ) - -
Operating earnings before financial services 321.8
288.7 - -
Financial services revenue - - 135.6 116.1
Financial services expenses - -
(39.1 ) (34.4 )
Operating earnings from financial
services - - 96.5
81.7
Operating earnings 321.8 288.7
96.5 81.7 Interest expense (25.8 ) (25.7 ) (0.2 ) (0.2 )
Intersegment interest income (expense) – net 35.6 30.7 (35.6 )
(30.7 ) Other income (expense) – net 0.5 (1.4
) - -
Earnings before income taxes
and equity earnings 332.1 292.3 60.7 50.8 Income tax expense
(97.4 ) (89.3 ) (22.4 ) (18.7 )
Earnings before equity earnings 234.7 203.0 38.3 32.1
Financial services – net earnings
attributable to Snap-on Inc.
38.3 32.1 - - Equity earnings, net of tax 1.7
1.1 - -
Net earnings
274.7 236.2 38.3 32.1 Net earnings attributable to noncontrolling
interests (6.3 ) (5.7 ) - -
Net earnings attributable to Snap-on Inc. $ 268.4
$ 230.5 $ 38.3 $ 32.1 * Snap-on
Inc. with Financial Services on the equity method.
SNAP-ON INCORPORATED Supplemental
Consolidating Data - Condensed Balance Sheets (Amounts in
millions) (unaudited) Operations*
Financial Services July 2, January 2, July
2, January 2, 2016 2016 2016
2016 Assets Cash and cash equivalents $ 119.7
$ 92.7 $ 0.2 $ 0.1 Intersegment receivables 18.8 15.9 - - Trade and
other accounts receivable – net 565.6 562.2 0.3 0.3 Finance
receivables – net - - 463.5 447.3 Contract receivables – net 7.9
8.0 68.5 74.1 Inventories – net 507.1 497.8 - - Prepaid expenses
and other assets 125.0 111.5 1.5 1.2
Total current assets 1,344.1 1,288.1 534.0 523.0 Property
and equipment – net 417.2 412.1 1.3 1.4 Investment in Financial
Services 270.9 251.8 - - Deferred income tax assets 40.0 40.6 21.6
19.8 Intersegment long-term notes receivable 489.4 398.7 - -
Long-term finance receivables – net - - 868.2 772.7 Long-term
contract receivables – net 11.3 12.1 265.3 254.5 Goodwill 788.2
790.1 - - Other intangibles – net 189.2 195.0 - - Other assets
58.1 49.9 0.1 1.0
Total assets $
3,608.4 $ 3,438.4 $ 1,690.5 $ 1,572.4
Liabilities and
Equity Notes payable and current maturities of long-term debt $
24.4 $ 18.4 $ 150.0 $ - Accounts payable 169.0 148.2 0.1 0.1
Intersegment payables - - 18.8 15.9 Accrued benefits 44.9 52.1 - -
Accrued compensation 71.5 86.9 2.4 4.1 Franchisee deposits 68.9
64.4 - - Other accrued liabilities 300.3 277.4
28.5 25.0 Total current liabilities 679.0 647.4 199.8 45.1
Long-term debt and intersegment long-term debt - - 1,204.6
1,260.4 Deferred income tax liabilities 13.5 14.1 - 0.2 Retiree
health care benefits 36.1 37.9 - - Pension liabilities 193.2 227.8
- - Other long-term liabilities 85.0 80.5 15.2
14.9
Total liabilities 1,006.8 1,007.7
1,419.6 1,320.6
Total shareholders' equity
attributable to Snap-on Inc. 2,583.6 2,412.7 270.9 251.8
Noncontrolling interests 18.0 18.0 - -
Total equity 2,601.6 2,430.7 270.9
251.8
Total liabilities and equity $ 3,608.4 $
3,438.4 $ 1,690.5 $ 1,572.4 * Snap-on Inc. with Financial
Services on the equity method.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160721005250/en/
Snap-on IncorporatedInvestors:Leslie
Kratcoski262/656-6121orMedia:Richard Secor262/656-5561
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