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Snap-on Announces First Quarter 2024 Results

Diluted EPS of $4.91, including a $0.16 per share benefit from a legal payment, compares to $4.60 in Q1 2023;

Operating margin before financial services of 22.9% compares to 22.0% in Q1 2023; Sales of $1,182.3 million consistent with last year

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 2024.

  • Net sales of $1,182.3 million in the first quarter of 2024 represented a decrease of $0.7 million, or 0.1%, from 2023 levels, reflecting a $9.9 million, or 0.8%, organic sales decline, partially offset by $6.7 million of acquisition-related sales and $2.5 million of favorable foreign currency translation.
  • Operating earnings before financial services for the quarter of $270.9 million compared to $259.8 million in 2023. As a percentage of net sales, operating earnings before financial services were 22.9% in the first quarter compared to 22.0% last year.
  • Financial services revenue in the quarter of $99.6 million compared to $92.6 million in 2023; financial services operating earnings of $68.3 million compared to $66.3 million last year.
  • Consolidated operating earnings for the quarter of $339.2 million, or 26.5% of revenues (net sales plus financial services revenue), compared to $326.1 million, or 25.6% of revenues, last year.
  • The first quarter effective income tax rate was 22.2% in 2024 and 23.1% in 2023.
  • Net earnings in the quarter of $263.5 million, or $4.91 per diluted share, compared to net earnings of $248.7 million, or $4.60 per diluted share, a year ago.
  • In the quarter, operating earnings before financial services and consolidated operating earnings included an $11.3 million benefit for payments received associated with a legal matter (the “legal payment”); net earnings included an $8.8 million, or $0.16 per diluted share, after-tax benefit from the legal payment.

See “Non-GAAP Measures” below for a definition of, and further explanation about, organic sales.

“We’re encouraged by our first quarter 2024 results, achieved against the general uncertainty and turbulence of this time,” said Nick Pinchuk, Snap-on chairman and chief executive officer. “Despite the varying levels of confidence among technicians served through our Snap-on Tools franchised van channel, we believe our growth with customers in critical industries and with repair shop owners and managers demonstrates the broad strength of our individual operations, the resilience of our multiple markets, and the substantial opportunities along our runways for growth. As we move forward, we’ll continue pivoting our focus to match technician preferences in this period, we’ll maintain our momentum with repair shops and with critical industries, and we’ll reinforce our brand with significant new products. In addition, we’ll remain engaged in our Snap-on Value Creation Processes to maximize capacity for ongoing advancement, resisting and overcoming the headwinds of the day. Finally, the power of our enterprise is dependent on the experience and capability of Snap-on people worldwide. I want to thank both our franchisees and our associates for their valuable contributions to our company, for their steadfast dedication to our team, and for their unshakable belief in our future.”

Segment Results

Commercial & Industrial Group segment sales of $359.9 million in the quarter compared to $363.8 million last year, reflecting a $9.2 million, or 2.5%, organic sales decline and $1.4 million of unfavorable foreign currency translation, partially offset by $6.7 million of acquisition-related sales. The organic decrease is primarily due to declines in both the segment’s power tools and Asia-Pacific operations, partially offset by higher activity with customers in critical industries.

Operating earnings of $55.4 million in the period compared to $55.8 million in 2023. The operating margin (operating earnings as a percentage of segment sales) of 15.4% compared to 15.3% last year.

Snap-on Tools Group segment sales of $500.1 million in the quarter compared to $537.0 million last year, reflecting a $37.5 million, or 7.0%, organic sales decline, partially offset by $0.6 million of favorable foreign currency translation. The organic decrease is due to lower activity in the U.S. operations, partially offset by higher sales in the segment’s international operations.

Operating earnings of $117.3 million in the period compared to $131.7 million in 2023. The operating margin of 23.5% compared to 24.5% a year ago.

Repair Systems & Information Group segment sales of $463.8 million in the quarter compared to $446.6 million last year, reflecting a $14.7 million, or 3.3%, organic sales increase and $2.5 million of favorable foreign currency translation. The organic gain includes increased activity with OEM dealerships and higher sales of undercar equipment.

Operating earnings of $112.9 million in the period compared to $104.6 million in 2023. The operating margin improved 90 basis points to 24.3% in the quarter from 23.4% last year.

Financial Services operating earnings of $68.3 million on revenue of $99.6 million in the quarter compared to operating earnings of $66.3 million on revenue of $92.6 million a year ago. Originations of $301.7 million in the first quarter represented an increase of $0.8 million, or 0.3%, from 2023 levels.

Corporate expenses in the first quarter of $14.7 million, including a benefit from the legal payment, compared to $32.3 million last year.

Outlook

We believe that our markets and our operations possess and have demonstrated continuing and considerable resilience against the uncertainties of the current environment. In 2024, Snap-on expects to make ongoing progress 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, we project that capital expenditures in 2024 will be in the range of $100 million to $110 million, of which $21.8 million was incurred in the first three months of the year.

Snap-on currently anticipates that its full-year 2024 effective income tax rate will be in the range of 22% to 23%.

Conference Call and Webcast on April 18, 2024, at 9:00 a.m. Central Time

A discussion of this release will be webcast on Thursday, April 18, 2024, 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 https://www.snapon.com/EN/Investors/Investor-Events and click on the link to the call. 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 at https://www.snapon.com/EN/Investors/Financial-Information/Quarterly-Earnings.

Non-GAAP Measures

References in this release 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, expanded customer base, geographic expansion, new product development and pricing changes, and excludes sales contributions from acquired operations the company did not own as of the comparable prior-year reporting period. Organic sales 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 the company’s businesses and facilitates comparisons of its 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 including those working in vehicle repair, aerospace, the military, natural resources, and manufacturing. From its founding in 1920, Snap-on has been recognized as the mark of the serious and the outward sign of the pride and dignity working men and women take in their professions. Products and services are sold through the company’s network of widely recognized franchisee vans, as well as through direct and distributor channels, under a variety of notable brands. The company also provides financing programs to facilitate the sales of its products and to support its franchise business. Snap-on, an S&P 500 company, generated sales of $4.7 billion in 2023, and is 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 30, 2023, 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

 

March 30,

 

April 1,

 

2024

 

2023

 

 

 

 

Net sales

$

1,182.3

 

 

$

1,183.0

 

Cost of goods sold

 

(585.6

)

 

 

(593.4

)

Gross profit

 

596.7

 

 

 

589.6

 

Operating expenses

 

(325.8

)

 

 

(329.8

)

Operating earnings before financial services

 

270.9

 

 

 

259.8

 

 

 

 

 

Financial services revenue

 

99.6

 

 

 

92.6

 

Financial services expenses

 

(31.3

)

 

 

(26.3

)

Operating earnings from financial services

 

68.3

 

 

 

66.3

 

 

 

 

 

Operating earnings

 

339.2

 

 

 

326.1

 

Interest expense

 

(12.5

)

 

 

(12.4

)

Other income (expense) – net

 

18.1

 

 

 

15.2

 

Earnings before income taxes

 

344.8

 

 

 

328.9

 

Income tax expense

 

(75.2

)

 

 

(74.6

)

Net earnings

 

269.6

 

 

 

254.3

 

Net earnings attributable to noncontrolling interests

 

(6.1

)

 

 

(5.6

)

Net earnings attributable to Snap-on Inc.

$

263.5

 

 

$

248.7

 

 

 

 

 

 

 

 

 

Net earnings per share attributable to Snap-on Inc.:

 

 

 

Basic

$

4.99

 

 

$

4.69

 

Diluted

 

4.91

 

 

 

4.60

 

 

 

 

 

Weighted-average shares outstanding:

 

 

 

Basic

 

52.8

 

 

 

53.0

 

Effect of dilutive securities

 

0.9

 

 

 

1.1

 

Diluted

 

53.7

 

 

 

54.1

 

SNAP-ON INCORPORATED

Supplemental Segment Information

(Amounts in millions)

(unaudited)

 

 

Three Months Ended

 

March 30,

 

April 1,

 

2024

 

2023

Net sales:

 

 

 

Commercial & Industrial Group

$

359.9

 

 

$

363.8

 

Snap-on Tools Group

 

500.1

 

 

 

537.0

 

Repair Systems & Information Group

 

463.8

 

 

 

446.6

 

Segment net sales

 

1,323.8

 

 

 

1,347.4

 

Intersegment eliminations

 

(141.5

)

 

 

(164.4

)

Total net sales

 

1,182.3

 

 

 

1,183.0

 

Financial Services revenue

 

99.6

 

 

 

92.6

 

Total revenues

$

1,281.9

 

 

$

1,275.6

 

 

 

 

 

Operating earnings:

 

 

 

Commercial & Industrial Group

$

55.4

 

 

$

55.8

 

Snap-on Tools Group

 

117.3

 

 

 

131.7

 

Repair Systems & Information Group

 

112.9

 

 

 

104.6

 

Financial Services

 

68.3

 

 

 

66.3

 

Segment operating earnings

 

353.9

 

 

 

358.4

 

Corporate

 

(14.7

)

 

 

(32.3

)

Operating earnings

 

339.2

 

 

 

326.1

 

Interest expense

 

(12.5

)

 

 

(12.4

)

Other income (expense) – net

 

18.1

 

 

 

15.2

 

Earnings before income taxes

$

344.8

 

 

$

328.9

 

SNAP-ON INCORPORATED

Condensed Consolidated Balance Sheets

(Amounts in millions)

(unaudited)

 

 

March 30,

 

December 30,

 

2024

 

2023

Assets

 

 

 

Cash and cash equivalents

$

1,121.0

 

 

$

1,001.5

 

Trade and other accounts receivable – net

 

827.5

 

 

 

791.3

 

Finance receivables – net

 

604.9

 

 

 

594.1

 

Contract receivables – net

 

116.6

 

 

 

120.8

 

Inventories – net

 

970.5

 

 

 

1,005.9

 

Prepaid expenses and other current assets

 

135.6

 

 

 

138.4

 

Total current assets

 

3,776.1

 

 

 

3,652.0

 

 

 

 

 

Property and equipment – net

 

534.7

 

 

 

539.3

 

Operating lease right-of-use assets

 

74.4

 

 

 

74.7

 

Deferred income tax assets

 

78.4

 

 

 

76.0

 

Long-term finance receivables – net

 

1,290.6

 

 

 

1,284.2

 

Long-term contract receivables – net

 

413.6

 

 

 

407.9

 

Goodwill

 

1,071.3

 

 

 

1,097.4

 

Other intangible assets – net

 

277.7

 

 

 

268.9

 

Pension assets

 

130.4

 

 

 

130.5

 

Other long-term assets

 

19.6

 

 

 

14.0

 

Total assets

$

7,666.8

 

 

$

7,544.9

 

 

 

 

 

Liabilities and Equity

 

 

 

Notes payable

$

15.2

 

 

$

15.6

 

Accounts payable

 

257.4

 

 

 

238.0

 

Accrued benefits

 

70.5

 

 

 

64.4

 

Accrued compensation

 

67.9

 

 

 

102.9

 

Franchisee deposits

 

73.7

 

 

 

73.3

 

Other accrued liabilities

 

505.0

 

 

 

447.4

 

Total current liabilities

 

989.7

 

 

 

941.6

 

 

 

 

 

Long-term debt

 

1,184.9

 

 

 

1,184.6

 

Deferred income tax liabilities

 

88.3

 

 

 

79.2

 

Retiree health care benefits

 

21.2

 

 

 

21.8

 

Pension liabilities

 

75.3

 

 

 

82.3

 

Operating lease liabilities

 

54.5

 

 

 

54.6

 

Other long-term liabilities

 

89.6

 

 

 

87.4

 

Total liabilities

 

2,503.5

 

 

 

2,451.5

 

 

 

 

 

Equity

 

 

 

Shareholders' equity attributable to Snap-on Inc.

 

 

 

Common stock

 

67.5

 

 

 

67.5

 

Additional paid-in capital

 

527.4

 

 

 

545.5

 

Retained earnings

 

7,113.1

 

 

 

6,948.5

 

Accumulated other comprehensive loss

 

(493.3

)

 

 

(449.5

)

Treasury stock at cost

 

(2,073.7

)

 

 

(2,040.7

)

Total shareholders' equity attributable to Snap-on Inc.

 

5,141.0

 

 

 

5,071.3

 

Noncontrolling interests

 

22.3

 

 

 

22.1

 

Total equity

 

5,163.3

 

 

 

5,093.4

 

Total liabilities and equity

$

7,666.8

 

 

$

7,544.9

 

SNAP-ON INCORPORATED

Condensed Consolidated Statements of Cash Flows

(Amounts in millions)

(unaudited)

 

 

Three Months Ended

 

March 30,

 

April 1,

 

2024

 

2023

Operating activities:

 

 

 

Net earnings

$

269.6

 

 

$

254.3

 

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

 

 

 

Depreciation

 

18.2

 

 

 

18.0

 

Amortization of other intangible assets

 

6.3

 

 

 

6.9

 

Provision for losses on finance receivables

 

18.2

 

 

 

14.2

 

Provision for losses on non-finance receivables

 

4.9

 

 

 

5.0

 

Stock-based compensation expense

 

9.8

 

 

 

10.2

 

Deferred income tax provision (benefit)

 

1.6

 

 

 

(0.2

)

Gain on sales of assets

 

(0.2

)

 

 

(0.2

)

Changes in operating assets and liabilities, net of effects of acquisitions:

 

 

 

Trade and other accounts receivable

 

(47.9

)

 

 

(22.9

)

Contract receivables

 

(4.0

)

 

 

0.2

 

Inventories

 

22.1

 

 

 

(13.2

)

Prepaid expenses and other current assets

 

(3.5

)

 

 

1.7

 

Accounts payable

 

23.3

 

 

 

(0.5

)

Accrued and other liabilities

 

30.3

 

 

 

28.1

 

Net cash provided by operating activities

 

348.7

 

 

 

301.6

 

 

 

 

 

Investing activities:

 

 

 

Additions to finance receivables

 

(248.0

)

 

 

(257.1

)

Collections of finance receivables

 

207.8

 

 

 

207.5

 

Capital expenditures

 

(21.8

)

 

 

(23.0

)

Disposals of property and equipment

 

1.1

 

 

 

0.5

 

Other

 

(2.3

)

 

 

(0.8

)

Net cash used by investing activities

 

(63.2

)

 

 

(72.9

)

 

 

 

 

Financing activities:

 

 

 

Net increase (decrease) in other short-term borrowings

 

(0.4

)

 

 

0.8

 

Cash dividends paid

 

(98.2

)

 

 

(86.1

)

Purchases of treasury stock

 

(70.2

)

 

 

(87.2

)

Proceeds from stock purchase plan and stock option exercises

 

28.3

 

 

 

32.8

 

Other

 

(23.7

)

 

 

(12.4

)

Net cash used by financing activities

 

(164.2

)

 

 

(152.1

)

 

 

 

 

Effect of exchange rate changes on cash and cash equivalents

 

(1.8

)

 

 

 

Increase in cash and cash equivalents

 

119.5

 

 

 

76.6

 

 

 

 

 

Cash and cash equivalents at beginning of year

 

1,001.5

 

 

 

757.2

 

Cash and cash equivalents at end of period

$

1,121.0

 

 

$

833.8

 

 

 

 

 

Supplemental cash flow disclosures:

 

 

 

Cash paid for interest

$

(13.7

)

 

$

(13.6

)

Net cash paid for income taxes

 

(14.7

)

 

 

(13.3

)

 

 

 

 

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, diagnostics, equipment products, software and other non-financial services operations with Financial Services presented 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 are eliminated to arrive at the Condensed Consolidated Financial Statements.

SNAP-ON INCORPORATED

Non-GAAP Supplemental Consolidating Data - Supplemental Condensed Statements of Earnings

(Amounts in millions)

(unaudited)

 

 

Operations*

 

Financial Services

 

Three Months Ended

 

Three Months Ended

 

March 30,

 

April 1,

 

March 30,

 

April 1,

 

2024

 

2023

 

2024

 

2023

 

 

 

 

 

 

 

 

Net sales

$

1,182.3

 

 

$

1,183.0

 

 

$

 

 

$

 

Cost of goods sold

 

(585.6

)

 

 

(593.4

)

 

 

 

 

 

 

Gross profit

 

596.7

 

 

 

589.6

 

 

 

 

 

 

 

Operating expenses

 

(325.8

)

 

 

(329.8

)

 

 

 

 

 

 

Operating earnings before financial services

 

270.9

 

 

 

259.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial services revenue

 

 

 

 

 

 

 

99.6

 

 

 

92.6

 

Financial services expenses

 

 

 

 

 

 

 

(31.3

)

 

 

(26.3

)

Operating earnings from financial services

 

 

 

 

 

 

 

68.3

 

 

 

66.3

 

 

 

 

 

 

 

 

 

Operating earnings

 

270.9

 

 

 

259.8

 

 

 

68.3

 

 

 

66.3

 

Interest expense

 

(12.5

)

 

 

(12.4

)

 

 

 

 

 

 

Intersegment interest income (expense) – net

 

16.7

 

 

 

15.7

 

 

 

(16.7

)

 

 

(15.7

)

Other income (expense) – net

 

18.0

 

 

 

15.2

 

 

 

0.1

 

 

 

 

Earnings before income taxes and equity earnings

 

293.1

 

 

 

278.3

 

 

 

51.7

 

 

 

50.6

 

Income tax expense

 

(62.3

)

 

 

(61.5

)

 

 

(12.9

)

 

 

(13.1

)

Earnings before equity earnings

 

230.8

 

 

 

216.8

 

 

 

38.8

 

 

 

37.5

 

Financial services – net earnings attributable to Snap-on

 

38.8

 

 

 

37.5

 

 

 

 

 

 

 

Net earnings

 

269.6

 

 

 

254.3

 

 

 

38.8

 

 

 

37.5

 

Net earnings attributable to noncontrolling interests

 

(6.1

)

 

 

(5.6

)

 

 

 

 

 

 

Net earnings attributable to Snap-on

$

263.5

 

 

$

248.7

 

 

$

38.8

 

 

$

37.5

 

 

 

 

 

 

 

 

 

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

SNAP-ON INCORPORATED

Non-GAAP Supplemental Consolidating Data - Supplemental Condensed Balance Sheets

(Amounts in millions)

(unaudited)

 

 

Operations*

 

Financial Services

 

March 30,

 

December 30,

 

March 30,

 

December 30,

 

2024

 

2023

 

2024

 

2023

Assets

 

 

 

 

 

 

 

Cash and cash equivalents

$

1,120.9

 

$

1,001.3

 

$

0.1

 

$

0.2

Intersegment receivables

 

18.6

 

 

15.7

 

 

 

 

Trade and other accounts receivable – net

 

826.7

 

 

790.6

 

 

0.8

 

 

0.7

Finance receivables – net

 

 

 

 

 

604.9

 

 

594.1

Contract receivables – net

 

5.1

 

 

5.5

 

 

111.5

 

 

115.3

Inventories – net

 

970.5

 

 

1,005.9

 

 

 

 

Prepaid expenses and other current assets

 

140.0

 

 

143.2

 

 

8.3

 

 

7.4

Total current assets

 

3,081.8

 

 

2,962.2

 

 

725.6

 

 

717.7

 

 

 

 

 

 

 

 

Property and equipment – net

 

532.2

 

 

536.5

 

 

2.5

 

 

2.8

Operating lease right-of-use assets

 

73.6

 

 

73.8

 

 

0.8

 

 

0.9

Investment in Financial Services

 

395.5

 

 

393.9

 

 

 

 

Deferred income tax assets

 

53.0

 

 

51.3

 

 

25.4

 

 

24.7

Intersegment long-term notes receivable

 

792.8

 

 

785.6

 

 

 

 

Long-term finance receivables – net

 

 

 

 

 

1,290.6

 

 

1,284.2

Long-term contract receivables – net

 

8.1

 

 

8.3

 

 

405.5

 

 

399.6

Goodwill

 

1,071.3

 

 

1,097.4

 

 

 

 

Other intangible assets – net

 

277.7

 

 

268.9

 

 

 

 

Pension assets

 

130.4

 

 

130.5

 

 

 

 

Other long-term assets

 

36.6

 

 

30.2

 

 

0.2

 

 

0.1

Total assets

$

6,453.0

 

$

6,338.6

 

$

2,450.6

 

$

2,430.0

 

 

 

 

 

 

 

 

Liabilities and Equity

 

 

 

 

 

 

 

Notes payable

$

15.2

 

$

15.6

 

$

 

$

Accounts payable

 

256.7

 

 

236.2

 

 

0.7

 

 

1.8

Intersegment payables

 

 

 

 

 

18.6

 

 

15.7

Accrued benefits

 

70.5

 

 

64.4

 

 

 

 

Accrued compensation

 

66.0

 

 

99.9

 

 

1.9

 

 

3.0

Franchisee deposits

 

73.7

 

 

73.3

 

 

 

 

Other accrued liabilities

 

480.2

 

 

432.2

 

 

37.5

 

 

27.4

Total current liabilities

 

962.3

 

 

921.6

 

 

58.7

 

 

47.9

 

 

 

 

 

 

 

 

Long-term debt and intersegment long-term debt

 

 

 

 

 

1,977.7

 

 

1,970.2

Deferred income tax liabilities

 

88.3

 

 

79.2

 

 

 

 

Retiree health care benefits

 

21.2

 

 

21.8

 

 

 

 

Pension liabilities

 

75.3

 

 

82.3

 

 

 

 

Operating lease liabilities

 

54.1

 

 

54.0

 

 

0.4

 

 

0.6

Other long-term liabilities

 

88.5

 

 

86.3

 

 

18.3

 

 

17.4

Total liabilities

 

1,289.7

 

 

1,245.2

 

 

2,055.1

 

 

2,036.1

 

 

 

 

 

 

 

 

Total shareholders' equity attributable to Snap-on

 

5,141.0

 

 

5,071.3

 

 

395.5

 

 

393.9

Noncontrolling interests

 

22.3

 

 

22.1

 

 

 

 

Total equity

 

5,163.3

 

 

5,093.4

 

 

395.5

 

 

393.9

Total liabilities and equity

$

6,453.0

 

$

6,338.6

 

$

2,450.6

 

$

2,430.0

 

 

 

 

 

 

 

 

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

 

Contacts

Investors:

Sara Verbsky

262/656-4869

Media:

Samuel Bottum

262/656-5793

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