Diluted EPS of $4.75 for the quarter
represents a gain of 7.5% from Q4 2022; Sales of $1,196.6
million up 3.5% from Q4 2022, organic sales up 2.2%;
Operating margin before financial services of 21.6% compares to
21.5% in Q4 2022
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 2023 operating results for the
fourth quarter and full year.
- Net sales of $1,196.6 million in the fourth quarter of 2023
represented an increase of $40.7 million, or 3.5%, from 2022
levels, reflecting a $26.1 million, or 2.2%, organic gain, $5.5
million of acquisition-related sales, and $9.1 million of favorable
foreign currency translation.
- Operating earnings before financial services for the quarter of
$257.9 million compared to $248.0 million in 2022. As a percentage
of net sales, operating earnings before financial services were
21.6% in the fourth quarter compared to 21.5% last year.
- Financial services revenue in the quarter of $97.2 million
compared to $88.3 million in 2022; financial services operating
earnings of $67.9 million compared to $63.9 million last year.
- Consolidated operating earnings for the quarter of $325.8
million, or 25.2% of revenues (net sales plus financial services
revenue), compared to $311.9 million, or 25.1% of revenues, last
year.
- The fourth quarter effective income tax rate was 21.4% in 2023
and 22.0% in 2022.
- Net earnings in the quarter of $255.3 million, or $4.75 per
diluted share, compared to net earnings of $238.9 million, or $4.42
per diluted share, a year ago.
- Full year net sales of $4,730.2 million in 2023 represented an
increase of $237.4 million, or 5.3%, from 2022 levels, reflecting a
$250.7 million, or 5.6%, organic gain and $5.5 million of
acquisition-related sales, partially offset by $18.8 million of
unfavorable foreign currency translation. Full year net earnings of
$1,011.1 million compared to net earnings of $911.7 million last
year, and diluted earnings per share of $18.76 represented an
increase of 11.5% from $16.82 per diluted share in 2022.
See “Non-GAAP Measures” below for a definition of, and further
explanation about, organic sales.
“We’re encouraged by our 2023 performance which reflects
steadfast progress along both our runways for growth and our
runways for improvement, and aligns with our ongoing, longer-term
expectations for sales and operating income expansion, all achieved
against the significant variation and turbulence that mark the
commercial arenas of today,” said Nick Pinchuk, Snap-on chairman
and chief executive officer. “In the fourth quarter, our businesses
serving critical industries demonstrated continuing positive
momentum and the acquisition of Mountz, Inc. extended our product
offering for this important customer segment where the need for
precision is building and the penalty for failure is high. We’ve
again leveraged our Snap-on Value Creation Processes to deliver
profitability and earnings gains in an uncertain environment. While
this quarter exhibited variability in some operations, we are
confident in believing that the resilience of our markets, the
substantial strength of our enterprise, and the considerable
capabilities of our experienced teams will provide for further
advancement in the periods to come. Finally, I want to thank our
franchisees and our associates worldwide for their valuable
contributions, for their unfailing dedication, and for their deep
belief in our prospects as we move forward through 2024 and
beyond.”
Segment Results - Fourth
Quarter
Commercial & Industrial Group segment sales of $363.9
million in the quarter compared to $343.2 million last year,
reflecting an $11.6 million, or 3.3%, organic gain, $5.5 million of
acquisition-related sales, and $3.6 million of favorable foreign
currency translation. The organic increase is primarily due to
higher activity with customers in critical industries, partially
offset by lower power tool volumes.
Operating earnings of $54.1 million in the period, including
$1.4 million of unfavorable foreign currency effects, compared to
$47.9 million in 2022. The operating margin (operating earnings as
a percentage of segment sales) improved 90 basis points to 14.9% in
the quarter from 14.0% last year.
Snap-on Tools Group segment sales of $513.3 million in
the quarter compared to $542.7 million last year, reflecting a
$31.0 million, or 5.7%, organic sales decline, partially offset by
$1.6 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 $111.0 million in the period compared to
$116.1 million in 2022. The operating margin of 21.6% compared to
21.4% a year ago.
Repair Systems & Information Group segment sales of
$450.8 million in the quarter compared to $437.9 million last year,
reflecting an $8.8 million, or 2.0%, organic sales increase and
$4.1 million of favorable foreign currency translation. The organic
gain includes higher activity with OEM dealerships and increased
volumes of undercar equipment, partially offset by lower sales of
diagnostic and repair information products to independent repair
shop owners and managers.
Operating earnings of $113.3 million in the period compared to
$110.6 million in 2022. The operating margin of 25.1% compared to
25.3% last year.
Financial Services operating earnings of $67.9 million on
revenue of $97.2 million in the quarter compared to operating
earnings of $63.9 million on revenue of $88.3 million a year ago.
Originations of $303.1 million in the fourth quarter represented an
increase of $3.4 million, or 1.1%, from 2022 levels.
Corporate expenses in the fourth quarter of $20.5 million
compared to $26.6 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, it is
projected that capital expenditures in 2024 will be in a range of
$100 million to $110 million.
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 February
8, 2024, at 9:00 a.m. Central Time
A discussion of this release will be webcast on Thursday,
February 8, 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 31, 2022, 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)
Fourth Quarter
Full Year
2023
2022
2023
2022
Net sales
$
1,196.6
$
1,155.9
$
4,730.2
$
4,492.8
Cost of goods sold
(619.0
)
(595.2
)
(2,381.1
)
(2,311.7
)
Gross profit
577.6
560.7
2,349.1
2,181.1
Operating expenses
(319.7
)
(312.7
)
(1,309.2
)
(1,239.9
)
Operating earnings before financial
services
257.9
248.0
1,039.9
941.2
Financial services revenue
97.2
88.3
378.1
349.7
Financial services expenses
(29.3
)
(24.4
)
(107.6
)
(83.7
)
Operating earnings from financial
services
67.9
63.9
270.5
266.0
Operating earnings
325.8
311.9
1,310.4
1,207.2
Interest expense
(12.5
)
(12.0
)
(49.9
)
(47.1
)
Other income (expense) – net
17.5
11.8
67.5
42.5
Earnings before income taxes
330.8
311.7
1,328.0
1,202.6
Income tax expense
(69.5
)
(67.2
)
(293.4
)
(268.7
)
Net earnings
261.3
244.5
1,034.6
933.9
Net earnings attributable to
noncontrolling interests
(6.0
)
(5.6
)
(23.5
)
(22.2
)
Net earnings attributable to Snap-on
Inc.
$
255.3
$
238.9
$
1,011.1
$
911.7
Net earnings per share attributable to
Snap-on Inc.:
Basic
$
4.84
$
4.50
$
19.11
$
17.14
Diluted
4.75
4.42
18.76
16.82
Weighted-average shares
outstanding:
Basic
52.7
53.1
52.9
53.2
Effect of dilutive securities
1.1
1.0
1.0
1.0
Diluted
53.8
54.1
53.9
54.2
SNAP-ON INCORPORATED
Supplemental Segment
Information
(Amounts in millions)
(unaudited)
Fourth Quarter
Full Year
2023
2022
2023
2022
Net sales:
Commercial & Industrial Group
$
363.9
$
343.2
$
1,458.3
$
1,399.2
Snap-on Tools Group
513.3
542.7
2,088.8
2,072.0
Repair Systems & Information Group
450.8
437.9
1,781.2
1,666.9
Segment net sales
1,328.0
1,323.8
5,328.3
5,138.1
Intersegment eliminations
(131.4
)
(167.9
)
(598.1
)
(645.3
)
Total net sales
1,196.6
1,155.9
4,730.2
4,492.8
Financial Services revenue
97.2
88.3
378.1
349.7
Total revenues
$
1,293.8
$
1,244.2
$
5,108.3
$
4,842.5
Operating earnings:
Commercial & Industrial Group
$
54.1
$
47.9
$
226.1
$
197.6
Snap-on Tools Group
111.0
116.1
493.8
458.7
Repair Systems & Information Group
113.3
110.6
433.2
393.3
Financial Services
67.9
63.9
270.5
266.0
Segment operating earnings
346.3
338.5
1,423.6
1,315.6
Corporate
(20.5
)
(26.6
)
(113.2
)
(108.4
)
Operating earnings
325.8
311.9
1,310.4
1,207.2
Interest expense
(12.5
)
(12.0
)
(49.9
)
(47.1
)
Other income (expense) – net
17.5
11.8
67.5
42.5
Earnings before income taxes
$
330.8
$
311.7
$
1,328.0
$
1,202.6
SNAP-ON INCORPORATED
Condensed Consolidated Balance
Sheets
(Amounts in millions)
(unaudited)
Fiscal Year End
2023
2022
Assets
Cash and cash equivalents
$
1,001.5
$
757.2
Trade and other accounts receivable –
net
791.3
761.7
Finance receivables – net
594.1
562.2
Contract receivables – net
120.8
109.9
Inventories – net
1,005.9
1,033.1
Prepaid expenses and other assets
138.4
144.8
Total current assets
3,652.0
3,368.9
Property and equipment – net
539.3
512.6
Operating lease right-of-use assets
74.7
61.5
Deferred income tax assets
76.0
70.0
Long-term finance receivables – net
1,284.2
1,170.8
Long-term contract receivables – net
407.9
383.8
Goodwill
1,097.4
1,045.3
Other intangible assets – net
268.9
275.6
Pension assets
130.5
70.6
Other long-term assets
14.0
13.7
Total assets
$
7,544.9
$
6,972.8
Liabilities and Equity
Notes payable
$
15.6
$
17.2
Accounts payable
238.0
287.0
Accrued benefits
64.4
58.6
Accrued compensation
102.9
98.6
Franchisee deposits
73.3
73.8
Other accrued liabilities
447.4
436.4
Total current liabilities
941.6
971.6
Long-term debt
1,184.6
1,183.8
Deferred income tax liabilities
79.2
82.1
Retiree health care benefits
21.8
23.4
Pension liabilities
82.3
78.6
Operating lease liabilities
54.6
44.7
Other long-term liabilities
87.4
85.1
Total liabilities
2,451.5
2,469.3
Equity
Shareholders' equity attributable to
Snap-on Inc.
Common stock
67.5
67.4
Additional paid-in capital
545.5
499.9
Retained earnings
6,948.5
6,296.2
Accumulated other comprehensive loss
(449.5
)
(528.3
)
Treasury stock at cost
(2,040.7
)
(1,853.9
)
Total shareholders' equity attributable
to Snap-on Inc.
5,071.3
4,481.3
Noncontrolling interests
22.1
22.2
Total equity
5,093.4
4,503.5
Total liabilities and equity
$
7,544.9
$
6,972.8
SNAP-ON INCORPORATED
Condensed Consolidated
Statements of Cash Flows
(Amounts in millions)
(unaudited)
Fourth Quarter
2023
2022
Operating activities:
Net earnings
$
261.3
$
244.5
Adjustments to reconcile net earnings to
net cash provided (used) by operating activities:
Depreciation
18.6
17.6
Amortization of other intangible
assets
6.4
7.1
Provision for losses on finance
receivables
16.5
12.8
Provision for losses on non-finance
receivables
4.2
5.5
Stock-based compensation expense
13.3
8.4
Deferred income tax provision
(benefit)
(2.2
)
3.8
Gain on sales of assets
(0.4
)
(0.1
)
Changes in operating assets and
liabilities, net of effects of acquisitions:
Trade and other accounts receivable
(6.9
)
(9.7
)
Contract receivables
(6.1
)
(0.5
)
Inventories
44.3
(48.3
)
Prepaid expenses and other assets
4.8
21.6
Accounts payable
(52.4
)
(28.8
)
Accruals and other liabilities
(4.5
)
(23.3
)
Net cash provided by operating
activities
296.9
210.6
Investing activities:
Additions to finance receivables
(249.2
)
(252.1
)
Collections of finance receivables
207.0
204.8
Capital expenditures
(21.1
)
(22.7
)
Acquisitions of businesses, net of cash
acquired
(42.6
)
—
Disposals of property and equipment
1.2
0.7
Other
0.1
1.4
Net cash used by investing
activities
(104.6
)
(67.9
)
Financing activities:
Net decrease in other short-term
borrowings
(1.7
)
(1.0
)
Cash dividends paid
(98.0
)
(86.0
)
Purchases of treasury stock
(60.9
)
(65.3
)
Proceeds from stock purchase plan and
stock option exercises
19.1
13.6
Other
(7.5
)
(7.1
)
Net cash used by financing
activities
(149.0
)
(145.8
)
Effect of exchange rate changes on cash
and cash equivalents
(1.1
)
1.0
Increase (decrease) in cash and cash
equivalents
42.2
(2.1
)
Cash and cash equivalents at beginning of
period
959.3
759.3
Cash and cash equivalents at end of
year
$
1,001.5
$
757.2
Supplemental cash flow
disclosures:
Cash paid for interest
$
(8.4
)
$
(8.4
)
Net cash paid for income taxes
(76.4
)
(73.8
)
SNAP-ON INCORPORATED
Condensed Consolidated
Statements of Cash Flows
(Amounts in millions)
(unaudited)
Full Year
2023
2022
Operating activities:
Net earnings
$
1,034.6
$
933.9
Adjustments to reconcile net earnings to
net cash provided (used) by operating activities:
Depreciation
72.2
71.5
Amortization of other intangible
assets
27.1
28.7
Provision for losses on finance
receivables
57.2
37.7
Provision for losses on non-finance
receivables
19.2
16.8
Stock-based compensation expense
44.7
34.0
Deferred income tax benefit
(18.7
)
(10.3
)
Gain on sales of assets
(1.0
)
(3.1
)
Changes in operating assets and
liabilities, net of effects of acquisitions:
Trade and other accounts receivable
(45.2
)
(120.0
)
Contract receivables
(34.0
)
(11.8
)
Inventories
23.3
(272.1
)
Prepaid expenses and other assets
35.1
(6.3
)
Accounts payable
(48.1
)
17.7
Accruals and other liabilities
(12.2
)
(41.5
)
Net cash provided by operating
activities
1,154.2
675.2
Investing activities:
Additions to finance receivables
(1,029.0
)
(955.8
)
Collections of finance receivables
833.5
826.9
Capital expenditures
(95.0
)
(84.2
)
Acquisitions of businesses, net of cash
acquired
(42.6
)
0.5
Disposals of property and equipment
2.7
5.1
Other
(1.4
)
1.3
Net cash used by investing
activities
(331.8
)
(206.2
)
Financing activities:
Net increase (decrease) in other
short-term borrowings
(1.7
)
1.6
Cash dividends paid
(355.6
)
(313.1
)
Purchases of treasury stock
(294.7
)
(198.1
)
Proceeds from stock purchase plan and
stock option exercises
113.6
55.0
Other
(34.5
)
(30.4
)
Net cash used by financing
activities
(572.9
)
(485.0
)
Effect of exchange rate changes on cash
and cash equivalents
(5.2
)
(6.8
)
Increase (decrease) in cash and cash
equivalents
244.3
(22.8
)
Cash and cash equivalents at beginning of
year
757.2
780.0
Cash and cash equivalents at end of
year
$
1,001.5
$
757.2
Supplemental cash flow
disclosures:
Cash paid for interest
$
(44.5
)
$
(44.7
)
Net cash paid for income taxes
(300.9
)
(261.2
)
Non-GAAP Supplemental
Data
The following non-GAAP supplemental data is presented for
informational purposes to provide readers with insight into the
information used by management for assessing the operating
performance of Snap-on Incorporated's (“Snap-on”) non-financial
services (“Operations”) and Financial Services businesses.
The supplemental Operations data reflects the results of
operations and financial position of Snap-on's tools, diagnostic
and equipment products, software and other non-financial services
operations with Financial Services 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
Fourth Quarter
Fourth Quarter
2023
2022
2023
2022
Net sales
$
1,196.6
$
1,155.9
$
—
$
—
Cost of goods sold
(619.0
)
(595.2
)
—
—
Gross profit
577.6
560.7
—
—
Operating expenses
(319.7
)
(312.7
)
—
—
Operating earnings before financial
services
257.9
248.0
—
—
Financial services revenue
—
—
97.2
88.3
Financial services expenses
—
—
(29.3
)
(24.4
)
Operating earnings from financial
services
—
—
67.9
63.9
Operating earnings
257.9
248.0
67.9
63.9
Interest expense
(12.5
)
(12.1
)
—
0.1
Intersegment interest income (expense) –
net
16.0
14.8
(16.0
)
(14.8
)
Other income (expense) – net
17.5
11.8
—
—
Earnings before income taxes and equity
earnings
278.9
262.5
51.9
49.2
Income tax expense
(57.8
)
(54.7
)
(11.7
)
(12.5
)
Earnings before equity earnings
221.1
207.8
40.2
36.7
Financial services – net earnings
attributable to Snap-on
40.2
36.7
—
—
Net earnings
261.3
244.5
40.2
36.7
Net earnings attributable to
noncontrolling interests
(6.0
)
(5.6
)
—
—
Net earnings attributable to
Snap-on
$
255.3
$
238.9
$
40.2
$
36.7
* Snap-on with Financial Services
presented on the equity method.
SNAP-ON INCORPORATED
Non-GAAP Supplemental
Consolidating Data - Supplemental Condensed Statements of
Earnings
(Amounts in millions)
(unaudited)
Operations*
Financial Services
Full Year
Full Year
2023
2022
2023
2022
Net sales
$
4,730.2
$
4,492.8
$
—
$
—
Cost of goods sold
(2,381.1
)
(2,311.7
)
—
—
Gross profit
2,349.1
2,181.1
—
—
Operating expenses
(1,309.2
)
(1,239.9
)
—
—
Operating earnings before financial
services
1,039.9
941.2
—
—
Financial services revenue
—
—
378.1
349.7
Financial services expenses
—
—
(107.6
)
(83.7
)
Operating earnings from financial
services
—
—
270.5
266.0
Operating earnings
1,039.9
941.2
270.5
266.0
Interest expense
(49.9
)
(47.1
)
—
—
Intersegment interest income (expense) –
net
63.9
59.3
(63.9
)
(59.3
)
Other income (expense) – net
67.3
42.3
0.2
0.2
Earnings before income taxes and equity
earnings
1,121.2
995.7
206.8
206.9
Income tax expense
(241.6
)
(215.6
)
(51.8
)
(53.1
)
Earnings before equity earnings
879.6
780.1
155.0
153.8
Financial services – net earnings
attributable to Snap-on
155.0
153.8
—
—
Net earnings
1,034.6
933.9
155.0
153.8
Net earnings attributable to
noncontrolling interests
(23.5
)
(22.2
)
—
—
Net earnings attributable to
Snap-on
$
1,011.1
$
911.7
$
155.0
$
153.8
* 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
Fiscal Year End
Fiscal Year End
2023
2022
2023
2022
Assets
Cash and cash equivalents
$
1,001.3
$
757.1
$
0.2
$
0.1
Intersegment receivables
15.7
13.4
—
—
Trade and other accounts receivable –
net
790.6
761.1
0.7
0.6
Finance receivables – net
—
—
594.1
562.2
Contract receivables – net
5.5
5.9
115.3
104.0
Inventories – net
1,005.9
1,033.1
—
—
Prepaid expenses and other assets
143.2
149.2
7.4
5.8
Total current assets
2,962.2
2,719.8
717.7
672.7
Property and equipment – net
536.5
510.7
2.8
1.9
Operating lease right-of-use assets
73.8
60.1
0.9
1.4
Investment in Financial Services
393.9
363.9
—
—
Deferred income tax assets
51.3
48.4
24.7
21.6
Intersegment long-term notes
receivable
785.6
635.9
—
—
Long-term finance receivables – net
—
—
1,284.2
1,170.8
Long-term contract receivables – net
8.3
9.6
399.6
374.2
Goodwill
1,097.4
1,045.3
—
—
Other intangible assets – net
268.9
275.6
—
—
Pension assets
130.5
70.6
—
—
Other long-term assets
30.2
27.1
0.1
0.1
Total assets
$
6,338.6
$
5,767.0
$
2,430.0
$
2,242.7
Liabilities and Equity
Notes payable
$
15.6
$
17.2
$
—
$
—
Accounts payable
236.2
285.8
1.8
1.2
Intersegment payables
—
—
15.7
13.4
Accrued benefits
64.4
58.6
—
—
Accrued compensation
99.9
95.6
3.0
3.0
Franchisee deposits
73.3
73.8
—
—
Other accrued liabilities
432.2
420.8
27.4
25.8
Total current liabilities
921.6
951.8
47.9
43.4
Long-term debt and intersegment long-term
debt
—
—
1,970.2
1,819.7
Deferred income tax liabilities
79.2
82.1
—
—
Retiree health care benefits
21.8
23.4
—
—
Pension liabilities
82.3
78.6
—
—
Operating lease liabilities
54.0
43.6
0.6
1.1
Other long-term liabilities
86.3
84.0
17.4
14.6
Total liabilities
1,245.2
1,263.5
2,036.1
1,878.8
Total shareholders' equity attributable
to Snap-on
5,071.3
4,481.3
393.9
363.9
Noncontrolling interests
22.1
22.2
—
—
Total equity
5,093.4
4,503.5
393.9
363.9
Total liabilities and equity
$
6,338.6
$
5,767.0
$
2,430.0
$
2,242.7
* Snap-on with Financial Services
presented on the equity method.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240208847643/en/
Investors: Sara Verbsky 262/656-4869
Media: Samuel Bottum 262/656-5793
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