Sales of $1,159.3 million up 5.2% from Q3
2022, organic sales up 4.7%;
Operating margin before financial services
of 21.2% reflects an increase of 90 basis points;
Diluted EPS of $4.51 represents a gain from
Q3 2022 of 8.9%
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 third
quarter of 2023.
- Net sales of $1,159.3 million in the third quarter of 2023
represented an increase of $56.8 million, or 5.2%, from 2022
levels, reflecting a $52.4 million, or 4.7%, organic sales gain and
$4.4 million of favorable foreign currency translation.
- Operating earnings before financial services for the quarter of
$245.2 million compared to $223.5 million in 2022. As a percentage
of net sales, operating earnings before financial services were
21.2% in the third quarter compared to 20.3% last year, reflecting
an improvement of 90 basis points.
- Financial services revenue in the quarter of $94.9 million
compared to $87.3 million in 2022; financial services operating
earnings of $69.4 million compared to $66.4 million last year.
- Consolidated operating earnings for the quarter of $314.6
million, or 25.1% of revenues (net sales plus financial services
revenue), compared to $289.9 million, or 24.4% of revenues, last
year.
- The third quarter effective income tax rate was 22.6% in 2023
and 21.6% in 2022.
- Net earnings in the quarter of $243.1 million, or $4.51 per
diluted share, compared to net earnings of $223.9 million, or $4.14
per diluted share, a year ago.
See “Non-GAAP Measures” below for a definition of, and further
explanation about, organic sales.
“We’re encouraged by our third quarter as it reflects ongoing
advancement in sales, profitability, and earnings in a continually
changing environment, and it demonstrates the wide-ranging and
considerable strengths that mark each of our operating segments,”
said Nick Pinchuk, Snap-on chairman and chief executive officer.
“Achieved in a period of variability, we believe our performance
confirms the resilience of our markets and illustrates the diverse
opportunities along our runways for growth, in both our activities
within automotive repair and with those outside the garage,
particularly in our businesses serving critical industries, which
continue to display significant progress. At the same time, we are
maintaining and fortifying our decisive advantages by leveraging
our Snap-on Value Creation Processes. In that regard, we were again
honored with product awards from both Motor Magazine and
Professional Tool & Equipment News. Period after period, the
innovations identified by our sales organizations through customer
connection and developed by our engineering teams solve essential
tasks, create excitement for our customers, reinforce the strength
of the Snap-on brand, and help drive our unrelenting improvement.
As always, I want to thank our franchisees and associates worldwide
for their notable contributions, their steadfast dedication, and
their unwavering confidence in our future.”
Segment Results
Commercial & Industrial Group segment sales of $366.4
million in the quarter compared to $356.8 million last year,
reflecting an $11.2 million, or 3.2%, organic sales gain, partially
offset by $1.6 million of unfavorable foreign currency translation.
The organic increase is primarily due to higher activity with
customers in critical industries, partially offset by lower sales
in the segment’s Asia Pacific operations.
Operating earnings of $58.1 million in the period, including
$2.9 million of unfavorable foreign currency effects, compared to
$52.3 million in 2022. The operating margin (operating earnings as
a percentage of segment sales) improved 120 basis points to 15.9%
in the quarter from 14.7% last year.
Snap-on Tools Group segment sales of $515.4 million in
the quarter compared to $496.6 million last year, reflecting an
$18.3 million, or 3.7%, organic sales increase and $0.5 million of
favorable foreign currency translation. The organic gain is
comprised of higher sales in both the international and U.S.
operations.
Operating earnings of $113.4 million in the period, including
$2.7 million of unfavorable foreign currency effects, compared to
$102.2 million in 2022. The operating margin improved 140 basis
points to 22.0% in the quarter from 20.6% a year ago.
Repair Systems & Information Group segment sales of
$431.8 million in the quarter compared to $414.0 million last year,
reflecting a $13.0 million, or 3.1%, organic sales increase and
$4.8 million of favorable foreign currency translation. The organic
gain includes higher sales of undercar equipment and increased
sales of diagnostic and repair information products to independent
repair shop owners and managers, partially offset by lower activity
with OEM dealerships.
Operating earnings of $104.9 million in the period, including
$0.2 million of favorable foreign currency effects, compared to
$95.4 million in 2022. The operating margin improved 130 basis
points to 24.3% in the quarter from 23.0% last year.
Financial Services operating earnings of $69.4 million on
revenue of $94.9 million in the quarter compared to operating
earnings of $66.4 million on revenue of $87.3 million a year ago.
Originations of $305.2 million in the period represented an
increase of $5.0 million, or 1.7%, from 2022 levels.
Corporate expenses in the third quarter of $31.2 million
compared to $26.4 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. For the remainder of
2023, 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 2023 will
approximate $100 million, of which $73.9 million was incurred in
the first nine months of the year.
Snap-on currently anticipates that its full-year 2023 effective
income tax rate will approximate 23%.
Conference Call and Webcast on October
19, 2023, at 9:00 a.m. Central Time
A discussion of this release will be webcast on Thursday,
October 19, 2023, 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 $4.5 billion in 2022, 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)
Three Months Ended
Nine Months Ended
September 30,
October 1,
September 30,
October 1,
2023
2022
2023
2022
Net sales
$
1,159.3
$
1,102.5
$
3,533.6
$
3,336.9
Cost of goods sold
(581.1
)
(569.9
)
(1,762.1
)
(1,716.5
)
Gross profit
578.2
532.6
1,771.5
1,620.4
Operating expenses
(333.0
)
(309.1
)
(989.5
)
(927.2
)
Operating earnings before financial
services
245.2
223.5
782.0
693.2
Financial services revenue
94.9
87.3
280.9
261.4
Financial services expenses
(25.5
)
(20.9
)
(78.3
)
(59.3
)
Operating earnings from financial
services
69.4
66.4
202.6
202.1
Operating earnings
314.6
289.9
984.6
895.3
Interest expense
(12.4
)
(11.8
)
(37.4
)
(35.1
)
Other income (expense) – net
18.0
13.1
50.0
30.7
Earnings before income taxes
320.2
291.2
997.2
890.9
Income tax expense
(71.1
)
(61.7
)
(223.9
)
(201.5
)
Net earnings
249.1
229.5
773.3
689.4
Net earnings attributable to
noncontrolling interests
(6.0
)
(5.6
)
(17.5
)
(16.6
)
Net earnings attributable to Snap-on
Inc.
$
243.1
$
223.9
$
755.8
$
672.8
Net earnings per share attributable to
Snap-on Inc.:
Basic
$
4.60
$
4.21
$
14.29
$
12.62
Diluted
4.51
4.14
14.00
12.41
Weighted-average shares
outstanding:
Basic
52.8
53.2
52.9
53.3
Effect of dilutive securities
1.1
0.9
1.1
0.9
Diluted
53.9
54.1
54.0
54.2
SNAP-ON INCORPORATED
Supplemental Segment
Information
(Amounts in millions)
(unaudited)
Three Months Ended
Nine Months Ended
September 30,
October 1,
September 30,
October 1,
2023
2022
2023
2022
Net sales:
Commercial & Industrial Group
$
366.4
$
356.8
$
1,094.4
$
1,056.0
Snap-on Tools Group
515.4
496.6
1,575.5
1,529.3
Repair Systems & Information Group
431.8
414.0
1,330.4
1,229.0
Segment net sales
1,313.6
1,267.4
4,000.3
3,814.3
Intersegment eliminations
(154.3
)
(164.9
)
(466.7
)
(477.4
)
Total net sales
1,159.3
1,102.5
3,533.6
3,336.9
Financial Services revenue
94.9
87.3
280.9
261.4
Total revenues
$
1,254.2
$
1,189.8
$
3,814.5
$
3,598.3
Operating earnings:
Commercial & Industrial Group
$
58.1
$
52.3
$
172.0
$
149.7
Snap-on Tools Group
113.4
102.2
382.8
342.6
Repair Systems & Information Group
104.9
95.4
319.9
282.7
Financial Services
69.4
66.4
202.6
202.1
Segment operating earnings
345.8
316.3
1,077.3
977.1
Corporate
(31.2
)
(26.4
)
(92.7
)
(81.8
)
Operating earnings
314.6
289.9
984.6
895.3
Interest expense
(12.4
)
(11.8
)
(37.4
)
(35.1
)
Other income (expense) – net
18.0
13.1
50.0
30.7
Earnings before income taxes
$
320.2
$
291.2
$
997.2
$
890.9
SNAP-ON INCORPORATED
Condensed Consolidated Balance
Sheets
(Amounts in millions)
(unaudited)
September 30,
December 31,
2023
2022
Assets
Cash and cash equivalents
$
959.3
$
757.2
Trade and other accounts receivable –
net
776.8
761.7
Finance receivables – net
597.5
562.2
Contract receivables – net
119.6
109.9
Inventories – net
1,032.9
1,033.1
Prepaid expenses and other assets
118.9
144.8
Total current assets
3,605.0
3,368.9
Property and equipment – net
524.8
512.6
Operating lease right-of-use assets
68.7
61.5
Deferred income tax assets
75.6
70.0
Long-term finance receivables – net
1,245.9
1,170.8
Long-term contract receivables – net
399.9
383.8
Goodwill
1,035.9
1,045.3
Other intangible assets – net
263.0
275.6
Pension assets
72.7
70.6
Other assets
12.8
13.7
Total assets
$
7,304.3
$
6,972.8
Liabilities and Equity
Notes payable
$
17.3
$
17.2
Accounts payable
284.3
287.0
Accrued benefits
57.5
58.6
Accrued compensation
96.1
98.6
Franchisee deposits
76.0
73.8
Other accrued liabilities
450.7
436.4
Total current liabilities
981.9
971.6
Long-term debt
1,184.4
1,183.8
Deferred income tax liabilities
72.8
82.1
Retiree health care benefits
21.8
23.4
Pension liabilities
57.7
78.6
Operating lease liabilities
50.6
44.7
Other long-term liabilities
82.7
85.1
Total liabilities
2,451.9
2,469.3
Equity
Shareholders' equity attributable to
Snap-on Inc.
Common stock
67.5
67.4
Additional paid-in capital
531.7
499.9
Retained earnings
6,792.3
6,296.2
Accumulated other comprehensive loss
(563.3
)
(528.3
)
Treasury stock at cost
(1,998.0
)
(1,853.9
)
Total shareholders' equity attributable
to Snap-on Inc.
4,830.2
4,481.3
Noncontrolling interests
22.2
22.2
Total equity
4,852.4
4,503.5
Total liabilities and equity
$
7,304.3
$
6,972.8
SNAP-ON INCORPORATED
Condensed Consolidated
Statements of Cash Flows
(Amounts in millions)
(unaudited)
Three Months Ended
September 30,
October 1,
2023
2022
Operating activities:
Net earnings
$
249.1
$
229.5
Adjustments to reconcile net earnings to
net cash provided (used) by operating activities:
Depreciation
17.8
17.2
Amortization of other intangible
assets
6.8
7.2
Provision for losses on finance
receivables
12.8
9.5
Provision for losses on non-finance
receivables
6.2
4.6
Stock-based compensation expense
11.0
8.1
Deferred income tax benefit
(7.3
)
(7.0
)
Gain on sales of assets
(0.3
)
(0.1
)
Changes in operating assets and
liabilities:
Trade and other accounts receivable
(7.6
)
(36.6
)
Contract receivables
(25.0
)
(21.7
)
Inventories
(7.6
)
(100.4
)
Prepaid expenses and other assets
16.1
(4.5
)
Accounts payable
12.6
4.4
Accruals and other liabilities
0.8
19.7
Net cash provided by operating
activities
285.4
129.9
Investing activities:
Additions to finance receivables
(243.5
)
(234.1
)
Collections of finance receivables
208.4
195.9
Capital expenditures
(25.1
)
(20.0
)
Disposals of property and equipment
0.5
0.2
Other
—
0.1
Net cash used by investing
activities
(59.7
)
(57.9
)
Financing activities:
Net decrease in other short-term
borrowings
(0.3
)
(0.2
)
Cash dividends paid
(85.6
)
(75.7
)
Purchases of treasury stock
(51.8
)
(50.2
)
Proceeds from stock purchase and option
plans
9.9
12.2
Other
(7.5
)
(6.8
)
Net cash used by financing
activities
(135.3
)
(120.7
)
Effect of exchange rate changes on cash
and cash equivalents
(2.4
)
(4.9
)
Increase (decrease) in cash and cash
equivalents
88.0
(53.6
)
Cash and cash equivalents at beginning of
period
871.3
812.9
Cash and cash equivalents at end of
period
$
959.3
$
759.3
Supplemental cash flow
disclosures:
Cash paid for interest
$
(13.8
)
$
(13.9
)
Net cash paid for income taxes
(76.8
)
(58.2
)
SNAP-ON INCORPORATED
Condensed Consolidated
Statements of Cash Flows
(Amounts in millions)
(unaudited)
Nine Months Ended
September 30,
October 1,
2023
2022
Operating activities:
Net earnings
$
773.3
$
689.4
Adjustments to reconcile net earnings to
net cash provided (used) by operating activities:
Depreciation
53.6
53.9
Amortization of other intangible
assets
20.7
21.6
Provision for losses on finance
receivables
40.7
24.9
Provision for losses on non-finance
receivables
15.0
11.3
Stock-based compensation expense
31.4
25.6
Deferred income tax benefit
(16.5
)
(14.1
)
Gain on sales of assets
(0.6
)
(3.0
)
Changes in operating assets and
liabilities, net of effects of acquisitions:
Trade and other accounts receivable
(38.3
)
(110.3
)
Contract receivables
(27.9
)
(11.3
)
Inventories
(21.0
)
(223.8
)
Prepaid expenses and other assets
30.3
(27.9
)
Accounts payable
4.3
46.5
Accruals and other liabilities
(7.7
)
(18.2
)
Net cash provided by operating
activities
857.3
464.6
Investing activities:
Additions to finance receivables
(779.8
)
(703.7
)
Collections of finance receivables
626.5
622.1
Capital expenditures
(73.9
)
(61.5
)
Acquisitions of businesses, net of cash
acquired
—
0.5
Disposals of property and equipment
1.5
4.4
Other
(1.5
)
(0.1
)
Net cash used by investing
activities
(227.2
)
(138.3
)
Financing activities:
Net increase in other short-term
borrowings
—
2.6
Cash dividends paid
(257.6
)
(227.1
)
Purchases of treasury stock
(233.8
)
(132.8
)
Proceeds from stock purchase and option
plans
94.5
41.4
Other
(27.0
)
(23.3
)
Net cash used by financing
activities
(423.9
)
(339.2
)
Effect of exchange rate changes on cash
and cash equivalents
(4.1
)
(7.8
)
Increase (decrease) in cash and cash
equivalents
202.1
(20.7
)
Cash and cash equivalents at beginning of
year
757.2
780.0
Cash and cash equivalents at end of
period
$
959.3
$
759.3
Supplemental cash flow
disclosures:
Cash paid for interest
$
(36.1
)
$
(36.3
)
Net cash paid for income taxes
(224.5
)
(187.4
)
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") 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
Three Months Ended
Three Months Ended
September 30,
October 1,
September 30,
October 1,
2023
2022
2023
2022
Net sales
$
1,159.3
$
1,102.5
$
—
$
—
Cost of goods sold
(581.1
)
(569.9
)
—
—
Gross profit
578.2
532.6
—
—
Operating expenses
(333.0
)
(309.1
)
—
—
Operating earnings before financial
services
245.2
223.5
—
—
Financial services revenue
—
—
94.9
87.3
Financial services expenses
—
—
(25.5
)
(20.9
)
Operating earnings from financial
services
—
—
69.4
66.4
Operating earnings
245.2
223.5
69.4
66.4
Interest expense
(12.4
)
(11.7
)
—
(0.1
)
Intersegment interest income (expense) –
net
16.1
14.7
(16.1
)
(14.7
)
Other income (expense) – net
17.9
13.0
0.1
0.1
Earnings before income taxes and equity
earnings
266.8
239.5
53.4
51.7
Income tax expense
(57.3
)
(48.4
)
(13.8
)
(13.3
)
Earnings before equity earnings
209.5
191.1
39.6
38.4
Financial services – net earnings
attributable to Snap-on
39.6
38.4
—
—
Net earnings
249.1
229.5
39.6
38.4
Net earnings attributable to
noncontrolling interests
(6.0
)
(5.6
)
—
—
Net earnings attributable to
Snap-on
$
243.1
$
223.9
$
39.6
$
38.4
* 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
Nine Months Ended
Nine Months Ended
September 30,
October 1,
September 30,
October 1,
2023
2022
2023
2022
Net sales
$
3,533.6
$
3,336.9
$
—
$
—
Cost of goods sold
(1,762.1
)
(1,716.5
)
—
—
Gross profit
1,771.5
1,620.4
—
—
Operating expenses
(989.5
)
(927.2
)
—
—
Operating earnings before financial
services
782.0
693.2
—
—
Financial services revenue
—
—
280.9
261.4
Financial services expenses
—
—
(78.3
)
(59.3
)
Operating earnings from financial
services
—
—
202.6
202.1
Operating earnings
782.0
693.2
202.6
202.1
Interest expense
(37.4
)
(35.0
)
—
(0.1
)
Intersegment interest income (expense) –
net
47.9
44.5
(47.9
)
(44.5
)
Other income (expense) – net
49.8
30.5
0.2
0.2
Earnings before income taxes and equity
earnings
842.3
733.2
154.9
157.7
Income tax expense
(183.8
)
(160.9
)
(40.1
)
(40.6
)
Earnings before equity earnings
658.5
572.3
114.8
117.1
Financial services – net earnings
attributable to Snap-on
114.8
117.1
—
—
Net earnings
773.3
689.4
114.8
117.1
Net earnings attributable to
noncontrolling interests
(17.5
)
(16.6
)
—
—
Net earnings attributable to
Snap-on
$
755.8
$
672.8
$
114.8
$
117.1
* 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
September 30,
December 31,
September 30,
December 31,
2023
2022
2023
2022
Assets
Cash and cash equivalents
$
959.1
$
757.1
$
0.2
$
0.1
Intersegment receivables
17.7
13.4
—
—
Trade and other accounts receivable –
net
776.0
761.1
0.8
0.6
Finance receivables – net
—
—
597.5
562.2
Contract receivables – net
5.7
5.9
113.9
104.0
Inventories – net
1,032.9
1,033.1
—
—
Prepaid expenses and other assets
124.8
149.2
5.7
5.8
Total current assets
2,916.2
2,719.8
718.1
672.7
Property and equipment – net
521.9
510.7
2.9
1.9
Operating lease right-of-use assets
67.6
60.1
1.1
1.4
Investment in Financial Services
386.0
363.9
—
—
Deferred income tax assets
51.8
48.4
23.8
21.6
Intersegment long-term notes
receivable
745.8
635.9
—
—
Long-term finance receivables – net
—
—
1,245.9
1,170.8
Long-term contract receivables – net
8.9
9.6
391.0
374.2
Goodwill
1,035.9
1,045.3
—
—
Other intangible assets – net
263.0
275.6
—
—
Pension assets
72.7
70.6
—
—
Other assets
28.1
27.1
0.2
0.1
Total assets
$
6,097.9
$
5,767.0
$
2,383.0
$
2,242.7
Liabilities and Equity
Notes payable
$
17.3
$
17.2
$
—
$
—
Accounts payable
283.3
285.8
1.0
1.2
Intersegment payables
—
—
17.7
13.4
Accrued benefits
57.5
58.6
—
—
Accrued compensation
93.2
95.6
2.9
3.0
Franchisee deposits
76.0
73.8
—
—
Other accrued liabilities
434.4
420.8
27.9
25.8
Total current liabilities
961.7
951.8
49.5
43.4
Long-term debt and intersegment long-term
debt
—
—
1,930.2
1,819.7
Deferred income tax liabilities
72.8
82.1
—
—
Retiree health care benefits
21.8
23.4
—
—
Pension liabilities
57.7
78.6
—
—
Operating lease liabilities
49.8
43.6
0.8
1.1
Other long-term liabilities
81.7
84.0
16.5
14.6
Total liabilities
1,245.5
1,263.5
1,997.0
1,878.8
Total shareholders' equity attributable
to Snap-on
4,830.2
4,481.3
386.0
363.9
Noncontrolling interests
22.2
22.2
—
—
Total equity
4,852.4
4,503.5
386.0
363.9
Total liabilities and equity
$
6,097.9
$
5,767.0
$
2,383.0
$
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/20231019720162/en/
Investors: Sara Verbsky 262/656-4869
Media: Samuel Bottum 262/656-5793
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