Diluted EPS of $4.70 represents a gain of
4.2% from Q3 2023; Operating margin before financial services of
22.0% reflects an increase of 80 basis points; Sales of $1,147.0
million compares to $1,159.3 million 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 third
quarter of 2024.
- Net sales of $1,147.0 million in the third quarter of 2024
represented a decrease of $12.3 million, or 1.1%, from 2023 levels,
reflecting a $19.2 million, or 1.7%, organic sales decline and $0.3
million of unfavorable foreign currency translation, partially
offset by $7.2 million of acquisition-related sales.
- Operating earnings before financial services for the quarter of
$252.4 million compared to $245.2 million in 2023. As a percentage
of net sales, operating earnings before financial services were
22.0% in the third quarter compared to 21.2% last year.
- Financial services revenue in the quarter of $100.4 million
compared to $94.9 million in 2023; financial services operating
earnings of $71.7 million compared to $69.4 million last year.
- Consolidated operating earnings for the quarter of $324.1
million, or 26.0% of revenues (net sales plus financial services
revenue), compared to $314.6 million, or 25.1% of revenues, in
2023.
- The third quarter effective income tax rate was 22.9% in 2024
and 22.6% last year.
- Net earnings in the quarter of $251.1 million, or $4.70 per
diluted share, compared to net earnings of $243.1 million, or $4.51
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 2024 results as our
businesses remained strong, yielding a balanced outcome and
delivering profitability gains in these challenging times,” said
Nick Pinchuk, Snap-on chairman and chief executive officer. “We
believe that our performance demonstrates our ability to harness
the possibilities across our segments, countering the headwinds and
pivoting to match the environment as is evident in the resilience
displayed by the Tools Group during the period. At the same time,
we are vigorously engaging our Snap-on Value Creation Processes to
maintain and increase our operating momentum. In that regard, we
were again honored with product awards from both Motor Magazine and
Professional Tool & Equipment News. In the quarter, a
continuous array of new innovations combined with our robust
efforts in Rapid Continuous Improvement to drive broad margin gains
achieved against the turbulence. Notably, we’ve maintained our
investment in product, brand and people...a decisive action that we
believe will strengthen our already substantial advantages,
authoring continuing progress as we move forward. Finally, I want
to thank our franchisees and associates worldwide for their
extraordinary contributions, for their unwavering dedication, and
for their steadfast confidence in the significant potential of our
days and years to come.”
Segment Results
Commercial & Industrial Group segment sales of $365.7
million in the quarter compared to $366.4 million last year,
reflecting a $7.8 million, or 2.1%, organic sales decline and $0.1
million of unfavorable foreign currency translation, partially
offset by $7.2 million of acquisition-related sales. The organic
decrease is primarily due to declines in both the power tool and
European-based hand tool operations, partially offset by higher
sales with customers in critical industries, including in the
specialty torque business.
Operating earnings of $61.0 million in the period compared to
$58.1 million in 2023. The operating margin (operating earnings as
a percentage of segment sales) improved 80 basis points to 16.7% in
the quarter from 15.9% last year.
Snap-on Tools Group segment sales of $500.5 million in
the quarter compared to $515.4 million last year, reflecting a
$15.8 million, or 3.1%, organic sales decrease, partially offset by
$0.9 million of favorable foreign currency translation. The organic
decline is due to lower activity in the U.S. operations, partially
offset by higher sales in the segment’s international
operations.
Operating earnings of $108.3 million in the period compared to
$113.4 million in 2023. The operating margin of 21.6% compared to
22.0% a year ago.
Repair Systems & Information Group segment sales of
$422.7 million in the quarter compared to $431.8 million last year,
reflecting an $8.2 million, or 1.9%, organic sales decline and $0.9
million of unfavorable foreign currency translation. The organic
decrease includes lower sales of undercar equipment and reduced
activity with OEM dealerships, partially offset by higher sales of
diagnostic and information products to independent repair shop
owners and managers.
Operating earnings of $107.3 million in the period compared to
$104.9 million in 2023. The operating margin improved 110 basis
points to 25.4% in the quarter from 24.3% last year.
Financial Services operating earnings of $71.7 million on
revenue of $100.4 million in the quarter compared to operating
earnings of $69.4 million on revenue of $94.9 million a year ago.
Originations of $288.0 million in the third quarter represented a
decrease of $17.2 million, or 5.6%, from 2023 levels.
Corporate expenses in the third quarter of $24.2 million
compared to $31.2 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
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
approximate $100 million, of which $65.4 million was incurred in
the first nine 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 October
17, 2024, at 9:00 a.m. Central Time
A discussion of this release will be webcast on Thursday,
October 17, 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.
SNAP-ON INCORPORATED
Condensed Consolidated
Statements of Earnings
(Amounts in millions, except
per share data)
(unaudited)
Three Months Ended
Nine Months Ended
September 28,
September 30,
September 28,
September 30,
2024
2023
2024
2023
Net sales
$
1,147.0
$
1,159.3
$
3,508.7
$
3,533.6
Cost of goods sold
(559.2
)
(581.1
)
(1,726.9
)
(1,762.1
)
Gross profit
587.8
578.2
1,781.8
1,771.5
Operating expenses
(335.4
)
(333.0
)
(978.2
)
(989.5
)
Operating earnings before financial
services
252.4
245.2
803.6
782.0
Financial services revenue
100.4
94.9
300.5
280.9
Financial services expenses
(28.7
)
(25.5
)
(90.3
)
(78.3
)
Operating earnings from financial
services
71.7
69.4
210.2
202.6
Operating earnings
324.1
314.6
1,013.8
984.6
Interest expense
(12.5
)
(12.4
)
(37.3
)
(37.4
)
Other income (expense) – net
20.6
18.0
57.4
50.0
Earnings before income taxes
332.2
320.2
1,033.9
997.2
Income tax expense
(74.7
)
(71.1
)
(229.2
)
(223.9
)
Net earnings
257.5
249.1
804.7
773.3
Net earnings attributable to
noncontrolling interests
(6.4
)
(6.0
)
(18.9
)
(17.5
)
Net earnings attributable to Snap-on
Inc.
$
251.1
$
243.1
$
785.8
$
755.8
Net earnings per share attributable to
Snap-on Inc.:
Basic
$
4.77
$
4.60
$
14.91
$
14.29
Diluted
4.70
4.51
14.69
14.00
Weighted-average shares
outstanding:
Basic
52.6
52.8
52.7
52.9
Effect of dilutive securities
0.8
1.1
0.8
1.1
Diluted
53.4
53.9
53.5
54.0
SNAP-ON INCORPORATED
Supplemental Segment
Information
(Amounts in millions)
(unaudited)
Three Months Ended
Nine Months Ended
September 28,
September 30,
September 28,
September 30,
2024
2023
2024
2023
Net sales:
Commercial & Industrial Group
$
365.7
$
366.4
$
1,097.6
$
1,094.4
Snap-on Tools Group
500.5
515.4
1,482.6
1,575.5
Repair Systems & Information Group
422.7
431.8
1,341.3
1,330.4
Segment net sales
1,288.9
1,313.6
3,921.5
4,000.3
Intersegment eliminations
(141.9
)
(154.3
)
(412.8
)
(466.7
)
Total net sales
1,147.0
1,159.3
3,508.7
3,533.6
Financial Services revenue
100.4
94.9
300.5
280.9
Total revenues
$
1,247.4
$
1,254.2
$
3,809.2
$
3,814.5
Operating earnings:
Commercial & Industrial Group
$
61.0
$
58.1
$
178.6
$
172.0
Snap-on Tools Group
108.3
113.4
340.4
382.8
Repair Systems & Information Group
107.3
104.9
333.8
319.9
Financial Services
71.7
69.4
210.2
202.6
Segment operating earnings
348.3
345.8
1,063.0
1,077.3
Corporate
(24.2
)
(31.2
)
(49.2
)
(92.7
)
Operating earnings
324.1
314.6
1,013.8
984.6
Interest expense
(12.5
)
(12.4
)
(37.3
)
(37.4
)
Other income (expense) – net
20.6
18.0
57.4
50.0
Earnings before income taxes
$
332.2
$
320.2
$
1,033.9
$
997.2
SNAP-ON INCORPORATED
Condensed Consolidated Balance
Sheets
(Amounts in millions)
(unaudited)
September 28,
December 30,
2024
2023
Assets
Cash and cash equivalents
$
1,313.3
$
1,001.5
Trade and other accounts receivable –
net
796.4
791.3
Finance receivables – net
624.7
594.1
Contract receivables – net
122.1
120.8
Inventories – net
995.8
1,005.9
Prepaid expenses and other current
assets
148.4
138.4
Total current assets
4,000.7
3,652.0
Property and equipment – net
548.3
539.3
Operating lease right-of-use assets
78.0
74.7
Deferred income tax assets
79.7
76.0
Long-term finance receivables – net
1,309.0
1,284.2
Long-term contract receivables – net
422.1
407.9
Goodwill
1,086.6
1,097.4
Other intangible assets – net
277.3
268.9
Pension assets
134.5
130.5
Other long-term assets
17.1
14.0
Total assets
$
7,953.3
$
7,544.9
Liabilities and Equity
Notes payable
$
14.3
$
15.6
Accounts payable
270.0
238.0
Accrued benefits
59.4
64.4
Accrued compensation
83.5
102.9
Franchisee deposits
79.2
73.3
Other accrued liabilities
450.0
447.4
Total current liabilities
956.4
941.6
Long-term debt
1,185.3
1,184.6
Deferred income tax liabilities
83.2
79.2
Retiree health care benefits
20.2
21.8
Pension liabilities
65.5
82.3
Operating lease liabilities
57.1
54.6
Other long-term liabilities
87.9
87.4
Total liabilities
2,455.6
2,451.5
Equity
Shareholders' equity attributable to
Snap-on Inc.
Common stock
67.5
67.5
Additional paid-in capital
549.0
545.5
Retained earnings
7,439.0
6,948.5
Accumulated other comprehensive loss
(424.7
)
(449.5
)
Treasury stock at cost
(2,155.8
)
(2,040.7
)
Total shareholders' equity attributable
to Snap-on Inc.
5,475.0
5,071.3
Noncontrolling interests
22.7
22.1
Total equity
5,497.7
5,093.4
Total liabilities and equity
$
7,953.3
$
7,544.9
SNAP-ON INCORPORATED
Condensed Consolidated
Statements of Cash Flows
(Amounts in millions)
(unaudited)
Three Months Ended
September 28,
September 30,
2024
2023
Operating activities:
Net earnings
$
257.5
$
249.1
Adjustments to reconcile net earnings to
net cash provided (used) by operating activities:
Depreciation
18.3
17.8
Amortization of other intangible
assets
6.3
6.8
Provision for losses on finance
receivables
15.2
12.8
Provision for losses on non-finance
receivables
6.0
6.2
Stock-based compensation expense
5.7
11.0
Deferred income tax benefit
(2.8
)
(7.3
)
Gain on sales of assets
(0.2
)
(0.3
)
Changes in operating assets and
liabilities, net of effects of acquisitions:
Trade and other accounts receivable
(7.3
)
(7.6
)
Contract receivables
(11.7
)
(25.0
)
Inventories
(13.3
)
(7.6
)
Prepaid expenses and other current
assets
22.4
16.1
Accounts payable
(4.5
)
12.6
Accrued and other liabilities
(17.4
)
0.8
Net cash provided by operating
activities
274.2
285.4
Investing activities:
Additions to finance receivables
(227.1
)
(243.5
)
Collections of finance receivables
206.5
208.4
Capital expenditures
(20.4
)
(25.1
)
Disposals of property and equipment
0.4
0.5
Other
0.1
—
Net cash used by investing
activities
(40.5
)
(59.7
)
Financing activities:
Net decrease in other short-term
borrowings
(1.3
)
(0.3
)
Cash dividends paid
(97.9
)
(85.6
)
Purchases of treasury stock
(59.9
)
(51.8
)
Proceeds from stock purchase plans and
stock option exercises
9.9
9.9
Other
(7.0
)
(7.5
)
Net cash used by financing
activities
(156.2
)
(135.3
)
Effect of exchange rate changes on cash
and cash equivalents
3.1
(2.4
)
Increase in cash and cash
equivalents
80.6
88.0
Cash and cash equivalents at beginning of
period
1,232.7
871.3
Cash and cash equivalents at end of
period
$
1,313.3
$
959.3
Supplemental cash flow
disclosures:
Cash paid for interest
$
(13.8
)
$
(13.8
)
Net cash paid for income taxes
(90.2
)
(76.8
)
SNAP-ON INCORPORATED
Condensed Consolidated
Statements of Cash Flows
(Amounts in millions)
(unaudited)
Nine Months Ended
September 28,
September 30,
2024
2023
Operating activities:
Net earnings
$
804.7
$
773.3
Adjustments to reconcile net earnings to
net cash provided (used) by operating activities:
Depreciation
54.7
53.6
Amortization of other intangible
assets
19.0
20.7
Provision for losses on finance
receivables
50.6
40.7
Provision for losses on non-finance
receivables
17.8
15.0
Stock-based compensation expense
21.5
31.4
Deferred income tax benefit
(7.2
)
(16.5
)
Gain on sales of assets
(0.5
)
(0.6
)
Changes in operating assets and
liabilities, net of effects of acquisitions:
Trade and other accounts receivable
(28.1
)
(38.3
)
Contract receivables
(15.4
)
(27.9
)
Inventories
8.6
(21.0
)
Prepaid expenses and other current
assets
10.5
30.3
Accounts payable
33.6
4.3
Accrued and other liabilities
(45.8
)
(7.7
)
Net cash provided by operating
activities
924.0
857.3
Investing activities:
Additions to finance receivables
(731.3
)
(779.8
)
Collections of finance receivables
629.3
626.5
Capital expenditures
(65.4
)
(73.9
)
Disposals of property and equipment
2.0
1.5
Other
1.5
(1.5
)
Net cash used by investing
activities
(163.9
)
(227.2
)
Financing activities:
Net decrease in other short-term
borrowings
(0.9
)
—
Cash dividends paid
(294.1
)
(257.6
)
Purchases of treasury stock
(177.5
)
(233.8
)
Proceeds from stock purchase plans and
stock option exercises
61.6
94.5
Other
(37.4
)
(27.0
)
Net cash used by financing
activities
(448.3
)
(423.9
)
Effect of exchange rate changes on cash
and cash equivalents
—
(4.1
)
Increase in cash and cash
equivalents
311.8
202.1
Cash and cash equivalents at beginning of
year
1,001.5
757.2
Cash and cash equivalents at end of
period
$
1,313.3
$
959.3
Supplemental cash flow
disclosures:
Cash paid for interest
$
(35.8
)
$
(36.1
)
Net cash paid for income taxes
(243.9
)
(224.5
)
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
September 28,
September 30,
September 28,
September 30,
2024
2023
2024
2023
Net sales
$
1,147.0
$
1,159.3
$
—
$
—
Cost of goods sold
(559.2
)
(581.1
)
—
—
Gross profit
587.8
578.2
—
—
Operating expenses
(335.4
)
(333.0
)
—
—
Operating earnings before financial
services
252.4
245.2
—
—
Financial services revenue
—
—
100.4
94.9
Financial services expenses
—
—
(28.7
)
(25.5
)
Operating earnings from financial
services
—
—
71.7
69.4
Operating earnings
252.4
245.2
71.7
69.4
Interest expense
(12.5
)
(12.4
)
—
—
Intersegment interest income (expense) –
net
16.8
16.1
(16.8
)
(16.1
)
Other income (expense) – net
20.6
17.9
—
0.1
Earnings before income taxes and equity
earnings
277.3
266.8
54.9
53.4
Income tax expense
(62.0
)
(57.3
)
(12.7
)
(13.8
)
Earnings before equity earnings
215.3
209.5
42.2
39.6
Financial services – net earnings
attributable to Snap-on
42.2
39.6
—
—
Net earnings
257.5
249.1
42.2
39.6
Net earnings attributable to
noncontrolling interests
(6.4
)
(6.0
)
—
—
Net earnings attributable to
Snap-on
$
251.1
$
243.1
$
42.2
$
39.6
* 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 28,
September 30,
September 28,
September 30,
2024
2023
2024
2023
Net sales
$
3,508.7
$
3,533.6
$
—
$
—
Cost of goods sold
(1,726.9
)
(1,762.1
)
—
—
Gross profit
1,781.8
1,771.5
—
—
Operating expenses
(978.2
)
(989.5
)
—
—
Operating earnings before financial
services
803.6
782.0
—
—
Financial services revenue
—
—
300.5
280.9
Financial services expenses
—
—
(90.3
)
(78.3
)
Operating earnings from financial
services
—
—
210.2
202.6
Operating earnings
803.6
782.0
210.2
202.6
Interest expense
(37.3
)
(37.4
)
—
—
Intersegment interest income (expense) –
net
50.6
47.9
(50.6
)
(47.9
)
Other income (expense) – net
57.3
49.8
0.1
0.2
Earnings before income taxes and equity
earnings
874.2
842.3
159.7
154.9
Income tax expense
(189.3
)
(183.8
)
(39.9
)
(40.1
)
Earnings before equity earnings
684.9
658.5
119.8
114.8
Financial services – net earnings
attributable to Snap-on
119.8
114.8
—
—
Net earnings
804.7
773.3
119.8
114.8
Net earnings attributable to
noncontrolling interests
(18.9
)
(17.5
)
—
—
Net earnings attributable to
Snap-on
$
785.8
$
755.8
$
119.8
$
114.8
* 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
September 28,
December 30,
September 28,
December 30,
2024
2023
2024
2023
Assets
Cash and cash equivalents
$
1,313.2
$
1,001.3
$
0.1
$
0.2
Intersegment receivables
18.3
15.7
—
—
Trade and other accounts receivable –
net
795.8
790.6
0.6
0.7
Finance receivables – net
—
—
624.7
594.1
Contract receivables – net
4.7
5.5
117.4
115.3
Inventories – net
995.8
1,005.9
—
—
Prepaid expenses and other current
assets
151.5
143.2
10.2
7.4
Total current assets
3,279.3
2,962.2
753.0
717.7
Property and equipment – net
545.9
536.5
2.4
2.8
Operating lease right-of-use assets
77.5
73.8
0.5
0.9
Investment in Financial Services
405.9
393.9
—
—
Deferred income tax assets
53.1
51.3
26.6
24.7
Intersegment long-term notes
receivable
844.2
785.6
—
—
Long-term finance receivables – net
—
—
1,309.0
1,284.2
Long-term contract receivables – net
8.3
8.3
413.8
399.6
Goodwill
1,086.6
1,097.4
—
—
Other intangible assets – net
277.3
268.9
—
—
Pension assets
134.5
130.5
—
—
Other long-term assets
34.9
30.2
0.1
0.1
Total assets
$
6,747.5
$
6,338.6
$
2,505.4
$
2,430.0
Liabilities and Equity
Notes payable
$
14.3
$
15.6
$
—
$
—
Accounts payable
268.8
236.2
1.2
1.8
Intersegment payables
—
—
18.3
15.7
Accrued benefits
59.4
64.4
—
—
Accrued compensation
80.6
99.9
2.9
3.0
Franchisee deposits
79.2
73.3
—
—
Other accrued liabilities
434.8
432.2
28.5
27.4
Total current liabilities
937.1
921.6
50.9
47.9
Long-term debt and intersegment long-term
debt
—
—
2,029.5
1,970.2
Deferred income tax liabilities
83.2
79.2
—
—
Retiree health care benefits
20.2
21.8
—
—
Pension liabilities
65.5
82.3
—
—
Operating lease liabilities
57.0
54.0
0.1
0.6
Other long-term liabilities
86.8
86.3
19.0
17.4
Total liabilities
1,249.8
1,245.2
2,099.5
2,036.1
Total shareholders' equity attributable
to Snap-on
5,475.0
5,071.3
405.9
393.9
Noncontrolling interests
22.7
22.1
—
—
Total equity
5,497.7
5,093.4
405.9
393.9
Total liabilities and equity
$
6,747.5
$
6,338.6
$
2,505.4
$
2,430.0
* Snap-on with Financial Services
presented on the equity method.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241017724747/en/
For additional information, please visit www.snapon.com or
contact:
Investors: Sara Verbsky 262/656-4869
Media: Samuel Bottum 262/656-5793
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