Item 6. Selected Financial Data

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Item 6. Selected Financial Data

The selected financial data presented below has been derived from, and should be read in conjunction with, the respective historical consolidated financial statements of the company, including the notes thereto, and “Part II, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations.”


Five-year Data
(Amounts in millions, except per share data)	2014		2013		2012		2011		2010
Results of Operations
Net sales	$	3,277.7	$	3,056.5	$	2,937.9	$	2,854.2	$	2,619.2
Gross profit		1,584.3		1,472.9		1,390.0		1,337.9		1,211.1
Operating expenses		1,048.7		1,012.4		980.3		953.7		894.1
Operating earnings before financial services		535.6		460.5		409.7		384.2		317.0
Financial services revenue		214.9		181.0		161.3		124.3		62.3
Financial services expenses		65.8		55.3		54.6		51.4		47.9
Financial services – arbitration settlement gain		–		–		–		18.0		–
Operating earnings from financial services		149.1		125.7		106.7		90.9		14.4
Operating earnings		684.7		586.2		516.4		475.1		331.4
Interest expense		52.9		56.1		55.8		61.2		54.8
Earnings before income taxes and equity earnings		630.9		526.2		460.2		412.9		277.4
Income tax expense		199.5		166.7		148.2		133.7		87.6
Earnings before equity earnings		431.4		359.5		312.0		279.2		189.8
Equity earnings, net of tax		0.7		0.2		2.6		4.6		3.2
Net earnings		432.1		359.7		314.6		283.8		193.0
Net earnings attributable to noncontrolling interests		(10.2)		(9.4)		(8.5)		(7.5)		(6.5)
Net earnings attributable to Snap-on		421.9		350.3		306.1		276.3		186.5

Financial Position
Cash and cash equivalents	$	132.9	$	217.6	$	214.5	$	185.6	$	572.2
Trade and other accounts receivable – net		550.8		531.6		497.9		463.5		443.3
Finance receivables – net (current)		402.4		374.6		323.1		277.2		215.3
Contract receivables – net (current)		74.5		68.4		62.7		49.7		45.6
Inventories – net		475.5		434.4		404.2		386.4		329.4
Property and equipment – net		404.5		392.5		375.2		352.9		344.0
Long-term finance receivables – net		650.5		560.6		494.6		431.8		345.7
Long-term contract receivables – net		242.0		217.1		194.4		165.1		119.3
Total assets		4,310.1		4,110.0		3,902.3		3,672.9		3,729.4
Notes payable and current maturities of long-term debt		56.6		113.1		5.2		16.2		216.0
Accounts payable		145.0		155.6		142.5		124.6		146.1
Long-term debt		862.7		858.9		970.4		967.9		954.8
Total debt		919.3		972.0		975.6		984.1		1,170.8
Total shareholders’ equity attributable to Snap-on		2,207.8		2,113.2		1,802.1		1,530.9		1,388.5

Common Share Summary
Weighted-average shares outstanding – diluted		59.1		59.1		58.9		58.7		58.4
Net earnings per share attributable to Snap-on
Basic	$	7.26	$	6.02	$	5.26	$	4.75	$	3.22
Diluted		7.14		5.93		5.20		4.71		3.19
Cash dividends paid per share		1.85		1.58		1.40		1.30		1.22
Shareholders’ equity per basic share		38.00		36.31		30.96		26.30		23.94

•		In 2011, Snap-on settled a dispute with its former financial services joint venture partner and recorded an $18.0 million pretax arbitration settlement gain ($11.1 million after tax or $0.19 per diluted share).


		2014 ANNUAL REPORT		25

Management’s Discussion and Analysis of Financial Condition and Results of Operations

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Item 6. Selected Financial Data

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