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)	2015		2014		2013		2012		2011
Results of Operations
Net sales	$	3,352.8	$	3,277.7	$	3,056.5	$	2,937.9	$	2,854.2
Gross profit		1,648.3		1,584.3		1,472.9		1,390.0		1,337.9
Operating expenses		1,053.7		1,048.7		1,012.4		980.3		953.7
Operating earnings before financial services		594.6		535.6		460.5		409.7		384.2
Financial services revenue		240.3		214.9		181.0		161.3		124.3
Financial services expenses		70.1		65.8		55.3		54.6		51.4
Financial services – arbitration settlement gain*		–		–		–		–		18.0
Operating earnings from financial services		170.2		149.1		125.7		106.7		90.9
Operating earnings		764.8		684.7		586.2		516.4		475.1
Interest expense		51.9		52.9		56.1		55.8		61.2
Earnings before income taxes and equity earnings		710.5		630.9		526.2		460.2		412.9
Income tax expense		221.2		199.5		166.7		148.2		133.7
Earnings before equity earnings		489.3		431.4		359.5		312.0		279.2
Equity earnings, net of tax		1.3		0.7		0.2		2.6		4.6
Net earnings		490.6		432.1		359.7		314.6		283.8
Net earnings attributable to noncontrolling interests		(11.9)		(10.2)		(9.4)		(8.5)		(7.5)
Net earnings attributable to Snap-on		478.7		421.9		350.3		306.1		276.3

Financial Position
Cash and cash equivalents	$	92.8	$	132.9	$	217.6	$	214.5	$	185.6
Trade and other accounts receivable – net		562.5		550.8		531.6		497.9		463.5
Finance receivables – net (current)		447.3		402.4		374.6		323.1		277.2
Contract receivables – net (current)		82.1		74.5		68.4		62.7		49.7
Inventories – net		497.8		475.5		434.4		404.2		386.4
Property and equipment – net		413.5		404.5		392.5		375.2		352.9
Long-term finance receivables – net		772.7		650.5		560.6		494.6		431.8
Long-term contract receivables – net		266.6		242.0		217.1		194.4		165.1
Total assets		4,486.9		4,310.1		4,110.0		3,902.3		3,672.9
Notes payable and current maturities of long-term debt		18.4		56.6		113.1		5.2		16.2
Accounts payable		148.3		145.0		155.6		142.5		124.6
Long-term debt		861.7		862.7		858.9		970.4		967.9
Total debt		880.1		919.3		972.0		975.6		984.1
Total shareholders’ equity attributable to Snap-on		2,412.7		2,207.8		2,113.2		1,802.1		1,530.9

Common Share Summary
Weighted-average shares outstanding – diluted		59.1		59.1		59.1		58.9		58.7
Net earnings per share attributable to Snap-on:
Basic	$	8.24	$	7.26	$	6.02	$	5.26	$	4.75
Diluted		8.10		7.14		5.93		5.20		4.71
Cash dividends paid per share		2.20		1.85		1.58		1.40		1.30
Shareholders’ equity per basic share		41.53		38.00		36.31		30.96		26.30

*	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).


		2015 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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