filings.toolsItem 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.” In the following table, “Total assets” was adjusted on a retrospective basis for all years presented to reflect the company’s 2016 adoption of Accounting Standards Update (“ASU”) No. 2015-17, Balance Sheet Classification of Deferred Taxes (Topic 740). See Note 1 to the Consolidated Financial Statements for information on the company’s adoption of ASU No. 2015-17.
| Five-year Data | ||||||||||||||||||||
| (Amounts in millions, except per share data) | 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||
| Results of Operations | ||||||||||||||||||||
| Net sales | $ | 3,430.4 | $ | 3,352.8 | $ | 3,277.7 | $ | 3,056.5 | $ | 2,937.9 | ||||||||||
| Gross profit | 1,709.6 | 1,648.3 | 1,584.3 | 1,472.9 | 1,390.0 | |||||||||||||||
| Operating expenses | 1,054.1 | 1,053.7 | 1,048.7 | 1,012.4 | 980.3 | |||||||||||||||
| Operating earnings before financial services | 655.5 | 594.6 | 535.6 | 460.5 | 409.7 | |||||||||||||||
| Financial services revenue | 281.4 | 240.3 | 214.9 | 181.0 | 161.3 | |||||||||||||||
| Financial services expenses | 82.7 | 70.1 | 65.8 | 55.3 | 54.6 | |||||||||||||||
| Operating earnings from financial services | 198.7 | 170.2 | 149.1 | 125.7 | 106.7 | |||||||||||||||
| Operating earnings | 854.2 | 764.8 | 684.7 | 586.2 | 516.4 | |||||||||||||||
| Interest expense | 52.2 | 51.9 | 52.9 | 56.1 | 55.8 | |||||||||||||||
| Earnings before income taxes and equity earnings | 801.4 | 710.5 | 630.9 | 526.2 | 460.2 | |||||||||||||||
| Income tax expense | 244.3 | 221.2 | 199.5 | 166.7 | 148.2 | |||||||||||||||
| Earnings before equity earnings | 557.1 | 489.3 | 431.4 | 359.5 | 312.0 | |||||||||||||||
| Equity earnings, net of tax | 2.5 | 1.3 | 0.7 | 0.2 | 2.6 | |||||||||||||||
| Net earnings | 559.6 | 490.6 | 432.1 | 359.7 | 314.6 | |||||||||||||||
| Net earnings attributable to noncontrolling interests | (13.2) | (11.9) | (10.2) | (9.4) | (8.5) | |||||||||||||||
| Net earnings attributable to Snap-on | 546.4 | 478.7 | 421.9 | 350.3 | 306.1 | |||||||||||||||
| Financial Position | ||||||||||||||||||||
| Cash and cash equivalents | $ | 77.6 | $ | 92.8 | $ | 132.9 | $ | 217.6 | $ | 214.5 | ||||||||||
| Trade and other accounts receivable – net | 598.8 | 562.5 | 550.8 | 531.6 | 497.9 | |||||||||||||||
| Finance receivables – net (current) | 472.5 | 447.3 | 402.4 | 374.6 | 323.1 | |||||||||||||||
| Contract receivables – net (current) | 88.1 | 82.1 | 74.5 | 68.4 | 62.7 | |||||||||||||||
| Inventories – net | 530.5 | 497.8 | 475.5 | 434.4 | 404.2 | |||||||||||||||
| Property and equipment – net | 425.2 | 413.5 | 404.5 | 392.5 | 375.2 | |||||||||||||||
| Long-term finance receivables – net | 934.5 | 772.7 | 650.5 | 560.6 | 494.6 | |||||||||||||||
| Long-term contract receivables – net | 286.7 | 266.6 | 242.0 | 217.1 | 194.4 | |||||||||||||||
| Total assets | 4,723.2 | 4,331.1 | 4,162.0 | 3,994.5 | 3,789.7 | |||||||||||||||
| Notes payable and current maturities of long-term debt | 301.4 | 18.4 | 56.6 | 113.1 | 5.2 | |||||||||||||||
| Accounts payable | 170.9 | 148.3 | 145.0 | 155.6 | 142.5 | |||||||||||||||
| Long-term debt | 708.8 | 861.7 | 862.7 | 858.9 | 970.4 | |||||||||||||||
| Total debt | 1,010.2 | 880.1 | 919.3 | 972.0 | 975.6 | |||||||||||||||
| Total shareholders’ equity attributable to Snap-on | 2,617.2 | 2,412.7 | 2,207.8 | 2,113.2 | 1,802.1 | |||||||||||||||
| Common Share Summary | ||||||||||||||||||||
| Weighted-average shares outstanding – diluted | 59.4 | 59.1 | 59.1 | 59.1 | 58.9 | |||||||||||||||
| Net earnings per share attributable to Snap-on: | ||||||||||||||||||||
| Basic | $ | 9.40 | $ | 8.24 | $ | 7.26 | $ | 6.02 | $ | 5.26 | ||||||||||
| Diluted | 9.20 | 8.10 | 7.14 | 5.93 | 5.20 | |||||||||||||||
| Cash dividends paid per share | 2.54 | 2.20 | 1.85 | 1.58 | 1.40 | |||||||||||||||
| Shareholders’ equity per basic share | 45.05 | 41.53 | 38.00 | 36.31 | 30.96 |
| 2016 ANNUAL REPORT | 25 |
Table of Contents
Management’s Discussion and Analysis of Financial Condition and Results of Operations
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