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)	2017		2016		2015		2014		2013
Results of Operations
Net sales	$	3,686.9	$	3,430.4	$	3,352.8	$	3,277.7	$	3,056.5
Gross profit		1,824.9		1,709.6		1,648.3		1,584.3		1,472.9
Operating expenses		1,160.9		1,054.1		1,053.7		1,048.7		1,012.4
Operating earnings before financial services		664.0		655.5		594.6		535.6		460.5
Financial services revenue		313.4		281.4		240.3		214.9		181.0
Financial services expenses		95.9		82.7		70.1		65.8		55.3
Operating earnings from financial services		217.5		198.7		170.2		149.1		125.7
Operating earnings		881.5		854.2		764.8		684.7		586.2
Interest expense		52.4		52.2		51.9		52.9		56.1
Earnings before income taxes and equity earnings		821.9		801.4		710.5		630.9		526.2
Income tax expense		250.9		244.3		221.2		199.5		166.7
Earnings before equity earnings		571.0		557.1		489.3		431.4		359.5
Equity earnings, net of tax		1.2		2.5		1.3		0.7		0.2
Net earnings		572.2		559.6		490.6		432.1		359.7
Net earnings attributable to noncontrolling interests		(14.5)		(13.2)		(11.9)		(10.2)		(9.4)
Net earnings attributable to Snap-on		557.7		546.4		478.7		421.9		350.3

Financial Position
Cash and cash equivalents	$	92.0	$	77.6	$	92.8	$	132.9	$	217.6
Trade and other accounts receivable – net		675.6		598.8		562.5		550.8		531.6
Finance receivables – net (current)		505.4		472.5		447.3		402.4		374.6
Contract receivables – net (current)		96.8		88.1		82.1		74.5		68.4
Inventories – net		638.8		530.5		497.8		475.5		434.4
Property and equipment – net		484.4		425.2		413.5		404.5		392.5
Long-term finance receivables – net		1,039.2		934.5		772.7		650.5		560.6
Long-term contract receivables – net		322.6		286.7		266.6		242.0		217.1
Total assets		5,249.1		4,723.2		4,331.1		4,162.0		3,994.5
Notes payable and current maturities of long-term debt		433.2		301.4		18.4		56.6		113.1
Accounts payable		178.2		170.9		148.3		145.0		155.6
Long-term debt		753.6		708.8		861.7		862.7		858.9
Total debt		1,186.8		1,010.2		880.1		919.3		972.0
Total shareholders’ equity attributable to Snap-on		2,953.9		2,617.2		2,412.7		2,207.8		2,113.2

Common Share Summary
Weighted-average shares outstanding – diluted		58.6		59.4		59.1		59.1		59.1
Net earnings per share attributable to Snap-on:
Basic	$	9.72	$	9.40	$	8.24	$	7.26	$	6.02
Diluted		9.52		9.20		8.10		7.14		5.93
Cash dividends paid per share		2.95		2.54		2.20		1.85		1.58
Shareholders’ equity per basic share		51.46		45.05		41.53		38.00		36.31


26		SNAP-ON INCORPORATED

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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