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)	2020		2019		2018		2017		2016
Results of Operations
Net sales	$	3,592.5	$	3,730.0	$	3,740.7	$	3,686.9	$	3,430.4
Gross profit	1,748.5		1,844.0		1,870.0		1,825.9		1,710.4
Operating expenses	1,116.6		1,127.6		1,144.0		1,161.3		1,048.0
Operating earnings before financial services	631.9		716.4		726.0		664.6		662.4
Financial services revenue	349.7		337.7		329.7		313.4		281.4
Financial services expenses	101.1		91.8		99.6		95.9		82.7
Operating earnings from financial services	248.6		245.9		230.1		217.5		198.7
Operating earnings	880.5		962.3		956.1		882.1		861.1
Interest expense	54.0		49.0		50.4		52.4		52.2
Earnings before income taxes and equity earnings	835.2		922.1		909.9		821.9		801.4
Income tax expense	189.1		211.8		214.4		250.9		244.3
Earnings before equity earnings	646.1		710.3		695.5		571.0		557.1
Equity earnings, net of tax	0.3		0.9		0.7		1.2		2.5
Net earnings	646.4		711.2		696.2		572.2		559.6
Net earnings attributable to noncontrolling interests	(19.4)		(17.7)		(16.3)		(14.5)		(13.2)
Net earnings attributable to Snap-on	627.0		693.5		679.9		557.7		546.4

Financial Position
Cash and cash equivalents	$	923.4	$	184.5	$	140.9	$	92.0	$	77.6
Trade and other accounts receivable – net	640.7		694.6		692.6		675.6		598.8
Finance receivables – net (current)	530.2		530.1		518.5		505.4		472.5
Contract receivables – net (current)	112.5		100.7		98.3		96.8		88.1
Inventories – net	746.5		760.4		673.8		638.8		530.5
Property and equipment – net	526.2		521.5		495.1		484.4		425.2
Long-term finance receivables – net	1,136.3		1,103.5		1,074.4		1,039.2		934.5
Long-term contract receivables – net	374.7		360.1		344.9		322.6		286.7
Total assets	6,557.3		5,693.5		5,373.1		5,249.1		4,723.2
Notes payable and current maturities of long-term debt	268.5		202.9		186.3		433.2		301.4
Accounts payable	222.9		198.5		201.1		178.2		170.9
Long-term debt	1,182.1		946.9		946.0		753.6		708.8
Total debt	1,450.6		1,149.8		1,132.3		1,186.8		1,010.2
Total shareholders’ equity attributable to Snap-on	3,824.9		3,409.1		3,098.8		2,953.9		2,617.2

Common Share Summary
Weighted-average shares outstanding – diluted	54.8		55.9		57.3		58.6		59.4
Net earnings per share attributable to Snap-on:
Basic	$	11.55	$	12.59	$	12.08	$	9.72	$	9.40
Diluted	11.44		12.41		11.87		9.52		9.20
Cash dividends paid per share	4.47		3.93		3.41		2.95		2.54
Shareholders’ equity per basic share	70.44		61.87		55.04		51.46		45.05


26			SNAP-ON INCORPORATED



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

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