$SNA
Snap-on Inc

2015 Q2 Form 10-Q Financial Statement

#000119312515143380 Filed on April 23, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2014 Q1
Revenue $885.2M $837.7M
YoY Change 0.8% 6.62%
Cost Of Revenue $417.7M $408.8M
YoY Change -1.97% 6.24%
Gross Profit $410.1M $378.7M
YoY Change 2.42% 6.11%
Gross Profit Margin 46.33% 45.21%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $13.80M $13.40M
YoY Change -29.95% 7.2%
% of Gross Profit 3.37% 3.54%
Operating Expenses $272.2M $257.0M
YoY Change 3.77% 3.17%
Operating Profit $178.2M $156.1M
YoY Change 3.07% 12.87%
Interest Expense $13.00M $13.70M
YoY Change 2.36% 0.74%
% of Operating Profit 7.3% 8.78%
Other Income/Expense, Net -$700.0K -$100.0K
YoY Change -333.33% -83.33%
Pretax Income $164.5M $142.3M
YoY Change 2.49% 14.67%
Income Tax $51.80M $44.30M
% Of Pretax Income 31.49% 31.13%
Net Earnings $110.5M $95.90M
YoY Change 4.15% 15.82%
Net Earnings / Revenue 12.48% 11.45%
Basic Earnings Per Share $1.90 $1.65
Diluted Earnings Per Share $1.87 $1.62
COMMON SHARES
Basic Shares Outstanding 58.13M shares 58.21M shares
Diluted Shares Outstanding 59.11M shares 59.08M shares

Balance Sheet

Concept 2015 Q2 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $114.4M $127.8M
YoY Change -1.21% -40.17%
Cash & Equivalents $114.4M $127.8M
Short-Term Investments
Other Short-Term Assets $219.4M $181.0M
YoY Change 13.68% 4.75%
Inventory $482.3M $452.6M
Prepaid Expenses
Receivables $548.4M $559.0M
Other Receivables $478.8M $449.3M
Total Short-Term Assets $1.843B $1.770B
YoY Change 1.91% 5.6%
LONG-TERM ASSETS
Property, Plant & Equipment $396.2M $394.3M
YoY Change -1.39% 5.91%
Goodwill $778.3M $841.8M
YoY Change -10.59% 5.19%
Intangibles $258.3M $241.6M
YoY Change 7.85% 3.25%
Long-Term Investments $12.30M $14.50M
YoY Change -15.17% 12.4%
Other Assets $46.10M $56.60M
YoY Change -19.41% -2.25%
Total Long-Term Assets $2.419B $2.334B
YoY Change -0.02% 4.8%
TOTAL ASSETS
Total Short-Term Assets $1.843B $1.770B
Total Long-Term Assets $2.419B $2.334B
Total Assets $4.262B $4.104B
YoY Change 0.81% 5.15%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $162.0M $160.1M
YoY Change -5.76% 7.67%
Accrued Expenses $54.70M $53.60M
YoY Change 17.38% 5.72%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $78.80M $16.40M
YoY Change 70.19% -85.28%
Total Short-Term Liabilities $726.5M $632.9M
YoY Change 4.28% -5.49%
LONG-TERM LIABILITIES
Long-Term Debt $864.4M $859.9M
YoY Change 0.34% -0.93%
Other Long-Term Liabilities $86.80M $86.30M
YoY Change -1.25% 1.29%
Total Long-Term Liabilities $951.2M $946.2M
YoY Change 0.19% -0.73%
TOTAL LIABILITIES
Total Short-Term Liabilities $726.5M $632.9M
Total Long-Term Liabilities $951.2M $946.2M
Total Liabilities $2.074B $1.900B
YoY Change 6.06% -7.6%
SHAREHOLDERS EQUITY
Retained Earnings $2.717B $2.394B
YoY Change 9.79% 12.54%
Common Stock $67.40M $67.40M
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $535.7M $465.0M
YoY Change 8.55% 10.24%
Treasury Stock Shares 9.303M shares 9.145M shares
Shareholders Equity $2.171B $2.187B
YoY Change
Total Liabilities & Shareholders Equity $4.262B $4.104B
YoY Change 0.81% 5.15%

Cashflow Statement

Concept 2015 Q2 2014 Q1
OPERATING ACTIVITIES
Net Income $110.5M $95.90M
YoY Change 4.15% 15.82%
Depreciation, Depletion And Amortization $13.80M $13.40M
YoY Change -29.95% 7.2%
Cash From Operating Activities $78.10M $88.30M
YoY Change -37.22% 16.64%
INVESTING ACTIVITIES
Capital Expenditures -$18.10M -$18.30M
YoY Change -20.26% 24.49%
Acquisitions
YoY Change
Other Investing Activities $2.800M $2.500M
YoY Change -102.89% -75.49%
Cash From Investing Activities -$59.50M -$50.90M
YoY Change -50.29% 9.46%
FINANCING ACTIVITIES
Cash Dividend Paid $30.90M $25.60M
YoY Change 15.84%
Common Stock Issuance & Retirement, Net $49.70M $22.10M
YoY Change 1.84%
Debt Paid & Issued, Net $100.0M
YoY Change
Cash From Financing Activities -35.30M -127.1M
YoY Change 106.43% 333.79%
NET CHANGE
Cash From Operating Activities 78.10M 88.30M
Cash From Investing Activities -59.50M -50.90M
Cash From Financing Activities -35.30M -127.1M
Net Change In Cash -16.70M -89.70M
YoY Change 34.68% 89600.0%
FREE CASH FLOW
Cash From Operating Activities $78.10M $88.30M
Capital Expenditures -$18.10M -$18.30M
Free Cash Flow $96.20M $106.6M
YoY Change -34.6% 17.92%

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-18500000
CY2015Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
51800000
CY2015Q2 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
100000
CY2015Q2 us-gaap Depreciation
Depreciation
13800000
CY2015Q2 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
30900000
CY2015Q2 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-35300000
CY2015Q2 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-3000000
CY2015Q2 us-gaap Increase Decrease In Other Accrued Liabilities
IncreaseDecreaseInOtherAccruedLiabilities
-28700000
CY2015Q2 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-59500000
CY2015Q2 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossNetOfTax
-5400000
CY2015Q2 us-gaap Proceeds From Sale And Collection Of Finance Receivables
ProceedsFromSaleAndCollectionOfFinanceReceivables
160200000
CY2015Q2 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
14500000
CY2015Q2 us-gaap Goodwill Translation And Purchase Accounting Adjustments
GoodwillTranslationAndPurchaseAccountingAdjustments
-32400000
CY2015Q2 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossBeforeTax
-8800000
CY2015Q2 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-5300000
CY2015Q2 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
24900000
CY2015Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
2700000
CY2015Q2 us-gaap Share Based Compensation
ShareBasedCompensation
11500000
CY2015Q2 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
2700000
CY2015Q2 sna Trade And Other Accounts Receivable Non Extended Term Payment Minimum
TradeAndOtherAccountsReceivableNonExtendedTermPaymentMinimum
P30D
CY2015Q2 sna Contract Receivables Extended Term Installment Loans Term
ContractReceivablesExtendedTermInstallmentLoansTerm
P10Y
CY2015Q2 sna Stock Compensation Plans
StockCompensationPlans
13100000
CY2015Q2 sna Contract Receivables Provision For Bad Debt Expense
ContractReceivablesProvisionForBadDebtExpense
900000
CY2015Q2 sna Notes And Loans Receivable Allowance For Credit Losses Write Offs
NotesAndLoansReceivableAllowanceForCreditLossesWriteOffs
7800000
CY2015Q2 sna Earnings Before Equity Earnings
EarningsBeforeEquityEarnings
112700000
CY2015Q2 sna Trade And Other Accounts Receivable Non Extended Term Payment Maximum
TradeAndOtherAccountsReceivableNonExtendedTermPaymentMaximum
P120D
CY2015Q2 sna Notes And Loans Receivable Allowance For Credit Losses Currency Translation Adjustment
NotesAndLoansReceivableAllowanceForCreditLossesCurrencyTranslationAdjustment
100000
CY2015Q2 sna Debt Instrument Interest Rate Swap Adjustment
DebtInstrumentInterestRateSwapAdjustment
14700000
CY2015Q2 sna Purchase From Affiliate
PurchaseFromAffiliate
3900000
CY2015Q2 sna Minimum Period Past Due To Place Contract Receivables On Nonaccrual Status
MinimumPeriodPastDueToPlaceContractReceivablesOnNonaccrualStatus
P90D
CY2015Q2 sna Net Earnings Excluding Net Loss Attributable To Redeemable Noncontrolling Interest
NetEarningsExcludingNetLossAttributableToRedeemableNoncontrollingInterest
113200000
CY2015Q2 sna Operating Earnings Before Financial Services
OperatingEarningsBeforeFinancialServices
137900000
CY2015Q2 sna Net Increase Decrease In Short Term Borrowings
NetIncreaseDecreaseInShortTermBorrowings
22800000
CY2015Q2 sna Notes And Loans Receivable Allowance For Credit Losses Recoveries
NotesAndLoansReceivableAllowanceForCreditLossesRecoveries
1500000
CY2015Q2 sna Contract Receivable Charge Offs
ContractReceivableChargeOffs
400000
CY2015Q2 sna Minimum Period Past Due To Consider Receivable Balances As Delinquent
MinimumPeriodPastDueToConsiderReceivableBalancesAsDelinquent
P30D
CY2015Q2 sna Operating Earnings From Segment
OperatingEarningsFromSegment
40300000
CY2015Q2 sna Contract Receivables Foreign Currency Translation Adjustments
ContractReceivablesForeignCurrencyTranslationAdjustments
100000
CY2015Q2 sna Notes And Loans Receivables Extended Term Payment Plan Term
NotesAndLoansReceivablesExtendedTermPaymentPlanTerm
P3Y
CY2015Q2 sna Effective Income Tax Rate Continuing Operations1
EffectiveIncomeTaxRateContinuingOperations1
0.320 pure
CY2015Q2 sna Minimum Period Past Due To Consider Notes And Loans Non Accrual Receivables Non Performing
MinimumPeriodPastDueToConsiderNotesAndLoansNonAccrualReceivablesNonPerforming
P90D

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