$SNA
Snap-on Inc

2017 Q2 Form 10-Q Financial Statement

#000119312517130182 Filed on April 20, 2017

View on sec.gov

Income Statement

Concept 2017 Q2 2016 Q2
Revenue $963.9M $900.5M
YoY Change 7.04% 1.73%
Cost Of Revenue $438.8M $418.9M
YoY Change 4.75% 0.29%
Gross Profit $448.3M $415.3M
YoY Change 7.95% 1.27%
Gross Profit Margin 46.51% 46.12%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $16.00M $14.90M
YoY Change 7.38% 7.97%
% of Gross Profit 3.57% 3.59%
Operating Expenses $278.1M $259.9M
YoY Change 7.0% -4.52%
Operating Profit $222.7M $202.4M
YoY Change 10.03% 13.58%
Interest Expense $12.70M $13.10M
YoY Change -3.05% 0.77%
% of Operating Profit 5.7% 6.47%
Other Income/Expense, Net -$2.400M -$700.0K
YoY Change 242.86% 0.0%
Pretax Income $207.6M $188.6M
YoY Change 10.07% 14.65%
Income Tax $62.60M $57.60M
% Of Pretax Income 30.15% 30.54%
Net Earnings $141.6M $128.3M
YoY Change 10.37% 16.11%
Net Earnings / Revenue 14.69% 14.25%
Basic Earnings Per Share $2.45 $2.21
Diluted Earnings Per Share $2.39 $2.16
COMMON SHARES
Basic Shares Outstanding 57.90M shares 58.10M shares
Diluted Shares Outstanding 59.32M shares 59.50M shares

Balance Sheet

Concept 2017 Q2 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $123.0M $106.3M
YoY Change 15.71% -7.08%
Cash & Equivalents $123.0M $106.3M
Short-Term Investments
Other Short-Term Assets $117.0M $122.9M
YoY Change -4.8% -43.98%
Inventory $556.8M $511.6M
Prepaid Expenses
Receivables $608.1M $570.0M
Other Receivables $569.2M $530.7M
Total Short-Term Assets $1.974B $1.842B
YoY Change 7.2% -0.1%
LONG-TERM ASSETS
Property, Plant & Equipment $437.5M $417.4M
YoY Change 4.82% 5.35%
Goodwill $859.8M $797.1M
YoY Change 7.87% 2.42%
Intangibles $319.7M $255.8M
YoY Change 24.98% -0.97%
Long-Term Investments $15.80M $14.10M
YoY Change 12.06% 14.63%
Other Assets $39.10M $48.80M
YoY Change -19.88% 5.86%
Total Long-Term Assets $2.904B $2.595B
YoY Change 11.9% 7.27%
TOTAL ASSETS
Total Short-Term Assets $1.974B $1.842B
Total Long-Term Assets $2.904B $2.595B
Total Assets $4.878B $4.436B
YoY Change 9.95% 4.08%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $189.9M $161.7M
YoY Change 17.44% -0.19%
Accrued Expenses $52.50M $54.00M
YoY Change -2.78% -1.28%
Deferred Revenue
YoY Change
Short-Term Debt $17.20M $0.00
YoY Change
Long-Term Debt Due $250.0M $170.8M
YoY Change 46.37% 116.75%
Total Short-Term Liabilities $971.5M $837.2M
YoY Change 16.04% 15.24%
LONG-TERM LIABILITIES
Long-Term Debt $755.4M $714.6M
YoY Change 5.71% -17.33%
Other Long-Term Liabilities $94.10M $91.10M
YoY Change 3.29% 4.95%
Total Long-Term Liabilities $849.5M $805.7M
YoY Change 5.44% -15.3%
TOTAL LIABILITIES
Total Short-Term Liabilities $971.5M $837.2M
Total Long-Term Liabilities $849.5M $805.7M
Total Liabilities $2.112B $1.901B
YoY Change 11.08% -8.33%
SHAREHOLDERS EQUITY
Retained Earnings $3.485B $3.080B
YoY Change 13.17% 13.36%
Common Stock $67.40M $67.40M
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $675.3M $584.0M
YoY Change 15.63% 9.02%
Treasury Stock Shares 9.458M shares 9.260M shares
Shareholders Equity $2.748B $2.517B
YoY Change
Total Liabilities & Shareholders Equity $4.878B $4.436B
YoY Change 9.95% 4.08%

Cashflow Statement

Concept 2017 Q2 2016 Q2
OPERATING ACTIVITIES
Net Income $141.6M $128.3M
YoY Change 10.37% 16.11%
Depreciation, Depletion And Amortization $16.00M $14.90M
YoY Change 7.38% 7.97%
Cash From Operating Activities $192.4M $141.6M
YoY Change 35.88% 81.31%
INVESTING ACTIVITIES
Capital Expenditures -$18.60M -$19.50M
YoY Change -4.62% 7.73%
Acquisitions $9.500M
YoY Change
Other Investing Activities $1.400M $3.500M
YoY Change -60.0% 25.0%
Cash From Investing Activities -$81.70M -$79.60M
YoY Change 2.64% 33.78%
FINANCING ACTIVITIES
Cash Dividend Paid $41.20M $35.40M
YoY Change 16.38% 14.56%
Common Stock Issuance & Retirement, Net $35.80M $23.10M
YoY Change 54.98% -53.52%
Debt Paid & Issued, Net $150.0M
YoY Change
Cash From Financing Activities -66.60M -49.30M
YoY Change 35.09% 39.66%
NET CHANGE
Cash From Operating Activities 192.4M 141.6M
Cash From Investing Activities -81.70M -79.60M
Cash From Financing Activities -66.60M -49.30M
Net Change In Cash 44.10M 12.70M
YoY Change 247.24% -176.05%
FREE CASH FLOW
Cash From Operating Activities $192.4M $141.6M
Capital Expenditures -$18.60M -$19.50M
Free Cash Flow $211.0M $161.1M
YoY Change 30.97% 67.46%

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CY2017Q2 us-gaap Increase Decrease In Other Receivables
IncreaseDecreaseInOtherReceivables
2100000
CY2017Q2 us-gaap Stockholders Equity Other
StockholdersEquityOther
3500000
CY2017Q2 us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 12px"><font style="FONT-FAMILY: Times New Roman" size="2"><b>Use of Estimates</b></font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 12px" align="justify"> <font style="FONT-FAMILY: Times New Roman" size="2">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</font></p> </div>
CY2017Q2 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
193200000
CY2017Q2 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
439100000
CY2017Q2 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
35800000
CY2017Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
59300000 shares
CY2017Q2 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-3900000
CY2017Q2 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
210000 shares
CY2017Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
57900000 shares
CY2017Q2 dei Trading Symbol
TradingSymbol
SNA
CY2017Q2 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
297800000
CY2017Q2 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
14100000
CY2017Q2 us-gaap Provision For Loan And Lease Losses
ProvisionForLoanAndLeaseLosses
13000000
CY2017Q2 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-15800000
CY2017Q2 us-gaap Profit Loss
ProfitLoss
145100000
CY2017Q2 us-gaap Share Based Compensation
ShareBasedCompensation
7400000
CY2017Q2 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
150000000
CY2017Q2 us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
18600000
CY2017Q2 sna Operating Earnings From Segment
OperatingEarningsFromSegment
52500000
CY2017Q2 sna Earnings Before Equity Earnings
EarningsBeforeEquityEarnings
145000000
CY2017Q2 sna Notes And Loans Receivable Allowance For Credit Losses Currency Translation Adjustment
NotesAndLoansReceivableAllowanceForCreditLossesCurrencyTranslationAdjustment
-100000
CY2017Q2 sna Trade And Other Accounts Receivable Non Extended Term Payment Minimum
TradeAndOtherAccountsReceivableNonExtendedTermPaymentMinimum
P30D
CY2017Q2 sna Minimum Period Past Due To Consider Notes And Loans Non Accrual Receivables Non Performing
MinimumPeriodPastDueToConsiderNotesAndLoansNonAccrualReceivablesNonPerforming
P90D
CY2017Q2 sna Operating Earnings Before Financial Services
OperatingEarningsBeforeFinancialServices
169500000
CY2017Q2 sna Effective Income Tax Rate On Earnings
EffectiveIncomeTaxRateOnEarnings
0.307 pure
CY2017Q2 sna Minimum Period Past Due To Consider Receivable Balances As Delinquent
MinimumPeriodPastDueToConsiderReceivableBalancesAsDelinquent
P30D
CY2017Q2 sna Contract Receivables Recoveries
ContractReceivablesRecoveries
100000
CY2017Q2 sna Debt Instrument Interest Rate Swap Adjustment
DebtInstrumentInterestRateSwapAdjustment
8600000
CY2017Q2 sna Contract Receivables Extended Term Installment Loans Term
ContractReceivablesExtendedTermInstallmentLoansTerm
P10Y
CY2017Q2 sna Stock Compensation Plans
StockCompensationPlans
17900000
CY2017Q2 sna Trade And Other Accounts Receivable Non Extended Term Payment Maximum
TradeAndOtherAccountsReceivableNonExtendedTermPaymentMaximum
P120D
CY2017Q2 sna Other Nonoperating Income Expense Other
OtherNonoperatingIncomeExpenseOther
-100000
CY2017Q2 sna Contract Receivables Provision For Bad Debt Expense
ContractReceivablesProvisionForBadDebtExpense
1300000
CY2017Q2 sna Notes And Loans Receivable Allowance For Credit Losses Recoveries
NotesAndLoansReceivableAllowanceForCreditLossesRecoveries
1700000
CY2017Q2 sna Net Increase Decrease In Other Short Term Borrowing
NetIncreaseDecreaseInOtherShortTermBorrowing
-135700000
CY2017Q2 sna Contract Receivable Charge Offs
ContractReceivableChargeOffs
600000
CY2017Q2 sna Notes And Loans Receivable Allowance For Credit Losses Write Offs
NotesAndLoansReceivableAllowanceForCreditLossesWriteOffs
12900000
CY2017Q2 sna Notes And Loans Receivables Extended Term Payment Plan Term
NotesAndLoansReceivablesExtendedTermPaymentPlanTerm
P4Y
CY2017Q2 sna Minimum Period Past Due To Place Contract Receivables On Nonaccrual Status
MinimumPeriodPastDueToPlaceContractReceivablesOnNonaccrualStatus
P90D
CY2017Q2 sna Net Earnings Excluding Net Income Loss Attributable To Redeemable Noncontrolling Interest
NetEarningsExcludingNetIncomeLossAttributableToRedeemableNoncontrollingInterest
145100000
CY2017Q2 sna Pre Tax Operating Expenses
PreTaxOperatingExpenses
600000
CY2017Q2 sna Goodwill Acquired And Related Adjustments
GoodwillAcquiredAndRelatedAdjustments
-48700000
CY2017Q2 sna Gain Recognized In Other Comprehensive Income From Settlement Of Treasury Lock Cash Flow Hedge
GainRecognizedInOtherComprehensiveIncomeFromSettlementOfTreasuryLockCashFlowHedge
14900000

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