0001157523-23-000148.txt : 20230202 0001157523-23-000148.hdr.sgml : 20230202 20230202063518 ACCESSION NUMBER: 0001157523-23-000148 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20230202 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20230202 DATE AS OF CHANGE: 20230202 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Snap-on Inc CENTRAL INDEX KEY: 0000091440 STANDARD INDUSTRIAL CLASSIFICATION: CUTLERY, HANDTOOLS & GENERAL HARDWARE [3420] IRS NUMBER: 390622040 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-07724 FILM NUMBER: 23578726 BUSINESS ADDRESS: STREET 1: 2801 80TH STREET CITY: KENOSHA STATE: WI ZIP: 53143 BUSINESS PHONE: 2626565200 MAIL ADDRESS: STREET 1: 2801 80TH STREET CITY: KENOSHA STATE: WI ZIP: 53143 FORMER COMPANY: FORMER CONFORMED NAME: SNAP-ON Inc DATE OF NAME CHANGE: 20080918 FORMER COMPANY: FORMER CONFORMED NAME: SNAP ON INC DATE OF NAME CHANGE: 19940519 FORMER COMPANY: FORMER CONFORMED NAME: SNAP ON TOOLS CORP DATE OF NAME CHANGE: 19920703 8-K 1 a53298445.htm SNAP-ON INCORPORATED 8-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
 
FORM 8-K

 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
 
Date of report (Date of earliest event reported):        February 2, 2023
 

Snap-on Incorporated
(Exact Name of Registrant as Specified in Charter)


Delaware
 
 001-07724
 
39-0622040
(State or Other Jurisdiction
of Incorporation)
 
(Commission
File Number)
 
(I.R.S. Employer
Identification No.)

2801 80th Street, Kenosha, Wisconsin 53143-5656
(Address of Principal Executive Offices, and Zip Code)

(262) 656-5200
(Registrant’s Telephone Number, Including Area Code)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐  Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐  Pre-commencement communication pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐  Pre-commencement communication pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
 
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, $1.00 par value
SNA
New York Stock Exchange
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02              Results of Operations and Financial Condition

On February 2, 2023, Snap-on Incorporated (the “Corporation”) issued a press release announcing results for its fourth quarter and full year ended December 31, 2022. The text of the press release is furnished herewith as Exhibit 99 to this Current Report on Form 8-K.

The press release contains cautionary statements identifying important factors that could cause actual results of the Corporation to differ materially from those described in any forward-looking statement of the Corporation.

Item 9.01             Financial Statements and Exhibits (furnished pursuant to Item 2.02)

(d) Exhibits
 



SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, Snap-on Incorporated has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
SNAP-ON INCORPORATED
 
 
 
     
 
 
 
Date:  February 2, 2023
By:
/s/Aldo J. Pagliari
 
 
Aldo J. Pagliari, Principal Financial Officer,
 
 
Senior Vice President – Finance and
Chief Financial Officer



EX-99 2 a53298445ex99.htm EXHIBIT 99
Exhibit 99

Snap-on Announces Fourth Quarter and Full Year 2022 Results

Sales of $1,155.9 million in the fourth quarter increase 4.3%, organic sales up 8.0%;

Operating margin before financial services in the quarter of 21.5% improves 50 basis points;

Diluted EPS of $4.42 for the quarter increases 7.8% from Q4 2021

KENOSHA, Wis.--(BUSINESS WIRE)--February 2, 2023--Snap-on Incorporated (NYSE: SNA), a leading global innovator, manufacturer and marketer of tools, equipment, diagnostics, repair information and systems solutions for professional users performing critical tasks, today announced 2022 operating results for the fourth quarter and full year.

  • Net sales of $1,155.9 million in the fourth quarter of 2022 increased $47.6 million, or 4.3%, from 2021 levels, reflecting an $85.3 million, or 8.0%, organic sales gain, partially offset by $37.7 million of unfavorable foreign currency translation.
  • Operating earnings before financial services for the quarter of $248.0 million compared to $232.2 million in 2021. As a percentage of net sales, operating earnings before financial services of 21.5% in the fourth quarter improved 50 basis points from 21.0% last year.
  • Financial services revenue in the quarter of $88.3 million compared to $86.9 million in 2021; financial services operating earnings of $63.9 million compared to $67.2 million last year.
  • Consolidated operating earnings for the quarter of $311.9 million compared to $299.4 million last year. As a percentage of revenues (net sales plus financial services revenue), consolidated operating earnings were 25.1% in the fourth quarters of both 2022 and 2021.
  • The fourth quarter effective income tax rate was 22.0% in 2022 and 22.3% in 2021.
  • Net earnings in the quarter of $238.9 million, or $4.42 per diluted share, compared to net earnings of $223.7 million, or $4.10 per diluted share, a year ago.
  • Full year net sales of $4,492.8 million increased $240.8 million, or 5.7%, from 2021 levels, reflecting a $357.2 million, or 8.7%, organic sales gain and $8.5 million of acquisition-related sales, partially offset by $124.9 million of unfavorable foreign currency translation. Full year net earnings of $911.7 million compared to net earnings of $820.5 million last year. Full year diluted earnings per share of $16.82 increased 12.7% from $14.92 per diluted share in 2021.

See “Non-GAAP Measures” below for a definition of, and further explanation about, organic sales.

“Our fourth quarter performance was encouraging as it reflects our ongoing momentum and further confirms the extraordinary resilience of our markets, even in particularly uncertain environments,” said Nick Pinchuk, Snap-on chairman and chief executive officer. “We’ve navigated the turbulence of these times with significant consistency, driven by our advantages in product and brand, and guided by the considerable capabilities of our experienced team. We believe our performance in the quarter, and the year, emphatically demonstrates the abundant possibilities along our runways for growth, as evidenced by our continuing sales gains over the pre-pandemic levels of 2019, reaching 21.0% in the quarter as reported, or 22.7% organically. In that regard, looking forward, we are well-positioned with our businesses serving critical industries, poised to extend our activities outside the garage, and with our automotive repair-facing operations, prepared to continue our advance within that robust market, enhancing the van channel and extending with repair shop owners and managers. At the same time, we’ll continue to leverage our Snap-on Value Creation Processes, authoring advancements throughout the corporation, maintaining our established trajectory of ongoing progress. Finally, I want to thank our franchisees and our associates worldwide for their valuable contributions, for their ongoing dedication, and for their deep confidence in our prospects as we move through 2023 and beyond.”

Segment Results - Fourth Quarter

Commercial & Industrial Group segment sales of $343.2 million in the quarter compared to $358.7 million last year, reflecting a $5.7 million, or 1.7%, organic sales gain, more than offset by $21.2 million of unfavorable foreign currency translation. The organic increase is primarily due to higher activity in the segment’s specialty tools business and gains in sales to customers in critical industries, partially offset by lower sales in the segment’s European-based hand tools business.

Operating earnings of $47.9 million in the period, including $2.3 million of unfavorable foreign currency effects, compared to $50.1 million in 2021. The operating margin (operating earnings as a percentage of segment sales) of 14.0% was unchanged from last year.

Snap-on Tools Group segment sales of $542.7 million in the quarter compared to $504.8 million last year, reflecting a $47.4 million, or 9.6%, organic sales gain, partially offset by $9.5 million of unfavorable foreign currency translation. The organic increase is comprised of higher sales in both the U.S. and international operations.

Operating earnings of $116.1 million in the period, including $4.5 million of unfavorable foreign currency effects, compared to $110.5 million in 2021. The operating margin of 21.4% compared to 21.9% last year.

Repair Systems & Information Group segment sales of $437.9 million in the quarter compared to $392.5 million last year, reflecting a $54.9 million, or 14.3%, organic sales increase, partially offset by $9.5 million of unfavorable foreign currency translation. The organic gain includes increased sales of undercar equipment, higher activity with OEM dealerships, and higher sales of diagnostic and repair information products to independent repair shop owners and managers.

Operating earnings of $110.6 million in the period, including $2.1 million of favorable foreign currency effects, compared to $97.2 million in 2021. The operating margin of 25.3% compared to 24.8% a year ago.

Financial Services operating earnings of $63.9 million on revenue of $88.3 million in the quarter compared to operating earnings of $67.2 million on revenue of $86.9 million a year ago. Originations of $299.7 million in the fourth quarter increased $43.4 million, or 16.9%, from 2021 levels.

Corporate expenses in the fourth quarter of $26.6 million compared to $25.6 million last year.

Outlook

We believe that our markets and our operations possess and have demonstrated considerable resilience against the varying turbulence evident in the current environment. In 2023, despite the uncertainties, Snap-on expects to make continued progress along its defined runways for coherent growth, leveraging capabilities already demonstrated in the automotive repair arena and developing and expanding its professional customer base, not only in automotive repair, but in adjacent markets, additional geographies and other areas, including extending in critical industries, where the cost and penalties for failure can be high. In pursuit of these initiatives, it is projected that capital expenditures in 2023 will be in a range of $90 million to $100 million. Snap-on continues to respond to global macroeconomic challenges through its Rapid Continuous Improvement (RCI) process and other cost reduction initiatives.

Snap-on currently anticipates that its full year 2023 effective income tax rate will be in the range of 23% to 24%.

Conference Call and Webcast on February 2, 2023, at 9:00 a.m. Central Time

A discussion of this release will be webcast on Thursday, February 2, 2023, at 9:00 a.m. Central Time, and a replay will be available for at least 10 days following the call. To access the webcast, visit https://www.snapon.com/EN/Investors/Investor-Events and click on the link to the call. The slide presentation accompanying the call can be accessed under the Downloads tab in the webcast viewer, as well as on the Snap-on website at https://www.snapon.com/EN/Investors/Financial-Information/Quarterly-Earnings.

Non-GAAP Measures

References in this release to “organic sales” refer to sales from continuing operations calculated in accordance with generally accepted accounting principles in the United States (“GAAP”), adjusted to exclude acquisition-related sales and the impact of foreign currency translation. Management evaluates the company’s sales performance based on organic sales growth, which primarily reflects growth from the company’s existing businesses as a result of increased output, expanded customer base, geographic expansion, new product development and pricing changes, and excludes sales contributions from acquired operations the company did not own as of the comparable prior-year reporting period. Organic sales also exclude the effects of foreign currency translation as foreign currency translation is subject to volatility that can obscure underlying business trends. Management believes that the non-GAAP financial measure of organic sales is meaningful to investors as it provides them with useful information to aid in identifying underlying growth trends in the company’s businesses and facilitates comparisons of its sales performance with prior periods.

About Snap-on

Snap-on Incorporated is a leading global innovator, manufacturer, and marketer of tools, equipment, diagnostics, repair information and systems solutions for professional users performing critical tasks including those working in vehicle repair, aerospace, the military, natural resources, and manufacturing. From its founding in 1920, Snap-on has been recognized as the mark of the serious and the outward sign of the pride and dignity working men and women take in their professions. Products and services are sold through the company’s network of widely recognized franchisee vans, as well as through direct and distributor channels, under a variety of notable brands. The company also provides financing programs to facilitate the sales of its products and to support its franchise business. Snap-on, an S&P 500 company, generated sales of $4.5 billion in 2022, and is headquartered in Kenosha, Wisconsin.

Forward-looking Statements

Statements in this news release that are not historical facts, including statements that (i) are in the future tense; (ii) include the words “expects,” “anticipates,” “intends,” “approximates,” or similar words that reference Snap-on or its management; (iii) are specifically identified as forward-looking; or (iv) describe Snap-on’s or management’s future outlook, plans, estimates, objectives or goals, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Snap-on cautions the reader that this news release may contain statements, including earnings projections, that are forward-looking in nature and were developed by management in good faith and, accordingly, are subject to risks and uncertainties regarding Snap-on’s expected results that could cause (and in some cases have caused) actual results to differ materially from those described or contemplated in any forward-looking statement. Factors that may cause the company’s actual results to differ materially from those contained in the forward-looking statements include those found in the company’s reports filed with the Securities and Exchange Commission, including the information under the “Safe Harbor” and “Risk Factors” headings in its Annual Report on Form 10-K for the fiscal year ended January 1, 2022, which are incorporated herein by reference. Snap-on disclaims any responsibility to update any forward-looking statement provided in this news release, except as required by law.

For additional information, please visit www.snapon.com.

SNAP-ON INCORPORATED

Condensed Consolidated Statements of Earnings

(Amounts in millions, except per share data)

(unaudited)




 

 

Fourth Quarter

 

Full Year

 

2022

 

2021

 

2022

 

2021

 

 

 

 

 

 

 

 

Net sales

$

1,155.9

 

 

$

1,108.3

 

 

$

4,492.8

 

 

$

4,252.0

 

Cost of goods sold

 

(595.2

)

 

 

(574.9

)

 

 

(2,311.7

)

 

 

(2,141.2

)

Gross profit

 

560.7

 

 

 

533.4

 

 

 

2,181.1

 

 

 

2,110.8

 

Operating expenses

 

(312.7

)

 

 

(301.2

)

 

 

(1,239.9

)

 

 

(1,259.3

)

Operating earnings before financial services

 

248.0

 

 

 

232.2

 

 

 

941.2

 

 

 

851.5

 

 

 

 

 

 

 

 

 

Financial services revenue

 

88.3

 

 

 

86.9

 

 

 

349.7

 

 

 

349.7

 

Financial services expenses

 

(24.4

)

 

 

(19.7

)

 

 

(83.7

)

 

 

(77.7

)

Operating earnings from financial services

 

63.9

 

 

 

67.2

 

 

 

266.0

 

 

 

272.0

 

 

 

 

 

 

 

 

 

Operating earnings

 

311.9

 

 

 

299.4

 

 

 

1,207.2

 

 

 

1,123.5

 

Interest expense

 

(12.0

)

 

 

(11.3

)

 

 

(47.1

)

 

 

(53.1

)

Other income (expense) – net

 

11.8

 

 

 

5.1

 

 

 

42.5

 

 

 

16.5

 

Earnings before income taxes and equity earnings

 

311.7

 

 

 

293.2

 

 

 

1,202.6

 

 

 

1,086.9

 

Income tax expense

 

(67.2

)

 

 

(64.1

)

 

 

(268.7

)

 

 

(247.0

)

Earnings before equity earnings

 

244.5

 

 

 

229.1

 

 

 

933.9

 

 

 

839.9

 

Equity earnings, net of tax

 

—

 

 

 

—

 

 

 

—

 

 

 

1.5

 

Net earnings

 

244.5

 

 

 

229.1

 

 

 

933.9

 

 

 

841.4

 

Net earnings attributable to noncontrolling interests

 

(5.6

)

 

 

(5.4

)

 

 

(22.2

)

 

 

(20.9

)

Net earnings attributable to Snap-on Inc.

$

238.9

 

 

$

223.7

 

 

$

911.7

 

 

$

820.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings per share attributable to Snap-on Inc.:

 

 

 

 

 

 

 

Basic

$

4.50

 

 

$

4.18

 

 

$

17.14

 

 

$

15.22

 

Diluted

 

4.42

 

 

 

4.10

 

 

 

16.82

 

 

 

14.92

 

 

 

 

 

 

 

 

 

Weighted-average shares outstanding:

 

 

 

 

 

 

 

Basic

 

53.1

 

 

 

53.5

 

 

 

53.2

 

 

 

53.9

 

Effect of dilutive securities

 

1.0

 

 

 

1.0

 

 

 

1.0

 

 

 

1.1

 

Diluted

 

54.1

 

 

 

54.5

 

 

 

54.2

 

 

 

55.0

 

SNAP-ON INCORPORATED

Supplemental Segment Information

(Amounts in millions)

(unaudited)




 

 

Fourth Quarter

 

Full Year

 

2022

 

2021

 

2022

 

2021

Net sales:

 

 

 

 

 

 

 

Commercial & Industrial Group

$

343.2

 

 

$

358.7

 

 

$

1,399.2

 

 

$

1,406.3

 

Snap-on Tools Group

 

542.7

 

 

 

504.8

 

 

 

2,072.0

 

 

 

1,938.6

 

Repair Systems & Information Group

 

437.9

 

 

 

392.5

 

 

 

1,666.9

 

 

 

1,503.1

 

Segment net sales

 

1,323.8

 

 

 

1,256.0

 

 

 

5,138.1

 

 

 

4,848.0

 

Intersegment eliminations

 

(167.9

)

 

 

(147.7

)

 

 

(645.3

)

 

 

(596.0

)

Total net sales

 

1,155.9

 

 

 

1,108.3

 

 

 

4,492.8

 

 

 

4,252.0

 

Financial Services revenue

 

88.3

 

 

 

86.9

 

 

 

349.7

 

 

 

349.7

 

Total revenues

$

1,244.2

 

 

$

1,195.2

 

 

$

4,842.5

 

 

$

4,601.7

 

 

 

 

 

 

 

 

 

Operating earnings:

 

 

 

 

 

 

 

Commercial & Industrial Group

$

47.9

 

 

$

50.1

 

 

$

197.6

 

 

$

209.9

 

Snap-on Tools Group

 

116.1

 

 

 

110.5

 

 

 

458.7

 

 

 

411.1

 

Repair Systems & Information Group

 

110.6

 

 

 

97.2

 

 

 

393.3

 

 

 

348.6

 

Financial Services

 

63.9

 

 

 

67.2

 

 

 

266.0

 

 

 

272.0

 

Segment operating earnings

 

338.5

 

 

 

325.0

 

 

 

1,315.6

 

 

 

1,241.6

 

Corporate

 

(26.6

)

 

 

(25.6

)

 

 

(108.4

)

 

 

(118.1

)

Operating earnings

 

311.9

 

 

 

299.4

 

 

 

1,207.2

 

 

 

1,123.5

 

Interest expense

 

(12.0

)

 

 

(11.3

)

 

 

(47.1

)

 

 

(53.1

)

Other income (expense) – net

 

11.8

 

 

 

5.1

 

 

 

42.5

 

 

 

16.5

 

Earnings before income taxes and equity earnings

$

311.7

 

 

$

293.2

 

 

$

1,202.6

 

 

$

1,086.9

 

SNAP-ON INCORPORATED

Condensed Consolidated Balance Sheets

(Amounts in millions)

(unaudited)


 

 

Fiscal Year End

 

2022

 

2021

Assets

 

 

 

Cash and cash equivalents

$

757.2

 

 

$

780.0

 

Trade and other accounts receivable – net

 

761.7

 

 

 

682.3

 

Finance receivables – net

 

562.2

 

 

 

542.3

 

Contract receivables – net

 

109.9

 

 

 

110.4

 

Inventories – net

 

1,033.1

 

 

 

803.8

 

Prepaid expenses and other assets

 

144.8

 

 

 

134.6

 

Total current assets

 

3,368.9

 

 

 

3,053.4

 

 

 

 

 

Property and equipment – net

 

512.6

 

 

 

518.2

 

Operating lease right-of-use assets

 

61.5

 

 

 

51.9

 

Deferred income tax assets

 

70.0

 

 

 

49.5

 

Long-term finance receivables – net

 

1,170.8

 

 

 

1,114.0

 

Long-term contract receivables – net

 

383.8

 

 

 

378.2

 

Goodwill

 

1,045.3

 

 

 

1,116.5

 

Other intangibles – net

 

275.6

 

 

 

301.7

 

Pension assets

 

70.6

 

 

 

160.7

 

Other assets

 

13.7

 

 

 

15.6

 

Total assets

$

6,972.8

 

 

$

6,759.7

 

 

 

 

 

Liabilities and Equity

 

 

 

Notes payable

$

17.2

 

 

$

17.4

 

Accounts payable

 

287.0

 

 

 

277.6

 

Accrued benefits

 

58.6

 

 

 

67.4

 

Accrued compensation

 

98.6

 

 

 

114.8

 

Franchisee deposits

 

73.8

 

 

 

80.7

 

Other accrued liabilities

 

436.4

 

 

 

424.3

 

Total current liabilities

 

971.6

 

 

 

982.2

 

 

 

 

 

Long-term debt

 

1,183.8

 

 

 

1,182.9

 

Deferred income tax liabilities

 

82.1

 

 

 

122.7

 

Retiree health care benefits

 

23.4

 

 

 

31.1

 

Pension liabilities

 

78.6

 

 

 

104.9

 

Operating lease liabilities

 

44.7

 

 

 

34.2

 

Other long-term liabilities

 

85.1

 

 

 

97.9

 

Total liabilities

 

2,469.3

 

 

 

2,555.9

 

 

 

 

 

Equity

 

 

 

Shareholders' equity attributable to Snap-on Inc.

 

 

 

Common stock

 

67.4

 

 

 

67.4

 

Additional paid-in capital

 

499.9

 

 

 

472.7

 

Retained earnings

 

6,296.2

 

 

 

5,699.9

 

Accumulated other comprehensive loss

 

(528.3

)

 

 

(343.9

)

Treasury stock at cost

 

(1,853.9

)

 

 

(1,714.2

)

Total shareholders' equity attributable to Snap-on Inc.

 

4,481.3

 

 

 

4,181.9

 

Noncontrolling interests

 

22.2

 

 

 

21.9

 

Total equity

 

4,503.5

 

 

 

4,203.8

 

Total liabilities and equity

$

6,972.8

 

 

$

6,759.7

 

 

 

 

 

SNAP-ON INCORPORATED

Condensed Consolidated Statements of Cash Flows

(Amounts in millions)

(unaudited)


 

 

Fourth Quarter

 

2022

 

2021

Operating activities:

 

 

 

Net earnings

$

244.5

 

 

$

229.1

 

Adjustments to reconcile net earnings to net cash provided (used) by operating activities:

 

 

 

Depreciation

 

17.6

 

 

 

19.2

 

Amortization of other intangibles

 

7.1

 

 

 

10.5

 

Provision for losses on finance receivables

 

12.8

 

 

 

8.4

 

Provision for losses on non-finance receivables

 

5.5

 

 

 

3.8

 

Stock-based compensation expense

 

8.4

 

 

 

8.1

 

Deferred income tax provision

 

3.8

 

 

 

5.0

 

(Gain) loss on sales of assets

 

(0.1

)

 

 

0.2

 

Changes in operating assets and liabilities, net of effects of acquisition:

 

 

 

Trade and other accounts receivable

 

(9.7

)

 

 

(38.0

)

Contract receivables

 

(0.5

)

 

 

9.1

 

Inventories

 

(48.3

)

 

 

(20.8

)

Prepaid expenses and other assets

 

21.6

 

 

 

(0.7

)

Accounts payable

 

(28.8

)

 

 

8.5

 

Accruals and other liabilities

 

(23.3

)

 

 

(19.7

)

Net cash provided by operating activities

 

210.6

 

 

 

222.7

 

 

 

 

 

Investing activities:

 

 

 

Additions to finance receivables

 

(252.1

)

 

 

(215.5

)

Collections of finance receivables

 

204.8

 

 

 

205.8

 

Capital expenditures

 

(22.7

)

 

 

(16.3

)

Disposals of property and equipment

 

0.7

 

 

 

0.5

 

Other

 

1.4

 

 

 

1.7

 

Net cash used by investing activities

 

(67.9

)

 

 

(23.8

)

 

 

 

 

Financing activities:

 

 

 

Net increase (decrease) in other short-term borrowings

 

(1.0

)

 

 

0.3

 

Cash dividends paid

 

(86.0

)

 

 

(76.1

)

Purchases of treasury stock

 

(65.3

)

 

 

(75.5

)

Proceeds from stock purchase and option plans

 

13.6

 

 

 

4.0

 

Other

 

(7.1

)

 

 

(6.8

)

Net cash used by financing activities

 

(145.8

)

 

 

(154.1

)

 

 

 

 

Effect of exchange rate changes on cash and cash equivalents

 

1.0

 

 

 

(0.3

)

Increase (decrease) in cash and cash equivalents

 

(2.1

)

 

 

44.5

 

 

 

 

 

Cash and cash equivalents at beginning of period

 

759.3

 

 

 

735.5

 

Cash and cash equivalents at end of year

$

757.2

 

 

$

780.0

 

 

 

 

 

Supplemental cash flow disclosures:

 

 

 

Cash paid for interest

$

(8.4

)

 

$

(8.4

)

Net cash paid for income taxes

 

(73.8

)

 

 

(61.8

)

SNAP-ON INCORPORATED

Condensed Consolidated Statements of Cash Flows

(Amounts in millions)

(unaudited)


 

 

Full Year

 

2022

 

2021

Operating activities:

 

 

 

Net earnings

$

933.9

 

 

$

841.4

 

Adjustments to reconcile net earnings to net cash provided (used) by operating activities:

 

 

 

Depreciation

 

71.5

 

 

 

75.6

 

Amortization of other intangibles

 

28.7

 

 

 

29.2

 

Provision for losses on finance receivables

 

37.7

 

 

 

32.1

 

Provision for losses on non-finance receivables

 

16.8

 

 

 

16.3

 

Stock-based compensation expense

 

34.0

 

 

 

41.4

 

Deferred income tax provision (benefit)

 

(10.3

)

 

 

8.4

 

(Gain) Loss on sales of assets

 

(3.1

)

 

 

1.7

 

Changes in operating assets and liabilities, net of effects of acquisitions:

 

 

 

Trade and other accounts receivable

 

(120.0

)

 

 

(61.4

)

Contract receivables

 

(11.8

)

 

 

(3.1

)

Inventories

 

(272.1

)

 

 

(75.4

)

Prepaid expenses and other assets

 

(6.3

)

 

 

(10.7

)

Accounts payable

 

17.7

 

 

 

56.8

 

Accruals and other liabilities

 

(41.5

)

 

 

14.3

 

Net cash provided by operating activities

 

675.2

 

 

 

966.6

 

 

 

 

 

Investing activities:

 

 

 

Additions to finance receivables

 

(955.8

)

 

 

(878.1

)

Collections of finance receivables

 

826.9

 

 

 

854.2

 

Capital expenditures

 

(84.2

)

 

 

(70.1

)

Acquisitions of businesses, net of cash acquired

 

0.5

 

 

 

(199.7

)

Disposals of property and equipment

 

5.1

 

 

 

2.1

 

Other

 

1.3

 

 

 

1.2

 

Net cash used by investing activities

 

(206.2

)

 

 

(290.4

)

 

 

 

 

Financing activities:

 

 

 

Repayments of long-term debt

 

—

 

 

 

(250.0

)

Net increase in other short-term borrowings

 

1.6

 

 

 

3.3

 

Cash dividends paid

 

(313.1

)

 

 

(275.8

)

Purchases of treasury stock

 

(198.1

)

 

 

(431.3

)

Proceeds from stock purchase and option plans

 

55.0

 

 

 

162.4

 

Other

 

(30.4

)

 

 

(27.4

)

Net cash used by financing activities

 

(485.0

)

 

 

(818.8

)

 

 

 

 

Effect of exchange rate changes on cash and cash equivalents

 

(6.8

)

 

 

(0.8

)

Decrease in cash and cash equivalents

 

(22.8

)

 

 

(143.4

)

 

 

 

 

Cash and cash equivalents at beginning of year

 

780.0

 

 

 

923.4

 

Cash and cash equivalents at end of year

$

757.2

 

 

$

780.0

 

 

 

 

 

Supplemental cash flow disclosures:

 

 

 

Cash paid for interest

$

(44.7

)

 

$

(55.9

)

Net cash paid for income taxes

 

(261.2

)

 

 

(249.0

)

 

 

 

 

Non-GAAP Supplemental Data

The following non-GAAP supplemental data is presented for informational purposes to provide readers with insight into the information used by management for assessing the operating performance of Snap-on Incorporated's (“Snap-on”) non-financial services (“Operations”) and “Financial Services” businesses.

The supplemental Operations data reflects the results of operations and financial position of Snap-on's tools, diagnostic and equipment products, software and other non-financial services operations with Financial Services presented on the equity method. The supplemental Financial Services data reflects the results of operations and financial position of Snap-on's U.S. and international financial services operations. The financing needs of Financial Services are met through intersegment borrowings and cash generated from Operations; Financial Services is charged interest expense on intersegment borrowings at market rates. Income taxes are charged to Financial Services on the basis of the specific tax attributes generated by the U.S. and international financial services businesses. Transactions between the Operations and Financial Services businesses were eliminated to arrive at the Condensed Consolidated Financial Statements.

SNAP-ON INCORPORATED

Non-GAAP Supplemental Consolidating Data - Supplemental Condensed Statements of Earnings

(Amounts in millions)

(unaudited)




 

 

Operations*

 

Financial Services

 

Fourth Quarter

 

Fourth Quarter

 

2022

 

2021

 

2022

 

2021

 

 

 

 

 

 

 

 

Net sales

$

1,155.9

 

 

$

1,108.3

 

 

$

—

 

 

$

—

 

Cost of goods sold

 

(595.2

)

 

 

(574.9

)

 

 

—

 

 

 

—

 

Gross profit

 

560.7

 

 

 

533.4

 

 

 

—

 

 

 

—

 

Operating expenses

 

(312.7

)

 

 

(301.2

)

 

 

—

 

 

 

—

 

Operating earnings before financial services

 

248.0

 

 

 

232.2

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

 

 

Financial services revenue

 

—

 

 

 

—

 

 

 

88.3

 

 

 

86.9

 

Financial services expenses

 

—

 

 

 

—

 

 

 

(24.4

)

 

 

(19.7

)

Operating earnings from financial services

 

—

 

 

 

—

 

 

 

63.9

 

 

 

67.2

 

 

 

 

 

 

 

 

 

Operating earnings

 

248.0

 

 

 

232.2

 

 

 

63.9

 

 

 

67.2

 

Interest expense

 

(12.1

)

 

 

(11.3

)

 

 

0.1

 

 

 

—

 

Intersegment interest income (expense) – net

 

14.8

 

 

 

14.3

 

 

 

(14.8

)

 

 

(14.3

)

Other income (expense) – net

 

11.8

 

 

 

5.1

 

 

 

—

 

 

 

—

 

Earnings before income taxes and equity earnings

 

262.5

 

 

 

240.3

 

 

 

49.2

 

 

 

52.9

 

Income tax expense

 

(54.7

)

 

 

(50.5

)

 

 

(12.5

)

 

 

(13.6

)

Earnings before equity earnings

 

207.8

 

 

 

189.8

 

 

 

36.7

 

 

 

39.3

 

Financial services – net earnings attributable to Snap-on

 

36.7

 

 

 

39.3

 

 

 

—

 

 

 

—

 

Net earnings

 

244.5

 

 

 

229.1

 

 

 

36.7

 

 

 

39.3

 

Net earnings attributable to noncontrolling interests

 

(5.6

)

 

 

(5.4

)

 

 

—

 

 

 

—

 

Net earnings attributable to Snap-on

$

238.9

 

 

$

223.7

 

 

$

36.7

 

 

$

39.3

 

 

 

 

 

 

 

 

 

* Snap-on with Financial Services presented on the equity method.

SNAP-ON INCORPORATED

Non-GAAP Supplemental Consolidating Data - Supplemental Condensed Statements of Earnings

(Amounts in millions)

(unaudited)




 

 

Operations*

 

Financial Services

 

Full Year

 

Full Year

 

2022

 

2021

 

2022

 

2021

 

 

 

 

 

 

 

 

Net sales

$

4,492.8

 

 

$

4,252.0

 

 

$

—

 

 

$

—

 

Cost of goods sold

 

(2,311.7

)

 

 

(2,141.2

)

 

 

—

 

 

 

—

 

Gross profit

 

2,181.1

 

 

 

2,110.8

 

 

 

—

 

 

 

—

 

Operating expenses

 

(1,239.9

)

 

 

(1,259.3

)

 

 

—

 

 

 

—

 

Operating earnings before financial services

 

941.2

 

 

 

851.5

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

 

 

Financial services revenue

 

—

 

 

 

—

 

 

 

349.7

 

 

 

349.7

 

Financial services expenses

 

—

 

 

 

—

 

 

 

(83.7

)

 

 

(77.7

)

Operating earnings from financial services

 

—

 

 

 

—

 

 

 

266.0

 

 

 

272.0

 

 

 

 

 

 

 

 

 

Operating earnings

 

941.2

 

 

 

851.5

 

 

 

266.0

 

 

 

272.0

 

Interest expense

 

(47.1

)

 

 

(53.0

)

 

 

—

 

 

 

(0.1

)

Intersegment interest income (expense) – net

 

59.3

 

 

 

57.1

 

 

 

(59.3

)

 

 

(57.1

)

Other income (expense) – net

 

42.3

 

 

 

16.4

 

 

 

0.2

 

 

 

0.1

 

Earnings before income taxes and equity earnings

 

995.7

 

 

 

872.0

 

 

 

206.9

 

 

 

214.9

 

Income tax expense

 

(215.6

)

 

 

(193.3

)

 

 

(53.1

)

 

 

(53.7

)

Earnings before equity earnings

 

780.1

 

 

 

678.7

 

 

 

153.8

 

 

 

161.2

 

Financial services – net earnings attributable to Snap-on

 

153.8

 

 

 

161.2

 

 

 

—

 

 

 

—

 

Equity earnings, net of tax

 

—

 

 

 

1.5

 

 

 

—

 

 

 

—

 

Net earnings

 

933.9

 

 

 

841.4

 

 

 

153.8

 

 

 

161.2

 

Net earnings attributable to noncontrolling interests

 

(22.2

)

 

 

(20.9

)

 

 

—

 

 

 

—

 

Net earnings attributable to Snap-on

$

911.7

 

 

$

820.5

 

 

$

153.8

 

 

$

161.2

 

 

 

 

 

 

 

 

 

* Snap-on with Financial Services presented on the equity method.

SNAP-ON INCORPORATED

Non-GAAP Supplemental Consolidating Data - Supplemental Condensed Balance Sheets

(Amounts in millions)

(unaudited)




 

 

Operations*

 

Financial Services

 

Fiscal Year End

 

Fiscal Year End

 

2022

 

2021

 

2022

 

2021

Assets

 

 

 

 

 

 

 

Cash and cash equivalents

$

757.1

 

$

779.9

 

$

0.1

 

$

0.1

Intersegment receivables

 

13.4

 

 

12.5

 

 

—

 

 

—

Trade and other accounts receivable – net

 

761.1

 

 

681.7

 

 

0.6

 

 

0.6

Finance receivables – net

 

—

 

 

—

 

 

562.2

 

 

542.3

Contract receivables – net

 

5.9

 

 

6.4

 

 

104.0

 

 

104.0

Inventories – net

 

1,033.1

 

 

803.8

 

 

—

 

 

—

Prepaid expenses and other assets

 

149.2

 

 

136.8

 

 

5.8

 

 

7.4

Total current assets

 

2,719.8

 

 

2,421.1

 

 

672.7

 

 

654.4

 

 

 

 

 

 

 

 

Property and equipment – net

 

510.7

 

 

516.5

 

 

1.9

 

 

1.7

Operating lease right-of-use assets

 

60.1

 

 

50.0

 

 

1.4

 

 

1.9

Investment in Financial Services

 

363.9

 

 

350.6

 

 

—

 

 

—

Deferred income tax assets

 

48.4

 

 

26.5

 

 

21.6

 

 

23.0

Intersegment long-term notes receivable

 

635.9

 

 

570.1

 

 

—

 

 

—

Long-term finance receivables – net

 

—

 

 

—

 

 

1,170.8

 

 

1,114.0

Long-term contract receivables – net

 

9.6

 

 

9.7

 

 

374.2

 

 

368.5

Goodwill

 

1,045.3

 

 

1,116.5

 

 

—

 

 

—

Other intangibles – net

 

275.6

 

 

301.7

 

 

—

 

 

—

Pension assets

 

70.6

 

 

160.7

 

 

—

 

 

—

Other assets

 

27.1

 

 

27.9

 

 

0.1

 

 

0.1

Total assets

$

5,767.0

 

$

5,551.3

 

$

2,242.7

 

$

2,163.6

 

 

 

 

 

 

 

 

Liabilities and Equity

 

 

 

 

 

 

 

Notes payable

$

17.2

 

$

17.4

 

$

—

 

$

—

Accounts payable

 

285.8

 

 

276.6

 

 

1.2

 

 

1.0

Intersegment payables

 

—

 

 

—

 

 

13.4

 

 

12.5

Accrued benefits

 

58.6

 

 

67.4

 

 

—

 

 

—

Accrued compensation

 

95.6

 

 

110.9

 

 

3.0

 

 

3.9

Franchisee deposits

 

73.8

 

 

80.7

 

 

—

 

 

—

Other accrued liabilities

 

420.8

 

 

407.1

 

 

25.8

 

 

26.8

Total current liabilities

 

951.8

 

 

960.1

 

 

43.4

 

 

44.2

 

 

 

 

 

 

 

 

Long-term debt and intersegment long-term debt

 

—

 

 

—

 

 

1,819.7

 

 

1,753.0

Deferred income tax liabilities

 

82.1

 

 

122.7

 

 

—

 

 

—

Retiree health care benefits

 

23.4

 

 

31.1

 

 

—

 

 

—

Pension liabilities

 

78.6

 

 

104.9

 

 

—

 

 

—

Operating lease liabilities

 

43.6

 

 

32.5

 

 

1.1

 

 

1.7

Other long-term liabilities

 

84.0

 

 

96.2

 

 

14.6

 

 

14.1

Total liabilities

 

1,263.5

 

 

1,347.5

 

 

1,878.8

 

 

1,813.0

 

 

 

 

 

 

 

 

Total shareholders' equity attributable to Snap-on

 

4,481.3

 

 

4,181.9

 

 

363.9

 

 

350.6

Noncontrolling interests

 

22.2

 

 

21.9

 

 

—

 

 

—

Total equity

 

4,503.5

 

 

4,203.8

 

 

363.9

 

 

350.6

Total liabilities and equity

$

5,767.0

 

$

5,551.3

 

$

2,242.7

 

$

2,163.6

 

 

 

 

 

 

 

 

* Snap-on with Financial Services presented on the equity method.

 

Contacts

Investors:
Sara Verbsky
262/656-4869

Media:
Samuel Bottum
262/656-5793

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