Snap-On Annual Income Statement

2015 2016 2017 2018 2019

Industrial Revenue $ 3,352.8 $ 3,430.3 $ 3,686.9 $ 3,740.7 $ 3,730.0

Gross Profit $ 1,648.3 $ 1,709.6 $ 1,825.9 $ 1,870.0 $ 1,844.0

Gross Margin 49.16% 49.84% 49.52% 49.99% 49.44%

SG&A $ 949.5 $ 948.1 $ 998.8 $ 1,031.5 $ 1,032.4

% of Sales 28.32% 27.64% 27.09% 27.58% 27.68%

Advertising $ 54.9 $ 52.6 $ 55.7 $ 55.6 $ 47.7

% of Sales 1.64% 1.53% 1.51% 1.49% 1.28%

R&D $ 49.3 $ 53.4 $ 60.9 $ 61.2 $ 59.1

% of Sales 1.47% 1.56% 1.65% 1.64% 1.58%

EBITDA $ 847.3 $ 939.8 $ 1,021.2 $ 1,045.9 $ 1,043.1

Industrial Operating Income $ 594.6 $ 655.5 $ 710.5 $ 721.7 $ 704.8

Financial Services Revenue $ 240.3 $ 281.4 $ 313.4 $ 329.7 $ 337.7

Financial SG&A $ 70.1 $ 82.7 $ 95.9 $ 99.6 $ 91.8

% of Sales 29.17% 29.39% 30.60% 30.21% 27.18%

Financial Services Operating Income $ 170.2 $ 198.7 $ 217.5 $ 230.1 $ 245.9

% of Financial Services Sales 70.83% 70.61% 69.40% 69.79% 72.82%

Total Operating Income $ 764.8 $ 854.2 $ 928.0 $ 951.8 $ 950.7

Other Income, net $ 0.5 $ 0.6 $ 0.3 $ 0.6 $ 1.5

% of Sales 0.01% 0.02% 0.01% 0.02% 0.04%

Pension Expense $ - $ - $ (0.6) $ 3.7 $ 10.4

% of Industrial Sales 0.00% 0.00% -0.02% 0.10% 0.28%

Interest Expense $ 51.9 $ 52.2 $ 52.4 $ 50.4 $ 49.0

% of Sales 1.55% 1.52% 1.42% 1.35% 1.31%

Interest Income $ - $ - $ - $ - $ -
% of Sales 0.00% 0.00% 0.00% 0.00% 0.00%

Income Before Taxes $ 713.4 $ 802.6 $ 876.5 $ 898.3 $ 892.8

Income Tax Expense $ 221.2 $ 244.3 $ 264.8 $ 213.4 $ 209.1

Reported ETR 31.01% 30.44% 30.21% 23.75% 23.42%
Adjusted ETR 31.01% 30.44% 30.21% 23.75% 23.42%
Net Income $ 492.2 $ 558.3 $ 611.7 $ 684.9 $ 683.7

Equity Earnings $ 1.3 $ 2.5 $ 1.2 $ 0.7 $ 0.9

% of Sales 0.04% 0.07% 0.03% 0.02% 0.02%

Net Earnings to Non-Controlling Interest $ 11.9 $ 13.2 $ 14.5 $ 16.3 $ 17.7

% of Sales 0.33% 0.36% 0.36% 0.40% 0.44%

Net Income $ 481.6 $ 547.6 $ 598.4 $ 669.3 $ 666.9

Diluted Shares Outstanding 59.1 59.4 58.6 57.3 55.9

###
Change in Shares Outstanding 0.51% -1.35% -2.22% -2.44%

Diluted Earnings per Share $8.15 $9.22 $10.21 $11.68 $11.93

CAGRs 5 Yr. CAGR

2.70% 2.70%

2.84% 2.84% 1)Sales Mix

2) Manufacturing efficiency
3) Pricing Power
2.11% 2.11%
Selling, General and Administrative
Operating expenses or "Op Ex"
-3.45% -3.45%

4.64% 4.64%

5.33% 5.33% Earnings Before Interest, Taxes, Depreciation, and Amortization

4.34% 4.34%

8.88% 8.88%

6.97% 6.97%
9.64% 9.64%

5.59% 5.59%

31.61% 31.61%

Err:523 Err:523

-1.43% -1.43%

10.00% 10.00%

5.77% 5.77%

-1.40% -1.40%
8.56% 8.56%

-8.78% -8.78%

10.43% 10.43%

8.48% 8.48%

-1.38% -1.38%

10.00% 10.00%
 Snap-On Balance Sheet
2014 2015 2016 2017
Assets
Current Assets
Sales CAGR
Cash $ 132.9 $ 92.8 $ 77.6 $ 92.0
% of Sales Err:508 2.77% 2.26% 2.50%
% of Assets 3.08% 2.07% 1.64% 1.75%
Sales CAGR
Accounts Recievables $ 550.8 $ 562.5 $ 598.8 $ 675.6
% of Sales Err:508 16.78% 17.46% 18.32%
% of Assets 12.78% 12.54% 12.68% 12.87%
Sales CAGR
Finance Recievables $ 402.4 $ 447.3 $ 472.5 $ 505.4
% of Sales Err:508 13.34% 13.77% 13.71%
% of Assets 9.34% 9.97% 10.00% 9.63%
Sales CAGR
Contract Recievables $ 74.5 $ 82.1 $ 88.1 $ 96.8
% of Sales Err:508 2.45% 2.57% 2.63%
% of Assets 1.73% 1.83% 1.87% 1.84%
Sales CAGR
Inventory $ 475.5 $ 497.8 $ 530.5 $ 638.8
% of Sales Err:508 14.85% 15.47% 17.33%
% of Assets 11.03% 11.09% 11.23% 12.17%
Sales CAGR
Other Assets $ 101.0 $ 109.9 $ - $ -
% of Sales Err:508 3.28% 0.00% 0.00%
% of Assets 2.34% 2.45% 0.00% 0.00%
Sales CAGR
Prepaid Expenses $ 121.5 $ 106.3 $ 116.5 $ 110.7
% of Sales Err:508 3.17% 3.40% 3.00%
% of Assets 2.82% 2.37% 2.47% 2.11%
Sales CAGR
Total Current Assets $ 1,858.6 $ 1,898.7 $ 1,884.0 $ 2,119.3
% of Sales Err:508 56.63% 54.92% 57.48%
% of Assets 43.12% 42.32% 39.89% 40.37%
Sales CAGR
Gross Property & Equipment $ 1,063.1 $ 1,097.9 $ 1,138.1 $ 1,271.1
% of Sales Err:508 32.75% 33.18% 34.48%
% of Assets 24.67% 24.47% 24.10% 24.22%
Accumulated Depreciation $ (658.6) $ (684.4) $ (712.9) $ (786.7)

Sales CAGR
Operating Lease Right-of_Use Assets $ - $ - $ - $ -
% of Sales Err:508 0.00% 0.00% 0.00%
% of Assets 0.00% 0.00% 0.00% 0.00%
Sales CAGR
Long-Term Finance Receivable $ 650.5 $ 772.7 $ 934.5 $ 1,039.2
% of Sales Err:508 23.05% 27.24% 28.19%
% of Assets 15.09% 17.22% 19.79% 19.80%
Sales CAGR
Long-Term Contract Receivable $ 242.0 $ 266.6 $ 286.7 $ 322.6
% of Sales Err:508 7.95% 8.36% 8.75%
% of Assets 5.61% 5.94% 6.07% 6.15%
Sales CAGR
Deferred Tax Assets $ 93.2 $ 106.3 $ 72.8 $ 52.0
% of Sales Err:508 3.17% 2.12% 1.41%
% of Assets 2.16% 2.37% 1.54% 0.99%
Sales CAGR
Long-Term Investments $ - $ - $ - $ -
% of Sales Err:508 0.00% 0.00% 0.00%
% of Assets 0.00% 0.00% 0.00% 0.00%
Sales CAGR
Gross Intangible Assets $ 347.9 $ 361.4 $ 367.9 $ 415.9
% of Sales Err:508 10.78% 10.73% 11.28%
% of Assets 8.07% 8.05% 7.79% 7.92%
Sales CAGR
Accumlated Amoritization $ (206.2) $ (228.7) $ (247.5) $ (277.4)

Sales CAGR
Non-Amortized Trademarks $ 61.6 $ 62.3 $ 64.2 $ 115.2
% of Sales Err:508 1.86% 1.87% 3.12%
% of Assets 1.43% 1.39% 1.36% 2.19%
Sales CAGR
Other Assets, net $ 47.3 $ 44.0 $ 39.9 $ 53.8
% of Sales Err:508 1.31% 1.16% 1.46%
% of Assets 1.10% 0.98% 0.84% 1.02%
Sales CAGR
Goodwill $ 810.7 $ 790.1 $ 895.5 $ 924.1
% of Sales Err:508 23.57% 26.11% 25.06%
% of Assets 18.81% 17.61% 18.96% 17.60%
Sales CAGR
Total Assets $ 4,310.1 $ 4,486.9 $ 4,723.2 $ 5,249.1
% of Sales Err:508 133.83% 137.69% 142.37%

Reconciler $ - $ - $ - $ -

Liabilities & Stockholders Equity

Current Liabilities
Sales CAGR
Accounts Payable $ 145.0 $ 148.3 $ 170.9 $ 178.2
% of Sales Err:508 4.42% 4.98% 4.83%
% of Assets 3.36% 3.31% 3.62% 3.39%
Sales CAGR
Accrued Benefits $ 53.8 $ 52.1 $ 52.8 $ 55.8
% of Sales Err:508 1.55% 1.54% 1.51%
% of Assets 1.25% 1.16% 1.12% 1.06%
Sales CAGR
Accrued Compensation $ 99.2 $ 91.0 $ 89.8 $ 71.5
% of Sales Err:508 2.71% 2.62% 1.94%
% of Assets 2.30% 2.03% 1.90% 1.36%
Sales CAGR
Franchise Deposits $ 65.8 $ 64.4 $ 66.7 $ 66.5
% of Sales Err:508 1.92% 1.94% 1.80%
% of Assets 1.53% 1.44% 1.41% 1.27%
Sales CAGR
Lease Liability
% of Sales
% of Assets
Sales CAGR
Other Accrued Liabilities $ 298.3 $ 296.3 $ 307.9 $ 388.1
% of Sales Err:508 8.84% 8.98% 10.53%
% of Assets 6.92% 6.60% 6.52% 7.39%
Sales CAGR
Income Taxes Payable $ - $ - $ - $ -
% of Sales Err:508 0.00% 0.00% 0.00%
% of Assets 0.00% 0.00% 0.00% 0.00%
Sales CAGR
Short-Term Debt $ 56.6 $ 18.4 $ 301.4 $ 433.2
% of Sales Err:508 0.55% 8.79% 11.75%
% of Assets 1.31% 0.41% 6.38% 8.25%
Sales CAGR
Total Current Liabilities $ 718.7 $ 670.5 $ 989.5 $ 1,193.3
% of Sales Err:508 20.00% 28.85% 32.37%
% of Assets 16.67% 14.94% 20.95% 22.73%
Sales CAGR
Long-Term Debt $ 862.7 $ 861.7 $ 708.8 $ 753.6
% of Sales Err:508 25.70% 20.66% 20.44%
% of Assets 20.02% 19.20% 15.01% 14.36%
Sales CAGR
Pensions $ 217.9 $ 227.8 $ 246.5 $ 158.9
% of Sales Err:508 6.79% 7.19% 4.31%
% of Assets 5.06% 5.08% 5.22% 3.03%
Sales CAGR
OPEBs $ 42.5 $ 37.9 $ 36.7 $ 36.0
% of Sales Err:508 1.13% 1.07% 0.98%
% of Assets 0.99% 0.84% 0.78% 0.69%
Sales CAGR
Operating Lease Liability $ - $ - $ - $ -
% of Sales Err:508 0.00% 0.00% 0.00%
% of Assets 0.00% 0.00% 0.00% 0.00%
Sales CAGR
Deferred Income Taxes $ 159.2 $ 169.8 $ 13.1 $ 28.4
% of Sales Err:508 5.06% 0.38% 0.77%
% of Assets 3.69% 3.78% 0.28% 0.54%
Sales CAGR
Long-Term Liabilities $ 83.8 $ 88.5 $ 93.4 $ 106.6
% of Sales Err:508 2.64% 2.72% 2.89%
% of Assets 1.94% 1.97% 1.98% 2.03%
Sales CAGR
Total Liabilities $ 2,084.8 $ 2,056.2 $ 2,088.0 $ 2,276.8
% of Sales Err:508 61.33% 60.87% 61.75%
% of Assets 48.37% 45.83% 44.21% 43.38%

Stockholders Equity
Sales CAGR
Common Stock $ 67.4 $ 67.4 $ 67.4 $ 67.4
% of Sales Err:508 2.01% 1.96% 1.83%
% of Assets 1.56% 1.50% 1.43% 1.28%
Sales CAGR
A.P.I.C. $ 24.0 $ (49.9) $ (163.2) $ 32.6
% of Sales Err:508 -1.49% -4.76% 0.88%
% of Assets 0.56% -1.11% -3.46% 0.62%
Sales CAGR
Treasury Stock $ (503.3) $ (573.7) $ (653.9) $ (900.0)
% of Sales Err:508 -17.11% -19.06% -24.41%
% of Assets -11.68% -12.79% -13.84% -17.15%
Sales CAGR
Retained Earnings $ 2,637.2 $ 2,986.9 $ 3,384.9 $ 3,772.3
% of Sales Err:508 89.09% 98.68% 102.32%
% of Assets 61.19% 66.57% 71.67% 71.87%
Sales CAGR
Total Stockholders Equity $ 2,225.3 $ 2,430.7 $ 2,635.2 $ 2,972.3
% of Sales Err:508 72.50% 76.82% 80.62%
% of Assets 51.63% 54.17% 55.79% 56.62%

Total Liabilities & Stockholders Equity $ 4,310.1 $ 4,486.9 $ 4,723.2 $ 5,249.1

 2018 2019 CAGRs Sales CAGRs
2.70%

2.70%
$ 140.9 $ 184.5 6.78%
3.77% 4.95%
2.62% 3.24%
2.70%
$ 692.6 $ 694.6 4.75%
18.52% 18.62%
12.89% 12.20%
2.70%
$ 518.5 $ 530.1 5.67%
13.86% 14.21%
9.65% 9.31%
2.70%
$ 98.3 $ 100.7 6.21%
2.63% 2.70%
1.83% 1.77%
2.70%
$ 673.8 $ 760.4 9.84%
18.01% 20.39%
12.54% 13.36%
2.70%
$ - $ - ###
0.00% 0.00%
0.00% 0.00%
2.70%
$ 92.8 $ 110.2 -1.93%
2.48% 2.95%
1.73% 1.94%
2.70%
$ 2,216.9 $ 2,380.5 5.07%
59.26% 63.82%
41.26% 41.81%
2.70%
$ 1,344.7 $ 1,425.0 6.03%
35.95% 38.20%
25.03% 25.03%
2.70%
$ (849.6) $ (903.5) 6.53%

2.70%
$ - $ 55.6 Err:523
0.00% 1.49%
0.00% 0.98%
2.70%
$ 1,074.4 $ 1,103.5 11.15%
28.72% 29.58%
20.00% 19.38%
2.70%
$ 344.9 $ 360.1 8.27%
9.22% 9.65%
6.42% 6.32%
2.70%
$ 64.7 $ 52.3 -10.91%
1.73% 1.40%
1.20% 0.92%
2.70%
$ - $ - 10.00%
0.00% 0.00%
0.00% 0.00%

$ 393.5 $ 420.0 2.70%

10.52% 11.26% Err:508
7.32% 7.38%
2.70%
$ (270.3) $ (291.1) 7.14%

2.70%
$ 109.7 $ 115.0 13.30%
2.93% 3.08%
2.04% 2.02%
2.70%
$ 42.0 $ 62.3 5.66%
1.12% 1.67%
0.78% 1.09%
2.70%
$ 902.2 $ 913.8 2.42%
24.12% 24.50%
16.79% 16.05%
 2.70%
$ 5,373.1 $ 5,693.5 5.73%
143.64% 152.64%

$ - $ -

2.70%
$ 201.1 $ 198.5 6.48%
5.38% 5.32%
3.74% 3.49%
2.70%
$ 52.0 $ 53.3 -0.19%
1.39% 1.43%
0.97% 0.94%
2.70%
$ 71.5 $ 53.9 -11.49%
1.91% 1.45%
1.33% 0.95%
2.70%
$ 67.5 $ 68.2 0.72%
1.80% 1.83%
1.26% 1.20%

2.70%
$ 373.6 $ 370.8 4.45%
9.99% 9.94%
6.95% 6.51%
2.70%
$ - $ - 10.00%
0.00% 0.00%
0.00% 0.00%
2.70%
$ 186.3 $ 202.9 29.09%
4.98% 5.44%
3.47% 3.56%
 2.70%
$ 952.0 $ 947.6 5.69%
25.45% 25.40%
17.72% 16.64%
2.70%
$ 946.0 $ 946.9 1.88%
25.29% 25.39%
17.61% 16.63%
2.70%
$ 171.3 $ 122.1 -10.94%
4.58% 3.27%
3.19% 2.14%
2.70%
$ 31.8 $ 33.6 -4.59%
0.85% 0.90%
0.59% 0.59%
2.70%
$ 12.1 $ 37.5 Err:523
0.32% 1.01%
0.23% 0.66%
2.70%
$ 41.4 $ 69.3 -15.32%
1.11% 1.86%
0.77% 1.22%
2.70%
$ 99.9 $ 105.7 4.75%
2.67% 2.83%
1.86% 1.86%
2.70%
$ 2,254.5 $ 2,262.7 1.65%
60.27% 60.66%
41.96% 39.74%

2.70%
$ 67.4 $ 67.4 0.00%
1.80% 1.81%
1.25% 1.18%
2.70%
$ (83.0) $ (107.1) Err:523
-2.22% -2.87%
 -1.54% -1.88%
2.70%
$ (1,123.4) $ (1,309.2) 21.07%
-30.03% -35.10%
-20.91% -22.99%
2.70%
$ 4,257.6 $ 4,779.7 12.63%
113.82% 128.14%
79.24% 83.95%
2.70%
$ 3,118.6 $ 3,430.8 9.04%
83.37% 91.98%
58.04% 60.26%
2.70%
$ 5,373.1 $ 5,693.5 5.73%
 Snap-On Annual Cash Flow Statement
2015 2016 2017 2018 2019 CAGRs

Net Income $ 481.6 $ 547.6 $ 598.4 $ 669.3 $ 666.9 8.48%

Change in Net Income 13.70% 9.28% 11.85% -0.36%

Cash From Operations $ 507.2 $ 576.1 $ 608.5 $ 764.5 $ 674.6

### 7.39%

Capital Expenditures $ (80.4) $ (74.3) $ (82.0) $ (90.9) $ (99.4)

### 5.45%
% of Sales 2.40% 2.17% 2.22% 2.43% 2.66%

Additions to Finance Receivables $ (844.2) $ (915.0) $ (892.0) $ (865.6) $ (841.9) -0.07%

Collections on Finance Receivables $ 624.8 $ 671.7 $ 712.7 $ 747.7 $ 754.3 4.82%

Net Additions to Finance Receivables $ (219.4) $ (243.3) $ (179.3) $ (117.9) $ (87.6) -20.51%

Cash From Investing $ (306.4) $ (473.4) $ (341.4) $ (210.2) $ (222.1) -7.73%

Cash From Financing $ (236.7) $ (116.0) $ (256.1) $ (502.2) $ (409.4) 14.68%

Dividends $ (127.9) $ (147.5) $ (169.4) $ (192.0) $ (216.6) 14.08%

$ 2.20 $ 2.54 $ 2.95 $ 3.41 $ 3.93 15.61%
15.5% 16.1% 15.6% 15.2%

Change in Cash $ (35.9) $ (13.3) $ 11.0 $ 52.1 $ 43.1 Err:523

Depreciation $ 57.8 $ 61.4 $ 65.6 $ 68.8 $ 70.1 4.94%
Amortization $ 24.7 $ 24.2 $ 27.6 $ 25.3 $ 22.3 -2.52%
Sales CAGRs
5 Yr. CAGR
5 Yr. Sales
2.70% 2.70%
8.48%

7.39%

5.45%

-0.07%

4.82%

-20.51%

-7.73%

14.68%

14.08%
15.61%

Err:523
 4.94%
-2.52%
 Date Close High Low
20100331 $ 43.34 $ 44.96 $ 39.31
20100630 $ 40.91 $ 49.98 $ 40.17
20100930 $ 46.51 $ 47.28 $ 39.23
20101231 $ 56.58 $ 57.77 $ 46.10
20110331 $ 60.06 $ 61.43 $ 54.40
20110630 $ 62.48 $ 62.94 $ 55.14
20110930 $ 44.40 $ 64.36 $ 44.11
20111231 $ 50.62 $ 56.22 $ 41.74
20120331 $ 60.97 $ 62.60 $ 50.18
20120630 $ 62.25 $ 64.48 $ 56.88
20120930 $ 71.87 $ 74.27 $ 58.85
20121231 $ 78.99 $ 80.45 $ 70.96
20130331 $ 82.70 $ 82.84 $ 76.60
20130630 $ 89.38 $ 93.26 $ 79.88
20130930 $ 99.50 $ 101.67 $ 89.70
20131231 $ 109.52 $ 109.74 $ 94.53
20140331 $ 113.48 $ 115.51 $ 96.24
20140630 $ 118.52 $ 119.57 $ 108.82
20140930 $ 121.08 $ 127.32 $ 117.36
20141231 $ 136.74 $ 140.22 $ 111.28
20150331 $ 147.06 $ 148.41 $ 129.14
20150630 $ 159.25 $ 162.26 $ 145.28
20150930 $ 150.94 $ 170.70 $ 147.98
20151231 $ 171.43 $ 174.52 $ 146.52
20160331 $ 156.99 $ 169.95 $ 133.09
20160630 $ 157.82 $ 165.33 $ 147.50
20160930 $ 151.96 $ 163.98 $ 146.08
20161231 $ 171.27 $ 177.86 $ 145.17
20170331 $ 168.67 $ 181.73 $ 162.24
20170630 $ 158.00 $ 177.80 $ 152.49
20170930 $ 149.01 $ 162.49 $ 140.83
20171231 $ 174.30 $ 176.75 $ 146.47
20180331 $ 147.54 $ 185.47 $ 145.67
20180630 $ 160.72 $ 164.56 $ 141.63
20180930 $ 183.60 $ 189.46 $ 155.00
20181231 $ 145.29 $ 187.73 $ 135.29
20190331 $ 156.52 $ 168.91 $ 141.50
20190630 $ 165.64 $ 174.00 $ 150.75
20190930 $ 156.54 $ 166.87 $ 143.12
20191231 $ 169.40 $ 172.61 $ 150.01