Acct 2101- Snap On Annual Report

Acct 2101- Snap On Annual Report - Consolidated Statements...

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Consolidated Statements of Earnings For the Fiscal Years Ended ( Amounts in millions, except per share data) 2006 2005 2004 Net sales $ 2,473.4 $2,308.6 $2,329.1 Cost of goods sold (1,387.5) (1,288.7) (1,319.8) Gross profit 1,085.9 1,019.9 1,009.3 Financial services revenue 49.0 53.6 78.1 Financial services expenses (36.0) (37.9) (44.0) Operating income from financial services 13.0 15.7 34.1 Operating expenses (934.0) (867.6) (901.1) Operating earnings 164.9 168.0 142.3 Interest expense (20.6) (21.7) (23.0) Other income (expense) - net 1.6 1.7 1.1 Earnings before income taxes 145.9 148.0 120.4 Income tax expense (45.8) (55.1) (38.7) Net earnings $ 100.1 $ 92.9 $ 81.7 Earnings per share: Basic $ 1.72 $ 1.61 $ 1.41 Diluted $ 1.69 $ 1.59 $ 1.40 Weighted-average shares outstanding: Basic 58.3 57.8 57.9 Effect of dilutive options 0.9 0.6 0.4 Diluted 59.2 58.4 58.3 Dividends paid per common share $ 1.08 $ 1.00 $ 1.00 See Notes to Consolidated Financial Statements 51
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Consolidated Balance Sheets December 30, December 31, (Amounts in millions, except share data) 2006 2005 ASSETS Current assets Cash and cash equivalents $ 63.4 $ 170.4 Accounts receivable - net of allowances 559.2 485.9 Inventories 323.0 283.2 Deferred income tax benefits 76.0 76.3 Prepaid expenses and other assets 91.6 57.1 Total current assets 1,113.2 1,072.9 Property and equipment - net 297.1 295.5 Deferred income tax benefits 55.3 57.8 Goodwill 776.1 398.3 Other intangibles - net 257.8 64.0 Pension assets 14.0 20.6 Other assets 141.0 99.3 Total assets $ 2,654.5 $ 2,008.4 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities Accounts payable $ 178.8 $ 135.4 Notes payable and current maturities of long-term debt 43.6 24.8 Accrued benefits 41.4 35.4 Accrued compensation 90.4 62.2 Franchisee deposits 48.5 44.4 Deferred subscription revenue 25.3 26.6 Income taxes 37.8 33.1 Other accrued liabilities 216.2 144.2 Total current liabilities 682.0 506.1 Long-term debt 505.6 201.7 Deferred income taxes 88.9 75.3 Retiree health care benefits 69.6 90.8 Pension liabilities 113.9 92.7 Other long-term liabilities 118.2 79.6 Total liabilities 1,578.2 1,046.2 Shareholders’ equity Preferred stock (authorized 15,000,000 shares of $1 par value; none outstanding) Common stock (authorized 250,000,000 shares of $1 par value; issued 67,081,801 and 67,049,257 shares) 67.1 67.0 Additional paid-in capital 121.9 113.3 Retained earnings 1,180.3 1,143.8 Accumulated other comprehensive income (loss) 21.2 (56.6) Grantor Stock Trust at fair market value (407,485 and 3,204,308 shares) (19.4) (120.3) Treasury stock at cost (8,503,482 and 5,886,864 shares) (294.8) (185.0) Total shareholders’ equity 1,076.3 962.2 Total liabilities and shareholders’ equity $ 2,654.5 $ 2,008.4 Consolidated Statements of Shareholders’ Equity and Comprehensive Income
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(Amounts in millions, except share data) Common Stock Additional Paid-in Capital Retained Earnings Accumulated Other Comprehensive Income (Loss) Grantor Stock Trust
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This note was uploaded on 04/29/2008 for the course ACCT 2101 taught by Professor Turner during the Spring '08 term at Georgia Institute of Technology.

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Acct 2101- Snap On Annual Report - Consolidated Statements...

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