Acct 2101- Snap On Annual Report Assingment #2

Acct 2101- Snap On Annual Report Assingment #2 -...

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Consolidated Statements of Earnings For the Fiscal Years Ended (Amounts in millions, except per share data) 2007 2006 2005 Net sales $ 2,841.2 $ 2,455.1 $ 2,281.0 Cost of goods sold (1,574.6) (1,375.3) (1,269.8) Gross profit 1,266.6 1,079.8 1,011.2 Financial services revenue 63.0 49.0 53.6 Financial services expenses (40.6) (36.0) (37.9) Operating income from financial services 22.4 13.0 15.7 Operating expenses (964.2) (930.0) (863.5) Operating earnings 324.8 162.8 163.4 Interest expense (46.1) (20.6) (21.7) Other income (expense) - net 5.5 5.3 3.1 Earnings before income taxes, minority interests and equity earnings (loss) 284.2 147.5 144.8 Income tax expense (92.5) (45.9) (55.2) Earnings before minority interests and equity earnings (loss) 191.7 101.6 89.6 Minority interests and equity earnings (loss), net of tax (2.5) (3.7) (1.4) Net earnings from continuing operations 189.2 97.9 88.2 Discontinued operations, net of tax (8.0) 2.2 4.7 Net earnings $ 181.2 $ 100.1 $ 92.9 Basic earnings per share: Earnings per share, continuing operations $ 3.27 $ 1.68 $ 1.53 Earnings (loss) per share, discontinued operations (0.14) 0.04 0.08 Net earnings per share $ 3.13 $ 1.72 $ 1.61 Diluted earnings per share: Earnings per share, continuing operations $ 3.23 $ 1.65 $ 1.51 Earnings (loss) per share, discontinued operations (0.14) 0.04 0.08 Net earnings per share $ 3.09 $ 1.69 $ 1.59 Weighted-average shares outstanding: Basic 57.9 58.3 57.8 Effect of dilutive options 0.7 0.9 0.6 Diluted 58.6 59.2 58.4 Dividends paid per common share $ 1.11 $ 1.08 $ 1.00 See Notes to Consolidated Financial Statements 54
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Consolidated Balance Sheets (Amounts in millions, except share data) December 29, 2007 December 30, 2006 ASSETS Current assets Cash and cash equivalents $ 93.0 $ 63.4 Accounts receivable - net of allowances 586.9 559.2 Inventories 322.4 323.0 Deferred income tax assets 87.0 76.0 Prepaid expenses and other assets 98.1 91.6 Total current assets 1,187.4 1,113.2 Property and equipment - net 304.8 297.1 Deferred income tax assets 22.0 55.3 Goodwill 818.8 776.1 Other intangibles - net 234.8 257.8 Pension assets 57.0 14.0 Other assets 140.3 141.0 Total assets $ 2,765.1 $ 2,654.5 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities Accounts payable $ 171.6 $ 178.8 Notes payable and current maturities of long-term debt 15.9 43.6 Accrued benefits 41.3 41.4 Accrued compensation 95.6 90.4 Franchisee deposits 51.0 48.5 Deferred subscription revenue 25.9 25.3 Income taxes 25.5 37.8 Other accrued liabilities 212.4 216.2 Total current liabilities 639.2 682.0 Long-term debt 502.0 505.6 Deferred income tax liabilities 91.2 88.9 Retiree health care benefits 53.8 69.6 Pension liabilities 85.3 113.9 Other long-term liabilities 113.5 118.2 Total liabilities 1,485.0 1,578.2 Commitments and contingencies (Note 15) 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
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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 Assingment #2 -...

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