Consolidated Statements of Earnings 2014 2013 2012 (Amounts in milions, except p

Question

Consolidated Statements of Earnings 2014 2013 2012 (Amounts in milions, except per share data) Net sales Cost of goods sold Gross proft Operating expenses Operating earnings before financial services S 3,277.7 S 3,056.5 $2,937.9 1,6934) 1,584.3 (1.583.6)1,547.9) 1,472.9 1.048.7 1,0124 460.5 1,390.0 535.6 409.7 161.3 54.6 106.7 214.9 181.0 Financial services revenue Financial services expenses Operating earnings from financial services (55.3) 125.7 149.1 Operating earnings Interest expense Other income (expense) net Earnings before income taxes and equity earnings Income tax expense Earnings before equity earnings Equity earnings, net of tax Net earnings Net earnings attributable to noncontrolling interests Net earnings attributable to Snap-on Incorporated 684.7 (52.9) 0.9 630.9 586.2 516.4 (55.8) 9 460.2 148 312.0 526.2 199 166 431.4 0.7 432.1 359.5 0.2 359.7 2.6 314.6 S 421.9 S 350.3 S 306.1 350.3 306.1 Net earnings per share attributable to Snap-on Incorporated Basic S 7.26 $ 6.02 5.26 Diluted 5.93 5.20 Weighted-average shares outstanding 58.1 Basic Effect of dilutive securities Diluted 58.2 0.9 59.1 58.2 0.7 58.9 59.1

Explanation / Answer

inventory turnover ratio = cost of goods sold / average inventory

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