30 unchanged sentences
• On February 14, 2019, the Board authorized the repurchase of an aggregate of up to $500 million of the company’s common stock (the “2019 Authorization”).
−Removed: The 2019 Authorization will expire when the aggregate repurchase price limit is met, unless terminated earlier by the Board.
−Removed: The 2019 Authorization replaced the Board’s 2017 $500 million authorization, under which $206 million of the authorization remained at the time of its replacement.
+Added: On November 4, 2021, the Board authorized the repurchase of up to $500 million of the company’s common stock (the “2021 Authorization”).
+Added: The 2021 Authorization replaced the 2019 Authorization (under which approximately $179 million remained available at the time of replacement) and, will expire when the aggregate repurchase price limit is met, unless terminated earlier by the Board.
2021 ANNUAL REPORT 23
28 unchanged sentences
2021 ANNUAL REPORT 25
−Removed: Selected Financial Data
−Removed: The selected financial data presented below has been derived from, and should be read in conjunction with, the respective historical consolidated financial statements of the company, including the notes thereto, and “Part II, Item 7:
Management’s Discussion and Analysis of Financial Condition and Results of Operations
−Removed: Five-year Data
−Removed: (Amounts in millions, except per share data) 2020 2019 2018 2017 2016
−Removed: Results of Operations
−Removed: Net sales $ 3,592.5 $ 3,730.0 $ 3,740.7 $ 3,686.9 $ 3,430.4
−Removed: Gross profit 1,748.5 1,844.0 1,870.0 1,825.9 1,710.4
−Removed: Operating expenses 1,116.6 1,127.6 1,144.0 1,161.3 1,048.0
−Removed: Operating earnings before financial services 631.9 716.4 726.0 664.6 662.4
−Removed: Financial services revenue 349.7 337.7 329.7 313.4 281.4
−Removed: Financial services expenses 101.1 91.8 99.6 95.9 82.7
−Removed: Operating earnings from financial services 248.6 245.9 230.1 217.5 198.7
−Removed: Operating earnings 880.5 962.3 956.1 882.1 861.1
−Removed: Interest expense 54.0 49.0 50.4 52.4 52.2
−Removed: Earnings before income taxes and equity earnings 835.2 922.1 909.9 821.9 801.4
−Removed: Income tax expense 189.1 211.8 214.4 250.9 244.3
−Removed: Earnings before equity earnings 646.1 710.3 695.5 571.0 557.1
−Removed: Equity earnings, net of tax 0.3 0.9 0.7 1.2 2.5
−Removed: Net earnings 646.4 711.2 696.2 572.2 559.6
−Removed: Net earnings attributable to noncontrolling interests (19.4) (17.7) (16.3) (14.5) (13.2)
−Removed: Net earnings attributable to Snap-on 627.0 693.5 679.9 557.7 546.4
−Removed: Financial Position
−Removed: Cash and cash equivalents $ 923.4 $ 184.5 $ 140.9 $ 92.0 $ 77.6
−Removed: Trade and other accounts receivable – net 640.7 694.6 692.6 675.6 598.8
−Removed: Finance receivables – net (current) 530.2 530.1 518.5 505.4 472.5
−Removed: Contract receivables – net (current) 112.5 100.7 98.3 96.8 88.1
−Removed: Inventories – net 746.5 760.4 673.8 638.8 530.5
−Removed: Property and equipment – net 526.2 521.5 495.1 484.4 425.2
−Removed: Long-term finance receivables – net 1,136.3 1,103.5 1,074.4 1,039.2 934.5
−Removed: Long-term contract receivables – net 374.7 360.1 344.9 322.6 286.7
−Removed: Total assets 6,557.3 5,693.5 5,373.1 5,249.1 4,723.2
−Removed: Notes payable and current maturities of long-term debt
−Removed: 268.5 202.9 186.3 433.2 301.4
−Removed: Accounts payable 222.9 198.5 201.1 178.2 170.9
−Removed: Long-term debt 1,182.1 946.9 946.0 753.6 708.8
−Removed: Total debt 1,450.6 1,149.8 1,132.3 1,186.8 1,010.2
−Removed: Total shareholders’ equity attributable to Snap-on 3,824.9 3,409.1 3,098.8 2,953.9 2,617.2
−Removed: Common Share Summary
−Removed: Weighted-average shares outstanding – diluted 54.8 55.9 57.3 58.6 59.4
−Removed: Net earnings per share attributable to Snap-on:
−Removed: Basic $ 11.55 $ 12.59 $ 12.08 $ 9.72 $ 9.40
−Removed: Diluted 11.44 12.41 11.87 9.52 9.20
−Removed: Cash dividends paid per share 4.47 3.93 3.41 2.95 2.54
−Removed: Shareholders’ equity per basic share 70.44 61.87 55.04 51.46 45.05
−Removed: SNAP-ON INCORPORATED
−Removed: Management’s Discussion and Analysis of Financial Condition and Results of Operations
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.