Snap On Inc. is a smaller competitor of SBD. What is their Asset Turnover? Provide the calculations. The two firms are different in their history of M&A activity. How can you adjust the ratios so they don?t reflect that? (hint ? you have to exclude some assets from balance sheets of both firms). What do you observe with Asset Turnovers adjusted in this way?

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STANLEY BLACK & DECKER, INC. (Filer) CIK: 0000093556 Print Document View Excel Document 10-K Cover Document and Entity Information Financial Statements Consolidated Statements of Operations Consolidated Statements of Comprehensive Income Consolidated Balance Sheets Consolidated Balance Sheets (Parenthetical) Consolidated Statements of Cash Flows Consolidated Statements of Changes in Shareowners' Equity Consolidated Statements of Changes in Shareowners' Equity (Parenthetical) Notes to Financial Statements Accounting Policies Notes Tables Notes Details All Reports JA Consolidated Balance Sheets - USD (S) $ in Millions Current Assets Cash and cash equivalents Accounts and notes receivable, net Inventories, net Prepaid expenses Other current assets Total Current Assets Property, Plant and Equipment, net Goodwill Customer Relationships, net Trade Names, net Other Intangible Assets, Net Other Assets Total Assets Current Liabilities Short-term borrowings Current maturities of long-term debt Accounts payable Accrued expenses Total Current Liabilities Long-Term Debt Deferred Taxes Post-Retirement Benefits Other Liabilities Stanley Black & Decker, Inc. Shareowners' Equity Preferred stock, without par value: Authorized 10,000,000 shares in 2019 and 2018 Issued and outstanding 1,500,000 shares in 2019 and 750,000 shares in 2018 Common stock, par value $2.50 per share: Authorized 300,000,000 shares in 2019 and 2018 Issued 176,902,738 shares in 2019 and 2018 Retained earnings Dec. 28, 2019 Dec. 29, 2018 $ 297.7 1,454.6 2,255.0 395.4 53.9 4,456.6 1,959.5 9,237.5 1,317.3 2,253.6 51.1 1,321.0 20,596.6 337.3 3.1 2,087.8 1,977.5 4,405.7 3,176.4 731.2 609.4 2,531.7 1,500.0 442.3 6,772.8 $ 288.7 1,607.8 2,373.5 240.5 58.9 4,569.4 1,915.2 8,956.7 1,165.2 2,254.8 64.4 482.3 19,408.0 376.1 2.5 2,233.2 1,389.8 4,001.6 3,819.8 705.3 595.4 2,446.0 750.0 442.3 6,219.0 Consolidated Statements of Changes in Shareowners' Equity (Parenthetical) Notes to Financial Statements Accounting Policies Notes Tables Notes Details All Reports Accrued expenses Total Current Liabilities Long-Term Debt Deferred Taxes Post-Retirement Benefits Other Liabilities Stanley Black & Decker, Inc. Shareowners' Equity Preferred stock, without par value: Authorized 10,000,000 shares in 2019 and 2018 Issued and outstanding 1,500,000 shares in 2019 and 750,000 shares in 2018 Common stock, par value $2.50 per share: Authorized 300,000,000 shares in 2019 and 2018 Issued 176,902,738 shares in 2019 and 2018 Retained earnings Additional paid in capital Accumulated other comprehensive loss ESOP Shareowners' equity subtotal Less: cost of common stock in treasury (23,396,329 shares in 2019 and 25,600,288 shares in 2018) Stanley Black & Decker, Inc. Shareowners' Equity Non-controlling interests Total Shareowners' Equity Total Liabilities and Shareowners' Equity Designated as Hedging Instruments I Other Current Liabilities [Member] 1 Fair Value Hedges Current Liabilities Current maturities of long-term debt Designated as Hedging Instruments I Long-term Debt [Member] | Fair Value Hedges Current Liabilities Long-Term Debt 1,977.5 4,405.7 3,176.4 731.2 609.4 2,531.7 1,500.0 442.3 6,772.8 4,492.9 (1,884.6) (2.3) 11,321.1 (2,184.8) 9,136.3 5.9 9,142.2 20,596.6 3.1 $ 3,176.4 1,389.8 4,001.6 3,819.8 705.3 595.4 2,446.0 750.0 442.3 6,219.0 4,621.0 (1,814.3) (10.5) 10,207.5 (2,371.3) 7,836.2 3.7 7,839.9 19,408.0 2.5 $ 3,819.8 Snap-on Inc (Filer) CIK: 0000091440 Print Document View Excel Document 10-K Cover Cover Financial Statements Consolidated Statements of Earnings Consolidated Statements of Comprehensive Income Consolidated Balance Sheets Consolidated Balance Sheets (Parenthetical) Consolidated Statements of Equity Consolidated Statements of Equity (Parenthetical) Consolidated Statements of Cash Flows Notes to Financial Statements Accounting Policies Notes Tables Notes Details All Reports Run script "void(0);" Consolidated Balance Sheets - USD ($) $ in Millions Current assets: Cash and cash equivalents Trade and other accounts receivable - net Finance and contract receivables, current, net Inventories - net Prepaid expenses and other assets Total current assets Property and equipment - net Property and equipment - net Operating lease right-of-use assets Deferred income tax assets Finance an contract receivable, net, non- current Goodwill Other intangibles - net Other assets Total assets Current liabilities: Notes payable Accounts payable Accrued benefits Accrued compensation Franchisee deposits Other accrued liabilities Total current liabilities Long-term debt Deferred income tax liabilities Retiree health care benefits Pension liabilities Operating lease liabilities Other long-term liabilities Total liabilities Commitments and contingencies (Note 15) Dec. 28, 2019 Dec. 29, 2018 $ 184.5 694.6 630.8 760.4 110.2 2,380.5 521.5 55.6 52.3 1,463.6 913.8 243.9 62.3 5,693.5 202.9 198.5 53.3 53.9 68.2 370.8 947.6 946.9 69.3 33.6 122.1 37.5 105.7 2,262.7 $ 140.9 692.6 616.8 673.8 92.8 2,216.9 495.1 64.7 1,419.3 902.2 232.9 42.0 5,373.1 186.3 201.1 52.0 71.5 67.5 373.6 952.0 946.0 41.4 31.8 171.3 112 2,254.5 Operating lease liabilities Other long-term liabilities Total liabilities Commitments and contingencies (Note 15) Shareholders' equity attributable to Snap-on Incorporated: 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 67,423,106 and 67,415,091 shares, respectively) Additional paid-in capital Retained earnings Accumulated other comprehensive loss Treasury stock at cost (12,772,882 and 11,804,310 shares, respectively) Total shareholders' equity attributable to Snap-on Incorporated Noncontrolling interests Total equity Total liabilities and equity Finance Receivables Current assets: Finance and contract receivables, current, net Finance an contract receivable, net, non- current Contract Receivables Current assets: Finance and contract receivables, current, net Finance an contract receivable, net, non- current 37.5 105.7 2,262.7 0.0 67.4 379.1 4,779.7 (507.9) (1,309.2) 3,409.1 21.7 3,430.8 5,693.5 530.1 1,103.5 100.7 $360.1 112.0 2,254.5 0.0 67.4 359.4 4,257.6 (462.2) (1,123.4) 3,098.8 19.8 3,118.6 5,373.1 518.5 1,074.4 98.3 $ 344.9 STANLEY BLACK & DECKER, INC. (Filer) CIK: 0000093556 Print Document View Excel Document 10-K Cover Document and Entity Information Financial Statements Consolidated Statements of Operations Consolidated Statements of Comprehensive Income Consolidated Balance Sheets Consolidated Balance Sheets (Parenthetical) Consolidated Statements of Cash Flows Consolidated Statements of Changes in Shareowners' Equity Consolidated Statements of Changes in Shareowners' Equity (Parenthetical) Notes to Financial Statements Accounting Policies Notes Tables Notes Details All Reports JA Consolidated Balance Sheets - USD (S) $ in Millions Current Assets Cash and cash equivalents Accounts and notes receivable, net Inventories, net Prepaid expenses Other current assets Total Current Assets Property, Plant and Equipment, net Goodwill Customer Relationships, net Trade Names, net Other Intangible Assets, Net Other Assets Total Assets Current Liabilities Short-term borrowings Current maturities of long-term debt Accounts payable Accrued expenses Total Current Liabilities Long-Term Debt Deferred Taxes Post-Retirement Benefits Other Liabilities Stanley Black & Decker, Inc. Shareowners' Equity Preferred stock, without par value: Authorized 10,000,000 shares in 2019 and 2018 Issued and outstanding 1,500,000 shares in 2019 and 750,000 shares in 2018 Common stock, par value $2.50 per share: Authorized 300,000,000 shares in 2019 and 2018 Issued 176,902,738 shares in 2019 and 2018 Retained earnings Dec. 28, 2019 Dec. 29, 2018 $ 297.7 1,454.6 2,255.0 395.4 53.9 4,456.6 1,959.5 9,237.5 1,317.3 2,253.6 51.1 1,321.0 20,596.6 337.3 3.1 2,087.8 1,977.5 4,405.7 3,176.4 731.2 609.4 2,531.7 1,500.0 442.3 6,772.8 $ 288.7 1,607.8 2,373.5 240.5 58.9 4,569.4 1,915.2 8,956.7 1,165.2 2,254.8 64.4 482.3 19,408.0 376.1 2.5 2,233.2 1,389.8 4,001.6 3,819.8 705.3 595.4 2,446.0 750.0 442.3 6,219.0 Consolidated Statements of Changes in Shareowners' Equity (Parenthetical) Notes to Financial Statements Accounting Policies Notes Tables Notes Details All Reports Accrued expenses Total Current Liabilities Long-Term Debt Deferred Taxes Post-Retirement Benefits Other Liabilities Stanley Black & Decker, Inc. Shareowners' Equity Preferred stock, without par value: Authorized 10,000,000 shares in 2019 and 2018 Issued and outstanding 1,500,000 shares in 2019 and 750,000 shares in 2018 Common stock, par value $2.50 per share: Authorized 300,000,000 shares in 2019 and 2018 Issued 176,902,738 shares in 2019 and 2018 Retained earnings Additional paid in capital Accumulated other comprehensive loss ESOP Shareowners' equity subtotal Less: cost of common stock in treasury (23,396,329 shares in 2019 and 25,600,288 shares in 2018) Stanley Black & Decker, Inc. Shareowners' Equity Non-controlling interests Total Shareowners' Equity Total Liabilities and Shareowners' Equity Designated as Hedging Instruments I Other Current Liabilities [Member] 1 Fair Value Hedges Current Liabilities Current maturities of long-term debt Designated as Hedging Instruments I Long-term Debt [Member] | Fair Value Hedges Current Liabilities Long-Term Debt 1,977.5 4,405.7 3,176.4 731.2 609.4 2,531.7 1,500.0 442.3 6,772.8 4,492.9 (1,884.6) (2.3) 11,321.1 (2,184.8) 9,136.3 5.9 9,142.2 20,596.6 3.1 $ 3,176.4 1,389.8 4,001.6 3,819.8 705.3 595.4 2,446.0 750.0 442.3 6,219.0 4,621.0 (1,814.3) (10.5) 10,207.5 (2,371.3) 7,836.2 3.7 7,839.9 19,408.0 2.5 $ 3,819.8 Snap-on Inc (Filer) CIK: 0000091440 Print Document View Excel Document 10-K Cover Cover Financial Statements Consolidated Statements of Earnings Consolidated Statements of Comprehensive Income Consolidated Balance Sheets Consolidated Balance Sheets (Parenthetical) Consolidated Statements of Equity Consolidated Statements of Equity (Parenthetical) Consolidated Statements of Cash Flows Notes to Financial Statements Accounting Policies Notes Tables Notes Details All Reports Run script "void(0);" Consolidated Balance Sheets - USD ($) $ in Millions Current assets: Cash and cash equivalents Trade and other accounts receivable - net Finance and contract receivables, current, net Inventories - net Prepaid expenses and other assets Total current assets Property and equipment - net Property and equipment - net Operating lease right-of-use assets Deferred income tax assets Finance an contract receivable, net, non- current Goodwill Other intangibles - net Other assets Total assets Current liabilities: Notes payable Accounts payable Accrued benefits Accrued compensation Franchisee deposits Other accrued liabilities Total current liabilities Long-term debt Deferred income tax liabilities Retiree health care benefits Pension liabilities Operating lease liabilities Other long-term liabilities Total liabilities Commitments and contingencies (Note 15) Dec. 28, 2019 Dec. 29, 2018 $ 184.5 694.6 630.8 760.4 110.2 2,380.5 521.5 55.6 52.3 1,463.6 913.8 243.9 62.3 5,693.5 202.9 198.5 53.3 53.9 68.2 370.8 947.6 946.9 69.3 33.6 122.1 37.5 105.7 2,262.7 $ 140.9 692.6 616.8 673.8 92.8 2,216.9 495.1 64.7 1,419.3 902.2 232.9 42.0 5,373.1 186.3 201.1 52.0 71.5 67.5 373.6 952.0 946.0 41.4 31.8 171.3 112 2,254.5 Operating lease liabilities Other long-term liabilities Total liabilities Commitments and contingencies (Note 15) Shareholders' equity attributable to Snap-on Incorporated: 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 67,423,106 and 67,415,091 shares, respectively) Additional paid-in capital Retained earnings Accumulated other comprehensive loss Treasury stock at cost (12,772,882 and 11,804,310 shares, respectively) Total shareholders' equity attributable to Snap-on Incorporated Noncontrolling interests Total equity Total liabilities and equity Finance Receivables Current assets: Finance and contract receivables, current, net Finance an contract receivable, net, non- current Contract Receivables Current assets: Finance and contract receivables, current, net Finance an contract receivable, net, non- current 37.5 105.7 2,262.7 0.0 67.4 379.1 4,779.7 (507.9) (1,309.2) 3,409.1 21.7 3,430.8 5,693.5 530.1 1,103.5 100.7 $360.1 112.0 2,254.5 0.0 67.4 359.4 4,257.6 (462.2) (1,123.4) 3,098.8 19.8 3,118.6 5,373.1 518.5 1,074.4 98.3 $ 344.9

Answer rating: 100% (QA)

Snap On Incs Asset Turnover is calculated by dividing total sales by total assets To adjus... View the full answer