Snap-on Business Solutions is a world leader in automotive parts and service information.
Its products are aimed at assisting original equipment manufacturers (“OEMs”) and their dealers to enhance their service operations.
Business Solutions’ products include integrated software, services and systems that transform complex technical data for parts catalogs into easily accessed electronic information (electronic parts catalogs).
Other products and services include warranty management systems and analytics to help dealerships manage and track the complex process of warranty claims management.
Over 35,000 automotive dealerships around the world use Business Solutions’ electronic parts catalogs, which are available in 26 different languages and support 15 automotive manufacturers and 31 brands.
Business Solutions’ products are also sold to over 85,000 dealers in the power equipment and power sports markets.
See Note 2 to the Consolidated Financial Statements for further information on the Snap-on Business Solutions acquisition.
Information Available on the Company’s Web Site Additional information regarding Snap-on and its products is available on the company’s Web site at www.
snapon.
com.
Snap-on is not including the information contained on its Web site as a part of, or incorporating it by reference into, this Annual Report on Form 10-K.  Snap-on’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Definitive Proxy Statements on Schedule 14A, Current Reports on Form 8-K, and any amendments to those reports, are made available to the public at no charge, other than an investor’s own Internet access charges, through the Investor Information section of the company’s Web site at www.
snapon.
com/investor.
Snap-on makes such material available on its Web site as soon as reasonably practicable after it electronically files such material with, or furnishes it to, the Securities and Exchange Commission (“SEC”).
Copies of any materials the company files with the SEC can also be obtained free of charge through the SEC’s Web site at www.
sec.
gov.
The SEC’s Public Reference Room can be contacted at 100 F Street, N. E. , Washington, D. C.  20549, or by calling 1-800-732-0330.
In addition, the company’s (i) charters for the Audit, Corporate Governance and Nominating, and Organization and Executive Compensation committees of the company’s Board of Directors; (ii) Corporate Governance Guidelines; and (iii) Code of Business Conduct and Ethics are available on Snapon’s Web site.
Snap-on will also post any amendments to these documents, or information about any waivers granted to directors or executive officers with respect to the Code of Business Conduct and Ethics, on the company’s Web site at www.
snapon.
com.
These documents are also available in print upon written request directed to the Corporate Secretary, 2801 80th Street, Kenosha, Wisconsin 53143.
Products and Services Snap-on offers a broad line of products and complementary services that are grouped into three product categories: (i) tools; (ii) diagnostics and repair information; and (iii) equipment.
Further product line information is not presented as it is not practicable to do so.
The following table shows the consolidated net sales of these product categories for the last three years:
## Table 0 ##
The tools product category includes hand tools, power tools and tool storage products.
Hand tools include wrenches, screwdrivers, sockets, pliers, ratchets, saws and cutting tools, pruning tools, torque measuring instruments and other similar products.
Power tools include pneumatic (air), cordless (battery) and corded (electric) tools such as impact wrenches, ratchets, chisels, drills, sanders, polishers and similar products.
Tool storage includes tool chests, roll cabinets and other similar products.
The majority of products are manufactured by Snap-on and, in completing the product line, other items are purchased from external manufacturers.
The diagnostics and repair information product category includes handheld and PC-based diagnostics products, service and repair information products, diagnostic software solutions, electronic parts catalogs, business management systems, point-of-sale systems, integrated systems for vehicle service shops, equipment repair services, OEM purchasing facilitation services, and warranty management systems and analytics to help dealerships manage and track performance.
Snap-on supports the sale of its diagnostics and vehicle service shop equipment by offering training
Snap-on’s long-term financing strategy is to maintain continuous access to the debt markets to accommodate its liquidity needs.
See Note 9 to the Consolidated Financial Statements for further information on Snap-on’s debt and credit facilities.
The following discussion focuses on information included in the accompanying Consolidated Statements of Cash Flow.
Cash flow provided from operating activities was $231.1 million in 2007, $203.4 million in 2006, and $221.1 million in 2005.
Depreciation expense was $53.5 million in 2007, $48.5 million in 2006 and $49.5 million in 2005.
The increase in depreciation from 2006 levels primarily reflects the impact of higher levels of capital spending in 2006 and 2007.
Capital expenditures were $61.9 million in 2007, $50.5 million in 2006 and $40.1 million in 2005.
Capital expenditures in all three years mainly reflect efficiency and cost-reduction capital investments, including the installation of new production equipment and machine tooling to enhance manufacturing and distribution operations, as well as ongoing replacements of manufacturing and distribution equipment.
Capital spending in 2006 and 2007 also included higher levels of spending to support the company’s strategic supply chain and other growth initiatives, including the expansion of the company’s manufacturing capabilities in lower-cost regions and emerging markets, and for the replacement and enhancement of its existing global enterprise resource planning (ERP) management information system, which will continue over a period of several years.
Snap-on believes that its cash generated from operations, as well as the funds available from its credit facilities, will be sufficient to fund the company’s capital expenditure requirements in 2008.
Amortization expense was $22.2 million in 2007, $3.4 million in 2006 and $2.7 million in 2005.
The increase in 2007 amortization expense is primarily due to the amortization of intangibles from the November 2006 acquisition of Business Solutions.
See Note 6 to the Consolidated Financial Statements for information on acquired intangible assets.
Snap-on has undertaken stock repurchases from time to time to offset dilution created by shares issued for employee and dealer stock purchase plans, stock options, and other corporate purposes, as well as to repurchase shares when the company believes market conditions are favorable.
In 2007, Snap-on repurchased 1,860,000 shares of common stock for $94.4 million under its previously announced share repurchase programs.
The cash used to repurchase shares of common stock was partially offset by $39.2 million of proceeds from stock purchase and option plan exercises and $6.0 million of related excess tax benefits.
As of December 29, 2007, Snap-on had remaining availability to repurchase up to an additional $116.8 million in common stock pursuant to the Board of Directors’ (“Board”) authorizations.
The purchase of Snap-on common stock is at the company’s discretion, subject to prevailing financial and market conditions.
Snap-on repurchased 2,616,618 shares of common stock for $109.8 million in 2006 and 912,100 shares of common stock for $32.1 million in 2005.
Snap-on believes that its cash generated from operations, as well as the funds available from its credit facilities, will be sufficient to fund the company’s share repurchases in 2008.
On October 3, 2005, Snap-on repaid its $100 million, 10-year, 6.625% unsecured notes upon their maturity.
The $100 million debt repayment was made with available cash on hand.
Snap-on has paid consecutive quarterly cash dividends, without interruption or reduction, since 1939.
Cash dividends paid in 2007, 2006 and 2005 totaled $64.8 million, $63.6 million and $57.8 million, respectively.
On November 1, 2007, the company announced that its Board increased the quarterly cash dividend by 11.1% to $0.30 per share ($1.20 per share per year).
At the beginning of fiscal 2006, the company’s Board increased the quarterly cash dividend by 8% to $0.27 per share ($1.08 per share per year).
## Table 1 ##
Snap-on believes that its cash generated from operations, as well as the funds available from its credit facilities, will be sufficient to pay dividends in 2008.
Off-Balance Sheet Arrangements Except as set forth below in the section labeled “Contractual Obligations and Commitments,” the company had no offbalance sheet arrangements as of December 29, 2007.
A summary of stock option activity as of December 29, 2007, is presented below:
## Table 2 ##
*Weighted-average The weighted-average grant date fair value of options granted was $12.17 in 2007, $10.16 in 2006, and $8.70 in 2005.
The intrinsic value of options exercised was $19.3 million in 2007, $29.7 million in 2006, and $8.5 million in 2005.
The fair value of stock options vested was $4.2 million in 2007, $3.5 million in 2006, and $3.7 million in 2005.
As of December 29, 2007, there was approximately $4.4 million of unrecognized compensation cost related to non-vested stock option compensation arrangements granted under the 2001 Plan that is expected to be recognized as a charge to earnings over a weighted-average period of 1.7 years.
Performance Awards Performance awards granted in 2007 under the 2001 Plan are earned over a contractual term of three years.
Vesting of the performance awards will be dependent upon performance relative to pre-defined goals for revenue growth and return on assets for the years 2007 through 2009.
Based on Snap-on’s performance relative to these goals, the recipient can earn up to 100% of the performance awards.
For performance achieved above a certain level, the recipient may earn additional cash awards not to exceed 50% of the number of performance awards initially granted.
Cash awards related to the 2007 performance shares represent the right to receive cash of $50.22 per unit, which was the fair market value of the performance awards at the date of grant.
Performance awards granted in 2006 under the 2001 Plan are earned over a contractual term of three years.
Vesting of the performance awards will be dependent upon performance relative to pre-defined goals for revenue growth and return on assets for the years 2006 through 2008.
Based on Snap-on’s performance relative to these goals, the recipient can earn up to 100% of the performance awards.
For performance achieved above a certain level, the recipient may earn additional cash awards not to exceed 50% of the number of performance awards initially granted.
Cash awards related to the 2006 performance shares represent the right to receive cash of $39.35 per unit, which was the fair market value of the performance awards at the date of grant.
Performance awards granted in 2005 under the 2001 Plan vested as of December 29, 2007.
Vesting of the awards was dependent upon performance relative to pre-defined goals for revenue growth and return on assets for the years 2005 through 2007.
Based on Snap-on’s performance relative to these goals, the recipient earned 100% of the performance awards with an equal number of cash units that represented the right to receive cash of $31.73 per unit, which was the stock price on the date of grant.
In addition, as performance was achieved above targeted levels, the recipients earned additional cash units equal to approximately 68% of the cash match.
The supplemental Operations data reflects the results of operations and financial position of Snap-on’s tools, diagnostic and equipment products, software and other non-financial services operations, with Financial Services on the equity method.
The supplemental Financial Services data reflects the results of operations and financial position of Snap-on’s U. S.  and international financial services operations.
The financing needs of Financial Services are met through intersegment borrowings and cash generated from Operations; Financial Services is charged interest expense on intersegment borrowings at market rates.
Income taxes are charged to Financial Services on the basis of the specific tax attributes generated by the U. S.  and international financial services businesses.
Transactions between the Operations and Financial Services businesses were eliminated to arrive at the Consolidated Financial Statements.
Supplemental Consolidating Data – Supplemental Statements of Earnings information for 2013, 2012 and 2011 is as follows:
## Table 3 ##
* Snap-on with Financial Services on the equity method.

Tables referenced above, in order (Table 0 first):
<table><tr><td> </td><td colspan="3"> Net Sales</td></tr><tr><td><i>(Amounts in millions)</i></td><td> 2007</td><td> 2006</td><td> 2005</td></tr><tr><td>Product Category:</td><td></td><td></td><td></td></tr><tr><td>Tools</td><td>$1,632.2</td><td>$1,453.1</td><td>$1,387.3</td></tr><tr><td>Diagnostics and repair information</td><td>647.6</td><td>499.5</td><td>405.8</td></tr><tr><td>Equipment</td><td>561.4</td><td>502.5</td><td>487.9</td></tr><tr><td></td><td>$2,841.2</td><td>$2,455.1</td><td>$2,281.0</td></tr></table>
<table><tr><td></td><td>2007</td><td>2006</td><td>2005</td></tr><tr><td>Cash dividends paid per common share</td><td>$1.11</td><td>$1.08</td><td>$1.00</td></tr><tr><td>Cash dividends paid as a percent of prior-year retained earnings</td><td>5.5%</td><td>5.6%</td><td>5.2%</td></tr></table>
<table><tr><td> </td><td>Shares (in millions)</td><td> Exercise Price per Share*</td><td> Remaining Contractual Term* <i>(in years)</i></td><td> Aggregate Intrinsic Value <i>(in millions)</i></td></tr><tr><td>Outstanding at December 30, 2006</td><td>2.8</td><td>$33.39</td><td></td><td></td></tr><tr><td>Granted</td><td>0.7</td><td>50.40</td><td></td><td></td></tr><tr><td>Exercised</td><td>-1.0</td><td>33.23</td><td></td><td></td></tr><tr><td>Forfeited or expired</td><td>-0.1</td><td>44.98</td><td></td><td></td></tr><tr><td>Outstanding at December 29, 2007</td><td>2.4</td><td>37.98</td><td>6.71</td><td>$25.3</td></tr><tr><td>Exercisable at December 29, 2007</td><td>1.5</td><td>32.40</td><td>5.44</td><td>23.3</td></tr></table>
<table><tr><td></td><td colspan="3">Operations*</td><td colspan="3">Financial Services</td></tr><tr><td><i>(Amounts in millions)</i></td><td>2013</td><td>2012</td><td>2011</td><td>2013</td><td>2012</td><td>2011</td></tr><tr><td>Net sales</td><td>$3,056.5</td><td>$2,937.9</td><td>$2,854.2</td><td>$–</td><td>$–</td><td>$–</td></tr><tr><td>Cost of goods sold</td><td>-1,583.6</td><td>-1,547.9</td><td>-1,516.3</td><td>–</td><td>–</td><td>–</td></tr><tr><td>Gross profit</td><td>1,472.9</td><td>1,390.0</td><td>1,337.9</td><td>–</td><td>–</td><td>–</td></tr><tr><td>Operating expenses</td><td>-1,012.4</td><td>-980.3</td><td>-953.7</td><td>–</td><td>–</td><td>–</td></tr><tr><td>Operating earnings before financial services</td><td>460.5</td><td>409.7</td><td>384.2</td><td>–</td><td>–</td><td>–</td></tr><tr><td>Financial services revenue</td><td>–</td><td>–</td><td>–</td><td>181.0</td><td>161.3</td><td>124.3</td></tr><tr><td>Financial services expenses</td><td>–</td><td>–</td><td>–</td><td>-55.3</td><td>-54.6</td><td>-51.4</td></tr><tr><td>Operating earnings from financial services before arbitration settlement</td><td>–</td><td>–</td><td>–</td><td>125.7</td><td>106.7</td><td>72.9</td></tr><tr><td>Arbitration settlement</td><td>–</td><td>–</td><td>–</td><td>–</td><td>–</td><td>18.0</td></tr><tr><td>Operating earnings from financial services</td><td>–</td><td>–</td><td>–</td><td>125.7</td><td>106.7</td><td>90.9</td></tr><tr><td>Operating earnings</td><td>460.5</td><td>409.7</td><td>384.2</td><td>125.7</td><td>106.7</td><td>90.9</td></tr><tr><td>Interest expense</td><td>-54.6</td><td>-54.0</td><td>-60.0</td><td>-1.5</td><td>-1.8</td><td>-1.2</td></tr><tr><td>Intersegment interest income (expense) – net</td><td>47.7</td><td>42.4</td><td>35.8</td><td>-47.7</td><td>-42.4</td><td>-35.8</td></tr><tr><td>Other income (expense) – net</td><td>-4.0</td><td>-0.4</td><td>-1.0</td><td>0.1</td><td>–</td><td>–</td></tr><tr><td>Earnings before income taxes and equity earnings</td><td>449.6</td><td>397.7</td><td>359.0</td><td>76.6</td><td>62.5</td><td>53.9</td></tr><tr><td>Income tax expense</td><td>-138.6</td><td>-125.3</td><td>-113.9</td><td>-28.1</td><td>-22.9</td><td>-19.8</td></tr><tr><td>Earnings before equity earnings</td><td>311.0</td><td>272.4</td><td>245.1</td><td>48.5</td><td>39.6</td><td>34.1</td></tr><tr><td>Financial services – net earnings attributable to Snap-on</td><td>48.5</td><td>39.6</td><td>34.1</td><td>–</td><td>–</td><td>–</td></tr><tr><td>Equity earnings, net of tax</td><td>0.2</td><td>2.6</td><td>4.6</td><td>–</td><td>–</td><td>–</td></tr><tr><td>Net earnings</td><td>359.7</td><td>314.6</td><td>283.8</td><td>48.5</td><td>39.6</td><td>34.1</td></tr><tr><td>Net earnings attributable to noncontrolling interests</td><td>-9.4</td><td>-8.5</td><td>-7.5</td><td>–</td><td>–</td><td>–</td></tr><tr><td>Net earnings attributable to Snap-on</td><td>$350.3</td><td>$306.1</td><td>$276.3</td><td>$48.5</td><td>$39.6</td><td>$34.1</td></tr></table>

Question: What's the current growth rate of Financial services revenue for financial services? (in %)
Answer: 0.12213
Reasoning program: subtract(181,161.3), divide(#0,161.3)