NEW BRITAIN, Conn.,
Jan. 28, 2021 /PRNewswire/
-- Stanley Black & Decker (NYSE: SWK) today
announced fourth quarter and full year 2020 financial results.
- 4Q'20 Revenues Totaled $4.4
Billion, Up 19% Versus Prior Year Inclusive Of 16% Organic
Growth
- 4Q'20 Gross Margin Rate Was 35.3%; Excluding Charges, 4Q'20
Gross Margin Rate Was 35.6% Up 390 Basis Points Versus Prior
Year
- 4Q'20 Operating Margin Rate Was 15.6%; Excluding Charges 4Q'20
Operating Margin Rate Was A 4Q Record 16.5%, Up 290 Basis Points
Versus Prior Year
- 4Q'20 Diluted GAAP EPS Was $2.88;
Excluding Charges, 4Q'20 Diluted EPS Was $3.29, Up 51% Versus Prior Year
- Full Year Revenues Totaled $14.5
Billion, Up 1% Versus Prior Year, As 10% Second Half Organic
Growth And Acquisitions More Than Offset First Half
Pandemic-Related Market Impacts
- Full Year Gross Margin Rate Was 34.2%; Excluding Charges, Full
Year Gross Margin Rate Was 34.7%, Up 120 Basis Points Versus Prior
Year Aided By Productivity, Margin Resiliency Initiatives And Price
Realization
- Full Year Operating Margin Rate Was 12.9%; Excluding Charges,
Full Year Operating Margin Rate Was 14.6%, Up 110 Basis Points
Versus Prior Year, Led By Gross Margin Expansion And Cost
Control
- Full Year Diluted GAAP EPS Was $7.77; Excluding Charges, Full Year Diluted EPS
Was $9.04, Up 8% Versus Prior
Year
- Full Year Free Cash Flow Was A Record $1.7 Billion, Up 55% Versus Prior Year And 136%
Of Net Income
- Guiding 2021 Full Year Diluted GAAP EPS Of $9.15 To $9.85;
Adjusted EPS Of $9.70 - $10.30; Free Cash Flow Conversion To Approximate
Net Income
4Q'20 Key Points:
- Net sales for the quarter were $4.4
billion, up 19% versus prior year from volume (+15%), price
(+1%), acquisitions (+2%) and currency (+1%).
- The gross margin rate for the quarter was 35.3%. Excluding
charges, the rate was 35.6%, up 390 basis points from prior year as
volume, productivity, cost management and price more than offset
increased operating costs related to the pandemic.
- SG&A expenses were 19.7% of sales. Excluding charges,
SG&A expenses were 19.0% of sales compared to 18.1% in 4Q'19,
reflecting the benefits of cost management programs offset by
higher variable compensation costs related to the strong
performance and growth investments.
- The tax rate was 12.5%. Excluding charges, tax rate was 13.6%
versus 15.8% in 4Q'19.
- Working capital turns for the quarter were 10.4, up 0.6 turns
versus prior year, reflecting the strong revenue performance.
Stanley Black & Decker's
President & CEO, James M. Loree,
commented, "Today's report is a resounding affirmation of our
commitment to purpose-driven performance. We have built a
great company, anchored by a supportive, people-oriented culture
and grounded in a dedication to performance, innovation and social
responsibility. Our fourth quarter and full year 2020 results
attest to the fact that this formula is a winning one for the
2020s. In 2020, we demonstrated that corporations like ours,
which put people first and strive to have a positive impact on all
stakeholders and society at large, offer superior resilience in
volatile and uncertain times, thus benefiting our shareholders
through outstanding growth, cash flow, margin expansion and
ESG.
"We are excited to turn the page on 2020 and we enter 2021 with
optimism and a company that is running on all cylinders and gaining
momentum. Despite challenging second half comparables, our
2021 outlook calls for positive organic growth, 11% adjusted EPS
growth at the midpoint and another strong free cash flow
performance. Our current planning assumption calls for the
exercise of our MTD option and the addition of up to $3 billion of revenue in 2022, an exciting new
growth driver which provides both a substantial boost to EPS
accretion and a great expansion platform for years to come.
"In closing, I want to thank each and every one of our 53,000
employees. Their heroic performance in 2020 was exemplary,
protecting the health and safety of colleagues, ensuring continuous
operation of our factories and DCs, serving our customers who make
the world and giving back to our communities. These
extraordinary people made the difference in overcoming the
challenges of 2020 and producing this exceptional outcome."
4Q'20 Segment Results
($ in M)
|
|
|
Sales
|
Profit
|
Charges1
|
Profit Ex- Charges1
|
Profit Rate
|
Profit Rate Ex-
Charges1
|
|
|
|
|
|
|
|
Tools &
Storage
|
$3,258
|
$664.7
|
$9.3
|
$674.0
|
20.4%
|
20.7%
|
|
|
|
|
|
|
|
Industrial
|
$658
|
$88.9
|
$7.7
|
$96.6
|
13.5%
|
14.7%
|
|
|
|
|
|
|
|
Security
|
$492
|
$39.3
|
$16.0
|
$55.3
|
8.0%
|
11.2%
|
1 See
Merger And Acquisition ("M&A") Related And Other Charges
On Page 5
|
- Tools & Storage organic sales increased 25% versus 4Q'19
due to volume (+23%) and price (+2%). Organic revenues across all
regions benefited from the consumer reconnection with the home and
garden, positive eCommerce trends, a strong holiday season and a
robust lineup of new and innovative products, with North America +27%, Europe +18% and emerging markets +22%.
North America growth was led by a
strong performance in retail which was coupled with positive growth
in both the commercial and industrial channels. Exceptionally
strong point-of-sale demand in U.S. retail continued through the
end of 2020 and retailer inventory ended the year significantly
below 4Q'19 levels. Europe
achieved growth in all regions with a strong performance in retail
brick and mortar and eCommerce channels. Emerging market growth was
driven by strong construction-related demand led by Latin America, Russia, India
and South Korea. The Tools &
Storage segment profit rate, excluding charges, was 20.7%, up 420
basis points versus 4Q'19, as volume, productivity, cost control
and price were partially offset by new growth investments.
- Industrial net sales grew 10% versus 4Q'19 as the CAM
acquisition (+11%) and currency (+2%) were partially offset by
lower volume (-2%) and a divestiture of a product line in Oil &
Gas (-1%). Engineered Fastening organic revenues were down 2% as
strong automotive fastener growth was offset by an improved, but
still declining, general industrial market and lower systems
volumes. Infrastructure organic revenues were down 5% as modest
growth in Attachment Tools was offset by reduced pipeline
construction activity in oil & gas. The overall Industrial
segment profit rate, excluding charges, was 14.7%, up 110 basis
points from 4Q'19, as the unfavorable impact from lower volume was
more than offset by the benefits from productivity and
restructuring.
- Security net sales decreased 3% versus 4Q'19 as currency (+3%),
price (+1%) and acquisitions (+1%) were partially offset by
divestitures (-3%) and volume (-5%). North America declined 5% primarily due to
lower installations in automatic doors, the still-improving market
in commercial electronic security and a difficult comparable from
2019. This was partially offset by double digit growth in
healthcare as the new health and safety growth initiatives ramped
up during the quarter. Europe was
down 1% organically as growth in France was offset by lower volume in the UK
related to the pandemic. The executable backlog remains healthy
which should enable a return to organic growth in the first half of
2021. Overall Security segment profit rate, excluding charges, was
11.2%, flat versus the prior year rate, as price and cost control
offset the impact from lower volume and growth investments. The
gross margin rate in Security expanded 230 basis points versus
4Q'19.
2021 Outlook
Donald Allan Jr., Executive Vice
President and CFO, commented, "In 2020, we were proactive in
preparing our cost base for the pandemic and the organization
remained agile to capture revenue opportunities resulting from
quickly improving markets which resulted in a historic financial
performance. Most notably we delivered 10% organic revenue
growth in the second half along with full year gross and operating
margin rate expansion, 8% EPS growth and a record free cash flow
performance. It was a rewarding end to a year that was
difficult on so many dimensions for our employees and the Company.
We have prepared the businesses to emerge successfully from this
economic disruption and we have a strong setup for growth in
2021."
Improving visibility has enabled management to reinstate
guidance for 2021, although a wider than historical range has been
provided to account for an operating environment that remains
dynamic. The Company expects 2021 EPS to be $9.15 To $9.85 on a
GAAP basis and $9.70 - $10.30 on an adjusted basis. Free cash flow
conversion is expected to approximate GAAP Net Income.
Management will discuss its 2021 planning assumptions on today's
earnings call.
Allan continued, "We plan to leverage our portfolio of growth
catalysts to gain share as markets continue to improve and are
focused on leveraging our cost actions to deliver margin
expansion. In addition, the margin resiliency program remains
in place to protect against unforeseen changes in the external
environment or to support additional margin improvement or growth
investments going forward.
"We believe the Company is well positioned to deliver sustained
above-market organic growth, operating margin expansion, strong
free cash flow generation and top-quartile shareholder returns over
the long-term."
The difference between 2021 GAAP and adjusted EPS guidance is
$0.45 - $0.55, consisting of acquisition-related and
other charges. These forecasted charges primarily relate to
facility moves, deal and integration costs and functional
transformation initiatives.
Merger And Acquisition ("M&A") Related And Other
Charges
Total pre-tax M&A related and other charges in 4Q'20 were
$79.5 million, primarily related to
charges related to the extinguishment of debt, Security business
transformation and margin resiliency initiatives, partially offset
by a release of a contingent consideration liability relating to
the CAM acquisition. Gross margin included $12.5 million of these charges while SG&A
included $31.1 million. Other, net
and Restructuring included $14.0
million and $8.4 million of
these charges, respectively. M&A related and other charges in
4Q'20 also included a net pre-tax loss of $13.5 million related to divestitures.
Share of net earnings of equity method investment included
$2.9 million of charges.
The Company will host a conference call with investors today,
January 28, 2021, at 8:00 am ET. A slide presentation which will
accompany the call will be available at
www.stanleyblackanddecker.com and will remain available after the
call.
The call will be accessible by telephone within the U.S. at
(877) 930-8285, from outside the U.S. at +1 (253) 336-8297, and via
the Internet at www.stanleyblackanddecker.com. To participate,
please register on the website at least fifteen minutes prior to
the call and download and install any necessary audio
software. Please use the conference identification number
1279868. A replay will also be available two hours after the call
and can be accessed at (855) 859-2056 or +1 (404) 537-3406 using
the passcode 1279868. The replay will also be available as a
podcast within 24 hours and can be accessed on our website and via
iTunes.
Stanley Black & Decker, an
S&P 500 company, is a diversified global provider of hand
tools, power tools and related accessories, electronic security
solutions, healthcare solutions, engineered fastening systems, and
more. Learn more at www.stanleyblackanddecker.com.
Investor Contacts:
Dennis Lange
Vice President, Investor Relations
dennis.lange@sbdinc.com
(860) 827-3833
Cort Kaufman
Director, Investor Relations
cort.kaufman@sbdinc.com
(860) 515-2741
Media Contacts:
Shannon Lapierre
Vice President, Communications & Public Relations
shannon.lapierre@sbdinc.com
(860) 827-3575
Organic sales growth is defined as total sales growth less the
sales of companies acquired and divested in the past twelve months
and any foreign currency impacts. Operating margin is defined as
sales less cost of sales and selling, general and administrative
expenses. Management uses operating margin and its percentage
of net sales as key measures to assess the performance of the
Company as a whole, as well as the related measures at the segment
level. Free cash flow is defined as cash flow from operations less
capital and software expenditures. Management considers free cash
flow an important indicator of its liquidity, as well as its
ability to fund future growth and to provide a return to the
shareowners. Free cash flow does not include deductions for
mandatory debt service, other borrowing activity, discretionary
dividends on the Company's common and preferred stock and business
acquisitions, among other items. Free cash flow conversion is
defined as free cash flow divided by net income. The
normalized statement of operations and business segment
information, as reconciled to GAAP on pages 12 through 15, is
considered relevant to aid analysis of the Company's margin and
earnings results aside from the material impact of the M&A
related and other charges.
CAUTIONARY STATEMENTS
Under the Private Securities Litigation Reform Act of 1995
This document contains "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
All statements other than statements of historical fact are
"forward-looking statements" for purposes of federal and state
securities laws, including any projections or guidance of earnings,
revenue or other financial items; any statements of the plans,
strategies and objectives of management for future operations; any
statements concerning proposed new products, services or
developments; any statements regarding future economic conditions
or performance; any statements of belief; and any statements of
assumptions underlying any of the foregoing. Forward-looking
statements may include, among other, the words "may," "will,"
"estimate," "intend," "continue," "believe," "expect," "anticipate"
or any other similar words.
Although the Company believes that the expectations reflected in
any of its forward-looking statements are reasonable, actual
results could differ materially from those projected or assumed in
any of its forward-looking statements. The Company's future
financial condition and results of operations, as well as any
forward-looking statements, are subject to change and to inherent
risks and uncertainties, such as those disclosed or incorporated by
reference in the Company's filings with the Securities and Exchange
Commission.
Important factors that could cause the Company's actual results,
performance and achievements, or industry results to differ
materially from estimates or projections contained in its
forward-looking statements include, among others, the following:
(i) successfully developing, marketing and achieving sales from new
products and services and the continued acceptance of current
products and services; (ii) macroeconomic factors, including global
and regional business conditions (such as Brexit), commodity
prices, inflation, and currency exchange rates; (iii) laws,
regulations and governmental policies affecting the Company's
activities in the countries where it does business, including those
related to tariffs, taxation, and trade controls; (iv) the economic
environment of emerging markets, particularly Latin America, Russia, China
and Turkey; (v) realizing the
anticipated benefits of mergers, acquisitions, joint ventures,
strategic alliances or divestitures, including the successful
integration of the CAM acquisition into the Company; (vi) pricing
pressure and other changes within competitive markets; (vii)
availability and price of raw materials, component parts, freight,
energy, labor and sourced finished goods; (viii) the impact the
tightened credit markets may have on the Company or its customers
or suppliers; (ix) the extent to which the Company has to write off
accounts receivable or assets or experiences supply chain
disruptions in connection with bankruptcy filings by customers or
suppliers; (x) the Company's ability to identify and effectively
execute productivity improvements and cost reductions; (xi)
potential business and distribution disruptions, including those
related to physical security threats, information technology or
cyber-attacks, epidemics, pandemics, sanctions or natural
disasters; (xii) the continued effects of COVID-19 and an
indeterminate recovery period and the related impact on the
Company's liquidity and operations, including demand for its
products, as well as the effectiveness of the Company's associated
cost-saving measures; (xiii) the continued consolidation of
customers, particularly in consumer channels; (xiv) managing
franchisee relationships; (xv) the impact of poor weather
conditions; (xvi) maintaining or improving production rates in the
Company's manufacturing facilities, responding to significant
changes in product demand and fulfilling demand for new and
existing products; (xvii) changes in the competitive landscape in
the Company's markets; (xviii) the Company's non-U.S. operations,
including sales to non-U.S. customers; (xix) the impact from demand
changes within world-wide markets associated with homebuilding and
remodeling; (xx) potential adverse developments in new or pending
litigation and/or government investigations; (xxi) changes in the
Company's ability to obtain debt on commercially reasonable terms
and at competitive rates; (xxii) substantial pension and other
postretirement benefit obligations; (xxiii) potential environmental
liabilities; (xxiv) attracting and retaining key employees,
managing a workforce in many jurisdictions, work stoppages or other
labor disruptions; and (xxv) changes in accounting estimates.
Additional factors that could cause actual results to differ
materially from forward-looking statements are set forth in the
Annual Report on Form 10-K and in the Quarterly Report on Form
10-Q, including under the heading "Risk Factors," "Management's
Discussion and Analysis of Financial Condition and Results of
Operations" and in the Consolidated Financial Statements and the
related Notes.
Forward-looking statements in this press release speak only as
of the date hereof, and forward-looking statements in documents
attached that are incorporated by reference speak only as of the
date of those documents. The Company does not undertake any
obligation to update or release any revisions to any
forward-looking statement or to report any events or circumstances
after the date hereof or to reflect the occurrence of unanticipated
events, except as required by law.
STANLEY BLACK
& DECKER, INC. AND SUBSIDIARIES
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
(Unaudited,
Millions of Dollars Except Per Share Amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FOURTH
QUARTER
|
|
YEAR-TO-DATE
|
|
|
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
SALES
|
|
$
4,407.6
|
|
$
3,714.2
|
|
$
14,534.6
|
|
$
14,442.2
|
|
|
|
|
|
|
|
|
|
|
|
|
COSTS AND
EXPENSES
|
|
|
|
|
|
|
|
|
|
|
Cost of
sales
|
|
2,851.8
|
|
2,553.6
|
|
9,566.7
|
|
9,636.7
|
|
|
Gross
margin
|
|
1,555.8
|
|
1,160.6
|
|
4,967.9
|
|
4,805.5
|
|
|
% of Net
Sales
|
|
35.3%
|
|
31.2%
|
|
34.2%
|
|
33.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative
|
|
870.2
|
|
723.7
|
|
3,089.6
|
|
3,041.0
|
|
|
% of Net
Sales
|
|
19.7%
|
|
19.5%
|
|
21.3%
|
|
21.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
margin
|
|
685.6
|
|
436.9
|
|
1,878.3
|
|
1,764.5
|
|
|
% of Net
Sales
|
|
15.6%
|
|
11.8%
|
|
12.9%
|
|
12.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other -
net
|
|
73.6
|
|
84.4
|
|
309.7
|
|
267.0
|
|
|
Loss (gain) on sales
of businesses
|
|
13.5
|
|
0.2
|
|
13.5
|
|
(17.0)
|
|
|
Restructuring
charges
|
|
8.4
|
|
62.9
|
|
83.0
|
|
154.1
|
|
|
Income from
operations
|
|
590.1
|
|
289.4
|
|
1,472.1
|
|
1,360.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest -
net
|
|
50.0
|
|
52.6
|
|
205.1
|
|
230.4
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS BEFORE
INCOME TAXES AND EQUITY INTEREST
|
540.1
|
|
236.8
|
|
1,267.0
|
|
1,130.0
|
|
|
Income tax
expense
|
|
67.4
|
|
25.3
|
|
41.4
|
|
160.8
|
|
NET EARNINGS
BEFORE EQUITY INTEREST
|
|
472.7
|
|
211.5
|
|
1,225.6
|
|
969.2
|
|
|
Share of net (losses)
earnings of equity method investment
|
(5.0)
|
|
(12.4)
|
|
9.1
|
|
(11.2)
|
|
NET
EARNINGS
|
|
467.7
|
|
199.1
|
|
1,234.7
|
|
958.0
|
|
|
Less: Net earnings
attributable to non-controlling interests
|
0.4
|
|
-
|
|
0.9
|
|
2.2
|
|
NET EARNINGS
ATTRIBUTABLE TO STANLEY BLACK & DECKER, INC.
|
467.3
|
|
199.1
|
|
1,233.8
|
|
955.8
|
|
|
Less: Preferred stock
dividends
|
|
9.3
|
|
-
|
|
23.4
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
NET EARNINGS
ATTRIBUTABLE TO COMMON SHAREOWNERS
|
$
458.0
|
|
$
199.1
|
|
$
1,210.4
|
|
$
955.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS PER
SHARE OF COMMON STOCK
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
2.92
|
|
$
1.34
|
|
$
7.85
|
|
$
6.44
|
|
|
Diluted
|
|
$
2.88
|
|
$
1.32
|
|
$
7.77
|
|
$
6.35
|
|
|
|
|
|
|
|
|
|
|
|
|
DIVIDENDS PER
SHARE OF COMMON STOCK
|
|
$
0.70
|
|
$
0.69
|
|
$
2.78
|
|
$
2.70
|
|
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED-AVERAGE SHARES OUTSTANDING (in
thousands)
|
|
|
|
|
|
|
|
|
|
Basic
|
|
156,866
|
|
149,016
|
|
154,176
|
|
148,365
|
|
|
Diluted
|
|
159,284
|
|
151,244
|
|
155,861
|
|
150,558
|
|
|
|
|
|
|
STANLEY BLACK
& DECKER, INC. AND SUBSIDIARIES
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(Unaudited,
Millions of Dollars)
|
|
|
|
|
|
|
|
|
|
January
2,
|
|
December
28,
|
|
|
|
2021
|
|
2019
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
1,381.0
|
|
$
297.7
|
|
Accounts and notes
receivable, net
|
|
1,512.2
|
|
1,454.6
|
|
Inventories,
net
|
|
2,737.4
|
|
2,255.0
|
|
Other current
assets
|
|
405.4
|
|
449.3
|
|
Total current assets
|
|
6,036.0
|
|
4,456.6
|
|
Property, plant and
equipment, net
|
|
2,053.8
|
|
1,959.5
|
|
Goodwill and other
intangibles, net
|
|
14,093.5
|
|
12,859.5
|
|
Other
assets
|
|
1,383.0
|
|
1,321.0
|
|
Total assets
|
|
$
23,566.3
|
|
$
20,596.6
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREOWNERS' EQUITY
|
|
|
|
|
Short-term
borrowings
|
|
$
1.5
|
|
$
337.3
|
|
Current maturities of
long-term debt
|
|
-
|
|
3.1
|
|
Accounts
payable
|
|
2,446.4
|
|
2,087.8
|
|
Accrued
expenses
|
|
2,110.4
|
|
1,977.5
|
|
Total current liabilities
|
|
4,558.3
|
|
4,405.7
|
|
Long-term
debt
|
|
4,245.4
|
|
3,176.4
|
|
Other long-term
liabilities
|
|
3,696.2
|
|
3,872.3
|
|
Stanley Black &
Decker, Inc. shareowners' equity
|
11,059.6
|
|
9,136.3
|
|
Non-controlling
interests' equity
|
|
6.8
|
|
5.9
|
|
Total liabilities and shareowners' equity
|
$
23,566.3
|
|
$
20,596.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STANLEY
BLACK & DECKER, INC. AND SUBSIDIARIES
|
SUMMARY OF CASH
FLOW ACTIVITY
|
(Unaudited,
Millions of Dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FOURTH
QUARTER
|
|
YEAR-TO-DATE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
OPERATING
ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
Net
earnings
|
|
|
$
467.7
|
|
$
199.1
|
|
$
1,234.7
|
|
$
958.0
|
|
|
Depreciation and
amortization
|
|
|
147.0
|
|
139.8
|
|
578.1
|
|
560.2
|
|
|
Loss (gain) on sales
of businesses
|
|
|
13.5
|
|
0.2
|
|
13.5
|
|
(17.0)
|
|
|
Share of net losses
(earnings) of equity method investment
|
|
|
5.0
|
|
12.4
|
|
(9.1)
|
|
11.2
|
|
|
Changes in working
capital1
|
|
|
536.5
|
|
974.1
|
|
(131.0)
|
|
114.9
|
|
|
Other
|
|
|
|
252.2
|
|
(82.3)
|
|
335.9
|
|
(121.6)
|
|
|
Net cash provided
by operating activities
|
|
|
1,421.9
|
|
1,243.3
|
|
2,022.1
|
|
1,505.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INVESTING AND
FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
Capital and software
expenditures
|
|
|
(138.6)
|
|
(141.2)
|
|
(348.1)
|
|
(424.7)
|
|
|
Sales of
assets
|
|
|
12.5
|
|
94.9
|
|
19.9
|
|
100.1
|
|
|
Proceeds (payments)
from sales of businesses, net of cash sold
|
|
|
59.1
|
|
(0.1)
|
|
59.1
|
|
76.6
|
|
|
Business
acquisitions, net of cash acquired
|
|
|
(23.8)
|
|
(3.2)
|
|
(1,324.4)
|
|
(685.4)
|
|
|
Purchases of
investments
|
|
|
(4.1)
|
|
(2.0)
|
|
(18.7)
|
|
(260.6)
|
|
|
Net investment hedge
settlements
|
|
|
-
|
|
(7.2)
|
|
41.0
|
|
8.0
|
|
|
Payments on long-term
debt
|
|
|
(1,154.3)
|
|
(750.0)
|
|
(1,154.3)
|
|
(1,150.0)
|
|
|
Proceeds from debt
issuances, net of fees
|
|
|
739.9
|
|
-
|
|
2,222.5
|
|
496.2
|
|
|
Stock purchase
contract fees
|
|
|
(9.9)
|
|
(10.0)
|
|
(59.8)
|
|
(40.3)
|
|
|
Net short-term
repayments
|
|
|
(0.8)
|
|
(1,136.0)
|
|
(342.6)
|
|
(18.1)
|
|
|
Premium paid on
equity options
|
|
|
-
|
|
(19.2)
|
|
-
|
|
(19.2)
|
|
|
Premium paid on debt
extinguishment
|
|
|
(48.7)
|
|
-
|
|
(48.7)
|
|
-
|
|
|
Proceeds from
issuance of preferred stock
|
|
|
-
|
|
735.0
|
|
-
|
|
735.0
|
|
|
Proceeds from
issuances of common stock
|
|
|
53.2
|
|
99.9
|
|
897.0
|
|
146.0
|
|
|
Purchases of common
stock for treasury
|
|
|
(15.0)
|
|
(15.6)
|
|
(26.2)
|
|
(27.5)
|
|
|
Craftsman deferred
purchase price
|
|
|
-
|
|
-
|
|
(250.0)
|
|
-
|
|
|
Craftsman contingent
consideration
|
|
|
(6.9)
|
|
-
|
|
(45.9)
|
|
-
|
|
|
CAM contingent
consideration
|
|
|
(94.4)
|
|
-
|
|
(94.4)
|
|
-
|
|
|
Termination of
forward starting interest rate swaps
|
|
|
-
|
|
-
|
|
(20.5)
|
|
(1.0)
|
|
|
Cash dividends on
common stock
|
|
|
(110.8)
|
|
(104.4)
|
|
(431.8)
|
|
(402.0)
|
|
|
Cash dividends on
preferred stock
|
|
|
(9.4)
|
|
-
|
|
(18.8)
|
|
-
|
|
|
Effect of exchange
rate changes on cash
|
|
|
30.7
|
|
19.0
|
|
22.8
|
|
(1.4)
|
|
|
Other
|
|
|
|
1.6
|
|
(13.0)
|
|
(16.5)
|
|
(34.2)
|
|
|
Net cash used in
investing and financing activities
|
|
|
(719.7)
|
|
(1,253.1)
|
|
(938.4)
|
|
(1,502.5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase
(decrease) in cash, cash equivalents and restricted
cash
|
|
|
702.2
|
|
(9.8)
|
|
1,083.7
|
|
3.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash, cash
equivalents and restricted cash, beginning of period
|
|
|
696.1
|
|
324.4
|
|
314.6
|
|
311.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash, cash
equivalents and restricted cash, end of period
|
|
|
$
1,398.3
|
|
$
314.6
|
|
$
1,398.3
|
|
$
314.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Free Cash Flow
Computation2
|
|
|
|
|
|
|
|
|
|
|
Operating cash
flow
|
|
|
$
1,421.9
|
|
$
1,243.3
|
|
$
2,022.1
|
|
$
1,505.7
|
|
Less: capital and
software expenditures
|
|
|
(138.6)
|
|
(141.2)
|
|
(348.1)
|
|
(424.7)
|
|
Free cash flow
(before dividends)
|
|
|
$
1,283.3
|
|
$
1,102.1
|
|
$
1,674.0
|
|
$
1,081.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Cash, Cash Equivalents and Restricted Cash
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
January 2,
2021
|
|
December 28,
2019
|
|
Cash and cash
equivalents
|
|
|
|
|
|
|
$
1,381.0
|
|
$
297.7
|
|
Restricted cash
included in Other current assets
|
|
|
|
|
|
|
17.3
|
|
16.9
|
|
Cash, cash
equivalents and restricted cash
|
|
|
|
|
|
|
$
1,398.3
|
|
$
314.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
|
Working capital is
comprised of accounts receivable, inventory, accounts payable and
deferred revenue.
|
2
|
Free cash flow is
defined as cash flow from operations less capital and software
expenditures. Management considers free cash flow an important
measure of its liquidity, as well as its ability to fund future
growth and to provide a return to the shareowners. Free cash flow
does not include deductions for mandatory debt service, other
borrowing activity, discretionary dividends on the Company's common
and preferred stock and business acquisitions, among other
items.
|
STANLEY BLACK
& DECKER, INC. AND SUBSIDIARIES
|
BUSINESS SEGMENT
INFORMATION
|
(Unaudited,
Millions of Dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FOURTH
QUARTER
|
|
YEAR-TO-DATE
|
|
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
|
|
|
|
|
NET
SALES
|
|
|
|
|
|
|
|
|
|
Tools &
Storage
|
|
$
3,257.6
|
|
$
2,609.8
|
|
$
10,329.7
|
|
$
10,062.1
|
|
Industrial
|
|
657.9
|
|
597.1
|
|
2,352.7
|
|
2,434.7
|
|
Security
|
|
492.1
|
|
507.3
|
|
1,852.2
|
|
1,945.4
|
|
Total
|
|
$
4,407.6
|
|
$
3,714.2
|
|
$
14,534.6
|
|
$
14,442.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEGMENT
PROFIT
|
|
|
|
|
|
|
|
|
|
Tools &
Storage
|
|
$
664.7
|
|
$
417.4
|
|
$
1,841.7
|
|
$
1,533.3
|
|
Industrial
|
|
88.9
|
|
77.7
|
|
225.6
|
|
334.1
|
|
Security
|
|
39.3
|
|
16.0
|
|
108.7
|
|
126.6
|
|
Segment
Profit
|
|
792.9
|
|
511.1
|
|
2,176.0
|
|
1,994.0
|
|
Corporate
Overhead
|
|
(107.3)
|
|
(74.2)
|
|
(297.7)
|
|
(229.5)
|
|
Total
|
|
$
685.6
|
|
$
436.9
|
|
$
1,878.3
|
|
$
1,764.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment Profit
as a Percentage of Net Sales
|
|
|
|
|
|
|
|
|
|
Tools &
Storage
|
|
20.4%
|
|
16.0%
|
|
17.8%
|
|
15.2%
|
|
Industrial
|
|
13.5%
|
|
13.0%
|
|
9.6%
|
|
13.7%
|
|
Security
|
|
8.0%
|
|
3.2%
|
|
5.9%
|
|
6.5%
|
|
Segment
Profit
|
|
18.0%
|
|
13.8%
|
|
15.0%
|
|
13.8%
|
|
Corporate
Overhead
|
|
(2.4%)
|
|
(2.0%)
|
|
(2.0%)
|
|
(1.6%)
|
|
Total
|
|
15.6%
|
|
11.8%
|
|
12.9%
|
|
12.2%
|
STANLEY BLACK
& DECKER, INC. AND SUBSIDIARIES
|
RECONCILIATION OF
GAAP EARNINGS FINANCIAL MEASURES TO CORRESPONDING
|
NON-GAAP FINANCIAL
MEASURES
|
(Unaudited,
Millions of Dollars Except Per Share Amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
FOURTH QUARTER
2020
|
|
|
|
|
Reported
|
|
Acquisition-
Related Charges
& Other1
|
|
Normalized3
|
|
|
|
|
|
|
|
|
|
|
|
Gross
margin
|
|
$
1,555.8
|
|
$
12.5
|
|
$
1,568.3
|
|
|
% of Net
Sales
|
|
35.3%
|
|
|
|
35.6%
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative
|
|
870.2
|
|
(31.1)
|
|
839.1
|
|
|
% of Net
Sales
|
|
19.7%
|
|
|
|
19.0%
|
|
|
|
|
|
|
|
|
|
|
|
Operating
margin
|
|
685.6
|
|
43.6
|
|
729.2
|
|
|
% of Net
Sales
|
|
15.6%
|
|
|
|
16.5%
|
|
|
|
|
|
|
|
|
|
|
|
Earnings before
income taxes and equity interest
|
540.1
|
|
79.5
|
|
619.6
|
|
|
|
|
|
|
|
|
|
|
|
Income
taxes
|
|
67.4
|
|
16.8
|
|
84.2
|
|
|
|
|
|
|
|
|
|
|
|
Share of net losses
of equity method investment
|
(5.0)
|
|
2.9
|
|
(2.1)
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings
attributable to common shareowners
|
458.0
|
|
65.6
|
|
523.6
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
share of common stock
|
$
2.88
|
|
$
0.41
|
|
$
3.29
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
|
Acquisition-related
charges and other relate primarily to charges related to the
extinguishment of debt, a net loss on the sales of businesses,
Security business transformation and margin resiliency initiatives,
partially offset by a release of a contingent consideration
liability relating to the CAM acquisition.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FOURTH QUARTER
2019
|
|
|
|
|
Reported
|
|
Acquisition-
Related Charges
& Other2
|
|
Normalized3
|
|
|
|
|
|
|
|
|
|
|
|
Gross
margin
|
|
$
1,160.6
|
|
$
17.3
|
|
$
1,177.9
|
|
|
% of Net
Sales
|
|
31.2%
|
|
|
|
31.7%
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative
|
|
723.7
|
|
(52.6)
|
|
671.1
|
|
|
% of Net
Sales
|
|
19.5%
|
|
|
|
18.1%
|
|
|
|
|
|
|
|
|
|
|
|
Operating
margin
|
|
436.9
|
|
69.9
|
|
506.8
|
|
|
% of Net
Sales
|
|
11.8%
|
|
|
|
13.6%
|
|
|
|
|
|
|
|
|
|
|
|
Earnings before
income taxes and equity interest
|
236.8
|
|
164.0
|
|
400.8
|
|
|
|
|
|
|
|
|
|
|
|
Income
taxes
|
|
25.3
|
|
38.0
|
|
63.3
|
|
|
|
|
|
|
|
|
|
|
|
Share of net losses
of equity method investment
|
(12.4)
|
|
5.3
|
|
(7.1)
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings
attributable to common shareowners
|
199.1
|
|
131.3
|
|
330.4
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
share of common stock
|
$
1.32
|
|
$
0.86
|
|
$
2.18
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2
|
Acquisition-related
charges and other relate primarily to restructuring, deal and
integration costs, charges related to the extinguishment of debt,
Security business transformation and margin resiliency
initiatives.
|
|
3
|
The normalized 2020
and 2019 information, as reconciled to GAAP above, is considered
relevant to aid analysis of the Company's margin and earnings
results aside from the material impact of the acquisition-related
charges and other items.
|
|
STANLEY BLACK
& DECKER, INC. AND SUBSIDIARIES
|
RECONCILIATION OF
GAAP EARNINGS FINANCIAL MEASURES TO CORRESPONDING
|
NON-GAAP FINANCIAL
MEASURES
|
(Unaudited,
Millions of Dollars Except Per Share Amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
YEAR-TO-DATE
2020
|
|
|
|
|
Reported
|
|
Acquisition-
Related Charges
& Other1
|
|
Normalized3
|
|
|
|
|
|
|
|
|
|
|
|
Gross
margin
|
|
$
4,967.9
|
|
$
71.2
|
|
$
5,039.1
|
|
|
% of Net
Sales
|
|
34.2%
|
|
|
|
34.7%
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative
|
|
3,089.6
|
|
(176.1)
|
|
2,913.5
|
|
|
% of Net
Sales
|
|
21.3%
|
|
|
|
20.0%
|
|
|
|
|
|
|
|
|
|
|
|
Operating
margin
|
|
1,878.3
|
|
247.3
|
|
2,125.6
|
|
|
% of Net
Sales
|
|
12.9%
|
|
|
|
14.6%
|
|
|
|
|
|
|
|
|
|
|
|
Earnings before
income taxes and equity interest
|
1,267.0
|
|
399.7
|
|
1,666.7
|
|
|
|
|
|
|
|
|
|
|
|
Income
taxes
|
|
41.4
|
|
210.3
|
|
251.7
|
|
|
|
|
|
|
|
|
|
|
|
Share of net earnings
of equity method investment
|
9.1
|
|
9.8
|
|
18.9
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings
attributable to common shareowners
|
1,210.4
|
|
199.2
|
|
1,409.6
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
share of common stock
|
$
7.77
|
|
$
1.27
|
|
$
9.04
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
|
Acquisition-related
charges and other relate primarily to a cost reduction program,
charges related to the extinguishment of debt, a net loss on the
sales of businesses, inventory step-up charges, deal costs,
Security business transformation and margin resiliency initiatives,
partially offset by a release of a contingent consideration
liability relating to the CAM acquisition and a one-time tax
benefit related to a supply chain reorganization.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YEAR-TO-DATE
2019
|
|
|
|
|
Reported
|
|
Acquisition-
Related Charges
& Other2
|
|
Normalized3
|
|
|
|
|
|
|
|
|
|
|
|
Gross
margin
|
|
$
4,805.5
|
|
$
39.7
|
|
$
4,845.2
|
|
|
% of Net
Sales
|
|
33.3%
|
|
|
|
33.5%
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative
|
|
3,041.0
|
|
(139.5)
|
|
2,901.5
|
|
|
% of Net
Sales
|
|
21.1%
|
|
|
|
20.1%
|
|
|
|
|
|
|
|
|
|
|
|
Operating
margin
|
|
1,764.5
|
|
179.2
|
|
1,943.7
|
|
|
% of Net
Sales
|
|
12.2%
|
|
|
|
13.5%
|
|
|
|
|
|
|
|
|
|
|
|
Earnings before
income taxes and equity interest
|
1,130.0
|
|
363.2
|
|
1,493.2
|
|
|
|
|
|
|
|
|
|
|
|
Income
taxes
|
|
160.8
|
|
78.1
|
|
238.9
|
|
|
|
|
|
|
|
|
|
|
|
Share of net (losses)
earnings of equity method investment
|
(11.2)
|
|
24.3
|
|
13.1
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings
attributable to common shareowners
|
955.8
|
|
309.4
|
|
1,265.2
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
share of common stock
|
$
6.35
|
|
$
2.05
|
|
$
8.40
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2
|
Acquisition-related
charges and other relate primarily to restructuring, deal and
integration costs, charges related to the extinguishment of debt,
Security business transformation, margin resiliency initiatives,
and a gain on a sale of a business.
|
|
3
|
The normalized 2020
and 2019 information, as reconciled to GAAP above, is considered
relevant to aid analysis of the Company's margin and earnings
results aside from the material impact of the acquisition-related
charges and other items.
|
|
STANLEY BLACK
& DECKER, INC. AND SUBSIDIARIES
|
RECONCILIATION OF
GAAP SEGMENT PROFIT FINANCIAL MEASURES TO
CORRESPONDING
|
NON-GAAP FINANCIAL
MEASURES
|
(Unaudited,
Millions of Dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FOURTH QUARTER
2020
|
|
|
|
|
|
Reported
|
|
Acquisition-
Related and
Other Charges1
|
|
Normalized3
|
|
|
|
|
|
|
|
|
|
SEGMENT
PROFIT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tools &
Storage
|
|
$
664.7
|
|
$
9.3
|
|
$
674.0
|
|
|
|
Industrial
|
|
88.9
|
|
7.7
|
|
96.6
|
|
|
|
Security
|
|
39.3
|
|
16.0
|
|
55.3
|
|
|
|
Segment
Profit
|
|
792.9
|
|
33.0
|
|
825.9
|
|
|
|
Corporate
Overhead
|
|
(107.3)
|
|
10.6
|
|
(96.7)
|
|
|
|
Total
|
|
$
685.6
|
|
$
43.6
|
|
$
729.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment Profit
as a Percentage of Net Sales
|
|
|
|
|
|
|
|
|
Tools &
Storage
|
|
20.4%
|
|
|
|
20.7%
|
|
|
|
Industrial
|
|
13.5%
|
|
|
|
14.7%
|
|
|
|
Security
|
|
8.0%
|
|
|
|
11.2%
|
|
|
|
Segment
Profit
|
|
18.0%
|
|
|
|
18.7%
|
|
|
|
Corporate
Overhead
|
|
(2.4%)
|
|
|
|
(2.2%)
|
|
|
|
Total
|
|
15.6%
|
|
|
|
16.5%
|
|
|
|
|
|
|
|
|
|
|
|
1
|
Acquisition-related
and other charges relate primarily to integration costs, Security
business transformation and margin resiliency
initiatives.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FOURTH QUARTER
2019
|
|
|
|
|
|
Reported
|
|
Acquisition-
Related and
Other Charges2
|
|
Normalized3
|
|
|
|
|
|
|
|
|
|
SEGMENT
PROFIT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tools &
Storage
|
|
$
417.4
|
|
$
12.8
|
|
$
430.2
|
|
|
|
Industrial
|
|
77.7
|
|
3.7
|
|
81.4
|
|
|
|
Security
|
|
16.0
|
|
41.0
|
|
57.0
|
|
|
|
Segment
Profit
|
|
511.1
|
|
57.5
|
|
568.6
|
|
|
|
Corporate
Overhead
|
|
(74.2)
|
|
12.4
|
|
(61.8)
|
|
|
|
Total
|
|
$
436.9
|
|
$
69.9
|
|
$
506.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment Profit
as a Percentage of Net Sales
|
|
|
|
|
|
|
|
|
Tools &
Storage
|
|
16.0%
|
|
|
|
16.5%
|
|
|
|
Industrial
|
|
13.0%
|
|
|
|
13.6%
|
|
|
|
Security
|
|
3.2%
|
|
|
|
11.2%
|
|
|
|
Segment
Profit
|
|
13.8%
|
|
|
|
15.3%
|
|
|
|
Corporate
Overhead
|
|
(2.0%)
|
|
|
|
(1.7%)
|
|
|
|
Total
|
|
11.8%
|
|
|
|
13.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2
|
Acquisition-related
and other charges relate primarily to Security business
transformation and margin resiliency initiatives.
|
|
3
|
The normalized 2020
and 2019 business segment information, as reconciled to GAAP above,
is considered relevant to aid analysis of the Company's segment
profit results aside from the material impact of the
acquisition-related and other charges.
|
|
STANLEY BLACK
& DECKER, INC. AND SUBSIDIARIES
|
RECONCILIATION OF
GAAP SEGMENT PROFIT FINANCIAL MEASURES TO
CORRESPONDING
|
NON-GAAP FINANCIAL
MEASURES
|
(Unaudited,
Millions of Dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YEAR-TO-DATE
2020
|
|
|
|
|
|
Reported
|
|
Acquisition-
Related and
Other Charges1
|
|
Normalized3
|
|
|
|
|
|
|
|
|
|
SEGMENT
PROFIT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tools &
Storage
|
|
$
1,841.7
|
|
$
46.4
|
|
$
1,888.1
|
|
|
|
Industrial
|
|
225.6
|
|
67.1
|
|
292.7
|
|
|
|
Security
|
|
108.7
|
|
73.5
|
|
182.2
|
|
|
|
Segment
Profit
|
|
2,176.0
|
|
187.0
|
|
2,363.0
|
|
|
|
Corporate
Overhead
|
|
(297.7)
|
|
60.3
|
|
(237.4)
|
|
|
|
Total
|
|
$
1,878.3
|
|
$
247.3
|
|
$
2,125.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment Profit
as a Percentage of Net Sales
|
|
|
|
|
|
|
|
|
Tools &
Storage
|
|
17.8%
|
|
|
|
18.3%
|
|
|
|
Industrial
|
|
9.6%
|
|
|
|
12.4%
|
|
|
|
Security
|
|
5.9%
|
|
|
|
9.8%
|
|
|
|
Segment
Profit
|
|
15.0%
|
|
|
|
16.3%
|
|
|
|
Corporate
Overhead
|
|
(2.0%)
|
|
|
|
(1.6%)
|
|
|
|
Total
|
|
12.9%
|
|
|
|
14.6%
|
|
|
|
|
|
|
|
|
|
|
|
1
|
Acquisition-related
and other charges relate primarily to integration costs, a cost
reduction program, inventory step-up charges, Security business
transformation and margin resiliency initiatives.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YEAR-TO-DATE
2019
|
|
|
|
|
|
Reported
|
|
Acquisition-
Related and
Other Charges2
|
|
Normalized3
|
|
|
|
|
|
|
|
|
|
SEGMENT
PROFIT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tools &
Storage
|
|
$
1,533.3
|
|
$
44.3
|
|
$
1,577.6
|
|
|
|
Industrial
|
|
334.1
|
|
25.8
|
|
359.9
|
|
|
|
Security
|
|
126.6
|
|
85.7
|
|
212.3
|
|
|
|
Segment
Profit
|
|
1,994.0
|
|
155.8
|
|
2,149.8
|
|
|
|
Corporate
Overhead
|
|
(229.5)
|
|
23.4
|
|
(206.1)
|
|
|
|
Total
|
|
$
1,764.5
|
|
$
179.2
|
|
$
1,943.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment Profit
as a Percentage of Net Sales
|
|
|
|
|
|
|
|
|
Tools &
Storage
|
|
15.2%
|
|
|
|
15.7%
|
|
|
|
Industrial
|
|
13.7%
|
|
|
|
14.8%
|
|
|
|
Security
|
|
6.5%
|
|
|
|
10.9%
|
|
|
|
Segment
Profit
|
|
13.8%
|
|
|
|
14.9%
|
|
|
|
Corporate
Overhead
|
|
(1.6%)
|
|
|
|
(1.4%)
|
|
|
|
Total
|
|
12.2%
|
|
|
|
13.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2
|
Acquisition-related
and other charges relate primarily to integration costs, Security
business transformation and margin resiliency
initiatives.
|
|
3
|
The normalized 2020
and 2019 business segment information, as reconciled to GAAP above,
is considered relevant to aid analysis of the Company's segment
profit results aside from the material impact of the
acquisition-related and other charges.
|
|
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SOURCE Stanley Black &
Decker