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Parent and Subsidiary Debt Guarantees (Tables)
 9 Months Ended
Sep. 29, 2012
Condensed Consolidating Statement of Operations and Comprehensive Income
Stanley Black & Decker, Inc.
Condensed Consolidating Statements of Operations and Comprehensive Income
(Unaudited, Millions of Dollars)
Three Months Ended September 29, 2012
 
Parent Stanley
Black & Decker,
Inc.
 
The Black &
Decker
Corporation
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
NET SALES
$
357.3

 
$
—

 
$
2,518.6

 
$
(89.2
)
 
$
2,786.7

COSTS AND EXPENSES
 
 
 
 
 
 
 
 
 
Cost of sales
271.7

 
—

 
1,576.8

 
(71.3
)
 
1,777.2

Selling, general and administrative
187.4

 
6.6

 
479.6

 
(17.9
)
 
655.7

Other - net
(8.0
)
 
(39.0
)
 
124.0

 
—

 
77.0

Restructuring charges and asset impairments
2.4

 
—

 
51.0

 
—

 
53.4

Loss on debt extinguishment
9.2

 
36.3

 
—

 
—

 
45.5

Interest expense, net
24.8

 
9.0

 
0.3

 
—

 
34.1

 
487.5

 
12.9

 
2,231.7

 
(89.2
)
 
2,642.9

(Loss) earnings from continuing operations before income taxes and equity in earnings of subsidiaries
(130.2
)
 
(12.9
)
 
286.9

 
—

 
143.8

Income taxes (benefit) on continuing operations before equity in earnings of subsidiaries
(43.3
)
 
(5.1
)
 
77.2

 
—

 
28.8

Equity in earnings of subsidiaries
202.1

 
202.1

 
—

 
(404.2
)
 
—

Earnings from continuing operations
115.2

 
194.3

 
209.7

 
(404.2
)
 
115.0

Less: net loss attributable to non-controlling interests
—

 
—

 
(0.2
)
 
—

 
(0.2
)
NET EARNINGS ATTRIBUTABLE TO COMMON SHAREOWNERS
$
115.2

 
$
194.3

 
$
209.9

 
$
(404.2
)
 
$
115.2

Total Comprehensive Income Attributable to Common Shareowners
$
392.8

 
$
294.0

 
$
529.5

 
$
(823.5
)
 
$
392.8



Stanley Black & Decker, Inc.
Condensed Consolidating Statements of Operations and Comprehensive Income
(Unaudited, Millions of Dollars)
Nine Months Ended September 29, 2012
 
 
Parent Stanley
Black & Decker,
Inc.
 
The Black &
Decker
Corporation
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
NET SALES
$
1,042.8

 
$
—

 
$
7,486.2

 
$
(275.2
)
 
$
8,253.8

COSTS AND EXPENSES
 
 
 
 
 
 
 
 
 
Cost of sales
724.9

 
—

 
4,731.4

 
(220.4
)
 
5,235.9

Selling, general and administrative
519.5

 
17.8

 
1,522.2

 
(54.8
)
 
2,004.7

Other - net
(22.3
)
 
(72.0
)
 
343.0

 
—

 
248.7

Restructuring charges and asset impairments
3.4

 
—

 
110.7

 
—

 
114.1

Loss on debt extinguishment
9.2

 
36.3

 
—

 
—

 
45.5

Interest expense, net
63.8

 
32.7

 
1.1

 
—

 
97.6

 
1,298.5

 
14.8

 
6,708.4

 
(275.2
)
 
7,746.5

(Loss) earnings from continuing operations before income taxes and equity in earnings of subsidiaries
(255.7
)
 
(14.8
)
 
777.8

 
—

 
507.3

Income taxes (benefit) on continuing operations before equity in earnings of subsidiaries
(81.9
)
 
(5.9
)
 
204.5

 
—

 
116.7

Equity in earnings of subsidiaries
565.6

 
498.1

 
—

 
(1,063.7
)
 
—

Earnings from continuing operations
391.8

 
489.2

 
573.3

 
(1,063.7
)
 
390.6

Less: net loss attributable to non-controlling interests
—

 
—

 
(1.2
)
 
—

 
(1.2
)
NET EARNINGS ATTRIBUTABLE TO COMMON SHAREOWNERS
$
391.8

 
$
489.2

 
$
574.5

 
$
(1,063.7
)
 
$
391.8

Total Comprehensive Income Attributable to Common Shareowners
$
471.0

 
$
32.8

 
$
709.4

 
$
(742.2
)
 
$
471.0


Stanley Black & Decker, Inc.
Condensed Consolidating Statement of Operations and Comprehensive Income
(Unaudited, Millions of Dollars)
Three Months Ended October 1, 2011

 
Parent Stanley
Black & Decker,
Inc.
 
The Black &
Decker
Corporation
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
NET SALES
$
411.7

 
$
—

 
$
2,312.5

 
$
(104.5
)
 
$
2,619.7

COSTS AND EXPENSES
 
 
 
 
 
 
 
 
 
Cost of sales
271.4

 
—

 
1,465.5

 
(85.5
)
 
1,651.4

Selling, general and administrative
175.4

 
0.8

 
482.5

 
(19.0
)
 
639.7

Other - net
8.8

 
(36.6
)
 
117.4

 
—

 
89.6

Restructuring charges and asset impairments
3.6

 
—

 
11.3

 
—

 
14.9

Interest expense, net
18.2

 
11.7

 
(3.1
)
 
—

 
26.8

 
477.4

 
(24.1
)
 
2,073.6

 
(104.5
)
 
2,422.4

(Loss) earnings from continuing operations before income taxes and equity in earnings of subsidiaries
(65.7
)
 
24.1

 
238.9

 
—

 
197.3

Income (benefit) taxes on continuing operations before equity in earnings of subsidiaries
(17.4
)
 
8.6

 
43.9

 
—

 
35.1

Equity in earnings of subsidiaries
210.5

 
106.7

 
—

 
(317.2
)
 
—

Earnings from continuing operations
$
162.2

 
$
122.2

 
$
195.0

 
$
(317.2
)
 
$
162.2

Less: Net earnings attributable to non-controlling interests
$
—


$
—


$
0.7


$
—


$
0.7

Net earnings from continuing operations attributable to common shareholders
$
162.2


$
122.2


$
194.3


$
(317.2
)

$
161.5

Net loss from discontinued operations
$
(6.9
)
 
$
—

 
$
(6.9
)
 
$
6.9

 
$
(6.9
)
NET EARNINGS ATTRIBUTABLE TO COMMON SHAREOWNERS
$
155.3

 
$
122.2

 
$
187.4

 
$
(310.3
)
 
$
154.6

Total Comprehensive (Loss) Income Attributable to Common Shareowners
$
(105.4
)
 
$
40.5

 
$
(67.4
)
 
$
26.9

 
$
(105.4
)

Stanley Black & Decker, Inc.
Condensed Consolidating Statement of Operations and Comprehensive Income
(Unaudited, Millions of Dollars)
Nine Months Ended October 1, 2011
 
Parent Stanley
Black & Decker,
Inc.
 
The Black &
Decker
Corporation
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
NET SALES
$
1,215.8

 
$
—

 
$
6,681.9

 
$
(313.2
)
 
$
7,584.5

COSTS AND EXPENSES
 
 
 
 
 
 
 
 
 
Cost of sales
815.9

 
—

 
4,216.1

 
(256.1
)
 
4,775.9

Selling, general and administrative
523.9

 
2.9

 
1,401.9

 
(57.1
)
 
1,871.6

Other - net
(4.8
)
 
(66.6
)
 
273.1

 
—

 
201.7

Restructuring charges and asset impairments
6.0

 
—

 
43.2

 
—

 
49.2

Interest expense, net
53.8

 
38.1

 
(8.7
)
 
—

 
83.2

 
1,394.8

 
(25.6
)
 
5,925.6

 
(313.2
)
 
6,981.6

(Loss) earnings from continuing operations before income taxes and equity in earnings of subsidiaries
(179.0
)
 
25.6

 
756.3

 
—

 
602.9

Income taxes (benefit) on continuing operations before equity in earnings of subsidiaries
(53.1
)
 
9.2

 
129.9

 
—

 
86.0

Equity in earnings of subsidiaries
642.8

 
452.5

 
—

 
(1,095.3
)
 
—

Earnings from continuing operations
516.9

 
468.9

 
626.4

 
(1,095.3
)
 
516.9

Less: net earnings attributable to non-controlling interests
—

 
—

 
0.4

 
—

 
0.4

Net earnings from continuing operations attributable to common shareowners
$
516.9


$
468.9


$
626.0


$
(1,095.3
)

$
516.5

Net loss from discontinued operations
$
(5.9
)

$
—


$
(5.9
)

$
5.9


$
(5.9
)
NET EARNINGS ATTRIBUTABLE TO COMMON SHAREOWNERS
$
511.0


$
468.9


$
620.1


$
(1,089.4
)

$
510.6

Total Comprehensive Income Attributable to Common Shareowners
$
445.3


$
441.4


$
557.6


$
(999.0
)

$
445.3
Condensed Consolidating Balance Sheet
Stanley Black & Decker, Inc.
Condensed Consolidating Balance Sheet
(Unaudited, Millions of Dollars)
September 29, 2012
 
 
Parent
Stanley Black &
Decker, Inc.
 
The Black &
Decker
Corporation
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
ASSETS
 
 
 
 
 
 
 
 
 
Current Assets
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
14.5

 
$
1.6

 
$
753.4

 
$
—

 
$
769.5

Accounts and notes receivable, net
62.9

 
—

 
1,767.0

 
—

 
1,829.9

Inventories, net
154.4

 
—

 
1,547.6

 
—

 
1,702.0

Other current assets
54.9

 
—

 
397.6

 
—

 
452.5

Total Current Assets
286.7

 
1.6

 
4,465.6

 
—

 
4,753.9

Property, Plant and Equipment, net
212.7

 
—

 
1,172.8

 
—

 
1,385.5

Goodwill and intangibles, net
148.8

 
1,623.5

 
8,922.2

 
—

 
10,694.5

Investment in Subsidiaries
11,617.6

 
4,198.8

 
—

 
(15,816.4
)
 
—

Intercompany Receivables
—

 
9,177.1

 
9,547.3

 
(18,724.4
)
 
—

Other Assets
66.8

 
31.3

 
182.2

 
—

 
280.3

Total Assets
$
12,332.6

 
$
15,032.3

 
$
24,290.1

 
$
(34,540.8
)
 
$
17,114.2

LIABILITIES AND SHAREOWNERS’ EQUITY
 
 
 
 
 
 
 
 
 
Current Liabilities
 
 
 
 
 
 
 
 
 
Short-term borrowings
$
1,308.4

 
$
—

 
$
28.3

 
$
—

 
$
1,336.7

Current maturities of long-term debt
204.0

 
2.8

 
1.8

 
—

 
208.6

Accounts payable and accrued expenses
155.5

 
(19.7
)
 
2,989.2

 
—

 
3,125.0

Total Current Liabilities
1,667.9

 
(16.9
)
 
3,019.3

 
—

 
4,670.3

Intercompany Payables
1,242.9

 
9,246.1

 
8,235.4

 
(18,724.4
)
 
—

Long-Term Debt
2,228.2

 
325.8

 
174.9

 
—

 
2,728.9

Other Liabilities
(10.8
)
 
657.1

 
1,804.8

 
—

 
2,451.1

Accumulated other comprehensive income (loss)
(270.0
)
 
(698.8
)
 
(33.2
)
 
732.0

 
(270.0
)
Other Shareowners’ Equity
7,474.4

 
5,519.0

 
11,029.4

 
(16,548.4
)
 
7,474.4

Non-controlling interests
—

 
—

 
59.5

 
—

 
59.5

Total Shareowners’ Equity
7,204.4

 
4,820.2

 
11,055.7

 
(15,816.4
)
 
7,263.9

Total Liabilities and Shareowners’ Equity
$
12,332.6

 
$
15,032.3

 
$
24,290.1

 
$
(34,540.8
)
 
$
17,114.2


Stanley Black & Decker, Inc.
Condensed Consolidating Balance Sheet
(Millions of Dollars)
December 31, 2011
 
 
Parent
Stanley Black &
Decker, Inc.
 
The Black &
Decker
Corporation
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
ASSETS
 
 
 
 
 
 
 
 
 
Current Assets
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
56.2

 
$
1.4

 
$
849.3

 
$
—

 
$
906.9

Accounts and notes receivable, net
97.8

 
—

 
1,455.4

 
—

 
1,553.2

Inventories, net
117.2

 
—

 
1,321.4

 
—

 
1,438.6

Other current assets
90.7

 
10.4

 
322.9

 
—

 
424.0

Total Current Assets
361.9

 
11.8

 
3,949.0

 
—

 
4,322.7

Property, Plant and Equipment, net
193.1

 
—

 
1,057.8

 
—

 
1,250.9

Goodwill and intangibles, net
181.9

 
1,623.5

 
8,231.7

 
—

 
10,037.1

Investment in Subsidiaries
10,196.8

 
3,978.4

 
—

 
(14,175.2
)
 
—

Intercompany Receivables
—

 
9,210.6

 
8,700.4

 
(17,911.0
)
 
—

Other Assets
35.8

 
55.2

 
247.3

 
—

 
338.3

Total Assets
$
10,969.5

 
$
14,879.5

 
$
22,186.2

 
$
(32,086.2
)
 
$
15,949.0

LIABILITIES AND SHAREOWNERS’ EQUITY
 
 
 
 
 
 
 
 
 
Current Liabilities
 
 
 
 
 
 
 
 
 
Short-term borrowings
$
—

 
$
—

 
$
0.2

 
$
—

 
$
0.2

Current maturities of long-term debt
523.8

 
—

 
2.6

 
—

 
526.4

Accounts payable and accrued expenses
382.3

 
(0.8
)
 
2,360.4

 
—

 
2,741.9

Total Current Liabilities
906.1

 
(0.8
)
 
2,363.2

 
—

 
3,268.5

Intercompany Payables
1,369.9

 
8,502.6

 
8,038.5

 
(17,911.0
)
 
—

Long-Term Debt
1,722.2

 
1,031.9

 
171.7

 
—

 
2,925.8

Other Liabilities
(32.3
)
 
167.2

 
2,553.0

 
—

 
2,687.9

Accumulated other comprehensive loss
(349.2
)
 
(242.4
)
 
(168.1
)
 
410.5

 
(349.2
)
Other Shareowners’ Equity
7,352.8

 
5,421.0

 
9,164.7

 
(14,585.7
)
 
7,352.8

Non-controlling interests
—

 
—

 
63.2

 
—

 
63.2

Total Shareowners’ Equity
7,003.6

 
5,178.6

 
9,059.8

 
(14,175.2
)
 
7,066.8

Total Liabilities and Shareowners’ Equity
$
10,969.5

 
$
14,879.5

 
$
22,186.2

 
$
(32,086.2
)
 
$
15,949.0
Condensed Consolidating Statement of Cash Flows
Stanley Black & Decker, Inc.
Condensed Consolidating Statements of Cash Flow
(Unaudited, Millions of Dollars)
Nine Months Ended September 29, 2012
 
 
Parent Stanley
Black & Decker,
Inc.
 
The Black
& Decker
Corporation
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Cash (used in) provided by operating activities
$
(654.9
)
 
$
(70.9
)
 
$
1,143.9

 
$
—

 
$
418.1

Investing Activities
 
 
 
 
 
 
 
 
 
Capital expenditures
(53.1
)
 
—

 
(206.4
)
 
—

 
(259.5
)
Business acquisitions, net of cash acquired
(453.8
)
 
(2.5
)
 
(227.5
)
 
—

 
(683.8
)
Purchase of Niscayah shares
—

 
—

 
(11.3
)
 
—

 
(11.3
)
Proceeds from sale of assets
0.9

 
—

 
7.7

 
—

 
8.6

Intercompany payables and receivables
28.8

 
1,430.8

 
—

 
(1,459.6
)
 
—

Proceeds on net investment hedge settlements
9.8

 
2.0

 
—

 
—

 
11.8

Cash provided by (used in) investing activities
(467.4
)
 
1,430.3

 
(437.5
)
 
(1,459.6
)
 
(934.2
)
Financing Activities
 
 
 
 
 
 
 
 
 
Payments on long-term debt
(570.6
)
 
(650.9
)
 
(0.5
)
 
—

 
(1,222.0
)
Premium paid on debt extinguishment
(14.9
)
 
(76.1
)
 
—

 
—

 
(91.0
)
Proceeds from long-term borrowings
729.4

 
—

 
—

 
—

 
729.4

Stock purchase contract fees
(2.4
)
 
—

 
—

 
—

 
(2.4
)
Net short-term borrowings (repayments)
1,316.5

 
—

 
(0.2
)
 
—

 
1,316.3

Cash dividends on common stock
(221.3
)
 
—

 
—

 
—

 
(221.3
)
Termination of interest rate swaps
15.2

 
20.6

 
—

 
—

 
35.8

Termination of forward starting interest rate swap
(56.4
)
 
—

 
—

 
—

 
(56.4
)
Proceeds from the issuance of common stock
102.9

 
—

 
—

 
—

 
102.9

Purchase of common stock for treasury
(217.8
)
 
—

 
—

 
—

 
(217.8
)
Intercompany payables and receivables
—

 
(652.8
)
 
(806.8
)
 
1,459.6

 
—

Cash provided by (used in) financing activities
1,080.6

 
(1,359.2
)
 
(807.5
)
 
1,459.6

 
373.5

Effect of exchange rate changes on cash and cash equivalents
—

 
—

 
5.2

 
—

 
5.2

Change in cash and cash equivalents
(41.7
)
 
0.2

 
(95.9
)
 
—

 
(137.4
)
Cash and cash equivalents, beginning of period
56.2

 
1.4

 
849.3

 
—

 
906.9

Cash and cash equivalents, end of period
$
14.5

 
$
1.6

 
$
753.4

 
$
—

 
$
769.5


Stanley Black & Decker, Inc.
Condensed Consolidating Statements of Cash Flow
(Unaudited, Millions of Dollars)
Nine Months Ended October 1, 2011
 
 
Parent Stanley
Black
& Decker, Inc.
 
The Black
& Decker
Corporation
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Cash (used in) provided by operating activities
$
(650.0
)
 
$
789.3

 
$
316.3

 
$
—

 
$
455.6

Investing Activities
 
 
 
 
 
 
 
 
 
Capital expenditures
(53.1
)
 
—

 
(143.3
)
 
—

 
(196.4
)
Business acquisitions, net of cash acquired
—

 
—

 
(214.8
)
 
—

 
(214.8
)
Purchase of Niscayah shares
—


—


(962.9
)

—


(962.9
)
Termination of interest rate swaps
—

 
—

 
(3.1
)
 
—

 
(3.1
)
Proceeds from sale of assets
—

 
—

 
28.5

 
—

 
28.5

Intercompany payables and receivables
278.3

 
501.1

 
—

 
(779.4
)
 
—

Payments on net investment hedge settlements
(17.9
)
 
(16.6
)
 
—

 
—

 
(34.5
)
Short-term investments
—

 
—

 
(17.8
)
 
—

 
(17.8
)
Cash (used in) provided by investing activities
207.3

 
484.5

 
(1,313.4
)
 
(779.4
)
 
(1,401.0
)
Financing Activities
 
 
 
 
 
 
 
 
 
Payments on long-term debt
—

 
(400.0
)
 
(3.2
)
 
—

 
(403.2
)
Proceeds from long-term borrowings
20.5

 
—

 
0.9

 
—

 
21.4

Net premium paid for equity option
(19.6
)
 
—

 
—

 
—

 
(19.6
)
Stock purchase contract fees
(2.4
)
 
—

 
—

 
—

 
(2.4
)
Net short-term borrowings
546.9

 
—

 
9.1

 
—

 
556.0

Cash dividends on common stock
(206.6
)
 
—

 
—

 
—

 
(206.6
)
Proceeds from the issuance of common stock
102.4

 
—

 
—

 
—

 
102.4

Other
(6.2
)
 
—

 
—

 
—

 
(6.2
)
Intercompany payables and receivables
—

 
(869.5
)
 
90.1

 
779.4

 
—

Cash provided by (used in) financing activities
435.0

 
(1,269.5
)
 
96.9

 
779.4

 
41.8

Effect of exchange rate changes on cash and cash equivalents
—

 
—

 
11.0

 
—

 
11.0

Change in cash and cash equivalents
(7.7
)
 
4.3

 
(889.2
)
 
—

 
(892.6
)
Cash and cash equivalents, beginning of period
(5.0
)
 
3.5

 
1,744.3

 
—

 
1,742.8

Cash and cash equivalents, end of period
$
(12.7
)
 
$
7.8

 
$
855.1

 
$
—

 
$
850.2