0000093556-14-000030.txt : 20141219 0000093556-14-000030.hdr.sgml : 20141219 20141219075723 ACCESSION NUMBER: 0000093556-14-000030 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20141219 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20141219 DATE AS OF CHANGE: 20141219 FILER: COMPANY DATA: COMPANY CONFORMED NAME: STANLEY BLACK & DECKER, INC. CENTRAL INDEX KEY: 0000093556 STANDARD INDUSTRIAL CLASSIFICATION: CUTLERY, HANDTOOLS & GENERAL HARDWARE [3420] IRS NUMBER: 060548860 STATE OF INCORPORATION: CT FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-05224 FILM NUMBER: 141297641 BUSINESS ADDRESS: STREET 1: 1000 STANLEY DR STREET 2: P O BOX 7000 CITY: NEW BRITAIN STATE: CT ZIP: 06053 BUSINESS PHONE: 8602255111 MAIL ADDRESS: STREET 1: 1000 STANLEY DR CITY: NEW BRITAIN STATE: CT ZIP: 06053 FORMER COMPANY: FORMER CONFORMED NAME: STANLEY WORKS DATE OF NAME CHANGE: 19920703 8-K 1 a8-kdocument.htm FORM 8-K 8-K Document


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549 
 
 
 
 FORM 8-K 
 
 
 
 CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): December 19, 2014
 
 
 
 
 Stanley Black & Decker, Inc.
(Exact name of registrant as specified in its charter) 
 
 
 

 
 
 
 
 
Connecticut
 
1-5224
 
06-0548860
(State or other jurisdiction
of incorporation)
 
(Commission
File Number)
 
(I.R.S. Employer
Identification No.)
 
 
 
 
 
1000 Stanley Drive, New Britain,
 
 
 
06053
Connecticut
 
 
 
(Zip Code)
(Address of principal executive offices)
 
 
 
 
Registrant’s telephone number, including area code: (860) 225-5111
Not Applicable
Former name or former address, if changed since last report 
 
 
 

 Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))




Item 7.01 Regulation FD Disclosure.
On December 19, 2014, Stanley Black & Decker, Inc. (“Stanley Black & Decker” or the “Company”) posted supplementary financial information on its website to reflect quarterly and year-to-date operating results and business segment information for the first three quarters of 2014 and full year 2013 excluding the results of the Security segment’s Spain and Italy operations (“Security Spain and Italy”), which management intends to sell. Security Spain and Italy have been excluded from the continuing operations of Stanley Black & Decker as reflected in the supplemental financial information herein. The exclusion of Security Spain and Italy results in a $0.07 and $0.05 increase to diluted GAAP and normalized EPS from continuing operations, respectively, for the year-to-date third quarter 2014. For full year 2013, the exclusion results in a $0.02 increase to diluted GAAP EPS from continuing operations and no impact to diluted normalized EPS from continuing operations. The net operating results of Security Spain and Italy, as well any gain or loss on a future sale, will be reported as a discontinued operation. The supplementary financial information includes the normalized operating results and business segment information adjusted for Security Spain and Italy, as reconciled to GAAP adjusted for Security Spain and Italy, which is considered relevant to aid analysis of the Company’s operating performance aside from the material impact of the merger & acquisition-related charges in the periods presented as well as charges associated with the loss on extinguishment of debt that occurred in the fourth quarter of 2013. A copy of the supplementary financial information is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated in this report as if fully set forth herein.
The information furnished pursuant to this Item 7.01 shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.
(a) Not applicable
(b) Not applicable
(c) Not applicable
(d) Exhibits
99.1 Supplementary financial information.




SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
 
 
 
 
 
 
 
 
 
Stanley Black & Decker, Inc.
 
 
 
 
 
 
 
December 19, 2014
 
 
 
By:
 
/s/ Bruce H. Beatt
 
 
 
 
Name:
 
Bruce H. Beatt
 
 
 
 
Title:
 
Senior Vice President, General Counsel and Secretary






Exhibit Index
 
 
 
Exhibit No.
 
Description
 
 
 
99.1
 
Supplementary financial information




 EX-99.1 2 exhibit991financialinforma.htm SUPPLEMENTARY FINANCIAL INFORMATION Exhibit 99.1 Financial Information Seahawk


Exhibit 99.1
STANLEY BLACK & DECKER, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP EARNINGS FINANCIAL MEASURES, AS ADJUSTED, TO CORRESPONDING
NON-GAAP FINANCIAL MEASURES, AS ADJUSTED
(Unaudited, Millions of Dollars Except Per Share Amounts)
 
 
 
FIRST QUARTER 2014
 
SECOND QUARTER 2014
 
THIRD QUARTER 2014
 
YEAR TO DATE 2014
 
 
GAAP1
 
Merger &
Acquisition-
Related
Charges2
 
Normalized 3
 
GAAP1
 
Merger &
Acquisition-
Related
Charges2
 
Normalized 3
 
GAAP1
 
Merger &
Acquisition-
Related
Charges2
 
Normalized 3
 
GAAP1
 
Merger &
Acquisition-
Related
Charges2
 
Normalized 3
Net Sales
 
$
2,617.1

 
$
—

 
$
2,617.1

 
$
2,860.1

 
$
—

 
$
2,860.1

 
$
2,878.9

 
$
—

 
$
2,878.9

 
$
8,356.1

 
$
—

 
$
8,356.1

Gross margin
 
956.4

 
1.1

 
957.5

 
1,048.6

 
0.3

 
1,048.9

 
1,046.6

 
0.1

 
1,046.7

 
3,051.6

 
1.5

 
3,053.1

% of Net Sales
 
36.5
%
 


 
36.6
%
 
36.7
%
 


 
36.7
%
 
36.4
%
 


 
36.4
%
 
36.5
%
 


 
36.5
%
Selling, general and administrative
 
640.6

 
(6.2
)
 
634.4

 
655.9

 
(5.3
)
 
650.6

 
641.1

 
(6.0
)
 
635.1

 
1,937.6

 
(17.5
)
 
1,920.1

% of Net Sales
 
24.5
%
 


 
24.2
%
 
22.9
%
 


 
22.7
%
 
22.3
%
 


 
22.1
%
 
23.2
%
 


 
23.0
%
Operating margin
 
315.8

 
7.3

 
323.1

 
392.7

 
5.6

 
398.3

 
405.5

 
6.1

 
411.6

 
1,114.0

 
19.0

 
1,133.0

% of Net Sales
 
12.1
%
 


 
12.3
%
 
13.7
%
 


 
13.9
%
 
14.1
%
 


 
14.3
%
 
13.3
%
 


 
13.6
%
Earnings from continuing operations before income taxes
 
217.9

 
3.8

 
221.7

 
296.8

 
4.1

 
300.9

 
304.4

 
6.1

 
310.5

 
819.1

 
14.0

 
833.1

Income taxes on continuing operations
 
48.0

 
1.3

 
49.3

 
74.1

 
(5.3
)
 
68.8

 
58.3

 
0.1

 
58.4

 
180.4

 
(3.9
)
 
176.5

Net earnings from continuing operations
 
169.7

 
2.5

 
172.2

 
221.8

 
9.4

 
231.2

 
246.4

 
6.0

 
252.4

 
637.9

 
17.9

 
655.8

Diluted earnings per share of common stock
 
$
1.07

 
$
0.02

 
$
1.08

 
$
1.39

 
$
0.06

 
$
1.45

 
$
1.53

 
$
0.04

 
$
1.57

 
$
3.99

 
$
0.11

 
$
4.10

 
1

Reported, as adjusted for the Security segment's Spain and Italy operations ("Security Spain and Italy"). Security Spain and Italy have been excluded from the continuing operations of Stanley Black & Decker as reflected above. The net operating results of Security Spain and Italy, as well as any gain or loss on a future sale, will be reported as a discontinued operation.
2

Merger and acquisition-related charges, as adjusted for Security Spain and Italy, relate primarily to integration and consulting costs, as well as employee-related matters.
3

The normalized 2014 information adjusted for Security Spain and Italy, as reconciled to GAAP adjusted for Security Spain and Italy above, is considered relevant to aid analysis of the Company’s margin and earnings results aside from the material impact of the merger & acquisition-related charges. Normalized earnings from continuing operations before income taxes includes other - net of $60.7 million in the first quarter, $57.1 million in the second quarter, $60.7 million in the third quarter, and $178.5 million on a year to date basis.

Page 1





STANLEY BLACK & DECKER, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP EARNINGS FINANCIAL MEASURES, AS ADJUSTED, TO CORRESPONDING
NON-GAAP FINANCIAL MEASURES, AS ADJUSTED
(Unaudited, Millions of Dollars Except Per Share Amounts)
 
 
FIRST QUARTER 2013
 
SECOND QUARTER 2013
 
THIRD QUARTER 2013
 
 
GAAP1
 
Merger &
Acquisition-
Related and Other
Charges2
 
Normalized3
 
GAAP1
 
Merger &
Acquisition-
Related and Other
Charges2
 
Normalized3
 
GAAP1
 
Merger &
Acquisition-
Related and Other
Charges2
 
Normalized3
Net Sales
 
$
2,448.1

 
$
—

 
$
2,448.1

 
$
2,830.0

 
$
—

 
$
2,830.0

 
$
2,730.8

 
$
—

 
$
2,730.8

Gross margin
 
900.0

 
13.3

 
913.3

 
997.3

 
7.8

 
1,005.1

 
979.6

 
5.3

 
984.9

% of Net Sales
 
36.8
%
 


 
37.3
%
 
35.2
%
 


 
35.5
%
 
35.9
%
 


 
36.1
%
Selling, general and administrative
 
658.6

 
(34.0
)
 
624.6

 
672.1

 
(24.1
)
 
648.0

 
663.0

 
(31.8
)
 
631.2

% of Net Sales
 
26.9
%
 


 
25.5
%
 
23.7
%
 


 
22.9
%
 
24.3
%
 


 
23.1
%
Operating margin
 
241.4

 
47.3

 
288.7

 
325.2

 
31.9

 
357.1

 
316.6

 
37.1

 
353.7

% of Net Sales
 
9.9
%
 


 
11.8
%
 
11.5
%
 


 
12.6
%
 
11.6
%
 


 
13.0
%
Earnings from continuing operations before income taxes
 
91.6

 
105.8

 
197.4

 
249.5

 
5.1

 
254.6

 
186.3

 
67.2

 
253.5

Income taxes on continuing operations
 
8.1

 
25.0

 
33.1

 
53.6

 
9.1

 
62.7

 
17.1

 
16.0

 
33.1

Net earnings from continuing operations
 
83.9

 
80.8

 
164.7

 
196.2

 
(4.0
)
 
192.2

 
169.4

 
51.2

 
220.6

Diluted earnings per share of common stock
 
$
0.53

 
$
0.51

 
$
1.04

 
$
1.24

 
$
(0.03
)
 
$
1.21

 
$
1.07

 
$
0.32

 
$
1.39

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
FOURTH QUARTER 2013
 
YEAR TO DATE 2013
 
 
 
 
GAAP1
 
Merger &
Acquisition-
Related and Other
Charges2
 
Normalized3
 
GAAP1
 
Merger &
Acquisition-
Related and Other
Charges2
 
Normalized3
 
Net Sales
 
$
2,880.6

 
$
—

 
$
2,880.6

 
$
10,889.5

 
$
—

 
$
10,889.5

 
Gross margin
 
1,026.8

 
3.1

 
1,029.9

 
3,903.7

 
29.5

 
3,933.2

 
% of Net Sales
 
35.6
%
 


 
35.8
%
 
35.8
%
 


 
36.1
%
 
Selling, general and administrative
 
696.9

 
(45.8
)
 
651.1

 
2,690.6

 
(135.7
)
 
2,554.9

 
% of Net Sales
 
24.2
%
 


 
22.6
%
 
24.7
%
 


 
23.5
%
 
Operating margin
 
329.9

 
48.9

 
378.8

 
1,213.1

 
165.2

 
1,378.3

 
% of Net Sales
 
11.5
%
 


 
13.2
%
 
11.1
%
 


 
12.7
%
 
Earnings from continuing operations before income taxes
 
60.2

 
212.2

 
272.4

 
587.6

 
390.3

 
977.9

 
Income taxes on continuing operations
 
(10.2
)
 
69.9

 
59.7

 
68.6

 
120.0

 
188.6

 
Net earnings from continuing operations
 
70.5

 
142.3

 
212.8

 
520.0

 
270.3

 
790.3

 
Diluted earnings per share of common stock
 
$
0.44

 
$
0.89

 
$
1.34

 
$
3.28

 
$
1.70

 
$
4.98

 
1

Reported, as adjusted for Security Spain and Italy. Security Spain and Italy have been excluded from the continuing operations of Stanley Black & Decker as reflected above. The net operating results of Security Spain and Italy, as well as any gain or loss on a future sale, will be reported as a discontinued operation.
2

Merger and acquisition-related and other charges, as adjusted for Security Spain and Italy, relate primarily to the Black & Decker merger and Niscayah and Infastech acquisitions, including facility closure-related charges, employee-related charges and integration costs, as well as cost containment charges. Other charges relate to the loss on extinguishment of debt that occurred in the fourth quarter of 2013.
3

The normalized 2013 information adjusted for Security Spain and Italy, as reconciled to GAAP adjusted for Security Spain and Italy above, is considered relevant to aid analysis of the Company’s margin and earnings results aside from the material impact of the merger & acquisition-related charges as well as charges associated with the loss on extinguishment of debt. Normalized earnings from continuing operations before income taxes includes other - net of $54.6 million in the first quarter, $66.2 million in the second quarter, $64.2 million in the third quarter, $68.0 million in the fourth quarter, and $253.0 million on a year to date basis.

Page 2





STANLEY BLACK & DECKER, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP SEGMENT PROFIT FINANCIAL MEASURES, AS ADJUSTED, TO CORRESPONDING
NON-GAAP FINANCIAL MEASURES, AS ADJUSTED
(Unaudited, Millions of Dollars)

 
 
FIRST QUARTER 2014
 
SECOND QUARTER 2014
 
THIRD QUARTER 2014
 
YEAR TO DATE 2014
 
 
GAAP1
 
Merger & Acquisition-Related Charges2
 
Normalized3
 
GAAP1
 
Merger & Acquisition-Related Charges2
 
Normalized3
 
GAAP1
 
Merger & Acquisition-Related Charges2
 
Normalized3
 
GAAP1
 
Merger & Acquisition-Related Charges2
 
Normalized3
NET SALES
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Construction & DIY
 
$
1,214.8

 
$
—

 
$
1,214.8

 
$
1,394.6

 
$
—

 
$
1,394.6

 
$
1,453.5

 
$
—

 
$
1,453.5

 
$
4,062.9

 
$
—

 
$
4,062.9

Industrial
 
852.0

 
—

 
852.0

 
889.2

 
—

 
889.2

 
866.2

 
—

 
866.2

 
2,607.4

 
—

 
2,607.4

Security
 
550.3

 
—

 
550.3

 
576.3

 
—

 
576.3

 
559.2

 
—

 
559.2

 
1,685.8

 
—

 
1,685.8

Total
 
$
2,617.1

 
$
—

 
$
2,617.1

 
$
2,860.1

 
$
—

 
$
2,860.1

 
$
2,878.9

 
$
—

 
$
2,878.9

 
$
8,356.1

 
$
—

 
$
8,356.1

SEGMENT PROFIT
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Construction & DIY
 
$
169.1

 
$
0.4

 
$
169.5

 
$
218.2

 
$
0.2

 
$
218.4

 
$
239.7

 
$
0.1

 
$
239.8

 
$
627.0

 
$
0.7

 
$
627.7

Industrial
 
130.3

 
2.2

 
132.5

 
150.3

 
1.2

 
151.5

 
136.2

 
1.2

 
137.4

 
416.8

 
4.6

 
421.4

Security
 
52.9

 
2.2

 
55.1

 
69.3

 
1.2

 
70.5

 
67.3

 
0.4

 
67.7

 
189.5

 
3.8

 
193.3

Segment Profit
 
352.3

 
4.8

 
357.1

 
437.8

 
2.6

 
440.4

 
443.2

 
1.7

 
444.9

 
1,233.3

 
9.1

 
1,242.4

Corporate Overhead
 
(36.5
)
 
2.5

 
(34.0
)
 
(45.1
)
 
3.0

 
(42.1
)
 
(37.7
)
 
4.4

 
(33.3
)
 
(119.3
)
 
9.9

 
(109.4
)
Total
 
$
315.8

 
$
7.3

 
$
323.1

 
$
392.7

 
$
5.6

 
$
398.3

 
$
405.5

 
$
6.1

 
$
411.6

 
$
1,114.0

 
$
19.0

 
$
1,133.0

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Segment Profit as a Percentage of Net Sales
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Construction & DIY
 
13.9
 %
 
 
 
14.0
 %
 
15.6
 %
 
 
 
15.7
 %
 
16.5
 %
 
 
 
16.5
 %
 
15.4
 %
 
 
 
15.4
 %
Industrial
 
15.3
 %
 
 
 
15.6
 %
 
16.9
 %
 
 
 
17.0
 %
 
15.7
 %
 
 
 
15.9
 %
 
16.0
 %
 
 
 
16.2
 %
Security
 
9.6
 %
 
 
 
10.0
 %
 
12.0
 %
 
 
 
12.2
 %
 
12.0
 %
 
 
 
12.1
 %
 
11.2
 %
 
 
 
11.5
 %
Segment Profit
 
13.5
 %
 
 
 
13.6
 %
 
15.3
 %
 
 
 
15.4
 %
 
15.4
 %
 
 
 
15.5
 %
 
14.8
 %
 
 
 
14.9
 %
Corporate Overhead
 
(1.4
)%
 
 
 
(1.3
)%
 
(1.6
)%
 
 
 
(1.5
)%
 
(1.3
)%
 
 
 
(1.2
)%
 
(1.4
)%
 
 
 
(1.3
)%
Total
 
12.1
 %
 
 
 
12.3
 %
 
13.7
 %
 
 
 
13.9
 %
 
14.1
 %
 
 
 
14.3
 %
 
13.3
 %
 
 
 
13.6
 %
1

Reported, as adjusted for Security Spain and Italy. Security Spain and Italy have been excluded from the continuing operations of Stanley Black & Decker as reflected above. The net operating results of Security Spain and Italy, as well as any gain or loss on a future sale, will be reported as a discontinued operation.
2

Merger and acquisition-related charges, as adjusted for Security Spain and Italy, relate primarily to integration and consulting costs, as well as employee-related matters.
3

The normalized 2014 information adjusted for Security Spain and Italy, as reconciled to GAAP adjusted for Security Spain and Italy above, is considered relevant to aid analysis of the Company’s margin and earnings results aside from the material impact of the merger & acquisition-related charges.
 

Page 3





STANLEY BLACK & DECKER, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP SEGMENT PROFIT FINANCIAL MEASURES, AS ADJUSTED, TO CORRESPONDING
NON-GAAP FINANCIAL MEASURES, AS ADJUSTED
(Unaudited, Millions of Dollars)
 
 
FIRST QUARTER 2013
 
SECOND QUARTER 2013
 
THIRD QUARTER 2013
 
 
GAAP1
 
Merger & Acquisition-Related Charges2
 
Normalized3
 
GAAP1
 
Merger & Acquisition-Related Charges2
 
Normalized3
 
GAAP1
 
Merger & Acquisition-Related Charges2
 
Normalized3
NET SALES
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Construction & DIY
 
$
1,149.2

 
$
—

 
$
1,149.2

 
$
1,392.8

 
$
—

 
$
1,392.8

 
$
1,332.0

 
$
—

 
$
1,332.0

Industrial
 
733.9

 
—

 
733.9

 
861.5

 
—

 
861.5

 
825.9

 
—

 
825.9

Security
 
565.0

 
—

 
565.0

 
575.7

 
—

 
575.7

 
572.9

 
—

 
572.9

Total
 
$
2,448.1

 
$
—

 
$
2,448.1

 
$
2,830.0

 
$
—

 
$
2,830.0

 
$
2,730.8

 
$
—

 
$
2,730.8

SEGMENT PROFIT
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Construction & DIY
 
$
166.0

 
$
3.3

 
$
169.3

 
$
209.9

 
$
2.8

 
$
212.7

 
$
198.4

 
$
3.1

 
$
201.5

Industrial
 
89.4

 
12.4

 
101.8

 
117.6

 
6.1

 
123.7

 
114.6

 
2.3

 
116.9

Security
 
55.0

 
6.1

 
61.1

 
51.5

 
8.7

 
60.2

 
60.0

 
11.8

 
71.8

Segment Profit
 
310.4

 
21.8

 
332.2

 
379.0

 
17.6

 
396.6

 
373.0

 
17.2

 
390.2

Corporate Overhead
 
(69.0
)
 
25.5

 
(43.5
)
 
(53.8
)
 
14.3

 
(39.5
)
 
(56.4
)
 
19.9

 
(36.5
)
Total
 
$
241.4

 
$
47.3

 
$
288.7

 
$
325.2

 
$
31.9

 
$
357.1

 
$
316.6

 
$
37.1

 
$
353.7

Segment Profit as a Percentage of Net Sales
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Construction & DIY
 
14.4
 %
 
 
 
14.7
 %
 
15.1
 %
 
 
 
15.3
 %
 
14.9
 %
 
 
 
15.1
 %
Industrial
 
12.2
 %
 
 
 
13.9
 %
 
13.7
 %
 
 
 
14.4
 %
 
13.9
 %
 
 
 
14.2
 %
Security
 
9.7
 %
 
 
 
10.8
 %
 
8.9
 %
 
 
 
10.5
 %
 
10.5
 %
 
 
 
12.5
 %
Segment Profit
 
12.7
 %
 
 
 
13.6
 %
 
13.4
 %
 
 
 
14.0
 %
 
13.7
 %
 
 
 
14.3
 %
Corporate Overhead
 
(2.8
)%
 
 
 
(1.8
)%
 
(1.9
)%
 
 
 
(1.4
)%
 
(2.1
)%
 
 
 
(1.3
)%
Total
 
9.9
 %
 
 
 
11.8
 %
 
11.5
 %
 
 
 
12.6
 %
 
11.6
 %
 
 
 
13.0
 %
 
 
FOURTH QUARTER 2013
 
YEAR TO DATE 2013
 
 
 
 
GAAP1
 
Merger & Acquisition-Related Charges2
 
Normalized3
 
GAAP1
 
Merger & Acquisition-Related Charges2
 
Normalized3
 
NET SALES
 
 
 
 
 
 
 
 
 
 
 
 
 
Construction & DIY
 
$
1,397.4

 
$
—

 
$
1,397.4

 
$
5,271.4

 
$
—

 
$
5,271.4

 
Industrial
 
881.3

 
—

 
881.3

 
3,302.6

 
—

 
3,302.6

 
Security
 
601.9

 
—

 
601.9

 
2,315.5

 
—

 
2,315.5

 
Total
 
$
2,880.6

 
$
—

 
$
2,880.6

 
$
10,889.5

 
$
—

 
$
10,889.5

 
 SEGMENT PROFIT
 
 
 
 
 
 
 
 
 
 
 
 
 
Construction & DIY
 
$
202.8

 
$
3.8

 
$
206.6

 
$
777.1

 
$
13.0

 
$
790.1

 
Industrial
 
135.1

 
4.0

 
139.1

 
456.7

 
24.8

 
481.5

 
Security
 
66.8

 
11.4

 
78.2

 
233.3

 
38.0

 
271.3

 
Segment Profit
 
404.7

 
19.2

 
423.9

 
1,467.1

 
75.8

 
1,542.9

 
Corporate Overhead
 
(74.8
)
 
29.7

 
(45.1
)
 
(254.0
)
 
89.4

 
(164.6
)
 
Total
 
$
329.9

 
$
48.9

 
$
378.8

 
$
1,213.1

 
$
165.2

 
$
1,378.3

 
Segment Profit as a Percentage of Net Sales
 

 
 
 
 
 
 
 
Construction & DIY
 
14.5
 %
 
 
 
14.8
 %
 
14.7
 %
 
 
 
15.0
 %
 
Industrial
 
15.3
 %
 
 
 
15.8
 %
 
13.8
 %
 
 
 
14.6
 %
 
Security
 
11.1
 %
 
 
 
13.0
 %
 
10.1
 %
 
 
 
11.7
 %
 
Segment Profit
 
14.0
 %
 
 
 
14.7
 %
 
13.5
 %
 
 
 
14.2
 %
 
Corporate Overhead
 
(2.6
)%
 
 
 
(1.6
)%
 
(2.3
)%
 
 
 
(1.5
)%
 
Total
 
11.5
 %
 
 
 
13.2
 %
 
11.1
 %
 
 
 
12.7
 %
 
 
1

Reported, as adjusted for Security Spain and Italy. Security Spain and Italy have been excluded from the continuing operations of Stanley Black & Decker as reflected above. The net operating results of Security Spain and Italy, as well as any gain or loss on a future sale, will be reported as a discontinued operation.
2

Merger and acquisition-related charges, as adjusted for Security Spain and Italy, relate primarily to the Black & Decker merger and Niscayah and Infastech acquisitions, including facility closure-related charges, employee-related charges and integration costs.
3

The normalized 2013 information adjusted for Security Spain and Italy, as reconciled to GAAP adjusted for Security Spain and Italy above, is considered relevant to aid analysis of the Company’s margin and earnings results aside from the material impact of the merger & acquisition-related charges.

Page 4


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