(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
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)) |
Title Of Each Class | Trading Symbol | Name Of Each Exchange On Which Registered | |||||||||||||||
- $2.50 Par Value per Share | |||||||||||||||||
Stanley Black & Decker, Inc. | ||||||||||||||||||||
By: | /s/ Janet M. Link | |||||||||||||||||||
Name: | Janet M. Link | |||||||||||||||||||
Title: | Senior Vice President, General Counsel and Secretary |
Exhibit No. | Description | ||||
99.1 | |||||
99.2 | |||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
($ in M) | ||||||||||||||||||||
Sales | Profit | Charges1 | Profit Ex- Charges1 | Profit Rate | Profit Rate Ex- Charges1 | |||||||||||||||
Tools & Storage | $3,063 | $651.3 | $4.2 | $655.5 | 21.3% | 21.4% | ||||||||||||||
Industrial | $658 | $101.2 | $3.6 | $104.8 | 15.4% | 15.9% | ||||||||||||||
Security | $477 | $34.6 | $5.8 | $40.4 | 7.3% | 8.5% |
First Quarter | |||||||||||
2021 | 2020 | ||||||||||
NET SALES | $ | 4,197.1 | $ | 3,129.4 | |||||||
COSTS AND EXPENSES | |||||||||||
Cost of sales | 2,632.8 | 2,106.3 | |||||||||
Gross profit | 1,564.3 | 1,023.1 | |||||||||
% of Net Sales | 37.3 | % | 32.7 | % | |||||||
Selling, general and administrative | 852.9 | 748.5 | |||||||||
% of Net Sales | 20.3 | % | 23.9 | % | |||||||
Operating profit | 711.4 | 274.6 | |||||||||
% of Net sales | 16.9 | % | 8.8 | % | |||||||
Other - net | 59.0 | 74.9 | |||||||||
Loss on sale of business | 1.0 | — | |||||||||
Restructuring charges | 2.3 | 3.9 | |||||||||
Income from operations | 649.1 | 195.8 | |||||||||
Interest - net | 44.6 | 49.6 | |||||||||
EARNINGS BEFORE INCOME TAXES AND EQUITY INTEREST | 604.5 | 146.2 | |||||||||
Income taxes | 119.5 | 12.9 | |||||||||
NET EARNINGS BEFORE EQUITY INTEREST | 485.0 | 133.3 | |||||||||
Share of net earnings (losses) of equity method investment | 1.8 | (0.2) | |||||||||
NET EARNINGS | 486.8 | 133.1 | |||||||||
Less: Net losses attributable to non-controlling interests | (0.6) | (0.1) | |||||||||
NET EARNINGS ATTRIBUTABLE TO STANLEY BLACK & DECKER, INC. | 487.4 | 133.2 | |||||||||
Less: Preferred stock dividends | 9.4 | — | |||||||||
NET EARNINGS ATTRIBUTABLE TO COMMON SHAREOWNERS | $ | 478.0 | $ | 133.2 | |||||||
EARNINGS PER SHARE OF COMMON STOCK | |||||||||||
Basic | $ | 3.04 | $ | 0.89 | |||||||
Diluted | $ | 2.98 | $ | 0.88 | |||||||
DIVIDENDS PER SHARE OF COMMON STOCK | $ | 0.70 | $ | 0.69 | |||||||
WEIGHTED-AVERAGE SHARES OUTSTANDING (in thousands) | |||||||||||
Basic | 157,490 | 150,330 | |||||||||
Diluted | 160,220 | 151,903 |
April 3, 2021 | January 2, 2021 | |||||||||||||
ASSETS | ||||||||||||||
Cash and cash equivalents | $ | 949.2 | $ | 1,381.0 | ||||||||||
Accounts and notes receivable, net | 1,994.8 | 1,512.2 | ||||||||||||
Inventories, net | 3,137.4 | 2,737.4 | ||||||||||||
Other current assets | 441.6 | 405.4 | ||||||||||||
Total current assets | 6,523.0 | 6,036.0 | ||||||||||||
Property, plant and equipment, net | 2,016.5 | 2,053.8 | ||||||||||||
Goodwill and other intangibles, net | 13,965.2 | 14,093.5 | ||||||||||||
Other assets | 1,371.3 | 1,383.0 | ||||||||||||
Total assets | $ | 23,876.0 | $ | 23,566.3 | ||||||||||
LIABILITIES AND SHAREOWNERS’ EQUITY | ||||||||||||||
Short-term borrowings | $ | 0.8 | $ | 1.5 | ||||||||||
Accounts payable | 2,653.2 | 2,446.4 | ||||||||||||
Accrued expenses | 1,924.4 | 2,110.4 | ||||||||||||
Total current liabilities | 4,578.4 | 4,558.3 | ||||||||||||
Long-term debt | 4,245.7 | 4,245.4 | ||||||||||||
Other long-term liabilities | 3,647.1 | 3,696.2 | ||||||||||||
Stanley Black & Decker, Inc. shareowners’ equity | 11,401.8 | 11,059.6 | ||||||||||||
Non-controlling interests’ equity | 3.0 | 6.8 | ||||||||||||
Total liabilities and shareowners' equity | $ | 23,876.0 | $ | 23,566.3 |
First Quarter | ||||||||||||||
2021 | 2020 | |||||||||||||
OPERATING ACTIVITIES | ||||||||||||||
Net earnings | $ | 486.8 | $ | 133.1 | ||||||||||
Depreciation and amortization | 144.0 | 141.1 | ||||||||||||
Loss on sale of business | 1.0 | — | ||||||||||||
Share of net (earnings) losses of equity method investment | (1.8) | 0.2 | ||||||||||||
Changes in working capital1 | (720.4) | (512.7) | ||||||||||||
Other | (67.4) | (166.9) | ||||||||||||
Net cash used in operating activities | (157.8) | (405.2) | ||||||||||||
INVESTING AND FINANCING ACTIVITIES | ||||||||||||||
Capital and software expenditures | (88.3) | (82.9) | ||||||||||||
Business acquisitions, net of cash acquired | (0.2) | (1,302.4) | ||||||||||||
Purchases of investments | (7.0) | (6.5) | ||||||||||||
Net investment hedge settlements | (52.6) | 24.4 | ||||||||||||
Proceeds from debt issuances, net of fees | — | 1,486.4 | ||||||||||||
Stock purchase contract fees | (9.8) | (20.1) | ||||||||||||
Net short-term (repayments) borrowings | (0.7) | 1,351.9 | ||||||||||||
Proceeds from issuances of common stock | 64.1 | 44.6 | ||||||||||||
Purchases of common stock for treasury | (14.9) | (9.0) | ||||||||||||
Craftsman deferred purchase price | — | (250.0) | ||||||||||||
Craftsman contingent consideration | (7.0) | — | ||||||||||||
Termination of forward starting interest rate swaps | — | (20.5) | ||||||||||||
Cash dividends on common stock | (110.1) | (105.6) | ||||||||||||
Cash dividends on preferred stock | (9.4) | — | ||||||||||||
Effect of exchange rate changes on cash | (38.9) | (22.6) | ||||||||||||
Other | (7.0) | 1.2 | ||||||||||||
Net cash (used in) provided by investing and financing activities | (281.8) | 1,088.9 | ||||||||||||
(Decrease) increase in cash, cash equivalents and restricted cash | (439.6) | 683.7 | ||||||||||||
Cash, cash equivalents and restricted cash, beginning of period | 1,398.3 | 314.6 | ||||||||||||
Cash, cash equivalents and restricted cash, end of period | $ | 958.7 | $ | 998.3 | ||||||||||
Free Cash Flow Computation2 | ||||||||||||||
Net cash used in operating activities | $ | (157.8) | $ | (405.2) | ||||||||||
Less: capital and software expenditures | (88.3) | (82.9) | ||||||||||||
Free cash flow (before dividends) | $ | (246.1) | $ | (488.1) | ||||||||||
Reconciliation of Cash, Cash Equivalents and Restricted Cash | ||||||||||||||
April 3, 2021 | January 2, 2021 | |||||||||||||
Cash and cash equivalents | $ | 949.2 | $ | 1,381.0 | ||||||||||
Restricted cash included in Other current assets | 9.5 | 17.3 | ||||||||||||
Cash, cash equivalents and restricted cash | $ | 958.7 | $ | 1,398.3 | ||||||||||
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, and is useful information for investors. 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. |
First Quarter | |||||||||||
2021 | 2020 | ||||||||||
NET SALES | |||||||||||
Tools & Storage | $ | 3,062.9 | $ | 2,070.8 | |||||||
Industrial | 657.7 | 590.7 | |||||||||
Security | 476.5 | 467.9 | |||||||||
Total | $ | 4,197.1 | $ | 3,129.4 | |||||||
SEGMENT PROFIT | |||||||||||
Tools & Storage | $ | 651.3 | $ | 234.8 | |||||||
Industrial | 101.2 | 67.8 | |||||||||
Security | 34.6 | 20.9 | |||||||||
Segment Profit | 787.1 | 323.5 | |||||||||
Corporate Overhead | (75.7) | (48.9) | |||||||||
Total | $ | 711.4 | $ | 274.6 | |||||||
Segment Profit as a Percentage of Net Sales | |||||||||||
Tools & Storage | 21.3 | % | 11.3 | % | |||||||
Industrial | 15.4 | % | 11.5 | % | |||||||
Security | 7.3 | % | 4.5 | % | |||||||
Segment Profit | 18.8 | % | 10.3 | % | |||||||
Corporate Overhead | (1.8) | % | (1.6) | % | |||||||
Total | 16.9 | % | 8.8 | % |
First Quarter 2021 | |||||||||||||||||||||||
Reported | Acquisition-Related Charges & Other1 | Normalized3 | |||||||||||||||||||||
Gross profit | $ | 1,564.3 | $ | 5.2 | $ | 1,569.5 | |||||||||||||||||
% of Net Sales | 37.3 | % | 37.4 | % | |||||||||||||||||||
Selling, general and administrative | 852.9 | (20.0) | 832.9 | ||||||||||||||||||||
% of Net Sales | 20.3 | % | 19.8 | % | |||||||||||||||||||
Operating profit | 711.4 | 25.2 | 736.6 | ||||||||||||||||||||
% of Net Sales | 16.9 | % | 17.6 | % | |||||||||||||||||||
Earnings before income taxes and equity interest | 604.5 | 30.0 | 634.5 | ||||||||||||||||||||
Income taxes | 119.5 | 7.4 | 126.9 | ||||||||||||||||||||
Share of net earnings of equity method investment | 1.8 | 0.2 | 2.0 | ||||||||||||||||||||
Net earnings attributable to common shareowners | 478.0 | 22.8 | 500.8 | ||||||||||||||||||||
Diluted earnings per share of common stock | $ | 2.98 | $ | 0.15 | $ | 3.13 | |||||||||||||||||
1 | Acquisition-related and other charges relate primarily to functional transformation initiatives and facility-related costs. | ||||||||||||||||||||||
First Quarter 2020 | |||||||||||||||||||||||
Reported | Acquisition-Related Charges & Other2 | Normalized3 | |||||||||||||||||||||
Gross profit | $ | 1,023.1 | $ | 9.1 | $ | 1,032.2 | |||||||||||||||||
% of Net Sales | 32.7 | % | 33.0 | % | |||||||||||||||||||
Selling, general and administrative | 748.5 | (29.8) | 718.7 | ||||||||||||||||||||
% of Net Sales | 23.9 | % | 23.0 | % | |||||||||||||||||||
Operating profit | 274.6 | 38.9 | 313.5 | ||||||||||||||||||||
% of Net Sales | 8.8 | % | 10.0 | % | |||||||||||||||||||
Earnings before income taxes and equity interest | 146.2 | 61.7 | 207.9 | ||||||||||||||||||||
Income taxes | 12.9 | 13.1 | 26.0 | ||||||||||||||||||||
Share of net (losses) earnings of equity method investment | (0.2) | 1.0 | 0.8 | ||||||||||||||||||||
Net earnings attributable to common shareowners | 133.2 | 49.6 | 182.8 | ||||||||||||||||||||
Diluted earnings per share of common stock | $ | 0.88 | $ | 0.32 | $ | 1.20 | |||||||||||||||||
2 | Acquisition-related charges and other relates primarily to inventory step-up, deal costs, Security business transformation and margin resiliency initiatives. | ||||||||||||||||||||||
3 | The normalized 2021 and 2020 information, as reconciled to GAAP above, is considered relevant to aid analysis of the Company’s profit and earnings results aside from the material impact of the acquisition-related charges and other items. |
First Quarter 2021 | |||||||||||||||||||||||
Reported | Acquisition-Related and Other Charges1 | Normalized3 | |||||||||||||||||||||
SEGMENT PROFIT | |||||||||||||||||||||||
Tools & Storage | $ | 651.3 | $ | 4.2 | $ | 655.5 | |||||||||||||||||
Industrial | 101.2 | 3.6 | 104.8 | ||||||||||||||||||||
Security | 34.6 | 5.8 | 40.4 | ||||||||||||||||||||
Segment Profit | 787.1 | 13.6 | 800.7 | ||||||||||||||||||||
Corporate Overhead | (75.7) | 11.6 | (64.1) | ||||||||||||||||||||
Total | $ | 711.4 | $ | 25.2 | $ | 736.6 | |||||||||||||||||
Segment Profit as a Percentage of Net Sales | |||||||||||||||||||||||
Tools & Storage | 21.3 | % | 21.4 | % | |||||||||||||||||||
Industrial | 15.4 | % | 15.9 | % | |||||||||||||||||||
Security | 7.3 | % | 8.5 | % | |||||||||||||||||||
Segment Profit | 18.8 | % | 19.1 | % | |||||||||||||||||||
Corporate Overhead | (1.8) | % | (1.5) | % | |||||||||||||||||||
Total | 16.9 | % | 17.6 | % | |||||||||||||||||||
1 | Acquisition-related and other charges relate primarily to functional transformation initiatives and facility-related costs. | ||||||||||||||||||||||
First Quarter 2020 | |||||||||||||||||||||||
Reported | Acquisition-Related and Other Charges2 | Normalized3 | |||||||||||||||||||||
SEGMENT PROFIT | |||||||||||||||||||||||
Tools & Storage | $ | 234.8 | $ | 3.1 | $ | 237.9 | |||||||||||||||||
Industrial | 67.8 | 10.4 | 78.2 | ||||||||||||||||||||
Security | 20.9 | 13.9 | 34.8 | ||||||||||||||||||||
Segment Profit | 323.5 | 27.4 | 350.9 | ||||||||||||||||||||
Corporate Overhead | (48.9) | 11.5 | (37.4) | ||||||||||||||||||||
Total | $ | 274.6 | $ | 38.9 | $ | 313.5 | |||||||||||||||||
Segment Profit as a Percentage of Net Sales | |||||||||||||||||||||||
Tools & Storage | 11.3 | % | 11.5 | % | |||||||||||||||||||
Industrial | 11.5 | % | 13.2 | % | |||||||||||||||||||
Security | 4.5 | % | 7.4 | % | |||||||||||||||||||
Segment Profit | 10.3 | % | 11.2 | % | |||||||||||||||||||
Corporate Overhead | (1.6) | % | (1.2) | % | |||||||||||||||||||
Total | 8.8 | % | 10.0 | % | |||||||||||||||||||
2 | Acquisition-related and other charges relate primarily to inventory step-up, Security business transformation and margin resiliency initiatives. | ||||||||||||||||||||||
3 | The normalized 2021 and 2020 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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