BUSINESS SEGMENTS (Tables)

6 Months Ended

Jul. 03, 2021

Segment Reporting [Abstract]

Reconciliation of Revenue from Segments to Consolidated

	Second Quarter				Year-to-Date
(Millions of Dollars)	2021		2020		2021		2020
NET SALES
Tools & Storage	$	3,196.5	$	2,197.2	$	6,259.4	$	4,268.0
Industrial	602.2		517.5		1,259.9		1,108.2
Security	502.2		432.7		978.7		900.6
Total	$	4,300.9	$	3,147.4	$	8,498.0	$	6,276.8
SEGMENT PROFIT
Tools & Storage	$	635.1	$	345.1	$	1,286.4	$	579.9
Industrial	62.4		5.1		163.6		72.9
Security	36.9		9.2		71.5		30.1
Segment profit	734.4		359.4		1,521.5		682.9
Corporate overhead	(92.4)		(78.7)		(168.1)		(127.6)
Other, net	(53.8)		(86.9)		(112.8)		(161.8)
Loss on sales of businesses	(2.6)		—		(3.6)		—
Restructuring charges	(14.0)		(27.9)		(16.3)		(31.8)
Interest expense	(46.5)		(57.3)		(94.0)		(117.0)
Interest income	2.7		2.5		5.6		12.6
Earnings before income taxes and equity interest	$	527.8	$	111.1	$	1,132.3	$	257.3

Business Segments

The following table provides the percent of total segment revenue recognized over time for the Industrial and Security segments for the three and six months ended July 3, 2021 and June 27, 2020:

	Second Quarter				Year-to-Date
	2021		2020		2021		2020
Industrial	4.2	%	11.5	%	5.0	%	11.0	%
Security	51.5	%	50.6	%	50.8	%	48.7	%

The decrease in the Industrial revenue recognized over time relates to volume declines within Oil & Gas, which is the primary product line with revenue recognized over time within the Industrial segment.

The following table is a further disaggregation of the Industrial segment revenue for the three and six months ended July 3, 2021 and June 27, 2020:

	Second Quarter				Year-to-Date
(Millions of Dollars)	2021		2020		2021		2020
Engineered Fastening	$	456.5	$	351.7	$	953.3	$	776.4
Infrastructure	145.7		165.8		306.6		331.8
Industrial	$	602.2	$	517.5	$	1,259.9	$	1,108.2

Summary of Total Assets by Segment

The following table is a summary of total assets by segment as of July 3, 2021 and January 2, 2021:

(Millions of Dollars)	July 3, 2021		January 2, 2021
Tools & Storage	$	15,497.1	$	14,294.9
Industrial	5,667.5		5,621.4
Security	3,591.1		3,493.5
	24,755.7		23,409.8
Corporate	(792.8)		156.5
Consolidated	$	23,962.9	$	23,566.3

Summary of Net Sales by Geographic Area

The following table is a summary of net sales by geographic area for the three and six months ended July 3, 2021 and June 27, 2020:

	Second Quarter				Year-to-Date
(Millions of Dollars)	2021		2020		2021		2020
United States	$	2,471.8	$	2,004.0	$	4,850.5	$	3,846.0
Canada	202.8		135.8		422.8		285.7
Other Americas	212.0		90.5		411.3		220.2
France	183.0		105.8		375.2		240.6
Other Europe	902.3		582.1		1,776.3		1,231.2
Asia	329.0		229.2		661.9		453.1
Consolidated	$	4,300.9	$	3,147.4	$	8,498.0	$	6,276.8