BUSINESS SEGMENTS AND GEOGRAPHIC AREAS (Tables)

9 Months Ended

Oct. 02, 2021

Segment Reporting [Abstract]

Reconciliation of Revenue from Segments to Consolidated

	Third Quarter				Year-to-Date
(Millions of Dollars)	2021		2020		2021		2020
NET SALES
Tools & Storage	$	3,185.9	$	2,804.1	$	9,445.3	$	7,072.1
Industrial	593.5		586.6		1,853.4		1,694.8
Security	483.8		459.5		1,462.5		1,360.1
Total	$	4,263.2	$	3,850.2	$	12,761.2	$	10,127.0
SEGMENT PROFIT
Tools & Storage	$	485.8	$	597.1	$	1,772.2	$	1,177.0
Industrial	43.8		63.8		207.4		136.7
Security	39.6		39.3		111.1		69.4
Segment profit	569.2		700.2		2,090.7		1,383.1
Corporate overhead	(76.5)		(62.8)		(244.6)		(190.4)
Other, net	(39.5)		(74.3)		(152.3)		(236.1)
Loss on sales of businesses	—		—		(3.6)		—
Restructuring charges	(5.8)		(42.8)		(22.1)		(74.6)
Interest expense	(45.8)		(52.7)		(139.8)		(169.7)
Interest income	2.3		2.0		7.9		14.6
Earnings before income taxes and equity interest	$	403.9	$	469.6	$	1,536.2	$	726.9

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 nine months ended October 2, 2021 and September 26, 2020:

	Third Quarter				Year-to-Date
	2021		2020		2021		2020
Industrial	6.4	%	8.0	%	5.4	%	10.0	%
Security	52.7	%	49.7	%	51.4	%	49.1	%

The decrease in the percent of Industrial segment 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 nine months ended October 2, 2021 and September 26, 2020:

	Third Quarter				Year-to-Date
(Millions of Dollars)	2021		2020		2021		2020
Engineered Fastening	$	435.7	$	436.0	$	1,389.0	$	1,212.4
Infrastructure	157.8		150.6		464.4		482.4
Industrial	$	593.5	$	586.6	$	1,853.4	$	1,694.8

Summary of Total Assets by Segment

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

(Millions of Dollars)	October 2, 2021		January 2, 2021
Tools & Storage	$	15,676.0	$	14,294.9
Industrial	5,678.3		5,621.4
Security	3,571.0		3,493.5
	24,925.3		23,409.8
Corporate	(598.7)		156.5
Consolidated	$	24,326.6	$	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 nine months ended October 2, 2021 and September 26, 2020:

	Third Quarter				Year-to-Date
(Millions of Dollars)	2021		2020		2021		2020
United States	$	2,530.6	$	2,336.2	$	7,381.1	$	6,182.2
Canada	208.9		185.1		631.7		470.8
Other Americas	227.1		168.6		638.4		388.8
France	159.7		148.9		534.9		389.5
Other Europe	814.8		722.3		2,591.1		1,953.5
Asia	322.1		289.1		984.0		742.2
Consolidated	$	4,263.2	$	3,850.2	$	12,761.2	$	10,127.0