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BUSINESS SEGMENTS AND GEOGRAPHIC AREAS
 12 Months Ended
Jan. 01, 2022
Segment Reporting [Abstract]  
BUSINESS SEGMENTS AND GEOGRAPHIC AREAS BUSINESS SEGMENTS AND GEOGRAPHIC AREAS
The Company’s operations are classified into two reportable business segments: Tools & Storage and Industrial. The Company has one non-reportable business operating segment, Mechanical Access Solutions ("MAS").
The Tools & Storage segment is comprised of the Power Tools Group ("PTG"), Hand Tools, Accessories & Storage ("HTAS") and Outdoor Power Equipment ("Outdoor") businesses. The PTG business includes both professional and consumer products. Professional products include professional grade corded and cordless electric power tools and equipment including drills, impact wrenches and drivers, grinders, saws, routers and sanders, as well as pneumatic tools and fasteners including nail guns, nails, staplers and staples, concrete and masonry anchors. Consumer products include corded and cordless electric power tools sold primarily under the BLACK+DECKER® brand, and home products such as hand-held vacuums, paint tools and cleaning appliances. The HTAS business sells hand tools, power tool accessories and storage products. Hand tools include measuring, leveling and layout tools, planes, hammers, demolition tools, clamps, vises, knives, saws, chisels and industrial and automotive tools. Power tool accessories include drill bits, screwdriver bits, router bits, abrasives, saw blades and threading products. Storage products include tool boxes, sawhorses, medical cabinets and engineered storage solution products. The Outdoor business primarily sells corded and cordless electric lawn and garden products, including hedge trimmers, string trimmers, lawn mowers, pressure washers and related accessories, and gas powered lawn and garden products, including lawn tractors, zero turn ride on mowers, walk behind mowers, snow blowers, residential robotic mowers, utility terrain vehicles (UTVs), handheld outdoor power equipment, garden tools, and parts and accessories to professionals and consumers under the DEWALT®, CUB CADET®, BLACK+DECKER®, CRAFTSMAN®, TROY-BILT®, and HUSTLER® brand names.
The Industrial segment is comprised of the Engineered Fastening and Infrastructure businesses. The Engineered Fastening business primarily sells highly engineered components such as fasteners, fittings and various engineered products, which are designed for specific application across multiple verticals. The product lines include externally threaded fasteners, blind rivets and tools, blind inserts and tools, drawn arc weld studs and systems, engineered plastic and mechanical fasteners, self-piercing riveting systems, precision nut running systems, micro fasteners, high-strength structural fasteners, axel swage, latches, heat shields, pins, and couplings. The Infrastructure business consists of the Attachment Tools and Oil & Gas product lines. Attachment Tools sells hydraulic tools and high quality, performance-driven heavy equipment attachment tools for off-highway applications. Oil & Gas sells and rents custom pipe handling, joint welding and coating equipment used in the construction of large and small diameter pipelines and provides pipeline inspection services.
The Company utilizes segment profit, which is defined as net sales minus cost of sales and SG&A inclusive of the provision for credit losses (aside from corporate overhead expense), and segment profit as a percentage of net sales to assess the profitability of each segment. Transactions between segments are not material. Segment assets primarily include cash, accounts receivable, inventory, other current assets, property, plant and equipment, right-of-use lease assets and intangible assets. Net sales and long-lived assets are attributed to the geographic regions based on the geographic locations of the end customer and the Company subsidiary, respectively.
BUSINESS SEGMENTS
(Millions of Dollars)202120202019
Net Sales
Tools & Storage$12,817.4 $10,329.7 $10,062.1 
Industrial2,463.1 2,352.7 2,434.7 
Corporate Overhead & Other336.7 375.3 416.1 
Consolidated$15,617.2 $13,057.7 $12,912.9 
Segment Profit
Tools & Storage$1,985.4 $1,820.3 $1,517.0 
Industrial256.6 220.6 330.0 
Segment Profit2,242.0 2,040.9 1,847.0 
Corporate Overhead & Other(288.2)(264.0)(181.9)
Other, net(190.1)(217.8)(201.1)
(Loss) gain on sales of businesses(0.6)(13.5)17.0 
Restructuring charges(14.5)(73.8)(138.4)
Gain on equity method investment68.0 — — 
Loss on debt extinguishments— (46.9)(17.9)
Interest income9.8 17.5 51.9 
Interest expense(185.4)(222.6)(282.2)
Earnings from continuing operations before income taxes and equity interest$1,641.0 $1,219.8 $1,094.4 
Capital and Software Expenditures
Tools & Storage$374.8 $228.1 $300.8 
Industrial123.1 102.1 90.5 
Corporate Overhead & Other3.3 2.3 3.3 
Discontinued operations17.9 15.6 30.1 
Consolidated$519.1 $348.1 $424.7 
Depreciation and Amortization
Tools & Storage$311.8 $309.5 $330.3 
Industrial201.2 199.6 159.9 
Corporate Overhead & Other3.6 5.1 5.9 
Discontinued operations60.5 63.9 64.1 
Consolidated$577.1 $578.1 $560.2 
Segment Assets20212020
Tools & Storage$19,537.9 $14,295.6 
Industrial5,627.8 5,621.1 
25,165.7 19,916.7 
Assets held for sale3,183.4 3,148.1 
Corporate & Other assets(169.1)501.5 
Consolidated$28,180.0 $23,566.3 

Corporate Overhead & Other includes the results of the commercial electronic security business in five countries in Europe and emerging markets through its disposition in the fourth quarter of 2020 and the Mechanical Access Solutions business, a non-reportable business operating segment, as well as the corporate overhead element of SG&A, which is not allocated to the business segments.

Corporate Overhead & Other assets primarily consist of cash, equity method investment, deferred taxes, property, plant and equipment and right-of-use lease assets, and include assets directly attributable to the MAS business. The decrease in Corporate Overhead & Other assets at January 1, 2022 compared to January 2, 2021 is due to the decrease in the Company's cash position.
Based on the nature of the Company's cash pooling arrangements, at times corporate-related cash accounts will be in a net liability position.

Lowe's accounted for approximately 15%, 17% and 17% of the Company's consolidated net sales in 2021, 2020 and 2019, respectively, while The Home Depot accounted for approximately 15%, 14% and 12% of the Company's consolidated net sales in 2021, 2020 and 2019, respectively.

As described in Note A, Significant Accounting Policies, the Company recognizes revenue at a point in time from the sale of tangible products or over time depending on when the performance obligation is satisfied. For the years ended January 1, 2022, January 2, 2021, and December 28, 2019, the majority of the Company’s revenue was recognized at the time of sale. The following table provides the percent of total segment revenue recognized over time for the Industrial segment for the years ended January 1, 2022, January 2, 2021 and December 28, 2019:
202120202019
Industrial6.6 %9.2 %10.9 %

The following table is a further disaggregation of the Industrial segment revenue for the years ended January 1, 2022, January 2, 2021 and December 28, 2019:
(Millions of Dollars)202120202019
Engineered Fastening$1,842.1 $1,717.8 $1,738.5 
Infrastructure621.0 634.9 696.2 
Industrial$2,463.1 $2,352.7 $2,434.7 

GEOGRAPHIC AREAS
 
(Millions of Dollars)202120202019
Net Sales
United States$9,363.4 $8,097.1 $7,740.6 
Canada737.3 610.5 529.0 
Other Americas835.5 589.7 709.7 
France488.8 393.0 422.0 
Other Europe2,848.6 2,289.6 2,358.5 
Asia1,343.6 1,077.8 1,153.1 
Consolidated$15,617.2 $13,057.7 $12,912.9 
20212020
Property, Plant & Equipment, net
United States$1,443.8 $1,120.2 
Canada21.7 24.3 
Other Americas178.1 120.9 
France36.6 43.1 
Other Europe318.9 324.2 
Asia348.0 340.4 
Consolidated$2,347.1 $1,973.1