(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 Symbols | Name Of Each Exchange On Which Registered | |||||||||||||||
- $2.50 Par Value per Share | |||||||||||||||||
Stanley Black & Decker, Inc. | ||||||||||||||||||||
July 28, 2022 | By: | /s/ Janet M. Link | ||||||||||||||||||
Name: | Janet M. Link | |||||||||||||||||||
Title: | Senior Vice President, General Counsel and Secretary |
Exhibit No. | Description | ||||
99.1 | |||||
99.2 | |||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
($ in M) | ||||||||||||||||||||
Sales | Profit | Charges1 | Profit Ex- Charges* | Profit Rate | Profit Rate Ex- Charges* | |||||||||||||||
Tools & Outdoor | $3,745 | $361.6 | $41.3 | $402.9 | 9.7% | 10.8% | ||||||||||||||
Industrial | $648 | $58.3 | $1.9 | $60.2 | 9.0% | 9.3% |
SECOND QUARTER | YEAR-TO-DATE | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
NET SALES | $ | 4,393.0 | $ | 3,798.9 | $ | 8,841.0 | $ | 7,519.7 | |||||||||||||||
COSTS AND EXPENSES | |||||||||||||||||||||||
Cost of sales | 3,185.9 | 2,437.1 | 6,328.5 | 4,770.1 | |||||||||||||||||||
Gross profit | 1,207.1 | 1,361.8 | 2,512.5 | 2,749.6 | |||||||||||||||||||
% of Net Sales | 27.5 | % | 35.8 | % | 28.4 | % | 36.6 | % | |||||||||||||||
Selling, general and administrative | 852.7 | 767.1 | 1,813.0 | 1,486.2 | |||||||||||||||||||
% of Net Sales | 19.4 | % | 20.2 | % | 20.5 | % | 19.8 | % | |||||||||||||||
Operating profit | 354.4 | 594.7 | 699.5 | 1,263.4 | |||||||||||||||||||
% of Net sales | 8.1 | % | 15.7 | % | 7.9 | % | 16.8 | % | |||||||||||||||
Other - net | 79.1 | 42.5 | 141.1 | 90.5 | |||||||||||||||||||
(Gain) loss on sales of businesses | (0.2) | 2.6 | (0.2) | 3.6 | |||||||||||||||||||
Asset impairment charge | 168.4 | — | 168.4 | — | |||||||||||||||||||
Restructuring charges | 19.5 | 10.4 | 72.2 | 12.2 | |||||||||||||||||||
Income from operations | 87.6 | 539.2 | 318.0 | 1,157.1 | |||||||||||||||||||
Interest - net | 71.7 | 43.8 | 123.6 | 88.4 | |||||||||||||||||||
EARNINGS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES AND EQUITY INTEREST | 15.9 | 495.4 | 194.4 | 1,068.7 | |||||||||||||||||||
Income taxes on continuing operations | (62.8) | 67.3 | (39.9) | 182.8 | |||||||||||||||||||
NET EARNINGS FROM CONTINUING OPERATIONS BEFORE EQUITY INTEREST | 78.7 | 428.1 | 234.3 | 885.9 | |||||||||||||||||||
Share of net earnings of equity method investment | — | 4.4 | — | 6.2 | |||||||||||||||||||
NET EARNINGS FROM CONTINUING OPERATIONS | 78.7 | 432.5 | 234.3 | 892.1 | |||||||||||||||||||
Less: Net earnings (losses) attributable to non-controlling interests | 0.1 | (1.0) | 0.2 | (1.6) | |||||||||||||||||||
NET EARNINGS FROM CONTINUING OPERATIONS ATTRIBUTABLE TO STANLEY BLACK & DECKER, INC. | $ | 78.6 | $ | 433.5 | $ | 234.1 | $ | 893.7 | |||||||||||||||
Less: Preferred stock dividends and beneficial conversion feature | — | 4.8 | — | 14.2 | |||||||||||||||||||
NET EARNINGS FROM CONTINUING OPERATIONS ATTRIBUTABLE TO COMMON SHAREOWNERS | $ | 78.6 | $ | 428.7 | $ | 234.1 | $ | 879.5 | |||||||||||||||
Add: Contract adjustment payments accretion | 0.4 | 0.3 | 0.7 | 0.5 | |||||||||||||||||||
NET EARNINGS FROM CONTINUING OPERATIONS ATTRIBUTABLE TO COMMON SHAREOWNERS - DILUTED | $ | 79.0 | $ | 429.0 | $ | 234.8 | $ | 880.0 | |||||||||||||||
Earnings from discontinued operations before income taxes | 6.4 | 32.4 | 28.6 | 63.5 | |||||||||||||||||||
Income taxes on discontinued operations | (2.6) | 6.4 | (0.2) | 10.3 | |||||||||||||||||||
NET EARNINGS FROM DISCONTINUED OPERATIONS | $ | 9.0 | $ | 26.0 | $ | 28.8 | $ | 53.2 | |||||||||||||||
NET EARNINGS ATTRIBUTABLE TO COMMON SHAREOWNERS - DILUTED | $ | 88.0 | $ | 455.0 | $ | 263.6 | $ | 933.2 | |||||||||||||||
NET EARNINGS ATTRIBUTABLE TO STANLEY BLACK & DECKER, INC. | $ | 87.6 | $ | 459.5 | $ | 262.9 | $ | 946.9 | |||||||||||||||
BASIC EARNINGS PER SHARE OF COMMON STOCK | |||||||||||||||||||||||
Continuing operations | $ | 0.54 | $ | 2.70 | $ | 1.56 | $ | 5.56 | |||||||||||||||
Discontinued operations | $ | 0.06 | $ | 0.16 | $ | 0.19 | $ | 0.34 | |||||||||||||||
Total basic earnings per share of common stock | $ | 0.60 | $ | 2.87 | $ | 1.75 | $ | 5.90 | |||||||||||||||
DILUTED EARNINGS PER SHARE OF COMMON STOCK | |||||||||||||||||||||||
Continuing operations | $ | 0.51 | $ | 2.60 | $ | 1.47 | $ | 5.34 | |||||||||||||||
Discontinued operations | $ | 0.06 | $ | 0.16 | $ | 0.18 | $ | 0.32 | |||||||||||||||
Total diluted earnings per share of common stock | $ | 0.57 | $ | 2.75 | $ | 1.65 | $ | 5.67 | |||||||||||||||
DIVIDENDS PER SHARE OF COMMON STOCK | $ | 0.79 | $ | 0.70 | $ | 1.58 | $ | 1.40 | |||||||||||||||
WEIGHTED-AVERAGE SHARES OUTSTANDING (in thousands) | |||||||||||||||||||||||
Basic | 145,353 | 158,644 | 150,385 | 158,081 | |||||||||||||||||||
Diluted | 154,814 | 165,187 | 160,127 | 164,734 |
July 2, 2022 | January 1, 2022 | |||||||||||||
ASSETS | ||||||||||||||
Cash and cash equivalents | $ | 282.3 | $ | 142.1 | ||||||||||
Accounts and notes receivable, net | 1,592.1 | 1,481.7 | ||||||||||||
Inventories, net | 6,635.5 | 5,419.9 | ||||||||||||
Current assets held for sale | 851.0 | 869.6 | ||||||||||||
Other current assets | 611.9 | 613.1 | ||||||||||||
Total current assets | 9,972.8 | 8,526.4 | ||||||||||||
Property, plant and equipment, net | 2,310.6 | 2,336.8 | ||||||||||||
Goodwill and other intangibles, net | 13,031.8 | 13,285.7 | ||||||||||||
Long-term assets held for sale | 2,564.2 | 2,635.8 | ||||||||||||
Other assets | 1,482.0 | 1,395.3 | ||||||||||||
Total assets | $ | 29,361.4 | $ | 28,180.0 | ||||||||||
LIABILITIES AND SHAREOWNERS’ EQUITY | ||||||||||||||
Short-term borrowings | $ | 5,833.0 | $ | 2,241.1 | ||||||||||
Current maturities of long-term debt | 1.2 | 1.3 | ||||||||||||
Accounts payable | 3,138.8 | 3,423.6 | ||||||||||||
Accrued expenses | 2,304.2 | 2,641.0 | ||||||||||||
Current liabilities held for sale | 483.5 | 460.4 | ||||||||||||
Total current liabilities | 11,760.7 | 8,767.4 | ||||||||||||
Long-term debt | 5,351.8 | 4,353.6 | ||||||||||||
Long-term liabilities held for sale | 137.1 | 137.4 | ||||||||||||
Other long-term liabilities | 3,029.9 | 3,329.2 | ||||||||||||
Stanley Black & Decker, Inc. shareowners’ equity | 9,079.8 | 11,590.5 | ||||||||||||
Non-controlling interests’ equity | 2.1 | 1.9 | ||||||||||||
Total liabilities and shareowners' equity | $ | 29,361.4 | $ | 28,180.0 |
SECOND QUARTER | YEAR-TO-DATE | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
OPERATING ACTIVITIES | ||||||||||||||||||||||||||
Net earnings from continuing operations | $ | 78.7 | $ | 432.5 | $ | 234.3 | $ | 892.1 | ||||||||||||||||||
Net earnings from discontinued operations | 9.0 | 26.0 | 28.8 | 53.2 | ||||||||||||||||||||||
Depreciation and amortization | 143.4 | 142.4 | 287.1 | 286.4 | ||||||||||||||||||||||
(Gain) loss on sales of businesses | (0.2) | 2.6 | (0.2) | 3.6 | ||||||||||||||||||||||
Asset impairment charge | 168.4 | — | 168.4 | — | ||||||||||||||||||||||
Share of net earnings of equity method investment | — | (4.4) | — | (6.2) | ||||||||||||||||||||||
Changes in working capital1 | (568.0) | (196.4) | (1,904.1) | (916.8) | ||||||||||||||||||||||
Other | (275.2) | 41.7 | (499.3) | (25.7) | ||||||||||||||||||||||
Net cash (used in) provided by operating activities | (443.9) | 444.4 | (1,685.0) | 286.6 | ||||||||||||||||||||||
INVESTING AND FINANCING ACTIVITIES | ||||||||||||||||||||||||||
Capital and software expenditures | (145.7) | (105.1) | (285.5) | (193.4) | ||||||||||||||||||||||
Proceeds from sales of assets | 6.2 | 4.1 | 15.2 | 5.4 | ||||||||||||||||||||||
Business acquisitions, net of cash acquired | (9.1) | (1.3) | (45.6) | (1.5) | ||||||||||||||||||||||
Purchase of long-term investments | (9.2) | (4.0) | (9.3) | (11.0) | ||||||||||||||||||||||
Net investment hedge settlements | 4.2 | — | 8.9 | (52.6) | ||||||||||||||||||||||
Proceeds from debt issuances, net of fees | (2.2) | — | 992.6 | — | ||||||||||||||||||||||
Stock purchase contract fees | (9.8) | (9.8) | (19.6) | (19.6) | ||||||||||||||||||||||
Net short-term borrowings | 746.6 | 1.8 | 3,591.4 | 1.1 | ||||||||||||||||||||||
Proceeds from issuances of common stock | 5.9 | 36.3 | 19.6 | 100.4 | ||||||||||||||||||||||
Purchases of common stock for treasury | (1.1) | (2.4) | (2,314.1) | (17.3) | ||||||||||||||||||||||
Redemption of preferred stock for treasury | — | (750.0) | — | (750.0) | ||||||||||||||||||||||
Craftsman contingent consideration | (11.3) | (6.9) | (21.1) | (13.9) | ||||||||||||||||||||||
Termination of interest rate swaps | — | — | 22.7 | — | ||||||||||||||||||||||
Cash dividends on common stock | (114.0) | (111.6) | (230.3) | (221.7) | ||||||||||||||||||||||
Cash dividends on preferred stock | — | (9.5) | — | (18.9) | ||||||||||||||||||||||
Effect of exchange rate changes on cash | (22.4) | 8.5 | (17.6) | (30.4) | ||||||||||||||||||||||
Other | (6.6) | (3.7) | (9.0) | (12.0) | ||||||||||||||||||||||
Net cash provided by (used in) investing and financing activities | 431.5 | (953.6) | 1,698.3 | (1,235.4) | ||||||||||||||||||||||
(Decrease) increase in cash, cash equivalents and restricted cash | (12.4) | (509.2) | 13.3 | (948.8) | ||||||||||||||||||||||
Cash, cash equivalents and restricted cash, beginning of period | 320.5 | 958.7 | 294.8 | 1,398.3 | ||||||||||||||||||||||
Cash, cash equivalents and restricted cash, end of period | $ | 308.1 | $ | 449.5 | $ | 308.1 | $ | 449.5 | ||||||||||||||||||
Free Cash Flow Computation2 | ||||||||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (443.9) | $ | 444.4 | $ | (1,685.0) | $ | 286.6 | ||||||||||||||||||
Less: capital and software expenditures | (145.7) | (105.1) | (285.5) | (193.4) | ||||||||||||||||||||||
Free cash flow (before dividends) | $ | (589.6) | $ | 339.3 | $ | (1,970.5) | $ | 93.2 | ||||||||||||||||||
Reconciliation of Cash, Cash Equivalents and Restricted Cash | ||||||||||||||||||||||||||
July 2, 2022 | January 1, 2022 | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 282.3 | $ | 142.1 | ||||||||||||||||||||||
Restricted cash included in Other current assets | 6.1 | 7.6 | ||||||||||||||||||||||||
Cash and cash equivalents included in Current assets held for sale | 19.7 | 145.1 | ||||||||||||||||||||||||
Cash, cash equivalents and restricted cash | $ | 308.1 | $ | 294.8 | ||||||||||||||||||||||
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. |
SECOND QUARTER | YEAR-TO-DATE | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
NET SALES | ||||||||||||||||||||||||||
Tools & Outdoor | $ | 3,744.9 | $ | 3,196.5 | $ | 7,546.1 | $ | 6,259.4 | ||||||||||||||||||
Industrial | 648.1 | 602.2 | 1,294.7 | 1,259.9 | ||||||||||||||||||||||
Segment Net Sales | 4,393.0 | 3,798.7 | 8,840.8 | 7,519.3 | ||||||||||||||||||||||
Corporate Overhead | — | 0.2 | 0.2 | 0.4 | ||||||||||||||||||||||
Total | $ | 4,393.0 | $ | 3,798.9 | $ | 8,841.0 | $ | 7,519.7 | ||||||||||||||||||
SEGMENT PROFIT | ||||||||||||||||||||||||||
Tools & Outdoor | $ | 361.6 | $ | 627.0 | $ | 740.1 | $ | 1,271.7 | ||||||||||||||||||
Industrial | 58.3 | 60.5 | 99.6 | 160.3 | ||||||||||||||||||||||
Segment Profit | 419.9 | 687.5 | 839.7 | 1,432.0 | ||||||||||||||||||||||
Corporate Overhead | (65.5) | (92.8) | (140.2) | (168.6) | ||||||||||||||||||||||
Total | $ | 354.4 | $ | 594.7 | $ | 699.5 | $ | 1,263.4 | ||||||||||||||||||
Segment Profit as a Percentage of Net Sales | ||||||||||||||||||||||||||
Tools & Outdoor | 9.7 | % | 19.6 | % | 9.8 | % | 20.3 | % | ||||||||||||||||||
Industrial | 9.0 | % | 10.0 | % | 7.7 | % | 12.7 | % | ||||||||||||||||||
Segment Profit | 9.6 | % | 18.1 | % | 9.5 | % | 19.0 | % | ||||||||||||||||||
SECOND QUARTER 2022 | |||||||||||||||||||||||
GAAP | Acquisition- Related Charges & Other1 | Non-GAAP3 | |||||||||||||||||||||
Gross profit | $ | 1,207.1 | $ | 16.6 | $ | 1,223.7 | |||||||||||||||||
% of Net Sales | 27.5 | % | 27.9 | % | |||||||||||||||||||
Selling, general and administrative | 852.7 | (32.9) | 819.8 | ||||||||||||||||||||
% of Net Sales | 19.4 | % | 18.7 | % | |||||||||||||||||||
Operating profit | 354.4 | 49.5 | 403.9 | ||||||||||||||||||||
% of Net Sales | 8.1 | % | 9.2 | % | |||||||||||||||||||
Earnings from continuing operations before income taxes and equity interest | 15.9 | 248.1 | 264.0 | ||||||||||||||||||||
Income taxes on continuing operations | (62.8) | 52.5 | (10.3) | ||||||||||||||||||||
Net earnings from continuing operations attributable to common shareowners - Diluted | 79.0 | 195.6 | 274.6 | ||||||||||||||||||||
Diluted earnings per share of common stock - Continuing operations | $ | 0.51 | $ | 1.26 | $ | 1.77 | |||||||||||||||||
1 | Acquisition-related charges and other relate primarily to a non-cash asset impairment charge related to the Oil & Gas business, integration-related costs, non-cash inventory step-up charges and restructuring. | ||||||||||||||||||||||
SECOND QUARTER 2021 | |||||||||||||||||||||||
GAAP | Acquisition- Related Charges & Other2 | Non-GAAP3 | |||||||||||||||||||||
Gross profit | $ | 1,361.8 | $ | 1.3 | $ | 1,363.1 | |||||||||||||||||
% of Net Sales | 35.8 | % | 35.9 | % | |||||||||||||||||||
Selling, general and administrative | 767.1 | (18.4) | 748.7 | ||||||||||||||||||||
% of Net Sales | 20.2 | % | 19.7 | % | |||||||||||||||||||
Operating profit | 594.7 | 19.7 | 614.4 | ||||||||||||||||||||
% of Net Sales | 15.7 | % | 16.2 | % | |||||||||||||||||||
Earnings from continuing operations before income taxes and equity interest | 495.4 | 33.2 | 528.6 | ||||||||||||||||||||
Income taxes on continuing operations | 67.3 | 8.4 | 75.7 | ||||||||||||||||||||
Share of net earnings of equity method investment | 4.4 | 11.0 | 15.4 | ||||||||||||||||||||
Net earnings from continuing operations attributable to common shareowners - Diluted | 429.0 | 35.8 | 464.8 | ||||||||||||||||||||
Diluted earnings per share of common stock - Continuing operations | $ | 2.60 | $ | 0.21 | $ | 2.81 | |||||||||||||||||
2 | Acquisition-related and other charges relate primarily to functional transformation initiatives, facility-related costs and restructuring. | ||||||||||||||||||||||
3 | The non-GAAP 2022 and 2021 information, as reconciled to GAAP above, is considered relevant to aid analysis and understanding of the Company’s results, business trends and outlook measures aside from the material impact of acquisition-related and other charges and ensures appropriate comparability to operating results of prior periods. |
YEAR-TO-DATE 2022 | |||||||||||||||||||||||
GAAP | Acquisition- Related Charges & Other1 | Non-GAAP3 | |||||||||||||||||||||
Gross profit | $ | 2,512.5 | $ | 105.4 | $ | 2,617.9 | |||||||||||||||||
% of Net Sales | 28.4 | % | 29.6 | % | |||||||||||||||||||
Selling, general and administrative | 1,813.0 | (111.8) | 1,701.2 | ||||||||||||||||||||
% of Net Sales | 20.5 | % | 19.2 | % | |||||||||||||||||||
Operating profit | 699.5 | 217.2 | 916.7 | ||||||||||||||||||||
% of Net Sales | 7.9 | % | 10.4 | % | |||||||||||||||||||
Earnings from continuing operations before income taxes and equity interest | 194.4 | 469.5 | 663.9 | ||||||||||||||||||||
Income taxes on continuing operations | (39.9) | 82.3 | 42.4 | ||||||||||||||||||||
Net earnings from continuing operations attributable to common shareowners - Diluted | 234.8 | 387.2 | 622.0 | ||||||||||||||||||||
Diluted earnings per share of common stock - Continuing operations | $ | 1.47 | $ | 2.41 | $ | 3.88 | |||||||||||||||||
1 | Acquisition-related charges and other relate primarily to a non-cash asset impairment charge related to the Oil & Gas business, non-cash inventory step-up charges, restructuring, integration-related costs, a voluntary retirement program and the Russia business closure. | ||||||||||||||||||||||
YEAR-TO-DATE 2021 | |||||||||||||||||||||||
GAAP | Acquisition- Related Charges & Other2 | Non-GAAP3 | |||||||||||||||||||||
Gross profit | $ | 2,749.6 | $ | 5.7 | $ | 2,755.3 | |||||||||||||||||
% of Net Sales | 36.6 | % | 36.6 | % | |||||||||||||||||||
Selling, general and administrative | 1,486.2 | (33.4) | 1,452.8 | ||||||||||||||||||||
% of Net Sales | 19.8 | % | 19.3 | % | |||||||||||||||||||
Operating profit | 1,263.4 | 39.1 | 1,302.5 | ||||||||||||||||||||
% of Net Sales | 16.8 | % | 17.3 | % | |||||||||||||||||||
Earnings from continuing operations before income taxes and equity interest | 1,068.7 | 57.0 | 1,125.7 | ||||||||||||||||||||
Income taxes on continuing operations | 182.8 | 14.4 | 197.2 | ||||||||||||||||||||
Share of net earnings of equity method investment | 6.2 | 11.2 | 17.4 | ||||||||||||||||||||
Net earnings from continuing operations attributable to common shareowners - Diluted | 880.0 | 53.8 | 933.8 | ||||||||||||||||||||
Diluted earnings per share of common stock - Continuing operations | $ | 5.34 | $ | 0.33 | $ | 5.67 | |||||||||||||||||
2 | Acquisition-related and other charges relate primarily to functional transformation initiatives, facility-related costs and restructuring. | ||||||||||||||||||||||
3 | The non-GAAP 2022 and 2021 information, as reconciled to GAAP above, is considered relevant to aid analysis and understanding of the Company’s results, business trends and outlook measures aside from the material impact of acquisition-related and other charges and ensures appropriate comparability to operating results of prior periods. |
SECOND QUARTER 2022 | |||||||||||||||||||||||
GAAP | Acquisition- Related Charges and Other1 | Non-GAAP3 | |||||||||||||||||||||
SEGMENT PROFIT | |||||||||||||||||||||||
Tools & Outdoor | $ | 361.6 | $ | 41.3 | $ | 402.9 | |||||||||||||||||
Industrial | 58.3 | 1.9 | 60.2 | ||||||||||||||||||||
Segment Profit | 419.9 | 43.2 | 463.1 | ||||||||||||||||||||
Corporate Overhead | (65.5) | 6.3 | (59.2) | ||||||||||||||||||||
Total | $ | 354.4 | $ | 49.5 | $ | 403.9 | |||||||||||||||||
Segment Profit as a Percentage of Net Sales | |||||||||||||||||||||||
Tools & Outdoor | 9.7 | % | 10.8 | % | |||||||||||||||||||
Industrial | 9.0 | % | 9.3 | % | |||||||||||||||||||
Segment Profit | 9.6 | % | 10.5 | % | |||||||||||||||||||
1 | Acquisition-related charges and other relate primarily to integration-related costs and non-cash inventory step-up charges. | ||||||||||||||||||||||
SECOND QUARTER 2021 | |||||||||||||||||||||||
GAAP | Acquisition- Related Charges and Other2 | Non-GAAP3 | |||||||||||||||||||||
SEGMENT PROFIT | |||||||||||||||||||||||
Tools & Outdoor | $ | 627.0 | $ | 9.2 | $ | 636.2 | |||||||||||||||||
Industrial | 60.5 | 3.0 | 63.5 | ||||||||||||||||||||
Segment Profit | 687.5 | 12.2 | 699.7 | ||||||||||||||||||||
Corporate Overhead | (92.8) | 7.5 | (85.3) | ||||||||||||||||||||
Total | $ | 594.7 | $ | 19.7 | $ | 614.4 | |||||||||||||||||
Segment Profit as a Percentage of Net Sales | |||||||||||||||||||||||
Tools & Outdoor | 19.6 | % | 19.9 | % | |||||||||||||||||||
Industrial | 10.0 | % | 10.5 | % | |||||||||||||||||||
Segment Profit | 18.1 | % | 18.4 | % | |||||||||||||||||||
2 | Acquisition-related charges and other relate primarily to functional transformation initiatives and facility-related costs. | ||||||||||||||||||||||
3 | The non-GAAP 2022 and 2021 business segment information, as reconciled to GAAP above, is considered relevant to aid analysis and understanding of the Company’s results, business trends and outlook measures aside from the material impact of acquisition-related and other charges and ensures appropriate comparability to operating results of prior periods. |
YEAR-TO-DATE 2022 | |||||||||||||||||||||||
GAAP | Acquisition- Related Charges and Other1 | Non-GAAP3 | |||||||||||||||||||||
SEGMENT PROFIT | |||||||||||||||||||||||
Tools & Outdoor | $ | 740.1 | $ | 195.0 | $ | 935.1 | |||||||||||||||||
Industrial | 99.6 | 5.4 | 105.0 | ||||||||||||||||||||
Segment Profit | 839.7 | 200.4 | 1,040.1 | ||||||||||||||||||||
Corporate Overhead | (140.2) | 16.8 | (123.4) | ||||||||||||||||||||
Total | $ | 699.5 | $ | 217.2 | $ | 916.7 | |||||||||||||||||
Segment Profit as a Percentage of Net Sales | |||||||||||||||||||||||
Tools & Outdoor | 9.8 | % | 12.4 | % | |||||||||||||||||||
Industrial | 7.7 | % | 8.1 | % | |||||||||||||||||||
Segment Profit | 9.5 | % | 11.8 | % | |||||||||||||||||||
1 | Acquisition-related charges and other relate primarily to integration-related costs, non-cash inventory step-up charges, a voluntary retirement program and the Russia business closure. | ||||||||||||||||||||||
YEAR-TO-DATE 2021 | |||||||||||||||||||||||
GAAP | Acquisition- Related Charges and Other2 | Non-GAAP3 | |||||||||||||||||||||
SEGMENT PROFIT | |||||||||||||||||||||||
Tools & Outdoor | $ | 1,271.7 | $ | 13.4 | $ | 1,285.1 | |||||||||||||||||
Industrial | 160.3 | 6.6 | 166.9 | ||||||||||||||||||||
Segment Profit | 1,432.0 | 20.0 | 1,452.0 | ||||||||||||||||||||
Corporate Overhead | (168.6) | 19.1 | (149.5) | ||||||||||||||||||||
Total | $ | 1,263.4 | $ | 39.1 | $ | 1,302.5 | |||||||||||||||||
Segment Profit as a Percentage of Net Sales | |||||||||||||||||||||||
Tools & Outdoor | 20.3 | % | 20.5 | % | |||||||||||||||||||
Security | 12.7 | % | 13.2 | % | |||||||||||||||||||
Segment Profit | 19.0 | % | 19.3 | % | |||||||||||||||||||
2 | Acquisition-related charges and other relate primarily to functional transformation initiatives and facility-related costs. | ||||||||||||||||||||||
3 | The non-GAAP 2022 and 2021 business segment information, as reconciled to GAAP above, is considered relevant to aid analysis and understanding of the Company’s results, business trends and outlook measures aside from the material impact of acquisition-related and other charges and ensures appropriate comparability to operating results of prior periods. |
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