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BUSINESS SEGMENTS AND GEOGRAPHIC AREAS
 12 Months Ended
Dec. 31, 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 & Outdoor and Industrial.
The Tools & Outdoor 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, and 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), hand-held 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 sells hydraulic tools and high quality, performance-driven heavy equipment attachment tools for off-highway applications.
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)202220212020
Net Sales
Tools & Outdoor$14,423.7 $12,817.4 $10,329.7 
Industrial2,523.4 2,463.1 2,352.7 
Corporate Overhead & Other0.3 0.8 67.6 
Consolidated$16,947.4 $15,281.3 $12,750.0 
Segment Profit
Tools & Outdoor $971.9 $1,985.4 $1,820.3 
Industrial236.2 256.6 220.6 
Segment Profit1,208.1 2,242.0 2,040.9 
Corporate Overhead & Other(294.0)(342.9)(302.1)
Other, net(274.8)(189.5)(215.7)
Loss on sales of businesses(8.4)(0.6)(13.5)
Restructuring charges(140.8)(14.5)(73.8)
Gain on equity method investment— 68.0 — 
Asset impairment charge(168.4)— — 
Loss on debt extinguishment— — (46.9)
Interest income54.7 9.8 17.5 
Interest expense(338.5)(185.4)(222.7)
Earnings from continuing operations before income taxes and equity interest$37.9 $1,586.9 $1,183.7 
Capital and Software Expenditures
Tools & Outdoor$438.5 $375.8 $228.6 
Industrial85.6 123.3 102.2 
Corporate Overhead & Other— — 0.2 
Discontinued operations6.3 20.0 17.1 
Consolidated$530.4 $519.1 $348.1 
Depreciation and Amortization
Tools & Outdoor$387.6 $312.9 $311.2 
Industrial184.2 201.4 200.0 
Corporate Overhead & Other— — 0.3 
Discontinued operations0.4 62.8 66.6 
Consolidated$572.2 $577.1 $578.1 
Segment Assets20222021
Tools & Outdoor$20,202.0 $19,537.9 
Industrial5,284.8 5,627.8 
25,486.8 25,165.7 
Assets held for sale— 3,505.4 
Corporate assets(523.5)(491.1)
Consolidated$24,963.3 $28,180.0 

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, as well as the corporate overhead element of SG&A, which is not allocated to the business segments.

Corporate assets primarily consist of cash, deferred taxes, property, plant and equipment and right-of-use lease assets. 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%, 15% and 17% of the Company's consolidated net sales in 2022, 2021 and 2020, respectively, while The Home Depot accounted for approximately 13%, 15% and 14% of the Company's consolidated net sales in 2022, 2021 and 2020, 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 December 31, 2022, January 1, 2022, and January 2, 2021, the majority of the Company’s revenue was recognized at the time of sale. The percent of total segment revenue recognized over time for the Industrial segment for the years ended December 31, 2022, January 1, 2022 and January 2, 2021 was 4.6%, 6.6% and 9.2%, respectively.

The following table is a further disaggregation of the Industrial segment revenue for the years ended December 31, 2022, January 1, 2022 and January 2, 2021:
(Millions of Dollars)202220212020
Engineered Fastening$1,874.8 $1,842.1 $1,717.8 
Infrastructure648.6 621.0 634.9 
Industrial$2,523.4 $2,463.1 $2,352.7 

GEOGRAPHIC AREAS
 
(Millions of Dollars)202220212020
Net Sales
United States$10,733.1 $9,073.1 $7,828.3 
Canada835.7 696.0 575.0 
Other Americas839.4 833.6 587.9 
France489.8 488.8 393.0 
Other Europe2,664.9 2,847.2 2,288.7 
Asia1,384.5 1,342.6 1,077.1 
Consolidated$16,947.4 $15,281.3 $12,750.0 

December 31, 2022January 1, 2022
Property, Plant & Equipment, net
United States$1,465.8 $1,433.6 
Canada7.4 21.6 
Other Americas249.8 178.1 
France30.7 36.6 
Other Europe272.9 318.9 
Asia326.5 348.0 
Consolidated$2,353.1 $2,336.8