Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 28, 2013 | Oct. 18, 2013 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 28-Sep-13 | |
Document Fiscal Year Focus | 2013 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | SWK | |
Entity Registrant Name | STANLEY BLACK & DECKER, INC. | |
Entity Central Index Key | 93556 | |
Current Fiscal Year End Date | -16 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 155,217,391 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Share data in Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Net Sales | $2,759.30 | $2,517.20 | $8,095.20 | $7,488.40 |
Costs and Expenses | ||||
Cost of sales | 1,771.60 | 1,605.30 | 5,193 | 4,739 |
Selling, general and administrative | 665 | 604.6 | 2,001.90 | 1,853.20 |
Provision for doubtful accounts | 4.6 | 4.6 | 9.6 | 10.1 |
Other-net | 66.6 | 67.2 | 208.8 | 216.8 |
Restructuring charges | 28.5 | 52.9 | 40.6 | 116.6 |
Gains (Losses) on Extinguishment of Debt | 0 | 45.5 | 0 | 45.5 |
Interest expense | 39.1 | 36.7 | 118.6 | 105.3 |
Interest income | -3 | -2.5 | -9.5 | -7.3 |
Costs and Expenses, Total | 2,572.40 | 2,414.30 | 7,563 | 7,079.20 |
Earnings from continuing operations before income taxes | 186.9 | 102.9 | 532.2 | 409.2 |
Income taxes on continuing operations | 17.3 | 12.9 | 80.5 | 82.9 |
Earnings from continuing operations | 169.6 | 90 | 451.7 | 326.3 |
Less: Net loss attributable to non-controlling interests | -0.3 | -0.2 | -0.9 | -1.2 |
Net earnings from continuing operations attributable to common shareowners | 169.9 | 90.2 | 452.6 | 327.5 |
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax | -23.4 | 40.8 | -33 | 98.1 |
Discontinued Operation, Tax Effect of Discontinued Operation | -19.5 | 15.8 | -14.6 | 33.8 |
Net (loss) earnings from discontinued operations | -3.9 | 25 | -18.4 | 64.3 |
Net Earnings Attributable to Common Shareowners | 166 | 115.2 | 434.2 | 391.8 |
Total Comprehensive (Loss) Income Attributable to Common Shareowners | $330.90 | $392.80 | $341.20 | $471 |
Basic earnings per share of common stock: | ||||
Continuing operations (in dollars per share) | $1.10 | $0.55 | $2.92 | $2 |
Discontinued operations (in dollars per share) | ($0.02) | $0.15 | ($0.12) | $0.39 |
Total basic earnings per share of common stock | $1.07 | $0.71 | $2.80 | $2.39 |
Diluted earnings per share of common stock: | ||||
Continuing operations (in dollars per share) | $1.07 | $0.54 | $2.85 | $1.95 |
Discontinued operations (in dollars per share) | ($0.02) | $0.15 | ($0.12) | $0.38 |
Total diluted earnings per share of common stock | $1.04 | $0.69 | $2.74 | $2.34 |
Dividends per shares of common stock | $0.50 | $0.49 | $1.48 | $1.31 |
Weighted Average Shares Outstanding (in thousands): | ||||
Basic (in shares) | 155,043 | 162,990 | 155,140 | 163,835 |
Diluted (in shares) | 158,925 | 166,043 | 158,717 | 167,568 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 28, 2013 | Dec. 29, 2012 |
In Millions, unless otherwise specified | ||
Current Assets | ||
Cash and cash equivalents | $469.10 | $716 |
Accounts and notes receivable, net | 1,936.40 | 1,525.80 |
Inventories, net | 1,629.50 | 1,304.60 |
Assets Held-for-sale, Current | 15 | 171.7 |
Other current assets | 381.2 | 393.2 |
Total Current Assets | 4,431.20 | 4,111.30 |
Property, Plant and Equipment, net | 1,455.40 | 1,329.90 |
Goodwill | 7,570.70 | 7,015.50 |
Intangibles, net | 3,118.10 | 2,931.50 |
Other Assets | 448.3 | 455.8 |
Total Assets | 17,023.70 | 15,844 |
Current Liabilities | ||
Short-term borrowings | 1,206.50 | 1.1 |
Current maturities of long-term debt | 13.6 | 10.4 |
Accounts payable | 1,625.90 | 1,345.90 |
Accrued expenses | 1,097.80 | 1,680 |
Liabilities of Assets Held-for-sale | 5 | 37.3 |
Total Current Liabilities | 3,948.80 | 3,074.70 |
Long-Term Debt | 3,396.90 | 3,526.50 |
Deferred Taxes | 1,020.20 | 946 |
Post-retirement Benefits | 772.4 | 816.1 |
Other Liabilities | 867.1 | 753.6 |
Commitments and Contingencies (Note R) | 0 | 0 |
Stanley Black & Decker, Inc. Shareowners' Equity | ||
Preferred stock, without par value: Authorized and unissued 10,000,000 shares | 0 | 0 |
Common stock, par value $2.50 per share: Authorized 300,000,000 shares in 2013 and 2012 Issued 176,906,265 shares in 2013 and 2012 | 442.3 | 442.3 |
Retained earnings | 3,506 | 3,299.50 |
Additional paid in capital | 5,001.90 | 4,473.50 |
Accumulated other comprehensive loss | -481 | -388 |
ESOP | -58.6 | -62.8 |
Stockholders' Equity Subtotal, Total | 8,410.60 | 7,764.50 |
Less: cost of common stock in treasury | -1,473.70 | -1,097.40 |
Stanley Black & Decker, Inc. Shareowners' Equity | 6,936.90 | 6,667.10 |
Non-controlling interests | 81.4 | 60 |
Total Shareowners' Equity | 7,018.30 | 6,727.10 |
Total Liabilities and Shareowners' Equity | $17,023.70 | $15,844 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Sep. 28, 2013 | Dec. 29, 2012 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares unissued | 10,000,000 | 10,000,000 |
Common stock, par value | $2.50 | $2.50 |
Common stock, shares authorized | 300,000,000 | 300,000,000 |
Common stock, shares issued | 176,906,265 | 176,906,265 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
OPERATING ACTIVITIES | ||||
Net earnings attributable to common shareowners | $166 | $115.20 | $434.20 | $391.80 |
Adjustments to reconcile net earnings to cash provided by operating activities: | ||||
Depreciation and amortization of property, plant and equipment | 56.9 | 53 | 172.4 | 175.8 |
Amortization of intangibles | 51.9 | 52.8 | 150.3 | 154.8 |
Gains (Losses) on Extinguishment of Debt | 0 | 45.5 | 0 | 45.5 |
Pretax gain on sale of business | 0 | 0 | -14 | 0 |
Asset Impairment Charges | 18.4 | 10.8 | 34.9 | 10.8 |
Changes in working capital | -244.2 | -174.8 | -371.6 | -286 |
Changes in other assets and liabilities | 50.6 | 48.7 | -269.9 | -74.6 |
Cash provided by operating activities | 99.6 | 151.2 | 136.3 | 418.1 |
INVESTING ACTIVITIES | ||||
Capital expenditures | -94.2 | -89 | -262.1 | -259.5 |
Business acquisitions, net of cash acquired | -16.7 | -106.4 | -926.6 | -695.1 |
Proceeds from sale of assets | 1 | 2.3 | 96.5 | 8.6 |
Proceeds (payments) on net investment hedge settlements | 5.3 | 4.8 | 7 | 11.8 |
Cash provided by (used in) investing activities | -104.6 | -188.3 | -1,085.20 | -934.2 |
FINANCING ACTIVITIES | ||||
Payments on long-term debt | -0.6 | -900.9 | -1.7 | -1,222 |
Proceeds from Issuance of Long-term Debt | 0 | 729.4 | 0 | 729.4 |
Stock purchase contract fees | -0.8 | -0.8 | -2.4 | -2.4 |
Net short-term borrowings | -70.9 | 527.4 | 1,199.50 | 1,316.30 |
Cash dividends on common stock | -77.5 | -82.5 | -235 | -221.3 |
Payments of Debt Extinguishment Costs | 0 | -91 | 0 | -91 |
Payments for Repurchase of Equity | 0 | 0 | -350 | 0 |
Cash settlement on forward stock purchase contract | 18.8 | 0 | 18.8 | 0 |
Termination of interest rate swaps | 0 | 0 | 0 | 35.8 |
Termination of forward starting interest rate swap | 0 | 0 | 0 | -56.4 |
Proceeds from the issuance of common stock | 32.3 | 27.4 | 138.7 | 102.9 |
Purchase of common stock for treasury | -7.8 | 0 | -32.6 | -217.8 |
Cash provided by (used in) financing activities | -106.5 | 209 | 735.3 | 373.5 |
Effect of exchange rate changes on cash and cash equivalents | 18.9 | 19.8 | -33.3 | 5.2 |
Change in cash and cash equivalents | -92.6 | 191.7 | -246.9 | -137.4 |
Cash and cash equivalents, beginning of period | 769.5 | 716 | 906.9 | |
CASH AND CASH EQUIVALENTS, END OF PERIOD | $469.10 | $469.10 |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Sep. 28, 2013 | |
Basis of Presentation | Basis of Presentation |
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (hereinafter referred to as “generally accepted accounting principles”) for interim financial statements and with the instructions to Form 10-Q and Article 10 of Regulation S-X and do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation of the results of operations for the interim periods have been included and are of a normal, recurring nature. Operating results for the three and nine months ended September 28, 2013 are not necessarily indicative of the results that may be expected for a full fiscal year. For further information, refer to the consolidated financial statements and footnotes included in Stanley Black & Decker, Inc.’s (the “Company”) Form 10-K for the year ended December 29, 2012. | |
In December 2012, the Company sold its Hardware & Home Improvement business ("HHI"), including the residential portion of Tong Lung, to Spectrum Brands Holdings, Inc. ("Spectrum") for approximately $1.4 billion in cash. The purchase and sale agreement stipulated that the sale occur in a First and Second Closing. The First Closing, which excluded the residential portion of the Tong Lung business, occurred on December 17, 2012 and resulted in an after-tax gain of $358.9 million. The Second Closing, in which the residential portion of the Tong Lung business was sold for $93.5 million in cash, occurred on April 8, 2013 and resulted in an after-tax gain of $4.7 million. The operating results of the residential portion of Tong Lung have been reported as discontinued operations in the Consolidated Statements of Operations and Comprehensive Income through April 8, 2013 as well as the three and nine months ended September 29, 2012, while the operating results of HHI have been reported as discontinued operations for the three and nine months ended September 29, 2012. During the third quarter of 2013, the Company classified two small businesses within the Security and Industrial segments as held for sale based on management's intention to sell these businesses. As a result of this decision, the Company recorded pre-tax impairment losses of $18.4 million during the third quarter of 2013 in order to remeasure these businesses at estimated fair value less costs to sell. The operating results of these businesses, including the related impairment losses described above, have been reported as discontinued operations for all periods presented. Net sales for discontinued operations totaled $7.8 million and $29.0 million for the three and nine months ended September 28, 2013, respectively, and $268.8 million and $764.7 million for the three and nine months ended September 29, 2012, respectively. Assets and liabilities held for sale relating to these discontinued operations totaled $15.0 million and $5.0 million as of September 28, 2013 and $171.7 million and $37.3 million as of December 29, 2012, respectively. For further information regarding the HHI divestiture, refer to the Company's Form 10-K for the year ended December 29, 2012. | |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the financial statements. While management believes that the estimates and assumptions used in the preparation of the financial statements are appropriate, actual results could differ from these estimates. |
New_Accounting_Standards
New Accounting Standards | 9 Months Ended |
Sep. 28, 2013 | |
New Accounting Standards | New Accounting Standards |
In July 2013, the Financial Accounting Standards Board ("FASB") issued ASU 2013-11 to provide guidance on financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The FASB's objective in issuing this ASU is to eliminate diversity in practice resulting from a lack of guidance on this topic in current U.S. GAAP. New recurring disclosures are not required because the ASU does not affect the recognition or measurement of uncertain tax positions under ASC 740. This ASU is effective for reporting periods beginning after December 15, 2013. Early adoption is permitted. The company did not early adopt this guidance for the period ended September 28, 2013. The company is in the process of quantifying the effect, if any, of adopting this guidance. | |
In February 2013, the FASB issued ASU 2013-02, "Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income." This standard requires additional disclosures regarding the reporting of reclassifications out of accumulated other comprehensive income (AOCI). This ASU is effective for reporting periods beginning after December 15, 2012. The Company adopted this guidance during the first quarter of 2013. | |
In July 2012, the FASB issued ASU 2012-02, "Intangibles - Goodwill and Other (Topic 350)" - Testing Indefinite-Lived Intangibles Assets for Impairment (revised standard). The revised standard is intended to reduce the costs and complexity of the annual impairment testing by providing entities an option to perform a "qualitative" assessment to determine whether further impairment testing is necessary. This ASU is effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. The Company did not early adopt this guidance for its 2012 annual impairment testing. The Company adopted this guidance for its 2013 annual impairment testing performed in the third quarter of 2013. | |
In December 2011, the FASB issued guidance enhancing disclosure requirements on the nature of an entity's right to offset and related arrangements associated with its financial and derivative instruments. The new guidance requires the disclosure of the gross amounts subject to rights of set-off, amounts offset in accordance with the accounting standards followed, and the related net exposure. The new disclosure requirements are effective for annual reporting periods beginning on or after January 1, 2013 and interim periods therein. The adoption of this guidance did not have a material impact to the Company's consolidated financial statements. |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | |||||||||||||||
Sep. 28, 2013 | ||||||||||||||||
Earnings Per Share | Earnings Per Share | |||||||||||||||
The following table reconciles net earnings attributable to common shareowners and the weighted-average shares outstanding used to calculate basic and diluted earnings per share for the three and nine months ended September 28, 2013 and September 29, 2012: | ||||||||||||||||
Third Quarter | Year-to-Date | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Numerator (in millions): | ||||||||||||||||
Net earnings from continuing operations attributable to common shareowners | $ | 169.9 | $ | 90.2 | $ | 452.6 | $ | 327.5 | ||||||||
Net (loss) earnings from discontinued operations | (3.9 | ) | 25 | (18.4 | ) | 64.3 | ||||||||||
Net earnings attributable to common shareowners | $ | 166 | $ | 115.2 | $ | 434.2 | $ | 391.8 | ||||||||
Less: Earnings attributable to participating restricted stock units (“RSU’s”) | — | (0.1 | ) | (0.2 | ) | (0.5 | ) | |||||||||
Net Earnings — basic | $ | 166 | $ | 115.1 | $ | 434 | $ | 391.3 | ||||||||
Net Earnings — dilutive | $ | 166 | $ | 115.2 | $ | 434.2 | $ | 391.8 | ||||||||
Third Quarter | Year-to-Date | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Denominator (in thousands): | ||||||||||||||||
Basic earnings per share — weighted-average shares | 155,043 | 162,990 | 155,140 | 163,835 | ||||||||||||
Dilutive effect of stock options, awards and convertible preferred units | 3,882 | 3,053 | 3,577 | 3,733 | ||||||||||||
Diluted earnings per share — weighted-average shares | 158,925 | 166,043 | 158,717 | 167,568 | ||||||||||||
Earnings per share of common stock: | ||||||||||||||||
Basic earnings (loss) per share of common stock: | ||||||||||||||||
Continuing operations | $ | 1.1 | $ | 0.55 | $ | 2.92 | $ | 2 | ||||||||
Discontinued operations | (0.02 | ) | 0.15 | (0.12 | ) | 0.39 | ||||||||||
Total basic earnings per share of common stock | $ | 1.07 | $ | 0.71 | $ | 2.8 | $ | 2.39 | ||||||||
Diluted earnings (loss) per share of common stock: | ||||||||||||||||
Continuing operations | $ | 1.07 | $ | 0.54 | $ | 2.85 | $ | 1.95 | ||||||||
Discontinued operations | (0.02 | ) | 0.15 | (0.12 | ) | 0.38 | ||||||||||
Total dilutive earnings per share of common stock | $ | 1.04 | $ | 0.69 | $ | 2.74 | $ | 2.34 | ||||||||
The following weighted-average stock options and warrants were not included in the computation of diluted shares outstanding because the effect would be anti-dilutive (in thousands): | ||||||||||||||||
Third Quarter | Year-to-Date | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Number of stock options | — | 2,585 | 569 | 2,070 | ||||||||||||
Number of stock warrants | — | 3,704 | — | 4,445 | ||||||||||||
During August and September 2012, 4,938,624 stock warrants expired which were associated with the $320.0 million convertible notes that matured in May 2012. No shares were issued upon their expiration as the warrants were out of the money. |
Financing_Receivables
Financing Receivables | 9 Months Ended |
Sep. 28, 2013 | |
Financing Receivables | Financing Receivables |
Long-term trade financing receivables of $154.0 million and $146.0 million at September 28, 2013 and December 29, 2012, respectively, are reported within other assets in the Condensed Consolidated Balance Sheets. Financing receivables and long-term financing receivables are predominately related to certain security equipment leases with commercial businesses. Generally, the Company retains legal title to any equipment leases and bears the right to repossess such equipment in an event of default. All financing receivables are interest bearing and the Company has not classified any financing receivables as held-for-sale. Interest income earned from financing receivables that are not delinquent is recorded on the effective interest method. The Company considers any financing receivable that has not been collected within 90 days of original billing date as past-due or delinquent. Additionally, the Company considers the credit quality of all past-due or delinquent financing receivables as nonperforming. | |
The Company has an accounts receivable sale program that expires on December 11, 2014. According to the terms of that program the Company is required to sell certain of its trade accounts receivables at fair value to a wholly owned, consolidated, bankruptcy-remote special purpose subsidiary (“BRS”). The BRS, in turn, must sell such receivables to a third-party financial institution (“Purchaser”) for cash and a deferred purchase price receivable. The Purchaser’s maximum cash investment in the receivables at any time is $100.0 million. The purpose of the program is to provide liquidity to the Company. The Company accounts for these transfers as sales under Accounting Standards Codification ("ASC") 860, Transfers and Servicing. Receivables are derecognized from the Company’s Consolidated Balance Sheet when the BRS sells those receivables to the Purchaser. The Company has no retained interests in the transferred receivables, other than collection and administrative responsibilities and its right to the deferred purchase price receivable. At September 28, 2013, the Company did not record a servicing asset or liability related to its retained responsibility, based on its assessment of the servicing fee, market values for similar transactions and its cost of servicing the receivables sold. | |
At September 28, 2013 and December 29, 2012, $75.2 million and $80.0 million, respectively, of net receivables were derecognized. Gross receivables sold amounted to $328.9 million ($286.6 million, net) and $955.2 million ($833.9 million, net) for the three and nine months ended September 28, 2013, respectively. These sales resulted in pre-tax loss of $0.6 million and $2.1 million for the three and nine months ended September 28, 2013, respectively. Proceeds from transfers of receivables to the Purchaser totaled $274.2 million and $781.5 million for the three and nine months ended September 28, 2013, respectively. Collections of previously sold receivables, including deferred purchase price receivables, and all fees, which are settled one month in arrears, resulted in payments to the Purchaser of $285.4 million and $786.1 million for the three and nine months ended September 28, 2013, respectively. Servicing fees amounted to $0.2 million and $0.4 million for the three and nine months ended September 28, 2013, respectively. | |
Gross receivables sold amounted to $277.9 million ($245.2 million, net) and $844.1 million ($749.5 million, net) for the three and nine months ended September 29, 2012, respectively. These sales resulted in a pre-tax loss of $0.8 million and $2.2 million for the three and nine months ended September 29, 2012, respectively. Proceeds from transfers of receivables to the Purchaser totaled $241.9 million and $704.8 million for the three and nine months ended September 29, 2012, respectively. Collections of previously sold receivables, including deferred purchase price receivables, and all fees, which are settled one month in arrears, resulted in payments to the Purchaser of $251.3 million and $729.0 million for the three and nine months ended September 29, 2012, respectively. Servicing fees amounted to less than $0.1 million and $0.4 million for the three and nine months ended September 29, 2012, respectively. | |
The Company’s risk of loss following the sale of the receivables is limited to the deferred purchase price receivable, which was $107.1 million at September 28, 2013 and $45.0 million at December 29, 2012. The deferred purchase price receivable will be repaid in cash as receivables are collected, generally within 30 days, and as such the carrying value of the receivable recorded approximates fair value. There were no delinquencies or credit losses for the three months ended September 28, 2013. Delinquencies and credit losses on receivables sold were $0.3 million for the nine months ended September 28, 2013. Delinquencies and credit losses on receivables sold were $0.4 million and $0.6 million for the three and nine months ended September 29, 2012. Cash inflows related to the deferred purchase price receivable totaled $89.6 million and $257.5 million for the three and nine months ended September 28, 2013, respectively, and $70.0 million and $206.6 million for the three and nine months ended September 29, 2012, respectively. All cash flows under the program are reported as a component of changes in accounts receivable within operating activities in the condensed consolidated statements of cash flows since all the cash from the Purchaser is either: 1) received upon the initial sale of the receivable; or 2) from the ultimate collection of the underlying receivables and the underlying receivables are not subject to significant risks, other than credit risk, given their short-term nature. |
Inventories
Inventories | 9 Months Ended | |||||||
Sep. 28, 2013 | ||||||||
Inventories | Inventories | |||||||
The components of Inventories, net at September 28, 2013 and December 29, 2012 are as follows (in millions): | ||||||||
2013 | 2012 | |||||||
Finished products | $ | 1,205.70 | $ | 956.8 | ||||
Work in process | 142.1 | 121.9 | ||||||
Raw materials | 281.7 | 225.9 | ||||||
Total | $ | 1,629.50 | $ | 1,304.60 | ||||
Acquisitions
Acquisitions | 9 Months Ended | |||||||||||||||
Sep. 28, 2013 | ||||||||||||||||
Acquisitions | Acquisitions | |||||||||||||||
2013 ACQUISITIONS | ||||||||||||||||
GQ | ||||||||||||||||
On May 28, 2013, the Company purchased a 60% controlling share in Jiangsu Guoqiang Tools Co., Ltd. ("GQ") for a total purchase price of $48.5 million, net of cash acquired. The fair value of the non-controlling interest is $34.4 million. GQ is a manufacturer and seller of power tools, armatures and stators in both domestic and foreign markets. The acquisition of GQ complements the Company's existing power tools product offerings and further diversifies the Company's operations and international presence. GQ is headquartered in Qidong, China and is being consolidated into the Company's CDIY segment. | ||||||||||||||||
INFASTECH | ||||||||||||||||
On February 27, 2013, the Company acquired a 100% ownership interest in Infastech for a total purchase price of $826.4 million, net of cash acquired. Infastech designs, manufactures and distributes highly-engineered fastening technologies and applications for a diverse blue-chip customer base in the industrial, electronics, automotive, construction and aerospace end markets. The acquisition of Infastech adds to the Company's strong positioning in specialty engineered fastening, an industry with solid growth prospects, and further expands the Company's global footprint with its strong concentration in fast-growing emerging markets. Infastech is headquartered in Hong Kong and is being consolidated into the Company's Industrial segment. | ||||||||||||||||
The Infastech acquisition has been accounted for using the acquisition method of accounting which requires, among other things, the assets acquired and liabilities assumed to be recognized at their fair values as of the acquisition date. The following table summarizes the estimated fair values of major assets acquired and liabilities assumed: | ||||||||||||||||
(Millions of Dollars) | ||||||||||||||||
Cash and cash equivalents | $ | 82 | ||||||||||||||
Accounts and notes receivable, net | 117.7 | |||||||||||||||
Inventories, net | 88.4 | |||||||||||||||
Prepaid expenses and other current assets | 6.2 | |||||||||||||||
Property, plant and equipment | 48.6 | |||||||||||||||
Trade names | 22 | |||||||||||||||
Customer relationships | 251 | |||||||||||||||
Technology | 28 | |||||||||||||||
Other assets | 2.4 | |||||||||||||||
Accounts payable | (99.2 | ) | ||||||||||||||
Accrued expenses | (36.5 | ) | ||||||||||||||
Deferred taxes | (80.6 | ) | ||||||||||||||
Other liabilities | (6.3 | ) | ||||||||||||||
Total identifiable net assets | $ | 423.7 | ||||||||||||||
Goodwill | 484.7 | |||||||||||||||
Total consideration transferred | $ | 908.4 | ||||||||||||||
The weighted average useful lives assigned to the trade names, customer relationships, and technology were 15 years, 12.7 years and 10 years, respectively. | ||||||||||||||||
Goodwill is calculated as the excess of the consideration transferred over the net assets recognized and represents the expected cost synergies of the combined business, assembled workforce, and the going concern nature of Infastech. | ||||||||||||||||
The purchase price allocation for Infastech is preliminary in certain respects. During the measurement period, the Company expects to record adjustments relating to the valuations of certain assets, various opening balance sheet contingencies and income tax matters, amongst others. The Company will complete its purchase price allocation as soon as possible within the measurement period. The finalization of the Company's purchase accounting assessment will result in changes in the valuation of assets acquired and liabilities assumed, which the Company does not expect to be material. | ||||||||||||||||
2012 ACQUISITIONS | ||||||||||||||||
During 2012, the Company completed seven acquisitions for a total purchase price of $696.0 million, net of cash acquired. The largest of these acquisitions were AeroScout Inc. (“AeroScout”), which was purchased for $238.8 million, net of cash acquired, and Powers Fasteners, Inc. (“Powers”), which was purchased for $220.5 million, net of cash acquired. AeroScout develops, manufactures, and sells Real-Time Locating Systems ("RTLS") primarily to healthcare and certain industrial customers. Powers distributes fastening products such as mechanical anchors, adhesive anchoring systems, and powered forced-entry systems, mainly for commercial construction end customers. AeroScout was purchased in the second quarter of 2012 and has been integrated within the Security and Industrial segments. Powers was also purchased in the second quarter of 2012 and is part of the CDIY segment. The combined assets acquired for these acquisitions, including $169.9 million of intangible assets and $7.7 million of cash, was approximately $279.4 million, and the combined liabilities assumed were approximately $95.3 million. The related goodwill associated with these two acquisitions is approximately $282.9 million. The total purchase price for the acquisitions was allocated to the assets acquired and liabilities assumed based on their estimated fair values. The purchase accounting for these acquisitions is complete. | ||||||||||||||||
Five smaller acquisitions were completed during 2012 for a total purchase price of 236.7 million. The largest of these acquisitions were Lista North America (“Lista”), which was purchased for $89.7 million, net of cash acquired, and Tong Lung Metal Industry Co. ("Tong Lung"), which the Company purchased an 89% controlling share for $102.8 million, net of cash acquired, and assumed $20.1 million of short term debt. In January 2013, the Company purchased the remaining outstanding shares of Tong Lung for approximately $12.0 million. Lista's storage and workbench solutions complement the Industrial & Automotive Repair division's tool, storage, radio frequency identification ("RFID") enabled systems, and specialty supply product and service offerings. Tong Lung manufactures and sells commercial and residential locksets. The residential portion of the business was part of the December 2012 HHI sale and closed on April 8, 2013. Lista was purchased in the first quarter of 2012 and is part of the Industrial segment. Tong Lung was purchased in the third quarter of 2012 and is part of the Security segment. The purchase accounting for these acquisitions is complete. | ||||||||||||||||
ACTUAL AND PRO-FORMA IMPACT FROM ACQUISITIONS | ||||||||||||||||
Actual Impact from Acquisitions | ||||||||||||||||
The following table presents information for Infastech, GQ and other 2013 acquisitions that are included in the Company's Consolidated Statements of Operations and Comprehensive Income: | ||||||||||||||||
Third Quarter | Year-to-Date | |||||||||||||||
(Millions of Dollars) | 2013 | 2013 | ||||||||||||||
Net Sales | 148.6 | $ | 335.1 | |||||||||||||
Net Earnings | 8.6 | 4.7 | ||||||||||||||
These amounts include amortization relating to inventory step-up and intangible assets recorded upon acquisition. | ||||||||||||||||
Pro-forma Impact from Acquisitions | ||||||||||||||||
The following table presents supplemental pro-forma information as if the Infastech, GQ, AeroScout, Powers, and other 2013 and 2012 acquisitions had occurred on January 2, 2012. This pro-forma information includes acquisition-related charges for the period. The pro-forma consolidated results are not necessarily indicative of what the Company’s consolidated net earnings would have been had the Company completed these acquisitions on January 2, 2012. In addition, the pro-forma consolidated results do not reflect the expected realization of any cost savings associated with the acquisitions. | ||||||||||||||||
Third Quarter | Year-to-Date | |||||||||||||||
(Millions of Dollars, except per share amounts) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Net sales | $ | 2,761.30 | $ | 2,667.70 | $ | 8,207.20 | $ | 8,027.70 | ||||||||
Net earnings attributable to common shareowners | 171 | 104.3 | 483.3 | 345.7 | ||||||||||||
Diluted earnings per share-continuing operations | 1.08 | 0.63 | 3.04 | 2.06 | ||||||||||||
The 2013 pro-forma results were calculated by combining the results of Stanley Black & Decker with the stand-alone results of the 2013 acquisitions for their respective pre-acquisition periods. The following adjustments were made to account for certain costs which would have been incurred during this pre-acquisition period: | ||||||||||||||||
• | Elimination of the historical pre-acquisition intangible asset amortization expense and the addition of intangible asset amortization expense related to intangibles valued as part of the purchase price allocation that would have been incurred from January 1, 2013 to the acquisition dates. | |||||||||||||||
• | Because the 2013 acquisitions were assumed to occur on January 1, 2012, there were no deal costs or inventory step-up amortization factored into the 2013 pro-forma year, as such expenses would have occurred in the first year following the acquisition. | |||||||||||||||
The 2012 pro-forma results were calculated by combining the results of Stanley Black & Decker with the stand-alone results of the 2012 and 2013 acquisitions for their respective pre-acquisition periods. The following adjustments were made to account for certain costs which would have been incurred during this pre-acquisition period: | ||||||||||||||||
• | Elimination of the historical pre-acquisition intangible asset amortization expense and the addition of intangible asset amortization expense related to intangibles valued as part of the purchase price allocation that would have been incurred from January 2, 2012 to September 29, 2012. | |||||||||||||||
• | Additional expense for deal costs and inventory step-up, where applicable, which would have been amortized as the corresponding inventory was sold. | |||||||||||||||
• | Reduced revenue for fair value adjustments made to deferred revenue, where applicable. | |||||||||||||||
• | Because the 2013 acquisitions were funded using existing sources of liquidity, additional interest expense was factored into the 2012 pro-forma year. |
Goodwill
Goodwill | 9 Months Ended | |||||||||||||||
Sep. 28, 2013 | ||||||||||||||||
Goodwill | Goodwill | |||||||||||||||
Changes in the carrying amount of goodwill by segment are as follows: | ||||||||||||||||
(Millions of Dollars) | CDIY | Industrial | Security | Total | ||||||||||||
Balance December 29, 2012 | $ | 3,030.50 | $ | 1,391.60 | $ | 2,593.40 | $ | 7,015.50 | ||||||||
Additions from acquisitions | 54.6 | 513.3 | 21.6 | 589.5 | ||||||||||||
Foreign currency translation and other | (21.8 | ) | (14.5 | ) | 2 | (34.3 | ) | |||||||||
Balance September 28, 2013 | $ | 3,063.30 | $ | 1,890.40 | $ | 2,617.00 | $ | 7,570.70 | ||||||||
In accordance with ASC 350, Intangibles - Goodwill and Other, a portion of the goodwill associated with the Security segment was allocated to the residential portion of Tong Lung based on the relative fair value of the business disposed of and the portion of the reporting unit that was retained. Accordingly, in the second quarter of 2013, goodwill for the Security segment was reduced by $33.6 million and included in the gain on sale of the residential portion of Tong Lung. |
LongTerm_Debt_and_Financing_Ar
Long-Term Debt and Financing Arrangements | 9 Months Ended | |||||||||
Sep. 28, 2013 | ||||||||||
Long-Term Debt and Financing Arrangements | Long-Term Debt and Financing Arrangements | |||||||||
Long-term debt and financing arrangements at September 28, 2013 and December 29, 2012 follow: | ||||||||||
Interest Rate | 2013 | 2012 | ||||||||
Notes payable due 2016 | 5.75% | 321.7 | 326.8 | |||||||
Notes payable due in 2018 (junior subordinated) | 4.25% | 632.5 | 632.5 | |||||||
Notes payable due 2021 | 3.40% | 388.6 | 417.1 | |||||||
Notes payable due 2022 | 2.90% | 799.4 | 799.3 | |||||||
Notes payable due 2028 | 7.05% | 151.8 | 169.6 | |||||||
Notes payable due 2040 | 5.20% | 330.6 | 404.4 | |||||||
Notes payable due 2052 (junior subordinated) | 5.75% | 750 | 750 | |||||||
Other, payable in varying amounts through 2021 | 0.00% – 6.62% | 35.9 | 37.2 | |||||||
Total long-term debt, including current maturities | $ | 3,410.50 | $ | 3,536.90 | ||||||
Less: Current maturities of long-term debt | (13.6 | ) | (10.4 | ) | ||||||
Long-term debt | $ | 3,396.90 | $ | 3,526.50 | ||||||
At September 28, 2013, the Company's carrying value of the $300.0 million note payable due in 2016 includes $13.0 million associated with fair value adjustments made in purchase accounting as well as $8.7 million pertaining to the unamortized gain on a previously terminated fixed-to-floating interest rate swap. | ||||||||||
At September 28, 2013, the Company had a fixed-to-floating interest rate swap on its $400.0 million notes payable due in 2021. The carrying value of the notes payable due in 2021 includes $15.0 million pertaining to the unamortized gain on previously terminated swaps offset by $26.1 million pertaining to fair value adjustments of the active swap and $0.3 million unamortized discount on the notes. | ||||||||||
At September 28, 2013, the Company had a fixed-to-floating interest rate swap on its $150.0 million notes payable due in 2028. The carrying value of the notes payable due in 2028 includes $15.6 million associated with fair value adjustments made in purchase accounting partially offset by $13.8 million pertaining to fair value adjustment of the swap. | ||||||||||
At September 28, 2013, the Company had a fixed-to-floating interest rate swap on its $400.0 million notes payable due in 2040. The carrying value of the notes payable due in 2040 includes a $69.1 million loss pertaining to the fair value adjustment of the swap and $0.3 million pertaining to unamortized discount on the notes. | ||||||||||
Unamortized gains and fair value adjustments associated with interest rate swaps and the impact of terminated swaps are more fully discussed in Note I, Derivative Financial Instruments. | ||||||||||
In June 2013, the Company terminated its four year $1.2 billion committed credit facility with the concurrent execution of a new five year $1.5 billion committed credit facility (the “Credit Agreement”). Borrowings under the Credit Agreement may include U.S. Dollars up to the $1.5 billion commitment or in Euro or Pounds Sterling subject to a foreign currency sub-limit of $400.0 million and bear interest at a floating rate dependent upon the denomination of the borrowing. Repayments must be made on June 27, 2018 or upon an earlier termination date of the Credit Agreement, at the election of the Company. Simultaneously, the Company terminated its $1.0 billion 364 day committed credit facility with the concurrent execution of a new $500 million 364 day committed credit facility (the "Facility"). The Facility contains a one year term-out provision and borrowings under the Facility may include U.S. Dollars up to the $500 million commitment or in Euro or Pounds Sterling subject to a foreign currency sub-limit of $250 million and bear interest at a floating rate dependent upon the denomination of the borrowing. Repayments must be made by June 26, 2014, unless the one year term-out election is made, or upon an earlier termination date of the Facility, at the election of the Company. The Credit Agreement and Facility are designated to be a liquidity back-stop for the Company's $2.0 billion commercial paper program. As of September 28, 2013, the Company has not drawn on either of these commitments. | ||||||||||
At September 28, 2013, the Company had $1.2 billion of borrowings outstanding against the Company’s $2.0 billion commercial paper program. At December 29, 2012, the Company had no commercial paper borrowings outstanding. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 9 Months Ended | |||||||||||||||||||
Sep. 28, 2013 | ||||||||||||||||||||
Derivative Financial Instruments | Derivative Financial Instruments | |||||||||||||||||||
The Company is exposed to market risk from changes in foreign currency exchange rates, interest rates, stock prices and commodity prices. As part of the Company’s risk management program, a variety of financial instruments such as interest rate swaps, currency swaps, purchased currency options, foreign exchange contracts and commodity contracts may be used to mitigate interest rate exposure, foreign currency exposure and commodity price exposure. | ||||||||||||||||||||
Financial instruments are not utilized for speculative purposes. If the Company elects to do so and if the instrument meets the criteria specified in ASC 815, Derivatives and Hedging, management designates its derivative instruments as cash flow hedges, fair value hedges or net investment hedges. Generally, commodity price exposures are not hedged with derivative financial instruments and instead are actively managed through customer pricing initiatives, procurement-driven cost reduction initiatives and other productivity improvement projects. | ||||||||||||||||||||
A summary of the fair value of the Company’s derivatives recorded in the Consolidated Balance Sheets at September 28, 2013 and December 29, 2012 follows (in millions): | ||||||||||||||||||||
Balance Sheet | 2013 | 2012 | Balance Sheet | 2013 | 2012 | |||||||||||||||
Classification | Classification | |||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||
Interest Rate Contracts Fair Value | Other current assets | $ | 20.3 | $ | 18.5 | Accrued expenses | $ | 1.9 | $ | 3.3 | ||||||||||
LT other assets | — | 6.4 | LT other | 120.7 | 4.6 | |||||||||||||||
liabilities | ||||||||||||||||||||
Foreign Exchange Contracts Cash Flow | Other current assets | 1.6 | — | Accrued expenses | 1.4 | 2.6 | ||||||||||||||
LT other assets | 0.2 | — | LT other | 0.4 | — | |||||||||||||||
liabilities | ||||||||||||||||||||
Net Investment Hedge | Other current assets | 1.9 | 0.2 | Accrued expenses | 29.5 | 25.7 | ||||||||||||||
$ | 24 | $ | 25.1 | $ | 153.9 | $ | 36.2 | |||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||
Foreign Exchange Contracts | Other current assets | $ | 51.6 | $ | 73.9 | Accrued expenses | $ | 14.4 | $ | 46.4 | ||||||||||
LT other assets | — | — | LT other liabilities | 5.5 | 8.9 | |||||||||||||||
$ | 51.6 | $ | 73.9 | $ | 19.9 | $ | 55.3 | |||||||||||||
The counterparties to all of the above mentioned financial instruments are major international financial institutions. The Company is exposed to credit risk for net exchanges under these agreements, but not for the notional amounts. The credit risk is limited to the asset amounts noted above. The Company limits its exposure and concentration of risk by contracting with diverse financial institutions and does not anticipate non-performance by any of its counterparties. Further, as more fully discussed in Note M, Fair Value Measurements, the Company considers non-performance risk of its counterparties at each reporting period and adjusts the carrying value of these assets accordingly. The risk of default is considered remote. | ||||||||||||||||||||
During the nine months ended September 28, 2013 and September 29, 2012, respectively, cash flows related to derivatives including those that are separately discussed in Cash Flow Hedges, Fair Value Hedges and Net Investment Hedges below resulted in net cash received of $16.7 million and net cash paid of $29.1 million respectively. | ||||||||||||||||||||
CASH FLOW HEDGES | ||||||||||||||||||||
There was an $82.6 million and $93.5 million after-tax mark-to-market loss as of September 28, 2013 and December 29, 2012, respectively, reported for cash flow hedge effectiveness in Accumulated other comprehensive loss. An after-tax loss of $11.7 million is expected to be reclassified to earnings as the hedged transactions occur or as amounts are amortized within the next twelve months. The ultimate amount recognized will vary based on fluctuations of the hedged currencies and interest rates through the maturity dates. | ||||||||||||||||||||
The tables below detail pre-tax amounts reclassified from Accumulated other comprehensive loss into earnings for active derivative financial instruments during the periods in which the underlying hedged transactions affected earnings for the nine months ended September 28, 2013 and September 29, 2012 (in millions): | ||||||||||||||||||||
Year-to-date 2013 | Gain (Loss) | Classification of | Gain (Loss) | Gain (Loss) | ||||||||||||||||
(In millions) | Recorded in OCI | Gain (Loss) | Reclassified from | Recognized in | ||||||||||||||||
Reclassified from | OCI to Income | Income | ||||||||||||||||||
OCI to Income | (Effective Portion) | (Ineffective Portion*) | ||||||||||||||||||
Foreign Exchange Contracts | $ | 1.7 | Cost of sales | $ | (3.0 | ) | $ | — | ||||||||||||
Year-to-date 2012 | Gain (Loss) | Classification of | Gain (Loss) | Gain (Loss) | ||||||||||||||||
(In millions) | Recorded in OCI | Gain (Loss) | Reclassified from | Recognized in | ||||||||||||||||
Reclassified from | OCI to Income | Income | ||||||||||||||||||
OCI to Income | (Effective Portion) | (Ineffective Portion*) | ||||||||||||||||||
Interest Rate Contracts | $ | (9.8 | ) | Interest expense | $ | — | $ | — | ||||||||||||
Foreign Exchange Contracts | $ | (11.0 | ) | Cost of sales | $ | 2.2 | — | |||||||||||||
* Includes ineffective portion and amount excluded from effectiveness testing on derivatives. | ||||||||||||||||||||
For the three and nine months ended September 28, 2013, the hedged items’ impact to the Consolidated Statements of Operations and Comprehensive Income was a gain of $0.1 million and $3.0 million, respectively, in Cost of sales, which is offsetting the loss shown above. For the three and nine months ended September 29, 2012, the hedged items’ impact to the Consolidated Statements of Operations and Comprehensive Income was a loss of $1.2 million and $2.2 million, respectively, in Cost of sales. There was no impact related to the interest rate contracts’ hedged items and the impact of de-designated hedges was immaterial for all periods presented. | ||||||||||||||||||||
For the three and nine months ended September 28, 2013, an after-tax loss of $2.4 million and $9.0 million respectively, were reclassified from Accumulated other comprehensive loss into earnings (inclusive of the gain/loss amortization on terminated derivative instruments) during the periods in which the underlying hedged transactions affected earnings. For the three and nine months ended September 29, 2012, an after-tax loss of $0.1 million and $0.9 million respectively, were reclassified from Accumulated other comprehensive loss into earnings (inclusive of the gain/loss amortization on terminated derivative instruments) during the periods in which the underlying hedged transactions affected earnings. | ||||||||||||||||||||
Interest Rate Contracts: The Company enters into interest rate swap agreements in order to obtain the lowest cost source of funds within a targeted range of variable to fixed-rate debt proportions. At September 28, 2013, and December 29, 2012, all interest rate swaps designated as cash flow hedges had been terminated. | ||||||||||||||||||||
In December 2009, the Company executed forward starting interest rate swaps with an aggregate notional amount of $400 million fixing 10 years of interest payments at 4.78%. The objective of the hedge was to offset the expected variability on future payments associated with the interest rate on debt instruments. In January 2012, contracts with a total notional amount of $240 million of these contracts were terminated. The terminations resulted in cash payments of $56.4 million, which was recorded in Accumulated other comprehensive loss and will be amortized to earnings over future periods. The cash flows stemming from the termination of such interest rate swaps designated as cash flow hedges are presented within financing activities in the Consolidated Statement of Cash Flows. | ||||||||||||||||||||
Foreign Currency Contracts | ||||||||||||||||||||
Forward Contracts: Through its global businesses, the Company enters into transactions and makes investments denominated in multiple currencies that give rise to foreign currency risk. The Company and its subsidiaries regularly purchase inventory from subsidiaries with non-U.S. dollar functional currencies which creates currency-related volatility in the Company’s results of operations. The Company utilizes forward contracts to hedge these forecasted purchases of inventory. Gains and losses reclassified from Accumulated other comprehensive loss for the effective and ineffective portions of the hedge as well as any amounts excluded from effectiveness testing are recorded in Cost of sales. Gains and losses incurred after a hedge has been de-designated are not recorded in Accumulated other comprehensive income (loss), but are recorded directly to the Consolidated Statements of Operations and Comprehensive Income in Other-net. At September 28, 2013, the notional value of forward currency contracts outstanding was $146.1 million, all of which was designated, and maturing on various dates through 2014. At December 29, 2012, the notional value of forward currency contracts outstanding was $154.0 million, all of which was designated, maturing on various dates in 2013. | ||||||||||||||||||||
Purchased Option Contracts: The Company and its subsidiaries have entered into various inter-company transactions whereby the notional values are denominated in currencies other than the functional currencies of the party executing the trade. In order to better match the cash flows of its inter-company obligations with cash flows from operations, the Company enters into purchased option contracts. Gains and losses reclassified from Accumulated other comprehensive income (loss) for the effective and ineffective portions of the hedge as well as any amounts excluded from effectiveness testing are recorded in Cost of sales. At September 28, 2013, the notional value of purchased option contracts was $102.0 million maturing on various dates through 2014. As of December 29, 2012, the notional value of purchased option contracts was $173.0 million, maturing on various dates in 2013. | ||||||||||||||||||||
FAIR VALUE HEDGES | ||||||||||||||||||||
Interest Rate Risk: In an effort to optimize the mix of fixed versus floating rate debt in the Company’s capital structure, the Company enters into interest rate swaps. In October 2012, the Company entered into interest rate swaps with notional values which equaled the Company's $400 million 3.40% notes due in 2021 and the Company's $400 million 5.20% notes due in 2040. In January 2012, the Company entered into interest rate swaps with notional values which equaled the Company's $150 million 7.05% notes due in 2028. These interest rate swaps effectively converted the Company's fixed rate debt to floating rate debt based on LIBOR, thereby hedging the fluctuation in fair value resulting from changes in interest rates. | ||||||||||||||||||||
In January 2012, the Company terminated interest rate swaps with notional values equal to the Company’s $300 million 4.75% notes due in 2014, $300 million 5.75% notes due in 2016, $200 million 4.90% notes due in 2012 and $250 million 6.15% notes due in 2013. These terminations resulted in cash receipts of $35.8 million. The resulting gain of $28.0 million was deferred and will be amortized to earnings over the remaining life of the notes. In July 2012, the Company repurchased the $250 million 6.15% notes due in 2013 and $300 million 4.75% notes due 2014 and, as a result, $11.1 million of the previously deferred gain was recognized in earnings at that time. | ||||||||||||||||||||
The changes in fair value of the interest rate swaps during the period were recognized in earnings as well as the offsetting changes in fair value of the underlying notes. The notional value of open contracts was $950 million as of both September 28, 2013 and December 29, 2012. A summary of the fair value adjustments relating to these swaps is as follows (in millions): | ||||||||||||||||||||
Third Quarter 2013 | Year-to-Date 2013 | |||||||||||||||||||
Income Statement | Gain/(Loss) on | Gain /(Loss) on | Gain/(Loss) on | Gain /(Loss) on | ||||||||||||||||
Classification | Swaps | Borrowings | Swaps | Borrowings | ||||||||||||||||
Interest Expense | $ | (26.2 | ) | $ | 26.2 | $ | (118.0 | ) | $ | 118 | ||||||||||
Third Quarter 2012 | Year-to-Date 2012 | |||||||||||||||||||
Income Statement | Gain/(Loss) on | Gain /(Loss) on | Gain/(Loss) on | Gain /(Loss) on | ||||||||||||||||
Classification | Swaps | Borrowings | Swaps | Borrowings | ||||||||||||||||
Interest Expense | $ | 0.7 | $ | (0.7 | ) | $ | 25.7 | $ | (25.7 | ) | ||||||||||
In addition to the fair value adjustments in the table above, the net swap accruals for each period and amortization of the gains on terminated swaps are also reported as a reduction of interest expense and totaled $5.7 million and $17.4 million for the three and nine months ended September 28, 2013, respectively, and $16.4 million and $29.6 million for the three and nine months ended September 29, 2012, respectively. Interest expense on the underlying debt was $11.0 million and $33.5 million for the three and nine months ended September 28, 2013, respectively, and $6.0 million and $21.8 million for the three and nine months ended September 29, 2012, respectively. | ||||||||||||||||||||
NET INVESTMENT HEDGES | ||||||||||||||||||||
Foreign Exchange Contracts: The Company utilizes net investment hedges to offset the translation adjustment arising from re-measurement of its investment in the assets and liabilities of its foreign subsidiaries. The total after-tax amounts in Accumulated other comprehensive income loss were losses of $60.2 million and $63.3 million at September 28, 2013 and December 29, 2012, respectively. As of September 28, 2013, the Company had foreign exchange contracts maturing on various dates through July 2014 with notional values totaling $966.0 million outstanding hedging a portion of its pound sterling denominated net investment. As of December 29, 2012, the Company had foreign exchange contracts maturing on various dates through October 2013 with notional values totaling $940.6 million outstanding hedging a portion of its pound sterling denominated net investment. For the nine months ended September 28, 2013, maturing foreign exchange contracts resulted in net cash receipts of $7.0 million. For the nine months ended September 29, 2012, maturing foreign exchange contracts resulted in net cash receipts of $11.8 million. Gains and losses on net investment hedges remain in Accumulated other comprehensive income (loss) until disposal of the underlying assets. | ||||||||||||||||||||
The pre-tax gain or loss from fair value changes was as follows (in millions): | ||||||||||||||||||||
Third Quarter 2013 | Year-to-Date 2013 | |||||||||||||||||||
Income Statement | Amount | Amount | ||||||||||||||||||
Classification | Recorded in OCI | Recorded in OCI | ||||||||||||||||||
Gain (Loss) | Gain (Loss) | |||||||||||||||||||
Other-net | $ | (48.4 | ) | $ | 5.1 | |||||||||||||||
Third Quarter 2012 | Year-to-Date 2012 | |||||||||||||||||||
Income Statement | Amount | Amount | ||||||||||||||||||
Classification | Recorded in OCI | Recorded in OCI | ||||||||||||||||||
Gain (Loss) | Gain (Loss) | |||||||||||||||||||
Other-net | $ | (45.7 | ) | $ | (52.8 | ) | ||||||||||||||
The effective and ineffective portion (including the ineffective portion and amount excluded from effectiveness testing) recorded in the Income Statements was zero for all periods presented. | ||||||||||||||||||||
UNDESIGNATED HEDGES | ||||||||||||||||||||
Foreign Exchange Contracts: Currency swaps and foreign exchange forward contracts are used to reduce risks arising from the change in fair value of certain foreign currency denominated assets and liabilities (such as affiliate loans, payables and receivables). The objective of these practices is to minimize the impact of foreign currency fluctuations on operating results. The total notional amount of the contracts outstanding at September 28, 2013 was $2.3 billion of forward contracts and $104.9 million in currency swaps, maturing on various dates through December 2014. The total notional amount of the contracts outstanding at December 29, 2012 was $4.3 billion of forward contracts and $105.6 million in currency swaps, maturing on various dates through December 2014. The income statement impacts related to derivatives not designated as hedging instruments for 2013 and 2012 are as follows (in millions): | ||||||||||||||||||||
Derivatives Not | Income Statement | Third Quarter 2013 | Year-to-Date 2013 | |||||||||||||||||
Designated as Hedging | Classification | Amount of Gain (Loss) | Amount of Gain (Loss) | |||||||||||||||||
Instruments under ASC 815 | Recorded in Income on | Recorded in Income on | ||||||||||||||||||
Derivative | Derivative | |||||||||||||||||||
Foreign Exchange Contracts | Other-net | $ | 63.2 | $ | 3 | |||||||||||||||
Derivatives Not | Income Statement | Third Quarter 2012 | Year-to-Date 2012 | |||||||||||||||||
Designated as Hedging | Classification | Amount of Gain (Loss) | Amount of Gain (Loss) | |||||||||||||||||
Instruments under ASC 815 | Recorded in Income on | Recorded in Income on | ||||||||||||||||||
Derivative | Derivative | |||||||||||||||||||
Foreign Exchange Contracts | Other-net | $ | 30.3 | $ | 30.2 | |||||||||||||||
Equity_Arrangements
Equity Arrangements | 9 Months Ended | |
Sep. 28, 2013 | ||
Equity Arrangements | ||
J. | Equity Arrangements | |
In January 2013, the Company elected to prepay the forward share purchase contract on its common stock for $362.7 million, comprised of the $350.0 million purchase price, plus an additional amount related to the forward component of the contract. In August 2013, the Company physically settled the contract, receiving 5,581,400 shares and $18.8 million from the financial institution counterparty representing a purchase price adjustment. The reduction of common shares outstanding was recorded at the inception of the forward share purchase contract and factored into the calculation of weighted average shares outstanding. | ||
In December 2012, the Company entered into a forward starting accelerated share repurchase (“ASR”) contract with certain financial institutions to purchase $850.0 million of the Company's common stock. The Company paid $850.0 million to the financial institutions and received an initial delivery of 9,345,794 shares, which reduced the Company's shares outstanding at December 29, 2012. The value of the initial shares received on the date of purchase was $680.0 million, reflecting a $72.76 price per share which was recorded as a treasury share purchase for purposes of calculating earnings per share. In accordance with ASC 815-40, the Company recorded the remaining $170.0 million as a forward contract indexed to its own common stock in additional paid in capital. In April 2013, the Company settled the contract and received 1,608,695 shares determined by the average price per share paid by the financial institutions during the purchase period. The average price is calculated using the volume weighted average price ("VWAP") of the Company's stock (inclusive of a VWAP discount) during that period. | ||
In November 2012, the Company purchased from certain financial institutions over the counter “out-of-the-money” capped call options, subject to adjustments for standard anti-dilution provisions, on 10,094,144 shares of its common stock for an aggregate premium of $29.5 million, or an average of $2.92 per share. The purpose of the capped call options is to reduce share price volatility on potential future share repurchases. In accordance with ASC 815-40 the premium paid was recorded as a reduction of Shareowners’ equity. The average lower strike price is $71.43 and the average upper strike price is $79.75, subject to customary market adjustments. The remaining capped call options were net-share settled and the Company received 617,037 shares in April 2013. | ||
Convertible Preferred Units and Equity Option | ||
As described more fully in Note H, Long-Term Debt and Financing Arrangements, of the Company’s Form 10-K for the year ended December 29, 2012, in November 2010 the Company issued Convertible Preferred Units comprised of $632.5 million of Notes due November 17, 2018 and Purchase Contracts. There have been no changes to the terms of the Convertible Preferred Units. The Purchase Contracts obligate the holders to purchase, on the earlier of (i) November 17, 2015 (the Purchase Contract Settlement date) or (ii) the triggered early settlement date, 6,325,000 shares, for $100 per share, of the Company’s 4.75% Series B Cumulative Convertible Preferred Stock (the “Convertible Preferred Stock”), resulting in cash proceeds to the Company of up to $632.5 million. | ||
Following the issuance of Convertible Preferred Stock upon settlement of a holder’s Purchase Contracts, a holder of Convertible Preferred Stock may, at its option, at any time and from time to time, convert some or all of its outstanding shares of Convertible Preferred Stock at a conversion rate of 1.3333 shares of the Company’s common stock per share of Convertible Preferred Stock (subject to customary anti-dilution provisions), which is equivalent to an initial conversion price of approximately $75.00 per share of common stock. Assuming conversion of the 6,325,000 shares of Convertible Preferred Stock at the 1.3333 initial conversion rate, a total of 8,433,123 shares of the Company’s common stock may be issued upon conversion. As of September 28, 2013, due to the customary anti-dilution provisions, the conversion rate on the Convertible Preferred Stock is 1.3552 (equivalent to a conversion price of approximately $73.79 per common share). In the event that holders elect to settle their Purchase Contracts prior to November 17, 2015, the Company will deliver a number of shares of Convertible Preferred Stock equal to 85% of the Purchase Contracts tendered, together with cash in lieu of fractional shares. Upon a conversion on or after November 15, 2015 the Company may elect to pay or deliver, as the case may be, solely shares of common stock, together with cash in lieu of fractional shares (“physical settlement”), solely cash (“cash settlement”), or a combination of cash and common stock (“combination settlement”). The Company may redeem some or all of the Convertible Preferred Stock on or after December 22, 2015 at a redemption price equal to 100% of the $100 liquidation preference per share plus accrued and unpaid dividends to the redemption date. | ||
In November 2010, contemporaneously with the issuance of the Convertible Preferred Units described above, the Company paid $50.3 million, or an average of $5.97 per option, to enter into capped call transactions (equity options) on 8,433,123 shares of common stock with certain major financial institutions. The purpose of the capped call transactions is to offset the common shares that may be deliverable upon conversion of shares of Convertible Preferred Stock. With respect to the impact on the Company, the capped call transactions and the Convertible Preferred Stock, when taken together, result in the economic equivalent of having the conversion price on the Convertible Preferred Stock at $96.37 , the upper strike price of the capped call (as of September 28, 2013). Refer to Note H, Long-Term Debt and Financing Arrangements, and Note J, Capital Stock, of the Company’s Form 10-K for the year ended December 29, 2012 for further discussion. In accordance with ASC 815-40 the $50.3 million premium paid was recorded as a reduction to equity. | ||
The capped call transactions cover, subject to customary anti-dilution adjustments, the number of shares of common stock equal to the number of shares of common stock underlying the maximum number of shares of Convertible Preferred Stock issuable upon settlement of the Purchase Contracts. Each of the capped call transactions has a term of approximately 5 years and initially had a lower strike price of $75.00, which corresponded to the initial conversion price of the Convertible Preferred Stock, and an upper strike price of $97.95, which was approximately 60% higher than the closing price of the common stock on November 1, 2010. The capped call transactions may be settled by net share settlement (the default settlement method) or, at the Company’s option and subject to certain conditions, cash settlement, physical settlement or modified physical settlement. The aggregate fair value of the options at September 28, 2013 was $106.1 million. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Notes) | 9 Months Ended | ||||||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||||||
Accumulated Other Comprehensive Income [Abstract] | |||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Text Block] | Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||
The table below sets forth the changes to the components of accumulated other comprehensive income (loss) for the nine months ended September 28, 2013 (in millions): | |||||||||||||||||||||
Currency translation adjustment | Unrealized (losses) gains on cash flow hedges, net of tax | Unrealized (losses) gains on net investment hedges, net of tax | Pension (losses) gains, net of tax | Total | |||||||||||||||||
Balance - December 29, 2012 | $ | 29.4 | $ | (93.5 | ) | $ | (63.3 | ) | $ | (260.6 | ) | $ | (388.0 | ) | |||||||
Other comprehensive (loss) income before reclassifications | $ | (111.2 | ) | $ | 1.9 | $ | 3.1 | $ | (1.2 | ) | $ | (107.4 | ) | ||||||||
Reclassification adjustments to earnings | — | 9 | — | 5.4 | 14.4 | ||||||||||||||||
Net other comprehensive (loss) income | $ | (111.2 | ) | $ | 10.9 | $ | 3.1 | $ | 4.2 | $ | (93.0 | ) | |||||||||
Balance - September 28, 2013 | $ | (81.8 | ) | $ | (82.6 | ) | $ | (60.2 | ) | $ | (256.4 | ) | $ | (481.0 | ) | ||||||
The reclassifications out of accumulated other comprehensive income (loss) for the nine months ended September 28, 2013 were as follows (in millions): | |||||||||||||||||||||
Reclassifications from accumulated other comprehensive | Reclassification adjustments | Affected line item in Consolidated Statements of Operations And Comprehensive Income | |||||||||||||||||||
income (loss) to earnings | |||||||||||||||||||||
Realized losses on cash flow hedges | $ | (14.3 | ) | Cost of sales | |||||||||||||||||
Tax effect | 5.3 | Income taxes on continuing operations | |||||||||||||||||||
Realized losses on cash flow hedges, net of tax | $ | (9.0 | ) | ||||||||||||||||||
Amortization of defined benefit pension items: | |||||||||||||||||||||
Actuarial losses | $ | (4.7 | ) | Cost of sales | |||||||||||||||||
Actuarial losses | (3.2 | ) | Selling, general and administrative | ||||||||||||||||||
Total before taxes | $ | (7.9 | ) | ||||||||||||||||||
Tax effect | 2.5 | Income taxes on continuing operations | |||||||||||||||||||
Amortization of defined benefit pension items, net of tax | $ | (5.4 | ) |
Net_Periodic_Benefit_Cost_Defi
Net Periodic Benefit Cost - Defined Benefit Plans | 9 Months Ended | |||||||||||||||||||||||
Sep. 28, 2013 | ||||||||||||||||||||||||
Net Periodic Benefit Cost - Defined Benefit Plans | Net Periodic Benefit Cost — Defined Benefit Plans | |||||||||||||||||||||||
Following are the components of net periodic benefit cost for the three and nine months ended September 28, 2013 and September 29, 2012 (in millions): | ||||||||||||||||||||||||
Third Quarter | ||||||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||
U.S. Plans | Non-U.S. Plans | All Plans | ||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||
Service cost | $ | 1.9 | $ | 1.6 | $ | 3.4 | $ | 2.8 | $ | 0.2 | $ | 0.2 | ||||||||||||
Interest cost | 13.1 | 15.6 | 11.4 | 11.4 | 0.7 | 0.7 | ||||||||||||||||||
Expected return on plan assets | (16.3 | ) | (16.6 | ) | (10.5 | ) | (10.8 | ) | — | — | ||||||||||||||
Amortization of prior service cost (credit) | 0.2 | 0.3 | — | 0.1 | (0.3 | ) | (0.3 | ) | ||||||||||||||||
Amortization of net loss | 1.5 | 1.5 | 1.5 | 0.8 | — | — | ||||||||||||||||||
Curtailment loss | — | — | — | 1.2 | — | — | ||||||||||||||||||
Net periodic cost | $ | 0.4 | $ | 2.4 | $ | 5.8 | $ | 5.5 | $ | 0.6 | $ | 0.6 | ||||||||||||
Year-to-Date | ||||||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||
U.S. Plans | Non-U.S. Plans | All Plans | ||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||
Service cost | $ | 5.8 | $ | 4.9 | $ | 10.4 | $ | 8.6 | $ | 0.6 | $ | 0.7 | ||||||||||||
Interest cost | 39.4 | 46.8 | 33.3 | 34.5 | 1.9 | 2.1 | ||||||||||||||||||
Expected return on plan assets | (48.8 | ) | (49.8 | ) | (31.4 | ) | (32.5 | ) | — | — | ||||||||||||||
Amortization of prior service cost (credit) | 0.8 | 0.8 | 0.2 | 0.3 | (1.0 | ) | (0.9 | ) | ||||||||||||||||
Amortization of net loss | 4.3 | 4.6 | 3.8 | 2.3 | — | — | ||||||||||||||||||
Curtailment (gain) loss | — | — | (0.2 | ) | 1.8 | — | — | |||||||||||||||||
Net periodic cost | $ | 1.5 | $ | 7.3 | $ | 16.1 | $ | 15 | $ | 1.5 | $ | 1.9 | ||||||||||||
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | |||||||||||||||
Sep. 28, 2013 | ||||||||||||||||
Fair Value Measurements | Fair Value Measurements | |||||||||||||||
FASB ASC 820, Fair Value Measurement, defines, establishes a consistent framework for measuring, and expands disclosure requirements about fair value. ASC 820 requires the Company to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. These two types of inputs create the following fair value hierarchy: | ||||||||||||||||
Level 1 — Quoted prices for identical instruments in active markets. | ||||||||||||||||
Level 2 — Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs and significant value drivers are observable. | ||||||||||||||||
Level 3 — Instruments that are valued using unobservable inputs. | ||||||||||||||||
The Company holds various derivative financial instruments that are employed to manage risks, including foreign currency and interest rate exposures. These financial instruments are carried at fair value and are included within the scope of ASC 820. The Company determines the fair value of derivatives through the use of matrix or model pricing, which utilizes observable inputs such as market interest and currency rates. When determining the fair value of these financial instruments for which Level 1 evidence does not exist, the Company considers various factors including the following: exchange or market price quotations of similar instruments, time value and volatility factors, the Company’s own credit rating and the credit rating of the counter-party. | ||||||||||||||||
The following table presents the Company’s financial assets and liabilities that are measured at fair value on a recurring basis for each of the hierarchy levels (millions of dollars): | ||||||||||||||||
Total Carrying | Level 1 | Level 2 | ||||||||||||||
Value | ||||||||||||||||
September 28, 2013: | ||||||||||||||||
Money market fund | $ | 21.5 | $ | 21.5 | $ | — | ||||||||||
Derivative assets | $ | 75.6 | $ | — | $ | 75.6 | ||||||||||
Derivative liabilities | $ | 173.8 | $ | — | $ | 173.8 | ||||||||||
December 29, 2012: | ||||||||||||||||
Money market fund | $ | 68 | $ | 68 | $ | — | ||||||||||
Derivative assets | $ | 99 | $ | — | $ | 99 | ||||||||||
Derivative liabilities | $ | 91.5 | $ | — | $ | 91.5 | ||||||||||
The Company had no financial assets or liabilities measured using Level 3 inputs, nor any assets measured at fair value on a non-recurring basis during 2013 and 2012. | ||||||||||||||||
Refer to Note I, Derivative Financial Instruments, for more details regarding derivative financial instruments, and Note H, Long-Term Debt and Financing Arrangements, for more information regarding carrying values of the long-term debt shown below. | ||||||||||||||||
The following table presents the carrying values and fair values of the Company's financial assets and liabilities, as well as the Company's debt, as of September 28, 2013 and December 29, 2012 (millions of dollars): | ||||||||||||||||
September 28, 2013 | December 29, 2012 | |||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||
Value | Value | Value | Value | |||||||||||||
Long-term debt, including current portion | $ | 3,410.50 | $ | 3,497.50 | $ | 3,536.90 | $ | 3,677.30 | ||||||||
Derivative assets | $ | 75.6 | $ | 75.6 | $ | 99 | $ | 99 | ||||||||
Derivative liabilities | $ | 173.8 | $ | 173.8 | $ | 91.5 | $ | 91.5 | ||||||||
The fair values of long-term debt instruments are considered Level 2 instruments within the fair value hierarchy and are estimated using a discounted cash flow analysis, based on the Company’s marginal borrowing rates. The differences in carrying values in long-term debt are attributable to the stated interest rates differing from the Company's marginal borrowing rates. The fair value of the Company’s variable rate short-term borrowings approximate their carrying value at September 28, 2013 and December 29, 2012. The fair values of foreign currency and interest rate swap agreements, comprising the derivative assets and liabilities in the table above, are based on current settlement values. | ||||||||||||||||
As discussed in Note D, Financing Receivables, the Company has a deferred purchase price receivable related to sales of trade receivables. The deferred purchase price receivable will be repaid in cash as receivables are collected, generally within 30 days, and as such the carrying value of the receivable approximates fair value. |
Other_Costs_and_Expenses
Other Costs and Expenses | 9 Months Ended |
Sep. 28, 2013 | |
Other Costs and Expenses | Other Costs and Expenses |
Other-net is primarily comprised of intangible asset amortization expense, currency related gains or losses, environmental expense and merger and acquisition-related charges, primarily consisting of transaction costs. During the three and nine months ended September 28, 2013, Other-net included $1.5 million and $21.0 million in merger and acquisition-related costs, respectively. During the three and nine months ended September 29, 2012, Other-net included $53.4 million and $75.0 million in merger and acquisition-related costs, respectively. |
Restructuring_Charges
Restructuring Charges | 9 Months Ended | |||||||||||||||||||
Sep. 28, 2013 | ||||||||||||||||||||
Restructuring Charges | Restructuring & Asset Impairments | |||||||||||||||||||
A summary of the restructuring reserve activity from December 29, 2012 to September 28, 2013 is as follows (in millions): | ||||||||||||||||||||
December 29, | Additions (Reversals), net | Usage | Currency | September 28, | ||||||||||||||||
2012 | 2013 | |||||||||||||||||||
2013 Actions | ||||||||||||||||||||
Severance and related costs | $ | — | $ | 62 | $ | (21.1 | ) | $ | 0.8 | $ | 41.7 | |||||||||
Facility closures | — | 10.3 | (8.0 | ) | 0.1 | 2.4 | ||||||||||||||
Asset Impairments | — | 16.5 | (16.5 | ) | — | — | ||||||||||||||
Subtotal 2013 actions | $ | — | $ | 88.8 | $ | (45.6 | ) | $ | 0.9 | $ | 44.1 | |||||||||
Pre-2013 Actions | ||||||||||||||||||||
Severance and related costs | $ | 112.1 | $ | (49.2 | ) | $ | (31.6 | ) | $ | (0.2 | ) | $ | 31.1 | |||||||
Facility closures | 13.1 | 1 | (1.5 | ) | — | 12.6 | ||||||||||||||
Subtotal Pre-2013 actions | $ | 125.2 | $ | (48.2 | ) | $ | (33.1 | ) | $ | (0.2 | ) | $ | 43.7 | |||||||
Total | $ | 125.2 | $ | 40.6 | $ | (78.7 | ) | $ | 0.7 | $ | 87.8 | |||||||||
In the first nine months of 2013, the Company continued with restructuring activities primarily associated with the Black & Decker merger, Niscayah and other acquisitions, and recognized $40.6 million of net restructuring charges. Of those charges, $57.1 million relates to severance charges associated with the reduction of approximately 1,000 employees, which was offset by a reversal of $44.3 million from the termination of a previously approved restructuring action due to a shifting political and economic landscape in certain European countries. Also included in those charges are facility closure costs of $11.3 million and asset impairment charges of $16.5 million. | ||||||||||||||||||||
For the three months ended September 28, 2013, the Company recognized $28.5 million of restructuring charges. Of those charges, $27.0 million relates to severance charges associated with the reduction of approximately 550 employees and facility closure costs of $1.5 million. | ||||||||||||||||||||
The majority of the $87.8 million of reserves remaining as of September 28, 2013 is expected to be utilized within the next 12 months. | ||||||||||||||||||||
Segments: The $40.6 million of net charges recognized in the first nine months of 2013 includes: $6.6 million of charges pertaining to the CDIY segment; $27.0 million of net reserve reductions pertaining to the Industrial segment; $44.8 million of charges pertaining to the Security segment; and $16.2 million pertaining to Corporate charges. During the third quarter of 2013, the Company recognized $28.5 million of restructuring charges including $5.8 million of charges pertaining to the CDIY segment; $11.4 million of charges pertaining to the Industrial segment; $11.6 million of charges pertaining to the Security segment, and $0.3 million of net reserve reductions pertaining to Corporate. |
Income_Taxes
Income Taxes | 3 Months Ended |
Sep. 28, 2013 | |
Income Taxes | Income Taxes |
The Company recognized income tax expense of $17.3 million and $80.5 million for the three and nine month periods ended September 28, 2013, respectively, resulting in an effective tax rate of 9.3% and 15.1%, respectively. The effective tax rate differs from the U.S. statutory tax rate for the three and nine month periods ended September 28, 2013 primarily due to a portion of the Company's earnings realized in lower-taxed foreign jurisdictions and the acceleration of certain tax credits resulting in a tax benefit of $18.5 million in the quarter, the recurring benefit of various foreign business integration structures and the reversal of certain foreign and U.S. state uncertain tax position reserves, related largely to statute expiration. | |
The Company recognized income tax expense of $12.9 million and $82.9 million for the three and nine month periods ended September 29, 2012, respectively, resulting in an effective tax rate of 12.5% and 20.3%, respectively. The effective tax rate differs from the statutory tax rate for the three and nine month periods ended September 29, 2012, primarily due to a portion of the Company's earnings realized in lower-taxed foreign jurisdictions, favorable settlement of certain tax contingencies of $6.6 million and the realization of a foreign deferred tax asset attributable to the reduction of a valuation allowance for certain net operating losses resulting in a tax benefit of $7.0 million in the quarter. | |
During the three months ended September 28, 2013, the Company completed the remaining material 2012 income tax return filings which included the final calculations of the tax gain on the Hardware & Home Improvement business (“HHI”) sale which took place in 2012. As a result of these tax return filings, the Company recorded an income tax benefit of approximately $17.2 million within discontinued operations related to finalization of the taxable gain on the HHI sale. Changes to the original tax gain were driven primarily by the determination of the final purchase price allocation and the finalization of the U.S. tax basis calculation, both of which were finalized in the quarter. | |
The Company is subject to the examination of its income tax returns by the Internal Revenue Service and other taxing authorities both domestically and internationally. The final outcome of the future tax consequences of these examinations and legal proceedings, as well as, the outcome of competent authority proceedings, changes and interpretation in regulatory tax laws, or expiration of statute of limitations could impact the Company’s financial statements. Accordingly, the Company has tax reserves recorded for which it is reasonably possible that the amount of the unrecognized tax benefit will increase or decrease which could have a material effect on the financial results for any particular fiscal quarter or year. However, based on the uncertainties associated with litigation and the status of examinations, including the protocols of finalizing audits by the relevant tax authorities which could include formal legal proceedings, it is not possible to estimate the impact of any such change. |
Business_Segments
Business Segments | 9 Months Ended | |||||||||||||||
Sep. 28, 2013 | ||||||||||||||||
Business Segments | Business Segments | |||||||||||||||
The Company classifies its business into three reportable segments, which also represent its operating segments: Construction & Do It Yourself (“CDIY”), Industrial and Security. | ||||||||||||||||
The CDIY segment is comprised of the Professional Power Tool business, the Consumer Products Group, the Hand Tools & Storage business, and the Fastening & Accessories business. The Professional Power Tool business sells professional grade corded and cordless electric power tools and equipment including drills, impact wrenches and drivers, grinders, saws, routers and sanders. The Consumer Products Group sells corded and cordless electric power tools sold under the Black & Decker brand, lawn and garden products and home products. The Hand Tools & Storage business sells measuring and leveling tools, planes, hammers, demolition tools, knives, saws and chisels. The Fastening & Accessories business sells pneumatic tools and fasteners including nail guns, nails, staplers and staples, concrete and masonry anchors, as well as power tool accessories which include drill bits, router bits, abrasives and saw blades. | ||||||||||||||||
The Industrial segment is comprised of the Industrial and Automotive Repair ("IAR"), Engineered Fastening and Infrastructure businesses. The IAR business sells hand tools, power tools, and engineered storage solution products. The Engineered Fastening business primarily sells engineered fastening products and systems designed for specific applications. The product lines include stud welding systems, blind rivets and tools, blind inserts and tools, drawn arc weld studs, engineered plastic and mechanical fasteners, self-piercing riveting systems, precision nut running systems, micro fasteners, and high-strength structural fasteners & plastics. The Infrastructure business consists of the CRC-Evans business and the Company’s Hydraulics business. The product lines include custom pipe handling machinery, joint welding and coating machinery, weld inspection services and hydraulic tools and accessories. | ||||||||||||||||
The Security segment is comprised of the Convergent Security Solutions ("CSS") and the Mechanical Access Solutions ("MAS") businesses. The CSS business designs, supplies and installs electronic security systems and provides electronic security services, including alarm monitoring, video surveillance, fire alarm monitoring, systems integration and system maintenance. Purchasers of these systems typically contract for ongoing security systems monitoring and maintenance at the time of initial equipment installation. The business also includes healthcare solutions, which markets medical carts and cabinets, asset tracking, infant protection, pediatric protection, patient protection, wander management, fall management, and emergency call products. The MAS business sells automatic doors, commercial hardware, locking mechanisms, electronic keyless entry systems, keying systems, tubular and mortise door locksets. | ||||||||||||||||
The Company utilizes segment profit, which is defined as net sales minus cost of sales and selling, general, and administrative ("SG&A") inclusive of the provision for doubtful accounts (aside from corporate overhead expense), and segment profit as a percentage of net sales to assess the profitability of each segment. Segment profit excludes the corporate overhead expense element of SG&A, interest income, interest expense, other-net (inclusive of intangible asset amortization expense), restructuring, and income taxes. Refer to Note O, Restructuring & Asset Impairments, for the amount of restructuring charges and asset impairments by segment. Corporate overhead is comprised of world headquarters facility expenses, cost for the executive management team and costs for certain centralized functions that benefit the entire Company but are not directly attributable to the businesses, such as legal and corporate finance functions. Transactions between segments are not material. Segment assets primarily include accounts receivable, inventory, other current assets, property, plant and equipment, intangible assets and other miscellaneous assets. | ||||||||||||||||
Third Quarter | Year-to-Date | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
NET SALES | ||||||||||||||||
CDIY | $ | 1,387.50 | $ | 1,315.70 | $ | 4,025.70 | $ | 3,819.10 | ||||||||
Industrial | 771.4 | 618 | 2,273.10 | 1,909.10 | ||||||||||||
Security | 600.4 | 583.5 | 1,796.40 | 1,760.20 | ||||||||||||
Total | $ | 2,759.30 | $ | 2,517.20 | $ | 8,095.20 | $ | 7,488.40 | ||||||||
SEGMENT PROFIT | ||||||||||||||||
CDIY | $ | 203.9 | $ | 186.9 | $ | 588.8 | $ | 532.2 | ||||||||
Industrial | 109.2 | 94.6 | 307.5 | 314.2 | ||||||||||||
Security | 61.4 | 83.1 | 173.5 | 224.4 | ||||||||||||
Segment profit | 374.5 | 364.6 | 1,069.80 | 1,070.80 | ||||||||||||
Corporate overhead | (56.4 | ) | (61.9 | ) | (179.1 | ) | (184.7 | ) | ||||||||
Other-net | (66.6 | ) | (67.2 | ) | (208.8 | ) | (216.8 | ) | ||||||||
Restructuring and asset impairments | (28.5 | ) | (52.9 | ) | (40.6 | ) | (116.6 | ) | ||||||||
Loss on debt extinguishment | — | (45.5 | ) | — | (45.5 | ) | ||||||||||
Interest expense | (39.1 | ) | (36.7 | ) | (118.6 | ) | (105.3 | ) | ||||||||
Interest income | 3 | 2.5 | 9.5 | 7.3 | ||||||||||||
Earnings from continuing operations before income taxes | $ | 186.9 | $ | 102.9 | $ | 532.2 | $ | 409.2 | ||||||||
During the three and nine months ended September 28, 2013, the Company recorded a total of $5.1 million and $26.3 million, respectively, of merger and acquisition-related charges, which reduced segment gross profit, and an additional $12.2 million and $30.9 million, respectively, in SG&A primarily for integration costs associated with merger and acquisition-related activities. For the three and nine months ended September 29, 2012, the Company recorded $11.4 million and $17.9 million, respectively, of merger and acquisition-related charges, which reduced segment gross profit, and an additional $16.7 million and $42.6 million, respectively, in SG&A primarily for integration costs associated with merger and acquisition-related activities These charges reduced segment profit by $3.1 million in CDIY, $2.3 million in Industrial, and $11.9 million in Security for the three months ended September 28, 2013, and $17.2 million in CDIY, $0.6 million in Industrial, and $10.3 million in Security for the three months ended September 29, 2012. On a year-to-date basis, segment profit was reduced by $9.3 million in CDIY, $20.8 million in Industrial, and $27.1 million in Security for the nine months ended September 28, 2013, and $31.0 million in CDIY, $3.6 million in Industrial, and $25.9 million in Security for the nine months ended September 29, 2012. | ||||||||||||||||
Corporate overhead for the three and nine months ended September 28, 2013 includes $19.9 million and $59.6 million, respectively, of charges pertaining primarily to merger and acquisition-related employee charges and integration costs. For the three and nine months ended September 29, 2012, such charges included in corporate overhead were $22.5 million and $57.6 million, respectively. | ||||||||||||||||
The following table is a summary of total assets by segment as of September 28, 2013 and December 29, 2012: | ||||||||||||||||
September 28, | December 29, | |||||||||||||||
2013 | 2012 | |||||||||||||||
CDIY | $ | 8,108.00 | $ | 7,413.30 | ||||||||||||
Industrial | 4,722.40 | 3,451.30 | ||||||||||||||
Security | 4,504.20 | 4,600.80 | ||||||||||||||
17,334.60 | 15,465.40 | |||||||||||||||
Discontinued Operations | 15 | 171.7 | ||||||||||||||
Corporate assets | (325.9 | ) | 206.9 | |||||||||||||
Consolidated | $ | 17,023.70 | $ | 15,844.00 | ||||||||||||
Corporate assets primarily consist of cash, deferred taxes and property, plant and equipment. Based on the nature of the Company's cash pooling arrangements, at times corporate-related cash accounts will be in a net liability position. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 28, 2013 | |
Commitments and Contingencies | Commitments and Contingencies |
The Company is involved in various legal proceedings relating to environmental issues, employment, product liability, workers’ compensation claims and other matters. The Company periodically reviews the status of these proceedings with both inside and outside counsel, as well as an actuary for risk insurance. Management believes that the ultimate disposition of these matters will not have a material adverse effect on operations or financial condition taken as a whole. | |
The amount recorded for identified contingent liabilities is based on estimates. Amounts recorded are reviewed periodically and adjusted to reflect additional technical and legal information that becomes available. Actual costs to be incurred in future periods may vary from the estimates, given the inherent uncertainties in evaluating certain exposures. | |
In connection with the 2010 merger with Black & Decker, the Company assumed certain commitments and contingent liabilities. Black & Decker is a party to litigation and administrative proceedings with respect to claims involving the discharge of hazardous substances into the environment. Some of these assert claims for damages and liability for remedial investigations and clean-up costs with respect to sites that have never been owned or operated by Black & Decker but at which Black & Decker has been identified as a potentially responsible party. Other matters involve current and former manufacturing facilities. | |
The Environmental Protection Agency (“EPA”) and the Santa Ana Regional Water Quality Control Board have each initiated administrative proceedings against Black & Decker and certain of its current or former affiliates alleging that Black & Decker and numerous other defendants are responsible to investigate and remediate alleged groundwater contamination in and adjacent to a 160-acre property located in Rialto, California. The EPA and the cities of Colton and Rialto, as well as Goodrich Corporation, also initiated lawsuits against Black & Decker and certain of its former or current affiliates in the Federal District Court for California, Central District alleging similar claims that Black & Decker is liable under the Comprehensive Environmental Response, Compensation and Liability Act of 1980 (“CERCLA”), the Resource Conservation and Recovery Act, and state law for the discharge or release of hazardous substances into the environment and the contamination caused by those alleged releases. The City of Colton also has a companion case in California State court. The City of Riverside has a similar suit in California State Court with similar claims and the same parties. Both of these cases are currently stayed for all purposes. Certain defendants in that case have cross-claims against other defendants and have asserted claims against the State of California. The administrative proceedings and the lawsuits generally allege that West Coast Loading Corporation (“WCLC”), a defunct company that operated in Rialto between 1952 and 1957, and an as yet undefined number of other defendants are responsible for the release of perchlorate and solvents into the groundwater basin, and that Black & Decker and certain of its current or former affiliates are liable as a “successor” of WCLC. The Company's settlement discussions among the EPA and numerous other parties progressed throughout late 2012, culminating in the settlement of the EPA's claims against the Company, as well as all other administrative proceedings and lawsuits involving Black & Decker related to the WCLC site, except for the City of Riverside's state court lawsuit. (That lawsuit has been stayed and will, the Company believes, ultimately be rendered moot by the implementation of an interim and final remedy at the site.) This settlement is embodied in a Consent Decree that was filed with the United States District Court for the Central District of California on or about December 4, 2012. The Consent Decree is a public document, and was approved by the Court on July 3, 2013. In substance, Emhart Industries, Inc. (a dissolved, former indirectly wholly-owned subsidiary of The Black & Decker Corporation) (“Emhart”) has agreed to be responsible for an interim remedy at the site, which remedy will be funded by (i) amounts received from the EPA in the third quarter of 2013 as gathered from multiple parties and placed in trust, and, to the extent necessary, (ii) Emhart's affiliate. The interim remedy requires the construction of a water treatment facility and the filtering of ground water at or around the Rialto property for a period of approximately 30 years or more. | |
The EPA has asserted claims in federal court in Rhode Island against certain current and former affiliates of Black & Decker related to environmental contamination found at the Centredale Manor Restoration Project Superfund ("Centredale") site, located in North Providence, Rhode Island. The EPA has discovered a variety of contaminants at the site, including but not limited to, dioxins, polychlorinated biphenyls, and pesticides. The EPA alleges that Black & Decker and certain of its current and former affiliates are liable for site clean-up costs under CERCLA as successors to the liability of Metro-Atlantic, Inc., a former operator at the site, and demanded reimbursement of the EPA’s costs related to this site. Black & Decker and certain of its current and former affiliates contest the EPA's allegation that they are responsible for the contamination, and have asserted contribution claims, counterclaims and cross-claims against a number of other potentially responsible parties, including the federal government as well as insurance carriers. The EPA released its Record of Decision ("ROD") in September 2012, which identified and described the EPA's selected remedial alternative for the site. Black & Decker and certain of its current and former affiliates are contesting the EPA's selection of the remedial alternative set forth in the ROD, on the grounds that the EPA's actions were arbitrary and capricious and otherwise not in accordance with law, and have proposed other equally-protective, more cost-effective alternatives. Black & Decker and its affiliate Emhart Industries, Inc. are vigorously litigating the issue of their liability for environmental conditions at the Centredale site. If either or both entities are found liable, the Company's estimated remediation costs related to the Centredale site (including the EPA’s past costs as well as costs of additional investigation, remediation, and related costs such as EPA’s oversight costs, less escrowed funds contributed by primary potentially responsible parties (PRPs) who have reached settlement agreements with the EPA), which the Company considers to be probable and reasonably estimable, range from approximately $68.1 million to $139.7 million, with no amount within that range representing a more likely outcome until such time as the litigation is resolved through judgment or compromise. The Company’s reserve for this environmental remediation matter of $68.1 million reflects the fact that the EPA considers Metro-Atlantic, Inc. to be a primary source of contamination at the site. As the specific nature of the environmental remediation activities that may be mandated by the EPA at this site have not yet been finally determined through the on-going litigation, the ultimate remedial costs associated with the site may vary from the amount accrued by the Company at September 28, 2013. | |
In the normal course of business, the Company is involved in various lawsuits and claims. In addition, the Company is a party to a number of proceedings before federal and state regulatory agencies relating to environmental remediation. Also, the Company, along with many other companies, has been named as a PRP in a number of administrative proceedings for the remediation of various waste sites, including 31 active Superfund sites. Current laws potentially impose joint and several liabilities upon each PRP. In assessing its potential liability at these sites, the Company has considered the following: whether responsibility is being disputed, the terms of existing agreements, experience at similar sites, and the Company’s volumetric contribution at these sites. | |
The Company’s policy is to accrue environmental investigatory and remediation costs for identified sites when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. In the event that no amount in the range of probable loss is considered most likely, the minimum loss in the range is accrued. The amount of liability recorded is based on an evaluation of currently available facts with respect to each individual site and includes such factors as existing technology, presently enacted laws and regulations, and prior experience in remediation of contaminated sites. The liabilities recorded do not take into account any claims for recoveries from insurance or third parties. As assessments and remediation progress at individual sites, the amounts recorded are reviewed periodically and adjusted to reflect additional technical and legal information that becomes available. As of September 28, 2013 and December 29, 2012, the Company had reserves of $183.6 million and $188.0 million, respectively, for remediation activities associated with Company-owned properties, as well as for Superfund sites, for losses that are probable and estimable. Of the 2013 amount, $12.7 million is classified as current and $170.9 million as long-term which is expected to be paid over the estimated remediation period. In the third quarter of 2013, the Company recorded the receipt of $24.3 million in other assets related to funding from the EPA and placed it in trust in accordance with the Consent Decree associated with WCLC, as previously discussed. Accordingly, the Company's cash obligation as of September 28, 2013 associated with the aforementioned remediation activities is $159.3 million. The range of environmental remediation costs that is reasonably possible is $138.3 million to $274.3 million which is subject to change in the near term. The Company may be liable for environmental remediation of sites it no longer owns. Liabilities have been recorded on those sites in accordance with policy. | |
The amount recorded for identified contingent liabilities is based on estimates. Amounts recorded are reviewed periodically and adjusted to reflect additional technical and legal information that becomes available. Actual costs to be incurred in future periods may vary from the estimates, given the inherent uncertainties in evaluating certain exposures. Subject to the imprecision in estimating future contingent liability costs, the Company does not expect that any sum it may have to pay in connection with these matters in excess of the amounts recorded will have a materially adverse effect on its financial position, results of operations or liquidity. |
Guarantees
Guarantees | 9 Months Ended | |||||||||
Sep. 28, 2013 | ||||||||||
Guarantees | Guarantees | |||||||||
The Company’s financial guarantees at September 28, 2013 are as follows: | ||||||||||
(Millions of Dollars) | Term | Maximum | Carrying | |||||||
Potential | Amount of | |||||||||
Payment | Liability | |||||||||
Guarantees on the residual values of leased properties | One to four years | $ | 26.3 | $ | — | |||||
Standby letters of credit | Up to three years | 89.5 | — | |||||||
Commercial customer financing arrangements | Up to six years | 17.9 | 13.9 | |||||||
Total | $ | 133.7 | $ | 13.9 | ||||||
The Company has guaranteed a portion of the residual value arising from its synthetic lease program. This lease guarantee is for an amount up to $26.3 million while the fair value of the underlying building is estimated at $30.8 million. The related assets would be available to satisfy the guarantee obligations and therefore it is unlikely the Company will incur any future loss associated with this guarantee. | ||||||||||
The Company provides various limited and full recourse guarantees to financial institutions that provide financing to U.S. and Canadian Mac Tool distributors for their initial purchase of the inventory and trucks necessary to function as a distributor. In addition, the Company provides limited and full recourse guarantees to financial institutions that extend credit to certain end retail customers of its U.S. Mac Tool distributors. The gross amount guaranteed in these arrangements is $17.9 million and the $13.9 million carrying value of the guarantees issued is recorded in debt and other liabilities as appropriate in the Condensed Consolidated Balance Sheets. | ||||||||||
The Company provides product and service warranties which vary across its businesses. The types of warranties offered generally range from one year to limited lifetime, while certain products carry no warranty. Further, the Company sometimes incurs discretionary costs to service its products in connection with product performance issues. Historical warranty and service claim experience forms the basis for warranty obligations recognized. Adjustments are recorded to the warranty liability as new information becomes available. | ||||||||||
The changes in the carrying amount of product and service warranties for the nine months ended September 28, 2013 and September 29, 2012 are as follows: | ||||||||||
(Millions of Dollars) | 2013 | 2012 | ||||||||
Balance beginning of period | $ | 124 | $ | 124.9 | ||||||
Warranties and guarantees issued | 67.3 | 63.1 | ||||||||
Liability assumed from acquisitions | 0.1 | 0.2 | ||||||||
Warranty payments and currency | (71.1 | ) | (66.7 | ) | ||||||
Balance end of period | $ | 120.3 | $ | 121.5 | ||||||
Parent_and_Subsidiary_Debt_Gua
Parent and Subsidiary Debt Guarantees | 9 Months Ended |
Sep. 28, 2013 | |
Parent and Subsidiary Debt Guarantees | Parent and Subsidiary Debt Guarantees |
The following debt obligations were issued by Stanley Black & Decker, Inc. (“Stanley”) and were previously fully and unconditionally guaranteed by The Black & Decker Corporation (“Black & Decker”), a 100.0% owned direct subsidiary of Stanley: 3.40% Notes due 2021; 2.90% Notes due 2022; and the 5.20% 2040 Term Bonds. The following note was issued by Black & Decker and was previously fully and unconditionally guaranteed by Stanley: 5.75% Notes due 2016. During the second quarter of 2013, each guarantor was released from its obligations under the guarantees in accordance with the terms of the indentures governing the underlying obligations. As a result, the Company no longer discloses selected condensed consolidating financial statements of its parent and its guarantor and non-guarantor subsidiaries. |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | |||||||||||||||
Sep. 28, 2013 | ||||||||||||||||
Reconciliation of Net Earnings Attributable to Common Shareowners and Weighted-Average Shares Outstanding used to Calculate Basic and Diluted Earnings per Share | The following table reconciles net earnings attributable to common shareowners and the weighted-average shares outstanding used to calculate basic and diluted earnings per share for the three and nine months ended September 28, 2013 and September 29, 2012: | |||||||||||||||
Third Quarter | Year-to-Date | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Numerator (in millions): | ||||||||||||||||
Net earnings from continuing operations attributable to common shareowners | $ | 169.9 | $ | 90.2 | $ | 452.6 | $ | 327.5 | ||||||||
Net (loss) earnings from discontinued operations | (3.9 | ) | 25 | (18.4 | ) | 64.3 | ||||||||||
Net earnings attributable to common shareowners | $ | 166 | $ | 115.2 | $ | 434.2 | $ | 391.8 | ||||||||
Less: Earnings attributable to participating restricted stock units (“RSU’s”) | — | (0.1 | ) | (0.2 | ) | (0.5 | ) | |||||||||
Net Earnings — basic | $ | 166 | $ | 115.1 | $ | 434 | $ | 391.3 | ||||||||
Net Earnings — dilutive | $ | 166 | $ | 115.2 | $ | 434.2 | $ | 391.8 | ||||||||
Third Quarter | Year-to-Date | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Denominator (in thousands): | ||||||||||||||||
Basic earnings per share — weighted-average shares | 155,043 | 162,990 | 155,140 | 163,835 | ||||||||||||
Dilutive effect of stock options, awards and convertible preferred units | 3,882 | 3,053 | 3,577 | 3,733 | ||||||||||||
Diluted earnings per share — weighted-average shares | 158,925 | 166,043 | 158,717 | 167,568 | ||||||||||||
Earnings per share of common stock: | ||||||||||||||||
Basic earnings (loss) per share of common stock: | ||||||||||||||||
Continuing operations | $ | 1.1 | $ | 0.55 | $ | 2.92 | $ | 2 | ||||||||
Discontinued operations | (0.02 | ) | 0.15 | (0.12 | ) | 0.39 | ||||||||||
Total basic earnings per share of common stock | $ | 1.07 | $ | 0.71 | $ | 2.8 | $ | 2.39 | ||||||||
Diluted earnings (loss) per share of common stock: | ||||||||||||||||
Continuing operations | $ | 1.07 | $ | 0.54 | $ | 2.85 | $ | 1.95 | ||||||||
Discontinued operations | (0.02 | ) | 0.15 | (0.12 | ) | 0.38 | ||||||||||
Total dilutive earnings per share of common stock | $ | 1.04 | $ | 0.69 | $ | 2.74 | $ | 2.34 | ||||||||
Weighted-Average Stock Options and Warrants Outstanding Not included in Computation of Diluted Shares Outstanding | The following weighted-average stock options and warrants were not included in the computation of diluted shares outstanding because the effect would be anti-dilutive (in thousands): | |||||||||||||||
Third Quarter | Year-to-Date | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Number of stock options | — | 2,585 | 569 | 2,070 | ||||||||||||
Number of stock warrants | — | 3,704 | — | 4,445 | ||||||||||||
Inventories_Tables
Inventories (Tables) | 9 Months Ended | |||||||
Sep. 28, 2013 | ||||||||
Components of Inventories | The components of Inventories, net at September 28, 2013 and December 29, 2012 are as follows (in millions): | |||||||
2013 | 2012 | |||||||
Finished products | $ | 1,205.70 | $ | 956.8 | ||||
Work in process | 142.1 | 121.9 | ||||||
Raw materials | 281.7 | 225.9 | ||||||
Total | $ | 1,629.50 | $ | 1,304.60 | ||||
Acquisitions_Tables
Acquisitions (Tables) | 9 Months Ended | |||||||||||||||
Sep. 28, 2013 | ||||||||||||||||
Estimated Fair Values of Major Assets Acquired and Liabilities Assumed | The following table summarizes the estimated fair values of major assets acquired and liabilities assumed: | |||||||||||||||
(Millions of Dollars) | ||||||||||||||||
Cash and cash equivalents | $ | 82 | ||||||||||||||
Accounts and notes receivable, net | 117.7 | |||||||||||||||
Inventories, net | 88.4 | |||||||||||||||
Prepaid expenses and other current assets | 6.2 | |||||||||||||||
Property, plant and equipment | 48.6 | |||||||||||||||
Trade names | 22 | |||||||||||||||
Customer relationships | 251 | |||||||||||||||
Technology | 28 | |||||||||||||||
Other assets | 2.4 | |||||||||||||||
Accounts payable | (99.2 | ) | ||||||||||||||
Accrued expenses | (36.5 | ) | ||||||||||||||
Deferred taxes | (80.6 | ) | ||||||||||||||
Other liabilities | (6.3 | ) | ||||||||||||||
Total identifiable net assets | $ | 423.7 | ||||||||||||||
Goodwill | 484.7 | |||||||||||||||
Total consideration transferred | $ | 908.4 | ||||||||||||||
Business Acquisition, Actual Information [Table Text Block] | The following table presents information for Infastech, GQ and other 2013 acquisitions that are included in the Company's Consolidated Statements of Operations and Comprehensive Income: | |||||||||||||||
Third Quarter | Year-to-Date | |||||||||||||||
(Millions of Dollars) | 2013 | 2013 | ||||||||||||||
Net Sales | 148.6 | $ | 335.1 | |||||||||||||
Net Earnings | 8.6 | 4.7 | ||||||||||||||
Pro-forma Impact from Acquisitions | ||||||||||||||||
Third Quarter | Year-to-Date | |||||||||||||||
(Millions of Dollars, except per share amounts) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Net sales | $ | 2,761.30 | $ | 2,667.70 | $ | 8,207.20 | $ | 8,027.70 | ||||||||
Net earnings attributable to common shareowners | 171 | 104.3 | 483.3 | 345.7 | ||||||||||||
Diluted earnings per share-continuing operations | 1.08 | 0.63 | 3.04 | 2.06 | ||||||||||||
Goodwill_Tables
Goodwill (Tables) | 9 Months Ended | |||||||||||||||
Sep. 28, 2013 | ||||||||||||||||
Changes in Carrying Amount of Goodwill by Segment | Changes in the carrying amount of goodwill by segment are as follows: | |||||||||||||||
(Millions of Dollars) | CDIY | Industrial | Security | Total | ||||||||||||
Balance December 29, 2012 | $ | 3,030.50 | $ | 1,391.60 | $ | 2,593.40 | $ | 7,015.50 | ||||||||
Additions from acquisitions | 54.6 | 513.3 | 21.6 | 589.5 | ||||||||||||
Foreign currency translation and other | (21.8 | ) | (14.5 | ) | 2 | (34.3 | ) | |||||||||
Balance September 28, 2013 | $ | 3,063.30 | $ | 1,890.40 | $ | 2,617.00 | $ | 7,570.70 | ||||||||
LongTerm_Debt_and_Financing_Ar1
Long-Term Debt and Financing Arrangements (Tables) | 9 Months Ended | |||||||||
Sep. 28, 2013 | ||||||||||
Long-Term Debt and Financing Arrangements | Long-term debt and financing arrangements at September 28, 2013 and December 29, 2012 follow: | |||||||||
Interest Rate | 2013 | 2012 | ||||||||
Notes payable due 2016 | 5.75% | 321.7 | 326.8 | |||||||
Notes payable due in 2018 (junior subordinated) | 4.25% | 632.5 | 632.5 | |||||||
Notes payable due 2021 | 3.40% | 388.6 | 417.1 | |||||||
Notes payable due 2022 | 2.90% | 799.4 | 799.3 | |||||||
Notes payable due 2028 | 7.05% | 151.8 | 169.6 | |||||||
Notes payable due 2040 | 5.20% | 330.6 | 404.4 | |||||||
Notes payable due 2052 (junior subordinated) | 5.75% | 750 | 750 | |||||||
Other, payable in varying amounts through 2021 | 0.00% – 6.62% | 35.9 | 37.2 | |||||||
Total long-term debt, including current maturities | $ | 3,410.50 | $ | 3,536.90 | ||||||
Less: Current maturities of long-term debt | (13.6 | ) | (10.4 | ) | ||||||
Long-term debt | $ | 3,396.90 | $ | 3,526.50 | ||||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 28, 2013 | ||||||||||||||||||||
Summary of Fair Value of Derivatives | A summary of the fair value of the Company’s derivatives recorded in the Consolidated Balance Sheets at September 28, 2013 and December 29, 2012 follows (in millions): | |||||||||||||||||||
Balance Sheet | 2013 | 2012 | Balance Sheet | 2013 | 2012 | |||||||||||||||
Classification | Classification | |||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||
Interest Rate Contracts Fair Value | Other current assets | $ | 20.3 | $ | 18.5 | Accrued expenses | $ | 1.9 | $ | 3.3 | ||||||||||
LT other assets | — | 6.4 | LT other | 120.7 | 4.6 | |||||||||||||||
liabilities | ||||||||||||||||||||
Foreign Exchange Contracts Cash Flow | Other current assets | 1.6 | — | Accrued expenses | 1.4 | 2.6 | ||||||||||||||
LT other assets | 0.2 | — | LT other | 0.4 | — | |||||||||||||||
liabilities | ||||||||||||||||||||
Net Investment Hedge | Other current assets | 1.9 | 0.2 | Accrued expenses | 29.5 | 25.7 | ||||||||||||||
$ | 24 | $ | 25.1 | $ | 153.9 | $ | 36.2 | |||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||
Foreign Exchange Contracts | Other current assets | $ | 51.6 | $ | 73.9 | Accrued expenses | $ | 14.4 | $ | 46.4 | ||||||||||
LT other assets | — | — | LT other liabilities | 5.5 | 8.9 | |||||||||||||||
$ | 51.6 | $ | 73.9 | $ | 19.9 | $ | 55.3 | |||||||||||||
Detail Pre-tax Amounts Reclassified From Accumulated Other Comprehensive Income (Loss) into Earnings for Active Derivative Financial Instruments | The tables below detail pre-tax amounts reclassified from Accumulated other comprehensive loss into earnings for active derivative financial instruments during the periods in which the underlying hedged transactions affected earnings for the nine months ended September 28, 2013 and September 29, 2012 (in millions): | |||||||||||||||||||
Year-to-date 2013 | Gain (Loss) | Classification of | Gain (Loss) | Gain (Loss) | ||||||||||||||||
(In millions) | Recorded in OCI | Gain (Loss) | Reclassified from | Recognized in | ||||||||||||||||
Reclassified from | OCI to Income | Income | ||||||||||||||||||
OCI to Income | (Effective Portion) | (Ineffective Portion*) | ||||||||||||||||||
Foreign Exchange Contracts | $ | 1.7 | Cost of sales | $ | (3.0 | ) | $ | — | ||||||||||||
Year-to-date 2012 | Gain (Loss) | Classification of | Gain (Loss) | Gain (Loss) | ||||||||||||||||
(In millions) | Recorded in OCI | Gain (Loss) | Reclassified from | Recognized in | ||||||||||||||||
Reclassified from | OCI to Income | Income | ||||||||||||||||||
OCI to Income | (Effective Portion) | (Ineffective Portion*) | ||||||||||||||||||
Interest Rate Contracts | $ | (9.8 | ) | Interest expense | $ | — | $ | — | ||||||||||||
Foreign Exchange Contracts | $ | (11.0 | ) | Cost of sales | $ | 2.2 | — | |||||||||||||
* Includes ineffective portion and amount excluded from effectiveness testing on derivatives. | ||||||||||||||||||||
Fair Value Adjustments Relating to Swaps | A summary of the fair value adjustments relating to these swaps is as follows (in millions): | |||||||||||||||||||
Third Quarter 2013 | Year-to-Date 2013 | |||||||||||||||||||
Income Statement | Gain/(Loss) on | Gain /(Loss) on | Gain/(Loss) on | Gain /(Loss) on | ||||||||||||||||
Classification | Swaps | Borrowings | Swaps | Borrowings | ||||||||||||||||
Interest Expense | $ | (26.2 | ) | $ | 26.2 | $ | (118.0 | ) | $ | 118 | ||||||||||
Third Quarter 2012 | Year-to-Date 2012 | |||||||||||||||||||
Income Statement | Gain/(Loss) on | Gain /(Loss) on | Gain/(Loss) on | Gain /(Loss) on | ||||||||||||||||
Classification | Swaps | Borrowings | Swaps | Borrowings | ||||||||||||||||
Interest Expense | $ | 0.7 | $ | (0.7 | ) | $ | 25.7 | $ | (25.7 | ) | ||||||||||
Details of Foreign Exchange Contracts Pre-Tax Amounts | The pre-tax gain or loss from fair value changes was as follows (in millions): | |||||||||||||||||||
Third Quarter 2013 | Year-to-Date 2013 | |||||||||||||||||||
Income Statement | Amount | Amount | ||||||||||||||||||
Classification | Recorded in OCI | Recorded in OCI | ||||||||||||||||||
Gain (Loss) | Gain (Loss) | |||||||||||||||||||
Other-net | $ | (48.4 | ) | $ | 5.1 | |||||||||||||||
Third Quarter 2012 | Year-to-Date 2012 | |||||||||||||||||||
Income Statement | Amount | Amount | ||||||||||||||||||
Classification | Recorded in OCI | Recorded in OCI | ||||||||||||||||||
Gain (Loss) | Gain (Loss) | |||||||||||||||||||
Other-net | $ | (45.7 | ) | $ | (52.8 | ) | ||||||||||||||
Income Statement Impacts Related to Derivatives Not Designated as Hedging Instruments | The income statement impacts related to derivatives not designated as hedging instruments for 2013 and 2012 are as follows (in millions): | |||||||||||||||||||
Derivatives Not | Income Statement | Third Quarter 2013 | Year-to-Date 2013 | |||||||||||||||||
Designated as Hedging | Classification | Amount of Gain (Loss) | Amount of Gain (Loss) | |||||||||||||||||
Instruments under ASC 815 | Recorded in Income on | Recorded in Income on | ||||||||||||||||||
Derivative | Derivative | |||||||||||||||||||
Foreign Exchange Contracts | Other-net | $ | 63.2 | $ | 3 | |||||||||||||||
Derivatives Not | Income Statement | Third Quarter 2012 | Year-to-Date 2012 | |||||||||||||||||
Designated as Hedging | Classification | Amount of Gain (Loss) | Amount of Gain (Loss) | |||||||||||||||||
Instruments under ASC 815 | Recorded in Income on | Recorded in Income on | ||||||||||||||||||
Derivative | Derivative | |||||||||||||||||||
Foreign Exchange Contracts | Other-net | $ | 30.3 | $ | 30.2 | |||||||||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||||||
Accumulated Other Comprehensive Income [Abstract] | |||||||||||||||||||||
Changes to the components of accumulated other comprehensive income (loss) | The table below sets forth the changes to the components of accumulated other comprehensive income (loss) for the nine months ended September 28, 2013 (in millions): | ||||||||||||||||||||
Currency translation adjustment | Unrealized (losses) gains on cash flow hedges, net of tax | Unrealized (losses) gains on net investment hedges, net of tax | Pension (losses) gains, net of tax | Total | |||||||||||||||||
Balance - December 29, 2012 | $ | 29.4 | $ | (93.5 | ) | $ | (63.3 | ) | $ | (260.6 | ) | $ | (388.0 | ) | |||||||
Other comprehensive (loss) income before reclassifications | $ | (111.2 | ) | $ | 1.9 | $ | 3.1 | $ | (1.2 | ) | $ | (107.4 | ) | ||||||||
Reclassification adjustments to earnings | — | 9 | — | 5.4 | 14.4 | ||||||||||||||||
Net other comprehensive (loss) income | $ | (111.2 | ) | $ | 10.9 | $ | 3.1 | $ | 4.2 | $ | (93.0 | ) | |||||||||
Balance - September 28, 2013 | $ | (81.8 | ) | $ | (82.6 | ) | $ | (60.2 | ) | $ | (256.4 | ) | $ | (481.0 | ) | ||||||
Reclassifications out of accumulated other comprehensive income (loss) | The reclassifications out of accumulated other comprehensive income (loss) for the nine months ended September 28, 2013 were as follows (in millions): | ||||||||||||||||||||
Reclassifications from accumulated other comprehensive | Reclassification adjustments | Affected line item in Consolidated Statements of Operations And Comprehensive Income | |||||||||||||||||||
income (loss) to earnings | |||||||||||||||||||||
Realized losses on cash flow hedges | $ | (14.3 | ) | Cost of sales | |||||||||||||||||
Tax effect | 5.3 | Income taxes on continuing operations | |||||||||||||||||||
Realized losses on cash flow hedges, net of tax | $ | (9.0 | ) | ||||||||||||||||||
Amortization of defined benefit pension items: | |||||||||||||||||||||
Actuarial losses | $ | (4.7 | ) | Cost of sales | |||||||||||||||||
Actuarial losses | (3.2 | ) | Selling, general and administrative | ||||||||||||||||||
Total before taxes | $ | (7.9 | ) | ||||||||||||||||||
Tax effect | 2.5 | Income taxes on continuing operations | |||||||||||||||||||
Amortization of defined benefit pension items, net of tax | $ | (5.4 | ) |
Net_Periodic_Benefit_Cost_Defi1
Net Periodic Benefit Cost - Defined Benefit Plans (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 28, 2013 | ||||||||||||||||||||||||
Components of Net Periodic Benefit Cost | Following are the components of net periodic benefit cost for the three and nine months ended September 28, 2013 and September 29, 2012 (in millions): | |||||||||||||||||||||||
Third Quarter | ||||||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||
U.S. Plans | Non-U.S. Plans | All Plans | ||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||
Service cost | $ | 1.9 | $ | 1.6 | $ | 3.4 | $ | 2.8 | $ | 0.2 | $ | 0.2 | ||||||||||||
Interest cost | 13.1 | 15.6 | 11.4 | 11.4 | 0.7 | 0.7 | ||||||||||||||||||
Expected return on plan assets | (16.3 | ) | (16.6 | ) | (10.5 | ) | (10.8 | ) | — | — | ||||||||||||||
Amortization of prior service cost (credit) | 0.2 | 0.3 | — | 0.1 | (0.3 | ) | (0.3 | ) | ||||||||||||||||
Amortization of net loss | 1.5 | 1.5 | 1.5 | 0.8 | — | — | ||||||||||||||||||
Curtailment loss | — | — | — | 1.2 | — | — | ||||||||||||||||||
Net periodic cost | $ | 0.4 | $ | 2.4 | $ | 5.8 | $ | 5.5 | $ | 0.6 | $ | 0.6 | ||||||||||||
Year-to-Date | ||||||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||
U.S. Plans | Non-U.S. Plans | All Plans | ||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||
Service cost | $ | 5.8 | $ | 4.9 | $ | 10.4 | $ | 8.6 | $ | 0.6 | $ | 0.7 | ||||||||||||
Interest cost | 39.4 | 46.8 | 33.3 | 34.5 | 1.9 | 2.1 | ||||||||||||||||||
Expected return on plan assets | (48.8 | ) | (49.8 | ) | (31.4 | ) | (32.5 | ) | — | — | ||||||||||||||
Amortization of prior service cost (credit) | 0.8 | 0.8 | 0.2 | 0.3 | (1.0 | ) | (0.9 | ) | ||||||||||||||||
Amortization of net loss | 4.3 | 4.6 | 3.8 | 2.3 | — | — | ||||||||||||||||||
Curtailment (gain) loss | — | — | (0.2 | ) | 1.8 | — | — | |||||||||||||||||
Net periodic cost | $ | 1.5 | $ | 7.3 | $ | 16.1 | $ | 15 | $ | 1.5 | $ | 1.9 | ||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | |||||||||||||||
Sep. 28, 2013 | ||||||||||||||||
Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table presents the Company’s financial assets and liabilities that are measured at fair value on a recurring basis for each of the hierarchy levels (millions of dollars): | |||||||||||||||
Total Carrying | Level 1 | Level 2 | ||||||||||||||
Value | ||||||||||||||||
September 28, 2013: | ||||||||||||||||
Money market fund | $ | 21.5 | $ | 21.5 | $ | — | ||||||||||
Derivative assets | $ | 75.6 | $ | — | $ | 75.6 | ||||||||||
Derivative liabilities | $ | 173.8 | $ | — | $ | 173.8 | ||||||||||
December 29, 2012: | ||||||||||||||||
Money market fund | $ | 68 | $ | 68 | $ | — | ||||||||||
Derivative assets | $ | 99 | $ | — | $ | 99 | ||||||||||
Derivative liabilities | $ | 91.5 | $ | — | $ | 91.5 | ||||||||||
Summary of Financial Instruments Carrying and Fair Values | ||||||||||||||||
September 28, 2013 | December 29, 2012 | |||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||
Value | Value | Value | Value | |||||||||||||
Long-term debt, including current portion | $ | 3,410.50 | $ | 3,497.50 | $ | 3,536.90 | $ | 3,677.30 | ||||||||
Derivative assets | $ | 75.6 | $ | 75.6 | $ | 99 | $ | 99 | ||||||||
Derivative liabilities | $ | 173.8 | $ | 173.8 | $ | 91.5 | $ | 91.5 | ||||||||
Restructuring_Charges_Tables
Restructuring Charges (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 28, 2013 | ||||||||||||||||||||
Summary of Restructuring Reserve Activity | A summary of the restructuring reserve activity from December 29, 2012 to September 28, 2013 is as follows (in millions): | |||||||||||||||||||
December 29, | Additions (Reversals), net | Usage | Currency | September 28, | ||||||||||||||||
2012 | 2013 | |||||||||||||||||||
2013 Actions | ||||||||||||||||||||
Severance and related costs | $ | — | $ | 62 | $ | (21.1 | ) | $ | 0.8 | $ | 41.7 | |||||||||
Facility closures | — | 10.3 | (8.0 | ) | 0.1 | 2.4 | ||||||||||||||
Asset Impairments | — | 16.5 | (16.5 | ) | — | — | ||||||||||||||
Subtotal 2013 actions | $ | — | $ | 88.8 | $ | (45.6 | ) | $ | 0.9 | $ | 44.1 | |||||||||
Pre-2013 Actions | ||||||||||||||||||||
Severance and related costs | $ | 112.1 | $ | (49.2 | ) | $ | (31.6 | ) | $ | (0.2 | ) | $ | 31.1 | |||||||
Facility closures | 13.1 | 1 | (1.5 | ) | — | 12.6 | ||||||||||||||
Subtotal Pre-2013 actions | $ | 125.2 | $ | (48.2 | ) | $ | (33.1 | ) | $ | (0.2 | ) | $ | 43.7 | |||||||
Total | $ | 125.2 | $ | 40.6 | $ | (78.7 | ) | $ | 0.7 | $ | 87.8 | |||||||||
Business_Segments_Tables
Business Segments (Tables) | 9 Months Ended | |||||||||||||||
Sep. 28, 2013 | ||||||||||||||||
Business Segments | ||||||||||||||||
Third Quarter | Year-to-Date | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
NET SALES | ||||||||||||||||
CDIY | $ | 1,387.50 | $ | 1,315.70 | $ | 4,025.70 | $ | 3,819.10 | ||||||||
Industrial | 771.4 | 618 | 2,273.10 | 1,909.10 | ||||||||||||
Security | 600.4 | 583.5 | 1,796.40 | 1,760.20 | ||||||||||||
Total | $ | 2,759.30 | $ | 2,517.20 | $ | 8,095.20 | $ | 7,488.40 | ||||||||
SEGMENT PROFIT | ||||||||||||||||
CDIY | $ | 203.9 | $ | 186.9 | $ | 588.8 | $ | 532.2 | ||||||||
Industrial | 109.2 | 94.6 | 307.5 | 314.2 | ||||||||||||
Security | 61.4 | 83.1 | 173.5 | 224.4 | ||||||||||||
Segment profit | 374.5 | 364.6 | 1,069.80 | 1,070.80 | ||||||||||||
Corporate overhead | (56.4 | ) | (61.9 | ) | (179.1 | ) | (184.7 | ) | ||||||||
Other-net | (66.6 | ) | (67.2 | ) | (208.8 | ) | (216.8 | ) | ||||||||
Restructuring and asset impairments | (28.5 | ) | (52.9 | ) | (40.6 | ) | (116.6 | ) | ||||||||
Loss on debt extinguishment | — | (45.5 | ) | — | (45.5 | ) | ||||||||||
Interest expense | (39.1 | ) | (36.7 | ) | (118.6 | ) | (105.3 | ) | ||||||||
Interest income | 3 | 2.5 | 9.5 | 7.3 | ||||||||||||
Earnings from continuing operations before income taxes | $ | 186.9 | $ | 102.9 | $ | 532.2 | $ | 409.2 | ||||||||
Summary of Total Assets by Segment | The following table is a summary of total assets by segment as of September 28, 2013 and December 29, 2012: | |||||||||||||||
September 28, | December 29, | |||||||||||||||
2013 | 2012 | |||||||||||||||
CDIY | $ | 8,108.00 | $ | 7,413.30 | ||||||||||||
Industrial | 4,722.40 | 3,451.30 | ||||||||||||||
Security | 4,504.20 | 4,600.80 | ||||||||||||||
17,334.60 | 15,465.40 | |||||||||||||||
Discontinued Operations | 15 | 171.7 | ||||||||||||||
Corporate assets | (325.9 | ) | 206.9 | |||||||||||||
Consolidated | $ | 17,023.70 | $ | 15,844.00 | ||||||||||||
Guarantees_Tables
Guarantees (Tables) | 9 Months Ended | |||||||||
Sep. 28, 2013 | ||||||||||
Financial Guarantees | The Company’s financial guarantees at September 28, 2013 are as follows: | |||||||||
(Millions of Dollars) | Term | Maximum | Carrying | |||||||
Potential | Amount of | |||||||||
Payment | Liability | |||||||||
Guarantees on the residual values of leased properties | One to four years | $ | 26.3 | $ | — | |||||
Standby letters of credit | Up to three years | 89.5 | — | |||||||
Commercial customer financing arrangements | Up to six years | 17.9 | 13.9 | |||||||
Total | $ | 133.7 | $ | 13.9 | ||||||
Changes in Carrying Amount of Product and Service Warranties | The changes in the carrying amount of product and service warranties for the nine months ended September 28, 2013 and September 29, 2012 are as follows: | |||||||||
(Millions of Dollars) | 2013 | 2012 | ||||||||
Balance beginning of period | $ | 124 | $ | 124.9 | ||||||
Warranties and guarantees issued | 67.3 | 63.1 | ||||||||
Liability assumed from acquisitions | 0.1 | 0.2 | ||||||||
Warranty payments and currency | (71.1 | ) | (66.7 | ) | ||||||
Balance end of period | $ | 120.3 | $ | 121.5 | ||||||
Basis_of_Presentation_Addition
Basis of Presentation - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | 0 Months Ended | ||||
In Millions, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | Dec. 29, 2012 | Dec. 29, 2012 | Dec. 29, 2012 | Apr. 08, 2013 |
Tong Lung [Member] [Member] | Hardware and Home Improvement [Member] | Second Closing [Member] | ||||||
Tong Lung [Member] [Member] | ||||||||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | ||||||||
Liabilities of Assets Held-for-sale | $5 | $5 | $37.30 | $37.30 | ||||
Proceeds from sales of businesses | 1,400 | 93.5 | ||||||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | 0 | 0 | 14 | 0 | 358.9 | 4.7 | ||
Impairment of Long-Lived Assets Held-for-use | 18.4 | |||||||
Disposal Group, Including Discontinued Operation, Revenue | 7.8 | 268.8 | 29 | 764.7 | ||||
Assets Held-for-sale, Current | $15 | $15 | $171.70 | $171.70 |
Reconciliation_of_Net_Earnings
Reconciliation of Net Earnings Attributable to Common Shareowners and Weighted-Average Shares Outstanding used to Calculate Basic and Diluted Earnings per Share (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Share data in Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Numerator | ||||
Net earnings from continuing operations attributable to common shareowners | $169.90 | $90.20 | $452.60 | $327.50 |
Net earnings from discontinued operations | -3.9 | 25 | -18.4 | 64.3 |
Net earnings attributable to common shareowners | 166 | 115.2 | 434.2 | 391.8 |
Less earnings attributable to participating restricted stock units ("RSU's") | 0 | 0.1 | 0.2 | 0.5 |
Net Earnings - basic | 166 | 115.1 | 434 | 391.3 |
Net Earnings - dilutive | $166 | $115.20 | $434.20 | $391.80 |
Denominator: | ||||
Basic earnings per share - weighted-average shares | 155,043 | 162,990 | 155,140 | 163,835 |
Dilutive effect of stock options, awards and convertible preferred units | 3,882 | 3,053 | 3,577 | 3,733 |
Diluted earnings per share - weighted-average shares | 158,925 | 166,043 | 158,717 | 167,568 |
Basic earnings per share of common stock: | ||||
Continuing operations (in dollars per share) | $1.10 | $0.55 | $2.92 | $2 |
Discontinued operations (in dollars per share) | ($0.02) | $0.15 | ($0.12) | $0.39 |
Total basic earnings per share of common stock | $1.07 | $0.71 | $2.80 | $2.39 |
Diluted earnings per share of common stock: | ||||
Continuing operations (in dollars per share) | $1.07 | $0.54 | $2.85 | $1.95 |
Discontinued operations (in dollars per share) | ($0.02) | $0.15 | ($0.12) | $0.38 |
Total dilutive earnings per share of common stock | $1.04 | $0.69 | $2.74 | $2.34 |
WeightedAverage_Stock_Options_
Weighted-Average Stock Options and Warrants Outstanding Not included in Computation of Diluted Shares Outstanding (Detail) (Convertible Notes Payable Due 2012 [Member], Convertible Notes Payable [Member], USD $) | 2 Months Ended | |
In Millions, except Share data, unless otherwise specified | Sep. 30, 2012 | Sep. 29, 2012 |
Convertible Notes Payable Due 2012 [Member] | Convertible Notes Payable [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from the computation of EPS | 4,938,624 | |
Debt instrument, face amount | $320 |
Earnings_Per_Share_Additional_
Earnings Per Share - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Stock Options [Member] | ||||
Stockholders Equity Note [Line Items] | ||||
Antidilutive securities excluded from the computation of EPS | 0 | 2,585 | 569 | 2,070 |
Warrant [Member] | ||||
Stockholders Equity Note [Line Items] | ||||
Antidilutive securities excluded from the computation of EPS | 0 | 3,704 | 0 | 4,445 |
Financing_Receivables_Addition
Financing Receivables - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | Dec. 29, 2012 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Number of Days Before Considered Past Due or Delinquent | 90 days | 90 days | |||
Net receivables derecognized | $75.20 | $75.20 | $80 | ||
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale, Gain (Loss) on Sale | 0.6 | 0.8 | 2.1 | 2.2 | |
Proceeds from transfers of receivables to the purchaser | 274.2 | 241.9 | 781.5 | 704.8 | |
Payment to the Purchaser | 285.4 | 251.3 | 786.1 | 729 | |
Sale of receivables, deferred purchase price | 107.1 | 45 | |||
Delinquencies and credit losses on receivables sold | 0.4 | 0.3 | 0.6 | ||
Cash inflows related to the deferred purchase price receivable | 89.6 | 70 | 257.5 | 206.6 | |
Gross receivables sold | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Receivables sold | 328.9 | 277.9 | 955.2 | 844.1 | |
Net receivables sold | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Receivables sold | 286.6 | 245.2 | 833.9 | 749.5 | |
Other assets | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Long-term trade financing receivables | 154 | 154 | 146 | ||
Maximum | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Cash investment purchaser allowed to have in transferors receivables | 100 | 100 | |||
Payment to the Purchaser, servicing fees | $0.20 | $0.10 | $0.40 | $0.40 |
Components_of_Inventories_Deta
Components of Inventories (Detail) (USD $) | Sep. 28, 2013 | Dec. 29, 2012 |
In Millions, unless otherwise specified | ||
Schedule of Inventory [Line Items] | ||
Finished products | $1,205.70 | $956.80 |
Work in process | 142.1 | 121.9 |
Raw materials | 281.7 | 225.9 |
Total | $1,629.50 | $1,304.60 |
Acquisitions_Additional_Inform
Acquisitions - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | |||||||||||||
In Millions, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | Dec. 29, 2012 | Sep. 28, 2013 | Dec. 29, 2012 | Sep. 28, 2013 | Sep. 28, 2013 | Dec. 29, 2012 | Sep. 28, 2013 | Sep. 28, 2013 | Sep. 28, 2013 | Sep. 28, 2013 | Dec. 29, 2012 | Dec. 29, 2012 | Sep. 28, 2013 | Dec. 29, 2012 | Dec. 29, 2012 | Dec. 29, 2012 | Dec. 29, 2012 | Jan. 31, 2013 | Dec. 29, 2012 |
Industrial Segment | Industrial Segment | GQ [Domain] | Acquisition | Acquisition | Infastech [Member] | Infastech [Member] | Infastech [Member] | Infastech [Member] | AeroScout [Member] | Powers [Member] | Powers & Aeroscout [Member] | Lista North America [Member] | Tong Lung [Member] [Member] | Other Acquisitions [Member] | Other 2012 Acquisitions [Member] [Member] | Subsequent Event [Member] | Tong Lung [Member] [Member] | ||||||
Trade Names [Member] | Customer Relationships [Member] | Technology [Member] | Acquisition | Acquisition | Tong Lung [Member] [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Assets Held-for-sale, Current | $15 | $15 | $171.70 | $171.70 | |||||||||||||||||||
Cash and cash equivalents | 82 | ||||||||||||||||||||||
Number of Businesses Acquired | 2 | 7 | 5 | ||||||||||||||||||||
Goodwill | 7,570.70 | 7,570.70 | 7,015.50 | 1,890.40 | 1,391.60 | 484.7 | 282.9 | ||||||||||||||||
Purchase price for acquisitions | 16.7 | 106.4 | 926.6 | 695.1 | 48.5 | 696 | 826.4 | 238.8 | 220.5 | 89.7 | 102.8 | 236.7 | 12 | ||||||||||
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value | 34.4 | ||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Debt Assumed, Short-term | 20.1 | ||||||||||||||||||||||
Cash Acquired from Acquisition | 7.7 | ||||||||||||||||||||||
Business Acquisition, Purchase Price Allocation, Liabilities Assumed | 95.3 | ||||||||||||||||||||||
Business Acquisition, Purchase Price Allocation, Assets Acquired | 279.4 | ||||||||||||||||||||||
Percentage of ownership interest | 60.00% | 100.00% | 89.00% | ||||||||||||||||||||
Weighted-average useful lives | 15 years | 12 years 8 months 12 days | 10 years | ||||||||||||||||||||
Net Sales | 148.6 | 335.1 | |||||||||||||||||||||
Net (Loss) Income | 8.6 | 4.7 | |||||||||||||||||||||
Accounts and notes receivable, net | 117.7 | ||||||||||||||||||||||
Business Acquisition, Purchase Price Allocation, Current Assets, Inventory | 88.4 | ||||||||||||||||||||||
Prepaid expenses and other current assets | 6.2 | ||||||||||||||||||||||
Property, plant and equipment | 48.6 | ||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 22 | 251 | 28 | 169.9 | |||||||||||||||||||
Other assets | 2.4 | ||||||||||||||||||||||
Business Acquisition, Purchase Price Allocation, Current Liabilities, Accounts Payable | 99.2 | ||||||||||||||||||||||
Business Acquisition, Purchase Price Allocation, Current Liabilities, Other Liabilities | -36.5 | ||||||||||||||||||||||
Business Acquisition Purchase Price Allocation Deferred Income Tax Liabilities Noncurrent | -80.6 | ||||||||||||||||||||||
Business Acquisition, Purchase Price Allocation, Other Noncurrent Liabilities | -6.3 | ||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 423.7 | ||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 908.4 | ||||||||||||||||||||||
Inventories, net | $1,629.50 | $1,629.50 | $1,304.60 |
Estimated_Fair_Values_of_Major
Estimated Fair Values of Major Assets Acquired and Liabilities Assumed (Detail) (Infastech [Member], USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Sep. 28, 2013 |
Schedule of Business Acquisitions, Purchase Price Allocation [Line Items] | |
Deferred taxes | -80.6 |
Total identifiable net assets | 423.7 |
Total consideration transferred | 908.4 |
Trade Names [Member] | |
Schedule of Business Acquisitions, Purchase Price Allocation [Line Items] | |
Weighted-average useful lives | 15 years |
Customer Relationships [Member] | |
Schedule of Business Acquisitions, Purchase Price Allocation [Line Items] | |
Weighted-average useful lives | 12 years 8 months 12 days |
Supplemental_Pro_Forma_Informa
Supplemental Pro Forma Information Related to Business Acquisitions (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Business Acquisition [Line Items] | ||||
Net sales | $2,761.30 | $2,667.70 | $8,207.20 | $8,027.70 |
Net earnings attributable to common shareowners | $171 | $104.30 | $483.30 | $345.70 |
Diluted earnings per share-continuing operations | $1.08 | $0.63 | $3.04 | $2.06 |
Changes_in_Carrying_Amount_of_
Changes in Carrying Amount of Goodwill by Segment (Detail) (USD $) | 3 Months Ended | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 28, 2013 | Sep. 28, 2013 |
Goodwill [Line Items] | ||
Goodwill, Written off Related to Sale of Business Unit | $33.60 | |
Goodwill Beginning Balance | 7,015.50 | |
Addition from acquisitions | 589.5 | |
Foreign currency translation | -34.3 | |
Goodwill Ending Balance | 7,570.70 | 7,570.70 |
Construction and Do It Yourself | ||
Goodwill [Line Items] | ||
Goodwill Beginning Balance | 3,030.50 | |
Addition from acquisitions | 54.6 | |
Foreign currency translation | -21.8 | |
Goodwill Ending Balance | 3,063.30 | 3,063.30 |
Industrial Segment | ||
Goodwill [Line Items] | ||
Goodwill Beginning Balance | 1,391.60 | |
Addition from acquisitions | 513.3 | |
Foreign currency translation | -14.5 | |
Goodwill Ending Balance | 1,890.40 | 1,890.40 |
Securities Industry | ||
Goodwill [Line Items] | ||
Goodwill Beginning Balance | 2,593.40 | |
Addition from acquisitions | 21.6 | |
Foreign currency translation | 2 | |
Goodwill Ending Balance | $2,617 | $2,617 |
LongTerm_Debt_and_Financing_Ar2
Long-Term Debt and Financing Arrangements (Detail) (USD $) | Sep. 28, 2013 | Dec. 29, 2012 | Sep. 28, 2013 | Dec. 29, 2012 | Sep. 28, 2013 | Dec. 29, 2012 | Nov. 30, 2010 | Sep. 28, 2013 | Dec. 29, 2012 | Sep. 28, 2013 | Sep. 28, 2013 | Dec. 29, 2012 | Sep. 28, 2013 | Dec. 29, 2012 | Sep. 28, 2013 | Dec. 29, 2012 | Sep. 28, 2013 | Dec. 29, 2012 | Sep. 28, 2013 | Dec. 29, 2012 | Sep. 28, 2013 | Dec. 29, 2012 | Sep. 28, 2013 | Dec. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 28, 2013 | Sep. 28, 2013 | Sep. 28, 2013 |
Share data in Thousands, unless otherwise specified | Notes payable due 2016 | Notes payable due 2016 | Convertible notes payable due in 2018 (junior subordinated) | Convertible notes payable due in 2018 (junior subordinated) | Convertible notes payable due in 2018 (junior subordinated) | Notes payable due 2021 | Notes payable due 2021 | Notes Payable due 2022 [Member] | Notes Payable Maturities 2022 [Member] | Notes Payable Maturities 2022 [Member] | Notes payable due 2028 | Notes payable due 2028 | Notes payable due 2040 | Notes payable due 2040 | Notes 5 Point 75 Percent Due 2052 [Member] | Notes 5 Point 75 Percent Due 2052 [Member] | Other, payable in varying amounts through 2021 | Other, payable in varying amounts through 2021 | Other, payable in varying amounts through 2021 | Other, payable in varying amounts through 2021 | Other, payable in varying amounts through 2021 | Other, payable in varying amounts through 2021 | Number of stock warrants | Number of stock warrants | Number of stock warrants | Number of stock warrants | Fixed-to-Floating Interest Rate Swaps Terminated | Fixed to Floating Interest Rate Swap | Fixed to Floating Interest Rate Swap | Fixed to Floating Interest Rate Swap | ||
Minimum | Minimum | Maximum | Maximum | Notes payable due 2016 | Notes payable due 2021 | Notes payable due 2028 | Notes payable due 2040 | |||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||
Long-term debt fair value adjustment | $15,600,000 | $13,000,000 | ||||||||||||||||||||||||||||||
Commercial paper borrowings outstanding | 1,200,000,000 | |||||||||||||||||||||||||||||||
Commercial paper borrowings capacity | 2,000,000,000 | |||||||||||||||||||||||||||||||
Antidilutive securities excluded from the computation of EPS | 0 | 3,704 | 0 | 4,445 | ||||||||||||||||||||||||||||
Debt instrument, face amount | 300,000,000 | 400,000,000 | 150,000,000 | 400,000,000 | ||||||||||||||||||||||||||||
Long-term debt, interest rate | 5.75% | 5.75% | 4.25% | 4.25% | 3.40% | 3.40% | 2.90% | 2.90% | 7.05% | 7.05% | 5.20% | 5.20% | 5.75% | 5.75% | 0.00% | 0.00% | 6.62% | 6.62% | ||||||||||||||
Long-term debt, including current maturities | 3,410,500,000 | 3,536,900,000 | 321,700,000 | 326,800,000 | 632,500,000 | 632,500,000 | 632,500,000 | 388,600,000 | 417,100,000 | 799,400,000 | 799,300,000 | 151,800,000 | 169,600,000 | 330,600,000 | 404,400,000 | 750,000,000 | 750,000,000 | 35,900,000 | 37,200,000 | |||||||||||||
Less: Current maturities of long-term debt | -13,600,000 | -10,400,000 | ||||||||||||||||||||||||||||||
Long-term debt | $3,396,900,000 | $3,526,500,000 |
LongTerm_Debt_and_Financing_Ar3
Long-Term Debt and Financing Arrangements - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Share data in Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Debt Instrument [Line Items] | ||||
Unamortized gain on terminated swap | 26,100,000 | 26,100,000 | ||
Short-term Debt, Terms | P1Y | |||
Long-term debt fair value adjustment | 15,600,000 | 15,600,000 | ||
Commercial paper borrowings outstanding | 1,200,000,000 | 1,200,000,000 | ||
Commercial paper borrowings capacity | 2,000,000,000 | 2,000,000,000 | ||
Notes payable due 2016 | Fixed-to-Floating Interest Rate Swaps Terminated | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | 300,000,000 | 300,000,000 | ||
Unamortized gain on terminated swap | 8,700,000 | 8,700,000 | ||
Long-term debt fair value adjustment | 13,000,000 | 13,000,000 | ||
Notes payable due 2021 | Fixed-to-Floating Interest Rate Swaps Terminated | ||||
Debt Instrument [Line Items] | ||||
Unamortized gain on terminated swap | 15,000,000 | 15,000,000 | ||
Notes payable due 2021 | Fixed to Floating Interest Rate Swap | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | 400,000,000 | 400,000,000 | ||
Unamortized gain on terminated swap | 300,000 | 300,000 | ||
Notes payable due 2028 | Fixed to Floating Interest Rate Swap | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | 150,000,000 | 150,000,000 | ||
Unamortized gain on terminated swap | 13,800,000 | 13,800,000 | ||
Notes payable due 2040 | ||||
Debt Instrument [Line Items] | ||||
Unamortized gain on terminated swap | 300,000 | 300,000 | ||
Notes payable due 2040 | Fixed to Floating Interest Rate Swap | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | 400,000,000 | 400,000,000 | ||
Unamortized gain on terminated swap | 69,100,000 | 69,100,000 | ||
Committed Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 1,200,000,000 | 1,200,000,000 | ||
Line of Credit Facility Committed Borrowing Capacity | 500,000,000 | 500,000,000 | ||
Line of Credit Facility Foreign Currency Sublimit | 250,000,000 | 250,000,000 | ||
Amount of Credit Facility Foreign Currency Sublimit | 400,000,000 | 400,000,000 | ||
New Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Current Borrowing Capacity | 1,500,000,000 | 1,500,000,000 | ||
Old Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 1,000,000,000 | 1,000,000,000 | ||
Number of stock warrants | ||||
Debt Instrument [Line Items] | ||||
Antidilutive securities excluded from the computation of EPS | 0 | 3,704 | 0 | 4,445 |
Summary_of_Fair_Value_of_Deriv
Summary of Fair Value of Derivatives (Detail) (USD $) | Sep. 28, 2013 | Dec. 29, 2012 | Jan. 31, 2012 |
In Millions, unless otherwise specified | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amount of Interest Rate Derivatives | $950 | $950 | |
Deferred (Gain) Loss on Discontinuation of Fair Value Hedge | 28 | ||
Cash Flow Hedges | Fixed-to-Floating Interest Rate Swaps Terminated | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amount of Interest Rate Derivatives | 240 | ||
Designated as Hedging Instruments | |||
Derivatives, Fair Value [Line Items] | |||
Fair value of asset derivatives | 24 | 25.1 | |
Fair value of liability derivatives | 153.9 | 36.2 | |
Designated as Hedging Instruments | Cash Flow Hedges | Foreign Exchange Contracts | Other current assets | |||
Derivatives, Fair Value [Line Items] | |||
Fair value of asset derivatives | 1.6 | 0 | |
Designated as Hedging Instruments | Cash Flow Hedges | Foreign Exchange Contracts | LT other assets | |||
Derivatives, Fair Value [Line Items] | |||
Fair value of asset derivatives | 0.2 | 0 | |
Designated as Hedging Instruments | Cash Flow Hedges | Foreign Exchange Contracts | Accrued expenses | |||
Derivatives, Fair Value [Line Items] | |||
Fair value of liability derivatives | 1.4 | 2.6 | |
Designated as Hedging Instruments | Cash Flow Hedges | Foreign Exchange Contracts | LT other liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Fair value of liability derivatives | 0.4 | 0 | |
Designated as Hedging Instruments | Fair Value Hedging [Member] | Interest Rate Contracts | Other current assets | |||
Derivatives, Fair Value [Line Items] | |||
Fair value of asset derivatives | 20.3 | 18.5 | |
Designated as Hedging Instruments | Fair Value Hedging [Member] | Interest Rate Contracts | LT other assets | |||
Derivatives, Fair Value [Line Items] | |||
Fair value of asset derivatives | 0 | 6.4 | |
Designated as Hedging Instruments | Fair Value Hedging [Member] | Interest Rate Contracts | Accrued expenses | |||
Derivatives, Fair Value [Line Items] | |||
Fair value of liability derivatives | 1.9 | 3.3 | |
Designated as Hedging Instruments | Fair Value Hedging [Member] | Interest Rate Contracts | LT other liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Fair value of liability derivatives | 120.7 | 4.6 | |
Designated as Hedging Instruments | Net Investment Hedging | Other current assets | |||
Derivatives, Fair Value [Line Items] | |||
Fair value of asset derivatives | 1.9 | 0.2 | |
Designated as Hedging Instruments | Net Investment Hedging | Accrued expenses | |||
Derivatives, Fair Value [Line Items] | |||
Fair value of liability derivatives | 29.5 | 25.7 | |
Not Designated as Hedging Instrument | |||
Derivatives, Fair Value [Line Items] | |||
Fair value of asset derivatives | 51.6 | 73.9 | |
Fair value of liability derivatives | 19.9 | 55.3 | |
Not Designated as Hedging Instrument | Foreign Exchange Contracts | Other current assets | |||
Derivatives, Fair Value [Line Items] | |||
Fair value of asset derivatives | 51.6 | 73.9 | |
Not Designated as Hedging Instrument | Foreign Exchange Contracts | LT other assets | |||
Derivatives, Fair Value [Line Items] | |||
Fair value of asset derivatives | 0 | 0 | |
Not Designated as Hedging Instrument | Foreign Exchange Contracts | Accrued expenses | |||
Derivatives, Fair Value [Line Items] | |||
Fair value of liability derivatives | 14.4 | 46.4 | |
Not Designated as Hedging Instrument | Foreign Exchange Contracts | LT other liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Fair value of liability derivatives | 5.5 | 8.9 | |
Notes payable due 2013 | Fair Value Hedging [Member] | Fixed-to-Floating Interest Rate Swaps Terminated | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amount of Interest Rate Derivatives | 250 | ||
Notes payable due 2014 | Fair Value Hedging [Member] | Fixed-to-Floating Interest Rate Swaps Terminated | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amount of Interest Rate Derivatives | $300 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | |||||||||||||||||||||||||||||||||||||
In Millions, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | Dec. 29, 2012 | Jan. 31, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | Dec. 29, 2012 | Jan. 31, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | Dec. 31, 2009 | Dec. 31, 2009 | Jan. 31, 2012 | Jan. 31, 2012 | Jan. 31, 2012 | Jan. 31, 2012 | Jan. 31, 2012 | Sep. 28, 2013 | Dec. 29, 2012 | Sep. 28, 2013 | Dec. 29, 2012 | Oct. 31, 2012 | Oct. 31, 2012 | Jan. 31, 2012 | Jan. 31, 2012 | Jul. 31, 2012 | Jan. 31, 2012 | Jan. 31, 2012 | Jan. 31, 2012 | Jul. 31, 2012 | Jan. 31, 2012 | Sep. 28, 2013 | Dec. 29, 2012 | Sep. 28, 2013 | Dec. 29, 2012 | Sep. 28, 2013 | Dec. 29, 2012 | Sep. 28, 2013 | Dec. 29, 2012 |
Cash Flow Hedges | Cash Flow Hedges | Cash Flow Hedges | Cash Flow Hedges | Cash Flow Hedges | Fair Value Hedging [Member] | Fair Value Hedging [Member] | Fair Value Hedging [Member] | Fair Value Hedging [Member] | Fair Value Hedging [Member] | Interest Rate Swap | Interest Rate Contracts | Fixed-to-Floating Interest Rate Swaps Terminated | Fixed-to-Floating Interest Rate Swaps Terminated | Fixed-to-Floating Interest Rate Swaps Terminated | Fixed-to-Floating Interest Rate Swaps Terminated | Fixed-to-Floating Interest Rate Swaps Terminated | Foreign Exchange Forward | Foreign Exchange Forward | Foreign Exchange Option | Foreign Exchange Option | Interest Rate Risk | Interest Rate Risk | Interest Rate Risk | Interest Rate Risk | Interest Rate Risk | Interest Rate Risk | Interest Rate Risk | Interest Rate Risk | Interest Rate Risk | Interest Rate Risk | Foreign Exchange Contracts | Foreign Exchange Contracts | Foreign Exchange Contracts | Foreign Exchange Contracts | Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | |||||||
Cash Flow Hedges | Cash Flow Hedges | Cash Flow Hedges | Fair Value Hedging [Member] | Fair Value Hedging [Member] | Fair Value Hedging [Member] | Fair Value Hedging [Member] | Cash Flow Hedges | Cash Flow Hedges | Cash Flow Hedges | Cash Flow Hedges | Fair Value Hedging [Member] | Fair Value Hedging [Member] | Fair Value Hedging [Member] | Fair Value Hedging [Member] | Fair Value Hedging [Member] | Fair Value Hedging [Member] | Fair Value Hedging [Member] | Fair Value Hedging [Member] | Fair Value Hedging [Member] | Fair Value Hedging [Member] | Net Investment Hedging | Net Investment Hedging | Net Investment Hedging | Net Investment Hedging | Forward Contracts | Forward Contracts | Currency Swaps | Currency Swaps | |||||||||||||||||
Notes payable due 2014 | Notes payable due 2016 | Notes payable due 2012 | Notes payable due 2013 | Notes 3 Point 4 Percent Due in 2021 [Member] | Notes payable due 2040 | Notes payable due 2028 | Notes 7 Point 05 Percent Due in 2028 [Member] | Notes payable due 2014 | Notes payable due 2014 | Notes payable due 2016 | Notes payable due 2012 | Notes payable due 2013 | Notes payable due 2013 | Currency, British Pound Sterling | Currency, British Pound Sterling | ||||||||||||||||||||||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||
Significant cash flows related to derivatives, net cash paid | ($16.70) | $29.10 | |||||||||||||||||||||||||||||||||||||||||||
After-tax gain (loss) for cash flow hedge effectiveness in accumulated other comprehensive loss | -82.6 | -82.6 | -93.5 | ||||||||||||||||||||||||||||||||||||||||||
Cash flow gain (loss) hedge loss expected to be reclassified to earnings as hedged transactions occur or as amounts are amortized within the next 12 months | -11.7 | ||||||||||||||||||||||||||||||||||||||||||||
Gain (Loss) on hedged item in foreign currency cash flow hedge | -0.1 | -1.2 | 3 | -2.2 | |||||||||||||||||||||||||||||||||||||||||
Gain (loss) reclassified from accumulated other comprehensive loss into earnings | 2.4 | 0.1 | -9 | 0.9 | |||||||||||||||||||||||||||||||||||||||||
Stated interest rate | 3.40% | 5.20% | 7.05% | 4.75% | 4.75% | 5.75% | 4.90% | 6.15% | 6.15% | ||||||||||||||||||||||||||||||||||||
Derivative Instruments, Gain Recognized in Income | 11.1 | ||||||||||||||||||||||||||||||||||||||||||||
Interest Only Period | 10 years | ||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps, applicable fixed interest rate | 4.78% | ||||||||||||||||||||||||||||||||||||||||||||
Terminations of forward starting interest rate swap | 0 | 0 | 0 | 56.4 | |||||||||||||||||||||||||||||||||||||||||
Derivative instrument maturity year | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||||||||||||
Notional amount of contracts outstanding | 950 | 950 | 950 | 400 | 240 | 300 | 300 | 200 | 250 | 146.1 | 154 | 102 | 173 | 400 | 400 | 150 | 300 | 250 | 966 | 940.6 | 2,300 | 4,300 | 104.9 | 105.6 | |||||||||||||||||||||
Termination of interest rate swaps | 0 | 0 | 0 | 35.8 | 35.8 | ||||||||||||||||||||||||||||||||||||||||
Deferred gain from termination of interest rate swaps | 28 | ||||||||||||||||||||||||||||||||||||||||||||
Derivative, Loss on Derivative | 5.7 | 6 | 17.4 | 29.6 | |||||||||||||||||||||||||||||||||||||||||
Interest Expense, Debt | 11 | 16.4 | 33.5 | 21.8 | |||||||||||||||||||||||||||||||||||||||||
Gain (loss) included in accumulated other comprehensive income (loss) | -60.2 | -63.3 | |||||||||||||||||||||||||||||||||||||||||||
Proceeds from net investment hedge settlements | 7 | ||||||||||||||||||||||||||||||||||||||||||||
Payments for Hedge, Investing Activities | $11.80 |
Detail_Pretax_Amounts_Reclassi
Detail Pre-tax Amounts Reclassified From Accumulated Other Comprehensive Income (Loss) into Earnings for Active Derivative Financial Instruments (Detail) (Cash Flow Hedges, USD $) | 3 Months Ended | 9 Months Ended | ||||
In Millions, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Gain (Loss) Reclassified from OCI to Income (Effective Portion) | ($2.40) | ($0.10) | $9 | ($0.90) | ||
Interest Rate Contracts | Interest expenses | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Amount Recorded in OCI Gain (Loss) | -9.8 | |||||
Gain (Loss) Reclassified from OCI to Income (Effective Portion) | 0 | |||||
Gain (Loss) Recognized in Income (Ineffective Portion) | 0 | [1] | ||||
Foreign Exchange Contracts | Cost of sales | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Amount Recorded in OCI Gain (Loss) | 1.7 | -11 | ||||
Gain (Loss) Reclassified from OCI to Income (Effective Portion) | -3 | 2.2 | ||||
Gain (Loss) Recognized in Income (Ineffective Portion) | $0 | [1] | $0 | [1] | ||
[1] | Includes ineffective portion and amount excluded from effectiveness testing on derivatives. |
Fair_Value_Adjustments_Relatin
Fair Value Adjustments Relating to Swaps (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Fair Value Hedging [Member] | Interest expenses | ||||
Derivative Instruments and Hedging Activities Disclosure [Line Items] | ||||
Gain/(Loss) on Swaps | ($26.20) | $0.70 | ($118) | $25.70 |
Gain /(Loss) on Borrowings | 26.2 | -0.7 | 118 | -25.7 |
Foreign Exchange Contract [Member] | Net Investment Hedging [Member] | Other Income And Expense [Member] | ||||
Derivative Instruments and Hedging Activities Disclosure [Line Items] | ||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | ($48.40) | ($45.70) | $5.10 | ($52.80) |
Details_of_Foreign_Exchange_Co
Details of Foreign Exchange Contracts Pre-Tax Amounts (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Derivative Instruments and Hedging Activities Disclosure [Line Items] | ||||
Payments for Hedge, Investing Activities | $11.80 | |||
Fair Value Hedging [Member] | ||||
Derivative Instruments and Hedging Activities Disclosure [Line Items] | ||||
Derivative, Loss on Derivative | 5.7 | 6 | 17.4 | 29.6 |
Interest Expense, Debt | 11 | 16.4 | 33.5 | 21.8 |
Net Investment Hedging | Foreign Exchange Contracts | Other, net | ||||
Derivative Instruments and Hedging Activities Disclosure [Line Items] | ||||
Amount Recorded in OCI Gain (Loss) | ($48.40) | ($45.70) | $5.10 | ($52.80) |
Income_Statement_Impacts_Relat
Income Statement Impacts Related to Derivatives Not Designated as Hedging Instruments (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Not Designated as Hedging Instrument | Foreign Exchange Contracts | Other, net | ||||
Derivative Instruments and Hedging Activities Disclosure [Line Items] | ||||
Amount of Gain (Loss) Recorded in Income on Derivative | $63.20 | $30.30 | $3 | $30.20 |
Fair Value Hedging [Member] | ||||
Derivative Instruments and Hedging Activities Disclosure [Line Items] | ||||
Interest Expense, Debt | 11 | 16.4 | 33.5 | 21.8 |
Derivative, Loss on Derivative | $5.70 | $6 | $17.40 | $29.60 |
Equity_Arrangements_Additional
Equity Arrangements - Additional Information (Detail) (USD $) | 0 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | ||||||||||||
In Millions, except Share data, unless otherwise specified | Apr. 25, 2013 | Aug. 31, 2013 | Dec. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | Dec. 31, 2011 | Nov. 30, 2010 | Nov. 30, 2010 | Sep. 28, 2013 | Sep. 28, 2013 | Dec. 29, 2012 | Nov. 30, 2010 | Nov. 30, 2010 | Sep. 28, 2013 | Nov. 30, 2010 | Nov. 30, 2010 | Sep. 28, 2013 | Nov. 30, 2010 | Apr. 25, 2013 | Nov. 30, 2012 | Jan. 31, 2013 |
Call Option [Member] | Call Option [Member] | Convertible notes payable due in 2018 (junior subordinated) | Convertible notes payable due in 2018 (junior subordinated) | Convertible notes payable due in 2018 (junior subordinated) | Maximum | Maximum | Minimum | Convertible Preferred Units | Convertible Preferred Units | Convertible Preferred Units | Call Option [Member] | Call Option [Member] | Subsequent Event [Member] | ||||||||||
Call Option [Member] | Call Option [Member] | Call Option [Member] | On or after December 22, 2015 | ||||||||||||||||||||
Stockholders Equity Note [Line Items] | |||||||||||||||||||||||
Forward share purchase contract | $0 | $0 | $350 | $0 | $350 | $362.70 | |||||||||||||||||
Equity forward contracts physically settled, shares received | 5,581,400 | ||||||||||||||||||||||
Cash settlement on forward stock purchase contract | 18.8 | 18.8 | 0 | 18.8 | 0 | ||||||||||||||||||
Accelerated Share Repurchases, Authorized Amount | 850 | ||||||||||||||||||||||
Payments for Repurchase of Common Stock | 850 | 7.8 | 0 | 32.6 | 217.8 | ||||||||||||||||||
Accelerated Share Repurchases, Initial Delivery of Shares Repurchased | 9,345,794 | ||||||||||||||||||||||
Accelerated Share Repurchases, Initial Value of Shares Repurchased | 680 | ||||||||||||||||||||||
Accelerated Share Repurchases, Initial Price Paid Per Share | $72.76 | ||||||||||||||||||||||
Forward Contract Indexed to Issuer's Equity, Settlement Alternatives, Cash, at Fair Value | 170 | ||||||||||||||||||||||
Accelerated Share Repurchases, Final Delivery of Shares Repurchased | 1,608,695 | ||||||||||||||||||||||
Long-term debt, including current maturities | 3,536.90 | 3,410.50 | 3,410.50 | 632.5 | 632.5 | 632.5 | |||||||||||||||||
Convertible preferred units issued | 6,325,000 | ||||||||||||||||||||||
Convertible preferred units issued, per share | $100 | ||||||||||||||||||||||
Stated interest rate | 4.75% | ||||||||||||||||||||||
Convertible preferred stock, conversion rate | 1.3333 | 1.3552 | |||||||||||||||||||||
Conversion price (in dollars per share) | $75 | $73.79 | |||||||||||||||||||||
Debt Instrument, Number of Shares of Convertible Preferred Stock to be Delivered, As a Percentage of Purchase Contracts | 85.00% | 85.00% | |||||||||||||||||||||
Common stock to be issued up on conversion | 8,433,123 | ||||||||||||||||||||||
Convertible preferred stock, redemption price as a percent of liquidation preference | 100.00% | ||||||||||||||||||||||
Convertible preferred stock, liquidation preference per share | $100 | ||||||||||||||||||||||
Over the counter capped call purchased, maturity period | 5 years | ||||||||||||||||||||||
Number of common shares purchased under call option | 8,433,123 | 617,037 | 10,094,144 | ||||||||||||||||||||
Option Indexed to Issuer's Equity, Premium Amount | 29.5 | ||||||||||||||||||||||
Option Indexed to Issuer's Equity, Average Premium Price Per Share | $2.92 | ||||||||||||||||||||||
Option Indexed to Issuer's Equity, Average Lower Strike Price | $71.43 | ||||||||||||||||||||||
Option Indexed to Issuer's Equity, Average Upper Strike Price | $79.75 | ||||||||||||||||||||||
Call option, aggregate premium | 50.3 | ||||||||||||||||||||||
Call option, average price (in dollars per share) | $5.97 | ||||||||||||||||||||||
Open option contracts written at fair value | $106.10 | ||||||||||||||||||||||
Strike price (in dollars per share) | $97.95 | $96.37 | $75 | ||||||||||||||||||||
Debt Instrument Convertible Conversion Warrant Strike Price, Percentage Higher than Previous Price on November 1, 2010 | 60.00% |
Summary_of_Capped_Call_Equity_
Summary of Capped Call (Equity Options) Issued (Detail) (Capped call (equity options), USD $) | 1 Months Ended |
In Millions, except Share data, unless otherwise specified | Nov. 30, 2010 |
Capped call (equity options) | |
Option Indexed to Issuer's Equity [Line Items] | |
Original Number of Options | 8,433,123 |
Net Premium Paid | $50.30 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income - Changes in AOCI (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Sep. 28, 2013 | Dec. 29, 2012 |
Accumulated other comprehensive income (loss): | ||
Balance - beginning of period | ($388) | |
Other comprehensive (loss) income before reclassifications | -107.4 | |
Reclassification adjustments to earnings | 14.4 | |
Net other comprehensive (loss) income | -93 | |
Balance - end of period | -481 | -388 |
Currency translation adjustment | ||
Accumulated other comprehensive income (loss): | ||
Balance - beginning of period | 29.4 | |
Other comprehensive (loss) income before reclassifications | -111.2 | |
Reclassification adjustments to earnings | 0 | |
Net other comprehensive (loss) income | -111.2 | |
Balance - end of period | -81.8 | 29.4 |
Unrealized (losses) gains on cash flow hedges, net of tax | ||
Accumulated other comprehensive income (loss): | ||
Balance - beginning of period | -93.5 | |
Other comprehensive (loss) income before reclassifications | 1.9 | |
Reclassification adjustments to earnings | 9 | |
Net other comprehensive (loss) income | 10.9 | |
Balance - end of period | -82.6 | -93.5 |
Unrealized (losses) gains on net investment hedges, net of tax | ||
Accumulated other comprehensive income (loss): | ||
Balance - beginning of period | 63.3 | |
Other comprehensive (loss) income before reclassifications | 3.1 | |
Reclassification adjustments to earnings | 0 | |
Net other comprehensive (loss) income | 3.1 | |
Balance - end of period | 60.2 | 63.3 |
Pension (losses) gains, net of tax | ||
Accumulated other comprehensive income (loss): | ||
Balance - beginning of period | 260.6 | |
Other comprehensive (loss) income before reclassifications | -1.2 | |
Reclassification adjustments to earnings | 5.4 | |
Net other comprehensive (loss) income | 4.2 | |
Balance - end of period | $256.40 | $260.60 |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income - Reclassifications out of AOCI (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Accumulated other comprehensive income (loss): | ||||
Earnings from continuing operations | $169.60 | $90 | $451.70 | $326.30 |
Income taxes on continuing operations | -17.3 | -12.9 | -80.5 | -82.9 |
Net Earnings - basic | 166 | 115.1 | 434 | 391.3 |
Reclassifications from accumulated other comprehensive income (loss) to earnings | Unrealized (losses) gains on cash flow hedges, net of tax | ||||
Accumulated other comprehensive income (loss): | ||||
Income taxes on continuing operations | 5.3 | |||
Net Earnings - basic | -9 | |||
Reclassifications from accumulated other comprehensive income (loss) to earnings | Unrealized (losses) gains on cash flow hedges, net of tax | Interest Rate Contracts | ||||
Accumulated other comprehensive income (loss): | ||||
Cost of sales | -14.3 | |||
Reclassifications from accumulated other comprehensive income (loss) to earnings | Pension (losses) gains, net of tax | ||||
Accumulated other comprehensive income (loss): | ||||
Earnings from continuing operations | -7.9 | |||
Income taxes on continuing operations | 2.5 | |||
Net Earnings - basic | -5.4 | |||
Reclassifications from accumulated other comprehensive income (loss) to earnings | Pension (losses) gains, net of tax | Cost of sales | ||||
Accumulated other comprehensive income (loss): | ||||
Actuarial losses, reclassification to Statements of Operations and Comprehensive Income | -4.7 | |||
Reclassifications from accumulated other comprehensive income (loss) to earnings | Pension (losses) gains, net of tax | Selling, general and administrative | ||||
Accumulated other comprehensive income (loss): | ||||
Actuarial losses, reclassification to Statements of Operations and Comprehensive Income | ($3.20) |
Components_of_Net_Periodic_Ben
Components of Net Periodic Benefit Cost (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Pension Benefit, U.S. Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $1.90 | $1.60 | $5.80 | $4.90 |
Interest cost | 13.1 | 15.6 | 39.4 | 46.8 |
Expected return on plan assets | -16.3 | -16.6 | -48.8 | -49.8 |
Amortization of prior service cost (credit) | 0.2 | 0.3 | 0.8 | 0.8 |
Defined Benefit Plan, Amortization of Gains (Losses) | 1.5 | 1.5 | 4.3 | 4.6 |
Curtailment loss | 0 | 0 | 0 | 0 |
Net periodic benefit cost | 0.4 | 2.4 | 1.5 | 7.3 |
Pension Benefits, Non-U.S Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 3.4 | 2.8 | 10.4 | 8.6 |
Interest cost | 11.4 | 11.4 | 33.3 | 34.5 |
Expected return on plan assets | -10.5 | -10.8 | -31.4 | -32.5 |
Amortization of prior service cost (credit) | 0 | 0.1 | 0.2 | 0.3 |
Defined Benefit Plan, Amortization of Gains (Losses) | 1.5 | 0.8 | 3.8 | 2.3 |
Curtailment loss | 0 | 1.2 | -0.2 | 1.8 |
Net periodic benefit cost | 5.8 | 5.5 | 16.1 | 15 |
Other Benefits, U.S Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 0.2 | 0.2 | 0.6 | 0.7 |
Interest cost | 0.7 | 0.7 | 1.9 | 2.1 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of prior service cost (credit) | -0.3 | -0.3 | -1 | -0.9 |
Defined Benefit Plan, Amortization of Gains (Losses) | 0 | 0 | 0 | 0 |
Curtailment loss | 0 | 0 | 0 | 0 |
Net periodic benefit cost | $0.60 | $0.60 | $1.50 | $1.90 |
Financial_Assets_and_Liabiliti
Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (Fair Value, Measurements, Recurring, USD $) | Sep. 28, 2013 | Dec. 29, 2012 |
In Millions, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market fund | $21.50 | $68 |
Derivative assets | 75.6 | 99 |
Derivative liabilities | 173.8 | 91.5 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market fund | 21.5 | 68 |
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market fund | 0 | 0 |
Derivative assets | 75.6 | 99 |
Derivative liabilities | $173.80 | $91.50 |
Summary_of_Financial_Instrumen
Summary of Financial Instruments Carrying and Fair Values (Detail) (USD $) | Sep. 28, 2013 | Dec. 29, 2012 |
In Millions, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, including current maturities | $3,410.50 | $3,536.90 |
Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, including current maturities | 3,410.50 | 3,536.90 |
Derivative assets | 75.6 | 99 |
Derivative liabilities | 173.8 | 91.5 |
Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, including current maturities | 3,497.50 | 3,677.30 |
Derivative assets | 75.6 | 99 |
Derivative liabilities | $173.80 | $91.50 |
Other_Costs_and_Expenses_Addit
Other Costs and Expenses - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Business Acquisition [Line Items] | ||||
Merger and acquisition related costs | $1.50 | $53.40 | $21 | $75 |
Summary_of_Restructuring_Reser
Summary of Restructuring Reserve Activity (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Restructuring Cost and Reserve [Line Items] | ||||
Reserve, Beginning Balance | $125.20 | |||
Restructuring charges | 28.5 | 52.9 | 40.6 | 116.6 |
Usage | -78.7 | |||
Currency | 0.7 | |||
Reserve, Ending Balance | 87.8 | 87.8 | ||
2012 Actions | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Reserve, Beginning Balance | 0 | |||
Restructuring charges | 88.8 | |||
Usage | -45.6 | |||
Currency | 0.9 | |||
Reserve, Ending Balance | 44.1 | 44.1 | ||
2012 Actions | Severance and related costs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Reserve, Beginning Balance | 0 | |||
Restructuring charges | 62 | |||
Usage | -21.1 | |||
Currency | 0.8 | |||
Reserve, Ending Balance | 41.7 | 41.7 | ||
2012 Actions | Facility closures | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Reserve, Beginning Balance | 0 | |||
Restructuring charges | 10.3 | |||
Usage | -8 | |||
Currency | 0.1 | |||
Reserve, Ending Balance | 2.4 | 2.4 | ||
Pre-2012 Actions | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Reserve, Beginning Balance | 125.2 | |||
Restructuring charges | -48.2 | |||
Usage | -33.1 | |||
Currency | -0.2 | |||
Reserve, Ending Balance | 43.7 | 43.7 | ||
Pre-2012 Actions | Severance and related costs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Reserve, Beginning Balance | 112.1 | |||
Restructuring charges | -49.2 | |||
Usage | -31.6 | |||
Currency | -0.2 | |||
Reserve, Ending Balance | 31.1 | 31.1 | ||
Pre-2012 Actions | Facility closures | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Reserve, Beginning Balance | 13.1 | |||
Restructuring charges | 1 | |||
Usage | -1.5 | |||
Currency | 0 | |||
Reserve, Ending Balance | $12.60 | $12.60 |
Restructuring_Charges_Addition
Restructuring Charges - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | Dec. 29, 2012 |
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges and asset impairments recognized | ($28.50) | ($52.90) | ($40.60) | ($116.60) | |
Facility closure costs | 5.1 | 11.4 | 26.3 | 17.9 | |
Restructuring reserves | 87.8 | 87.8 | 125.2 | ||
Restructuring Reserve, Translation Adjustment | 0.7 | ||||
Restructuring Reserve, Settled with Cash | -78.7 | ||||
2012 Actions | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges and asset impairments recognized | -88.8 | ||||
Restructuring reserves | 44.1 | 44.1 | 0 | ||
Restructuring Reserve, Translation Adjustment | 0.9 | ||||
Restructuring Reserve, Settled with Cash | -45.6 | ||||
Pre-2012 Actions | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges and asset impairments recognized | 48.2 | ||||
Restructuring reserves | 43.7 | 43.7 | 125.2 | ||
Restructuring Reserve, Translation Adjustment | -0.2 | ||||
Restructuring Reserve, Settled with Cash | -33.1 | ||||
Construction and Do It Yourself | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges and asset impairments recognized | -5.8 | -6.6 | |||
Securities Industry | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges and asset impairments recognized | -11.6 | -44.8 | |||
Industrial Segment | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges and asset impairments recognized | 11.4 | 27 | |||
Corporate | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges and asset impairments recognized | -0.3 | -16.2 | |||
Long Lived Asset Impairments [Member] | 2012 Actions | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges and asset impairments recognized | -16.5 | ||||
Restructuring reserves | 0 | 0 | 0 | ||
Restructuring Reserve, Translation Adjustment | 0 | ||||
Restructuring Reserve, Settled with Cash | -16.5 | ||||
Facility closures | 2012 Actions | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges and asset impairments recognized | -10.3 | ||||
Restructuring reserves | 2.4 | 2.4 | 0 | ||
Restructuring Reserve, Translation Adjustment | 0.1 | ||||
Restructuring Reserve, Settled with Cash | -8 | ||||
Facility closures | Pre-2012 Actions | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges and asset impairments recognized | -1 | ||||
Restructuring reserves | 12.6 | 12.6 | 13.1 | ||
Restructuring Reserve, Translation Adjustment | 0 | ||||
Restructuring Reserve, Settled with Cash | -1.5 | ||||
Severance and related costs | 2012 Actions | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges and asset impairments recognized | -62 | ||||
Restructuring reserves | 41.7 | 41.7 | 0 | ||
Restructuring Reserve, Translation Adjustment | 0.8 | ||||
Restructuring Reserve, Settled with Cash | -21.1 | ||||
Severance and related costs | Pre-2012 Actions | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges and asset impairments recognized | 49.2 | ||||
Restructuring reserves | 31.1 | 31.1 | 112.1 | ||
Restructuring Reserve, Translation Adjustment | -0.2 | ||||
Restructuring Reserve, Settled with Cash | -31.6 | ||||
Acquisition | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges and asset impairments recognized | 28.5 | -40.6 | |||
Number of employees reduced | 550 | 1,000 | |||
Acquisition | Facility closures | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges and asset impairments recognized | -1.5 | -11.3 | |||
Acquisition | Asset Impairment Charges [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges and asset impairments recognized | -16.5 | ||||
Acquisition | Severance and related costs | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges and asset impairments recognized | -27 | -57.1 | |||
Restructuring Reserve, Accrual Adjustment | ($44.30) |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Income Taxes [Line Items] | ||||
Income taxes (benefit) on continuing operations | $17.30 | $12.90 | $80.50 | $82.90 |
Effective tax rate | 9.30% | 12.50% | 15.10% | 20.30% |
Income tax expense (benefit) resulting from lower foreign taxes and acceleration of certain tax credits | -18.5 | |||
Favorable settlement of tax contingencies | 6.6 | |||
Income tax expense (benefit ) due to reduction in valuation allowance | -7 | |||
Income tax gain on sale of business | ($17.20) |
Business_Segments_Detail
Business Segments (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Segment Reporting Information [Line Items] | ||||
NET SALES | $2,759.30 | $2,517.20 | $8,095.20 | $7,488.40 |
Segment profit | 374.5 | 364.6 | 1,069.80 | 1,070.80 |
Corporate overhead | -56.4 | -61.9 | -179.1 | -184.7 |
Other-net | -66.6 | -67.2 | -208.8 | -216.8 |
Restructuring charges and asset impairments recognized | -28.5 | -52.9 | -40.6 | -116.6 |
Gains (Losses) on Extinguishment of Debt | 0 | -45.5 | 0 | -45.5 |
Interest expense | -39.1 | -36.7 | -118.6 | -105.3 |
Interest income | 3 | 2.5 | 9.5 | 7.3 |
Earnings from continuing operations before income taxes | 186.9 | 102.9 | 532.2 | 409.2 |
Construction and Do It Yourself | ||||
Segment Reporting Information [Line Items] | ||||
Restructuring charges and asset impairments recognized | -5.8 | -6.6 | ||
Securities Industry | ||||
Segment Reporting Information [Line Items] | ||||
Restructuring charges and asset impairments recognized | -11.6 | -44.8 | ||
Industrial Segment | ||||
Segment Reporting Information [Line Items] | ||||
Restructuring charges and asset impairments recognized | 11.4 | 27 | ||
Segment, Continuing Operations | Construction and Do It Yourself | ||||
Segment Reporting Information [Line Items] | ||||
NET SALES | 1,387.50 | 1,315.70 | 4,025.70 | 3,819.10 |
Segment profit | 203.9 | 186.9 | 588.8 | 532.2 |
Segment, Continuing Operations | Securities Industry | ||||
Segment Reporting Information [Line Items] | ||||
NET SALES | 600.4 | 583.5 | 1,796.40 | 1,760.20 |
Segment profit | 61.4 | 83.1 | 173.5 | 224.4 |
Segment, Continuing Operations | Industrial Segment | ||||
Segment Reporting Information [Line Items] | ||||
NET SALES | 771.4 | 618 | 2,273.10 | 1,909.10 |
Segment profit | $109.20 | $94.60 | $307.50 | $314.20 |
Business_Segments_Additional_I
Business Segments - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Segment Reporting Information [Line Items] | ||||
Integration costs associated with the Merger | $12.20 | $16.70 | $30.90 | $42.60 |
Facility closure costs | 5.1 | 11.4 | 26.3 | 17.9 |
Corporate overhead costs | 19.9 | 22.5 | 59.6 | 57.6 |
Construction and Do It Yourself | ||||
Segment Reporting Information [Line Items] | ||||
Decrease in segment profit due to non-cash inventory step-up amortization | 3.1 | 17.2 | 9.3 | 31 |
Securities Industry | ||||
Segment Reporting Information [Line Items] | ||||
Decrease in segment profit due to non-cash inventory step-up amortization | 11.9 | 10.3 | 27.1 | 25.9 |
Industrial Segment | ||||
Segment Reporting Information [Line Items] | ||||
Decrease in segment profit due to non-cash inventory step-up amortization | $2.30 | $0.60 | $20.80 | $3.60 |
Summary_of_Total_Assets_by_Seg
Summary of Total Assets by Segment (Detail) (USD $) | Sep. 28, 2013 | Dec. 29, 2012 |
In Millions, unless otherwise specified | ||
Segment Reporting Information [Line Items] | ||
Assets | $17,023.70 | $15,844 |
Segment, Continuing Operations | ||
Segment Reporting Information [Line Items] | ||
Assets | 17,334.60 | 15,465.40 |
Segment, Continuing Operations | Construction and Do It Yourself | ||
Segment Reporting Information [Line Items] | ||
Assets | 8,108 | 7,413.30 |
Segment, Continuing Operations | Securities Industry | ||
Segment Reporting Information [Line Items] | ||
Assets | 4,504.20 | 4,600.80 |
Segment, Continuing Operations | Industrial Segment | ||
Segment Reporting Information [Line Items] | ||
Assets | 4,722.40 | 3,451.30 |
Segment, Continuing Operations | Corporate assets | ||
Segment Reporting Information [Line Items] | ||
Assets | -325.9 | 206.9 |
Segment, Discontinued Operations [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | $15 | $171.70 |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (USD $) | Sep. 28, 2013 | Dec. 29, 2012 | Sep. 28, 2013 | Sep. 28, 2013 | Sep. 28, 2013 | Sep. 28, 2013 | Dec. 29, 2012 | Sep. 28, 2013 | Sep. 28, 2013 |
In Millions, unless otherwise specified | sites | Minimum | Centredale Site | Centredale Site | Centredale Site | Property, Plant and Equipment, Other Types | Property, Plant and Equipment, Other Types | Property, Plant and Equipment, Other Types | Property, Plant and Equipment, Other Types |
Minimum | Maximum | Minimum | Maximum | ||||||
Loss Contingencies [Line Items] | |||||||||
Environmental Loss Contingency, Remediation Period Requested | 30 years | ||||||||
Environmental remediation costs deemed probable and reasonably estimable | $68.10 | $139.70 | $138.30 | $274.30 | |||||
Environmental remediation costs, reserve | 68.1 | 183.6 | 188 | ||||||
Superfund Sites | 31 | ||||||||
Reserve for environmental remediation costs, current | 12.7 | ||||||||
Reserve for environmental remediation costs, noncurrent | 170.9 | ||||||||
Accrual for Environmental Loss Contingencies, EPA Funded Amount | 24.3 | ||||||||
Accrual for Environmental Loss Contingencies, Obligation After EPA Funding | $159.30 |
Financial_Guarantees_Detail
Financial Guarantees (Detail) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 28, 2013 |
Guarantor Obligations [Line Items] | |
Guarantee Obligations Maximum Potential Payment | 133.7 |
Guarantee Liability Carrying Amount | 13.9 |
Guarantees on the residual values of leased properties | |
Guarantor Obligations [Line Items] | |
Guarantee Obligations Maximum Potential Payment | 26.3 |
Guarantee Liability Carrying Amount | 0 |
Guarantees on the residual values of leased properties | Minimum | |
Guarantor Obligations [Line Items] | |
Guarantee Obligation Term | 1 year |
Guarantees on the residual values of leased properties | Maximum | |
Guarantor Obligations [Line Items] | |
Guarantee Obligation Term | 4 years |
Standby letters of credit | |
Guarantor Obligations [Line Items] | |
Guarantee Obligations Maximum Potential Payment | 89.5 |
Guarantee Liability Carrying Amount | 0 |
Standby letters of credit | Maximum | |
Guarantor Obligations [Line Items] | |
Guarantee Obligation Term | 3 years |
Commercial customer financing arrangements | |
Guarantor Obligations [Line Items] | |
Guarantee Obligations Maximum Potential Payment | 17.9 |
Guarantee Liability Carrying Amount | 13.9 |
Commercial customer financing arrangements | Maximum | |
Guarantor Obligations [Line Items] | |
Guarantee Obligation Term | 6 years |
Guarantees_Additional_Informat
Guarantees - Additional Information (Detail) (USD $) | Sep. 28, 2013 |
In Millions, unless otherwise specified | |
Guarantor Obligations [Line Items] | |
Guarantee Obligations Maximum Potential Payment | $133.70 |
Carrying amount of guarantees recorded in the consolidated balance sheet | 13.9 |
Guaranteed Lease Residual Values | |
Guarantor Obligations [Line Items] | |
Guarantee Obligations Maximum Potential Payment | 26.3 |
Capital Leased Assets, Noncurrent, Fair Value Disclosure | 30.8 |
Commercial customer financing arrangements | |
Guarantor Obligations [Line Items] | |
Guarantee Obligations Maximum Potential Payment | 17.9 |
Carrying amount of guarantees recorded in the consolidated balance sheet | $13.90 |
Changes_in_Carrying_Amount_of_1
Changes in Carrying Amount of Product and Service Warranties (Detail) (USD $) | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Jun. 30, 2012 |
Class of Warrant or Right [Line Items] | |||
Balance beginning of period | $124 | $124.90 | $121.50 |
Warranties and guarantees issued | 67.3 | 63.1 | |
Product Warranty Accrual, Additions from Business Acquisition | 0.1 | 0.2 | |
Warranty payments and currency | -71.1 | -66.7 | |
Balance end of period | $120.30 | $121.50 |
Parent_and_Subsidiary_Debt_Gua1
Parent and Subsidiary Debt Guarantees - Additional Information (Detail) (USD $) | Sep. 28, 2013 | Mar. 30, 2013 | Dec. 29, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | ||||||
Schedule of Condensed Consolidating Statement of Operations [Line Items] | ||||||
Cash and cash equivalents | $469.10 | $561.70 | $716 | $769.50 | $577.80 | $906.90 |
Notes payable due 2021 | ||||||
Schedule of Condensed Consolidating Statement of Operations [Line Items] | ||||||
Interest rate | 3.40% | 3.40% | ||||
Notes Payable Maturities 2022 [Member] | ||||||
Schedule of Condensed Consolidating Statement of Operations [Line Items] | ||||||
Interest rate | 2.90% | 2.90% | ||||
Notes payable due 2040 | ||||||
Schedule of Condensed Consolidating Statement of Operations [Line Items] | ||||||
Interest rate | 5.20% | 5.20% | ||||
Notes payable due 2016 | ||||||
Schedule of Condensed Consolidating Statement of Operations [Line Items] | ||||||
Interest rate | 5.75% | 5.75% | ||||
Parent Stanley Black & Decker, Inc. | Notes payable due 2021 | ||||||
Schedule of Condensed Consolidating Statement of Operations [Line Items] | ||||||
Interest rate | 3.40% | |||||
Parent Stanley Black & Decker, Inc. | Notes Payable Maturities 2022 [Member] | ||||||
Schedule of Condensed Consolidating Statement of Operations [Line Items] | ||||||
Interest rate | 2.90% | |||||
Parent Stanley Black & Decker, Inc. | Notes payable due 2040 | ||||||
Schedule of Condensed Consolidating Statement of Operations [Line Items] | ||||||
Interest rate | 5.20% | |||||
The Black & Decker Corporation | Notes payable due 2016 | ||||||
Schedule of Condensed Consolidating Statement of Operations [Line Items] | ||||||
Interest rate | 5.75% |
Condensed_Consolidating_Statem
Condensed Consolidating Statement of Operations and Comprehensive Income (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Schedule of Condensed Consolidating Statement of Operations [Line Items] | ||||
NET SALES | $2,759.30 | $2,517.20 | $8,095.20 | $7,488.40 |
Costs and Expenses | ||||
Cost of sales | 1,771.60 | 1,605.30 | 5,193 | 4,739 |
Restructuring charges | 28.5 | 52.9 | 40.6 | 116.6 |
Costs and Expenses, Total | 2,572.40 | 2,414.30 | 7,563 | 7,079.20 |
Earnings from continuing operations before income taxes | 186.9 | 102.9 | 532.2 | 409.2 |
Income taxes (benefit) on continuing operations before equity in earnings of subsidiaries | 17.3 | 12.9 | 80.5 | 82.9 |
Earnings from continuing operations | 169.6 | 90 | 451.7 | 326.3 |
Less: net loss attributable to non-controlling interests | -0.3 | -0.2 | -0.9 | -1.2 |
Net earnings from continuing operations attributable to common shareowners | 169.9 | 90.2 | 452.6 | 327.5 |
Net earnings from discontinued operations | -3.9 | 25 | -18.4 | 64.3 |
Net Earnings Attributable to Common Shareowners | 166 | 115.2 | 434.2 | 391.8 |
Total Comprehensive (Loss) Income Attributable to Common Shareowners | $330.90 | $392.80 | $341.20 | $471 |
Condensed_Consolidating_Balanc
Condensed Consolidating Balance Sheet (Detail) (USD $) | Sep. 28, 2013 | Mar. 30, 2013 | Dec. 29, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | ||||||
Current Assets | ||||||
Cash and cash equivalents | $469.10 | $561.70 | $716 | $769.50 | $577.80 | $906.90 |
Accounts and notes receivable, net | 1,936.40 | 1,525.80 | ||||
Inventories, net | 1,629.50 | 1,304.60 | ||||
Assets Held-for-sale, Current | 15 | 171.7 | ||||
Other current assets | 381.2 | 393.2 | ||||
Total Current Assets | 4,431.20 | 4,111.30 | ||||
Property, Plant and Equipment, net | 1,455.40 | 1,329.90 | ||||
Other Assets | 448.3 | 455.8 | ||||
Total Assets | 17,023.70 | 15,844 | ||||
Current Liabilities | ||||||
Short-term borrowings | 1,206.50 | 1.1 | ||||
Current maturities of long-term debt | 13.6 | 10.4 | ||||
Liabilities of Assets Held-for-sale | 5 | 37.3 | ||||
Total Current Liabilities | 3,948.80 | 3,074.70 | ||||
Long-term debt | 3,396.90 | 3,526.50 | ||||
Accumulated other comprehensive (loss) | -481 | -388 | ||||
Other Shareowners' Equity | 6,936.90 | 6,667.10 | ||||
Non-controlling interests | 81.4 | 60 | ||||
Total Shareowners' Equity | 7,018.30 | 6,727.10 | ||||
Total Liabilities and Shareowners' Equity | $17,023.70 | $15,844 |
Condensed_Consolidating_Statem1
Condensed Consolidating Statements of Cash Flow (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | Dec. 31, 2011 |
Schedule of Condensed Consolidating Statement of Cash Flows [Line Items] | |||||
Cash (used in) provided by operating activities | $99.60 | $151.20 | $136.30 | $418.10 | |
INVESTING ACTIVITIES | |||||
Capital expenditures | -94.2 | -89 | -262.1 | -259.5 | |
Business acquisitions, net of cash acquired | -16.7 | -106.4 | -926.6 | -695.1 | |
Proceeds from sale of assets | 1 | 2.3 | 96.5 | 8.6 | |
Proceeds (payments) on net investment hedge settlements | 5.3 | 4.8 | 7 | 11.8 | |
Cash provided by (used in) investing activities | -104.6 | -188.3 | -1,085.20 | -934.2 | |
FINANCING ACTIVITIES | |||||
Payments on long-term debt | -0.6 | -900.9 | -1.7 | -1,222 | |
Stock purchase contract fees | -0.8 | -0.8 | -2.4 | -2.4 | |
Net short-term borrowings (repayments) | -70.9 | 527.4 | 1,199.50 | 1,316.30 | |
Cash dividends on common stock | -77.5 | -82.5 | -235 | -221.3 | |
Payments for Repurchase of Equity | 0 | 0 | -350 | 0 | -350 |
Termination of interest rate swaps | 0 | 0 | 0 | 35.8 | |
Termination of forward starting interest rate swap | 0 | 0 | 0 | -56.4 | |
Proceeds from the issuance of common stock | 32.3 | 27.4 | 138.7 | 102.9 | |
Purchase of common stock for treasury | -7.8 | 0 | -32.6 | -217.8 | |
Cash provided by (used in) financing activities | -106.5 | 209 | 735.3 | 373.5 | |
Effect of exchange rate changes on cash and cash equivalents | 18.9 | 19.8 | -33.3 | 5.2 | |
Change in cash and cash equivalents | -92.6 | 191.7 | -246.9 | -137.4 | |
Cash and cash equivalents, beginning of period | 769.5 | 716 | 906.9 | ||
CASH AND CASH EQUIVALENTS, END OF PERIOD | $469.10 | $469.10 | $906.90 |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 0 Months Ended | 1 Months Ended | 0 Months Ended |
In Millions, except Share data, unless otherwise specified | Apr. 25, 2013 | Dec. 29, 2012 | Apr. 08, 2013 |
HHI [Member] | Tong Lung [Member] [Member] | ||
Second Closing [Member] | |||
Subsequent Event [Line Items] | |||
Proceeds from Divestiture of Businesses | $1,400 | $93.50 | |
Accelerated Share Repurchases, Initial Delivery of Shares Repurchased | 1,608,695 |