STANLEY BLACK & DECKER, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, Millions of Dollars Except Per Share Amounts)
| | | | | | | | | | | | | | | | | | | | | | | |
| | SECOND QUARTER | | YEAR-TO-DATE |
| | 2023 | | 2022 | | 2023 | | 2022 |
| NET SALES | $ | 4,158.9 | | | $ | 4,393.0 | | | $ | 8,090.7 | | | $ | 8,841.0 | |
| COSTS AND EXPENSES | | | | | | | |
| Cost of sales | 3,226.8 | | | 3,185.9 | | | 6,323.1 | | | 6,328.5 | |
| Gross profit | 932.1 | | | 1,207.1 | | | 1,767.6 | | | 2,512.5 | |
| % of Net Sales | 22.4 | % | | 27.5 | % | | 21.8 | % | | 28.4 | % |
| Selling, general and administrative | 837.3 | | | 852.7 | | | 1,662.4 | | | 1,813.0 | |
| % of Net Sales | 20.1 | % | | 19.4 | % | | 20.5 | % | | 20.5 | % |
| Operating profit | 94.8 | | | 354.4 | | | 105.2 | | | 699.5 | |
| % of Net sales | 2.3 | % | | 8.1 | % | | 1.3 | % | | 7.9 | % |
| Other - net | 66.6 | | | 79.1 | | | 130.3 | | | 141.1 | |
| (Gain) loss on sales of businesses | — | | | (0.2) | | | 7.6 | | | (0.2) | |
| Asset impairment charge | — | | | 168.4 | | | — | | | 168.4 | |
| Restructuring charges | 4.6 | | | 19.5 | | | 16.7 | | | 72.2 | |
| Income (loss) from operations | 23.6 | | | 87.6 | | | (49.4) | | | 318.0 | |
| Interest - net | 99.4 | | | 71.7 | | | 190.5 | | | 123.6 | |
| (LOSS) EARNINGS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (75.8) | | | 15.9 | | | (239.9) | | | 194.4 | |
| Income taxes on continuing operations | (253.3) | | | (62.8) | | | (229.6) | | | (39.9) | |
| NET EARNINGS (LOSS) FROM CONTINUING OPERATIONS | 177.5 | | | 78.7 | | | (10.3) | | | 234.3 | |
| Less: Net earnings attributable to non-controlling interests | — | | | 0.1 | | | — | | | 0.2 | |
| NET EARNINGS (LOSS) FROM CONTINUING OPERATIONS ATTRIBUTABLE TO COMMON SHAREOWNERS | $ | 177.5 | | | $ | 78.6 | | | $ | (10.3) | | | $ | 234.1 | |
| Add: Contract adjustment payments accretion | — | | | 0.4 | | | — | | | 0.7 | |
| NET EARNINGS (LOSS) FROM CONTINUING OPERATIONS ATTRIBUTABLE TO COMMON SHAREOWNERS - DILUTED | $ | 177.5 | | | $ | 79.0 | | | $ | (10.3) | | | $ | 234.8 | |
| (Loss) earnings from discontinued operations before income taxes (including 2023 pre-tax loss on Security sale of $0.8 million) | (0.8) | | | 6.4 | | | (0.8) | | | 28.6 | |
| Income taxes on discontinued operations | (0.3) | | | (2.6) | | | (0.3) | | | (0.2) | |
| NET (LOSS) EARNINGS FROM DISCONTINUED OPERATIONS | $ | (0.5) | | | $ | 9.0 | | | $ | (0.5) | | | $ | 28.8 | |
| NET EARNINGS (LOSS) ATTRIBUTABLE TO COMMON SHAREOWNERS - DILUTED | $ | 177.0 | | | $ | 88.0 | | | $ | (10.8) | | | $ | 263.6 | |
| NET EARNINGS (LOSS) ATTRIBUTABLE TO STANLEY BLACK & DECKER, INC. | $ | 177.0 | | | $ | 87.6 | | | $ | (10.8) | | | $ | 262.9 | |
| | | | | | | |
| BASIC EARNINGS (LOSS) PER SHARE OF COMMON STOCK | | | | | | | |
| Continuing operations | $ | 1.19 | | | $ | 0.54 | | | $ | (0.07) | | | $ | 1.56 | |
| Discontinued operations | $ | — | | | $ | 0.06 | | | $ | — | | | $ | 0.19 | |
| Total basic earnings (loss) per share of common stock | $ | 1.18 | | | $ | 0.60 | | | $ | (0.07) | | | $ | 1.75 | |
| DILUTED EARNINGS (LOSS) PER SHARE OF COMMON STOCK | | | | | | | |
| Continuing operations | $ | 1.18 | | | $ | 0.51 | | | $ | (0.07) | | | $ | 1.47 | |
| Discontinued operations | $ | — | | | $ | 0.06 | | | $ | — | | | $ | 0.18 | |
| Total diluted earnings (loss) per share of common stock | $ | 1.18 | | | $ | 0.57 | | | $ | (0.07) | | | $ | 1.65 | |
| DIVIDENDS PER SHARE OF COMMON STOCK | $ | 0.80 | | | $ | 0.79 | | | $ | 1.60 | | | $ | 1.58 | |
| WEIGHTED-AVERAGE SHARES OUTSTANDING (in thousands) | | | | | | | |
| Basic | 149,687 | | 145,353 | | 149,631 | | 150,385 |
| Diluted | 150,227 | | 154,814 | | 149,631 | | 160,127 |
STANLEY BLACK & DECKER, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited, Millions of Dollars)
| | | | | | | | | | | | | | |
| | July 1, 2023 | | December 31, 2022 |
| ASSETS | | | | |
| Cash and cash equivalents | | $ | 391.4 | | | $ | 395.6 | |
| Accounts and notes receivable, net | | 1,706.7 | | | 1,231.0 | |
| Inventories, net | | 5,282.9 | | | 5,861.1 | |
| Other current assets | | 458.7 | | | 487.0 | |
| Total current assets | | 7,839.7 | | | 7,974.7 | |
| Property, plant and equipment, net | | 2,245.7 | | | 2,353.1 | |
| Goodwill and other intangibles, net | | 12,890.3 | | | 12,977.5 | |
| Other assets | | 1,957.5 | | | 1,658.0 | |
| Total assets | | $ | 24,933.2 | | | $ | 24,963.3 | |
| LIABILITIES AND SHAREOWNERS’ EQUITY | | | | |
| Short-term borrowings | | $ | 1,784.0 | | | $ | 2,102.9 | |
| Current maturities of long-term debt | | 1.1 | | | 1.2 | |
| Accounts payable | | 2,413.9 | | | 2,344.4 | |
| Accrued expenses | | 1,940.6 | | | 2,120.7 | |
| Total current liabilities | | 6,139.6 | | | 6,569.2 | |
| Long-term debt | | 6,099.9 | | | 5,352.9 | |
| Other long-term liabilities | | 3,157.8 | | | 3,327.0 | |
| Stanley Black & Decker, Inc. shareowners’ equity | | 9,533.8 | | | 9,712.1 | |
| Non-controlling interests’ equity | | 2.1 | | | 2.1 | |
| Total liabilities and shareowners' equity | | $ | 24,933.2 | | | $ | 24,963.3 | |
STANLEY BLACK & DECKER, INC. AND SUBSIDIARIES
SUMMARY OF CASH FLOW ACTIVITY
(Unaudited, Millions of Dollars)
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | SECOND QUARTER | | YEAR-TO-DATE |
| | 2023 | | 2022 | | 2023 | | 2022 |
| OPERATING ACTIVITIES | | | | | | | |
| Net earnings (loss) from continuing operations | $ | 177.5 | | | $ | 78.7 | | | $ | (10.3) | | | $ | 234.3 | |
| Net (loss) earnings from discontinued operations | (0.5) | | | 9.0 | | | (0.5) | | | 28.8 | |
| Depreciation and amortization | 164.4 | | | 143.4 | | | 325.6 | | | 287.1 | |
| (Gain) loss on sales of businesses | — | | | (0.2) | | | 7.6 | | | (0.2) | |
| Loss on sale of discontinued operations | 0.8 | | | — | | | 0.8 | | | — | |
| Asset impairment charge | — | | | 168.4 | | | — | | | 168.4 | |
| Changes in working capital1 | 278.9 | | | (568.0) | | | 97.7 | | | (1,904.1) | |
| Other | (356.7) | | | (275.2) | | | (442.8) | | | (499.3) | |
| Net cash provided by (used in) operating activities | 264.4 | | | (443.9) | | | (21.9) | | | (1,685.0) | |
| INVESTING AND FINANCING ACTIVITIES | | | | | | | |
| Capital and software expenditures | (68.3) | | | (145.7) | | | (136.5) | | | (285.5) | |
| Business acquisitions, net of cash acquired | — | | | (9.1) | | | — | | | (45.6) | |
| Proceeds from debt issuances, net of fees | (1.3) | | | (2.2) | | | 745.9 | | | 992.6 | |
| Stock purchase contract fees | — | | | (9.8) | | | — | | | (19.6) | |
| Credit facility borrowings | — | | | — | | | — | | | 2,250.0 | |
| Net short-term commercial paper (repayments) borrowings | (42.0) | | | 746.6 | | | (327.9) | | | 1,341.4 | |
| Proceeds from issuances of common stock | 4.0 | | | 5.9 | | | 7.1 | | | 19.6 | |
| Purchases of common stock for treasury | (0.8) | | | (1.1) | | | (5.6) | | | (2,314.1) | |
| Craftsman contingent consideration | (8.9) | | | (11.3) | | | (18.0) | | | (21.1) | |
| Termination of interest rate swaps | — | | | — | | | — | | | 22.7 | |
| Cash dividends on common stock | (119.7) | | | (114.0) | | | (239.5) | | | (230.3) | |
| Effect of exchange rate changes on cash | (14.2) | | | (22.4) | | | (5.1) | | | (17.6) | |
| Other | (8.0) | | | (5.4) | | | (7.5) | | | 5.8 | |
| Net cash (used in) provided by investing and financing activities | (259.2) | | | 431.5 | | | 12.9 | | | 1,698.3 | |
| Increase (decrease) in cash, cash equivalents and restricted cash | 5.2 | | | (12.4) | | | (9.0) | | | 13.3 | |
| Cash, cash equivalents and restricted cash, beginning of period | 390.7 | | | 320.5 | | | 404.9 | | | 294.8 | |
| Cash, cash equivalents and restricted cash, end of period | $ | 395.9 | | | $ | 308.1 | | | $ | 395.9 | | | $ | 308.1 | |
| | | | | | | | |
| Free Cash Flow Computation2 | | | | | | | |
| Net cash provided by (used in) operating activities | $ | 264.4 | | | $ | (443.9) | | | $ | (21.9) | | | $ | (1,685.0) | |
| Less: capital and software expenditures | (68.3) | | | (145.7) | | | (136.5) | | | (285.5) | |
| Free cash flow (before dividends) | $ | 196.1 | | | $ | (589.6) | | | $ | (158.4) | | | $ | (1,970.5) | |
| | | | | | | | |
| Reconciliation of Cash, Cash Equivalents and Restricted Cash | | | | | | | |
| | July 1, 2023 | | December 31, 2022 | | | | |
| Cash and cash equivalents | $ | 391.4 | | | $ | 395.6 | | | | | |
| Restricted cash included in Other current assets | 4.5 | | | 9.3 | | | | | |
| Cash, cash equivalents and restricted cash | $ | 395.9 | | | $ | 404.9 | | | | | |
| | | | | | | | |
| 1 | Working capital is comprised of accounts receivable, inventory, accounts payable and deferred revenue. |
| 2 | Free cash flow is defined as cash flow from operations less capital and software expenditures. Management considers free cash flow an important measure of its liquidity, as well as its ability to fund future growth and to provide a return to the shareowners, and is useful information for investors. Free cash flow does not include deductions for mandatory debt service, other borrowing activity, discretionary dividends on the Company’s common stock and business acquisitions, among other items. |
STANLEY BLACK & DECKER, INC. AND SUBSIDIARIES
BUSINESS SEGMENT INFORMATION
(Unaudited, Millions of Dollars)
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | SECOND QUARTER | | YEAR-TO-DATE |
| | 2023 | | 2022 | | 2023 | | 2022 |
| NET SALES | | | | | | | |
| Tools & Outdoor | $ | 3,542.2 | | | $ | 3,744.9 | | | $ | 6,857.6 | | | $ | 7,546.1 | |
| Industrial | 616.7 | | | 648.1 | | | 1,233.1 | | | 1,294.7 | |
| Segment Net Sales | 4,158.9 | | | 4,393.0 | | | 8,090.7 | | | 8,840.8 | |
| Corporate Overhead | — | | | — | | | — | | | 0.2 | |
| Total | $ | 4,158.9 | | | $ | 4,393.0 | | | $ | 8,090.7 | | | $ | 8,841.0 | |
| SEGMENT PROFIT | | | | | | | |
| Tools & Outdoor | $ | 102.0 | | | $ | 361.6 | | | $ | 120.7 | | | $ | 740.1 | |
| Industrial | 71.6 | | | 58.3 | | | 139.0 | | | 99.6 | |
| Segment Profit | 173.6 | | | 419.9 | | | 259.7 | | | 839.7 | |
| Corporate Overhead | (78.8) | | | (65.5) | | | (154.5) | | | (140.2) | |
| Total | $ | 94.8 | | | $ | 354.4 | | | $ | 105.2 | | | $ | 699.5 | |
| Segment Profit as a Percentage of Net Sales | | | | | | | |
| Tools & Outdoor | 2.9 | % | | 9.7 | % | | 1.8 | % | | 9.8 | % |
| Industrial | 11.6 | % | | 9.0 | % | | 11.3 | % | | 7.7 | % |
| Segment Profit | 4.2 | % | | 9.6 | % | | 3.2 | % | | 9.5 | % |
| | | | | | | | |
STANLEY BLACK & DECKER, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP EARNINGS FINANCIAL MEASURES TO CORRESPONDING
NON-GAAP FINANCIAL MEASURES
(Unaudited, Millions of Dollars Except Per Share Amounts)
| | | | | | | | | | | | | | | | | | | | | | | |
| | | SECOND QUARTER 2023 |
| | | GAAP | | Acquisition- Related Charges & Other1 | | Non-GAAP3 |
| Gross profit | | $ | 932.1 | | | $ | 51.4 | | | $ | 983.5 | |
| % of Net Sales | | 22.4 | % | | | | 23.6 | % |
| Selling, general and administrative | | 837.3 | | | (25.4) | | | 811.9 | |
| % of Net Sales | | 20.1 | % | | | | 19.5 | % |
| Operating profit | | 94.8 | | | 76.8 | | | 171.6 | |
| % of Net Sales | | 2.3 | % | | | | 4.1 | % |
| Loss from continuing operations before income taxes | | (75.8) | | | 71.1 | | | (4.7) | |
| Income taxes on continuing operations | | (253.3) | | | 265.5 | | | 12.2 | |
| Net earnings (loss) from continuing operations attributable to common shareowners - Diluted | | 177.5 | | | (194.4) | | | (16.9) | |
| Diluted earnings (loss) per share of common stock - Continuing operations | | $ | 1.18 | | | $ | (1.29) | | | $ | (0.11) | |
| | | | | | | |
| 1 | Acquisition-related charges and other relate primarily to footprint actions and other costs associated with the supply chain transformation. |
| | | | | | | |
| | | SECOND QUARTER 2022 |
| | | GAAP | | Acquisition- Related Charges & Other2 | | Non-GAAP3 |
| Gross profit | | $ | 1,207.1 | | | $ | 16.6 | | | $ | 1,223.7 | |
| % of Net Sales | | 27.5 | % | | | | 27.9 | % |
| Selling, general and administrative | | 852.7 | | | (32.9) | | | 819.8 | |
| % of Net Sales | | 19.4 | % | | | | 18.7 | % |
| Operating profit | | 354.4 | | | 49.5 | | | 403.9 | |
| % of Net Sales | | 8.1 | % | | | | 9.2 | % |
| Earnings from continuing operations before income taxes | | 15.9 | | | 248.1 | | | 264.0 | |
| Income taxes on continuing operations | | (62.8) | | | 52.5 | | | (10.3) | |
| Net earnings from continuing operations attributable to common shareowners - Diluted | | 79.0 | | | 195.6 | | | 274.6 | |
| Diluted earnings per share of common stock - Continuing operations | | $ | 0.51 | | | $ | 1.26 | | | $ | 1.77 | |
| | | | | | | |
| 2 | Acquisition-related charges and other relate primarily to a non-cash asset impairment charge related to the Oil & Gas business, integration-related costs, non-cash inventory step-up charges and restructuring. |
| 3 | The non-GAAP 2023 and 2022 information, as reconciled to GAAP above, is considered relevant to aid analysis and understanding of the Company’s results, business trends and outlook measures aside from the material impact of acquisition-related and other charges and ensures appropriate comparability to operating results of prior periods. |
STANLEY BLACK & DECKER, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP EARNINGS FINANCIAL MEASURES TO CORRESPONDING
NON-GAAP FINANCIAL MEASURES
(Unaudited, Millions of Dollars Except Per Share Amounts)
| | | | | | | | | | | | | | | | | | | | | | | |
| | | YEAR-TO-DATE 2023 |
| | | GAAP | | Acquisition- Related Charges & Other1 | | Non-GAAP3 |
| Gross profit | | $ | 1,767.6 | | | $ | 124.8 | | | $ | 1,892.4 | |
| % of Net Sales | | 21.8 | % | | | | 23.4 | % |
| Selling, general and administrative | | 1,662.4 | | | (46.1) | | | 1,616.3 | |
| % of Net Sales | | 20.5 | % | | | | 20.0 | % |
| Operating profit | | 105.2 | | | 170.9 | | | 276.1 | |
| % of Net Sales | | 1.3 | % | | | | 3.4 | % |
| Loss from continuing operations before income taxes | | (239.9) | | | 177.9 | | | (62.0) | |
| Income taxes on continuing operations | | (229.6) | | | 245.1 | | | 15.5 | |
| Net loss from continuing operations attributable to common shareowners - Diluted | | (10.3) | | | (67.2) | | | (77.5) | |
| Diluted loss per share of common stock - Continuing operations | | $ | (0.07) | | | $ | (0.45) | | | $ | (0.52) | |
| | | | | | | |
| 1 | Acquisition-related charges and other relate primarily to footprint actions and other costs associated with the supply chain transformation, restructuring and integration-related costs. |
| | | | | | | |
| | | YEAR-TO-DATE 2022 |
| | | GAAP | | Acquisition- Related Charges & Other2 | | Non-GAAP3 |
| Gross profit | | $ | 2,512.5 | | | $ | 105.4 | | | $ | 2,617.9 | |
| % of Net Sales | | 28.4 | % | | | | 29.6 | % |
| Selling, general and administrative | | 1,813.0 | | | (111.8) | | | 1,701.2 | |
| % of Net Sales | | 20.5 | % | | | | 19.2 | % |
| Operating profit | | 699.5 | | | 217.2 | | | 916.7 | |
| % of Net Sales | | 7.9 | % | | | | 10.4 | % |
| Earnings from continuing operations before income taxes | | 194.4 | | | 469.5 | | | 663.9 | |
| Income taxes on continuing operations | | (39.9) | | | 82.3 | | | 42.4 | |
| Net earnings from continuing operations attributable to common shareowners - Diluted | | 234.8 | | | 387.2 | | | 622.0 | |
| Diluted earnings per share of common stock - Continuing operations | | $ | 1.47 | | | $ | 2.41 | | | $ | 3.88 | |
| | | | | | | |
| 2 | Acquisition-related charges and other relate primarily to a non-cash asset impairment charge related to the Oil & Gas business, non-cash inventory step-up charges, restructuring, integration-related costs, a voluntary retirement program and the Russia business closure. |
| 3 | The non-GAAP 2023 and 2022 information, as reconciled to GAAP above, is considered relevant to aid analysis and understanding of the Company’s results, business trends and outlook measures aside from the material impact of acquisition-related and other charges and ensures appropriate comparability to operating results of prior periods. |
STANLEY BLACK & DECKER, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP SEGMENT PROFIT FINANCIAL MEASURES TO CORRESPONDING
NON-GAAP FINANCIAL MEASURES
(Unaudited, Millions of Dollars)
| | | | | | | | | | | | | | | | | | | | | | | |
| | | SECOND QUARTER 2023 |
| | | GAAP | | Acquisition- Related Charges and Other1 | | Non-GAAP3 |
| SEGMENT PROFIT | | | | | | |
| Tools & Outdoor | | $ | 102.0 | | | $ | 55.8 | | | $ | 157.8 | |
| Industrial | | 71.6 | | | 8.5 | | | 80.1 | |
| Segment Profit | | 173.6 | | | 64.3 | | | 237.9 | |
| Corporate Overhead | | (78.8) | | | 12.5 | | | (66.3) | |
| Total | | $ | 94.8 | | | $ | 76.8 | | | $ | 171.6 | |
| Segment Profit as a Percentage of Net Sales | | | | | | |
| Tools & Outdoor | | 2.9 | % | | | | 4.5 | % |
| Industrial | | 11.6 | % | | | | 13.0 | % |
| Segment Profit | | 4.2 | % | | | | 5.7 | % |
| | | | | | | |
| 1 | Acquisition-related charges and other relate primarily to footprint actions and other costs associated with the supply chain transformation. |
| | | | | | | |
| | | SECOND QUARTER 2022 |
| | | GAAP | | Acquisition- Related Charges and Other2 | | Non-GAAP3 |
| SEGMENT PROFIT | | | | | | |
| Tools & Outdoor | | $ | 361.6 | | | $ | 41.3 | | | $ | 402.9 | |
| Industrial | | 58.3 | | | 1.9 | | | 60.2 | |
| Segment Profit | | 419.9 | | | 43.2 | | | 463.1 | |
| Corporate Overhead | | (65.5) | | | 6.3 | | | (59.2) | |
| Total | | $ | 354.4 | | | $ | 49.5 | | | $ | 403.9 | |
| Segment Profit as a Percentage of Net Sales | | | | | | |
| Tools & Outdoor | | 9.7 | % | | | | 10.8 | % |
| Industrial | | 9.0 | % | | | | 9.3 | % |
| Segment Profit | | 9.6 | % | | | | 10.5 | % |
| | | | | | | |
| 2 | Acquisition-related charges and other relate primarily to integration-related costs and non-cash inventory step-up charges. |
| 3 | The non-GAAP 2023 and 2022 business segment information, as reconciled to GAAP above, is considered relevant to aid analysis and understanding of the Company’s results, business trends and outlook measures aside from the material impact of acquisition-related and other charges and ensures appropriate comparability to operating results of prior periods. |
STANLEY BLACK & DECKER, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP SEGMENT PROFIT FINANCIAL MEASURES TO CORRESPONDING
NON-GAAP FINANCIAL MEASURES
(Unaudited, Millions of Dollars)
| | | | | | | | | | | | | | | | | | | | | | | |
| | | YEAR-TO-DATE 2023 |
| | | GAAP | | Acquisition- Related Charges and Other1 | | Non-GAAP3 |
| SEGMENT PROFIT | | | | | | |
| Tools & Outdoor | | $ | 120.7 | | | $ | 135.0 | | | $ | 255.7 | |
| Industrial | | 139.0 | | | 8.8 | | | 147.8 | |
| Segment Profit | | 259.7 | | | 143.8 | | | 403.5 | |
| Corporate Overhead | | (154.5) | | | 27.1 | | | (127.4) | |
| Total | | $ | 105.2 | | | $ | 170.9 | | | $ | 276.1 | |
| Segment Profit as a Percentage of Net Sales | | | | | | |
| Tools & Outdoor | | 1.8 | % | | | | 3.7 | % |
| Industrial | | 11.3 | % | | | | 12.0 | % |
| Segment Profit | | 3.2 | % | | | | 5.0 | % |
| | | | | | | |
| 1 | Acquisition-related charges and other relate primarily to footprint actions and other costs associated with the supply chain transformation and integration-related costs. |
| | | | | | | |
| | | YEAR-TO-DATE 2022 |
| | | GAAP | | Acquisition- Related Charges and Other2 | | Non-GAAP3 |
| SEGMENT PROFIT | | | | | | |
| Tools & Outdoor | | $ | 740.1 | | | $ | 195.0 | | | $ | 935.1 | |
| Industrial | | 99.6 | | | 5.4 | | | 105.0 | |
| Segment Profit | | 839.7 | | | 200.4 | | | 1,040.1 | |
| Corporate Overhead | | (140.2) | | | 16.8 | | | (123.4) | |
| Total | | $ | 699.5 | | | $ | 217.2 | | | $ | 916.7 | |
| Segment Profit as a Percentage of Net Sales | | | | | | |
| Tools & Outdoor | | 9.8 | % | | | | 12.4 | % |
| Industrial | | 7.7 | % | | | | 8.1 | % |
| Segment Profit | | 9.5 | % | | | | 11.8 | % |
| | | | | | | |
| 2 | Acquisition-related charges and other relate primarily to integration-related costs, non-cash inventory step-up charges, a voluntary retirement program and the Russia business closure. |
| 3 | The non-GAAP 2023 and 2022 business segment information, as reconciled to GAAP above, is considered relevant to aid analysis and understanding of the Company’s results, business trends and outlook measures aside from the material impact of acquisition-related and other charges and ensures appropriate comparability to operating results of prior periods. |
