Exhibit 99.1
STANLEY BLACK & DECKER, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP EARNINGS FINANCIAL MEASURES, AS ADJUSTED, TO CORRESPONDING
NON-GAAP FINANCIAL MEASURES, AS ADJUSTED
(Unaudited, Millions of Dollars Except Per Share Amounts)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | FIRST QUARTER 2012 | | | SECOND QUARTER 2012 | | | THIRD QUARTER 2012 | | | YEAR TO DATE 2012 | |
| | GAAP1 | | | Merger & Acquisition- Related and Other Charges2 | | | Normalized3 | | | GAAP1 | | | Merger & Acquisition- Related and Other Charges2 | | | Normalized3 | | | GAAP1 | | | Merger & Acquisition- Related and Other Charges2 | | | Normalized3 | | | GAAP1 | | | Merger & Acquisition- Related and Other Charges2 | | | Normalized3 | |
Net Sales | | $ | 2,427.1 | | | $ | — | | | $ | 2,427.1 | | | $ | 2,568.0 | | | $ | — | | | $ | 2,568.0 | | | $ | 2,526.9 | | | $ | — | | | $ | 2,526.9 | | | $ | 7,522.0 | | | $ | — | | | $ | 7,522.0 | |
Gross margin | | | 912.2 | | | | 2.3 | | | | 914.5 | | | | 930.5 | | | | 4.3 | | | | 934.8 | | | | 913.7 | | | | 11.7 | | | | 925.4 | | | | 2,756.4 | | | | 18.3 | | | | 2,774.7 | |
% of Net Sales | | | 37.6 | % | | | | | | | 37.7 | % | | | 36.2 | % | | | | | | | 36.4 | % | | | 36.2 | % | | | | | | | 36.6 | % | | | 36.6 | % | | | | | | | 36.9 | % |
Selling, general and administrative | | | 637.8 | | | | (27.4 | ) | | | 610.4 | | | | 626.4 | | | | (33.6 | ) | | | 592.8 | | | | 614.0 | | | | (38.9 | ) | | | 575.1 | | | | 1,878.2 | | | | (99.9 | ) | | | 1,778.3 | |
% of Net Sales | | | 26.3 | % | | | | | | | 25.1 | % | | | 24.4 | % | | | | | | | 23.1 | % | | | 24.3 | % | | | | | | | 22.8 | % | | | 25.0 | % | | | | | | | 23.6 | % |
Operating margin | | | 274.4 | | | | 29.7 | | | | 304.1 | | | | 304.1 | | | | 37.9 | | | | 342.0 | | | | 299.7 | | | | 50.6 | | | | 350.3 | | | | 878.2 | | | | 118.2 | | | | 996.4 | |
% of Net Sales | | | 11.3 | % | | | | | | | 12.5 | % | | | 11.8 | % | | | | | | | 13.3 | % | | | 11.9 | % | | | | | | | 13.9 | % | | | 11.7 | % | | | | | | | 13.2 | % |
Earnings from continuing operations before income taxes | | | 135.2 | | | | 79.8 | | | | 215.0 | | | | 164.7 | | | | 73.9 | | | | 238.6 | | | | 99.2 | | | | 157.1 | | | | 256.3 | | | | 399.1 | | | | 310.8 | | | | 709.9 | |
Income taxes on continuing operations | | | 29.8 | | | | 20.7 | | | | 50.5 | | | | 38.6 | | | | 11.3 | | | | 49.9 | | | | 12.5 | | | | 44.6 | | | | 57.1 | | | | 80.9 | | | | 76.6 | | | | 157.5 | |
Net earnings from continuing operations | | | 106.1 | | | | 59.1 | | | | 165.2 | | | | 126.4 | | | | 62.6 | | | | 189.0 | | | | 86.9 | | | | 112.5 | | | | 199.4 | | | | 319.4 | | | | 234.2 | | | | 553.6 | |
Diluted earnings per share of common stock | | $ | 0.63 | | | $ | 0.35 | | | $ | 0.98 | | | $ | 0.75 | | | $ | 0.37 | | | $ | 1.13 | | | $ | 0.52 | | | $ | 0.68 | | | $ | 1.20 | | | $ | 1.91 | | | $ | 1.40 | | | $ | 3.30 | |
1 | Reported, as adjusted for Hardware and Home Improvement (“HHI”) divestiture. HHI has been excluded from the continuing operations of Stanley Black & Decker and the net of its operations, as well as the related gain on the sale, will be reported as a discontinued operation. |
2 | Merger and acquisition-related charges, as adjusted for HHI divestiture, relate primarily to the Black & Decker merger and Niscayah acquisition, including facility closure-related charges, employee-related charges, integration costs, as well as cost containment charges. Other charges relate to the loss on extinguishment of debt. |
3 | The normalized 2012 information adjusted for the HHI divestiture, as reconciled to GAAP adjusted for HHI divestiture above, is considered relevant to aid analysis of the company’s margin and earnings results aside from the material impact of the merger & acquisition-related charges as well as charges associated with the loss on extinguishment of debt. Normalized earnings from continuing operations before income taxes includes other - net of $57.7 million in the first quarter, $71.0 million in the second quarter, $59.8 million in the third quarter, and $188.5 million on a year to date basis. |
Page 1
STANLEY BLACK & DECKER, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP EARNINGS FINANCIAL MEASURES, AS ADJUSTED, TO CORRESPONDING
NON-GAAP FINANCIAL MEASURES, AS ADJUSTED
(Unaudited, Millions of Dollars Except Per Share Amounts)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | FIRST QUARTER 2011 | | | SECOND QUARTER 2011 | | | THIRD QUARTER 2011 | |
| | GAAP1 | | | Merger & Acquisition- Related Charges2 | | | Normalized3 | | | GAAP1 | | | Merger & Acquisition- Related Charges2 | | | Normalized3 | | | GAAP1 | | | Merger & Acquisition- Related Charges2 | | | Normalized3 | |
Net Sales | | $ | 2,142.7 | | | $ | — | | | $ | 2,142.7 | | | $ | 2,348.2 | | | $ | — | | | $ | 2,348.2 | | | $ | 2,379.2 | | | $ | 0.9 | | | $ | 2,380.1 | |
Gross margin | | | 803.9 | | | | 2.4 | | | | 806.3 | | | | 871.6 | | | | 3.9 | | | | 875.5 | | | | 882.3 | | | | 8.3 | | | | 890.6 | |
% of Net Sales | | | 37.5 | % | | | | | | | 37.6 | % | | | 37.1 | % | | | | | | | 37.3 | % | | | 37.1 | % | | | | | | | 37.4 | % |
Selling, general and administrative | | | 554.8 | | | | (15.3 | ) | | | 539.5 | | | | 589.7 | | | | (18.2 | ) | | | 571.5 | | | | 596.7 | | | | (21.6 | ) | | | 575.1 | |
% of Net Sales | | | 25.9 | % | | | | | | | 25.2 | % | | | 25.1 | % | | | | | | | 24.3 | % | | | 25.1 | % | | | | | | | 24.2 | % |
Operating margin | | | 249.1 | | | | 17.7 | | | | 266.8 | | | | 281.9 | | | | 22.1 | | | | 304.0 | | | | 285.6 | | | | 29.9 | | | | 315.5 | |
% of Net Sales | | | 11.6 | % | | | | | | | 12.5 | % | | | 12.0 | % | | | | | | | 12.9 | % | | | 12.0 | % | | | | | | | 13.3 | % |
Earnings from continuing operations before income taxes | | | 158.8 | | | | 32.3 | | | | 191.1 | | | | 180.5 | | | | 47.4 | | | | 227.9 | | | | 161.7 | | | | 76.9 | | | | 238.6 | |
Income taxes on continuing operations | | | 16.9 | | | | 7.5 | | | | 24.4 | | | | 14.6 | | | | (6.6 | ) | | | 8.0 | | | | 24.5 | | | | 19.4 | | | | 43.9 | |
Net earnings from continuing operations | | | 142.2 | | | | 24.8 | | | | 167.0 | | | | 165.9 | | | | 54.0 | | | | 219.9 | | | | 136.5 | | | | 57.5 | | | | 194.0 | |
Diluted earnings per share of common stock | | $ | 0.83 | | | $ | 0.14 | | | $ | 0.97 | | | $ | 0.96 | | | $ | 0.31 | | | $ | 1.27 | | | $ | 0.81 | | | $ | 0.34 | | | $ | 1.15 | |
| | | |
| | FOURTH QUARTER 2011 | | | YEAR TO DATE 2011 | | | | |
| | GAAP1 | | | Merger & Acquisition- Related Charges2 | | | Normalized3 | | | GAAP1 | | | Merger & Acquisition- Related Charges2 | | | Normalized3 | | |
Net Sales | | $ | 2,565.4 | | | $ | 2.8 | | | $ | 2,568.2 | | | $ | 9,435.5 | | | $ | 3.7 | | | $ | 9,439.2 | | |
Gross margin | | | 910.4 | | | | 6.8 | | | | 917.2 | | | | 3,468.2 | | | | 21.4 | | | | 3,489.6 | | |
% of Net Sales | | | 35.5 | % | | | | | | | 35.7 | % | | | 36.8 | % | | | | | | | 37.0 | % | |
Selling, general and administrative | | | 639.7 | | | | (43.2 | ) | | | 596.5 | | | | 2,380.9 | | | | (98.3 | ) | | | 2,282.6 | | |
% of Net Sales | | | 24.9 | % | | | | | | | 23.2 | % | | | 25.2 | % | | | | | | | 24.2 | % | |
Operating margin | | | 270.7 | | | | 50.0 | | | | 320.7 | | | | 1,087.3 | | | | 119.7 | | | | 1,207.0 | | |
% of Net Sales | | | 10.6 | % | | | | | | | 12.5 | % | | | 11.5 | % | | | | | | | 12.8 | % | |
Earnings from continuing operations before income taxes | | | 147.4 | | | | 79.0 | | | | 226.4 | | | | 648.4 | | | | 235.6 | | | | 884.0 | | |
Income taxes on continuing operations | | | (5.9 | ) | | | 29.4 | | | | 23.5 | | | | 50.1 | | | | 49.7 | | | | 99.8 | | |
Net earnings from continuing operations | | | 153.8 | | | | 49.6 | | | | 203.4 | | | | 598.4 | | | | 185.9 | | | | 784.3 | | |
Diluted earnings per share of common stock | | $ | 0.92 | | | $ | 0.30 | | | $ | 1.22 | | | $ | 3.52 | | | $ | 1.09 | | | $ | 4.61 | | |
1 | Reported, as adjusted for Hardware and Home Improvement (“HHI”) divestiture. HHI has been excluded from the continuing operations of Stanley Black & Decker and the net of its operations, as well as the related gain on the sale, will be reported as a discontinued operation. |
2 | Merger and acquisition-related charges, as adjusted for HHI divestiture, relate primarily to the Black & Decker merger and Niscayah acquisition, including facility closure-related charges, employee-related charges and integration costs. |
3 | The normalized 2011 information adjusted for the HHI divestiture, as reconciled to GAAP adjusted for HHI divestiture above, is considered relevant to aid analysis of the company’s margin and earnings results aside from the material impact of the merger & acquisition-related charges. Normalized earnings from continuing operations before income taxes includes other - net of $44.7 million in the first quarter, $47.9 million in the second quarter, $50.0 million in the third quarter, $64.1 million in the fourth quarter, and $206.7 million on a year to date basis. |
Page 2
STANLEY BLACK & DECKER, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP SEGMENT PROFIT FINANCIAL MEASURES, AS ADJUSTED, TO CORRESPONDING
NON-GAAP FINANCIAL MEASURES, AS ADJUSTED
(Unaudited, Millions of Dollars)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | FIRST QUARTER 2012 | | | SECOND QUARTER 2012 | | | THIRD QUARTER 2012 | | | YEAR TO DATE 2012 | |
| | GAAP1 | | | Merger & Acquisition- Related Charges2 | | | Normalized3 | | | GAAP1 | | | Merger & Acquisition- Related Charges2 | | | Normalized3 | | | GAAP1 | | | Merger & Acquisition- Related Charges2 | | | Normalized3 | | | GAAP1 | | | Merger & Acquisition- Related Charges2 | | | Normalized3 | |
NET SALES | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Construction & DIY | | $ | 1,173.0 | | | $ | — | | | $ | 1,173.0 | | | $ | 1,332.3 | | | $ | — | | | $ | 1,332.3 | | | $ | 1,316.7 | | | $ | — | | | $ | 1,316.7 | | | $ | 3,822.0 | | | $ | — | | | $ | 3,822.0 | |
Security | | | 592.1 | | | | — | | | | 592.1 | | | | 601.0 | | | | — | | | | 601.0 | | | | 589.3 | | | | — | | | | 589.3 | | | | 1,782.4 | | | | — | | | | 1,782.4 | |
Industrial | | | 662.0 | | | | — | | | | 662.0 | | | | 634.7 | | | | — | | | | 634.7 | | | | 620.9 | | | | — | | | | 620.9 | | | | 1,917.6 | | | | — | | | | 1,917.6 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total | | $ | 2,427.1 | | | $ | — | | | $ | 2,427.1 | | | $ | 2,568.0 | | | $ | — | | | $ | 2,568.0 | | | $ | 2,526.9 | | | $ | — | | | $ | 2,526.9 | | | $ | 7,522.0 | | | $ | — | | | $ | 7,522.0 | |
| | | | | | | | | | | | |
SEGMENTPROFIT | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Construction & DIY | | $ | 148.1 | | | $ | 3.3 | | | $ | 151.4 | | | $ | 196.9 | | | $ | 10.5 | | | $ | 207.4 | | | $ | 186.9 | | | $ | 17.2 | | | $ | 204.1 | | | $ | 531.9 | | | $ | 31.0 | | | $ | 562.9 | |
Security | | | 69.8 | | | | 6.9 | | | | 76.7 | | | | 70.1 | | | | 8.7 | | | | 78.8 | | | | 80.8 | | | | 10.3 | | | | 91.1 | | | | 220.7 | | | | 25.9 | | | | 246.6 | |
Industrial | | | 122.9 | | | | 2.0 | | | | 124.9 | | | | 93.6 | | | | 1.0 | | | | 94.6 | | | | 93.8 | | | | 0.6 | | | | 94.4 | | | | 310.3 | | | | 3.6 | | | | 313.9 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Segment Profit | | | 340.8 | | | | 12.2 | | | | 353.0 | | | | 360.6 | | | | 20.2 | | | | 380.8 | | | | 361.5 | | | | 28.1 | | | | 389.6 | | | | 1,062.9 | | | | 60.5 | | | | 1,123.4 | |
Corporate Overhead | | | (66.4 | ) | | | 17.5 | | | | (48.9 | ) | | | (56.5 | ) | | | 17.7 | | | | (38.8 | ) | | | (61.8 | ) | | | 22.5 | | | | (39.3 | ) | | | (184.7 | ) | | | 57.7 | | | | (127.0 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total | | $ | 274.4 | | | $ | 29.7 | | | $ | 304.1 | | | $ | 304.1 | | | $ | 37.9 | | | $ | 342.0 | | | $ | 299.7 | | | $ | 50.6 | | | $ | 350.3 | | | $ | 878.2 | | | $ | 118.2 | | | $ | 996.4 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Segment Profit as a Percentage of Net Sales | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Construction & DIY | | | 12.6 | % | | | | | | | 12.9 | % | | | 14.8 | % | | | | | | | 15.6 | % | | | 14.2 | % | | | | | | | 15.5 | % | | | 13.9 | % | | | | | | | 14.7 | % |
Security | | | 11.8 | % | | | | | | | 13.0 | % | | | 11.7 | % | | | | | | | 13.1 | % | | | 13.7 | % | | | | | | | 15.5 | % | | | 12.4 | % | | | | | | | 13.8 | % |
Industrial | | | 18.6 | % | | | | | | | 18.9 | % | | | 14.7 | % | | | | | | | 14.9 | % | | | 15.1 | % | | | | | | | 15.2 | % | | | 16.2 | % | | | | | | | 16.4 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Segment Profit | | | 14.0 | % | | | | | | | 14.5 | % | | | 14.0 | % | | | | | | | 14.8 | % | | | 14.3 | % | | | | | | | 15.4 | % | | | 14.1 | % | | | | | | | 14.9 | % |
Corporate Overhead | | | (2.7 | %) | | | | | | | (2.0 | %) | | | (2.2 | %) | | | | | | | (1.5 | %) | | | (2.4 | %) | | | | | | | (1.5 | %) | | | (2.4 | %) | | | | | | | (1.7 | %) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total | | | 11.3 | % | | | | | | | 12.5 | % | | | 11.8 | % | | | | | | | 13.3 | % | | | 11.9 | % | | | | | | | 13.9 | % | | | 11.7 | % | | | | | | | 13.2 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
1 | Reported, as adjusted for Hardware and Home Improvement (“HHI”) divestiture. HHI has been excluded from the continuing operations of Stanley Black & Decker and the net of its operations, as well as the related gain on the sale, will be reported as a discontinued operation. |
2 | Merger and acquisition-related charges, as adjusted for HHI divestiture, relate primarily to the Black & Decker merger and Niscayah acquisition, including facility closure-related charges, employee-related charges and integration costs. |
3 | The normalized 2012 business segment information adjusted for the HHI divestiture, as reconciled to GAAP adjusted for the HHI divestiture above, is considered relevant to aid analysis of the company’s segment profit results aside from the material impact of the merger and acquisition-related charges. |
Page 3
STANLEY BLACK & DECKER, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP SEGMENT PROFIT FINANCIAL MEASURES, AS ADJUSTED, TO CORRESPONDING
NON-GAAP FINANCIAL MEASURES, AS ADJUSTED
(Unaudited, Millions of Dollars)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | FIRST QUARTER 2011 | | | SECOND QUARTER 2011 | | | THIRD QUARTER 2011 | |
| | GAAP1 | | | Merger & Acquisition- Related Charges2 | | | Normalized3 | | | GAAP1 | | | Merger & Acquisition- Related Charges2 | | | Normalized3 | | | GAAP1 | | | Merger & Acquisition- Related Charges2 | | | Normalized3 | |
NET SALES | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Construction & DIY | | $ | 1,154.8 | | | $ | — | | | $ | 1,154.8 | | | $ | 1,304.3 | | | $ | — | | | $ | 1,304.3 | | | $ | 1,281.8 | | | $ | — | | | $ | 1,281.8 | |
Security | | | 387.0 | | | | — | | | | 387.0 | | | | 418.2 | | | | — | | | | 418.2 | | | | 463.5 | | | | 0.9 | | | | 464.4 | |
Industrial | | | 600.9 | | | | — | | | | 600.9 | | | | 625.7 | | | | — | | | | 625.7 | | | | 633.9 | | | | — | | | | 633.9 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total | | $ | 2,142.7 | | | $ | — | | | $ | 2,142.7 | | | $ | 2,348.2 | | | $ | — | | | $ | 2,348.2 | | | $ | 2,379.2 | | | $ | 0.9 | | | $ | 2,380.1 | |
| | | | | | | | | |
SEGMENT PROFIT | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Construction & DIY | | $ | 145.2 | | | $ | 2.4 | | | $ | 147.6 | | | $ | 175.7 | | | $ | 4.2 | | | $ | 179.9 | | | $ | 160.1 | | | $ | 6.7 | | | $ | 166.8 | |
Security | | | 59.5 | | | | 0.3 | | | | 59.8 | | | | 68.7 | | | | 1.2 | | | | 69.9 | | | | 75.3 | | | | 3.8 | | | | 79.1 | |
Industrial | | | 103.7 | | | | — | | | | 103.7 | | | | 95.3 | | | | 0.3 | | | | 95.6 | | | | 105.5 | | | | 0.5 | | | | 106.0 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Segment Profit | | | 308.4 | | | | 2.7 | | | | 311.1 | | | | 339.7 | | | | 5.7 | | | | 345.4 | | | | 340.9 | | | | 11.0 | | | | 351.9 | |
Corporate Overhead | | | (59.3 | ) | | | 15.0 | | | | (44.3 | ) | | | (57.8 | ) | | | 16.4 | | | | (41.4 | ) | | | (55.3 | ) | | | 18.9 | | | | (36.4 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total | | $ | 249.1 | | | $ | 17.7 | | | $ | 266.8 | | | $ | 281.9 | | | $ | 22.1 | | | $ | 304.0 | | | $ | 285.6 | | | $ | 29.9 | | | $ | 315.5 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Segment Profit as a Percentage of Net Sales | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Construction & DIY | | | 12.6 | % | | | | | | | 12.8 | % | | | 13.5 | % | | | | | | | 13.8 | % | | | 12.5 | % | | | | | | | 13.0 | % |
Security | | | 15.4 | % | | | | | | | 15.5 | % | | | 16.4 | % | | | | | | | 16.7 | % | | | 16.2 | % | | | | | | | 17.0 | % |
Industrial | | | 17.3 | % | | | | | | | 17.3 | % | | | 15.2 | % | | | | | | | 15.3 | % | | | 16.6 | % | | | | | | | 16.7 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Segment Profit | | | 14.4 | % | | | | | | | 14.5 | % | | | 14.5 | % | | | | | | | 14.7 | % | | | 14.3 | % | | | | | | | 14.8 | % |
Corporate Overhead | | | (2.8 | %) | | | | | | | (2.0 | %) | | | (2.5 | %) | | | | | | | (1.8 | %) | | | (2.3 | %) | | | | | | | (1.5 | %) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total | | | 11.6 | % | | | | | | | 12.5 | % | | | 12.0 | % | | | | | | | 12.9 | % | | | 12.0 | % | | | | | | | 13.3 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | |
| | FOURTH QUARTER 2011 | | | YEAR TO DATE 2011 | | | | |
| | GAAP1 | | | Merger & Acquisition- Related Charges2 | | | Normalized3 | | | GAAP1 | | | Merger & Acquisition- Related Charges2 | | | Normalized3 | | |
NET SALES | | | | | | | | | | | | | | | | | | | | | | | | | |
Construction & DIY | | $ | 1,266.7 | | | $ | — | | | $ | 1,266.7 | | | $ | 5,007.6 | | | $ | — | | | $ | 5,007.6 | | |
Security | | | 657.8 | | | | 2.8 | | | | 660.6 | | | | 1,926.5 | | | | 3.7 | | | | 1,930.2 | | |
Industrial | | | 640.9 | | | | — | | | | 640.9 | | | | 2,501.4 | | | | — | | | | 2,501.4 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Total | | $ | 2,565.4 | | | $ | 2.8 | | | $ | 2,568.2 | | | $ | 9,435.5 | | | $ | 3.7 | | | $ | 9,439.2 | | |
SEGMENT PROFIT | | | | | | | | | | | | | | | | | | | | | | | | | |
Construction & DIY | | $ | 153.8 | | | $ | 6.5 | | | $ | 160.3 | | | $ | 634.8 | | | $ | 19.8 | | | $ | 654.6 | | |
Security | | | 93.6 | | | | 10.0 | | | | 103.6 | | | | 297.1 | | | | 15.3 | | | | 312.4 | | |
Industrial | | | 96.2 | | | | 8.6 | | | | 104.8 | | | | 400.7 | | | | 9.4 | | | | 410.1 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Segment Profit | | | 343.6 | | | | 25.1 | | | | 368.7 | | | | 1,332.6 | | | | 44.5 | | | | 1,377.1 | | |
Corporate Overhead | | | (72.9 | ) | | | 24.9 | | | | (48.0 | ) | | | (245.3 | ) | | | 75.2 | | | | (170.1 | ) | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Total | | $ | 270.7 | | | $ | 50.0 | | | $ | 320.7 | | | $ | 1,087.3 | | | $ | 119.7 | | | $ | 1,207.0 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Segment Profit as a Percentage of Net Sales | | | | | | | | | | | | | | | | | | | | | | | | | |
Construction & DIY | | | 12.1 | % | | | | | | | 12.7 | % | | | 12.7 | % | | | | | | | 13.1 | % | |
Security | | | 14.2 | % | | | | | | | 15.7 | % | | | 15.4 | % | | | | | | | 16.2 | % | |
Industrial | | | 15.0 | % | | | | | | | 16.4 | % | | | 16.0 | % | | | | | | | 16.4 | % | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Segment Profit | | | 13.4 | % | | | | | | | 14.4 | % | | | 14.1 | % | | | | | | | 14.6 | % | |
Corporate Overhead | | | (2.8 | %) | | | | | | | (1.9 | %) | | | (2.6 | %) | | | | | | | (1.8 | %) | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Total | | | 10.6 | % | | | | | | | 12.5 | % | | | 11.5 | % | | | | | | | 12.8 | % | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
1 | Reported, as adjusted for Hardware and Home Improvement (“HHI”) divestiture. HHI has been excluded from the continuing operations of Stanley Black & Decker and the net of its operations, as well as the related gain on the sale, will be reported as a discontinued operation. |
2 | Merger and acquisition-related charges, as adjusted for HHI divestiture, relate primarily to the Black & Decker merger and Niscayah acquisition, including facility closure-related charges, employee-related charges and integration costs. |
3 | The normalized 2011 business segment information adjusted for the HHI divestiture, as reconciled to GAAP adjusted for the HHI divestiture above, is considered relevant to aid analysis of the company’s segment profit results aside from the material impact of the merger and acquisition-related charges. |
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