STANLEY BLACK & DECKER, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited, Millions of Dollars Except Per Share Amounts)
FOURTH QUARTER
One-Time Charges
Normalized 2010
Normalized 2009
GAAP 2010
1
2
3
NET SALES
$
2,412.9
$
2,412.9
$
969.4
COSTS AND EXPENSES
Cost of sales
1,543.3
(10.2
)
1,533.1
575.2
Gross margin
869.6
10.2
879.8
394.2
% to Net sales
36.0
%
36.5
%
40.7
%
Selling, general and administrative
619.6
(9.7
)
609.9
264.5
% to Net sales
25.7
%
25.3
%
27.3
%
Operating margin
250.0
19.9
269.9
129.7
% to Net sales
10.4
%
11.2
%
13.4
%
Other-net
17.3
15.4
32.7
29.2
Restructuring charges and asset impairments
34.6
(34.2
)
0.4
15.1
Income from operations
198.1
38.7
236.8
85.4
Interest-net
31.2
—
31.2
14.0
EARNINGS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
166.9
38.7
205.6
71.4
Income taxes (benefit)
29.6
(2.0
)
27.6
(1.9
)
NET EARNINGS FROM CONTINUING OPERATIONS
137.3
40.7
178.0
73.3
Less: net loss attributable to non-controlling interests
(0.5
)
—
(0.5
)
(0.2
)
NET EARNINGS FROM CONTINUING OPERATIONS ATTRIBUTABLE TO COMMON SHAREOWNERS
137.8
40.7
178.5
73.5
Income tax benefit on discontinued operations
—
—
—
0.8
NET EARNINGS FROM DISCONTINUED OPERATIONS
—
—
—
0.8
NET EARNINGS ATTRIBUTABLE TO COMMON SHAREOWNERS
$
137.8
$
40.7
$
178.5
$
74.3
BASIC EARNINGS PER SHARE OF COMMON STOCK
Continuing operations
$
0.83
$
0.24
$
1.07
$
0.91
Discontinued operations
—
—
—
0.01
Total basic earnings per share of common stock
$
0.83
$
0.24
$
1.07
$
0.92
DILUTED EARNINGS PER SHARE OF COMMON STOCK
Continuing operations
$
0.81
$
0.24
$
1.05
$
0.90
Discontinued operations
—
—
—
0.01
Total diluted earnings per share of common stock
$
0.81
$
0.24
$
1.05
$
0.91
DIVIDENDS PER SHARE
$
0.34
$
0.34
$
0.33
AVERAGE SHARES OUTSTANDING (in thousands)
Basic
166,141
166,141
166,141
80,626
Diluted
169,833
169,833
169,833
81,663
1One-time charges relate primarily to the Black & Decker merger, including inventory step-up, facility closure-related charges, severance, and integration costs, partially offset by $20 million of pension curtailment gains.
2The normalized 2010 consolidated statement of operations, as reconciled to GAAP above, is considered relevant to aid analysis of the company’s margin and earnings results aside from the material impact of the one-time charges associated with the Black & Decker merger.
3 The normalized 2009 consolidated statement of operations is considered relevant to aid analysis of the company’s margin and earnings results aside from the impact of the one-time charges primarily associated with the Black & Decker merger. Refer to “2009 Normalized Consolidated Statements of Operations, as Reconciled to GAAP” on page 18.
1
-Page 12-
STANLEY BLACK & DECKER, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited, Millions of Dollars Except Per Share Amounts)
YEAR TO DATE
One-Time Charges
Normalized 2010
Normalized 2009
GAAP 2010
1
2
3
NET SALES
$
8,409.6
$
8,409.6
$
3,737.1
COSTS AND EXPENSES
Cost of sales
5,460.8
(195.4
)
5,265.4
2,228.8
Gross margin
2,948.8
195.4
3,144.2
1,508.3
% to Net sales
35.1
%
37.4
%
40.4
%
Selling, general and administrative
2,168.9
(82.4
)
2,086.5
1,023.9
% to Net sales
25.8
%
24.8
%
27.4
%
Operating margin
779.9
277.8
1,057.7
484.4
% to Net sales
9.3
%
12.6
%
13.0
%
Other-net
199.6
(36.3
)
163.3
80.5
Restructuring charges and asset impairments
242.6
(224.3
)
18.3
40.7
Income from operations
337.7
538.4
876.1
363.2
Interest-net
100.6
—
100.6
60.6
EARNINGS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
237.1
538.4
775.5
302.6
Income taxes
38.9
117.3
156.2
56.2
NET EARNINGS FROM CONTINUING OPERATIONS
198.2
421.1
619.3
246.4
Less: net earnings attributable to non-controlling interests
—
—
—
2.0
NET EARNINGS FROM CONTINUING OPERATIONS ATTRIBUTABLE TO COMMON SHAREOWNERS
198.2
421.1
619.3
244.4
Loss from discontinued operations before income taxes
—
—
—
(5.8
)
Income tax benefit on discontinued operations
—
—
—
(3.3
)
NET LOSS FROM DISCONTINUED OPERATIONS
—
—
—
(2.5
)
NET EARNINGS ATTRIBUTABLE TO COMMON SHAREOWNERS
$
198.2
$
421.1
$
619.3
$
241.9
BASIC (LOSS) EARNINGS PER SHARE OF COMMON STOCK
Continuing operations
$
1.34
$
2.86
$
4.20
$
3.06
Discontinued operations
—
—
—
(0.03
)
Total basic earnings per share of common stock
$
1.34
$
2.86
$
4.20
$
3.03
DILUTED (LOSS) EARNINGS PER SHARE OF COMMON STOCK
Continuing operations
$
1.32
$
2.80
$
4.12
$
3.04
Discontinued operations
—
—
—
(0.03
)
Total diluted earnings per share of common stock
$
1.32
$
2.80
$
4.12
$
3.01
DIVIDENDS PER SHARE
$
1.34
$
1.34
$
1.30
AVERAGE SHARES OUTSTANDING (in thousands)
Basic
147,224
147,224
147,224
79,788
Diluted
150,167
150,167
150,167
80,396
1One-time charges relate primarily to the Black & Decker merger, including inventory step-up, facility closure-related charges, certain executive compensation and severance costs, transaction, and integration costs, partially offset by $20 million of pension curtailment gains.
2The normalized 2010 consolidated statement of operations, as reconciled to GAAP above, is considered relevant to aid analysis of the company’s margin and earnings results aside from the material impact of the one-time charges associated with the Black & Decker merger.
3 The normalized 2009 consolidated statement of operations is considered relevant to aid analysis of the company’s margin and earnings results aside from the impact of the one-time charges primarily associated with the Black & Decker merger. Refer to “2009 Normalized Consolidated Statements of Operations, as Reconciled to GAAP” on page 19.
2
-Page 13-
STANLEY BLACK & DECKER, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Millions of Dollars)
(Unaudited)
January 1, 2011
January 2, 2010
ASSETS
Cash and cash equivalents
$
1,745.4
$
400.7
Accounts and notes receivable, net
1,417.1
532.0
Inventories, net
1,272.0
366.2
Other current assets
266.0
113.0
Total current assets
4,700.5
1,411.9
Property, plant and equipment, net
1,166.5
575.9
Goodwill and other intangibles, net
8,814.1
2,594.8
Other assets
359.4
186.5
Total assets
$
15,040.5
$
4,769.1
LIABILITIES AND SHAREOWNERS’ EQUITY
Short-term borrowings
$
417.7
$
298.4
Accounts payable
998.6
410.1
Accrued expenses
1,211.5
483.5
Total current liabilities
2,627.8
1,192.0
Long-term debt
3,018.1
1,084.7
Other long-term liabilities
2,324.9
480.9
Stanley Black & Decker, Inc. shareowners’ equity
7,017.0
1,986.1
Non-controlling interests’ equity
52.7
25.4
Total liabilities and equity
$
15,040.5
$
4,769.1
3
-Page 14-
STANLEY BLACK & DECKER, INC. AND SUBSIDIARIES SUMMARY OF CASH FLOW ACTIVITY (Unaudited, Millions of Dollars)
FOURTH QUARTER
One-Time
Charge and Payments
Normalized 2009
GAAP 2010
1
Normalized 20102
4
OPERATING ACTIVITIES
Net earnings
$
137.8
$
40.7
$
178.5
$
74.3
Depreciation and amortization
109.9
(13.9
)
96.0
51.3
Changes in working capital
318.3
—
318.3
209.2
Other
(214.1
)
154.9
(59.2
)
(43.4
)
Net cash provided by operating activities
351.9
181.7
533.6
291.4
INVESTING AND FINANCING ACTIVITIES
Capital and software expenditures
(82.4
)
—
(82.4
)
(28.2
)
Business acquisitions and asset disposals
(60.6
)
—
(60.6
)
(1.7
)
Proceeds from long-term borrowings
613.5
—
613.5
—
Payments on long-term debt
(313.3
)
—
(313.3
)
(1.3
)
Net repayments on short-term borrowings
(303.8
)
—
(303.8
)
(62.2
)
Cash dividends on common stock
(56.4
)
—
(56.4
)
(26.7
)
Other
(39.4
)
—
(39.4
)
22.0
Net cash used in investing and financing activities
(242.4
)
—
(242.4
)
(98.1
)
Increase in Cash and Cash Equivalents
109.5
181.7
291.2
193.3
Cash and Cash Equivalents, Beginning of Period
1,635.9
—
1,635.9
207.4
Cash and Cash Equivalents, End of Period
$
1,745.4
$
181.7
$
1,927.1
$
400.7
Free Cash Flow Computation3
Operating Cash Inflow
$
351.9
$
533.6
$
291.4
Less: capital and software expenditures
(82.4
)
(82.4
)
(28.2
)
Free Cash Inflow (before dividends)
$
269.5
$
451.2
$
263.2
1One-time charges and payments relate primarily to the Black & Decker merger, including special, discretionary cash contributions to two defined benefit pension plans which were curtailed and replaced with defined contribution plans, inventory step-up (non-cash), facility closure-related charges, severance costs, and integration costs.
2¸ 3Free 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. 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. Normalized cash flow and free cash flow, as reconciled above, are considered meaningful pro forma metrics to aid the understanding of the company’s cash flow performance aside from the material impact of Black & Decker merger-related payments and charges.
4 Fourth-quarter 2009 net earnings and the “other” component of operating activities were adjusted by $17.6 million to reflect the one-time charges associated with the Black & Decker merger.
The change in working capital is comprised of accounts receivable, inventory and accounts payable.
4
-Page 15-
STANLEY BLACK & DECKER, INC. AND SUBSIDIARIES SUMMARY OF CASH FLOW ACTIVITY (Unaudited, Millions of Dollars)
YEAR TO DATE
One-Time
Charge and Payments
Normalized 2009
GAAP 2010
1
Normalized 20102
4
OPERATING ACTIVITIES
Net earnings
$
198.2
$
421.1
$
619.3
$
241.9
Depreciation and amortization
348.7
(13.9
)
334.8
200.1
Changes in working capital
135.1
—
135.1
226.0
Other
57.3
(25.6
)
31.7
(128.6
)
Net cash provided by operating activities
739.3
381.6
1,120.9
539.4
INVESTING AND FINANCING ACTIVITIES
Capital and software expenditures
(185.5
)
—
(185.5
)
(93.4
)
Business acquisitions and asset disposals
(539.3
)
—
(539.3
)
(21.8
)
Proceeds from long-term borrowings
1,009.8
—
1,009.8
—
Payments on long-term debt
(515.8
)
—
(515.8
)
(64.5
)
Net repayments on short-term borrowings
(263.6
)
—
(263.6
)
(119.9
)
Cash acquired from Black & Decker
949.4
—
949.4
—
Cash dividends on common stock
(201.6
)
—
(201.6
)
(103.6
)
Other
352.00
—
352.0
52.9
Net cash provided by (used in) investing and financing activities
605.4
—
605.4
(350.3
)
Increase in Cash and Cash Equivalents
1,344.7
381.6
1,726.3
189.1
Cash and Cash Equivalents, Beginning of Period
400.7
—
400.7
211.6
Cash and Cash Equivalents, End of Period
$
1,745.4
$
381.6
$
2,127.0
$
400.7
Free Cash Flow Computation3
Operating Cash Inflow
$
739.3
$
1,120.9
$
539.4
Less: capital and software expenditures
(185.5
)
(185.5
)
(93.4
)
Free Cash Inflow (before dividends)
$
553.8
$
935.4
$
446.0
1One-time charges and payments relate primarily to the Black & Decker merger, including special, discretionary cash contributions to two defined benefit pension plans which were curtailed and replaced with defined contribution plans, inventory step-up (non-cash), facility closure-related charges, certain executive compensation and severance costs, transaction and integration costs.
2¸ 3Free 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. 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. Normalized cash flow and free cash flow, as reconciled above, are considered meaningful pro forma metrics to aid the understanding of the company’s cash flow performance aside from the material impact of Black & Decker merger-related payments and charges.
4 Full year 2009 net earnings and the “other” component of operating activities were adjusted by $17.6 million to reflect the one-time charges associated with the Black & Decker merger.
The change in working capital is comprised of accounts receivable, inventory and accounts payable.
5
-Page 16-
STANLEY BLACK & DECKER, INC. AND SUBSIDIARIES BUSINESS SEGMENT INFORMATION (Unaudited, Millions of Dollars)
FOURTH QUARTER
Normalized 2009
GAAP 2010
One-Time Charges1
Normalized 20102
3
NET SALES
Construction & DIY
$
1,273.1
$
1,273.1
$
340.3
Security
564.5
564.5
393.2
Industrial
575.3
575.3
235.9
Total
$
2,412.9
$
2,412.9
$
969.4
SEGMENT PROFIT
Construction & DIY
$
141.9
$
1.8
$
143.7
$
40.4
Security
87.0
6.6
93.6
78.3
Industrial
82.3
2.8
85.1
26.7
Segment Profit
311.2
11.2
322.4
145.4
Corporate Overhead
(61.2
)
8.7
(52.5
)
(15.7
)
Total
$
250.0
$
19.9
$
269.9
$
129.7
Segment Profit as a Percentage of Net Sales
Construction & DIY
11.1
%
11.3
%
11.9
%
Security
15.4
%
16.6
%
19.9
%
Industrial
14.3
%
14.8
%
11.3
%
Segment Profit
12.9
%
13.4
%
15.0
%
Corporate Overhead
-2.5
%
-2.2
%
-1.6
%
Total
10.4
%
11.2
%
13.4
%
1One-time charges relate primarily to the Black & Decker merger, including inventory step-up, facility closure-related charges, severance, and integration costs.
2 The normalized 2010 business segment information, as reconciled to GAAP above, is considered relevant to aid analysis of the company’s segment profit results aside from the material impact of the one-time charges associated with the Black & Decker merger.
3 The normalized 2009 business segment information, as reconciled to GAAP above, is considered relevant to aid analysis of the company’s segment profit results aside from the material impact of the one-time charges associated with the Black & Decker merger. Refer to “2009 Normalized Business Segment Information, as Reconciled to GAAP” on page 20.
6
-Page 17-
STANLEY BLACK & DECKER, INC. AND SUBSIDIARIES BUSINESS SEGMENT INFORMATION (Unaudited, Millions of Dollars)
YEAR TO DATE
Normalized 2009
GAAP 2010
One-Time Charges1
Normalized 20102
3
NET SALES
Construction & DIY
$
4,446.1
$
4,446.1
$
1,295.3
Security
2,112.9
2,112.9
1,560.2
Industrial
1,850.6
1,850.6
881.6
Total
$
8,409.6
$
8,409.6
$
3,737.1
SEGMENT PROFIT
Construction & DIY
$
475.5
$
127.9
$
603.4
$
154.1
Security
306.0
43.4
349.4
307.0
Industrial
242.9
25.6
268.5
89.3
Segment Profit
1,024.4
196.9
1,221.3
550.4
Corporate Overhead
(244.5
)
80.9
(163.6
)
(66.0
)
Total
$
779.9
$
277.8
$
1,057.7
$
484.4
Segment Profit as a Percentage of Net Sales
Construction & DIY
10.7
%
13.6
%
11.9
%
Security
14.5
%
16.5
%
19.7
%
Industrial
13.1
%
14.5
%
10.1
%
Segment Profit
12.2
%
14.5
%
14.7
%
Corporate Overhead
-2.9
%
-1.9
%
-1.8
%
Total
9.3
%
12.6
%
13.0
%
1One-time charges relate primarily to the Black & Decker merger, including inventory step-up, facility closure-related charges, certain executive compensation and severance, and integration costs.
2 The normalized 2010 business segment information, as reconciled to GAAP above, is considered relevant to aid analysis of the company’s segment profit results aside from the material impact of the one-time charges associated with the Black & Decker merger.
3 The normalized 2009 business segment information, as reconciled to GAAP above, is considered relevant to aid analysis of the company’s segment profit results aside from the material impact of the one-time charges associated with the Black & Decker merger. Refer to “2009 Normalized Business Segment Information, as Reconciled to GAAP” on page 21.
-Page 18-
STANLEY BLACK & DECKER, INC. AND SUBSIDIARIES 2009 NORMALIZED CONSOLIDATED STATEMENTS OF OPERATIONS, AS RECONCILED TO GAAP (Unaudited, Millions of Dollars Except Per Share Amounts)
FOURTH QUARTER 2009
One-Time Charges
Normalized 2009
GAAP 2009
1
2
NET SALES
$
969.4
$
969.4
COSTS AND EXPENSES
Cost of sales
575.2
575.2
Gross margin
394.2
—
394.2
% to Net sales
40.7
%
40.7
%
Selling, general and administrative
269.0
(4.5
)
264.5
% to Net sales
27.7
%
27.3
%
Operating margin
125.2
4.5
129.7
% to Net sales
12.9
%
13.4
%
Other-net
44.0
(14.8
)
29.2
Restructuring charges and asset impairments
15.1
15.1
Income from operations
66.1
19.3
85.4
Interest-net
14.0
—
14.0
EARNINGS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
52.1
19.3
71.4
Income taxes (benefit)
(3.6
)
1.7
(1.9
)
NET EARNINGS FROM CONTINUING OPERATIONS
55.7
17.6
73.3
Less: net loss attributable to non-controlling interests
(0.2
)
—
(0.2
)
NET EARNINGS FROM CONTINUING OPERATIONS ATTRIBUTABLE TO COMMON SHAREOWNERS
55.9
17.6
73.5
Income tax benefit on discontinued operations
0.8
—
0.8
NET EARNINGS FROM DISCONTINUED OPERATIONS
0.8
—
0.8
NET EARNINGS ATTRIBUTABLE TO COMMON SHAREOWNERS
$
56.7
$
17.6
$
74.3
BASIC EARNINGS PER SHARE OF COMMON STOCK
Continuing operations
$
0.69
$
0.22
$
0.91
Discontinued operations
0.01
—
0.01
Total basic earnings per share of common stock
$
0.70
$
0.22
$
0.92
DILUTED EARNINGS PER SHARE OF COMMON STOCK
Continuing operations
$
0.68
$
0.22
$
0.90
Discontinued operations
0.01
—
0.01
Total diluted earnings per share of common stock
$
0.69
$
0.22
$
0.91
DIVIDENDS PER SHARE
$
0.33
$
0.33
AVERAGE SHARES OUTSTANDING (in thousands)
Basic
80,626
80,626
80,626
Diluted
81,663
81,663
81,663
1One-time charges are related to the Black & Decker merger transaction and integration planning costs.
2The normalized 2009 consolidated statement of operations, as reconciled to GAAP above, is considered relevant to aid analysis of the company’s margin and earnings results aside from the impact of the one-time charges associated with the Black & Decker merger.
-Page 19-
STANLEY BLACK & DECKER, INC. AND SUBSIDIARIES 2009 NORMALIZED CONSOLIDATED STATEMENTS OF OPERATIONS, AS RECONCILED TO GAAP (Unaudited, Millions of Dollars Except Per Share Amounts)
YEAR TO DATE 2009
One-Time Charges
Normalized 2009
GAAP 2009
1
2
NET SALES
$
3,737.1
$
3,737.1
COSTS AND EXPENSES
Cost of sales
2,228.8
2,228.8
Gross margin
1,508.3
—
1,508.3
% to Net sales
40.4
%
40.4
%
Selling, general and administrative
1,028.4
(4.5
)
1,023.9
% to Net sales
27.5
%
27.4
%
Operating margin
479.9
4.5
484.4
% to Net sales
12.8
%
13.0
%
Other-net
95.3
(14.8
)
80.5
Restructuring charges and asset impairments
40.7
40.7
Income from operations
343.9
19.3
363.2
Interest-net
60.6
—
60.6
EARNINGS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
283.3
19.3
302.6
Income taxes
54.5
1.7
56.2
NET EARNINGS FROM CONTINUING OPERATIONS
228.8
17.6
246.4
Less: net earnings attributable to non-controlling interests
2.0
—
2.0
NET EARNINGS FROM CONTINUING OPERATIONS ATTRIBUTABLE TO COMMON SHAREOWNERS
226.8
17.6
244.4
Loss from discontinued operations before income taxes
(5.8
)
—
(5.8
)
Income tax benefit on discontinued operations
(3.3
)
—
(3.3
)
NET LOSS FROM DISCONTINUED OPERATIONS
(2.5
)
—
(2.5
)
NET EARNINGS ATTRIBUTABLE TO COMMON SHAREOWNERS
$
224.3
$
17.6
$
241.9
BASIC (LOSS) EARNINGS PER SHARE OF COMMON STOCK
Continuing operations
$
2.84
$
0.22
$
3.06
Discontinued operations
(0.03
)
—
(0.03
)
Total basic earnings per share of common stock
$
2.81
$
0.22
$
3.03
DILUTED (LOSS) EARNINGS PER SHARE OF COMMON STOCK
Continuing operations
$
2.82
$
0.22
$
3.04
Discontinued operations
(0.03
)
—
(0.03
)
Total diluted earnings per share of common stock
$
2.79
$
0.22
$
3.01
DIVIDENDS PER SHARE
$
1.30
$
1.30
AVERAGE SHARES OUTSTANDING (in thousands)
Basic
79,788
79,788
79,788
Diluted
80,396
80,396
80,396
1One-time charges are related to the Black & Decker merger transaction and integration planning costs.
2The normalized 2009 consolidated statement of operations, as reconciled to GAAP above, is considered relevant to aid analysis of the company’s margin and earnings results aside from the impact of the one-time charges associated with the Black & Decker merger.
-Page 20-
STANLEY BLACK & DECKER, INC. AND SUBSIDIARIES 2009 NORMALIZED BUSINESS SEGMENT INFORMATION, AS RECONCILED TO GAAP (Unaudited, Millions of Dollars)
FOURTH QUARTER 2009
Normalized 2009
GAAP 2009
One-Time Charges1
2
NET SALES
Construction & DIY
$
340.3
$
340.3
Security
393.2
393.2
Industrial
235.9
235.9
Total
$
969.4
$
969.4
SEGMENT PROFIT
Construction & DIY
$
40.4
$
40.4
Security
78.3
78.3
Industrial
26.7
26.7
Segment Profit
145.4
—
145.4
Corporate Overhead
(20.2
)
4.5
(15.7
)
Total
$
125.2
$
4.5
$
129.7
Segment Profit as a Percentage of Net Sales
Construction & DIY
11.9
%
11.9
%
Security
19.9
%
19.9
%
Industrial
11.3
%
11.3
%
Segment Profit
15.0
%
15.0
%
Corporate Overhead
-2.1
%
-1.6
%
Total
12.9
%
13.4
%
1One-time charges are related to the Black & Decker merger transaction and integration planning costs.
2 The normalized 2009 business segment information, as reconciled to GAAP above, is considered relevant to aid analysis of the company’s segment profit results aside from the impact of the one-time charges associated with the Black & Decker merger.
7
-Page 21-
STANLEY BLACK & DECKER, INC. AND SUBSIDIARIES 2009 NORMALIZED BUSINESS SEGMENT INFORMATION, AS RECONCILED TO GAAP (Unaudited, Millions of Dollars)
YEAR TO DATE 2009
Normalized 2009
GAAP 2009
One-Time Charges1
2
NET SALES
Construction & DIY
$
1,295.3
$
1,295.3
Security
1,560.2
1,560.2
Industrial
881.6
881.6
Total
$
3,737.1
$
3,737.1
SEGMENT PROFIT
Construction & DIY
$
154.1
$
154.1
Security
307.0
307.0
Industrial
89.3
89.3
Segment Profit
550.4
—
550.4
Corporate Overhead
(70.5
)
4.5
(66.0
)
Total
$
479.9
4.5
$
484.4
Segment Profit as a Percentage of Net Sales
Construction & DIY
11.9
%
11.9
%
Security
19.7
%
19.7
%
Industrial
10.1
%
10.1
%
Segment Profit
14.7
%
14.7
%
Corporate Overhead
-1.9
%
-1.8
%
Total
12.8
%
13.0
%
1One-time charges are related to the Black & Decker merger transaction and integration planning costs.
2 The normalized 2009 business segment information, as reconciled to GAAP above, is considered relevant to aid analysis of the company’s segment profit results aside from the impact of the one-time charges associated with the Black & Decker merger.
8
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