SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) April 02, 2002
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THE BLACK & DECKER CORPORATION
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(Exact name of registrant as specified in its charter)
Maryland 1-1553 52-0248090
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(State of Incorporation) (Commission File Number) (I.R.S. Employer
Identification Number)
701 East Joppa Road, Towson, Maryland 21286
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 410-716-3900
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Not Applicable
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(Former name or former address, if changed since last report)
ITEM 5. OTHER EVENTS
As more fully described in Note 16 of Notes to Consolidated Financial Statements
included in Item 8 of the Corporation's Annual Report on Form 10-K for the year
ended December 31, 2001 ("Note 16"), the Corporation assesses the performance of
its reportable business segments based upon a number of factors, including
segment profit. For segment reporting purposes, segment assets and elements of
segment profit are translated using budgeted rates of exchange. Budgeted rates
of exchange are established annually and, once established, all prior period
segment data is updated to reflect the translation of segment assets and
elements of segment profit at the current year's budgeted rates of exchange.
Amounts included in the first table of Note 16 under the captions "Reportable
Business Segments" and "Corporate, Adjustments, & Eliminations" are reflected at
the Corporation's budgeted rates of exchange for 2001. The amounts included in
that table under the caption "Currency Translation Adjustments" represent the
difference between consolidated amounts determined using the budgeted rates of
exchange for 2001 and those determined based upon the rates of exchange
applicable under accounting principles generally accepted in the United States.
The Corporation has established budgeted rates of exchange for 2002 and,
accordingly, segment data for prior periods has been updated to reflect the
translation of segment assets and elements of segment profit at the budgeted
rates of exchange for 2002.
As more fully described in Note 1 of Notes to Consolidated Financial Statements
included in Item 8 of the Corporation's Annual Report on Form 10-K for the year
ended December 31, 2001, on January 1, 2002, the Corporation was required to
adopt Emerging Issues Task Force Issue No. 01-9, Accounting for Consideration
Given by a Vendor to a Customer or a Reseller of the Vendor's Products (EITF
01-9). Upon adoption of EITF 01-9, the Corporation was required to classify
certain payments to its customers as a reduction of sales. The Corporation
previously classified certain of these payments as selling expenses in its
Consolidated Statement of Earnings. Upon the adoption of EITF 01-9, prior period
amounts were restated and resulted in a reduction of sales (and an offsetting
reduction of selling expenses) of $87.5 million, $85.9 million, and $71.7
million for the years ended December 31, 2001, 2000, and 1999, respectively.
For informational purposes, the Corporation has included as Exhibit 99.0 to this
Current Report on Form 8-K selected unaudited supplemental information about its
business segments for 2001, 2000 and 1999 updated to reflect the translation of
elements of segment profit and certain other segment data at the budgeted rates
of exchange for 2002 and to reflect the reclassification of prior period amounts
in accordance with EITF 01-9.
As more fully described in Note 1 of Notes to Consolidated Financial Statements
included in Item 8 of the Corporation's Annual Report on Form 10-K for the year
ended December 31, 2001, the Corporation was required to adopt Statement of
Financial Accounting Standards (SFAS) No. 142, Goodwill and Other Intangible
Assets, effective January 1, 2002. SFAS No. 142 requires that intangible assets
with indefinite lives, including goodwill, not be amortized. SFAS No. 142 also
requires disclosure of certain information in the initial period of application
and in all periods thereafter until goodwill has been accounted for in
accordance with SFAS No. 142 in all periods presented.
For informational purposes, the Corporation has included as Exhibit 99.1 to this
Current Report on Form 8-K selected unaudited supplemental information about its
net earnings and its basic and diluted earnings per share for each of the three
years in the period ended December 31, 2001, and for each of the quarters in the
year ended December 31, 2001, to reflect the effect of excluding goodwill
amortization recorded in those periods.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
Exhibit 99.0 Selected unaudited supplemental information about the
Corporation's business segments for each of the three years in
the period ended December 31, 2001, and for each of the
quarters in the years ended December 31, 2001 and 2000.
Exhibit 99.1 Selected unaudited supplemental information about the
Corporation's net earnings and its basic and diluted earnings
per share for each of the three years in the period ended
December 31, 2001, and for each of the quarters in the year
ended December 31, 2001, to reflect the effect of excluding
goodwill amortization.
THE BLACK & DECKER CORPORATION
S I G N A T U R E S
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
THE BLACK & DECKER CORPORATION
By /s/ CHRISTINA M. MCMULLEN
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Christina M. McMullen
Vice President and Controller