þ
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
¨
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
STANLEY BLACK & DECKER, INC.
|
CONNECTICUT
|
|
06-0548860
|
(STATE OR OTHER JURISDICTION OF
INCORPORATION OR ORGANIZATION)
|
|
(I.R.S. EMPLOYER
IDENTIFICATION NUMBER)
|
|
|
|
|
|
|
1000 STANLEY DRIVE
NEW BRITAIN, CONNECTICUT
|
|
06053
|
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)
|
|
(ZIP CODE)
|
(860) 225-5111
|
|
|
|
Year-to-Date
|
||||||
|
2019
|
|
2018
|
||||
Net Sales
|
$
|
3,333.6
|
|
|
$
|
3,209.3
|
|
Costs and Expenses
|
|
|
|
||||
Cost of sales
|
$
|
2,228.0
|
|
|
$
|
2,043.6
|
|
Selling, general and administrative
|
760.6
|
|
|
778.8
|
|
||
Provision for doubtful accounts
|
18.3
|
|
|
6.8
|
|
||
Other, net
|
65.4
|
|
|
58.0
|
|
||
Restructuring charges
|
8.7
|
|
|
22.9
|
|
||
Interest expense
|
74.4
|
|
|
63.2
|
|
||
Interest income
|
(16.6
|
)
|
|
(15.8
|
)
|
||
|
$
|
3,138.8
|
|
|
$
|
2,957.5
|
|
Earnings before income taxes and equity interest
|
194.8
|
|
|
251.8
|
|
||
Income taxes
|
24.7
|
|
|
81.7
|
|
||
Net earnings before equity interest
|
$
|
170.1
|
|
|
$
|
170.1
|
|
Share of net earnings of equity method investment
|
0.3
|
|
|
—
|
|
||
Net earnings
|
$
|
170.4
|
|
|
$
|
170.1
|
|
Less: Net gain (loss) attributable to non-controlling interests
|
0.5
|
|
|
(0.5
|
)
|
||
Net Earnings Attributable to Common Shareowners
|
$
|
169.9
|
|
|
$
|
170.6
|
|
Total Comprehensive Income Attributable to Common Shareowners
|
$
|
170.9
|
|
|
$
|
266.4
|
|
Earnings per share of common stock:
|
|
|
|
||||
Basic
|
$
|
1.15
|
|
|
$
|
1.13
|
|
Diluted
|
$
|
1.13
|
|
|
$
|
1.11
|
|
Dividends per share of common stock
|
$
|
0.66
|
|
|
$
|
0.63
|
|
Weighted-average shares outstanding (in thousands):
|
|
|
|
||||
Basic
|
147,863
|
|
|
150,612
|
|
||
Diluted
|
149,908
|
|
|
153,905
|
|
|
March 30,
2019 |
|
December 29,
2018 |
||||
ASSETS
|
|
|
|
||||
Current Assets
|
|
|
|
||||
Cash and cash equivalents
|
$
|
281.8
|
|
|
$
|
288.7
|
|
Accounts and notes receivable, net
|
1,882.1
|
|
|
1,607.8
|
|
||
Inventories, net
|
2,791.6
|
|
|
2,373.5
|
|
||
Other current assets
|
298.4
|
|
|
299.4
|
|
||
Total Current Assets
|
5,253.9
|
|
|
4,569.4
|
|
||
Property, plant and equipment, net
|
1,927.4
|
|
|
1,915.2
|
|
||
Goodwill
|
9,265.9
|
|
|
8,956.7
|
|
||
Intangibles, net
|
3,762.4
|
|
|
3,484.4
|
|
||
Other assets
|
1,250.7
|
|
|
482.3
|
|
||
Total Assets
|
$
|
21,460.3
|
|
|
$
|
19,408.0
|
|
LIABILITIES AND SHAREOWNERS' EQUITY
|
|
|
|
||||
Current Liabilities
|
|
|
|
||||
Short-term borrowings
|
$
|
1,780.7
|
|
|
$
|
376.1
|
|
Current maturities of long-term debt
|
3.1
|
|
|
2.5
|
|
||
Accounts payable
|
2,264.3
|
|
|
2,233.2
|
|
||
Accrued expenses
|
1,718.1
|
|
|
1,389.8
|
|
||
Total Current Liabilities
|
5,766.2
|
|
|
4,001.6
|
|
||
Long-term debt
|
3,909.4
|
|
|
3,819.8
|
|
||
Deferred taxes
|
744.4
|
|
|
705.3
|
|
||
Post-retirement benefits
|
581.8
|
|
|
595.4
|
|
||
Other liabilities
|
2,521.8
|
|
|
2,446.0
|
|
||
Commitments and Contingencies (
Notes R and S
)
|
|
|
|
|
|
||
Shareowners’ Equity
|
|
|
|
||||
Stanley Black & Decker, Inc. Shareowners’ Equity
|
|
|
|
||||
Preferred stock, without par value:
Authorized 10,000,000 shares in 2019 and 2018 Issued and outstanding 750,000 shares in 2019 and 2018 |
750.0
|
|
|
750.0
|
|
||
Common stock, par value $2.50 per share:
Authorized 300,000,000 shares in 2019 and 2018 Issued 176,902,738 shares in 2019 and 2018 |
442.3
|
|
|
442.3
|
|
||
Retained earnings
|
6,291.3
|
|
|
6,219.0
|
|
||
Additional paid in capital
|
4,622.5
|
|
|
4,621.0
|
|
||
Accumulated other comprehensive loss
|
(1,813.3
|
)
|
|
(1,814.3
|
)
|
||
ESOP
|
(6.3
|
)
|
|
(10.5
|
)
|
||
|
10,286.5
|
|
|
10,207.5
|
|
||
Less: cost of common stock in treasury
|
(2,354.0
|
)
|
|
(2,371.3
|
)
|
||
Stanley Black & Decker, Inc. Shareowners’ Equity
|
7,932.5
|
|
|
7,836.2
|
|
||
Non-controlling interests
|
4.2
|
|
|
3.7
|
|
||
Total Shareowners’ Equity
|
7,936.7
|
|
|
7,839.9
|
|
||
Total Liabilities and Shareowners’ Equity
|
$
|
21,460.3
|
|
|
$
|
19,408.0
|
|
|
Year-to-Date
|
||||||
|
2019
|
|
2018
|
||||
OPERATING ACTIVITIES
|
|
|
|
||||
Net earnings
|
$
|
170.4
|
|
|
$
|
170.1
|
|
Adjustments to reconcile net earnings to cash used in operating activities:
|
|
|
|
||||
Depreciation and amortization of property, plant and equipment
|
94.0
|
|
|
81.3
|
|
||
Amortization of intangibles
|
43.8
|
|
|
42.3
|
|
||
Share of net earnings of equity method investment
|
(0.3
|
)
|
|
—
|
|
||
Changes in working capital
|
(616.8
|
)
|
|
(544.3
|
)
|
||
Changes in other assets and liabilities
|
(122.4
|
)
|
|
(98.8
|
)
|
||
Cash used in operating activities
|
(431.3
|
)
|
|
(349.4
|
)
|
||
INVESTING ACTIVITIES
|
|
|
|
||||
Capital and software expenditures
|
(89.6
|
)
|
|
(106.3
|
)
|
||
Business acquisitions, net of cash acquired
|
(676.2
|
)
|
|
(1.2
|
)
|
||
Purchase of investments
|
(245.4
|
)
|
|
(4.0
|
)
|
||
Net investment hedge settlements
|
3.9
|
|
|
(17.5
|
)
|
||
Other
|
—
|
|
|
2.7
|
|
||
Cash used in investing activities
|
(1,007.3
|
)
|
|
(126.3
|
)
|
||
FINANCING ACTIVITIES
|
|
|
|
||||
Payment on long-term debt
|
(400.0
|
)
|
|
—
|
|
||
Proceeds from debt issuance, net of fees
|
496.9
|
|
|
—
|
|
||
Stock purchase contract fees
|
(10.1
|
)
|
|
(10.1
|
)
|
||
Net short-term borrowings
|
1,419.9
|
|
|
382.0
|
|
||
Premium paid on equity option
|
—
|
|
|
(57.3
|
)
|
||
Proceeds from issuances of common stock
|
10.2
|
|
|
13.1
|
|
||
Purchases of common stock for treasury
|
(8.1
|
)
|
|
(11.4
|
)
|
||
Cash dividends on common stock
|
(97.6
|
)
|
|
(94.9
|
)
|
||
Other
|
(3.0
|
)
|
|
(5.5
|
)
|
||
Cash provided by financing activities
|
1,408.2
|
|
|
215.9
|
|
||
Effect of exchange rate changes on cash, cash equivalents and restricted cash
|
4.8
|
|
|
27.9
|
|
||
Change in cash, cash equivalents and restricted cash
|
(25.6
|
)
|
|
(231.9
|
)
|
||
Cash, cash equivalents and restricted cash, beginning of period
|
311.4
|
|
|
655.1
|
|
||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD
|
$
|
285.8
|
|
|
$
|
423.2
|
|
|
March 30, 2019
|
|
December 29, 2018
|
||||
Cash and cash equivalents
|
$
|
281.8
|
|
|
$
|
288.7
|
|
Restricted cash included in Other current assets
|
4.0
|
|
|
22.7
|
|
||
Cash, cash equivalents and restricted cash
|
$
|
285.8
|
|
|
$
|
311.4
|
|
|
Preferred
Stock |
|
Common
Stock |
|
Additional
Paid In Capital |
|
Retained
Earnings |
|
Accumulated
Other Comprehensive Loss |
|
ESOP
|
|
Treasury
Stock |
|
Non-
Controlling Interests |
|
Shareowners’
Equity |
||||||||||||||||||
Balance December 29, 2018
|
$
|
750.0
|
|
|
$
|
442.3
|
|
|
$
|
4,621.0
|
|
|
$
|
6,219.0
|
|
|
$
|
(1,814.3
|
)
|
|
$
|
(10.5
|
)
|
|
$
|
(2,371.3
|
)
|
|
$
|
3.7
|
|
|
$
|
7,839.9
|
|
Net earnings
|
—
|
|
|
—
|
|
|
—
|
|
|
169.9
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.5
|
|
|
170.4
|
|
|||||||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1.0
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1.0
|
|
|||||||||
Cash dividends declared — $0.66 per share
|
—
|
|
|
—
|
|
|
—
|
|
|
(97.6
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(97.6
|
)
|
|||||||||
Issuance of common stock
|
—
|
|
|
—
|
|
|
(15.2
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
25.4
|
|
|
—
|
|
|
10.2
|
|
|||||||||
Repurchase of common stock (61,663 shares)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(8.1
|
)
|
|
—
|
|
|
(8.1
|
)
|
|||||||||
Stock-based compensation related
|
—
|
|
|
—
|
|
|
16.7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
16.7
|
|
|||||||||
ESOP
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4.2
|
|
|
—
|
|
|
—
|
|
|
4.2
|
|
|||||||||
Balance March 30, 2019
|
$
|
750.0
|
|
|
$
|
442.3
|
|
|
$
|
4,622.5
|
|
|
$
|
6,291.3
|
|
|
$
|
(1,813.3
|
)
|
|
$
|
(6.3
|
)
|
|
$
|
(2,354.0
|
)
|
|
$
|
4.2
|
|
|
$
|
7,936.7
|
|
|
Preferred
Stock |
|
Common
Stock |
|
Additional
Paid In Capital |
|
Retained
Earnings |
|
Accumulated
Other Comprehensive Loss |
|
ESOP
|
|
Treasury
Stock |
|
Non-
Controlling Interests |
|
Shareowners’
Equity |
||||||||||||||||||
Balance December 30, 2017
|
$
|
750.0
|
|
|
$
|
442.3
|
|
|
$
|
4,643.2
|
|
|
$
|
5,998.7
|
|
|
$
|
(1,589.1
|
)
|
|
$
|
(18.8
|
)
|
|
$
|
(1,924.1
|
)
|
|
$
|
2.8
|
|
|
$
|
8,305.0
|
|
Net earnings
|
—
|
|
|
—
|
|
|
—
|
|
|
170.6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.5
|
)
|
|
170.1
|
|
|||||||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
95.8
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
95.8
|
|
|||||||||
Cash dividends declared — $0.63 per share
|
—
|
|
|
—
|
|
|
—
|
|
|
(94.8
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(94.8
|
)
|
|||||||||
Issuance of common stock
|
—
|
|
|
—
|
|
|
(13.0
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
26.1
|
|
|
—
|
|
|
13.1
|
|
|||||||||
Repurchase of common stock (69,880 shares)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(11.4
|
)
|
|
—
|
|
|
(11.4
|
)
|
|||||||||
Premium paid on equity option
|
—
|
|
|
—
|
|
|
(57.3
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(57.3
|
)
|
|||||||||
Non-controlling interest dissolution
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.3
|
|
|
0.3
|
|
|||||||||
Stock-based compensation related
|
—
|
|
|
—
|
|
|
17.7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
17.7
|
|
|||||||||
ESOP
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3.3
|
|
|
—
|
|
|
—
|
|
|
3.3
|
|
|||||||||
Balance March 31, 2018
|
$
|
750.0
|
|
|
$
|
442.3
|
|
|
$
|
4,590.6
|
|
|
$
|
6,074.5
|
|
|
$
|
(1,493.3
|
)
|
|
$
|
(15.5
|
)
|
|
$
|
(1,909.4
|
)
|
|
$
|
2.6
|
|
|
$
|
8,441.8
|
|
A.
|
SIGNIFICANT ACCOUNTING POLICIES
|
C.
|
EARNINGS PER SHARE
|
|
|
Year-to-Date
|
||||||
|
|
2019
|
|
2018
|
||||
Numerator (in millions):
|
|
|
|
|
||||
Net Earnings Attributable to Common Shareowners
|
|
$
|
169.9
|
|
|
$
|
170.6
|
|
|
|
|
|
|
||||
Denominator (in thousands):
|
|
|
|
|
||||
Basic weighted-average shares outstanding
|
|
147,863
|
|
|
150,612
|
|
||
Dilutive effect of stock contracts and awards
|
|
2,045
|
|
|
3,293
|
|
||
Diluted weighted-average shares outstanding
|
|
149,908
|
|
|
153,905
|
|
||
Earnings per share of common stock:
|
|
|
|
|
||||
Basic
|
|
$
|
1.15
|
|
|
$
|
1.13
|
|
Diluted
|
|
$
|
1.13
|
|
|
$
|
1.11
|
|
|
|
Year-to-Date
|
||||
|
|
2019
|
|
2018
|
||
Number of stock options
|
|
2,326
|
|
|
1,164
|
|
(Millions of Dollars)
|
March 30, 2019
|
|
December 29, 2018
|
||||
Trade accounts receivable
|
$
|
1,718.2
|
|
|
$
|
1,437.1
|
|
Trade notes receivable
|
137.5
|
|
|
150.0
|
|
||
Other accounts receivable
|
146.5
|
|
|
122.7
|
|
||
Gross accounts and notes receivable
|
$
|
2,002.2
|
|
|
$
|
1,709.8
|
|
Allowance for doubtful accounts
|
(120.1
|
)
|
|
(102.0
|
)
|
||
Accounts and notes receivable, net
|
$
|
1,882.1
|
|
|
$
|
1,607.8
|
|
Long-term receivables, net
|
$
|
154.8
|
|
|
$
|
153.7
|
|
(Millions of Dollars)
|
|
Total
|
|
Within 1 Year
|
|
2 Years
|
|
3 Years
|
|
4 Years
|
|
5 Years
|
|
Thereafter
|
||||||||||||||
Finance receivables
|
|
$
|
218.9
|
|
|
$
|
78.8
|
|
|
$
|
58.4
|
|
|
$
|
47.6
|
|
|
$
|
25.3
|
|
|
$
|
8.7
|
|
|
$
|
0.1
|
|
Operating leases
|
|
$
|
52.0
|
|
|
$
|
49.7
|
|
|
$
|
1.6
|
|
|
$
|
0.6
|
|
|
$
|
0.1
|
|
|
$
|
—
|
|
|
$
|
—
|
|
(Millions of Dollars)
|
|
Year-to-Date 2019
|
||
Sales-type lease revenue
|
|
$
|
21.9
|
|
Lease interest revenue
|
|
3.2
|
|
|
Operating lease revenue
|
|
36.7
|
|
|
Total lease revenue
|
|
$
|
61.8
|
|
Sales-type lease profit
|
|
$
|
8.7
|
|
E.
|
INVENTORIES
|
(Millions of Dollars)
|
March 30, 2019
|
|
December 29, 2018
|
||||
Finished products
|
$
|
2,008.5
|
|
|
$
|
1,707.4
|
|
Work in process
|
170.7
|
|
|
150.8
|
|
||
Raw materials
|
612.4
|
|
|
515.3
|
|
||
Total
|
$
|
2,791.6
|
|
|
$
|
2,373.5
|
|
|
|
First Quarter
|
||||||
(Millions of Dollars, except per share amounts)
|
|
2019
|
|
2018
|
||||
Net sales
|
|
$
|
3,409.7
|
|
|
$
|
3,375.4
|
|
Net earnings attributable to common shareowners
|
|
$
|
182.5
|
|
|
$
|
162.8
|
|
Diluted earnings per share
|
|
$
|
1.22
|
|
|
$
|
1.06
|
|
•
|
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 acquisition accounting that would have been incurred from December 30, 2018 to the acquisition dates.
|
•
|
Because the 2019 acquisitions were assumed to occur on December 31, 2017, there were no acquisition-related costs or inventory step-up charges factored into the 2019 pro-forma period, as such expenses would have occurred in the first year following the assumed acquisition date.
|
•
|
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 acquisition accounting that would have been incurred from December 31, 2017 to March 31, 2018 for the 2018 and 2019 acquisitions.
|
•
|
Depreciation expense for the property, plant, and equipment fair value adjustments that would have been incurred from December 31, 2017 to March 31, 2018.
|
•
|
Additional expense for acquisition-related costs and inventory step-up charges relating to the 2019 acquisitions, as such expenses would have been incurred from December 31, 2017 to March 31, 2018.
|
•
|
Because the 2018 acquisitions were assumed to occur on January 1, 2017, there were no acquisition-related costs or inventory step-up charges factored into the 2018 pro-forma period, as such expenses would have occurred in the first year following the assumed acquisition date.
|
(Millions of Dollars)
|
Tools & Storage
|
|
Industrial
|
|
Security
|
|
Total
|
||||||||
Balance December 29, 2018
|
$
|
5,154.3
|
|
|
$
|
1,679.7
|
|
|
$
|
2,122.7
|
|
|
$
|
8,956.7
|
|
Acquisition adjustments
|
(0.9
|
)
|
|
323.1
|
|
|
0.9
|
|
|
323.1
|
|
||||
Foreign currency translation and other
|
8.4
|
|
|
(8.0
|
)
|
|
(14.3
|
)
|
|
(13.9
|
)
|
||||
Balance March 30, 2019
|
$
|
5,161.8
|
|
|
$
|
1,994.8
|
|
|
$
|
2,109.3
|
|
|
$
|
9,265.9
|
|
|
|
|
March 30, 2019
|
|
December 29, 2018
|
||||||||||||||||||||||||
(Millions of Dollars)
|
Interest Rate
|
|
Original Notional
|
|
Unamortized Discount
|
|
Unamortized Gain/(Loss) Terminated Swaps
1
|
|
Purchase Accounting FV Adjustment
|
|
Deferred Financing Fees
|
|
Carrying Value
|
|
Carrying Value
2
|
||||||||||||||
Notes payable due 2021
|
3.40%
|
|
$
|
400.0
|
|
|
$
|
(0.1
|
)
|
|
$
|
9.3
|
|
|
$
|
—
|
|
|
$
|
(0.9
|
)
|
|
$
|
408.3
|
|
|
$
|
409.1
|
|
Notes payable due 2022
|
2.90%
|
|
754.3
|
|
|
(0.2
|
)
|
|
—
|
|
|
—
|
|
|
(2.3
|
)
|
|
751.8
|
|
|
751.6
|
|
|||||||
Notes payable due 2026
|
3.40%
|
|
500.0
|
|
|
(0.7
|
)
|
|
—
|
|
|
—
|
|
|
(3.2
|
)
|
|
496.1
|
|
|
—
|
|
|||||||
Notes payable due 2028
|
7.05%
|
|
150.0
|
|
|
—
|
|
|
10.1
|
|
|
9.8
|
|
|
—
|
|
|
169.9
|
|
|
170.4
|
|
|||||||
Notes payable due 2028
|
4.25%
|
|
500.0
|
|
|
(0.4
|
)
|
|
—
|
|
|
—
|
|
|
(4.2
|
)
|
|
495.4
|
|
|
495.7
|
|
|||||||
Notes payable due 2040
|
5.20%
|
|
400.0
|
|
|
(0.3
|
)
|
|
(31.5
|
)
|
|
—
|
|
|
(2.9
|
)
|
|
365.3
|
|
|
364.9
|
|
|||||||
Notes payable due 2048
|
4.85%
|
|
500.0
|
|
|
(0.5
|
)
|
|
—
|
|
|
—
|
|
|
(5.5
|
)
|
|
494.0
|
|
|
494.4
|
|
|||||||
Notes payable due 2052 (junior subordinated)
|
5.75%
|
|
750.0
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(18.3
|
)
|
|
731.7
|
|
|
731.6
|
|
|||||||
Notes payable due 2053 (junior subordinated)
|
7.08%
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
396.7
|
|
|||||||
Other, payable in varying amounts through 2022
|
0.00% - 4.50%
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7.9
|
|
|||||||
Total long-term debt, including current maturities
|
|
|
$
|
3,954.3
|
|
|
$
|
(2.2
|
)
|
|
$
|
(12.1
|
)
|
|
$
|
9.8
|
|
|
$
|
(37.3
|
)
|
|
$
|
3,912.5
|
|
|
$
|
3,822.3
|
|
Less: Current maturities of long-term debt
|
|
|
|
|
|
|
|
|
|
|
|
|
(3.1
|
)
|
|
(2.5
|
)
|
||||||||||||
Long-term debt
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
3,909.4
|
|
|
$
|
3,819.8
|
|
(Millions of Dollars)
|
Balance Sheet
Classification |
|
March 30, 2019
|
|
December 29, 2018
|
|
Balance Sheet
Classification |
|
March 30, 2019
|
|
December 29, 2018
|
||||||||
Derivatives designated as hedging instruments:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Interest Rate Contracts Cash Flow
|
LT other assets
|
|
$
|
—
|
|
|
$
|
—
|
|
|
LT other liabilities
|
|
$
|
9.9
|
|
|
$
|
—
|
|
Foreign Exchange Contracts Cash Flow
|
Other current assets
|
|
19.9
|
|
|
18.1
|
|
|
Accrued expenses
|
|
1.0
|
|
|
0.6
|
|
||||
|
LT other assets
|
|
1.1
|
|
|
—
|
|
|
LT other liabilities
|
|
—
|
|
|
—
|
|
||||
Net Investment Hedge
|
Other current assets
|
|
29.1
|
|
|
5.7
|
|
|
Accrued expenses
|
|
4.7
|
|
|
1.5
|
|
||||
|
LT other assets
|
|
—
|
|
|
—
|
|
|
LT other liabilities
|
|
11.2
|
|
|
13.8
|
|
||||
Non-derivative designated as hedging instrument:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net Investment Hedge
|
|
|
—
|
|
|
—
|
|
|
Short-term borrowings
|
|
898.1
|
|
|
228.9
|
|
||||
Total designated as hedging
|
|
|
$
|
50.1
|
|
|
$
|
23.8
|
|
|
|
|
$
|
924.9
|
|
|
$
|
244.8
|
|
Derivatives not designated as hedging instruments:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Foreign Exchange Contracts
|
Other current assets
|
|
$
|
5.4
|
|
|
$
|
9.1
|
|
|
Accrued expenses
|
|
$
|
9.4
|
|
|
$
|
5.4
|
|
Total
|
|
|
$
|
55.5
|
|
|
$
|
32.9
|
|
|
|
|
$
|
934.3
|
|
|
$
|
250.2
|
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-Date 2019
|
||||||||||||
(Millions of Dollars)
|
|
Gain (Loss)
Recorded in OCI |
|
Classification of
Gain (Loss) Reclassified from OCI to Income |
|
Gain (Loss)
Reclassified from OCI to Income |
|
Gain (Loss)
Recognized in Income on Amounts Excluded from Effectiveness Testing |
||||||
Interest Rate Contracts
|
|
$
|
(10.9
|
)
|
|
Interest expense
|
|
$
|
(4.0
|
)
|
|
$
|
—
|
|
Foreign Exchange Contracts
|
|
$
|
7.0
|
|
|
Cost of sales
|
|
$
|
(0.2
|
)
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-Date 2018
|
||||||||||||
(Millions of Dollars)
|
|
Gain (Loss)
Recorded in OCI |
|
Classification of
Gain (Loss) Reclassified from OCI to Income |
|
Gain (Loss)
Reclassified from OCI to Income |
|
Gain (Loss)
Recognized in Income on Amounts Excluded from Effectiveness Testing |
||||||
Interest Rate Contracts
|
|
$
|
18.0
|
|
|
Interest expense
|
|
$
|
(3.8
|
)
|
|
$
|
—
|
|
Foreign Exchange Contracts
|
|
$
|
(6.7
|
)
|
|
Cost of sales
|
|
$
|
(2.8
|
)
|
|
$
|
—
|
|
|
Year-to-Date 2019
|
||||||
(Millions of Dollars)
|
Cost of Sales
|
|
Interest Expense
|
||||
Total amount in the Consolidated Statements of Operations and Comprehensive Income in which the effects of the cash flow hedges are recorded
|
$
|
2,228.0
|
|
|
$
|
74.4
|
|
Gain (loss) on cash flow hedging relationships:
|
|
|
|
||||
Foreign Exchange Contracts:
|
|
|
|
||||
Hedged Items
|
$
|
0.2
|
|
|
$
|
—
|
|
Gain (loss) reclassified from OCI into Income
|
$
|
(0.2
|
)
|
|
$
|
—
|
|
Interest Rate Swap Agreements:
|
|
|
|
||||
Gain (loss) reclassified from OCI into Income
1
|
$
|
—
|
|
|
$
|
(4.0
|
)
|
|
Year-to-Date 2018
|
||||||
(Millions of Dollars)
|
Cost of Sales
|
|
Interest Expense
|
||||
Total amount in the Consolidated Statements of Operations and Comprehensive Income in which the effects of the cash flow hedges are recorded
|
$
|
2,043.6
|
|
|
$
|
63.2
|
|
Gain (loss) on cash flow hedging relationships:
|
|
|
|
||||
Foreign Exchange Contracts:
|
|
|
|
||||
Hedged Items
|
$
|
2.8
|
|
|
$
|
—
|
|
Gain (loss) reclassified from OCI into Income
|
$
|
(2.8
|
)
|
|
$
|
—
|
|
Interest Rate Swap Agreements:
|
|
|
|
||||
Gain (loss) reclassified from OCI into Income
1
|
$
|
—
|
|
|
$
|
(3.8
|
)
|
(Millions of Dollars)
|
Year-to-Date 2019
Interest Expense |
|
Year-to-Date 2018
Interest Expense |
||||
Total amount in the Consolidated Statements of Operations and Comprehensive Income in which the effects of the fair value hedges are recorded
|
$
|
74.4
|
|
|
$
|
63.2
|
|
Amortization of gain on terminated swaps
|
$
|
(5.4
|
)
|
|
$
|
(0.8
|
)
|
|
|
March 30, 2019
|
||||||||
(Millions of Dollars)
|
|
Carrying Amount of Hedged Liability
(1)
|
|
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Liability
|
||||||
Current Maturities of Long-Term Debt
|
|
$
|
3.1
|
|
|
Terminated Swaps
|
|
$
|
3.1
|
|
Long-Term Debt
|
|
$
|
3,909.4
|
|
|
Terminated Swaps
|
|
$
|
(15.2
|
)
|
|
|
December 29, 2018
|
||||||||
(Millions of Dollars)
|
|
Carrying Amount of Hedged Liability
(1)
|
|
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Liability
|
||||||
Current Maturities of Long-Term Debt
|
|
$
|
2.5
|
|
|
Terminated Swaps
|
|
$
|
2.1
|
|
Long-Term Debt
|
|
$
|
3,819.8
|
|
|
Terminated Swaps
|
|
$
|
(10.0
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-Date 2019
|
||||||||||||||||
(Millions of Dollars)
|
|
Total Gain (Loss) Recorded in OCI
|
|
Excluded Component Recorded in OCI
|
|
Income Statement Classification
|
|
Total Gain (Loss) Reclassified from OCI to Income
|
|
Excluded Component Amortized from OCI to Income
|
||||||||
Forward Contracts
|
|
$
|
(1.2
|
)
|
|
$
|
4.2
|
|
|
Other, net
|
|
$
|
1.0
|
|
|
$
|
1.0
|
|
Cross Currency Swap
|
|
$
|
25.9
|
|
|
$
|
13.4
|
|
|
Other, net
|
|
$
|
7.7
|
|
|
$
|
7.7
|
|
Option Contracts
|
|
$
|
(1.0
|
)
|
|
$
|
—
|
|
|
Other, net
|
|
$
|
—
|
|
|
$
|
—
|
|
Non-derivative designated as Net Investment Hedge
|
|
$
|
15.6
|
|
|
$
|
—
|
|
|
Other, net
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
Year-to-Date 2018
|
||||||||||||||||
(Millions of Dollars)
|
|
Total Gain (Loss) Recorded in OCI
|
|
Excluded Component Recorded in OCI
|
|
Income Statement Classification
|
|
Total Gain (Loss) Reclassified from OCI to Income
|
|
Excluded Component Amortized from OCI to Income
|
||||||||
Forward Contracts
|
|
$
|
(26.5
|
)
|
|
$
|
3.9
|
|
|
Other, net
|
|
$
|
1.8
|
|
|
$
|
1.8
|
|
Cross Currency Swap
|
|
$
|
1.5
|
|
|
$
|
6.9
|
|
|
Other, net
|
|
$
|
1.7
|
|
|
$
|
1.7
|
|
Option Contracts
|
|
$
|
(3.5
|
)
|
|
$
|
—
|
|
|
Other, net
|
|
$
|
—
|
|
|
$
|
—
|
|
Non-derivative designated as Net Investment Hedge
|
|
$
|
(12.6
|
)
|
|
$
|
—
|
|
|
Other, net
|
|
$
|
—
|
|
|
$
|
—
|
|
(Millions of Dollars)
|
Income Statement
Classification |
|
Year-to-Date 2019
Amount of Gain (Loss) Recorded in Income on Derivative |
|
Year-to-Date 2018
Amount of Gain (Loss) Recorded in Income on Derivative |
||||
Foreign Exchange Contracts
|
Other, net
|
|
$
|
2.3
|
|
|
$
|
17.1
|
|
(Millions of Dollars)
|
|
Currency translation adjustment and other
|
|
Unrealized (losses) gains on cash flow hedges, net of tax
|
|
Unrealized gains (losses) on net investment hedges, net of tax
|
|
Pension (losses) gains, net of tax
|
|
Total
|
||||||||||
Balance - December 29, 2018
|
|
$
|
(1,481.2
|
)
|
|
$
|
(26.8
|
)
|
|
$
|
63.3
|
|
|
$
|
(369.6
|
)
|
|
$
|
(1,814.3
|
)
|
Other comprehensive (loss) income before reclassifications
|
|
(18.9
|
)
|
|
(4.3
|
)
|
|
29.2
|
|
|
(3.4
|
)
|
|
2.6
|
|
|||||
Reclassification adjustments to earnings
|
|
—
|
|
|
2.1
|
|
|
(6.6
|
)
|
|
2.9
|
|
|
(1.6
|
)
|
|||||
Net other comprehensive (loss) income
|
|
(18.9
|
)
|
|
(2.2
|
)
|
|
22.6
|
|
|
(0.5
|
)
|
|
1.0
|
|
|||||
Balance - March 30, 2019
|
|
$
|
(1,500.1
|
)
|
|
$
|
(29.0
|
)
|
|
$
|
85.9
|
|
|
$
|
(370.1
|
)
|
|
$
|
(1,813.3
|
)
|
(Millions of Dollars)
|
|
Currency translation adjustment and other
|
|
Unrealized (losses) gains on cash flow hedges, net of tax
|
|
Unrealized gains (losses) on net investment hedges, net of tax
|
|
Pension gains (losses), net of tax
|
|
Total
|
||||||||||
Balance - December 30, 2017
|
|
$
|
(1,108.2
|
)
|
|
$
|
(112.6
|
)
|
|
$
|
3.4
|
|
|
$
|
(371.7
|
)
|
|
$
|
(1,589.1
|
)
|
Other comprehensive income (loss) before reclassifications
|
|
122.9
|
|
|
8.3
|
|
|
(32.9
|
)
|
|
(7.2
|
)
|
|
91.1
|
|
|||||
Reclassification adjustments to earnings
|
|
—
|
|
|
4.6
|
|
|
(2.8
|
)
|
|
2.9
|
|
|
4.7
|
|
|||||
Net other comprehensive income (loss)
|
|
122.9
|
|
|
12.9
|
|
|
(35.7
|
)
|
|
(4.3
|
)
|
|
95.8
|
|
|||||
Balance - March 31, 2018
|
|
$
|
(985.3
|
)
|
|
$
|
(99.7
|
)
|
|
$
|
(32.3
|
)
|
|
$
|
(376.0
|
)
|
|
$
|
(1,493.3
|
)
|
(Millions of Dollars)
|
|
2019
|
|
2018
|
|
Affected line item in Consolidated Statements of Operations And Comprehensive Income
|
||||
Realized losses on cash flow hedges
|
|
$
|
(0.2
|
)
|
|
$
|
(2.8
|
)
|
|
Cost of sales
|
Realized losses on cash flow hedges
|
|
(4.0
|
)
|
|
(3.8
|
)
|
|
Interest expense
|
||
Total before taxes
|
|
$
|
(4.2
|
)
|
|
$
|
(6.6
|
)
|
|
|
Tax effect
|
|
2.1
|
|
|
2.0
|
|
|
Income taxes
|
||
Realized losses on cash flow hedges, net of tax
|
|
$
|
(2.1
|
)
|
|
$
|
(4.6
|
)
|
|
|
|
|
|
|
|
|
|
||||
Realized gains on net investment hedges
|
|
$
|
8.7
|
|
|
$
|
3.5
|
|
|
Other, net
|
Tax effect
|
|
(2.1
|
)
|
|
(0.7
|
)
|
|
Income taxes
|
||
Realized gains on net investment hedges, net of tax
|
|
$
|
6.6
|
|
|
$
|
2.8
|
|
|
|
|
|
|
|
|
|
|
||||
Amortization of defined benefit pension items:
|
|
|
|
|
|
|
||||
Actuarial losses and prior service costs / credits
|
|
$
|
(3.8
|
)
|
|
$
|
(3.8
|
)
|
|
Other, net
|
Tax effect
|
|
0.9
|
|
|
0.9
|
|
|
Income taxes
|
||
Amortization of defined benefit pension items, net of tax
|
|
$
|
(2.9
|
)
|
|
$
|
(2.9
|
)
|
|
|
|
Year-to-Date
|
||||||||||||||||||||||
|
Pension Benefits
|
|
Other Benefits
|
||||||||||||||||||||
|
U.S. Plans
|
|
Non-U.S. Plans
|
|
All Plans
|
||||||||||||||||||
(Millions of Dollars)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||||||
Service cost
|
$
|
3.0
|
|
|
$
|
1.8
|
|
|
$
|
3.7
|
|
|
$
|
3.9
|
|
|
$
|
0.1
|
|
|
$
|
0.1
|
|
Interest cost
|
11.8
|
|
|
10.4
|
|
|
7.7
|
|
|
7.5
|
|
|
0.4
|
|
|
0.4
|
|
||||||
Expected return on plan assets
|
(15.4
|
)
|
|
(16.8
|
)
|
|
(11.6
|
)
|
|
(12.2
|
)
|
|
—
|
|
|
—
|
|
||||||
Amortization of prior service cost (credit)
|
0.2
|
|
|
0.2
|
|
|
(0.2
|
)
|
|
(0.4
|
)
|
|
(0.3
|
)
|
|
(0.3
|
)
|
||||||
Amortization of net loss (gain)
|
2.0
|
|
|
1.9
|
|
|
2.2
|
|
|
2.4
|
|
|
(0.1
|
)
|
|
—
|
|
||||||
Settlement / curtailment loss
|
—
|
|
|
—
|
|
|
0.1
|
|
|
0.1
|
|
|
—
|
|
|
—
|
|
||||||
Net periodic pension expense (benefit)
|
$
|
1.6
|
|
|
$
|
(2.5
|
)
|
|
$
|
1.9
|
|
|
$
|
1.3
|
|
|
$
|
0.1
|
|
|
$
|
0.2
|
|
(Millions of Dollars)
|
Total Carrying Value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
March 30, 2019
|
|
|
|
|
|
|
|
||||||||
Money market fund
|
$
|
6.0
|
|
|
$
|
6.0
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Derivative assets
|
$
|
55.5
|
|
|
$
|
—
|
|
|
$
|
55.5
|
|
|
$
|
—
|
|
Derivative liabilities
|
$
|
36.2
|
|
|
$
|
—
|
|
|
$
|
36.2
|
|
|
$
|
—
|
|
Non-derivative hedging instrument
|
$
|
898.1
|
|
|
$
|
—
|
|
|
$
|
898.1
|
|
|
$
|
—
|
|
Contingent consideration liability
|
$
|
174.3
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
174.3
|
|
December 29, 2018
|
|
|
|
|
|
|
|
||||||||
Money market fund
|
$
|
4.8
|
|
|
$
|
4.8
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Derivative assets
|
$
|
32.9
|
|
|
$
|
—
|
|
|
$
|
32.9
|
|
|
$
|
—
|
|
Derivative liabilities
|
$
|
21.3
|
|
|
$
|
—
|
|
|
$
|
21.3
|
|
|
$
|
—
|
|
Non-derivative hedging instrument
|
$
|
228.9
|
|
|
$
|
—
|
|
|
$
|
228.9
|
|
|
$
|
—
|
|
Contingent consideration liability
|
$
|
169.2
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
169.2
|
|
|
March 30, 2019
|
|
December 29, 2018
|
||||||||||||
(Millions of Dollars)
|
Carrying
Value
|
|
Fair
Value
|
|
Carrying
Value
|
|
Fair
Value
|
||||||||
Other investments
|
$
|
6.4
|
|
|
$
|
6.7
|
|
|
$
|
7.6
|
|
|
$
|
7.7
|
|
Long-term debt, including current portion
|
$
|
3,912.5
|
|
|
$
|
4,159.1
|
|
|
$
|
3,822.3
|
|
|
$
|
3,905.4
|
|
(Millions of Dollars)
|
December 29,
2018 |
|
Net Additions
|
|
Usage
|
|
Currency
|
|
March 30,
2019 |
||||||||||
Severance and related costs
|
$
|
105.7
|
|
|
$
|
7.2
|
|
|
$
|
(24.3
|
)
|
|
$
|
(0.4
|
)
|
|
$
|
88.2
|
|
Facility closures and asset impairments
|
3.1
|
|
|
1.5
|
|
|
(1.3
|
)
|
|
—
|
|
|
3.3
|
|
|||||
Total
|
$
|
108.8
|
|
|
$
|
8.7
|
|
|
$
|
(25.6
|
)
|
|
$
|
(0.4
|
)
|
|
$
|
91.5
|
|
|
Year-to-Date
|
||||||
(Millions of Dollars)
|
2019
|
|
2018
|
||||
NET SALES
|
|
|
|
||||
Tools & Storage
|
$
|
2,292.3
|
|
|
$
|
2,215.8
|
|
Industrial
|
555.0
|
|
|
504.2
|
|
||
Security
|
486.3
|
|
|
489.3
|
|
||
Total
|
$
|
3,333.6
|
|
|
$
|
3,209.3
|
|
SEGMENT PROFIT
|
|
|
|
||||
Tools & Storage
|
$
|
265.8
|
|
|
$
|
301.4
|
|
Industrial
|
71.0
|
|
|
80.5
|
|
||
Security
|
39.5
|
|
|
45.5
|
|
||
Segment profit
|
376.3
|
|
|
427.4
|
|
||
Corporate overhead
|
(49.6
|
)
|
|
(47.3
|
)
|
||
Other, net
|
(65.4
|
)
|
|
(58.0
|
)
|
||
Restructuring charges
|
(8.7
|
)
|
|
(22.9
|
)
|
||
Interest expense
|
(74.4
|
)
|
|
(63.2
|
)
|
||
Interest income
|
16.6
|
|
|
15.8
|
|
||
Earnings before income taxes and equity interest
|
$
|
194.8
|
|
|
$
|
251.8
|
|
|
Year-to-Date
|
||||||
(Millions of Dollars)
|
2019
|
|
2018
|
||||
Engineered Fastening
|
$
|
434.3
|
|
|
$
|
411.8
|
|
Infrastructure
|
120.7
|
|
|
92.4
|
|
||
Industrial
|
$
|
555.0
|
|
|
$
|
504.2
|
|
(Millions of Dollars)
|
March 30, 2019
|
|
December 29, 2018
|
||||
Tools & Storage
|
$
|
13,975.3
|
|
|
$
|
13,122.6
|
|
Industrial
|
4,499.8
|
|
|
3,620.5
|
|
||
Security
|
3,473.0
|
|
|
3,413.6
|
|
||
|
21,948.1
|
|
|
20,156.7
|
|
||
Corporate assets
|
(487.8
|
)
|
|
(748.7
|
)
|
||
Consolidated
|
$
|
21,460.3
|
|
|
$
|
19,408.0
|
|
|
Year-to-Date
|
||||||
(Millions of Dollars)
|
2019
|
|
2018
|
||||
United States
|
$
|
1,891.8
|
|
|
$
|
1,668.9
|
|
Canada
|
143.9
|
|
|
144.2
|
|
||
Other Americas
|
165.0
|
|
|
185.3
|
|
||
France
|
153.6
|
|
|
162.8
|
|
||
Other Europe
|
699.8
|
|
|
755.3
|
|
||
Asia
|
279.5
|
|
|
292.8
|
|
||
Consolidated
|
$
|
3,333.6
|
|
|
$
|
3,209.3
|
|
R.
|
CONTINGENCIES
|
(Millions of Dollars)
|
Year-to-Date
|
||
Operating lease cost
|
$
|
37.6
|
|
Short-term lease cost
|
6.8
|
|
|
Variable lease cost
|
2.1
|
|
|
Sublease income
|
(0.6
|
)
|
|
Total lease cost
|
$
|
45.9
|
|
(Millions of Dollars)
|
Total
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
Thereafter
|
||||||||||||||
Lease obligations
|
$
|
556.8
|
|
|
$
|
105.5
|
|
|
$
|
115.9
|
|
|
$
|
87.2
|
|
|
$
|
63.5
|
|
|
$
|
45.1
|
|
|
$
|
139.6
|
|
(Millions of Dollars)
|
Term
|
|
Maximum
Potential Payment |
|
Carrying
Amount of Liability |
||||
Guarantees on the residual values of leased assets
|
One to four years
|
|
$
|
98.7
|
|
|
$
|
—
|
|
Standby letters of credit
|
Up to three years
|
|
58.0
|
|
|
—
|
|
||
Commercial customer financing arrangements
|
Up to six years
|
|
64.1
|
|
|
7.8
|
|
||
Total
|
|
|
$
|
220.8
|
|
|
$
|
7.8
|
|
(Millions of Dollars)
|
2019
|
|
2018
|
||||
Balance beginning of period
|
$
|
102.1
|
|
|
$
|
108.5
|
|
Warranties and guarantees issued
|
28.1
|
|
|
24.2
|
|
||
Warranty payments and currency
|
(28.8
|
)
|
|
(25.6
|
)
|
||
Balance end of period
|
$
|
101.4
|
|
|
$
|
107.1
|
|
•
|
$7 million reducing Gross Profit pertaining to facility-related and inventory step-up charges;
|
•
|
$23 million in SG&A primarily for integration-related costs and Security business transformation and margin enhancement initiatives;
|
•
|
$16 million in Other, net primarily related to deal transaction costs; and
|
•
|
$7 million in Restructuring charges pertaining to facility closures and severance.
|
•
|
$2 million reducing Gross Profit primarily for facility-related charges;
|
•
|
$16 million in SG&A primarily for integration-related costs;
|
•
|
$6 million in Other, net primarily for transaction-related consulting costs; and
|
•
|
$1 million in Restructuring charges pertaining to facility closures and severance.
|
|
Year-to-Date
|
||||||
(Millions of Dollars)
|
2019
|
|
2018
|
||||
Net sales
|
$
|
2,292.3
|
|
|
$
|
2,215.8
|
|
Segment profit
|
$
|
265.8
|
|
|
$
|
301.4
|
|
% of Net sales
|
11.6
|
%
|
|
13.6
|
%
|
|
Year-to-Date
|
||||||
(Millions of Dollars)
|
2019
|
|
2018
|
||||
Net sales
|
$
|
555.0
|
|
|
$
|
504.2
|
|
Segment profit
|
$
|
71.0
|
|
|
$
|
80.5
|
|
% of Net sales
|
12.8
|
%
|
|
16.0
|
%
|
|
Year-to-Date
|
||||||
(Millions of Dollars)
|
2019
|
|
2018
|
||||
Net sales
|
$
|
486.3
|
|
|
$
|
489.3
|
|
Segment profit
|
$
|
39.5
|
|
|
$
|
45.5
|
|
% of Net sales
|
8.1
|
%
|
|
9.3
|
%
|
(Millions of Dollars)
|
December 29,
2018 |
|
Net Additions
|
|
Usage
|
|
Currency
|
|
March 30,
2019 |
||||||||||
Severance and related costs
|
$
|
105.7
|
|
|
$
|
7.2
|
|
|
$
|
(24.3
|
)
|
|
$
|
(0.4
|
)
|
|
$
|
88.2
|
|
Facility closures and asset impairments
|
3.1
|
|
|
1.5
|
|
|
(1.3
|
)
|
|
—
|
|
|
3.3
|
|
|||||
Total
|
$
|
108.8
|
|
|
$
|
8.7
|
|
|
$
|
(25.6
|
)
|
|
$
|
(0.4
|
)
|
|
$
|
91.5
|
|
|
Year-to-Date
|
||||||
(Millions of Dollars)
|
2019
|
|
2018
|
||||
Net cash used in operating activities
|
$
|
(431.3
|
)
|
|
$
|
(349.4
|
)
|
Less: capital and software expenditures
|
(89.6
|
)
|
|
(106.3
|
)
|
||
Free cash flow
|
$
|
(520.9
|
)
|
|
$
|
(455.7
|
)
|
2019
|
(a)
Total
Number Of
Shares
Purchased
|
|
Average Price
Paid Per
Share
|
|
Total Number
Of Shares
Purchased As
Part Of A Publicly
Announced Plan Or Program
|
|
(b)
Maximum Number
Of Shares That
May Yet Be
Purchased Under
The Program
|
|||||
December 30 - February 2
|
663
|
|
|
$
|
121.16
|
|
|
—
|
|
|
11,500,000
|
|
February 3 - March 2
|
60,446
|
|
|
131.19
|
|
|
—
|
|
|
11,500,000
|
|
|
March 3 - March 30
|
554
|
|
|
128.49
|
|
|
—
|
|
|
11,500,000
|
|
|
Total
|
61,663
|
|
|
$
|
131.06
|
|
|
—
|
|
|
11,500,000
|
|
(a)
|
The shares of common stock in this column were deemed surrendered to the Company by participants in various benefit plans of the Company to satisfy the participants’ taxes related to vesting or delivery of time-vesting restricted share units under those plans.
|
(b)
|
On July 20, 2017, the Board of Directors approved a new repurchase program for up to 15.0 million shares of the Company’s common stock and terminated its previously approved repurchase program. As of March 30, 2019, the authorized shares available for repurchase under the new repurchase program totaled 11.5 million shares. The currently authorized shares available for repurchase do not include approximately 3.6 million shares reserved and authorized for purchase under the Company’s previously approved repurchase program relating to a forward share purchase contract entered into in March 2015. Refer to
Note J, Equity Arrangements,
of the
Notes to (Unaudited) Condensed Consolidated Financial Statements
in
Part I, Item 1 of this Form 10-Q
for further discussion.
|
(11)
|
Statement re-computation of per share earnings (the information required to be presented in this exhibit appears in Note C to the Company’s (Unaudited) Condensed Consolidated Financial Statements set forth in this Quarterly Report on Form 10-Q).
|
|
|
(31)(i)(a)
|
|
|
|
(i)(b)
|
|
|
|
(32)(i)
|
|
|
|
(ii)
|
|
|
|
(101)
|
The following materials from Stanley Black & Decker Inc.'s Quarterly Report on Form 10-Q for the quarter ended March 30, 2019, formatted in XBRL (eXtensible Business Reporting Language): (i) Consolidated Statements of Operations and Comprehensive Income for the three months ended March 30, 2019 and March 31, 2018; (ii) Condensed Consolidated Balance Sheets at March 30, 2019 and December 29, 2018; (iii) Condensed Consolidated Statements of Cash Flows for the three months ended March 30, 2019 and March 31, 2018; (iv) Consolidated Statements of Changes in Shareowners' Equity for the three months ended March 30, 2019 and March 31, 2018; and (v) Notes to (Unaudited) Condensed Consolidated Financial Statements**.
|
**
|
Pursuant to Rule 406T of Regulation S-T, the Interactive Data Files on Exhibit 101 hereto are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, are deemed not filed for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, and otherwise are not subject to liability under those sections.
|
|
|
STANLEY BLACK & DECKER, INC.
|
||
|
|
|
|
|
Date:
|
April 26, 2019
|
By:
|
|
/s/ DONALD ALLAN, JR.
|
|
|
|
|
Donald Allan, Jr.
|
|
|
|
|
Executive Vice President and Chief Financial Officer
|
|
|
|
|
Date:
|
April 26, 2019
|
|
/s/ James M. Loree
|
|
|
|
James M. Loree
|
|
|
|
President and Chief Executive Officer
|
|
|
|
|
|
Date:
|
April 26, 2019
|
|
|
/s/ Donald Allan Jr.
|
|
|
|
|
Donald Allan Jr.
|
|
|
|
|
Executive Vice President and Chief Financial Officer
|
(1)
|
The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
/s/ James M. Loree
|
|
|
James M. Loree
|
|
|
President and Chief Executive Officer
|
|
|
Date: April 26, 2019
|
|
(1)
|
The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
/s/ Donald Allan, Jr.
|
|
|
Donald Allan, Jr.
|
|
|
Executive Vice President and Chief Financial Officer
|
|
|
Date: April 26, 2019
|
|