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) |
Name Of Each Exchange
|
||
Title Of Each Class | On Which Registered | |
Common Stock-$2.50
Par Value per Share |
New York Stock Exchange |
Large accelerated filer X | Accelerated filer | Non-accelerated filer | Smaller reporting company |
ITEM 1. | BUSINESS |
2
3
4
5
6
7
ITEM 1A. | RISK FACTORS |
| the inability to successfully integrate the businesses of Stanley and Black & Decker in a manner that permits the combined company to achieve the cost savings anticipated to result from the Merger; | |
| the inability to implement information technology system changes to get the combined businesses on common platforms; | |
| lost sales and customers as a result of customers of either of the two companies deciding not to do business with the combined company; |
8
| complexities associated with managing the larger, more complex, combined business; | |
| integrating personnel from the two companies while maintaining focus on providing consistent, high quality products; | |
| potential unknown liabilities and unforeseen expenses, delays or regulatory conditions associated with the Merger; and | |
| performance shortfalls at one or both of the companies as a result of the diversion of managements attention caused by integrating the companies operations. |
9
| the diversion of Company managements attention and other resources, | |
| the incurrence of unexpected liabilities, and | |
| the loss of key personnel and clients or customers of acquired companies. |
| combine operations, | |
| integrate departments, systems and procedures, and | |
| obtain cost savings and other efficiencies from the acquisitions. |
| a limitation on creating liens on certain property of the Company and its subsidiaries; | |
| a restriction on entering into certain sale-leaseback transactions; | |
| customary events of default. If an event of default occurs and is continuing, the Company might be required to repay all amounts outstanding under the respective instrument or agreement; and | |
| maintenance of a specified financial ratio. The Company has an interest coverage covenant that must be maintained to permit continued access to its committed revolving credit facilities. The interest coverage ratio tested for covenant compliance compares adjusted Earnings Before Interest, Taxes, Depreciation and Amortization to adjusted Interest Expense (adjusted EBITDA/adjusted Interest Expense); such adjustments to interest or EBITDA include, but are not limited to, removal of non-cash interest expense, certain restructuring and other merger and acquisition-related charges as well |
10
as stock-based compensation expense. The adjustments to interest expense and EBITDA for purposes of this interest coverage ratio computation are defined in the debt agreements included as Exhibits 10.1, 10.2(a), 10.2(b) and 10.2(c) of this Form 10K. The ratio required for compliance is 3.5 EBITDA to 1.0 Interest Expense and is computed quarterly, on a rolling twelve months (last twelve months) basis. Under this covenant definition, the interest coverage ratio was approximately 11 times EBITDA or higher in each of the 2010 quarterly measurement periods. Management does not believe it is reasonably likely the Company will breach this covenant. Failure to maintain this ratio could adversely affect further access to liquidity. |
11
12
13
14
15
16
ITEM 1B. | UNRESOLVED STAFF COMMENTS |
ITEM 2. | PROPERTIES |
17
Owned by the Company | Leased by the Company | |
None
|
New Britain, Connecticut, United States of America |
Owned by the Company | Leased by the Company | |
New Britain, Connecticut, United States of America
|
Rialto, California, United States of America | |
Shelbyville, Kentucky, United States of America
|
Miramar, Florida, United States of America | |
Towson, Maryland, United States of America
|
Riverview, Florida, United States of America | |
East Greenwich, Rhode Island, United States of America
|
Greenfield, Indiana, United States of America | |
Cheraw, South Carolina. United States of America
|
Kannapolis, North Carolina United States of America | |
Fort Mill, South Carolina, United States of America
|
Epping, Australia | |
Jackson, Tennessee, United States of America
|
Aarschot, Belgium | |
Uberaba, Brazil
|
Mechelen, Belgium | |
Jiashan City, China
|
Tongeren, Belgium | |
Langfang, China
|
Brockville, Canada | |
Suzhou, China
|
Oakville, Canada | |
Arbois, France
|
Shenzhen City, China | |
Besancon, France
|
Suzhou, China | |
Buchlberg, Germany
|
Trmice, Czech Republic | |
Perugia, Italy
|
Dole, France | |
Puebla, Mexico
|
Biassono, Italy | |
Reynosa, Mexico
|
Reynosa, Mexico | |
Wroclaw, Poland
|
Gliwice, Poland | |
Taichung, Taiwan
|
Dubai, United Arab Emirates | |
Bangpakong, Thailand
|
Spennymoor, United Kingdom | |
Brackmills, United Kingdom
|
||
Hellaby, United Kingdom
|
Owned by the Company | Leased by the Company | |
Farmington, Connecticut, United States of America
|
Lake Forest, California, United States of America | |
Rock Falls, Illinois, United States of America
|
Mira Loma, California, United States of America | |
Indianapolis, Indiana, United States of America
|
Kentwood, Michigan, United States of America | |
Nicholasville, Kentucky, United States of America
|
Charlotte, North Carolina, United States of America | |
Reading, Pennsylvania, United States of America
|
Xiamen, China | |
Denison, Texas, United States of America
|
Mexicali, Mexico | |
Xiaolan, China
|
||
Nogales, Mexico
|
||
Nueva Leon, Mexico
|
18
Owned by the Company | Leased by the Company | |
Danbury, Connecticut, United States of America
|
Milwaukie, Oregon, United States of America | |
Montpelier, Indiana, United States of America
|
Paris, France | |
Campbellsville, Kentucky, United States of America
|
||
Hopkinsville, Kentucky, United States of America
|
||
Mt Clemens, Michigan, United States of America
|
||
Columbus, Ohio, United States of America
|
||
Georgetown, Ohio, United States of America
|
||
Tulsa, Oklahoma, United States of America
|
||
Allentown, Pennsylvania, United States of America
|
||
Farmers Branch, Texas, United States of America
|
||
Pecky, Czech Republic
|
||
Epernay, France
|
||
Feuquieres en Vimeu, France
|
||
Paris, France
|
||
Giessen, Germany
|
||
Gemonio, Italy
|
||
Toyohashi, Japan
|
||
Birmingham, United Kingdom
|
Owned by the Company | Leased by the Company | |
Clinton, Connecticut, United States of America
|
None | |
New Britain, Connecticut, United States of America
|
||
Sterling, Illinois, United States of America
|
||
Smiths Falls, Canada
|
||
Villeneuve le Roi, France
|
ITEM 3. | LEGAL PROCEEDINGS |
ITEM 4. | [REMOVED AND RESERVED] |
19
ITEM 5.
MARKET
FOR THE REGISTRANTS COMMON EQUITY, RELATED STOCKHOLDER
MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
2010
2009
Dividend
Dividend
Per
Per
Common
Common
High
Low
Share
High
Low
Share
$
59.90
$
51.25
$0.33
$
36.38
$
22.75
$0.32
$65.07
$49.58
$0.33
$40.01
$29.91
$0.32
$62.02
$49.62
$0.34
$42.69
$31.28
$0.33
$67.29
$58.71
$0.34
$53.13
$40.97
$0.33
$1.34
$1.30
Total
Number
Of Shares
Maximum
Purchased As
Number
(a)
Part Of A
Of Shares That
Total
Average
Publicly
May
Number
Price
Announced
Yet Be Purchased
Of Shares
Paid
Plan
Under The
2010
Purchased
Per Share
or Program
Program
553
$62.65
41,831
$63.97
42,384
$63.96
(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.
20
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ITEM 6.
SELECTED
FINANCIAL DATA
2010(b)
2009(d)
2008(h)
2007
2006(i)
$8,410
$3,737
$4,426
$4,360
$3,897
$198
(a)
$227
$219
$321
$279
$1.34
(a)
$2.84
$2.77
$3.89
$3.40
$
$(0.03
)
$1.11
$0.14
$0.13
$1.34
$2.81
$3.88
$4.03
$3.53
$1.32
(a)
$2.82
$2.74
$3.82
$3.33
$
$(0.03
)
$1.10
$0.13
$0.13
$1.32
$2.79
$3.84
$3.95
$3.46
64.9%
(a)
59.6%
62.2%
62.1%
63.7%
25.8%
(a)
27.5%
25.0%
23.8%
23.9%
2.4%
(a)
3.7%
2.3%
1.9%
1.3%
1.2%
1.6%
1.9%
2.0%
1.7%
2.8%
(a)
7.6%
6.6%
9.8%
9.0%
2.4%
(a)
6.1%
4.9%
7.4%
7.2%
$15,139
$4,769
$4,867
$4,741
$3,926
$3,018
$1,085
$1,384
$1,165
$679
$7,017
$1,986
$1,706
$1,754
$1,548
1.8
1.2
1.3
1.4
1.4
32.9%
41.1%
48.6%
45.4%
39.2%
16.4%
(a)
19.2%
24.7%
24.9%
19.8%
4.4%
(a)
12.4%
12.8%
19.5%
18.9%
$1.34
$1.30
$1.26
$1.22
$1.18
$42.18
$24.68
$21.63
$21.82
$18.92
$67.29
$53.13
$52.18
$64.25
$54.59
$49.58
$22.75
$24.19
$47.01
$41.60
147,224
79,788
78,897
82,313
81,866
150,167
80,396
79,874
84,046
83,704
36,939
17,393
17,862
17,344
16,699
11,964
12,315
12,593
12,482
12,755
(a)
The Companys 2010 results
include $538 million (pre-tax) of merger and
acquisition-related charges incurred in connection with the
Merger. Such charges include amortization of inventory
step-up,
facility closure-related charges, certain executive compensation
and severance costs, transaction and integration costs,
partially offset by pension curtailment gains. As a result of
these charges, Net earnings attributable to Stanley
Black & Decker, Inc. were reduced by
$421 million, Basic earnings per share were reduced by
$2.86, Diluted earnings per share were reduced by $2.80, Cost of
sales as a % of Net sales was 230 basis points higher,
Selling,
21
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general & administrative
as a % of Net sales was 100 basis points higher, Other, net
as a % of Net sales was 50 basis points higher, Earnings
before income taxes as a % of Net sales was 640 basis
points lower, Net earnings attributable to Stanley
Black & Decker, Inc. as a % of Net sales was
500 basis points lower, Income tax rate
continuing operations ratio was 370 basis points lower and
the Return on average equity-continuing operations ratio was
940 basis points lower.
In the second quarter of 2010, the
Company recognized an income tax benefit attributable to the
settlement of certain tax contingencies of $36 million, or
$0.21 per diluted share.
(b)
As further discussed in
Note E, Merger and Acquisitions, of the Notes to the
Consolidated Financial Statements in Item 8, on
March 12, 2010, Stanley completed the Merger. The 2010
selected financial data includes Black & Deckers
results of operations and cash flows from March 13, 2010.
(c)
Amounts in 2008 reflect an
$84 million, or $1.05 per diluted share, after-tax gain
recorded in discontinued operations for the sale of the
CST/berger laser measuring business.
(d)
In the second quarter of 2009, the
Company recognized a $0.34 per diluted share gain on debt
extinguishment from the repurchase of $103.0 million of
junior subordinated debt securities. In the fourth quarter of
2009, the Company incurred $0.22 per diluted share in charges
related to the transaction and integration planning costs
associated with the Merger.
(e)
SG&A is inclusive of the
Provision for Doubtful Accounts.
(f)
Item includes assets held for sale
related to discontinued operations as of the fiscal years ended
2007 and 2006.
(g)
Stanley Black & Decker,
Incs Shareowners Equity was reduced by
$14 million in fiscal 2007 for the adoption of Financial
Accounting Standards Board (FASB) Interpretation No.
48, Accounting for Uncertainty in Income Taxes
an Interpretation of Statement of Financial Accounting Standards
(SFAS) No. 109, codified in FASB
Accounting Standards Codification (ASC) 740
Income Taxes.
(h)
In the fourth quarter of 2008, the
Company recognized $61 million, or $0.54 per diluted share,
of pre-tax restructuring and asset impairment charges from
continuing operations pertaining to cost actions taken in
response to weak economic conditions.
(i)
Diluted earnings per share in 2006
reflect $0.07 of expense for stock options related to the
adoption of SFAS No. 123(R), Share Based
Payment, codified in ASC 718
Compensation Stock Compensation, under
the modified prospective method.
ITEM 7.
MANAGEMENTS
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS
Maintaining portfolio transition momentum by continuing
diversification toward higher growth businesses, increasing
relative weighting of emerging markets and opportunistically
consolidating the tool industry;
Being selective and operating in markets where brand is
meaningful, value proposition is definable and sustainable
through innovation and global cost leadership is achievable;
22
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Pursuing growth on multiple fronts through building existing
growth platforms such as convergent security, mechanical
security and engineered fastening and developing new growth
platforms over time such as infrastructure and healthcare;
Accelerating progress via Stanley Fulfillment System
(SFS).
4-6% organic revenue growth;
10-12%
total
revenue growth;
Mid-teens EPS growth;
Free cash flow greater than equal to net income;
Return on capital employed (ROCE) between
12-15%;
Continued dividend growth;
Strong investment grade credit rating.
Invest approximately
2
/
3
in acquisitions and growth;
Return approximately
1
/
3
to shareowners as the Company remains committed to continued
dividend growth and opportunistic share buy backs.
23
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24
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As a result of the Merger, legacy Black &
Deckers hardware and home improvement (HHI)
business contributed an additional 29% in sales in 2010, and on
a pro-forma basis HHI sales grew 7% over 2009. The HHI
Kwikset
®
and
Baldwin
®
new product introductions fueled the higher sales.
25
Table of Contents
The Company acquired Stanley Solutions de Sécurité
(SSDS), formerly known as ADT France, on
March 9, 2010 for $8 million, net of cash acquired.
SSDS had approximately $175 million in 2009 sales. The
acquisition is an indication of the Companys continuing
strategic intent to expand the security segment internationally
and is highly complementary to the Companys existing
French security platform, Générale de Protection,
acquired in 2008. Aside from restructuring charges, SSDS was
neutral to earnings in 2010 as the majority of the integration
benefits will begin to occur in early 2011.
In November 2010 the Company purchased 70% of the outstanding
shares of GMT for $44 million, net of cash acquired. GMT is
a leading commercial hardware manufacturer and distributor in
China. The acquisition of GMT provides the Company with a low
cost manufacturing source and also serves as a platform for
international commercial hardware expansion. GMT had
approximately $40 million in 2009 sales.
The Company acquired InfoLogix, Inc. in January 2011 for
$61 million, net of cash acquired. Infologix is a leading
provider of enterprise mobility solutions for the healthcare and
commercial industries and will add an established provider of
mobile workstations and asset tracking solutions to
Stanleys existing Healthcare Solutions growth platform.
Infologix had $87 million sales in 2009.
26
Table of Contents
Merger and Acquisition-Related Charges Impacting 2010 and 2009
Earnings
$195 million in Cost of sales. Inventory
step-up
amortization stemming from the initial turn of the
Black & Decker and CRC-Evans acquired inventories,
which were
written-up
in purchase accounting to fair value, amounted to
$174 million. Additionally, Cost of sales includes
$21 million of facility closure-related charges;
$82 million in Selling, general & administrative
(SG&A) for certain executive and merger-related
compensation costs and integration-related consulting fees;
$37 million in Other, net for transaction costs inclusive
of $20 million of pension curtailment gains.
$224 million in Restructuring and asset impairment charges
primarily for severance (including costs for certain
Black & Decker executives triggered by the change in
control), as well as charges associated with the closure of
facilities.
27
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The Company experienced inflation (primarily commodity and
freight) of approximately $70 million and $140 million
in 2010 and 2008, respectively, while it experienced mild
deflation in 2009. Cumulatively, during 2008 2010
the Company recovered more than two thirds of inflation through
customer pricing. However, price erosion occurred in 2010 and
the net unfavorable price / inflation impact for 2010
was over $120 million. There is typically a several month
lag between when inflation impacts costs and subsequent recovery
through pricing actions. Management anticipates approximately
one-third to one-half of inflation will be recovered through
price in 2011. This lower recovery rate compared to historical
levels reflects the more challenging competitive dynamics
following the combination with Black & Decker, as well
as the fact that the more rigorous legacy Stanley approach to
pricing disciplines and rhythms is in the process of being
implemented at legacy Black & Decker. The successful
introduction of lithium ion power tools represents a catch up of
the technology with several key competitors, and as a result it
may be more difficult to implement pricing actions for certain
products in the near term. The Company has recently experienced
10-20%
increases in various commodity costs, particularly steel, resin,
and copper. Inflationary trends are expected to continue in 2011
with an expected negative 100 basis point impact to
aggregate segment profit. This impact includes managements
expectations for commodity inflation, as well as wages, and
approximately 3% appreciation of the Chinese RMB which affects
the cost of products and components sourced from China.
In the second quarter of 2010, the Company recognized an income
tax benefit attributable to the settlement of certain tax
contingencies of $36 million, or $0.21 per diluted share.
The fluctuation of foreign currencies impacts the translation of
foreign currency-denominated operating results into
U.S. dollars. Foreign currency translation contributed an
estimated favorable impact of $0.04 of diluted earnings per
share from continuing operations in 2010, an unfavourable impact
of $0.04 in 2009 and a favorable impact of $0.09 in 2008.
Fluctuations in foreign currency exchange rates relative to the
U.S. dollar may have a significant impact, either positive
or negative, on future earnings. Refer to the Market Risk
section of this Managements Discussion and Analysis
(MD&A) for further discussion.
In 2009 the Company realized a $0.34 per diluted share gain on
debt extinguishment, as compared with an $0.08 per diluted share
gain in 2008.
The Company took decisive action to right-size its cost
structure in response to slowing demand due to the recessionary
environment in 2008 and 2009. Refer to the previously discussed
merger and acquisition-related charges for the 2010
restructuring impact. Restructuring, asset impairment and
related pre-tax charges totalled $45 million and
$92 million in 2009 and 2008, respectively. Employee
headcount was reduced by approximately 3,000 as a result of
restructuring actions taken in the fourth quarter of 2008 and
through year end 2009. The total 2009 cost savings from the
various actions taken were approximately $265 million,
pre-tax, of which approximately $150 million pertained to
selling, general and administrative functions.
28
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29
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30
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31
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(Millions of Dollars)
2010
2009
2008
$4,446
$1,295
$1,656
$476
$154
$191
10.7%
11.9%
11.5%
(Millions of Dollars)
2010
2009
2008
$2,113
$1,560
$1,497
$306
$307
$269
14.5%
19.7%
17.9%
32
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(Millions of Dollars)
2010
2009
2008
$1,851
$882
$1,274
$243
$89
$164
13.1%
10.1%
12.9%
33
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34
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Net
1/2/10
Acquisitions
Additions
Usage
Currency
1/1/11
$
$
$
205.8
$
(124.6
)
$
0.5
$
81.7
24.0
(24.0
)
2.7
(1.1
)
1.6
7.0
(6.0
)
0.1
1.1
239.5
(155.7
)
0.6
84.4
44.3
3.5
(0.9
)
(27.1
)
(3.7
)
16.1
1.9
3.9
(5.1
)
0.7
0.2
0.1
(0.3
)
46.4
3.5
3.1
(32.5
)
(3.7
)
16.8
$
46.4
$
3.5
$
242.6
$
(188.2
)
$
(3.1
)
$
101.2
35
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(Millions of Dollars)
2010
2009
2008
$739
$539
$517
(165)
(73)
(95)
(20)
(20)
(46)
46
$554
$446
$422
36
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37
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38
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(Millions of Dollars)
Total
2011
2012 2013
2014 2015
Thereafter
$3,323
$407
$779
$654
$1,483
1,396
161
283
197
755
309
97
125
52
35
60
42
2
9
7
16
3
6
7
329
329
18
2
4
2
10
72
56
7
4
5
140
140
$5,663
$1,237
$1,206
$925
$2,295
(a)
Future payments on long-term debt
above encompass all payments related to aggregate debt
maturities, excluding certain fair value adjustments included in
long-term debt, as discussed further in Note H, Long-Term
Debt and Financing Arrangements.
(b)
Future interest payments on
long-term debt reflect the applicable fixed interest rate or the
variable rate in effect at January 1, 2011 for floating
rate debt.
39
Table of Contents
(c)
Future cash flows on derivative
financial instruments reflect the fair value as of
January 1, 2011. The ultimate cash flows on these
instruments will differ, perhaps significantly, based on
applicable market interest and foreign currency rates at their
maturity.
(d)
Inventory purchase commitments
primarily consist of commitments to purchase raw materials,
components, and sourced products.
(e)
To the extent the Company can
reliably determine when payments will occur pertaining to
unrecognized tax benefit liabilities, the related amount will be
included in the table above. However, due to the high degree of
uncertainty regarding the timing of potential future cash flows
associated with the $306 million of such liabilities at
January 1, 2011, the Company is unable to make a reliable
estimate of when (if at all) amounts may be paid to the
respective taxing authorities.
(f)
The Company anticipates that
funding of its pension and post-retirement benefit plans in 2011
will approximate $140 million. That amount principally
represents contributions either required by regulations or laws
or, with respect to unfunded plans, necessary to fund current
benefits. The Company has not presented estimated pension and
post-retirement funding in the table above beyond 2011 as
funding can vary significantly from year to year based upon
changes in the fair value of the plan assets, actuarial
assumptions, and curtailment/settlement actions.
(Millions of Dollars)
Total
2011
2012 2013
2014 2015
Thereafter
$
1,500
$
$
$
1,500
$
40
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41
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42
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43
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44
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45
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46
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ACT OF 1995
47
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48
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ITEM 7A.
QUANTITATIVE
AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
ITEM 8.
FINANCIAL
STATEMENTS AND SUPPLEMENTARY DATA
ITEM 9.
CHANGES
IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURE
ITEM 9A.
CONTROLS
AND PROCEDURES
ITEM 9B.
OTHER
INFORMATION
49
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51
129
130
131
132
133
134
135
136
ITEM 10.
DIRECTORS
AND EXECUTIVE OFFICERS OF THE REGISTRANT
Date Elected to
Name and Age
Office
Office
President and Chief Executive Officer since March 2010. Chairman
and Chief Executive officer (2004). President, European Consumer
Products, Georgia-Pacific Corporation (2000).
03/01/04
Senior Vice President & Chief Financial Officer since March
2010. Vice President & Chief Financial Officer (2009); Vice
President & Corporate Controller (2002); Corporate
Controller (2000); Assistant Controller (1999).
10/24/06
Senior Vice President and Group Executive, Construction and DIY
since March 2010. Vice President & President, Stanley
Consumer Tools Group; President Consumer Tools and
Storage (2004); President of Industrial Tools & Storage
(2002); Vice President Global Consumer Tools
Marketing (2001); Vice President Consumer Sales America (1999).
02/22/06
Executive Chairman since March 2010. President and Chief
Executive Officer and Chairman of the Board of The Black &
Decker Corporation (1990-2010).
03/12/10
Vice President, Corporate Tax since January 2002.
07/17/09
Senior Vice President, General Counsel and Secretary since March
2010. Vice President, General Counsel and Secretary (2000).
10/09/00
Senior Vice President and Group Executive, Convergent Security
Solutions since March 2010. President, Convergent Security
Solutions and Vice President, Business Development (2007); Vice
President, Business Development (2004); Director, Business
Development (2003).
08/01/08
Senior Vice President and Group Executive, Mechanical Security
since March 2010. Vice President & President, Mechanical
Access Solutions (2007); President, Stanley Securities Solutions
(2003); President Stanley Access Technologies (2000).
07/26/05
Vice President & President, Asia. Director, Asia Operations
(2002); Managing Director, Thailand (1999).
04/27/05
50
Table of Contents
Date Elected to
Name and Age
Office
Office
Senior Vice President & Chief Information Officer/SFS since
March 2010. Senior Vice President, Business Transformation
(2006); Vice President, Chief Information Officer (June 2000);
Chief Information Officer and
e-commerce
Leader (2000).
05/25/04
Vice President & Treasurer since January 2002.
07/17/09
President, Industrial & Auto Repair. President, Industrial
& Automotive Tools (2009); President, Stanley Europe and
President Directeur General, Facom (2007); President of Pentair
Water EMEA (Pentair Inc. PNR) (2006).
03/12/10
Executive Vice President and Chief Operating Officer since
January 2009; Executive Vice President Finance and Chief
Financial Officer (1999).
07/19/99
Senior Vice President, Human Resources since March 2010. Vice
President, Human Resources (1997).
09/17/97
President, Construction & DIY, Latin America.
President-Latin America, The Black & Decker Corporation
(2010); Vice President and General Manager Latin
America The Black & Decker Corporation (2008); Vice
President and General Manager Andean Region The
Black & Decker Corporation (2007).
03/12/10
President, Emerging Markets and Pacific Group.
President-Asia/Pacific, The Black & Decker Corporation
(2010); President-Asia, The Black & Decker Corporation
(2006).
03/12/10
President, Professional Power Tools & Products. Vice
President-Global Product Development of the Industrial Products
Group, The Black & Decker Corporation (2010); Vice
President-Industrial Product Group Development, The Black &
Decker Corporation (2009); Vice President-Industrial Products
Group Product Development, The Black & Decker Corporation
(2008); Vice President/General Manager Industrial Accessories
Business, The Black & Decker Corporation (2008); Vice
President and General Manager Woodworking Tools, The Black
& Decker Corporation (2005).
03/12/10
President, Engineered Fastening. President, Fastening and
Assembly Systems, The Black & Decker Corporation (2010);
President, Automotive Division, The Black & Decker
Corporation (2006).
03/12/10
President, Construction & DIY EMEA. President-Europe,
Middle East, and Africa of the Power Tools and Accessories, The
Black & Decker Corporation (2010); Vice President-Consumer
Products (Europe, Middle East and Africa), The Black &
Decker Corporation (2008); Managing Director Scotts UK and
Iceland for Scotts Miracle Gro (2006).
03/12/10
ITEM 11.
EXECUTIVE
COMPENSATION
Table of Contents
ITEM 12.
SECURITY
OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND
RELATED SHAREHOLDER MATTERS
(A)
(B)
(C)
Number of securities
remaining available for
future issuance under
Number of securities to
equity compensation
be issued upon exercise of
Weighted-average
plans (excluding
outstanding options
exercise price of
securities reflected in
Plan category
and stock awards
outstanding options
column (A))
15,369,387(1)
$48.69(2)
7,992,242(3)
15,369,387
$48.69
7,992,242(3)
(1)
Consists of 11,641,564 shares
underlying outstanding stock options (whether vested or
unvested) with a weighted average exercise price of $48.69 and a
weighted average term of 5.81 years; 3,547,213 shares
underlying time-vesting restricted stock units that have not yet
vested and the maximum number of shares that will be issued
pursuant to outstanding long term performance awards if all
established goals are met; and 180,610 of shares earned but
related to which participants elected deferral of delivery. All
stock-based compensation plans are discussed in Note J,
Capital Stock, of the Notes to the Consolidated Financial
Statements in Item 8.
(2)
There is no cost to the recipient
for shares issued pursuant to time-vesting restricted stock
units or long term performance awards. Because there is no
strike price applicable to these stock awards they are excluded
from the weighted-average exercise price which pertains solely
to outstanding stock options.
(3)
Consists of 2,956,667 of shares
available for purchase under the employee stock purchase plan
(ESPP) at the election of employees, and 5,035,575
securities available for future grants by the board of directors
under stock-based compensation plans. Note that the comparable
figures presented on page 130 of the Companys
Registration Statement on
Form S-4,
filed February 2, 2010, do not include the
2,956,667 shares of common stock available for issuance
under the ESPP which are included in the figures presented
herein. In accordance with the terms of such Registration
Statement, the figures presented herein are automatically
incorporated by reference into such Registration Statement and
supersede and update the data presented therein.
(4)
There is a non-qualified deferred
tax savings plan for highly compensated salaried employees which
mirrors the qualified plan provisions, but was not specifically
approved by security holders. U.S. employees are eligible to
contribute from 1% to 15% of their salary to a tax deferred
savings plan as described in the ESOP section of Item 8
Note L, Employee Benefit Plans, to the Consolidated
Financial Statements of this
Form 10-K.
Prior to 2009 and in 2010, Stanley contributed an amount equal
to one half of the employee contribution up to the first 7% of
salary. In 2009, an employer match benefit was provided under
the plan equal to one-quarter of each employees
tax-deferred contribution up to the first 7% of their
compensation. The investment of the employees contribution
and the Companys contribution was controlled by the
employee participating in the plan and may include an election
to invest in Company stock. The same matching arrangement was
provided for highly compensated salaried employees in the
non-qualified plan, except that the arrangement for
these employees is outside of the ESOP, and is not funded in
advance of distributions. Shares of the Companys common
stock may be issued at the time of a distribution from the plan.
The number of securities remaining available for issuance under
the plan at January 1, 2011 is not determinable, since the
plan does not authorize a maximum number of securities.
52
Table of Contents
ITEM 13.
CERTAIN
RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR
INDEPENDENCE
ITEM 14.
PRINCIPAL
ACCOUNTANT FEES AND SERVICES
ITEM 15.
EXHIBITS,
FINANCIAL STATEMENT SCHEDULES
53
Table of Contents
By:
/s/
John F. Lundgren
54
Table of Contents
Signature
Title
Date
Director
February 18, 2011
Director
February 18, 2011
Director
February 18, 2011
Director
February 18, 2011
Director
February 18, 2011
Bruce H. Beatt
(As
Attorney-in-Fact)
55
Table of Contents
Schedule II Valuation and
Qualifying Accounts of Stanley Black & Decker, Inc.
and subsidiaries is included in Item 15 (page 57).
56
Table of Contents
Stanley Black & Decker, Inc. and Subsidiaries
Fiscal years ended January 1, 2011, January 2, 2010,
and January 3, 2009
(Millions of Dollars)
ADDITIONS
Charged to
Charged
Beginning
Costs and
To Other
(a)
Ending
Description
Balance
Expenses
Accounts(b)(c)
Deductions
Balance
$31.9
$11.7
$23.6
$10.9
$56.3
3.2
0.6
(0.1)
3.7
$39.8
$13.7
$0.2
$21.8
$31.9
0.5
0.3
2.4
3.2
$40.3
$17.5
$6.1
$24.1
$39.8
0.8
0.1
(0.4)
0.5
$24.4
$46.9
$199.1
$4.6
$265.8
23.5
2.4
0.7
2.2
24.4
27.3
2.5
(2.1)
4.2
23.5
(a)
With respect to the allowance for doubtful accounts, represents
amounts charged-off, less recoveries of accounts previously
charged-off.
(b)
Amount represents foreign currency translation impact,
acquisitions, and net transfers to /from other accounts.
(c)
For 2010, amount primarily represents beginning tax valuation
allowance as adjusted from the Merger.
57
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58
Table of Contents
59
Table of Contents
60
Table of Contents
2010
2009
2008
$8,409.6
$3,737.1
$4,426.2
$5,460.8
$2,228.8
$2,754.8
2,156.6
1,014.4
1,090.0
12.3
14.0
17.6
199.6
139.1
111.6
242.6
40.7
85.5
(43.8)
(9.4)
(9.4)
(3.1)
(9.2)
110.0
63.7
92.1
$8,172.5
$3,453.8
$4,133.0
237.1
283.3
293.2
38.9
54.5
72.5
$198.2
$228.8
$220.7
2.0
1.7
198.2
226.8
219.0
(5.8)
132.8
(3.3)
44.9
$
$(2.5)
$87.9
$198.2
$224.3
$306.9
$1.34
$2.84
$2.77
(0.03)
1.11
$1.34
$2.81
$3.88
$1.32
$2.82
$2.74
(0.03)
1.10
$1.32
$2.79
$3.84
61
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2010
2009
$1,745.4
$400.7
1,417.1
532.0
1,272.0
366.2
224.0
73.2
157.1
39.8
4,815.6
1,411.9
1,166.5
575.9
5,941.9
1,818.4
889.8
413.4
1,839.4
331.1
143.0
31.9
343.2
186.5
$15,139.4
$4,769.1
Liabilities and Shareowners Equity
$1.6
$90.4
416.1
208.0
998.6
410.1
1,325.9
483.5
2,742.2
1,192.0
3,018.1
1,084.7
901.1
120.4
642.8
136.7
765.5
223.8
440.7
230.9
2,301.8
2,295.5
4,885.7
126.7
(116.3)
(76.5)
(74.5)
(80.8)
7,437.4
2,495.8
(420.4)
(509.7)
7,017.0
1,986.1
52.7
25.4
7,069.7
2,011.5
$15,139.4
$4,769.1
62
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2010
2009
2008
$198.2
$226.3
$308.6
2.0
1.7
$198.2
$224.3
$306.9
348.7
200.1
183.0
173.5
1.6
(126.5)
24.1
6.8
17.1
85.1
20.7
13.9
12.3
14.0
17.6
(37.9)
(0.1)
(9.4)
36.9
22.5
130.5
129.1
35.3
152.8
26.5
77.3
(57.3)
(32.9)
52.9
(62.0)
12.7
(25.0)
16.2
(17.3)
18.7
(24.8)
(12.7)
(14.6)
(24.4)
(16.6)
(276.9)
(17.4)
(22.9)
28.0
(6.7)
34.2
17.2
(25.6)
(32.4)
739.3
539.4
516.6
(165.4)
(72.9)
(94.6)
(20.1)
(20.5)
(46.2)
11.0
2.5
4.3
(550.3)
(24.3)
(575.0)
204.6
949.4
30.1
43.9
19.1
(29.0)
23.2
269.6
(115.2)
(464.6)
(515.8)
(64.5)
(44.9)
1,013.2
249.7
(263.6)
(119.9)
(73.5)
(3.4)
(1.5)
16.2
(7.7)
(15.2)
(11.1)
(4.9)
(2.6)
(103.3)
(50.3)
(9.2)
(48.4)
396.1
61.2
19.2
(201.6)
(103.6)
(99.0)
4.8
313.6
(249.0)
(48.2)
22.2
13.9
(32.6)
1,344.7
189.1
(28.8)
400.7
211.6
240.4
$1,745.4
$400.7
$211.6
63
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Accumulated
Additional
Other
Non-
Common
Paid In
Retained
Comprehensive
Treasury
Controlling
Shareowners
Stock
Capital
Earnings
Income (Loss)
ESOP
Stock
Interests
Equity
$230.9
$68.7
$2,005.8
$47.2
$(93.8)
$(504.8)
$18.2
$1,772.2
306.9
1.7
308.6
(0.5)
(0.5)
(158.1)
(158.1)
(0.3)
(0.3)
(40.8)
(40.8)
306.9
(199.2)
1.2
108.9
(99.0)
(99.0)
(0.9)
(0.9)
(16.0)
31.3
15.3
(103.3)
(103.3)
1.0
1.0
4.7
4.7
13.9
13.9
3.2
3.2
2.2
6.6
8.8
230.9
91.5
2,199.9
(152.0)
(87.2)
(576.8)
18.5
1,724.8
224.3
2.0
226.3
77.1
77.1
(1.6)
(1.6)
224.3
75.5
2.0
301.8
(103.6)
(103.6)
(6.9)
(27.1)
95.1
61.1
(2.6)
(2.6)
16.2
(25.4)
(9.2)
4.9
4.9
20.7
20.7
5.2
5.2
2.0
6.4
8.4
230.9
126.7
2,295.5
(76.5)
(80.8)
(509.7)
25.4
2,011.5
198.2
198.2
(6.9)
(6.9)
(54.9)
(54.9)
22.0
22.0
198.2
(39.8)
158.4
(193.9)
(193.9)
12.9
307.1
320.0
(30.2)
95.5
65.3
196.9
4,458.9
0.4
4,656.2
(4.9)
(4.9)
(13.6)
(13.6)
(14.9)
(14.9)
(48.6)
(1.7)
(50.3)
0.7
(1.6)
(0.9)
28.9
28.9
85.0
85.0
14.6
14.6
2.0
6.3
8.3
$440.7
$4,885,7
$2,301.8
$(116.3)
$(74.5)
$(420.4)
$52.7
$7,069.7
64
Table of Contents
A.
SIGNIFICANT
ACCOUNTING POLICIES
65
Table of Contents
Useful Life
(Years)
10 20
40
3 15
3 5
66
Table of Contents
67
Table of Contents
68
Table of Contents
69
Table of Contents
B.
ACCOUNTS
AND FINANCING RECEIVABLE
(Millions of Dollars)
2010
2009
$1,333.2
$486.4
61.9
45.7
78.3
31.8
1,473.4
563.9
(56.3)
(31.9)
$1,417.1
$532.0
$114.9
$93.2
70
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C.
INVENTORY
(Millions of Dollars)
2010
2009
$915.1
$252.8
117.5
49.0
239.4
64.4
$1,272.0
$366.2
71
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D.
PROPERTY,
PLANT AND EQUIPMENT
(Millions of Dollars)
2010
2009
$113.9
$44.1
40.6
23.8
464.2
284.2
43.0
29.8
1,300.2
902.7
225.1
209.9
$2,187.0
$1,494.5
(1,020.5)
(918.6)
$1,166.5
$575.9
(Millions of Dollars)
2010
2009
2008
$177.4
$76.1
$74.0
26.0
19.4
18.5
$203.4
$95.5
$92.5
E.
MERGER
AND ACQUISITIONS
72
Table of Contents
Conversion
(In millions)
Calculation
Fair Value
61.571
$73.77
$4,542.2
91.7
12.2
10.1
0.3
$4,656.5
(a)
As part of the Merger the Company exchanged the pre-merger
equity awards of Black & Decker for Stanley
Black & Decker equity awards. Under ASC 805, the
fair value of vested options and the earned portion of unvested
options, restricted stock awards and restricted stock units are
recognized as consideration paid. The remaining value relating
to the unvested and unearned options, restricted stock awards
and restricted stock units will be recognized as future
stock-based compensation. The allocation of the pre-merger
equity awards between consideration paid and future stock-based
compensation is as follows (in millions):
Fair value
Recognized as
Fair Value to be
Award type
Number of
Consideration
Recognized as Future
(In millions)
Awards
Paid
Compensation Cost
5.8
$91.7
$14.1
0.4
12.2
12.8
0.2
10.1
6.4
$114.0
$26.9
$57.86
$23.53 $74.11
32%
0.7%
1.4%
2.9 years
$18.72
73
Table of Contents
(Millions of Dollars)
2010
$949.4
907.3
1,070.1
257.5
569.9
1,505.5
383.7
112.3
200.1
(175.0
)
(479.6
)
(830.9
)
(1,657.1
)
(768.8
)
(703.6
)
(513.3
)
$827.5
3,829.0
$4,656.5
74
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75
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Year Ended
2010
$4,507.3
$(38.2
)(A)
(A)
The net loss attributable to the Merger and acquisitions
includes amortization of inventory
step-up,
restructuring charges and other merger and acquisition-related
items.
Year-to-Date
(Millions of Dollars, except per share amounts)
2010
2009
$
9,552.6
$
8,958.5
$
216.1
$
(56.2
)
$
1.44
$
(0.36
)
Elimination of the historical pre-Merger and pre-acquisition
intangible asset amortization expense and the addition of
intangible asset amortization expense related to intangibles
valued as part of the Merger and acquisitions that would have
been incurred from January 3, 2010 to the merger
and/or
acquisition dates.
Additional expense for the inventory
step-up
which would have been amortized as the corresponding inventory
was sold.
Additional expense relating to Merger-related compensation for
key executives which would have been incurred from
January 3, 2010 to March 12, 2010.
Reduced interest expense for the Black & Decker debt
fair value adjustment which would have been amortized from
January 3, 2010 to March 12, 2010.
Additional depreciation related to property, plant and equipment
fair value adjustments that would have been expensed prior to
the Merger and acquisitions commencement dates.
The modifications above were adjusted for the applicable tax
impact.
76
Table of Contents
Elimination of historical Black & Decker and
acquisitions intangible asset amortization expense and
addition of intangible asset amortization expense relating to
intangibles valued as part of the Merger and acquisitions.
Added expense for the inventory
step-up
which would have been amortized as the corresponding inventory
was sold.
Added the costs that were incurred to consummate the Merger and
acquisitions during 2010.
Added the Merger and acquisition-related restructuring charges
which were incurred during 2010.
Added compensation expense for Merger-related compensation for
key executives.
Added depreciation expense related to property, plant, and
equipment fair value adjustments.
Reduced interest expense for the debt fair value adjustment
which would have been amortized during 2009.
The modifications above were adjusted for the applicable tax
impact.
77
Table of Contents
(Millions of Dollars)
2008
$64.3
7.6
367.8
21.1
238.5
14.1
1.0
6.6
$721.0
$74.6
74.0
$148.6
F.
GOODWILL
AND OTHER INTANGIBLE ASSETS
(Millions of Dollars)
CDIY
Industrial
Security
Total
$206.6
$367.8
$1,244.0
$1,818.4
2,868.9
474.5
485.6
3,829.0
224.9
54.1
279.0
11.2
4.7
(0.4)
15.5
$3,086.7
$1,071.9
$1,783.3
$5,941.9
2010
2009
Gross
Gross
Carrying
Accumulated
Carrying
Accumulated
(Millions of Dollars)
Amount
Amortization
Amount
Amortization
$56.2
$(40.3)
$53.1
$(38.7)
236.9
(49.6)
61.6
(35.1)
1,259.7
(369.9)
680.5
(267.1)
187.2
(60.1)
58.0
(40.5)
$1,740.0
$(519.9)
$853.2
$(381.4)
78
Table of Contents
(Millions of Dollars)
2010
2009
2008
$27.9
$2.9
$2.9
95.1
96.8
79.6
22.3
4.9
8.0
$145.3
$104.6
$90.5
G.
ACCRUED
EXPENSES
(Millions of Dollars)
2010
2009
$254.9
$108.8
185.6
40.5
177.5
37.7
153.8
28.4
101.2
46.4
82.4
82.0
73.7
21.0
54.0
42.8
242.8
75.9
$1,325.9
$483.5
H.
LONG-TERM
DEBT AND FINANCING ARRANGEMENTS
Interest Rate
2010
2009
5.00%
$
$200.0
7.13%
409.2
4.90%
208.4
206.3
3 month LIBOR less 3.50%
305.1
294.5
6.15%
260.8
253.1
4.75%
307.9
8.95%
405.3
5.75%
316.0
7.05%
168.5
5.90%
312.7
4.25%
632.5
5.20%
399.7
0.00%-6.62%
20.8
26.1
$3,434.2
$1,292.7
(
416.1)
(208.0)
$3,018.1
$1,084.7
79
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80
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81
Table of Contents
82
Table of Contents
83
Table of Contents
84
Table of Contents
85
Table of Contents
86
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I.
DERIVATIVE
FINANCIAL INSTRUMENTS
87
Table of Contents
Balance Sheet
Balance Sheet
Classification
1/1/11
1/2/10
Classification
1/1/11
1/2/10
Other current assets
$
$
Accrued expenses
$
$
2.2
LT other assets
7.3
LT other liabilities
17.3
Other current assets
5.5
4.5
Accrued expenses
LT other assets
10.7
0.1
LT other liabilities
11.9
2.7
Other current assets
0.7
0.1
Accrued expenses
5.6
31.2
LT other assets
LT other liabilities
Other current assets
11.7
Accrued expenses
17.7
29.1
$
28.6
$
12.0
$
52.5
$
65.2
Other current assets
$
26.4
$
18.5
Accrued expenses
$
59.1
$
19.5
LT other assets
2.8
LT other liabilities
4.1
$
26.4
$
21.3
$
63.2
$
19.5
88
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Classification of
Gain (Loss)
Gain (Loss)
Gain (Loss)
Reclassified from
Recognized in
Year-to-date 2010
Gain (Loss)
Reclassified from
OCI to Income
Income
(In millions)
Recorded in OCI
OCI to Income
(Effective Portion)
(Ineffective Portion*)
$
(24.8
)
Interest expense
$
(1.6
)
$
$
(16.0
)
Cost of sales
$
(2.3
)
$
6.8
Other-net
$
8.5
Classification of
Gain (Loss)
Gain (Loss)
Gain (Loss)
Reclassified from
Recognized in
Year-to-date 2009
Gain (Loss)
Reclassified from
OCI to Income
Income
(In millions)
Recorded in OCI
OCI to Income
(Effective Portion)
(Ineffective Portion*)
$
7.2
Interest expense
$
(4.6
)
$
$
(0.5
)
Cost of sales
$
4.7
$
(7.7
)
Other-net
$
(3.5
)
*
Includes ineffective portion and amount excluded from
effectiveness testing on derivatives.
89
Table of Contents
Year-to-Date 2010
Year-to-Date 2009
Income Statement
Gain/(Loss) on
Gain /(Loss) on
Gain/(Loss) on
Gain /(Loss) on
Classification
Swaps
Borrowings
Swaps
Borrowings
$
1.3
$
(1.3
)
$
(2.6
)
$
2.6
90
Table of Contents
Year-to-Date 2010
Year-to-Date 2009
Ineffective
Ineffective
Portion*
Portion*
Amount
Effective Portion
Recorded in
Amount
Effective Portion
Recorded in
Income Statement
Recorded in OCI
Recorded in Income
Income
Recorded in OCI
Recorded in Income
Income
Classification
Gain (Loss)
Statement
Statement
Gain (Loss)
Statement
Statement
$
(31.4
)
$
$
$
(8.5
)
$
$
*
Includes ineffective portion and amount excluded from
effectiveness testing.
Year-to-Date 2010
Year-to-Date 2009
Derivatives Not
Amount of Gain (Loss)
Amount of Gain (Loss)
Designated as Hedging
Income Statement
Recorded in Income on
Recorded in Income on
Instruments under ASC 815
Classification
Derivative
Derivative
Other, net
$
38.5
$
(7.6
)
Cost of Sales
$
1.0
$
91
Table of Contents
Year-to-Date 2010
Derivatives Not
Amount of Gain (Loss)
Designated as Hedging
Income Statement
Recorded in Income on
Instruments under ASC 815
Classification
Derivative
Other, net
$
(1.3
)
J.
CAPITAL
STOCK
2010
2009
2008
$
198.2
$
224.3
$
306.9
0.5
0.3
0.6
$
197.7
$
224.0
$
306.3
(A)
The unvested units affecting the calculation of
basic earnings per share represent restricted stock units with
non-forfeitable dividend rights.
2010
2009
2008
147,224
79,788
78,897
2010
2009
2008
$198.2
$224.3
$306.9
147,224
79,788
78,897
2,943
608
977
150,167
80,396
79,874
2010
2009
2008
$1.34
$2.81
$3.88
$1.32
$2.79
$3.84
92
Table of Contents
2010
2009
2008
2,760
3,519
2,101
4,939
4,939
5,069
2,210
5,893
6,035
1,054
2010
2009
2008
80,478,624
78,876,034
80,378,787
78,497,261
5,180,776
2,298,603
2,178,203
737,698
(107,834)
(575,613)
(2,240,451)
166,347,430
80,478,624
78,876,034
2010
2009
2,956,667
3,100,855
5,035,575
4,086,625
7,992,242
7,187,480
93
Table of Contents
$
57.50
$
57.50
30%
2.3%
3.3%
7 years
$
16.34
94
Table of Contents
2010
2009
2008
Options
Price
Options
Price
Options
Price
5,839,417
$39.75
7,082,224
$37.08
7,053,899
$37.83
2,055,942
60.69
502,500
48.46
849,360
33.73
5,843,623
44.41
(1,720,507)
34.81
(1,603,205)
30.13
(400,972)
31.44
(376,911)
54.95
(142,102)
44.65
(420,063)
48.31
11,641,564
$48.69
5,839,417
$39.75
7,082,224
$37.08
8,100,566
$46.70
4,364,180
$38.50
5,368,989
$35.30
Outstanding Stock Options
Weighted-average
Exercisable Stock Options
Remaining
Weighted-average
Exercise Price Ranges
Options
Contractual Life
Weighted-average Exercise Price
Options
Exercise Price
3,062,866
6.46
$30.63
2,353,482
$30.28
3,113,042
5.33
43.41
2,687,715
42.58
5,465,656
5.72
61.81
3,059,369
62.95
11,641,564
5.81
$48.69
8,100,566
$46.70
95
Table of Contents
Weighted Average
Restricted Share
Grant
Units
Date Fair Value
759,198
$39.79
1,532,107
59.32
433,117
46.63
(239,696)
62.29
(14,003)
58.43
2,470,723
$53.60
96
Table of Contents
Weighted Average Grant
Share Units
Date Fair Value
721,648
$33.88
571,724
48.56
(216,882)
44.22
1,076,490
$39.59
97
Table of Contents
(Per Share)
Original Number
Net Premium
Initial Lower
Initial Upper
Series
of Options
Paid (In millions)
Strike Price
Strike Price
2,811,041
$
16.8
$
75.00
$
97.95
2,811,041
$
16.8
$
75.00
$
97.95
2,811,041
$
16.7
$
75.00
$
97.95
8,433,123
$
50.3
$
75.00
$
97.95
K.
ACCUMULATED
OTHER COMPREHENSIVE INCOME (LOSS)
(Millions of Dollars)
2010
2009
2008
$29.1
$15.1
$(67.2)
(62.5)
(84.6)
(83.0)
(32.7)
(11.8)
(6.6)
(50.2)
4.8
4.8
$(116.3)
$(76.5)
$(152.0)
L.
EMPLOYEE
BENEFIT PLANS
98
Table of Contents
(Millions of Dollars)
2010
2009
2008
$0.6
$0.5
$0.6
$16.4
$3.3
$5.0
99
Table of Contents
U.S. Plans
Non-U.S. Plans
(Millions of Dollars)
2010
2009
2008
2010
2009
2008
$
18.1
$
2.6
$
2.7
$
12.8
$
3.8
$
4.7
61.2
9.8
9.8
44.7
13.3
15.4
(52.5
)
(6.7
)
(10.3
)
(39.8
)
(14.9
)
(19.0
)
1.0
1.2
1.4
0.2
0.1
0.1
-
-
-
0.1
0.1
0.1
2.0
2.9
-
4.1
2.4
3.9
(9.1
)
1.2
-
(2.3
)
(1.7
)
1.0
$
20.7
$
11.0
$
3.6
$
19.8
$
3.1
$
6.2
Other Benefit Plans
(Millions of Dollars)
2010
2009
2008
$
1.3
$
0.8
$
1.0
4.6
1.3
1.4
(0.2
)
(0.2
)
(0.2
)
(0.1
)
(0.1
)
(0.3
)
(7.2
)
-
-
$
(1.6
)
$
1.8
$
1.9
(Millions of Dollars)
2010
$
47.5
(64.6
)
(8.7
)
(1.6
)
(0.1
)
(1.7
)
$
(29.2
)
100
Table of Contents
U.S. Plans
Non-U.S. Plans
Other Benefits
2010
2009
2010
2009
2010
2009
$
176.1
$
166.9
$
256.6
$
217.2
$
23.0
$
23.0
18.1
2.6
12.8
3.8
1.3
0.8
61.2
9.8
44.7
13.3
4.6
1.3
(65.6
)
0.4
(14.1
)
(6.9
)
(11.0
)
-
81.6
5.5
13.0
20.1
3.9
0.7
2.0
0.3
3.3
-
(13.9
)
-
-
-
9.3
22.6
0.2
-
-
-
0.8
-
-
-
1,181.7
0.3
706.6
1.1
90.4
-
(64.6
)
(9.7
)
(45.9
)
(14.6
)
(11.6
)
(2.8
)
$
1,390.5
$
176.1
$
987.1
$
256.6
$
86.9
$
23.0
$
108.7
$
90.5
$
210.8
$
174.9
$
-
$
-
86.9
21.0
51.2
26.8
-
-
-
-
0.8
-
-
-
212.6
6.9
52.4
7.7
11.6
2.8
-
-
(7.3
)
(4.6
)
-
-
-
-
11.0
20.2
-
-
688.5
-
446.1
0.2
-
-
(64.6
)
(9.7
)
(45.9
)
(14.6
)
(11.6
)
(2.8
)
$
1,032.1
$
108.7
$
719.1
$
210.8
$
-
$
-
$
(358.4
)
$
(67.4
)
$
(268.0
)
$
(45.8
)
$
(86.9
)
$
(23.0
)
5.4
4.8
3.3
0.4
(14.6
)
(0.9
)
24.9
35.7
70.9
79.1
1.4
1.2
-
-
0.4
0.6
-
-
$
(328.1
)
$
(26.9
)
$
(193.4
)
$
34.3
$
(100.1
)
$
(22.7
)
$
0.2
$
-
$
4.8
$
4.4
$
-
$
-
(56.9
)
(2.7
)
(8.1
)
(1.2
)
(10.5
)
(2.0
)
(301.7
)
(64.7
)
(264.7
)
(49.0
)
(76.4
)
(21.0
)
$
(358.4
)
$
(67.4
)
$
(268.0
)
$
(45.8
)
$
(86.9
)
$
(23.0
)
$
5.4
$
4.8
$
3.3
$
0.4
$
(14.6
)
$
(0.9
)
24.9
35.7
70.9
79.1
1.4
1.2
-
-
0.4
0.6
-
-
$
30.3
$
40.5
$
74.6
$
80.1
$
(13.2
)
$
0.3
$
(328.1
)
$
(26.9
)
$
(193.4
)
$
34.3
$
(100.1
)
$
(22.7
)
101
Table of Contents
U.S. Plans
Non-U.S. Plans
(Millions of Dollars)
2010
2009
2010
2009
$
1,376.7
$
176.1
$
927.5
$
215.9
$
1,373.9
$
174.7
$
890.7
$
200.9
$
1,018.1
$
108.7
$
655.8
$
165.7
U.S. Plans
Non-U.S. Plans
(Millions of Dollars)
2010
2009
2010
2009
$
1,376.7
$
176.1
$
943.0
$
215.9
$
1,373.9
$
174.7
$
904.5
$
200.9
$
1,018.1
$
108.7
$
670.2
$
165.7
Pension Benefits
Other Benefits
U.S. Plans
Non-U.S. Plans
U.S. Plans
2010
2009
2008
2010
2009
2008
2010
2009
2008
5.25%
5.75%
6.0%
5.25%
5.75%
6.0%
4.5%
5.5%
6.25%
6.0%
6.0%
6.0%
4.0%
4.25%
3.5%
3.75%
4.0%
4.0%
5.75%
6.0%
6.5%
5.75%
6.0%
5.5%
5.50%
6.25%
6.25%
3.75%
6.0%
6.0%
4.25%
3.5%
3.75%
4.0%
4.0%
4.0%
7.5%
7.5%
8.0%
6.75%
6.75%
7.5%
-
-
-
102
Table of Contents
Asset Category
2010
Level 1
Level 2
$
18.1
$
1.2
$
16.9
513.2
7.2
506.0
513.4
24.6
488.8
281.9
9.0
272.9
285.9
16.1
269.8
78.0
18.4
59.6
31.4
31.4
29.3
29.3
$
1,751.2
$
76.5
$
1,674.7
Asset Category
2009
Level 1
Level 2
$
3.0
$
3.0
$
69.4
6.6
62.8
125.8
23.1
102.7
62.4
23.8
38.6
42.7
18.7
24.0
16.2
16.2
$
319.5
$
75.2
$
244.3
(Millions of Dollars)
Total
Year 1
Year 2
Year 3
Year 4
Year 5
Years 6-10
$1,563.1
$188.7
$150.7
$149.9
$153.3
$153.5
$767.0
103
Table of Contents
M.
FAIR
VALUE MEASUREMENTS
Total Carrying
Value
Level 1
Level 2
Level 3
$55.0
$ -
$55.0
$ -
$115.7
$ -
$115.7
$ -
$716.7
$716.7
$ -
$ -
$33.3
$ -
$33.3
$ -
$84.7
$ -
$84.7
$ -
$210.8
$210.8
$ -
$ -
Carrying Value
January 1,
Total Losses
2011
Level 1
Level 2
Level 3
Year to Date
$
33.5
$
-
$
-
$
33.5
$
(24.0
)
104
Table of Contents
N.
OTHER
COSTS AND EXPENSES
105
Table of Contents
O.
RESTRUCTURING
AND ASSET IMPAIRMENTS
Net
1/2/10
Acquisitions
Additions
Usage
Currency
1/1/11
$
$
$205.8
$(124.6)
$0.5
$81.7
24.0
(24.0)
2.7
(1.1)
1.6
7.0
(6.0)
0.1
1.1
239.5
(155.7)
0.6
84.4
44.3
3.5
(0.9)
(27.1)
(3.7)
16.1
1.9
3.9
(5.1)
0.7
0.2
0.1
(0.3)
46.4
3.5
3.1
(32.5)
(3.7)
16.8
$46.4
$3.5
$242.6
$(188.2)
$(3.1)
$101.2
106
Table of Contents
P.
BUSINESS
SEGMENTS AND GEOGRAPHIC AREAS
107
Table of Contents
(Millions of Dollars)
2010
2009
2008
$4,446.1
$1,295.3
$1,655.5
2,112.9
1,560.2
1,497.2
1,850.6
881.6
1,273.5
$8,409.6
$3,737.1
$4,426.2
$475.5
$154.1
$190.7
306.0
307.0
268.7
242.9
89.3
164.2
1,024.4
550.4
623.6
(244.5)
(70.5)
(59.8)
(199.6)
(139.1)
(111.6)
(242.6)
(40.7)
(85.5)
43.8
9.4
9.4
3.1
9.2
(110.0)
(63.7)
(92.1)
$237.1
$283.3
$293.2
$98.3
$38.7
$9.3
41.1
33.6
52.6
46.1
21.1
38.5
0.4
$185.5
$93.4
$140.8
$115.5
$41.2
$42.2
158.1
131.9
108.6
75.1
27.0
30.3
1.9
$348.7
$200.1
$183.0
$7,688.3
$819.5
3,496.3
2,430.9
2,938.6
1,069.1
14,123.2
4,319.5
1,016.2
449.6
$15,139.4
$4,769.1
108
Table of Contents
(Millions of Dollars)
2010
2009
2008
$4,611.7
$2,168.0
$2,514.3
566.6
253.3
284.8
424.6
99.5
135.6
707.0
498.5
571.5
1,354.4
505.3
680.9
745.3
212.5
239.1
$8,409.6
$3,737.1
$4,426.2
$520.0
$292.8
20.7
14.0
187.2
12.5
65.9
60.3
184.0
108.6
188.7
87.7
$1,166.5
$575.9
109
Table of Contents
Q.
INCOME
TAXES
(Millions of Dollars)
2010
2009
$42.3
$63.8
778.8
153.2
442.9
15.5
15.5
19.0
4.7
65.8
13.5
$1,364.3
$250.7
$329.0
$79.0
12.1
12.0
147.2
12.1
30.1
13.0
33.5
330.6
27.7
47.7
53.2
$930.2
$197.0
$434.1
$53.7
$265.8
$24.4
$699.9
$78.1
2010
2009
Deferred
Deferred
Deferred
Deferred
Tax Asset
Tax Liability
Tax Asset
Tax Liability
$(112.8)
$40.3
$(15.3)
$6.4
(128.7)
901.1
(33.4)
120.4
$(241.5)
$941.4
$(48.7)
$126.8
110
Table of Contents
(Millions of Dollars)
2010
2009
2008
$(74.7)
$(1.0)
$27.0
107.0
21.1
38.0
4.7
7.1
8.7
$37.0
$27.2
$73.7
$37.5
$34.4
$(0.9)
(
31.8)
(5.0)
2.8
(3.8)
(2.1)
(3.1)
1.9
27.3
(1.2)
$38.9
$54.5
$72.5
(Millions of Dollars)
2010
2009
2008
$83.0
$99.2
$102.6
1.4
4.7
5.2
(81.7)
(27.5)
(32.4)
7.3
(8.3)
2.5
(36.0)
(8.8)
(3.0)
12.4
1.2
7.8
.5
8.7
50.1
4.9
(10.6)
1.5
(0.1)
(0.4)
(5.0)
(9.6)
(3.7)
$38.9
$54.5
$72.5
(Millions of Dollars)
2010
2009
2008
$(182.7)
$115.1
$94.8
419.8
168.2
198.4
$237.1
$283.3
$293.2
111
Table of Contents
(Millions of Dollars)
2010
2009
2008
$30.3
$47.8
$49.1
318.1
-
-
18.4
1.4
5.6
0.7
2.3
7.7
(36.3)
(10.6)
(5.9)
(41.0)
(2.3)
-
(16.6)
(8.3)
(8.7)
$273.6
$30.3
$47.8
R.
COMMITMENTS
AND GUARANTEES
112
Table of Contents
(Millions of Dollars)
Total
2011
2012
2013
2014
2015
Thereafter
$309.1
$97.0
$72.9
$51.6
$32.7
$19.7
$35.2
328.6
328.6
71.8
55.5
4.7
2.7
1.8
1.8
5.3
$709.5
$481.1
$77.6
$54.3
$34.5
$21.5
$40.5
Maximum
Carrying
Potential
Amount of
(Millions of Dollars)
Term
Payment
Liability
One to four years
$35.3
$
Less than nine years
24.2
Up to three years
59.7
Up to six years
16.9
12.7
$136.1
$12.7
113
Table of Contents
(Millions of Dollars)
2010
2009
2008
$67.4
$65.6
$63.7
88.5
18.5
21.8
58.2
(92.8)
(21.0)
(22.8)
(1.7)
4.3
2.9
$119.6
$67.4
$65.6
S.
CONTINGENCIES
114
Table of Contents
115
Table of Contents
T.
DISCONTINUED
OPERATIONS
(Millions of Dollars)
2010
2009
2008
$
$
$60.8
(5.8)
132.8
(3.3)
44.9
$
$(2.5)
$87.9
U.
PARENT
AND SUBSIDIARY DEBT GUARANTEES
116
Table of Contents
117
Table of Contents
Condensed Consolidating Statement of Operations
(Millions of Dollars)
Year Ended January 1, 2011
Parent
The Black &
Stanley Black &
Decker
Non-Guarantor
Decker, Inc.
Corporation
Subsidiaries
Eliminations
Consolidated
$1,565.4
$
$7,240.7
$(396.5
)
$8,409.6
1,043.1
4,740.3
(322.6
)
5,460.8
560.9
96.3
1,585.6
(73.9
)
2,168.9
38.4
(207.7
)
368.9
199.6
25.4
91.3
125.9
242.6
56.0
89.5
(44.9
)
100.6
1,723.8
69.4
6,775.8
(396.5
)
8,172.5
(158.4
)
(69.4
)
464.9
237.1
(35.6
)
(29.2
)
103.7
38.9
321.0
162.7
(483.7
)
198.2
122.5
361.2
(483.7
)
198.2
$198.2
$122.5
$361.2
$(483.7
)
$198.2
118
Table of Contents
Condensed Consolidating Statement of Operations
(Millions of Dollars)
Year Ended January 2, 2010
Parent
Stanley Black &
Non-Guarantor
Decker, Inc.
Subsidiaries
Eliminations
Consolidated
$1,433.4
$2,615.4
$(311.7
)
$3,737.1
949.8
1,527.0
(248.0
)
2,228.8
437.3
654.8
(63.7
)
1,028.4
(52.1
)
147.4
95.3
20.7
20.0
40.7
55.0
5.6
60.6
1,410.7
2,354.8
(311.7
)
3,453.8
22.7
260.6
283.3
0.9
53.6
54.5
207.0
(207.0
)
228.8
207.0
(207.0
)
228.8
2.0
2.0
228.8
205.0
(207.0
)
226.8
(2.5
)
(2.5
)
$228.8
$202.5
$(207.0
)
$224.3
119
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Condensed Consolidating Statement of Operations
(Millions of Dollars)
Year Ended January 3, 2009
Parent
Stanley Black &
Non-Guarantor
Decker, Inc.
Subsidiaries
Eliminations
Consolidated
$1,822.2
$3,096.4
$(492.4
)
$4,426.2
1,244.0
1,893.2
(382.4
)
2,754.8
499.0
718.6
(110.0
)
1,107.6
20.5
81.7
102.2
23.1
62.4
85.5
77.8
5.1
82.9
1,864.4
2,761.0
(492.4
)
4,133.0
(42.2
)
335.4
293.2
(27.1
)
99.6
72.5
235.8
(235.8
)
220.7
235.8
(235.8
)
220.7
1.7
1.7
220.7
234.1
(235.8
)
219.0
74.5
13.4
87.9
$295.2
$247.5
$(235.8
)
$306.9
120
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Condensed Consolidating Balance Sheet
(Millions of Dollars)
January 1, 2011
121
Table of Contents
Condensed Consolidating Balance Sheet
(Millions of Dollars)
January 2, 2010
122
Table of Contents
Condensed Consolidating Statements of Cash Flow
(Millions of Dollars)
Year Ended January 1, 2011
Parent
The Black &
Stanley Black &
Decker
Non-Guarantor
Decker, Inc.
Corporation
Subsidiaries
Eliminations
Consolidated
$(520.5
)
$55.4
$1,204.4
$739.3
(38.1
)
(2.6
)
(144.8
)
(185.5
)
(451.4
)
(14.2
)
(73.7
)
(539.3
)
1.8
947.6
949.4
498.0
453.5
(951.5
)
(1.5
)
46.5
45.0
7.0
485.0
729.1
(951.5
)
269.6
(512.7
)
(3.1
)
(515.8
)
1,009.8
1,009.8
396.1
396.1
(7.7
)
(7.7
)
(88.7
)
(175.0
)
0.1
(263.6
)
(193.9
)
(7.7
)
(201.6
)
(4.9
)
(4.9
)
(48.4
)
(48.4
)
(50.3
)
(50.3
)
(354.2
)
(597.3
)
951.5
499.3
(536.9
)
(600.3
)
951.5
313.6
22.2
22.2
(14.2
)
3.5
1,355.4
1,344.7
9.2
391.5
400.7
$(5.0
)
$3.5
$1,746.9
$1,745.4
123
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Condensed Consolidating Statements of Cash Flow
(Millions of Dollars)
Year Ended January 2, 2010
Parent
Stanley Black &
Non-Guarantor
Decker, Inc.
Subsidiaries
Eliminations
Consolidated
$(334.5
)
$873.9
$
$539.4
(34.3
)
(59.1
)
(93.4
)
(5.9
)
(15.9
)
(21.8
)
618.4
(618.4
)
578.2
(75.0
)
(618.4
)
(115.2
)
(60.0
)
(4.5
)
(64.5
)
(15.2
)
(15.2
)
(121.6
)
1.7
(119.9
)
61.2
61.2
(103.6
)
(103.6
)
(2.6
)
(2.6
)
(9.2
)
(9.2
)
4.8
4.8
(618.4
)
618.4
(251.0
)
(616.4
)
618.4
(249.0
)
13.9
13.9
(7.3
)
196.4
189.1
16.5
195.1
211.6
$9.2
$391.5
$
$400.7
124
Table of Contents
Condensed Consolidating Statements of Cash Flow
(Millions of Dollars)
Year Ended January 3, 2009
Parent
Stanley Black &
Non-Guarantor
Decker, Inc.
Subsidiaries
Eliminations
Consolidated
$(1,191.2
)
$1,707.8
$
$516.6
(58.9
)
(81.9
)
(140.8
)
166.2
(532.3
)
(366.1
)
19.1
19.1
1,106.1
(1,106.1
)
23.2
23.2
1,232.5
(591.0
)
(1,106.1
)
(464.6
)
(43.4
)
(1.5
)
(44.9
)
248.0
0.2
248.2
(11.1
)
(11.1
)
(72.0
)
(1.5
)
(73.5
)
16.2
16.2
19.2
19.2
(99.0
)
(99.0
)
(103.3
)
(103.3
)
(1,106.1
)
1,106.1
(45.4
)
(1,108.9
)
1,106.1
(48.2
)
(32.6
)
(32.6
)
(4.1
)
(24.7
)
(28.8
)
20.6
219.8
240.4
$16.5
$195.1
$
$211.6
125
Table of Contents
Quarter
(Millions of Dollars, except per share amounts)
First
Second
Third
Fourth
Year
$1,262.0
$2,365.6
$2,369.1
$2,412.9
$8,409.6
455.9
769.0
854.3
869.6
2,948.8
382.5
584.2
582.6
619.6
2,168.9
(108.5)
46.3
123.1
137.3
198.2
0.1
0.5
(0.1)
(0.5)
$(108.6)
$45.8
$123.2
$137.8
$198.2
$(1.11)
$0.28
$0.74
$0.83
$1.34
$(1.11)
$0.28
$0.74
$0.83
$1.34
$(1.11)
$0.28
$0.73
$0.81
$1.32
$(1.11)
$0.28
$0.73
$0.81
$1.32
$913.0
$919.2
$935.5
$969.4
$3,737.1
361.1
366.6
386.4
394.2
1,508.3
252.7
255.3
251.4
269.0
1.028.4
39.0
72.0
62.1
55.7
228.8
0.7
1.2
0.3
(0.2)
2.0
38.3
70.8
61.8
55.9
226.8
(0.6)
(1.3)
(1.4)
0.8
(2.5)
$37.7
$69.5
$60.4
$56.7
$224.3
$0.48
$0.89
$0.77
$0.69
$2.84
(0.01)
(0.02)
(0.02)
0.01
(0.03)
$0.48
$0.88
$0.75
$0.70
$2.81
$0.48
$0.89
$0.77
$0.68
$2.82
(0.01)
(0.02)
(0.02)
0.01
(0.03)
$0.47
$0.87
$0.75
$0.69
$2.79
126
Table of Contents
Merger and Acquisition-Related Charge
Diluted EPS Impact
Q1 2010 -
$212.8 million ($178.7 million after-tax)
$1.80 per diluted share
Q2 2010 -
$229.4 million ($160.3 million after-tax)
$0.97 per diluted share
Q3 2010 -
$57.5 million ($41.4 million after-tax)
$0.24 per diluted share
Q4 2010 -
$38.7 million ($40.7 million after-tax)
$0.24 per diluted share
127
Table of Contents
THE STANLEY WORKS
EXHIBIT LIST
3
.1
(a)
Restated Certificate of Incorporation dated September 15, 1998
(incorporated by reference to Exhibit 3(i) to the Companys
Quarterly Report on Form 10-Q filed on May 13, 2010).
(b)
Certificate of Amendment to the Restated Certificate of
Incorporation dated December 21, 2009 (incorporated by reference
to Exhibit 3(ii) to the Companys Quarterly Report on Form
10-Q filed on May 13, 2010).
(c)
Certificate of Amendment to the Restated Certificate of
Incorporation dated March 12, 2010 (incorporated by reference to
Exhibit 3(iii) to the Companys Quarterly Report on Form
10-Q filed on May 13, 2010).
(d)
Certificate of Amendment to the Restated Certificate of
Incorporation dated November 5, 2010 (incorporated by reference
to Exhibit 3.1 to the Companys Current Report on Form 8-K
filed on November 9, 2010).
3
.2
(a)
Amended and Restated Bylaws (incorporated by reference to
Exhibit 3.2 to the Companys Current Report on Form 8-K
filed on March 12, 2010).
(b)
Amendment to Amended and Restated Bylaws dated February 15,
2011 (incorporated by reference to Exhibit 3(ii) to the
Companys Current Report on Form 8-K filed on
February 16, 2011).
4
.1
(a)
Indenture, dated as of June 26, 1998, by and among Black &
Decker Holdings Inc., as Issuer, The Black & Decker
Corporation, as Guarantor, and The First National Bank of
Chicago, as Trustee (incorporated by reference to Exhibit 4.9 to
the Companys Current Report on Form 8-K filed on March 12,
2010).
(b)
First Supplemental Indenture dated as of March 12, 2010, to the
Indenture dated as of June 26, 1998, by and among Black &
Decker Holdings, Inc., as issuer, The Black & Decker
Corporation, as guarantor and The First National Bank of
Chicago, as trustee (incorporated by reference to Exhibit 4.5 to
the Companys Current Report on Form 8-K filed on March 12,
2010).
128
Table of Contents
4
.2
(a)
Indenture, dated as of June 5, 2001, between The Black &
Decker Corporation and The Bank of New York, as Trustee
(incorporated by reference to Exhibit 4.8 to the Companys
Current Report on Form 8-K filed on March 12, 2010).
(b)
First Supplemental Indenture dated as of March 12, 2010, to the
Indenture dated as of June 5, 2001, between The Black &
Decker Corporation and The Bank of New York Mellon (formerly,
The Bank of New York), as trustee (incorporated by reference to
Exhibit 4.4 to the Companys Current Report on Form 8-K
filed on March 12, 2010).
4
.3
(a)
Indenture, dated as of November 1, 2002 between the Company and
The Bank of New York Mellon Trust Company, N.A., as successor
trustee to JPMorgan Chase Bank, defining the rights of holders
of
3
1
/
2
% Notes
Due November 1, 2007,
4
9
/
10
% Notes
due November 1, 2012 and 6.15% Notes due 2013 (incorporated
by reference to Exhibit 4(vi) to the Companys Annual
Report on Form 10-K for the year ended December 28, 2002).
(b)
Certificate of Designated Officers establishing Terms of
3
1
/
2
%
Series A Senior Notes due 2007,
4
9
/
10
%
Series A Senior Notes due 2012,
3
1
/
2
%
Series B Senior Notes due 2007 and
4
9
/
10
%
Series B Senior Notes due 2012 (incorporated by reference to
Exhibit 4(ii) to the Companys Quarterly Report on Form
10-Q for the quarter ended September 27, 2003).
(c)
Officers Certificate relating to the 6.15% Notes due
2013 (incorporated by reference to Exhibit 4.1 to the
Companys Current Report on Form 8-K dated September 29,
2008).
(d)
Second Supplemental Indenture dated as of March 12, 2010 to the
Indenture dated as of November 1, 2002 between The Stanley
Works and The Bank of New York Mellon Trust Company, as
successor trustee to JPMorgan Chase Bank, N.A. (incorporated by
reference to Exhibit 4.1 to the Companys Current Report on
Form 8-K filed on March 12, 2010).
(e)
Third Supplemental Indenture dated as of September 3, 2010, to
the Indenture dated as of November 1, 2002, among Stanley Black
& Decker, Inc., The Black & Decker Corporation and The
Bank of New York Mellon Trust Company, N.A., as successor
trustee to JPMorgan Chase Bank, N.A. (formerly known as JPMorgan
Chase Bank), as trustee (incorporated by reference to the
Companys Current Report on Form 8-K filed on September 7,
2010).
4
.4
(a)
Indenture, dated as of October 18, 2004, between The Black
& Decker Corporation and The Bank of New York, as Trustee
(incorporated by reference to Exhibit 4.7 to the Companys
Current Report on Form 8-K filed on March 12, 2010).
(b)
First Supplemental Indenture dated as of March 12, 2010, to the
Indenture dated as of October 18, 2004 between The Black &
Decker Corporation and The Bank of New York Mellon (formerly,
The Bank of New York) as trustee (incorporated by reference to
Exhibit 4.3 to the Companys Current Report on Form 8-K
filed on March 12, 2010).
4
.5
(a)
Indenture, dated November 22, 2005, between The Stanley Works
and HSBC Bank USA, National Association, as indenture trustee
(incorporated by reference to Exhibit 4.5 to the Companys
Current Report on Form 8-K dated November 29, 2005).
(b)
First Supplemental Indenture, dated November 22, 2005, between
The Stanley Works and HSBC Bank USA, National Association, as
indenture trustee (incorporated by reference to Exhibit 4.6 to
the Companys Current Report on Form 8-K dated November 29,
2005).
(c)
Form of 5.902% Fixed Rate/Floating Rate Junior Subordinated Debt
Securities due December 1, 2045 (incorporated by reference to
Exhibit 4.7 to the Companys Current Report on Form 8-K
dated November 29, 2005).
Table of Contents
(d)
Second Supplemental Indenture dated as of November 5, 2010, to
the Indenture dated as of November 22, 2005, between Stanley
Black & Decker, Inc. and HSBC Bank USA, National
Association, as trustee (incorporated by reference to Exhibit
4.4 of the Companys Current Report on Form 8-K filed on
November 9, 2010).
4
.6
(a)
Indenture, dated as of November 16, 2006, between The Black
& Decker Corporation and The Bank of New York, as Trustee
(incorporated by reference to Exhibit 4.6 to the Companys
Current Report on Form 8-K filed on March 12, 2010).
(b)
First Supplemental Indenture, dated as of November 16, 2006,
between The Black & Decker Corporation and The Bank of New
York, as Trustee (incorporated by reference to Exhibit 4.6(a) to
the Companys Current Report on Form 8-K filed on March 12,
2010).
(c)
Second Supplemental Indenture, dated as of April 3, 2009,
between The Black & Decker Corporation and The Bank of New
York Mellon (formerly known as The Bank of New York), as Trustee
(incorporated by reference to Exhibit 4.6(b) to the
Companys Current Report on Form 8-K filed on March 12,
2010).
(d)
Third Supplemental Indenture dated as of March 12, 2010, to the
Indenture dated as of November 16, 2006 between The Black &
Decker Corporation, and The Bank of New York Mellon (formerly,
The Bank of New York), as trustee (incorporated by reference to
Exhibit 4.2 to the Companys Current Report on Form 8-K
filed on March 12, 2010).
4
.7
(a)
Rights Agreement dated as of January 19, 2006, by and between
The Stanley Works and Computershare Investor Services L.L.C.
(incorporated by reference to Exhibit 4.1 to the Companys
Current Report on Form 8-K/A dated February 22, 2006).
(b)
Amendment No. 1 dated as of December 21, 2009 to the Rights
Agreement, dated as of January 19, 2006, between The Stanley
Works and the Computershare Investor Services L.L.C.
(incorporated by reference to Exhibit 4.2 to the Companys
Current Report on Form 8-K dated December 21, 2009).
4
.8
(a)
Purchase Contract and Pledge Agreement, dated as of March 20,
2007, between The Stanley Works, The Bank of New York Trust
Company, N.A., as Purchase Contract Agent, and HSBC Bank USA,
National Association, as Collateral Agent and Securities
Intermediary (incorporated by reference to Exhibit 4.1 to the
Companys Current Report on Form 8-K dated March 23, 2007).
(b)
Form of Corporate Units Certificate (incorporated by reference
to Exhibit 4.4 to the Companys Current Report on Form 8-K
dated March 23, 2007).
(c)
Form of Treasury Units Certificate (incorporated by reference to
Exhibit 4.5 to the Companys Current Report on Form 8-K
dated March 23, 2007).
(d)
Form of Unpledged Convertible Note (incorporated by reference to
Exhibit 4.6 to the Companys Current Report on Form 8-K
dated March 23, 2007).
(e)
Form of Pledged Convertible Note (incorporated by reference to
Exhibit 4.7 to the Companys Current Report on Form 8-K
dated March 23, 2007).
(f)
Form of Officers Certificate, dated March 20, 2006,
relating to the 5.00% Notes due 2010 (incorporated by
reference to Exhibit 4.8 to the Companys Current Report on
Form 8-K dated March 23, 2007).
(g)
Form of 5.00% Notes due 2010 (incorporated by reference to
Exhibit 4.6 to the Companys Current Report on Form 8-K
dated March 23, 2007).
Table of Contents
4
.9
(a)
Purchase Contract and Pledge Agreement dated as of November 5,
2010 among Stanley Black & Decker, Inc., The Bank of New
York Mellon Trust Company, National Association, as purchase
contract agent, and HSBC Bank USA, National Association, as
collateral agent, as custodial agent, and as securities
intermediary (incorporated by reference to Exhibit 4.2 to the
Companys Current Report on Form 8-K filed on November 9,
2010).
(b)
Form of 4.75% Series B Perpetual Cumulative Convertible
Preferred Stock (incorporated by reference to Exhibit 4.1 to the
Companys Current Report on Form 8-K filed on November 9,
2010).
(c)
Form of Corporate Unit (incorporated by reference to Exhibit 4.5
to the Companys Current Report on Form 8-K filed on
November 9, 2010).
(d)
Form of Treasury Unit (incorporated by reference to Exhibit 4.6
to the Companys Current Report on Form 8-K filed on
November 9, 2010).
(e)
Form of Cash-Settled Unit (incorporated by reference to Exhibit
4.7 to the Companys Current Report on Form 8-K filed on
November 9, 2010).
(f)
Form of Unpledged Note (incorporated by reference to Exhibit 4.8
to the Companys Current Report on Form 8-K filed on
November 9, 2010).
(g)
Form of Pledged Note (incorporated by reference to Exhibit 4.9
to the Companys Current Report on Form 8-K filed on
November 9, 2010).
10
.1
364-Day Credit Agreement dated as of March 12, 2010, among
Stanley Black & Decker, Inc., The Black & Decker
Corporation, as Subsidiary Guarantor, and each of the initial
lenders named therein, Citibank, N.A., as Administrative Agent,
Citigroup Global Markets Inc. and Banc of America Securities
LLC, as Lead Arrangers and Book Runners, and Bank of America,
N.A., as Syndication Agent (incorporated by reference to Exhibit
10.4 to the Companys Current Report on Form 8-K filed on
March 12, 2010).
10
.2
(a)
Amended and Restated Credit Agreement, dated as of February 27,
2008, by and among The Stanley Works, the lenders named therein,
Citibank, N.A., as Administrative Agent, Citigroup Global
Markets Inc. and Banc of America Securities LLC, as Lead
Arrangers and Book Runners, and Bank of America, N.A., as
Syndication Agent (incorporated by reference to Exhibit 10.1 to
the Companys Current Report on Form 8-K dated February 27,
2008).
(b)
Amendment No. 1 to the Amended and Restated Credit Agreement,
dated as of February 17, 2009 (incorporated by reference to
Exhibit 10(v)(a) to the Companys Annual Report on Form
10-K for the year ended January 3, 2009).
(c)
Amendment No. 2 dated as of March 12, 2010 to the Amended and
Restated Credit Agreement dated as of February 27, 2008, as
amended, among Stanley Black & Decker, Inc. (formerly
known as The Stanley Works), the Lenders party thereto and
Citibank, N.A. as Agent for the Lenders( incorporated by
reference to Exhibit 10(ii) to the Companys Quarterly
Report on Form 10-Q filed on May 13, 2010).
10
.3
Master Leasing Agreement, dated September 1, 1992 between GE
Capital Commercial Inc. (f/k/a Citicorp Leasing, Inc.,
successor-in-interest to BLC Corporation) and The Stanley Works
(incorporated by reference to Exhibit 10(i) to the
Companys Quarterly Report on Form 10-Q for the quarter
ended September 26, 1992).
Table of Contents
10
.4
Executive Chairman Agreement dated as of November 2, 2009, among
The Stanley Works and Nolan D. Archibald (incorporated by
reference to Exhibit 10.3 of the Companys Current Report
on Form 8-K filed on November 3, 2009)*.
10
.5
(a)
Second Amended and Restated Employment Agreement, dated as of
November 2, 2009, among The Stanley Works and John F. Lundgren
(incorporated by reference to Exhibit 10.1 of the Companys
Current Report on Form 8-K filed on November 3, 2009)*.
(b)
Amended and Restated Change in Control Severance Agreement dated
December 10, 2008 between The Stanley Works and John F.
Lundgren. (incorporated by reference to Exhibit (xviii) to the
Annual Report on Form 10-K for the period ended January 3,
2009).*
10
.6
Employment Agreement, dated as of November 2, 2009, among The
Stanley Works and James M. Loree (incorporated by reference to
Exhibit 10.2 of the Companys Current Report on Form 8-K
filed on November 3, 2009)*.
10
.7
Form A of Amended and Restated Change in Control Severance
Agreement. James M. Loree is a party to a Restated and Amended
Change in Control Severance Agreement in this Form.
(incorporated by reference to Exhibit (xiv) to the
Companys Annual Report on Form 10-K for the period ended
January 3, 2009).*
10
.8
Form B of Amended and Restated Change in Control Severance
Agreement. Each of Jeffery D. Ansell, Hubert W. Davis, Jr., and
Mark J. Mathieu are parties to Amended and Restated Change in
Control Severance Agreements in this Form. (incorporated by
reference to Exhibit (xv) to the Companys Annual Report on
Form 10-K for the period ended January 3, 2009).*
10
.9
Form B of Change in Control Severance Agreement. Donald Allan,
Jr., is a party to a Change in Control Severance Agreement in
this Form. (incorporated by reference to Exhibit (xvi) to the
Companys Annual Report on Form 10-K for the period ended
January 3, 2009).*
10
.10
Deferred Compensation Plan for Non-Employee Directors amended
and restated as of December 11, 2007 (incorporated by reference
to Exhibit 10(vii) to the Companys Annual Report on Form
10-K for the year ended December 29, 2007).*
10
.11
Deferred Compensation Plan for Participants in Stanleys
Management Incentive Plan amended and restated as of December
11, 2007 (incorporated by reference to Exhibit 10(ix) to the
Companys Annual Report on Form 10-K for the year ended
December 29, 2007).*
10
.12
(a)
Stanley Black & Decker Supplemental Retirement Account Plan
(as in effect, January 1, 2011, except as otherwise provided
therein).*
(b)
Stanley Black & Decker Supplemental Retirement Plan
(effective, January 1, 2011, except as otherwise provided
therein).*
10
.13
Supplemental Executive Retirement Program amended and restated
effective January 1, 2009 except as otherwise provided therein.
(incorporated by reference to Exhibit (ix) to the Companys
Annual Report on Form 10-K for the period ended January 3,
2009).*
10
.14
Note Purchase Agreement, dated as of June 30, 1998, between the
Stanley Account Value Plan Trust, acting by and through
Citibank, N.A. as trustee under the trust agreement for the
Stanley Account Value Plan, for $41,050,763 aggregate principal
amount of 6.07% Senior ESOP Guaranteed Notes Due December
31, 2009 (incorporated by reference to Exhibit 10(i) to the
Companys Quarterly Report on Form 10-Q for the quarter
ended July 4, 1998).
Table of Contents
10
.15
New 1991 Loan Agreement, dated June 30, 1998, between The
Stanley Works, as lender, and Citibank, N.A. as trustee under
the trust agreement for the Stanley Account Value Plan, to
refinance the 1991 Salaried Employee ESOP Loan and the 1991
Hourly ESOP Loan and their related promissory notes
(incorporated by reference to Exhibit 10(ii) to the
Companys Quarterly Report on Form 10-Q for the quarter
ended July 4, 1998).
10
.16
The Stanley Works Non-Employee Directors Benefit Trust
Agreement dated December 27, 1989 and amended as of January 1,
1991 by and between The Stanley Works and Fleet National Bank,
as successor trustee (incorporated by reference to Exhibit
(10)(xvii)(a) to the Companys Annual Report on Form 10-K
for year ended December 29, 1990).
10
.17
Description of the terms of a cash bonus award granted to
Jeffery D. Ansell in July 2010.*
10
.18
(a)
1997 Long-Term Incentive Plan as amended effective October 17,
2008.(incorporated by reference to Exhibit (x) to the
Companys Annual Report on Form 10-K for the period ended
January 3, 2009).*
(b)
Form of Award Agreement for the Long-Term Incentive Award
Program for the period January 1, 2006 through January 3, 2009
(incorporated by reference to Exhibit 10.5 to the Companys
Current Report on Form 8-K dated April 27, 2006).*
(c)
Description of the Performance Criteria and Range of Certain
Awards under the Long-Term Incentive Award Program for the
period January 1, 2006 through January 3, 2009 (incorporated by
reference to Exhibit 10.6 to the Companys Current Report
on Form 8-K dated April 27, 2006).*
(d)
Form of Award Agreement for the Long-Term Incentive Award
Program for fiscal years 2007 through 2009 (incorporated by
reference to Exhibit 10(xiii)(f) to the Companys Annual
Report on Form 10-K for the year ended December 29, 2007).*
(e)
Description of the Performance Criteria and Range of Certain
Awards under the Long-Term Incentive Award Program for fiscal
years 2007 through 2009 (incorporated by reference to Exhibit
10(xiii)(g) to the Companys Annual Report on Form 10-K for
the year ended December 29, 2007).*
(f)
Form of Restricted Stock Unit Award Certificate for grants of
restricted stock units pursuant to 1997 Long-Term Incentive Plan
(incorporated by reference to Exhibit 4.1 to the Companys
Current Report on Form 8-K dated December 15, 2005).*
(g)
Summary of Material Terms of Special Bonus Program (incorporated
by reference to Exhibit 10(i) to the Companys Quarterly
Report on Form 10-Q for the quarter ended September 29, 2007).*
10
.19
(a)
2001 Long-Term Incentive Plan as amended effective October 17,
2008 (incorporated by reference to Exhibit (xi) to the
Companys Annual Report on Form 10-K for the period ended
January 3, 2009).*
(b)
Form of Stock Option Certificate for stock options granted
pursuant to 2001 Long-Term Incentive Plan (incorporated by
reference to Exhibit 10(xiv)(a) to the Companys Annual
Report on Form 10-K for the year ended December 29, 2007).*
(c)
Form of Restricted Stock Unit Award Certificate for grants of
restricted stock units pursuant to 2001 Long-Term Incentive Plan
(incorporated by reference to Exhibit 10(xiv)(c) to the
Companys Annual Report on Form 10-K for the year ended
December 29, 2007).*
Table of Contents
(d)
Terms and Conditions applicable to Long Term Performance Awards
issued pursuant to the 1997 and the 2001 Long Term Incentive
Plans. (incorporated by reference to Exhibit (xi)(c) to the
Companys Annual Report on Form 10-K for the period ended
January 3, 2009).*
(e)
Form of Award Letter for Long Term Performance Awards issued
pursuant to the 2001 Long Term Incentive Plan. (incorporated by
reference to Exhibit (xi)(d) to the companys Annual Report
on Form 10-K for the period ended January 3, 2009).*
10
.20
(a)
The Stanley Works 2009 Long-Term Incentive Plan (as amended
March 12, 2010)(incorporated by reference Exhibit 4.7 to the
Companys Registration Statement on Form S-8 Reg. No.
333-165454 filed on March 12, 2010)*.
(b)
Form of award letter for restricted stock unit grants to
executive officers pursuant to the Companys 2009 Long Term
Incentive Plan (as amended March 12, 2010)(incorporated by
reference to Exhibit 10(vi)(b) to the Companys Quarterly
Report on Form 10-Q filed on May 13, 2010)*.
(c)
Form of stock option certificate for executive officers pursuant
to the Companys 2009 Long Term Incentive Plan (as amended
March 12, 2010) (incorporated by reference to Exhibit 10(vi)(c)
to the Companys Quarterly Report on Form 10-Q filed on May
13, 2010)*.*.
(d)
Terms of special one-time award of restricted stock units to
John F. Lundgren under his employment agreement and The Stanley
Works 2009 Long-Term Incentive Plan (as amended March 12, 2010)
(incorporated by reference to Exhibit 10(vi)(d) to the
Companys Quarterly Report on Form 10-Q filed on May 13,
2010).*
(e)
Terms of special on-time award of restricted stock units to
James M. Loree under his employment agreement and The Stanley
Works 2009 Long-Term Incentive Plan (as amended March 12, 2010)
(incorporated by reference to Exhibit 10(vi)(e) to the
Companys Quarterly Report on Form 10-Q filed on May 13,
2010).*
(f)
Terms of special one-time grant of stock options to Nolan D.
Archibald under his executive chairman agreement and The Stanley
Works 2009 Long-Term Incentive Plan (as amended March 12, 2010)
(incorporated by reference to Exhibit 10(vi)(f) to the
Companys Quarterly Report on Form 10-Q filed on May 13,
2010).*
10
.21
(a)
The Stanley Works Restricted Stock Unit Plan for Non-Employee
Directors amended and restated as of December 11, 2007
(incorporated by reference to Exhibit 10(xx) to the
Companys Annual Report on Form 10-K for the year ended
December 29, 2007).*
(b)
Form of Certificate for RSUs issued pursuant to The Stanley
Works Restricted Stock Unit Plan for Non-Employee Directors
(incorporated by reference to Exhibit 10(xxv) to the
Companys Annual Report on Form 10-K for the year ended
January 1, 2005).*
10
.22
The Stanley Works 2006 Management Incentive Compensation Plan
amended and restated as of December 11, 2007 (incorporated by
reference to Exhibit (xx) to the Companys Annual Report on
Form 10-K for the period ended January 3, 2009).*
10
.23
Special Severance Policy for Management Incentive Compensation
Plan Participants Levels 1-5 as amended effective October 17,
2008 (incorporated by reference to Exhibit (xxi) to the
Companys Annual Report on Form 10-K for the period ended
January 3, 2009).*
10
.24
Employee Stock Purchase Plan as amended April 23, 2009
(incorporated by reference to Exhibit 10(iii)(d) to the
Companys Quarterly Report on Form 10-Q for the quarterly
period ended April 4, 2009).*
Table of Contents
10
.25
The Black & Decker 1992 Stock Option Plan, as amended
(incorporated by reference to Exhibit 4.9 to the Companys
Post -Effective Amendment No. 1 on Form S-8 to Form S-4
Registration Statement (Registration No. 333-163509) filed on
March 12, 2010)*.
10
.26
The Black & Decker 1995 Stock Option Plan for Non-Employee
Directors, as amended (incorporated by reference to Exhibit 4.12
to the Companys Post -Effective Amendment No. 1 on Form
S-8 to Form S-4 Registration Statement (Registration No.
333-163509) filed on March 12, 2010)*.
10
.27
The Black & Decker 1996 Stock Option Plan, as amended
(incorporated by reference to Exhibit 10.6 to the
Companys Current Report on Form 8-K filed on March 12,
2010)*.
10
.28
The Black & Decker 2003 Stock Option Plan, as amended
(incorporated by reference to Exhibit 10.7 to the
Companys Current Report on Form 8-K filed on March 12,
2010)*.
10
.29
(a)
The Black & Decker Corporation 2004 Restricted Stock
Plan(incorporated by reference to Exhibit 10(xi)(a) to the
Companys Quarterly Report on Form 10-Q filed on May 13,
2010)*.
(b)
Form of Restricted Share Agreement relating to The Black &
Decker Corporation 2004 Restricted Stock Plan(incorporated by
reference to Exhibit 10(xi)(b) to the Companys Quarterly
Report on Form 10-Q filed on May 13, 2010)*.
10
.30
(a)
The Black & Decker 2008 Restricted Stock Plan (incorporated
by reference to Exhibit 4.10 to the Companys Post
-Effective Amendment No. 1 on Form S-8 to Form S-4 Registration
Statement (Registration No. 333-163509) filed on March 12,
2010)*.
(b)
Form of Restricted Stock Unit Award Agreement relating to The
Black & Decker Corporation 2008 Restricted Stock Plan
(incorporated by reference to Exhibit 10(xii) to the
Companys Quarterly Report on Form 10-Q filed on May 13,
2010)*.
10
.31
The Black & Decker Non-Employee Directors Stock Plan
(incorporated by reference to Exhibit 4.11 to the Companys
Post -Effective Amendment No. 1 on Form S-8 To Form S-4
Registration Statement (Registration No. 333-163509) filed on
March 12, 2010)*.
10
.32
Form of Nonqualified Stock Option Agreement relating to The
Black & Decker Corporations stock option plans
(incorporated by reference to Exhibit 10(xix) to the
Companys Quarterly Report on Form 10-Q filed on May 13,
2010)*.
10
.33
The Black & Decker Supplemental Pension Plan, as amended
and restated (incorporated by reference to Exhibit 10(xx) to the
Companys Quarterly Report on Form 10-Q filed on May 13,
2010)*.
10
.34
First Amendment to The Black & Decker Supplemental Pension
Plan (incorporated by reference to Exhibit 10(xxi) to the
Companys Quarterly Report on Form 10-Q filed on May 13,
2010)*.
10
.35
The Black & Decker Supplemental Executive Retirement Plan,
as amended and restated (incorporated by reference to Exhibit
10(xxii) to the Companys Quarterly Report on Form 10-Q
filed on May 13, 2010)*.
11
Statement re computation of per share earnings (the information
required to be presented in this exhibit appears in
Note to the Companys Consolidated
Financial Statements set forth in this Annual Report on Form
10-K).
12
Statement re computation of ratio of earnings to fixed charges.
Table of Contents
14
Code of Ethics for CEO and Senior Financial Officers
(incorporated by reference to the Companys website,
www.stanleyblackanddecker.com
.
21
Subsidiaries of Registrant.
23
Consent of Independent Registered Public Accounting Firm.
24
Power of Attorney.
31
.1
(a)
Certification by Chief Executive Officer pursuant to Rule
13a-14(a)
31
.1
(b)
Certification by Chief Financial Officer pursuant to Rule
13a-14(a)
32
.1
Certification by Chief Executive Officer pursuant to
18 U.S.C. Section 1350, as adopted pursuant to Section 906
of the Sarbanes-Oxley Act of 2002.
32
.2
Certification by Chief Financial Officer pursuant to
18 U.S.C. Section 1350, as adopted pursuant to Section 906
of the Sarbanes-Oxley Act of 2002.
99
.1
Policy on Confidential Proxy Voting and Independent Tabulation
and Inspection of Elections as adopted by The Board of Directors
October 23, 1991 (incorporated by reference to Exhibit (28)(i)
to the Quarterly Report on Form 10-Q for the quarter ended
September 28, 1991).
*
Management contract or compensation plan or arrangement.
1
2
3
4
5
6
7
8
9
10
11
12
13
14
STANLEY BLACK & DECKER, INC. | ||||
By
|
||||
|
||||
|
Date: |
15
Participants Age on | Percentage of | |
December 31 of the Plan Year | Compensation | |
Under 40
|
2% | |
40-54
|
4% | |
55 or older
|
6% |
Participants Age on | (Percentage of Compensation) | |||||||||||||||||||
December 31 of the Plan Year | 2011 | 2012 | 2013 | 2014 | 2015 | |||||||||||||||
Under 40 | 1 | % | 1 | % | 0.5 | % | 0.5 | % | 0.5 | % | ||||||||||
40 to 54 | 1 | % | 1 | % | 0.5 | % | 0.5 | % | 0.5 | % | ||||||||||
55 or older | 3 | % | 3 | % | 1.5 | % | 1.5 | % | 1.5 | % |
i
ii
Age* | 0 | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 | 28 | 29 | 30 | 31 | 32 | 33 | 34 | 35 | 36 | 37 | 38 | 39 | 40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
22
|
0.1 | % | 0.1 | % | 0.1 | % | 0.1 | % | 0.1 | % | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
23
|
0.1 | % | 0.1 | % | 0.1 | % | 0.1 | % | 0.1 | % | 0.1 | % | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
24
|
0.1 | % | 0.1 | % | 0.1 | % | 0.1 | % | 0.1 | % | 0.1 | % | 0.1 | % | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
25
|
0.1 | % | 0.1 | % | 0.1 | % | 0.1 | % | 0.1 | % | 0.1 | % | 0.1 | % | 0.1 | % | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
26
|
0.1 | % | 0.1 | % | 0.1 | % | 0.1 | % | 0.1 | % | 0.1 | % | 0.1 | % | 0.1 | % | 0.1 | % | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
27
|
0.1 | % | 0.1 | % | 0.1 | % | 0.1 | % | 0.1 | % | 0.1 | % | 0.1 | % | 0.1 | % | 0.1 | % | 0.1 | % | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
28
|
0.1 | % | 0.1 | % | 0.1 | % | 0.1 | % | 0.1 | % | 0.1 | % | 0.1 | % | 0.1 | % | 0.1 | % | 0.1 | % | 0.1 | % | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
29
|
0.1 | % | 0.1 | % | 0.1 | % | 0.1 | % | 0.1 | % | 0.1 | % | 0.2 | % | 0.2 | % | 0.2 | % | 0.2 | % | 0.2 | % | 0.2 | % | 0.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
30
|
0.1 | % | 0.1 | % | 0.1 | % | 0.1 | % | 0.2 | % | 0.2 | % | 0.2 | % | 0.2 | % | 0.3 | % | 0.3 | % | 0.3 | % | 0.3 | % | 0.3 | % | 0.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
31
|
0.1 | % | 0.1 | % | 0.1 | % | 0.1 | % | 0.2 | % | 0.2 | % | 0.2 | % | 0.2 | % | 0.3 | % | 0.3 | % | 0.3 | % | 0.3 | % | 0.3 | % | 0.3 | % | 0.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
32
|
0.1 | % | 0.1 | % | 0.1 | % | 0.2 | % | 0.2 | % | 0.2 | % | 0.3 | % | 0.3 | % | 0.3 | % | 0.3 | % | 0.4 | % | 0.4 | % | 0.4 | % | 0.4 | % | 0.4 | % | 0.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
33
|
0.1 | % | 0.1 | % | 0.1 | % | 0.2 | % | 0.2 | % | 0.3 | % | 0.3 | % | 0.3 | % | 0.4 | % | 0.4 | % | 0.4 | % | 0.6 | % | 0.6 | % | 0.6 | % | 0.6 | % | 0.6 | % | 0.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
34
|
0.1 | % | 0.1 | % | 0.2 | % | 0.2 | % | 0.3 | % | 0.3 | % | 0.4 | % | 0.4 | % | 0.5 | % | 0.5 | % | 0.5 | % | 0.6 | % | 0.6 | % | 0.6 | % | 0.6 | % | 0.6 | % | 0.6 | % | 0.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
35
|
0.1 | % | 0.2 | % | 0.2 | % | 0.2 | % | 0.3 | % | 0.3 | % | 0.4 | % | 0.5 | % | 0.5 | % | 0.5 | % | 0.6 | % | 0.7 | % | 0.7 | % | 0.8 | % | 0.8 | % | 0.8 | % | 0.8 | % | 0.8 | % | 0.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
36
|
0.1 | % | 0.2 | % | 0.2 | % | 0.2 | % | 0.3 | % | 0.4 | % | 0.5 | % | 0.5 | % | 0.6 | % | 0.6 | % | 0.7 | % | 0.7 | % | 0.9 | % | 0.9 | % | 1.0 | % | 1.0 | % | 1.0 | % | 1.0 | % | 1.0 | % | 1.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
37
|
0.1 | % | 0.2 | % | 0.2 | % | 0.3 | % | 0.4 | % | 0.5 | % | 0.5 | % | 0.6 | % | 0.7 | % | 0.8 | % | 0.8 | % | 0.9 | % | 0.9 | % | 0.9 | % | 1.0 | % | 1.0 | % | 1.2 | % | 1.2 | % | 1.2 | % | 1.2 | % | 1.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
38
|
0.1 | % | 0.2 | % | 0.3 | % | 0.3 | % | 0.4 | % | 0.5 | % | 0.6 | % | 0.6 | % | 0.7 | % | 0.8 | % | 0.9 | % | 1.0 | % | 1.2 | % | 1.2 | % | 1.2 | % | 1.2 | % | 1.4 | % | 1.4 | % | 1.4 | % | 1.4 | % | 1.4 | % | 1.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
39
|
0.1 | % | 0.2 | % | 0.3 | % | 0.4 | % | 0.5 | % | 0.5 | % | 0.7 | % | 0.8 | % | 0.8 | % | 0.8 | % | 1.0 | % | 1.1 | % | 1.2 | % | 1.3 | % | 1.3 | % | 1.3 | % | 1.4 | % | 1.4 | % | 1.7 | % | 1.7 | % | 1.7 | % | 1.7 | % | 1.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
40
|
0.1 | % | 0.2 | % | 0.3 | % | 0.4 | % | 0.5 | % | 0.6 | % | 0.7 | % | 0.9 | % | 0.9 | % | 1.1 | % | 1.1 | % | 1.1 | % | 1.2 | % | 1.5 | % | 1.5 | % | 1.5 | % | 1.7 | % | 1.7 | % | 1.8 | % | 2.0 | % | 2.0 | % | 2.0 | % | 2.0 | % | 2.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
41
|
0.1 | % | 0.2 | % | 0.3 | % | 0.5 | % | 0.5 | % | 0.6 | % | 0.7 | % | 0.9 | % | 0.9 | % | 1.1 | % | 1.2 | % | 1.3 | % | 1.3 | % | 1.5 | % | 1.6 | % | 1.7 | % | 1.7 | % | 1.9 | % | 1.9 | % | 2.3 | % | 2.3 | % | 2.3 | % | 2.3 | % | 2.3 | % | 2.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
42
|
0.1 | % | 0.2 | % | 0.3 | % | 0.5 | % | 0.6 | % | 0.7 | % | 0.8 | % | 0.9 | % | 1.1 | % | 1.1 | % | 1.2 | % | 1.3 | % | 1.3 | % | 1.5 | % | 1.6 | % | 1.7 | % | 1.9 | % | 1.9 | % | 1.9 | % | 2.3 | % | 2.4 | % | 2.4 | % | 2.4 | % | 2.4 | % | 2.4 | % | 2.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
43
|
0.1 | % | 0.2 | % | 0.3 | % | 0.5 | % | 0.6 | % | 0.7 | % | 0.8 | % | 0.9 | % | 1.1 | % | 1.1 | % | 1.2 | % | 1.4 | % | 1.4 | % | 1.6 | % | 1.8 | % | 1.8 | % | 2.0 | % | 2.0 | % | 2.2 | % | 2.3 | % | 2.4 | % | 2.4 | % | 2.4 | % | 2.4 | % | 2.4 | % | 2.4 | % | 2.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
44
|
0.2 | % | 0.3 | % | 0.3 | % | 0.5 | % | 0.6 | % | 0.7 | % | 0.8 | % | 1.0 | % | 1.1 | % | 1.2 | % | 1.4 | % | 1.4 | % | 1.6 | % | 1.6 | % | 1.8 | % | 1.8 | % | 2.0 | % | 2.0 | % | 2.3 | % | 2.3 | % | 2.4 | % | 2.7 | % | 2.7 | % | 2.7 | % | 2.7 | % | 2.7 | % | 2.7 | % | 2.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
45
|
0.2 | % | 0.3 | % | 0.4 | % | 0.5 | % | 0.6 | % | 0.7 | % | 0.8 | % | 1.0 | % | 1.1 | % | 1.2 | % | 1.4 | % | 1.6 | % | 1.6 | % | 1.8 | % | 1.8 | % | 2.0 | % | 2.0 | % | 2.0 | % | 2.3 | % | 2.5 | % | 2.5 | % | 2.7 | % | 2.7 | % | 2.9 | % | 2.9 | % | 2.9 | % | 2.9 | % | 2.9 | % | 2.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
46
|
0.2 | % | 0.3 | % | 0.4 | % | 0.5 | % | 0.7 | % | 0.7 | % | 0.9 | % | 1.0 | % | 1.2 | % | 1.3 | % | 1.4 | % | 1.6 | % | 1.7 | % | 1.8 | % | 1.8 | % | 2.0 | % | 2.2 | % | 2.2 | % | 2.6 | % | 2.6 | % | 2.8 | % | 2.9 | % | 2.9 | % | 3.0 | % | 3.0 | % | 3.0 | % | 3.0 | % | 3.0 | % | 3.0 | % | 3.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
47
|
0.2 | % | 0.3 | % | 0.4 | % | 0.6 | % | 0.7 | % | 0.9 | % | 0.9 | % | 1.1 | % | 1.2 | % | 1.4 | % | 1.4 | % | 1.6 | % | 1.9 | % | 2.0 | % | 2.1 | % | 2.1 | % | 2.4 | % | 2.4 | % | 2.6 | % | 2.9 | % | 2.9 | % | 3.1 | % | 3.1 | % | 3.1 | % | 3.2 | % | 3.3 | % | 3.5 | % | 3.5 | % | 3.5 | % | 3.5 | % | 3.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
48
|
0.2 | % | 0.3 | % | 0.4 | % | 0.6 | % | 0.7 | % | 0.9 | % | 1.0 | % | 1.1 | % | 1.4 | % | 1.4 | % | 1.5 | % | 1.6 | % | 1.9 | % | 2.0 | % | 2.1 | % | 2.1 | % | 2.4 | % | 2.4 | % | 2.7 | % | 2.9 | % | 3.5 | % | 3.5 | % | 3.5 | % | 3.5 | % | 3.8 | % | 3.8 | % | 3.8 | % | 3.8 | % | 3.8 | % | 3.8 | % | 3.8 | % | 3.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
49
|
0.2 | % | 0.3 | % | 0.5 | % | 0.6 | % | 0.8 | % | 1.0 | % | 1.0 | % | 1.3 | % | 1.4 | % | 1.4 | % | 1.7 | % | 1.8 | % | 2.0 | % | 2.1 | % | 2.4 | % | 2.4 | % | 2.5 | % | 2.5 | % | 3.0 | % | 3.1 | % | 3.5 | % | 3.5 | % | 3.5 | % | 3.5 | % | 4.2 | % | 4.2 | % | 4.2 | % | 4.2 | % | 4.2 | % | 4.2 | % | 4.2 | % | 4.2 | % | 4.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
50
|
0.2 | % | 0.3 | % | 0.5 | % | 0.6 | % | 0.8 | % | 1.0 | % | 1.1 | % | 1.3 | % | 1.4 | % | 1.6 | % | 1.8 | % | 2.0 | % | 2.3 | % | 2.3 | % | 2.6 | % | 2.6 | % | 2.9 | % | 2.9 | % | 3.3 | % | 3.3 | % | 3.5 | % | 3.7 | % | 3.7 | % | 4.2 | % | 4.5 | % | 4.5 | % | 4.5 | % | 4.5 | % | 4.5 | % | 4.5 | % | 4.5 | % | 4.5 | % | 4.5 | % | 4.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
51
|
0.2 | % | 0.4 | % | 0.5 | % | 0.6 | % | 0.9 | % | 1.0 | % | 1.1 | % | 1.3 | % | 1.5 | % | 1.6 | % | 1.8 | % | 2.1 | % | 2.3 | % | 2.5 | % | 2.6 | % | 2.6 | % | 2.9 | % | 2.9 | % | 3.4 | % | 3.4 | % | 3.5 | % | 3.7 | % | 4.3 | % | 4.6 | % | 4.6 | % | 4.6 | % | 4.6 | % | 4.6 | % | 4.6 | % | 4.6 | % | 5.7 | % | 5.7 | % | 5.7 | % | 5.7 | % | 5.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
52
|
0.2 | % | 0.4 | % | 0.5 | % | 0.8 | % | 0.9 | % | 1.0 | % | 1.2 | % | 1.5 | % | 1.5 | % | 1.8 | % | 2.0 | % | 2.1 | % | 2.5 | % | 2.5 | % | 2.7 | % | 2.7 | % | 3.2 | % | 3.2 | % | 3.8 | % | 3.8 | % | 3.9 | % | 4.1 | % | 4.6 | % | 4.6 | % | 4.6 | % | 4.6 | % | 4.9 | % | 4.9 | % | 5.0 | % | 5.4 | % | 5.7 | % | 5.7 | % | 5.7 | % | 5.7 | % | 5.7 | % | 5.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
53
|
0.2 | % | 0.4 | % | 0.5 | % | 0.8 | % | 0.9 | % | 1.2 | % | 1.3 | % | 1.5 | % | 1.6 | % | 1.9 | % | 2.0 | % | 2.4 | % | 2.5 | % | 2.6 | % | 2.8 | % | 3.1 | % | 3.2 | % | 3.3 | % | 3.8 | % | 3.8 | % | 4.2 | % | 4.2 | % | 4.6 | % | 4.6 | % | 4.8 | % | 5.2 | % | 5.2 | % | 5.2 | % | 5.2 | % | 5.4 | % | 5.7 | % | 5.7 | % | 5.7 | % | 5.7 | % | 5.7 | % | 5.7 | % | 5.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
54
|
0.2 | % | 0.4 | % | 0.5 | % | 0.8 | % | 0.9 | % | 1.2 | % | 1.3 | % | 1.5 | % | 1.7 | % | 1.9 | % | 2.1 | % | 2.7 | % | 2.7 | % | 3.1 | % | 3.1 | % | 3.1 | % | 3.2 | % | 3.8 | % | 3.8 | % | 4.2 | % | 4.2 | % | 4.2 | % | 4.6 | % | 4.6 | % | 5.3 | % | 5.3 | % | 6.0 | % | 6.0 | % | 6.0 | % | 6.0 | % | 6.4 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
55
|
0.2 | % | 0.4 | % | 0.6 | % | 0.8 | % | 0.9 | % | 1.2 | % | 1.3 | % | 1.5 | % | 1.7 | % | 1.9 | % | 2.1 | % | 2.7 | % | 2.7 | % | 3.1 | % | 3.1 | % | 3.1 | % | 3.2 | % | 3.8 | % | 3.8 | % | 4.2 | % | 4.2 | % | 4.2 | % | 4.6 | % | 4.6 | % | 5.3 | % | 5.3 | % | 6.0 | % | 6.0 | % | 6.0 | % | 6.0 | % | 6.4 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
56
|
0.2 | % | 0.4 | % | 0.6 | % | 0.8 | % | 1.0 | % | 1.2 | % | 1.3 | % | 1.5 | % | 1.7 | % | 1.9 | % | 2.1 | % | 2.7 | % | 2.7 | % | 3.1 | % | 3.1 | % | 3.1 | % | 3.2 | % | 3.8 | % | 3.8 | % | 4.2 | % | 4.2 | % | 4.2 | % | 4.6 | % | 4.6 | % | 5.3 | % | 5.3 | % | 6.0 | % | 6.0 | % | 6.0 | % | 6.0 | % | 6.4 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
57
|
0.2 | % | 0.4 | % | 0.6 | % | 0.8 | % | 1.0 | % | 1.3 | % | 1.5 | % | 1.5 | % | 1.7 | % | 1.9 | % | 2.1 | % | 2.7 | % | 2.7 | % | 3.1 | % | 3.1 | % | 3.1 | % | 3.2 | % | 3.8 | % | 3.8 | % | 4.2 | % | 4.2 | % | 4.2 | % | 4.6 | % | 4.6 | % | 5.3 | % | 5.3 | % | 6.0 | % | 6.0 | % | 6.0 | % | 6.0 | % | 6.4 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
58
|
0.2 | % | 0.4 | % | 0.6 | % | 0.8 | % | 1.0 | % | 1.5 | % | 1.5 | % | 1.5 | % | 1.7 | % | 1.9 | % | 2.1 | % | 2.7 | % | 2.7 | % | 3.1 | % | 3.1 | % | 3.1 | % | 3.2 | % | 3.8 | % | 3.8 | % | 4.2 | % | 4.2 | % | 4.2 | % | 4.6 | % | 4.6 | % | 5.3 | % | 5.3 | % | 6.0 | % | 6.0 | % | 6.0 | % | 6.0 | % | 6.4 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
59
|
0.2 | % | 0.5 | % | 0.8 | % | 0.8 | % | 1.1 | % | 1.5 | % | 1.5 | % | 1.5 | % | 1.7 | % | 1.9 | % | 2.1 | % | 2.7 | % | 2.7 | % | 3.1 | % | 3.1 | % | 3.1 | % | 3.2 | % | 3.8 | % | 3.8 | % | 4.2 | % | 4.2 | % | 4.2 | % | 4.6 | % | 4.6 | % | 5.3 | % | 5.3 | % | 6.0 | % | 6.0 | % | 6.0 | % | 6.0 | % | 6.4 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
60
|
0.2 | % | 0.5 | % | 0.8 | % | 1.1 | % | 1.1 | % | 1.5 | % | 1.5 | % | 1.5 | % | 1.7 | % | 1.9 | % | 2.1 | % | 2.7 | % | 2.7 | % | 3.1 | % | 3.1 | % | 3.1 | % | 3.2 | % | 3.8 | % | 3.8 | % | 4.2 | % | 4.2 | % | 4.2 | % | 4.6 | % | 4.6 | % | 5.3 | % | 5.3 | % | 6.0 | % | 6.0 | % | 6.0 | % | 6.0 | % | 6.4 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
61
|
0.2 | % | 0.5 | % | 0.8 | % | 1.1 | % | 1.1 | % | 1.5 | % | 1.5 | % | 1.5 | % | 1.7 | % | 1.9 | % | 2.1 | % | 2.7 | % | 2.7 | % | 3.1 | % | 3.1 | % | 3.1 | % | 3.2 | % | 3.8 | % | 3.8 | % | 4.2 | % | 4.2 | % | 4.2 | % | 4.6 | % | 4.6 | % | 5.3 | % | 5.3 | % | 6.0 | % | 6.0 | % | 6.0 | % | 6.0 | % | 6.4 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
62
|
0.2 | % | 0.5 | % | 0.8 | % | 1.1 | % | 1.1 | % | 1.5 | % | 1.5 | % | 1.5 | % | 1.7 | % | 1.9 | % | 2.1 | % | 2.7 | % | 2.7 | % | 3.1 | % | 3.1 | % | 3.1 | % | 3.2 | % | 3.8 | % | 3.8 | % | 4.2 | % | 4.2 | % | 4.2 | % | 4.6 | % | 4.6 | % | 5.3 | % | 5.3 | % | 6.0 | % | 6.0 | % | 6.0 | % | 6.0 | % | 6.4 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
63
|
0.2 | % | 0.5 | % | 0.8 | % | 1.1 | % | 1.1 | % | 1.5 | % | 1.5 | % | 1.5 | % | 1.7 | % | 1.9 | % | 2.1 | % | 2.7 | % | 2.7 | % | 3.1 | % | 3.1 | % | 3.1 | % | 3.2 | % | 3.8 | % | 3.8 | % | 4.2 | % | 4.2 | % | 4.2 | % | 4.6 | % | 4.6 | % | 5.3 | % | 5.3 | % | 6.0 | % | 6.0 | % | 6.0 | % | 6.0 | % | 6.4 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
64
|
0.2 | % | 0.5 | % | 0.8 | % | 1.1 | % | 1.1 | % | 1.5 | % | 1.5 | % | 1.5 | % | 1.7 | % | 1.9 | % | 2.1 | % | 2.7 | % | 2.7 | % | 3.1 | % | 3.1 | % | 3.1 | % | 3.2 | % | 3.8 | % | 3.8 | % | 4.2 | % | 4.2 | % | 4.2 | % | 4.6 | % | 4.6 | % | 5.3 | % | 5.3 | % | 6.0 | % | 6.0 | % | 6.0 | % | 6.0 | % | 6.4 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
65
|
0.2 | % | 0.5 | % | 0.8 | % | 1.1 | % | 1.1 | % | 1.5 | % | 1.5 | % | 1.5 | % | 1.7 | % | 1.9 | % | 2.1 | % | 2.7 | % | 2.7 | % | 3.1 | % | 3.1 | % | 3.1 | % | 3.2 | % | 3.8 | % | 3.8 | % | 4.2 | % | 4.2 | % | 4.2 | % | 4.6 | % | 4.6 | % | 5.3 | % | 5.3 | % | 6.0 | % | 6.0 | % | 6.0 | % | 6.0 | % | 6.4 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
66
|
0.2 | % | 0.5 | % | 0.8 | % | 1.1 | % | 1.1 | % | 1.5 | % | 1.5 | % | 1.5 | % | 1.7 | % | 1.9 | % | 2.1 | % | 2.7 | % | 2.7 | % | 3.1 | % | 3.1 | % | 3.1 | % | 3.2 | % | 3.8 | % | 3.8 | % | 4.2 | % | 4.2 | % | 4.2 | % | 4.6 | % | 4.6 | % | 5.3 | % | 5.3 | % | 6.0 | % | 6.0 | % | 6.0 | % | 6.0 | % | 6.4 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
67
|
0.2 | % | 0.5 | % | 0.8 | % | 1.1 | % | 1.1 | % | 1.5 | % | 1.5 | % | 1.5 | % | 1.7 | % | 1.9 | % | 2.1 | % | 2.7 | % | 2.7 | % | 3.1 | % | 3.1 | % | 3.1 | % | 3.2 | % | 3.8 | % | 3.8 | % | 4.2 | % | 4.2 | % | 4.2 | % | 4.6 | % | 4.6 | % | 5.3 | % | 5.3 | % | 6.0 | % | 6.0 | % | 6.0 | % | 6.0 | % | 6.4 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
68
|
0.2 | % | 0.5 | % | 0.8 | % | 1.1 | % | 1.1 | % | 1.5 | % | 1.5 | % | 1.5 | % | 1.7 | % | 1.9 | % | 2.1 | % | 2.7 | % | 2.7 | % | 3.1 | % | 3.1 | % | 3.1 | % | 3.2 | % | 3.8 | % | 3.8 | % | 4.2 | % | 4.2 | % | 4.2 | % | 4.6 | % | 4.6 | % | 5.3 | % | 5.3 | % | 6.0 | % | 6.0 | % | 6.0 | % | 6.0 | % | 6.4 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
69
|
0.2 | % | 0.5 | % | 0.8 | % | 1.1 | % | 1.1 | % | 1.5 | % | 1.5 | % | 1.5 | % | 1.7 | % | 1.9 | % | 2.1 | % | 2.7 | % | 2.7 | % | 3.1 | % | 3.1 | % | 3.1 | % | 3.2 | % | 3.8 | % | 3.8 | % | 4.2 | % | 4.2 | % | 4.2 | % | 4.6 | % | 4.6 | % | 5.3 | % | 5.3 | % | 6.0 | % | 6.0 | % | 6.0 | % | 6.0 | % | 6.4 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
70
|
0.2 | % | 0.5 | % | 0.8 | % | 1.1 | % | 1.1 | % | 1.5 | % | 1.5 | % | 1.5 | % | 1.7 | % | 1.9 | % | 2.1 | % | 2.7 | % | 2.7 | % | 3.1 | % | 3.1 | % | 3.1 | % | 3.2 | % | 3.8 | % | 3.8 | % | 4.2 | % | 4.2 | % | 4.2 | % | 4.6 | % | 4.6 | % | 5.3 | % | 5.3 | % | 6.0 | % | 6.0 | % | 6.0 | % | 6.0 | % | 6.4 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
71
|
0.2 | % | 0.5 | % | 0.8 | % | 1.1 | % | 1.1 | % | 1.5 | % | 1.5 | % | 1.5 | % | 1.7 | % | 1.9 | % | 2.1 | % | 2.7 | % | 2.7 | % | 3.1 | % | 3.1 | % | 3.1 | % | 3.2 | % | 3.8 | % | 3.8 | % | 4.2 | % | 4.2 | % | 4.2 | % | 4.6 | % | 4.6 | % | 5.3 | % | 5.3 | % | 6.0 | % | 6.0 | % | 6.0 | % | 6.0 | % | 6.4 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % | 7.0 | % |
* | Age as of December 31, 2001 |
iv
1
2
3
4
(A) | the election must be made at least twelve months prior to the date on which the distribution would otherwise have been made (or in the case of an annuity, twelve months before the date on which the first payment was scheduled to be made); | ||
(B) | the election may not become effective until at least twelve months after the date on which the election is made; and | ||
(C) | except in the case of an election relating to a distribution to be made upon a Participants death, the distribution must be deferred for at least 5 years from the date on which the distribution would otherwise have been made (or in the case of an annuity, for at least 5 years from the date on which the first payment was scheduled to be made). |
5
6
7
8
STANLEY BLACK & DECKER, INC.
|
||||
By | ||||
Title: | ||||
Date: |
9
Interest:
|
5% | |
Mortality:
|
1994 Uninsured Pensioners Mortality Table (UP94) |
Fiscal Year | ||||||||||||||||||||
2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||
Earnings from continuing operations before
income taxes and non-controlling interests
|
$ | 237.1 | $ | 283.3 | $ | 293.2 | $ | 429.3 | $ | 351.5 | ||||||||||
Add:
|
||||||||||||||||||||
Interest expense
|
110.0 | 63.7 | 92.1 | 92.8 | 69.3 | |||||||||||||||
Portion of rents representative of interest factor
|
17.9 | 6.3 | 8.7 | 9.3 | 8.1 | |||||||||||||||
Distributed income of equity investees
|
3.5 | | | | | |||||||||||||||
|
||||||||||||||||||||
Income as adjusted
|
$ | 368.5 | $ | 353.3 | $ | 394.0 | $ | 531.4 | $ | 428.9 | ||||||||||
Fixed charges:
|
||||||||||||||||||||
Interest expense
|
$ | 110.0 | $ | 63.7 | $ | 92.1 | $ | 92.8 | $ | 69.3 | ||||||||||
Portion of rents representative of interest factor
|
17.9 | 6.3 | 8.7 | 9.3 | 8.1 | |||||||||||||||
|
||||||||||||||||||||
Fixed charges
|
$ | 127.9 | $ | 70.0 | $ | 100.8 | $ | 102.1 | $ | 77.4 | ||||||||||
|
||||||||||||||||||||
Ratio of earnings to fixed charges
|
2.9 | 5.0 | 3.9 | 5.2 | 5.5 | |||||||||||||||
|
JURISDICTION OF | ||
INCORPORATION/ | ||
CORPORATE NAME | ORGANIZATION | |
Domestic Subsidiaries
|
||
BAI, Inc.
|
United States (Indiana) | |
Baldwin Hardware Corporation
|
United States (Pennsylvania) | |
BD Abrasives LLC
|
United States (Delaware) | |
Black & Decker (Ireland) Inc.
|
United States (Delaware) | |
Black & Decker (Puerto Rico) LLC
|
United States (Delaware) | |
Black & Decker (U.S.) Inc.
|
United States (Maryland) | |
Black & Decker Funding Corporation
|
United States (Delaware) | |
Black & Decker Group, LLC
|
United States (Delaware) | |
Black & Decker HealthCare Management Inc.
|
United States (Maryland) | |
Black & Decker Holdings LLC
|
United States (Delaware) | |
Black & Decker Inc.
|
United States (Delaware) | |
Black & Decker India Inc.
|
United States (Maryland) | |
Black & Decker Investment Company, LLC
|
United States (Delaware) | |
Black & Decker Investments (Australia) Limited
|
United States (Maryland) | |
Black & Decker Investments LLC
|
United States (Maryland) | |
Bostitch Holding LLC
|
United States (Delaware) | |
CRC-Evans International, Inc.
|
United States (Delaware) | |
CRC-Evans International Holdings, Inc.
|
United States (Delaware) | |
CRC-Evans Pipeline International, Inc.
|
United States (Delaware) | |
CRC-Evans Weighting Systems, Inc.
|
United States (Oklahoma) | |
Delta International Machinery Corp.
|
United States (Minnesota) | |
Devilbiss Air Power Company
|
United States (Delaware) | |
Embedded Technologies, LLC
|
United States (Delaware) | |
Emglo Products, LLC
|
United States (Maryland) | |
Emhart Credit Corporation
|
United States (Delaware) | |
Emhart Harttung Inc.
|
United States (Delaware) | |
Emhart Teknologies LLC
|
United States (Delaware) | |
Hardware City Associates Limited Partnership
|
United States (Connecticut) | |
InfoLogix, Inc.
|
United States (Delaware) | |
InfoLogix-DDMS, Inc.
|
United States (Delaware) | |
InfoLogix Systems Corporation
|
United States (Delaware) | |
JennCo1, Inc.
|
United States (Delaware) | |
Kwikset Corporation
|
United States (Delaware) | |
Microalloying International, Inc.
|
United States (Delaware) | |
National Manufacturing Co.
|
United States (Illinois) | |
National Manufacturing Mexico A, LLC
|
United States (Delaware) |
JURISDICTION OF
INCORPORATION/
CORPORATE NAME
ORGANIZATION
United States (Delaware)
United States (Delaware)
United States (Alabama)
United States (Delaware)
United States (Delaware)
United States (Delaware)
United States (Indiana)
United States (New York)
United States (Delaware)
United States (Vermont)
United States (Delaware)
United States (Michigan)
United States (Delaware)
United States (Delaware)
United States (Delaware)
United States (Delaware)
United States (Delaware)
United States (Delaware)
United States (Delaware)
United States (Delaware)
United States (Delaware)
United States (Delaware)
United States (Delaware)
United States (Indiana)
United States (Massachusetts)
United States (Connecticut)
United States (Alabama)
United States (Florida)
United States (California)
United States (Delaware)
Argentina
Australia
Australia
Australia
Australia
Australia
Australia
Australia
Austria
Belgium
Belgium
Belgium
JURISDICTION OF
INCORPORATION/
CORPORATE NAME
ORGANIZATION
Belgium
Belgium
Belgium
Bermuda
Brazil
Brazil
Brazil
Brazil
Brazil
Canada
Canada
Canada
Canada
Canada
Canada
Canada
Canada
Canada
Canada
Canada
Canada
Cayman Islands
Cayman Islands
Cayman Islands
Cayman Islands
Chile
China
China
China
China
China
China
China
China
China
China
China
China
China
China
China
China
China
JURISDICTION OF
INCORPORATION/
CORPORATE NAME
ORGANIZATION
China
China
China
China
China
China
Colombia
Costa Rica
Czech Republic
Czech Republic
Czech Republic
Czech Republic
Denmark
Denmark
Denmark
Ecuador
Finland
Finland
France
France
France
France
France
France
France
France
France
France
France
France
France
France
France
France
France
France
France
France
France
France
Germany
Germany
Germany
Germany
JURISDICTION OF
INCORPORATION/
CORPORATE NAME
ORGANIZATION
Germany
Germany
Germany
Germany
Greece
Hong Kong
Hong Kong
Hong Kong
Hong Kong
Hong Kong
Hong Kong
Hong Kong
Hong Kong
Hong Kong
Hungary
Hungary
India
India
India
Ireland
Ireland
Ireland
Ireland
Ireland
Ireland
Ireland
Ireland
Ireland
Ireland
Ireland
Israel
Italy
Italy
Italy
Japan
Liechtenstein
Luxembourg
Luxembourg
Luxembourg
Luxembourg
Luxembourg
Macao
Malaysia
Malaysia
JURISDICTION OF
INCORPORATION/
CORPORATE NAME
ORGANIZATION
Malaysia
Mexico
Mexico
Mexico
Mexico
Mexico
Mexico
Mexico
Mexico
Mexico
Mexico
Mexico
Mexico
Netherlands
Netherlands
Netherlands
Netherlands
Netherlands
Netherlands
Netherlands
Netherlands
Netherlands
Netherlands
Netherlands
Netherlands
Netherlands
Netherlands
Netherlands
Netherlands
Netherlands
Netherlands
Netherlands
Netherlands
Netherlands
Netherlands
Netherlands
Netherlands
Netherlands
New Zealand
New Zealand
Norway
Norway
Oman
Panama
JURISDICTION OF
INCORPORATION/
CORPORATE NAME
ORGANIZATION
Panama
Panama
Peru
Poland
Poland
Poland
Poland
Portugal
Qatar
Scotland
Singapore
Singapore
Singapore
Singapore
Slovakia
South Africa
South Africa
South Africa
South Africa
South Africa
South Africa
South Africa
South Korea
Spain
Spain
Spain
Spain
Sweden
Sweden
Switzerland
Switzerland
Switzerland
Switzerland
Switzerland
Switzerland
Switzerland
Taiwan
Taiwan
Taiwan
Taiwan
Thailand
Thailand
Thailand
Thailand
JURISDICTION OF
INCORPORATION/
CORPORATE NAME
ORGANIZATION
United Arab Emirates/Dubai
United Arab Emirates/Dubai
United Kingdom
United Kingdom
United Kingdom
United Kingdom
United Kingdom
United Kingdom
United Kingdom
United Kingdom
United Kingdom
United Kingdom
United Kingdom
United Kingdom
United Kingdom
United Kingdom
United Kingdom
United Kingdom
United Kingdom
United Kingdom
United Kingdom
United Kingdom
United Kingdom
United Kingdom
United Kingdom
United Kingdom
United Kingdom
United Kingdom
United Kingdom
United Kingdom
United Kingdom
United Kingdom
United Kingdom
United Kingdom
United Kingdom
United Kingdom
United Kingdom
United Kingdom
United Kingdom
United Kingdom
United Kingdom
United Kingdom
JURISDICTION OF
INCORPORATION/
CORPORATE NAME
ORGANIZATION
United Kingdom
United Kingdom
United Kingdom
United Kingdom
| Registration Statement (Form S-8 No. 2-93025) | ||
| Registration Statement (Form S-8 No. 2-96778) | ||
| Registration Statement (Form S-8 No. 2-97283) | ||
| Registration Statement (Form S-8 No. 33-16669) | ||
| Registration Statement (Form S-3 No. 33-12853) | ||
| Registration Statement (Form S-3 No. 33-19930) | ||
| Registration Statement (Form S-8 No. 33-39553) | ||
| Registration Statement (Form S-3 No. 33-46212) | ||
| Registration Statement (Form S-3 No. 33-47889) | ||
| Registration Statement (Form S-8 No. 33-55663) | ||
| Registration Statement (Form S-8 No. 33-62565) | ||
| Registration Statement (Form S-8 No. 33-62567) | ||
| Registration Statement (Form S-8 No. 33-62575) | ||
| Registration Statement (Form S-8 No. 333-42346) | ||
| Registration Statement (Form S-8 No. 333-42582) | ||
| Registration Statement (Form S-8 No. 333-64326) | ||
| Registration Statement (Form S-3 No. 333-110279) | ||
| Registration Statement (Form S-3 No. 333-117607) | ||
| Registration Statement (Form S-3ASR No. 333-153646) | ||
| Registration Statement (Form S-8 No. 333-162956) | ||
| Registration Statement (Form S-4 No. 333-163509) | ||
| Registration Statement (Form S-8 No. 333-165454) |
SIGNATURE | TITLE | DATE | ||
|
||||
/s/ Nolan D. Archibald
|
Executive Chairman | February 15, 2011 | ||
|
||||
/s/ John F. Lundgren
|
President and Chief Executive Officer and Director | February 15, 2011 | ||
|
||||
/s/ John G. Breen
|
Director | February 15, 2011 | ||
|
||||
/s/ George W. Buckley
|
Director | February 15, 2011 | ||
|
||||
/s/ Patrick D. Campbell
|
Director | February 15, 2011 | ||
|
||||
/s/ Carlos M. Cardoso
|
Director | February 15, 2011 | ||
|
||||
/s/ Virgis W. Colbert
|
Director | February 15, 2011 | ||
|
||||
/s/ Robert B. Coutts
|
Director | February 15, 2011 | ||
|
||||
/s/ Manuel A. Fernandez
|
Director | February 15, 2011 | ||
|
||||
/s/ Benjamin H. Griswold, IV
|
Director | February 15, 2011 | ||
|
||||
/s/ Eileen S. Kraus
|
Director | February 15, 2011 | ||
|
||||
/s/ Anthony Luiso
|
Director | February 15, 2011 |
SIGNATURE | TITLE | DATE | ||
|
||||
/s/ Marianne M. Parrs
|
Director | February 15, 2011 | ||
|
||||
/s/ Robert L. Ryan
|
Director | February 15, 2011 | ||
|
||||
/s/ Lawrence A. Zimmerman
|
Director | February 15, 2011 |
Date: February 18, 2011 | /s/ John F. Lundgren | |||
John F. Lundgren | ||||
President and Chief Executive Officer | ||||
Date: February 18, 2011 | /s/ Donald Allan Jr. | |||
Donald Allan Jr. | ||||
Senior 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/ John F. Lundgren | |||
John F. Lundgren | |||
President and Chief Executive Officer | |||
February 18, 2011 |
(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. | |||
Senior Vice President and Chief Financial Officer | |||
February 18, 2011 |