Connecticut | 06-0548860 | |
(State Incorporation | (I.R.S. Employer Identification Number) | |
Title Of Each Class | Trading Symbol(s) | Name Of Each Exchange | |
Common | $2.50 Par Value per Share | SWK | New York Stock Exchange |
Corporate Units | SWP | New York Stock Exchange | |
Corporate Units | SWT | New York Stock Exchange |
Large | þ | Accelerated | ¨ | |
¨ | Smaller | |||
Emerging Growth Company | ☐ |
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SIGNATURES | |||
EX-10.29 | |||
EX-21 | |||
EX-23 | |||
EX-24 | |||
EX-32.1 | |||
EX-32.2 |
Owned | Leased | Total | Owned | Leased | Total | |||||
Tools & Storage | 41 | 17 | 58 | 45 | 20 | 65 | ||||
Industrial | 15 | 6 | 21 | |||||||
Security | 5 | 3 | 8 | 1 | 2 | 3 | ||||
Industrial | 9 | 4 | 13 | |||||||
Corporate | 2 | 1 | 3 | |||||||
Total | 55 | 24 | 79 | 63 | 29 | 92 |
2016 | 2015 | 2019 | 2018 | |||||||||||||||||||||||||||||||||||||||||||||
High | Low | Dividend Per Common Share | High | Low | Dividend Per Common Share | High | Low | Dividend Per Common Share | High | Low | Dividend Per Common Share | |||||||||||||||||||||||||||||||||||||
QUARTER: | ||||||||||||||||||||||||||||||||||||||||||||||||
First | $ | 106.64 | $ | 90.14 | $ | 0.55 | $ | 100.17 | $ | 90.51 | $ | 0.52 | $ | 138.92 | $ | 115.69 | $ | 0.66 | $ | 175.91 | $ | 150.84 | $ | 0.63 | ||||||||||||||||||||||||
Second | $ | 115.05 | $ | 104.24 | $ | 0.55 | $ | 107.71 | $ | 95.93 | $ | 0.52 | $ | 153.08 | $ | 127.22 | $ | 0.66 | $ | 157.38 | $ | 132.81 | $ | 0.63 | ||||||||||||||||||||||||
Third | $ | 124.46 | $ | 111.40 | $ | 0.58 | $ | 108.17 | $ | 94.66 | $ | 0.55 | $ | 152.51 | $ | 128.85 | $ | 0.69 | $ | 154.36 | $ | 131.84 | $ | 0.66 | ||||||||||||||||||||||||
Fourth | $ | 125.78 | $ | 113.49 | $ | 0.58 | $ | 110.17 | $ | 98.15 | $ | 0.55 | $ | 167.76 | $ | 135.09 | $ | 0.69 | $ | 147.51 | $ | 108.45 | $ | 0.66 | ||||||||||||||||||||||||
Total | $ | 2.26 | $ | 2.14 | $ | 2.70 | $ | 2.58 |
2016 | (a) Total Number Of Shares Purchased | Average Price Paid Per Share | Total Number Of Shares Purchased As Part Of A Publicly Announced Plan or Program | (b) Maximum Number Of Shares That May Yet Be Purchased Under The Program | |||||||||
October 2 - November 5 | 1,911,039 | $ | 95.85 | — | 10,100,000 | ||||||||
November 6 - December 3 | 122,305 | $ | 120.89 | — | 10,000,000 | ||||||||
December 4 - December 31 | 84,922 | $ | 118.86 | — | 10,000,000 | ||||||||
Total | 2,118,266 | $ | 98.22 | — | 10,000,000 |
2019 | Total Number Of Shares Purchased (a) | Average Price Paid Per Share | Total Number Of Shares Purchased As Part Of A Publicly Announced Plan or Program | Maximum Number Of Shares That May Yet Be Purchased Under The Program (b) | |||||||||
September 29 - November 2 | 6,078 | $ | 146.11 | — | 11,500,000 | ||||||||
November 3 - November 30 | — | $ | — | — | 11,500,000 | ||||||||
December 1 - December 28 | 93,854 | $ | 155.57 | — | 11,500,000 | ||||||||
Total | 99,932 | $ | 154.99 | — | 11,500,000 |
(a) |
(b) | On July |
THE POINTS IN THE ABOVE TABLE ARE AS FOLLOWS: | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | ||||||||||||||||||||||||||||||||||
Stanley Black & Decker | $ | 100.00 | $ | 109.44 | $ | 126.08 | $ | 152.90 | $ | 170.51 | $ | 192.05 | $ | 100.00 | $ | 113.49 | $ | 124.45 | $ | 187.28 | $ | 133.56 | $ | 190.15 | ||||||||||||||||||||||
S&P 500 | $ | 100.00 | $ | 114.06 | $ | 152.95 | $ | 174.51 | $ | 174.28 | $ | 199.78 | $ | 100.00 | $ | 101.40 | $ | 113.51 | $ | 138.29 | $ | 131.08 | $ | 174.29 | ||||||||||||||||||||||
S&P 500 Industrials | $ | 100.00 | $ | 112.79 | $ | 151.30 | $ | 170.59 | $ | 173.08 | $ | 195.25 | $ | 100.00 | $ | 102.95 | $ | 113.41 | $ | 139.18 | $ | 133.88 | $ | 179.13 | ||||||||||||||||||||||
Peer Group | $ | 100.00 | $ | 144.18 | $ | 207.65 | $ | 241.71 | $ | 257.33 | $ | 302.93 |
(Millions of Dollars) | 2016 | 2015 | 2014 | 2013 (a) | 2012 (b) | |||||||||||||||||||||||||||||||||||
Continuing Operations: | ||||||||||||||||||||||||||||||||||||||||
(Millions of Dollars, Except Per Share Amounts) | 2019 (a) | 2018 (b) | 2017 (c) | 2016 | 20151 | |||||||||||||||||||||||||||||||||||
Net sales | $ | 11,407 | $ | 11,172 | $ | 11,339 | $ | 10,890 | $ | 10,022 | $ | 14,442 | $ | 13,982 | $ | 12,967 | $ | 11,594 | $ | 11,172 | ||||||||||||||||||||
Net earnings from continuing operations attributable to common shareowners | $ | 965 | $ | 904 | $ | 857 | $ | 520 | $ | 458 | $ | 956 | $ | 605 | $ | 1,227 | $ | 968 | $ | 904 | ||||||||||||||||||||
Net (loss) earnings from discontinued operations (c) | $ | — | $ | (20 | ) | $ | (96 | ) | $ | (30 | ) | $ | 426 | |||||||||||||||||||||||||||
Net earnings attributable to common shareowners | $ | 965 | $ | 884 | $ | 761 | $ | 490 | $ | 884 | ||||||||||||||||||||||||||||||
Net loss from discontinued operations(d) | $ | — | $ | — | $ | — | $ | — | $ | (20 | ) | |||||||||||||||||||||||||||||
Net Earnings Attributable to Common Shareowners | $ | 956 | $ | 605 | $ | 1,227 | $ | 968 | $ | 884 | ||||||||||||||||||||||||||||||
Basic earnings (loss) per share: | ||||||||||||||||||||||||||||||||||||||||
Continuing operations | $ | 6.61 | $ | 6.10 | $ | 5.49 | $ | 3.35 | $ | 2.81 | $ | 6.44 | $ | 4.06 | $ | 8.20 | $ | 6.63 | $ | 6.10 | ||||||||||||||||||||
Discontinued operations (c) | $ | — | $ | (0.14 | ) | $ | (0.62 | ) | $ | (0.19 | ) | $ | 2.61 | |||||||||||||||||||||||||||
Discontinued operations(d) | $ | — | $ | — | $ | — | $ | — | $ | (0.14 | ) | |||||||||||||||||||||||||||||
Total basic earnings per share | $ | 6.61 | $ | 5.96 | $ | 4.87 | $ | 3.16 | $ | 5.41 | $ | 6.44 | $ | 4.06 | $ | 8.20 | $ | 6.63 | $ | 5.96 | ||||||||||||||||||||
Diluted earnings (loss) per share: | ||||||||||||||||||||||||||||||||||||||||
Continuing operations | $ | 6.51 | $ | 5.92 | $ | 5.37 | $ | 3.28 | $ | 2.75 | $ | 6.35 | $ | 3.99 | $ | 8.05 | $ | 6.53 | $ | 5.92 | ||||||||||||||||||||
Discontinued operations (c) | $ | — | $ | (0.13 | ) | $ | (0.60 | ) | $ | (0.19 | ) | $ | 2.55 | |||||||||||||||||||||||||||
Discontinued operations(d) | $ | — | $ | — | $ | — | $ | — | $ | (0.13 | ) | |||||||||||||||||||||||||||||
Total diluted earnings per share | $ | 6.51 | $ | 5.79 | $ | 4.76 | $ | 3.09 | $ | 5.30 | $ | 6.35 | $ | 3.99 | $ | 8.05 | $ | 6.53 | $ | 5.79 | ||||||||||||||||||||
Percent of net sales (Continuing operations): | ||||||||||||||||||||||||||||||||||||||||
Cost of sales | 62.6 | % | 63.6 | % | 63.8 | % | 64.2 | % | 63.5 | % | 66.7 | % | 65.3 | % | 63.1 | % | 63.2 | % | 63.6 | % | ||||||||||||||||||||
Selling, general and administrative (d) | 23.0 | % | 22.3 | % | 22.9 | % | 24.7 | % | 24.7 | % | ||||||||||||||||||||||||||||||
Other-net | 1.7 | % | 2.0 | % | 2.1 | % | 2.6 | % | 3.0 | % | ||||||||||||||||||||||||||||||
Selling, general and administrative(e) | 21.1 | % | 22.7 | % | 23.1 | % | 22.7 | % | 22.3 | % | ||||||||||||||||||||||||||||||
Other, net | 1.7 | % | 2.1 | % | 2.1 | % | 1.6 | % | 2.0 | % | ||||||||||||||||||||||||||||||
Restructuring charges | 1.1 | % | 1.1 | % | 0.4 | % | 0.4 | % | 0.4 | % | ||||||||||||||||||||||||||||||
Interest, net | 1.5 | % | 1.5 | % | 1.4 | % | 1.4 | % | 1.3 | % | 1.6 | % | 1.5 | % | 1.4 | % | 1.5 | % | 1.5 | % | ||||||||||||||||||||
Earnings before income taxes | 10.7 | % | 10.3 | % | 9.6 | % | 5.4 | % | 5.3 | % | ||||||||||||||||||||||||||||||
Earnings before income taxes and equity interest | 7.8 | % | 7.3 | % | 11.8 | % | 10.6 | % | 10.3 | % | ||||||||||||||||||||||||||||||
Net earnings from continuing operations attributable to common shareowners | 8.5 | % | 8.1 | % | 7.6 | % | 4.8 | % | 4.6 | % | 6.6 | % | 4.3 | % | 9.5 | % | 8.3 | % | 8.1 | % | ||||||||||||||||||||
Balance sheet data: | ||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 15,635 | $ | 15,128 | $ | 15,803 | $ | 16,486 | $ | 15,805 | $ | 20,597 | $ | 19,408 | $ | 19,098 | $ | 15,655 | $ | 15,128 | ||||||||||||||||||||
Long-term debt (e) | $ | 3,815 | $ | 3,792 | $ | 3,794 | $ | 3,750 | $ | 3,488 | ||||||||||||||||||||||||||||||
Long-term debt, including current maturities | $ | 3,180 | $ | 3,822 | $ | 3,806 | $ | 3,806 | $ | 3,797 | ||||||||||||||||||||||||||||||
Stanley Black & Decker, Inc.’s shareowners’ equity | $ | 6,367 | $ | 5,812 | $ | 6,429 | $ | 6,799 | $ | 6,667 | $ | 9,136 | $ | 7,836 | $ | 8,302 | $ | 6,374 | $ | 5,816 | ||||||||||||||||||||
Ratios: | ||||||||||||||||||||||||||||||||||||||||
Total debt to total capital | 37.5 | % | 39.5 | % | 37.2 | % | 37.9 | % | 34.4 | % | 27.8 | % | 34.9 | % | 31.5 | % | 37.4 | % | 39.5 | % | ||||||||||||||||||||
Income tax rate - continuing operations | 21.3 | % | 21.6 | % | 20.9 | % | 11.7 | % | 14.2 | % | 14.2 | % | 40.7 | % | 19.7 | % | 21.3 | % | 21.6 | % | ||||||||||||||||||||
Common stock data: | ||||||||||||||||||||||||||||||||||||||||
Dividends per share | $ | 2.26 | $ | 2.14 | $ | 2.04 | $ | 1.98 | $ | 1.80 | $ | 2.70 | $ | 2.58 | $ | 2.42 | $ | 2.26 | $ | 2.14 | ||||||||||||||||||||
Equity per share at year-end | $ | 42.76 | $ | 39.08 | $ | 41.34 | $ | 43.73 | $ | 43.19 | ||||||||||||||||||||||||||||||
Market price per share - high | $ | 125.78 | $ | 110.17 | $ | 97.36 | $ | 92.36 | $ | 81.34 | ||||||||||||||||||||||||||||||
Market price per share - low | $ | 90.14 | $ | 90.51 | $ | 75.64 | $ | 73.97 | $ | 59.25 | ||||||||||||||||||||||||||||||
Average shares outstanding (in 000’s): | ||||||||||||||||||||||||||||||||||||||||
Equity per basic share at year-end | $ | 60.97 | $ | 53.07 | $ | 55.20 | $ | 42.80 | $ | 39.11 | ||||||||||||||||||||||||||||||
Market price per share — high | $ | 167.76 | $ | 175.91 | $ | 170.03 | $ | 125.78 | $ | 110.17 | ||||||||||||||||||||||||||||||
Market price per share — low | $ | 115.69 | $ | 108.45 | $ | 115.75 | $ | 90.14 | $ | 90.51 | ||||||||||||||||||||||||||||||
Weighted-average shares outstanding (in 000’s): | ||||||||||||||||||||||||||||||||||||||||
Basic | 146,041 | 148,234 | 156,090 | 155,237 | 163,067 | 148,365 | 148,919 | 149,629 | 146,041 | 148,234 | ||||||||||||||||||||||||||||||
Diluted | 148,207 | 152,706 | 159,737 | 158,776 | 166,701 | 150,558 | 151,643 | 152,449 | 148,207 | 152,706 | ||||||||||||||||||||||||||||||
Other information: | ||||||||||||||||||||||||||||||||||||||||
Average number of employees | 53,231 | 51,815 | 50,375 | 49,445 | 45,327 | 61,755 | 60,785 | 57,076 | 53,231 | 51,815 | ||||||||||||||||||||||||||||||
Shareowners of record at end of year | 10,313 | 10,603 | 10,932 | 11,235 | 11,285 | 9,360 | 9,727 | 10,014 | 10,313 | 10,603 |
(a) | The Company's |
(b) | The Company's |
(c) | The Company's 2017 results include $156 million of pre-tax acquisition-related charges and a $264 million pre-tax gain on sales of businesses, primarily related to the divestiture of the mechanical security businesses. As a result, as a percentage of Net sales, Cost of sales was 36 basis points higher, Selling, general, & administrative was 29 basis points higher, Other, net was 45 basis points higher, Restructuring charges was 11 basis points higher, and Earnings before income taxes was 83 basis points higher. The net tax benefit of the acquisition-related charges and gain on sales of businesses was $7 million. Income taxes for 2017 also includes a one-time net tax charge of $24 million related to the Act. Overall, the acquisition-related charges, gain on sales of businesses, and one-time net tax charge related to the Act resulted in a net increase to the Company's 2017 Net earnings attributable to common shareowners of $91 million (or $0.59 per diluted share). |
(d) | Discontinued operations in 2015 reflects a $20 million loss, or $0.13 per diluted share, primarily related to operating losses associated with the Security segment’s Spain and Italy operations, |
SG&A is inclusive of the Provision for |
In the first quarter of |
(Millions of Dollars) | 2016 | 2015 | 2014 | 2019 | 2018 | 2017 | ||||||||||||||||
Net sales | $ | 7,469 | $ | 7,141 | $ | 7,033 | $ | 10,062 | $ | 9,814 | $ | 9,045 | ||||||||||
Segment profit | $ | 1,267 | $ | 1,170 | $ | 1,074 | $ | 1,533 | $ | 1,393 | $ | 1,439 | ||||||||||
% of Net sales | 17.0 | % | 16.4 | % | 15.3 | % | 15.2 | % | 14.2 | % | 15.9 | % |
(Millions of Dollars) | 2019 | 2018 | 2017 | ||||||||
Net sales | $ | 2,435 | $ | 2,188 | $ | 1,974 | |||||
Segment profit | $ | 334 | $ | 320 | $ | 346 | |||||
% of Net sales | 13.7 | % | 14.6 | % | 17.5 | % |
(Millions of Dollars) | 2016 | 2015 | 2014 | 2019 | 2018 | 2017 | ||||||||||||||||
Net sales | $ | 2,097 | $ | 2,093 | $ | 2,261 | $ | 1,945 | $ | 1,981 | $ | 1,947 | ||||||||||
Segment profit | $ | 269 | $ | 240 | $ | 259 | $ | 127 | $ | 169 | $ | 212 | ||||||||||
% of Net sales | 12.8 | % | 11.4 | % | 11.5 | % | 6.5 | % | 8.5 | % | 10.9 | % |
(Millions of Dollars) | 2016 | 2015 | 2014 | ||||||||
Net sales | $ | 1,840 | $ | 1,938 | $ | 2,044 | |||||
Segment profit | $ | 304 | $ | 340 | $ | 351 | |||||
% of Net sales | 16.5 | % | 17.5 | % | 17.1 | % |
(Millions of Dollars) | 1/2/2016 | Net Additions | Usage | Currency | 12/31/2016 | December 29, 2018 | Net Additions | Usage | Currency | December 28, 2019 | ||||||||||||||||||||||||||||
Severance and related costs | $ | 44.3 | $ | 27.3 | $ | (50.0 | ) | $ | (0.2 | ) | $ | 21.4 | $ | 105.7 | $ | 131.9 | $ | (97.4 | ) | $ | 0.1 | $ | 140.3 | |||||||||||||||
Facility closures and asset impairments | 14.4 | 21.7 | (21.0 | ) | (0.9 | ) | 14.2 | 3.1 | 22.2 | (17.9 | ) | 0.1 | 7.5 | |||||||||||||||||||||||||
Total | $ | 58.7 | $ | 49.0 | $ | (71.0 | ) | $ | (1.1 | ) | $ | 35.6 | $ | 108.8 | $ | 154.1 | $ | (115.3 | ) | $ | 0.2 | $ | 147.8 |
(Millions of Dollars) | 2016 | 2015 | 2014 | 2019 | 2018 | 2017 | ||||||||||||||||
Net cash provided by operating activities | $ | 1,485 | $ | 1,182 | $ | 1,296 | $ | 1,506 | $ | 1,261 | $ | 669 | ||||||||||
Less: capital expenditures | (347 | ) | (311 | ) | (291 | ) | ||||||||||||||||
Less: capital and software expenditures | (425 | ) | (492 | ) | (443 | ) | ||||||||||||||||
Free cash flow | $ | 1,138 | $ | 871 | $ | 1,005 | $ | 1,081 | $ | 769 | $ | 226 |
Payments Due by Period | ||||||||||||||||||||||||||||||||||||||
(Millions of Dollars) | Total | 2017 | 2018-2019 | 2020-2021 | Thereafter | Total | 2020 | 2021-2022 | 2023-2024 | Thereafter | ||||||||||||||||||||||||||||
Long-term debt (a) | $ | 3,854 | $ | 6 | $ | 989 | $ | 404 | $ | 2,455 | $ | 4,704 | $ | — | $ | 1,154 | $ | — | $ | 3,550 | ||||||||||||||||||
Interest payments on long-term debt (b) | 3,232 | 154 | 285 | 265 | 2,528 | 2,224 | 177 | 340 | 282 | 1,425 | ||||||||||||||||||||||||||||
Operating leases | 405 | 95 | 141 | 82 | 87 | |||||||||||||||||||||||||||||||||
Short-term borrowings | 336 | 336 | — | — | — | |||||||||||||||||||||||||||||||||
Lease obligations | 607 | 144 | 193 | 113 | 157 | |||||||||||||||||||||||||||||||||
Inventory purchase commitments (c) | 305 | 305 | — | — | — | 523 | 523 | — | — | — | ||||||||||||||||||||||||||||
Deferred compensation | 26 | 1 | 3 | 2 | 20 | 30 | 4 | 1 | 1 | 24 | ||||||||||||||||||||||||||||
Marketing obligations | 70 | 33 | 36 | — | — | |||||||||||||||||||||||||||||||||
Marketing commitments | 34 | 25 | 9 | — | — | |||||||||||||||||||||||||||||||||
Derivatives (d) | 47 | — | 47 | — | — | 41 | — | 41 | — | — | ||||||||||||||||||||||||||||
Forward stock purchase contracts (e) | 350 | — | 350 | — | — | |||||||||||||||||||||||||||||||||
Forward stock purchase contract (e) | 350 | — | 350 | — | — | |||||||||||||||||||||||||||||||||
Pension funding obligations (f) | 66 | 66 | — | — | — | 38 | 38 | — | — | — | ||||||||||||||||||||||||||||
Contract adjustment fees (g) | 138 | 59 | 79 | — | — | |||||||||||||||||||||||||||||||||
Purchase price (h) | 250 | 250 | — | — | — | |||||||||||||||||||||||||||||||||
U.S. income tax (i) | 344 | 9 | 70 | 153 | 112 | |||||||||||||||||||||||||||||||||
Total contractual cash obligations | $ | 8,355 | $ | 660 | $ | 1,851 | $ | 753 | $ | 5,090 | $ | 9,619 | $ | 1,565 | $ | 2,237 | $ | 549 | $ | 5,268 |
(a) | Future payments on long-term debt encompass all payments related to aggregate debt maturities, excluding certain fair value adjustments included in long-term |
(b) | Future interest payments on long-term debt reflect the applicable |
(c) | Inventory purchase commitments primarily consist of open purchase orders to purchase raw materials, components, and sourced products. |
(d) | Future cash flows on derivative instruments reflect the fair value and accrued interest as of December |
(e) | In March 2015, the Company entered into a forward share purchase contract with a financial institution counterparty which obligates the Company to pay |
(f) | This 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 beyond |
(g) | These amounts represent future contract adjustment payments to holders of the Company's 2020 and 2022 Purchase Contracts. See Note J, Capital Stock, for further discussion. |
(h) | The Company acquired the Craftsman® brand from Sears Holdings in March 2017. As part of the purchase price, the Company is obligated to pay $250 million in March 2020. See Note E, Acquisitions and Investments, for further discussion. |
(i) | Income tax liability for the one-time deemed repatriation tax on unremitted foreign earnings and profits. See Note Q, Income Taxes, for further discussion. |
Amount of Commitment Expirations Per Period | ||||||||||||||||||||||||||||||||||||||||
(Millions of Dollars) | Total | 2017 | 2018-2019 | 2020-2021 | Thereafter | Total | 2020 | 2021-2022 | 2023-2024 | Thereafter | ||||||||||||||||||||||||||||||
U.S. lines of credit | $ | 3,050 | $ | — | $ | 1,300 | $ | 1,750 | $ | — | $ | 3,000 | $ | 1,000 | $ | — | $ | 2,000 | $ | — |
Name and Age | Office | Date Elected to Office | ||
James M. Loree | President & Chief Executive Officer since August 2016. President & Chief Operating Officer (2013); Executive Vice President and Chief Operating Officer | 7/19/1999 | ||
Donald Allan, Jr. | Executive Vice President & Chief Financial Officer since October 2016. Senior Vice President & Chief Financial Officer (2010); Vice President & Chief Financial Officer (2009); Vice President & Corporate Controller (2002); Corporate Controller (2000); Assistant Controller (1999). | 10/24/2006 | ||
Jeffery D. Ansell | Executive Vice President | 2/22/2006 | ||
Janet M. Link (50) | Senior Vice President, General Counsel and Secretary since | |||
7/ | ||||
Jaime A. Ramirez | Senior Vice President & Chief Operating Officer, Tools & Storage since October 2019. Senior Vice President & President, Global Emerging Markets | 3/12/2010 | ||
Joseph R. Voelker | Senior Vice President, Chief Human Resources Officer since April | 4/1/2013 | ||
John H. Wyatt | President, Stanley Engineered Fastening since January 2016. President, Sales & Marketing - Global Tools & Storage (2015) | 3/12/2010 | ||
Robert H. Raff (53) | President, Stanley Security since November 2016. President, Stanley Electronic Security North America (2015); President, North America Sales, Construction & DIY (2010); President, Stanley National Hardware (2007); Vice President of Latin America, Construction & DIY (2005); General Manager, Construction & DIY (2002). | 4/19/2018 | ||
Robert Blackburn (51) | Senior Vice President of Global Operations since May 2019; Hoffman Group, CEO and Chairman of the Executive Board (2017-2018); BASF S.E., Presidentof Supply Chain Operations & Information Services (2007-2016). | 5/6/2019 |
(A) | (B) | (C) | (A) | (B) | (C) | |||||||||||||||||||
Plan Category | Number of securities to be issued upon exercise of outstanding options and stock awards | Weighted-average exercise price of outstanding options | Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (A)) | Number of securities to be issued upon exercise of outstanding options and stock awards | Weighted-average exercise price of outstanding options | Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (A)) | ||||||||||||||||||
Equity compensation plans approved by security holders | 8,451,470 | (1) | $ | 86.33 | (2) | 6,935,076 | (3) | 8,768,923 | (1) | $ | 122.42 | (2) | 12,924,290 | (3) | ||||||||||
Equity compensation plans not approved by security holders (4) | — | — | — | — | — | — | ||||||||||||||||||
Total | 8,451,470 | $ | 86.33 | 6,935,076 | 8,768,923 | $ | 122.42 | 12,924,290 |
(1) | Consists of |
(2) | There is no cost to the recipient for shares issued pursuant to time-vesting restricted stock units or |
(3) | Consists of |
(4) | U.S. employees are eligible to contribute from 1% to 25% of their salary to a qualified tax deferred savings plan as described in the Employee Stock Ownership Plan ("ESOP") section of Note L, Employee Benefit Plans, of the Notes to the Consolidated Financial Statements in Item 8. The Company contributes an amount equal to one half of the employee contribution up to the first 7% of salary. There is a non-qualified tax deferred savings plan for highly compensated salaried employees which mirrors the qualified plan provisions, but was not specifically approved by security holders. Eligible highly compensated salaried U.S. employees are eligible to contribute from 1% to 50% of their salary to the non-qualified tax deferred savings plan. The same matching arrangement was provided for highly compensated salaried employees in the non-qualified plan, to the extent the match was not fully met in the qualified plan, except that the arrangement for these employees is outside of the ESOP, and is not funded in advance of distributions. |
Schedule II — Valuation and Qualifying Accounts is included in Item 15 (page 57). |
Management’s Report on Internal Control Over Financial Reporting (page 58). |
Report of Independent Registered Public Accounting Firm — Financial Statement Opinion (page 59). |
Report of Independent Registered Public Accounting Firm — Internal Control Opinion (page 62). |
Consolidated Statements of Operations — fiscal years ended December 28, 2019, December 29, 2018, and December 30, 2017 (page 63). |
Consolidated Statements of Comprehensive Income — fiscal years ended December 28, 2019, December 29, 2018, and December 30, 2017 (page 64). |
Consolidated Balance Sheets — December 28, 2019 and December 29, 2018 (page 65). |
Consolidated Statements of Cash Flows — fiscal years ended December 28, 2019, December 29, 2018, and December 30, 2017 (page 66). |
Consolidated Statements of Changes in Shareowners’ Equity — fiscal years ended December 28, 2019, December 29, 2018, and December 30, 2017 (page 68). |
Notes to Consolidated Financial Statements (page 69). |
Selected Quarterly Financial Data (Unaudited) (page 119). |
Consent of Independent Registered Public Accounting Firm (Exhibit 23). |
STANLEY BLACK & DECKER, INC. | ||
By: | /s/ James M. Loree | |
James M. Loree, President and Chief Executive Officer | ||
Date: | February |
Signature | Title | Date | |||
/s/ James M. Loree | President and Chief Executive Officer | February | |||
James M. Loree | |||||
/s/ Donald Allan, Jr. | Executive Vice President and Chief Financial Officer | February | |||
Donald Allan, Jr. | |||||
/s/ Jocelyn S. Belisle | Vice President and Chief Accounting Officer | February | |||
Jocelyn S. Belisle | |||||
* | Director | February | |||
Andrea J. Ayers | |||||
* | Director | February | |||
George W. Buckley | |||||
* | Director | February | |||
Patrick D. Campbell | |||||
* | Director | February | |||
Carlos M. Cardoso | |||||
* | Director | February | |||
Robert B. Coutts | |||||
* | Director | February | |||
Debra A. Crew | |||||
* | Director | February | |||
Michael D. Hankin | |||||
* | Director | February | |||
*By: /s/ |
(As Attorney-in-Fact) |
ADDITIONS | |||||||||||||||||||
Beginning Balance | Charged To Costs And Expenses | Charged To Other Accounts (b) | (a) Deductions | Ending Balance | |||||||||||||||
Allowance for Doubtful Accounts: | |||||||||||||||||||
Year Ended 2016 | $ | 72.9 | $ | 21.9 | $ | 4.8 | $ | (22.1 | ) | $ | 77.5 | ||||||||
Year Ended 2015 | $ | 60.7 | $ | 27.3 | $ | 0.7 | $ | (15.8 | ) | $ | 72.9 | ||||||||
Year Ended 2014 | $ | 64.4 | $ | 20.9 | $ | (8.3 | ) | $ | (16.3 | ) | $ | 60.7 | |||||||
Tax Valuation Allowance: | |||||||||||||||||||
Year Ended 2016 (c) | $ | 480.7 | $ | 74.5 | $ | 4.4 | $ | (34.1 | ) | $ | 525.5 | ||||||||
Year Ended 2015 | $ | 551.9 | $ | 30.5 | $ | 1.7 | $ | (103.4 | ) | $ | 480.7 | ||||||||
Year Ended 2014 | $ | 549.7 | $ | 90.0 | $ | (16.3 | ) | $ | (71.5 | ) | $ | 551.9 |
ADDITIONS | |||||||||||||||||||
Beginning Balance | Charged To Costs And Expenses | Charged To Other Accounts (b) | (a) Deductions | Ending Balance | |||||||||||||||
Allowance for Doubtful Accounts: | |||||||||||||||||||
Year Ended 2019 | $ | 102.0 | $ | 33.0 | $ | 5.9 | $ | (28.5 | ) | $ | 112.4 | ||||||||
Year Ended 2018 | $ | 80.4 | $ | 28.0 | $ | 12.5 | $ | (18.9 | ) | $ | 102.0 | ||||||||
Year Ended 2017 | $ | 78.5 | $ | 16.3 | $ | 8.9 | $ | (23.3 | ) | $ | 80.4 | ||||||||
Tax Valuation Allowance: | |||||||||||||||||||
Year Ended 2019 (c) | $ | 626.7 | $ | 461.5 | $ | (0.5 | ) | $ | (22.7 | ) | $ | 1,065.0 | |||||||
Year Ended 2018 | $ | 516.7 | $ | 146.2 | $ | (6.4 | ) | $ | (29.8 | ) | $ | 626.7 | |||||||
Year Ended 2017 | $ | 525.5 | $ | 262.4 | $ | 22.8 | $ | (294.0 | ) | $ | 516.7 |
(a) | With respect to the allowance for doubtful accounts, deductions represent amounts charged-off less recoveries of accounts previously charged-off. |
(b) | Amounts represent the impact of foreign currency translation, acquisitions and net transfers to/from other accounts. |
(c) | Refer to Note Q, Income Taxes, of the Notes to Consolidated Financial Statements in Item 8 for further discussion. |
/s/ James M. Loree | |
James M. Loree, President and Chief Executive Officer |
/s/ Donald Allan, Jr. | |
Donald Allan, Jr., Executive Vice President and Chief Financial Officer |
Adoption of ASU 2016-02, Leases (Topic 842) | ||
Description of the Matter | As discussed above and in Note A of the consolidated financial statements, the Company adopted ASU 2016-02, Leases (Topic 842), in the first quarter of 2019. As discussed in Note R, as a result of the adoption, the Company recorded a lease liability of $537 million and right-of-use asset of approximately $535 million in its consolidated balance sheet as of December 28, 2019. Auditing management’s initial recognition of the lease liability and right-of-use asset upon adoption of ASU 2016-02 was challenging because of the volume and diversity of leases in the Company’s global lease portfolio. Further, the Company’s estimated incremental borrowing rate had a significant effect on the measurement of the lease liability and right-of use asset recognized upon adoption. Auditing management’s estimated incremental borrowing rate was complex due to the judgment involved in developing foreign currency spreads to the U.S. rate and applying them to the leases in the Company’s global lease portfolio. | |
How We Addressed the Matter in Our Audit | We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the adoption of ASU 2016-02. Our audit procedures included, among other procedures, testing controls over management’s review of the completeness of the lease population and the calculation of the incremental borrowing rate. We tested the completeness and accuracy of the data used in the Company’s initial recognition of the lease liability and right-of-use asset. Our procedures included, among others, comparing the information in a sample of lease agreements to the Company’s analysis and selecting leases from independent sources and assessing their inclusion in the Company’s analysis. We involved our valuation specialists to assist in evaluating the key assumptions and methodologies management used to develop the incremental borrowing rate. We independently calculated a range of incremental borrowing rates and evaluated the sensitivity of the model. | |
Accounting for Acquisition of IES Attachments | ||
Description of the Matter | As discussed in Note E of the consolidated financial statements, the Company acquired the equipment manufacturer, IES Attachments, on March 8, 2019 for a total purchase price of approximately $654 million, net of cash acquired. The Company allocated the purchase price, on a preliminary basis, to the assets acquired and liabilities assumed based on their respective fair values, including identified intangible assets of $328 million and resulting goodwill of approximately $309 million. Auditing the Company's accounting for the acquired intangible assets involved subjective auditor judgment due to the significant estimation required in management’s determination of the fair value of intangible assets. The significant estimation was primarily due to the sensitivity of the significant assumptions in determining fair value, including discount rates, projected revenue growth rates and profit margins. These assumptions relate to the future performance of the acquired business, are forward-looking and could be affected by future economic and market conditions. | |
How We Addressed the Matter in Our Audit | We obtained an understanding, evaluated the design and tested the operating effectiveness of the controls over the Company’s accounting for business combinations. Our audit procedures included, among other procedures, testing controls over the valuation of intangible assets, including the valuation models and underlying assumptions used to develop such estimates. To test the estimated fair value of the intangible assets, we performed audit procedures that included, among other procedures, evaluating the appropriateness of the valuation methodologies and testing the significant assumptions used in the model, as described above, including the completeness and accuracy of the underlying data. We compared the significant assumptions to current industry, market and economic trends, to the historical results of the acquired business and to other guideline companies within the same industry. We involved our valuation specialists to assist with our evaluation of the methodology used by the Company and the significant assumptions included in the fair value estimates. | |
Annual Test of Impairment of Goodwill in the Infrastructure Reporting Unit | ||
Description of the Matter | At December 28, 2019, the Company’s goodwill balance was approximately $9,238 million. As discussed in Note A of the consolidated financial statements, goodwill is not amortized but rather is tested for impairment at least annually at the reporting unit level. The Company’s goodwill is initially assigned to its reporting units as of the relevant acquisition date. Auditing management’s annual goodwill impairment test for the Infrastructure reporting unit was challenging and highly judgmental due to the significant estimation required, in particular, the fair value estimate was sensitive to the significant assumption of revenue growth, which is affected by expected future market or economic conditions. A substantial portion of the revenues of the Infrastructure reporting unit are derived from customers’ investments in cyclical industries that typically are subject to severe economic cycles, partially driven by the prices of oil and of scrap metal, which could have an impact on the goodwill impairment analysis for the Infrastructure reporting unit. |
How We Addressed the Matter in Our Audit | We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the determination of fair value, including the significant assumption of revenue growth discussed above, used in the Infrastructure goodwill impairment analysis. Our audit procedures included, among other procedures, testing controls over the Company’s budgetary process and management’s review of that information. To test the estimated fair value of the Infrastructure reporting unit, we performed audit procedures that included, among other procedures, assessing the Company’s methodologies and testing the significant revenue growth assumption discussed above and the underlying data used by the Company in its analysis. We compared the revenue growth rates used by management to current industry and economic trends, including, among other factors, the price of oil and scrap metal, and considering the Company’s business model, customer base, product mix and other relevant factors. We assessed the historical accuracy of management’s estimates and performed sensitivity analyses to evaluate the change in the fair value of the reporting unit that would result from changes in the revenue growth assumption. In addition, we evaluated the reconciliation of the combined estimated fair value of the Company’s reporting units to the market capitalization of the Company and assessed the resulting control premium. Further, we involved our valuation specialists to assist in the evaluation of the methodology used to estimate the fair value of the Infrastructure reporting unit. | |
Uncertain Tax Positions | ||
Description of the Matter | At December 28, 2019, the Company had recorded a liability for uncertain tax positions of approximately $406 million. As discussed in Notes A and Q of the consolidated financial statements, the Company conducts business globally and, as a result, is subject to income tax in a number of locations, including many state and foreign jurisdictions. Uncertainty in a tax position may arise as tax laws are subject to interpretation. The Company uses significant judgment in (1) determining whether a tax position’s technical merits are more likely than not to be sustained and (2) measuring the amount of tax benefit that qualifies for recognition. The Company considers many factors when evaluating and estimating its tax positions such as, but not limited to, the settlements of on-going audits. Auditing the measurement and determination of whether a tax position is more likely than not to be upheld under examination is challenging and subjective due to the Company’s global operations, the many tax jurisdictions in which it operates, the distinctive nature and unique facts and circumstances of each tax position and the interpretations of tax law and legal rulings. Many of these same factors also make it challenging to audit the completeness of the uncertain tax reserves. | |
How We Addressed the Matter in Our Audit | We identified and tested controls around the Company’s judgments and determinations on tax positions, including the Company’s process to verify that all uncertain tax positions are identified and considered as part of the analysis, controls addressing completeness of the uncertain tax positions and the determination of the more-likely-than-not amount of the positions to be upheld. With the support of our tax professionals, we performed an evaluation of the Company’s estimates with respect to uncertain tax positions including the technical merits of the Company’s tax positions. This included assessing the Company’s analysis of jurisdictions with potential tax liabilities and other international tax considerations. We considered the Company’s judgments and the factors involved with each significant tax position. To support our evaluation, we used our knowledge of, and experience with, the application of international and local income tax laws by the relevant income tax authorities to evaluate the Company’s accounting for those tax positions. We analyzed the Company’s assumptions and data used to determine the amount of tax benefit to recognize and tested the completeness and accuracy of the data used to determine the amount of tax benefits recognized and tested the accuracy of such calculations. We also evaluated the Company’s income tax disclosures included in Note Q to the consolidated financial statements in relation to these matters. |
2016 | 2015 | 2014 | |||||||||
Net Sales | $ | 11,406.9 | $ | 11,171.8 | $ | 11,338.6 | |||||
Costs and Expenses | |||||||||||
Cost of sales | $ | 7,139.7 | $ | 7,099.8 | $ | 7,235.9 | |||||
Selling, general and administrative | 2,602.0 | 2,459.1 | 2,575.0 | ||||||||
Provision for doubtful accounts | 21.9 | 27.3 | 20.9 | ||||||||
Other-net | 196.9 | 222.0 | 239.6 | ||||||||
Restructuring charges and asset impairments | 49.0 | 47.6 | 18.8 | ||||||||
Interest income | (23.2 | ) | (15.2 | ) | (13.6 | ) | |||||
Interest expense | 194.5 | 180.4 | 177.2 | ||||||||
$ | 10,180.8 | $ | 10,021.0 | $ | 10,253.8 | ||||||
Earnings from continuing operations before income taxes | 1,226.1 | 1,150.8 | 1,084.8 | ||||||||
Income taxes on continuing operations | 261.2 | 248.6 | 227.1 | ||||||||
Earnings from continuing operations | $ | 964.9 | $ | 902.2 | $ | 857.7 | |||||
Less: Net (loss) earnings attributable to non-controlling interests | (0.4 | ) | (1.6 | ) | 0.5 | ||||||
Net earnings from continuing operations attributable to common shareowners | $ | 965.3 | $ | 903.8 | $ | 857.2 | |||||
Loss from discontinued operations before income taxes | — | (19.3 | ) | (104.0 | ) | ||||||
Income tax expense (benefit) on discontinued operations | — | 0.8 | (7.7 | ) | |||||||
Net loss from discontinued operations | $ | — | $ | (20.1 | ) | $ | (96.3 | ) | |||
Net Earnings Attributable to Common Shareowners | $ | 965.3 | $ | 883.7 | $ | 760.9 | |||||
Basic earnings (loss) per share of common stock: | |||||||||||
Continuing operations | $ | 6.61 | $ | 6.10 | $ | 5.49 | |||||
Discontinued operations | — | (0.14 | ) | (0.62 | ) | ||||||
Total basic earnings per share of common stock | $ | 6.61 | $ | 5.96 | $ | 4.87 | |||||
Diluted earnings (loss) per share of common stock: | |||||||||||
Continuing operations | $ | 6.51 | $ | 5.92 | $ | 5.37 | |||||
Discontinued operations | — | (0.13 | ) | (0.60 | ) | ||||||
Total diluted earnings per share of common stock | $ | 6.51 | $ | 5.79 | $ | 4.76 |
2019 | 2018 | 2017 | |||||||||
Net Sales | $ | 14,442.2 | $ | 13,982.4 | $ | 12,966.6 | |||||
Costs and Expenses | |||||||||||
Cost of sales | $ | 9,636.7 | $ | 9,131.3 | $ | 8,188.3 | |||||
Selling, general and administrative | 3,008.0 | 3,143.7 | 2,982.9 | ||||||||
Provision for doubtful accounts | 33.0 | 28.0 | 16.3 | ||||||||
Other, net | 249.1 | 287.0 | 269.2 | ||||||||
(Gain) loss on sales of businesses | (17.0 | ) | 0.8 | (264.1 | ) | ||||||
Pension settlement | — | — | 12.2 | ||||||||
Restructuring charges | 154.1 | 160.3 | 51.5 | ||||||||
Loss on debt extinguishment | 17.9 | — | — | ||||||||
Interest income | (53.9 | ) | (68.7 | ) | (40.1 | ) | |||||
Interest expense | 284.3 | 277.9 | 222.6 | ||||||||
$ | 13,312.2 | $ | 12,960.3 | $ | 11,438.8 | ||||||
Earnings before income taxes and equity interest | 1,130.0 | 1,022.1 | 1,527.8 | ||||||||
Income taxes | 160.8 | 416.3 | 300.9 | ||||||||
Net earnings before equity interest | $ | 969.2 | $ | 605.8 | $ | 1,226.9 | |||||
Share of net loss of equity method investment | $ | (11.2 | ) | $ | — | $ | — | ||||
Net earnings | $ | 958.0 | $ | 605.8 | $ | 1,226.9 | |||||
Less: Net earnings (loss) attributable to non-controlling interests | 2.2 | 0.6 | (0.4 | ) | |||||||
Net Earnings Attributable to Common Shareowners | $ | 955.8 | $ | 605.2 | $ | 1,227.3 | |||||
Earnings per share of common stock: | |||||||||||
Basic | $ | 6.44 | $ | 4.06 | $ | 8.20 | |||||
Diluted | $ | 6.35 | $ | 3.99 | $ | 8.05 |
2016 | 2015 | 2014 | |||||||||
Net earnings | $ | 965.3 | $ | 883.7 | $ | 760.9 | |||||
Other comprehensive loss: | |||||||||||
Currency translation adjustment and other | (285.4 | ) | (504.1 | ) | (726.3 | ) | |||||
Unrealized gains (losses) on cash flow hedges, net of tax | 5.8 | (1.2 | ) | 26.4 | |||||||
Unrealized gains on net investment hedges, net of tax | 76.8 | 49.0 | 39.6 | ||||||||
Pension (losses) gains, net of tax | (24.2 | ) | 32.3 | (110.9 | ) | ||||||
Other comprehensive loss | $ | (227.0 | ) | $ | (424.0 | ) | $ | (771.2 | ) | ||
Comprehensive income (loss) attributable to common shareowners | $ | 738.3 | $ | 459.7 | $ | (10.3 | ) |
2019 | 2018 | 2017 | |||||||||
Net Earnings Attributable to Common Shareowners | $ | 955.8 | $ | 605.2 | $ | 1,227.3 | |||||
Other comprehensive (loss) income: | |||||||||||
Currency translation adjustment and other | (36.0 | ) | (373.0 | ) | 478.5 | ||||||
Unrealized (losses) gains on cash flow hedges, net of tax | (27.4 | ) | 85.8 | (66.3 | ) | ||||||
Unrealized gains (losses) on net investment hedges, net of tax | 34.0 | 59.9 | (85.2 | ) | |||||||
Pension (losses) gains, net of tax | (40.9 | ) | 2.1 | 5.5 | |||||||
Other comprehensive (loss) income | $ | (70.3 | ) | $ | (225.2 | ) | $ | 332.5 | |||
Comprehensive income attributable to common shareowners | $ | 885.5 | $ | 380.0 | $ | 1,559.8 |
2016 | 2015 | 2019 | 2018 | |||||||||||
Assets | ||||||||||||||
ASSETS | ||||||||||||||
Current Assets | ||||||||||||||
Cash and cash equivalents | $ | 1,131.8 | $ | 465.4 | $ | 297.7 | $ | 288.7 | ||||||
Accounts and notes receivable, net | 1,302.8 | 1,331.8 | 1,454.6 | 1,607.8 | ||||||||||
Inventories, net | 1,478.0 | 1,526.4 | 2,255.0 | 2,373.5 | ||||||||||
Prepaid expenses | 193.2 | 172.4 | 395.4 | 240.5 | ||||||||||
Assets held for sale | 523.4 | — | ||||||||||||
Other current assets | 159.3 | 166.1 | 53.9 | 58.9 | ||||||||||
Total Current Assets | 4,788.5 | 3,662.1 | 4,456.6 | 4,569.4 | ||||||||||
Property, Plant and Equipment, net | 1,451.2 | 1,450.2 | 1,959.5 | 1,915.2 | ||||||||||
Goodwill | 6,694.0 | 7,084.3 | 9,237.5 | 8,956.7 | ||||||||||
Customer Relationships, net | 635.7 | 778.7 | 1,317.3 | 1,165.2 | ||||||||||
Trade Names, net | 1,560.1 | 1,641.8 | 2,253.6 | 2,254.8 | ||||||||||
Other Intangible Assets, net | 103.7 | 121.0 | 51.1 | 64.4 | ||||||||||
Other Assets | 401.7 | 389.7 | 1,321.0 | 482.3 | ||||||||||
Total Assets | $ | 15,634.9 | $ | 15,127.8 | $ | 20,596.6 | $ | 19,408.0 | ||||||
Liabilities and Shareowners’ Equity | ||||||||||||||
LIABILITIES AND SHAREOWNERS' EQUITY | ||||||||||||||
Current Liabilities | ||||||||||||||
Short-term borrowings | $ | 4.3 | $ | 2.5 | $ | 337.3 | $ | 376.1 | ||||||
Current maturities of long-term debt | 7.8 | 5.1 | 3.1 | 2.5 | ||||||||||
Accounts payable | 1,640.4 | 1,533.1 | 2,087.8 | 2,233.2 | ||||||||||
Accrued expenses | 1,101.5 | 1,261.9 | 1,977.5 | 1,389.8 | ||||||||||
Liabilities held for sale | 53.5 | — | ||||||||||||
Total Current Liabilities | 2,807.5 | 2,802.6 | 4,405.7 | 4,001.6 | ||||||||||
Long-Term Debt | 3,815.3 | 3,792.1 | 3,176.4 | 3,819.8 | ||||||||||
Deferred Taxes | 735.4 | 825.9 | 731.2 | 705.3 | ||||||||||
Post-retirement Benefits | 644.3 | 669.4 | ||||||||||||
Post-Retirement Benefits | 609.4 | 595.4 | ||||||||||||
Other Liabilities | 1,258.8 | 1,178.6 | 2,531.7 | 2,446.0 | ||||||||||
Commitments and Contingencies (Notes R and S) | ||||||||||||||
Commitments and Contingencies (Notes R and S) | ||||||||||||||
Shareowners’ Equity | ||||||||||||||
Stanley Black & Decker, Inc. Shareowners’ Equity | ||||||||||||||
Preferred stock, without par value: Authorized and unissued 10,000,000 shares | — | — | ||||||||||||
Common stock, par value $2.50 per share: Authorized 300,000,000 shares in 2016 and 2015 Issued 176,902,738 shares in 2016 and 2015 | 442.3 | 442.3 | ||||||||||||
Preferred stock, without par value: Authorized 10,000,000 shares in 2019 and 2018 Issued and outstanding 1,500,000 shares in 2019 and 750,000 shares in 2018 | 1,500.0 | 750.0 | ||||||||||||
Common stock, par value $2.50 per share: Authorized 300,000,000 shares in 2019 and 2018 Issued 176,902,738 shares in 2019 and 2018 | 442.3 | 442.3 | ||||||||||||
Retained earnings | 5,127.3 | 4,491.7 | 6,772.8 | 6,219.0 | ||||||||||
Additional paid in capital | 4,774.4 | 4,421.7 | 4,492.9 | 4,621.0 | ||||||||||
Accumulated other comprehensive loss | (1,921.2 | ) | (1,694.2 | ) | (1,884.6 | ) | (1,814.3 | ) | ||||||
ESOP | (25.9 | ) | (34.9 | ) | (2.3 | ) | (10.5 | ) | ||||||
8,396.9 | 7,626.6 | 11,321.1 | 10,207.5 | |||||||||||
Less: common stock in treasury (24,342,971 shares in 2016 and 22,958,447 shares in 2015) | (2,029.9 | ) | (1,815.0 | ) | ||||||||||
Less: cost of common stock in treasury (23,396,329 shares in 2019 and 25,600,288 shares in 2018) | (2,184.8 | ) | (2,371.3 | ) | ||||||||||
Stanley Black & Decker, Inc. Shareowners’ Equity | 6,367.0 | 5,811.6 | 9,136.3 | 7,836.2 | ||||||||||
Non-controlling interests | 6.6 | 47.6 | 5.9 | 3.7 | ||||||||||
Total Shareowners’ Equity | 6,373.6 | 5,859.2 | 9,142.2 | 7,839.9 | ||||||||||
Total Liabilities and Shareowners’ Equity | $ | 15,634.9 | $ | 15,127.8 | $ | 20,596.6 | $ | 19,408.0 |
2016 | 2015 | 2014 | |||||||||
Operating Activities: | |||||||||||
Net earnings attributable to common shareowners | $ | 965.3 | $ | 883.7 | $ | 760.9 | |||||
Adjustments to reconcile net earnings to cash provided by operating activities: | |||||||||||
Depreciation and amortization of property, plant and equipment | 263.6 | 256.9 | 263.4 | ||||||||
Amortization of intangibles | 144.4 | 157.1 | 186.4 | ||||||||
Asset impairments | 10.7 | 9.8 | 63.1 | ||||||||
Stock-based compensation expense | 81.2 | 67.9 | 57.1 | ||||||||
Provision for doubtful accounts | 21.9 | 29.5 | 22.1 | ||||||||
Deferred tax (benefit) expense | (25.7 | ) | (1.3 | ) | 42.4 | ||||||
Other non-cash items | 29.3 | 18.8 | 12.3 | ||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | (69.4 | ) | (41.3 | ) | 81.6 | ||||||
Inventories | (23.9 | ) | (54.7 | ) | (175.9 | ) | |||||
Accounts payable | 159.7 | (9.7 | ) | 71.7 | |||||||
Deferred revenue | (9.2 | ) | 7.7 | 12.8 | |||||||
Other current assets | 26.0 | 19.8 | 25.8 | ||||||||
Long-term receivables | 1.2 | (12.6 | ) | (13.2 | ) | ||||||
Other long-term assets | (47.5 | ) | (11.5 | ) | 39.2 | ||||||
Accrued expenses | (28.1 | ) | (59.0 | ) | 59.7 | ||||||
Defined benefit liabilities | (56.8 | ) | (65.8 | ) | (155.0 | ) | |||||
Other long-term liabilities | 42.5 | (13.0 | ) | (58.5 | ) | ||||||
Net cash provided by operating activities | 1,485.2 | 1,182.3 | 1,295.9 | ||||||||
Investing Activities: | |||||||||||
Capital expenditures | (347.0 | ) | (311.4 | ) | (291.0 | ) | |||||
Proceeds from sales of assets | 10.6 | 29.1 | 15.4 | ||||||||
Business acquisitions, net of cash acquired | (59.3 | ) | (17.6 | ) | (3.2 | ) | |||||
Proceeds (payments) from sales of businesses, net of cash sold | 24.0 | — | (3.9 | ) | |||||||
Proceeds (payments) from net investment hedge settlements | 104.7 | 137.7 | (61.4 | ) | |||||||
Other | (17.0 | ) | (42.8 | ) | (38.1 | ) | |||||
Net cash used in investing activities | (284.0 | ) | (205.0 | ) | (382.2 | ) | |||||
Financing Activities: | |||||||||||
Payments on long-term debt | — | (16.1 | ) | (46.6 | ) | ||||||
Net short-term borrowings (repayments) | 1.9 | 1.2 | (391.0 | ) | |||||||
Stock purchase contract fees | (13.8 | ) | (17.0 | ) | (16.4 | ) | |||||
Purchase of common stock for treasury | (374.1 | ) | (649.8 | ) | (28.2 | ) | |||||
Proceeds from issuance of preferred stock | — | 632.5 | — | ||||||||
Redemption of preferred stock for treasury | — | (632.5 | ) | — | |||||||
Cash settlement on forward stock purchase contract | (147.4 | ) | — | — | |||||||
Non-controlling interest buyout | (12.5 | ) | (33.5 | ) | — | ||||||
Termination of interest rate swaps | 27.0 | — | (33.4 | ) | |||||||
Proceeds from issuances of common stock | 418.5 | 163.5 | 71.3 | ||||||||
Cash dividends on common stock | (330.9 | ) | (319.9 | ) | (321.3 | ) | |||||
Other | (1.8 | ) | (4.0 | ) | (0.6 | ) | |||||
Net cash used in financing activities | (433.1 | ) | (875.6 | ) | (766.2 | ) | |||||
Effect of exchange rate changes on cash | (101.7 | ) | (132.9 | ) | (147.1 | ) | |||||
Increase (decrease) in cash and cash equivalents | 666.4 | (31.2 | ) | 0.4 | |||||||
Cash and cash equivalents, beginning of year | 465.4 | 496.6 | 496.2 | ||||||||
Cash and cash equivalents, end of year | $ | 1,131.8 | $ | 465.4 | $ | 496.6 |
2019 | 2018 | 2017 | |||||||||
Operating Activities: | |||||||||||
Net earnings | $ | 958.0 | $ | 605.8 | $ | 1,226.9 | |||||
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||||||||||
Depreciation and amortization of property, plant and equipment | 372.8 | 331.2 | 296.9 | ||||||||
Amortization of intangibles | 187.4 | 175.3 | 163.8 | ||||||||
Inventory step-up amortization | 7.4 | 9.6 | 43.2 | ||||||||
(Gain) loss on sales of businesses | (17.0 | ) | 0.8 | (264.1 | ) | ||||||
Loss on debt extinguishment | 17.9 | — | — | ||||||||
Stock-based compensation expense | 88.8 | 76.5 | 78.7 | ||||||||
Provision for doubtful accounts | 33.0 | 28.0 | 16.3 | ||||||||
Share of net loss of equity method investment | 11.2 | — | — | ||||||||
Deferred tax (benefit) expense | (17.9 | ) | 191.1 | (103.0 | ) | ||||||
Other non-cash items | (13.8 | ) | 10.1 | 24.4 | |||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | 137.8 | (48.8 | ) | (905.6 | ) | ||||||
Inventories | 137.7 | (401.6 | ) | (303.0 | ) | ||||||
Accounts payable | (169.1 | ) | 211.0 | 240.4 | |||||||
Deferred revenue | 8.5 | 1.5 | 1.6 | ||||||||
Other current assets | (183.6 | ) | (4.4 | ) | (5.9 | ) | |||||
Other long-term assets | (37.3 | ) | 28.9 | 84.9 | |||||||
Accrued expenses | 123.6 | 70.1 | 123.3 | ||||||||
Defined benefit liabilities | (47.6 | ) | (44.7 | ) | (66.5 | ) | |||||
Other long-term liabilities | (92.1 | ) | 20.5 | 16.2 | |||||||
Net cash provided by operating activities | 1,505.7 | 1,260.9 | 668.5 | ||||||||
Investing Activities: | |||||||||||
Capital and software expenditures | (424.7 | ) | (492.1 | ) | (442.4 | ) | |||||
Sales of assets | 100.1 | 45.2 | 50.2 | ||||||||
Business acquisitions, net of cash acquired | (685.4 | ) | (524.6 | ) | (2,583.5 | ) | |||||
Sales of businesses, net of cash sold | 76.6 | (3.0 | ) | 756.9 | |||||||
Purchases of investments | (260.6 | ) | (21.7 | ) | (17.9 | ) | |||||
Net investment hedge settlements | 8.0 | 25.7 | (23.3 | ) | |||||||
Proceeds related to deferred purchase price receivable | — | — | 704.7 | ||||||||
Other | (22.6 | ) | (18.6 | ) | (11.5 | ) | |||||
Net cash used in investing activities | (1,208.6 | ) | (989.1 | ) | (1,566.8 | ) | |||||
Financing Activities: | |||||||||||
Payments on long-term debt | (1,150.0 | ) | (977.5 | ) | (2.8 | ) | |||||
Proceeds from debt issuances, net of fees | 496.2 | 990.0 | — | ||||||||
Net short-term (repayments) borrowings | (18.1 | ) | 433.2 | (76.7 | ) | ||||||
Stock purchase contract fees | (40.3 | ) | (40.3 | ) | (20.0 | ) | |||||
Purchases of common stock for treasury | (27.5 | ) | (527.1 | ) | (28.7 | ) | |||||
Proceeds from issuances of preferred stock | 735.0 | — | 726.0 | ||||||||
Premium paid on equity options | (19.2 | ) | (57.3 | ) | (25.1 | ) | |||||
Proceeds from issuances of common stock | 146.0 | 38.5 | 90.8 | ||||||||
Cash dividends on common stock | (402.0 | ) | (384.9 | ) | (362.9 | ) | |||||
Other | (12.6 | ) | (36.2 | ) | (5.4 | ) | |||||
Net cash (used in) provided by financing activities | (292.5 | ) | (561.6 | ) | 295.2 | ||||||
Effect of exchange rate changes on cash and cash equivalents | (1.4 | ) | (53.9 | ) | 81.0 | ||||||
Change in cash, cash equivalents and restricted cash | 3.2 | (343.7 | ) | (522.1 | ) | ||||||
Cash, cash equivalents and restricted cash, beginning of year | 311.4 | 655.1 | 1,177.2 | ||||||||
Cash, cash equivalents and restricted cash, end of year | $ | 314.6 | $ | 311.4 | $ | 655.1 |
December 28, 2019 | December 29, 2018 | ||||||
Cash and cash equivalents | $ | 297.7 | $ | 288.7 | |||
Restricted cash included in Other current assets | 16.9 | 22.7 | |||||
Cash, cash equivalents and restricted cash | $ | 314.6 | $ | 311.4 |
Preferred Stock | Common Stock | Additional Paid In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | ESOP | Treasury Stock | Non- Controlling Interests | Shareowners’ Equity | |||||||||||||||||||||||||||
Balance December 28, 2013 | $ | — | $ | 442.3 | $ | 4,878.6 | $ | 3,484.9 | $ | (499.0 | ) | $ | (53.2 | ) | $ | (1,454.4 | ) | $ | 81.3 | $ | 6,880.5 | ||||||||||||||
Net earnings | 760.9 | 0.5 | 761.4 | ||||||||||||||||||||||||||||||||
Other comprehensive loss | (771.2 | ) | (771.2 | ) | |||||||||||||||||||||||||||||||
Cash dividends declared — $2.04 per share | (321.3 | ) | (321.3 | ) | |||||||||||||||||||||||||||||||
Issuance of common stock | (69.4 | ) | 129.8 | 60.4 | |||||||||||||||||||||||||||||||
Forward obligation to purchase treasury shares | (150.0 | ) | (150.0 | ) | |||||||||||||||||||||||||||||||
Repurchase of common stock (340,576 shares) | (28.2 | ) | (28.2 | ) | |||||||||||||||||||||||||||||||
Non-controlling interest buyout | (0.6 | ) | (0.6 | ) | |||||||||||||||||||||||||||||||
Non-controlling interests of acquired businesses | 1.6 | 1.6 | |||||||||||||||||||||||||||||||||
Stock-based compensation related | 57.1 | 57.1 | |||||||||||||||||||||||||||||||||
Tax benefit related to stock options exercised | 10.8 | 10.8 | |||||||||||||||||||||||||||||||||
ESOP and related tax benefit | 1.8 | 9.6 | 11.4 | ||||||||||||||||||||||||||||||||
Balance January 3, 2015 | $ | — | $ | 442.3 | $ | 4,727.1 | $ | 3,926.3 | $ | (1,270.2 | ) | $ | (43.6 | ) | $ | (1,352.8 | ) | $ | 82.8 | $ | 6,511.9 | ||||||||||||||
Net earnings | 883.7 | (1.6 | ) | 882.1 | |||||||||||||||||||||||||||||||
Other comprehensive loss | (424.0 | ) | (424.0 | ) | |||||||||||||||||||||||||||||||
Cash dividends declared — $2.14 per share | (319.9 | ) | (319.9 | ) | |||||||||||||||||||||||||||||||
Issuance of common stock | (96.1 | ) | 231.4 | 135.3 | |||||||||||||||||||||||||||||||
Forward obligation to purchase treasury shares | (350.0 | ) | (350.0 | ) | |||||||||||||||||||||||||||||||
Repurchase of common stock (9,227,564 shares) | 263.9 | (913.7 | ) | (649.8 | ) | ||||||||||||||||||||||||||||||
Issuance of preferred stock | 632.5 | 632.5 | |||||||||||||||||||||||||||||||||
Redemption and conversion of preferred stock | (632.5 | ) | (220.1 | ) | 220.1 | (632.5 | ) | ||||||||||||||||||||||||||||
Non-controlling interest buyout | 0.8 | (33.6 | ) | (32.8 | ) | ||||||||||||||||||||||||||||||
Stock-based compensation related | 67.9 | 67.9 | |||||||||||||||||||||||||||||||||
Tax benefit related to stock options exercised | 28.2 | 28.2 | |||||||||||||||||||||||||||||||||
ESOP and related tax benefit | 1.6 | 8.7 | 10.3 | ||||||||||||||||||||||||||||||||
Balance January 2, 2016 | $ | — | $ | 442.3 | $ | 4,421.7 | $ | 4,491.7 | $ | (1,694.2 | ) | $ | (34.9 | ) | $ | (1,815.0 | ) | $ | 47.6 | $ | 5,859.2 | ||||||||||||||
Net earnings | 965.3 | (0.4 | ) | 964.9 | |||||||||||||||||||||||||||||||
Other comprehensive loss | (227.0 | ) | (227.0 | ) | |||||||||||||||||||||||||||||||
Cash dividends declared — $2.26 per share | (330.9 | ) | (330.9 | ) | |||||||||||||||||||||||||||||||
Issuance of common stock | 20.9 | 386.1 | 407.0 | ||||||||||||||||||||||||||||||||
Settlement of forward share repurchase contract | 150.0 | (150.0 | ) | — | |||||||||||||||||||||||||||||||
Repurchase of common stock (4,651,463 shares) | 76.9 | (451.0 | ) | (374.1 | ) | ||||||||||||||||||||||||||||||
Non-controlling interest buyout | 12.2 | (40.6 | ) | (28.4 | ) | ||||||||||||||||||||||||||||||
Stock-based compensation related | 81.2 | 81.2 | |||||||||||||||||||||||||||||||||
Tax benefit related to stock options exercised | 11.5 | 11.5 | |||||||||||||||||||||||||||||||||
ESOP and related tax benefit | 1.2 | 9.0 | 10.2 | ||||||||||||||||||||||||||||||||
Balance December 31, 2016 | $ | — | $ | 442.3 | $ | 4,774.4 | $ | 5,127.3 | $ | (1,921.2 | ) | $ | (25.9 | ) | $ | (2,029.9 | ) | $ | 6.6 | $ | 6,373.6 |
Preferred Stock | Common Stock | Additional Paid In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | ESOP | Treasury Stock | Non- Controlling Interests | Shareowners’ Equity | |||||||||||||||||||||||||||
Balance December 31, 2016 | $ | — | $ | 442.3 | $ | 4,774.4 | $ | 5,134.3 | $ | (1,921.6 | ) | $ | (25.9 | ) | $ | (2,029.9 | ) | $ | 6.6 | $ | 6,380.2 | ||||||||||||||
Net earnings | 1,227.3 | (0.4 | ) | 1,226.9 | |||||||||||||||||||||||||||||||
Other comprehensive income | 332.5 | 332.5 | |||||||||||||||||||||||||||||||||
Cash dividends declared — $2.42 per share | (362.9 | ) | (362.9 | ) | |||||||||||||||||||||||||||||||
Issuance of common stock (1,680,339) | (43.7 | ) | 134.5 | 90.8 | |||||||||||||||||||||||||||||||
Repurchase of common stock (202,075 shares) | (28.7 | ) | (28.7 | ) | |||||||||||||||||||||||||||||||
Issuance of preferred stock (750,000 shares) | 750.0 | (24.0 | ) | 726.0 | |||||||||||||||||||||||||||||||
Equity units - stock contract fees | (117.1 | ) | (117.1 | ) | |||||||||||||||||||||||||||||||
Non-controlling interest dissolution | (3.4 | ) | (3.4 | ) | |||||||||||||||||||||||||||||||
Premium paid on equity option | (25.1 | ) | (25.1 | ) | |||||||||||||||||||||||||||||||
Stock-based compensation related | 78.7 | 78.7 | |||||||||||||||||||||||||||||||||
ESOP | 7.1 | 7.1 | |||||||||||||||||||||||||||||||||
Balance December 30, 2017 | $ | 750.0 | $ | 442.3 | $ | 4,643.2 | $ | 5,998.7 | $ | (1,589.1 | ) | $ | (18.8 | ) | $ | (1,924.1 | ) | $ | 2.8 | $ | 8,305.0 | ||||||||||||||
Net earnings | 605.2 | 0.6 | 605.8 | ||||||||||||||||||||||||||||||||
Other comprehensive loss | (225.2 | ) | (225.2 | ) | |||||||||||||||||||||||||||||||
Cash dividends declared — $2.58 per share | (384.9 | ) | (384.9 | ) | |||||||||||||||||||||||||||||||
Issuance of common stock (941,854) | (41.4 | ) | 79.9 | 38.5 | |||||||||||||||||||||||||||||||
Repurchase of common stock (3,677,435 shares) | (527.1 | ) | (527.1 | ) | |||||||||||||||||||||||||||||||
Premium paid on equity option | (57.3 | ) | (57.3 | ) | |||||||||||||||||||||||||||||||
Non-controlling interest buyout | 0.3 | 0.3 | |||||||||||||||||||||||||||||||||
Stock-based compensation related | 76.5 | 76.5 | |||||||||||||||||||||||||||||||||
ESOP | 8.3 | 8.3 | |||||||||||||||||||||||||||||||||
Balance December 29, 2018 | $ | 750.0 | $ | 442.3 | $ | 4,621.0 | $ | 6,219.0 | $ | (1,814.3 | ) | $ | (10.5 | ) | $ | (2,371.3 | ) | $ | 3.7 | $ | 7,839.9 | ||||||||||||||
Net earnings | 955.8 | 2.2 | 958.0 | ||||||||||||||||||||||||||||||||
Other comprehensive loss | (70.3 | ) | (70.3 | ) | |||||||||||||||||||||||||||||||
Cash dividends declared — $2.70 per share | (402.0 | ) | (402.0 | ) | |||||||||||||||||||||||||||||||
Issuance of common stock (2,391,336) | (68.0 | ) | 214.0 | 146.0 | |||||||||||||||||||||||||||||||
Repurchase of common stock (187,377 shares) | (27.5 | ) | (27.5 | ) | |||||||||||||||||||||||||||||||
Issuance of preferred stock (750,000 shares) | 750.0 | (15.5 | ) | 734.5 | |||||||||||||||||||||||||||||||
Equity units - stock contract fees | (114.2 | ) | (114.2 | ) | |||||||||||||||||||||||||||||||
Premium paid on equity option | (19.2 | ) | (19.2 | ) | |||||||||||||||||||||||||||||||
Stock-based compensation related | 88.8 | 88.8 | |||||||||||||||||||||||||||||||||
ESOP | 8.2 | 8.2 | |||||||||||||||||||||||||||||||||
Balance December 28, 2019 | $ | 1,500.0 | $ | 442.3 | $ | 4,492.9 | $ | 6,772.8 | $ | (1,884.6 | ) | $ | (2.3 | ) | $ | (2,184.8 | ) | $ | 5.9 | $ | 9,142.2 |
Useful Life (Years) | ||
Land improvements | 10 | |
Buildings | 40 | |
Machinery and equipment | 3 — 15 | |
Computer software | 3 — |
(Millions of Dollars) | 2019 | 2018 | |||||
Trade accounts receivable | $ | 1,284.0 | $ | 1,437.1 | |||
Trade notes receivable | 156.7 | 150.0 | |||||
Other accounts receivable | 126.3 | 122.7 | |||||
Gross accounts and notes receivable | 1,567.0 | 1,709.8 | |||||
Allowance for doubtful accounts | (112.4 | ) | (102.0 | ) | |||
Accounts and notes receivable, net | $ | 1,454.6 | $ | 1,607.8 | |||
Long-term receivable, net | $ | 146.1 | $ | 153.7 |
(Millions of Dollars) | 2016 | 2015 | |||||
Trade accounts receivable | $ | 1,137.2 | $ | 1,165.0 | |||
Trade notes receivable | 140.1 | 130.6 | |||||
Other accounts receivable | 103.0 | 109.1 | |||||
Gross accounts and notes receivable | 1,380.3 | 1,404.7 | |||||
Allowance for doubtful accounts | (77.5 | ) | (72.9 | ) | |||
Accounts and notes receivable, net | $ | 1,302.8 | $ | 1,331.8 | |||
Long-term trade notes receivable, net | $ | 180.9 | $ | 182.1 |
(Millions of Dollars) | Total | Within 1 Year | 2 Years | 3 Years | 4 Years | 5 Years | Thereafter | |||||||||||||||||||||
Finance receivables | $ | 210.5 | $ | 78.2 | $ | 59.7 | $ | 39.8 | $ | 20.6 | $ | 12.2 | $ | — | ||||||||||||||
Operating leases | $ | 47.7 | $ | 45.5 | $ | 1.3 | $ | 0.7 | $ | 0.2 | $ | — | $ | — |
(Millions of Dollars) | 2019 | |||
Sales-type lease revenue | $ | 88.9 | ||
Lease interest revenue | 12.7 | |||
Operating lease revenue | 148.9 | |||
Total lease revenue | $ | 250.5 | ||
Sales-type lease profit | $ | 35.3 |
(Millions of Dollars) | 2019 | 2018 | |||||
Finished products | $ | 1,526.0 | $ | 1,707.4 | |||
Work in process | 162.0 | 150.8 | |||||
Raw materials | 567.0 | 515.3 | |||||
Total | $ | 2,255.0 | $ | 2,373.5 |
(Millions of Dollars) | 2016 | 2015 | |||||
Finished products | $ | 1,044.2 | $ | 1,085.0 | |||
Work in process | 133.3 | 136.1 | |||||
Raw materials | 300.5 | 305.3 | |||||
Total | $ | 1,478.0 | $ | 1,526.4 |
(Millions of Dollars) | 2019 | 2018 | |||||
Land | $ | 112.2 | $ | 115.9 | |||
Land improvements | 52.6 | 52.2 | |||||
Buildings | 630.3 | 625.6 | |||||
Leasehold improvements | 172.1 | 157.8 | |||||
Machinery and equipment | 2,812.8 | 2,566.1 | |||||
Computer software | 510.8 | 452.5 | |||||
Property, plant & equipment, gross | $ | 4,290.8 | $ | 3,970.1 | |||
Less: accumulated depreciation and amortization | (2,331.3 | ) | (2,054.9 | ) | |||
Property, plant & equipment, net | $ | 1,959.5 | $ | 1,915.2 |
(Millions of Dollars) | 2016 | 2015 | |||||
Land | $ | 107.3 | $ | 129.2 | |||
Land improvements | 37.0 | 36.0 | |||||
Buildings | 519.3 | 525.3 | |||||
Leasehold improvements | 114.2 | 98.9 | |||||
Machinery and equipment | 2,008.5 | 1,979.9 | |||||
Computer software | 373.9 | 397.5 | |||||
Property, plant & equipment, gross | $ | 3,160.2 | $ | 3,166.8 | |||
Less: accumulated depreciation and amortization | (1,709.0 | ) | (1,716.6 | ) | |||
Property, plant & equipment, net | $ | 1,451.2 | $ | 1,450.2 |
(Millions of Dollars) | 2019 | 2018 | 2017 | ||||||||
Depreciation | $ | 325.2 | $ | 288.4 | $ | 253.6 | |||||
Amortization | 47.6 | 42.8 | 43.3 | ||||||||
Depreciation and amortization expense | $ | 372.8 | $ | 331.2 | $ | 296.9 |
(Millions of Dollars) | 2016 | 2015 | 2014 | ||||||||
Depreciation | $ | 221.8 | $ | 219.2 | $ | 229.5 | |||||
Amortization | 41.8 | 37.7 | 33.9 | ||||||||
Depreciation and amortization expense | $ | 263.6 | $ | 256.9 | $ | 263.4 |
(Millions of Dollars) | |||
Cash and cash equivalents | $ | 20.0 | |
Accounts and notes receivable, net | 19.7 | ||
Inventories, net | 195.5 | ||
Prepaid expenses and other current assets | 27.1 | ||
Property, plant and equipment, net | 112.4 | ||
Trade names | 283.0 | ||
Customer relationships | 548.0 | ||
Other assets | 8.8 | ||
Accounts payable | (70.3 | ) | |
Accrued expenses | (40.7 | ) | |
Deferred taxes | (269.4 | ) | |
Other liabilities | (7.9 | ) | |
Total identifiable net assets | $ | 826.2 | |
Goodwill | 1,031.8 | ||
Total consideration paid | $ | 1,858.0 |
(Millions of Dollars) | 2019 | ||
Net sales | $ | 291.1 | |
Net loss attributable to common shareowners | $ | (1.7 | ) |
(Millions of Dollars, except per share amounts) | 2019 | 2018 | |||||
Net sales | $ | 14,524.6 | $ | 14,448.6 | |||
Net earnings attributable to common shareowners | 977.8 | 620.3 | |||||
Diluted earnings per share | $ | 6.49 | $ | 4.09 |
(Millions of Dollars) | Tools & Storage | Industrial | Security | Total | |||||||||||
Balance December 30, 2017 | $ | 5,189.7 | $ | 1,454.4 | $ | 2,132.0 | $ | 8,776.1 | |||||||
Acquisitions | 59.8 | 225.5 | 55.0 | 340.3 | |||||||||||
Foreign currency translation and other | (95.2 | ) | (0.2 | ) | (64.3 | ) | (159.7 | ) | |||||||
Balance December 29, 2018 | $ | 5,154.3 | $ | 1,679.7 | $ | 2,122.7 | $ | 8,956.7 | |||||||
Acquisitions | (1.3 | ) | 320.5 | 8.2 | 327.4 | ||||||||||
Foreign currency translation and other | 8.8 | (4.7 | ) | (50.7 | ) | (46.6 | ) | ||||||||
Balance December 28, 2019 | $ | 5,161.8 | $ | 1,995.5 | $ | 2,080.2 | $ | 9,237.5 |
(Millions of Dollars) | Tools & Storage | Security | Industrial | Total | |||||||||||
Balance January 2, 2016 | $ | 3,343.4 | $ | 2,317.2 | $ | 1,423.7 | $ | 7,084.3 | |||||||
Reclassification to Assets held for sale | (5.7 | ) | (297.1 | ) | — | (302.8 | ) | ||||||||
Acquisitions | 3.0 | 21.6 | — | 24.6 | |||||||||||
Foreign currency translation and other | (92.9 | ) | (34.7 | ) | 15.5 | (112.1 | ) | ||||||||
Balance December 31, 2016 | $ | 3,247.8 | $ | 2,007.0 | $ | 1,439.2 | $ | 6,694.0 |
2019 | 2018 | ||||||||||||||
(Millions of Dollars) | Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | |||||||||||
Amortized Intangible Assets — Definite lives | |||||||||||||||
Patents and copyrights | $ | 42.4 | $ | (41.5 | ) | $ | 42.5 | $ | (40.6 | ) | |||||
Trade names | 194.5 | (127.2 | ) | 170.8 | (114.9 | ) | |||||||||
Customer relationships | 2,739.0 | (1,421.7 | ) | 2,435.0 | (1,269.8 | ) | |||||||||
Other intangible assets | 233.1 | (182.9 | ) | 236.1 | (173.6 | ) | |||||||||
Total | $ | 3,209.0 | $ | (1,773.3 | ) | $ | 2,884.4 | $ | (1,598.9 | ) |
2016 | 2015 | ||||||||||||||
(Millions of Dollars) | Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | |||||||||||
Amortized Intangible Assets — Definite lives | |||||||||||||||
Patents and copyrights | $ | 40.7 | $ | (36.5 | ) | $ | 50.6 | $ | (44.2 | ) | |||||
Trade names | 152.0 | (100.4 | ) | 164.8 | (100.8 | ) | |||||||||
Customer relationships | 1,614.6 | (978.9 | ) | 1,774.2 | (995.5 | ) | |||||||||
Other intangible assets | 258.2 | (158.7 | ) | 263.3 | (148.7 | ) | |||||||||
Total | $ | 2,065.5 | $ | (1,274.5 | ) | $ | 2,252.9 | $ | (1,289.2 | ) |
(Millions of Dollars) | 2019 | 2018 | 2017 | ||||||||
Tools & Storage | $ | 73.1 | $ | 75.5 | $ | 68.0 | |||||
Industrial | 69.6 | 50.7 | 45.4 | ||||||||
Security | 44.7 | 49.1 | 50.4 | ||||||||
Consolidated | $ | 187.4 | $ | 175.3 | $ | 163.8 |
(Millions of Dollars) | 2016 | 2015 | 2014 | ||||||||
Tools & Storage | $ | 36.8 | $ | 39.0 | $ | 40.7 | |||||
Security | 57.8 | 61.3 | 78.8 | ||||||||
Industrial | 49.8 | 56.8 | 66.9 | ||||||||
Consolidated | $ | 144.4 | $ | 157.1 | $ | 186.4 |
(Millions of Dollars) | 2019 | 2018 | |||||
Payroll and related taxes | $ | 262.4 | $ | 297.0 | |||
Income and other taxes | 243.9 | 67.5 | |||||
Customer rebates and sales returns | 112.0 | 116.6 | |||||
Insurance and benefits | 69.8 | 69.4 | |||||
Restructuring costs | 147.8 | 108.8 | |||||
Derivative financial instruments | 22.4 | 7.5 | |||||
Warranty costs | 69.6 | 65.5 | |||||
Deferred revenue | 108.9 | 98.6 | |||||
Freight costs | 72.9 | 87.3 | |||||
Environmental costs | 57.8 | 58.1 | |||||
Deferred purchase price | 249.2 | — | |||||
Current lease liability | 141.3 | — | |||||
Other | 419.5 | 413.5 | |||||
Total | $ | 1,977.5 | $ | 1,389.8 |
(Millions of Dollars) | 2016 | 2015 | |||||
Payroll and related taxes | $ | 268.0 | $ | 271.8 | |||
Income and other taxes | 117.6 | 157.6 | |||||
Customer rebates and sales returns | 68.2 | 66.5 | |||||
Insurance and benefits | 87.4 | 71.8 | |||||
Accrued restructuring costs | 35.6 | 58.7 | |||||
Derivative financial instruments | 49.8 | 49.8 | |||||
Warranty costs | 68.8 | 67.8 | |||||
Deferred revenue | 81.9 | 89.2 | |||||
Forward share purchase contract | — | 150.0 | |||||
Other | 324.2 | 278.7 | |||||
Total | $ | 1,101.5 | $ | 1,261.9 |
December 31, 2016 | January 2, 2016 | December 28, 2019 | December 29, 2018 | |||||||||||||||||||||||||||||||||||||||||||
(Millions of Dollars) | Interest Rate | Original Notional | Unamortized Discount | Unamortized Gain/(Loss) Terminated Swaps (1) | Purchase Accounting FV Adjustment | Deferred Financing Fees | Carrying Value | Carrying Value | Interest Rate | Original Notional | Unamortized Discount | Unamortized Gain (Loss) Terminated Swaps1 | Purchase Accounting FV Adjustment | Deferred Financing Fees | Carrying Value | Carrying Value | ||||||||||||||||||||||||||||||
Notes payable due 2018(2) | 2.45% | $ | 632.5 | $ | — | $ | — | $ | — | $ | (3.3 | ) | $ | 629.2 | $ | 627.5 | ||||||||||||||||||||||||||||||
Notes payable due 2018 | (2) | 345.0 | — | — | — | (1.9 | ) | 343.1 | 343.8 | |||||||||||||||||||||||||||||||||||||
Notes payable 2021 | 3.40% | 400.0 | (0.2 | ) | 17.1 | — | (1.7 | ) | 415.2 | 405.9 | ||||||||||||||||||||||||||||||||||||
Notes payable due 2021 | 3.40% | $ | 400.0 | $ | (0.1 | ) | $ | 6.7 | $ | — | $ | (0.6 | ) | $ | 406.0 | $ | 409.1 | |||||||||||||||||||||||||||||
Notes payable due 2022 | 2.90% | 754.3 | (0.3 | ) | — | — | (3.7 | ) | 750.3 | 749.6 | 2.90% | 754.3 | (0.2 | ) | — | — | (1.8 | ) | 752.3 | 751.6 | ||||||||||||||||||||||||||
Notes payable due 2026 | 3.40% | 500.0 | (0.6 | ) | — | — | (2.9 | ) | 496.5 | — | ||||||||||||||||||||||||||||||||||||
Notes payable due 2028 | 7.05% | 150.0 | — | 9.3 | 9.0 | — | 168.3 | 170.4 | ||||||||||||||||||||||||||||||||||||||
Notes payable due 2028 | 7.05% | 150.0 | — | 12.5 | 12.2 | — | 174.7 | 167.0 | 4.25% | 500.0 | (0.3 | ) | — | — | (3.9 | ) | 495.8 | 495.7 | ||||||||||||||||||||||||||||
Notes payable due 2040 | 5.20% | 400.0 | (0.2 | ) | (34.9 | ) | — | (3.2 | ) | 361.7 | 360.1 | 5.20% | 400.0 | (0.2 | ) | (30.5 | ) | — | (2.8 | ) | 366.5 | 364.9 | ||||||||||||||||||||||||
Notes payable due 2048 | 4.85% | 500.0 | (0.5 | ) | — | — | (5.4 | ) | 494.1 | 494.4 | ||||||||||||||||||||||||||||||||||||
Notes payable due 2052 (junior subordinated) | 5.75% | 750.0 | — | — | — | (19.6 | ) | 730.4 | 729.9 | 5.75% | — | — | — | — | — | — | 731.6 | |||||||||||||||||||||||||||||
Notes payable due 2053 (junior subordinated) | 5.75% | 400.0 | — | 4.8 | — | (8.3 | ) | 396.5 | 394.2 | 7.08% | — | — | — | — | — | — | 396.7 | |||||||||||||||||||||||||||||
Other, payable in varying amounts through 2022 | 0.00% - 2.27% | 22.0 | — | — | — | — | 22.0 | 19.2 | ||||||||||||||||||||||||||||||||||||||
Other, payable in varying amounts through 20222 | 0.00% - 4.50% | — | — | — | — | — | — | 7.9 | ||||||||||||||||||||||||||||||||||||||
Total long-term debt, including current maturities | $ | 3,853.8 | $ | (0.7 | ) | $ | (0.5 | ) | $ | 12.2 | $ | (41.7 | ) | $ | 3,823.1 | $ | 3,797.2 | $ | 3,204.3 | $ | (1.9 | ) | $ | (14.5 | ) | $ | 9.0 | $ | (17.4 | ) | $ | 3,179.5 | $ | 3,822.3 | ||||||||||||
Less: Current maturities of long-term debt | (7.8 | ) | (5.1 | ) | (3.1 | ) | (2.5 | ) | ||||||||||||||||||||||||||||||||||||||
Long-term debt | $ | 3,815.3 | $ | 3,792.1 | $ | 3,176.4 | $ | 3,819.8 |
(Millions of Dollars) | Balance Sheet Classification | 2016 | 2015 | Balance Sheet Classification | 2016 | 2015 | Balance Sheet Classification | 2019 | 2018 | Balance Sheet Classification | 2019 | 2018 | ||||||||||||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||||||||||||||||||||||
Interest Rate Contracts Cash Flow | LT other assets | $ | — | $ | — | LT other liabilities | $ | 47.3 | $ | 41.1 | LT other assets | $ | — | $ | — | LT other liabilities | $ | 40.5 | $ | — | ||||||||||||||||||||
Interest Rate Contracts Fair Value | Other current assets | — | 14.9 | Accrued expenses | — | 2.5 | ||||||||||||||||||||||||||||||||||
LT other assets | — | 1.4 | LT other liabilities | — | 5.2 | |||||||||||||||||||||||||||||||||||
Foreign Exchange Contracts Cash Flow | Other current assets | 37.6 | 21.9 | Accrued expenses | 1.6 | 1.8 | Other current assets | 7.0 | 18.1 | Accrued expenses | 7.8 | 0.6 | ||||||||||||||||||||||||||||
LT other assets | — | 3.7 | LT other liabilities | — | — | |||||||||||||||||||||||||||||||||||
Net Investment Hedge | Other current assets | 44.1 | 30.3 | Accrued expenses | 1.8 | 4.8 | Other current assets | 18.6 | 5.7 | Accrued expenses | 8.5 | 1.5 | ||||||||||||||||||||||||||||
LT other assets | — | — | LT other liabilities | 0.5 | — | LT other assets | — | — | LT other liabilities | 2.6 | 13.8 | |||||||||||||||||||||||||||||
$ | 81.7 | $ | 72.2 | $ | 51.2 | $ | 55.4 | |||||||||||||||||||||||||||||||||
Non-derivative designated as hedging instrument: | ||||||||||||||||||||||||||||||||||||||||
Net Investment Hedge | — | — | Short-term borrowings | 335.5 | 228.9 | |||||||||||||||||||||||||||||||||||
Total Designated as hedging instruments | $ | 25.6 | $ | 23.8 | $ | 394.9 | $ | 244.8 | ||||||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||||||||||||||||||||||
Foreign Exchange Contracts | Other current assets | $ | 28.5 | $ | 7.1 | Accrued expenses | $ | 46.4 | $ | 40.7 | Other current assets | $ | 3.7 | $ | 9.1 | Accrued expenses | $ | 6.1 | $ | 5.4 | ||||||||||||||||||||
$ | 28.5 | $ | 7.1 | $ | 46.4 | $ | 40.7 | |||||||||||||||||||||||||||||||||
Total | $ | 29.3 | $ | 32.9 | $ | 401.0 | $ | 250.2 |
Year-to-date 2016 | (Loss) Gain Recorded in OCI | Classification of Gain (Loss) Reclassified from OCI to Income | Gain (Loss) Reclassified from OCI to Income (Effective Portion) | Gain (Loss) Recognized in Income (Ineffective Portion*) | ||||||||||||||||||||||||
2019 (Millions of Dollars) | Gain (Loss) Recorded in OCI | Classification of Gain (Loss) Reclassified from OCI to Income | Gain (Loss) Reclassified from OCI to Income | Gain (Loss) Recognized in Income on Amounts Excluded from Effectiveness Testing | ||||||||||||||||||||||||
Interest Rate Contracts | $ | (6.2 | ) | Interest Expense | $ | — | $ | — | $ | (40.5 | ) | Interest expense | $ | (16.2 | ) | $ | — | |||||||||||
Foreign Exchange Contracts | $ | 19.3 | Cost of sales | $ | 21.7 | $ | — | $ | (16.7 | ) | Cost of sales | $ | (6.5 | ) | $ | — |
2018 (Millions of Dollars) | Gain (Loss) Recorded in OCI | Classification of Gain (Loss) Reclassified from OCI to Income | Gain (Loss) Reclassified from OCI to Income | Gain (Loss) Recognized in Income on Amounts Excluded from Effectiveness Testing | ||||||||||
Interest Rate Contracts | $ | 33.1 | Interest expense | $ | (15.3 | ) | $ | — | ||||||
Foreign Exchange Contracts | $ | 35.9 | Cost of sales | $ | (17.9 | ) | $ | — |
Year-to-date 2015 | (Loss) Gain Recorded in OCI | Classification of Gain (Loss) Reclassified from OCI to Income | Gain (Loss) Reclassified from OCI to Income (Effective Portion) | Gain (Loss) Recognized in Income (Ineffective Portion*) | ||||||||||||||||||||||||
2017 (Millions of Dollars) | Gain (Loss) Recorded in OCI | Classification of Gain (Loss) Reclassified from OCI to Income | Gain (Loss) Reclassified from OCI to Income (Effective Portion) | Gain (Loss) Recognized in Income (Ineffective Portion*) | ||||||||||||||||||||||||
Interest Rate Contracts | $ | (6.8 | ) | Interest Expense | $ | — | $ | — | $ | (8.4 | ) | Interest expense | $ | — | $ | — | ||||||||||||
Foreign Exchange Contracts | $ | 52.5 | Cost of sales | $ | 57.4 | $ | — | $ | (66.6 | ) | Cost of sales | $ | 8.4 | $ | — |
2019 | 2018 | ||||||||||||||
(Millions of dollars) | Cost of Sales | Interest Expense | Cost of Sales | Interest Expense | |||||||||||
Total amount in the Consolidated Statements of Operations in which the effects of the cash flow hedges are recorded | $ | 9,636.7 | $ | 284.3 | $ | 9,131.3 | $ | 277.9 | |||||||
Gain (loss) on cash flow hedging relationships: | |||||||||||||||
Foreign Exchange Contracts: | |||||||||||||||
Hedged Items | $ | 6.5 | $ | — | $ | 17.9 | $ | — | |||||||
Gain (loss) reclassified from OCI into Income | $ | (6.5 | ) | $ | — | $ | (17.9 | ) | $ | — | |||||
Interest Rate Swap Agreements: | |||||||||||||||
Gain (loss) reclassified from OCI into Income 1 | $ | — | $ | (16.2 | ) | $ | — | $ | (15.3 | ) |
(Millions of dollars) | 2019 Interest Expense | 2018 Interest Expense | |||||
Total amount in the Consolidated Statements of Operations in which the effects of the fair value hedges are recorded | $ | 284.3 | $ | 277.9 | |||
Amortization of gain on terminated swaps | $ | (7.7 | ) | $ | (3.2 | ) |
Year-to-Date 2016 | Year-to-Date 2015 | ||||||||||||||
Income Statement Classification | Gain/(Loss) on Swaps* | Gain /(Loss) on Borrowings | Gain/(Loss) on Swaps* | Gain /(Loss) on Borrowings | |||||||||||
Interest Expense | $ | (3.3 | ) | $ | 3.8 | $ | 11.8 | $ | (11.8 | ) |
(Millions of dollars) | 2019 Carrying Amount of Hedged Liability1 | 2019 Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Liability | ||||||||
Current maturities of long-term debt | $ | 3.1 | Terminated Swaps | $ | 3.1 | |||||
Long-Term Debt | $ | 3,176.4 | Terminated Swaps | $ | (17.5 | ) |
(Millions of dollars) | 2018 Carrying Amount of Hedged Liability1 | 2018 Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Liability | ||||||||
Current maturities of long-term debt | $ | 2.5 | Terminated Swaps | $ | 2.1 | |||||
Long-Term Debt | $ | 3,819.8 | Terminated Swaps | $ | (10.0 | ) |
2019 | ||||||||||||||||||
(Millions of Dollars) | Total Gain (Loss) Recorded in OCI | Excluded Component Recorded in OCI | Income Statement Classification | Total Gain (Loss) Reclassified from OCI to Income | Excluded Component Amortized from OCI to Income | |||||||||||||
Forward Contracts | $ | 6.4 | $ | 4.6 | Other, net | $ | 4.3 | $ | 4.3 | |||||||||
Cross Currency Swap | $ | 54.8 | $ | 48.8 | Other, net | $ | 29.9 | $ | 29.9 | |||||||||
Option Contracts | $ | (3.7 | ) | $ | — | Other, net | $ | — | $ | — | ||||||||
Non-derivative designated as Net Investment Hedge | $ | 21.7 | $ | — | Other, net | $ | — | $ | — |
2018 | ||||||||||||||||||
(Millions of Dollars) | Total Gain (Loss) Recorded in OCI | Excluded Component Recorded in OCI | Income Statement Classification | Total Gain (Loss) Reclassified from OCI to Income | Excluded Component Amortized from OCI to Income | |||||||||||||
Forward Contracts | $ | 37.1 | $ | 8.6 | Other, net | $ | 8.2 | $ | 8.2 | |||||||||
Cross Currency Swap | $ | (2.3 | ) | $ | 5.8 | Other, net | $ | 6.8 | $ | 6.8 | ||||||||
Option Contracts | $ | (2.0 | ) | $ | — | Other, net | $ | — | $ | — | ||||||||
Non-derivative designated as Net Investment Hedge | $ | 61.8 | $ | — | Other, net | $ | — | $ | — |
Year-to-Date 2016 | Year-to-Date 2015 | 2017 | |||||||||||||||||||||||||||||||||
Income Statement Classification | Amount Recorded in OCI Gain (Loss) | Effective Portion Recorded in Income Statement | Ineffective Portion* Recorded in Income Statement | Amount Recorded in OCI Gain (Loss) | Effective Portion Recorded in Income Statement | Ineffective Portion* Recorded in Income Statement | |||||||||||||||||||||||||||||
Income Statement Classification (Millions of Dollars) | Amount Recorded in OCI Gain (Loss) | Effective Portion Recorded in Income Statement | Ineffective Portion* Recorded in Income Statement | ||||||||||||||||||||||||||||||||
Other-net | $ | 117.8 | $ | — | $ | — | $ | 75.5 | $ | — | $ | — | $ | (131.3 | ) | $ | — | $ | — |
(Millions of Dollars) | Income Statement Classification | 2019 | 2018 | 2017 | |||||||||
Foreign Exchange Contracts | Other-net | $ | (4.1 | ) | $ | 17.0 | $ | 51.5 |
Derivatives Not Designated as Hedging Instruments under ASC 815 | Income Statement Classification | Year-to-Date 2016 Amount of Gain (Loss) Recorded in Income on Derivative | Year-to-Date 2015 Amount of Gain (Loss) Recorded in Income on Derivative | ||||||
Foreign Exchange Contracts | Other-net | $ | (21.1 | ) | $ | (8.9 | ) |
2016 | 2015 | 2014 | |||||||||
Numerator (in millions): | |||||||||||
Net earnings from continuing operations attributable to common shareowners | $ | 965.3 | $ | 903.8 | $ | 857.2 | |||||
Net loss from discontinued operations | — | (20.1 | ) | (96.3 | ) | ||||||
Net earnings attributable to common shareowners | $ | 965.3 | $ | 883.7 | $ | 760.9 |
2016 | 2015 | 2014 | ||||||
Denominator (in thousands): | ||||||||
Basic earnings per share –– weighted-average shares | 146,041 | 148,234 | 156,090 | |||||
Dilutive effect of stock options and awards | 2,166 | 4,472 | 3,647 | |||||
Diluted earnings per share –– weighted-average shares | 148,207 | 152,706 | 159,737 |
2016 | 2015 | 2014 | |||||||||
Earnings (loss) per share of common stock: | |||||||||||
Basic earnings (loss) per share of common stock: | |||||||||||
Continuing operations | $ | 6.61 | $ | 6.10 | $ | 5.49 | |||||
Discontinued operations | — | (0.14 | ) | (0.62 | ) | ||||||
Total basic earnings per share of common stock | $ | 6.61 | $ | 5.96 | $ | 4.87 | |||||
Diluted earnings (loss) per share of common stock: | |||||||||||
Continuing operations | $ | 6.51 | $ | 5.92 | $ | 5.37 | |||||
Discontinued operations | — | (0.13 | ) | (0.60 | ) | ||||||
Total dilutive earnings per share of common stock | $ | 6.51 | $ | 5.79 | $ | 4.76 |
2019 | 2018 | 2017 | |||||||||
Numerator (in millions): | |||||||||||
Net Earnings Attributable to Common Shareowners | $ | 955.8 | $ | 605.2 | $ | 1,227.3 |
Denominator (in thousands): | ||||||||
Basic weighted-average shares outstanding | 148,365 | 148,919 | 149,629 | |||||
Dilutive effect of stock contracts and awards | 2,193 | 2,724 | 2,820 | |||||
Diluted weighted-average shares outstanding | 150,558 | 151,643 | 152,449 |
Earnings per share of common stock: | |||||||||||
Basic | $ | 6.44 | $ | 4.06 | $ | 8.20 | |||||
Diluted | $ | 6.35 | $ | 3.99 | $ | 8.05 |
2019 | 2018 | 2017 | ||||||
Number of stock options | 2,151 | 1,339 | 389 |
2016 | 2015 | 2014 | ||||||
Number of stock options | 734 | 646 | 634 |
2016 | 2015 | 2014 | ||||||
Outstanding, beginning of year | 153,944,291 | 157,125,450 | 155,479,230 | |||||
Issued from treasury | 4,870,761 | 6,046,405 | 1,986,796 | |||||
Returned to treasury | (6,255,285 | ) | (9,227,564 | ) | (340,576 | ) | ||
Outstanding, end of year | 152,559,767 | 153,944,291 | 157,125,450 | |||||
Shares subject to the forward share purchase contract | (3,645,510 | ) | (5,249,332 | ) | (1,603,822 | ) | ||
Outstanding, less shares subject to the forward share purchase contract | 148,914,257 | 148,694,959 | 155,521,628 |
2019 | 2018 | 2017 | ||||||
Outstanding, beginning of year | 151,302,450 | 154,038,031 | 152,559,767 | |||||
Issued from treasury | 2,391,336 | 941,854 | 1,680,339 | |||||
Returned to treasury | (187,377 | ) | (3,677,435 | ) | (202,075 | ) | ||
Outstanding, end of year | 153,506,409 | 151,302,450 | 154,038,031 | |||||
Shares subject to the forward share purchase contract | (3,645,510 | ) | (3,645,510 | ) | (3,645,510 | ) | ||
Outstanding, less shares subject to the forward share purchase contract | 149,860,899 | 147,656,940 | 150,392,521 |
2019 | 2018 | ||||
Employee stock purchase plan | 1,593,759 | 1,606,224 | |||
Other stock-based compensation plans | 11,330,531 | 14,277,893 | |||
Total shares reserved | 12,924,290 | 15,884,117 |
2016 | 2015 | ||||
Employee stock purchase plan | 1,936,093 | 2,104,326 | |||
Other stock-based compensation plans | 4,998,983 | 7,994,342 | |||
Total shares reserved | 6,935,076 | 10,098,668 |
2019 | 2018 | 2017 | |||||||||
Average expected volatility | 25.0 | % | 23.0 | % | 20.0 | % | |||||
Dividend yield | 1.8 | % | 2.0 | % | 1.5 | % | |||||
Risk-free interest rate | 1.5 | % | 2.9 | % | 2.2 | % | |||||
Expected term | 5.3 years | 5.3 years | 5.2 years | ||||||||
Fair value per option | $ | 30.09 | $ | 26.54 | $ | 30.71 | |||||
Weighted-average vesting period | 2.8 years | 2.9 years | 2.9 years |
2016 | 2015 | 2014 | |||||||||
Average expected volatility | 24.1 | % | 25.0 | % | 27.0 | % | |||||
Dividend yield | 2.0 | % | 2.0 | % | 2.2 | % | |||||
Risk-free interest rate | 2.0 | % | 1.9 | % | 1.8 | % | |||||
Expected term | 5.3 years | 5.3 years | 5.3 years | ||||||||
Fair value per option | $ | 23.41 | $ | 21.94 | $ | 19.98 | |||||
Weighted average vesting period | 2.4 years | 2.8 years | 2.8 years |
Options | Price | |||||
Outstanding, beginning of year | 7,352,263 | $ | 107.36 | |||
Granted | 1,225,750 | 150.69 | ||||
Exercised | (1,851,761 | ) | 78.17 | |||
Forfeited | (271,581 | ) | 144.05 | |||
Outstanding, end of year | 6,454,671 | $ | 122.42 | |||
Exercisable, end of year | 3,720,639 | $ | 105.71 |
Options | Price | |||||
Outstanding, beginning of year | 6,042,839 | $ | 77.36 | |||
Granted | 1,250,198 | 118.97 | ||||
Exercised | (718,275 | ) | 65.98 | |||
Forfeited | (141,176 | ) | 95.15 | |||
Outstanding, end of year | 6,433,586 | $ | 86.33 | |||
Exercisable, end of year | 3,897,279 | $ | 71.21 |
Outstanding Stock Options | Exercisable Stock Options | ||||||||||||||||
Exercise Price Ranges | Options | Weighted- Average Remaining Contractual Life | Weighted- Average Exercise Price | Options | Weighted- Average Remaining Contractual Life | Weighted- Average Exercise Price | |||||||||||
$75.00 and below | 991,566 | 1.64 | $ | 64.69 | 991,566 | 1.64 | $ | 64.69 | |||||||||
$75.01 — $125.00 | 2,154,836 | 5.91 | 107.44 | 1,932,443 | 5.80 | 106.10 | |||||||||||
$125.01 and higher | 3,308,269 | 8.97 | 149.48 | 796,630 | 8.13 | 155.84 | |||||||||||
6,454,671 | 6.83 | $ | 122.42 | 3,720,639 | 5.19 | $ | 105.71 |
Outstanding Stock Options | Exercisable Stock Options | ||||||||||||||||
Exercise Price Ranges | Options | Weighted- average Remaining Contractual Life | Weighted- average Exercise Price | Options | Weighted- average Remaining Contractual Life | Weighted- average Exercise Price | |||||||||||
$35.00 and below | 56,460 | 1.96 | $ | 33.00 | 56,460 | 1.96 | $ | 33.00 | |||||||||
$35.01 — 50.00 | 93,799 | 2.75 | 48.65 | 93,799 | 2.75 | 48.65 | |||||||||||
$50.01 — higher | 6,283,327 | 6.90 | 87.37 | 3,747,020 | 5.41 | 72.35 | |||||||||||
6,433,586 | 6.79 | $ | 86.33 | 3,897,279 | 5.30 | $ | 71.21 |
Restricted Share Units & Awards | Weighted-Average Grant Date Fair Value | |||||
Non-vested at December 29, 2018 | 1,074,735 | $ | 129.65 | |||
Granted | 282,598 | 149.14 | ||||
Vested | (372,571 | ) | 119.92 | |||
Forfeited | (118,242 | ) | 136.62 | |||
Non-vested at December 28, 2019 | 866,520 | $ | 139.23 |
Restricted Share Units & Awards | Weighted Average Grant Date Fair Value | |||||
Non-vested at January 2, 2016 | 1,086,669 | $ | 88.19 | |||
Granted | 445,155 | 118.20 | ||||
Vested | (315,766 | ) | 117.19 | |||
Forfeited | (84,034 | ) | 103.95 | |||
Non-vested at December 31, 2016 | 1,132,024 | $ | 100.53 |
Share Units | Weighted-Average Grant Date Fair Value | |||||
Non-vested at December 29, 2018 | 627,407 | $ | 116.85 | |||
Granted | 639,957 | 123.01 | ||||
Vested | (154,217 | ) | 86.56 | |||
Forfeited | (105,910 | ) | 91.12 | |||
Non-vested at December 28, 2019 | 1,007,237 | $ | 128.10 |
Share Units | Weighted Average Grant Date Fair Value | |||||
Non-vested at January 2, 2016 | 842,541 | $ | 78.83 | |||
Granted | 261,081 | 86.56 | ||||
Vested | (162,136 | ) | 71.42 | |||
Forfeited | (140,412 | ) | 72.11 | |||
Non-vested at December 31, 2016 | 801,074 | $ | 84.03 |
(Millions of Dollars) | Currency translation adjustment and other | Unrealized (losses) gains on cash flow hedges, net of tax | Unrealized (losses) gains on net investment hedges, net of tax | Pension (losses) gains, net of tax | Total | Currency translation adjustment and other | Unrealized (losses) gains on cash flow hedges, net of tax | Unrealized gains (losses) on net investment hedges, net of tax | Pension (losses) gains, net of tax | Total | ||||||||||||||||||||||||||||
Balance - January 3, 2015 | $ | (796.8 | ) | $ | (50.9 | ) | $ | (37.2 | ) | $ | (385.3 | ) | $ | (1,270.2 | ) | |||||||||||||||||||||||
Balance - December 30, 2017 | $ | (1,108.2 | ) | $ | (112.6 | ) | $ | 3.4 | $ | (371.7 | ) | $ | (1,589.1 | ) | ||||||||||||||||||||||||
Other comprehensive (loss) income before reclassifications | (504.1 | ) | 21.2 | 49.0 | 21.3 | (412.6 | ) | (373.0 | ) | 70.4 | 71.2 | (9.7 | ) | (241.1 | ) | |||||||||||||||||||||||
Reclassification adjustments to earnings | — | (22.4 | ) | — | 11.0 | (11.4 | ) | — | 15.4 | (11.3 | ) | 11.8 | 15.9 | |||||||||||||||||||||||||
Net other comprehensive (loss) income | (504.1 | ) | (1.2 | ) | 49.0 | 32.3 | (424.0 | ) | (373.0 | ) | 85.8 | 59.9 | 2.1 | (225.2 | ) | |||||||||||||||||||||||
Balance - January 2, 2016 | (1,300.9 | ) | (52.1 | ) | 11.8 | (353.0 | ) | (1,694.2 | ) | |||||||||||||||||||||||||||||
Balance - December 29, 2018 | $ | (1,481.2 | ) | $ | (26.8 | ) | $ | 63.3 | $ | (369.6 | ) | $ | (1,814.3 | ) | ||||||||||||||||||||||||
Other comprehensive (loss) income before reclassifications | (285.4 | ) | 9.1 | 76.8 | (36.3 | ) | (235.8 | ) | (36.0 | ) | (40.5 | ) | 60.0 | (53.3 | ) | (69.8 | ) | |||||||||||||||||||||
Reclassification adjustments to earnings | — | (3.3 | ) | — | 12.1 | 8.8 | — | 13.1 | (26.0 | ) | 12.4 | (0.5 | ) | |||||||||||||||||||||||||
Net other comprehensive (loss) income | (285.4 | ) | 5.8 | 76.8 | (24.2 | ) | (227.0 | ) | (36.0 | ) | (27.4 | ) | 34.0 | (40.9 | ) | (70.3 | ) | |||||||||||||||||||||
Balance - December 31, 2016 | $ | (1,586.3 | ) | $ | (46.3 | ) | $ | 88.6 | $ | (377.2 | ) | $ | (1,921.2 | ) | ||||||||||||||||||||||||
Balance - December 28, 2019 | $ | (1,517.2 | ) | $ | (54.2 | ) | $ | 97.3 | $ | (410.5 | ) | $ | (1,884.6 | ) |
(Millions of Dollars) | 2019 | 2018 | ||||||||
Components of accumulated other comprehensive loss | Reclassification adjustments | Reclassification adjustments | Affected line item in Consolidated Statements of Operations | |||||||
Realized losses on cash flow hedges | $ | (6.5 | ) | $ | (17.9 | ) | Cost of sales | |||
Realized losses on cash flow hedges | (16.2 | ) | (15.3 | ) | Interest expense | |||||
Total before taxes | $ | (22.7 | ) | $ | (33.2 | ) | ||||
Tax effect | 9.6 | 17.8 | Income taxes | |||||||
Realized losses on cash flow hedges, net of tax | $ | (13.1 | ) | $ | (15.4 | ) | ||||
Realized gains on net investment hedges | $ | 34.2 | $ | 15.0 | Other, net | |||||
Tax effect | (8.2 | ) | (3.7 | ) | Income taxes | |||||
Realized gains on net investment hedges, net of tax | $ | 26.0 | $ | 11.3 | ||||||
Actuarial losses and prior service costs / credits | (15.3 | ) | (14.8 | ) | Other, net | |||||
Settlement losses | (1.0 | ) | (0.7 | ) | Other, net | |||||
Total before taxes | (16.3 | ) | (15.5 | ) | ||||||
Tax effect | 3.9 | 3.7 | Income taxes | |||||||
Amortization of defined benefit pension items, net of tax | $ | (12.4 | ) | $ | (11.8 | ) |
(Millions of Dollars) | 2016 | 2015 | ||||||||
Components of accumulated other comprehensive loss | Reclassification adjustments | Reclassification adjustments | Affected line item in Consolidated Statements of Operations | |||||||
Realized gains on cash flow hedges | $ | 21.7 | $ | 57.4 | Cost of sales | |||||
Realized losses on cash flow hedges | (15.1 | ) | (15.1 | ) | Interest Expense | |||||
Total before taxes | $ | 6.6 | $ | 42.3 | ||||||
Tax effect | (3.3 | ) | (19.9 | ) | Income taxes on continuing operations | |||||
Realized gains on cash flow hedges, net of tax | $ | 3.3 | $ | 22.4 | ||||||
Amortization of defined benefit pension items: | ||||||||||
Actuarial losses and prior service costs / credits | $ | (10.4 | ) | $ | (9.7 | ) | Cost of sales | |||
Actuarial losses and prior service costs / credits | (6.9 | ) | (6.4 | ) | Selling, general and administrative | |||||
Total before taxes | (17.3 | ) | (16.1 | ) | ||||||
Tax effect | 5.2 | 5.1 | Income taxes on continuing operations | |||||||
Amortization of defined benefit pension items, net of tax | $ | (12.1 | ) | $ | (11.0 | ) |
a. | Assets contributed to the multi-employer plan by one employer may be used to provide benefit to employees of other participating employers. |
b. | If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be inherited by the remaining participating employers. |
c. | If the Company chooses to stop participating in some of its multi-employer plans, the Company may be required to pay those plans an amount based on the underfunded status of the plan, referred to as a withdrawal liability. |
(Millions of Dollars) | 2019 | 2018 | 2017 | ||||||||
Multi-employer plan expense | $ | 7.2 | $ | 7.3 | $ | 7.2 | |||||
Other defined contribution plan expense | $ | 36.2 | $ | 12.9 | $ | 27.5 |
(Millions of Dollars) | 2016 | 2015 | 2014 | ||||||||
Multi-employer plan expense | $ | 5.1 | $ | 4.0 | $ | 4.0 | |||||
Other defined contribution plan expense | $ | 15.4 | $ | 11.7 | $ | 14.0 |
U.S. Plans | Non-U.S. Plans | ||||||||||||||||||||||
(Millions of Dollars) | 2019 | 2018 | 2017 | 2019 | 2018 | 2017 | |||||||||||||||||
Service cost | $ | 12.3 | $ | 7.5 | $ | 8.7 | $ | 14.6 | $ | 15.2 | $ | 13.7 | |||||||||||
Interest cost | 47.1 | 42.8 | 43.2 | 30.3 | 28.6 | 29.1 | |||||||||||||||||
Expected return on plan assets | (61.7 | ) | (68.7 | ) | (64.4 | ) | (45.6 | ) | (46.5 | ) | (45.5 | ) | |||||||||||
Amortization of prior service cost (credit) | 1.0 | 1.1 | 1.1 | (0.6 | ) | (1.3 | ) | (1.2 | ) | ||||||||||||||
Actuarial loss amortization | 8.0 | 7.8 | 8.3 | 8.6 | 8.5 | 9.4 | |||||||||||||||||
Settlement / curtailment loss | — | — | 2.9 | 1.0 | 0.7 | 12.7 | |||||||||||||||||
Net periodic pension expense (benefit) | $ | 6.7 | $ | (9.5 | ) | $ | (0.2 | ) | $ | 8.3 | $ | 5.2 | $ | 18.2 |
U.S. Plans | Non-U.S. Plans | ||||||||||||||||||||||
(Millions of Dollars) | 2016 | 2015 | 2014 | 2016 | 2015 | 2014 | |||||||||||||||||
Service cost | $ | 9.4 | $ | 7.0 | $ | 8.9 | $ | 12.5 | $ | 14.4 | $ | 13.1 | |||||||||||
Interest cost | 45.3 | 54.0 | 56.4 | 37.0 | 46.8 | 59.3 | |||||||||||||||||
Expected return on plan assets | (67.9 | ) | (74.9 | ) | (72.1 | ) | (44.5 | ) | (56.5 | ) | (61.0 | ) | |||||||||||
Prior service cost amortization | 5.2 | 1.8 | 1.1 | 0.3 | 0.9 | 0.3 | |||||||||||||||||
Actuarial loss amortization | 7.1 | 7.2 | 0.9 | 5.9 | 7.5 | 7.0 | |||||||||||||||||
Settlement / curtailment loss | — | — | — | 0.7 | 1.5 | 0.3 | |||||||||||||||||
Net periodic pension (benefit) expense | $ | (0.9 | ) | $ | (4.9 | ) | $ | (4.8 | ) | $ | 11.9 | $ | 14.6 | $ | 19.0 |
Other Benefit Plans | |||||||||||
(Millions of Dollars) | 2019 | 2018 | 2017 | ||||||||
Service cost | $ | 0.3 | $ | 0.5 | $ | 0.6 | |||||
Interest cost | 1.6 | 1.6 | 1.7 | ||||||||
Amortization of prior service credit | (1.4 | ) | (1.3 | ) | (1.4 | ) | |||||
Actuarial loss amortization | (0.3 | ) | — | — | |||||||
Net periodic post-retirement expense | $ | 0.2 | $ | 0.8 | $ | 0.9 |
Other Benefit Plans | |||||||||||
(Millions of Dollars) | 2016 | 2015 | 2014 | ||||||||
Service cost | $ | 0.6 | $ | 0.5 | $ | 1.0 | |||||
Interest cost | 1.7 | 2.1 | 2.7 | ||||||||
Prior service credit amortization | (1.2 | ) | (1.3 | ) | (1.4 | ) | |||||
Actuarial loss amortization | — | — | (0.1 | ) | |||||||
Net periodic post-retirement expense | $ | 1.1 | $ | 1.3 | $ | 2.2 |
(Millions of Dollars) | 2019 | ||
Current year actuarial loss | $ | 63.3 | |
Amortization of actuarial loss | (15.3 | ) | |
Prior service cost from plan amendments | 2.1 | ||
Settlement / curtailment loss | (1.0 | ) | |
Currency / other | 4.2 | ||
Total loss recognized in accumulated other comprehensive loss (pre-tax) | $ | 53.3 |
(Millions of Dollars) | 2016 | ||
Current year actuarial loss | $ | 122.1 | |
Amortization of actuarial loss | (13.0 | ) | |
Prior service credit from plan amendments | (39.4 | ) | |
Amortization of prior service costs | (4.3 | ) | |
Settlement / curtailment loss | (0.8 | ) | |
Currency / other | (31.1 | ) | |
Total increase recognized in accumulated other comprehensive loss (pre-tax) | $ | 33.5 |
U.S. Plans | Non-U.S. Plans | Other Benefits | U.S. Plans | Non-U.S. Plans | Other Benefits | |||||||||||||||||||||||||||||||||||||||||
(Millions of Dollars) | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||||||||||||||||
Change in benefit obligation | ||||||||||||||||||||||||||||||||||||||||||||||
Benefit obligation at end of prior year | $ | 1,385.7 | $ | 1,460.5 | $ | 1,374.2 | $ | 1,540.4 | $ | 61.0 | $ | 69.8 | $ | 1,260.9 | $ | 1,365.3 | $ | 1,305.3 | $ | 1,446.1 | $ | 44.8 | $ | 52.3 | ||||||||||||||||||||||
Service cost | 9.4 | 7.0 | 12.5 | 14.4 | 0.6 | 0.5 | 12.3 | 7.5 | 14.6 | 15.2 | 0.3 | 0.5 | ||||||||||||||||||||||||||||||||||
Interest cost | 45.3 | 54.0 | 37.0 | 46.8 | 1.7 | 2.1 | 47.1 | 42.8 | 30.3 | 28.6 | 1.6 | 1.6 | ||||||||||||||||||||||||||||||||||
Settlements/curtailments | — | — | (5.7 | ) | (8.0 | ) | — | — | — | — | (6.0 | ) | (4.3 | ) | — | — | ||||||||||||||||||||||||||||||
Actuarial loss (gain) | 41.5 | (45.8 | ) | 229.7 | (86.7 | ) | (0.7 | ) | (2.1 | ) | 130.4 | (106.2 | ) | 140.6 | (64.1 | ) | 8.6 | (6.2 | ) | |||||||||||||||||||||||||||
Plan amendments | 1.8 | 5.8 | (40.4 | ) | 0.2 | (0.8 | ) | — | 1.4 | 0.2 | 0.7 | 16.0 | — | 0.1 | ||||||||||||||||||||||||||||||||
Foreign currency exchange rates | — | — | (190.0 | ) | (76.2 | ) | 0.3 | (1.5 | ) | — | — | 25.8 | (77.0 | ) | — | (1.0 | ) | |||||||||||||||||||||||||||||
Participant contributions | — | — | 0.3 | 0.3 | — | — | — | — | 0.3 | 0.3 | — | — | ||||||||||||||||||||||||||||||||||
Expenses paid from assets and other | (5.5 | ) | (3.4 | ) | (2.0 | ) | (1.3 | ) | — | — | ||||||||||||||||||||||||||||||||||||
Acquisitions, divestitures, and other | (10.0 | ) | 34.0 | (2.2 | ) | 3.4 | 2.4 | 1.9 | ||||||||||||||||||||||||||||||||||||||
Benefits paid | (119.2 | ) | (92.4 | ) | (55.8 | ) | (55.7 | ) | (7.9 | ) | (7.8 | ) | (116.7 | ) | (82.7 | ) | (59.5 | ) | (58.9 | ) | (5.5 | ) | (4.4 | ) | ||||||||||||||||||||||
Benefit obligation at end of year | $ | 1,359.0 | $ | 1,385.7 | $ | 1,359.8 | $ | 1,374.2 | $ | 54.2 | $ | 61.0 | $ | 1,325.4 | $ | 1,260.9 | $ | 1,449.9 | $ | 1,305.3 | $ | 52.2 | $ | 44.8 | ||||||||||||||||||||||
Change in plan assets | ||||||||||||||||||||||||||||||||||||||||||||||
Fair value of plan assets at end of prior year | $ | 1,081.5 | $ | 1,174.1 | $ | 1,047.3 | $ | 1,115.7 | $ | — | $ | — | $ | 1,020.7 | $ | 1,114.1 | $ | 974.3 | $ | 1,099.2 | $ | — | $ | — | ||||||||||||||||||||||
Actual return on plan assets | 90.9 | (19.3 | ) | 169.4 | 8.3 | — | — | 190.0 | (52.9 | ) | 133.2 | (18.6 | ) | — | — | |||||||||||||||||||||||||||||||
Participant contributions | — | — | 0.3 | 0.3 | — | — | — | — | 0.3 | 0.3 | — | — | ||||||||||||||||||||||||||||||||||
Employer contributions | 19.4 | 22.5 | 29.5 | 35.5 | 7.9 | 7.8 | 19.5 | 19.4 | 22.6 | 20.9 | 5.5 | 4.4 | ||||||||||||||||||||||||||||||||||
Settlements | — | — | (5.5 | ) | (6.4 | ) | — | — | — | — | (5.6 | ) | (4.2 | ) | — | — | ||||||||||||||||||||||||||||||
Foreign currency exchange rate changes | — | — | (167.9 | ) | (48.2 | ) | — | — | — | — | 30.4 | (61.5 | ) | — | — | |||||||||||||||||||||||||||||||
Expenses paid from assets and other | (5.5 | ) | (3.4 | ) | (2.0 | ) | (2.2 | ) | — | — | ||||||||||||||||||||||||||||||||||||
Acquisitions, divestitures, and other | (10.0 | ) | 22.8 | (2.2 | ) | (2.9 | ) | — | — | |||||||||||||||||||||||||||||||||||||
Benefits paid | (119.2 | ) | (92.4 | ) | (55.8 | ) | (55.7 | ) | (7.9 | ) | (7.8 | ) | (116.7 | ) | (82.7 | ) | (59.5 | ) | (58.9 | ) | (5.5 | ) | (4.4 | ) | ||||||||||||||||||||||
Fair value of plan assets at end of plan year | $ | 1,067.1 | $ | 1,081.5 | $ | 1,015.3 | $ | 1,047.3 | $ | — | $ | — | $ | 1,103.5 | $ | 1,020.7 | $ | 1,093.5 | $ | 974.3 | $ | — | $ | — | ||||||||||||||||||||||
Funded status — assets less than benefit obligation | $ | (291.9 | ) | $ | (304.2 | ) | $ | (344.5 | ) | $ | (326.9 | ) | $ | (54.2 | ) | $ | (61.0 | ) | $ | (221.9 | ) | $ | (240.2 | ) | $ | (356.4 | ) | $ | (331.0 | ) | $ | (52.2 | ) | $ | (44.8 | ) | ||||||||||
Unrecognized prior service cost (credit) | 5.8 | 9.1 | (35.0 | ) | 2.3 | (6.2 | ) | (6.6 | ) | 4.7 | 4.3 | (17.5 | ) | (18.2 | ) | (2.0 | ) | (3.4 | ) | |||||||||||||||||||||||||||
Unrecognized net actuarial loss | 267.2 | 255.8 | 296.7 | 233.5 | 0.5 | 1.4 | ||||||||||||||||||||||||||||||||||||||||
Unrecognized net transition obligation | — | — | 0.1 | 0.1 | — | — | ||||||||||||||||||||||||||||||||||||||||
Unrecognized net actuarial loss (gain) | 266.2 | 272.0 | 318.7 | 270.8 | 1.1 | (7.6 | ) | |||||||||||||||||||||||||||||||||||||||
Net amount recognized | $ | (18.9 | ) | $ | (39.3 | ) | $ | (82.7 | ) | $ | (91.0 | ) | $ | (59.9 | ) | $ | (66.2 | ) | $ | 49.0 | $ | 36.1 | $ | (55.2 | ) | $ | (78.4 | ) | $ | (53.1 | ) | $ | (55.8 | ) |
U.S. Plans | Non-U.S. Plans | Other Benefits | |||||||||||||||||||||
(Millions of Dollars) | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||
Amounts recognized in the Consolidated Balance Sheets | |||||||||||||||||||||||
Prepaid benefit cost (non-current) | $ | — | $ | — | $ | 0.1 | $ | 1.0 | $ | — | $ | — | |||||||||||
Current benefit liability | (7.6 | ) | (7.7 | ) | (9.1 | ) | (9.1 | ) | (4.5 | ) | (4.8 | ) | |||||||||||
Non-current benefit liability | (214.3 | ) | (232.5 | ) | (347.4 | ) | (322.9 | ) | (47.7 | ) | (40.0 | ) | |||||||||||
Net liability recognized | $ | (221.9 | ) | $ | (240.2 | ) | $ | (356.4 | ) | $ | (331.0 | ) | $ | (52.2 | ) | $ | (44.8 | ) | |||||
Accumulated other comprehensive loss (pre-tax): | |||||||||||||||||||||||
Prior service cost (credit) | $ | 4.7 | $ | 4.3 | $ | (17.5 | ) | $ | (18.2 | ) | $ | (2.0 | ) | $ | (3.4 | ) | |||||||
Actuarial loss (gain) | 266.2 | 272.0 | 318.7 | 270.8 | 1.1 | (7.6 | ) | ||||||||||||||||
$ | 270.9 | $ | 276.3 | $ | 301.2 | $ | 252.6 | $ | (0.9 | ) | $ | (11.0 | ) | ||||||||||
Net amount recognized | $ | 49.0 | $ | 36.1 | $ | (55.2 | ) | $ | (78.4 | ) | $ | (53.1 | ) | $ | (55.8 | ) |
U.S. Plans | Non-U.S. Plans | Other Benefits | |||||||||||||||||||||
(Millions of Dollars) | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | |||||||||||||||||
Amounts recognized in the Consolidated Balance Sheets | |||||||||||||||||||||||
Prepaid benefit cost (non-current) | $ | — | $ | — | $ | 0.2 | $ | 2.9 | $ | — | $ | — | |||||||||||
Current benefit liability | (25.8 | ) | (11.0 | ) | (10.0 | ) | (7.9 | ) | (5.9 | ) | (6.7 | ) | |||||||||||
Non-current benefit liability | (266.1 | ) | (293.2 | ) | (334.7 | ) | (321.9 | ) | (48.3 | ) | (54.3 | ) | |||||||||||
Net liability recognized | $ | (291.9 | ) | $ | (304.2 | ) | $ | (344.5 | ) | $ | (326.9 | ) | $ | (54.2 | ) | $ | (61.0 | ) | |||||
Accumulated other comprehensive loss (pre-tax): | |||||||||||||||||||||||
Prior service cost (credit) | $ | 5.8 | $ | 9.1 | $ | (35.0 | ) | $ | 2.3 | $ | (6.2 | ) | $ | (6.6 | ) | ||||||||
Actuarial loss | 267.2 | 255.8 | 296.7 | 233.5 | 0.5 | 1.4 | |||||||||||||||||
Transition liability | — | — | 0.1 | 0.1 | — | — | |||||||||||||||||
$ | 273.0 | $ | 264.9 | $ | 261.8 | $ | 235.9 | $ | (5.7 | ) | $ | (5.2 | ) | ||||||||||
Net amount recognized | $ | (18.9 | ) | $ | (39.3 | ) | $ | (82.7 | ) | $ | (91.0 | ) | $ | (59.9 | ) | $ | (66.2 | ) |
U.S. Plans | Non-U.S. Plans | ||||||||||||||
(Millions of Dollars) | 2019 | 2018 | 2019 | 2018 | |||||||||||
Projected benefit obligation | $ | 1,325.4 | $ | 1,260.9 | $ | 1,447.2 | $ | 1,275.7 | |||||||
Accumulated benefit obligation | $ | 1,323.7 | $ | 1,257.6 | $ | 1,390.1 | $ | 1,228.6 | |||||||
Fair value of plan assets | $ | 1,103.5 | $ | 1,020.7 | $ | 1,090.8 | $ | 945.0 |
U.S. Plans | Non-U.S. Plans | ||||||||||||||
(Millions of Dollars) | 2016 | 2015 | 2016 | 2015 | |||||||||||
Projected benefit obligation | $ | 1,359.0 | $ | 1,385.7 | $ | 1,334.1 | $ | 894.5 | |||||||
Accumulated benefit obligation | $ | 1,353.0 | $ | 1,383.9 | $ | 1,290.7 | $ | 855.5 | |||||||
Fair value of plan assets | $ | 1,067.1 | $ | 1,081.5 | $ | 990.5 | $ | 566.9 |
U.S. Plans | Non-U.S. Plans | ||||||||||||||
(Millions of Dollars) | 2019 | 2018 | 2019 | 2018 | |||||||||||
Projected benefit obligation | $ | 1,325.4 | $ | 1,260.9 | $ | 1,448.6 | $ | 1,301.7 | |||||||
Accumulated benefit obligation | $ | 1,323.7 | $ | 1,257.6 | $ | 1,391.2 | $ | 1,252.7 | |||||||
Fair value of plan assets | $ | 1,103.5 | $ | 1,020.7 | $ | 1,092.0 | $ | 969.7 |
U.S. Plans | Non-U.S. Plans | ||||||||||||||
(Millions of Dollars) | 2016 | 2015 | 2016 | 2015 | |||||||||||
Projected benefit obligation | $ | 1,359.0 | $ | 1,385.7 | $ | 1,359.0 | $ | 921.7 | |||||||
Accumulated benefit obligation | $ | 1,353.0 | $ | 1,383.9 | $ | 1,313.2 | $ | 879.4 | |||||||
Fair value of plan assets | $ | 1,067.1 | $ | 1,081.5 | $ | 1,014.4 | $ | 591.9 |
Pension Benefits | ||||||||||||||||||||||||||
U.S. Plans | Non-U.S. Plans | Other Benefits | ||||||||||||||||||||||||
2019 | 2018 | 2017 | 2019 | 2018 | 2017 | 2019 | 2018 | 2017 | ||||||||||||||||||
Weighted-average assumptions used to determine benefit obligations at year end: | ||||||||||||||||||||||||||
Discount rate | 3.20 | % | 4.20 | % | 3.53 | % | 1.80 | % | 2.62 | % | 2.24 | % | 3.64 | % | 4.03 | % | 3.53 | % | ||||||||
Rate of compensation increase | 3.50 | % | 3.00 | % | 3.00 | % | 3.30 | % | 3.44 | % | 3.45 | % | 3.50 | % | 3.50 | % | 3.50 | % | ||||||||
Weighted-average assumptions used to determine net periodic benefit cost: | ||||||||||||||||||||||||||
Discount rate - service cost | 4.43 | % | 3.72 | % | 4.10 | % | 2.37 | % | 2.15 | % | 2.27 | % | 5.22 | % | 5.11 | % | 4.53 | % | ||||||||
Discount rate - interest cost | 3.86 | % | 3.16 | % | 3.30 | % | 2.37 | % | 2.20 | % | 2.31 | % | 4.04 | % | 3.77 | % | 2.93 | % | ||||||||
Rate of compensation increase | 3.00 | % | 3.00 | % | 3.00 | % | 3.44 | % | 3.45 | % | 3.63 | % | 3.50 | % | 3.50 | % | 3.50 | % | ||||||||
Expected return on plan assets | 6.25 | % | 6.25 | % | 6.25 | % | 4.73 | % | 4.37 | % | 4.41 | % | — | — | — |
Pension Benefits | ||||||||||||||||||||||||||
U.S. Plans | Non-U.S. Plans | Other Benefits | ||||||||||||||||||||||||
2016 | 2015 | 2014 | 2016 | 2015 | 2014 | 2016 | 2015 | 2014 | ||||||||||||||||||
Weighted-average assumptions used to determine benefit obligations at year end: | ||||||||||||||||||||||||||
Discount rate | 4.00 | % | 4.25 | % | 3.75 | % | 2.50 | % | 3.25 | % | 3.25 | % | 3.50 | % | 3.75 | % | 3.25 | % | ||||||||
Rate of compensation increase | 3.00 | % | 6.00 | % | 6.00 | % | 3.75 | % | 3.25 | % | 3.50 | % | 3.50 | % | 3.50 | % | 3.50 | % | ||||||||
Weighted-average assumptions used to determine net periodic benefit cost: | ||||||||||||||||||||||||||
Discount rate | 4.25 | % | 3.75 | % | 4.50 | % | 3.25 | % | 3.25 | % | 4.00 | % | 3.75 | % | 3.25 | % | 4.00 | % | ||||||||
Rate of compensation increase | 6.00 | % | 6.00 | % | 6.00 | % | 3.25 | % | 3.50 | % | 3.75 | % | 3.50 | % | 3.50 | % | 3.50 | % | ||||||||
Expected return on plan assets | 6.50 | % | 6.50 | % | 7.00 | % | 4.75 | % | 5.25 | % | 5.75 | % | — | — | — |
Asset Category | 2016 | Level 1 | Level 2 | |||||||||||||||||||
Asset Category (Millions of Dollars) | 2019 | Level 1 | Level 2 | |||||||||||||||||||
Cash and cash equivalents | $ | 50.8 | $ | 35.3 | $ | 15.5 | $ | 35.8 | $ | 16.1 | $ | 19.7 | ||||||||||
Equity securities | ||||||||||||||||||||||
U.S. equity securities | 303.8 | 100.7 | 203.1 | 321.4 | 111.1 | 210.3 | ||||||||||||||||
Foreign equity securities | 254.1 | 75.8 | 178.3 | 259.4 | 95.8 | 163.6 | ||||||||||||||||
Fixed income securities | ||||||||||||||||||||||
Government securities | 687.0 | 227.0 | 460.0 | 741.6 | 271.5 | 470.1 | ||||||||||||||||
Corporate securities | 687.9 | 687.9 | 751.5 | — | 751.5 | |||||||||||||||||
Insurance contracts | 35.0 | 35.0 | 39.0 | — | 39.0 | |||||||||||||||||
Other | 63.8 | 63.8 | 48.3 | — | 48.3 | |||||||||||||||||
Total | $ | 2,082.4 | $ | 438.8 | $ | 1,643.6 | $ | 2,197.0 | $ | 494.5 | $ | 1,702.5 |
Asset Category (Millions of Dollars) | 2018 | Level 1 | Level 2 | ||||||||
Cash and cash equivalents | $ | 139.5 | $ | 113.6 | $ | 25.9 | |||||
Equity securities | |||||||||||
U.S. equity securities | 248.7 | 83.4 | 165.3 | ||||||||
Foreign equity securities | 220.0 | 85.2 | 134.8 | ||||||||
Fixed income securities | |||||||||||
Government securities | 642.3 | 205.5 | 436.8 | ||||||||
Corporate securities | 656.6 | — | 656.6 | ||||||||
Insurance contracts | 37.1 | — | 37.1 | ||||||||
Other | 50.8 | — | 50.8 | ||||||||
Total | $ | 1,995.0 | $ | 487.7 | $ | 1,507.3 |
Asset Category | 2015 | Level 1 | Level 2 | ||||||||
Cash and cash equivalents | $ | 58.1 | $ | 39.7 | $ | 18.4 | |||||
Equity securities | |||||||||||
U.S. equity securities | 296.3 | 50.4 | 245.9 | ||||||||
Foreign equity securities | 269.0 | 43.2 | 225.8 | ||||||||
Fixed income securities | |||||||||||
Government securities | 696.7 | 248.3 | 448.4 | ||||||||
Corporate securities | 716.9 | — | 716.9 | ||||||||
Insurance contracts | 33.2 | — | 33.2 | ||||||||
Other | 58.6 | — | 58.6 | ||||||||
Total | $ | 2,128.8 | $ | 381.6 | $ | 1,747.2 |
(Millions of Dollars) | Total | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | Years 6-10 | |||||||||||||||||||||
Future payments | $ | 1,393.7 | $ | 138.5 | $ | 138.6 | $ | 139.1 | $ | 140.9 | $ | 139.8 | $ | 696.8 |
(Millions of Dollars) | Total | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | Years 6-10 | |||||||||||||||||||||
Future payments | $ | 1,451.4 | $ | 187.9 | $ | 139.4 | $ | 137.3 | $ | 139.5 | $ | 141.6 | $ | 705.7 |
(Millions of Dollars) | Total Carrying Value | Level 1 | Level 2 | Level 3 | |||||||||||
December 28, 2019 | |||||||||||||||
Money market fund | $ | 1.2 | $ | 1.2 | $ | — | $ | — | |||||||
Derivative assets | $ | 29.3 | $ | — | $ | 29.3 | $ | — | |||||||
Derivative liabilities | $ | 65.5 | $ | — | $ | 65.5 | $ | — | |||||||
Non-derivative hedging instrument | $ | 335.5 | $ | — | $ | 335.5 | $ | — | |||||||
Contingent consideration liability | $ | 196.1 | $ | — | $ | — | $ | 196.1 | |||||||
December 29, 2018 | |||||||||||||||
Money market fund | $ | 4.8 | $ | 4.8 | $ | — | $ | — | |||||||
Derivative assets | $ | 32.9 | $ | — | $ | 32.9 | $ | — | |||||||
Derivative liabilities | $ | 21.3 | $ | — | $ | 21.3 | $ | — | |||||||
Non-derivative hedging instrument | $ | 228.9 | $ | — | $ | 228.9 | $ | — | |||||||
Contingent consideration liability | $ | 169.2 | $ | — | $ | — | $ | 169.2 |
(Millions of Dollars) | Total Carrying Value | Level 1 | Level 2 | ||||||||
December 31, 2016 | |||||||||||
Money market fund | $ | 4.3 | $ | 4.3 | $ | — | |||||
Derivative assets | $ | 110.2 | $ | — | $ | 110.2 | |||||
Derivative liabilities | $ | 97.6 | $ | — | $ | 97.6 | |||||
January 2, 2016: | |||||||||||
Money market fund | $ | 7.0 | $ | 7.0 | $ | — | |||||
Derivative assets | $ | 79.3 | $ | — | $ | 79.3 | |||||
Derivative liabilities | $ | 96.1 | $ | — | $ | 96.1 |
December 28, 2019 | December 29, 2018 | ||||||||||||||
(Millions of Dollars) | Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||
Other investments | $ | 14.4 | $ | 14.8 | $ | 7.6 | $ | 7.7 | |||||||
Long-term debt, including current portion | $ | 3,179.5 | $ | 3,601.0 | $ | 3,822.3 | $ | 3,905.4 |
December 31, 2016 | January 2, 2016 | ||||||||||||||
(Millions of Dollars) | Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||
Other investments | $ | 8.9 | $ | 9.2 | $ | 11.7 | $ | 11.7 | |||||||
Derivative assets | $ | 110.2 | $ | 110.2 | $ | 79.3 | $ | 79.3 | |||||||
Derivative liabilities | $ | 97.6 | $ | 97.6 | $ | 96.1 | $ | 96.1 | |||||||
Long-term debt, including current portion | $ | 3,823.1 | $ | 3,967.4 | $ | 3,797.2 | $ | 4,034.4 |
1/2/2016 | Net Additions | Usage | Currency | 12/31/2016 | |||||||||||||||
Severance and related costs | $ | 44.3 | $ | 27.3 | $ | (50.0 | ) | $ | (0.2 | ) | $ | 21.4 | |||||||
Facility closures and asset impairments | 14.4 | 21.7 | (21.0 | ) | (0.9 | ) | 14.2 | ||||||||||||
Total | $ | 58.7 | $ | 49.0 | $ | (71.0 | ) | $ | (1.1 | ) | $ | 35.6 |
(Millions of Dollars) | December 29, 2018 | Net Additions | Usage | Currency | December 28, 2019 | ||||||||||||||
Severance and related costs | $ | 105.7 | $ | 131.9 | $ | (97.4 | ) | $ | 0.1 | $ | 140.3 | ||||||||
Facility closures and asset impairments | 3.1 | 22.2 | (17.9 | ) | 0.1 | 7.5 | |||||||||||||
Total | $ | 108.8 | $ | 154.1 | $ | (115.3 | ) | $ | 0.2 | $ | 147.8 |
(Millions of Dollars) | 2019 | 2018 | 2017 | ||||||||
Net Sales | |||||||||||
Tools & Storage | $ | 10,062.1 | $ | 9,814.0 | $ | 9,045.0 | |||||
Industrial | 2,434.7 | 2,187.8 | 1,974.3 | ||||||||
Security | 1,945.4 | 1,980.6 | 1,947.3 | ||||||||
Consolidated | $ | 14,442.2 | $ | 13,982.4 | $ | 12,966.6 | |||||
Segment Profit | |||||||||||
Tools & Storage | $ | 1,533.3 | $ | 1,393.1 | $ | 1,438.9 | |||||
Industrial | 334.1 | 319.8 | 345.9 | ||||||||
Security | 126.6 | 169.3 | 211.7 | ||||||||
Segment Profit | 1,994.0 | 1,882.2 | 1,996.5 | ||||||||
Corporate overhead | (229.5 | ) | (202.8 | ) | (217.4 | ) | |||||
Other, net | (249.1 | ) | (287.0 | ) | (269.2 | ) | |||||
Gain (loss) on sales of businesses | 17.0 | (0.8 | ) | 264.1 | |||||||
Pension settlement | — | — | (12.2 | ) | |||||||
Restructuring charges | (154.1 | ) | (160.3 | ) | (51.5 | ) | |||||
Loss on debt extinguishment | (17.9 | ) | — | — | |||||||
Interest income | 53.9 | 68.7 | 40.1 | ||||||||
Interest expense | (284.3 | ) | (277.9 | ) | (222.6 | ) | |||||
Earnings before income taxes and equity interest | $ | 1,130.0 | $ | 1,022.1 | $ | 1,527.8 | |||||
Capital and Software Expenditures | |||||||||||
Tools & Storage | $ | 297.2 | $ | 353.7 | $ | 327.2 | |||||
Industrial | 89.6 | 95.8 | 76.2 | ||||||||
Security | 37.9 | 42.6 | 39.0 | ||||||||
Consolidated | $ | 424.7 | $ | 492.1 | $ | 442.4 | |||||
Depreciation and Amortization | |||||||||||
Tools & Storage | $ | 327.8 | $ | 300.1 | $ | 271.9 | |||||
Industrial | 159.3 | 125.9 | 107.4 | ||||||||
Security | 73.1 | 80.5 | 81.4 | ||||||||
Consolidated | $ | 560.2 | $ | 506.5 | $ | 460.7 | |||||
Segment Assets | |||||||||||
Tools & Storage | $ | 13,642.4 | $ | 13,122.6 | $ | 12,870.3 | |||||
Industrial | 4,207.0 | 3,620.5 | 3,413.3 | ||||||||
Security | 3,448.6 | 3,413.6 | 3,407.0 | ||||||||
21,298.0 | 20,156.7 | 19,690.6 | |||||||||
Corporate assets | (701.4 | ) | (748.7 | ) | (592.9 | ) | |||||
Consolidated | $ | 20,596.6 | $ | 19,408.0 | $ | 19,097.7 |
(Millions of Dollars) | 2016 | 2015 | 2014 | ||||||||
Net Sales | |||||||||||
Tools & Storage | $ | 7,469.2 | $ | 7,140.7 | $ | 7,033.0 | |||||
Security | 2,097.4 | 2,092.9 | 2,261.2 | ||||||||
Industrial | 1,840.3 | 1,938.2 | 2,044.4 | ||||||||
Consolidated | $ | 11,406.9 | $ | 11,171.8 | $ | 11,338.6 | |||||
Segment Profit | |||||||||||
Tools & Storage | $ | 1,266.9 | $ | 1,170.1 | $ | 1,074.4 | |||||
Security | 269.2 | 239.6 | 259.2 | ||||||||
Industrial | 304.4 | 339.9 | 350.6 | ||||||||
Segment Profit | 1,840.5 | 1,749.6 | 1,684.2 | ||||||||
Corporate overhead | (197.2 | ) | (164.0 | ) | (177.4 | ) | |||||
Other-net | (196.9 | ) | (222.0 | ) | (239.6 | ) | |||||
Restructuring charges and asset impairments | (49.0 | ) | (47.6 | ) | (18.8 | ) | |||||
Interest income | 23.2 | 15.2 | 13.6 | ||||||||
Interest expense | (194.5 | ) | (180.4 | ) | (177.2 | ) | |||||
Earnings from continuing operations before income taxes | $ | 1,226.1 | $ | 1,150.8 | $ | 1,084.8 | |||||
Capital and Software Expenditures | |||||||||||
Tools & Storage | $ | 227.3 | $ | 191.7 | $ | 183.0 | |||||
Security | 38.6 | 35.9 | 27.9 | ||||||||
Industrial | 81.1 | 83.8 | 74.3 | ||||||||
Discontinued operations | — | — | 5.8 | ||||||||
Consolidated | $ | 347.0 | $ | 311.4 | $ | 291.0 | |||||
Depreciation and Amortization | |||||||||||
Tools & Storage | $ | 203.0 | $ | 196.5 | $ | 193.9 | |||||
Security | 98.2 | 105.2 | 127.8 | ||||||||
Industrial | 106.8 | 112.3 | 122.5 | ||||||||
Discontinued operations | $ | — | $ | — | $ | 5.6 | |||||
Consolidated | $ | 408.0 | $ | 414.0 | $ | 449.8 | |||||
Segment Assets | |||||||||||
Tools & Storage | $ | 8,512.4 | $ | 8,492.9 | $ | 8,568.2 | |||||
Security | 3,139.0 | 3,741.6 | 3,972.0 | ||||||||
Industrial | 3,359.0 | 3,438.7 | 3,501.8 | ||||||||
15,010.4 | 15,673.2 | 16,042.0 | |||||||||
Assets held for sale | 523.4 | — | 29.5 | ||||||||
Corporate assets | 101.1 | (545.4 | ) | (268.1 | ) | ||||||
Consolidated | $ | 15,634.9 | $ | 15,127.8 | $ | 15,803.4 |
2019 | 2018 | 2017 | ||||||
Industrial | 10.9 | % | 11.9 | % | 13.4 | % | ||
Security | 45.8 | % | 44.9 | % | 48.1 | % |
(Millions of Dollars) | 2019 | 2018 | 2017 | ||||||||
Engineered Fastening | $ | 1,738.5 | $ | 1,766.6 | $ | 1,554.3 | |||||
Infrastructure | 696.2 | 421.2 | 420.0 | ||||||||
Industrial | $ | 2,434.7 | $ | 2,187.8 | $ | 1,974.3 |
(Millions of Dollars) | 2019 | 2018 | 2017 | ||||||||
Net Sales | |||||||||||
United States | $ | 8,472.1 | $ | 7,700.3 | $ | 7,025.7 | |||||
Canada | 609.9 | 628.3 | 583.3 | ||||||||
Other Americas | 717.9 | 801.5 | 790.7 | ||||||||
France | 610.2 | 627.8 | 623.8 | ||||||||
Other Europe | 2,870.8 | 2,989.9 | 2,791.1 | ||||||||
Asia | 1,161.3 | 1,234.6 | 1,152.0 | ||||||||
Consolidated | $ | 14,442.2 | $ | 13,982.4 | $ | 12,966.6 | |||||
Property, Plant & Equipment | |||||||||||
United States | $ | 1,046.8 | $ | 1,018.3 | $ | 850.2 | |||||
Canada | 27.4 | 25.5 | 30.0 | ||||||||
Other Americas | 117.9 | 112.7 | 111.2 | ||||||||
France | 57.3 | 63.9 | 65.1 | ||||||||
Other Europe | 352.3 | 356.9 | 378.0 | ||||||||
Asia | 357.8 | 337.9 | 308.0 | ||||||||
Consolidated | $ | 1,959.5 | $ | 1,915.2 | $ | 1,742.5 |
(Millions of Dollars) | 2016 | 2015 | 2014 | ||||||||
Net Sales | |||||||||||
United States | $ | 6,135.6 | $ | 5,882.0 | $ | 5,492.4 | |||||
Canada | 515.3 | 516.3 | 591.3 | ||||||||
Other Americas | 635.6 | 706.5 | 788.4 | ||||||||
France | 582.7 | 595.7 | 695.6 | ||||||||
Other Europe | 2,468.6 | 2,371.5 | 2,585.3 | ||||||||
Asia | 1,069.1 | 1,099.8 | 1,185.6 | ||||||||
Consolidated | $ | 11,406.9 | $ | 11,171.8 | $ | 11,338.6 | |||||
Property, Plant & Equipment | |||||||||||
United States | $ | 663.4 | $ | 676.0 | $ | 639.7 | |||||
Canada | 29.3 | 19.1 | 20.9 | ||||||||
Other Americas | 95.8 | 82.6 | 82.2 | ||||||||
France | 57.5 | 64.8 | 74.7 | ||||||||
Other Europe | 322.3 | 328.4 | 333.2 | ||||||||
Asia | 282.9 | 279.3 | 303.4 | ||||||||
Consolidated | $ | 1,451.2 | $ | 1,450.2 | $ | 1,454.1 |
(Millions of Dollars) | 2016 | 2015 | |||||
Deferred tax liabilities: | |||||||
Depreciation | $ | 108.7 | $ | 99.6 | |||
Amortization of intangibles | 851.2 | 868.5 | |||||
Liability on undistributed foreign earnings | 260.7 | 319.9 | |||||
Discharge of indebtedness | 6.2 | 9.3 | |||||
Inventories | 6.2 | — | |||||
Deferred revenue | 27.3 | 25.5 | |||||
Other | 61.7 | 66.8 | |||||
Total deferred tax liabilities | $ | 1,322.0 | $ | 1,389.6 | |||
Deferred tax assets: | |||||||
Employee benefit plans | $ | 362.5 | $ | 361.1 | |||
Doubtful accounts and other customer allowances | 19.3 | 19.0 | |||||
Inventories | — | 16.1 | |||||
Accruals | 110.4 | 135.6 | |||||
Restructuring charges | 4.9 | 12.6 | |||||
Operating loss, capital loss and tax credit carryforwards | 590.3 | 562.5 | |||||
Currency and derivatives | 45.1 | 42.2 | |||||
Other | 126.7 | 82.7 | |||||
Total deferred tax assets | $ | 1,259.2 | $ | 1,231.8 | |||
Net Deferred Tax Liabilities before Valuation Allowance | $ | 62.8 | $ | 157.8 | |||
Valuation allowance | $ | 525.5 | $ | 480.7 | |||
Net Deferred Tax Liabilities after Valuation Allowance | $ | 588.3 | $ | 638.5 |
(Millions of Dollars) | 2019 | 2018 | |||||
Deferred tax liabilities: | |||||||
Depreciation | $ | 144.9 | $ | 128.5 | |||
Amortization of intangibles | 731.8 | 672.8 | |||||
Liability on undistributed foreign earnings | 159.3 | 202.5 | |||||
Lease right-of-use asset | 129.7 | — | |||||
Other | 89.5 | 73.9 | |||||
Total deferred tax liabilities | $ | 1,255.2 | $ | 1,077.7 | |||
Deferred tax assets: | |||||||
Employee benefit plans | $ | 235.4 | $ | 222.1 | |||
Basis differences in liabilities | 82.0 | 93.3 | |||||
Operating loss, capital loss and tax credit carryforwards | 1,100.3 | 710.6 | |||||
Lease liability | 129.6 | — | |||||
Other | 149.2 | 147.3 | |||||
Total deferred tax assets | $ | 1,696.5 | $ | 1,173.3 | |||
Net Deferred Tax Asset before Valuation Allowance | $ | 441.3 | $ | 95.6 | |||
Valuation Allowance | $ | (1,065.0 | ) | $ | (626.7 | ) | |
Net Deferred Tax Liability after Valuation Allowance | $ | (623.7 | ) | $ | (531.1 | ) |
(Millions of Dollars) | 2019 | 2018 | 2017 | ||||||||
United States | $ | 214.5 | $ | 444.1 | $ | 715.2 | |||||
Foreign | 915.5 | 578.0 | 812.6 | ||||||||
Earnings before income taxes and equity interest | $ | 1,130.0 | $ | 1,022.1 | $ | 1,527.8 |
2016 | 2015 | ||||||||||||||
(Millions of Dollars) | Deferred Tax Asset | Deferred Tax Liability | Deferred Tax Asset | Deferred Tax Liability | |||||||||||
Current | $ | — | $ | — | $ | (85.4 | ) | $ | 18.5 | ||||||
Non-current | (147.1 | ) | 735.4 | (120.5 | ) | 825.9 | |||||||||
Total | $ | (147.1 | ) | $ | 735.4 | $ | (205.9 | ) | $ | 844.4 |
(Millions of Dollars) | 2019 | 2018 | 2017 | ||||||||
Current: | |||||||||||
Federal | $ | (23.7 | ) | $ | 25.4 | $ | 590.6 | ||||
Foreign | 195.9 | 175.0 | 224.6 | ||||||||
State | 6.5 | 24.8 | 25.4 | ||||||||
Total current | $ | 178.7 | $ | 225.2 | $ | 840.6 | |||||
Deferred: | |||||||||||
Federal | $ | 5.7 | $ | 29.7 | $ | (513.0 | ) | ||||
Foreign | (32.9 | ) | 132.7 | (33.0 | ) | ||||||
State | 9.3 | 28.7 | 6.3 | ||||||||
Total deferred | (17.9 | ) | 191.1 | (539.7 | ) | ||||||
Income taxes | $ | 160.8 | $ | 416.3 | $ | 300.9 |
(Millions of Dollars) | 2016 | 2015 | 2014 | ||||||||
Current: | |||||||||||
Federal | $ | 84.8 | $ | 64.4 | $ | 18.4 | |||||
Foreign | 191.5 | 171.4 | 141.1 | ||||||||
State | 10.6 | 14.1 | 17.1 | ||||||||
Total current | $ | 286.9 | $ | 249.9 | $ | 176.6 | |||||
Deferred: | |||||||||||
Federal | $ | 18.2 | $ | 64.2 | $ | 55.3 | |||||
Foreign | (26.1 | ) | (47.3 | ) | (19.3 | ) | |||||
State | (17.8 | ) | (18.2 | ) | 14.5 | ||||||
Total deferred | (25.7 | ) | (1.3 | ) | 50.5 | ||||||
Income taxes on continuing operations | $ | 261.2 | $ | 248.6 | $ | 227.1 |
(Millions of Dollars) | 2019 | 2018 | 2017 | ||||||||
Tax at statutory rate | $ | 237.3 | $ | 214.6 | $ | 534.1 | |||||
State income taxes, net of federal benefits | 22.1 | 24.7 | 13.3 | ||||||||
Foreign tax rate differential | (53.3 | ) | (33.2 | ) | (149.0 | ) | |||||
Uncertain tax benefits | (53.1 | ) | 4.5 | 64.4 | |||||||
Change in valuation allowance | 10.5 | 5.1 | (5.4 | ) | |||||||
Change in deferred tax liabilities on undistributed foreign earnings | — | — | (94.1 | ) | |||||||
Basis difference for businesses Held for Sale | — | — | 27.9 | ||||||||
Stock-based compensation | (24.1 | ) | (4.1 | ) | (23.2 | ) | |||||
Sale of businesses | 6.7 | — | (47.3 | ) | |||||||
U.S. Federal tax reform | — | 199.6 | 23.6 | ||||||||
Other | 14.7 | 5.1 | (43.4 | ) | |||||||
Income taxes | $ | 160.8 | $ | 416.3 | $ | 300.9 |
(Millions of Dollars) | 2016 | 2015 | 2014 | ||||||||
Tax at statutory rate | $ | 429.1 | $ | 402.9 | $ | 379.7 | |||||
State income taxes, net of federal benefits | 12.5 | 14.9 | 24.3 | ||||||||
Difference between foreign and federal income tax | (158.5 | ) | (166.9 | ) | (178.0 | ) | |||||
Tax reserve accrual | 32.0 | 43.9 | 1.1 | ||||||||
Audit settlements | (10.5 | ) | 1.3 | (5.3 | ) | ||||||
NOL/capital loss & valuation allowance related items | 31.1 | (21.6 | ) | 2.7 | |||||||
Foreign dividends and related items | 13.7 | 19.1 | 25.6 | ||||||||
Change in deferred tax liabilities on undistributed foreign earnings | (38.7 | ) | (31.0 | ) | (6.0 | ) | |||||
Statutory income tax rate change | 1.7 | 4.8 | (0.6 | ) | |||||||
Basis difference for businesses Held for Sale | (27.9 | ) | — | — | |||||||
Other-net | (23.3 | ) | (18.8 | ) | (16.4 | ) | |||||
Income taxes on continuing operations | $ | 261.2 | $ | 248.6 | $ | 227.1 |
(Millions of Dollars) | 2016 | 2015 | 2014 | ||||||||
United States | $ | 305.9 | $ | 405.5 | $ | 234.4 | |||||
Foreign | 920.2 | 745.3 | 850.4 | ||||||||
Earnings from continuing operations before income taxes | $ | 1,226.1 | $ | 1,150.8 | $ | 1,084.8 |
(Millions of Dollars) | 2019 | 2018 | 2017 | ||||||||
Balance at beginning of year | $ | 406.3 | $ | 387.8 | $ | 309.8 | |||||
Additions based on tax positions related to current year | 48.6 | 28.3 | 34.6 | ||||||||
Additions based on tax positions related to prior years | 78.5 | 103.0 | 82.5 | ||||||||
Reductions based on tax positions related to prior years | (91.1 | ) | (91.5 | ) | (4.2 | ) | |||||
Settlements | (0.3 | ) | (2.5 | ) | (0.3 | ) | |||||
Statute of limitations expirations | (35.7 | ) | (18.8 | ) | (34.6 | ) | |||||
Balance at end of year | $ | 406.3 | $ | 406.3 | $ | 387.8 |
(Millions of Dollars) | 2016 | 2015 | 2014 | ||||||||
Balance at beginning of year | $ | 283.1 | $ | 280.8 | $ | 269.5 | |||||
Additions based on tax positions related to current year | 14.9 | 23.2 | 27.4 | ||||||||
Additions based on tax positions related to prior years | 53.9 | 24.3 | 40.1 | ||||||||
Reductions based on tax positions related to prior years | (34.2 | ) | (14.3 | ) | (30.9 | ) | |||||
Settlements | 5.4 | (21.5 | ) | (5.9 | ) | ||||||
Statute of limitations expirations | (13.3 | ) | (9.4 | ) | (19.4 | ) | |||||
Balance at end of year | $ | 309.8 | $ | 283.1 | $ | 280.8 |
(Millions of Dollars) | Total | 2017 | 2018 | 2019 | 2020 | 2021 | Thereafter | ||||||||||||||||||||
Operating lease obligations | $ | 404.5 | $ | 94.5 | $ | 78.2 | $ | 62.4 | $ | 46.9 | $ | 35.0 | $ | 87.5 | |||||||||||||
Marketing commitments | 69.7 | 33.3 | 20.7 | 15.7 | — | — | — | ||||||||||||||||||||
Total | $ | 474.2 | $ | 127.8 | $ | 98.9 | $ | 78.1 | $ | 46.9 | $ | 35.0 | $ | 87.5 |
(Millions of Dollars) | 2019 | ||
Operating lease cost | $ | 151.6 | |
Short-term lease cost | 26.6 | ||
Variable lease cost | 8.5 | ||
Sublease income | (2.8 | ) | |
Total lease cost | $ | 183.9 |
(Millions of Dollars) | Total | 2020 | 2021 | 2022 | 2023 | 2024 | Thereafter | ||||||||||||||||||||
Lease obligations | $ | 607.4 | $ | 144.1 | $ | 110.7 | $ | 82.4 | $ | 59.4 | $ | 53.7 | $ | 157.1 |
(Millions of Dollars) | Total | 2020 | 2021 | 2022 | 2023 | 2024 | Thereafter | ||||||||||||||||||||
Marketing commitments | $ | 34.5 | $ | 24.9 | $ | 6.5 | $ | 2.7 | $ | 0.4 | $ | — | $ | — |
(Millions of Dollars) | Term | Maximum Potential Payment | Carrying Amount of Liability | ||||||
Guarantees on the residual values of leased properties | One to five years | $ | 102.6 | $ | — | ||||
Standby letters of credit | Up to three years | 154.4 | — | ||||||
Commercial customer financing arrangements | Up to six years | 64.7 | 6.3 | ||||||
Total | $ | 321.7 | $ | 6.3 |
(Millions of Dollars) | Term | Maximum Potential Payment | Carrying Amount of Liability | ||||||
Guarantees on the residual values of leased properties | One to four years | $ | 58.4 | $ | — | ||||
Standby letters of credit | Up to three years | 71.1 | — | ||||||
Commercial customer financing arrangements | Up to six years | 70.5 | 22.1 | ||||||
Total | $ | 200.0 | $ | 22.1 |
(Millions of Dollars) | 2019 | 2018 | 2017 | ||||||||
Balance beginning of period | $ | 102.1 | $ | 108.5 | $ | 103.4 | |||||
Warranties and guarantees issued | 128.1 | 110.4 | 105.3 | ||||||||
Warranty payments and currency | (130.1 | ) | (116.8 | ) | (100.2 | ) | |||||
Balance end of period | $ | 100.1 | $ | 102.1 | $ | 108.5 |
(Millions of Dollars) | 2016 | 2015 | 2014 | ||||||||
Balance beginning of period | $ | 105.4 | $ | 109.6 | $ | 121.1 | |||||
Warranties and guarantees issued | 97.2 | 91.8 | 98.0 | ||||||||
Warranty payments and currency | (99.2 | ) | (96.0 | ) | (109.5 | ) | |||||
Balance end of period | $ | 103.4 | $ | 105.4 | $ | 109.6 |
(Millions of Dollars) | 2019 | 2018 | 2017 | |||||||||
Pre-tax income | $ | 4.6 | $ | 11.7 | $ | 13.4 |
(Millions of Dollars) | 2016 | ||
Accounts and notes receivable, net | $ | 35.3 | |
Inventories, net | 33.2 | ||
Property, Plant and Equipment, net | 52.3 | ||
Goodwill and other intangibles, net | 399.8 | ||
Other Assets | 2.8 | ||
Total assets | $ | 523.4 | |
Accounts payable and accrued expenses | $ | 38.0 | |
Other liabilities | 15.5 | ||
Total liabilities | $ | 53.5 |
(Millions of Dollars) | 2015 | 2014 | |||||
Net Sales | $ | 39.4 | $ | 118.4 | |||
Loss from discontinued operations before income taxes | (19.3 | ) | (104.0 | ) | |||
Income tax expense (benefit) on discontinued operations | 0.8 | (7.7 | ) | ||||
Net loss from discontinued operations | $ | (20.1 | ) | $ | (96.3 | ) |
Quarter | ||||||||||||||||||||
(Millions of Dollars, except per share amounts) | First | Second | Third | Fourth | Year | |||||||||||||||
2016 | ||||||||||||||||||||
Net sales | $ | 2,672.1 | $ | 2,932.4 | $ | 2,882.0 | $ | 2,920.4 | $ | 11,406.9 | ||||||||||
Gross profit | 977.6 | 1,128.9 | 1,084.1 | 1,076.6 | 4,267.2 | |||||||||||||||
Selling, general and administrative expenses | 627.8 | 666.9 | 645.4 | 683.8 | 2,623.9 | |||||||||||||||
Net earnings from continuing operations | 188.6 | 271.5 | 249.0 | 255.8 | 964.9 | |||||||||||||||
Less: Net (loss) earnings attributable to non-controlling interest | (0.8 | ) | — | 0.1 | 0.3 | (0.4 | ) | |||||||||||||
Net earnings from continuing operations attributable to Stanley Black & Decker, Inc. | 189.4 | 271.5 | 248.9 | 255.5 | 965.3 | |||||||||||||||
Net loss from discontinued operations | — | — | — | — | — | |||||||||||||||
Net earnings attributable to Stanley Black & Decker, Inc. | $ | 189.4 | $ | 271.5 | $ | 248.9 | $ | 255.5 | $ | 965.3 | ||||||||||
Basic earnings per common share: | ||||||||||||||||||||
Continuing operations | $ | 1.30 | $ | 1.87 | $ | 1.71 | $ | 1.74 | $ | 6.61 | ||||||||||
Discontinued operations | — | — | — | — | — | |||||||||||||||
Total basic earnings per common share | $ | 1.30 | $ | 1.87 | $ | 1.71 | $ | 1.74 | $ | 6.61 | ||||||||||
Diluted earnings per common share: | ||||||||||||||||||||
Continuing operations | $ | 1.28 | $ | 1.84 | $ | 1.68 | $ | 1.71 | $ | 6.51 | ||||||||||
Discontinued operations | — | — | — | — | — | |||||||||||||||
Total diluted earnings per common share | $ | 1.28 | $ | 1.84 | $ | 1.68 | $ | 1.71 | $ | 6.51 | ||||||||||
2015 | ||||||||||||||||||||
Net sales | $ | 2,630.0 | $ | 2,866.9 | $ | 2,829.5 | $ | 2,845.4 | $ | 11,171.8 | ||||||||||
Gross profit | 973.6 | 1,057.2 | 1,027.0 | 1,014.2 | 4,072.0 | |||||||||||||||
Selling, general and administrative expenses | 623.0 | 644.5 | 608.3 | 610.6 | 2,486.4 | |||||||||||||||
Net earnings from continuing operations | 166.0 | 235.5 | 233.4 | 267.3 | 902.2 | |||||||||||||||
Less: Net (loss) earnings attributable to non-controlling interest | (0.8 | ) | (0.2 | ) | (0.7 | ) | 0.1 | (1.6 | ) | |||||||||||
Net earnings from continuing operations attributable to Stanley Black & Decker, Inc. | 166.8 | 235.7 | 234.1 | 267.2 | 903.8 | |||||||||||||||
Net loss from discontinued operations | (4.5 | ) | (8.5 | ) | (5.4 | ) | (1.7 | ) | (20.1 | ) | ||||||||||
Net earnings attributable to Stanley Black & Decker, Inc. | $ | 162.3 | $ | 227.2 | $ | 228.7 | $ | 265.5 | $ | 883.7 | ||||||||||
Basic earnings (loss) per common share: | ||||||||||||||||||||
Continuing operations | $ | 1.10 | $ | 1.59 | $ | 1.60 | $ | 1.83 | $ | 6.10 | ||||||||||
Discontinued operations | (0.03 | ) | (0.06 | ) | (0.04 | ) | (0.01 | ) | (0.14 | ) | ||||||||||
Total basic earnings per common share | $ | 1.07 | $ | 1.53 | $ | 1.57 | $ | 1.82 | $ | 5.96 | ||||||||||
Diluted earnings (loss) per common share: | ||||||||||||||||||||
Continuing operations | $ | 1.07 | $ | 1.54 | $ | 1.55 | $ | 1.78 | $ | 5.92 | ||||||||||
Discontinued operations | (0.03 | ) | (0.06 | ) | (0.04 | ) | (0.01 | ) | (0.13 | ) | ||||||||||
Total diluted earnings per common share | $ | 1.04 | $ | 1.49 | $ | 1.52 | $ | 1.77 | $ | 5.79 |
Quarter | ||||||||||||||||||||
(Millions of Dollars, except per share amounts) | First | Second | Third | Fourth | Year | |||||||||||||||
2019 | ||||||||||||||||||||
Net Sales | $ | 3,333.6 | $ | 3,761.3 | $ | 3,633.1 | $ | 3,714.2 | $ | 14,442.2 | ||||||||||
Gross profit | 1,105.6 | 1,299.8 | 1,239.5 | 1,160.6 | 4,805.5 | |||||||||||||||
Selling, general and administrative (1) | 778.9 | 782.3 | 756.1 | 723.7 | 3,041.0 | |||||||||||||||
Net earnings | 170.4 | 357.4 | 231.1 | 199.1 | 958.0 | |||||||||||||||
Less: Net earnings attributable to non-controlling interest | 0.5 | 1.1 | 0.6 | — | 2.2 | |||||||||||||||
Net Earnings Attributable to Common Shareowners | $ | 169.9 | $ | 356.3 | $ | 230.5 | $ | 199.1 | $ | 955.8 | ||||||||||
Earnings per share of common stock: | ||||||||||||||||||||
Basic | $ | 1.15 | $ | 2.41 | $ | 1.55 | $ | 1.34 | $ | 6.44 | ||||||||||
Diluted | $ | 1.13 | $ | 2.37 | $ | 1.53 | $ | 1.32 | $ | 6.35 | ||||||||||
2018 | ||||||||||||||||||||
Net Sales | $ | 3,209.3 | $ | 3,643.6 | $ | 3,494.8 | $ | 3,634.7 | $ | 13,982.4 | ||||||||||
Gross profit | 1,165.7 | 1,287.1 | 1,238.4 | 1,159.9 | 4,851.1 | |||||||||||||||
Selling, general and administrative (1) | 785.6 | 805.8 | 798.9 | 781.4 | 3,171.7 | |||||||||||||||
Net earnings (loss) | 170.1 | 293.4 | 248.3 | (106.0 | ) | 605.8 | ||||||||||||||
Less: Net (loss) earnings attributable to non-controlling interest | (0.5 | ) | (0.2 | ) | 0.5 | 0.8 | 0.6 | |||||||||||||
Net Earnings (Loss) Attributable to Common Shareowners | $ | 170.6 | $ | 293.6 | $ | 247.8 | $ | (106.8 | ) | $ | 605.2 | |||||||||
Earnings (loss) per share of common stock: | ||||||||||||||||||||
Basic | $ | 1.13 | $ | 1.96 | $ | 1.67 | $ | (0.72 | ) | $ | 4.06 | |||||||||
Diluted | $ | 1.11 | $ | 1.93 | $ | 1.65 | $ | (0.72 | ) | $ | 3.99 |
Acquisition-Related Charges & Other | Diluted EPS Impact | |
• Q1 2019 — $52 million loss ($43 million after-tax and equity interest) | ($0.29) per diluted share | |
• Q2 2019 — $33 million loss ($44 million after-tax and equity interest) | ($0.29) per diluted share | |
• Q3 2019 — $114 million loss ($91 million after-tax and equity interest) | ($0.60) per diluted share | |
• Q4 2019 — $164 million loss ($131 million after-tax and equity interest) | ($0.86) per diluted share |
Acquisition-Related Charges & Other | Diluted EPS Impact | |
• Q1 2018 — $25 million loss ($43 million after-tax) | ($0.28) per diluted share | |
• Q2 2018 — $127 million loss ($98 million after-tax) | ($0.64) per diluted share | |
• Q3 2018 — $85 million loss ($66 million after-tax) | ($0.43) per diluted share | |
• Q4 2018 — $213 million loss ($424 million after-tax) | ($2.83) per diluted share |
3.1 | (a) | ||
(b) | |||
(c) | |||
(d) | |||
(e) | |||
(f) | |||
(g) | |||
3.2 | (a) | ||
4.1 | (a) | ||
4.2 | (a) | ||
(e) | |||
(f) | |||
4.3 | (a) | ||
4.4 | |||
4.5 | |||
4.6 | |||
4.7 | |||
4.8 | |||
4.9 | |||
4.10 | |||
4.11 | |||
4.12 | |||
4.13 | |||
4.14 | |||
10.1 | (a) | ||
(a) | |||||
(b) | |||||
10.4 | |||||
10.5 | |||||
10.6 | |||||
(a) | |||||
(b) | |||||
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 Company’s Annual Report on Form 10-K for year ended December 29, 1990).P | |||||
(a) | |||||
The Stanley Works 2009 Long-Term Incentive Plan (as amended March 12, 2010) (incorporated by reference Exhibit 4.7 to the Company’s Registration Statement on Form S-8 Reg. No. 333-165454 filed on March 12, 2010).* | |||
(b) | |||
(c) | |||
(d) | |||
(a) | |||
(b) | |||
(c) | |||
(d) | |||
(e) | |||
10.16 | (a) | ||
(b) | |||
(c) | |||
(d) | |||
(e) | |||
(f) | |||
10.17 | |||
10.18 | (a) | ||
(b) | |||
10.19 | |||
10.20 | |||
10.21 | |||
10.22 | |||
10.23 | |||
10.24 | ||||
10.25 | (a) | |||
(b) | ||||
21 | ||||
23 | ||||
24 | ||||
31.1 | (a) | |||
31.1 | (b) | |||
32.1 | ||||
32.2 | ||||
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).P | |||
101 | The following materials from Stanley Black & Decker Inc.'s Annual Report on Form 10-K for the year ended December 28, 2019, formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) Consolidated Statements of Operations for the fiscal years ended December 28, 2019, December 29, 2018, and December 30, 2017; (ii) Consolidated Statements of Comprehensive Income for the fiscal years ended December 28, 2019, December 29, 2018, and December 30, 2017; (iii) Consolidated Balance Sheets at December 28, 2019 and December 29, 2018; (iv) Consolidated Statements of Cash Flows for the fiscal years ended December 28, 2019, December 29, 2018, and December 30, 2017; (v) Consolidated Statements of Changes in Shareowners' Equity for the fiscal years ended December 28, 2019, December 29, 2018, and December 30, 2017; and (v) Notes to Consolidated Financial Statements**. | |||
104 | The cover page of Stanley Black & Decker Inc.'s Annual Report on Form 10-K for the year ended December 28, 2019, formatted in iXBRL (included within Exhibit 101). |
* | Management contract or compensation plan or arrangement. |
P | Paper Filing |
** | Pursuant to Rule 406T of Regulation S-T, the Interactive Data Files on Exhibit 101 hereto are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, are deemed not filed for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, and otherwise are not subject to liability under those sections. |