Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 29, 2019 | Jul. 19, 2019 | |
Document Information [Line Items] | ||
Title of 12(b) Security | Common Stock | |
Entity Address, Address Line One | 1000 STANLEY DRIVE | |
Entity Incorporation, State or Country Code | CT | |
Entity Tax Identification Number | 06-0548860 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 001-05224 | |
Document Period End Date | Jun. 29, 2019 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 151,743,308 | |
City Area Code | 860 | |
Local Phone Number | 225-5111 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Entity Address, City or Town | NEW BRITAIN | |
Entity Address, State or Province | CT | |
Entity Address, Postal Zip Code | 06053 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | SWK | |
Entity Registrant Name | STANLEY BLACKĀ & DECKER, INC. | |
Entity Central Index Key | 0000093556 | |
Current Fiscal Year End Date | --12-28 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Security Exchange Name | NYSE |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 29, 2019 | Jun. 30, 2018 | Jun. 29, 2019 | Jun. 30, 2018 | |
Net Sales | $ 3,761.3 | $ 3,643.6 | $ 7,094.9 | $ 6,852.9 |
Costs and Expenses | ||||
Cost of Goods and Services Sold | 2,461.5 | 2,356.5 | 4,689.5 | 4,400.1 |
Selling, General and Administrative Expense | 776.2 | 801.8 | 1,536.8 | 1,580.6 |
Accounts Receivable, Credit Loss Expense (Reversal) | 6.1 | 4 | 24.4 | 10.8 |
Other-net | 62.2 | 119.3 | 127.6 | 177.3 |
Gain (Loss) on Disposition of Business | (17.2) | 0.8 | (17.2) | 0.8 |
Restructuring charges | 8.5 | 13.4 | 17.2 | 36.3 |
Interest Expense | 72.4 | 69 | 146.8 | 132.2 |
Interest income | (12.1) | (15.6) | (28.7) | (31.4) |
Costs and Expenses, Total | 3,357.6 | 3,349.2 | 6,496.4 | 6,306.7 |
Earnings from continuing operations before income taxes | 403.7 | 294.4 | 598.5 | 546.2 |
Income taxes on continuing operations | 51.6 | 1 | 76.3 | 82.7 |
Income (Loss) from Continuing Operations before Equity Method Investments and Noncontrolling Interest | 352.1 | 293.4 | 522.2 | 463.5 |
Income (Loss) from Equity Method Investments | 5.3 | 0 | 5.6 | 0 |
Earnings from continuing operations | 357.4 | 293.4 | 527.8 | 463.5 |
Income (Loss) from Continuing Operations Attributable to Noncontrolling Interest | 1.1 | (0.2) | 1.6 | (0.7) |
Net Income (Loss) Attributable to Parent | 356.3 | 293.6 | 526.2 | 464.2 |
Total Comprehensive (Loss) Income Attributable to Common Shareowners | $ 355.6 | $ 14.5 | $ 526.5 | $ 280.9 |
Basic earnings per share of common stock: | ||||
Total basic earnings per share of common stock | $ 2.41 | $ 1.96 | $ 3.56 | $ 3.09 |
Diluted earnings per share of common stock: | ||||
Total dilutive earnings per share of common stock | (2.37) | (1.93) | (3.50) | (3.03) |
Dividends per shares of common stock | $ 0.66 | $ 0.63 | $ 1.32 | $ 1.26 |
Weighted Average Shares Outstanding (in thousands): | ||||
Basic (in shares) | 148,099 | 149,748 | 147,982 | 150,101 |
Diluted (in shares) | 150,358 | 152,494 | 150,139 | 153,124 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | 6 Months Ended | |
Jun. 29, 2019 | Dec. 29, 2018 | |
Cash and Cash Equivalents, at Carrying Value | $ 310.7 | $ 288.7 |
Document Period End Date | Jun. 29, 2019 | |
Current Assets | ||
Accounts and Financing Receivable, after Allowance for Credit Loss, Current | $ 1,823.9 | 1,607.8 |
Inventories, net | 2,863.2 | 2,373.5 |
Other current assets | 347.4 | 299.4 |
Total Current Assets | 5,345.2 | 4,569.4 |
Property, Plant and Equipment, net | 1,933.3 | 1,915.2 |
Goodwill | 9,244 | 8,956.7 |
Intangibles, net | 3,710.9 | 3,484.4 |
Other Assets | 1,290.2 | 482.3 |
Total Assets | 21,523.6 | 19,408 |
Current Liabilities | ||
Short-term borrowings | 1,461.6 | 376.1 |
Long-term Debt, Current Maturities | 3.1 | 2.5 |
Accounts payable | 2,323.8 | 2,233.2 |
Accrued expenses | 1,864.6 | 1,389.8 |
Total Current Liabilities | 5,653.1 | 4,001.6 |
Long-term Debt, Excluding Current Maturities | 3,909.1 | 3,819.8 |
Deferred Taxes | 730.5 | 705.3 |
Post-retirement Benefits | 575.4 | 595.4 |
Other Liabilities | 2,422.2 | 2,446 |
Stanley Black & Decker, Inc. Shareowners' Equity | ||
Preferred stock, without par value: Authorized and unissued 10,000,000 shares | 750 | 750 |
Common stock, par value $2.50 per share: Authorized 300,000,000 shares in 2013 and 2012 Issued 176,906,265 shares in 2013 and 2012 | 442.3 | 442.3 |
Retained earnings | 6,549.9 | 6,219 |
Additional paid in capital | 4,641.1 | 4,621 |
Accumulated other comprehensive loss | (1,814) | (1,814.3) |
ESOP | (3.4) | (10.5) |
Stockholders' Equity Subtotal, Total | 10,565.9 | 10,207.5 |
Less: cost of common stock in treasury | (2,337.9) | (2,371.3) |
Stanley Black & Decker, Inc. Shareowners' Equity | 8,228 | 7,836.2 |
Non-controlling interests | 5.3 | 3.7 |
Total Shareowners' Equity | 8,233.3 | 7,839.9 |
Total Liabilities and Shareowners' Equity | $ 21,523.6 | $ 19,408 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 29, 2019 | Dec. 29, 2018 |
Preferred stock, shares unissued | 9,250,000 | 9,250,000 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Common Stock, Par or Stated Value Per Share | $ 2.5 | $ 2.50 |
Common stock, shares authorized | 300,000,000 | 300,000,000 |
Common stock, shares issued | 176,902,738 | 176,902,738 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 29, 2019 | Jun. 30, 2018 | Jun. 29, 2019 | Jun. 30, 2018 | |
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | $ 357.4 | $ 293.4 | $ 527.8 | $ 463.5 |
Restricted Cash and Cash Equivalents, Current | 324.9 | 403.4 | 324.9 | 403.4 |
Adjustments to reconcile net earnings to cash provided by operating activities: | ||||
Depreciation and amortization of property, plant and equipment | 93.7 | 83.2 | 187.7 | 164.5 |
Amortization of intangibles | 48 | 44.5 | 91.8 | 86.8 |
Gain (Loss) on Disposition of Business | (17.2) | 0.8 | (17.2) | 0.8 |
Income (Loss) from Equity Method Investments | (5.3) | 0 | (5.6) | 0 |
Changes in working capital | 35.9 | (185) | (580.9) | (729.3) |
Changes in other assets and liabilities | (11.5) | (38.9) | (133.9) | (137.7) |
Cash provided by operating activities | 501 | 198 | 69.7 | (151.4) |
INVESTING ACTIVITIES | ||||
Capital expenditures | (97.2) | (111.7) | (186.8) | (218) |
Proceeds from Divestiture of Businesses | (76.7) | (1.7) | (76.7) | (1.9) |
Business acquisitions, net of cash acquired | 0.2 | (505.6) | (676) | (506.8) |
Payments to Acquire Investments | (8.3) | (6.3) | (253.7) | (10.3) |
Payments for (Proceeds from) Hedge, Investing Activities | 0 | 37.8 | 3.9 | 20.3 |
Payments for (Proceeds from) Other Investing Activities | (3.6) | 0 | (3.6) | 2.9 |
Cash provided by (used in) investing activities | (32.2) | (587.5) | (1,039.5) | (713.8) |
Repayments of Long-term Debt | 0 | 0 | (400) | 0 |
Proceeds from Issuance of Long-term Debt | (0.7) | 0 | (496.2) | 0 |
FINANCING ACTIVITIES | ||||
Stock purchase contract fees | (10.1) | (10.1) | (20.2) | (20.2) |
Net short-term borrowings | (330.6) | 753.6 | 1,089.3 | 1,135.6 |
Cash dividends on common stock | (97.7) | (94.2) | (195.3) | (189.1) |
Proceeds from the issuance of common stock | 14.4 | 9.5 | 24.6 | 22.6 |
Payments for Repurchase of Other Equity | 0 | 0 | 0 | (57.3) |
Purchase of common stock for treasury | (1.1) | (201.3) | (9.2) | (212.7) |
Proceeds from (Payments for) Other Financing Activities | (4.1) | 0 | (7.1) | (5.5) |
Cash provided by (used in) financing activities | (429.9) | 457.5 | 978.3 | 673.4 |
Effect of exchange rate changes on cash and cash equivalents | 0.2 | (87.8) | 5 | (59.9) |
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 39.1 | $ (19.8) | 13.5 | $ (251.7) |
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ 310.7 | $ 310.7 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Reconciliation of Cash and Cash Equivalents - USD ($) $ in Millions | Jun. 29, 2019 | Dec. 29, 2018 |
Restricted Cash and Cash Equivalents [Abstract] | ||
Cash and Cash Equivalents, at Carrying Value | $ 310.7 | $ 288.7 |
Restricted Cash and Investments, Current | 14.2 | 22.7 |
Restricted Cash and Cash Equivalents, Current | $ 324.9 | $ 311.4 |
CONSOLIDATED STATEMENT OF SHARE
CONSOLIDATED STATEMENT OF SHAREHODER EQUITY Statement - USD ($) $ in Millions | Total | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Guaranteed E S O P Obligation [Member] | Treasury Stock [Member] | Noncontrolling Interest [Member] |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 8,305 | $ 750 | $ 442.3 | $ 4,643.2 | $ 5,998.7 | $ (1,589.1) | $ (18.8) | $ (1,924.1) | $ 2.8 |
Dividends per shares of common stock | $ 0.63 | ||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 170.1 | 170.6 | (0.5) | ||||||
Other Comprehensive Income (Loss), Net of Tax | 95.8 | 95.8 | |||||||
Dividends, Common Stock, Cash | (94.8) | (94.8) | |||||||
Stock Issued During Period, Value, Treasury Stock Reissued | (13.1) | (13) | (26.1) | ||||||
Treasury Stock, Value, Acquired, Cost Method | (11.4) | (11.4) | |||||||
Purchase Of Call Options | (57.3) | (57.3) | |||||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | 0.3 | 0.3 | |||||||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | 17.7 | 17.7 | |||||||
Stock Issued During Period, Value, Conversion of Convertible Securities | 0 | ||||||||
Employee Stock Ownership Plan And Related Tax Benefit | $ 3.3 | 3.3 | |||||||
Stock Repurchased During Period, Shares | 69,880 | ||||||||
Dividends per shares of common stock | $ 1.26 | ||||||||
Other Comprehensive Income (Loss), Net of Tax | $ (183.3) | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 8,441.8 | 750 | 442.3 | 4,590.6 | 6,074.5 | (1,493.3) | (15.5) | (1,909.4) | 2.6 |
Dividends per shares of common stock | $ 0.63 | ||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 293.4 | 293.6 | (0.2) | ||||||
Other Comprehensive Income (Loss), Net of Tax | (279.1) | (279.1) | |||||||
Dividends, Common Stock, Cash | (94.2) | (94.2) | |||||||
Stock Issued During Period, Value, Treasury Stock Reissued | (9.5) | (0.8) | (10.3) | ||||||
Treasury Stock, Value, Acquired, Cost Method | (201.3) | (201.3) | |||||||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | 16.6 | 16.6 | |||||||
Employee Stock Ownership Plan And Related Tax Benefit | $ 1.1 | 1.1 | |||||||
Stock Repurchased During Period, Shares | 1,408,563 | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 8,187.8 | 750 | 442.3 | 4,606.4 | 6,273.9 | (1,772.4) | (14.4) | (2,100.4) | 2.4 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 7,839.9 | 750 | 442.3 | 4,621 | 6,219 | (1,814.3) | (10.5) | (2,371.3) | 3.7 |
Dividends per shares of common stock | $ 0.66 | ||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 170.4 | 169.9 | 0.5 | ||||||
Other Comprehensive Income (Loss), Net of Tax | 1 | 1 | |||||||
Dividends, Common Stock, Cash | (97.6) | (97.6) | |||||||
Stock Issued During Period, Value, Treasury Stock Reissued | (10.2) | (15.2) | (25.4) | ||||||
Treasury Stock, Value, Acquired, Cost Method | (8.1) | (8.1) | |||||||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | 16.7 | 16.7 | |||||||
Employee Stock Ownership Plan And Related Tax Benefit | $ 4.2 | 4.2 | |||||||
Stock Repurchased During Period, Shares | 61,663 | ||||||||
Dividends per shares of common stock | $ 1.32 | ||||||||
Other Comprehensive Income (Loss), Net of Tax | $ 0.3 | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 7,936.7 | 750 | 442.3 | 4,622.5 | 6,291.3 | (1,813.3) | (6.3) | (2,354) | 4.2 |
Dividends per shares of common stock | $ 0.66 | ||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 357.4 | 356.3 | 1.1 | ||||||
Other Comprehensive Income (Loss), Net of Tax | (0.7) | (0.7) | |||||||
Dividends, Common Stock, Cash | (97.7) | (97.7) | |||||||
Stock Issued During Period, Value, Treasury Stock Reissued | (14.4) | (2.8) | (17.2) | ||||||
Treasury Stock, Value, Acquired, Cost Method | (1.1) | (1.1) | |||||||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | 21.4 | 21.4 | |||||||
Employee Stock Ownership Plan And Related Tax Benefit | $ 2.9 | 2.9 | |||||||
Stock Repurchased During Period, Shares | 7,461 | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 8,233.3 | $ 750 | $ 442.3 | $ 4,641.1 | $ 6,549.9 | $ (1,814) | $ (3.4) | $ (2,337.9) | $ 5.3 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 29, 2019 | |
Notes To Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (hereinafter referred to as āgenerally accepted accounting principlesā) for interim financial statements and with the instructions to Form 10-Q and Article 10 of Regulation S-X and do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation of the results of operations for the interim periods have been included and are of a normal, recurring nature. Operating results for the three and six months ended June 29, 2019 are not necessarily indicative of the results that may be expected for a full fiscal year. For further information, refer to the consolidated financial statements and footnotes included in Stanley Black & Decker, Inc.ās (the āCompanyā) Form 10-K for the year ended December 29, 2018 , and subsequent related filings with the Securities and Exchange Commission ("SEC"). In May 2019, the Company sold its Sargent & Greenleaf mechanical locks business within the Security segment. The results of this business have been reported in the Condensed Consolidated Financial Statements through the date of sale in 2019. In March 2019, the Company acquired the International Equipment Solutions Attachments businesses, Paladin and Pengo, ("IES Attachments"), a manufacturer of high quality, performance-driven heavy equipment attachment tools for off-highway applications. The IES Attachments acquisition is being accounted for as a business combination using the acquisition method of accounting. The results of IES Attachments subsequent to the date of acquisition are included in the Company's Industrial segment. In January 2019, the Company acquired a 20 percent interest in MTD Holdings Inc. ("MTD"), a privately held global manufacturer of outdoor power equipment. MTD manufactures and distributes gas-powered lawn tractors, zero turn mowers, walk behind mowers, snow throwers, trimmers, chain saws, utility vehicles and other outdoor power equipment. Under the terms of the agreement, the Company has the option to acquire the remaining 80 percent of MTD beginning on July 1, 2021 and ending on January 2, 2029. In the event the option is exercised, the companies have agreed to a valuation multiple based on MTDās 2018 Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA"), with an equitable sharing arrangement for future EBITDA growth. The Company is applying the equity method of accounting to the MTD investment. In April 2018, the Company acquired the industrial business of Nelson Fastener Systems ("Nelson") from the Doncasters Group, which excluded Nelson's automotive stud welding business. The acquisition was accounted for as a business combination using the acquisition method of accounting and the results are included in the Company's Industrial segment for all periods subsequent to the date of acquisition. Refer to Note F, Acquisitions and Investments , for further discussion of these transactions. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements. While management believes that the estimates and assumptions used in the preparation of the financial statements are appropriate, actual results could differ from these estimates. Certain amounts reported in the previous year have been reclassified to conform to the 2019 presentation. Financial Instruments Derivative financial instruments are employed to manage risks, including foreign currency, interest rate exposures and commodity prices and are not used for trading or speculative purposes. As part of the Companyās risk management program, a variety of financial instruments such as interest rate swaps, currency swaps, purchased currency options, foreign exchange contracts and commodity contracts, may be used to mitigate interest rate exposure, foreign currency exposure and commodity price exposure. The Company recognizes all derivative instruments in the balance sheet at fair value. Changes in the fair value of derivatives are recognized periodically either in earnings or in shareownersā equity as a component of other comprehensive income (loss) ("OCI"), depending on whether the derivative financial instrument is undesignated or qualifies for hedge accounting and, if so, whether it represents a fair value, cash flow, or net investment hedge. Changes in the fair value of derivatives accounted for as fair value hedges are recorded in earnings in the same caption as the changes in the fair value of the hedged items. Gains and losses on derivatives designated as cash flow hedges, to the extent they are included in the assessment of effectiveness, are recorded in OCI and subsequently reclassified to earnings to offset the impact of the hedged items when they occur. In the event it becomes probable the forecasted transaction to which a cash flow hedge relates will not occur, the derivative would be terminated and the amount in accumulated other comprehensive income (loss) would be recognized in earnings. Changes in the fair value of derivatives that are designated and qualify as a hedge of the net investment in foreign operations, to the extent they are included in the assessment of effectiveness, are reported in OCI and are deferred until disposal of the underlying assets. Gains and losses representing components excluded from the assessment of effectiveness for cash flow and fair value hedges are recognized in earnings on a straight-line basis in the same caption as the hedged item over the term of the hedge. Gains and losses representing components excluded from the assessment of effectiveness for net investment hedges are recognized in earnings on a straight-line basis in Other, net over the term of the hedge. The net interest paid or received on interest rate swaps is recognized as interest expense. Gains and losses resulting from the early termination of interest rate swap agreements are deferred and amortized as adjustments to interest expense over the remaining period of the debt originally covered by the terminated swap. Changes in the fair value of derivatives not designated as hedges are reported in Other, net in the consolidated statements of operations. Refer to Note I, Financial Instruments , for further discussion. Revenue Recognition The Companyās revenues result from the sale of goods or services and reflect the consideration to which the Company expects to be entitled. The Company records revenue based on a five-step model in accordance with Accounting Standards Codification ("ASC") 606, Revenue from Contracts with Customers ("ASC 606"). For its customer contracts, the Company identifies the performance obligations (goods or services), determines the transaction price, allocates the contract transaction price to the performance obligations, and recognizes the revenue when (or as) the performance obligation is transferred to the customer. A good or service is transferred when (or as) the customer obtains control of that good or service. The majority of the Companyās revenues are recorded at a point in time from the sale of tangible products. A portion of the Companyās revenues within the Security and Infrastructure businesses is generated from equipment leased to customers. Customer arrangements are identified as leases if they include transfer of a tangible asset which is provided to the customer in exchange for payments typically at fixed rates payable monthly, quarterly or annually. Customer leases may include terms to allow for extension of leases for a short period of time, but typically do not provide for customer termination prior to the initial term. Some customer leases include terms to allow the customer to purchase the underlying asset, which occurs occasionally, and virtually no customer leases include residual value guarantee clauses. Within the Security business, the underlying asset typically has no value at termination of the customer lease, so no residual value asset is recorded in the financial statements. For Infrastructure business leases, underlying assets are assessed for functionality at termination of the lease and, if necessary, an impairment to the leased asset value is recorded. Provisions for customer volume rebates, product returns, discounts and allowances are variable consideration and are recorded as a reduction of revenue in the same period the related sales are recorded. Such provisions are calculated using historical averages adjusted for any expected changes due to current business conditions. Consideration given to customers for cooperative advertising is recognized as a reduction of revenue except to the extent that there is a distinct good or service and evidence of the fair value of the advertising, in which case the expense is classified as selling, general, and administrative expense. The Companyās revenues can be generated from contracts with multiple performance obligations. When a sales agreement involves multiple performance obligations, each obligation is separately identified (including equipment lease obligations) and the transaction price is allocated based on the amount of consideration the Company expects to be entitled to in exchange for transferring the promised good or service to the customer. Sales of security monitoring systems may have multiple performance obligations, including equipment, installation and monitoring or maintenance services. In most instances, the Company allocates the appropriate amount of consideration to each performance obligation based on the standalone selling price ("SSP") of the distinct goods or services performance obligation. In circumstances where SSP is not observable, the Company allocates the consideration for the performance obligations by utilizing one of the following methods: expected cost plus margin, the residual approach, or a mix of these estimation methods. For performance obligations that the Company satisfies over time, revenue is recognized by consistently applying a method of measuring progress toward complete satisfaction of that performance obligation. The Company utilizes the method that most accurately depicts the progress toward completion of the performance obligation. The Companyās contract sales for the installation of security intruder systems and other construction-related projects are generally recorded under the input method. The input method recognizes revenue on the basis of the Companyās efforts or inputs to the satisfaction of a performance obligation relative to the total inputs expected to satisfy that performance obligation. Revenue recognized on security contracts in process are based upon the allocated contract price and related total inputs of the project at completion. The extent of progress toward completion is generally measured using input methods based on labor metrics. Revisions to these estimates as contracts progress have the effect of increasing or decreasing profits each period. Provisions for anticipated losses are made in the period in which they become determinable. The revenues for monitoring and monitoring-related services are recognized as services are rendered over the contractual period. The Company utilizes the output method for contract sales in the Oil & Gas product line. The output method recognizes revenue based on direct measurements of the customer value of the goods or services transferred to date relative to the remaining goods or services promised under the contract. The output method includes methods such as surveys of performance completed to date, appraisals of results achieved, milestones reached, time elapsed, and units produced or units delivered. Contract assets or liabilities result from transactions with revenue recorded over time. If the measure of remaining rights exceeds the measure of the remaining performance obligations, the Company records a contract asset. Conversely, if the measure of the remaining performance obligations exceeds the measure of the remaining rights, the Company records a contract liability. Incremental costs of obtaining or fulfilling a contract with a customer that are expected to be recovered are recognized and classified in Other current assets or Other assets, as appropriate, in the consolidated balance sheet and are typically amortized over the contract period. The Company recognizes the incremental costs of obtaining or fulfilling a contract as expense when incurred if the amortization period of the asset is one year or less. Customer billings for services not yet rendered are deferred and recognized as revenue as the services are rendered. The associated deferred revenue is included in Accrued expenses or Other liabilities, as appropriate, in the consolidated balance sheet. Refer to Note D, Accounts and Notes Receivable, for further discussion. |
New Accounting Standards
New Accounting Standards | 6 Months Ended |
Jun. 29, 2019 | |
Notes To Financial Statements [Abstract] | |
New Accounting Standards | NEW ACCOUNTING STANDARDS NEW ACCOUNTING STANDARDS ADOPTED ā In February 2018, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220) . The new guidance permits, but does not require, companies to reclassify the stranded tax effects of the Tax Cuts and Jobs Act (the āActā) on items within accumulated other comprehensive income to retained earnings. This ASU is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company adopted this standard in the first quarter of 2019 and did not elect to reclassify the stranded tax effects of the Act on items within accumulated other comprehensive income to retained earnings. The Company uses the portfolio method for releasing the stranded tax effects from accumulated other comprehensive income. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) ("new lease standard"). The objective of the new lease standard is to increase transparency and comparability among organizations by requiring recognition of all lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. In March 2019, the FASB issued ASU 2019-01, Codification Improvements, Leases (Topic 842), and in July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842, Leases , and ASU 2018-11, Targeted Improvements, Leases (Topic 842). In December 2018, the FASB issued ASU 2018-20, Leases (Topic 842): Narrow-Scope Improvements for Lessors. These ASUs provide clarification on how to apply certain aspects of the new lease standard and allow entities to initially apply the standards from the adoption date. The Company adopted these standards in the first quarter of 2019 utilizing the new transition method to apply the standards from the adoption date. The Company recorded lease liabilities and a right-of-use asset in its consolidated balance sheet upon adoption. The standards did not impact the Company's consolidated statements of operations or retained earnings. Refer to Note D, Accounts and Notes Receivable, and Note S, Commitments and Guarantees , for further discussion. RECENTLY ISSUED ACCOUNTING STANDARDS NOT YET ADOPTED ā In August 2018, the FASB issued ASU 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract . The standard aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. This ASU is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the timing of adopting the new guidance as well as the impact it may have on its consolidated financial statements. In August 2018, the FASB issued ASU 2018-14, Compensation-Retirement Benefits-Defined Benefit Plans-General (Subtopic 715-20) . The standard modifies disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. The ASU is effective for fiscal years ending after December 15, 2020. Early adoption is permitted. The Company is currently evaluating this guidance to determine the impact it may have on its consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820) . The standard modifies disclosure requirements of fair value measurements. The ASU is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the timing of adopting the new guidance as well as the impact it may have on its consolidated financial statements. In January 2017, the FASB issued ASU 2017-04, Intangibles-Goodwill and Other (Topic 350). The new standard simplifies the subsequent measurement of goodwill by eliminating the second step of the goodwill impairment test. This ASU will be applied prospectively and is effective for annual or interim goodwill impairment tests in fiscal years beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company is currently evaluating the timing of its adoption of this standard. In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326). The new standard amends guidance on reporting credit losses for assets held at amortized cost basis and available-for-sale debt securities. This ASU is effective for financial statements issued for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Company is currently evaluating this guidance to determine the impact it may have on its consolidated financial statements. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 29, 2019 | |
Notes To Financial Statements [Abstract] | |
Earnings Per Share | EARNINGS PER SHARE The following table reconciles net earnings attributable to common shareowners and the weighted-average shares outstanding used to calculate basic and diluted earnings per share for the three and six months ended June 29, 2019 and June 30, 2018 : Second Quarter Year-to-Date 2019 2018 2019 2018 Numerator (in millions): Net Earnings Attributable to Common Shareowners $ 356.3 $ 293.6 $ 526.2 $ 464.2 Denominator (in thousands): Basic weighted-average shares outstanding 148,099 149,748 147,982 150,101 Dilutive effect of stock contracts and awards 2,259 2,746 2,157 3,023 Diluted weighted-average shares outstanding 150,358 152,494 150,139 153,124 Earnings per share of common stock: Basic $ 2.41 $ 1.96 $ 3.56 $ 3.09 Diluted $ 2.37 $ 1.93 $ 3.50 $ 3.03 The following weighted-average stock options were not included in the computation of diluted shares outstanding because the effect would be anti-dilutive (in thousands): Second Quarter Year-to-Date 2019 2018 2019 2018 Number of stock options 2,274 1,161 2,300 1,162 As described in detail in Note J, Equity Arrangements , the Company issued 7,500,000 Equity Units in May 2017 with a total notional value of $750.0 million . Each unit initially consists of 750,000 shares of convertible preferred stock and forward stock purchase contracts. On and after May 15, 2020, the convertible preferred stock may be converted into common stock at the option of the holder. At the election of the Company, upon conversion, the Company may deliver cash, common stock, or a combination thereof. The conversion rate was initially 6.1627 shares of common stock per one share of convertible preferred stock, which was equivalent to an initial conversion price of approximately $162.27 per share of common stock. As of June 29, 2019 , due to the customary anti-dilution provisions, the conversion rate was 6.1859 , equivalent to a conversion price of approximately $161.66 per share of common stock. The convertible preferred stock is excluded from the denominator of the diluted earnings per share calculation on the basis that the convertible preferred stock will be settled in cash except to the extent that the conversion value of the convertible preferred stock exceeds its liquidation preference. Therefore, before any redemption or conversion, the common shares that would be required to settle the applicable conversion value in excess of the liquidation preference, if the Company elects to settle such excess in common shares, are included in the denominator of diluted earnings per share in periods in which they are dilutive. The shares related to the convertible preferred stock were anti-dilutive during 2019 and most of 2018. |
Financing Receivables
Financing Receivables | 6 Months Ended |
Jun. 29, 2019 | |
Notes To Financial Statements [Abstract] | |
Financing Receivables | (Millions of Dollars) June 29, 2019 December 29, 2018 Trade accounts receivable $ 1,636.8 $ 1,437.1 Trade notes receivable 147.8 150.0 Other accounts receivable 159.9 122.7 Gross accounts and notes receivable $ 1,944.5 $ 1,709.8 Allowance for doubtful accounts (120.6 ) (102.0 ) Accounts and notes receivable, net $ 1,823.9 $ 1,607.8 Long-term receivables, net $ 150.6 $ 153.7 Trade receivables are dispersed among a large number of retailers, distributors and industrial accounts in many countries. Adequate reserves have been established to cover anticipated credit losses. Long-term receivables, net of $150.6 million and $153.7 million at June 29, 2019 and December 29, 2018 , respectively, are reported within Other assets in the Condensed Consolidated Balance Sheets. The Company's financing receivables are predominantly related to certain security equipment leases with commercial businesses. As of June 29, 2019 , the current portion of finance receivables within Trade notes receivable approximated $78.6 million . Generally, the Company retains legal title to any equipment under lease and holds the right to repossess such equipment in an event of default. All financing receivables are interest-bearing and the Company has not classified any financing receivables as held-for-sale. Interest income earned from financing receivables that are not delinquent is recorded on the effective interest method. The Company considers any financing receivable that has not been collected within 90 days of original billing date as past-due or delinquent. The Companyās payment terms are generally consistent with the industries in which their businesses operate and typically range from 30-90 days globally. Additionally, the Company considers the credit quality of all past-due or delinquent financing receivables as nonperforming. The Company does not adjust the promised amount of consideration for the effects of a significant financing component when the period between transfer of the product and receipt of payment is less than one year. Any significant financing components for contracts greater than one year are included in revenue over time. The following is a summary of the expected timing of receipt of payments from customers on an undiscounted basis as of June 29, 2019 relating to the Companyās finance receivables and operating leases: (Millions of Dollars) Total Within 1 Year 2 Years 3 Years 4 Years 5 Years Thereafter Finance receivables $ 214.9 $ 78.6 $ 64.0 $ 41.9 $ 21.2 $ 8.9 $ 0.3 Operating leases $ 53.2 $ 50.6 $ 1.8 $ 0.6 $ 0.2 $ ā $ ā The following is a summary of lease revenue and sales-type lease profit for the three and six months ended June 29, 2019 : (Millions of Dollars) Second Quarter 2019 Year-to-Date 2019 Sales-type lease revenue $ 19.6 $ 41.5 Lease interest revenue 3.3 6.5 Operating lease revenue 37.2 73.9 Total lease revenue $ 60.1 $ 121.9 Sales-type lease profit $ 7.8 $ 16.5 In October 2018, the Company entered into a new accounts receivable sale program. According to the terms, the Company sells certain of its trade accounts receivables at fair value to a wholly owned, consolidated, bankruptcy-remote special purpose subsidiary (āBRS"). The BRS, in turn, can sell such receivables to a third-party financial institution (āPurchaserā) for cash. The Purchaserās maximum cash investment in the receivables at any time is $110.0 million . The purpose of the program is to provide liquidity to the Company. These transfers qualify as sales under ASC 860, Transfers and Servicing , and receivables are derecognized from the Companyās consolidated balance sheet when the BRS sells those receivables to the Purchaser. The Company has no retained interests in the transferred receivables, other than collection and administrative responsibilities. At June 29, 2019 , the Company did not record a servicing asset or liability related to its retained responsibility based on its assessment of the servicing fee, market values for similar transactions and its cost of servicing the receivables sold. At June 29, 2019 and December 29, 2018 , approximately $79.0 million and $100.1 million of net receivables were derecognized, respectively. Proceeds from transfers of receivables to the Purchaser totaled $129.0 million and $222.5 million and payments to the Purchaser totaled $75.9 million and $243.6 million , respectively, for the three and six months ended June 29, 2019 . Gross receivables sold to the BRS amounted to $474.0 million ( $351.1 million , net) and $860.1 million ( $660.3 million , net) for the three and six months ended June 29, 2019 , respectively. The program resulted in a pre-tax loss of $0.6 million and $2.0 million for the three and six months ended June 29, 2019 , respectively, which included service fees of $0.2 million and $0.5 million , respectively. All cash flows under the program are reported as a component of changes in working capital within operating activities in the Condensed Consolidated Statements of Cash Flows since all the cash from the Purchaser is received upon the initial sale of the receivable. As of June 29, 2019 and December 29, 2018 , the Company's deferred revenue totaled $207.7 million and $202.0 million , respectively, of which $104.8 million and $98.6 million , respectively, was classified as current. Revenue recognized for the six months ended June 29, 2019 and June 30, 2018 that was previously deferred as of December 29, 2018 and December 30, 2017 totaled $65.9 million and $66.2 million , respectively. As of June 29, 2019 , approximately $1.144 billion of revenue from long-term contracts primarily in the Security segment was unearned related to customer contracts which were not completely fulfilled and will be recognized on a decelerating basis over the next 5 years. This amount excludes any of the Company's contracts with an original expected duration of one year or less. |
Inventories
Inventories | 6 Months Ended |
Jun. 29, 2019 | |
Notes To Financial Statements [Abstract] | |
Inventories | INVENTORIES The components of Inventories, net at June 29, 2019 and December 29, 2018 are as follows: (Millions of Dollars) June 29, 2019 December 29, 2018 Finished products $ 2,068.0 $ 1,707.4 Work in process 183.9 150.8 Raw materials 611.3 515.3 Total $ 2,863.2 $ 2,373.5 As part of the IES Attachments acquisition in the first quarter of 2019, the Company acquired net inventory with an estimated fair value of $75.0 million . Refer to Note F, Acquisitions and Investments, |
Acquisitions
Acquisitions | 6 Months Ended |
Jun. 29, 2019 | |
Notes To Financial Statements [Abstract] | |
Acquisitions | ACQUISITIONS AND INVESTMENTS 2019 INVESTMENTS On January 2, 2019, the Company acquired a 20 percent interest in MTD Holdings Inc. ("MTD"), a privately held global manufacturer of outdoor power equipment, for $234 million in cash. With annual revenue of approximately $2.4 billion, MTD manufactures and distributes gas-powered lawn tractors, zero turn mowers, walk behind mowers, snow throwers, trimmers, chain saws, utility vehicles and other outdoor power equipment. Under the terms of the agreement, the Company has the option to acquire the remaining 80 percent of MTD beginning on July 1, 2021 and ending on January 2, 2029. In the event the option is exercised, the companies have agreed to a valuation multiple based on MTDās 2018 EBITDA, with an equitable sharing arrangement for future EBITDA growth. The Company is applying the equity method of accounting to the MTD investment. During 2019, the Company made additional immaterial investments that are not accounted for under the equity method. The Company acquired less than a 20 percent interest in each investment and does not have the ability to significantly influence any of the investees. 2019 ACQUISITIONS IES Attachments On March 8, 2019, the Company acquired IES Attachments for $653.0 million , net of cash acquired and an estimated working capital adjustment. IES Attachments is a manufacturer of high quality, performance-driven heavy equipment attachment tools for off-highway applications. The Company expects the acquisition to further diversify the Company's presence in the industrial markets, expand its portfolio of attachment solutions and provide a meaningful platform for continued growth. The results of IES Attachments subsequent to the date of acquisition are included in the Company's Industrial segment. The IES Attachments acquisition is being accounted for as a business combination using the acquisition method of accounting, which requires, among other things, certain assets acquired and liabilities assumed to be recognized at their fair values as of the acquisition date. The estimated acquisition date value of identifiable net assets acquired, which includes $81.7 million of working capital, $87.1 million of deferred tax liabilities, and $328.0 million of intangible assets, is $342.4 million . The related goodwill is $310.6 million . The amount allocated to intangible assets includes $304.0 million for customer relationships. The weighted-average useful life assigned to the intangible assets is 14 years. Goodwill is calculated as the excess of the consideration transferred over the net assets recognized and represents the expected cost synergies of the combined business, assembled workforce, and the going concern nature of IES Attachments. It is estimated that $2.4 million of goodwill, relating to the pre-acquisition historical tax basis of goodwill, will be deductible for tax purposes. The acquisition accounting for IES Attachments is preliminary in certain respects. During the measurement period, the Company expects to record adjustments relating to the finalization of intangible assets valuations, property, plant and equipment valuations, working capital accounts, the accounting for leases, various opening balance sheet contingencies, and various income tax matters, amongst others. A single estimate of fair value results from a complex series of judgments about future events and uncertainties and relies heavily on estimates and assumptions. The Companyās judgments used to determine the estimated fair value assigned to each class of assets acquired and liabilities assumed, as well as asset lives, can materially impact the Companyās results from operations. The Company will complete its acquisition accounting as soon as reasonably possible within the measurement period. Other 2019 Acquisitions During 2019, the Company completed two smaller acquisitions for $24.6 million , net of cash acquired. The estimated acquisition date value of the identifiable net assets acquired, which includes $5.3 million of working capital and $0.7 million for customer relationships, is $10.8 million . The related goodwill is $13.8 million . The useful life assigned to the customer relationships is 10 years. The results of these acquisitions subsequent to the dates of acquisition are included in the Company's Industrial and Security segments. The acquisition accounting for these acquisitions is preliminary in certain respects. During the measurement period, the Company expects to record adjustments relating to working capital accounts, various opening balance sheet contingencies and various income tax matters, amongst others. These adjustments are not expected to have a material impact on the Companyās consolidated financial statements. 2018 ACQUISITIONS Nelson Fasteners Systems On April 2, 2018, the Company acquired Nelson for $428.8 million , net of cash acquired and a working capital adjustment. Nelson is complementary to the Company's product offerings, enhances its presence in the general industrial end markets, expands its portfolio of highly-engineered fastening solutions, and will deliver cost synergies. The results of Nelson are included in the Industrial segment. The Nelson acquisition was accounted for as a business combination using the acquisition method of accounting. The acquisition date value of identifiable net assets acquired, which included $64.5 million of working capital and $167.0 million of intangible assets, was $212.0 million . The related goodwill was $216.8 million . The amount allocated to intangible assets included $149.0 million for customer relationships. The useful lives assigned to the intangible assets ranged from 12 to 15 years. Goodwill was calculated as the excess of the consideration transferred over the net assets recognized and represents the expected cost synergies of the combined business, assembled workforce, and the going concern nature of Nelson. Goodwill is not expected to be deductible for tax purposes. The acquisition accounting for Nelson is complete. The measurement period adjustments recorded in 2019 did not have a material impact to the Company's Condensed Consolidated Financial Statements. Other 2018 Acquisitions During 2018, the Company completed six smaller acquisitions for a total purchase price of $105.1 million , net of cash acquired. The estimated acquisition date value of the identifiable net assets acquired, which includes $13.4 million of working capital and $35.5 million of intangible assets, is $38.1 million . The related goodwill is $67.0 million . The amount allocated to intangible assets includes $32.0 million for customer relationships. The useful lives assigned to intangible assets range from 10 to 14 years. The acquisition accounting for these acquisitions is substantially complete with the exception of certain minor items and will be completed within the measurement period. These adjustments are not expected to have a material impact on the Companyās consolidated financial statements. ACTUAL AND PRO-FORMA IMPACT OF THE ACQUISTIONS Actual Impact from Acquisitions The net sales and net earnings (loss) from 2019 acquisitions included in the Company's Consolidated Statements of Operations and Comprehensive Income for the three and six months ended June 29, 2019 are shown in the table below. The net earnings (loss) includes amortization relating to intangible assets recorded upon acquisition, inventory step-up charges, transaction costs, and other integration-related costs. (Millions of Dollars) Second Quarter 2019 Year-to-Date 2019 Net sales $ 102.9 $ 129.2 Net earnings (loss) attributable to common shareowners $ 0.4 $ (8.0 ) Pro-forma Impact from Acquisitions The following table presents supplemental pro-forma information as if the 2019 acquisitions had occurred on December 31, 2017 and the 2018 acquisitions had occurred on January 1, 2017. The pro-forma consolidated results are not necessarily indicative of what the Companyās consolidated net sales and net earnings would have been had the Company completed the acquisitions on the aforementioned dates. In addition, the pro-forma consolidated results do not purport to project the future results of the Company. Second Quarter Year-to-Date (Millions of Dollars, except per share amounts) 2019 2018 2019 2018 Net sales $ 3,761.3 $ 3,748.0 $ 7,171.0 $ 7,123.4 Net earnings attributable to common shareowners $ 363.0 $ 307.6 $ 545.4 $ 470.2 Diluted earnings per share $ 2.41 $ 2.02 $ 3.63 $ 3.07 2019 Pro-forma Results The 2019 pro-forma results were calculated by combining the results of Stanley Black & Decker with the stand-alone results of the 2019 acquisitions for their respective pre-acquisition periods. Accordingly the following adjustments were made: ā¢ Elimination of the historical pre-acquisition intangible asset amortization expense and the addition of intangible asset amortization expense related to intangibles valued as part of the acquisition accounting that would have been incurred from December 30, 2018 to the acquisition dates. ā¢ Additional depreciation expense for the property, plant, and equipment fair value adjustments that would have been incurred from December 30, 2018 to the acquisition date of IES Attachments. ā¢ Because the 2019 acquisitions were assumed to occur on December 31, 2017, there were no acquisition-related costs or inventory step-up charges factored into the 2019 pro-forma period, as such expenses would have occurred in the first year following the assumed acquisition date. 2018 Pro-forma Results The 2018 pro-forma results were calculated by combining the results of Stanley Black & Decker with the stand-alone results of the 2018 and 2019 acquisitions for their respective pre-acquisition periods. Accordingly the following adjustments were made: ā¢ Elimination of the historical pre-acquisition intangible asset amortization expense and the addition of intangible asset amortization expense related to intangibles valued as part of the acquisition accounting that would have been incurred from December 31, 2017 to the acquisition dates for the 2018 acquisitions and from December 31, 2017 to June 30, 2018 for the 2019 acquisitions. ā¢ Depreciation expense for the property, plant, and equipment fair value adjustments that would have been incurred from December 31, 2017 to the acquisition date of Nelson and from December 31, 2017 to June 30, 2018 for IES Attachments. ā¢ Additional expense for acquisition-related costs and inventory step-up charges relating to the 2019 acquisitions, as such expenses would have been incurred from December 31, 2017 to June 30, 2018. ā¢ Because the 2018 acquisitions were assumed to occur on January 1, 2017, there were no acquisition-related costs or inventory step-up charges factored into the 2018 pro-forma period, as such expenses would have occurred in the first year following the assumed acquisition date. |
Goodwill
Goodwill | 6 Months Ended |
Jun. 29, 2019 | |
Notes To Financial Statements [Abstract] | |
Goodwill | GOODWILL Changes in the carrying amount of goodwill by segment are as follows: (Millions of Dollars) Tools & Storage Industrial Security Total Balance December 29, 2018 $ 5,154.3 $ 1,679.7 $ 2,122.7 $ 8,956.7 Acquisition adjustments (0.7 ) 320.9 1.4 321.6 Foreign currency translation and other 3.9 2.6 (40.8 ) (34.3 ) Balance June 29, 2019 $ 5,157.5 $ 2,003.2 $ 2,083.3 $ 9,244.0 In accordance with ASC 350, Intangibles - Goodwill and Other , a portion of the goodwill associated with the Security segment was allocated to the aforementioned Sargent & Greenleaf divestiture based on the relative fair value of the business disposed of and the portion of the reporting unit that was retained. Accordingly, goodwill for the Security segment was reduced by $33.8 million and included in the gain on sale of Sargent & Greenleaf in the second quarter of 2019. Refer to Note T, Divestitures |
Long-Term Debt and Financing Ar
Long-Term Debt and Financing Arrangements | 6 Months Ended |
Jun. 29, 2019 | |
Notes To Financial Statements [Abstract] | |
Long-Term Debt and Financing Arrangements | LONG-TERM DEBT AND FINANCING ARRANGEMENTS Long-term debt and financing arrangements at June 29, 2019 and December 29, 2018 are as follows: June 29, 2019 December 29, 2018 (Millions of Dollars) Interest Rate Original Notional Unamortized Discount Unamortized Gain/(Loss) Terminated Swaps 1 Purchase Accounting FV Adjustment Deferred Financing Fees Carrying Value Carrying Value 2 Notes payable due 2021 3.40% $ 400.0 $ (0.1 ) $ 8.4 $ ā $ (0.8 ) $ 407.5 $ 409.1 Notes payable due 2022 2.90% 754.3 (0.2 ) ā ā (2.1 ) 752.0 751.6 Notes payable due 2026 3.40% 500.0 (0.7 ) ā ā (3.1 ) 496.2 ā Notes payable due 2028 7.05% 150.0 ā 9.8 9.6 ā 169.4 170.4 Notes payable due 2028 4.25% 500.0 (0.3 ) ā ā (4.2 ) 495.5 495.7 Notes payable due 2040 5.20% 400.0 (0.2 ) (31.2 ) ā (2.9 ) 365.7 364.9 Notes payable due 2048 4.85% 500.0 (0.5 ) ā ā (5.5 ) 494.0 494.4 Notes payable due 2052 (junior subordinated) 5.75% 750.0 ā ā ā (18.1 ) 731.9 731.6 Notes payable due 2053 (junior subordinated) 7.08% ā ā ā ā ā ā 396.7 Other, payable in varying amounts through 2022 0.00% - 4.50% ā ā ā ā ā ā 7.9 Total long-term debt, including current maturities $ 3,954.3 $ (2.0 ) $ (13.0 ) $ 9.6 $ (36.7 ) $ 3,912.2 $ 3,822.3 Less: Current maturities of long-term debt (3.1 ) (2.5 ) Long-term debt $ 3,909.1 $ 3,819.8 1 Unamortized gain/(loss) associated with interest rate swaps are more fully discussed in Note I, Financial Instruments. 2 Finance lease balances as of December 29, 2018 have been reclassified to lease liabilities in accordance with the adoption of the new lease standard in the first quarter of 2019. Refer to Note B, New Accounting Standards . In March 2019, the Company issued $500.0 million of senior unsecured notes, maturing on March 1, 2026 ("2026 Term Notes"). The 2026 Term Notes will accrue interest at a fixed rate of 3.40% per annum with interest payable semi-annually in arrears. The 2026 Term Notes rank equally in right of payment with all of the Company's existing and future unsecured and unsubordinated debt. The Company received net cash proceeds of $496.2 million which reflects the notional amount offset by a discount, underwriting expenses, and other fees associated with the transaction. The Company used the net proceeds from the offering for general corporate purposes, including repayment of other borrowings. In February 2019, the Company redeemed all of the outstanding 2053 Junior Subordinated Debentures for $405.7 million representing 100% of the principal amount plus accrued and unpaid interest. The Company recognized a net pre-tax loss of $3.2 million from the redemption, which was comprised of a $7.8 million loss related to the write-off of deferred financing fees partially offset by a $4.6 million gain relating to an unamortized terminated interest rate swap as described in more detail in Note I, Financial Instruments. The Company has a $3.0 billion commercial paper program which includes Euro denominated borrowings in addition to U.S. Dollars. As of June 29, 2019 , the Company had $1,454.2 million of borrowings outstanding, of which approximately $909.5 million in Euro denominated commercial paper was designated as a Net Investment Hedge. As of December 29, 2018 , the Company had $373.0 million of borrowings outstanding, of which approximately $228.9 million in Euro denominated commercial paper was designated as a Net Investment Hedge. Refer to Note I, Financial Instruments, for further discussion. The Company has a five-year $2.0 billion committed credit facility (the ā5 Year Credit Agreementā). Borrowings under the 5 Year Credit Agreement may be made in U.S. Dollars, Euros or Pounds Sterling. A sub-limit amount of $653.3 million is designated for swing line advances which may be drawn in Euros pursuant to the terms of the 5 Year Credit Agreement. Borrowings bear interest at a floating rate plus an applicable margin dependent upon the denomination of the borrowing and specific terms of the 5 Year Credit Agreement. The Company must repay all advances under the 5 Year Credit Agreement by the earlier of September 12, 2023 or upon termination. The 5 Year Credit Agreement is designated to be a liquidity back-stop for the Company's $3.0 billion U.S. Dollar and Euro commercial paper program. As of June 29, 2019 , and December 29, 2018 , the Company had not drawn on its five-year committed credit facility. The Company has a 364-Day $1.0 billion committed credit facility (the ā364 Day Credit Agreementā). Borrowings under the 364 Day Credit Agreement may be made in U.S. Dollars or Euros and bear interest at a floating rate plus an applicable margin dependent upon the denomination of the borrowing and pursuant to the terms of the 364 Day Credit Agreement. The Company must repay all advances under the 364 Day Credit Agreement by the earlier of September 11, 2019 or upon termination. The Company may, however, convert all advances outstanding upon termination into a term loan that shall be repaid in full no later than the first anniversary of the termination date provided that the Company, among other things, pays a fee to the administrative agent for the account of each lender. The 364 Day Credit Agreement serves as a liquidity back-stop for the Companyās $3.0 billion U.S. Dollar and Euro commercial paper program. As of June 29, 2019 , and December 29, 2018 , the Company had not drawn on its 364-Day committed credit facility . |
Financial Instruments
Financial Instruments | 6 Months Ended |
Jun. 29, 2019 | |
Notes To Financial Statements [Abstract] | |
Financial Instruments | FINANCIAL INSTRUMENTS The Company is exposed to market risk from changes in foreign currency exchange rates, interest rates, stock prices and commodity prices. As part of the Companyās risk management program, a variety of financial instruments such as interest rate swaps, currency swaps, purchased currency options, foreign exchange contracts and commodity contracts, may be used to mitigate interest rate exposure, foreign currency exposure and commodity price exposure. If the Company elects to do so and if the instrument meets the criteria specified in ASC 815, Derivatives and Hedging , management designates its derivative instruments as cash flow hedges, fair value hedges or net investment hedges. Generally, commodity price exposures are not hedged with derivative financial instruments and instead are actively managed through customer pricing initiatives, procurement-driven cost reduction initiatives and other productivity improvement projects. Financial instruments are not utilized for speculative purposes. A summary of the fair values of the Companyās derivatives recorded in the Condensed Consolidated Balance Sheets at June 29, 2019 and December 29, 2018 is as follows: (Millions of Dollars) Balance Sheet June 29, 2019 December 29, 2018 Balance Sheet June 29, 2019 December 29, 2018 Derivatives designated as hedging instruments: Interest Rate Contracts Cash Flow LT other assets $ ā $ ā LT other liabilities $ 28.4 $ ā Foreign Exchange Contracts Cash Flow Other current assets 10.5 18.1 Accrued expenses 1.4 0.6 LT other assets 0.8 ā LT other liabilities 0.6 ā Net Investment Hedge Other current assets 34.0 5.7 Accrued expenses 8.1 1.5 LT other assets ā ā LT other liabilities 12.4 13.8 Non-derivative designated as hedging instrument: Net Investment Hedge ā ā Short-term borrowings 909.5 228.9 Total designated as hedging $ 45.3 $ 23.8 $ 960.4 $ 244.8 Derivatives not designated as hedging instruments: Foreign Exchange Contracts Other current assets $ 6.7 $ 9.1 Accrued expenses $ 8.0 $ 5.4 Total $ 52.0 $ 32.9 $ 968.4 $ 250.2 The counterparties to all of the above mentioned financial instruments are major international financial institutions. The Company is exposed to credit risk for net exchanges under these agreements, but not for the notional amounts. The credit risk is limited to the asset amounts noted above. The Company limits its exposure and concentration of risk by contracting with diverse financial institutions and does not anticipate non-performance by any of its counterparties. Further, as more fully discussed in Note M, Fair Value Measurements , the Company considers non-performance risk of its counterparties at each reporting period and adjusts the carrying value of these assets accordingly. The risk of default is considered remote. During the six months ended June 29, 2019 and June 30, 2018 , cash flows related to derivatives, including those that are separately discussed below, resulted in net cash received of $22.3 million and $23.5 million , respectively. CASH FLOW HEDGES There were after-tax mark-to-market losses of $44.8 million and $26.8 million as of June 29, 2019 and December 29, 2018 , respectively, reported for cash flow hedge effectiveness in Accumulated other comprehensive loss. An after-tax loss of $1.5 million is expected to be reclassified to earnings as the hedged transactions occur or as amounts are amortized within the next twelve months. The ultimate amount recognized will vary based on fluctuations of the hedged currencies and interest rates through the maturity dates. The tables below detail pre-tax amounts of derivatives designated as cash flow hedges in Accumulated other comprehensive loss during the periods in which the underlying hedged transactions affected earnings for the three and six months ended June 29, 2019 and June 30, 2018 : Second Quarter 2019 (Millions of dollars) Gain (Loss) Classification of Gain (Loss) Gain (Loss) Interest Rate Contracts $ (17.5 ) Interest expense $ (4.1 ) $ ā Foreign Exchange Contracts $ (2.5 ) Cost of sales $ 2.7 $ ā Year-to-Date 2019 (Millions of Dollars) Gain (Loss) Classification of Gain (Loss) Gain (Loss) Interest Rate Contracts $ (28.4 ) Interest expense $ (8.1 ) $ ā Foreign Exchange Contracts $ 4.5 Cost of sales $ 2.5 $ ā Second Quarter 2018 (Millions of dollars) Gain (Loss) Classification of Gain (Loss) Gain (Loss) Interest Rate Contracts $ 3.8 Interest expense $ (3.8 ) $ ā Foreign Exchange Contracts $ 29.7 Cost of sales $ (9.2 ) $ ā Year-to-Date 2018 (Millions of Dollars) Gain (Loss) Classification of Gain (Loss) Gain (Loss) Interest Rate Contracts $ 21.8 Interest expense $ (7.6 ) $ ā Foreign Exchange Contracts $ 23.0 Cost of sales $ (12.0 ) $ ā A summary of the pre-tax effect of cash flow hedge accounting on the Consolidated Statements of Operations and Comprehensive Income for the three and six months ended June 29, 2019 and June 30, 2018 is as follows: Second Quarter 2019 Year-to-Date 2019 (Millions of Dollars) Cost of Sales Interest Expense Cost of Sales Interest Expense Total amount in the Consolidated Statements of Operations and Comprehensive Income in which the effects of the cash flow hedges are recorded $ 2,461.5 $ 72.4 $ 4,689.5 $ 146.8 Gain (loss) on cash flow hedging relationships: Foreign Exchange Contracts: Hedged Items $ (2.7 ) $ ā $ (2.5 ) $ ā Gain (loss) reclassified from OCI into Income $ 2.7 $ ā $ 2.5 $ ā Interest Rate Swap Agreements: Gain (loss) reclassified from OCI into Income 1 $ ā $ (4.1 ) $ ā $ (8.1 ) Second Quarter 2018 Year-to-Date 2018 (Millions of Dollars) Cost of Sales Interest Expense Cost of Sales Interest Expense Total amount in the Consolidated Statements of Operations and Comprehensive Income in which the effects of the cash flow hedges are recorded $ 2,356.5 $ 69.0 $ 4,400.1 $ 132.2 Gain (loss) on cash flow hedging relationships: Foreign Exchange Contracts: Hedged Items $ 9.2 $ ā $ 12.0 $ ā Gain (loss) reclassified from OCI into Income $ (9.2 ) $ ā $ (12.0 ) $ ā Interest Rate Swap Agreements: Gain (loss) reclassified from OCI into Income 1 $ ā $ (3.8 ) $ ā $ (7.6 ) 1 Inclusive of the gain/loss amortization on terminated derivative financial instruments. An after-tax loss of $1.1 million and $7.1 million was reclassified from Accumulated other comprehensive loss into earnings (inclusive of the gain/loss amortization on terminated derivative instruments) for the three months ended June 29, 2019 and June 30, 2018 , respectively. An after-tax loss of $3.2 million and $11.7 million was reclassified from Accumulated other comprehensive loss into earnings (inclusive of the gain/loss amortization on terminated derivative instruments) for the six months ended June 29, 2019 and June 30, 2018 , respectively, during the periods in which the underlying hedged transactions affected earnings. Interest Rate Contracts : The Company enters into interest rate swap agreements in order to obtain the lowest cost source of funds within a targeted range of variable to fixed-debt proportions. During the six months ended June 29, 2019 , the Company entered into forward starting interest rate swaps totaling $650.0 million to offset the expected variability on future interest rate payments associated with debt instruments expected to be issued in the future. During the six months ended June 29, 2019 , swaps with a notional amount of $250.0 million matured resulting in a loss of $1.0 million , which was recorded in Accumulated other comprehensive loss and will be amortized to earnings as interest expense over future periods. The cash flows stemming from the maturity of such interest rate swaps designated as cash flow hedges are presented within other financing activities in the Condensed Consolidated Statements of Cash Flows. As of June 29, 2019 , the Company had $400.0 million of forward starting swaps outstanding. As of December 29, 2018, there were no active forward starting swaps designated as cash flow hedges. Foreign Currency Contracts Forward Contracts: Through its global businesses, the Company enters into transactions and makes investments denominated in multiple currencies that give rise to foreign currency risk. The Company and its subsidiaries regularly purchase inventory from subsidiaries with functional currencies different than their own, which creates currency-related volatility in the Companyās results of operations. The Company utilizes forward contracts to hedge these forecasted purchases and sales of inventory. Gains and losses reclassified from Accumulated other comprehensive loss are recorded in Cost of sales as the hedged item affects earnings. There are no components excluded from the assessment of effectiveness for these contracts. At June 29, 2019 and December 29, 2018 , the notional value of forward currency contracts outstanding was $618.3 million maturing on various dates through 2020 and $240.0 million maturing on various dates through 2019, respectively. Purchased Option Contracts: The Company and its subsidiaries have entered into various intercompany transactions whereby the notional values are denominated in currencies other than the functional currencies of the party executing the trade. In order to better match the cash flows of its intercompany obligations with cash flows from operations, the Company enters into purchased option contracts. Gains and losses reclassified from Accumulated other comprehensive loss are recorded in Cost of sales as the hedged item affects earnings. There are no components excluded from the assessment of effectiveness for these contracts. As of June 29, 2019 and December 29, 2018 , the notional value of purchased option contracts was $166.0 million maturing on various dates through 2020 and $370.0 million maturing on various dates through 2019, respectively. FAIR VALUE HEDGES Interest Rate Risk: In an effort to optimize the mix of fixed versus floating rate debt in the Companyās capital structure, the Company enters into interest rate swaps. In prior years, the Company entered into interest rate swaps related to certain of its notes payable which were subsequently terminated. Amortization of the gain/loss on previously terminated swaps is reported as a reduction of interest expense. Prior to termination, the changes in the fair value of the swaps and the offsetting changes in fair value related to the underlying notes were recognized in earnings. As of June 29, 2019 and December 29, 2018 , the Company did not have any active fair value interest rate swaps. A summary of the pre-tax effect of fair value hedge accounting on the Consolidated Statements of Operations and Comprehensive Income for the three and six months ended June 29, 2019 is as follows: (Millions of Dollars) Second Quarter 2019 Interest Expense Year-to-Date 2019 Total amount in the Consolidated Statements of Operations and Comprehensive Income in which the effects of the fair value hedges are recorded $ 72.4 $ 146.8 Amortization of gain on terminated swaps $ (0.7 ) $ (6.1 ) (Millions of Dollars) Second Quarter 2018 Interest Expense Year-to-Date 2018 Total amount in the Consolidated Statements of Operations and Comprehensive Income in which the effects of the fair value hedges are recorded $ 69.0 $ 132.2 Amortization of gain on terminated swaps $ (0.8 ) $ (1.6 ) In February 2019, the Company redeemed all of the outstanding 2053 Junior Subordinated Debentures as discussed in Note H, Long-Term Debt and Financing Arrangements . As a result, the Company recorded a pre-tax gain of $4.6 million relating to the remaining unamortized gain on swap termination related to this debt. A summary of the amounts recorded in the Condensed Consolidated Balance Sheets related to cumulative basis adjustments for fair value hedges as of June 29, 2019 and December 29, 2018 is as follows: June 29, 2019 (Millions of Dollars) Carrying Amount of Hedged Liability (1) Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Liability Current Maturities of Long-Term Debt $ 3.1 Terminated Swaps $ 3.1 Long-Term Debt $ 3,909.1 Terminated Swaps $ (16.0 ) December 29, 2018 (Millions of Dollars) Carrying Amount of Hedged Liability (1) Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Liability Current Maturities of Long-Term Debt $ 2.5 Terminated Swaps $ 2.1 Long-Term Debt $ 3,819.8 Terminated Swaps $ (10.0 ) (1) Represents hedged items no longer designated in qualifying fair value hedging relationships. NET INVESTMENT HEDGES The Company utilizes net investment hedges to offset the translation adjustment arising from re-measurement of its investment in the assets and liabilities of its foreign subsidiaries. The total after-tax amounts in Accumulated other comprehensive loss were gains of $72.2 million and $63.3 million at June 29, 2019 and December 29, 2018 , respectively. As of June 29, 2019 , the Company had foreign exchange forward contracts maturing on various dates in 2019 with notional values totaling $326.1 million outstanding hedging a portion of its British pound sterling, Swedish krona, and Euro denominated net investments; cross currency swaps with notional values totaling $1.5 billion maturing on various dates through 2023 hedging a portion of its Japanese yen, Euro, Swedish krona and Swiss franc denominated net investments; an option contract with a notional value totaling $35.1 million maturing in 2019 hedging a portion of its Mexican peso denominated net investment; and Euro denominated commercial paper with a value of $909.5 million maturing in 2019 hedging a portion of its Euro denominated net investments. As of December 29, 2018 , the Company had foreign exchange contracts maturing on various dates through 2019 with notional values totaling $262.4 million outstanding hedging a portion of its British pound sterling, Swedish krona and Euro denominated net investments; a cross currency swap with a notional value totaling $250.0 million maturing in 2023 hedging a portion of its Japanese yen denominated net investment; an option contract with a notional value totaling $35.1 million maturing in 2019 hedging a portion of its Mexican peso denominated net investment; and Euro denominated commercial paper with a value of $228.9 million maturing in 2019 hedging a portion of its Euro denominated net investments. Maturing foreign exchange contracts resulted in net cash received of $3.9 million and $20.3 million for the six months ended June 29, 2019 and June 30, 2018 , respectively. Gains and losses on net investment hedges remain in Accumulated other comprehensive income (loss) until disposal of the underlying assets. Gains and losses representing components excluded from the assessment of effectiveness are recognized in earnings in Other, net on a straight-line basis over the term of the hedge. The pre-tax gain or loss from fair value changes for the three and six months ended June 29, 2019 and June 30, 2018 was as follows: Second Quarter 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 $ 7.4 $ ā Other, net $ 1.3 $ 1.3 Cross Currency Swap $ (2.4 ) $ 10.6 Other, net $ 6.8 $ 6.8 Option Contracts $ (1.1 ) $ ā Other, net $ ā $ ā Non-derivative designated as Net Investment Hedge $ (11.4 ) $ ā Other, net $ ā $ ā Year-to-Date 2019 (Millions of Dollars) Total Gain (Loss) Recorded in OCI Excluded Component Recorded in OCI Income Statement Classification Total Gain (Loss) Reclassified from OCI to Income Excluded Component Amortized from OCI to Income Forward Contracts $ 6.2 $ 4.2 Other, net $ 2.3 $ 2.3 Cross Currency Swap $ 23.5 $ 24.0 Other, net $ 14.5 $ 14.5 Option Contracts $ (2.1 ) $ ā Other, net $ ā $ ā Non-derivative designated as Net Investment Hedge $ 4.2 $ ā Other, net $ ā $ ā Second Quarter 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 $ 48.7 $ 2.3 Other, net $ 2.3 $ 2.3 Cross Currency Swap $ 1.4 $ 1.4 Other, net $ 1.7 $ 1.7 Option Contracts $ 2.6 $ ā Other, net $ ā $ ā Non-derivative designated as Net Investment Hedge $ 51.5 $ ā Other, net $ ā $ ā Year-to-Date 2018 (Millions of Dollars) Total Gain (Loss) Recorded in OCI Excluded Component Recorded in OCI Income Statement Classification Total Gain (Loss) Reclassified from OCI to Income Excluded Component Amortized from OCI to Income Forward Contracts $ 22.2 $ 6.2 Other, net $ 4.1 $ 4.1 Cross Currency Swap $ 2.9 $ 8.3 Other, net $ 3.4 $ 3.4 Option Contracts $ (0.9 ) $ ā Other, net $ ā $ ā Non-derivative designated as Net Investment Hedge $ 38.9 $ ā Other, net $ ā $ ā UNDESIGNATED HEDGES Foreign Exchange Contracts: Foreign exchange forward contracts are used to reduce risks arising from the change in fair value of certain foreign currency denominated assets and liabilities (such as affiliate loans, payables and receivables). The objective is to minimize the impact of foreign currency fluctuations on operating results. The total notional amount of the forward contracts outstanding at June 29, 2019 was $1.0 billion , maturing on various dates through 2019. The total notional amount of the forward contracts outstanding at December 29, 2018 was $1.0 billion , maturing on various dates through 2019. The gain (loss) recorded in income from changes in the fair value related to derivatives not designated as hedging instruments under ASC 815 for the three and six months ended June 29, 2019 and June 30, 2018 are as follows: (Millions of Dollars) Income Statement Classification Second Quarter Year-to-Date Second Quarter Year-to-Date Foreign Exchange Contracts Other, net $ (3.6 ) $ (1.3 ) $ (2.2 ) $ 14.9 |
Equity Arrangements
Equity Arrangements | 6 Months Ended |
Jun. 29, 2019 | |
Notes To Financial Statements [Abstract] | |
Equity Arrangements | EQUITY ARRANGEMENTS In April 2018, the Company repurchased 1,399,732 shares of common stock for approximately $200.0 million . In July 2018, the Company repurchased 2,086,792 shares of common stock for approximately $300.0 million . In March 2018, the Company purchased from a financial institution āat-the-moneyā capped call options with an approximate term of three years, on 3.2 million shares of its common stock (subject to customary anti-dilution adjustments) for an aggregate premium of $57.3 million , or an average of $17.96 per share. The premium paid was recorded as a reduction of Shareownersā equity. The purpose of the capped call options is to hedge the risk of stock price appreciation between the lower and upper strike prices of the capped call options for a future share repurchase. The capped call had an initial lower strike price of $156.86 and an upper strike price of $203.92 , which was approximately 30% higher than the closing price of the Company's common stock on March 13, 2018. As of June 29, 2019 , due to the customary anti-dilution provisions, the capped call transactions had an adjusted lower strike price of $156.72 and an adjusted upper strike price of $203.74 . The aggregate fair value of the options at June 29, 2019 was $35.5 million . The capped call transactions may be settled by net share settlement (the default settlement method) or, at the Companyās option and subject to certain conditions, cash settlement, physical settlement or modified physical settlement. The number of shares the Company will receive will be determined by the terms of the contracts using a volume-weighted-average price calculation for the market value of the Company's common stock, over an averaging period. The market value determined will then be measured against the applicable strike price of the capped call transactions. In March 2015, the Company entered into a forward share purchase contract with a financial counterparty for 3,645,510 shares of common stock. The contract obligates the Company to pay $350.0 million , plus an additional amount related to the forward component of the contract. In June 2018, the Company amended the settlement date to April 2021 , or earlier at the Company's option. The reduction of common shares outstanding was recorded at the inception of the forward share purchase contract in March 2015 and factored into the calculation of weighted-average shares outstanding at that time. $750 Million Equity Units and Capped Call Transactions In May 2017, the Company issued 7,500,000 Equity Units with a total notional value of $750.0 million (ā$750 million Equity Unitsā). Each unit has a stated amount of $100 and initially consists of a three-year forward stock purchase contract (ā2020 Purchase Contractsā) for the purchase of a variable number of shares of common stock, on May 15, 2020, for a price of $100 , and a 10% beneficial ownership interest in one share of 0% Series C Cumulative Perpetual Convertible Preferred Stock, without par, with a liquidation preference of $1,000 per share (āSeries C Preferred Stockā). The Company received approximately $726.0 million in net cash proceeds from the $750 million Equity Units net of offering expenses and underwriting costs and commissions, and issued 750,000 shares of Series C Preferred Stock, recording $750.0 million in preferred stock. The proceeds were used for general corporate purposes, including repayment of short-term borrowings. The Company also used $25.1 million of the proceeds to enter into capped call transactions utilized to hedge potential economic dilution as described in more detail below. Convertible Preferred Stock In May 2017, the Company issued 750,000 shares of Series C Preferred Stock, without par, with a liquidation preference of $1,000 per share. The convertible preferred stock will initially not bear any dividends and the liquidation preference of the convertible preferred stock will not accrete. The convertible preferred stock has no maturity date, and will remain outstanding unless converted by holders or redeemed by the Company. Holders of shares of the convertible preferred stock will generally have no voting rights. The Series C Preferred Stock is pledged as collateral to support holdersā purchase obligations under the 2020 Purchase Contracts and can be remarketed. In connection with any successful remarketing, the Company may (but is not required to) modify certain terms of the convertible preferred stock, including the dividend rate, the conversion rate, and the earliest redemption date. After any successful remarketing in connection with which the dividend rate on the convertible preferred stock is increased, the Company will pay cumulative dividends on the convertible preferred stock, if declared by the board of directors, quarterly in arrears from the applicable remarketing settlement date. On and after May 15, 2020, the Series C Preferred Stock may be converted into common stock at the option of the holder. The initial conversion rate was 6.1627 shares of common stock per one share of Series C Preferred Stock, which was equivalent to an initial conversion price of approximately $162.27 per share of common stock. As of June 29, 2019 , due to the customary anti-dilution provisions, the conversion rate was 6.1859 , equivalent to a conversion price of approximately $161.66 per share of common stock. At the election of the Company, upon conversion, the Company may deliver cash, common stock, or a combination thereof. The Company may not redeem the Series C Preferred Stock prior to June 22, 2020. At the election of the Company, on or after June 22, 2020, the Company may redeem for cash, all or any portion of the outstanding shares of the Series C Preferred Stock at a redemption price equal to 100% of the liquidation preference, plus any accumulated and unpaid dividends. If the Company calls the Series C Preferred Stock for redemption, holders may convert their shares immediately preceding the redemption date. 2020 Purchase Contracts The 2020 Purchase Contracts obligate the holders to purchase, on May 15, 2020, for a price of $100 in cash, a maximum number of 5.5 million shares of the Companyās common stock (subject to customary anti-dilution adjustments). The 2020 Purchase Contract holders may elect to settle their obligation early, in cash. The Series C Preferred Stock is pledged as collateral to guarantee the holdersā obligations to purchase common stock under the terms of the 2020 Purchase Contracts. The initial settlement rate determining the number of shares that each holder must purchase will not exceed the maximum settlement rate, and is determined over a market value averaging period immediately preceding May 15, 2020. The initial maximum settlement rate of 0.7241 was calculated using an initial reference price of $138.10 , equal to the last reported sale price of the Company's common stock on May 11, 2017. As of June 29, 2019 , due to the customary anti-dilution provisions, the maximum settlement rate was 0.7268 , equivalent to a reference price of $137.59 . If the applicable market value of the Company's common stock is less than or equal to the reference price, the settlement rate will be the maximum settlement rate; and if the applicable market value of common stock is greater than the reference price, the settlement rate will be a number of shares of the Company's common stock equal to $100 divided by the applicable market value. Upon settlement of the 2020 Purchase Contracts, the Company will receive additional cash proceeds of $750 million . The Company will pay the holders of the 2020 Purchase Contracts quarterly payments ("Contracts Adjustment Payments") at a rate of 5.375% per annum, payable quarterly in arrears on February 15, May 15, August 15 and November 15, which commenced August 15, 2017. The $117.1 million present value of the Contract Adjustment Payments reduced Shareownersā Equity at inception. As each quarterly Contract Adjustment Payment is made, the related liability is reduced and the difference between the cash payments and the present value will accrete to interest expense, approximately $1.3 million per year over the three-year term. As of June 29, 2019 , the present value of the Contract Adjustment Payments was $39.2 million . The holders can settle the purchase contracts early, for cash, subject to certain exceptions and conditions in the prospectus supplement. Upon early settlement of any purchase contracts, the Company will deliver the number of shares of its common stock equal to 85% of the number of shares of common stock that would have otherwise been deliverable. Capped Call Transactions In order to offset the potential economic dilution associated with the common shares issuable upon conversion of the Series C Preferred Stock, to the extent that the conversion value of the convertible preferred stock exceeds its liquidation preference, the Company entered into capped call transactions with three major financial institutions (the "counterparties"). The capped call transactions have a term of approximately three years and are intended to cover the number of shares issuable upon conversion of the Series C Preferred Stock. Subject to customary anti-dilution adjustments, the capped call had an initial lower strike price of $162.27 , which corresponds to the minimum 6.1627 settlement rate of the Series C Preferred Stock, and an upper strike price of $179.53 , which is approximately 30% higher than the closing price of the Company's common stock on May 11, 2017. As of June 29, 2019 , due to the customary anti-dilution provisions, the capped call transactions had an adjusted lower strike price of $161.66 and an adjusted upper strike price of $178.85 . The capped call transactions may be settled by net share settlement (the default settlement method) or, at the Companyās option and subject to certain conditions, cash settlement, physical settlement or modified physical settlement. The number of shares the Company will receive will be determined by the terms of the contracts using a volume-weighted-average price calculation for the market value of the Company's common stock, over an averaging period. The market value determined will then be measured against the applicable strike price of the capped call transactions. The Company expects the capped call transactions to offset the potential dilution upon conversion of the Series C Preferred Stock if the calculated market value is greater than the lower strike price but less than or equal to the upper strike price of the capped call transactions. Should the calculated market value exceed the upper strike price of the capped call transactions, the dilution mitigation will be limited based on such capped value as determined under the terms of the contracts. With respect to the impact on the Company, the capped call transactions and $750 million Equity Units, when taken together, result in the economic equivalent of having the conversion price on $750 million Equity Units at $178.85 , the upper strike price of the capped call as of June 29, 2019 . The Company paid $25.1 million , or an average of $5.43 per option, to enter into capped call transactions on 4.6 million shares of common stock. The $25.1 million premium paid was a reduction of Shareownersā Equity. The aggregate fair value of the options at June 29, 2019 was $19.5 million |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 6 Months Ended |
Jun. 29, 2019 | |
Accumulated Other Comprehensive Income [Abstract] | |
Accumulated Other Comprehensive Loss | ACCUMULATED OTHER COMPREHENSIVE LOSS The following tables summarize the changes in the balances for each component of Accumulated other comprehensive loss: (Millions of Dollars) Currency translation adjustment and other Unrealized (losses) gains on cash flow hedges, net of tax Unrealized gains (losses) on net investment hedges, net of tax Pension (losses) gains, net of tax Total Balance - December 29, 2018 $ (1,481.2 ) $ (26.8 ) $ 63.3 $ (369.6 ) $ (1,814.3 ) Other comprehensive income (loss) before reclassifications 2.8 (21.2 ) 21.6 0.8 4.0 Reclassification adjustments to earnings ā 3.2 (12.7 ) 5.8 (3.7 ) Net other comprehensive income (loss) 2.8 (18.0 ) 8.9 6.6 0.3 Balance - June 29, 2019 $ (1,478.4 ) $ (44.8 ) $ 72.2 $ (363.0 ) $ (1,814.0 ) (Millions of Dollars) Currency translation adjustment and other Unrealized (losses) gains on cash flow hedges, net of tax Unrealized gains (losses) on net investment hedges, net of tax Pension (losses) gains, net of tax Total Balance - December 30, 2017 $ (1,108.2 ) $ (112.6 ) $ 3.4 $ (371.7 ) $ (1,589.1 ) Other comprehensive (loss) income before reclassifications (294.9 ) 43.6 49.3 7.1 (194.9 ) Reclassification adjustments to earnings ā 11.7 (5.9 ) 5.8 11.6 Net other comprehensive (loss) income (294.9 ) 55.3 43.4 12.9 (183.3 ) Balance - June 30, 2018 $ (1,403.1 ) $ (57.3 ) $ 46.8 $ (358.8 ) $ (1,772.4 ) The reclassifications out of Accumulated other comprehensive loss for the six months ended June 29, 2019 and June 30, 2018 were as follows: (Millions of Dollars) 2019 2018 Affected line item in Consolidated Statements of Operations And Comprehensive Income Realized gains (losses) on cash flow hedges $ 2.5 $ (12.0 ) Cost of sales Realized losses on cash flow hedges (8.1 ) (7.6 ) Interest expense Total before taxes $ (5.6 ) $ (19.6 ) Tax effect 2.4 7.9 Income taxes Realized losses on cash flow hedges, net of tax $ (3.2 ) $ (11.7 ) Realized gains on net investment hedges $ 16.8 $ 7.5 Other, net Tax effect (4.1 ) (1.6 ) Income taxes Realized gains on net investment hedges, net of tax $ 12.7 $ 5.9 Amortization of defined benefit pension items: Actuarial losses and prior service costs / credits $ (7.7 ) $ (7.8 ) Other, net Tax effect 1.9 2.0 Income taxes Amortization of defined benefit pension items, net of tax $ (5.8 ) $ (5.8 ) |
Net Periodic Benefit Cost - Def
Net Periodic Benefit Cost - Defined Benefit Plans | 6 Months Ended |
Jun. 29, 2019 | |
Notes To Financial Statements [Abstract] | |
Net Periodic Benefit Cost - Defined Benefit Plans | NET PERIODIC BENEFIT COST ā DEFINED BENEFIT PLANS Following are the components of net periodic pension expense (benefit) for the three and six months ended June 29, 2019 and June 30, 2018 : Second Quarter Pension Benefits Other Benefits U.S. Plans Non-U.S. Plans All Plans (Millions of Dollars) 2019 2018 2019 2018 2019 2018 Service cost $ 3.2 $ 2.0 $ 3.7 $ 3.8 $ ā $ 0.2 Interest cost 11.7 11.0 7.6 7.2 0.4 0.4 Expected return on plan assets (15.5 ) (17.5 ) (11.4 ) (11.8 ) ā ā Amortization of prior service cost (credit) 0.3 0.3 (0.2 ) (0.2 ) (0.4 ) (0.4 ) Amortization of net loss 2.0 2.0 2.2 2.3 ā ā Settlement / curtailment loss ā ā 0.1 0.1 ā ā Net periodic pension expense (benefit) $ 1.7 $ (2.2 ) $ 2.0 $ 1.4 $ ā $ 0.2 Year-to-Date Pension Benefits Other Benefits U.S. Plans Non-U.S. Plans All Plans (Millions of Dollars) 2019 2018 2019 2018 2019 2018 Service cost $ 6.2 $ 3.8 $ 7.4 $ 7.7 $ 0.1 $ 0.3 Interest cost 23.5 21.4 15.3 14.7 0.8 0.8 Expected return on plan assets (30.9 ) (34.3 ) (23.0 ) (24.0 ) ā ā Amortization of prior service cost (credit) 0.5 0.5 (0.4 ) (0.6 ) (0.7 ) (0.7 ) Amortization of net loss (gain) 4.0 3.9 4.4 4.7 (0.1 ) ā Settlement / curtailment loss ā ā 0.2 0.2 ā ā Net periodic pension expense (benefit) $ 3.3 $ (4.7 ) $ 3.9 $ 2.7 $ 0.1 $ 0.4 The components of net periodic benefit cost other than the service cost component are included in Other, net in the Consolidated Statements of Operations and Comprehensive Income. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 29, 2019 | |
Notes To Financial Statements [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS ASC 820, Fair Value Measurement , defines, establishes a consistent framework for measuring, and expands disclosure requirements about fair value. ASC 820 requires the Company to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Companyās market assumptions. These two types of inputs create the following fair value hierarchy: Level 1 ā Quoted prices for identical instruments in active markets. Level 2 ā Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs and significant value drivers are observable. Level 3 ā Instruments that are valued using unobservable inputs. The Company is exposed to market risk from changes in foreign currency exchange rates, interest rates, stock prices and commodity prices. The Company holds various financial instruments to manage these risks. These financial instruments are carried at fair value and are included within the scope of ASC 820. The Company determines the fair value of these financial instruments through the use of matrix or model pricing, which utilizes observable inputs such as market interest and currency rates. When determining fair value for which Level 1 evidence does not exist, the Company considers various factors including the following: exchange or market price quotations of similar instruments, time value and volatility factors, the Companyās own credit rating and the credit rating of the counter-party. The following table presents the Companyās financial assets and liabilities that are measured at fair value on a recurring basis for each of the hierarchy levels: (Millions of Dollars) Total Carrying Value Level 1 Level 2 Level 3 June 29, 2019 Money market fund $ 6.1 $ 6.1 $ ā $ ā Derivative assets $ 52.0 $ ā $ 52.0 $ ā Derivative liabilities $ 58.9 $ ā $ 58.9 $ ā Non-derivative hedging instrument $ 909.5 $ ā $ 909.5 $ ā Contingent consideration liability $ 180.2 $ ā $ ā $ 180.2 December 29, 2018 Money market fund $ 4.8 $ 4.8 $ ā $ ā Derivative assets $ 32.9 $ ā $ 32.9 $ ā Derivative liabilities $ 21.3 $ ā $ 21.3 $ ā Non-derivative hedging instrument $ 228.9 $ ā $ 228.9 $ ā Contingent consideration liability $ 169.2 $ ā $ ā $ 169.2 The following table provides information about the Company's financial assets and liabilities not carried at fair value: June 29, 2019 December 29, 2018 (Millions of Dollars) Carrying Value Fair Value Carrying Value Fair Value Other investments $ 6.4 $ 6.7 $ 7.6 $ 7.7 Long-term debt, including current portion $ 3,912.2 $ 4,279.3 $ 3,822.3 $ 3,905.4 The money market fund and other investments related to the West Coast Loading Corporation ("WCLC") trust are considered Level 1 instruments within the fair value hierarchy. The long-term debt instruments are considered Level 2 instruments and are measured using a discounted cash flow analysis based on the Companyās marginal borrowing rates. The differences between the carrying values and fair values of long-term debt are attributable to the stated interest rates differing from the Company's marginal borrowing rates. The fair values of the Company's variable rate short-term borrowings approximate their carrying values at June 29, 2019 and December 29, 2018 . The fair values of the derivative financial instruments in the table above are based on current settlement values. As part of the CraftsmanĀ® brand acquisition in March 2017, the Company recorded a contingent consideration liability representing the Company's obligation to make future payments to Transform Holdco, LLC, which operates Sears and Kmart retail locations, of between 2.5% and 3.5% on sales of Craftsman products in new Stanley Black & Decker channels through March 2032, which was valued at $134.5 million as of the acquisition date. The first payment is due the second quarter of 2020 relating to royalties owed for the previous twelve quarters, and future payments will be due quarterly through the first quarter of 2032. The estimated fair value of the contingent consideration liability is determined using a discounted cash flow analysis taking into consideration future sales projections, forecasted payments to Transform Holdco, LLC, based on contractual royalty rates, and the related tax impacts. The estimated fair value of the contingent consideration liability was $180.2 million and $169.2 million as of June 29, 2019 and December 29, 2018 , respectively. A 100 basis point reduction in the discount rate would result in an increase to the liability of approximately $8 million as of June 29, 2019 . The Company had no significant non-recurring fair value measurements, nor any other financial assets or liabilities measured using Level 3 inputs, during the first six months of 2019 or 2018 . Refer to Note I, Financial Instruments , for more details regarding derivative financial instruments, Note R, Contingencies, for more details regarding the other investments related to the WCLC trust, and Note H, Long-Term Debt and Financing Arrangements |
Other Costs and Expenses
Other Costs and Expenses | 6 Months Ended |
Jun. 29, 2019 | |
Notes To Financial Statements [Abstract] | |
Other Costs and Expenses | OTHER COSTS AND EXPENSES Other, net is primarily comprised of intangible asset amortization expense, currency-related gains or losses, environmental remediation expense, acquisition-related transaction and consulting costs, and certain pension gains or losses. During the three and six months ended June 29, 2019 , Other, net included $4.5 million and $20.6 million in acquisition-related transaction and consulting costs, respectively. During the three and six months ended June 30, 2018 , Other, net included $9.4 million and $15.3 million of acquisition-related transaction and consulting costs, respectively, and a $77.7 million environmental remediation charge related to a settlement with the Environmental Protection Agency ("EPA"). Refer to Note R, Contingencies, |
Restructuring Charges
Restructuring Charges | 6 Months Ended |
Jun. 29, 2019 | |
Notes To Financial Statements [Abstract] | |
Restructuring Charges | RESTRUCTURING CHARGES A summary of the restructuring reserve activity from December 29, 2018 to June 29, 2019 is as follows: (Millions of Dollars) December 29, Net Additions Usage Currency June 29, Severance and related costs $ 105.7 $ 11.2 $ (45.8 ) $ (0.1 ) $ 71.0 Facility closures and asset impairments 3.1 6.0 (6.3 ) ā 2.8 Total $ 108.8 $ 17.2 $ (52.1 ) $ (0.1 ) $ 73.8 For the six months ended June 29, 2019 , the Company recognized net restructuring charges of $17.2 million . This amount reflects $11.2 million of net severance charges associated with the reduction of approximately 543 employees and $6.0 million of facility closure and other restructuring costs. For the three months ended June 29, 2019 , the Company recognized net restructuring charges of $8.5 million . This amount reflects $4.0 million of net severance charges associated with the reduction of approximately 284 employees and $4.5 million of facility closure and other restructuring costs. The majority of the $73.8 million of reserves remaining as of June 29, 2019 is expected to be utilized within the next 12 months. Segments: The $17 million of net restructuring charges for the six months ended June 29, 2019 includes: $3 million pertaining to the Tools & Storage segment; $6 million pertaining to the Industrial segment; $4 million pertaining to the Security segment; and $4 million pertaining to Corporate. The $9 million of net restructuring charges for the three months ended June 29, 2019 includes: $4 million pertaining to the Tools & Storage segment; $4 million pertaining to the Industrial segment; and $1 million |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 29, 2019 | |
Notes To Financial Statements [Abstract] | |
Income Taxes | INCOME TAXES The Company recognized income tax expense of $51.6 million and $76.3 million for the three and six months ended June 29, 2019 , resulting in an effective tax rate of 12.8% for both periods. Excluding the impacts of the acquisition-related and other charges and the aforementioned Sargent & Greenleaf divestiture in the second quarter of 2019, the effective tax rates were 11.6% and 12.8% for the three and six months ended June 29, 2019 , respectively. These effective tax rates differ from the U.S. statutory tax rate primarily due to tax on foreign earnings, the effective settlements of income tax audits, statute expirations and the re-measurement of uncertain tax position reserves. The Company recognized income tax expense of $1.0 million and $82.7 million for the three and six months ended June 30, 2018 , respectively, resulting in effective tax rates of 0.3% and 15.1% . Excluding the impacts of the EPA settlement charge in the second quarter of 2018 , the tax charge recorded in the first quarter of 2018 related to the enactment of new U.S. tax legislation, and the acquisition-related charges, the effective tax rates were 7.0% and 13.4% for the three and six months ended June 30, 2018 , respectively. These effective tax rates differed from the U.S. statutory tax rate primarily due to tax on foreign earnings and the effective settlements of income tax audits. The Company is subject to examinations by taxing authorities in U.S. federal, state, and foreign jurisdictions. The Company considers many factors when evaluating and estimating its tax positions and the impact on income tax expense, which may require periodic adjustments, and which may not accurately anticipate actual outcomes. It is reasonably possible that the amount of the unrecognized benefit with respect to certain of the Company's unrecognized tax positions will significantly increase or decrease within the next 12 months. However, based on the uncertainties associated with litigation and the status of examinations, including the protocols of finalizing audits by the relevant tax authorities which could include formal legal proceedings, it is not possible to reasonably estimate the impact of any such change. |
Business Segments
Business Segments | 6 Months Ended |
Jun. 29, 2019 | |
Notes To Financial Statements [Abstract] | |
Business Segments | BUSINESS SEGMENTS AND GEOGRAPHIC AREAS The Company's operations are classified into three reportable business segments, which also represent its operating segments: Tools & Storage, Industrial and Security. The Tools & Storage segment is comprised of the Power Tools & Equipment ("PTE") and Hand Tools, Accessories & Storage ("HTAS") businesses. The PTE business includes both professional and consumer products. Professional products include professional grade corded and cordless electric power tools and equipment including drills, impact wrenches and drivers, grinders, saws, routers and sanders, as well as pneumatic tools and fasteners including nail guns, nails, staplers and staples, concrete and masonry anchors. Consumer products include corded and cordless electric power tools sold primarily under the BLACK+DECKER brand, lawn and garden products, including hedge trimmers, string trimmers, lawn mowers, edgers and related accessories, and home products such as hand-held vacuums, paint tools and cleaning appliances. The HTAS business sells hand tools, power tool accessories and storage products. Hand tools include measuring, leveling and layout tools, planes, hammers, demolition tools, clamps, vises, knives, saws, chisels and industrial and automotive tools. Power tool accessories include drill bits, screwdriver bits, router bits, abrasives, saw blades and threading products. Storage products include tool boxes, sawhorses, medical cabinets and engineered storage solution products. The Industrial segment is comprised of the Engineered Fastening and Infrastructure businesses. The Engineered Fastening business primarily sells engineered fastening products and systems designed for specific applications. The product lines include blind rivets and tools, blind inserts and tools, drawn arc weld studs and systems, engineered plastic and mechanical fasteners, self-piercing riveting systems, precision nut running systems, micro fasteners, and high-strength structural fasteners. The Infrastructure business consists of the Oil & Gas and Attachment Tools product lines. Oil & Gas sells and rents custom pipe handling, joint welding and coating equipment used in the construction of large and small diameter pipelines, and provides pipeline inspection services. Attachment Tools sells hydraulic tools, attachments and accessories. The Security segment is comprised of the Convergent Security Solutions ("CSS") and Mechanical Access Solutions ("MAS") businesses. The CSS business designs, supplies and installs commercial electronic security systems and provides electronic security services, including alarm monitoring, video surveillance, fire alarm monitoring, systems integration and system maintenance. Purchasers of these systems typically contract for ongoing security systems monitoring and maintenance at the time of initial equipment installation. The business also sells healthcare solutions, which include asset tracking, infant protection, pediatric protection, patient protection, wander management, fall management, and emergency call products. The MAS business primarily sells automatic doors. The Company utilizes segment profit, which is defined as net sales minus cost of sales and SG&A inclusive of the provision for doubtful accounts (aside from corporate overhead expense), and segment profit as a percentage of net sales to assess the profitability of each segment. Segment profit excludes the corporate overhead expense element of SG&A, other, net (inclusive of intangible asset amortization expense), gain or loss on sales of businesses, restructuring charges, interest expense, interest income, income taxes and share of net earnings of equity method investment. Refer to Note O, Restructuring Charges , for the amount of net restructuring charges by segment. Corporate overhead is comprised of world headquarters facility expense, cost for the executive management team and expenses pertaining to certain centralized functions that benefit the entire Company but are not directly attributable to the businesses, such as legal and corporate finance functions. Transactions between segments are not material. Segment assets primarily include cash, accounts receivable, inventory, other current assets, property, plant and equipment, and intangible assets. Net sales and long-lived assets are attributed to the geographic regions based on the geographic locations of the end customer and the Company subsidiary, respectively. Second Quarter Year-to-Date (Millions of Dollars) 2019 2018 2019 2018 NET SALES Tools & Storage $ 2,626.0 $ 2,567.8 $ 4,918.3 $ 4,783.6 Industrial 649.9 573.1 1,204.9 1,077.3 Security 485.4 502.7 971.7 992.0 Total $ 3,761.3 $ 3,643.6 $ 7,094.9 $ 6,852.9 SEGMENT PROFIT Tools & Storage $ 440.0 $ 398.6 $ 705.8 $ 700.0 Industrial 95.1 85.5 166.1 166.0 Security 38.0 48.1 77.5 93.6 Segment profit 573.1 532.2 949.4 959.6 Corporate overhead (55.6 ) (50.9 ) (105.2 ) (98.2 ) Other, net (62.2 ) (119.3 ) (127.6 ) (177.3 ) Gain (loss) on sales of businesses 17.2 (0.8 ) 17.2 (0.8 ) Restructuring charges (8.5 ) (13.4 ) (17.2 ) (36.3 ) Interest expense (72.4 ) (69.0 ) (146.8 ) (132.2 ) Interest income 12.1 15.6 28.7 31.4 Earnings before income taxes and equity interest $ 403.7 $ 294.4 $ 598.5 $ 546.2 As described in Note A, Significant Accounting Policies , the Company recognizes revenue at a point in time from the sale of tangible products or over time depending on when the performance obligation is satisfied. For the three and six months ended June 29, 2019 and June 30, 2018 , the majority of the Companyās revenue was recognized at the time of sale. The following table provides the percent of total segment revenue recognized over time for the Industrial and Security segments for the three and six months ended June 29, 2019 and June 30, 2018 : Second Quarter Year-to-Date 2019 2018 2019 2018 Industrial 9.6 % 10.3 % 10.0 % 10.6 % Security 44.9 % 43.9 % 45.2 % 46.1 % The following table is a further disaggregation of the Industrial segment revenue for the three and six months ended June 29, 2019 and June 30, 2018 : Second Quarter Year-to-Date (Millions of Dollars) 2019 2018 2019 2018 Engineered Fastening $ 441.9 $ 468.2 $ 876.2 $ 880.0 Infrastructure 208.0 104.9 328.7 197.3 Industrial $ 649.9 $ 573.1 $ 1,204.9 $ 1,077.3 The following table is a summary of total assets by segment as of June 29, 2019 and December 29, 2018 : (Millions of Dollars) June 29, 2019 December 29, 2018 Tools & Storage $ 14,081.0 $ 13,122.6 Industrial 4,537.7 3,620.5 Security 3,440.0 3,413.6 22,058.7 20,156.7 Corporate assets (535.1 ) (748.7 ) Consolidated $ 21,523.6 $ 19,408.0 Corporate assets primarily consist of cash, deferred taxes and property, plant and equipment. Based on the nature of the Company's cash pooling arrangements, the corporate-related cash accounts will be in a net liability position at times. GEOGRAPHIC AREAS The following table is a summary of net sales by geographic area for the three and six months ended June 29, 2019 and June 30, 2018 : Second Quarter Year-to-Date (Millions of Dollars) 2019 2018 2019 2018 United States $ 2,216.7 $ 2,004.9 $ 4,108.5 $ 3,673.8 Canada 160.9 165.5 304.8 309.7 Other Americas 184.0 206.9 349.0 392.2 France 152.6 160.4 306.2 323.2 Other Europe 754.8 785.4 1,454.6 1,540.7 Asia 292.3 320.5 571.8 613.3 Consolidated $ 3,761.3 $ 3,643.6 $ 7,094.9 $ 6,852.9 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 29, 2019 | |
Notes To Financial Statements [Abstract] | |
Commitments and Contingencies | CONTINGENCIES The Company is involved in various legal proceedings relating to environmental issues, employment, product liability, workersā compensation claims and other matters. The Company periodically reviews the status of these proceedings with both inside and outside counsel, as well as an actuary for risk insurance. Management believes that the ultimate disposition of these matters will not have a material adverse effect on operations or financial condition taken as a whole. On January 25, 2019, IPS Worldwide, LLC ("IPS"), a third-party provider of freight payment processing services for the Company, filed for Chapter 11 bankruptcy protection and listed the Company as an unsecured creditor. As of December 29, 2018, there were outstanding obligations of approximately $50.8 million owed to certain of the Company's freight carriers. Such amounts had previously been remitted to IPS through a third-party financing program for ultimate payment to these freight carriers. However, due to nonperformance of IPS with respect to processing these payments and the Company's obligation to its freight carriers, an incremental $50.8 million charge was recorded in the fourth quarter of 2018. This charge did not include any amounts that the Company will attempt to recover from insurance and/or through the bankruptcy proceedings, which could ultimately reduce the loss exposure recorded. In the normal course of business, the Company is a party to administrative proceedings and litigation, before federal and state regulatory agencies, relating to environmental remediation with respect to claims involving the discharge of hazardous substances into the environment, generally at current and former manufacturing facilities. In addition, some of these claims assert that the Company is responsible for damages and liability, for remedial investigation and clean-up costs, with respect to sites that have never been owned or operated by the Company, but the Company has been identified as a potentially responsible party ("PRP"). In connection with the 2010 merger with Black & Decker, the Company assumed certain commitments and contingent liabilities. Black & Decker is a party to litigation and administrative proceedings with respect to claims involving the discharge of hazardous substances into the environment at current and former manufacturing facilities and has also been named as a PRP in certain administrative proceedings. The Company, along with many other companies, has been named as a PRP in a number of administrative proceedings for the remediation of various waste sites, including 28 active Superfund sites. Current laws potentially impose joint and several liabilities upon each PRP. In assessing its potential liability at these sites, the Company has considered the following: whether responsibility is being disputed, the terms of existing agreements, experience at similar sites, and the Companyās volumetric contribution at these sites. The Companyās policy is to accrue environmental investigatory and remediation costs for identified sites when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. In the event that no amount in the range of probable loss is considered most likely, the minimum loss in the range is accrued. The amount of liability recorded is based on an evaluation of currently available facts with respect to each individual site and includes such factors as existing technology, presently enacted laws and regulations, and prior experience in remediation of contaminated sites. The liabilities recorded do not take into account any claims for recoveries from insurance or third parties. As assessments and remediation progress at individual sites, the amounts recorded are reviewed periodically and adjusted to reflect additional technical and legal information that becomes available. As of June 29, 2019 and December 29, 2018 , the Company had reserves of $236.8 million and $246.6 million , respectively, for remediation activities associated with Company-owned properties, as well as for Superfund sites, for losses that are probable and estimable. Of the 2019 amount, $57.0 million is classified as current and $179.8 million as long-term which is expected to be paid over the estimated remediation period. The range of environmental remediation costs that is reasonably possible is $204.1 million to $336.0 million which is subject to change in the near term. The Company may be liable for environmental remediation of sites it no longer owns. Liabilities have been recorded on those sites in accordance with policy. As of June 29, 2019 , the Company has recorded $12.5 million in other assets related to funding received by the Environmental Protection Agency (āEPAā) and placed in a trust in accordance with the final settlement with the EPA, embodied in a Consent Decree approved by the United States District Court for the Central District of California on July 3, 2013. Per the Consent Decree, Emhart Industries, Inc. (a dissolved and liquidated former indirectly wholly-owned subsidiary of The Black & Decker Corporation) (āEmhartā) has agreed to be responsible for an interim remedy at a site located in Rialto, California and formerly operated by West Coast Loading Corporation (āWCLCā), a defunct company for which Emhart was alleged to be liable as a successor. The remedy will be funded by (i) the amounts received from the EPA as gathered from multiple parties, and, to the extent necessary, (ii) Emhart's affiliate. The interim remedy requires the construction of a water treatment facility and the filtering of ground water at or around the site for a period of approximately 30 years or more. As of June 29, 2019 , the Company's net cash obligation associated with remediation activities, including WCLC assets, is $224.3 million . The EPA also asserted claims in federal court in Rhode Island against Black & Decker and Emhart related to environmental contamination found at the Centredale Manor Restoration Project Superfund Site ("Centredale"), located in North Providence, Rhode Island. The EPA discovered a variety of contaminants at the site, including but not limited to, dioxins, polychlorinated biphenyls, and pesticides. The EPA alleged that Black & Decker and Emhart are liable for site clean-up costs under the Comprehensive Environmental Response, Compensation, and Liability Act ("CERCLA") as successors to the liability of Metro-Atlantic, Inc., a former operator at the site, and demanded reimbursement of the EPAās costs related to this site. Black & Decker and Emhart contested the EPA's allegation that they are responsible for the contamination, and asserted contribution claims, counterclaims and cross-claims against a number of other PRPs, including the federal government as well as insurance carriers. The EPA released its Record of Decision ("ROD") in September 2012, which identified and described the EPA's selected remedial alternative for the site. Black & Decker and Emhart contested the EPA's selection of the remedial alternative set forth in the ROD on the grounds that the EPA's actions were arbitrary and capricious and otherwise not in accordance with law, and proposed other equally-protective, more cost-effective alternatives. On June 10, 2014, the EPA issued an Administrative Order under Sec. 106 of CERCLA, instructing Black & Decker and Emhart to perform the remediation of Centredale pursuant to the ROD. Black & Decker and Emhart disputed the factual, legal and scientific bases cited by the EPA for such an administrative order and provided the EPA with numerous good-faith bases for their declination to comply with the administrative order. Black & Decker and Emhart then vigorously litigated the issue of their liability for environmental conditions at the Centredale site, including completing trial on Phase 1 of the proceedings in late July 2015 and completing trial on Phase 2 of the proceedings in April 2017. Following the Phase I trial, the Court found that dioxin contamination at the Centredale site was not "divisible" and that Black & Decker and Emhart were jointly and severally liable for dioxin contamination at the site. Following the Phase 2 trial, the Court found that certain components of the EPA's selected remedy were arbitrary and capricious, and remanded the matter to the EPA while retaining jurisdiction over the ongoing remedy selection and implementation process. The Court also held in Phase 2 that Black & Decker and Emhart had sufficient cause for their declination to comply with the EPA's June 10, 2014 administrative order and that no associated civil penalties or fines were warranted. The United States filed a Motion for Reconsideration concerning the Court's Phase 2 rulings and appealed the ruling to the United States Court of Appeals for the First Circuit. Black & Decker and Emhart's Motion to Dismiss the Appeal was denied without prejudice for consideration with the merits. On July 9, 2018, a Consent Decree was lodged with the United States District Court documenting the terms of a settlement between the Company and the United States for reimbursement of EPA's past costs and remediation of environmental contamination found at the Centredale site. The terms of the Consent Decree were subject to public comment and Court approval. After a full hearing on March 19, 2019, the Court approved and entered the Consent Decree on April 8, 2019. The settlement resolves outstanding issues relating to Phase 1 and 2 of the litigation with the United States. The Company is complying with the terms of the settlement while several PRP's at the site have appealed the District Court's entry of the Consent Decree to the United States Court of Appeals for the First Circuit. Phase 3 of the litigation, which is in its relatively early stages, will address the potential allocation of liability to other PRPs who may have contributed to contamination of the Centredale site with dioxins, polychlorinated biphenyls and other contaminants of concern. Based on the Company's estimated remediation and response cost obligations arising out of the settlement reached with the United States (including the EPAās past costs as well as costs of additional investigation, remediation, and related costs such as EPAās oversight costs), the Company has increased its reserve for this site. Accordingly, in the second quarter of 2018, a $77.7 million increase was recorded in Other, net in the consolidated statements of operations. As of June 29, 2019 , the Company has reserved $136.0 million for this site. The Company and approximately 47 other companies comprise the Lower Passaic Cooperating Parties Group (the āCPGā). The CPG members and other companies are parties to a May 2007 Administrative Settlement Agreement and Order on Consent (āAOCā) with the EPA to perform a remedial investigation/feasibility study (āRI/FSā) of the lower seventeen miles of the Lower Passaic River in New Jersey (the āRiverā). The Companyās potential liability stems from former operations in Newark, New Jersey. As an interim step related to the 2007 AOC, on June 18, 2012, the CPG members voluntarily entered into an AOC with the EPA for remediation actions focused solely at mile 10.9 of the River. The Companyās estimated costs related to the RI/FS and focused remediation action at mile 10.9, based on an interim allocation, are included in its environmental reserves. On April 11, 2014, the EPA issued a Focused Feasibility Study (āFFSā) and proposed plan which addressed various early action remediation alternatives for the lower 8.3 miles of the River. The EPA received public comment on the FFS and proposed plan (including comments from the CPG and other entities asserting that the FFS and proposed plan do not comply with CERCLA) which public comment period ended on August 20, 2014. The CPG submitted to the EPA a draft RI report in February 2015 and draft FS report in April 2015 for the entire lower seventeen miles of the River. On March 4, 2016, the EPA issued a Record of Decision selecting the remedy for the lower 8.3 miles of the River. The cleanup plan adopted by the EPA is now considered a final action for the lower 8.3 miles of the River and will include the removal of 3.5 million cubic yards of sediment, placement of a cap over the entire lower 8.3 miles of the River, and, according to the EPA, will cost approximately $1.4 billion and take 6 years to implement after the remedial design is completed. (The EPA estimates that the remedial design will take four years to complete.) The Company and 105 other parties received a letter dated March 31, 2016 from the EPA notifying such parties of potential liability for the costs of the cleanup of the lower 8.3 miles of the River and a letter dated March 30, 2017 stating that the EPA had offered 20 of the parties (not including the Company) an early cash out settlement. In a letter dated May 17, 2017, the EPA stated that these 20 parties did not discharge any of the eight hazardous substances identified as the contaminants of concern in the lower 8.3 mile ROD. In the March 30, 2017 letter, the EPA stated that other parties who did not discharge dioxins, furans or polychlorinated biphenyls (which are considered the contaminants of concern posing the greatest risk to human health or the environment) may also be eligible for cash out settlement, but expects those parties' allocation to be determined through a complex settlement analysis using a third-party allocator. The EPA subsequently clarified this statement to say that such parties would be eligible to be "funding parties" for the lower 8.3 mile remedial action with each party's share of the costs determined by the EPA based on the allocation process and the remaining parties would be "work parties" for the remedial action. The Company currently is participating in the allocation process that is expected to be completed in late 2020. The Company asserts that it did not discharge dioxins, furans or polychlorinated biphenyls and should be eligible to be a "funding party" for the lower 8.3 mile remedial action. On September 30, 2016, Occidental Chemical Corporation ("OCC") entered into an agreement with the EPA to perform the remedial design for the cleanup plan for the lower 8.3 miles of the River. On June 30, 2018, OCC filed a complaint in the United States District Court for the District of New Jersey against over 100 companies, including the Company, seeking CERCLA cost recovery or contribution for past costs relating to various investigations and cleanups OCC has conducted or is conducting in connection with the River. According to the complaint, OCC has incurred or is incurring costs which include the estimated cost ($165 million) to complete the remedial design for the cleanup plan for the lower 8.3 miles of the River. OCC also seeks a declaratory judgment to hold the defendants liable for their proper shares of future response costs for OCC's ongoing activities in connection with the River. As of November 30, 2018, the Company's joint defense group's motion to dismiss OCC's complaint on various grounds and OCC's opposition brief were filed with the court. A decision on the motion to dismiss is expected in 2019. On October 10, 2018, the EPA issued a letter directing the CPG to prepare a streamlined feasibility study for the upper 9 miles of the River based on an iterative approach using adaptive management strategies. The CPG is working cooperatively with the EPA on the streamlined feasibility study, which is anticipated to be completed in late 2019. At this time, the Company cannot reasonably estimate its liability related to the litigation and remediation efforts, excluding the RI/FS and remediation actions at mile 10.9, as the RI/FS is ongoing, the ultimate remedial approach and associated cost for the upper portion of the River has not yet been determined, and the parties that will participate in funding the remediation and their respective allocations are not yet known. Per the terms of a Final Order and Judgment approved by the United States District Court for the Middle District of Florida on January 22, 1991, Emhart is responsible for a percentage of remedial costs arising out of the Kerr McGee Chemical Corporation Superfund Site located in Jacksonville, Florida. On March 15, 2017, the Company received formal notification from the EPA that the EPA had issued a ROD selecting the preferred alternative identified in the Proposed Cleanup Plan. The cleanup adopted by the EPA is estimated to cost approximately $68.7 million . As of June 29, 2019 , the Company has reserved $27.1 million for this site. The amount recorded for identified contingent liabilities is based on estimates. Amounts recorded are reviewed periodically and adjusted to reflect additional technical and legal information that becomes available. Actual costs to be incurred in future periods may vary from the estimates, given the inherent uncertainties in evaluating certain exposures. Subject to the imprecision in estimating future contingent liability costs, the Company does not expect that any sum it may have to pay in connection with these matters in excess of the amounts recorded will have a materially adverse effect on its financial position, results of operations or liquidity. |
Guarantees
Guarantees | 6 Months Ended |
Jun. 29, 2019 | |
Notes To Financial Statements [Abstract] | |
Guarantees | GUARANTEES COMMITMENTS ā The Company has numerous assets, predominantly real estate, vehicles and equipment, under various lease arrangements. At inception of arrangements with vendors, the Company determines whether the contract is or contains a lease based on each partyās rights and obligations under the arrangement. If the lease arrangement also contains non-lease components, the lease and non-lease elements are separately accounted for in accordance with the appropriate accounting guidance for each item. From time to time, lease arrangements allow for, and the Company executes, the purchase of the underlying leased asset at the end of a lease term. The Company routinely exercises lease renewal options or early termination options. As part of its lease liability and right-of-use-asset calculation, consideration is given to the likelihood of exercising any extension or termination options. The present value of the Companyās lease liability was calculated using a weighted-average incremental borrowing rate of 3.75% . The Company determined its incremental borrowing rate based on interest rates from recent debt issuances and taking into consideration adjustments for collateral, lease terms and foreign currency. As of June 29, 2019 , the Company recognized a lease liability and right-of-use asset of approximately $491 million . The Company's lease liability increased approximately $78 million as a result of acquiring right-of-use assets from new leases entered into during the six months ended June 29, 2019 . The right-of-use asset is included within Other assets in the Condensed Consolidated Balance Sheets, while the lease liability is included within Accrued expenses and Other liabilities, as appropriate. As permitted by ASC 842, leases with expected durations of less than 12 months from inception (i.e. short-term leases) were excluded from the Companyās calculation of its lease liability and right-of-use asset. Furthermore, as permitted by ASC 842, the Company elected to apply the package of practical expedients upon transition, which allowed companies not to reassess: (a) whether its expired or existing contracts are or contain leases, (b) the lease classification for any expired or existing leases, and (c) initial direct costs for any existing leases. The Company is a party to leases for one of its major distribution centers and two of its office buildings. The leases qualify as operating leases for accounting purposes and under the terms of the leases, the periodic rental payments vary based on interest rates (i.e. LIBOR) for that period. The following is a summary of the Company's total lease cost for the three and six months ended June 29, 2019 : (Millions of Dollars) Second Quarter 2019 Year-to-Date 2019 Operating lease cost $ 38.7 $ 76.3 Short-term lease cost 6.6 13.4 Variable lease cost 2.2 4.3 Sublease income (0.9 ) (1.5 ) Total lease cost $ 46.6 $ 92.5 During the three and six months ended June 29, 2019 , the Company paid approximately $36.6 million and $74.8 million , respectively, relating to leases included in the measurement of its lease liability and right-of-use asset. The weighted-average remaining term for the Company's leases is approximately 6 years. The following is a summary of the Company's future lease obligations on an undiscounted basis at June 29, 2019 : (Millions of Dollars) Total 2019 2020 2021 2022 2023 Thereafter Lease obligations $ 551.7 $ 72.2 $ 122.0 $ 92.1 $ 67.9 $ 48.7 $ 148.8 GUARANTEES ā The Companyās financial guarantees at June 29, 2019 are as follows: (Millions of Dollars) Term Maximum Carrying Guarantees on the residual values of leased assets One to four years $ 98.1 $ ā Standby letters of credit Up to three years 154.5 ā Commercial customer financing arrangements Up to six years 64.8 6.5 Total $ 317.4 $ 6.5 The Company has guaranteed a portion of the residual values of leased assets relating to the previously discussed leases for one of its major distribution centers and two of its office buildings. The lease guarantees are for an amount up to $98.1 million while the fair value of the underlying assets is estimated at $117.2 million . The related assets would be available to satisfy the guarantee obligations and therefore it is unlikely the Company will incur any future loss associated with these guarantees. The Company has issued $154.5 million in standby letters of credit that guarantee future payments which may be required under certain insurance programs and in relation to certain environmental remediation activities described more fully in Note R, Contingencies . The Company provides various limited and full recourse guarantees to financial institutions that provide financing to U.S. and Canadian Mac Tool distributors and franchisees for their initial purchase of the inventory and trucks necessary to function as a distributor and franchisee. In addition, the Company provides limited and full recourse guarantees to financial institutions that extend credit to certain end retail customers of its U.S. Mac Tool distributors and franchisees. The gross amount guaranteed in these arrangements is $64.8 million and the $6.5 million carrying value of the guarantees issued is recorded in Other liabilities in the Condensed Consolidated Balance Sheets. The Company provides warranties on certain products across its businesses. The types of product warranties offered generally range from one year to limited lifetime. There are also certain products with no warranty. Further, the Company sometimes incurs discretionary costs to service its products in connection with product performance issues. Historical warranty and service claim experience forms the basis for warranty obligations recognized. Adjustments are recorded to the warranty liability as new information becomes available. The changes in the carrying amount of product warranties for the six months ended June 29, 2019 and June 30, 2018 are as follows: (Millions of Dollars) 2019 2018 Balance beginning of period $ 102.1 $ 108.5 Warranties and guarantees issued 62.4 53.9 Warranty payments and currency (61.3 ) (58.3 ) Balance end of period $ 103.2 $ 104.1 |
Divestitures
Divestitures | 6 Months Ended |
Jun. 29, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Divestitures | DIVESTITURES On May 30, 2019, the Company sold its Sargent & Greenleaf mechanical locks business within the Security segment for net proceeds of $79.1 million . As a result of the sale, the Company recognized an after-tax gain of $3.7 million in the second quarter of 2019. The divestiture allows the Company to invest in other areas of the Company that fit into its long-term growth strategy. This disposal does not qualify as discontinued operations in accordance with ASU 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, and therefore, the related results are included in the Company's continuing operations through the date of sale in 2019 and for the three and six months ended June 30, 2018. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 29, 2019 | |
Notes To Financial Statements [Abstract] | |
Reconciliation of Net Earnings Attributable to Common Shareowners and Weighted-Average Shares Outstanding used to Calculate Basic and Diluted Earnings per Share | The following table reconciles net earnings attributable to common shareowners and the weighted-average shares outstanding used to calculate basic and diluted earnings per share for the three and six months ended June 29, 2019 and June 30, 2018 : Second Quarter Year-to-Date 2019 2018 2019 2018 Numerator (in millions): Net Earnings Attributable to Common Shareowners $ 356.3 $ 293.6 $ 526.2 $ 464.2 Denominator (in thousands): Basic weighted-average shares outstanding 148,099 149,748 147,982 150,101 Dilutive effect of stock contracts and awards 2,259 2,746 2,157 3,023 Diluted weighted-average shares outstanding 150,358 152,494 150,139 153,124 Earnings per share of common stock: Basic $ 2.41 $ 1.96 $ 3.56 $ 3.09 Diluted $ 2.37 $ 1.93 $ 3.50 $ 3.03 |
Weighted-Average Stock Options and Warrants Outstanding Not included in Computation of Diluted Shares Outstanding | The following weighted-average stock options were not included in the computation of diluted shares outstanding because the effect would be anti-dilutive (in thousands): Second Quarter Year-to-Date 2019 2018 2019 2018 Number of stock options 2,274 1,161 2,300 1,162 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 29, 2019 | |
Notes To Financial Statements [Abstract] | |
Components of Inventories | The components of Inventories, net at June 29, 2019 and December 29, 2018 are as follows: (Millions of Dollars) June 29, 2019 December 29, 2018 Finished products $ 2,068.0 $ 1,707.4 Work in process 183.9 150.8 Raw materials 611.3 515.3 Total $ 2,863.2 $ 2,373.5 |
Goodwill (Tables)
Goodwill (Tables) | 6 Months Ended |
Jun. 29, 2019 | |
Notes To Financial Statements [Abstract] | |
Changes in Carrying Amount of Goodwill by Segment | Changes in the carrying amount of goodwill by segment are as follows: (Millions of Dollars) Tools & Storage Industrial Security Total Balance December 29, 2018 $ 5,154.3 $ 1,679.7 $ 2,122.7 $ 8,956.7 Acquisition adjustments (0.7 ) 320.9 1.4 321.6 Foreign currency translation and other 3.9 2.6 (40.8 ) (34.3 ) Balance June 29, 2019 $ 5,157.5 $ 2,003.2 $ 2,083.3 $ 9,244.0 |
Long-Term Debt and Financing _2
Long-Term Debt and Financing Arrangements (Tables) | 6 Months Ended |
Jun. 29, 2019 | |
Notes To Financial Statements [Abstract] | |
Long-Term Debt and Financing Arrangements | Long-term debt and financing arrangements at June 29, 2019 and December 29, 2018 are as follows: June 29, 2019 December 29, 2018 (Millions of Dollars) Interest Rate Original Notional Unamortized Discount Unamortized Gain/(Loss) Terminated Swaps 1 Purchase Accounting FV Adjustment Deferred Financing Fees Carrying Value Carrying Value 2 Notes payable due 2021 3.40% $ 400.0 $ (0.1 ) $ 8.4 $ ā $ (0.8 ) $ 407.5 $ 409.1 Notes payable due 2022 2.90% 754.3 (0.2 ) ā ā (2.1 ) 752.0 751.6 Notes payable due 2026 3.40% 500.0 (0.7 ) ā ā (3.1 ) 496.2 ā Notes payable due 2028 7.05% 150.0 ā 9.8 9.6 ā 169.4 170.4 Notes payable due 2028 4.25% 500.0 (0.3 ) ā ā (4.2 ) 495.5 495.7 Notes payable due 2040 5.20% 400.0 (0.2 ) (31.2 ) ā (2.9 ) 365.7 364.9 Notes payable due 2048 4.85% 500.0 (0.5 ) ā ā (5.5 ) 494.0 494.4 Notes payable due 2052 (junior subordinated) 5.75% 750.0 ā ā ā (18.1 ) 731.9 731.6 Notes payable due 2053 (junior subordinated) 7.08% ā ā ā ā ā ā 396.7 Other, payable in varying amounts through 2022 0.00% - 4.50% ā ā ā ā ā ā 7.9 Total long-term debt, including current maturities $ 3,954.3 $ (2.0 ) $ (13.0 ) $ 9.6 $ (36.7 ) $ 3,912.2 $ 3,822.3 Less: Current maturities of long-term debt (3.1 ) (2.5 ) Long-term debt $ 3,909.1 $ 3,819.8 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 6 Months Ended |
Jun. 29, 2019 | |
Notes To Financial Statements [Abstract] | |
Summary of Fair Value of Derivatives | A summary of the fair values of the Companyās derivatives recorded in the Condensed Consolidated Balance Sheets at June 29, 2019 and December 29, 2018 is as follows: (Millions of Dollars) Balance Sheet June 29, 2019 December 29, 2018 Balance Sheet June 29, 2019 December 29, 2018 Derivatives designated as hedging instruments: Interest Rate Contracts Cash Flow LT other assets $ ā $ ā LT other liabilities $ 28.4 $ ā Foreign Exchange Contracts Cash Flow Other current assets 10.5 18.1 Accrued expenses 1.4 0.6 LT other assets 0.8 ā LT other liabilities 0.6 ā Net Investment Hedge Other current assets 34.0 5.7 Accrued expenses 8.1 1.5 LT other assets ā ā LT other liabilities 12.4 13.8 Non-derivative designated as hedging instrument: Net Investment Hedge ā ā Short-term borrowings 909.5 228.9 Total designated as hedging $ 45.3 $ 23.8 $ 960.4 $ 244.8 Derivatives not designated as hedging instruments: Foreign Exchange Contracts Other current assets $ 6.7 $ 9.1 Accrued expenses $ 8.0 $ 5.4 Total $ 52.0 $ 32.9 $ 968.4 $ 250.2 |
Detail Pre-tax Amounts Reclassified From Accumulated Other Comprehensive Income (Loss) into Earnings for Active Derivative Financial Instruments | The tables below detail pre-tax amounts of derivatives designated as cash flow hedges in Accumulated other comprehensive loss during the periods in which the underlying hedged transactions affected earnings for the three and six months ended June 29, 2019 and June 30, 2018 : Second Quarter 2019 (Millions of dollars) Gain (Loss) Classification of Gain (Loss) Gain (Loss) Interest Rate Contracts $ (17.5 ) Interest expense $ (4.1 ) $ ā Foreign Exchange Contracts $ (2.5 ) Cost of sales $ 2.7 $ ā Year-to-Date 2019 (Millions of Dollars) Gain (Loss) Classification of Gain (Loss) Gain (Loss) Interest Rate Contracts $ (28.4 ) Interest expense $ (8.1 ) $ ā Foreign Exchange Contracts $ 4.5 Cost of sales $ 2.5 $ ā Second Quarter 2018 (Millions of dollars) Gain (Loss) Classification of Gain (Loss) Gain (Loss) Interest Rate Contracts $ 3.8 Interest expense $ (3.8 ) $ ā Foreign Exchange Contracts $ 29.7 Cost of sales $ (9.2 ) $ ā Year-to-Date 2018 (Millions of Dollars) Gain (Loss) Classification of Gain (Loss) Gain (Loss) Interest Rate Contracts $ 21.8 Interest expense $ (7.6 ) $ ā Foreign Exchange Contracts $ 23.0 Cost of sales $ (12.0 ) $ ā A summary of the pre-tax effect of cash flow hedge accounting on the Consolidated Statements of Operations and Comprehensive Income for the three and six months ended June 29, 2019 and June 30, 2018 is as follows: Second Quarter 2019 Year-to-Date 2019 (Millions of Dollars) Cost of Sales Interest Expense Cost of Sales Interest Expense Total amount in the Consolidated Statements of Operations and Comprehensive Income in which the effects of the cash flow hedges are recorded $ 2,461.5 $ 72.4 $ 4,689.5 $ 146.8 Gain (loss) on cash flow hedging relationships: Foreign Exchange Contracts: Hedged Items $ (2.7 ) $ ā $ (2.5 ) $ ā Gain (loss) reclassified from OCI into Income $ 2.7 $ ā $ 2.5 $ ā Interest Rate Swap Agreements: Gain (loss) reclassified from OCI into Income 1 $ ā $ (4.1 ) $ ā $ (8.1 ) |
Details of Foreign Exchange Contracts Pre-Tax Amounts | Year-to-Date 2019 (Millions of Dollars) Total Gain (Loss) Recorded in OCI Excluded Component Recorded in OCI Income Statement Classification Total Gain (Loss) Reclassified from OCI to Income Excluded Component Amortized from OCI to Income Forward Contracts $ 6.2 $ 4.2 Other, net $ 2.3 $ 2.3 Cross Currency Swap $ 23.5 $ 24.0 Other, net $ 14.5 $ 14.5 Option Contracts $ (2.1 ) $ ā Other, net $ ā $ ā Non-derivative designated as Net Investment Hedge $ 4.2 $ ā Other, net $ ā $ ā Second Quarter 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 $ 48.7 $ 2.3 Other, net $ 2.3 $ 2.3 Cross Currency Swap $ 1.4 $ 1.4 Other, net $ 1.7 $ 1.7 Option Contracts $ 2.6 $ ā Other, net $ ā $ ā Non-derivative designated as Net Investment Hedge $ 51.5 $ ā Other, net $ ā $ ā Year-to-Date 2018 (Millions of Dollars) Total Gain (Loss) Recorded in OCI Excluded Component Recorded in OCI Income Statement Classification Total Gain (Loss) Reclassified from OCI to Income Excluded Component Amortized from OCI to Income Forward Contracts $ 22.2 $ 6.2 Other, net $ 4.1 $ 4.1 Cross Currency Swap $ 2.9 $ 8.3 Other, net $ 3.4 $ 3.4 Option Contracts $ (0.9 ) $ ā Other, net $ ā $ ā Non-derivative designated as Net Investment Hedge $ 38.9 $ ā Other, net $ ā $ ā |
Income Statement Impacts Related to Derivatives Not Designated as Hedging Instruments | Foreign Exchange Contracts: Foreign exchange forward contracts are used to reduce risks arising from the change in fair value of certain foreign currency denominated assets and liabilities (such as affiliate loans, payables and receivables). The objective is to minimize the impact of foreign currency fluctuations on operating results. The total notional amount of the forward contracts outstanding at June 29, 2019 was $1.0 billion , maturing on various dates through 2019. The total notional amount of the forward contracts outstanding at December 29, 2018 was $1.0 billion , maturing on various dates through 2019. The gain (loss) recorded in income from changes in the fair value related to derivatives not designated as hedging instruments under ASC 815 for the three and six months ended June 29, 2019 and June 30, 2018 are as follows: (Millions of Dollars) Income Statement Classification Second Quarter Year-to-Date Second Quarter Year-to-Date Foreign Exchange Contracts Other, net $ (3.6 ) $ (1.3 ) $ (2.2 ) $ 14.9 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended | |
Jun. 29, 2019 | Jun. 30, 2018 | |
Accumulated Other Comprehensive Income [Abstract] | ||
Changes to the components of accumulated other comprehensive income (loss) | The following tables summarize the changes in the balances for each component of Accumulated other comprehensive loss: (Millions of Dollars) Currency translation adjustment and other Unrealized (losses) gains on cash flow hedges, net of tax Unrealized gains (losses) on net investment hedges, net of tax Pension (losses) gains, net of tax Total Balance - December 29, 2018 $ (1,481.2 ) $ (26.8 ) $ 63.3 $ (369.6 ) $ (1,814.3 ) Other comprehensive income (loss) before reclassifications 2.8 (21.2 ) 21.6 0.8 4.0 Reclassification adjustments to earnings ā 3.2 (12.7 ) 5.8 (3.7 ) Net other comprehensive income (loss) 2.8 (18.0 ) 8.9 6.6 0.3 Balance - June 29, 2019 $ (1,478.4 ) $ (44.8 ) $ 72.2 $ (363.0 ) $ (1,814.0 ) | (Millions of Dollars) Currency translation adjustment and other Unrealized (losses) gains on cash flow hedges, net of tax Unrealized gains (losses) on net investment hedges, net of tax Pension (losses) gains, net of tax Total Balance - December 30, 2017 $ (1,108.2 ) $ (112.6 ) $ 3.4 $ (371.7 ) $ (1,589.1 ) Other comprehensive (loss) income before reclassifications (294.9 ) 43.6 49.3 7.1 (194.9 ) Reclassification adjustments to earnings ā 11.7 (5.9 ) 5.8 11.6 Net other comprehensive (loss) income (294.9 ) 55.3 43.4 12.9 (183.3 ) Balance - June 30, 2018 $ (1,403.1 ) $ (57.3 ) $ 46.8 $ (358.8 ) $ (1,772.4 ) |
Reclassifications out of accumulated other comprehensive income (loss) | The reclassifications out of Accumulated other comprehensive loss for the six months ended June 29, 2019 and June 30, 2018 were as follows: (Millions of Dollars) 2019 2018 Affected line item in Consolidated Statements of Operations And Comprehensive Income Realized gains (losses) on cash flow hedges $ 2.5 $ (12.0 ) Cost of sales Realized losses on cash flow hedges (8.1 ) (7.6 ) Interest expense Total before taxes $ (5.6 ) $ (19.6 ) Tax effect 2.4 7.9 Income taxes Realized losses on cash flow hedges, net of tax $ (3.2 ) $ (11.7 ) Realized gains on net investment hedges $ 16.8 $ 7.5 Other, net Tax effect (4.1 ) (1.6 ) Income taxes Realized gains on net investment hedges, net of tax $ 12.7 $ 5.9 Amortization of defined benefit pension items: Actuarial losses and prior service costs / credits $ (7.7 ) $ (7.8 ) Other, net Tax effect 1.9 2.0 Income taxes Amortization of defined benefit pension items, net of tax $ (5.8 ) $ (5.8 ) |
Net Periodic Benefit Cost - D_2
Net Periodic Benefit Cost - Defined Benefit Plans (Tables) | 6 Months Ended |
Jun. 29, 2019 | |
Notes To Financial Statements [Abstract] | |
Components of Net Periodic Benefit Cost | Following are the components of net periodic pension expense (benefit) for the three and six months ended June 29, 2019 and June 30, 2018 : Second Quarter Pension Benefits Other Benefits U.S. Plans Non-U.S. Plans All Plans (Millions of Dollars) 2019 2018 2019 2018 2019 2018 Service cost $ 3.2 $ 2.0 $ 3.7 $ 3.8 $ ā $ 0.2 Interest cost 11.7 11.0 7.6 7.2 0.4 0.4 Expected return on plan assets (15.5 ) (17.5 ) (11.4 ) (11.8 ) ā ā Amortization of prior service cost (credit) 0.3 0.3 (0.2 ) (0.2 ) (0.4 ) (0.4 ) Amortization of net loss 2.0 2.0 2.2 2.3 ā ā Settlement / curtailment loss ā ā 0.1 0.1 ā ā Net periodic pension expense (benefit) $ 1.7 $ (2.2 ) $ 2.0 $ 1.4 $ ā $ 0.2 Year-to-Date Pension Benefits Other Benefits U.S. Plans Non-U.S. Plans All Plans (Millions of Dollars) 2019 2018 2019 2018 2019 2018 Service cost $ 6.2 $ 3.8 $ 7.4 $ 7.7 $ 0.1 $ 0.3 Interest cost 23.5 21.4 15.3 14.7 0.8 0.8 Expected return on plan assets (30.9 ) (34.3 ) (23.0 ) (24.0 ) ā ā Amortization of prior service cost (credit) 0.5 0.5 (0.4 ) (0.6 ) (0.7 ) (0.7 ) Amortization of net loss (gain) 4.0 3.9 4.4 4.7 (0.1 ) ā Settlement / curtailment loss ā ā 0.2 0.2 ā ā Net periodic pension expense (benefit) $ 3.3 $ (4.7 ) $ 3.9 $ 2.7 $ 0.1 $ 0.4 The components of net periodic benefit cost other than the service cost component are included in Other, net in the Consolidated Statements of Operations and Comprehensive Income. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 29, 2019 | |
Notes To Financial Statements [Abstract] | |
Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table presents the Companyās financial assets and liabilities that are measured at fair value on a recurring basis for each of the hierarchy levels: (Millions of Dollars) Total Carrying Value Level 1 Level 2 Level 3 June 29, 2019 Money market fund $ 6.1 $ 6.1 $ ā $ ā Derivative assets $ 52.0 $ ā $ 52.0 $ ā Derivative liabilities $ 58.9 $ ā $ 58.9 $ ā Non-derivative hedging instrument $ 909.5 $ ā $ 909.5 $ ā Contingent consideration liability $ 180.2 $ ā $ ā $ 180.2 December 29, 2018 Money market fund $ 4.8 $ 4.8 $ ā $ ā Derivative assets $ 32.9 $ ā $ 32.9 $ ā Derivative liabilities $ 21.3 $ ā $ 21.3 $ ā Non-derivative hedging instrument $ 228.9 $ ā $ 228.9 $ ā Contingent consideration liability $ 169.2 $ ā $ ā $ 169.2 |
Summary of Financial Instruments Carrying and Fair Values | June 29, 2019 December 29, 2018 (Millions of Dollars) Carrying Value Fair Value Carrying Value Fair Value Other investments $ 6.4 $ 6.7 $ 7.6 $ 7.7 Long-term debt, including current portion $ 3,912.2 $ 4,279.3 $ 3,822.3 $ 3,905.4 |
Restructuring Charges (Tables)
Restructuring Charges (Tables) | 6 Months Ended |
Jun. 29, 2019 | |
Notes To Financial Statements [Abstract] | |
Summary of Restructuring Reserve Activity | A summary of the restructuring reserve activity from December 29, 2018 to June 29, 2019 is as follows: (Millions of Dollars) December 29, Net Additions Usage Currency June 29, Severance and related costs $ 105.7 $ 11.2 $ (45.8 ) $ (0.1 ) $ 71.0 Facility closures and asset impairments 3.1 6.0 (6.3 ) ā 2.8 Total $ 108.8 $ 17.2 $ (52.1 ) $ (0.1 ) $ 73.8 |
Business Segments (Tables)
Business Segments (Tables) | 6 Months Ended |
Jun. 29, 2019 | |
Notes To Financial Statements [Abstract] | |
Business Segments | Second Quarter Year-to-Date (Millions of Dollars) 2019 2018 2019 2018 NET SALES Tools & Storage $ 2,626.0 $ 2,567.8 $ 4,918.3 $ 4,783.6 Industrial 649.9 573.1 1,204.9 1,077.3 Security 485.4 502.7 971.7 992.0 Total $ 3,761.3 $ 3,643.6 $ 7,094.9 $ 6,852.9 SEGMENT PROFIT Tools & Storage $ 440.0 $ 398.6 $ 705.8 $ 700.0 Industrial 95.1 85.5 166.1 166.0 Security 38.0 48.1 77.5 93.6 Segment profit 573.1 532.2 949.4 959.6 Corporate overhead (55.6 ) (50.9 ) (105.2 ) (98.2 ) Other, net (62.2 ) (119.3 ) (127.6 ) (177.3 ) Gain (loss) on sales of businesses 17.2 (0.8 ) 17.2 (0.8 ) Restructuring charges (8.5 ) (13.4 ) (17.2 ) (36.3 ) Interest expense (72.4 ) (69.0 ) (146.8 ) (132.2 ) Interest income 12.1 15.6 28.7 31.4 Earnings before income taxes and equity interest $ 403.7 $ 294.4 $ 598.5 $ 546.2 |
Summary of Total Assets by Segment | The following table is a summary of total assets by segment as of June 29, 2019 and December 29, 2018 : (Millions of Dollars) June 29, 2019 December 29, 2018 Tools & Storage $ 14,081.0 $ 13,122.6 Industrial 4,537.7 3,620.5 Security 3,440.0 3,413.6 22,058.7 20,156.7 Corporate assets (535.1 ) (748.7 ) Consolidated $ 21,523.6 $ 19,408.0 |
Guarantees (Tables)
Guarantees (Tables) | 6 Months Ended |
Jun. 29, 2019 | |
Notes To Financial Statements [Abstract] | |
Financial Guarantees | The Companyās financial guarantees at June 29, 2019 are as follows: (Millions of Dollars) Term Maximum Carrying Guarantees on the residual values of leased assets One to four years $ 98.1 $ ā Standby letters of credit Up to three years 154.5 ā Commercial customer financing arrangements Up to six years 64.8 6.5 Total $ 317.4 $ 6.5 |
Changes in Carrying Amount of Product and Service Warranties | The changes in the carrying amount of product warranties for the six months ended June 29, 2019 and June 30, 2018 are as follows: (Millions of Dollars) 2019 2018 Balance beginning of period $ 102.1 $ 108.5 Warranties and guarantees issued 62.4 53.9 Warranty payments and currency (61.3 ) (58.3 ) Balance end of period $ 103.2 $ 104.1 |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 29, 2019 | Jun. 30, 2018 | Jun. 29, 2019 | Jun. 30, 2018 | Mar. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |||||
Document Period End Date | Jun. 29, 2019 | ||||
Net Sales | $ 3,761.3 | $ 3,643.6 | $ 7,094.9 | $ 6,852.9 | |
MTD [Member] | |||||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |||||
Equity Method Investment, Ownership Percentage | 20.00% |
New Accounting Standards New Ac
New Accounting Standards New Accounting Standards (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 29, 2019 | Jun. 30, 2018 | Jun. 29, 2019 | Jun. 30, 2018 | Dec. 29, 2018 | Dec. 30, 2017 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Document Period End Date | Jun. 29, 2019 | |||||
Deferred Revenue, Revenue Recognized | $ 65.9 | $ 66.2 | ||||
Accounts and Financing Receivable, after Allowance for Credit Loss, Current | $ 1,823.9 | 1,823.9 | $ 1,607.8 | |||
Net Sales | 3,761.3 | $ 3,643.6 | 7,094.9 | 6,852.9 | ||
Cost of Goods and Services Sold | 2,461.5 | 2,356.5 | 4,689.5 | 4,400.1 | ||
Selling, General and Administrative Expense | 776.2 | 801.8 | 1,536.8 | 1,580.6 | ||
Accounts Receivable, Credit Loss Expense (Reversal) | 6.1 | 4 | 24.4 | 10.8 | ||
Other Noninterest Expense | 62.2 | 119.3 | 127.6 | 177.3 | ||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | 403.7 | 294.4 | 598.5 | 546.2 | ||
Income Tax Expense (Benefit) | 51.6 | 1 | 76.3 | 82.7 | ||
Net Income (Loss) Attributable to Parent | $ 356.3 | $ 293.6 | $ 526.2 | $ 464.2 | ||
Earnings Per Share, Diluted | $ 2.37 | $ 1.93 | $ 3.50 | $ 3.03 | ||
Other Assets, Noncurrent | $ 1,290.2 | $ 1,290.2 | 482.3 | |||
Long-term Debt, Current Maturities | 3.1 | 3.1 | 2.5 | |||
Accrued Liabilities, Current | 1,864.6 | 1,864.6 | 1,389.8 | |||
Long-term Debt, Excluding Current Maturities | 3,909.1 | 3,909.1 | 3,819.8 | |||
Deferred Tax Liabilities, Net, Noncurrent | 730.5 | 730.5 | 705.3 | |||
Other Liabilities, Noncurrent | 2,422.2 | 2,422.2 | 2,446 | |||
Retained Earnings (Accumulated Deficit) | 6,549.9 | 6,549.9 | 6,219 | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (1,814) | $ (1,772.4) | (1,814) | $ (1,772.4) | (1,814.3) | $ (1,589.1) |
Increase (Decrease) in Operating Capital | 35.9 | (185) | (580.9) | (729.3) | ||
Increase (Decrease) in Other Operating Assets and Liabilities, Net | 11.5 | 38.9 | 133.9 | 137.7 | ||
Net Cash Provided by (Used in) Operating Activities | (501) | (198) | (69.7) | 151.4 | ||
Net Cash Provided by (Used in) Investing Activities | (32.2) | $ (587.5) | (1,039.5) | $ (713.8) | ||
Cash and Cash Equivalents, at Carrying Value | $ 310.7 | $ 310.7 | $ 288.7 |
Reconciliation of Net Earnings
Reconciliation of Net Earnings Attributable to Common Shareowners and Weighted-Average Shares Outstanding used to Calculate Basic and Diluted Earnings per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 29, 2019 | Jun. 30, 2018 | Jun. 29, 2019 | Jun. 30, 2018 | |
Numerator | ||||
Net Earnings Attributable to Common Shareowners | $ 356.3 | $ 293.6 | $ 526.2 | $ 464.2 |
Denominator: | ||||
Basic earnings per share - weighted-average shares | 148,099 | 149,748 | 147,982 | 150,101 |
Weighted Average Number Diluted Shares Outstanding Adjustment | 2,259 | 2,746 | 2,157 | 3,023 |
Diluted earnings per share - weighted-average shares | 150,358 | 152,494 | 150,139 | 153,124 |
Basic earnings per share of common stock: | ||||
Total basic earnings per share of common stock | $ 2.41 | $ 1.96 | $ 3.56 | $ 3.09 |
Diluted earnings per share of common stock: | ||||
Total dilutive earnings per share of common stock | $ 2.37 | $ 1.93 | $ 3.50 | $ 3.03 |
Weighted-Average Stock Options
Weighted-Average Stock Options and Warrants Outstanding Not included in Computation of Diluted Shares Outstanding (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 29, 2019 | Sep. 29, 2018 | Jun. 30, 2018 | Jun. 29, 2019 | Jun. 30, 2018 | Dec. 29, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||
Long-term Debt | $ 3,912.2 | $ 3,912.2 | $ 3,822.3 | |||
Preferred Stock Par Value Per Share | $ 2.5 | $ 2.5 | $ 2.50 | |||
Debt instrument, face amount | $ 3,954.3 | $ 3,954.3 | ||||
Payments for Repurchase of Common Stock | $ 1.1 | $ 300 | $ 201.3 | $ 9.2 | $ 212.7 | |
Common Stock, Shares, Issued | 176,902,738 | 176,902,738 | 176,902,738 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||
Mar. 31, 2018 | Jun. 29, 2019 | Jun. 30, 2018 | Jul. 01, 2017 | Jun. 29, 2019 | Jun. 30, 2018 | Dec. 29, 2018 | |
Stockholders Equity Note [Line Items] | |||||||
equity units issued | 7,500,000 | ||||||
Option Indexed to Issuer's Equity, Strike Price | $ 161.66 | $ 162.27 | $ 161.66 | ||||
Equity Unit | $ 750 | ||||||
Preferred Stock, Shares Issued | 750,000 | ||||||
Preferred Stock, Liquidation Preference, Value | $ 750 | ||||||
Preferred Stock Conversion Rate Number Of Common Stock Shares | $ 6.1627 | $ 6.1859 | |||||
Document Period End Date | Jun. 29, 2019 | ||||||
Long-term Debt | $ 750 | ||||||
Common Stock, Par or Stated Value Per Share | $ 2.5 | $ 2.5 | $ 2.50 | ||||
Common Stock, Shares, Issued | 176,902,738 | 176,902,738 | 176,902,738 | ||||
Minimum [Member] | |||||||
Stockholders Equity Note [Line Items] | |||||||
Option Indexed to Issuer's Equity, Strike Price | $ 156.86 | 162.27 | $ 156.72 | ||||
Maximum [Member] | |||||||
Stockholders Equity Note [Line Items] | |||||||
Option Indexed to Issuer's Equity, Strike Price | $ 203.92 | $ 179.53 | $ 203.74 | ||||
Stock Options [Member] | |||||||
Stockholders Equity Note [Line Items] | |||||||
Antidilutive securities excluded from the computation of EPS | 2,274,000 | 1,161,000 | 2,300,000 | 1,162,000 |
Financing Receivables - Additio
Financing Receivables - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 29, 2019 | Jun. 29, 2019 | Jun. 30, 2018 | Dec. 29, 2018 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Capital Leases, Future Minimum Payments Receivable | $ 214.9 | $ 214.9 | ||
Capital Leases, Future Minimum Payments Receivable, Next Twelve Months | 78.6 | 78.6 | ||
Capital Leases, Future Minimum Payments, Receivable in Two Years | 64 | 64 | ||
Capital Leases, Future Minimum Payments, Receivable in Three Years | 41.9 | 41.9 | ||
Capital Leases, Future Minimum Payments, Receivable in Four Years | 21.2 | 21.2 | ||
Capital Leases, Future Minimum Payments, Receivable in Five Years | 8.9 | 8.9 | ||
Capital Leases, Future Minimum Payments, Receivable Thereafter | 0.3 | 0.3 | ||
Long-term Debt | 3,912.2 | 3,912.2 | $ 3,822.3 | |
Sales-type Lease, Revenue | 19.6 | 41.5 | ||
Lessor, Operating Lease, Payments to be Received | 53.2 | 53.2 | ||
Lessor, Operating Lease, Payments to be Received, Next Rolling Twelve Months | $ 50.6 | $ 50.6 | ||
Document Period End Date | Jun. 29, 2019 | |||
Deferred Revenue, Revenue Recognized | $ 65.9 | $ 66.2 | ||
Number of Days Before Considered Past Due or Delinquent | 90 days | 90 days | ||
Cash Investment Purchaser Allowed to Have in Transferors Receivables | $ 110 | $ 110 | ||
Net receivables derecognized | 79 | 79 | 100.1 | |
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale, Gain (Loss) on Sale | 0.6 | 2 | ||
Proceeds from transfers of receivables to the purchaser | 129 | 222.5 | ||
Payment to the Purchaser | 75.9 | 243.6 | ||
Deferred Revenue | 207.7 | 207.7 | 202 | |
Deferred Revenue, Current | 104.8 | 104.8 | 98.6 | |
Accounts Receivable, before Allowance for Credit Loss, Current | 1,636.8 | 1,636.8 | 1,437.1 | |
Financing Receivable, before Allowance for Credit Loss, Current | 147.8 | 147.8 | ||
Other Receivables, Gross, Current | 159.9 | 159.9 | 122.7 | |
Trade Accounts And Notes Receivable Gross Current | 1,944.5 | 1,944.5 | 1,709.8 | |
Accounts Receivable, Allowance for Credit Loss, Current | (120.6) | (120.6) | (102) | |
Accounts and Financing Receivable, after Allowance for Credit Loss, Current | 1,823.9 | 1,823.9 | 1,607.8 | |
Financial Guarantee Insurance Contracts, Premium Received over Contract Period, Unearned Premium Revenue | 1,144 | 1,144 | ||
Lessor, Operating Lease, Payments to be Received, Two Years | 1.8 | 1.8 | ||
Lessor, Operating Lease, Payments to be Received, Three Years | 0.6 | 0.6 | ||
Lessor, Operating Lease, Payments to be Received, Four Years | 0.2 | 0.2 | ||
Operating Leases, Income Statement, Lease Revenue | 37.2 | 73.9 | ||
Sales-type Lease, Lease Income | 7.8 | 16.5 | ||
Operating Leases, Future Minimum Payments Receivable, in Five Years | 0 | 0 | ||
Operating Leases, Future Minimum Payments Receivable, Thereafter | 0 | 0 | ||
Notes Receivable [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss, Current | 150 | |||
Gross receivables sold | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Transfer of Financial Assets Accounted for as Sale, Amount Derecognized | 474 | 860.1 | ||
Net receivables sold | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Transfer of Financial Assets Accounted for as Sale, Amount Derecognized | 351.1 | 660.3 | ||
Maximum [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Payment to the Purchaser, servicing fees | 0.2 | 0.5 | ||
Other Assets [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Long-term trade financing receivables | 150.6 | 150.6 | $ 153.7 | |
Financing Receivable [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss, Current | 78.6 | 78.6 | ||
Lease Agreements [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Interest Revenue (Expense), Net | 3.3 | 6.5 | ||
Other Income | $ 60.1 | $ 121.9 |
Components of Inventories (Deta
Components of Inventories (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 29, 2019 | Jun. 30, 2018 | Jun. 29, 2019 | Jun. 30, 2018 | Dec. 29, 2018 | |
Schedule of Inventory [Line Items] | |||||
Payments to Acquire Businesses, Net of Cash Acquired | $ (0.2) | $ 505.6 | $ 676 | $ 506.8 | |
Document Period End Date | Jun. 29, 2019 | ||||
Finished products | 2,068 | $ 2,068 | $ 1,707.4 | ||
Work in process | 183.9 | 183.9 | 150.8 | ||
Raw materials | 611.3 | 611.3 | 515.3 | ||
Total | 2,863.2 | 2,863.2 | 2,373.5 | ||
Equipment Solution Attachments Group (IES) [Member] | |||||
Schedule of Inventory [Line Items] | |||||
Payments to Acquire Businesses, Net of Cash Acquired | 653 | ||||
Series of Individually Immaterial Business Acquisitions [Member] | |||||
Schedule of Inventory [Line Items] | |||||
Payments to Acquire Businesses, Net of Cash Acquired | 24.6 | $ 105.1 | |||
Inventories [Member] | Equipment Solution Attachments Group (IES) [Member] | |||||
Schedule of Inventory [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | $ 75 | $ 75 |
Inventories - Additional Infor
Inventories - Additional Informeation (Details) $ in Millions | 6 Months Ended |
Jun. 29, 2019USD ($) | |
Schedule of Inventory [Line Items] | |
Document Period End Date | Jun. 29, 2019 |
Equipment Solution Attachments Group (IES) [Member] | Inventories [Member] | |
Schedule of Inventory [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | $ 75 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 29, 2019USD ($) | Jun. 30, 2018USD ($) | Jul. 01, 2017USD ($) | Jun. 29, 2019USD ($) | Jun. 30, 2018USD ($) | Dec. 29, 2018USD ($) | Feb. 01, 2032USD ($) | |
Business Acquisition [Line Items] | |||||||
Net Sales | $ 3,761.3 | $ 3,643.6 | $ 7,094.9 | $ 6,852.9 | |||
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 357.4 | 293.4 | 527.8 | 463.5 | |||
Goodwill | 9,244 | 9,244 | $ 8,956.7 | ||||
Purchase price for acquisitions | (0.2) | $ 505.6 | 676 | $ 506.8 | |||
Inventories, net | 2,863.2 | 2,863.2 | 2,373.5 | ||||
Business Combination, Contingent Consideration, Liability, Noncurrent | 180.2 | $ 180.2 | 169.2 | ||||
Document Period End Date | Jun. 29, 2019 | ||||||
Industrial Segment | |||||||
Business Acquisition [Line Items] | |||||||
Goodwill | 2,003.2 | $ 2,003.2 | 1,679.7 | ||||
Equipment Solution Attachments Group (IES) [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 2.4 | 2.4 | |||||
Purchase price for acquisitions | 653 | ||||||
Fair Value, Net Asset (Liability) | $ 342.4 | 342.4 | |||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 14 years | ||||||
Nelson Fasteners [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Purchase price for acquisitions | $ 428.8 | ||||||
Fair Value, Net Asset (Liability) | $ 212 | 212 | |||||
Series of Individually Immaterial Business Acquisitions [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Purchase price for acquisitions | 24.6 | 105.1 | |||||
Fair Value, Net Asset (Liability) | $ 10.8 | $ 10.8 | $ 38.1 | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years | ||||||
Number of Businesses Acquired | 2 | 6 | |||||
Forecast [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business Combination, Contingent Consideration, Liability, Noncurrent | $ 134.5 | ||||||
Minimum [Member] | Nelson Fasteners [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 12 years | ||||||
Minimum [Member] | Series of Individually Immaterial Business Acquisitions [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years | ||||||
Minimum [Member] | Forecast [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business Combination, Contingent Consideration Percent of Sales, Liability, Noncurrent | 2.50% | ||||||
Maximum [Member] | Nelson Fasteners [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 15 years | ||||||
Maximum [Member] | Series of Individually Immaterial Business Acquisitions [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 14 years | ||||||
Maximum [Member] | Forecast [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business Combination, Contingent Consideration Percent of Sales, Liability, Noncurrent | 3.50% | ||||||
Goodwill [Member] | Equipment Solution Attachments Group (IES) [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets | $ 310.6 | $ 310.6 | |||||
Goodwill [Member] | Nelson Fasteners [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets | 216.8 | 216.8 | |||||
Goodwill [Member] | Series of Individually Immaterial Business Acquisitions [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets | 13.8 | 13.8 | $ 67 | ||||
Deferred Income Tax Charge [Member] | Equipment Solution Attachments Group (IES) [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities | 87.1 | 87.1 | |||||
intangible assets [Member] | Equipment Solution Attachments Group (IES) [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets | 328 | 328 | |||||
intangible assets [Member] | Nelson Fasteners [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets | 167 | 167 | |||||
intangible assets [Member] | Series of Individually Immaterial Business Acquisitions [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets | 35.5 | ||||||
Customer Relationships [Member] | Equipment Solution Attachments Group (IES) [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets | 304 | 304 | |||||
Customer Relationships [Member] | Nelson Fasteners [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets | 149 | 149 | |||||
Customer Relationships [Member] | Series of Individually Immaterial Business Acquisitions [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets | 0.7 | 0.7 | 32 | ||||
Equipment Solution Attachments Group (IES) [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Fair Value, Net Asset (Liability) | 81.7 | 81.7 | |||||
Nelson Fasteners [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Fair Value, Net Asset (Liability) | 64.5 | 64.5 | |||||
Series of Individually Immaterial Business Acquisitions [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Fair Value, Net Asset (Liability) | $ 5.3 | $ 5.3 | $ 13.4 |
Estimated Fair Values of Major
Estimated Fair Values of Major Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 29, 2019 | Dec. 29, 2018 | |
Schedule of Business Acquisitions, Purchase Price Allocation [Line Items] | ||
Document Period End Date | Jun. 29, 2019 | |
Goodwill | $ 9,244 | $ 8,956.7 |
Equipment Solution Attachments Group (IES) [Member] | ||
Schedule of Business Acquisitions, Purchase Price Allocation [Line Items] | ||
Fair Value, Net Asset (Liability) | 342.4 | |
Series of Individually Immaterial Business Acquisitions [Member] | ||
Schedule of Business Acquisitions, Purchase Price Allocation [Line Items] | ||
Fair Value, Net Asset (Liability) | 10.8 | 38.1 |
Newell Tools [Member] | ||
Schedule of Business Acquisitions, Purchase Price Allocation [Line Items] | ||
Fair Value, Net Asset (Liability) | 212 | |
Inventories [Member] | Equipment Solution Attachments Group (IES) [Member] | ||
Schedule of Business Acquisitions, Purchase Price Allocation [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 75 | |
Customer Relationships [Member] | Equipment Solution Attachments Group (IES) [Member] | ||
Schedule of Business Acquisitions, Purchase Price Allocation [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets | 304 | |
Customer Relationships [Member] | Series of Individually Immaterial Business Acquisitions [Member] | ||
Schedule of Business Acquisitions, Purchase Price Allocation [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets | 0.7 | 32 |
Customer Relationships [Member] | Newell Tools [Member] | ||
Schedule of Business Acquisitions, Purchase Price Allocation [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets | 149 | |
Customer Relationships [Member] | Equipment Solution Attachments Group (IES) [Member] | ||
Schedule of Business Acquisitions, Purchase Price Allocation [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets | 328 | |
Customer Relationships [Member] | Series of Individually Immaterial Business Acquisitions [Member] | ||
Schedule of Business Acquisitions, Purchase Price Allocation [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets | 35.5 | |
Customer Relationships [Member] | Newell Tools [Member] | ||
Schedule of Business Acquisitions, Purchase Price Allocation [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets | 167 | |
Goodwill [Member] | Equipment Solution Attachments Group (IES) [Member] | ||
Schedule of Business Acquisitions, Purchase Price Allocation [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets | 310.6 | |
Goodwill [Member] | Series of Individually Immaterial Business Acquisitions [Member] | ||
Schedule of Business Acquisitions, Purchase Price Allocation [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets | 13.8 | $ 67 |
Goodwill [Member] | Newell Tools [Member] | ||
Schedule of Business Acquisitions, Purchase Price Allocation [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets | $ 216.8 |
Supplemental Pro Forma Informat
Supplemental Pro Forma Information Related to Business Acquisitions (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 29, 2019 | Jun. 30, 2018 | Jun. 29, 2019 | Jun. 30, 2018 | |
Business Acquisition [Line Items] | ||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | $ 102.9 | $ 129.2 | ||
Business Acquisition, Pro Forma Revenue | 3,761,300,000 | $ 3,748,000,000 | 7,171,000,000 | $ 7,123,400,000 |
Business Acquisition, Pro Forma Net Income (Loss) | $ 363,000,000 | $ 307,600,000 | $ 545,400,000 | $ 470,200,000 |
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $ 2.41 | $ 2.02 | $ 3.63 | $ 3.07 |
Document Period End Date | Jun. 29, 2019 | |||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | $ 0.4 | $ (8) |
Acquisitions Equity Method Inve
Acquisitions Equity Method Investments (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Mar. 30, 2019 | Jun. 29, 2019 | |
Schedule of Equity Method Investments [Line Items] | ||
Document Period End Date | Jun. 29, 2019 | |
MTD [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investment, Ownership Percentage | 20.00% | |
Payments to Acquire Equity Method Investments | $ 234 |
Changes in Carrying Amount of G
Changes in Carrying Amount of Goodwill by Segment (Detail) $ in Millions | 6 Months Ended |
Jun. 29, 2019USD ($) | |
Goodwill [Line Items] | |
Goodwill, Written off Related to Sale of Business Unit | $ 33.8 |
Goodwill, Acquired During Period | 321.6 |
Goodwill Beginning Balance | 8,956.7 |
Foreign currency translation | (34.3) |
Goodwill Ending Balance | 9,244 |
Tools & Storage [Member] | |
Goodwill [Line Items] | |
Goodwill, Acquired During Period | (0.7) |
Goodwill Beginning Balance | 5,154.3 |
Foreign currency translation | 3.9 |
Goodwill Ending Balance | 5,157.5 |
Industrial Segment | |
Goodwill [Line Items] | |
Goodwill, Acquired During Period | 320.9 |
Goodwill Beginning Balance | 1,679.7 |
Foreign currency translation | 2.6 |
Goodwill Ending Balance | 2,003.2 |
Securities Industry | |
Goodwill [Line Items] | |
Goodwill, Acquired During Period | 1.4 |
Goodwill Beginning Balance | 2,122.7 |
Foreign currency translation | (40.8) |
Goodwill Ending Balance | $ 2,083.3 |
Long-Term Debt and Financing _3
Long-Term Debt and Financing Arrangements (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||||||
Jun. 29, 2019 | Jun. 30, 2018 | Apr. 01, 2017 | Jun. 29, 2019 | Jun. 30, 2018 | Mar. 01, 2019 | Feb. 15, 2019 | Dec. 29, 2018 | Sep. 29, 2018 | |
Debt Instrument [Line Items] | |||||||||
Liabilities, Fair Value Adjustment | $ 9.6 | ||||||||
Document Period End Date | Jun. 29, 2019 | ||||||||
Debt Issuance Costs, Net | $ 36.7 | $ 36.7 | |||||||
Long-term Debt | 3,912.2 | 3,912.2 | $ 3,822.3 | ||||||
Short-term Debt, Maximum Amount Outstanding During Period | $ 3,000 | ||||||||
Commercial Paper | 1,454.2 | 1,454.2 | 373 | ||||||
Proceeds from Issuance of Long-term Debt | 0.7 | $ 0 | 496.2 | $ 0 | |||||
Proceeds from (Repayments of) Long-term Debt and Capital Securities | 0 | 0 | 400 | 0 | |||||
Debt instrument, face amount | 3,954.3 | 3,954.3 | |||||||
Less: Current maturities of long-term debt | (3.1) | (3.1) | $ (2.5) | ||||||
Debt Instrument, Unamortized Discount | 2 | 2 | |||||||
Notes 3 Point 4 Percent Due in 2021 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Issuance Costs, Net | $ 0.8 | $ 0.8 | |||||||
Stated interest rate | 3.40% | 3.40% | |||||||
Long-term debt, interest rate | 3.40% | ||||||||
Notes 2 Point 25 Percent due 2018 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Stated interest rate | 2.90% | ||||||||
Notes 3 Point 4 Percent Due in 2021 [Member] [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Issuance Costs, Net | $ 3.1 | $ 3.1 | |||||||
Long-term Debt | $ 496.2 | $ 496.2 | $ 0 | ||||||
Stated interest rate | 3.40% | 3.40% | |||||||
Long-term debt, interest rate | 3.40% | ||||||||
Notes Payable due 2022 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, face amount | $ 754.3 | $ 754.3 | |||||||
Debt Instrument, Unamortized Discount | 0.2 | 0.2 | |||||||
Notes payable due 2028 | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Issuance Costs, Net | 0 | 0 | |||||||
Long-term Debt | $ 169.4 | $ 169.4 | $ 170.4 | ||||||
Stated interest rate | 7.05% | 7.05% | |||||||
Long-term debt, interest rate | 7.05% | ||||||||
Notes 4 Point 25 Percent Due 2028 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Issuance Costs, Net | $ 4.2 | $ 4.2 | |||||||
Long-term Debt | $ 495.5 | $ 495.5 | $ 495.7 | ||||||
Stated interest rate | 4.25% | 4.25% | |||||||
Long-term debt, interest rate | 4.25% | ||||||||
Notes payable due 2040 | |||||||||
Debt Instrument [Line Items] | |||||||||
Liabilities, Fair Value Adjustment | $ 0 | ||||||||
Debt Issuance Costs, Net | $ 2.9 | 2.9 | |||||||
Long-term Debt | $ 365.7 | $ 365.7 | $ 364.9 | ||||||
Stated interest rate | 5.20% | 5.20% | |||||||
Long-term debt, interest rate | 5.20% | ||||||||
Debt Instrument, Unamortized Discount | $ 0.2 | $ 0.2 | |||||||
Notes 4 Point 85 Percent Due 2048 [Member] [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Liabilities, Fair Value Adjustment | 0 | ||||||||
Debt Issuance Costs, Net | 5.5 | 5.5 | |||||||
Long-term Debt | $ 494 | $ 494 | $ 494.4 | ||||||
Stated interest rate | 4.85% | 4.85% | |||||||
Long-term debt, interest rate | 4.85% | ||||||||
Debt Instrument, Unamortized Discount | $ 0.5 | $ 0.5 | |||||||
Notes 5 Point 75 Percent due 2053 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt, interest rate | 5.75% | ||||||||
Notes 7 Point 08 Percent due 2053 [Member] [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Issuance Costs, Net | 0 | 0 | |||||||
Long-term Debt | $ 0 | $ 0 | $ 396.7 | ||||||
Stated interest rate | 7.08% | 7.08% | |||||||
Proceeds from (Repayments of) Long-term Debt and Capital Securities | $ 405.7 | ||||||||
Gain (Loss) on Extinguishment of Debt | 3.2 | ||||||||
Debt instrument, face amount | $ 0 | 0 | |||||||
Long-term debt, interest rate | 7.08% | ||||||||
Write off of Deferred Debt Issuance Cost | 7.8 | ||||||||
Other, payable in varying amounts through 2021 | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Issuance Costs, Net | 0 | 0 | |||||||
Long-term Debt | 0 | 0 | $ 7.9 | ||||||
Debt instrument, face amount | $ 0 | $ 0 | |||||||
Other, payable in varying amounts through 2021 | Minimum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Stated interest rate | 0.00% | 0.00% | 0.00% | ||||||
Other, payable in varying amounts through 2021 | Maximum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Stated interest rate | 4.50% | 4.50% | 4.50% | ||||||
5 Year Credit Facility [Member] [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of Credit Facility, Current Borrowing Capacity | $ 2,000 | ||||||||
Committed Credit Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Amount of Credit Facility Foreign Currency Sublimit | 653.3 | ||||||||
2018 Credit Agreement [Member] [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of Credit Facility, Current Borrowing Capacity | $ 1,000 | ||||||||
Net Investment Hedging [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Commercial paper borrowings outstanding | $ 228.9 | ||||||||
Commercial Paper | $ 909.5 | $ 909.5 | |||||||
Fixed-to-Floating Interest Rate Swaps Terminated | Notes 3 Point 4 Percent Due in 2021 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Liabilities, Fair Value Adjustment | 0 | ||||||||
Fixed-to-Floating Interest Rate Swaps Terminated | Other, payable in varying amounts through 2021 | |||||||||
Debt Instrument [Line Items] | |||||||||
Liabilities, Fair Value Adjustment | 0 | ||||||||
Fixed to Floating Interest Rate Swap | Notes 3 Point 4 Percent Due in 2021 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, face amount | 400 | 400 | |||||||
Debt Instrument, Unamortized Discount | 0.1 | 0.1 | |||||||
Fixed to Floating Interest Rate Swap | Notes 3 Point 4 Percent Due in 2021 [Member] [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Liabilities, Fair Value Adjustment | 0 | ||||||||
Proceeds from Issuance of Long-term Debt | 496.2 | ||||||||
Debt instrument, face amount | 500 | 500 | |||||||
Debt Instrument, Unamortized Discount | 0.7 | 0.7 | |||||||
Fixed to Floating Interest Rate Swap | Notes payable due 2028 | |||||||||
Debt Instrument [Line Items] | |||||||||
Liabilities, Fair Value Adjustment | 9.6 | ||||||||
Debt instrument, face amount | 150 | 150 | |||||||
Fixed to Floating Interest Rate Swap | Notes 4 Point 25 Percent Due 2028 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Liabilities, Fair Value Adjustment | 0 | ||||||||
Debt instrument, face amount | 500 | 500 | |||||||
Debt Instrument, Unamortized Discount | 0.3 | 0.3 | |||||||
Fixed to Floating Interest Rate Swap | Notes payable due 2040 | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, face amount | 400 | 400 | |||||||
Fixed to Floating Interest Rate Swap | Notes 4 Point 85 Percent Due 2048 [Member] [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, face amount | 500 | 500 | |||||||
Fixed to Floating Interest Rate Swap | Notes 7 Point 08 Percent due 2053 [Member] [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Liabilities, Fair Value Adjustment | 0 | ||||||||
Debt Instrument, Unamortized Discount | 0 | 0 | |||||||
Fixed to Floating Interest Rate Swap | Other, payable in varying amounts through 2021 | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Unamortized Discount | 0 | 0 | |||||||
Cash Flow Hedges | |||||||||
Debt Instrument [Line Items] | |||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 1.1 | $ 7.1 | 3.2 | 11.7 | |||||
Cash Flow Hedges | Notes 7 Point 08 Percent due 2053 [Member] [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 4.6 | $ 4.6 | |||||||
Cash Flow Hedges | Interest Rate Swap [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Derivative, Notional Amount | $ 400 | 400 | $ 250 | $ 650 | |||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ 1 |
Long-Term Debt and Financing _4
Long-Term Debt and Financing Arrangements - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |
Apr. 01, 2017 | Jun. 29, 2019 | Dec. 29, 2018 | |
Debt Instrument [Line Items] | |||
Short-term Debt, Maximum Amount Outstanding During Period | $ 3,000 | ||
Commercial Paper | $ 1,454.2 | $ 373 | |
Deferred Finance Costs, Net | (36.7) | ||
Long-term Debt | $ 3,912.2 | 3,822.3 | |
Document Period End Date | Jun. 29, 2019 | ||
Debt instrument, face amount | $ 3,954.3 | ||
Debt Instrument, Unamortized Discount | (2) | ||
Deferred (Gain) Loss on Discontinuation of Fair Value Hedge | 13 | ||
Liabilities, Fair Value Adjustment | 9.6 | ||
Long-term Debt, Current Maturities | (3.1) | (2.5) | |
Long-term Debt, Excluding Current Maturities | 3,909.1 | 3,819.8 | |
Notes payable due 2021 | |||
Debt Instrument [Line Items] | |||
Long-term Debt | 407.5 | $ 409.1 | |
Notes 3 Point 4 Percent Due in 2021 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Effective Percentage | 3.40% | ||
Deferred Finance Costs, Net | $ (0.8) | ||
Stated interest rate | 3.40% | ||
Notes 3 Point 4 Percent Due in 2021 [Member] | Fixed-to-Floating Interest Rate Swaps Terminated | |||
Debt Instrument [Line Items] | |||
Deferred (Gain) Loss on Discontinuation of Fair Value Hedge | $ (8.4) | ||
Liabilities, Fair Value Adjustment | 0 | ||
Notes 3 Point 4 Percent Due in 2021 [Member] | Fixed to Floating Interest Rate Swap | |||
Debt Instrument [Line Items] | |||
Debt instrument, face amount | 400 | ||
Debt Instrument, Unamortized Discount | (0.1) | ||
Notes Payable due 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, face amount | 754.3 | ||
Debt Instrument, Unamortized Discount | (0.2) | ||
Notes Payable Maturities 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Deferred Finance Costs, Net | (2.1) | ||
Long-term Debt | $ 752 | $ 751.6 | |
Stated interest rate | 2.90% | ||
Notes Payable Maturities 2022 [Member] | Fixed-to-Floating Interest Rate Swaps Terminated | |||
Debt Instrument [Line Items] | |||
Deferred (Gain) Loss on Discontinuation of Fair Value Hedge | $ 0 | ||
Liabilities, Fair Value Adjustment | 0 | ||
Notes payable due 2028 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Effective Percentage | 7.05% | ||
Deferred Finance Costs, Net | 0 | ||
Long-term Debt | $ 169.4 | $ 170.4 | |
Stated interest rate | 7.05% | ||
Notes payable due 2028 | Fixed to Floating Interest Rate Swap | |||
Debt Instrument [Line Items] | |||
Debt instrument, face amount | $ 150 | ||
Deferred (Gain) Loss on Discontinuation of Fair Value Hedge | (9.8) | ||
Liabilities, Fair Value Adjustment | 9.6 | ||
Notes 7 Point 05 Percent Due in 2028 [Member] | Fixed to Floating Interest Rate Swap | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Unamortized Discount | 0 | ||
Notes 4 Point 25 Percent Due 2028 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Effective Percentage | 4.25% | ||
Deferred Finance Costs, Net | (4.2) | ||
Long-term Debt | $ 495.5 | $ 495.7 | |
Stated interest rate | 4.25% | ||
Notes 4 Point 25 Percent Due 2028 [Member] | Fixed to Floating Interest Rate Swap | |||
Debt Instrument [Line Items] | |||
Debt instrument, face amount | $ 500 | ||
Debt Instrument, Unamortized Discount | (0.3) | ||
Deferred (Gain) Loss on Discontinuation of Fair Value Hedge | 0 | ||
Liabilities, Fair Value Adjustment | 0 | ||
Notes 3 Point 4 Percent Due in 2021 [Member] [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Effective Percentage | 3.40% | ||
Deferred Finance Costs, Net | (3.1) | ||
Long-term Debt | $ 496.2 | $ 0 | |
Stated interest rate | 3.40% | ||
Notes 3 Point 4 Percent Due in 2021 [Member] [Member] | Fixed to Floating Interest Rate Swap | |||
Debt Instrument [Line Items] | |||
Debt instrument, face amount | $ 500 | ||
Debt Instrument, Unamortized Discount | (0.7) | ||
Deferred (Gain) Loss on Discontinuation of Fair Value Hedge | 0 | ||
Liabilities, Fair Value Adjustment | 0 | ||
Notes 4 Point 85 Percent Due 2048 [Member] [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Effective Percentage | 4.85% | ||
Deferred Finance Costs, Net | (5.5) | ||
Long-term Debt | 494 | $ 494.4 | |
Debt Instrument, Unamortized Discount | (0.5) | ||
Deferred (Gain) Loss on Discontinuation of Fair Value Hedge | 0 | ||
Liabilities, Fair Value Adjustment | $ 0 | ||
Stated interest rate | 4.85% | ||
Notes 4 Point 85 Percent Due 2048 [Member] [Member] | Fixed to Floating Interest Rate Swap | |||
Debt Instrument [Line Items] | |||
Debt instrument, face amount | $ 500 | ||
Notes 5 Point 75 Percent Due 2052 [Member] | |||
Debt Instrument [Line Items] | |||
Deferred Finance Costs, Net | (18.1) | ||
Long-term Debt | 731.9 | $ 731.6 | |
Debt instrument, face amount | $ 750 | ||
Stated interest rate | 5.75% | ||
Notes 5 Point 75 Percent Due 2052 [Member] | Fixed-to-Floating Interest Rate Swaps Terminated | |||
Debt Instrument [Line Items] | |||
Deferred (Gain) Loss on Discontinuation of Fair Value Hedge | $ 0 | ||
Liabilities, Fair Value Adjustment | 0 | ||
Notes 5 Point 75 Percent Due 2052 [Member] | Fixed to Floating Interest Rate Swap | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Unamortized Discount | 0 | ||
Notes 7 Point 08 Percent due 2053 [Member] [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Effective Percentage | 7.08% | ||
Deferred Finance Costs, Net | 0 | ||
Long-term Debt | 0 | $ 396.7 | |
Debt instrument, face amount | $ 0 | ||
Stated interest rate | 7.08% | ||
Notes 7 Point 08 Percent due 2053 [Member] [Member] | Fixed to Floating Interest Rate Swap | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Unamortized Discount | $ 0 | ||
Deferred (Gain) Loss on Discontinuation of Fair Value Hedge | 0 | ||
Liabilities, Fair Value Adjustment | 0 | ||
Notes Payable, Other Payables [Member] | |||
Debt Instrument [Line Items] | |||
Deferred Finance Costs, Net | 0 | ||
Long-term Debt | 0 | 7.9 | |
Debt instrument, face amount | 0 | ||
Notes Payable, Other Payables [Member] | Fixed-to-Floating Interest Rate Swaps Terminated | |||
Debt Instrument [Line Items] | |||
Deferred (Gain) Loss on Discontinuation of Fair Value Hedge | 0 | ||
Liabilities, Fair Value Adjustment | 0 | ||
Notes Payable, Other Payables [Member] | Fixed to Floating Interest Rate Swap | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Unamortized Discount | 0 | ||
Net Investment Hedging [Member] | |||
Debt Instrument [Line Items] | |||
Commercial Paper | $ 909.5 | ||
Commercial paper borrowings outstanding | $ 228.9 | ||
Maximum [Member] | Notes Payable, Other Payables [Member] | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 4.50% | 4.50% |
Summary of Fair Value of Deriva
Summary of Fair Value of Derivatives (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||||
Jun. 29, 2019 | Jun. 30, 2018 | Jun. 29, 2019 | Jun. 30, 2018 | Mar. 01, 2019 | Feb. 15, 2019 | Dec. 29, 2018 | |
Derivatives, Fair Value [Line Items] | |||||||
Long-term Debt, Excluding Current Maturities | $ 3,909.1 | $ 3,909.1 | $ 3,819.8 | ||||
Long-term Debt, Current Maturities | 3.1 | 3.1 | 2.5 | ||||
Deferred (Gain) Loss on Discontinuation of Fair Value Hedge | (13) | $ (13) | |||||
Document Period End Date | Jun. 29, 2019 | ||||||
Derivative Liability, Fair Value, Gross Liability | 968.4 | $ 968.4 | |||||
Cash Flow Hedges | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 1.1 | $ 7.1 | 3.2 | $ 11.7 | |||
Cash Flow Hedges | Interest Rate Swap [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 1 | ||||||
Notional Amount of Interest Rate Derivatives | 400 | 400 | $ 250 | $ 650 | |||
Fair Value Hedging [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative, Loss on Derivative | 0.7 | 0.8 | 6.1 | 1.6 | |||
Net Investment Hedging [Member] | Options Held [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Notional Amount of Interest Rate Derivatives | 35.1 | 35.1 | 35.1 | ||||
Net Investment Hedging [Member] | Foreign Exchange Contracts | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Notional Amount of Interest Rate Derivatives | 326.1 | 326.1 | |||||
Designated as Hedging Instruments | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Fair value of asset derivatives | 45.3 | 45.3 | 23.8 | ||||
Derivative Liability, Fair Value, Gross Liability | 960.4 | 960.4 | 244.8 | ||||
Designated as Hedging Instruments | Cash Flow Hedges | Interest Rate Contracts | Other current assets | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Fair value of asset derivatives | 0 | 0 | 0 | ||||
Designated as Hedging Instruments | Cash Flow Hedges | Interest Rate Contracts | LT other liabilities | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative Liability, Fair Value, Gross Liability | 28.4 | 28.4 | 0 | ||||
Designated as Hedging Instruments | Cash Flow Hedges | Foreign Exchange Contracts | Other current assets | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Fair value of asset derivatives | 10.5 | 10.5 | 18.1 | ||||
Designated as Hedging Instruments | Cash Flow Hedges | Foreign Exchange Contracts | LT other assets | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Fair value of asset derivatives | 0.8 | 0.8 | 0 | ||||
Designated as Hedging Instruments | Cash Flow Hedges | Foreign Exchange Contracts | Accrued Liabilities [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative Liability, Fair Value, Gross Liability | 1.4 | 1.4 | 0.6 | ||||
Designated as Hedging Instruments | Cash Flow Hedges | Foreign Exchange Contracts | LT other liabilities | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative Liability, Fair Value, Gross Liability | 0.6 | 0.6 | 0 | ||||
Designated as Hedging Instruments | Fair Value Hedging [Member] | Other Current Liabilities [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Deferred (Gain) Loss on Discontinuation of Fair Value Hedge | 3.1 | 3.1 | 2.1 | ||||
Designated as Hedging Instruments | Fair Value Hedging [Member] | Long-term Debt [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Deferred (Gain) Loss on Discontinuation of Fair Value Hedge | (16) | (16) | (10) | ||||
Designated as Hedging Instruments | Net Investment Hedging [Member] | Other current assets | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Fair value of asset derivatives | 34 | 34 | 5.7 | ||||
Designated as Hedging Instruments | Net Investment Hedging [Member] | LT other assets | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Fair value of asset derivatives | 0 | ||||||
Designated as Hedging Instruments | Net Investment Hedging [Member] | Accrued Liabilities [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative Liability, Fair Value, Gross Liability | 8.1 | 8.1 | 1.5 | ||||
Designated as Hedging Instruments | Net Investment Hedging [Member] | LT other liabilities | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Fair value of asset derivatives | 0 | 0 | |||||
Derivative Liability, Fair Value, Gross Liability | 12.4 | 12.4 | 13.8 | ||||
Designated as Hedging Instruments | Net Investment Hedging [Member] | Short-term Debt [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative Liability, Fair Value, Gross Liability | 228.9 | ||||||
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contracts | Other current assets | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Fair value of asset derivatives | 6.7 | 6.7 | 9.1 | ||||
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contracts | Accrued Liabilities [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative Liability, Fair Value, Gross Liability | 8 | 8 | $ 5.4 | ||||
Other, net | Cash Flow Hedges | Interest Rate Contracts | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 0 | 0 | 0 | |||
Other, net | Cash Flow Hedges | Foreign Exchange Contracts | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative, Hedged Item, Gain (Loss) Effect on Income Statement | (2.7) | 9.2 | (2.5) | 12 | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ 2.7 | $ (9.2) | 2.5 | (12) | |||
Notes 7 Point 08 Percent due 2053 [Member] [Member] | Cash Flow Hedges | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ 4.6 | $ 4.6 |
Financial Instruments - Additio
Financial Instruments - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 29, 2019 | Jun. 30, 2018 | Jun. 29, 2019 | Jun. 30, 2018 | Dec. 29, 2018 | Mar. 01, 2019 | Feb. 15, 2019 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Derivative Liability, Fair Value, Gross Liability | $ 968.4 | $ 968.4 | |||||
Deferred (Gain) Loss on Discontinuation of Fair Value Hedge | (13) | (13) | |||||
Cost of Goods and Services Sold | 2,461.5 | $ 2,356.5 | 4,689.5 | $ 4,400.1 | |||
Interest Expense | 72.4 | 69 | $ 146.8 | 132.2 | |||
Document Period End Date | Jun. 29, 2019 | ||||||
Payments for (Proceeds from) Derivative Instrument, Investing Activities | $ 22.3 | (23.5) | |||||
Debt instrument, face amount | $ 3,954.3 | 3,954.3 | |||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | $ 3.7 | (11.6) | |||||
Notes 3 Point 4 Percent Due in 2021 [Member] | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Stated interest rate | 3.40% | 3.40% | |||||
Notes payable due 2040 | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Deferred (Gain) Loss on Discontinuation of Fair Value Hedge | $ 31.2 | $ 31.2 | |||||
Stated interest rate | 5.20% | 5.20% | |||||
Notes payable due 2028 | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Stated interest rate | 7.05% | 7.05% | |||||
Notes Payable due 2022 [Member] | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Debt instrument, face amount | $ 754.3 | $ 754.3 | |||||
Notes 5 Point 75 Percent Due 2052 [Member] | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Stated interest rate | 5.75% | 5.75% | |||||
Debt instrument, face amount | $ 750 | $ 750 | |||||
Cash Flow Hedges | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
After-tax gain (loss) for cash flow hedge effectiveness in accumulated other comprehensive loss | (44.8) | (44.8) | $ (26.8) | ||||
Cash flow gain (loss) hedge loss expected to be reclassified to earnings as hedged transactions occur or as amounts are amortized within the next 12 months | (1.5) | ||||||
Gain (loss) reclassified from accumulated other comprehensive loss into earnings | (1.1) | (7.1) | (3.2) | (11.7) | |||
Fair Value Hedging [Member] | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Derivative, Loss on Derivative | 0.7 | 0.8 | 6.1 | 1.6 | |||
Fixed-to-Floating Interest Rate Swaps Terminated | Notes 3 Point 4 Percent Due in 2021 [Member] | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Deferred (Gain) Loss on Discontinuation of Fair Value Hedge | 8.4 | 8.4 | |||||
Fixed-to-Floating Interest Rate Swaps Terminated | Notes 5 Point 75 Percent Due 2052 [Member] | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Deferred (Gain) Loss on Discontinuation of Fair Value Hedge | 0 | 0 | |||||
Foreign Exchange Forward | Cash Flow Hedges | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Notional Amount of Interest Rate Derivatives | 618.3 | 618.3 | 240 | ||||
Foreign Exchange Option | Cash Flow Hedges | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Notional Amount of Interest Rate Derivatives | 166 | 166 | 370 | ||||
Foreign Exchange Contracts | Net Investment Hedging [Member] | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Payments for (Proceeds from) Derivative Instrument, Investing Activities | (3.9) | (20.3) | |||||
Derivative, Gain (Loss) on Derivative, Net | (72.2) | (63.3) | |||||
Notional Amount of Interest Rate Derivatives | 326.1 | 326.1 | |||||
Foreign Exchange Contracts | Net Investment Hedging [Member] | Currency, British Pound Sterling | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Notional Amount of Interest Rate Derivatives | 262.4 | ||||||
Currency Swap [Member] | Net Investment Hedging [Member] | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Notional Amount of Interest Rate Derivatives | 1,500 | 1,500 | 250 | ||||
Options Held [Member] | Net Investment Hedging [Member] | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Notional Amount of Interest Rate Derivatives | 35.1 | 35.1 | 35.1 | ||||
Interest Rate Swap [Member] | Cash Flow Hedges | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Gain (loss) reclassified from accumulated other comprehensive loss into earnings | (1) | ||||||
Notional Amount of Interest Rate Derivatives | 400 | 400 | $ 250 | $ 650 | |||
Designated as Hedging Instrument [Member] | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Derivative Liability, Fair Value, Gross Liability | 960.4 | 960.4 | 244.8 | ||||
Not Designated as Hedging Instrument [Member] | Forward Contracts [Member] | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Notional Amount of Interest Rate Derivatives | 1,000 | 1,000 | 1,000 | ||||
Interest Expense [Member] | Interest Rate Contracts | Cash Flow Hedges | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | (17.5) | 3.8 | (28.4) | 21.8 | |||
Gain (loss) reclassified from accumulated other comprehensive loss into earnings | 4.1 | 3.8 | 8.1 | 7.6 | |||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | 0 | |||||
Interest Expense [Member] | Foreign Exchange Contracts | Cash Flow Hedges | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Derivative, Hedged Item, Gain (Loss) Effect on Income Statement | 0 | 0 | 0 | 0 | |||
Gain (loss) reclassified from accumulated other comprehensive loss into earnings | 0 | 0 | 0 | 0 | |||
Interest Expense [Member] | Interest Rate Swap [Member] | Cash Flow Hedges | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Gain (loss) reclassified from accumulated other comprehensive loss into earnings | 4.1 | 3.8 | 8.1 | 7.6 | |||
Other Expense [Member] | Net Investment Hedging [Member] | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Gain (loss) reclassified from accumulated other comprehensive loss into earnings | 0 | 0 | 0 | ||||
Derivative, Loss on Derivative | 0 | 0 | 0 | 0 | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | ||||||
Other Expense [Member] | Currency Swap [Member] | Net Investment Hedging [Member] | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Gain (loss) reclassified from accumulated other comprehensive loss into earnings | (6.8) | (1.7) | (14.5) | (3.4) | |||
Derivative, Loss on Derivative | 6.8 | 1.7 | 14.5 | 3.4 | |||
Other Expense [Member] | Forward Contracts [Member] | Net Investment Hedging [Member] | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | 7.4 | 48.7 | 6.2 | 22.2 | |||
Gain (loss) reclassified from accumulated other comprehensive loss into earnings | (1.3) | (2.3) | (2.3) | (4.1) | |||
Derivative, Loss on Derivative | 1.3 | 2.3 | 2.3 | 4.1 | |||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | 2.3 | 4.2 | 6.2 | |||
Other Expense [Member] | Cross Currency Interest Rate Contract [Member] | Net Investment Hedging [Member] | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | (2.4) | 1.4 | 23.5 | 2.9 | |||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 10.6 | 1.4 | 24 | 8.3 | |||
Other Expense [Member] | Equity Option [Member] | Net Investment Hedging [Member] | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | (1.1) | 2.6 | (2.1) | (0.9) | |||
Gain (loss) reclassified from accumulated other comprehensive loss into earnings | 0 | 0 | 0 | 0 | |||
Derivative, Loss on Derivative | 0 | 0 | 0 | 0 | |||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | 0 | 0 | 0 | |||
Other Expense [Member] | Designated as Hedging Instrument [Member] | Net Investment Hedging [Member] | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Non Derivative Instrument, (Gain) Loss Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | (11.4) | 51.5 | 4.2 | 38.9 | |||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | 0 | 0 | 0 | |||
Other, net | Interest Rate Contracts | Cash Flow Hedges | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Gain (loss) reclassified from accumulated other comprehensive loss into earnings | 0 | 0 | 0 | 0 | |||
Other, net | Foreign Exchange Contracts | Cash Flow Hedges | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | (2.5) | 29.7 | 4.5 | 23 | |||
Derivative, Hedged Item, Gain (Loss) Effect on Income Statement | (2.7) | 9.2 | (2.5) | 12 | |||
Gain (loss) reclassified from accumulated other comprehensive loss into earnings | (2.7) | 9.2 | (2.5) | 12 | |||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | $ 0 | 0 | $ 0 | |||
Short-term Debt [Member] | Designated as Hedging Instrument [Member] | Net Investment Hedging [Member] | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Derivative Liability, Fair Value, Gross Liability | 228.9 | ||||||
Hedging Liabilities, Current | 909.5 | 909.5 | 228.9 | ||||
Other current assets | Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Deferred (Gain) Loss on Discontinuation of Fair Value Hedge | 3.1 | 3.1 | 2.1 | ||||
Long-term Debt [Member] | Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Deferred (Gain) Loss on Discontinuation of Fair Value Hedge | (16) | (16) | (10) | ||||
Fair Value, Measurements, Recurring | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Derivative Liability, Fair Value, Gross Liability | 58.9 | 58.9 | 21.3 | ||||
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 [Member] | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Derivative Liability, Fair Value, Gross Liability | 21.3 | ||||||
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 [Member] | Not Designated as Hedging Instrument [Member] | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Derivative Liability, Fair Value, Gross Liability | $ 58.9 | $ 58.9 | $ 250.2 |
Detail Pre-tax Amounts Reclassi
Detail Pre-tax Amounts Reclassified From Accumulated Other Comprehensive Income (Loss) into Earnings for Active Derivative Financial Instruments (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 29, 2019 | Jun. 30, 2018 | Jun. 29, 2019 | Jun. 30, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Interest Expense | $ 72.4 | $ 69 | $ 146.8 | $ 132.2 |
Document Period End Date | Jun. 29, 2019 | |||
Net Investment Hedging [Member] | Other Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Reclassified from OCI to Income (Effective Portion) | 0 | $ 0 | 0 | |
Derivative, Loss on Derivative | 0 | 0 | 0 | 0 |
Net Investment Hedging [Member] | Forward Contracts [Member] | Other Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount Recorded in OCI Gain (Loss) | 7.4 | 48.7 | 6.2 | 22.2 |
Gain (Loss) Reclassified from OCI to Income (Effective Portion) | 1.3 | 2.3 | 2.3 | 4.1 |
Gain (Loss) Recognized in Income (Ineffective Portion) | 0 | 2.3 | 4.2 | 6.2 |
Derivative, Loss on Derivative | (1.3) | (2.3) | (2.3) | (4.1) |
Net Investment Hedging [Member] | Cross Currency Interest Rate Contract [Member] | Other Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount Recorded in OCI Gain (Loss) | (2.4) | 1.4 | 23.5 | 2.9 |
Gain (Loss) Recognized in Income (Ineffective Portion) | 10.6 | 1.4 | 24 | 8.3 |
Net Investment Hedging [Member] | Currency Swap [Member] | Other Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Reclassified from OCI to Income (Effective Portion) | 6.8 | 1.7 | 14.5 | 3.4 |
Derivative, Loss on Derivative | (6.8) | (1.7) | (14.5) | (3.4) |
Net Investment Hedging [Member] | Equity Option [Member] | Other Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount Recorded in OCI Gain (Loss) | (1.1) | 2.6 | (2.1) | (0.9) |
Gain (Loss) Reclassified from OCI to Income (Effective Portion) | 0 | 0 | 0 | 0 |
Gain (Loss) Recognized in Income (Ineffective Portion) | 0 | 0 | 0 | 0 |
Derivative, Loss on Derivative | 0 | 0 | 0 | 0 |
Fair Value Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Loss on Derivative | (0.7) | (0.8) | (6.1) | (1.6) |
Cash Flow Hedges | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Reclassified from OCI to Income (Effective Portion) | 1.1 | 7.1 | 3.2 | 11.7 |
Cash Flow Hedges | Interest Rate Contracts | Interest Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount Recorded in OCI Gain (Loss) | (17.5) | 3.8 | (28.4) | 21.8 |
Gain (Loss) Reclassified from OCI to Income (Effective Portion) | (4.1) | (3.8) | (8.1) | (7.6) |
Gain (Loss) Recognized in Income (Ineffective Portion) | 0 | 0 | ||
Cash Flow Hedges | Interest Rate Contracts | Other, net | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Reclassified from OCI to Income (Effective Portion) | 0 | 0 | 0 | 0 |
Cash Flow Hedges | Foreign Exchange Contracts | Interest Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Hedged Item, Gain (Loss) Effect on Income Statement | 0 | 0 | 0 | 0 |
Gain (Loss) Reclassified from OCI to Income (Effective Portion) | 0 | 0 | 0 | 0 |
Cash Flow Hedges | Foreign Exchange Contracts | Other, net | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Hedged Item, Gain (Loss) Effect on Income Statement | (2.7) | 9.2 | (2.5) | 12 |
Amount Recorded in OCI Gain (Loss) | (2.5) | 29.7 | 4.5 | 23 |
Gain (Loss) Reclassified from OCI to Income (Effective Portion) | 2.7 | (9.2) | 2.5 | (12) |
Gain (Loss) Recognized in Income (Ineffective Portion) | 0 | 0 | 0 | 0 |
Designated as Hedging Instrument [Member] | Net Investment Hedging [Member] | Other Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized in Income (Ineffective Portion) | 0 | 0 | 0 | 0 |
Non Derivative Instrument, (Gain) Loss Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | $ (11.4) | $ 51.5 | $ 4.2 | $ 38.9 |
Fair Value Adjustments Relating
Fair Value Adjustments Relating to Swaps (Detail) $ in Millions | 6 Months Ended |
Jun. 29, 2019USD ($) | |
Derivative Instruments and Hedging Activities Disclosure [Line Items] | |
Document Period End Date | Jun. 29, 2019 |
Foreign Exchange Contract [Member] | Net Investment Hedging [Member] | |
Derivative Instruments and Hedging Activities Disclosure [Line Items] | |
Notional Amount of Interest Rate Derivatives | $ 326.1 |
Notes 5 Point 20 Percent Due 2040 [Member] | |
Derivative Instruments and Hedging Activities Disclosure [Line Items] | |
Stated interest rate | 5.20% |
Details of Foreign Exchange Con
Details of Foreign Exchange Contracts Pre-Tax Amounts (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 29, 2019 | Jun. 30, 2018 | Jun. 29, 2019 | Jun. 30, 2018 | Dec. 29, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Line Items] | |||||
Proceeds from Hedge, Investing Activities | $ (22.3) | $ 23.5 | |||
Document Period End Date | Jun. 29, 2019 | ||||
Fair Value Hedging [Member] | |||||
Derivative Instruments and Hedging Activities Disclosure [Line Items] | |||||
Derivative, Loss on Derivative | $ 0.7 | $ 0.8 | $ 6.1 | 1.6 | |
Net Investment Hedging | Foreign Exchange Contracts | |||||
Derivative Instruments and Hedging Activities Disclosure [Line Items] | |||||
Derivative, Notional Amount | 326.1 | 326.1 | |||
Proceeds from Hedge, Investing Activities | 3.9 | 20.3 | |||
Net Investment Hedging | Currency Swap [Member] | |||||
Derivative Instruments and Hedging Activities Disclosure [Line Items] | |||||
Derivative, Notional Amount | 1,500 | 1,500 | $ 250 | ||
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contracts | Other Income And Expense [Member] | |||||
Derivative Instruments and Hedging Activities Disclosure [Line Items] | |||||
Gain (Loss) on Derivative Instruments, Net, Pretax | $ (3.6) | $ (2.2) | $ (1.3) | $ 14.9 |
Income Statement Impacts Relate
Income Statement Impacts Related to Derivatives Not Designated as Hedging Instruments (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 29, 2019 | Jun. 30, 2018 | Jun. 29, 2019 | Jun. 30, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Line Items] | ||||
Interest Expense | $ 72.4 | $ 69 | $ 146.8 | $ 132.2 |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contracts | Other Income And Expense [Member] | ||||
Derivative Instruments and Hedging Activities Disclosure [Line Items] | ||||
Gain (Loss) on Derivative Instruments, Net, Pretax | (3.6) | (2.2) | (1.3) | 14.9 |
Fair Value Hedging [Member] | ||||
Derivative Instruments and Hedging Activities Disclosure [Line Items] | ||||
Derivative, Loss on Derivative | $ (0.7) | $ (0.8) | $ (6.1) | $ (1.6) |
Equity Arrangements - Additiona
Equity Arrangements - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||||||
Mar. 31, 2018 | Jun. 29, 2019 | Sep. 29, 2018 | Jun. 30, 2018 | Jul. 01, 2017 | Apr. 04, 2015 | Jun. 29, 2019 | Jun. 30, 2018 | Dec. 29, 2018 | May 17, 2017 | May 11, 2017 | |
Stockholders Equity Note [Line Items] | |||||||||||
Treasury Stock, Shares, Acquired | 2,086,792 | 1,399,732 | |||||||||
Treasury Stock, Common, Value | $ 200 | $ 200 | |||||||||
Interest Expense | $ 1.3 | ||||||||||
Forward share purchase contract | $ 350 | ||||||||||
Payments for Repurchase of Common Stock | $ 1.1 | $ 300 | $ 201.3 | $ 9.2 | $ 212.7 | ||||||
Common Stock, Shares, Issued | 176,902,738 | 176,902,738 | 176,902,738 | ||||||||
Long-term Debt | $ 750 | ||||||||||
Number of common shares purchased under call option | 4,600,000 | 3,200,000 | |||||||||
Preferred Stock, Value, Issued | $ 750 | $ 750 | $ 750 | ||||||||
Document Period End Date | Jun. 29, 2019 | ||||||||||
equity units issued | 7,500,000 | ||||||||||
Equity Unit | $ 750 | ||||||||||
Shares Issued, Price Per Share | $ 137.59 | $ 100 | $ 137.59 | $ 138.10 | |||||||
Forward Contract Indexed to Issuer's Equity, Forward Rate Per Share | $ 100 | 100 | 100 | ||||||||
Preferred Stock, Liquidation Preference Per Share | 1,000 | ||||||||||
Preferred Stock Conversion Rate Number Of Common Stock Shares | $ 6.1627 | 6.1859 | |||||||||
equity unit proceeds | $ 726 | ||||||||||
Preferred Stock, Shares Issued | 750,000 | ||||||||||
Preferred Stock, Liquidation Preference, Value | $ 750 | ||||||||||
Option Indexed to Issuer's Equity, Strike Price | $ 161.66 | $ 162.27 | $ 161.66 | ||||||||
Forward Contract Indexed to Issuer's Equity, Shares | 5,500,000 | 3,645,510 | |||||||||
Forward Contract Indexed to Issuer's Equity, Indexed Shares | 0.7268 | 0.7241 | 0.7268 | ||||||||
Option Indexed to Issuer's Equity, Settlement Alternatives, Cash, at Fair Value | $ 35.5 | $ 35.5 | |||||||||
Percentage Of Contract Price Paid | 5.375% | ||||||||||
Forward Contract Indexed to Issuer's Equity, Settlement Alternatives, Cash, at Fair Value | 39.2 | $ 39.2 | $ 117.1 | ||||||||
Call Option [Member] | |||||||||||
Stockholders Equity Note [Line Items] | |||||||||||
Call option, average price (in dollars per share) | $ 5.43 | $ 17.96 | |||||||||
Maximum [Member] | |||||||||||
Stockholders Equity Note [Line Items] | |||||||||||
Option Indexed to Issuer's Equity, Strike Price | $ 203.92 | 179.53 | $ 203.74 | ||||||||
Minimum [Member] | |||||||||||
Stockholders Equity Note [Line Items] | |||||||||||
Option Indexed to Issuer's Equity, Strike Price | $ 156.86 | $ 162.27 | $ 156.72 | ||||||||
May 2017 Capped Call [Member] | |||||||||||
Stockholders Equity Note [Line Items] | |||||||||||
Option Indexed to Issuer's Equity, Settlement Alternatives, Cash, at Fair Value | $ 19.5 | $ 19.5 | |||||||||
May 2017 Capped Call [Member] | Maximum [Member] | |||||||||||
Stockholders Equity Note [Line Items] | |||||||||||
Option Indexed to Issuer's Equity, Strike Price | $ 178.85 | ||||||||||
May 2017 Capped Call [Member] | Minimum [Member] | |||||||||||
Stockholders Equity Note [Line Items] | |||||||||||
Option Indexed to Issuer's Equity, Strike Price | $ 161.66 | ||||||||||
Call Option [Member] | |||||||||||
Stockholders Equity Note [Line Items] | |||||||||||
Adjustments to Additional Paid in Capital, Other | $ 25.1 | $ 57.3 |
Summary of Capped Call (Equity
Summary of Capped Call (Equity Options) Issued (Detail) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||||
Mar. 31, 2018 | Jun. 29, 2019 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Jul. 01, 2017 | Jun. 29, 2019 | Jun. 30, 2018 | Dec. 29, 2018 | |
Option Indexed to Issuer's Equity [Line Items] | |||||||||
Option Indexed to Issuer's Equity, Strike Price | $ 161.66 | $ 162.27 | $ 161.66 | ||||||
Document Period End Date | Jun. 29, 2019 | ||||||||
Long-term Debt | $ 750 | ||||||||
Original Number of Options | 4,600,000 | 3,200,000 | |||||||
Net Premium Paid | $ 57.3 | ||||||||
Common Stock, Par or Stated Value Per Share | $ 100 | $ 100 | $ 100 | ||||||
Payments for Repurchase of Common Stock | $ 1.1 | $ 300 | $ 201.3 | $ 9.2 | $ 212.7 | ||||
Common Stock, Shares, Issued | 176,902,738 | 176,902,738 | 176,902,738 | ||||||
Cash Settlement on Forward Stock Purchase Contract | $ 750 | ||||||||
Minimum [Member] | |||||||||
Option Indexed to Issuer's Equity [Line Items] | |||||||||
Option Indexed to Issuer's Equity, Strike Price | $ 156.86 | 162.27 | $ 156.72 | ||||||
Maximum [Member] | |||||||||
Option Indexed to Issuer's Equity [Line Items] | |||||||||
Option Indexed to Issuer's Equity, Strike Price | $ 203.92 | 179.53 | $ 203.74 | ||||||
Capped call (equity options) | |||||||||
Option Indexed to Issuer's Equity [Line Items] | |||||||||
Common Stock Price Per Share | $ 5.43 | $ 17.96 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss - Changes in AOCI (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 29, 2019 | Mar. 30, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 29, 2019 | Jun. 30, 2018 | |
Accumulated other comprehensive income (loss): | ||||||
Balance - beginning of period | $ (1,814.3) | $ (1,589.1) | $ (1,814.3) | $ (1,589.1) | ||
Other comprehensive income (loss) before reclassifications | 4 | (194.9) | ||||
Reclassification adjustments to earnings | (3.7) | 11.6 | ||||
Net other comprehensive income (loss) | $ (0.7) | 1 | $ (279.1) | 95.8 | 0.3 | (183.3) |
Balance - end of period | (1,814) | (1,772.4) | (1,814) | (1,772.4) | ||
Currency translation adjustment and other | ||||||
Accumulated other comprehensive income (loss): | ||||||
Balance - beginning of period | (1,481.2) | (1,108.2) | (1,481.2) | (1,108.2) | ||
Other comprehensive income (loss) before reclassifications | 2.8 | (294.9) | ||||
Reclassification adjustments to earnings | 0 | 0 | ||||
Net other comprehensive income (loss) | 2.8 | (294.9) | ||||
Balance - end of period | (1,478.4) | (1,403.1) | (1,478.4) | (1,403.1) | ||
Unrealized (losses) gains on cash flow hedges, net of tax | ||||||
Accumulated other comprehensive income (loss): | ||||||
Balance - beginning of period | (26.8) | (112.6) | (26.8) | (112.6) | ||
Other comprehensive income (loss) before reclassifications | (21.2) | 43.6 | ||||
Reclassification adjustments to earnings | 3.2 | 11.7 | ||||
Net other comprehensive income (loss) | (18) | 55.3 | ||||
Balance - end of period | (44.8) | (57.3) | (44.8) | (57.3) | ||
Unrealized gains (losses) on net investment hedges, net of tax | ||||||
Accumulated other comprehensive income (loss): | ||||||
Balance - beginning of period | 63.3 | 3.4 | 63.3 | 3.4 | ||
Other comprehensive income (loss) before reclassifications | 21.6 | 49.3 | ||||
Reclassification adjustments to earnings | (12.7) | (5.9) | ||||
Net other comprehensive income (loss) | 8.9 | 43.4 | ||||
Balance - end of period | 72.2 | 46.8 | 72.2 | 46.8 | ||
Pension (losses) gains, net of tax | ||||||
Accumulated other comprehensive income (loss): | ||||||
Balance - beginning of period | $ (369.6) | $ (371.7) | (369.6) | (371.7) | ||
Other comprehensive income (loss) before reclassifications | 0.8 | 7.1 | ||||
Reclassification adjustments to earnings | 5.8 | 5.8 | ||||
Net other comprehensive income (loss) | 6.6 | 12.9 | ||||
Balance - end of period | $ (363) | $ (358.8) | $ (363) | $ (358.8) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss - Reclassifications out of AOCI (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 29, 2019 | Jun. 30, 2018 | Jun. 29, 2019 | Jun. 30, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Income taxes | $ (51.6) | $ (1) | $ (76.3) | $ (82.7) |
(Millions of Dollars) | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax | (5.6) | (19.6) | ||
(Millions of Dollars) | Other, net | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax | 2.5 | (12) | ||
(Millions of Dollars) | Other Expense [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax | 16.8 | 7.5 | ||
(Millions of Dollars) | Interest Expense [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax | 8.1 | 7.6 | ||
(Millions of Dollars) | Pension (losses) gains, net of tax | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Income taxes | (1.9) | (2) | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, after Tax | (5.8) | (5.8) | ||
(Millions of Dollars) | Pension (losses) gains, net of tax | Other Expense [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Actuarial losses, reclassification to Statements of Operations and Comprehensive Income | (7.7) | (7.8) | ||
Cash Flow Hedges | (Millions of Dollars) | Unrealized (losses) gains on cash flow hedges, net of tax | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Income taxes | 2.4 | 7.9 | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | 3.2 | (11.7) | ||
Net Investment Hedging [Member] | (Millions of Dollars) | Unrealized (losses) gains on cash flow hedges, net of tax | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Income taxes | (4.1) | (1.6) | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | $ 12.7 | $ 5.9 |
Components of Net Periodic Bene
Components of Net Periodic Benefit Cost (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 29, 2019 | Jun. 30, 2018 | Jun. 29, 2019 | Jun. 30, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Document Period End Date | Jun. 29, 2019 | |||
Foreign Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 3.7 | $ 3.8 | $ 7.4 | $ 7.7 |
Interest cost | 7.6 | 7.2 | 15.3 | 14.7 |
Expected return on plan assets | (11.4) | (11.8) | (23) | (24) |
Amortization of prior service cost (credit) | (0.2) | (0.2) | (0.4) | (0.6) |
Defined Benefit Plan, Amortization of Gain (Loss) | 2.2 | 2.3 | 4.4 | 4.7 |
Curtailment loss | 0.1 | 0.1 | 0.2 | 0.2 |
Net periodic benefit cost | 2 | 1.4 | 3.9 | 2.7 |
Other Postretirement Benefits Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 0 | 0.2 | 0.1 | 0.3 |
Interest cost | 0.4 | 0.4 | 0.8 | 0.8 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of prior service cost (credit) | (0.4) | (0.4) | (0.7) | (0.7) |
Defined Benefit Plan, Amortization of Gain (Loss) | 0 | 0 | (0.1) | 0 |
Curtailment loss | 0 | 0 | 0 | 0 |
Net periodic benefit cost | 0 | 0.2 | 0.1 | 0.4 |
Domestic Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 3.2 | 2 | 6.2 | 3.8 |
Interest cost | 11.7 | 11 | 23.5 | 21.4 |
Expected return on plan assets | (15.5) | (17.5) | (30.9) | (34.3) |
Amortization of prior service cost (credit) | 0.3 | 0.3 | 0.5 | 0.5 |
Defined Benefit Plan, Amortization of Gain (Loss) | 2 | 2 | 4 | 3.9 |
Curtailment loss | 0 | 0 | 0 | 0 |
Net periodic benefit cost | $ 1.7 | $ (2.2) | $ 3.3 | $ (4.7) |
Financial Assets and Liabilitie
Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 29, 2019 | Feb. 01, 2032 | Dec. 29, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Document Period End Date | Jun. 29, 2019 | ||
Derivative Liability, Fair Value, Gross Liability | $ 968.4 | ||
Business Combination, Contingent Consideration, Liability, Noncurrent | 180.2 | $ 169.2 | |
Sensitivity Analysis of Fair Value, Contingent Consideration Liability, Impact of 10 Percent Adverse Change in Discount Rate | 8 | ||
Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Money market fund | 6.1 | 4.8 | |
Derivative Asset, Fair Value, Gross Asset | 52 | 32.9 | |
Derivative Liability, Fair Value, Gross Liability | 58.9 | 21.3 | |
non derivative hedging instrument | 909.5 | 228.9 | |
Business Combination, Contingent Consideration, Liability, Noncurrent | 180.2 | 169.2 | |
Level 1 | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Money market fund | 6.1 | 4.8 | |
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | |
non derivative hedging instrument | 0 | 0 | |
Business Combination, Contingent Consideration, Liability, Noncurrent | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Money market fund | 0 | 0 | |
Derivative Liability, Fair Value, Gross Liability | 21.3 | ||
non derivative hedging instrument | 909.5 | 228.9 | |
Business Combination, Contingent Consideration, Liability, Noncurrent | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Money market fund | 0 | 0 | |
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | |
non derivative hedging instrument | 0 | 0 | |
Business Combination, Contingent Consideration, Liability, Noncurrent | 180.2 | 169.2 | |
Forecast [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Business Combination, Contingent Consideration, Liability, Noncurrent | $ 134.5 | ||
Not Designated as Hedging Instrument [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | 52 | 32.9 | |
Derivative Liability, Fair Value, Gross Liability | $ 58.9 | $ 250.2 |
Summary of Financial Instrument
Summary of Financial Instruments Carrying and Fair Values (Detail) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 29, 2019 | Feb. 01, 2032 | Dec. 29, 2018 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Document Period End Date | Jun. 29, 2019 | ||
Investments, Fair Value Disclosure | $ 6.7 | $ 7.7 | |
Long-term debt, including current maturities | 3,912.2 | 3,822.3 | |
Long-term Debt, Fair Value | 4,279.3 | 3,905.4 | |
Business Combination, Contingent Consideration, Liability, Noncurrent | 180.2 | 169.2 | |
Carrying Value | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Investments, Fair Value Disclosure | 6.4 | 7.6 | |
Long-term debt, including current maturities | $ 3,912.2 | $ 3,822.3 | |
Forecast [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Business Combination, Contingent Consideration, Liability, Noncurrent | $ 134.5 | ||
Forecast [Member] | Minimum [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Business Combination, Contingent Consideration Percent of Sales, Liability, Noncurrent | 2.50% | ||
Forecast [Member] | Maximum [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Business Combination, Contingent Consideration Percent of Sales, Liability, Noncurrent | 3.50% |
Other Costs and Expenses - Addi
Other Costs and Expenses - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 29, 2019 | Jun. 30, 2018 | Jun. 29, 2019 | Jun. 30, 2018 | |
Document Period End Date | Jun. 29, 2019 | |||
Business Acquisition, Transaction Costs | $ 4.5 | $ 9.4 | $ 20.6 | $ 15.3 |
Centredale Site [Member] | ||||
Environmental Costs Recognized, Capitalized | $ 77.7 | $ 77.7 |
Summary of Restructuring Reserv
Summary of Restructuring Reserve Activity (Detail) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 29, 2019USD ($)employee | Jun. 30, 2018USD ($) | Jun. 29, 2019USD ($)employee | Jun. 30, 2018USD ($) | |
Restructuring Cost and Reserve [Line Items] | ||||
Document Period End Date | Jun. 29, 2019 | |||
Reserve, Beginning Balance | $ 108.8 | |||
Restructuring charges | $ 8.5 | $ 13.4 | 17.2 | $ 36.3 |
Usage | (52.1) | |||
Currency | (0.1) | |||
Reserve, Ending Balance | $ 73.8 | $ 73.8 | ||
Restructuring and Related Cost, Number of Positions Eliminated | employee | 284 | 543 | ||
Severance and related costs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Reserve, Beginning Balance | $ 105.7 | |||
Restructuring charges | $ 4 | 11.2 | ||
Usage | (45.8) | |||
Currency | (0.1) | |||
Reserve, Ending Balance | 71 | 71 | ||
Facility closures | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Reserve, Beginning Balance | 3.1 | |||
Restructuring charges | 4.5 | 6 | ||
Usage | (6.3) | |||
Currency | 0 | |||
Reserve, Ending Balance | 2.8 | 2.8 | ||
Tools & Storage [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 4 | 3 | ||
Corporate Segment [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 1 | 4 | ||
Securities Industry | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 4 | |||
Industrial Segment | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | $ 4 | $ 6 |
Restructuring Charges - Additio
Restructuring Charges - Additional Information (Detail) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 29, 2019USD ($)employee | Jun. 30, 2018USD ($) | Jun. 29, 2019USD ($)employee | Jun. 30, 2018USD ($) | Dec. 29, 2018USD ($) | |
Restructuring Cost and Reserve [Line Items] | |||||
Document Period End Date | Jun. 29, 2019 | ||||
Restructuring charges and asset impairments recognized | $ (8.5) | $ (13.4) | $ (17.2) | $ (36.3) | |
Number of employees reduced | employee | 284 | 543 | |||
Restructuring reserves | $ 73.8 | $ 73.8 | $ 108.8 | ||
Tools & Storage [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges and asset impairments recognized | (4) | (3) | |||
Securities Industry | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges and asset impairments recognized | (4) | ||||
Industrial Segment | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges and asset impairments recognized | (4) | (6) | |||
Corporate Segment [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges and asset impairments recognized | (1) | (4) | |||
Facility closures | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges and asset impairments recognized | (4.5) | (6) | |||
Restructuring reserves | 2.8 | 2.8 | 3.1 | ||
Severance and related costs | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges and asset impairments recognized | (4) | (11.2) | |||
Restructuring reserves | $ 71 | $ 71 | $ 105.7 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 29, 2019 | Jun. 30, 2018 | Jun. 29, 2019 | Jun. 30, 2018 | |
Disclosure Income Taxes Additional Information [Abstract] | ||||
Income taxes on continuing operations | $ 51.6 | $ 1 | $ 76.3 | $ 82.7 |
Document Period End Date | Jun. 29, 2019 | |||
Effective tax rate | 0.30% | 12.80% | 15.10% | |
Business Combination, Acquisition Related Costs | 11.60% | 7.00% | 12.80% | 13.40% |
Business Segments (Detail)
Business Segments (Detail) | 3 Months Ended | 6 Months Ended | |||
Jun. 29, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 29, 2019USD ($)Integer | Jun. 30, 2018USD ($) | Dec. 29, 2018USD ($) | |
Segment Reporting Information [Line Items] | |||||
Deferred Revenue, Revenue Recognized | $ 65,900,000 | $ 66,200,000 | |||
Net Sales | $ 3,761,300,000 | $ 3,643,600,000 | $ 7,094,900,000 | 6,852,900,000 | |
Document Period End Date | Jun. 29, 2019 | ||||
Number of Reportable Segments | Integer | 3 | ||||
Segment profit | 573,100,000 | 532,200,000 | $ 949,400,000 | 959,600,000 | |
Other-net | (62,200,000) | (119,300,000) | (127,600,000) | (177,300,000) | |
Gain (Loss) on Disposition of Business | 17,200,000 | (800,000) | 17,200,000 | (800,000) | |
Restructuring charges and asset impairments recognized | (8,500,000) | (13,400,000) | (17,200,000) | (36,300,000) | |
Interest Expense | (72,400,000) | (69,000,000) | (146,800,000) | (132,200,000) | |
Interest income | (12,100,000) | (15,600,000) | (28,700,000) | (31,400,000) | |
Earnings from continuing operations before income taxes | (403,700,000) | (294,400,000) | (598,500,000) | (546,200,000) | |
Assets | 21,523,600,000 | 21,523,600,000 | $ 19,408,000,000 | ||
Tools & Storage [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Restructuring charges and asset impairments recognized | (4,000,000) | (3,000,000) | |||
Securities Industry | |||||
Segment Reporting Information [Line Items] | |||||
Restructuring charges and asset impairments recognized | (4,000,000) | ||||
Industrial Segment | |||||
Segment Reporting Information [Line Items] | |||||
Restructuring charges and asset impairments recognized | (4,000,000) | (6,000,000) | |||
Corporate Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Cost, Overhead | 55,600,000 | 50,900,000 | (105,200,000) | 98,200,000 | |
Restructuring charges and asset impairments recognized | (1,000,000) | (4,000,000) | |||
Assets | 535,100,000 | 535,100,000 | 748,700,000 | ||
Continuing Operations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Assets | 22,058,700,000 | 22,058,700,000 | 20,156,700,000 | ||
Continuing Operations [Member] | Tools & Storage [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net Sales | 2,626,000,000 | 2,567,800,000 | 4,918,300,000 | 4,783,600,000 | |
Segment profit | 440,000,000 | 398,600,000 | 705,800,000 | 700,000,000 | |
Assets | 14,081,000,000 | 14,081,000,000 | 13,122,600,000 | ||
Continuing Operations [Member] | Securities Industry | |||||
Segment Reporting Information [Line Items] | |||||
Deferred Revenue, Revenue Recognized | 0.449 | 0.439 | 0.452 | 0.461 | |
Net Sales | 485,400,000 | 502,700,000 | 971,700,000 | 992,000,000 | |
Segment profit | 38,000,000 | 48,100,000 | 77,500,000 | 93,600,000 | |
Assets | 3,440,000,000 | 3,440,000,000 | 3,413,600,000 | ||
Continuing Operations [Member] | Industrial Segment | |||||
Segment Reporting Information [Line Items] | |||||
Deferred Revenue, Revenue Recognized | 0.096 | 0.103 | 0.100 | 0.106 | |
Net Sales | 649,900,000 | 573,100,000 | 1,204,900,000 | 1,077,300,000 | |
Segment profit | 95,100,000 | 85,500,000 | 166,100,000 | 166,000,000 | |
Assets | 4,537,700,000 | 4,537,700,000 | $ 3,620,500,000 | ||
Engineered Fastening [Member] | Continuing Operations [Member] | Industrial Segment | |||||
Segment Reporting Information [Line Items] | |||||
Net Sales | 441,900,000 | 468,200,000 | 876,200,000 | 880,000,000 | |
Infrastructure business [Member] | Continuing Operations [Member] | Industrial Segment | |||||
Segment Reporting Information [Line Items] | |||||
Net Sales | $ 208,000,000 | $ 104,900,000 | $ 328,700,000 | $ 197,300,000 |
Business Segments - Additional
Business Segments - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 29, 2019 | Jun. 30, 2018 | Jun. 29, 2019 | Jun. 30, 2018 | |
Segment Reporting Information [Line Items] | ||||
Net Sales | $ 3,761,300,000 | $ 3,643,600,000 | $ 7,094,900,000 | $ 6,852,900,000 |
Decrease in segment profit due to non-cash inventory step-up amortization | 573,100,000 | 532,200,000 | 949,400,000 | 959,600,000 |
Deferred Revenue, Revenue Recognized | 65,900,000 | 66,200,000 | ||
Continuing Operations [Member] | Tools & Storage [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Sales | 2,626,000,000 | 2,567,800,000 | 4,918,300,000 | 4,783,600,000 |
Decrease in segment profit due to non-cash inventory step-up amortization | 440,000,000 | 398,600,000 | 705,800,000 | 700,000,000 |
Continuing Operations [Member] | Securities Industry | ||||
Segment Reporting Information [Line Items] | ||||
Net Sales | 485,400,000 | 502,700,000 | 971,700,000 | 992,000,000 |
Decrease in segment profit due to non-cash inventory step-up amortization | 38,000,000 | 48,100,000 | 77,500,000 | 93,600,000 |
Deferred Revenue, Revenue Recognized | 0.449 | 0.439 | 0.452 | 0.461 |
Continuing Operations [Member] | Industrial Segment | ||||
Segment Reporting Information [Line Items] | ||||
Net Sales | 649,900,000 | 573,100,000 | 1,204,900,000 | 1,077,300,000 |
Decrease in segment profit due to non-cash inventory step-up amortization | 95,100,000 | 85,500,000 | 166,100,000 | 166,000,000 |
Deferred Revenue, Revenue Recognized | $ 0.096 | $ 0.103 | $ 0.100 | $ 0.106 |
Summary of Total Assets by Segm
Summary of Total Assets by Segment (Detail) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 29, 2019 | Dec. 29, 2018 | |
Segment Reporting Information [Line Items] | ||
Document Period End Date | Jun. 29, 2019 | |
Assets | $ (21,523.6) | $ (19,408) |
Corporate assets | ||
Segment Reporting Information [Line Items] | ||
Assets | (535.1) | (748.7) |
Continuing Operations [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | (22,058.7) | (20,156.7) |
Continuing Operations [Member] | Tools & Storage [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | (14,081) | (13,122.6) |
Continuing Operations [Member] | Securities Industry | ||
Segment Reporting Information [Line Items] | ||
Assets | (3,440) | (3,413.6) |
Continuing Operations [Member] | Industrial Segment | ||
Segment Reporting Information [Line Items] | ||
Assets | $ (4,537.7) | $ (3,620.5) |
Business Segments Business Segm
Business Segments Business Segment and Geographic Area - Geographic Area (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 29, 2019 | Jun. 30, 2018 | Jun. 29, 2019 | Jun. 30, 2018 | |
Segment Reporting Disclosure [Line Items] | ||||
Net Sales | $ 3,761.3 | $ 3,643.6 | $ 7,094.9 | $ 6,852.9 |
CANADA | ||||
Segment Reporting Disclosure [Line Items] | ||||
Net Sales | 160.9 | 165.5 | 304.8 | 309.7 |
Latin America [Member] | ||||
Segment Reporting Disclosure [Line Items] | ||||
Net Sales | 184 | 206.9 | 349 | 392.2 |
FRANCE | ||||
Segment Reporting Disclosure [Line Items] | ||||
Net Sales | 152.6 | 160.4 | 306.2 | 323.2 |
Other Europe [Member] | ||||
Segment Reporting Disclosure [Line Items] | ||||
Net Sales | 754.8 | 785.4 | 1,454.6 | 1,540.7 |
Asia [Member] | ||||
Segment Reporting Disclosure [Line Items] | ||||
Net Sales | 292.3 | 320.5 | 571.8 | 613.3 |
UNITED STATES | ||||
Segment Reporting Disclosure [Line Items] | ||||
Net Sales | $ 2,216.7 | $ 2,004.9 | $ 4,108.5 | $ 3,673.8 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Millions | 6 Months Ended | ||
Jun. 29, 2019USD ($)sites | Dec. 29, 2018USD ($) | Jun. 30, 2018USD ($) | |
Loss Contingencies [Line Items] | |||
Document Period End Date | Jun. 29, 2019 | ||
Superfund Sites | sites | 28 | ||
Environmental remediation. Period construction of treatment facility to be maintained | 30 years | ||
Kerr McGee Chemical Site [Member] | |||
Loss Contingencies [Line Items] | |||
Environmental remediation costs deemed probable and reasonably estimable | $ 68.7 | ||
Environmental remediation costs, reserve | 27.1 | ||
Centredale Site [Member] | |||
Loss Contingencies [Line Items] | |||
Environmental remediation costs deemed probable and reasonably estimable | 136 | ||
Environmental remediation costs, reserve | $ 77.7 | ||
Property, Plant and Equipment, Other Types | |||
Loss Contingencies [Line Items] | |||
Environmental remediation costs, reserve | 236.8 | $ 246.6 | |
Reserve for environmental remediation costs, current | 57 | ||
Reserve for environmental remediation costs, noncurrent | 179.8 | ||
Accrual for Environmental Loss Contingencies, EPA Funded Amount | 12.5 | ||
Accrual for Environmental Loss Contingencies, Obligation After EPA Funding | 224.3 | ||
Property, Plant and Equipment, Other Types | Minimum [Member] | |||
Loss Contingencies [Line Items] | |||
Environmental remediation costs deemed probable and reasonably estimable | 204.1 | ||
Property, Plant and Equipment, Other Types | Maximum [Member] | |||
Loss Contingencies [Line Items] | |||
Environmental remediation costs deemed probable and reasonably estimable | $ 336 | ||
Cargo and Freight [Member] | |||
Loss Contingencies [Line Items] | |||
Loss Contingency Accrual | $ 50.8 |
Financial Guarantees (Detail)
Financial Guarantees (Detail) $ in Millions | 3 Months Ended |
Jun. 29, 2019USD ($) | |
Guarantor Obligations [Line Items] | |
Guarantee Obligations Maximum Potential Payment | $ 317.4 |
Guarantee Liability Carrying Amount | 6.5 |
Guarantees on the residual values of leased properties | |
Guarantor Obligations [Line Items] | |
Guarantee Obligations Maximum Potential Payment | 98.1 |
Guarantee Liability Carrying Amount | $ 0 |
Guarantees on the residual values of leased properties | Minimum [Member] | |
Guarantor Obligations [Line Items] | |
Guarantor Obligations, Term | P1Y |
Guarantees on the residual values of leased properties | Maximum [Member] | |
Guarantor Obligations [Line Items] | |
Guarantor Obligations, Term | P4Y |
Standby Letters of Credit [Member] | |
Guarantor Obligations [Line Items] | |
Guarantee Obligations Maximum Potential Payment | $ 154.5 |
Guarantee Liability Carrying Amount | $ 0 |
Standby Letters of Credit [Member] | Maximum [Member] | |
Guarantor Obligations [Line Items] | |
Guarantor Obligations, Term | P3Y |
Commercial customer financing arrangements | |
Guarantor Obligations [Line Items] | |
Guarantee Obligations Maximum Potential Payment | $ 64.8 |
Guarantee Liability Carrying Amount | $ 6.5 |
Commercial customer financing arrangements | Maximum [Member] | |
Guarantor Obligations [Line Items] | |
Guarantor Obligations, Term | P6Y |
Guarantees - Additional Informa
Guarantees - Additional Information (Detail) $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 29, 2019USD ($) | Jun. 29, 2019USD ($) | |
Guarantor Obligations [Line Items] | ||
Increase in lease liability | $ 78 | |
Guarantee Obligations Maximum Potential Payment | $ 317.4 | 317.4 |
Carrying amount of guarantees recorded in the consolidated balance sheet | 6.5 | 6.5 |
Operating Lease, Payments | 36.6 | 74.8 |
Property Lease Guarantee [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantee Obligations Maximum Potential Payment | 98.1 | 98.1 |
Capital Leased Assets, Noncurrent, Fair Value Disclosure | 117.2 | 117.2 |
Carrying amount of guarantees recorded in the consolidated balance sheet | 0 | 0 |
Standby Letters of Credit [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantee Obligations Maximum Potential Payment | 154.5 | 154.5 |
Carrying amount of guarantees recorded in the consolidated balance sheet | 0 | 0 |
Commercial customer financing arrangements | ||
Guarantor Obligations [Line Items] | ||
Guarantee Obligations Maximum Potential Payment | 64.8 | 64.8 |
Carrying amount of guarantees recorded in the consolidated balance sheet | $ 6.5 | $ 6.5 |
Changes in Carrying Amount of P
Changes in Carrying Amount of Product and Service Warranties (Detail) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 29, 2019 | Jun. 30, 2018 | |
Disclosure Changes In Carrying Amount Of Product And Service Warranties [Abstract] | ||
Balance beginning of period | $ 102.1 | $ 108.5 |
Warranties and guarantees issued | 62.4 | 53.9 |
Warranty payments and currency | (61.3) | (58.3) |
Balance end of period | $ 103.2 | $ 104.1 |
Divestitures - Additional Infor
Divestitures - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 29, 2019 | Jun. 30, 2018 | Jun. 29, 2019 | Jun. 30, 2018 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Proceeds from Divestiture of Businesses | $ 76.7 | $ 1.7 | $ 76.7 | $ 1.9 |
Document Period End Date | Jun. 29, 2019 | |||
Sargent & Greenleaf [Domain] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Income (Loss) from Individually Significant Component Disposed of or Held-for-sale, Excluding Discontinued Operations, before Income Tax | 1.5 | $ 3.3 | $ 4.6 | $ 5.6 |
Proceeds from Divestiture of Businesses | 79.1 | |||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | $ 3.7 |
Lease Obligations (Details)
Lease Obligations (Details) $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 29, 2019USD ($) | Jun. 29, 2019USD ($) | |
Leases [Abstract] | ||
Operating Lease, Weighted Average Discount Rate, Percent | 3.75% | 3.75% |
Lessee, Operating Lease, Liability, Payments, Due | $ 551.7 | $ 551.7 |
Operating Lease, Cost | 38.7 | 76.3 |
Short-term Lease, Cost | 6.6 | 13.4 |
Variable Lease, Cost | 2.2 | 4.3 |
Sublease Income | (0.9) | (1.5) |
Lease, Cost | 46.6 | 92.5 |
Lessee, Operating Lease, Liability, Payments, Due Next Rolling Twelve Months | 72.2 | 72.2 |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 122 | 122 |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 92.1 | 92.1 |
Lessee, Operating Lease, Liability, Payments, Due Year Four | 67.9 | 67.9 |
Lessee, Operating Lease, Liability, Payments, Due Year Five | 48.7 | 48.7 |
Capital Leases, Future Minimum Payments Due Thereafter | 148.8 | 148.8 |
Operating Lease, Right-of-Use Asset | 491 | 491 |
Operating Lease, Payments | $ 36.6 | $ 74.8 |
Operating Lease, Weighted Average Remaining Lease Term | 6 years | 6 years |
Increase in lease liability | $ 78 |