Attached files
| file | filename |
|---|---|
| 8-K - 8-K - STANLEY BLACK & DECKER, INC. | a8kq42014.htm |
| EX-99.1 - PRESS RELEASE - STANLEY BLACK & DECKER, INC. | ex991q42014.htm |
Exhibit 99.2
STANLEY BLACK & DECKER, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, Millions of Dollars Except Per Share Amounts)
Fourth Quarter | Year-to-Date | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
NET SALES | $ | 2,982.5 | $ | 2,880.6 | $ | 11,338.6 | $ | 10,889.5 | |||||||
COSTS AND EXPENSES | |||||||||||||||
Cost of sales | 1,931.4 | 1,853.8 | 7,235.9 | 6,985.8 | |||||||||||
Gross margin | 1,051.1 | 1,026.8 | 4,102.7 | 3,903.7 | |||||||||||
% of Net Sales | 35.2 | % | 35.6 | % | 36.2 | % | 35.8 | % | |||||||
Selling, general and administrative | 658.3 | 696.9 | 2,595.9 | 2,690.6 | |||||||||||
% of Net Sales | 22.1 | % | 24.2 | % | 22.9 | % | 24.7 | % | |||||||
Operating margin | 392.8 | 329.9 | 1,506.8 | 1,213.1 | |||||||||||
% of Net sales | 13.2 | % | 11.5 | % | 13.3 | % | 11.1 | % | |||||||
Other - net | 60.5 | 98.2 | 239.6 | 304.5 | |||||||||||
Restructuring charges | 24.4 | 133.2 | 18.8 | 173.7 | |||||||||||
Income from operations | 307.9 | 98.5 | 1,248.4 | 734.9 | |||||||||||
Interest - net | 42.2 | 38.3 | 163.6 | 147.3 | |||||||||||
EARNINGS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 265.7 | 60.2 | 1,084.8 | 587.6 | |||||||||||
Income tax expense (benefit) on continuing operations | 46.7 | (10.2 | ) | 227.1 | 68.6 | ||||||||||
NET EARNINGS FROM CONTINUING OPERATIONS | 219.0 | 70.4 | 857.7 | 519.0 | |||||||||||
Less: net (loss) earnings attributable to non-controlling interests | (0.3 | ) | (0.1 | ) | 0.5 | (1.0 | ) | ||||||||
NET EARNINGS FROM CONTINUING OPERATIONS ATTRIBUTABLE TO COMMON SHAREOWNERS | 219.3 | 70.5 | 857.2 | 520.0 | |||||||||||
NET LOSS FROM DISCONTINUED OPERATIONS | (73.5 | ) | (14.4 | ) | (96.3 | ) | (29.7 | ) | |||||||
NET EARNINGS ATTRIBUTABLE TO COMMON SHAREOWNERS | $ | 145.8 | $ | 56.1 | $ | 760.9 | $ | 490.3 | |||||||
BASIC EARNINGS (LOSS) PER SHARE OF COMMON STOCK | |||||||||||||||
Continuing operations | $ | 1.41 | $ | 0.45 | $ | 5.49 | $ | 3.35 | |||||||
Discontinued operations | (0.47 | ) | (0.09 | ) | (0.62 | ) | (0.19 | ) | |||||||
Total basic earnings per share of common stock | $ | 0.94 | $ | 0.36 | $ | 4.87 | $ | 3.16 | |||||||
DILUTED EARNINGS (LOSS) PER SHARE OF COMMON STOCK | |||||||||||||||
Continuing operations | $ | 1.37 | $ | 0.44 | $ | 5.37 | $ | 3.28 | |||||||
Discontinued operations | (0.46 | ) | (0.09 | ) | (0.60 | ) | (0.19 | ) | |||||||
Total diluted earnings per share of common stock | $ | 0.91 | $ | 0.35 | $ | 4.76 | $ | 3.09 | |||||||
DIVIDENDS PER SHARE | $ | 0.52 | $ | 0.50 | $ | 2.04 | $ | 1.98 | |||||||
AVERAGE SHARES OUTSTANDING (in thousands) | |||||||||||||||
Basic | 155,799 | 155,512 | 156,090 | 155,237 | |||||||||||
Diluted | 160,013 | 159,200 | 159,737 | 158,776 | |||||||||||
9
Exhibit 99.2
STANLEY BLACK & DECKER, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited, Millions of Dollars)
January 3, 2015 | December 28, 2013 | |||||||
ASSETS | ||||||||
Cash and cash equivalents | $ | 496.6 | $ | 496.2 | ||||
Accounts and notes receivable, net | 1,396.7 | 1,578.5 | ||||||
Inventories, net | 1,562.7 | 1,473.3 | ||||||
Assets held for sale | 29.5 | 136.9 | ||||||
Other current assets | 463.3 | 331.7 | ||||||
Total current assets | 3,948.8 | 4,016.6 | ||||||
Property, plant and equipment, net | 1,454.1 | 1,478.6 | ||||||
Goodwill and other intangibles, net | 10,027.2 | 10,600.0 | ||||||
Other assets | 114.6 | 439.9 | ||||||
Total assets | $ | 15,544.7 | $ | 16,535.1 | ||||
LIABILITIES AND SHAREOWNERS’ EQUITY | ||||||||
Short-term borrowings | $ | 7.5 | $ | 402.6 | ||||
Accounts payable | 1,579.2 | 1,552.9 | ||||||
Accrued expenses | 1,221.9 | 1,219.5 | ||||||
Liabilities held for sale | 23.4 | 61.0 | ||||||
Total current liabilities | 2,832.0 | 3,236.0 | ||||||
Long-term debt | 3,839.8 | 3,799.4 | ||||||
Other long-term liabilities | 2,343.8 | 2,619.2 | ||||||
Stanley Black & Decker, Inc. shareowners’ equity | 6,446.3 | 6,799.2 | ||||||
Non-controlling interests’ equity | 82.8 | 81.3 | ||||||
Total liabilities and equity | $ | 15,544.7 | $ | 16,535.1 | ||||
10
Exhibit 99.2
STANLEY BLACK & DECKER, INC. AND SUBSIDIARIES
SUMMARY OF CASH FLOW ACTIVITY
(Unaudited, Millions of Dollars)
Fourth Quarter | Year-to-Date | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
OPERATING ACTIVITIES | |||||||||||||||||
Net earnings from continuing operations | $ | 219.0 | $ | 70.4 | $ | 857.7 | $ | 519.0 | |||||||||
Net loss from discontinued operations | (73.5 | ) | (14.4 | ) | (96.3 | ) | (29.7 | ) | |||||||||
Depreciation and amortization | 112.4 | 118.6 | 449.8 | 441.3 | |||||||||||||
Changes in working capital1 | 433.2 | 384.9 | (9.8 | ) | 13.3 | ||||||||||||
Other | 56.2 | 172.2 | 80.2 | (75.9 | ) | ||||||||||||
Net cash provided by operating activities | 747.3 | 731.7 | 1,281.6 | 868.0 | |||||||||||||
INVESTING AND FINANCING ACTIVITIES | |||||||||||||||||
Capital and software expenditures | (111.6 | ) | (95.0 | ) | (291.0 | ) | (340.3 | ) | |||||||||
(Payments) proceeds from sale of business / assets | (1.3 | ) | 1.0 | 11.5 | 97.5 | ||||||||||||
Acquisitions, net of cash acquired | — | (7.3 | ) | (3.2 | ) | (933.9 | ) | ||||||||||
Premium paid on debt extinguishment | — | (42.8 | ) | — | (42.8 | ) | |||||||||||
Proceeds from long-term borrowings | — | 726.7 | — | 726.7 | |||||||||||||
Proceeds from issuances of common stock | 34.6 | 15.9 | 85.6 | 154.6 | |||||||||||||
Net short-term (repayments) borrowings | (424.8 | ) | (810.8 | ) | (391.0 | ) | 388.7 | ||||||||||
Net investment hedge settlements | 3.6 | (3.4 | ) | (61.4 | ) | 3.6 | |||||||||||
Cash dividends on common stock | (80.8 | ) | (77.7 | ) | (321.3 | ) | (312.7 | ) | |||||||||
Purchases of common stock for treasury | (7.5 | ) | (6.6 | ) | (28.2 | ) | (39.2 | ) | |||||||||
Premium paid for equity option | — | (83.2 | ) | — | (83.2 | ) | |||||||||||
Payment on long-term debt | (45.7 | ) | (300.5 | ) | (46.6 | ) | (302.2 | ) | |||||||||
Payment on forward share purchase contract | — | — | — | (350.0 | ) | ||||||||||||
Effect of exchange rate changes on cash | (84.0 | ) | (11.6 | ) | (147.1 | ) | (44.9 | ) | |||||||||
Other | (20.0 | ) | (9.3 | ) | (88.5 | ) | (9.7 | ) | |||||||||
Net cash used in investing and financing activities | (737.5 | ) | (704.6 | ) | (1,281.2 | ) | (1,087.8 | ) | |||||||||
Increase (Decrease) in Cash and Cash Equivalents | 9.8 | 27.1 | 0.4 | (219.8 | ) | ||||||||||||
Cash and Cash Equivalents, Beginning of Period | 486.8 | 469.1 | 496.2 | 716.0 | |||||||||||||
Cash and Cash Equivalents, End of Period | $ | 496.6 | $ | 496.2 | $ | 496.6 | $ | 496.2 | |||||||||
Free Cash Flow Computation2 | |||||||||||||||||
Operating cash inflow | $ | 747.3 | $ | 731.7 | $ | 1,281.6 | $ | 868.0 | |||||||||
Less: capital and software expenditures | (111.6 | ) | (95.0 | ) | (291.0 | ) | (340.3 | ) | |||||||||
Free cash inflow (before dividends) | $ | 635.7 | $ | 636.7 | $ | 990.6 | $ | 527.7 | |||||||||
Merger & Acquisition-related charges and payments4 | 36.1 | 69.4 | 152.2 | 351.7 | |||||||||||||
Free cash inflow, normalized (before dividends)3 | $ | 671.8 | $ | 706.1 | $ | 1,142.8 | $ | 879.4 | |||||||||
1 | The change in working capital is comprised of accounts receivable, inventory, accounts payable and deferred revenue. | ||||||||||||||||
2,3 | Free cash flow is defined as cash flow from operations less capital and software expenditures. Management considers free cash flow an important measure of its liquidity, as well as its ability to fund future growth and to provide a return to the shareowners. Free cash flow does not include deductions for mandatory debt service, other borrowing activity, discretionary dividends on the Company’s common stock and business acquisitions, among other items. Normalized free cash flow, as reconciled above, is considered a meaningful pro forma metric to aid the understanding of the Company's cash flow performance aside from the material impact of merger and acquisition-related activities. | ||||||||||||||||
4 | Merger & Acquisition-related charges and payments relate primarily to the Black & Decker merger and Niscayah and Infastech acquisitions, including facility closure-related charges, employee-related charges and integration costs. | ||||||||||||||||
11
Exhibit 99.2
STANLEY BLACK & DECKER, INC. AND SUBSIDIARIES
BUSINESS SEGMENT INFORMATION
(Unaudited, Millions of Dollars)
Fourth Quarter | Year-to-Date | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
NET SALES | ||||||||||||||||
Construction & DIY | $ | 1,496.4 | $ | 1,397.4 | $ | 5,559.3 | $ | 5,271.4 | ||||||||
Industrial | 891.4 | 881.3 | 3,498.8 | 3,302.6 | ||||||||||||
Security | 594.7 | 601.9 | 2,280.5 | 2,315.5 | ||||||||||||
Total | $ | 2,982.5 | $ | 2,880.6 | $ | 11,338.6 | $ | 10,889.5 | ||||||||
SEGMENT PROFIT | ||||||||||||||||
Construction & DIY | $ | 244.5 | $ | 202.8 | $ | 871.5 | $ | 777.1 | ||||||||
Industrial | 136.7 | 135.1 | 553.5 | 456.7 | ||||||||||||
Security | 69.7 | 66.8 | 259.2 | 233.3 | ||||||||||||
Segment Profit | 450.9 | 404.7 | 1,684.2 | 1,467.1 | ||||||||||||
Corporate Overhead | (58.1 | ) | (74.8 | ) | (177.4 | ) | (254.0 | ) | ||||||||
Total | $ | 392.8 | $ | 329.9 | $ | 1,506.8 | $ | 1,213.1 | ||||||||
Segment Profit as a Percentage of Net Sales | ||||||||||||||||
Construction & DIY | 16.3 | % | 14.5 | % | 15.7 | % | 14.7 | % | ||||||||
Industrial | 15.3 | % | 15.3 | % | 15.8 | % | 13.8 | % | ||||||||
Security | 11.7 | % | 11.1 | % | 11.4 | % | 10.1 | % | ||||||||
Segment Profit | 15.1 | % | 14.0 | % | 14.9 | % | 13.5 | % | ||||||||
Corporate Overhead | (1.9 | )% | (2.6 | )% | (1.6 | )% | (2.3 | )% | ||||||||
Total | 13.2 | % | 11.5 | % | 13.3 | % | 11.1 | % | ||||||||
12
Exhibit 99.2
STANLEY BLACK & DECKER, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP EARNINGS FINANCIAL MEASURES TO CORRESPONDING
NON-GAAP FINANCIAL MEASURES
(Unaudited, Millions of Dollars Except Per Share Amounts)
Fourth Quarter 2014 | |||||||||||||
Reported | Merger & Acquisition- Related Charges1 | Normalized3 | |||||||||||
Gross margin | $ | 1,051.1 | $ | 0.3 | $ | 1,051.4 | |||||||
% of Net Sales | 35.2 | % | 35.3 | % | |||||||||
Selling, general and administrative | 658.3 | (14.1 | ) | 644.2 | |||||||||
% of Net Sales | 22.1 | % | 21.6 | % | |||||||||
Operating margin | 392.8 | 14.4 | 407.2 | ||||||||||
% of Net Sales | 13.2 | % | 13.7 | % | |||||||||
Earnings from continuing operations before income taxes | 265.7 | 39.9 | 305.6 | ||||||||||
Income taxes on continuing operations | 46.7 | 9.1 | 55.8 | ||||||||||
Net earnings from continuing operations | 219.3 | 30.8 | 250.1 | ||||||||||
Diluted earnings per share of common stock | $ | 1.37 | $ | 0.19 | $ | 1.56 | |||||||
1 | Merger and acquisition-related charges relate primarily to integration and consulting costs. | ||||||||||||
Fourth Quarter 2013 | |||||||||||||
Reported | Merger & Acquisition- Related and Other Charges2 | Normalized3 | |||||||||||
Gross margin | $ | 1,026.8 | $ | 3.1 | $ | 1,029.9 | |||||||
% of Net Sales | 35.6 | % | 35.8 | % | |||||||||
Selling, general and administrative | 696.9 | (45.8 | ) | 651.1 | |||||||||
% of Net Sales | 24.2 | % | 22.6 | % | |||||||||
Operating margin | 329.9 | 48.9 | 378.8 | ||||||||||
% of Net Sales | 11.5 | % | 13.2 | % | |||||||||
Earnings from continuing operations before income taxes | 60.2 | 212.2 | 272.4 | ||||||||||
Income tax (benefit) expense on continuing operations | (10.2 | ) | 69.9 | 59.7 | |||||||||
Net earnings from continuing operations | 70.5 | 142.3 | 212.8 | ||||||||||
Diluted earnings per share of common stock | $ | 0.44 | $ | 0.89 | $ | 1.34 | |||||||
2 | Merger and acquisition-related and other charges relate primarily to the Black & Decker merger and Niscayah and Infastech acquisitions, including facility closure-related charges, employee-related charges and integration costs, as well as cost containment charges. Other charges relate to the loss on extinguishment of debt. | ||||||||||||
3 | The normalized 2014 and 2013 information, as reconciled to GAAP above, is considered relevant to aid analysis of the Company’s margin and earnings results aside from the material impact of the merger & acquisition-related and other charges. | ||||||||||||
13
Exhibit 99.2
STANLEY BLACK & DECKER, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP EARNINGS FINANCIAL MEASURES TO CORRESPONDING
NON-GAAP FINANCIAL MEASURES
(Unaudited, Millions of Dollars Except Per Share Amounts)
Year-to-Date 2014 | |||||||||||||
Reported | Merger & Acquisition- Related Charges1 | Normalized3 | |||||||||||
Gross margin | $ | 4,102.7 | $ | 1.8 | $ | 4,104.5 | |||||||
% of Net Sales | 36.2 | % | 36.2 | % | |||||||||
Selling, general and administrative | 2,595.9 | (31.6 | ) | 2,564.3 | |||||||||
% of Net Sales | 22.9 | % | 22.6 | % | |||||||||
Operating margin | 1,506.8 | 33.4 | 1,540.2 | ||||||||||
% of Net Sales | 13.3 | % | 13.6 | % | |||||||||
Earnings from continuing operations before income taxes | 1,084.8 | 53.9 | 1,138.7 | ||||||||||
Income taxes on continuing operations | 227.1 | 5.2 | 232.3 | ||||||||||
Net earnings from continuing operations | 857.2 | 48.7 | 905.9 | ||||||||||
Diluted earnings per share of common stock | $ | 5.37 | $ | 0.30 | $ | 5.67 | |||||||
1 | Merger and acquisition-related charges relate primarily to integration and consulting costs, as well as employee-related matters. | ||||||||||||
Year-to-Date 2013 | |||||||||||||
Reported | Merger & Acquisition- Related and Other Charges2 | Normalized3 | |||||||||||
Gross margin | $ | 3,903.7 | $ | 29.5 | $ | 3,933.2 | |||||||
% of Net Sales | 35.8 | % | 36.1 | % | |||||||||
Selling, general and administrative | 2,690.6 | (135.7 | ) | 2,554.9 | |||||||||
% of Net Sales | 24.7 | % | 23.5 | % | |||||||||
Operating margin | 1,213.1 | 165.2 | 1,378.3 | ||||||||||
% of Net Sales | 11.1 | % | 12.7 | % | |||||||||
Earnings from continuing operations before income taxes | 587.6 | 390.3 | 977.9 | ||||||||||
Income taxes on continuing operations | 68.6 | 120.0 | 188.6 | ||||||||||
Net earnings from continuing operations | 520.0 | 270.3 | 790.3 | ||||||||||
Diluted earnings per share of common stock | $ | 3.28 | $ | 1.70 | $ | 4.98 | |||||||
2 | Merger and acquisition-related and other charges relate primarily to the Black & Decker merger and Niscayah and Infastech acquisitions, including facility closure-related charges, employee-related charges and integration costs, as well as cost containment charges. Other charges relate to the loss on extinguishment of debt. | ||||||||||||
3 | The normalized 2014 and 2013 information, as reconciled to GAAP above, is considered relevant to aid analysis of the Company’s margin and earnings results aside from the material impact of the merger & acquisition-related and other charges. | ||||||||||||
14
Exhibit 99.2
STANLEY BLACK & DECKER, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP SEGMENT PROFIT FINANCIAL MEASURES TO CORRESPONDING
NON-GAAP FINANCIAL MEASURES
(Unaudited, Millions of Dollars)
Fourth Quarter 2014 | |||||||||||||
Reported | Merger & Acquisition- Related Charges1 | Normalized3 | |||||||||||
SEGMENT PROFIT | |||||||||||||
Construction & DIY | $ | 244.5 | $ | 0.3 | $ | 244.8 | |||||||
Industrial | 136.7 | 2.2 | 138.9 | ||||||||||
Security | 69.7 | 3.1 | 72.8 | ||||||||||
Segment Profit | 450.9 | 5.6 | 456.5 | ||||||||||
Corporate Overhead | (58.1 | ) | 8.8 | (49.3 | ) | ||||||||
Total | $ | 392.8 | $ | 14.4 | $ | 407.2 | |||||||
Segment Profit as a Percentage of Net Sales | |||||||||||||
Construction & DIY | 16.3 | % | 16.4 | % | |||||||||
Industrial | 15.3 | % | 15.6 | % | |||||||||
Security | 11.7 | % | 12.2 | % | |||||||||
Segment Profit | 15.1 | % | 15.3 | % | |||||||||
Corporate Overhead | (1.9 | )% | (1.7 | )% | |||||||||
Total | 13.2 | % | 13.7 | % | |||||||||
1 | Merger and acquisition-related charges relate primarily to integration and consulting costs. | ||||||||||||
Fourth Quarter 2013 | |||||||||||||
Reported | Merger & Acquisition- Related Charges2 | Normalized3 | |||||||||||
SEGMENT PROFIT | |||||||||||||
Construction & DIY | $ | 202.8 | $ | 3.8 | $ | 206.6 | |||||||
Industrial | 135.1 | 4.0 | 139.1 | ||||||||||
Security | 66.8 | 11.4 | 78.2 | ||||||||||
Segment Profit | 404.7 | 19.2 | 423.9 | ||||||||||
Corporate Overhead | (74.8 | ) | 29.7 | (45.1 | ) | ||||||||
Total | $ | 329.9 | $ | 48.9 | $ | 378.8 | |||||||
Segment Profit as a Percentage of Net Sales | |||||||||||||
Construction & DIY | 14.5 | % | 14.8 | % | |||||||||
Industrial | 15.3 | % | 15.8 | % | |||||||||
Security | 11.1 | % | 13.0 | % | |||||||||
Segment Profit | 14.0 | % | 14.7 | % | |||||||||
Corporate Overhead | (2.6 | )% | (1.6 | )% | |||||||||
Total | 11.5 | % | 13.2 | % | |||||||||
2 | Merger and acquisition-related charges relate primarily to the Black & Decker merger and Niscayah and Infastech acquisitions, including facility closure-related charges, employee-related charges and integration costs. | ||||||||||||
3 | The normalized 2014 and 2013 business segment information, as reconciled to GAAP above, is considered relevant to aid analysis of the Company's segment profit results aside from the material impact of the merger and acquisition-related charges. | ||||||||||||
15
Exhibit 99.2
STANLEY BLACK & DECKER, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP SEGMENT PROFIT FINANCIAL MEASURES TO CORRESPONDING
NON-GAAP FINANCIAL MEASURES
(Unaudited, Millions of Dollars)
Year-to-Date 2014 | |||||||||||||
Reported | Merger & Acquisition- Related Charges1 | Normalized3 | |||||||||||
SEGMENT PROFIT | |||||||||||||
Construction & DIY | $ | 871.5 | $ | 1.0 | $ | 872.5 | |||||||
Industrial | 553.5 | 6.8 | 560.3 | ||||||||||
Security | 259.2 | 6.9 | 266.1 | ||||||||||
Segment Profit | 1,684.2 | 14.7 | 1,698.9 | ||||||||||
Corporate Overhead | (177.4 | ) | 18.7 | (158.7 | ) | ||||||||
Total | $ | 1,506.8 | $ | 33.4 | $ | 1,540.2 | |||||||
Segment Profit as a Percentage of Net Sales | |||||||||||||
Construction & DIY | 15.7 | % | 15.7 | % | |||||||||
Industrial | 15.8 | % | 16.0 | % | |||||||||
Security | 11.4 | % | 11.7 | % | |||||||||
Segment Profit | 14.9 | % | 15.0 | % | |||||||||
Corporate Overhead | (1.6 | )% | (1.4 | )% | |||||||||
Total | 13.3 | % | 13.6 | % | |||||||||
1 | Merger and acquisition-related charges relate primarily to integration and consulting costs, as well as employee-related matters. | ||||||||||||
Year-to-Date 2013 | |||||||||||||
Reported | Merger & Acquisition- Related Charges2 | Normalized3 | |||||||||||
SEGMENT PROFIT | |||||||||||||
Construction & DIY | $ | 777.1 | $ | 13.0 | $ | 790.1 | |||||||
Industrial | 456.7 | 24.8 | 481.5 | ||||||||||
Security | 233.3 | 38.0 | 271.3 | ||||||||||
Segment Profit | 1,467.1 | 75.8 | 1,542.9 | ||||||||||
Corporate Overhead | (254.0 | ) | 89.4 | (164.6 | ) | ||||||||
Total | $ | 1,213.1 | $ | 165.2 | $ | 1,378.3 | |||||||
Segment Profit as a Percentage of Net Sales | |||||||||||||
Construction & DIY | 14.7 | % | 15.0 | % | |||||||||
Industrial | 13.8 | % | 14.6 | % | |||||||||
Security | 10.1 | % | 11.7 | % | |||||||||
Segment Profit | 13.5 | % | 14.2 | % | |||||||||
Corporate Overhead | (2.3 | )% | (1.5 | )% | |||||||||
Total | 11.1 | % | 12.7 | % | |||||||||
2 | Merger and acquisition-related charges relate primarily to the Black & Decker merger and Niscayah and Infastech acquisitions, including facility closure-related charges, employee-related charges and integration costs. | ||||||||||||
3 | The normalized 2014 and 2013 business segment information, as reconciled to GAAP above, is considered relevant to aid analysis of the Company's segment profit results aside from the material impact of the merger and acquisition-related charges. | ||||||||||||
16