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Form 8-K STANLEY BLACK & DECKER, For: Dec 19

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December 19, 2014 7:57 AM EST


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549�
�
�
�
�FORM 8-K�
�
�
�
�CURRENT REPORT
Pursuant to Section�13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): December 19, 2014
�
�
�
�
�Stanley Black�& Decker, Inc.
(Exact name of registrant as specified in its charter)�
�
�
�

�
�
�
�
�
Connecticut
�
1-5224
�
06-0548860
(State or other jurisdiction
of incorporation)
�
(Commission
File Number)
�
(I.R.S. Employer
Identification No.)
�
�
�
�
�
1000 Stanley Drive, New Britain,
�
�
�
06053
Connecticut
�
�
�
(Zip Code)
(Address of principal executive offices)
�
�
�
�
Registrants telephone number, including area code: (860)�225-5111
Not Applicable
Former name or former address, if changed since last report�
�
�
�

�Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
�
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
�
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
�
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
�
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))




Item 7.01 Regulation FD Disclosure.
On December 19, 2014, Stanley Black & Decker, Inc. (Stanley Black & Decker or the Company) posted supplementary financial information on its website to reflect quarterly and year-to-date operating results and business segment information for the first three quarters of 2014 and full year 2013 excluding the results of the Security segments Spain and Italy operations (Security Spain and Italy), which management intends to sell. Security Spain and Italy have been excluded from the continuing operations of Stanley Black & Decker as reflected in the supplemental financial information herein. The exclusion of Security Spain and Italy results in a $0.07 and $0.05 increase to diluted GAAP and normalized EPS from continuing operations, respectively, for the year-to-date third quarter 2014. For full year 2013, the exclusion results in a $0.02 increase to diluted GAAP EPS from continuing operations and no impact to diluted normalized EPS from continuing operations. The net operating results of Security Spain and Italy, as well any gain or loss on a future sale, will be reported as a discontinued operation. The supplementary financial information includes the normalized operating results and business segment information adjusted for Security Spain and Italy, as reconciled to GAAP adjusted for Security Spain and Italy, which is considered relevant to aid analysis of the Companys operating performance aside from the material impact of the merger & acquisition-related charges in the periods presented as well as charges associated with the loss on extinguishment of debt that occurred in the fourth quarter of 2013. A copy of the supplementary financial information is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated in this report as if fully set forth herein.
The information furnished pursuant to this Item�7.01 shall not be deemed filed for purposes of Section�18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.
(a) Not applicable
(b)�Not applicable
(c)�Not applicable
(d)�Exhibits
99.1 Supplementary financial information.




SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
�
�
�
�
�
�
�
�
�
�
�
Stanley Black & Decker, Inc.
�
�
�
�
�
�
�
December 19, 2014
�
�
�
By:
�
/s/ Bruce H. Beatt
�
�
�
�
Name:
�
Bruce H. Beatt
�
�
�
�
Title:
�
Senior Vice President, General Counsel and Secretary






Exhibit Index
�
�
�
Exhibit No.
�
Description
�
�
�
99.1
�
Supplementary financial information






Exhibit 99.1
STANLEY BLACK�& DECKER, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP EARNINGS FINANCIAL MEASURES, AS ADJUSTED, TO CORRESPONDING
NON-GAAP FINANCIAL MEASURES, AS ADJUSTED
(Unaudited, Millions of Dollars Except Per Share Amounts)
�
�
�
FIRST QUARTER 2014
�
SECOND QUARTER 2014
�
THIRD QUARTER 2014
�
YEAR TO DATE 2014
�
�
GAAP1
�
Merger &
Acquisition-
Related
Charges2
�
Normalized 3
�
GAAP1
�
Merger &
Acquisition-
Related
Charges2
�
Normalized 3
�
GAAP1
�
Merger &
Acquisition-
Related
Charges2
�
Normalized 3
�
GAAP1
�
Merger &
Acquisition-
Related
Charges2
�
Normalized 3
Net Sales
�
$
2,617.1

�
$


�
$
2,617.1

�
$
2,860.1

�
$


�
$
2,860.1

�
$
2,878.9

�
$


�
$
2,878.9

�
$
8,356.1

�
$


�
$
8,356.1

Gross margin
�
956.4

�
1.1

�
957.5

�
1,048.6

�
0.3

�
1,048.9

�
1,046.6

�
0.1

�
1,046.7

�
3,051.6

�
1.5

�
3,053.1

% of Net Sales
�
36.5
%
�


�
36.6
%
�
36.7
%
�


�
36.7
%
�
36.4
%
�


�
36.4
%
�
36.5
%
�


�
36.5
%
Selling, general and administrative
�
640.6

�
(6.2
)
�
634.4

�
655.9

�
(5.3
)
�
650.6

�
641.1

�
(6.0
)
�
635.1

�
1,937.6

�
(17.5
)
�
1,920.1

% of Net Sales
�
24.5
%
�


�
24.2
%
�
22.9
%
�


�
22.7
%
�
22.3
%
�


�
22.1
%
�
23.2
%
�


�
23.0
%
Operating margin
�
315.8

�
7.3

�
323.1

�
392.7

�
5.6

�
398.3

�
405.5

�
6.1

�
411.6

�
1,114.0

�
19.0

�
1,133.0

% of Net Sales
�
12.1
%
�


�
12.3
%
�
13.7
%
�


�
13.9
%
�
14.1
%
�


�
14.3
%
�
13.3
%
�


�
13.6
%
Earnings from continuing operations before income taxes
�
217.9

�
3.8

�
221.7

�
296.8

�
4.1

�
300.9

�
304.4

�
6.1

�
310.5

�
819.1

�
14.0

�
833.1

Income taxes on continuing operations
�
48.0

�
1.3

�
49.3

�
74.1

�
(5.3
)
�
68.8

�
58.3

�
0.1

�
58.4

�
180.4

�
(3.9
)
�
176.5

Net earnings from continuing operations
�
169.7

�
2.5

�
172.2

�
221.8

�
9.4

�
231.2

�
246.4

�
6.0

�
252.4

�
637.9

�
17.9

�
655.8

Diluted earnings per share of common stock
�
$
1.07

�
$
0.02

�
$
1.08

�
$
1.39

�
$
0.06

�
$
1.45

�
$
1.53

�
$
0.04

�
$
1.57

�
$
3.99

�
$
0.11

�
$
4.10

�
1

Reported, as adjusted for the Security segment's Spain and Italy operations ("Security Spain and Italy"). Security Spain and Italy have been excluded from the continuing operations of Stanley Black & Decker as reflected above. The net operating results of Security Spain and Italy, as well as any gain or loss on a future sale, will be reported as a discontinued operation.
2

Merger and acquisition-related charges, as adjusted for Security Spain and Italy, relate primarily to integration and consulting costs, as well as employee-related matters.
3

The normalized 2014 information adjusted for Security Spain and Italy, as reconciled to GAAP adjusted for Security Spain and Italy above, is considered relevant to aid analysis of the Companys margin and earnings results aside from the material impact of the merger & acquisition-related charges. Normalized earnings from continuing operations before income taxes includes other - net of $60.7 million in the first quarter, $57.1 million in the second quarter, $60.7 million in the third quarter, and $178.5 million on a year to date basis.

Page 1





STANLEY BLACK�& DECKER, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP EARNINGS FINANCIAL MEASURES, AS ADJUSTED, TO CORRESPONDING
NON-GAAP FINANCIAL MEASURES, AS ADJUSTED
(Unaudited, Millions of Dollars Except Per Share Amounts)
�
�
FIRST QUARTER 2013
�
SECOND QUARTER 2013
�
THIRD QUARTER 2013
�
�
GAAP1
�
Merger &
Acquisition-
Related and Other
Charges2
�
Normalized3
�
GAAP1
�
Merger &
Acquisition-
Related and Other
Charges2
�
Normalized3
�
GAAP1
�
Merger &
Acquisition-
Related and Other
Charges2
�
Normalized3
Net Sales
�
$
2,448.1

�
$


�
$
2,448.1

�
$
2,830.0

�
$


�
$
2,830.0

�
$
2,730.8

�
$


�
$
2,730.8

Gross margin
�
900.0

�
13.3

�
913.3

�
997.3

�
7.8

�
1,005.1

�
979.6

�
5.3

�
984.9

% of Net Sales
�
36.8
%
�


�
37.3
%
�
35.2
%
�


�
35.5
%
�
35.9
%
�


�
36.1
%
Selling, general and administrative
�
658.6

�
(34.0
)
�
624.6

�
672.1

�
(24.1
)
�
648.0

�
663.0

�
(31.8
)
�
631.2

% of Net Sales
�
26.9
%
�


�
25.5
%
�
23.7
%
�


�
22.9
%
�
24.3
%
�


�
23.1
%
Operating margin
�
241.4

�
47.3

�
288.7

�
325.2

�
31.9

�
357.1

�
316.6

�
37.1

�
353.7

% of Net Sales
�
9.9
%
�


�
11.8
%
�
11.5
%
�


�
12.6
%
�
11.6
%
�


�
13.0
%
Earnings from continuing operations before income taxes
�
91.6

�
105.8

�
197.4

�
249.5

�
5.1

�
254.6

�
186.3

�
67.2

�
253.5

Income taxes on continuing operations
�
8.1

�
25.0

�
33.1

�
53.6

�
9.1

�
62.7

�
17.1

�
16.0

�
33.1

Net earnings from continuing operations
�
83.9

�
80.8

�
164.7

�
196.2

�
(4.0
)
�
192.2

�
169.4

�
51.2

�
220.6

Diluted earnings per share of common stock
�
$
0.53

�
$
0.51

�
$
1.04

�
$
1.24

�
$
(0.03
)
�
$
1.21

�
$
1.07

�
$
0.32

�
$
1.39

�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
FOURTH QUARTER 2013
�
YEAR TO DATE 2013
�
�
�
�
GAAP1
�
Merger &
Acquisition-
Related and Other
Charges2
�
Normalized3
�
GAAP1
�
Merger &
Acquisition-
Related and Other
Charges2
�
Normalized3
�
Net Sales
�
$
2,880.6

�
$


�
$
2,880.6

�
$
10,889.5

�
$


�
$
10,889.5

�
Gross margin
�
1,026.8

�
3.1

�
1,029.9

�
3,903.7

�
29.5

�
3,933.2

�
% of Net Sales
�
35.6
%
�


�
35.8
%
�
35.8
%
�


�
36.1
%
�
Selling, general and administrative
�
696.9

�
(45.8
)
�
651.1

�
2,690.6

�
(135.7
)
�
2,554.9

�
% of Net Sales
�
24.2
%
�


�
22.6
%
�
24.7
%
�


�
23.5
%
�
Operating margin
�
329.9

�
48.9

�
378.8

�
1,213.1

�
165.2

�
1,378.3

�
% of Net Sales
�
11.5
%
�


�
13.2
%
�
11.1
%
�


�
12.7
%
�
Earnings from continuing operations before income taxes
�
60.2

�
212.2

�
272.4

�
587.6

�
390.3

�
977.9

�
Income taxes on continuing operations
�
(10.2
)
�
69.9

�
59.7

�
68.6

�
120.0

�
188.6

�
Net earnings from continuing operations
�
70.5

�
142.3

�
212.8

�
520.0

�
270.3

�
790.3

�
Diluted earnings per share of common stock
�
$
0.44

�
$
0.89

�
$
1.34

�
$
3.28

�
$
1.70

�
$
4.98

�
1

Reported, as adjusted for Security Spain and Italy. Security Spain and Italy have been excluded from the continuing operations of Stanley Black & Decker as reflected above. The net operating results of Security Spain and Italy, as well as any gain or loss on a future sale, will be reported as a discontinued operation.
2

Merger and acquisition-related and other charges, as adjusted for Security Spain and Italy, 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 that occurred in the fourth quarter of 2013.
3

The normalized 2013 information adjusted for Security Spain and Italy, as reconciled to GAAP adjusted for Security Spain and Italy above, is considered relevant to aid analysis of the Companys margin and earnings results aside from the material impact of the merger & acquisition-related charges as well as charges associated with the loss on extinguishment of debt. Normalized earnings from continuing operations before income taxes includes other - net of $54.6 million in the first quarter, $66.2 million in the second quarter, $64.2 million in the third quarter, $68.0 million in the fourth quarter, and $253.0 million on a year to date basis.

Page 2





STANLEY BLACK�& DECKER, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP SEGMENT PROFIT FINANCIAL MEASURES, AS ADJUSTED, TO CORRESPONDING
NON-GAAP FINANCIAL MEASURES, AS ADJUSTED
(Unaudited, Millions of Dollars)

�
�
FIRST QUARTER 2014
�
SECOND QUARTER 2014
�
THIRD QUARTER 2014
�
YEAR TO DATE 2014
�
�
GAAP1
�
Merger & Acquisition-Related Charges2
�
Normalized3
�
GAAP1
�
Merger & Acquisition-Related Charges2
�
Normalized3
�
GAAP1
�
Merger & Acquisition-Related Charges2
�
Normalized3
�
GAAP1
�
Merger & Acquisition-Related Charges2
�
Normalized3
NET�SALES
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
Construction & DIY
�
$
1,214.8

�
$


�
$
1,214.8

�
$
1,394.6

�
$


�
$
1,394.6

�
$
1,453.5

�
$


�
$
1,453.5

�
$
4,062.9

�
$


�
$
4,062.9

Industrial
�
852.0

�


�
852.0

�
889.2

�


�
889.2

�
866.2

�


�
866.2

�
2,607.4

�


�
2,607.4

Security
�
550.3

�


�
550.3

�
576.3

�


�
576.3

�
559.2

�


�
559.2

�
1,685.8

�


�
1,685.8

Total
�
$
2,617.1

�
$


�
$
2,617.1

�
$
2,860.1

�
$


�
$
2,860.1

�
$
2,878.9

�
$


�
$
2,878.9

�
$
8,356.1

�
$


�
$
8,356.1

SEGMENT�PROFIT
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
Construction & DIY
�
$
169.1

�
$
0.4

�
$
169.5

�
$
218.2

�
$
0.2

�
$
218.4

�
$
239.7

�
$
0.1

�
$
239.8

�
$
627.0

�
$
0.7

�
$
627.7

Industrial
�
130.3

�
2.2

�
132.5

�
150.3

�
1.2

�
151.5

�
136.2

�
1.2

�
137.4

�
416.8

�
4.6

�
421.4

Security
�
52.9

�
2.2

�
55.1

�
69.3

�
1.2

�
70.5

�
67.3

�
0.4

�
67.7

�
189.5

�
3.8

�
193.3

Segment Profit
�
352.3

�
4.8

�
357.1

�
437.8

�
2.6

�
440.4

�
443.2

�
1.7

�
444.9

�
1,233.3

�
9.1

�
1,242.4

Corporate Overhead
�
(36.5
)
�
2.5

�
(34.0
)
�
(45.1
)
�
3.0

�
(42.1
)
�
(37.7
)
�
4.4

�
(33.3
)
�
(119.3
)
�
9.9

�
(109.4
)
Total
�
$
315.8

�
$
7.3

�
$
323.1

�
$
392.7

�
$
5.6

�
$
398.3

�
$
405.5

�
$
6.1

�
$
411.6

�
$
1,114.0

�
$
19.0

�
$
1,133.0

�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
Segment Profit as a Percentage of Net Sales
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
Construction & DIY
�
13.9
�%
�
�
�
14.0
�%
�
15.6
�%
�
�
�
15.7
�%
�
16.5
�%
�
�
�
16.5
�%
�
15.4
�%
�
�
�
15.4
�%
Industrial
�
15.3
�%
�
�
�
15.6
�%
�
16.9
�%
�
�
�
17.0
�%
�
15.7
�%
�
�
�
15.9
�%
�
16.0
�%
�
�
�
16.2
�%
Security
�
9.6
�%
�
�
�
10.0
�%
�
12.0
�%
�
�
�
12.2
�%
�
12.0
�%
�
�
�
12.1
�%
�
11.2
�%
�
�
�
11.5
�%
Segment Profit
�
13.5
�%
�
�
�
13.6
�%
�
15.3
�%
�
�
�
15.4
�%
�
15.4
�%
�
�
�
15.5
�%
�
14.8
�%
�
�
�
14.9
�%
Corporate Overhead
�
(1.4
)%
�
�
�
(1.3
)%
�
(1.6
)%
�
�
�
(1.5
)%
�
(1.3
)%
�
�
�
(1.2
)%
�
(1.4
)%
�
�
�
(1.3
)%
Total
�
12.1
�%
�
�
�
12.3
�%
�
13.7
�%
�
�
�
13.9
�%
�
14.1
�%
�
�
�
14.3
�%
�
13.3
�%
�
�
�
13.6
�%
1

Reported, as adjusted for Security Spain and Italy. Security Spain and Italy have been excluded from the continuing operations of Stanley Black & Decker as reflected above. The net operating results of Security Spain and Italy, as well as any gain or loss on a future sale, will be reported as a discontinued operation.
2

Merger and acquisition-related charges, as adjusted for Security Spain and Italy, relate primarily to integration and consulting costs, as well as employee-related matters.
3

The normalized 2014 information adjusted for Security Spain and Italy, as reconciled to GAAP adjusted for Security Spain and Italy above, is considered relevant to aid analysis of the Companys margin and earnings results aside from the material impact of the merger & acquisition-related charges.
�

Page 3





STANLEY BLACK�& DECKER, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP SEGMENT PROFIT FINANCIAL MEASURES, AS ADJUSTED, TO CORRESPONDING
NON-GAAP FINANCIAL MEASURES, AS ADJUSTED
(Unaudited, Millions of Dollars)
�
�
FIRST QUARTER 2013
�
SECOND QUARTER 2013
�
THIRD QUARTER 2013
�
�
GAAP1
�
Merger & Acquisition-Related Charges2
�
Normalized3
�
GAAP1
�
Merger & Acquisition-Related Charges2
�
Normalized3
�
GAAP1
�
Merger & Acquisition-Related Charges2
�
Normalized3
NET SALES
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
Construction & DIY
�
$
1,149.2

�
$


�
$
1,149.2

�
$
1,392.8

�
$


�
$
1,392.8

�
$
1,332.0

�
$


�
$
1,332.0

Industrial
�
733.9

�


�
733.9

�
861.5

�


�
861.5

�
825.9

�


�
825.9

Security
�
565.0

�


�
565.0

�
575.7

�


�
575.7

�
572.9

�


�
572.9

Total
�
$
2,448.1

�
$


�
$
2,448.1

�
$
2,830.0

�
$


�
$
2,830.0

�
$
2,730.8

�
$


�
$
2,730.8

SEGMENT PROFIT
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
Construction & DIY
�
$
166.0

�
$
3.3

�
$
169.3

�
$
209.9

�
$
2.8

�
$
212.7

�
$
198.4

�
$
3.1

�
$
201.5

Industrial
�
89.4

�
12.4

�
101.8

�
117.6

�
6.1

�
123.7

�
114.6

�
2.3

�
116.9

Security
�
55.0

�
6.1

�
61.1

�
51.5

�
8.7

�
60.2

�
60.0

�
11.8

�
71.8

Segment Profit
�
310.4

�
21.8

�
332.2

�
379.0

�
17.6

�
396.6

�
373.0

�
17.2

�
390.2

Corporate Overhead
�
(69.0
)
�
25.5

�
(43.5
)
�
(53.8
)
�
14.3

�
(39.5
)
�
(56.4
)
�
19.9

�
(36.5
)
Total
�
$
241.4

�
$
47.3

�
$
288.7

�
$
325.2

�
$
31.9

�
$
357.1

�
$
316.6

�
$
37.1

�
$
353.7

Segment Profit as a Percentage of Net Sales
�
�
�
�
�
�
�
�
�
�
�
�
�
�
Construction & DIY
�
14.4
�%
�
�
�
14.7
�%
�
15.1
�%
�
�
�
15.3
�%
�
14.9
�%
�
�
�
15.1
�%
Industrial
�
12.2
�%
�
�
�
13.9
�%
�
13.7
�%
�
�
�
14.4
�%
�
13.9
�%
�
�
�
14.2
�%
Security
�
9.7
�%
�
�
�
10.8
�%
�
8.9
�%
�
�
�
10.5
�%
�
10.5
�%
�
�
�
12.5
�%
Segment Profit
�
12.7
�%
�
�
�
13.6
�%
�
13.4
�%
�
�
�
14.0
�%
�
13.7
�%
�
�
�
14.3
�%
Corporate Overhead
�
(2.8
)%
�
�
�
(1.8
)%
�
(1.9
)%
�
�
�
(1.4
)%
�
(2.1
)%
�
�
�
(1.3
)%
Total
�
9.9
�%
�
�
�
11.8
�%
�
11.5
�%
�
�
�
12.6
�%
�
11.6
�%
�
�
�
13.0
�%
�
�
FOURTH QUARTER 2013
�
YEAR TO DATE 2013
�
�
�
�
GAAP1
�
Merger & Acquisition-Related Charges2
�
Normalized3
�
GAAP1
�
Merger & Acquisition-Related Charges2
�
Normalized3
�
NET SALES
�
�
�
�
�
�
�
�
�
�
�
�
�
Construction & DIY
�
$
1,397.4

�
$


�
$
1,397.4

�
$
5,271.4

�
$


�
$
5,271.4

�
Industrial
�
881.3

�


�
881.3

�
3,302.6

�


�
3,302.6

�
Security
�
601.9

�


�
601.9

�
2,315.5

�


�
2,315.5

�
Total
�
$
2,880.6

�
$


�
$
2,880.6

�
$
10,889.5

�
$


�
$
10,889.5

�
�SEGMENT PROFIT
�
�
�
�
�
�
�
�
�
�
�
�
�
Construction & DIY
�
$
202.8

�
$
3.8

�
$
206.6

�
$
777.1

�
$
13.0

�
$
790.1

�
Industrial
�
135.1

�
4.0

�
139.1

�
456.7

�
24.8

�
481.5

�
Security
�
66.8

�
11.4

�
78.2

�
233.3

�
38.0

�
271.3

�
Segment Profit
�
404.7

�
19.2

�
423.9

�
1,467.1

�
75.8

�
1,542.9

�
Corporate Overhead
�
(74.8
)
�
29.7

�
(45.1
)
�
(254.0
)
�
89.4

�
(164.6
)
�
Total
�
$
329.9

�
$
48.9

�
$
378.8

�
$
1,213.1

�
$
165.2

�
$
1,378.3

�
Segment Profit as a Percentage of Net Sales
�

�
�
�
�
�
�
�
Construction & DIY
�
14.5
�%
�
�
�
14.8
�%
�
14.7
�%
�
�
�
15.0
�%
�
Industrial
�
15.3
�%
�
�
�
15.8
�%
�
13.8
�%
�
�
�
14.6
�%
�
Security
�
11.1
�%
�
�
�
13.0
�%
�
10.1
�%
�
�
�
11.7
�%
�
Segment Profit
�
14.0
�%
�
�
�
14.7
�%
�
13.5
�%
�
�
�
14.2
�%
�
Corporate Overhead
�
(2.6
)%
�
�
�
(1.6
)%
�
(2.3
)%
�
�
�
(1.5
)%
�
Total
�
11.5
�%
�
�
�
13.2
�%
�
11.1
�%
�
�
�
12.7
�%
�
�
1

Reported, as adjusted for Security Spain and Italy. Security Spain and Italy have been excluded from the continuing operations of Stanley Black & Decker as reflected above. The net operating results of Security Spain and Italy, as well as any gain or loss on a future sale, will be reported as a discontinued operation.
2

Merger and acquisition-related charges, as adjusted for Security Spain and Italy, 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 2013 information adjusted for Security Spain and Italy, as reconciled to GAAP adjusted for Security Spain and Italy above, is considered relevant to aid analysis of the Companys margin and earnings results aside from the material impact of the merger & acquisition-related charges.

Page 4



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