Company Quick10K Filing
⚲
Stanley Black & Decker
Financials
Price143.09 EPS4
Shares151 P/E33
MCap21,553 P/FCF82
Net Debt4,065 EBIT1,007
TEV25,617 TEV/EBIT25
TTM 2019-09-28, in MM, except price, ratios
Filings
10-Q 2020-06-27 Filed 2020-07-31
10-Q 2020-03-28 Filed 2020-05-01
10-K 2019-12-28 Filed 2020-02-21
10-Q 2019-09-28 Filed 2019-10-25
10-Q 2019-06-29 Filed 2019-07-23
10-Q 2019-03-30 Filed 2019-04-26
10-K 2018-12-29 Filed 2019-02-26
10-Q 2018-09-29 Filed 2018-10-26
10-Q 2018-06-30 Filed 2018-07-20
10-Q 2018-03-31 Filed 2018-04-23
10-K 2017-12-30 Filed 2018-02-27
10-Q 2017-09-30 Filed 2017-10-25
10-Q 2017-07-01 Filed 2017-07-25
10-Q 2017-04-01 Filed 2017-04-25
10-K 2016-12-31 Filed 2017-02-15
10-Q 2016-10-01 Filed 2016-10-28
10-Q 2016-07-02 Filed 2016-07-25
10-Q 2016-04-02 Filed 2016-04-22
10-K 2016-01-02 Filed 2016-02-19
10-Q 2015-10-03 Filed 2015-10-27
10-Q 2015-07-04 Filed 2015-07-31
10-Q 2015-04-04 Filed 2015-04-29
10-K 2015-01-03 Filed 2015-02-19
10-Q 2014-09-27 Filed 2014-10-23
10-Q 2014-06-28 Filed 2014-07-31
10-Q 2014-03-29 Filed 2014-04-25
10-K 2013-12-28 Filed 2014-02-21
10-Q 2013-09-28 Filed 2013-10-28
10-Q 2013-06-29 Filed 2013-07-31
10-Q 2013-03-30 Filed 2013-04-26
10-K 2012-12-29 Filed 2013-02-20
10-Q 2012-09-29 Filed 2012-10-29
10-Q 2012-06-30 Filed 2012-07-30
10-Q 2012-03-31 Filed 2012-05-02
10-K 2011-12-31 Filed 2012-02-23
10-Q 2011-10-01 Filed 2011-11-07
10-Q 2011-07-02 Filed 2011-07-27
10-Q 2011-04-02 Filed 2011-05-12
10-K 2011-01-01 Filed 2011-02-18
10-Q 2010-10-02 Filed 2010-11-01
10-Q 2010-07-03 Filed 2010-07-30
10-Q 2010-04-03 Filed 2010-05-13
10-K 2010-01-02 Filed 2010-02-22
Reports
8-K 2020-08-28 Other Events
8-K 2020-07-30 Earnings, Exhibits
8-K 2020-06-03
8-K 2020-05-19
8-K 2020-05-15
8-K 2020-04-30
8-K 2020-04-23
8-K 2020-04-17
8-K 2020-04-02
8-K 2020-02-17
8-K 2020-02-10
8-K 2020-02-03
8-K 2020-01-29
8-K 2020-01-23
8-K 2020-01-20
8-K 2019-11-07
8-K 2019-10-24
8-K 2019-09-11
8-K 2019-07-23
8-K 2019-04-24
8-K 2019-04-17
8-K 2019-02-27
8-K 2019-02-19
8-K 2019-02-14
8-K 2019-01-22
8-K 2018-11-06
8-K 2018-11-05
8-K 2018-10-30
8-K 2018-10-25
8-K 2018-09-12
8-K 2018-07-20
8-K 2018-07-17
8-K 2018-07-09
8-K 2018-04-20
8-K 2018-04-19
8-K 2018-02-27
8-K 2018-01-24
8-K 2018-01-24

SWK 10Q Quarterly Report

Content
Part I - Financial Information
Item 1. Condensed Consolidated Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
Exhibits
EX-31.A ex31a-q22020.htm
EX-31.B ex31b-q22020.htm
EX-32.I ex32i-q22020.htm
EX-32.II ex32ii-q22020.htm

Stanley Black & Decker Earnings 2020-06-27

Balance SheetIncome StatementCash Flow
25201510502012201420172020
Assets, Equity
 3.83.02.21.40.6-0.22012201420172020
Rev, G Profit, Net Income
 1.50.80.2-0.5-1.1-1.82012201420172020
Ops, Inv, Fin
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q

☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 27, 2020
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from [            ] to [            ]

Commission File Number 001-05224
STANLEY BLACK & DECKER, INC.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
CT 06-0548860
(STATE OR OTHER JURISDICTION OF
INCORPORATION OR ORGANIZATION)		 (I.R.S. EMPLOYER
IDENTIFICATION NUMBER)
1000 STANLEY DRIVE
NEW BRITAIN, CT 06053
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES AND ZIP CODE)

REGISTRANT’S TELEPHONE NUMBER, INCLUDING AREA CODE 860 225-5111
Securities registered pursuant to Section 12(b) of the Act:
Title Of Each ClassTrading SymbolName Of Each Exchange On Which Registered
Common Stock$2.50 Par Value per ShareSWKNew York Stock Exchange
Corporate UnitsSWTNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☑   No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☑    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):
Large Accelerated Filerþ  Accelerated Filer¨
Non-Accelerated Filer¨  Smaller Reporting Company☐
Emerging Growth Company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes ☐ No ☑
159,681,745 shares of the registrant’s common stock were outstanding as of July 20, 2020.


TABLE OF CONTENTS
 

Table of Contents
PART I — FINANCIAL INFORMATION
ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

STANLEY BLACK & DECKER, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
THREE AND SIX MONTHS ENDED JUNE 27, 2020 AND JUNE 29, 2019
(Unaudited, Millions of Dollars, Except Per Share Amounts)
 
 Second QuarterYear-to-Date
 2020201920202019
Net Sales$3,147.4  $3,761.3  $6,276.8  $7,094.9  
Costs and Expenses
Cost of sales$2,134.7  $2,461.5  $4,241.0  $4,689.5  
Selling, general and administrative713.0  776.2  1,450.8  1,536.8  
Provision for credit losses19.0  6.1  29.7  24.4  
Other, net86.9  62.2  161.8  127.6  
Gain on sale of business—  (17.2) —  (17.2) 
Restructuring charges27.9  8.5  31.8  17.2  
Interest expense57.3  72.4  117.0  146.8  
Interest income(2.5) (12.1) (12.6) (28.7) 
$3,036.3  $3,357.6  $6,019.5  $6,496.4  
Earnings before income taxes and equity interest111.1  403.7  257.3  598.5  
Income tax (benefit) expense(117.3) 51.6  (104.4) 76.3  
Net earnings before equity interest$228.4  $352.1  $361.7  $522.2  
Share of net earnings of equity method investment10.3  5.3  10.1  5.6  
Net earnings$238.7  $357.4  $371.8  $527.8  
Less: Net earnings attributable to non-controlling interests0.3  1.1  0.2  1.6  
Net earnings attributable to Stanley Black & Decker, Inc.$238.4  $356.3  $371.6  $526.2  
Less: Preferred stock dividends4.7  —  4.7  —  
Net Earnings Attributable to Common Shareowners$233.7  $356.3  $366.9  $526.2  
Total Comprehensive Income Attributable to Common Shareowners$336.5  $355.6  $210.9  $526.5  
Earnings per share of common stock:
Basic$1.52  $2.41  $2.41  $3.56  
Diluted$1.52  $2.37  $2.39  $3.50  
Dividends per share of common stock$0.69  $0.66  $1.38  $1.32  
Weighted-average shares outstanding (in thousands):
Basic153,330  148,099  152,011  147,982  
Diluted154,154  150,358  153,290  150,139  
See Notes to (Unaudited) Condensed Consolidated Financial Statements.


3
Table of Contents
STANLEY BLACK & DECKER, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
JUNE 27, 2020 AND DECEMBER 28, 2019
(Unaudited, Millions of Dollars, Except Per Share Amounts) 
June 27,
2020		December 28,
2019
ASSETS
Current Assets
Cash and cash equivalents$859.8  $297.7  
Accounts and notes receivable, net1,719.4  1,454.6  
Inventories, net2,753.4  2,255.0  
Other current assets436.9  449.3  
Total Current Assets5,769.5  4,456.6  
Property, plant and equipment, net2,024.4  1,959.5  
Goodwill9,805.2  9,237.5  
Intangibles, net4,106.4  3,622.0  
Other assets1,278.9  1,321.0  
Total Assets$22,984.4  $20,596.6  
LIABILITIES AND SHAREOWNERS' EQUITY
Current Liabilities
Short-term borrowings$703.1  $337.3  
Current maturities of long-term debt3.1  3.1  
Accounts payable2,117.4  2,087.8  
Accrued expenses1,754.7  1,977.5  
Total Current Liabilities4,578.3  4,405.7  
Long-term debt4,658.7  3,176.4  
Deferred taxes599.7  731.2  
Post-retirement benefits597.8  609.4  
Other liabilities2,584.3  2,531.7  
Commitments and Contingencies (Notes R and S)
Shareowners’ Equity
Stanley Black & Decker, Inc. Shareowners’ Equity
Preferred stock, without par value:
      Authorized 10,000,000 shares in 2020 and 2019
      Issued and outstanding 1,500,000 shares in 2020 and 2019
1,500.0  1,500.0  
Common stock, par value $2.50 per share:
      Authorized 300,000,000 shares in 2020 and 2019
      Issued 176,902,738 shares in 2020 and 2019
442.3  442.3  
Retained earnings6,924.5  6,772.8  
Additional paid in capital4,773.2  4,492.9  
Accumulated other comprehensive loss(2,040.6) (1,884.6) 
ESOP—  (2.3) 
11,599.4  11,321.1  
Less: cost of common stock in treasury(1,639.9) (2,184.8) 
Stanley Black & Decker, Inc. Shareowners’ Equity9,959.5  9,136.3  
Non-controlling interests6.1  5.9  
Total Shareowners’ Equity9,965.6  9,142.2  
Total Liabilities and Shareowners’ Equity$22,984.4  $20,596.6  
See Notes to (Unaudited) Condensed Consolidated Financial Statements.
4
Table of Contents
STANLEY BLACK & DECKER, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
THREE AND SIX MONTHS ENDED JUNE 27, 2020 AND JUNE 29, 2019
(Unaudited, Millions of Dollars)
 
Second QuarterYear-to-Date
 2020201920202019
OPERATING ACTIVITIES
Net earnings$238.7  $357.4  $371.8  $527.8  
Adjustments to reconcile net earnings to cash provided by (used in) operating activities:
Depreciation and amortization of property, plant and equipment94.2  93.7  187.0  187.7  
Amortization of intangibles50.5  48.0  98.8  91.8  
Gain on sale of business—  (17.2) —  (17.2) 
Share of net earnings of equity method investment(10.3) (5.3) (10.1) (5.6) 
Changes in working capital(206.4) 35.9  (719.1) (580.9) 
Changes in other assets and liabilities161.5  (11.5) (5.4) (133.9) 
Cash provided by (used in) operating activities328.2  501.0  (77.0) 69.7  
INVESTING ACTIVITIES
Capital and software expenditures(64.5) (97.2) (147.4) (186.8) 
Proceeds from sale of business, net of cash sold—  76.7  —  76.7  
Business acquisitions, net of cash acquired0.4  0.2  (1,302.0) (676.0) 
Purchases of investments(7.1) (8.3) (13.6) (253.7) 
   Net investment hedge settlements16.6  —  41.0  3.9  
Other(2.2) (3.6) 1.5  (3.6) 
Cash used in investing activities(56.8) (32.2) (1,420.5) (1,039.5) 
FINANCING ACTIVITIES
Payment on long-term debt—  —  —  (400.0) 
Proceeds from debt issuances, net of fees(3.8) (0.7) 1,482.6  496.2  
Stock purchase contract fees(20.0) (10.1) (40.1) (20.2) 
Net short-term (repayments) borrowings (980.8) (330.6) 371.1  1,089.3  
Proceeds from issuances of common stock756.7  14.4  801.3  24.6  
Purchases of common stock for treasury(0.3) (1.1) (9.3) (9.2) 
Craftsman deferred purchase price—  —  (250.0) —  
Craftsman contingent consideration(33.0) —  (33.0) —  
Termination of interest rate swaps—  —  (20.5) (1.0) 
Cash dividends on common stock(105.8) (97.7) (211.4) (195.3) 
Other(4.5) (4.1) (7.0) (6.1) 
Cash (used in) provided by financing activities(391.5) (429.9) 2,083.7  978.3  
Effect of exchange rate changes on cash, cash equivalents and restricted cash(1.6) 0.2  (24.2) 5.0  
Change in cash, cash equivalents and restricted cash(121.7) 39.1  562.0  13.5  
Cash, cash equivalents and restricted cash, beginning of period998.3  285.8  314.6  311.4  
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD$876.6  $324.9  $876.6  $324.9  
The following table provides a reconciliation of the cash, cash equivalents and restricted cash balances as of June 27, 2020 and December 28, 2019, as shown above:
June 27, 2020December 28, 2019
Cash and cash equivalents$859.8  $297.7  
Restricted cash included in Other current assets16.8  16.9  
Cash, cash equivalents and restricted cash$876.6  $314.6  
See Notes to (Unaudited) Condensed Consolidated Financial Statements.
5
Table of Contents
STANLEY BLACK & DECKER, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREOWNERS' EQUITY
THREE AND SIX MONTHS ENDED JUNE 27, 2020 AND JUNE 29, 2019
(Unaudited, Millions of Dollars, Except Per Share Amounts)


Preferred
Stock		Common
Stock		Additional
Paid In
Capital		Retained
Earnings		Accumulated
Other
Comprehensive
Loss		ESOPTreasury
Stock		Non-
Controlling
Interests		Shareowners’
Equity
Balance December 28, 2019$1,500.0  $442.3  $4,492.9  $6,772.8  $(1,884.6) $(2.3) $(2,184.8) $5.9  $9,142.2  
Net earnings (loss)—  —  —  133.2  —  —  —  (0.1) 133.1  
Other comprehensive loss—  —  —  —  (258.8) —  —  —  (258.8) 
Cash dividends declared — $0.69 per share
—  —  —  (105.6) —  —  —  —  (105.6) 
Issuance of common stock (744,339 shares)
—  —  (20.5) —  —  —  65.1  —  44.6  
Repurchase of common stock (125,294 shares)
—  —  10.0  —  —  —  (19.0) —  (9.0) 
Preferred stock issuance costs—  —  (1.2) —  —  —  —  —  (1.2) 
Stock-based compensation related—  —  15.4  —  —  —  —  —  15.4  
ESOP —  —  —  —  —  2.3  —  —  2.3  
Adoption of ASU 2016-13—  —  —  (3.8) —  —  —  —  (3.8) 
Balance March 28, 2020$1,500.0  $442.3  $4,496.6  $6,796.6  $(2,143.4) $—  $(2,138.7) $5.8  $8,959.2  
Net earnings—  —  —  238.4