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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 October 1, 2022
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.
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
147,941,786 shares of the registrant’s common stock were outstanding as of October 21, 2022.



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 NINE MONTHS ENDED OCTOBER 1, 2022 AND OCTOBER 2, 2021
(Unaudited, Millions of Dollars, Except Per Share Amounts)
 
 Third QuarterYear-to-Date
 2022202120222021
Net Sales$4,119.6 $3,779.7 $12,960.6 $11,299.4 
Costs and Expenses
Cost of sales$3,101.5 $2,564.1 $9,430.0 $7,334.2 
Selling, general and administrative799.0 770.8 2,597.6 2,259.7 
Provision for credit losses0.8 2.7 15.2  
Other, net69.1 28.9 210.2 119.4 
Loss on sales of businesses8.6  8.4 3.6 
Asset impairment charge  168.4  
Restructuring charges68.6 0.6 140.8 12.8 
Interest income(15.4)(2.2)(24.7)(7.8)
Interest expense91.7 45.6 224.6 139.6 
$4,123.9 $3,410.5 $12,770.5 $9,861.5 
(Loss) earnings from continuing operations before income taxes and equity interest(4.3)369.2 190.1 1,437.9 
Income taxes on continuing operations(40.9)(0.5)(80.8)182.3 
Net earnings from continuing operations before equity interest36.6 369.7 270.9 1,255.6 
Share of net earnings of equity method investment 9.8  16.0 
Net earnings from continuing operations36.6 379.5 270.9 1,271.6 
Less: Net (losses) earnings attributable to non-controlling interests (0.1)0.2 (1.7)
Net earnings from continuing operations attributable to Stanley Black & Decker, Inc.$36.6 $379.6 $270.7 $1,273.3 
Less: Preferred stock dividends and beneficial conversion feature   14.2 
Net Earnings from Continuing Operations Attributable to Common Shareowners$36.6 $379.6 $270.7 $1,259.1 
Add: Contract adjustment payments accretion0.3 0.4 1.0 0.9 
Net Earnings from Continuing Operations Attributable to Common Shareowners - Diluted$36.9 $380.0 $271.7 $1,260.0 
Earnings from discontinued operations before income taxes (including pre-tax gain on Security sale of $1,220.0 million)
1,204.9 34.7 1,233.5 98.2 
Income taxes on discontinued operations (including income taxes for gain on Security sale of $390.7 million)
396.9 0.1 396.7 10.4 
Net earnings from discontinued operations$808.0 $34.6 $836.8 $87.8 
Net Earnings Attributable to Common Shareowners - Diluted$844.9 $414.6 $1,108.5 $1,347.8 
Net Earnings Attributable to Stanley Black & Decker, Inc.$844.6 $414.2 $1,107.5 $1,361.1 
Total Comprehensive Income Attributable to Common Shareowners$569.3 $326.4 $526.8 $1,185.8 
Basic earnings per share of common stock:
Continuing operations$0.25 $2.38 $1.82 $7.94 
Discontinued operations$5.60 $0.22 $5.64 $0.55 
Total basic earnings per share of common stock$5.85 $2.60 $7.46 $8.50 
Diluted earnings per share of common stock:
Continuing operations$0.24 $2.30 $1.72 $7.64 
Discontinued operations$5.26 $0.21 $5.30 $0.53 
Total diluted earnings per share of common stock$5.50 $2.51 $7.02 $8.17 
See Notes to Unaudited Condensed Consolidated Financial Statements.

3

STANLEY BLACK & DECKER, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
OCTOBER 1, 2022 AND JANUARY 1, 2022
(Unaudited, Millions of Dollars, Except Share and Per Share Amounts) 
October 1,
2022
January 1,
2022
ASSETS
Current Assets
Cash and cash equivalents$408.7 $142.1 
Accounts and notes receivable, net1,503.2 1,481.7 
Inventories, net6,347.2 5,419.9 
Current assets held for sale 869.6 
Prepaid expenses436.8 507.0 
Other current assets108.7 106.1 
Total Current Assets8,804.6 8,526.4 
Property, plant and equipment, net2,305.6 2,336.8 
Goodwill8,354.6 8,590.7 
Customer relationships, net1,857.6 2,000.0 
Trade names, net2,639.3 2,681.8 
Other intangible assets, net9.4 13.2 
Long-term assets held for sale 2,635.8 
Other assets1,552.8 1,395.3 
Total Assets$25,523.9 $28,180.0 
LIABILITIES AND SHAREOWNERS' EQUITY
Current Liabilities
Short-term borrowings$2,569.2 $2,241.1 
Current maturities of long-term debt1.2 1.3 
Accounts payable2,492.8 3,423.6 
Accrued expenses2,543.8 2,641.0 
Liabilities held for sale 460.4 
Total Current Liabilities7,607.0 8,767.4 
Long-term debt5,350.5 4,353.6 
Deferred taxes674.3 711.2 
Post-retirement benefits403.5 474.1 
Long-term liabilities held for sale 137.4 
Other liabilities1,939.9 2,143.9 
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 2022 and 2021
Issued and outstanding 750,000 shares in 2022 and 2021
620.3 620.3 
Common stock, par value $2.50 per share:
Authorized 300,000,000 shares in 2022 and 2021
Issued 176,902,738 shares in 2022 and 2021
442.3 442.3 
Retained earnings9,504.1 8,742.4 
Additional paid in capital5,023.4 4,999.2 
Accumulated other comprehensive loss(2,426.3)(1,845.6)
13,163.8 12,958.6 
Less: cost of common stock in treasury (28,965,585 shares in 2022 and 13,964,054 shares in 2021)
(3,617.2)(1,368.1)
Stanley Black & Decker, Inc. Shareowners’ Equity9,546.6 11,590.5 
Non-controlling interests2.1 1.9 
Total Shareowners’ Equity9,548.7 11,592.4 
Total Liabilities and Shareowners’ Equity$25,523.9 $28,180.0 
See Notes to Unaudited Condensed Consolidated Financial Statements.
4

STANLEY BLACK & DECKER, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
THREE AND NINE MONTHS ENDED OCTOBER 1, 2022 AND OCTOBER 2, 2021
(Unaudited, Millions of Dollars)
 
Third QuarterYear-to-Date
 2022202120222021
OPERATING ACTIVITIES
Net earnings from continuing operations$36.6 $379.5 $270.9 $1,271.6 
Net earnings from discontinued operations808.0 34.6 836.8 87.8 
Adjustments to reconcile net earnings to cash (used in) provided by operating activities:
Depreciation and amortization of property, plant and equipment88.4 93.9 272.3 279.3 
Amortization of intangibles49.6 50.3 152.8 151.3 
Gain on sale of discontinued operations(1,220.0) (1,220.0) 
Loss on sales of businesses8.6  8.4 3.6 
Asset impairment charge  168.4  
Share of net earnings of equity method investment (9.8) (16.0)
Changes in working capital(393.3)(456.7)(2,297.4)(1,373.5)
Changes in other assets and liabilities196.5 (87.2)(302.8)(112.9)
Cash (used in) provided by operating activities(425.6)4.6 (2,110.6)291.2 
INVESTING ACTIVITIES
Capital and software expenditures(114.4)(129.1)(399.9)(322.5)
Proceeds from sales of assets24.7 1.7 39.9 7.1 
Proceeds from sales of businesses, net of cash sold4,146.9  4,147.1 (1.9)
Business acquisitions, net of cash acquired(26.5)(9.3)(72.1)(10.8)
Purchases of investments(2.9)(3.5)(12.2)(14.5)
Acquisition of assets(14.4)(0.5)(15.2)(1.4)
   Net investment hedge settlements1.7 (1.3)10.6 (53.9)
Other(0.2)(1.0)(1.0)(1.8)
Cash provided by (used in) investing activities4,014.9 (143.0)3,697.2 (399.7)
FINANCING ACTIVITIES
Proceeds from debt issuances, net of fees  992.6  
Stock purchase contract fees(9.9)(9.9)(29.5)(29.5)
Net short-term (repayments) borrowings (3,263.4)149.6 328.0 150.7 
Proceeds from issuances of common stock3.4 7.7 23.0 108.1 
Purchases of common stock for treasury(4.6)(2.8)(2,318.7)(20.1)
Redemption and conversion of preferred stock   (750.0)
Craftsman contingent consideration(11.4)(7.6)(32.5)(21.5)
Termination of interest rate swaps  22.7  
Cash dividends on common stock(115.5)(126.0)(345.8)(347.7)
Cash dividends on preferred stock   (18.9)
Other(3.2)(3.2)(10.8)(11.6)
Cash (used in) provided by financing activities(3,404.6)7.8 (1,371.0)(940.5)
Effect of exchange rate changes on cash, cash equivalents and restricted cash(78.2)(15.5)(95.8)(45.9)
Change in cash, cash equivalents and restricted cash106.5 (146.1)119.8 (1,094.9)
Cash, cash equivalents and restricted cash, beginning of period308.1 449.5 294.8 1,398.3 
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD$414.6 $303.4 $414.6 $303.4 
5

The following table provides a reconciliation of the cash, cash equivalents and restricted cash balances as of October 1, 2022 and January 1, 2022, as shown above:
October 1, 2022January 1, 2022
Cash and cash equivalents$408.7 $142.1 
Restricted cash included in Other current assets5.9 7.6 
Cash and cash equivalents included in Current assets held for sale 145.1 
Cash, cash equivalents and restricted cash$414.6 $294.8 
See Notes to Unaudited Condensed Consolidated Financial Statements.
6

STANLEY BLACK & DECKER, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREOWNERS' EQUITY
THREE AND NINE MONTHS ENDED OCTOBER 1, 2022 AND OCTOBER 2, 2021
(Unaudited, Millions of Dollars, Except Share and Per Share Amounts)


Preferred
Stock
Common
Stock
Additional
Paid In
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Treasury
Stock
Non-
Controlling
Interests
Shareowners’
Equity
Balance January 1, 2022$620.3 $442.3 $4,999.2 $8,742.4 $(1,845.6)$(1,368.1)$1.9 $11,592.4 
Net earnings— — — 175.3 — — 0.1 175.4 
Other comprehensive loss— — — — (27.7)— — (27.7)
Cash dividends declared — $0.79 per common share
— — — (116.3)— — — (116.3)
Issuance of common stock (338,897 shares)
— — (24.0)— — 37.7 — 13.7 
Repurchase of common stock (12,729,825 shares)
— — (300.0)— — (2,013.0)— (2,313.0)
Stock-based compensation related— — 30.3 — — — — 30.3 
Balance April 2, 2022$620.3 $442.3 $4,705.5 $8,801.4 $(1,873.3)$(3,343.4)$2.0 $9,354.8 
Net earnings— — — 87.6 — — 0.1 87.7 
Other comprehensive loss— — — — (277.7)— — (277.7)
Cash dividends declared — $0.79 per common share
— — — (114.0)— — — (114.0)
Issuance of common stock (83,264 shares)
— — (4.4)— — 10.3 — 5.9 
Repurchase of common stock (3,219,632 shares)
— — 299.9 — — (301.0)— (1.1)
Stock-based compensation related— — 26.3 — — — — 26.3 
Balance July 2, 2022$620.3 $442.3 $5,027.3 $8,775.0 $(2,151.0)$(3,634.1)$2.1 $9,081.9 
Net earnings— — — 844.6 — — — 844.6 
Other comprehensive loss— — — — (275.3)— — (275.3)
Cash dividends declared — $0.80 per common share
— — — (115.5)— — — (115.5)
Issuance of common stock (186,290 shares)
— — (18.1)— — 21.5 — 3.4 
Repurchase of common stock (50,617 shares)
— — — — — (4.6)— (4.6)
Stock-based compensation related— — 14.2 — — — — 14.2 
Balance October 1, 2022$620.3 $442.3 $5,023.4 $9,504.1 $(2,426.3)$(3,617.2)$2.1 $9,548.7 
7

Preferred
Stock
Common
Stock
Additional
Paid In
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Treasury
Stock
Non-
Controlling
Interests
Shareowners’
Equity
Balance January 2, 2021$1,370.3 $442.3 $4,967.8 $7,542.2 $(1,713.7)$(1,549.3)$6.8 $11,066.4 
Net earnings (loss)— — — 487.4 — — (0.6)486.8 
Other comprehensive loss— — — — (97.7)— — (97.7)
Cash dividends declared — $0.70 per common share
— — — (110.1)— — — (110.1)
Cash dividends declared - $50.00 per annum per preferred share
— — — (9.4)— — — (9.4)
Issuance of common stock (848,275 shares)
— — (12.7)— — 76.8 — 64.1 
Repurchase of common stock (80,310 shares)
— — — — — (14.9)— (14.9)
Non-controlling interest buyout— — (2.8)— — — (3.2)(6.0)
Stock-based compensation related— — 25.6 — — — — 25.6 
Balance April 3, 2021$1,370.3 $442.3 $4,977.9 $7,910.1 $(1,811.4)$(1,487.4)$3.0 $11,404.8 
Net earnings (loss)— — — 459.5 — — (1.0)458.5 
Other comprehensive income— — — — 24.4 — — 24.4 
Cash dividends declared — $0.70 per common share
— — — (111.6)— — — (111.6)
Cash dividends declared - $50.00 per annum per preferred share
— — — (4.8)— — — (4.8)
Issuance of common stock (305,153 shares)
— — 8.1 — — 28.2 — 36.3 
Repurchase of common stock (355,751 shares)
— — 72.2 — — (74.6)— (2.4)
Redemption and conversion of preferred stock (1,469,055 shares)
(750.0)— (137.3)— — 137.3 — (750.0)
Stock-based compensation related— —