Company Quick10K Filing
Stanley Black & Decker
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 150 $21,509
10-Q 2019-10-25 Quarter: 2019-09-28
10-Q 2019-07-23 Quarter: 2019-06-29
10-Q 2019-04-26 Quarter: 2019-03-30
10-K 2019-02-26 Annual: 2018-12-29
10-Q 2018-10-26 Quarter: 2018-09-29
10-Q 2018-07-20 Quarter: 2018-06-30
10-Q 2018-04-23 Quarter: 2018-03-31
10-K 2018-02-27 Annual: 2017-12-30
10-Q 2017-10-25 Quarter: 2017-09-30
10-Q 2017-07-25 Quarter: 2017-07-01
10-Q 2017-04-25 Quarter: 2017-04-01
10-K 2017-02-15 Annual: 2016-12-31
10-Q 2016-10-28 Quarter: 2016-10-01
10-Q 2016-07-25 Quarter: 2016-07-02
10-Q 2016-04-22 Quarter: 2016-04-02
10-K 2016-02-19 Annual: 2016-01-02
10-Q 2015-10-27 Quarter: 2015-10-03
10-Q 2015-07-31 Quarter: 2015-07-04
10-Q 2015-04-29 Quarter: 2015-04-04
10-K 2015-02-19 Annual: 2015-01-03
10-Q 2014-10-23 Quarter: 2014-09-27
10-Q 2014-07-31 Quarter: 2014-06-28
10-Q 2014-04-25 Quarter: 2014-03-29
10-K 2014-02-21 Annual: 2013-12-28
10-Q 2013-10-28 Quarter: 2013-09-28
10-Q 2013-07-31 Quarter: 2013-06-29
10-Q 2013-04-26 Quarter: 2013-03-30
10-K 2013-02-20 Annual: 2012-12-29
10-Q 2012-10-29 Quarter: 2012-09-29
10-Q 2012-07-30 Quarter: 2012-06-30
10-Q 2012-05-02 Quarter: 2012-03-31
10-K 2012-02-23 Annual: 2011-12-31
10-Q 2011-11-07 Quarter: 2011-10-01
10-Q 2011-07-27 Quarter: 2011-07-02
10-Q 2011-05-12 Quarter: 2011-04-02
10-K 2011-02-18 Annual: 2011-01-01
10-Q 2010-11-01 Quarter: 2010-10-02
10-Q 2010-07-30 Quarter: 2010-07-03
10-Q 2010-05-13 Quarter: 2010-04-03
10-K 2010-02-22 Annual: 2010-01-02
8-K 2019-11-07 Enter Agreement, Shareholder Rights, Amend Bylaw, Exhibits
8-K 2019-10-24 Earnings, Exhibits
8-K 2019-09-11 Enter Agreement, Leave Agreement, Off-BS Arrangement, Exhibits
8-K 2019-07-23 Earnings, Exhibits
8-K 2019-04-24 Earnings, Exhibits
8-K 2019-04-17
8-K 2019-02-27 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2019-02-19 Other Events
8-K 2019-02-14 Officers
8-K 2019-01-22 Earnings, Exhibits
8-K 2018-11-06 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-11-05 Enter Agreement, Exhibits
8-K 2018-10-30 Other Events, Exhibits
8-K 2018-10-25 Earnings, Exhibits
8-K 2018-09-12 Enter Agreement, Leave Agreement, Off-BS Arrangement, Exhibits
8-K 2018-07-20 Earnings, Exhibits
8-K 2018-07-17 Officers, Amend Bylaw, Exhibits
8-K 2018-07-09 Other Events
8-K 2018-04-20 Earnings, Exhibits
8-K 2018-04-19
8-K 2018-02-27 Officers
8-K 2018-01-24 Regulation FD, Exhibits
8-K 2018-01-24 Earnings, Exhibits
SWK 2019-09-28
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
EX-31.A ex31a-q32019.htm
EX-31.B ex31b-q32019.htm
EX-32.I ex32i-q32019.htm
EX-32.II ex32ii-q32019.htm

Stanley Black & Decker Earnings 2019-09-28

SWK 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
LRCX 29,765 12,001 7,278 9,654 4,358 2,191 2,873 30,364 45% 10.6 18%
CAJ 29,533 4,899,465 1,881,552 0 0 0 0 -126,510 0%
FTV 27,317 16,468 9,456 7,055 3,539 2,697 2,918 32,421 50% 11.1 16%
CMI 26,885 20,254 11,058 24,294 6,270 2,662 3,972 27,688 26% 7.0 13%
HRS 22,830 10,117 6,754 6,801 2,334 681 1,153 25,743 34% 22.3 7%
SWK 21,509 21,524 13,296 14,224 4,804 669 1,728 25,477 34% 14.7 3%
ROK 19,460 6,159 5,002 6,694 2,910 1,034 1,569 20,912 43% 13.3 17%
KEYS 19,020 6,348 3,410 3,183 1,869 312 742 19,416 59% 26.2 5%
GRMN 15,309 5,525 1,374 3,463 2,057 738 875 14,488 59% 16.6 13%
DOV 14,503 8,776 7,092 2,588 603 990 17,128 36% 17.3 7%

Document
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stanleyimage.jpg
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 September 28, 2019.
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 Class
Trading Symbol
Name Of Each Exchange On Which Registered
Common Stock
- $2.50 Par Value per Share
SWK
New 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 Filer
 
þ
  
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
152,011,804 shares of the registrant’s common stock were outstanding as of October 18, 2019.



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 NINE MONTHS ENDED SEPTEMBER 28, 2019 AND SEPTEMBER 29, 2018
(Unaudited, Millions of Dollars, Except Per Share Amounts)
 
 
Third Quarter
 
Year-to-Date
 
2019
 
2018
 
2019
 
2018
Net Sales
$
3,633.1

 
$
3,494.8

 
$
10,728.0

 
$
10,347.7

Costs and Expenses
 
 
 
 
 
 
 
Cost of sales
$
2,393.6

 
$
2,256.4

 
$
7,083.1

 
$
6,656.5

Selling, general and administrative
752.8

 
792.9

 
2,289.6

 
2,373.5

Provision for doubtful accounts
3.3

 
6.0

 
27.7

 
16.8

Other, net
55.0

 
59.4

 
182.6

 
236.7

(Gain) loss on sales of businesses

 

 
(17.2
)
 
0.8

Restructuring charges
74.0

 
21.8

 
91.2

 
58.1

Interest expense
72.4

 
72.1

 
219.2

 
204.3

Interest income
(12.7
)
 
(18.7
)
 
(41.4
)
 
(50.1
)
 
$
3,338.4

 
$
3,189.9

 
$
9,834.8

 
$
9,496.6

Earnings before income taxes and equity interest
294.7

 
304.9

 
893.2

 
851.1

Income taxes
59.2

 
56.6

 
135.5

 
139.3

Net earnings before equity interest
$
235.5

 
$
248.3

 
$
757.7

 
$
711.8

Share of net (losses) earnings of equity method investment
(4.4
)
 

 
1.2

 

Net earnings
$
231.1

 
$
248.3

 
$
758.9

 
$
711.8

Less: Net gain (loss) attributable to non-controlling interests
0.6

 
0.5

 
2.2

 
(0.2
)
Net Earnings Attributable to Common Shareowners
$
230.5

 
$
247.8

 
$
756.7

 
$
712.0

Total Comprehensive Income Attributable to Common Shareowners
$
99.6

 
$
269.0

 
$
626.1

 
$
549.9

Earnings per share of common stock:
 
 
 
 
 
 
 
Basic
$
1.55

 
$
1.67

 
$
5.11

 
$
4.77

Diluted
$
1.53

 
$
1.65

 
$
5.03

 
$
4.68

Dividends per share of common stock
$
0.69

 
$
0.66

 
$
2.01

 
$
1.92

Weighted-average shares outstanding (in thousands):
 
 
 
 
 
 
 
Basic
148,350

 
147,964

 
148,111

 
149,311

Diluted
150,623

 
150,599

 
150,299

 
152,225

See Notes to (Unaudited) Condensed Consolidated Financial Statements.



3

Table of Contents

STANLEY BLACK & DECKER, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
SEPTEMBER 28, 2019 AND DECEMBER 29, 2018
(Unaudited, Millions of Dollars, Except Per Share Amounts) 
 
September 28,
2019
 
December 29,
2018
ASSETS
 
 
 
Current Assets
 
 
 
Cash and cash equivalents
$
311.7

 
$
288.7

Accounts and notes receivable, net
1,902.6

 
1,607.8

Inventories, net
2,743.5

 
2,373.5

Other current assets
370.2

 
299.4

Total Current Assets
5,328.0

 
4,569.4

Property, plant and equipment, net
1,911.9

 
1,915.2

Goodwill
9,160.0

 
8,956.7

Intangibles, net
3,653.0

 
3,484.4

Other assets
1,269.6

 
482.3

Total Assets
$
21,322.5

 
$
19,408.0

LIABILITIES AND SHAREOWNERS' EQUITY
 
 
 
Current Liabilities
 
 
 
Short-term borrowings
$
1,454.9

 
$
376.1

Current maturities of long-term debt
3.1

 
2.5

Accounts payable
2,070.3

 
2,233.2

Accrued expenses
1,913.6

 
1,389.8

Total Current Liabilities
5,441.9

 
4,001.6

Long-term debt
3,908.8

 
3,819.8

Deferred taxes
729.6

 
705.3

Post-retirement benefits
544.1

 
595.4

Other liabilities
2,429.9

 
2,446.0

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 2019 and 2018
Issued and outstanding 750,000 shares in 2019 and 2018
750.0

 
750.0

Common stock, par value $2.50 per share:
Authorized 300,000,000 shares in 2019 and 2018
Issued 176,902,738 shares in 2019 and 2018
442.3

 
442.3

Retained earnings
6,678.1

 
6,219.0

Additional paid in capital
4,653.3

 
4,621.0

Accumulated other comprehensive loss
(1,944.9
)
 
(1,814.3
)
ESOP
(2.3
)
 
(10.5
)
 
10,576.5

 
10,207.5

Less: cost of common stock in treasury
(2,314.2
)
 
(2,371.3
)
Stanley Black & Decker, Inc. Shareowners’ Equity
8,262.3

 
7,836.2

Non-controlling interests
5.9

 
3.7

Total Shareowners’ Equity
8,268.2

 
7,839.9

Total Liabilities and Shareowners’ Equity
$
21,322.5

 
$
19,408.0

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 NINE MONTHS ENDED SEPTEMBER 28, 2019 AND SEPTEMBER 29, 2018
(Unaudited, Millions of Dollars)
 
 
Third Quarter
 
Year-to-Date
 
2019
 
2018
 
2019
 
2018
OPERATING ACTIVITIES
 
 
 
 
 
 
 
Net earnings
$
231.1

 
$
248.3

 
$
758.9

 
$
711.8

Adjustments to reconcile net earnings to cash provided by operating activities:

 

 
 
 
 
Depreciation and amortization of property, plant and equipment
93.1

 
85.2

 
280.8

 
249.7

Amortization of intangibles
47.8

 
44.5

 
139.6

 
131.3

(Gain) loss on sales of businesses

 

 
(17.2
)
 
0.8

Share of net losses (earnings) of equity method investment
4.4

 

 
(1.2
)
 

Changes in working capital
(278.3
)
 
(287.8
)
 
(859.2
)
 
(1,017.1
)
Changes in other assets and liabilities
94.6

 
101.3

 
(39.3
)
 
(36.4
)
Cash provided by operating activities
192.7

 
191.5

 
262.4

 
40.1

INVESTING ACTIVITIES
 
 
 
 
 
 
 
Capital and software expenditures
(96.7
)
 
(109.4
)
 
(283.5
)
 
(327.4
)
(Payments) proceeds from sales of businesses, net of cash sold

 
(1.1
)
 
76.7

 
(3.0
)
Business acquisitions, net of cash acquired
(6.2
)
 
(15.1
)
 
(682.2
)
 
(521.9
)
Purchase of investments
(4.9
)
 
(5.8
)
 
(258.6
)
 
(16.1
)
   Net investment hedge settlements
11.3

 
(5.1
)
 
15.2

 
15.2

Other
(3.9
)
 
2.1

 
(7.5
)
 
5.0

Cash used in investing activities
(100.4
)
 
(134.4
)
 
(1,139.9
)
 
(848.2
)
FINANCING ACTIVITIES
 
 
 
 
 
 
 
Payment on long-term debt

 

 
(400.0
)
 

Proceeds from debt issuance, net of fees

 

 
496.2

 

Stock purchase contract fees
(10.1
)
 
(10.1
)
 
(30.3
)
 
(30.3
)
Net short-term borrowings
28.6

 
309.5

 
1,117.9

 
1,445.1

Premium paid on equity option

 

 

 
(57.3
)
Proceeds from issuances of common stock
21.5

 
10.2

 
46.1

 
32.8

Purchases of common stock for treasury
(2.7
)
 
(301.8
)
 
(11.9
)
 
(514.5
)
Cash dividends on common stock
(102.3
)
 
(97.4
)
 
(297.6
)
 
(286.5
)
Other
(2.4
)
 
(8.0
)
 
(9.5
)
 
(13.5
)
Cash (used in) provided by financing activities
(67.4
)
 
(97.6
)
 
910.9

 
575.8

Effect of exchange rate changes on cash, cash equivalents and restricted cash
(25.4
)
 
5.8

 
(20.4
)
 
(54.1
)
Change in cash, cash equivalents and restricted cash
(0.5
)
 
(34.7
)
 
13.0

 
(286.4
)
Cash, cash equivalents and restricted cash, beginning of period
324.9

 
403.4

 
311.4

 
655.1

CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD
$
324.4

 
$
368.7

 
$
324.4

 
$
368.7

The following table provides a reconciliation of the cash, cash equivalents and restricted cash balances as of September 28, 2019 and December 29, 2018, as shown above:
 
September 28, 2019
 
December 29, 2018
Cash and cash equivalents
$
311.7

 
$
288.7

Restricted cash included in Other current assets
12.7

 
22.7

Cash, cash equivalents and restricted cash
$
324.4

 
$
311.4

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 NINE MONTHS ENDED SEPTEMBER 28, 2019
(Unaudited, Millions of Dollars, Except Per Share Amounts)

 
Preferred
Stock
 
Common
Stock
 
Additional
Paid In
Capital
 
Retained
Earnings
 
Accumulated
Other
Comprehensive
Loss
 
ESOP
 
Treasury
Stock
 
Non-
Controlling
Interests
 
Shareowners’
Equity
Balance December 29, 2018
$
750.0

 
$
442.3

 
$
4,621.0

 
$
6,219.0

 
$
(1,814.3
)
 
$
(10.5
)
 
$
(2,371.3
)
 
$
3.7

 
$
7,839.9

Net earnings

 

 

 
169.9

 

 

 

 
0.5

 
170.4

Other comprehensive income

 

 

 

 
1.0

 

 

 

 
1.0

Cash dividends declared — $0.66 per share

 

 

 
(97.6
)
 

 

 

 

 
(97.6
)
Issuance of common stock (284,438)

 

 
(15.2
)
 

 

 

 
25.4

 

 
10.2

Repurchase of common stock (61,663 shares)

 

 

 

 

 

 
(8.1
)
 

 
(8.1
)
Stock-based compensation related

 

 
16.7

 

 

 

 

 

 
16.7

ESOP

 

 

 

 

 
4.2

 

 

 
4.2

Balance March 30, 2019
$
750.0

 
$
442.3

 
$
4,622.5

 
$
6,291.3

 
$
(1,813.3
)
 
$
(6.3
)
 
$
(2,354.0
)
 
$
4.2

 
$
7,936.7

Net earnings

 

 

 
356.3

 

 

 

 
1.1

 
357.4

Other comprehensive loss

 

 

 

 
(0.7
)
 

 

 

 
(0.7
)
Cash dividends declared — $0.66 per share

 

 

 
(97.7
)
 

 

 

 

 
(97.7
)
Issuance of common stock (191,538)

 

 
(2.8
)
 

 

 

 
17.2

 

 
14.4

Repurchase of common stock (7,461 shares)

 

 

 

 

 

 
(1.1
)
 

 
(1.1
)
Stock-based compensation related

 

 
21.4

 

 

 

 

 

 
21.4

ESOP

 

 

 

 

 
2.9

 

 

 
2.9

Balance June 29, 2019
$
750.0

 
$
442.3

 
$
4,641.1

 
$
6,549.9

 
$
(1,814.0
)
 
$
(3.4
)
 
$
(2,337.9
)
 
$
5.3

 
$
8,233.3

Net earnings

 

 

 
230.5

 

 

 

 
0.6

 
231.1

Other comprehensive loss

 

 

 

 
(130.9
)
 

 

 

 
(130.9
)
Cash dividends declared — $0.69 per share

 

 

 
(102.3
)
 

 

 

 

 
(102.3
)
Issuance of common stock (295,328)

 

 
(4.9
)
 

 

 

 
26.4

 

 
21.5

Repurchase of common stock (18,315 shares)

 

 

 

 

 

 
(2.7
)
 

 
(2.7
)
Stock-based compensation related

 

 
17.1

 

 

 

 

 

 
17.1

ESOP

 

 

 

 

 
1.1

 

 

 
1.1

Balance September 28, 2019
$
750.0

 
$
442.3

 
$
4,653.3

 
$
6,678.1

 
$
(1,944.9
)
 
$
(2.3
)
 
$
(2,314.2
)
 
$
5.9

 
$
8,268.2


See Notes to (Unaudited) Condensed Consolidated Financial Statements.






6

Table of Contents

STANLEY BLACK & DECKER, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREOWNERS' EQUITY
THREE AND NINE MONTHS ENDED SEPTEMBER 29, 2018
(Unaudited, Millions of Dollars, Except Per Share Amounts)

 
Preferred
Stock
 
Common
Stock
 
Additional
Paid In
Capital
 
Retained
Earnings
 
Accumulated
Other
Comprehensive
Loss
 
ESOP
 
Treasury
Stock
 
Non-
Controlling
Interests
 
Shareowners’
Equity
Balance December 30, 2017
$
750.0

 
$
442.3

 
$
4,643.2

 
$
5,998.7

 
$
(1,589.1
)
 
$
(18.8
)
 
$
(1,924.1
)
 
$
2.8

 
$
8,305.0

Net earnings

 

 

 
170.6

 

 

 

 
(0.5
)
 
170.1

Other comprehensive income

 

 

 

 
95.8

 

 

 

 
95.8

Cash dividends declared — $0.63 per share

 

 

 
(94.8
)
 

 

 

 

 
(94.8
)
Issuance of common stock (325,214)

 

 
(13.0
)
 

 

 

 
26.1

 

 
13.1

Repurchase of common stock (69,880 shares)

 

 

 

 

 

 
(11.4
)
 

 
(11.4
)
Premium paid on equity option

 

 
(57.3
)
 

 

 

 

 

 
(57.3
)
Non-controlling interest dissolution

 

 

 

 

 

 

 
0.3

 
0.3

Stock-based compensation related

 

 
17.7

 

 

 

 

 

 
17.7

ESOP

 

 

 

 

 
3.3

 

 

 
3.3

Balance March 31, 2018
$
750.0