2013 Q1 Form 10-Q Financial Statement

#000009355613000009 Filed on April 26, 2013

View on sec.gov

Income Statement

Concept 2013 Q1 2012 Q4 2012 Q1
Revenue $2.448B $2.660B $2.414B
YoY Change 1.41% 1.52% 2.85%
Cost Of Revenue $1.568B $1.713B $1.514B
YoY Change 3.55% 3.75% 1.51%
Gross Profit $900.0M $946.1M $908.6M
YoY Change -0.95% -2.29% 6.19%
Gross Profit Margin 36.76% 35.57% 37.64%
Selling, General & Admin $663.2M $636.6M $635.0M
YoY Change 4.44% 0.11% 6.83%
% of Gross Profit 73.69% 67.29% 69.89%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $105.8M $114.7M $115.8M
YoY Change -8.64% 14.36% 5.37%
% of Gross Profit 11.76% 12.12% 12.74%
Operating Expenses $663.2M $719.6M $635.0M
YoY Change 4.44% 13.16% -4.22%
Operating Profit $312.9M $226.5M $341.1M
YoY Change -8.27% -41.0% 77.1%
Interest Expense $39.90M -$36.10M $33.90M
YoY Change 17.7% -203.74% -208.65%
% of Operating Profit 12.75% -15.94% 9.94%
Other Income/Expense, Net
YoY Change
Pretax Income $93.50M $133.0M $135.4M
YoY Change -30.95% -32.59% -20.17%
Income Tax $8.800M -$4.700M $29.80M
% Of Pretax Income 9.41% -3.53% 22.01%
Net Earnings $81.10M $492.1M $121.8M
YoY Change -33.42% 218.31% -11.61%
Net Earnings / Revenue 3.31% 18.5% 5.05%
Basic Earnings Per Share $0.52 $3.05 $0.74
Diluted Earnings Per Share $0.51 $2.99 $0.72
COMMON SHARES
Basic Shares Outstanding 155.6M shares 168.8M shares 164.5M shares
Diluted Shares Outstanding 159.0M shares 168.9M shares

Balance Sheet

Concept 2013 Q1 2012 Q4 2012 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $558.0M $716.0M $884.0M
YoY Change -36.88% -15.96% -49.28%
Cash & Equivalents $557.5M $716.0M $716.0M
Short-Term Investments
Other Short-Term Assets $462.1M $194.1M $404.2M
YoY Change 14.32% -9.55% -9.57%
Inventory $1.540B $1.305B $1.590B
Prepaid Expenses $199.1M
Receivables $1.783B $1.526B $1.726B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $4.426B $4.111B $4.603B
YoY Change -3.85% -19.22% -5.11%
LONG-TERM ASSETS
Property, Plant & Equipment $1.355B $1.325B $1.268B
YoY Change 6.81% 16.19% 19.48%
Goodwill $7.339B $7.016B $7.065B
YoY Change 3.87% 8.97%
Intangibles $3.341B $2.932B $3.113B
YoY Change 7.31% -5.95%
Long-Term Investments
YoY Change
Other Assets $437.6M $455.8M $300.8M
YoY Change 45.48% 36.14% -11.27%
Total Long-Term Assets $12.47B $11.73B $11.75B
YoY Change 6.17% 8.04% 5.85%
TOTAL ASSETS
Total Short-Term Assets $4.426B $4.111B $4.603B
Total Long-Term Assets $12.47B $11.73B $11.75B
Total Assets $16.90B $15.84B $16.35B
YoY Change 3.35% -0.66% 2.52%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.515B $1.346B $1.418B
YoY Change 6.86% 12.24% 43.04%
Accrued Expenses $1.268B $1.680B $1.286B
YoY Change -1.42% 20.84% -3.97%
Deferred Revenue
YoY Change
Short-Term Debt $1.332B $1.100M $197.0M
YoY Change 576.09% 450.0% 9750.0%
Long-Term Debt Due $10.60M $10.40M $536.7M
YoY Change -98.02% -98.02% 29.01%
Total Short-Term Liabilities $4.133B $3.075B $3.437B
YoY Change 20.24% -7.66% 25.12%
LONG-TERM LIABILITIES
Long-Term Debt $3.494B $3.527B $2.906B
YoY Change 20.25% 20.53% -3.72%
Other Long-Term Liabilities $795.4M $753.6M $1.073B
YoY Change -25.87% -28.34% -23.68%
Total Long-Term Liabilities $4.290B $4.280B $3.979B
YoY Change 7.81% 7.61% -10.07%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.133B $3.075B $3.437B
Total Long-Term Liabilities $4.290B $4.280B $3.979B
Total Liabilities $8.422B $7.355B $7.416B
YoY Change 13.57% 0.65% -8.69%
SHAREHOLDERS EQUITY
Retained Earnings $3.305B $3.300B $2.762B
YoY Change 19.64% 21.87%
Common Stock $4.878B $4.916B $5.020B
YoY Change -2.82% -2.11%
Preferred Stock
YoY Change
Treasury Stock (at cost) $976.7M $1.097B $239.4M
YoY Change 307.98% 256.3%
Treasury Stock Shares 16.95M shares
Shareholders Equity $6.615B $6.667B $7.203B
YoY Change
Total Liabilities & Shareholders Equity $16.90B $15.84B $16.35B
YoY Change 3.35% -0.66% 8.0%

Cashflow Statement

Concept 2013 Q1 2012 Q4 2012 Q1
OPERATING ACTIVITIES
Net Income $81.10M $492.1M $121.8M
YoY Change -33.42% 218.31% -11.61%
Depreciation, Depletion And Amortization $105.8M $114.7M $115.8M
YoY Change -8.64% 14.36% 5.37%
Cash From Operating Activities -$147.5M $548.1M -$32.30M
YoY Change 356.66% 251.57% -109.18%
INVESTING ACTIVITIES
Capital Expenditures $76.60M -$126.5M $61.50M
YoY Change 24.55% -316.61% -174.64%
Acquisitions $853.9M $114.7M
YoY Change 644.46%
Other Investing Activities -$862.1M $1.243B -$110.8M
YoY Change 678.07% -225.05% 50.75%
Cash From Investing Activities -$941.6M $1.117B -$172.3M
YoY Change 446.49% -206.1% 10.52%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$62.10M $850.0M -$53.70M
YoY Change 15.64% -5129.59%
Debt Paid & Issued, Net $600.0K $300.0K
YoY Change 100.0%
Cash From Financing Activities $962.1M -1.711B $158.9M
YoY Change 505.48% 1294.38% -272.53%
NET CHANGE
Cash From Operating Activities -$147.5M 548.1M -$32.30M
Cash From Investing Activities -$941.6M 1.117B -$172.3M
Cash From Financing Activities $962.1M -1.711B $158.9M
Net Change In Cash -$127.0M -45.90M -$45.70M
YoY Change 177.9% -95.5% -143.98%
FREE CASH FLOW
Cash From Operating Activities -$147.5M $548.1M -$32.30M
Capital Expenditures $76.60M -$126.5M $61.50M
Free Cash Flow -$224.1M $674.6M -$93.80M
YoY Change 138.91% 591.9% -121.6%

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CY2013Q1 us-gaap Payments For Repurchase Of Equity
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CY2012Q1 us-gaap Payments For Repurchase Of Equity
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CY2012Q1 us-gaap Payments Of Dividends Common Stock
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CY2013Q1 us-gaap Payments Of Dividends Common Stock
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CY2013Q1 us-gaap Payments Of Stock Issuance Costs
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CY2012Q1 us-gaap Payments Of Stock Issuance Costs
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CY2012Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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CY2013Q1 us-gaap Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
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CY2012Q4 us-gaap Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent
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CY2013Q1 us-gaap Preferred Stock Shares Authorized
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CY2012Q4 us-gaap Preferred Stock Shares Authorized
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CY2012Q1 us-gaap Payments To Acquire Property Plant And Equipment
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61500000 USD
CY2013Q1 us-gaap Proceeds From Derivative Instrument Financing Activities
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CY2012Q1 us-gaap Proceeds From Issuance Of Common Stock
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CY2013Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
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CY2012Q1 us-gaap Product Warranty Accrual
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CY2013Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
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CY2012Q1 us-gaap Product Warranty Accrual Warranties Issued
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CY2012Q1 us-gaap Provision For Doubtful Accounts
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CY2013Q1 us-gaap Sales Revenue Net
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CY2013Q1 us-gaap Securitization Financial Asset For Which Transfer Is Accounted As Sale Gain Loss On Sale
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600000 USD
CY2012Q1 us-gaap Securitization Financial Asset For Which Transfer Is Accounted As Sale Gain Loss On Sale
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600000 USD
CY2012Q1 us-gaap Selling General And Administrative Expense
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CY2013Q1 us-gaap Selling General And Administrative Expense
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CY2013Q1 us-gaap Short Term Borrowings
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CY2012Q4 us-gaap Stockholders Equity
StockholdersEquity
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CY2013Q1 us-gaap Stockholders Equity
StockholdersEquity
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CY2013Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2012Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
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CY2012 us-gaap Supplemental Deferred Purchase Price
SupplementalDeferredPurchasePrice
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CY2013Q1 us-gaap Supplemental Deferred Purchase Price
SupplementalDeferredPurchasePrice
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CY2012Q4 us-gaap Treasury Stock Value
TreasuryStockValue
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CY2013Q1 us-gaap Treasury Stock Value
TreasuryStockValue
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CY2013Q1 us-gaap Unearned Esop Shares
UnearnedESOPShares
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CY2012Q4 us-gaap Unearned Esop Shares
UnearnedESOPShares
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CY2013Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
158994000 shares
CY2012Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
168948000 shares
CY2013Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2012Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2013Q2 swk Accelerated Share Repurchases Final Delivery Of Shares Repurchased
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1600000 shares
CY2010Q4 swk Call Options Term Of Maturity
CallOptionsTermOfMaturity
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CY2012Q1 swk Cash Flows Between Transferor And Transferee Payment To Purchaser
CashFlowsBetweenTransferorAndTransfereePaymentToPurchaser
229000000 USD
CY2013Q1 swk Cash Flows Between Transferor And Transferee Payment To Purchaser
CashFlowsBetweenTransferorAndTransfereePaymentToPurchaser
217100000 USD
CY2013Q1 swk Commercial Paper Amount Outstanding
CommercialPaperAmountOutstanding
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CY2013Q1 swk Commercial Paper Maximum Borrowing Capacity
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2000000000 USD
CY2012Q1 swk Corporate Overhead Expense
CorporateOverheadExpense
66400000 USD
CY2013Q1 swk Corporate Overhead Expense
CorporateOverheadExpense
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CY2010Q4 swk Debt Instrument Convertible Conversion Warrant Strike Price Percentage Higher Than Previous Price On November12010
DebtInstrumentConvertibleConversionWarrantStrikePricePercentageHigherThanPreviousPriceOnNovember12010
0.60
CY2013Q1 swk Debt Instrument Number Of Shares Of Convertible Preferred Stock To Be Delivered As Percentage Of Purchase Contracts
DebtInstrumentNumberOfSharesOfConvertiblePreferredStockToBeDeliveredAsPercentageOfPurchaseContracts
0.85
CY2013Q1 swk Fair Value Adjustment Of Debt
FairValueAdjustmentOfDebt
16200000 USD
CY2013Q1 swk Fair Value Adjustment Of Interest Rate Swap
FairValueAdjustmentOfInterestRateSwap
4900000 USD
CY2013Q1 swk Financing Receivable Number Of Days Before Considered Past Due Or Delinquent
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P90D
CY2013Q1 swk Gain Loss On Hedged Item In Foreign Currency Cash Flow Hedge
GainLossOnHedgedItemInForeignCurrencyCashFlowHedge
-1800000 USD
CY2012Q1 swk Gain Loss On Hedged Item In Foreign Currency Cash Flow Hedge
GainLossOnHedgedItemInForeignCurrencyCashFlowHedge
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CY2013Q1 swk Goodwill And Intangible Assets Net
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10679400000 USD
CY2012Q4 swk Goodwill And Intangible Assets Net
GoodwillAndIntangibleAssetsNet
9955500000 USD
CY2012Q1 swk Income Loss From Continuing Operations Allocable To Non Vested Restricted Shares
IncomeLossFromContinuingOperationsAllocableToNonVestedRestrictedShares
-200000 USD
CY2013Q1 swk Income Loss From Continuing Operations Allocable To Non Vested Restricted Shares
IncomeLossFromContinuingOperationsAllocableToNonVestedRestrictedShares
-100000 USD
CY2013Q1 swk Intercompany Payable Current
IntercompanyPayableCurrent
0 USD
CY2012Q4 swk Intercompany Payable Current
IntercompanyPayableCurrent
0 USD
CY2013Q1 swk Intercompany Receivable
IntercompanyReceivable
0 USD
CY2012Q4 swk Intercompany Receivable
IntercompanyReceivable
0 USD
CY2013Q1 swk Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
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CY2012Q1 swk Payments For Proceeds From Intercompany Advances From Financing Activities
PaymentsForProceedsFromIntercompanyAdvancesFromFinancingActivities
0 USD
CY2013Q1 swk Payments For Proceeds From Intercompany Advances From Financing Activities
PaymentsForProceedsFromIntercompanyAdvancesFromFinancingActivities
0 USD
CY2012Q1 swk Payments For Proceeds From Intercompany Advances From Investing Activities
PaymentsForProceedsFromIntercompanyAdvancesFromInvestingActivities
0 USD
CY2013Q1 swk Payments For Proceeds From Intercompany Advances From Investing Activities
PaymentsForProceedsFromIntercompanyAdvancesFromInvestingActivities
0 USD
CY2013Q1 swk Potential Dilutive Securities That Could Be Included In Computation Of Earnings Per Share Amount
PotentialDilutiveSecuritiesThatCouldBeIncludedInComputationOfEarningsPerShareAmount
3442000 shares
CY2012Q1 swk Potential Dilutive Securities That Could Be Included In Computation Of Earnings Per Share Amount
PotentialDilutiveSecuritiesThatCouldBeIncludedInComputationOfEarningsPerShareAmount
4418000 shares
CY2012Q4 swk Preferred Stock Shares Unissued
PreferredStockSharesUnissued
10000000 shares
CY2013Q1 swk Preferred Stock Shares Unissued
PreferredStockSharesUnissued
10000000 shares
CY2012Q1 swk Product Warranty Accrual Payments And Currency Translation
ProductWarrantyAccrualPaymentsAndCurrencyTranslation
20700000 USD
CY2013Q1 swk Product Warranty Accrual Payments And Currency Translation
ProductWarrantyAccrualPaymentsAndCurrencyTranslation
24300000 USD
CY2013Q1 swk Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-5300000 USD
CY2012Q4 swk Stockholders Equity Subtotal
StockholdersEquitySubtotal
7764500000 USD
CY2013Q1 swk Stockholders Equity Subtotal
StockholdersEquitySubtotal
7591400000 USD
CY2013Q1 swk Superfund Sites
SuperfundSites
31 sites
CY2013Q1 dei Amendment Flag
AmendmentFlag
false
CY2013Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-28
CY2013Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2013Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2013
CY2013Q1 dei Document Period End Date
DocumentPeriodEndDate
2013-03-30
CY2013Q1 dei Document Type
DocumentType
10-Q
CY2013Q1 dei Entity Central Index Key
EntityCentralIndexKey
0000093556
CY2013Q1 dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2013Q1 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
161916159 shares
CY2013Q1 dei Entity Registrant Name
EntityRegistrantName
STANLEY BLACK & DECKER, INC.
CY2013Q1 dei Trading Symbol
TradingSymbol
SWK

Files In Submission

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