2014 Q1 Form 10-Q Financial Statement

#000009355614000009 Filed on April 25, 2014

View on sec.gov

Income Statement

Concept 2014 Q1 2013 Q1 2012 Q1
Revenue $2.630B $2.448B $2.414B
YoY Change 7.43% 1.41% 2.85%
Cost Of Revenue $1.661B $1.568B $1.514B
YoY Change 5.92% 3.55% 1.51%
Gross Profit $973.6M $900.0M $908.6M
YoY Change 8.18% -0.95% 6.19%
Gross Profit Margin 37.02% 36.76% 37.64%
Selling, General & Admin $636.9M $663.2M $635.0M
YoY Change -3.97% 4.44% 6.83%
% of Gross Profit 65.42% 73.69% 69.89%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $110.4M $105.8M $115.8M
YoY Change 4.35% -8.64% 5.37%
% of Gross Profit 11.34% 11.76% 12.74%
Operating Expenses $636.9M $663.2M $635.0M
YoY Change -3.97% 4.44% -4.22%
Operating Profit $352.3M $312.9M $341.1M
YoY Change 12.59% -8.27% 77.1%
Interest Expense $44.10M $39.90M $33.90M
YoY Change 10.53% 17.7% -208.65%
% of Operating Profit 12.52% 12.75% 9.94%
Other Income/Expense, Net
YoY Change
Pretax Income $217.9M $93.50M $135.4M
YoY Change 133.05% -30.95% -20.17%
Income Tax $48.00M $8.800M $29.80M
% Of Pretax Income 22.03% 9.41% 22.01%
Net Earnings $162.3M $81.10M $121.8M
YoY Change 100.12% -33.42% -11.61%
Net Earnings / Revenue 6.17% 3.31% 5.05%
Basic Earnings Per Share $1.07 $0.52 $0.74
Diluted Earnings Per Share $1.04 $0.51 $0.72
COMMON SHARES
Basic Shares Outstanding 155.9M shares 155.6M shares 164.5M shares
Diluted Shares Outstanding 159.0M shares 159.0M shares 168.9M shares

Balance Sheet

Concept 2014 Q1 2013 Q1 2012 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $433.0M $558.0M $884.0M
YoY Change -22.4% -36.88% -49.28%
Cash & Equivalents $432.6M $557.5M $716.0M
Short-Term Investments
Other Short-Term Assets $375.1M $462.1M $404.2M
YoY Change -18.83% 14.32% -9.57%
Inventory $1.663B $1.540B $1.590B
Prepaid Expenses
Receivables $1.796B $1.783B $1.726B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $4.271B $4.426B $4.603B
YoY Change -3.5% -3.85% -5.11%
LONG-TERM ASSETS
Property, Plant & Equipment $1.482B $1.355B $1.268B
YoY Change 9.43% 6.81% 19.48%
Goodwill $7.610B $7.339B $7.065B
YoY Change 3.69% 3.87%
Intangibles $3.009B $3.341B $3.113B
YoY Change -9.91% 7.31%
Long-Term Investments
YoY Change
Other Assets $460.4M $437.6M $300.8M
YoY Change 5.21% 45.48% -11.27%
Total Long-Term Assets $12.56B $12.47B $11.75B
YoY Change 0.72% 6.17% 5.85%
TOTAL ASSETS
Total Short-Term Assets $4.271B $4.426B $4.603B
Total Long-Term Assets $12.56B $12.47B $11.75B
Total Assets $16.83B $16.90B $16.35B
YoY Change -0.38% 3.35% 2.52%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.582B $1.515B $1.418B
YoY Change 4.42% 6.86% 43.04%
Accrued Expenses $1.186B $1.268B $1.286B
YoY Change -6.47% -1.42% -3.97%
Deferred Revenue
YoY Change
Short-Term Debt $675.0M $1.332B $197.0M
YoY Change -49.32% 576.09% 9750.0%
Long-Term Debt Due $8.500M $10.60M $536.7M
YoY Change -19.81% -98.02% 29.01%
Total Short-Term Liabilities $3.456B $4.133B $3.437B
YoY Change -16.38% 20.24% 25.12%
LONG-TERM LIABILITIES
Long-Term Debt $3.831B $3.494B $2.906B
YoY Change 9.64% 20.25% -3.72%
Other Long-Term Liabilities $825.9M $795.4M $1.073B
YoY Change 3.83% -25.87% -23.68%
Total Long-Term Liabilities $4.657B $4.290B $3.979B
YoY Change 8.57% 7.81% -10.07%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.456B $4.133B $3.437B
Total Long-Term Liabilities $4.657B $4.290B $3.979B
Total Liabilities $8.113B $8.422B $7.416B
YoY Change -3.67% 13.57% -8.69%
SHAREHOLDERS EQUITY
Retained Earnings $3.569B $3.305B $2.762B
YoY Change 8.01% 19.64%
Common Stock $5.291B $4.878B $5.020B
YoY Change 8.45% -2.82%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.420B $976.7M $239.4M
YoY Change 45.43% 307.98%
Treasury Stock Shares
Shareholders Equity $6.898B $6.615B $7.203B
YoY Change
Total Liabilities & Shareholders Equity $16.83B $16.90B $16.35B
YoY Change -0.38% 3.35% 8.0%

Cashflow Statement

Concept 2014 Q1 2013 Q1 2012 Q1
OPERATING ACTIVITIES
Net Income $162.3M $81.10M $121.8M
YoY Change 100.12% -33.42% -11.61%
Depreciation, Depletion And Amortization $110.4M $105.8M $115.8M
YoY Change 4.35% -8.64% 5.37%
Cash From Operating Activities -$152.0M -$147.5M -$32.30M
YoY Change 3.05% 356.66% -109.18%
INVESTING ACTIVITIES
Capital Expenditures $57.80M $76.60M $61.50M
YoY Change -24.54% 24.55% -174.64%
Acquisitions $3.200M $853.9M $114.7M
YoY Change -99.63% 644.46%
Other Investing Activities $4.400M -$862.1M -$110.8M
YoY Change -100.51% 678.07% 50.75%
Cash From Investing Activities -$65.70M -$941.6M -$172.3M
YoY Change -93.02% 446.49% 10.52%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $6.200M -$62.10M -$53.70M
YoY Change -109.98% 15.64%
Debt Paid & Issued, Net $300.0K $600.0K $300.0K
YoY Change -50.0% 100.0%
Cash From Financing Activities $161.2M $962.1M $158.9M
YoY Change -83.24% 505.48% -272.53%
NET CHANGE
Cash From Operating Activities -$152.0M -$147.5M -$32.30M
Cash From Investing Activities -$65.70M -$941.6M -$172.3M
Cash From Financing Activities $161.2M $962.1M $158.9M
Net Change In Cash -$56.50M -$127.0M -$45.70M
YoY Change -55.51% 177.9% -143.98%
FREE CASH FLOW
Cash From Operating Activities -$152.0M -$147.5M -$32.30M
Capital Expenditures $57.80M $76.60M $61.50M
Free Cash Flow -$209.8M -$224.1M -$93.80M
YoY Change -6.38% 138.91% -121.6%

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CY2013Q1 us-gaap Payments For Merger Related Costs
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CY2014Q1 us-gaap Payments For Merger Related Costs
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CY2014Q1 us-gaap Payments For Proceeds From Hedge Investing Activities
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CY2013Q1 us-gaap Payments For Proceeds From Hedge Investing Activities
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CY2014Q1 us-gaap Payments For Repurchase Of Common Stock
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CY2013Q1 us-gaap Payments For Repurchase Of Common Stock
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CY2014Q1 us-gaap Payments For Repurchase Of Equity
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0 USD
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PaymentsForRepurchaseOfEquity
350000000 USD
CY2011 us-gaap Payments For Repurchase Of Equity
PaymentsForRepurchaseOfEquity
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28500000 USD
CY2014Q1 us-gaap Payments Of Dividends Common Stock
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80700000 USD
CY2013Q1 us-gaap Payments Of Dividends Common Stock
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79100000 USD
CY2014Q1 us-gaap Payments Of Stock Issuance Costs
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3600000 USD
CY2013Q1 us-gaap Payments Of Stock Issuance Costs
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800000 USD
CY2014Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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CY2013Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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CY2013Q1 us-gaap Payments To Acquire Machinery And Equipment
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CY2014Q1 us-gaap Payments To Acquire Machinery And Equipment
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CY2013Q1 us-gaap Payments To Acquire Property Plant And Equipment
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CY2014Q1 us-gaap Preferred Stock Shares Authorized
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CY2013Q4 us-gaap Preferred Stock Shares Authorized
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CY2014Q1 us-gaap Preferred Stock Value
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CY2013Q4 us-gaap Preferred Stock Value
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CY2014Q1 us-gaap Proceeds From Derivative Instrument Investing Activities
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CY2014Q1 us-gaap Proceeds From Hedge Investing Activities
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CY2013Q1 us-gaap Proceeds From Issuance Of Common Stock
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CY2014Q1 us-gaap Proceeds From Repayments Of Short Term Debt
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CY2013Q1 us-gaap Proceeds From Repayments Of Short Term Debt
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CY2013Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
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CY2013Q1 us-gaap Product Warranty Accrual Warranties Issued
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CY2014Q1 us-gaap Provision For Doubtful Accounts
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CY2013Q1 us-gaap Provision For Doubtful Accounts
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CY2013Q1 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
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CY2014Q1 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
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CY2013Q4 us-gaap Retained Earnings Accumulated Deficit
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CY2014Q1 us-gaap Retained Earnings Accumulated Deficit
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CY2013Q1 us-gaap Sales Revenue Net
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CY2014Q1 us-gaap Securitization Financial Asset For Which Transfer Is Accounted As Sale Gain Loss On Sale
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800000 USD
CY2013Q1 us-gaap Securitization Financial Asset For Which Transfer Is Accounted As Sale Gain Loss On Sale
SecuritizationFinancialAssetForWhichTransferIsAccountedAsSaleGainLossOnSale
600000 USD
CY2014Q1 us-gaap Selling General And Administrative Expense
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CY2013Q1 us-gaap Selling General And Administrative Expense
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CY2014Q1 us-gaap Short Term Borrowings
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CY2013Q4 us-gaap Short Term Borrowings
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CY2014Q1 us-gaap Stockholders Equity
StockholdersEquity
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CY2013Q4 us-gaap Stockholders Equity
StockholdersEquity
6799200000 USD
CY2014Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
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CY2013Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
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CY2013 us-gaap Supplemental Deferred Purchase Price
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CY2014Q1 us-gaap Supplemental Deferred Purchase Price
SupplementalDeferredPurchasePrice
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CY2013Q4 us-gaap Treasury Stock Value
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1454400000 USD
CY2014Q1 us-gaap Treasury Stock Value
TreasuryStockValue
1420400000 USD
CY2014Q1 us-gaap Unearned Esop Shares
UnearnedESOPShares
47600000 USD
CY2013Q4 us-gaap Unearned Esop Shares
UnearnedESOPShares
53200000 USD
CY2014Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
158951000 shares
CY2013Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
158994000 shares
CY2013Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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155552000 shares
CY2014Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
155905000 shares
CY2014Q1 swk Cash Flows Between Transferor And Transferee Payment To Purchaser
CashFlowsBetweenTransferorAndTransfereePaymentToPurchaser
246000000 USD
CY2013Q1 swk Cash Flows Between Transferor And Transferee Payment To Purchaser
CashFlowsBetweenTransferorAndTransfereePaymentToPurchaser
217100000 USD
CY2014Q1 swk Commercial Paper Amount Outstanding
CommercialPaperAmountOutstanding
674900000 USD
CY2013Q4 swk Commercial Paper Amount Outstanding
CommercialPaperAmountOutstanding
368000000 USD
CY2014Q1 swk Commercial Paper Maximum Borrowing Capacity
CommercialPaperMaximumBorrowingCapacity
2000000000 USD
CY2014Q1 swk Corporate Overhead Expense
CorporateOverheadExpense
36500000 USD
CY2013Q1 swk Corporate Overhead Expense
CorporateOverheadExpense
69000000 USD
CY2010Q4 swk Debt Instrument Convertible Conversion Warrant Strike Price Percentage Higher Than Previous Price On November12010
DebtInstrumentConvertibleConversionWarrantStrikePricePercentageHigherThanPreviousPriceOnNovember12010
0.60
CY2014Q1 swk Debt Instrument Number Of Shares Of Convertible Preferred Stock To Be Delivered As Percentage Of Purchase Contracts
DebtInstrumentNumberOfSharesOfConvertiblePreferredStockToBeDeliveredAsPercentageOfPurchaseContracts
0.85
CY2014Q1 swk Environmentalremediation.Periodconstructionoftreatmentfacilitytobemaintained
Environmentalremediation.Periodconstructionoftreatmentfacilitytobemaintained
P30Y
CY2013Q3 swk Equity Forward Contracts Net Settlement Shares
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5581400 shares
CY2014Q1 swk Fair Value Adjustment Of Debt
FairValueAdjustmentOfDebt
15100000 USD
CY2014Q1 swk Fair Value Adjustment Of Interest Rate Swap
FairValueAdjustmentOfInterestRateSwap
24000000 USD
CY2014Q1 swk Financing Receivable Number Of Days Before Considered Past Due Or Delinquent
FinancingReceivableNumberOfDaysBeforeConsideredPastDueOrDelinquent
P90D
CY2014Q1 swk Income Loss From Continuing Operations Allocable To Non Vested Restricted Shares
IncomeLossFromContinuingOperationsAllocableToNonVestedRestrictedShares
0 USD
CY2013Q1 swk Income Loss From Continuing Operations Allocable To Non Vested Restricted Shares
IncomeLossFromContinuingOperationsAllocableToNonVestedRestrictedShares
-100000 USD
CY2013Q1 swk Potential Dilutive Securities That Could Be Included In Computation Of Earnings Per Share Amount
PotentialDilutiveSecuritiesThatCouldBeIncludedInComputationOfEarningsPerShareAmount
3442000 shares
CY2014Q1 swk Potential Dilutive Securities That Could Be Included In Computation Of Earnings Per Share Amount
PotentialDilutiveSecuritiesThatCouldBeIncludedInComputationOfEarningsPerShareAmount
3046000 shares
CY2013Q4 swk Preferred Stock Shares Unissued
PreferredStockSharesUnissued
10000000 shares
CY2014Q1 swk Preferred Stock Shares Unissued
PreferredStockSharesUnissued
10000000 shares
CY2013Q3 swk Proceedsfrom Cash Settlementsof Equity Forward Contracts
ProceedsfromCashSettlementsofEquityForwardContracts
18800000 USD
CY2013Q1 swk Product Warranty Accrual Payments And Currency Translation
ProductWarrantyAccrualPaymentsAndCurrencyTranslation
24300000 USD
CY2014Q1 swk Product Warranty Accrual Payments And Currency Translation
ProductWarrantyAccrualPaymentsAndCurrencyTranslation
23900000 USD
CY2013Q4 swk Purchase Of Call Options
PurchaseOfCallOptions
9700000 USD
CY2013Q4 swk Stock Exercise Price Per Share Percentage Greater Than Closing Price
StockExercisePricePerSharePercentageGreaterThanClosingPrice
0.4
CY2013Q4 swk Stockholders Equity Subtotal
StockholdersEquitySubtotal
8253600000 USD
CY2014Q1 swk Stockholders Equity Subtotal
StockholdersEquitySubtotal
8318200000 USD
CY2014Q1 swk Superfund Sites
SuperfundSites
31 sites
CY2014Q1 dei Amendment Flag
AmendmentFlag
false
CY2014Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--01-03
CY2014Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2014Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
CY2014Q1 dei Document Period End Date
DocumentPeriodEndDate
2014-03-29
CY2014Q1 dei Document Type
DocumentType
10-Q
CY2014Q1 dei Entity Central Index Key
EntityCentralIndexKey
0000093556
CY2014Q2 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
156060837 shares
CY2014Q1 dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2014Q1 dei Entity Registrant Name
EntityRegistrantName
STANLEY BLACK & DECKER, INC.
CY2014Q1 dei Trading Symbol
TradingSymbol
SWK
CY2014Q1 invest Derivative Notional Amount
DerivativeNotionalAmount
1200000000 USD
CY2013Q4 invest Derivative Notional Amount
DerivativeNotionalAmount
950000000 USD

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