Black & Decker 2011 Annual Report Download - page 99

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87
BUSINESS SEGMENTS
(Millions of Dollars)
2011
2010
2009
Net Sales
CDIY……………………………………………………………...
$ 5,236.5
$ 4,368.2
$ 1,258.1
Security……………………………………………………………
2,638.5
2,084.0
1,543.3
Industrial…………………………………………………………..
2,501.4
1,891.7
881.2
Consolidated………………………………………………………
$ 10,376.4
$ 8,343.9
$ 3,682.6
Segment Profit
CDIY……………………………………………………………...
$ 681.6
$ 458.6
$ 141.0
Security……………………………………………………………
399.0
308.5
305.0
Industrial…………………………………………………………..
406.3
259.0
101.1
Segment Profit…………………………………………………….
1,486.9
1,026.1
547.1
Corporate overhead……………………………………………….
(245.3) (244.7) (70.5)
Other-net…………………………………………………………..
(277.5) (199.1) (138.4)
Restructuring charges and asset impairments…………………….
(71.0) (241.9) (38.8)
Gain on debt extinguishment……………………………………...
—
—
43.8
Interest income……………………………………………………
27.0
9.3
3.1
Interest expense…………………………………………………...
(140.3) (109.9) (63.7)
Earnings from continuing operations before income taxes……….
$ 779.8
$ 239.8
$ 282.6
Capital and Software Expenditures
CDIY……………………………………………………………...
$ 160.7
$ 98.2
$ 38.7
Security……………………………………………………………
68.0
41.1
33.6
Industrial…………………………………………………………..
73.4
46.2
21.1
Consolidated………………………………………………………
$ 302.1
$ 185.5
$ 93.4
Depreciation and Amortization
CDIY……………………………………………………………...
$ 133.3
$ 115.4
$ 41.2
Security……………………………………………………………
170.5
158.1
131.9
Industrial…………………………………………………………..
106.3
75.2
27.0
Consolidated………………………………………………………
$ 410.1
$ 348.7
$ 200.1
Segment Assets
CDIY……………………………………………………………...
$ 7,499.5
$ 7,417.6
$ 819.5
Security……………………………………………………………
5,167.4
3,470.0
2,410.6
Industrial…………………………………………………………..
3,282.9
3,168.9
1,017.3
15,949.8
14,056.5
4,274.4
Corporate assets…………………………………………………...
(0.8) 1,082.9
521.7
Consolidated………………………………………………………
$ 15,949.0
$ 15,139.4
$ 4,769.1
Corporate assets primarily consist of cash, deferred taxes, and property, plant and equipment. The decrease in 2011 corporate assets
from 2010 is primarily due to the cash spent to fund the acquisition of Niscayah.
Sales to the Home Depot were 13%, 14% and 14% of the CDIY segment net sales in 2011, 2010 and 2009, respectively, and 10% of
the Security segment net sales in 2010. Sales to Lowes were 17% and 14% of the CDIY segment net sales in 2011, 2010, respectively,
and 10% of the Security segment net sales in 2010.
In 2011 the Company recorded $136 million of facility closure-related and other charges associated with the merger and other
acquisitions across all segments, impacting segment profit by $20 million in CDIY, $32 million in Security, and $9 million in
Industrial for the year ended December 31, 2011, with the remainder residing in corporate overhead.
In 2010 the Company recorded $277 million of facility closure-related and other charges associated with the merger and other
acquisitions across all segments, impacting segment profit by $127 million in CDIY, $43 million in Security, and $26 million in
Industrial for the year ended January 1, 2011, with the remainder residing in corporate overhead.