Black & Decker 2014 Annual Report Download - page 109

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95
BUSINESS SEGMENTS
(Millions of Dollars) 2014 2013 2012
Net Sales
CDIY................................................................................................. $ 5,559.3 $ 5,271.4 $ 5,001.4
Industrial ........................................................................................... 3,498.8 3,302.6 2,739.3
Security ............................................................................................. 2,280.5 2,315.5 2,281.7
Consolidated...................................................................................... $ 11,338.6 $ 10,889.5 $ 10,022.4
Segment Profit
CDIY................................................................................................. $ 871.5 $ 777.1 $ 693.1
Industrial ........................................................................................... 553.5 456.7 440.7
Security ............................................................................................. 259.2 233.3 301.4
Segment Profit................................................................................... 1,684.2 1,467.1 1,435.2
Corporate overhead ........................................................................... (177.4)(254.0)(252.3)
Other-net ........................................................................................... (239.7)(283.9)(296.3)
Restructuring charges and asset impairments ................................... (18.8)(173.7)(174.1)
Gain (loss) on debt extinguishment .................................................. 0.1 (20.6)(45.5)
Interest income.................................................................................. 13.6 12.8 10.1
Interest expense................................................................................. (177.2)(160.1)(144.0)
Earnings from continuing operations before income taxes............... $ 1,084.8 $ 587.6 $ 533.1
Capital and Software Expenditures
CDIY................................................................................................. $ 152.8 $ 155.8 $ 199.0
Industrial ........................................................................................... 104.3 100.3 95.6
Security ............................................................................................. 28.1 81.0 64.8
Discontinued operations.................................................................... 5.8 3.2 13.5
Consolidated...................................................................................... $ 291.0 $ 340.3 $ 372.9
Depreciation and Amortization
CDIY................................................................................................. $ 155.3 $ 154.0 $ 139.6
Industrial ........................................................................................... 160.3 147.0 116.3
Security ............................................................................................. 128.6 133.3 144.4
Discontinued operations.................................................................... 5.6 7.0 45.0
Consolidated...................................................................................... $ 449.8 $ 441.3 $ 445.3
Segment Assets
CDIY................................................................................................. $ 7,066.4 $ 7,357.9 $ 7,152.4
Industrial ........................................................................................... 4,991.6 5,302.0 3,712.2
Security ............................................................................................. 3,984.0 4,368.8 4,445.7
16,042.0 17,028.7 15,310.3
Discontinued operations.................................................................... 29.5 136.9 326.8
Corporate assets ................................................................................ (222.4)(630.5) 206.9
Consolidated...................................................................................... $ 15,849.1 $ 16,535.1 $ 15,844.0
Corporate assets primarily consist of cash, deferred taxes, and property, plant and equipment. Based on the nature of the
Company's cash pooling arrangements, at times corporate-related cash accounts will be in a net liability position.
Sales to the Home Depot were 14% of the CDIY segment net sales in each of 2014, 2013 and 2012. Sales to Lowes were 17%,
17% and 18% of the CDIY segment net sales in 2014, 2013 and 2012, respectively.
In 2014, the Company recorded $33 million of facility closure-related and other charges associated with the merger and other
acquisitions across all segments, impacting segment profit by $1 million in CDIY, and $7 million in both Industrial and
Security for the year ended January 3, 2015, with the remainder residing in corporate overhead.
In 2013, the Company recorded $165 million of facility closure-related and other charges associated with the merger and other
acquisitions across all segments, impacting segment profit by $13 million in CDIY, $25 million in Industrial, and $38 million in
Security for the year ended December 28, 2013, with the remainder residing in corporate overhead.