Black & Decker 2014 Annual Report Download - page 110

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In 2012, the Company recorded $168 million of facility closure-related and other charges associated with the merger and other
acquisitions across all segments, impacting segment profit by $42 million in CDIY, $8 million in Industrial, and $41 million in
Security for the year ended December 29, 2012, with the remainder residing in corporate overhead.
GEOGRAPHIC AREAS
(Millions of Dollars) 2014 2013 2012
Net Sales
United States ...................................................................................... $ 5,492.4 $ 5,208.0 $ 4,856.0
Canada................................................................................................ 591.3 600.3 578.2
Other Americas .................................................................................. 788.4 818.2 807.2
France................................................................................................. 695.6 704.6 699.1
Other Europe...................................................................................... 2,585.3 2,417.9 2,298.8
Asia .................................................................................................... 1,185.6 1,140.5 783.1
Consolidated ...................................................................................... $ 11,338.6 $ 10,889.5 $ 10,022.4
Property, Plant & Equipment
United States ...................................................................................... $ 639.7 $ 620.7 $ 570.0
Canada................................................................................................ 20.9 25.0 19.3
Other Americas .................................................................................. 82.2 84.4 88.5
France................................................................................................. 74.7 85.3 71.1
Other Europe...................................................................................... 333.2 368.8 323.7
Asia .................................................................................................... 303.4 294.4 252.4
Consolidated ...................................................................................... $ 1,454.1 $ 1,478.6 $ 1,325.0
Q. INCOME TAXES
Significant components of the Company’s deferred tax assets and liabilities at the end of each fiscal year were as follows:
(Millions of Dollars) 2014 2013
Deferred tax liabilities:
Depreciation............................................................................................................ $ 72.7 $ 75.3
Amortization of intangibles .................................................................................... 888.3 955.4
Liability on undistributed foreign earnings ............................................................ 369.2 418.9
Discharge of indebtedness ...................................................................................... 12.4 15.5
Inventories .............................................................................................................. 8.8 2.3
Deferred revenue .................................................................................................... 32.0 19.0
Other ....................................................................................................................... 59.4 50.6
Total deferred tax liabilities.................................................................................... $ 1,442.8 $ 1,537.0
Deferred tax assets:
Employee benefit plans........................................................................................... $ 308.3 $ 317.0
Doubtful accounts and other customer allowances 15.0 14.6
Accruals .................................................................................................................. 131.7 117.4
Restructuring charges ............................................................................................. 42.2 51.0
Operating loss, capital loss and tax credit carry forwards ...................................... 594.6 759.7
Currency and derivatives ........................................................................................ 47.3 33.0
Other ....................................................................................................................... 97.1 114.7
Total deferred tax assets................................................................................................. $ 1,236.2 $ 1,407.4
Net Deferred Tax Liabilities before Valuation Allowance
........................................ $ 206.6 $ 129.6
Valuation allowance..................................................................................................... $ 551.9 $ 549.7
Net Deferred Tax Liabilities after Valuation Allowance
........................................... $ 758.5 $ 679.3