Black & Decker 2010 Annual Report Download - page 34

ITEM 6. SELECTED FINANCIAL DATA
The Merger and other significant acquisitions made by the Company during the five-year period presented
below affect comparability of results. Refer to Note E, Merger and Acquisitions, of the Notes to Consolidated
Financial Statements for further information. Additionally, as detailed in Note T, Discontinued Operations, and
prior year 10-K filings, the results in 2006 through 2008 were recast for certain discontinued operations for
comparability (in millions, except per share amounts):
2010(b) 2009(d) 2008(h) 2007 2006(i)
Continuing Operations:
Net sales .............................. $8,410 $3,737 $4,426 $4,360 $3,897
Net earnings attributable to Stanley Black &
Decker, Inc. .......................... $198(a) $227 $219 $321 $279
Basic earnings per share:
Continuing operations..................... $1.34(a) $2.84 $2.77 $3.89 $3.40
Discontinued operations(c) ................. $— $(0.03) $1.11 $0.14 $0.13
Total basic earnings per share ............. $1.34 $2.81 $3.88 $4.03 $3.53
Diluted earnings per share:
Continuing operations..................... $1.32(a) $2.82 $2.74 $3.82 $3.33
Discontinued operations(c) ................. $— $(0.03) $1.10 $0.13 $0.13
Total diluted earnings per share ............. $1.32 $2.79 $3.84 $3.95 $3.46
Percent of net sales:
Cost of sales.......................... 64.9%(a) 59.6% 62.2% 62.1% 63.7%
Selling, general and administrative(e) ......... 25.8%(a) 27.5% 25.0% 23.8% 23.9%
Other, net.............................. 2.4%(a) 3.7% 2.3% 1.9% 1.3%
Interest, net ............................ 1.2% 1.6% 1.9% 2.0% 1.7%
Earnings before income taxes ............... 2.8%(a) 7.6% 6.6% 9.8% 9.0%
Net earnings attributable to Stanley Black &
Decker, Inc. .......................... 2.4%(a) 6.1% 4.9% 7.4% 7.2%
Balance sheet data:
Total assets(f)........................... $15,139 $4,769 $4,867 $4,741 $3,926
Long-term debt ......................... $3,018 $1,085 $1,384 $1,165 $679
Stanley Black & Decker, Inc.’s Shareowners’
Equity(g) ............................ $7,017 $1,986 $1,706 $1,754 $1,548
Ratios:
Current ratio ........................... 1.8 1.2 1.3 1.4 1.4
Total debt to total capital .................. 32.9% 41.1% 48.6% 45.4% 39.2%
Income tax rate — continuing operations ....... 16.4%(a) 19.2% 24.7% 24.9% 19.8%
Return on average equity — continuing
operations............................ 4.4%(a) 12.4% 12.8% 19.5% 18.9%
Common stock data:
Dividends per share ...................... $1.34 $1.30 $1.26 $1.22 $1.18
Equity per share at year-end ................ $42.18 $24.68 $21.63 $21.82 $18.92
Market price per share — high .............. $67.29 $53.13 $52.18 $64.25 $54.59
Market price per share — low ............... $49.58 $22.75 $24.19 $47.01 $41.60
Average shares outstanding (in 000’s):
Basic ................................. 147,224 79,788 78,897 82,313 81,866
Diluted ............................... 150,167 80,396 79,874 84,046 83,704
Other information:
Average number of employees .............. 36,939 17,393 17,862 17,344 16,699
Shareowners of record at end of year ......... 11,964 12,315 12,593 12,482 12,755
(a) The Company’s 2010 results include $538 million (pre-tax) of merger and acquisition-related charges incurred in connection with the
Merger. Such charges include amortization of inventory step-up, facility closure-related charges, certain executive compensation and
severance costs, transaction and integration costs, partially offset by pension curtailment gains. As a result of these charges, Net earn-
ings attributable to Stanley Black & Decker, Inc. were reduced by $421 million, Basic earnings per share were reduced by $2.86,
Diluted earnings per share were reduced by $2.80, Cost of sales as a % of Net sales was 230 basis points higher, Selling,
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