Black & Decker 2011 Annual Report Download - page 29

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17
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, of the Notes to Consolidated Financial Statements, and prior year 10-K
filings, the results in 2007 through 2011 were recast for certain discontinued operations for comparability (in millions, except per
share amounts):
2011 (a)
2010 (b)
2009(d)
2008(f)
2007(g)
Continuing Operations:
Net sales
................................................................
..................
$ 10,376
$ 8,344
$ 3,683
$ 4,354
$ 4,291
Net earnings attributable to common shareowners
.................
$ 691
$ 202
$ 226
$ 213
$ 316
Basic earnings (loss) per share:
Continuing operations ................................
.............................
$ 4.16
$ 1.37
$ 2.82
$ 2.70
$ 3.83
Discontinued operations(c) ................................
.....................
$ (0.10)
$ (0.03)
$ (0.01)
$ 1.19
$ 0.20
Total basic earnings per share ................................
.................
$ 4.06
$ 1.34
$ 2.81
$ 3.88
$ 4.03
Diluted earnings (loss) per share:
Continuing operations ................................
.............................
$ 4.06
$ 1.35
$ 2.81
$ 2.67
$ 3.76
Discontinued operations(c) ................................
.....................
$ (0.10)
$ (0.03)
$ (0.01)
$ 1.18
$ 0.19
Total diluted earnings per share ................................
..............
$ 3.97
$ 1.32
$ 2.79
$ 3.84
$ 3.95
Percent of net sales (Continuing operations):
Cost of sales ................................................................
............
63.4% 64.8% 59.5%
62.2% 62.0%
Selling, general and administrative(e)................................
.....
24.6% 25.8% 27.6%
25.1% 23.8%
Other-net ................................................................
.................
2.7% 2.4% 2.6%
2.3% 2.0%
Interest, net................................................................
..............
1.1% 1.2% 1.6%
1.9% 2.0%
Earnings before income taxes ................................
.................
7.5% 2.9% 7.7%
6.6% 9.9%
Net earnings attributable to common shareowners
.................
6.7% 2.4% 6.2%
4.9% 7.4%
Balance sheet data:
Total assets ................................................................
..............
$ 15,949
$ 15,139
$ 4,769
$ 4,867
$ 4,741
Long-term debt ................................................................
........
$ 2,926
$ 3,018
$ 1,085
$ 1,384
$ 1,165
Stanley Black & Decker, Inc.’s Shareowners’ Equity
.............
$ 7,004
$ 7,017
$ 1,986
$ 1,706
$ 1,754
Ratios:
Current ratio ................................................................
.............
1.3
1.8
1.2
1.3
1.4
Total debt to total capital ................................
.........................
33.0% 32.9% 41.0%
48.6% 45.4%
Income tax rate — continuing operations
................................
11.4% 15.7% 19.5%
24.8% 25.0%
Return on average equity — continuing operations
.................
9.9% 4.5% 12.3%
12.4% 19.2%
Common stock data:
Dividends per share ................................
................................
$ 1.64
$ 1.34
$ 1.30
$ 1.26
$ 1.22
Equity per share at year-end................................
.....................
$ 42.84
$ 42.18
$ 24.68
$ 21.63
$ 21.82
Market price per share — high ................................
................
$ 77.29
$ 67.29
$ 53.13
$ 52.18
$ 64.25
Market price per share — low................................
..................
$ 47.83
$ 49.58
$ 22.75
$ 24.19
$ 47.01
Average shares outstanding (in 000’s):
Basic ................................................................
........................
165,832
147,224
79,788
78,897
82,313
Diluted ................................................................
.....................
170,105
150,167
80,396
79,874
84,046
Other information:
Average number of employees ................................
................
44,309
36,939
17,393
17,862
17,344
Shareowners of record at end of year ................................
.......
11,643
11,964
12,315
12,593
12,482
(a) The Company’s 2011 results include $256 million (pre-tax) of merger and acquisition-related charges incurred in connection
with the Merger and other acquisition activities, such as Niscayah. These charges include facility closure-related charges,
employee related matters, including severance costs, transaction and integration costs. As a result of these charges, net earnings
attributable to common shareowners were reduced by $200 million (or $1.18 per diluted shares), Cost of sales as a % of Net
sales was 32 basis points higher, Selling, general & administrative as a % of Net sales was 96 basis points higher, Other-net as a
% of Net sales was 49 basis points higher, Earnings before income taxes as a % of Net sales was 247 basis points lower, Net
earnings attributable to common shareowners as a % of Net sales was 192 basis points lower, Income tax rate — continuing
operations ratio was 345 basis points lower and the Return on average equity-continuing operations ratio was 285 basis points
lower.