Black & Decker 2012 Annual Report Download - page 114

100
(Millions of Dollars) 2012 2011 2010
Net Sales………………………………………………………………... $ 930.6 $ 1,001.9 $ 913.0
Earnings from discontinued operations before income taxes (including
pretax gain on HHI sale of $384.7 million in 2012)…………………….
$ 503.5 $ 114.9 $ 68.4
Income taxes on discontinued operations (including income taxes for
gain on HHI sale of $25.8 million in 2012)……………………………..
69.2 38.7 20.8
Net earnings from discontinued operations…………………………….. $ 434.3 $ 76.2 $ 47.6
As of December 29, 2012, assets and liabilities held for sale relating to the residential portion of the Tong Lung business
totaled $133.4 million and $30.3 million, respectively. The carrying amounts of the assets and liabilities that were aggregated
in assets held for sale and liabilities held for sale as of December 31, 2011 are presented in the following table:
(Millions of Dollars) 2011
Accounts and notes receivable, net……………………………………………………………………………. 108.2
Inventories, net………………………………………………………………………………………………… 167.7
Property, Plant and Equipment, net…………………………………………………………………………… 108.3
Goodwill and other intangibles, net…………………………………………………………………………… 655.0
Other Assets…………………………………………………………………………………………………… 11.0
Total assets…………………………………………………………………………………………………….. 1,050.2
Accounts payable and accrued expenses………………………………………………………………………. 152.5
Other liabilities………………………………………………………………………………………………… 61.4
Total liabilities………………………………………………………………………………………………… 213.9
U. PARENT AND SUBSIDIARY DEBT GUARANTEES
The following debt obligations were issued by Stanley Black & Decker, Inc. (“Stanley”) and are fully and unconditionally
guaranteed by The Black & Decker Corporation (“Black & Decker”), a 100% owned direct subsidiary of Stanley: 4.90% Notes
due 2012; 6.15% Notes due 2013;3.40% Notes due 2021; 2.90% Notes due 2022; and the 2040 Term Bonds (collectively, the
“Stanley Notes”).
The following notes were issued by Black & Decker and are fully and unconditionally guaranteed by Stanley: 8.95% Notes due
2014; 4.75% Notes due 2014; and 5.75% Notes due 2016; (collectively, the “Black & Decker Notes”).
The following Stanley Notes and Black & Decker Notes are no longer issued and outstanding, and accordingly, not included in
the condensed consolidating balance sheet for the year ended December 29, 2012: 4.90% Notes due 2012; 6.15% Notes due
2013; 8.95% Notes due 2014; and 4.75% Notes due 2014.
The Stanley Notes and the Black & Decker Notes were issued under indentures attached as Exhibits to the Company’s Annual
Report on Form 10-K. Each of the Black & Decker Notes and Black & Decker’s guarantee of the Stanley Notes rank equally
with all of Black & Decker’s other unsecured and unsubordinated indebtedness. The Stanley Guarantees of the Black & Decker
Notes are unsecured obligations of the Company, ranking equal in right of payment with all the Company’s existing and future
unsecured and unsubordinated indebtedness.
The following tables, in accordance with Rule 3-10(e) of Regulation S-X for the Stanley Notes, and Rule 3-10(c) of
Regulation S-X for the Black & Decker Notes, present the condensed consolidating statements of operations and
comprehensive income for the years ended December 29, 2012, December 31, 2011, and January 1, 2011; the condensed
consolidating balance sheets as of December 29, 2012 and December 31, 2011; and the condensed consolidating statements of
cash flows for the years ended December 29, 2012, December 31, 2011, and January 1, 2011. The condensed consolidated
financial statements for the year ended January 1, 2011 include the results of Black & Decker from the Merger date. In the
condensed consolidating statement of cash flow for the year ended December 31, 2011, certain changes were made to the prior
year presentation for cash provided by investing activities.