Black & Decker 2014 Annual Report Download - page 55

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geographic distribution of the Company’s earnings; (vii) the commitment to and success of the Stanley Fulfillment System; and
(viii) successful implementation with expected results of cost reduction programs.
The Company’s ability to achieve the Results will also be affected by external factors. These external factors include:
challenging global geopolitical and macroeconomic environment; the economic environment of emerging markets, particularly
Latin America, Russia and Turkey; pricing pressure and other changes within competitive markets; the continued consolidation
of customers particularly in consumer channels; inventory management pressures on the Company’s customers; the impact the
tightened credit markets may have on the Company or its customers or suppliers; the extent to which the Company has to write
off accounts receivable or assets or experiences supply chain disruptions in connection with bankruptcy filings by customers or
suppliers; increasing competition; changes in laws, regulations and policies that affect the Company, including, but not limited
to trade, monetary, tax and fiscal policies and laws; the timing and extent of any inflation or deflation; the impact of poor
weather conditions on sales; currency exchange fluctuations; the impact of dollar/foreign currency exchange and interest rates
on the competitiveness of products and the Company’s debt program; the strength of the U.S. and European economies; the
extent to which world-wide markets associated with homebuilding and remodeling stabilize and rebound; the impact of events
that cause or may cause disruption in the Company’s supply, manufacturing, distribution and sales networks such as war,
terrorist activities, and political unrest; and recessionary or expansive trends in the economies of the world in which the
Company operates. The Company undertakes no obligation to publicly update or revise any forward-looking statements to
reflect events or circumstances that may arise after the date hereof.
Unless required by applicable federal securities laws, the Company undertakes no obligation to publicly update or revise any
forward looking statements to reflect events or circumstances that may arise after the date hereof. Investors are advised,
however, to consult any further disclosures made on related subjects in the Company's reports filed with the Securities and
Exchange Commission.
In addition to the foregoing, some of the agreements included as exhibits to this Annual Report on Form 10-K (whether
incorporated by reference to earlier filings or otherwise) may contain representations and warranties, recitals or other
statements that appear to be statements of fact. These agreements are included solely to provide investors with information
regarding their terms and are not intended to provide any other factual or disclosure information about the Company or the
other parties to the agreements. Representations and warranties, recitals, and other common disclosure provisions have been
included in the agreements solely for the benefit of the other parties to the applicable agreements and often are used as a means
of allocating risk among the parties.
Accordingly, such statements (i) should not be treated as categorical statements of fact; (ii) may be qualified by disclosures that
were made to the other parties in connection with the negotiation of the applicable agreements, which disclosures are not
necessarily reflected in the agreement or included as exhibits hereto; (iii) may apply standards of materiality in a way that is
different from what may be viewed as material by or to investors in or lenders to the Company; and (iv) were made only as of
the date of the applicable agreement or such other date or dates as may be specified in the agreement and are subject to more
recent developments. Accordingly, representations and warranties, recitals or other disclosures contained in agreements may not
describe the actual state of affairs as of the date they were made or at any other time and should not be relied on by any person
other than the parties thereto in accordance with their terms. Additional information about the Company may be found in this
Annual Report on Form 10-K and the Company's other public filings, which are available without charge through the SEC's
website at http://www.sec.gov.
ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
The Company incorporates by reference the material captioned “Market Risk” in Item 7 and in Note I, Derivative Financial
Instruments, of the Notes to Consolidated Financial Statements in Item 8.
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
See Item 15 for an index to Financial Statements and Financial Statement Schedules. Such Financial Statements and Financial
Statement Schedules are incorporated herein by reference.
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL
DISCLOSURE
None.