Black & Decker 2015 Annual Report Download - page 107

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93
BUSINESS SEGMENTS
(Millions of Dollars) 2015 2014 2013
Net Sales
Tools & Storage................................................................................. $ 7,140.7 $ 7,033.0 $ 6,705.0
Security ............................................................................................. 2,092.9 2,261.2 2,295.9
Industrial ........................................................................................... 1,938.2 2,044.4 1,888.6
Consolidated...................................................................................... $ 11,171.8 $ 11,338.6 $ 10,889.5
Segment Profit
Tools & Storage................................................................................. $ 1,170.1 $ 1,074.4 $ 951.7
Security ............................................................................................. 239.6 259.2 235.2
Industrial ........................................................................................... 339.9 350.6 280.2
Segment Profit................................................................................... 1,749.6 1,684.2 1,467.1
Corporate overhead........................................................................... (164.0)(177.4)(254.0)
Other-net ........................................................................................... (222.0)(239.7)(283.9)
Restructuring charges and asset impairments................................... (47.6)(18.8)(173.7)
Gain (loss) on debt extinguishment .................................................. —0.1 (20.6)
Interest income.................................................................................. 15.2 13.6 12.8
Interest expense................................................................................. (180.4)(177.2)(160.1)
Earnings from continuing operations before income taxes............... $ 1,150.8 $ 1,084.8 $ 587.6
Capital and Software Expenditures
Tools & Storage................................................................................. $ 191.7 $ 183.0 $ 196.1
Security ............................................................................................. 35.9 27.9 79.8
Industrial ........................................................................................... 83.8 74.3 61.2
Discontinued operations.................................................................... —5.8 3.2
Consolidated...................................................................................... $ 311.4 $ 291.0 $ 340.3
Depreciation and Amortization
Tools & Storage................................................................................. $ 196.5 $ 193.9 $ 191.7
Security ............................................................................................. 105.2 127.8 132.1
Industrial ........................................................................................... 112.3 122.5 110.5
Discontinued operations.................................................................... $ — $ 5.6 $ 7.0
Consolidated...................................................................................... $ 414.0 $ 449.8 $ 441.3
Segment Assets
Tools & Storage................................................................................. $ 8,492.9 $ 8,568.2 $ 9,004.9
Security ............................................................................................. 3,741.6 3,972.0 4,355.5
Industrial ........................................................................................... 3,438.7 3,501.8 3,668.3
15,673.2 16,042.0 17,028.7
Discontinued operations.................................................................... —29.5 136.9
Corporate assets ................................................................................ (500.9)(222.4)(630.5)
Consolidated...................................................................................... $ 15,172.3 $ 15,849.1 $ 16,535.1
Corporate assets primarily consist of cash, deferred taxes, and property, plant and equipment. Based on the nature of the
Company's cash pooling arrangements, at times corporate-related cash accounts will be in a net liability position.
Sales to the Home Depot were 13%, 11%, and 11% of the Tools & Storage segment net sales in 2015, 2014 and 2013,
respectively. Sales to Lowes were 14%, 13% and 13% of the Tools & Storage segment net sales in 2015, 2014 and 2013,
respectively.
In 2013, the Company recorded $165 million of facility closure-related and other charges associated with the merger and other
acquisitions across all segments, impacting segment profit by $18 million in Tools & Storage, $20 million in Industrial, and $38
million in Security for the year ended December 28, 2013, with the remainder residing in corporate overhead.