Exhibit

Exhibit 99.2

STANLEY BLACK & DECKER, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited, Millions of Dollars Except Per Share Amounts)



	First Quarter
	2020			2019
NET SALES	$	3,129.4		$	3,333.6
COSTS AND EXPENSES
Cost of sales	2,106.3			2,228.0
Gross margin	1,023.1			1,105.6
% of Net Sales	32.7		%	33.2		%
Selling, general and administrative	748.5			778.9
% of Net Sales	23.9		%	23.4		%
Operating margin	274.6			326.7
% of Net sales	8.8		%	9.8		%
Other - net	74.9			65.4
Restructuring charges	3.9			8.7
Income from operations	195.8			252.6
Interest - net	49.6			57.8
EARNINGS BEFORE INCOME TAXES AND EQUITY INTEREST	146.2			194.8
Income taxes	12.9			24.7
NET EARNINGS BEFORE EQUITY INTEREST	133.3			170.1
Share of net (losses) earnings of equity method investment	(0.2		)	0.3
NET EARNINGS	133.1			170.4
Less: net (losses) earnings attributable to non-controlling interests	(0.1		)	0.5
NET EARNINGS ATTRIBUTABLE TO COMMON SHAREOWNERS	$	133.2		$	169.9

EARNINGS PER SHARE OF COMMON STOCK
Basic	$	0.89		$	1.15
Diluted	$	0.88		$	1.13
DIVIDENDS PER SHARE	$	0.69		$	0.66
WEIGHTED-AVERAGE SHARES OUTSTANDING (in thousands)
Basic	150,330			147,863
Diluted	151,903			149,908

Exhibit 99.2

STANLEY BLACK & DECKER, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited, Millions of Dollars)



	March 28, 2020		December 28, 2019
ASSETS
Cash and cash equivalents	$	987.1	$	297.7
Accounts and notes receivable, net	1,681.5		1,454.6
Inventories, net	2,532.4		2,255.0
Other current assets	491.9		449.3
Total current assets	5,692.9		4,456.6
Property, plant and equipment, net	2,036.7		1,959.5
Goodwill and other intangibles, net	13,877.4		12,859.5
Other assets	1,298.0		1,321.0
Total assets	$	22,905.0	$	20,596.6
LIABILITIES AND SHAREOWNERS’ EQUITY
Short-term borrowings	$	1,674.0	$	337.3
Current maturities of long-term debt	3.1		3.1
Accounts payable	2,029.2		2,087.8
Accrued expenses	1,664.0		1,977.5
Total current liabilities	5,370.3		4,405.7
Long-term debt	4,662.6		3,176.4
Other long-term liabilities	3,912.9		3,872.3
Stanley Black & Decker, Inc. shareowners’ equity	8,953.4		9,136.3
Non-controlling interests’ equity	5.8		5.9
Total liabilities and shareowners' equity	$	22,905.0	$	20,596.6

Exhibit 99.2

STANLEY BLACK & DECKER, INC. AND SUBSIDIARIES

SUMMARY OF CASH FLOW ACTIVITY

(Unaudited, Millions of Dollars)



		First Quarter
		2020			2019
	OPERATING ACTIVITIES
	Net earnings	$	133.1		$	170.4
	Depreciation and amortization	141.1			137.8
	Share of net losses (earnings) of equity method investment	0.2			(0.3		)
	Changes in working capital¹	(512.7		)	(616.8		)
	Other	(166.9		)	(122.4		)
	Net cash used in operating activities	(405.2		)	(431.3		)
	INVESTING AND FINANCING ACTIVITIES
	Capital and software expenditures	(82.9		)	(89.6		)
	Business acquisitions, net of cash acquired	(1,302.4		)	(676.2		)
	Purchases of investments	(6.5		)	(245.4		)
	Payments on long-term debt	—			(400.0		)
	Proceeds from debt issuances, net of fees	1,486.4			496.9
	Stock purchase contract fees	(20.1		)	(10.1		)
	Net short-term borrowings	1,351.9			1,419.9
	Proceeds from issuances of common stock	44.6			10.2
	Craftsman deferred purchase price	(250.0		)	—
	Cash dividends on common stock	(105.6		)	(97.6		)
	Effect of exchange rate changes on cash	(22.6		)	4.8
	Other	(3.9		)	(7.2		)
	Net cash provided by investing and financing activities	1,088.9			405.7
	Increase (decrease) in cash, cash equivalents and restricted cash	683.7			(25.6		)
	Cash, cash equivalents and restricted cash, beginning of period	314.6			311.4
	Cash, cash equivalents and restricted cash, end of period	$	998.3		$	285.8
	Free Cash Flow Computation²
	Operating cash flow	$	(405.2	)	$	(431.3	)
	Less: capital and software expenditures	(82.9		)	(89.6		)
	Free cash flow (before dividends)	$	(488.1	)	$	(520.9	)

	Reconciliation of Cash, Cash Equivalents and Restricted Cash
		March 28, 2020			December 28, 2019
	Cash and cash equivalents	$	987.1		$	297.7
	Restricted cash included in Other current assets	11.2			16.9
	Cash, cash equivalents and restricted cash	$	998.3		$	314.6

₁	Working capital is comprised of accounts receivable, inventory, accounts payable and deferred revenue.
₂	Free cash flow is defined as cash flow from operations less capital and software expenditures. Management considers free cash flow an important measure of its liquidity, as well as its ability to fund future growth and to provide a return to the shareowners. Free cash flow does not include deductions for mandatory debt service, other borrowing activity, discretionary dividends on the Company’s common stock and business acquisitions, among other items.

Exhibit 99.2

STANLEY BLACK & DECKER, INC. AND SUBSIDIARIES

BUSINESS SEGMENT INFORMATION

(Unaudited, Millions of Dollars)



	First Quarter
	2020			2019
NET SALES
Tools & Storage	$	2,070.8		$	2,292.3
Industrial	590.7			555.0
Security	467.9			486.3
Total	$	3,129.4		$	3,333.6
SEGMENT PROFIT
Tools & Storage	$	234.8		$	265.8
Industrial	67.8			71.0
Security	20.9			39.5
Segment Profit	323.5			376.3
Corporate Overhead	(48.9		)	(49.6		)
Total	$	274.6		$	326.7
Segment Profit as a Percentage of Net Sales
Tools & Storage	11.3		%	11.6		%
Industrial	11.5		%	12.8		%
Security	4.5		%	8.1		%
Segment Profit	10.3		%	11.3		%
Corporate Overhead	(1.6		)%	(1.5		)%
Total	8.8		%	9.8		%

Exhibit 99.2

STANLEY BLACK & DECKER, INC. AND SUBSIDIARIES

RECONCILIATION OF GAAP EARNINGS FINANCIAL MEASURES TO CORRESPONDING

NON-GAAP FINANCIAL MEASURES

(Unaudited, Millions of Dollars Except Per Share Amounts)



		First Quarter 2020
		Reported			Acquisition- Related Charges & Other¹			Normalized³
	Gross margin	$	1,023.1		$	9.1		$	1,032.2
	% of Net Sales	32.7		%				33.0		%
	Selling, general and administrative	748.5			(29.8		)	718.7
	% of Net Sales	23.9		%				23.0		%
	Operating margin	274.6			38.9			313.5
	% of Net Sales	8.8		%				10.0		%
	Earnings before income taxes and equity interest	146.2			61.7			207.9
	Income taxes	12.9			13.1			26.0
	Share of net (losses) earnings of equity method investment	(0.2		)	1.0			0.8
	Net earnings attributable to common shareowners	133.2			49.6			182.8
	Diluted earnings per share of common stock	$	0.88		$	0.32		$	1.20

¹	Acquisition-related charges and other relates primarily to inventory step-up, deal costs, Security business transformation and margin resiliency initiatives.

		First Quarter 2019
		Reported			Acquisition- Related Charges & Other²			Normalized³
	Gross margin	$	1,105.6		$	6.4		$	1,112.0
	% of Net Sales	33.2		%				33.4		%
	Selling, general and administrative	778.9			(23.0		)	755.9
	% of Net Sales	23.4		%				22.7		%
	Operating margin	326.7			29.4			356.1
	% of Net Sales	9.8		%				10.7		%
	Earnings before income taxes and equity interest	194.8			52.6			247.4
	Income taxes	24.7			12.4			37.1
	Share of net earnings of equity method investment	0.3			3.4			3.7
	Net earnings attributable to common shareowners	169.9			43.6			213.5
	Diluted earnings per share of common stock	$	1.13		$	0.29		$	1.42

²	Acquisition-related charges and other relates primarily to restructuring, deal and integration costs, Security business transformation and margin resiliency initiatives, and inventory step-up charges.
³	The normalized 2020 and 2019 information, as reconciled to GAAP above, is considered relevant to aid analysis of the Company’s margin and earnings results aside from the material impact of the acquisition-related and other charges.

Exhibit 99.2

STANLEY BLACK & DECKER, INC. AND SUBSIDIARIES

RECONCILIATION OF GAAP SEGMENT PROFIT FINANCIAL MEASURES TO CORRESPONDING

NON-GAAP FINANCIAL MEASURES

(Unaudited, Millions of Dollars)



		First Quarter 2020
		Reported			Acquisition- Related and Other Charges¹		Normalized³
	SEGMENT PROFIT
	Tools & Storage	$	234.8		$	3.1	$	237.9
	Industrial	67.8			10.4		78.2
	Security	20.9			13.9		34.8
	Segment Profit	323.5			27.4		350.9
	Corporate Overhead	(48.9		)	11.5		(37.4		)
	Total	$	274.6		$	38.9	$	313.5
	Segment Profit as a Percentage of Net Sales
	Tools & Storage	11.3		%			11.5		%
	Industrial	11.5		%			13.2		%
	Security	4.5		%			7.4		%
	Segment Profit	10.3		%			11.2		%
	Corporate Overhead	(1.6		)%			(1.2		)%
	Total	8.8		%			10.0		%

¹	Acquisition-related and other charges relate primarily to inventory step-up, Security business transformation and margin resiliency initiatives.

		First Quarter 2019
		Reported			Acquisition- Related and Other Charges²		Normalized³
	SEGMENT PROFIT
	Tools & Storage	$	265.8		$	12.6	$	278.4
	Industrial	71.0			6.0		77.0
	Security	39.5			10.8		50.3
	Segment Profit	376.3			29.4		405.7
	Corporate Overhead	(49.6		)	—		(49.6		)
	Total	$	326.7		$	29.4	$	356.1
	Segment Profit as a Percentage of Net Sales
	Tools & Storage	11.6		%			12.1		%
	Industrial	12.8		%			13.9		%
	Security	8.1		%			10.3		%
	Segment Profit	11.3		%			12.2		%
	Corporate Overhead	(1.5		)%			(1.5		)%
	Total	9.8		%			10.7		%

²	Acquisition-related and other charges relate primarily inventory step-up, integration costs, and Security business transformation and margin resiliency initiatives.
³	The normalized 2020 and 2019 business segment information, as reconciled to GAAP above, is considered relevant to aid analysis of the Company's segment profit results aside from the material impact of the acquisition-related and other charges.