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BUSINESS SEGMENTS (Tables) | 3 Months Ended
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Apr. 03, 2021
Segment Reporting [Abstract] |
Reconciliation of Revenue from Segments to Consolidated |
|  |  | Year-to-Date
(Millions of Dollars) |  |  |  |  | 2021 |  | 2020
NET SALES |  |  |  |  |  |  |
Tools & Storage |  |  |  |  | $ | 3,062.9 |  |  | $ | 2,070.8 |
Industrial |  |  |  |  | 657.7 |  |  | 590.7 |
Security |  |  |  |  | 476.5 |  |  | 467.9 |
Total |  |  |  |  | $ | 4,197.1 |  |  | $ | 3,129.4 |
SEGMENT PROFIT |  |  |  |  |  |  |
Tools & Storage |  |  |  |  | $ | 651.3 |  |  | $ | 234.8 |
Industrial |  |  |  |  | 101.2 |  |  | 67.8 |
Security |  |  |  |  | 34.6 |  |  | 20.9 |
Segment profit |  |  |  |  | 787.1 |  |  | 323.5 |
Corporate overhead |  |  |  |  | (75.7) |  |  | (48.9) |
Other, net |  |  |  |  | (59.0) |  |  | (74.9) |
Loss on sale of business |  |  |  |  | (1.0) |  |  | — |
Restructuring charges |  |  |  |  | (2.3) |  |  | (3.9) |
Interest expense |  |  |  |  | (47.5) |  |  | (59.7) |
Interest income |  |  |  |  | 2.9 |  |  | 10.1 |
Earnings before income taxes and equity interest |  |  |  |  | $ | 604.5 |  |  | $ | 146.2 |
Business Segments | The following table provides the percent of total segment revenue recognized over time for the Industrial and Security segments for the three months ended April 3, 2021 and March 28, 2020:
|  |  | Year-to-Date
|  |  |  |  | 2021 |  | 2020
Industrial |  |  |  |  | 5.7 | % |  | 10.6 | %
Security |  |  |  |  | 50.1 | % |  | 47.0 | %
The decrease in Industrial revenue recognized over time relates to a previously divested product line within Oil & Gas. The following table is a further disaggregation of the Industrial segment revenue for the three months ended April 3, 2021 and March 28, 2020:
|  |  | Year-to-Date
(Millions of Dollars) |  |  |  |  | 2021 |  | 2020
Engineered Fastening |  |  |  |  | $ | 496.8 |  |  | $ | 424.7 |
Infrastructure |  |  |  |  | 160.9 |  |  | 166.0 |
Industrial |  |  |  |  | $ | 657.7 |  |  | $ | 590.7 |
Summary of Total Assets by Segment | The following table is a summary of total assets by segment as of April 3, 2021 and January 2, 2021:
(Millions of Dollars) | April 3, 2021 |  | January 2, 2021
Tools & Storage | $ | 14,891.0 |  |  | $ | 14,294.9 |
Industrial | 5,633.5 |  |  | 5,621.4 |
Security | 3,511.3 |  |  | 3,493.5 |
| 24,035.8 |  |  | 23,409.8 |
Corporate | (159.8) |  |  | 156.5 |
Consolidated | $ | 23,876.0 |  |  | $ | 23,566.3 |
Summary of Net Sales by Geographic Area | The following table is a summary of net sales by geographic area for the three months ended April 3, 2021 and March 28, 2020:
|  |  | Year-to-Date
(Millions of Dollars) |  |  |  |  | 2021 |  | 2020
United States |  |  |  |  | $ | 2,378.7 |  |  | $ | 1,842.0 |
Canada |  |  |  |  | 220.0 |  |  | 149.9 |
Other Americas |  |  |  |  | 199.3 |  |  | 129.7 |
France |  |  |  |  | 192.2 |  |  | 134.8 |
Other Europe |  |  |  |  | 874.0 |  |  | 649.1 |
Asia |  |  |  |  | 332.9 |  |  | 223.9 |
Consolidated |  |  |  |  | $ | 4,197.1 |  |  | $ | 3,129.4 |

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8736-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8813-108599 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=108376223&loc=d3e13816-109267 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8721-108599 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8906-108599 + Details
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