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BUSINESS SEGMENTS AND GEOGRAPHIC AREAS (Tables) | 6 Months Ended
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Jul. 01, 2023
Segment Reporting [Abstract] |
Reconciliation of Revenue from Segments to Consolidated |
| Second Quarter |  | Year-to-Date
(Millions of Dollars) | 2023 |  | 2022 |  | 2023 |  | 2022
Net Sales |  |  |  |  |  |  |
Tools & Outdoor | $ | 3,542.2 |  |  | $ | 3,744.9 |  |  | $ | 6,857.6 |  |  | $ | 7,546.1 |
Industrial | 616.7 |  |  | 648.1 |  |  | 1,233.1 |  |  | 1,294.7 |
Corporate Overhead | — |  |  | — |  |  | — |  |  | 0.2 |
Consolidated | $ | 4,158.9 |  |  | $ | 4,393.0 |  |  | $ | 8,090.7 |  |  | $ | 8,841.0 |
Segment Profit |  |  |  |  |  |  |
Tools & Outdoor | $ | 102.0 |  |  | $ | 361.6 |  |  | $ | 120.7 |  |  | $ | 740.1 |
Industrial | 71.6 |  |  | 58.3 |  |  | 139.0 |  |  | 99.6 |
Segment Profit | 173.6 |  |  | 419.9 |  |  | 259.7 |  |  | 839.7 |
Corporate Overhead | (78.8) |  |  | (65.5) |  |  | (154.5) |  |  | (140.2) |
Other, net | (66.6) |  |  | (79.1) |  |  | (130.3) |  |  | (141.1) |
Gain (loss) on sales of businesses | — |  |  | 0.2 |  |  | (7.6) |  |  | 0.2 |
Asset impairment charge | — |  |  | (168.4) |  |  | — |  |  | (168.4) |
Restructuring charges | (4.6) |  |  | (19.5) |  |  | (16.7) |  |  | (72.2) |
Interest income | 45.2 |  |  | 6.5 |  |  | 85.0 |  |  | 9.3 |
Interest expense | (144.6) |  |  | (78.2) |  |  | (275.5) |  |  | (132.9) |
(Loss) earnings from continuing operations before income taxes | $ | (75.8) |  |  | $ | 15.9 |  |  | $ | (239.9) |  |  | $ | 194.4 |
Business Segments | The following table is a further disaggregation of the Industrial segment revenue for the three and six months ended July 1, 2023 and July 2, 2022:
| Second Quarter |  | Year-to-Date
(Millions of Dollars) | 2023 |  | 2022 |  | 2023 |  | 2022
Engineered Fastening | $ | 497.4 |  |  | $ | 466.1 |  |  | $ | 973.7 |  |  | $ | 946.2 |
Infrastructure | 119.3 |  |  | 182.0 |  |  | 259.4 |  |  | 348.5 |
Industrial | $ | 616.7 |  |  | $ | 648.1 |  |  | $ | 1,233.1 |  |  | $ | 1,294.7 |
Summary of Total Assets by Segment | The following table is a summary of total assets by segment as of July 1, 2023 and December 31, 2022:
(Millions of Dollars) | July 1, 2023 |  | December 31, 2022
Tools & Outdoor | $ | 20,212.5 |  |  | $ | 20,202.0 |
Industrial | 5,233.4 |  |  | 5,284.8 |
| 25,445.9 |  |  | 25,486.8 |
Corporate assets | (512.7) |  |  | (523.5) |
Consolidated | $ | 24,933.2 |  |  | $ | 24,963.3 |
Summary of Net Sales by Geographic Area | The following table is a summary of net sales by geographic area for the three and six months ended July 1, 2023 and July 2, 2022:
| Second Quarter |  | Year-to-Date
(Millions of Dollars) | 2023 |  | 2022 |  | 2023 |  | 2022
United States | $ | 2,600.6 |  |  | $ | 2,731.5 |  |  | $ | 5,023.0 |  |  | $ | 5,476.0 |
Canada | 194.7 |  |  | 243.5 |  |  | 413.0 |  |  | 480.0 |
Other Americas | 221.1 |  |  | 216.1 |  |  | 414.5 |  |  | 414.4 |
France | 133.3 |  |  | 128.0 |  |  | 281.6 |  |  | 268.0 |
Other Europe | 700.4 |  |  | 729.8 |  |  | 1,335.8 |  |  | 1,503.4 |
Asia | 308.8 |  |  | 344.1 |  |  | 622.8 |  |  | 699.2 |
Consolidated | $ | 4,158.9 |  |  | $ | 4,393.0 |  |  | $ | 8,090.7 |  |  | $ | 8,841.0 |

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