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BUSINESS SEGMENTS AND GEOGRAPHIC AREAS (Tables) | 9 Months Ended
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Sep. 30, 2023
Segment Reporting [Abstract] |
Reconciliation of Revenue from Segments to Consolidated |
| Third Quarter |  | Year-to-Date
(Millions of Dollars) | 2023 |  | 2022 |  | 2023 |  | 2022
Net Sales |  |  |  |  |  |  |
Tools & Outdoor | $ | 3,355.3 |  |  | $ | 3,494.7 |  |  | $ | 10,212.9 |  |  | $ | 11,040.8 |
Industrial | 598.6 |  |  | 624.8 |  |  | 1,831.7 |  |  | 1,919.5 |
Corporate Overhead | — |  |  | 0.1 |  |  | — |  |  | 0.3 |
Consolidated | $ | 3,953.9 |  |  | $ | 4,119.6 |  |  | $ | 12,044.6 |  |  | $ | 12,960.6 |
Segment Profit |  |  |  |  |  |  |
Tools & Outdoor | $ | 273.4 |  |  | $ | 228.4 |  |  | $ | 394.1 |  |  | $ | 968.5 |
Industrial | 62.5 |  |  | 68.4 |  |  | 201.5 |  |  | 168.0 |
Segment Profit | 335.9 |  |  | 296.8 |  |  | 595.6 |  |  | 1,136.5 |
Corporate Overhead | (69.6) |  |  | (78.5) |  |  | (224.1) |  |  | (218.7) |
Other, net | (94.0) |  |  | (69.1) |  |  | (224.3) |  |  | (210.2) |
Loss on sales of businesses | — |  |  | (8.6) |  |  | (7.6) |  |  | (8.4) |
Asset impairment charges | (124.0) |  |  | — |  |  | (124.0) |  |  | (168.4) |
Restructuring charges | (10.9) |  |  | (68.6) |  |  | (27.6) |  |  | (140.8) |
Interest income | 50.2 |  |  | 15.4 |  |  | 135.2 |  |  | 24.7 |
Interest expense | (144.6) |  |  | (91.7) |  |  | (420.1) |  |  | (224.6) |
(Loss) earnings from continuing operations before income taxes | $ | (57.0) |  |  | $ | (4.3) |  |  | $ | (296.9) |  |  | $ | 190.1 |
Business Segments | The following table is a further disaggregation of the Industrial segment revenue for the three and nine months ended September 30, 2023 and October 1, 2022:
| Third Quarter |  | Year-to-Date
(Millions of Dollars) | 2023 |  | 2022 |  | 2023 |  | 2022
Engineered Fastening | $ | 496.3 |  |  | $ | 468.1 |  |  | $ | 1,470.0 |  |  | $ | 1,414.3 |
Infrastructure | 102.3 |  |  | 156.7 |  |  | 361.7 |  |  | 505.2 |
Industrial | $ | 598.6 |  |  | $ | 624.8 |  |  | $ | 1,831.7 |  |  | $ | 1,919.5 |
Summary of Total Assets by Segment | The following table is a summary of total assets by segment as of September 30, 2023 and December 31, 2022:
(Millions of Dollars) | September 30, 2023 |  | December 31, 2022
Tools & Outdoor | $ | 19,528.7 |  |  | $ | 20,202.0 |
Industrial | 5,176.3 |  |  | 5,284.8 |
| 24,705.0 |  |  | 25,486.8 |
Corporate assets | (607.9) |  |  | (523.5) |
Consolidated | $ | 24,097.1 |  |  | $ | 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 nine months ended September 30, 2023 and October 1, 2022:
| Third Quarter |  | Year-to-Date
(Millions of Dollars) | 2023 |  | 2022 |  | 2023 |  | 2022
United States | $ | 2,522.5 |  |  | $ | 2,664.3 |  |  | $ | 7,545.5 |  |  | $ | 8,140.3 |
Canada | 185.2 |  |  | 189.5 |  |  | 598.2 |  |  | 669.5 |
Other Americas | 231.8 |  |  | 218.2 |  |  | 646.3 |  |  | 632.6 |
France | 94.8 |  |  | 102.4 |  |  | 376.4 |  |  | 370.4 |
Other Europe | 604.2 |  |  | 587.9 |  |  | 1,940.0 |  |  | 2,091.3 |
Asia | 315.4 |  |  | 357.3 |  |  | 938.2 |  |  | 1,056.5 |
Consolidated | $ | 3,953.9 |  |  | $ | 4,119.6 |  |  | $ | 12,044.6 |  |  | $ | 12,960.6 |

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