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BUSINESS SEGMENTS AND GEOGRAPHIC AREAS (Tables) | 9 Months Ended
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Sep. 28, 2024
Segment Reporting [Abstract] |
Schedule of Net Sales and Segment Profit |
| Third Quarter |  | Year-to-Date
(Millions of Dollars) | 2024 |  | 2023 |  | 2024 |  | 2023
Net Sales |  |  |  |  |  |  |
Tools & Outdoor | $ | 3,263.3 |  |  | $ | 3,355.3 |  |  | $ | 10,076.6 |  |  | $ | 10,212.9 |
Industrial | 488.0 |  |  | 598.6 |  |  | 1,568.6 |  |  | 1,831.7 |
Consolidated | $ | 3,751.3 |  |  | $ | 3,953.9 |  |  | $ | 11,645.2 |  |  | $ | 12,044.6 |
Segment Profit |  |  |  |  |  |  |
Tools & Outdoor | $ | 327.5 |  |  | $ | 273.4 |  |  | $ | 899.3 |  |  | $ | 394.1 |
Industrial | 70.2 |  |  | 62.5 |  |  | 202.2 |  |  | 201.5 |
Segment Profit | 397.7 |  |  | 335.9 |  |  | 1,101.5 |  |  | 595.6 |
Corporate Overhead | (74.2) |  |  | (69.6) |  |  | (208.7) |  |  | (224.1) |
Other, net | (86.4) |  |  | (94.0) |  |  | (392.9) |  |  | (224.3) |
Loss on sales of businesses | — |  |  | — |  |  | — |  |  | (7.6) |
Asset impairment charges | (46.9) |  |  | (124.0) |  |  | (72.4) |  |  | (124.0) |
Restructuring charges | (22.1) |  |  | (10.9) |  |  | (66.9) |  |  | (27.6) |
Interest income | 52.8 |  |  | 50.2 |  |  | 139.3 |  |  | 135.2 |
Interest expense | (131.4) |  |  | (144.6) |  |  | (384.2) |  |  | (420.1) |
Earnings (Loss) from continuing operations before income taxes | $ | 89.5 |  |  | $ | (57.0) |  |  | $ | 115.7 |  |  | $ | (296.9) |
Schedule of Disaggregation of Industrial Segment Revenue | The following table is a further disaggregation of the Industrial segment revenue for the three and nine months ended September 28, 2024 and September 30, 2023:
| Third Quarter |  | Year-to-Date
(Millions of Dollars) | 2024 |  | 2023 |  | 2024 |  | 2023
Engineered Fastening | $ | 488.0 |  |  | $ | 496.3 |  |  | $ | 1,476.0 |  |  | $ | 1,470.0 |
Infrastructure | — |  |  | 102.3 |  |  | 92.6 |  |  | 361.7 |
Industrial | $ | 488.0 |  |  | $ | 598.6 |  |  | $ | 1,568.6 |  |  | $ | 1,831.7 |
Schedule of Total Assets by Segment | The following table is a summary of total assets by segment as of September 28, 2024 and December 30, 2023:
(Millions of Dollars) | September 28, 2024 |  | December 30, 2023
Tools & Outdoor | $ | 18,787.2 |  |  | $ | 18,960.8 |
Industrial | 4,090.9 |  |  | 4,081.7 |
| 22,878.1 |  |  | 23,042.5 |
Assets held for sale | — |  |  | 857.6 |
Corporate assets | (396.3) |  |  | (236.3) |
Consolidated | $ | 22,481.8 |  |  | $ | 23,663.8 |
Schedule 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 28, 2024 and September 30, 2023:
| Third Quarter |  | Year-to-Date
(Millions of Dollars) | 2024 |  | 2023 |  | 2024 |  | 2023
United States | $ | 2,337.7 |  |  | $ | 2,522.5 |  |  | $ | 7,209.1 |  |  | $ | 7,545.5 |
Canada | 177.2 |  |  | 185.2 |  |  | 582.8 |  |  | 598.2 |
Other Americas | 229.2 |  |  | 231.8 |  |  | 664.5 |  |  | 646.3 |
Europe | 703.2 |  |  | 699.0 |  |  | 2,291.8 |  |  | 2,316.4 |
Asia | 304.0 |  |  | 315.4 |  |  | 897.0 |  |  | 938.2 |
Consolidated | $ | 3,751.3 |  |  | $ | 3,953.9 |  |  | $ | 11,645.2 |  |  | $ | 12,044.6 |

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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 -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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