XML 33 R21.htm IDEA: XBRL DOCUMENT
v3.25.2

BUSINESS SEGMENTS AND GEOGRAPHIC AREAS | 6 Months Ended
--- | ---
Jun. 28, 2025
Segment Reporting [Abstract] |
BUSINESS SEGMENTS AND GEOGRAPHIC AREAS | BUSINESS SEGMENTS AND GEOGRAPHIC AREAS The Company’s operations are classified into two reportable business segments: Tools & Outdoor and Engineered Fastening. In the first quarter of 2025, the Industrial segment was renamed “Engineered Fastening” as a result of a more focused portfolio following recent divestitures. The Engineered Fastening segment name change is to the name only and had no impact on the Company’s consolidated financial statements or segment results. The Tools & Outdoor segment is comprised of the Power Tools Group ("PTG"), Hand Tools, Accessories & Storage ("HTAS") and Outdoor Power Equipment ("Outdoor") product lines. The PTG product line includes both professional and consumer products. Professional products, primarily under the DEWALT® brand, include professional grade corded and cordless electric power tools and equipment including drills, impact wrenches and drivers, grinders, saws, routers, sanders, and concrete prep and placement tools as well as pneumatic tools and fasteners including nail guns, nails, staplers and staples, and concrete and masonry anchors. DIY and tradesperson focused products include corded and cordless electric power tools sold primarily under the CRAFTSMAN® and STANLEY® brands, and consumer home products such as household power tools, hand-held vacuums, and small appliances primarily under the BLACK+DECKER® brand. The HTAS product line sells hand tools, power tool accessories and storage products primarily under the DEWALT®, CRAFTSMAN®, and STANLEY® brands. Hand tools include measuring, leveling and layout tools, planes, hammers, demolition tools, clamps, vises, knives, saws, chisels, material handling, and industrial and automotive tools. Power tool accessories include drill bits, screwdriver bits, router bits, abrasives, saw blades and threading products. Storage products include tool boxes, sawhorses, cabinets and engineered storage solution products. The Outdoor product line primarily sells corded and cordless electric lawn and garden products, including hedge trimmers, string trimmers, lawn mowers, pressure washers and related accessories, and gas powered lawn and garden products, including lawn tractors, zero turn ride on mowers, walk behind mowers, snow blowers, residential robotic mowers, hand-held outdoor power equipment, garden tools, and parts and accessories to professionals and consumers under the DEWALT®, CRAFTSMAN®, CUB CADET®, BLACK+DECKER®, and HUSTLER® brand names. The Engineered Fastening segment is comprised of the Engineered Fastening business and included the Infrastructure business prior to its sale in April 2024. The Engineered Fastening business primarily sells highly engineered components such as fasteners, fittings and various engineered products, which are designed for specific application across multiple verticals. The product lines include externally threaded fasteners, blind rivets and tools, blind inserts and tools, drawn arc weld studs and systems, engineered plastic and mechanical fasteners, self-piercing riveting systems, precision nut running systems, micro fasteners, high-strength structural fasteners, axel swage, latches, heat shields, pins, and couplings. The Company utilizes segment profit, which is defined as net sales minus cost of sales and SG&A inclusive of the provision for credit losses (aside from corporate overhead expense), and segment profit as a percentage of net sales to assess the profitability of each segment. Transactions between segments are not material. Segment assets primarily include cash, accounts receivable, inventory, other current assets, property, plant and equipment, right-of-use lease assets and intangible assets. Net sales and long-lived assets are attributed to the geographic regions based on the geographic locations of the end customer and the Company subsidiary, respectively. The corporate overhead element of SG&A, which is not allocated to the business segments for purposes of determining segment profit, consists of the costs associated with the executive management team and expenses related to centralized functions that benefit the entire Company but are not directly attributable to the business segments, such as legal and corporate finance functions, as well as expenses for the world headquarters facility. The Company’s chief operating decision maker ("CODM") is the President and Chief Executive Officer. The CODM uses segment profit for each segment as part of the Company's annual operating plan and forecasting process. The CODM monitors actual segment profit results relative to operating plan and forecast to assess the performance of the business and allocate resources.
(Millions of Dollars) | Second Quarter 2025
| Tools & Outdoor |  | Engineered Fastening |  | Total
Net Sales | $ | 3,461.4 |  |  | $ | 483.8 |  |  | $ | 3,945.2 |
Cost of sales | 2,525.9 |  | 350.6 |  |
Selling, general and administrative | 697.4 |  | 98.2 |  |
Segment Profit | $ | 238.1 |  |  | $ | 35.0 |  |  | $ | 273.1 |
Corporate overhead |  | (79.7) |
Other, net |  | (67.7) |
Restructuring charges |  | (18.8) |
Interest income |  | 48.9 |
Interest expense |  | (129.1) |
Earnings from continuing operations before income taxes |  | $ | 26.7 |
(Millions of Dollars) | Year-to-Date 2025
| Tools & Outdoor |  | Engineered Fastening |  | Total
Net Sales | $ | 6,742.3 |  |  | $ | 947.5 |  |  | $ | 7,689.8 |
Cost of sales | 4,816.4 |  | 684.0 |  |
Selling, general and administrative | 1,398.6 |  | 189.5 |  |
Segment Profit | $ | 527.3 |  |  | $ | 74.0 |  |  | $ | 601.3 |
Corporate overhead |  | (154.1) |
Other, net |  | (115.2) |
Loss on sale of business |  | (0.3) |
Restructuring charges |  | (20.0) |
Interest income |  | 98.1 |
Interest expense |  | (255.5) |
Earnings from continuing operations before income taxes |  | $ | 154.3 |
(Millions of Dollars) | Second Quarter 2024
| Tools & Outdoor |  | Engineered Fastening |  | Total
Net Sales | $ | 3,528.7 |  |  | $ | 495.7 |  |  | $ | 4,024.4 |
Cost of sales | 2,531.8 |  | 351.0 |  |
Selling, general and administrative | 680.8 |  | 77.9 |  |
Segment Profit | $ | 316.1 |  |  | $ | 66.8 |  |  | $ | 382.9 |
Corporate overhead |  | (70.3) |
Other, net |  | (226.5) |
Restructuring charges |  | (29.8) |
Interest income |  | 42.9 |
Interest expense |  | (121.3) |
Loss from continuing operations before income taxes |  | $ | (22.1) |
(Millions of Dollars) | Year-to-Date 2024
| Tools & Outdoor |  | Engineered Fastening |  | Total
Net Sales | $ | 6,813.3 |  |  | $ | 1,080.6 |  |  | $ | 7,893.9 |
Cost of sales | 4,874.7 |  | 769.9 |  |
Selling, general and administrative | 1,366.8 |  | 178.7 |  |
Segment Profit | $ | 571.8 |  |  | $ | 132.0 |  |  | $ | 703.8 |
Corporate overhead |  | (134.5) |
Other, net |  | (306.5) |
Asset impairment charge |  | (25.5) |
Restructuring charges |  | (44.8) |
Interest income |  | 86.5 |
Interest expense |  | (252.8) |
Earnings from continuing operations before income taxes |  | $ | 26.2 |
The Company recognizes revenue at a point in time from the sale of tangible products or over time depending on when the performance obligation is satisfied. For the three and six months ended June 28, 2025 and June 29, 2024, the majority of the Company’s revenue was recognized at the time of sale. The percent of total segment revenue recognized over time for the Engineered Fastening segment for both the three and six months ended June 28, 2025 was approximately 2%. The percent of total segment revenue recognized over time for the Engineered Fastening segment for both the three and six months ended June 29, 2024 was approximately 3%. The Engineered Fastening segment included the Infrastructure business prior to its sale on April 1, 2024. The Infrastructure business had $92.6 million of sales for the three months ended March 30, 2024.
(Millions of Dollars) | Second Quarter | Year-to-Date
| 2025 |  | 2024 | 2025 |  | 2024
Capital and Software Expenditures |  |  |  |  |  |
Tools & Outdoor | $ | 64.6 |  |  | $ | 76.8 |  | $ | 120.7 |  |  | $ | 132.9 |
Engineered Fastening | 15.0 |  |  | 10.4 |  | 23.9 |  |  | 20.0 |
Consolidated | $ | 79.6 |  |  | $ | 87.2 |  | $ | 144.6 |  |  | $ | 152.9 |
Depreciation and Amortization |  |  |  |  |  |
Tools & Outdoor | $ | 100.2 |  |  | $ | 120.7 |  | $ | 199.0 |  |  | $ | 227.7 |
Engineered Fastening | 29.9 |  |  | 34.3 |  | 59.5 |  |  | 67.5 |
Consolidated | $ | 130.1 |  |  | $ | 155.0 |  | $ | 258.5 |  |  | $ | 295.2 |
(Millions of Dollars) | June 28, 2025 |  | December 28, 2024
Segment Assets |  |  |
Tools & Outdoor | $ | 18,812.6 |  |  | $ | 18,135.8 |
Engineered Fastening | 4,009.7 |  |  | 3,962.9 |
| 22,822.3 |  |  | 22,098.7 |
Corporate assets | (329.7) |  |  | (249.8) |
Consolidated | $ | 22,492.6 |  |  | $ | 21,848.9 |
Corporate assets primarily consist of cash, deferred taxes, property, plant and equipment, and right-of-use lease assets. Based on the nature of the Company's cash pooling arrangements, at times the corporate-related cash accounts will be in a net liability position. GEOGRAPHIC AREAS The following table is a summary of net sales by geographic area for the three and six months ended June 28, 2025 and June 29, 2024:
(Millions of Dollars) | Second Quarter |  | Year-to-Date
| 2025 |  | 2024 |  | 2025 |  | 2024
United States | $ | 2,430.4 |  |  | $ | 2,514.1 |  |  | $ | 4,757.7 |  |  | $ | 4,871.4 |
Canada | 172.9 |  |  | 189.7 |  |  | 371.0 |  |  | 405.6 |
Other Americas | 211.9 |  |  | 225.8 |  |  | 391.1 |  |  | 435.3 |
Europe | 829.5 |  |  | 799.9 |  |  | 1,581.5 |  |  | 1,588.6 |
Asia | 300.5 |  |  | 294.9 |  |  | 588.5 |  |  | 593.0 |
Consolidated | $ | 3,945.2 |  |  | $ | 4,024.4 |  |  | $ | 7,689.8 |  |  | $ | 7,893.9 |

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-15 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-42 Reference 7: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 270 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (ee) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 11: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 12: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 13: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 14: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 15: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 16: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 17: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-34 Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26C -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26B -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-40 Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/280/tableOfContent Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26 Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration