EX-99.1 2 exhibit991janus2021recast.htm EX-99.1 Document
Exhibit 99.1
STANLEY BLACK & DECKER, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP EARNINGS FINANCIAL MEASURES FOR CONTINUING OPERATIONS TO CORRESPONDING
NON-GAAP FINANCIAL MEASURES, AS ADJUSTED
(Unaudited, Millions of Dollars Except Per Share Amounts)
First Quarter 2021Second Quarter 2021Third Quarter 2021
GAAP1
Acquisition- Related Charges & Other2
Non-GAAP3
GAAP1
Acquisition- Related Charges & Other2
Non-GAAP3
GAAP1
Acquisition- Related Charges & Other2
Non-GAAP3
Net Sales$3,720.8 $— $3,720.8 $3,798.9 $— $3,798.9 $3,779.7 $— $3,779.7 
Gross profit1,387.8 4.4 1,392.2 1,361.8 1.3 1,363.1 1,215.6 5.1 1,220.7 
% of Net Sales37.3 %37.4 %35.8 %35.9 %32.2 %32.3 %
Selling, general and administrative719.1 (15.0)704.1 767.1 (18.4)748.7 773.5 (18.7)754.8 
% of Net Sales19.3 %18.9 %20.2 %19.7 %20.5 %20.0 %
Operating profit668.7 19.4 688.1 594.7 19.7 614.4 442.1 23.8 465.9 
% of Net Sales18.0 %18.5 %15.7 %16.2 %11.7 %12.3 %
Earnings from continuing operations before income taxes and equity interest573.3 23.8 597.1 495.4 33.2 528.6 369.2 32.5 401.7 
Income taxes on continuing operations115.5 6.0 121.5 67.3 8.4 75.7 (0.5)6.8 6.3 
Share of net earnings of equity method investment1.8 0.2 2.0 4.4 11.0 15.4 9.8 — 9.8 
Net earnings from continuing operations attributable to common shareowners - Diluted451.0 18.0 469.0 429.0 35.8 464.8 380.0 25.7 405.7 
Diluted earnings per share of common stock - Continuing operations$2.74 $0.11 $2.85 $2.60 $0.21 $2.81 $2.30 $0.15 $2.45 
Fourth Quarter 2021Year-to-Date 2021
GAAP1
Acquisition- Related Charges & Other2
Non-GAAP3
GAAP1
Acquisition- Related Charges & Other2
Non-GAAP3
Net Sales$3,981.9 $— $3,981.9 $15,281.3 $— $15,281.3 
Gross profit1,127.0 28.2 1,155.2 5,092.2 39.0 5,131.2 
% of Net Sales28.3 %29.0 %33.3 %33.6 %
Selling, general and administrative933.4 (131.5)801.9 3,193.1 (183.6)3,009.5 
% of Net Sales23.4 %20.1 %20.9 %19.7 %
Operating profit193.6 159.7 353.3 1,899.1 222.6 2,121.7 
% of Net Sales4.9 %8.9 %12.4 %13.9 %
Earnings from continuing operations before income taxes and equity interest149.0 104.4 253.4 1,586.9 193.9 1,780.8 
Income taxes on continuing operations(127.2)42.9 (84.3)55.1 64.1 119.2 
Share of net earnings of equity method investment3.0 — 3.0 19.0 11.2 30.2 
Net earnings from continuing operations attributable to common shareowners - Diluted279.6 61.5 341.1 1,539.6 141.0 1,680.6 
Diluted earnings per share of common stock - Continuing operations$1.69 $0.37 $2.06 $9.33 $0.85 $10.18 
1
The Company’s results represent continuing operations and exclude the automatic doors business following the announced divestiture in April 2022. The results of this business have been recorded as discontinued operations as part of the Security divestiture.
2
Acquisition-related charges and other relate primarily to a non-cash fair value adjustment, functional transformation initiatives, non-cash inventory step-up charges, deal costs, facility-related costs and restructuring, partially offset by a gain on investment.
3
The non-GAAP information, as reconciled to GAAP above, is considered relevant to aid analysis and understanding of the Company’s results, business trends and outlook measures aside from the material impact of acquisition-related and other charges and ensures appropriate comparability to operating results of prior periods.
1

STANLEY BLACK & DECKER, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP SEGMENT PROFIT FINANCIAL MEASURES FOR CONTINUING OPERATIONS TO CORRESPONDING
NON-GAAP FINANCIAL MEASURES, AS ADJUSTED
(Unaudited, Millions of Dollars)
First Quarter 2021Second Quarter 2021Third Quarter 2021
 
GAAP1
Acquisition-
Related Charges & Other2
Non-GAAP3
GAAP1
Acquisition-
Related Charges & Other2
Non-GAAP3
GAAP1
Acquisition-
Related Charges & Other2
Non-GAAP3
NET SALES
Tools & Outdoor$3,062.9 $— $3,062.9 $3,196.5 $— $3,196.5 $3,185.9 $— $3,185.9 
Industrial657.7 — 657.7 602.2 — 602.2 593.5 — 593.5 
Segment Net Sales3,720.6 — 3,720.6 3,798.7 — 3,798.7 3,779.4 — 3,779.4 
Corporate Overhead0.2 — 0.2 0.2 — 0.2 0.3 — 0.3 
Total$3,720.8 $— $3,720.8 $3,798.9 $— $3,798.9 $3,779.7 $— $3,779.7 
SEGMENT PROFIT
Tools & Outdoor$644.7 $4.2 $648.9 $627.0 $9.2 $636.2 $478.5 $14.2 $492.7 
Industrial99.8 3.6 103.4 60.5 3.0 63.5 42.6 3.2 45.8 
Segment Profit744.5 7.8 752.3 687.5 12.2 699.7 521.1 17.4 538.5 
Corporate Overhead(75.8)11.6 (64.2)(92.8)7.5 (85.3)(79.0)6.4 (72.6)
Total$668.7 $19.4 $688.1 $594.7 $19.7 $614.4 $442.1 $23.8 $465.9 
Segment Profit as a Percentage of Net Sales
Tools & Outdoor21.0 %21.2 %19.6 %19.9 %15.0 %15.5 %
Industrial15.2 %15.7 %10.0 %10.5 %7.2 %7.7 %
Total20.0 %20.2 %18.1 %18.4 %13.8 %14.2 %
Fourth Quarter 2021Year-To-Date 2021
GAAP1
Acquisition-
Related Charges & Other2
Non-GAAP3
GAAP1
Acquisition-
Related Charges & Other2
Non-GAAP3
NET SALES
Tools & Outdoor$3,372.1 $— $3,372.1 $12,817.4 $— $12,817.4 
Industrial609.7 — 609.7 2,463.1 — 2,463.1 
Segment Net Sales3,981.8 — 3,981.8 15,280.5 — 15,280.5 
Corporate Overhead0.1 — 0.1 0.8 — 0.8 
Total$3,981.9 $— $3,981.9 $15,281.3 $— $15,281.3 
SEGMENT PROFIT
Tools & Outdoor$235.2 $150.8 $386.0 $1,985.4 $178.4 $2,163.8 
Industrial53.7 3.3 57.0 256.6 13.1 269.7 
Segment Profit288.9 154.1 443.0 2,242.0 191.5 2,433.5 
Corporate Overhead(95.3)5.6 (89.7)(342.9)31.1 (311.8)
Total$193.6 $159.7 $353.3 $1,899.1 $222.6 $2,121.7 
Segment Profit as a Percentage of Net Sales
Tools & Outdoor7.0 %11.4 %15.5 %16.9 %
Industrial8.8 %9.3 %10.4 %10.9 %
Total7.3 %11.1 %14.7 %15.9 %
1
The Company’s results represent continuing operations and exclude the automatic doors business following the announced divestiture in April 2022. The results of this business have been recorded as discontinued operations as part of the Security divestiture.
2
Acquisition-related charges and other relate primarily to a non-cash fair value adjustment, functional transformation initiatives, non-cash inventory step-up charges and facility-related costs.
3
The non-GAAP information, as reconciled to GAAP above, is considered relevant to aid analysis and understanding of the Company’s results, business trends and outlook measures aside from the material impact of acquisition-related and other charges and ensures appropriate comparability to operating results of prior periods.
2