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stanleyimagea04.jpg
美国
证券交易委员会
华盛顿特区20549
表格 10-Q

☑ 根据1934年证券交易法第13或15(d)节的季度报告

截至季度结束日期的财务报告2024年9月28日
或者
☐ 根据1934年证券交易法第13或15(d)节的转型报告书
针对从[            ]到[            ]的过渡期

委员会文件号 001-05224
史丹利百德公司。
（按其宪章规定的注册机构的确切名称）
CT 06-0548860
(公司实体的属地或其他管辖区)
公司注册或组织）		 （总部地址）
身份证号码)
1000 STANLEY DRIVE
新不列颠, CT 06053
（主要行政办公室地址和邮政编码）

注册人电话号码，包括区号 860 225-5111
在法案第12(b)条的规定下注册的证券：
每种类别的股份名称交易代码在以下所有交易所上市
普通股每股面值$2.50SWK请使用moomoo账号登录查看New York Stock Exchange
请勾选以下内容。申报人是否（1）在过去12个月内（或申报人需要报告这些报告的时间较短的期间内）已提交证券交易法规定的第13或15（d）条要求提交的所有报告；以及（2）过去90天内已被要求提交此类报告。    是  ☑否☐
请在对应的复选框内表示下文所提及的公司是否已在过去12个月之内（或为该公司要求提交该类文件的短于12个月的期间）以电子方式提交了必须根据S-T法规第405规则（本章第232.405条）提交的每一个互动数据文件。是  ☑    否  ☐
请用复选标记指示注册人是否为大型加速归档者、加速归档者、非加速归档者、较小的报告公司或新兴增长公司。请参阅《交易所法》第121亿.2条中“大型加速归档者”、“加速归档者”、“较小的报告公司”和“新兴增长公司”的定义。
大型加速存取器þ  快速提交者¨
非大型快速提交者¨  较小的报告公司☐
新兴成长公司☐
如果是新兴成长型企业，请勾选，表示注册人选择不使用根据证券交易法第13(a)节提供的遵守任何新的或修改的财务会计准则的延迟过渡期。 ¨
请在对应的复选框内表示下文所提及的公司是否为壳公司（如1934年第12b-2条规定所定义）。是☐不 ☑
154,163,874 截至2024年10月24日，发行人普通股的流通数量为。


目录
 

目录
第一部分 — 财务信息
项目1：简明合并基本报表

史丹利百利及戴克股份有限公司和其附属公司
综合收益（损失）及综合收益（损失）贯彻落实表
2024年9月28日至2023年9月30日止三个月及九个月
(未经审计，以万美元为单位，每股金额除外)
 
 第三季度年至今
 2024202320242023
净销售额$3,751.3 $3,953.9 $11,645.2 $12,044.6 
成本和费用
销售成本$2,630.7 $2,893.3 $8,274.9 $9,216.4 
销售、一般及行政费用790.0 791.8 2,467.8 2,449.2 
拨备7.1 2.5 9.7 7.5 
其他，净额86.4 94.0 392.9 224.3 
出售业务的亏损— — — 7.6 
资产减值损失46.9 124.0 72.4 124.0 
重组费用22.1 10.9 66.9 27.6 
利息收入(52.8)(50.2)(139.3)(135.2)
利息支出131.4 144.6 384.2 420.1 
$3,661.8 $4,010.9 $11,529.5 $12,341.5 
扣除所得税前继续经营业务盈利（亏损）89.5 (57.0)115.7 (296.9)
持续经营的所得税(1.6)(61.7)24.3 (291.3)
持续经营的净收益（亏损） $91.1 $4.7 $91.4 $(5.6)
安防-半导体销售损益(税前)— — 10.4 (0.8)
终止经营的所得税— — 2.4 (0.3)
终止经营的净收益(亏损)$— $— $8.0 $(0.5)
净收益（损失）$91.1 $4.7 $99.4 $(6.1)
综合收益（损失）总额$228.2 $(107.1)$73.1 $(94.2)
每股普通股基本收益(亏损):
持续经营业务$0.61 $0.03 $0.61 $(0.04)
已停业的业务$— $— $0.05 $— 
普通股每股基本盈利（亏损）总额$0.61 $0.03 $0.66 $(0.04)
普通股每股摊薄盈利（亏损）：
持续经营业务$0.60 $0.03 $0.60 $(0.04)
已停业的业务$— $— $0.05 $— 
普通股每股总摊薄盈利（亏损）$0.60 $0.03 $0.66 $(0.04)
请参阅 unaudited condensed consolidated financial statements 注释。
3
目录
史丹利百利及戴克股份有限公司和其附属公司
简明合并资产负债表
2024年9月28日和2023年12月30日
(未经审计，金额为万美元，除每股股份和每股金额外) 
9月28日，
2024		12月30日
2023
资产
流动资产
现金及现金等价物$298.7 $449.4 
应收账款及票据，净额1,503.1 1,302.0 
净存货4,630.0 4,738.6 
持有待售的流动资产— 140.8 
预付费用365.5 360.5 
其他资产33.6 26.0 
流动资产合计6,830.9 7,017.3 
物业、厂房和设备，净值2,063.0 2,169.9 
商誉8,004.4 7,995.9 
无形资产，净额3,787.1 3,949.6 
持有待售的长期资产— 716.8 
其他1,796.4 1,814.3 
总资产$22,481.8 $23,663.8 
责任和股东权益
流动负债
短期借款$387.4 $1,074.8 
长期债务的流动部分500.2 1.1 
应付账款2,405.2 2,298.9 
应计费用1,999.5 2,464.3 
待售的流动负债— 44.1 
总流动负债5,292.3 5,883.2 
长期债务5,604.1 6,101.0 
递延所得税207.9 333.2 
养老福利355.9 378.4 
持有待出售的长期负债— 84.8 
其他负债2,162.4 1,827.1 
承诺和或有事项 (附注 O 和 P)
股东权益
普通股，每股面值 $，授权股数：百万股；发行股数：分别为2024年6月30日和2023年12月31日：百万股；流通股数：分别为2024年6月30日和2023年12月31日：百万股2.50：
授权300,000,000 2024年和2023年发行了股票。
已发行；176,902,738 2024年和2023年发行了股票。
442.3 442.3 
保留盈余8,272.4 8,540.2 
股票认购应收款项。5,086.5 5,059.0 
累计其他综合损失(2,095.4)(2,069.1)
11,705.8 11,972.4 
减：库存中普通股的成本（22,755,2282024年股份总数为43,795,955股和23,282,650 2023年持有的股份)
(2,846.6)(2,916.3)
股东权益合计8,859.2 9,056.1 
负债和股东权益合计$22,481.8 $23,663.8 

请查阅未经审计的综合财务报表注释。
4
目录
史丹利百利及戴克股份有限公司和其附属公司
现金流量表简明综合报表
2024年9月28日至2023年9月30日止三个月及九个月
(未经审计的数十万美元)
 
第三季度年至今
 2024202320242023
营业收入
净收益（亏损）$91.1 $4.7 $99.4 $(6.1)
调整使净收益（亏损）与经营活动提供的现金相符的项目：
固定资产的折旧和摊销113.9 103.0 327.3 332.0 
无形资产摊销40.8 48.1 122.6 144.7 
出售业务的亏损— — — 7.6 
(出售)已停止经营业务的利润（损失）— — (10.4)0.8 
资产减值损失46.9 124.0 72.4 124.0 
股票补偿费用21.1 18.7 85.8 65.5 
营运资本变动(60.8)155.6 (22.8)253.3 
其他资产和负债的变化32.8 (10.2)(246.5)(499.8)
经营活动产生的现金流量285.8 443.9 427.8 422.0 
投资活动
资本和软件支出(86.5)(79.9)(239.4)(216.4)
出售企业的收益，减去售出现金— — 735.6 (5.7)
其他1.1 3.5 4.6 15.3 
投资活动中提供的现金（流出）(85.4)(76.4)500.8 (206.8)
筹资活动
债务发行所得款净额，扣除费用— (0.6)— 745.3 
净短期商业票据偿还(121.5)(266.4)(692.3)(594.3)
手工匠可变报酬支付— — — (18.0)
普通股的现金分红(123.6)(121.3)(367.2)(360.8)
其他10.8 0.6 5.7 (11.5)
融资活动使用的现金(234.3)(387.7)(1,053.8)(239.3)
汇率变动对现金、现金等价物及受限制资金的影响14.1 (23.6)(28.5)(28.7)
现金、现金等价物和受限制的现金的变动(19.8)(43.8)(153.7)(52.8)
期初现金、现金等价物及受限制的现金320.7 395.9 454.6 404.9 
现金、现金等价物和受限制现金余额，期末$300.9 $352.1 $300.9 $352.1 


下表提供了截至2024年9月28日和2023年12月30日的现金、现金等价物和受限现金余额的核对情况，如上所示：
2024年9月28日2023年12月30日
现金及现金等价物$298.7 $449.4 
包含在其他流动资产中的受限现金2.2 4.6 
包含在待售流动资产中的现金及现金等价物— 0.6 
现金、现金及现金等价物和受限现金$300.9 $454.6 
请参阅未经审计的简明合并财务报表附注。
5
目录
美国史丹利公司及其子公司
股东权益变动的合并报表
截至2024年9月28日和2023年9月30日的三个月及九个月
(未经审计，金额为万美元，除每股股份和每股金额外)


普通股
股票		额外
已支付
资本		留存收益
财报		累计
其他
综合的
Loss		财政部
股票		非-
控制
兴趣		股东的
股权
截至2023年12月30日的余额$442.3 $5,059.0 $8,540.2 $(2,069.1)$(2,916.3)$— $9,056.1 
净收益— — 19.5 — — — 19.5 
其他综合损失— — — (116.2)— — (116.2)
宣布的现金分红派息 — $0.81 每普通股$
— — (121.8)— — — (121.8)
普通股的发行 (303,005 股）
— (35.0)— — 38.8 — 3.8 
回购普通股（70,802 股票)
— — — — (6.3)— (6.3)
与股票相关的薪酬— 41.3 — — — — 41.3 
2024年3月30日余额$442.3 $5,065.3 $8,437.9 $(2,185.3)$(2,883.8)$— $8,876.4 
净损失— — (11.2)— — — (11.2)
其他综合损失— — — (47.2)— — (47.2)
已宣布现金分红 — $0.81 每普通股$
— — (121.8)— — — (121.8)
普通股发行（102,918 股）
— (8.1)— — 11.8 — 3.7 
普通股回购（21,451 股）
— — — — (1.4)— (1.4)
与股票相关的薪酬— 23.4 — — — — 23.4 
截至2024年6月29日的余额$442.3 $5,080.6 $8,304.9 $(2,232.5)$(2,873.4)$— $8,721.9 
净收益— — 91.1 — — — 91.1 
其他综合收益— — — 137.1 — — 137.1 
已宣告现金分红 — $0.82 每普通股$
— — (123.6)— — — (123.6)
普通股的发行 (239,387 股）
— (15.2)— — 29.1 — 13.9 
普通股的回购 (25,635 股票)
— — — — (2.3)— (2.3)
与股票相关的薪酬— 21.1 — — — — 21.1 
2024年9月28日的余额$442.3 $5,086.5 $8,272.4 $(2,095.4)$(2,846.6)$— $8,859.2 
6
目录
普通股
股票		额外的
实收
资本		留存收益
收益		累积的
其他
综合
损失		国库
股票		非公司治理股份
控制
利益		股东的
股权
2022年12月31日期末余额$442.3 $5,055.6 $9,333.3 $(2,119.5)$(2,999.6)$2.1 $9,714.2 
净损失— — (187.8)— — — (187.8)
其他综合收益— — — 52.8 — — 52.8 
宣布的现金分红金额为 — $0.80。
— — (119.8)— — — (119.8)
普通股发行（202,552股）
— (21.5)— — 24.6 — 3.1 
普通股的回购（58,377 股)
— — — — (4.8)— (4.8)
与股票挂钩的薪酬相关— 34.7 — — — — 34.7 
2023年4月1日的余额$442.3 $5,068.8 $9,025.7 $(2,066.7)$(2,979.8)$2.1 $9,492.4 
净收益— — 177.0 — — — 177.0 
其他综合损失— — — (29.1)— — (29.1)
宣布的现金分红派息— $0.80。
— — (119.7)— — — (119.7)
普通股发行（99,627股）
— (8.1)— — 12.1 — 4.0 
普通股回购（9,996股）
— — — — (0.8)— (0.8)
与股票相关的薪酬— 12.1 — — — — 12.1 
2023年7月1日余额$442.3 $5,072.8 $9,083.0 $(2,095.8)$(2,968.5)$2.1 $9,535.9 
净收益— — 4.7 — — — 4.7 
其他综合损失— — — (111.8)— — (111.8)
现金分红宣布 - $0.81。
— — (121.3)— — — (121.3)
普通股发行（104,624股）
— (8.4)— — 12.8 — 4.4 
回购普通股（12,176股）
— — — — (1.2)— (1.2)
与股价相关的薪酬— 18.7 — — — — 18.7 
2023年9月30日结余$442.3 $5,083.1 $8,966.4 $(2,207.6)$(2,956.9)$2.1 $9,329.4 
请参阅 unaudited condensed consolidated financial statements 注释。

7
目录
美国史丹利公司及其子公司
未经审计的简要合并基本报表附注
2024年9月28日

A.    重要会计政策

呈报基础

随附的未经审计的合并基本报表是根据美国会计原则（以下简称"公认会计原则"）为中期基本报表和遵循10-Q表格的说明以及S-X法规第10条的要求编制的，不包括公认会计原则对完整基本报表所需的所有信息和脚注。在管理层看来，已包括所有为公正呈现中期经营成果所认为必要的调整，这些调整都是正常且经常发生的。 截至2024年9月28日的三个月及九个月的运营结果，不一定代表可预期的完整财政年度的结果。有关更多信息，请参考美国史丹利公司的（"公司"）截至2023年12月30日的年度报告中包含的合并基本报表和脚注，以及向证券交易委员会（"SEC"）提交的后续相关文件。

2024 年 4 月 1 日，公司完成了对基础设施业务的出售。根据管理层出售该业务的承诺，截至2023年12月30日，公司简明合并资产负债表中与基础设施相关的资产和负债被归类为待售资产。此次剥离不符合已终止业务的资格，因此，其业绩已包含在公司截至出售之日的合并运营报表和持续经营综合收益（亏损）中。出售基础设施业务是公司战略承诺的一部分，该承诺旨在简化和简化其产品组合，将重点放在核心工具、户外和工业业务上。请参阅 注 Q，资产剥离， 以进一步讨论此次交易。

根据公认会计原则准备基本报表要求管理层进行估计和假设，这些估计和假设会影响基本报表中报告的金额。虽然管理层认为在准备基本报表时使用的估计和假设是合适的，但实际结果可能与这些估计有所不同。 某些在以前年度报告的金额已被重新分类以符合2024年的呈现。

b.    新会计准则

新会计标准已采纳 — 在2022年6月，金融会计准则委员会（"FASB"）发布了会计标准更新（"ASU"）2022-03， 公允价值计量（主题820）：受合同销售限制的股权证券的公允价值计量新标准澄清，股权证券的销售合同限制在测量证券的公允价值时不应考虑。新标准还要求对具有合同销售限制的股权证券进行某些披露。该ASU自2023年12月15日后开始的财政年度生效，包括该财政年度内的中期时段。公司在2024年第一季度采纳了该标准，且未对其合并基本报表产生重大影响。

近期发行的尚未采用的会计准则 — 在2023年12月，FASB发布了ASU 2023-09， 所得税（主题740）：改善所得税披露新的标准的发布旨在通过提供有助于投资者更好地理解一个实体的运营、税收风险、税务规划和运营机会如何影响其税率和未来现金流前景的信息，提高收入税披露的透明度和决策实用性。本次更新中的修正主要涉及要求在税率调整、已支付的所得税、继续经营的营业收入（损失）在所得税费用（收益）之前，以及继续经营的所得税费用（收益）中，提供更详细的信息披露。该ASU适用于2024年12月15日之后开始的财年，允许提前采用。该标准可以选择前瞻性或追溯性应用。公司目前正在评估此指导性意见，以判断其对公司合并基本报表可能产生的影响。

在2023年11月，FASB发布了ASU 2023-07， segment reporting (主题 280): 可报告分部披露的改进. 新标准通过修订要求改进可报告部门的披露要求，要求在中期和年度基础上披露重大部门费用和其他部门项目，并要求所有关于可报告部门利润或损失及资产的年度披露均以中期基础进行。该标准还要求披露首席运营决策者（“CODM”）的职称和职位，以及解释CODM如何在评估部门业绩和决定资源分配时使用报告的部门利润或损失指标。该标准还明确，如果CODM在评估部门业绩和决定资源分配时使用多个指标，公司可以报告额外的部门利润或损失指标，并且公司
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具有单一可报告业务板块的公司必须提供本修正案要求的所有披露。该ASU适用于2023年12月15日后开始的财政年度及2024年12月15日后开始的财政年度内的中期期间。该标准应追溯适用于所有在基本报表中列示的先前期间。公司目前正在评估该指引，以判断其可能对合并基本报表产生的影响。

C.    每股收益

下表对截至2024年9月28日和2023年9月30日的三个月和九个月的普通股基本和稀释每股收益（亏损）所用的净收益（亏损）以及加权平均流通股数进行了调节：
第三季度年初至今
2024202320242023
分子（百万）：
来自持续经营的净收益（亏损） $91.1 $4.7 $91.4 $(5.6)
来自终止经营的净收益（亏损）— — 8.0 (0.5)
净收益（损失）$91.1 $4.7 $99.4 $(6.1)

第三季度年初至今
2024202320242023
分母（以千为单位）：
基本加权平均流通股数150,580 149,799 150,405 149,687 
股票合同和奖励的稀释效应885 746 778 — 
稀释加权平均流通股数151,465 150,545 151,183 149,687 

第三季度年初至今
2024202320242023
普通股每股收益（亏损）：
普通股每股基本收益（亏损）：
持续运营$0.61 $0.03 $0.61 $(0.04)
中止运营$— $— $0.05 $— 
普通股每股总基本收益（亏损）$0.61 $0.03 $0.66 $(0.04)
普通股每股摊薄收益（亏损）：
持续运营$0.60 $0.03 $0.60 $(0.04)
中止运营$— $— $0.05 $— 
普通股每股摊薄收益（亏损）总额$0.60 $0.03 $0.66 $(0.04)


以下加权平均期权未计入加权平均摊薄流通股计算，因为其效果会是反摊薄的（以千为单位）：
第三季度年初至今
2024202320242023
期权数量5,063 5,048 5,265 5,547 

在2015年3月，公司与一家金融机构对方签署了一份远期股票购买合同，涉及 3,645,510 普通股的股份。该合同要求公司支付$350.0 百万美元，以及与合同远期部分相关的额外金额。2024年6月，公司将结算日期修改为2026年6月，或根据公司的选择提前结算。在2015年3月远期股票购买合同开始时，减少流通普通股的数量已记录，并计入当时加权平均流通股的计算中。
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D.    应收账款和应收票据净额
（百万美元）2024年9月28日2023年12月30日
贸易应收账款$1,260.9 $1,057.8 
应收票据86.4 66.9 
其他应收账款232.3 253.9 
应收账款和票据$1,579.6 $1,378.6 
信用损失备抵金(76.5)(76.6)
应收账款和票据，净额$1,503.1 $1,302.0 
交易应收账款分散于许多国家的大量零售商、经销商和工业客户账户中。已建立足够的储备金以覆盖预期的信用损失。

2024年9月28日和2023年9月30日结束的三个月和九个月的信贷损失准备金变化如下：
第三季度年至今
（百万美元）2024202320242023
期初余额$72.0 $88.0 $76.6 $106.6 
记入成本和费用7.12.59.77.5
其他，包括收回和扣除（a）(2.6)(2.1)(9.8)(25.7)
期末余额$76.5 $88.4 $76.5 $88.4 
金额表示核销减去收回款项，外币汇率变动的影响，剥离和其他帐户之间的净转账。
公司的付款条件通常与其业务所处的行业基本一致，全球范围内通常为30-90天。公司在产品交付和收到付款之间的时间跨度少于一年时，不会调整承诺的金额，以应对重大融资要素的影响。超过一年的合同中的任何重大融资要素将按时间分配到营业收入中。

公司设立了应收账款出售计划。根据条款，公司以公允价值向其全资拥有、合并的、与破产无关的特殊目的子公司（“BRS"）出售其部分贸易应收账款。BRS随后可以将这些应收账款卖给第三方金融机构（“购买方”）以获取现金。购买方对应收账款的最大现金投资金额为110.0百万美元。该计划的目的是为公司提供流动性。根据会计准则宗述（"ASC"）860，这些转让被确认为销售。 转移和服务当BRS将这些应收账款转售给购买方时，这些应收账款将从公司的合并资产负债表中摊销。公司对已转让的应收款项没有留有其他保留权益，除了收款和行政责任。截至2024年9月28日，公司根据其对服务费用、类似交易的市场价值以及服务已售应收账款的成本的评估，并未记录与其保留责任相关的服务资产或负债。

2024年9月28日和2023年12月30日，分别取消了净应收账款$83.91百万美元和110.0支出来源于应收账款转让给买方，分别为$百万106.41百万美元和270.72024年9月28日结束的三个月和九个月分别为支付给买方的支出$百万115.91百万美元和296.8分别为$百万。支出来源于应收账款转让给买方，分别为$123.21百万美元和300.0截至2023年9月30日的三个月和九个月，分别达到了$百万，向购买方的支付总额为$130.21百万美元和320.5，分别为$百万。该计划导致税前亏损$1.41百万美元和4.0，分别为2024年9月28日的三个月和九个月结束时的$百万。该计划导致税前亏损$1.61百万美元和3.9，分别达到了$百万，向购买方的所有现金流都作为运营活动中变动资本的一部分报告在现金流量表中，因为从购买方收到的所有现金都是在应收账款首次出售时收到的。

截至2024年9月28日和2023年12月30日，公司的递延营业收入总额为$105.8万美元和116.8 与受限制的股票单位有关的股票奖励支出基于公司股票价格的公平价值，其分摊期为归属期间，通常在之间。34.4万美元和31.7 百万，分别被分类为流动的。 截至2024年9月28日和2023年9月30日九个月的营业收入是此前在2023年12月30日和2022年12月31日被递延的，总额为$21.6万美元和17.62024年4月30日和2023年4月30日的六个月内的外汇重新计量净收益分别为$百万。
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E.存货，净额
（百万美元）2024年9月28日2023年12月30日
成品$3,020.0 $2,912.5 
在制品337.8 263.4 
原材料1,272.2 1,562.7 
总计$4,630.0 $4,738.6 

F.    善意
各业务部门商誉账面价值的变动如下：
（百万美元）工具与户外制造业总计
2023年12月30日余额$5,976.3 $2,019.6 $7,995.9 
外汇翻译和其他20.2 (11.7)8.5 
2024年9月28日余额$5,996.5 $2,007.9 $8,004.4 
总计$的商誉被重新分类为截至2023年12月30日待售资产。制造行业的商誉金额已包括在2023年第四季度和2024年第一季度确认的减记费用中，以调整制造行业长期资产的账面价值至在2024年第二季度业务出售前的预计公允价值减去销售成本。请参考540.5百万美元与制造行业相关的商誉已于2023年12月30日重新分类为待售资产。制造行业的商誉金额已包括在2023年第四季度和2024年第一季度的减值损失中，以调整制造行业长期资产的账面价值至其在2024年第二季度业务出售之前的预估公允价值减去销售成本。请参考 注意事项Q，剥离业务， 进一步讨论

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G.长期负债和融资安排
2024年9月28日2023年12月30日
（百万美元）利率名义金额未摊销折扣
未摊销收益/(亏损) 终止掉期合约 1
购买会计公允价值调整基本报表账面价值
账面价值
到期日2025年的应付票据2.30%$500.0 $(0.1)$— $— $(0.3)$499.6 $498.7 
到期日2026年的应付票据3.40%500.0 (0.2)— — (0.6)499.2 498.9 
到期日2026年的应付票据6.27%350.0 — — — (0.9)349.1 348.6 
到期日2026年的应付票据3.42%25.0 — — 0.7 — 25.7 26.0 
到期日2026年的应付票据1.84%28.0 — — 0.8 (0.1)28.7 28.5 
2028年到期的应付票据6.00%400.0 (0.3)— — (1.7)398.0 397.5 
2028年到期的应付票据7.05%150.0 — 4.1 3.9 — 158.0 159.7 
2028年到期的应付票据4.25%500.0 (0.1)— — (1.8)498.1 497.7 
2028年到期的应付票据3.52%50.0 — — 2.7 (0.1)52.6 53.1 
2030年到期的应付票据2.30%750.0 (1.4)— — (2.8)745.8 745.3 
2032年到期的应付票据3.00%500.0 (0.7)— — (2.6)496.7 496.3 
2040年到期的应付票据5.20%400.0 (0.2)(23.5)— (2.2)374.1 372.9 
2048年到期的应付票据4.85%500.0 (0.4)— — (4.5)495.1 495.0 
到期日2050年的应付票据2.75%750.0 (1.7)— — (7.3)741.0 740.7 
到期日2060年的应付票据（次级次级债务）4.00%750.0 — — — (8.4)741.6 741.4 
其他，分别于2024年至2027年支付不等数额
4.10%-4.31%
1.0 — — — — 1.0 1.8 
总长期债务，包括流动部分$6,154.0 $(5.1)$(19.4)$8.1 $(33.3)$6,104.3 $6,102.1 
（3）根据我的了解，本报告中包含的财务报表和其他财务信息在所有重大方面公允地反映了申报人的财务状况、经营业绩和现金流量，截至本报告披露的期间；(500.2)(1.1)
长期债务$5,604.1 $6,101.0 
1利率互换相关的未摊销收益/(亏损)在中有更详细的讨论 注释H，金融工具。
公司有一个5000万美元的无担保高级循环信贷设施，其中有一个未承诺的手风琴功能，可以将该设施的规模增加至1亿美元，视情况和其他银行承诺的可用性。该设施还提供以美元为单位的保函，保函子限额等于$3.5 数十亿美元的商业票据计划，其中包括以美元为单位的借款，以及欧元。截至2024年9月28日，公司的商业票据借款余额为$387.3万美元用于推迟的承销佣金和分配给衍生证券认购证明的发行成本，分别。387.1欧元名义商业票据中的百万美元被指定为净投资对冲。截至2023年12月30日，公司的欠款金额为$1.1数十亿美元的贷款尚未偿还，其中$399.7欧元名义商业票据中的百万美元被指定为净投资对冲。请参阅 注释H，财务工具，以获取更多讨论。

2024 年 6 月，公司修改并重述了其现有的 五年 $2.5 十亿美元的承诺信贷额度，同时执行一项新的信贷额度 五年 $2.25十亿美元的承诺信贷额度（”5-年度信贷协议”）。根据的借款 5-年度信贷协议可以用美元、欧元或英镑签订。金额的子限额等于欧元等值美元800.0 百万美元指定用于周转线预付款。借款按浮动利率计息，加上适用的保证金，具体取决于借款的面额和具体条款 5-年度信贷协议。公司必须偿还所有预付款 5-在2029年6月28日之前或终止时签订年度信贷协议。这个 5-年度信贷协议被指定为公司美元的流动性支持3.5 十亿美元和欧元的商业票据计划。截至2024年9月28日和2023年12月30日，该公司已经 不它上面画的 五年 承诺的信贷额度。

2024年6月，公司终止了其 364-天$1.5 亿美元承诺信贷设施（“2023年联合 364-天信贷协议”），该协议于2023年9月签订。截至2023年12月30日，2023年联合 no -天信贷协议终止时尚有未清偿金额。与此同时，公司签署了一份新的 364 亿美元银行1.25联合 364-天信贷协议（"2024年银团贷款 "）是一项循环信贷贷款。2024年银团贷款的借款可以以美元或欧元进行，按浮动利率加上适用的差额按照借款的币种及根据2024年银团信贷协议的条款支付利息。 364-天信贷协议借款可以以美元或欧元进行，按浮动利率加上适用的差额按照借款的币种及根据2024年银团授信协议的条款支付利息。 364-天信贷协议借款可以以美元或欧元进行，按浮动利率加上适用的差额按照借款的币种及根据2024年银团授信协议的条款支付利息。 364-天信贷协议借款可以以美元或欧元进行，按浮动利率加上适用的差额按照借款的币种及根据2024年银团授信协议的条款支付利息。 364公司必须在2024年银团授信协议规定的时间之前偿还所有借款，最迟于2025年6月27日或终止时。公司,但是，可以将终止时尚未偿清的所有借款转为一笔期限贷款，该贷款应在终止日期的第一个周年之前还清，前提是公司等其他条件下向行政代理支付每个贷款人的账户的费用。
12

2024年银团贷款协议 364-天信用协议是公司10亿美元和欧元商业票据计划的流动性后备措施之一3.5截至2024年9月28日，该公司尚未动用其2024年银团贷款协议 no天信用协议 364-天信用协议的额度.

The 5-年度授信协议和2024年银团授信协议，如上所述，包含习惯的肯定和否定契约，包括但不限于保持利息覆盖比例。利息覆盖比例用于检测契约符合性，将调整后的利息税前利润、折旧及摊销费用与调整后的净利息费用进行比较（"调整后息税前利润"/"调整后净利息费用"）。公司必须维持公司连续四个财政季度的利息覆盖比例不低于 364（-日授信协议中提到，包含习惯的肯定和否定契约，包括但不限于保持利息覆盖比例。利息覆盖比例用于检测契约符合性，将调整后的利息税前利润、折旧及摊销费用与调整后的净利息费用进行比较（"调整后息税前利润"/"调整后净利息费用"）。公司必须维持公司连续四个财政季度的利息覆盖比例不低于 3.50 到1.00，公司只需维持不低于（i） 1.50 到1.00，任何截止于公司2024年第二财政季度结束的四个季度期间，以及（ii） 2.50 到1.00，截止于公司2024年第二财政季度之后，直至公司2025年第二财政季度结束的四个季度期间。计算公司与利息覆盖比率相关的合规性时，根据每项授信协议定义的计算，公司被允许增加息税前利润以进行额外调整抵减2015年第二财政季度结束前产生的调整，前提是（A）合并公司2024年第二财政季度之前产生的适用调整的总额不得超过500百万美元；（B）合并公司2024年第三财政季度至公司2025年第二财政季度结束产生的适用调整的总额不得超过250百万美元；此外，任何四个季度期间适用调整的总额不得超过$500合计100万美元。

H。金融工具

公司面临来自外汇汇率、利率、股价和商品价格变化的市场风险。作为公司风险管理计划的一部分，可以使用各种金融工具，如利率互换、货币互换、购买货币期权、外汇合约和商品合约，以减轻利率风险、外汇风险和商品价格风险。

如果公司决定这样做，并且工具符合ASC 815中指定的标准， 衍生品和套期保值管理层将其衍生工具指定为现金流量套期保值、公允价值套期保值或净投资套期保值。通常，商品价格暴露不会通过衍生金融工具进行套期保值，而是通过客户定价倡议、采购驱动的成本削减倡议和其他生产率改进项目进行积极管理。金融工具不会被用于投机目的。

以下是截至2024年9月28日和2023年12月30日记入综合资产负债表的公司衍生工具公允价值摘要：
（百万美元）资产负债表：
分类		2024年9月28日2023年12月30日资产负债表
分类		2024年9月28日2023年12月30日
作为对冲工具指定的衍生工具：
汇率期货合同现金流其他资产$0.3 $0.1 应计费用$12.1 $4.9 
其他资产— — 其他负债2.2 — 
非衍生品指定为避险工具:
净投资套期保值$— $— 短期借款$387.1 $399.7 
作为套期保值工具指定的总额$0.3 $0.1 $401.4 $404.6 
未指定为对冲工具的衍生工具：
外汇合约其他资产$15.6 $8.4 应计费用$15.8 $13.0 
总计$15.9 $8.5 $417.2 $417.6 
所有板块上述金融工具的交易对手是主要的国际金融机构。公司面临的信用风险是在这些协议下的净交易，但不是在名义金额上。信用风险仅限于上述资产金额。公司通过与多元化的金融机构签约来限制其风险敞口和集中度，并不预计任何交易对手的不履约。公司认为
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其在每个报告期考虑其交易对手的履约风险，并相应调整这些资产的账面价值。违约风险被视为较小。截至2024年9月28日和2023年12月30日，并没有涉及上述金融工具的抵押资产。

截至2024年9月28日和2023年9月30日的九个月期间，与衍生品相关的现金流量（包括下文单独讨论的部分）导致净支付的现金金额为$11.9万美元和38.52024年4月30日和2023年4月30日的六个月内的外汇重新计量净收益分别为$百万。

现金流量套期交易

截至2024年9月28日和2023年12月30日，现金流套期效用报告的累计其他综合损失中，存在税后按市场价值计提的亏损$百万。47.5万美元和42.5 预计将在接下来的十二个月内，随着套期交易的发生或金额在摊销过程中，$百万的税后损失将重新分类至收益中。根据套期货币和利率在到期日之前的波动，认定的最终金额将有所变动。10.0 最终确认的金额将根据套期交易的发生或金额在未来十二个月内摊销的方式，以及利率期货和套期货币在到期日前的波动而变化。

下表详细列出了作为现金流量套期损益的衍生工具的税前金额，这些金额在2024年9月28日和2023年9月30日结束的三个和九个月内，即标的套期交易影响收益的时期。

2024年第三季度
（百万美元）获得（损失）
记录在OCI中		分类为
收益（损失）
重新分类自
从OCI到收入		收益（损失）
重新分类自
OCI变为收入		获得（损失）
确认于
不受有效性测试影响的金额上的收入
利率期货$— 利息支出$(1.5)$— 
外汇合约$(17.4)销售成本$0.5 $— 

2024年至今
（百万美元）获得（损失）
记录在权益法下		分类
收益（损失）
从OCI重新分类
从OCI到收益		收益（损失）
重新分类自
其他综合收益转入收入		获得（损失）
确认于
超效益测试排除金额的收入
利率期货$— 利息费用$(4.6)$— 
外汇合约$(9.2)销售成本$2.1 $— 

2023年第三季度
（百万美元）获得（损失）
记录在权益变动表		分类为
收益（损失）
重新分类自
从权益变动表到收益表		收益（损失）
从重新分类
从OCI到收入		获得（损失）
确认于
排除效力测试的金额上的收入
利率期货$— 利息支出$(1.5)$— 
外汇合约$11.0 销售成本$(0.7)$— 
2023年至今
（百万美元）获得（损失）
记录在经营成本之外		分类为
收益（损失）
重新分类自
从经营成本外计入损益表		收益（损失）
已重新分类为
其他综合收益转入收入		获得（损失）
确认于
金额排除有效性测试所用的收入
利率期货$— 利息费用$(4.6)$— 
外汇合约$6.5 销售成本$(1.1)$— 

关于现金流量套期会计对2024年9月28日至2024年9月30日和2023年9月30日前三个和九个月的综合收支表的税前影响的摘要如下：
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2024年第三季度2024年至今
（百万美元）销售成本利息费用销售成本利息费用
在其中记录现金流量套期交易效应的综合收益（损失）表中的总额$2,630.7 $131.4 $8,274.9 $384.2 
现金流量套期交易关系的盈利（亏损）：
汇率期货合约：
被对冲项目$(0.5)$— $(2.1)$— 
从其他综合收益重新分类至收入的盈利（亏损）$0.5 $— $2.1 $— 
利率互换协议：
从其他综合收益重新分类至收入的盈利（亏损） 1
$— $(1.5)$— $(4.6)
2023年第三季度2023年迄今为止
（百万美元）销售成本利息费用销售成本利息费用
综合收益（损失）的合并利润表中的总金额，其中记录了现金流量套期交易的影响$2,893.3 $144.6 $9,216.4 $420.1 
现金流量套期交易关系中的收益（损失）：
汇率期货合约：
被对冲项目$0.7 $— $1.1 $— 
在其他综合收益中重新分类为收入的收益（损失）$(0.7)$— $(1.1)$— 
利率掉期协议：
在其他综合收益中重新分类为收入的收益（损失） 1
$— $(1.5)$— $(4.6)
1 包括终止的衍生金融工具上的收益/损失摊销。

每股税后亏损$0.6万美元和1.0 百万美元分别从累积其他综合亏损中重新分类至收益（包括对终止衍生工具的摊销收益/损失）, 分别发生在影响三个月截至2024年9月28日和2023年9月30日的基础对冲交易的收益期间。每股税后亏损$1.4万美元和2.9 百万美元，分别从累积其他综合亏损中重新分类至收益（包括对终止衍生工具的摊销收益/损失）, 分别发生在影响九个月截至2024年9月28日和2023年9月30日的基础对冲交易的收益期间。

利率合约： 在之前的几年中，公司签订了利率互换协议，以获取位于可变和固定债务比例区间内的最低成本资金来源。这些互换协议被指定为现金流量套期保值，随后到期或终止，并将其收益/损失记录在累积其他综合损失中，并按摊销到利息费用。由于互换到期或终止产生的现金流量曾经在综合现金流量表的筹资活动中展示过。

截至2024年9月28日和2023年12月30日，公司没有任何未结转的远期起始互换，作为现金流量套期交易。

远期合约：通过其全球业务，该公司进行了以多种货币计价的交易和投资，从而产生外汇风险。 公司及其子公司定期从具有不同功能货币的子公司购买存货，这会在公司经营业绩中产生与货币相关的波动。 公司利用远期合同对这些预测购买和销售存货进行套期保值。 从累积其他全面损失中重新分类的收益和损失记录在销售成本中，因为套期项目会影响收入。 对于这些合同，没有被排除在有效性评估之外的元件。 截至2024年9月28日和2023年12月30日，未平值的远期货币合约名义价值分别为$734.3万美元和300.0 百万，分别于2025年和2024年通过各种日期到期。

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公允价值套期保值

利率风险：公司为了优化固定利率与浮动利率债务在资本结构中的比例，进行利率互换。在以前的年度，公司进行了与其应付票据相关的利率互换，随后被终止。以往终止互换的收益/损失摊销在利息费用中报告。在终止之前，互换的公允价值变动以及与基础票据相关的公允价值变动的相互抵消被认可为收益。截至2024年9月28日和2023年12月30日，公司没有任何活跃的公允价值利率互换。

截至2024年9月28日和2023年9月30日三个月和九个月的公允价值套期会计在综合收益表和综合收益（损失）中的税前影响总结如下：
（百万美元）2024年第三季度
利息费用		2024年至今
利息费用
在综合损益表中记录了公允价值套期交易的影响的总额$131.4 $384.2 
终止掉的掉期交易所得利润的摊销$(0.1)$(0.3)
（百万美元）2023年第三季度
利息费用		2023年迄今为止
利息费用
综合收益表中的总金额，其中记录了公允价值套期保值的影响$144.6 $420.1 
已终止互换的收益摊销$(0.1)$(0.3)

截至2024年9月28日和2023年12月30日，与公允价值套期保值相关的累积基础调整在精简合并资产负债表中记录的金额汇总如下：
2024年9月28日
（百万美元）
已对冲负债的账面金额 (1)
已计入对冲负债账面金额的公允价值对冲调整累计金额
长期负债的流动部分$500.2 已终止掉期 $— 
长期债务$532.1 已终止的掉期 $(19.4)
2023年12月30日
（百万美元）
对冲负债的账面金额 (1)
包含在对冲负债账面金额中的公允价值对冲调整累计金额
长期负债的流动部分$1.1 终止的掉期交易$— 
长期债务$532.6 终止的掉期交易$(19.7)
(1) 代表不再作为合格公允价值套期工具的套期项目。

净投资对冲

公司利用净投资对冲来抵消其对外国子公司资产和负债重新计量所产生的翻译调整。在其他综合损益累计额中，截至2024年9月28日和2023年12月30日的税后总额分别为利润$61.5万美元和64.9 百万。

截至2024年9月28日和2023年12月30日，公司没有任何净投资对冲，也没有未了结名义价值。截至2024年9月28日，公司持有价值$ 的欧元指数商业票据。387.1百万，2024年到期，用于对冲公司欧元指数净投资的一部分。截至2023年12月30日，公司持有价值$ 的欧元指数商业票据。399.7百万，2024年到期，用于对冲公司欧元指数净投资的一部分。

到期的汇率期货合同导致 no 在截至2024年9月28日和2023年9月30日的九个月内收到或支付的现金。
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投资套期保值的利润和损失在直到基础资产处置时仍保留在其他综合收益累计数中。 在评估有效性时被排除的元件所代表的利润和损失，按直线基础逐期认可在其他方面的收入中。套期保值解除后的利润和损失直接记录在综合收入（损失）的综合账户中的其他部分。

2024年9月28日和2023年9月30日结束的三个月和九个月的税前利润或损失，如下所示：
2024年第三季度
（百万美元）OCI记录的总利润（损失）OCI记录的排除成分利润表分类从OCI重新分类为收入的总利润（损失）从OCI摊销至收入的排除组成部分
远期合同$0.4 $— 其他，净额$— $— 
货币互换$0.1 $— 其他，净额$— $— 
非衍生工具，指定为净投资套期交易$(15.2)$— 其他，净额$— $— 

2024年至今
（百万美元）其他综合收益中记录的总收益（损失）其他综合收益中记录的排除成分利润表分类从其他综合收益重新分类至收入的总收益（损失）从其他综合收益摊销至收入的排除成分
远期合同$0.1 $— 其他，净额$— $— 
货币互换$0.1 $— 其他，净额$— $— 
非衍生品指定为净投资套期保值$(4.4)$— 其他，净额$— $— 
2023年第三季度
（百万美元）其他综合收益中记录的总利润（损失）在其他综合收益中排除的组成部分利润表分类从其他综合收益重新分类到收入的总利润（损失）从其他综合收益摊销到收入的排除组成部分
远期合同$(0.2)$— 其他，净额$— $— 
货币互换$— $— 其他，净额$— $— 
非衍生品指定为净投资套期保值$19.2 $— 其他，净额$— $— 
2023年迄今为止
（百万美元）OCI记录的总收益（损失）OCI记录的被排除组成部分利润表分类从OCI重新分类至收入的总收益（损失）从OCI摊销至收入的被排除组成部分
远期合同$— $— 其他，净额$— $— 
货币互换$(0.1)$— 其他，净额$— $— 
非衍生工具指定为净投资套期保值$9.4 $— 其他，净额$— $— 
未指定对冲

汇率期货合约：汇率期货远期合同用于降低特定以外币计价的资产和负债（例如关联公司贷款、应付款和应收账款）公允价值变动带来的风险。目标是最小化外币波动对经营业绩的影响。截至2023年12月30日，未到期远期合同的名义金额合计为$1.4 截至2024年9月28日，商誉累计减值损失为X亿美元1.0 ，分别到期日期为2024年各个日期。 根据ASC 815，截至2024年9月28日和2023年9月30日结束的三个月和九个月内，未指定为避险工具的衍生工具导致的公允价值变动在综合损益表中的损失如下：
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（百万美元）利润表分类第三季度
 2024		年至今
 2024		第三季度
 2023		年至今
 2023
外汇合约其他，净额$2.9 $(7.3)$(6.9)$(30.4)

I.    累计其他综合损失

以下表格总结了每个组成部分累计其他综合损失余额的变化:
（百万美元）货币翻译调整及其他现金流量套期交易的(损失)收益，税后净额净投资套期交易的收益(损失)，税后净额养老金的(损失)收益，税后净额总计
截至2023年12月30日的余额$(1,832.3)$(42.5)$64.9 $(259.2)$(2,069.1)
重新分类前的其他综合损失(11.8)(6.4)(3.4)(7.0)(28.6)
与业务销售相关的调整(6.0)— — — (6.0)
盈利的再分类调整— 1.4 — 6.9 8.3 
净其他综合损失(17.8)(5.0)(3.4)(0.1)(26.3)
2024年9月28日的结余$(1,850.1)$(47.5)$61.5 $(259.3)$(2,095.4)
（百万美元）货币翻译调整及其他现金流量套期交易的（损失）收益，税后净投资套期交易的收益，税后养老金的（损失）收益，税后总计
2022年12月31日余额$(1,907.4)$(44.5)$73.8 $(241.4)$(2,119.5)
重新分类前综合（损失）收益(108.6)6.1 7.0 (2.5)(98.0)
重新分类调整对收益— 2.9 — 7.0 9.9 
其他综合损益的净（亏）收益(108.6)9.0 7.0 4.5 (88.1)
2023年9月30日的余额$(2,016.0)$(35.5)$80.8 $(236.9)$(2,207.6)

公司使用投资组合方法，释放从累积其他综合损益中滞留的税务影响。 2024年9月28日和2023年9月30日结束的九个月内，从累积其他综合损益中重新分类如下：

（百万美元）20242023影响的明细在综合收益表中的损益表
现实化的收益（损失）对现金流量套期交易$2.1 $(1.1)销售成本
现实化的损失对现金流量套期交易(4.6)(4.6)利息费用
税前合计$(2.5)$(5.7)
所得税影响1.1 2.8 所得税
现金流量套期工具的实现损失，税后净额$(1.4)$(2.9)
确定福利养老金项目的摊销：
精算损失和往年归属成本/贷记$(8.3)$(8.3)其他，净额
结算亏损(0.7)(0.6)其他，净额
税前合计$(9.0)$(8.9)
所得税影响2.1 1.9 所得税
定义利益养老金项目的摊销，税后净额$(6.9)$(7.0)
18
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J. 净周期性福利成本-确定福利计划
以下是截至2024年9月28日和2023年9月30日三个月和九个月的净周期性养老金费用的组成部分:
 第三季度
养老金福利其他福利
美国计划非美国计划所有板块
（百万美元）202420232024202320242023
服务费用 $1.6 $2.0 $3.1 $2.8 $0.1 $0.1 
利息费用12.9 13.6 10.6 11.0 0.4 0.5 
计划资产预期回报(15.2)(15.5)(11.2)(10.5)— — 
往期服务成本（贷）摊销0.2 0.2 (0.2)(0.2)— — 
净损失（收益）摊销2.0 2.3 1.1 0.8 (0.4)(0.4)
结算/减少损失— — 3.4 0.5 — — 
净周期性养老金费用$1.5 $2.6 $6.8 $4.4 $0.1 $0.2 
 年至今
养老金福利其他福利
美国计划非美国计划所有计划
（百万美元）202420232024202320242023
服务成本$4.8 $6.1 $9.2 $8.4 $0.2 $0.2 
利息费用38.7 41.0 31.4 32.6 1.2 1.5 
计划资产预期回报(45.6)(46.6)(32.9)(31.1)— — 
先前服务成本的摊销（贷项）0.5 0.6 (0.6)(0.5)— — 
净损失（收益）摊销6.0 6.7 3.3 2.5 (0.9)(1.0)
解决/削减损失— — 3.5 0.6 — — 
净周期性养老金费用$4.4 $7.8 $13.9 $12.5 $0.5 $0.7 
除了服务成本元件之外，净周期性福利费用的其他组成部分包括在综合所得（损失）的其他元素中，于合并利润表和综合收益（损失）中。

k.    公允价值计量

ASC 820提供了衡量公允价值的框架，并要求对公允价值计量进行额外披露。根据ASC 820的规定，该计划将其投资分类为Level 1，这是指使用相同资产的活跃市场的报价价格衡量的证券；Level 2，这是指未在活跃市场上交易的，但市场可观察的输入很容易得到的证券；和Level 3，这是指根据重大不可观察的输入衡量的证券。整个投资是基于对公允价值衡量具有重大影响的最低水平的输入进行分类。公允价值计量, 定义、建立了一个一致的框架来衡量并扩大关于公允价值的披露要求。ASC 820要求公司在衡量公允价值时最大限度地利用可观察输入，并最小化使用不可观察输入。可观察输入反映从独立来源获取的市场数据，而不可观察输入反映公司的市场假设。这两种类型的输入形成了以下公允价值层次结构：
一级——在活跃市场上报价的相同工具。
二级资料-在有活跃市场的情况下为类似工具报价；在市场不活跃的情况下为相同或类似工具报价；以及基于模型的估值，其数据和重要价值驱动因素是可观测的。
三级 — 使用不可观测输入进行估值的工具。
公司面临着来自外币汇率、利率、股价和商品价格变化的市场风险。 公司持有各种金融工具来管理这些风险。 这些金融工具按公允价值计量，并纳入ASC 820范围内。 公司通过使用矩阵或模型定价来确定这些金融工具的公允价值，该定价方法利用市场利率和汇率等可观察输入。 在确定缺乏1级证据的公允价值时，公司考虑了各种因素，包括以下：类似工具的交易或市场报价、时间价值和波动性因素、公司自身的信用评级以及交易对手的信用评级。
19
目录
在确定所持投资的公允价值时，公司主要依赖于独立第三方评估者对证券的公允估价。该公司还审核估值过程中使用的输入，并在进行自己的经纪人引用价格的内部收集后对证券的定价进行合理性评估。独立第三方评估者提供的所有投资类别的公允价值，如果超过公司确定的公允价值的一定百分比，则会与独立第三方评估者沟通，并考虑其合理性。独立第三方评估者在确定他们最初的定价是否合理之前，会考虑公司提供的信息。
下表列出了公司的金融资产和负债，这些资产和负债根据层次结构定期以公允价值计量。
（百万美元）总计
账面价值
数值		第一层次二级Level 3
2024年9月28日
货币型基金$14.0 $14.0 $— $— 
Nine Months Ended$16.9 $16.9 $— $— 
衍生工具资产$15.9 $— $15.9 $— 
衍生工具负债$30.1 $— $30.1 $— 
非衍生对冲工具$387.1 $— $387.1 $— 
待定对价负债$169.5 $— $— $169.5 
2023年12月30日
货币型基金$12.3 $12.3 $— $— 
延期薪酬计划投资$20.2 $20.2 $— $— 
衍生工具资产$8.5 $— $8.5 $— 
衍生工具负债$17.9 $— $17.9 $— 
非衍生对冲工具$399.7 $— $399.7 $— 
待定对价负债$208.8 $— $— $208.8 
下表提供了公司未按公允价值计量的财务资产和负债的信息。
 2024年9月28日2023年12月30日
（百万美元）携带
价值		公平
价值		携带
价值		公平
价值
其他投资$4.0 $3.9 $6.0 $5.8 
长期债务，包括流动部分$6,104.3 $5,710.2 $6,102.1 $5,512.8 
与西海岸装载公司（"WCLC"）信托相关的货币市场基金和其他投资被视为公允价值层次内的一级工具。工业电动机市场递延补偿计划投资被视为一级工具，并记录在其报价市场价格上。上表中衍生金融工具的公允价值基于当前结算价值。
长期债务工具被视为2级工具，使用基于公司边际借款利率的折现现金流分析进行计量。长期债务的账面价值与公允价值之间的差异归因于声明的利率与公司边际借款利率不同。公司可变利率短期借款的公允价值大致等于其2024年9月28日和2023年12月30日的账面价值。
作为2017年3月收购Craftsman®品牌的一部分，公司记录了一项有条件的考虑义务，代表公司向运营西尔斯和Kmart零售店的Transform Holdco，LLC未来支付之间的 2.5%和3.5透过2032年3月向斯坦利黑德克新渠道销售Craftsman产品的销售额的%。在2024年9月28日结束的九个月内，公司支付了 $29.7百万 用于支付拖欠的版税。公司将继续通过2032年第二季度每季度进行未来支付。有条件考虑义务的估计公允价值是通过使用贴现现金流分析确定的，考虑未来销售预测、根据合同版税率预测支付给Transform Holdco，LLC的付款以及相关的税收影响。有条件考虑义务的估计公允价值为$169.5百万美元和美元208.8百万 截至2024年9月28日和2023年12月30日。 除现金支付以外，与计入综合损益的SG&A中的应计对赌支付相应调整。 100 基点贴现率降低将导致责任增加约 $4.6百万美元截至2024年9月28日。

关于公允价值的单一估计源自对未来事件和不确定性的一系列复杂判断，并且在很大程度上依赖于估计和假设。 用于确定上述讨论的预计待定补偿责任的公司判断，包括预计的未来销售预测，可能会对公司的经营业绩产生重大影响。
20
目录

请参阅 请参考H注，金融工具，有关衍生金融工具的更多详细信息，请 请参考O注，附带条件 ，有关与WCLC信托相关的其他投资的更多详细信息，请 请参考G注，长期债务和融资安排，有关长期债务的账面价值的更多信息。

非经常性公允价值衡量。

本公司参与了一个合资经营，拥有的经济利益为%。由于公司对该实体具有重大影响力但无控制能力，因此采用权益法对该合资经营进行会计处理。在2024年第一季度和2023年第四季度，该公司记录了减值损失，以调整2024年4月1日出售的基础设施业务的长期资产的账面价值。 这些资产被视为三级公允价值计量。请参阅 Q注，剥离业务 进一步讨论。

此外，公司在2024年第三季度记录了与Lenox商标相关的减值损失，这被视为三级公平价值衡量。此前，公司在2023年第三季度记录了与Irwin和Troy-Bilt商标相关的减值损失，这也被视为三级公平价值衡量。请参阅 注释L，重组和其他费用， 进行进一步讨论。 公司在2024年或2023年前九个月没有其他重要的非经常性公平价值衡量，也没有使用三级输入进行衡量的其他金融资产或负债。

L.    重新组织费用和其他成本

2023年12月30日至2024年9月28日重组准备金活动摘要如下： 
（百万美元）12月30日
2023		新增用户数使用货币9月28日,
2024
离职和相关成本$25.8 $40.5 $(35.7)$(0.2)$30.4 
设施关闭和其他3.1 26.4 (26.0)— 3.5 
总计$28.9 $66.9 $(61.7)$(0.2)$33.9 
截至2024年9月28日的三个和九个月，公司确认了约$个亿的净重组费用22.1万美元和66.9 主要与离职成本和设施关闭费用有关。截至2024年9月28日，剩余的$个亿储备中，预计将在接下来的12个月内使用大部分。33.9 截至2024年9月28日，剩余的$个亿储备中，预计将在接下来的12个月内使用大部分。
片段：检测类型（血统和亲属关系测试，营养基因组学测试，预测测试，携带者测试，其他测试类型）；技术（单核苷酸多态性（SNP）芯片，靶向分析，整个基因组测序（WGS））；分销渠道（在线，非处方药）截至2024年9月28日的九个月，净重组费用为1000万美元66.9 其中包括工具及户外部门的200万美元；工业部门的300万美元；以及企业的400万美元。55.6 截至2024年9月28日的九个月，净重组费用为1000万美元6.4 其中包括工具及户外部门的200万美元；工业部门的300万美元；以及企业的400万美元。4.9 其中包括工具及户外部门的200万美元；工业部门的300万美元；以及企业的400万美元。
从2023年12月31日至2024年3月31日，净合同资产增加$22.1 2024年9月28日结束的三个月净重组费用包括：$21.0 工具和户外部门里的$1.1 工业部门里的$。
其他项主要包括无形资产摊销费用、货币相关收益或损失、环保母基费用、交易成本及相关咨询费用，以及某些养老金收益或损失。其他项金额为$86.4万美元和94.0 百万，分别为2024年9月28日和2023年9月30日结束的三个月。同比减少主要是由于投资减值减少。其他项金额为$392.9万美元和224.3 百万，分别为2024年9月28日和2023年9月30日结束的九个月。同比增加主要是由于Centredale地点环保母基储备调整所致，详见 O注意事项，应收款项.
2024年，公司继续执行其主要品牌优先和投资策略，同时更加集中地利用其特定品牌。由于这些持续的品牌优先努力，并且在准备截至2024年9月28日的季度财务报表时，公司采用折现现金流估值模型对其无限期使用的商标进行减值测试。使用的关键假设包括折现率、专利费率和永续增长率，这些应用于更新后的销售预测。公司确定其无限期使用的商标的公允价值超过了各自的账面价值，但Lenox商标除外。公司在2024年第三季度确认了与该商标相关的一笔先前税前非现金减值费用，金额为$41.0百万。在这次减值费用之后，Lenox的账面价值总计为$115.0」百万。公司打算无限期继续使用这一商标，该商标代表Tools & Outdoor部门2023年净销售额的 2%。在2023年第三季度，公司认定与Irwin和Troy-Bilt商标相关的一笔先前税前非现金减值费用，金额为$124.0」百万。有关更多信息，请参阅截至2023年12月30日年末的公司10-K表格的年度报告。

21
目录
M.    所得税

根据ASC 740的规定， 所得税公司在每个季度报告期估计其年度有效税率。在中期报告期间的税费或利益是通过将估计的年度有效税率应用于收入或亏损来计算的，并根据离散报告期间收入和费用项目的税收影响进行调整。用于根据年初基础确定所得税的预估年度有效税率可能会在随后的中期报告期间发生变化。当发生对预估年度有效税率的更改时，先前的中期至今年度税费或税收益将被调整以反映修订后的预估年度有效税率。任何调整都将记录在更改发生的期间。

截至2024年9月28日的三个季度和九个月，公司从持续经营活动中确认了一个所得税收益，金额分别为$1.6百万美元和2023年同期的所得税费用24.3 百万，分别对应的有效税率为(1.8)%和21.0%，分别所得的三个月截至2024年9月28日的有效税率由于之前未被确认的外国递延税资产的确认、不确定税务职位准备金的重新估算、税收抵免、州所得税等原因，主要差异于美国法定税率的21%，部分抵消了不可抵扣的费用和对外国收入的美国税。对于截至2024年9月28日的九个月，主要驱动因素与上述讨论的相一致，总体上导致相当于美国法定税率21%的有效税率。

截至2023年9月30日的三个和九个月，公司从持续经营活动中确认了一笔所得税利益$61.7万美元和291.3百万，税收净额分别为108.2%和98.1%。2023年9月30日结束的三个月中，所得税利益包括一个额外的临时税收利益，以反映估计的年度有效税率变化对前期年度累计税收利益的影响，在2023年第四季度中逆转。截至2023年9月30日的三个和九个月的有效税率与美国21%的法定税率有所不同，主要是由于与某些无形资产的公司内部资产转让相关的税收利益，以不同于美国税率的税率纳税的外国收益税，州所得税和税收抵免，部分抵消了美国对外国收益，不可抵扣费用以及不确认税收利益的损失。

公司在评估和估计税务立场以及对所得税费用的影响时考虑了许多因素，这可能需要定期调整，并且可能无法准确预测实际结果。未识别利益的数额有可能在未来十二个月内显著增加或减少，与公司未识别税务立场有关。然而，基于与相关税务机构完成审计以及正式法律程序相关的不确定性，无法合理估计任何此类变化的影响。

N.业务领域和地理区域

公司的业务分为以下分类： 两个 可报告的业务部门：工具和户外以及工业。
工具与户外板块由 电力工具集团（"PTG"），手动工具，配件与储藏（"HTAS"）以及户外动力设备（"Outdoor"）产品线组成。PTG产品线包括专业和消费者产品。专业产品主要以DEWALT®品牌为主，包括专业级有线和无线电动工具和设备，包括钻头，冲击扳手和扭力扳手，磨床，锯床，路由器和磨光机，以及气动工具和固定件，包括气钉枪，钉子，订书机和订书钉，以及混凝土和砖瓦锚。DIY和专业人士的产品包括主要以CRAFTSMAN®品牌销售的有线和无线电动工具，以及消费者家用产品，如手持吸尘器，油漆工具和以BLACK+DECKER®品牌为主的清洁器具。HTAS产品线销售手动工具，电动工具配件和存储产品。手动工具包括测量，水平和布局工具，刨子，锤子，拆除工具，夹子，虎钳，刀具，锯，凿子以及工业和汽车工具。电动工具配件包括钻头，螺丝刀头，路由器刀头，研磨材，锯片和螺纹产品。存储产品包括工具箱，锯架，医疗柜和工程存储解决方案产品。户外产品线主要销售有线和无线电动草坪和花园产品，包括修枝剪，切草机，割草机，高压清洗机和相关配件，以及汽油动力草坪和花园产品，包括草坪拖拉机，零转向乘骑割草机，手推式割草机，除雪机，住宅用机器人割草机，多用途地形车辆（UTVs），手持户外动力设备，园艺工具，以及DEWALT®，CRAFTSMAN®，CUb CADET®，BLACK+DECKER®和HUSTLER®品牌名下的配件和专业人士和消费者。
工业部门由2024年4月出售之前的工程紧固业务和基础设施业务组成。工程紧固业务主要销售高度工程化的元件，如紧固件、配件和各种工程产品，专为跨多个垂直领域的特定应用而设计。产品线包括外螺纹紧固件、盲铆钉和工具、盲螺柱和工具、拉弧焊接螺柱及系统、工程塑料和机械紧固件、自在铆接系统、精密螺母运行系统、微型紧固件、高强度结构紧固件、轴扣、门闩、隔热罩、销钉和联轴器。
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本公司利用分部利润来评估每个部门的盈利能力，分部利润定义为净销售减去销售成本以及包括信贷损失准备金在内的销售和行政费用，并将分部利润占净销售的比例。部门之间的交易不重大。分部资产主要包括现金、应收账款、存货、其他流动资产、房地产、厂房和设备、租赁权利资产和无形资产。净销售和长期资产根据最终客户和公司附属公司的地理位置归属于地理区域。
 第三季度年至今
（百万美元）2024202320242023
净销售额
工具与户外$3,263.3 $3,355.3 $10,076.6 $10,212.9 
制造业488.0 598.6 1,568.6 1,831.7 
合并后的$3,751.3 $3,953.9 $11,645.2 $12,044.6 
分段利润
工具与户外$327.5 $273.4 $899.3 $394.1 
制造业70.2 62.5 202.2 201.5 
分段利润397.7 335.9 1,101.5 595.6 
公司管理费用(74.2)(69.6)(208.7)(224.1)
其他，净额(86.4)(94.0)(392.9)(224.3)
出售业务的亏损— — — (7.6)
资产减值损失(46.9)(124.0)(72.4)(124.0)
重组费用(22.1)(10.9)(66.9)(27.6)
利息收入52.8 50.2 139.3 135.2 
利息费用(131.4)(144.6)(384.2)(420.1)
持续经营(亏损)税前盈利$89.5 $(57.0)$115.7 $(296.9)
企业总部费用包括SG&A的企业总部要素，不会分配给业务部门。
公司根据履行义务时间的不同，将营业收入分为一次性收入和逐步收入。截至2024年9月28日和2023年9月30日的三个月和九个月，公司大部分营业收入是在销售时确认的。截至2024年9月28日的三个月和九个月，工业部门逐步确认的总分部营业收入占比为 3.3%和3.2%，分别。截至2023年9月30日的三个月和九个月，工业部门逐步确认的总分部营业收入占比为 2.1%和2.0，分别。
以下表格是制造行业营业收入的进一步细分，截至2024年9月28日和2023年9月30日的三个月和九个月:
第三季度年至今
（百万美元）2024202320242023
Engineered Fastening$488.0 $496.3 $1,476.0 $1,470.0 
制造行业— 102.3 92.6 361.7 
制造业$488.0 $598.6 $1,568.6 $1,831.7 
以下表格是2024年9月28日和2023年12月30日各业务部门资产总览：
（百万美元）2024年9月28日2023年12月30日
工具与户外$18,787.2 $18,960.8 
制造业4,090.9 4,081.7 
22,878.1 23,042.5 
待售资产— 857.6 
公司资产(396.3)(236.3)
合并后的$22,481.8 $23,663.8 
公司资产主要包括现金、递延税款、房地产、厂房和设备以及租赁资产。根据公司现金池安排的性质，有时与公司相关的现金账户会处于净负债位置。
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地理区域

以下表格总结了2024年9月28日和2023年9月30日结束的三个月和九个月的按地理区域划分的净销售额：
第三季度年初至今
（百万美元）2024202320242023
美国$2,337.7 $2,522.5 $7,209.1 $7,545.5 
加拿大177.2 185.2 582.8 598.2 
其他美洲229.2 231.8 664.5 646.3 
欧洲703.2 699.0 2,291.8 2,316.4 
亚洲304.0 315.4 897.0 938.2 
合并$3,751.3 $3,953.9 $11,645.2 $12,044.6 
1.    优莎娜健康科学公司及其子公司
公司参与了涉及环保母基、雇佣、产品责任、劳工赔偿索赔和其他事项的各种法律诉讼。公司定期与内部和外部律师以及保险风险精算师 review 这些诉讼的进展情况。管理层相信这些事项的最终解决不会对整体运营或财务状况产生重大不利影响。
政府调查
2024年1月19日，公司收到了消费产品安全委员会（“CPSC”）合规与现场运营部门（“部门”）通知，部门打算建议对公司处以约$百万的民事罚款，理由是涉嫌未及时报告某些在2019年9月和2022年3月分别进行自愿召回的配电柜和斜切锯。公司认为对部门的指控有抗辩理由，并在2024年2月29日与部门会议及在同年3月29日提交的书面申辩中提出了自己的抗辩意见。2024年4月1日，部门通知公司的律师，部门打算建议CPSC将此事转交给美国司法部（“DOJ”）。2024年5月1日，公司获悉CPSC决定将此事转交给DOJ。自那时起，公司未收到来自CPSC或DOJ的进一步通知，因此无法评估任何潜在损失或对其财务状况造成的不利影响的可能性，也无法估计因此事可能产生的潜在损失金额。322024年1月19日，公司收到了消费者产品安全委员会的合规与现场运营部门（以下简称 '部门' ）通知，部门打算就某些在2019年9月和2022年3月分别进行自愿召回的实用杆和斜切锯未及时报告的指控建议对公司处以约$百万的民事罚款。公司认为对部门的指控有抗辩理由，并已在2024年2月29日与部门会面及在同年3月29日提交的书面申辩中提出了辩护意见。2024年4月1日，部门通知公司的律师，部门打算建议将此事转交给美国司法部。 2024年5月1日，公司得知，消费者产品安全委员会投票将此事移交给了美国司法部。自那时起，公司未收到消费者产品安全委员会或美国司法部关于此事的进一步通知，因此无法评估潜在损失或不利对其财务状况的影响，也无法估计此事可能带来的潜在损失数额。
该公司先前披露，已确定涉及其国际业务的某些交易可能涉及美国《反海外腐败法》（FCPA）的合规问题，并自愿向美国司法部（DOJ）和美国证券交易委员会（SEC）披露了这些信息。最近，SEC和DOJ通知该公司，他们已经结束了对这些事项的调查，并没有针对该公司采取任何行动。
公司致力于维护最高标准的公司治理，并不断关注确保其政策、程序和控制措施的有效性。公司正在通过专业顾问的帮助，审查并进一步加强相关政策、程序和控制措施。
类集体诉讼
如先前披露的，2023年3月24日，美国康涅狄克地区联邦法院针对公司及公司的某些现任和前任高管和董事提起了一项名为Rammohan集体诉讼的诉讼案件（以下简称“Rammohan 集体诉讼”），案号为3:23-cv-00369-KAD。 Naresh Vissa Rammohan诉Stanley Black & Decker, Inc.等人，案件编号为3:23-cv-00369-KAD。Rammohan 集体诉讼）是针对公司及公司的某些现任和前任高管和董事在2021年10月28日至2022年7月28日之间购买Stanley Black & Decker普通股的所有消费者构成的声称的类别的投诉。Rammohan 集体诉讼
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Derivative Actions
As previously disclosed, on August 2, 2023 and September 20, 2023, derivative complaints were filed in the United States District Court for the District of Connecticut, titled Callahan v. Allan, et al., Case No. 3:23-cv-01028-OAW (the “Callahan Derivative Action”) and Applebaum v. Allan, et al., Case No. 3:23-cv-01234-OAW (the “Applebaum Derivative Action”), respectively, by putative stockholders against certain current and former directors and officers of the Company premised on the same allegations as the Rammohan Class Action. The Callahan and Applebaum Derivative Actions were consolidated by Court order on November 6, 2023, and defendants’ responses to both complaints have been stayed pending the disposition of any motions to dismiss in the Rammohan Class Action. The individual defendants intend to vigorously defend the Callahan and Applebaum Derivative Actions in all respects. However, given the early stage of this litigation, at this time, the Company is not in a position to assess the likelihood of any potential loss or adverse effect on its financial condition or to estimate the amount or range of potential losses, if any, from these actions.
On October 19, 2023, a derivative complaint was filed in Connecticut Superior Court, titled Vladimir Gusinsky Revocable Trust v. Allan, et al., Docket Number HHBCV236082260S, by a putative stockholder against certain current and former directors and officers of the Company. Plaintiff seeks to recover for alleged breach of fiduciary duties and unjust enrichment under Connecticut state law premised on the same allegations as the Rammohan Class Action. By Court order on November 11, 2023, the Connecticut Superior Court granted the parties’ motion to stay defendants’ response to the complaint pending the disposition of any motions to dismiss in the Rammohan Class Action. The individual defendants intend to vigorously defend this action in all respects. However, given the early stage of this litigation, at this time, the Company is not in a position to assess the likelihood of any potential loss or adverse effect on its financial condition or to estimate the amount or range of potential losses, if any, from this action.
Environmental
In the normal course of business, the Company is a party to administrative proceedings and litigation, before federal and state regulatory agencies, relating to environmental remediation with respect to claims involving the discharge of hazardous substances into the environment, generally at current and former manufacturing facilities. In addition, some of these claims assert that the Company is responsible for damages and liability, for remedial investigation and clean-up costs, with respect to sites that have never been owned or operated by the Company, but the Company has been identified as a potentially responsible party ("PRP").
In connection with the 2010 merger with Black & Decker, the Company assumed certain commitments and contingent liabilities. Black & Decker is a party to litigation and administrative proceedings with respect to claims involving the discharge of hazardous substances into the environment at current and former manufacturing facilities and has also been named as a PRP in certain administrative proceedings.
The Company, along with many other companies, has been named as a PRP in numerous administrative proceedings for the remediation of various waste sites, including 23 active Superfund sites. Current laws potentially impose joint and several liabilities upon each PRP. In assessing its potential liability at these sites, the Company has considered the following: whether responsibility is being disputed, the terms of existing agreements, experience at similar sites, and the Company’s volumetric contribution at these sites.
The Company’s policy is to accrue environmental investigatory and remediation costs for identified sites when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. If no amount in the range of probable loss is considered most likely, the minimum loss in the range is accrued. The amount of liability recorded is based on an evaluation of currently available facts with respect to each individual site and includes such factors as existing technology, presently enacted laws and regulations, and prior experience in remediation of contaminated sites. The liabilities recorded do not take into account any claims for recoveries from insurance or third parties. As assessments and remediation progress at individual sites, the amounts recorded are reviewed periodically and adjusted to reflect additional technical and legal information that becomes available. As of September 28, 2024 and December 30, 2023, the Company had reserves of $281.6 million and $124.5 million, respectively, for remediation activities associated with Company-owned properties, as well as for Superfund sites, for losses that are probable and estimable. Of the September 28, 2024 amount, $54.3 million is classified as current within Accrued expenses and $227.3 million as long-term within Other liabilities which is expected to be paid over the estimated remediation period. As of September 28, 2024, the Company's net cash obligations, including the West Coast Loading Corporation ("WCLC") assets discussed below, is $264.4 million. As of September 28, 2024, the range of environmental remediation costs that is reasonably possible is $198.0 million to $416.5 million which is subject to change in the near term. The Company may be liable for environmental remediation of sites it no longer owns. Liabilities have been recorded on those sites in accordance with the Company's policy.
West Cost Loading Corporation
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As of September 28, 2024, the Company has recorded $17.2 million in other assets related to funding received by the Environmental Protection Agency (“EPA”) and placed in a trust in accordance with the final settlement with the EPA, embodied in a Consent Decree approved by the United States District Court for the Central District of California on July 3, 2013. Per the Consent Decree, Emhart Industries, Inc. (a dissolved and liquidated former indirectly wholly-owned subsidiary of The Black & Decker Corporation) (“Emhart”) has agreed to be responsible for an interim remedy at a site located in Rialto, California and formerly operated by WCLC, a defunct company for which Emhart was alleged to be liable as a successor. The remedy will be funded by (i) the amounts received from the EPA as gathered from multiple parties, and, to the extent necessary, (ii) Emhart's affiliate. The interim remedy requires the construction of a water treatment facility and the treatment of ground water at or around the site for a period of approximately 30 years or more. As of September 28, 2024, the Company's net cash obligation associated with these remediation activities, including WCLC assets, is $9.3 million.
Centredale Site
On April 8, 2019, the United States District Court approved a Consent Decree documenting the terms of a settlement between the Company and the United States for reimbursement of EPA's past costs and remediation of environmental contamination found at the Centredale Manor Restoration Project Superfund Site ("Centredale site"), located in North Providence, Rhode Island. Black & Decker and Emhart are liable for site clean-up costs under the Comprehensive Environmental Response, Compensation, and Liability Act ("CERCLA") as successors to the liability of Metro-Atlantic, Inc., a former operator at the Centredale site. The Company is complying with the terms of the settlement and has fully reimbursed the EPA for its past costs. Remediation work at the Centredale site remains ongoing. Technical and regulatory issues have arisen in connection with the disposal methods selected and described in the statement of work for contaminated Centredale site soils and sediment. Emhart’s contractor is working with the EPA and the Rhode Island Department of Environmental Management (“RIDEM”) to develop alternatives. Based on these evolving technical and regulatory discussions, in the second quarter of 2024, the EPA and RIDEM began implementing regulatory changes that suggest that offsite landfill disposal now represents the most probable remedial alternative for the disposal of contaminated Centredale site soils and sediments. Significant open technical and regulatory issues relating to the implementation of this disposal alternative remain, including final EPA and RIDEM approvals, and further developments may result in additional or different remedial actions. Emhart’s contractor’s assessment of the offsite landfill disposal alternative involves soil and sediment volume estimates that could also change or increase as additional design investigations are performed at the site, which may further impact the remediation process. Emhart has recently entered into a cooperative agreement with the Federal and State Natural Resource Trustees to collectively conduct an assessment of what, if any, Natural Resource Damages may be associated with the contamination at the Centredale Site. Litigation continues in the District Court concerning Phase 3 of the case, which is addressing the potential allocation of liability to other PRPs who may have contributed to contamination of the Centredale site with dioxins, polychlorinated biphenyls and other contaminants of concern. Based on the regulatory changes, and remedial developments currently contemplated by the EPA and the State of Rhode Island as described above, the Company increased its reserve for this site by $142.3 million in the second quarter of 2024. As of September 28, 2024, the Company has reserved $162.1 million for this site.
Lower Passaic River
The Company and approximately 47 other companies comprise the Lower Passaic Cooperating Parties Group (the “CPG”). The CPG members and other companies are parties to a May 2007 Administrative Settlement Agreement and Order on Consent (“AOC”) with the EPA to perform a remedial investigation/feasibility study (“RI/FS”) of the lower seventeen miles of the Lower Passaic River in New Jersey (the “River”). The Company’s potential liability stems from former operations in Newark, New Jersey. The CPG has substantially completed the RI/FS for the entire 17-mile River. The Company’s estimated costs related to the RI/FS are included in its environmental reserves.
Lower 8.3 Miles
On April 11, 2014, the EPA issued a Focused Feasibility Study (“FFS”) and proposed plan which addressed various early action remediation alternatives for the lower 8.3 miles of the River. On March 4, 2016, the EPA issued a Record of Decision ("ROD") selecting the remedy for the lower 8.3 miles of the River, which will include the removal of 3.5 million cubic yards of sediment, placement of a cap over the entire lower 8.3 miles of the River, and, according to the EPA, will cost approximately $1.4 billion and take 6 years to implement after the remedial design is completed. On September 30, 2016, Occidental Chemical Corporation ("OCC") entered into an agreement with the EPA to perform the remedial design for the cleanup plan for the lower 8.3 miles of the River. OCC has submitted the final remedial design, which was approved by EPA in May 2024. On June 30, 2018, OCC filed a complaint in the United States District Court for the District of New Jersey against over 100 companies, including the Company, seeking CERCLA cost recovery or contribution for past costs relating to various investigations and cleanups OCC has conducted or is conducting in connection with the River. According to the complaint, OCC has incurred or is incurring costs which include the estimated cost ($165 million) to complete the remedial design for the cleanup plan for the lower 8.3 miles of the River. OCC also seeks a declaratory judgment to hold the defendants liable for their proper shares of future response costs for OCC's ongoing activities in connection with the River. The Company and other defendants have answered the complaint and have been engaged in discovery with OCC. On February 24, 2021, the Company and other
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defendants filed a third party complaint against the Passaic Valley Sewerage Commissioners and forty-two municipalities to require those entities to pay their equitable share of response costs. On December 20, 2022, various defendants (including the Company) in the OCC litigation filed an unopposed motion to stay the litigation for six months which was granted by the Court on March 1, 2023 and has been extended while the Court considers the Consent Decree filed by the United States, as discussed below.
The Company and 105 other parties received a letter dated March 31, 2016 from the EPA notifying such parties of potential liability for the costs of the cleanup of the lower 8.3 miles of the River. In a March 30, 2017 letter, the EPA stated that parties who did not discharge dioxins, furans or polychlorinated biphenyls (which are considered the contaminants of concern posing the greatest risk to human health or the environment) may be eligible for cash out settlement, but expected those parties' allocation to be determined through a complex settlement analysis using a third-party allocator. The EPA subsequently clarified this statement to say that such parties would be eligible to be "funding parties" for the lower 8.3 mile remedial action with each party's share of the costs determined by the EPA based on the allocation process and the remaining parties would be "work parties" for the remedial action. The Company participated in the allocation process and asserted that it did not discharge dioxins, furans or polychlorinated biphenyls and should be eligible to be a "funding party" for the lower 8.3 mile remedial action. The allocator selected by the EPA issued a confidential allocation report on December 28, 2020, which was reviewed by the EPA. As a result of the allocation process, on February 11, 2022, the EPA and certain parties (including the Company) reached an agreement in principle for a cash-out settlement for remediation of the entire 17-mile Lower Passaic River. On December 16, 2022, the United States lodged a Consent Decree with the United States District Court for the District of New Jersey in United States v. Alden Leeds, Inc. et al. (No. 2:22-cv-07326) that addressed the liability of 85 parties (including the Company) for an aggregate amount of $150 million based in part on the EPA-sponsored allocation report that found OCC 99.4% responsible for the cleanup costs of the River. The Consent Decree was subject to a 90-day public comment period, which ended March 22, 2023. On November 21, 2023, the United States informed the Court that it concluded, based on the public comments, that a small number of parties (not including the Company) should be removed from the settlement and that a change should be made to the United States’ reservation of rights (which was agreed to by the remaining settling parties). On January 17, 2024, the United States filed the modified Consent Decree with the Court and filed its motion to enter the modified Consent Decree on January 31, 2024. On April 1, 2024, the settling defendants (including the Company) and certain other parties filed briefs in support of, and OCC filed a brief in opposition to, the motion to enter the modified Consent Decree. The Court will enter or disapprove the modified Consent Decree after the motion is fully briefed.
Upper 9 Miles
On October 10, 2018, the EPA issued a letter directing the CPG to prepare a streamlined feasibility study for the upper 9 miles of the River based on an iterative approach using adaptive management strategies. The CPG submitted a draft Interim Remedy Feasibility Study to the EPA on December 4, 2020, which identified various targeted dredge and cap alternatives with costs that range from $420 million to $468 million (net present value). The EPA issued the Interim Remedy ROD on September 28, 2021, selecting an alternative that the EPA estimates will cost $441 million (net present value).
On March 2, 2023, the EPA issued a Unilateral Administrative Order requiring OCC to design the interim remedy for the upper 9 miles of the River (the “2023 UAO”). Notwithstanding the stay of the litigation commenced in 2018 (and two days after the public comment period on the Consent Decree closed), OCC filed a complaint named Occidental Chem. Corp. v. Givaudan Fragrances Corp., et al., No. 2:23‑cv-1699 at 2, 5 (D.N.J. Mar. 24, 2023) (the “2023 Litigation”) against forty parties (not including the Company) for recovery of past and future response costs it will incur in complying with the 2023 UAO. All of the defendants named in the 2023 Litigation are also defendants or third-party defendants in the litigation commenced in 2018.
Maxus Bankruptcy Settlement
Pursuant to a settlement agreement by and among the Maxus Liquidating Trust, YPF and Repsol submitted to the bankruptcy court on April 7, 2023, YPF and Repsol will jointly pay a combined sum of $573 million to various creditors. Based on the waterfall payout of the bankruptcy plan, the CPG received approximately $9 million, which will be used either to offset future CPG costs, including EPA RI/FS oversight and legal and administrative costs, or to reimburse CPG members for a portion of their past contributions to the RI/FS costs.
At this time, the Company cannot reasonably estimate its liability related to the litigation and remediation efforts as discussed above, excluding the RI/FS, as the OCC litigation is pending and the EPA settlement process has not been completed and requires court approval.
Kerr McGee
Per the terms of a Final Order and Judgment approved by the United States District Court for the Middle District of Florida on January 22, 1991, Emhart is responsible for a percentage of remedial costs arising out of the Kerr McGee Chemical Corporation Superfund Site located in Jacksonville, Florida. On March 15, 2017, the Company received formal notification from the EPA
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that the EPA had issued a ROD selecting the preferred alternative identified in the Proposed Cleanup Plan. On or about February 15, 2024, the Multistate Trust managing the remediation revised the estimated remediation costs for work to be performed, and the Company adjusted the reserve for its percentage share of such costs accordingly. As of September 28, 2024, the Company has reserved $25.8 million for this site.
The amount recorded for the aforementioned identified contingent liabilities is based on estimates. Amounts recorded are reviewed periodically and adjusted to reflect additional technical and legal information that becomes available. Actual costs to be incurred in future periods may vary from the estimates, given the inherent uncertainties in evaluating certain exposures. Subject to the imprecision in estimating future contingent liability costs, the Company does not expect that any sum it may have to pay in connection with these environmental matters in excess of the amounts recorded will have a materially adverse effect on its financial position, results of operations or liquidity.

P.    COMMITMENTS AND GUARANTEES

COMMITMENTS — The Company has numerous assets, predominantly real estate, vehicles and equipment, under various lease arrangements. The following is a summary of the Company's right-of-use assets and lease liabilities:

(Millions of Dollars)September 28, 2024December 30, 2023
Right-of-use assets$495.3$502.9
Lease liabilities$514.2$506.6
Weighted-average incremental borrowing rate
4.7%4.6%
Weighted-average remaining term
6 years7 years

Right-of-use assets are included within Other assets in the Condensed Consolidated Balance Sheets, while lease liabilities are included within Accrued expenses and Other liabilities, as appropriate. The Company determines its incremental borrowing rate based on interest rates from its debt issuances, taking into consideration adjustments for collateral, lease terms and foreign currency.

The Company has arrangements with third-party financial institutions that offer voluntary supply chain finance ("SCF") programs. These arrangements enable certain of the Company’s suppliers, at the supplier’s sole discretion, to sell receivables due from the Company to the financial institutions on terms directly negotiated with the financial institutions. The Company negotiates commercial terms with its suppliers, including prices, quantities, and payment terms, regardless of suppliers’ decisions to finance the receivables due from the Company under these SCF programs. The Company has no economic interest in a supplier’s decision to participate in these SCF programs, and no direct financial relationship with the financial institutions, as it relates to these SCF programs. The amounts due to the financial institutions for suppliers that voluntarily participate in these SCF programs were presented within Accounts payable on the Company’s Condensed Consolidated Balance Sheets and totaled $492.6 million and $528.1 million as of  September 28, 2024 and December 30, 2023, respectively.

As of September 28, 2024, the Company had unrecognized commitments that require the future purchase of goods or services (unconditional purchase obligations) to provide it with access to products and services at competitive prices. These obligations consist of supplier agreements with long-term minimum material purchase requirements and freight forwarding arrangements with minimum quantity commitments. As of September 28, 2024, the Company had unconditional purchase obligations of $270.6 million, consisting of $45.5 million in 2024, $151.0 million in 2025, $41.1 million in 2026, $25.7 million in 2027 and $7.3 million in 2028.


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GUARANTEES — The Company’s financial guarantees at September 28, 2024 are as follows:
(Millions of Dollars)TermMaximum
Potential
Payment		Carrying
Amount of
Liability
Guarantees on the residual values of leased assets
Three to nine years
$78.2 $— 
Standby letters of credit
Up to twenty years
180.0 — 
Commercial customer financing arrangements
Up to ten years
101.6 15.0 
Total$359.8 $15.0 
The Company has guaranteed a portion of the residual values associated with certain of its variable rate leases. The lease guarantees are for an amount up to $78.2 million while the fair value of the underlying assets is estimated at $120 million. The related assets would be available to satisfy the guarantee obligations.

The Company has issued $180.0 million in standby letters of credit that guarantee future payments which may be required under certain insurance programs and in relation to certain environmental remediation activities described more fully in Note O, Contingencies.

The Company provides various limited and full recourse guarantees to financial institutions that provide financing to U.S. and Canadian Mac Tool distributors and franchisees for their initial purchase of the inventory and trucks necessary to function as a distributor and franchisee. In addition, the Company provides limited and full recourse guarantees to financial institutions that extend credit to certain end retail customers of its U.S. Mac Tool distributors and franchisees. The gross amount guaranteed in these arrangements is $101.6 million and the $15.0 million carrying value of the guarantees issued is recorded in Other liabilities in the Condensed Consolidated Balance Sheets.

The Company provides warranties on certain products across its businesses. The types of product warranties offered generally range from one year to limited lifetime. There are also certain products with no warranty. Further, the Company sometimes incurs discretionary costs to service its products in connection with product performance issues. Historical warranty and service claim experience forms the basis for warranty obligations recognized. Adjustments are recorded to the warranty liability as new information becomes available.

The changes in the carrying amount of product warranties for the nine months ended September 28, 2024 and September 30, 2023 are as follows: 
(Millions of Dollars)20242023
Balance beginning of period$136.7 $126.6 
Warranties and guarantees issued136.8 132.2 
Warranty payments and currency(129.1)(120.9)
Balance end of period$144.4 $137.9 

Q.    DIVESTITURES

Infrastructure business

On April 1, 2024, the Company completed the previously announced sale of its Infrastructure business to Epiroc AB for $760 million. The Company received proceeds of $728.5 million at closing, net of customary adjustments and costs. As of December 30, 2023, the assets and liabilities related to the Infrastructure business were classified as held for sale on the Company's Condensed Consolidated Balance Sheet. This divestiture did not qualify for discontinued operations and therefore, its results were included in the Company's Consolidated Statements of Operations and Comprehensive Income (Loss) in continuing operations through the date of sale.

Following is the pre-tax income for this business for the three and nine months ended September 28, 2024, and September 30, 2023:

Third QuarterYear-to-Date
(Millions of Dollars)2024202320242023
Pre-tax income$— $7.5 $9.6 $43.3 

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In addition, the Company recognized pre-tax asset impairment charges of $25.5 million and $150.8 million in the first quarter of 2024 and fourth quarter of 2023, respectively, to adjust the carrying amount of the long-lived assets of the Infrastructure business to its estimated fair value less the costs to sell.

The carrying amounts of the assets and liabilities that were aggregated in assets held for sale and liabilities held for sale as of December 30, 2023 are presented in the following table:
(Millions of Dollars)December 30, 2023
Cash and cash equivalents$0.6 
Accounts and notes receivable, net41.3 
Inventories, net96.5 
Other current assets2.4 
Property, plant and equipment, net70.4 
Goodwill389.7 
Intangibles, net214.3 
Other assets42.4 
Total assets$857.6 
Accounts payable and accrued expenses$44.1 
Other long-term liabilities84.8 
Total liabilities$128.9 

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ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following discussion contains statements reflecting the Company's views about its future performance that constitute “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. There are a number of important factors that could cause actual results to differ materially from those indicated by such forward-looking statements. Please read the information under the caption entitled “Cautionary Statement under the Private Securities Litigation Reform Act of 1995."
Throughout this Management's Discussion and Analysis (“MD&A”), references to Notes refer to the "Notes To Unaudited Condensed Consolidated Financial Statements" in Part 1, Item 1 of this Quarterly Report on Form 10-Q, unless otherwise indicated.
BUSINESS OVERVIEW
Strategy
The Company is a global provider of hand tools, power tools, outdoor products and related accessories, as well as a leading provider of engineered fastening solutions. The Company continues to execute its long-term business strategy focused on organic growth in excess of the market and industry, geographic and customer diversification to foster sustainable revenue, earnings and cash flow growth. In recent years, the Company has re-shaped its portfolio to focus on its leading positions in the tools & outdoor and engineered fastening markets. Leveraging the benefits of a more focused portfolio, the Company initiated a business transformation in mid-2022 that includes reinvestment for faster growth as well as a $2.0 billion Global Cost Reduction Program through 2025. The Company’s primary areas of multi-year strategic focus remain unchanged as follows:

•Advancing innovation, electrification and global market penetration to achieve organic revenue growth of 2 to 3 times the market;
•Streamlining and simplifying the organization, and investing in initiatives that more directly impact the Company's customers and end users;
•Returning adjusted gross margins to historical 35%+ levels by accelerating the operations and supply chain transformation to improve fill rates and better match inventory with customer demand; and
•Prioritizing cash flow generation and inventory optimization.
In terms of capital allocation, the Company remains committed, over time, to returning excess capital to shareholders through a strong and growing dividend as well as opportunistically repurchasing shares. In the near term, the Company intends to direct any capital in excess of the quarterly dividend on its common stock toward debt reduction and internal growth investments.
Common Stock And Other Securities
In April 2021, the Board of Directors approved repurchases by the Company of its outstanding securities other than common stock up to an aggregate amount of $3.0 billion. No repurchases have been executed pursuant to this authorization to date.
Divestitures
On April 1, 2024, the Company sold its Infrastructure business to Epiroc AB for net proceeds of $728.5 million. The Company used the net proceeds to reduce debt in the second quarter of 2024.
Refer to Note Q, Divestitures, for further discussion.
Global Cost Reduction Program
In mid-2022, the Company launched a program comprised of a series of initiatives designed to generate cost savings by resizing the organization and reducing inventory with the ultimate objective of driving long-term growth, improving profitability and generating strong cash flow. These initiatives are expected to optimize the cost base as well as provide a platform to fund investments to accelerate growth in the core businesses. The program consists of a selling, general, and administrative ("SG&A") planned pre-tax run-rate cost savings of $500 million and a supply chain transformation expected to deliver $1.5 billion of pre-tax run-rate cost savings by the end of 2025 to achieve projected 35%+ adjusted gross margins.
The SG&A cost savings are generated by simplifying the corporate structure, optimizing organizational spans and layers and reducing indirect spend. These savings will help fund $300 million to $500 million of innovation and commercial investments through 2025 designed to accelerate organic growth.
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The $1.5 billion of pre-tax run-rate cost savings from the supply chain transformation will be driven by the following value streams:

•Strategic Sourcing: Implementing capabilities to source in a more efficient and integrated manner across all of the Company’s businesses and leveraging contract manufacturing;
•Operational Excellence: Leveraging the SBD Operating Model and re-designing in-plant operations following footprint rationalization to deliver incremental efficiencies, simplified organizational design and inventory optimization;
•Footprint Rationalization: Transforming the Company’s manufacturing and distribution network from a decentralized and inefficient system of sites built through years of acquisitions to a strategically focused supply chain, inclusive of site closures, transformations of existing sites into manufacturing centers of excellence and re-configuration of the distribution network; and
•Complexity Reduction: Reducing complexity through platforming products and implementing initiatives to drive a SKU reduction.

The charges associated with the supply chain transformation are reflected in the Non-GAAP adjustments detailed below in "Results From Operations" and the full year estimate of Non-GAAP adjustments detailed below in "2024 Outlook". The cash investment required to achieve the estimated $1.5 billion of pre-tax run-rate supply chain cost savings is expected to be approximately $0.9 billion to $1.1 billion, of which approximately 40% is expected to be capital expenditures. Through 2023, the Company has made approximately $0.2 billion of these cash investments. The Company will continue prioritizing capital expenditures consistent with its existing approach and expects total capital expenditures, inclusive of the supply chain transformation, to be $325 million to $375 million for 2024 and to approximate 3.0% of net sales annually in 2025 and beyond.
During the first nine months of 2024 and since inception of the program, the Company has generated approximately $400 million and $1.4 billion, respectively, of pre-tax run-rate savings, driven by lower headcount, indirect spend reductions and the supply chain transformation. These savings are comprised of supply chain efficiency benefits, which support gross margin improvements as the benefits turn through inventory, and SG&A savings. The Company believes that it is on track to grow to approximately $2 billion of pre-tax run-rate savings by year-end 2025. In addition, the Company has reduced inventory by approximately $2.0 billion since the end of the second quarter of 2022 and expects further inventory and working capital reductions to support free cash flow generation in 2024.

Segments
The Company’s operations are classified into two reportable business segments: Tools & Outdoor and Industrial. Both reportable segments have significant international operations and are exposed to translational and transactional impacts from fluctuations in foreign currency exchange rates.

Tools & Outdoor
The Tools & Outdoor segment is comprised of the Power Tools Group ("PTG"), Hand Tools, Accessories & Storage ("HTAS"), and Outdoor Power Equipment ("Outdoor") product lines. Annual revenues in the Tools & Outdoor segment were $13.4 billion in 2023, representing 85% of the Company’s total revenues.
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 and sanders, 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® brand, and consumer home products such as hand-held vacuums, paint tools and cleaning appliances primarily under the BLACK+DECKER® brand.
The HTAS product line sells hand tools, power tool accessories and storage products. Hand tools include measuring, leveling and layout tools, planes, hammers, demolition tools, clamps, vises, knives, saws, chisels 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, medical cabinets and engineered storage solution products.
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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, utility terrain vehicles (UTVs), 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.

Industrial
The Industrial segment is comprised of the Engineered Fastening business and the Infrastructure business prior to its sale in April 2024. Annual revenues in the Industrial segment, inclusive of the Infrastructure business, were $2.4 billion in 2023, representing 15% of the Company’s total revenues.
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.
RESULTS OF OPERATIONS
As previously discussed, the Company sold its Infrastructure business on April 1, 2024. This divestiture did not qualify for discontinued operations and therefore, its results were included in the Company's Consolidated Statements of Operations and Comprehensive Income (Loss) in continuing operations through the date of sale.
Certain Items Impacting Earnings and Non-GAAP Financial Measures
The Company has provided a discussion of its results both inclusive and exclusive of certain gains and charges. The results and measures, including gross profit, SG&A, Other, net, Income taxes, and segment profit (including Corporate Overhead), on a basis excluding certain gains and charges, free cash flow, organic revenue and organic growth are Non-GAAP financial measures. The Company considers the use of Non-GAAP financial measures relevant to aid analysis and understanding of the Company’s results and business trends aside from the material impact of these items and ensures appropriate comparability to operating results of prior periods. Supplemental Non-GAAP information should not be considered in isolation or as a substitute for the related GAAP financial measures. Non-GAAP financial measures presented herein may differ from similar measures used by other companies.
With the exception of forecasted free cash flow included in “2024 Outlook” as discussed below, the Non-GAAP financial measures of gross profit, SG&A, Other, net, Income taxes, and segment profit (including Corporate Overhead), presented on a basis excluding certain gains and charges, as well as free cash flow, organic revenue and organic growth are defined and reconciled to their most directly comparable GAAP financial measures below. Due to high variability and difficulty in predicting items that impact cash flow from operations, a reconciliation of forecasted free cash flow to its most directly comparable GAAP estimate has been omitted. The Company believes such a reconciliation would also imply a degree of precision that is inappropriate for this forward-looking measure.

The Company’s operating results at the consolidated level as discussed below include and exclude certain gains and charges impacting gross profit, SG&A, Other, net, and Income taxes. The Company’s business segment results as discussed below include and exclude certain gains and charges impacting gross profit and SG&A. These amounts for the third quarter and year-to-date periods of 2024 and 2023 are as follows:

Third Quarter 2024
(Millions of Dollars)GAAP
Non-GAAP Adjustments2
Non-GAAP
Gross profit$1,120.6 $24.8 $1,145.4 
Selling, general and administrative1
797.1 (15.1)782.0 
Earnings from continuing operations before income taxes89.5 105.9 195.4 
Income taxes on continuing operations(1.6)12.0 10.4 
Net earnings from continuing operations91.1 93.9 185.0 
Diluted earnings per share of common stock - Continuing operations$0.60 $0.62 $1.22 

Year-To-Date 2024
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(Millions of Dollars)GAAP
Non-GAAP Adjustments2
Non-GAAP
Gross profit$3,370.3 $72.7 $3,443.0 
Selling, general and administrative1
2,477.5 (62.8)2,414.7 
Earnings from continuing operations before income taxes115.7 416.7 532.4 
Income taxes on continuing operations24.3 74.4 98.7 
Net earnings from continuing operations 91.4 342.3 433.7 
Diluted earnings per share of common stock - Continuing operations$0.60 $2.27 $2.87 

Third Quarter 2023
(Millions of Dollars)GAAP
Non-GAAP Adjustments2
Non-GAAP
Gross profit$1,060.6 $32.2 $1,092.8 
Selling, general and administrative1
794.3 (29.4)764.9
(Loss) earnings from continuing operations before income taxes(57.0)191.0 134.0 
Income taxes on continuing operations(61.7)37.5 (24.2)
Net earnings from continuing operations4.7 153.5 158.2 
Diluted earnings per share of common stock - Continuing operations$0.03 $1.02 $1.05 

Year-To-Date 2023
(Millions of Dollars)GAAP
Non-GAAP Adjustments2
Non-GAAP
Gross profit$2,828.2 $157.0 $2,985.2 
Selling, general and administrative1
2,456.7 (75.5)2,381.2 
(Loss) earnings from continuing operations before income taxes(296.9)368.9 72.0 
Income taxes on continuing operations(291.3)282.6 (8.7)
Net (loss) earnings from continuing operations(5.6)86.3 80.7 
Diluted (loss) earnings per share of common stock - Continuing operations$(0.04)$0.58 $0.54 
1 Includes provision for credit losses
2 Refer to table below for additional detail of the Non-GAAP adjustments
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Below is a summary of the pre-tax Non-GAAP adjustments for the third quarter and year-to-date periods of 2024 and 2023.

Third QuarterYear-to-Date
(Millions of Dollars)2024202320242023
Supply Chain Transformation Costs:
     Footprint Rationalization1
$25.4 $7.7 $57.8 $88.3 
     Strategic Sourcing & Operational Excellence2
(1.0)23.9 12.4 68.7 
Facility-related costs0.3 0.2 2.6 1.1 
Other charges (gains)0.1 0.4 (0.1)(1.1)
Gross Profit$24.8 $32.2 $72.7 $157.0 
Supply Chain Transformation Costs:
     Footprint Rationalization1
$13.4 $4.6 $34.0 $8.4 
     Complexity Reduction & Operational Excellence2.0 1.2 6.2 8.0 
Acquisition & integration-related costs3
2.4 11.5 9.1 24.0 
Transition services costs related to previously divested businesses4.6 11.3 14.8 37.0 
Other charges (gains)(7.3)0.8 (1.3)(1.9)
Selling, general and administrative$15.1 $29.4 $62.8 $75.5 
Other, net4
$(1.3)$(5.5)$(10.2)$(22.8)
Loss on sales of businesses— — — 7.6 
Asset impairment charges5
46.9 124.0 72.4 124.0 
Environmental charges6
(1.7)— 152.1 — 
Restructuring charges7
22.1 10.9 66.9 27.6 
Earnings from continuing operations before income taxes$105.9 $191.0 $416.7 $368.9 

1Footprint Rationalization costs in 2024 primarily relate to accelerated depreciation of manufacturing and distribution center equipment of $45.2 million and other facility exit and re-configuration costs of $31.3 million. In 2023, transfers and closures of targeted manufacturing sites, including Fort Worth, Texas and Cheraw, South Carolina as previously announced in March 2023, resulted in accelerated depreciation of production equipment of $45.3 million and non-cash asset write-downs of $41.2 million (predominantly tooling, raw materials and WIP).
2Strategic Sourcing & Operational Excellence costs in 2023 primarily relate to third-party consultant fees to provide expertise in identifying and quantifying opportunities to source in a more integrated manner and re-design in-plant operations following footprint rationalization, developing a detailed program and related governance, and assisting the Company with the implementation of actions necessary to achieve the related objectives.
3Acquisition & integration-related costs primarily relate to the MTD and Excel acquisitions, including costs to integrate the organizations and shared processes, as well as harmonize key IT applications and infrastructure.
4Includes deal-related costs, net of income related to providing transition services to previously divested businesses.
5Asset impairment charges in 2024 include a $41.0 million pre-tax impairment charge related to the Lenox trade name, a $25.5 million pre-tax impairment charge related to the Infrastructure business, and a $5.9 million pre-tax impairment charge related to a small Industrial business. The $124.0 million pre-tax asset impairment charge in 2023 related to the Irwin and Troy-Bilt trade names.
6
The $152.1 million pre-tax environmental charges in 2024 related primarily to a reserve adjustment for the non-active Centredale site as a result of regulatory changes and revisions to remediation alternatives. Refer to Note O, Contingencies, for further discussion.
7Refer to “Restructuring Activities” below for further discussion.

Below is a summary of the Company’s operating results at the consolidated level, followed by an overview of business segment performance. Organic growth is utilized to describe the Company's results excluding the impacts of foreign currency fluctuations, acquisitions during their initial 12 months of ownership, and divestitures.

Consolidated Results

Net Sales: Net sales were $3.751 billion in the third quarter of 2024 compared to $3.954 billion in the third quarter of 2023, representing a decrease of 5% as a 1% increase in price was more than offset by a 3% decrease in volume, a 2% decrease from the Infrastructure divestiture and a 1% decrease from foreign currency. Tools & Outdoor net sales decreased 3% compared to the third quarter of 2023 as a 1% increase in price was more than offset by a 3% decrease in volume and 1% decrease from
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foreign currency. Industrial net sales decreased 18% compared to the third quarter of 2023 as a 17% decrease from the Infrastructure divestiture and a 2% decrease in volume was partially offset by a 1% increase in price.

Net sales were $11.645 billion in the first nine months of 2024 compared to $12.045 billion in the first nine months of 2023, representing a decrease of 3% driven by a 2% decrease from the Infrastructure divestiture and a 1% decrease in volume. Tools & Outdoor net sales decreased 1% compared to the first nine months of 2023 driven by a 1% decrease in volume. Industrial net sales decreased 14% compared to the first nine months of 2023 as a 12% decrease from the Infrastructure divestiture, a 2% decrease in volume and a 1% decrease from foreign currency was partially offset by a 1% increase in price.

Gross Profit: Gross profit was $1.121 billion, or 29.9% of net sales, in the third quarter of 2024 compared to $1.061 billion, or 26.8% of net sales, in the third quarter of 2023. Non-GAAP adjustments, which reduced gross profit, were $24.8 million for the three months ended September 28, 2024 and $32.2 million for the three months ended September 30, 2023. Excluding these adjustments, gross profit was 30.5% of net sales for the three months ended September 28, 2024, compared to 27.6% for the three months ended September 30, 2023, primarily due to supply chain transformation benefits.

Gross profit was $3.370 billion, or 28.9% of net sales, in the first nine months of 2024 compared to $2.828 billion, or 23.5% of net sales, in the first nine months of 2023. Non-GAAP adjustments, which reduced gross profit, were $72.7 million for the nine months ended September 28, 2024 and $157.0 million for the nine months ended September 30, 2023. Excluding these adjustments, gross profit was 29.6% of net sales for the nine months ended September 28, 2024, compared to 24.8% for the nine months ended September 30, 2023, primarily due to lower inventory destocking costs, supply chain transformation benefits and lower shipping costs.

SG&A Expenses: SG&A, inclusive of the provision for credit losses, was $797.1 million, or 21.2% of net sales, in the third quarter of 2024, compared to $794.3 million, or 20.1% of net sales, in the third quarter of 2023. Within SG&A, Non-GAAP adjustments totaled $15.1 million for the three months ended September 28, 2024 and $29.4 million for the three months ended September 30, 2023. Excluding these adjustments, SG&A was 20.8% of net sales for the three months ended September 28, 2024, compared to 19.3% for the three months ended September 30, 2023, as the Company increased growth investments designed to deliver future market share gains.

SG&A, inclusive of the provision for credit losses, was $2.478 billion, or 21.3% of net sales, in the first nine months of 2024, compared to $2.457 billion, or 20.4% of net sales, in the first nine months of 2023. Within SG&A, Non-GAAP adjustments totaled $62.8 million for the nine months ended September 28, 2024 and $75.5 million for the nine months ended September 30, 2023. Excluding these adjustments, SG&A was 20.7% of net sales for the nine months ended September 28, 2024, compared to 19.8% for the nine months ended September 30, 2023, driven by the same factors discussed above that impacted the third quarter of 2024.

Distribution center costs (i.e. warehousing and fulfillment facility and associated labor costs) are classified within SG&A. This classification may differ from other companies who may report such expenses within cost of sales. Due to diversity in practice, to the extent the classification of these distribution costs differs from other companies, the Company’s gross margins may not be comparable. Such distribution costs classified in SG&A amounted to $134.4 million and $396.7 million for the three and nine months ended September 28, 2024, respectively, and $132.7 million and $392.9 million for the three and nine months ended September 30, 2023, respectively.

Other, net: Other, net totaled $86.4 million in the third quarter of 2024 compared to $94.0 million in the third quarter of 2023. Excluding Non-GAAP adjustments, Other, net, totaled $89.4 million and $99.5 million in the third quarter of 2024 and 2023, respectively. The year-over-year decrease is primarily driven by lower write-downs on investments.

Other, net totaled $392.9 million in the first nine months of 2024 compared to $224.3 million in the first nine months of 2023. The year-over-year increase was driven by environmental remediation reserve adjustments. Excluding Non-GAAP adjustments, Other, net totaled $251.0 million and $247.1 million for the first nine months of 2024 and 2023, respectively.

Refer to Note O, Contingencies, for additional information on the environmental remediation reserve adjustment relating to the Centredale site.

Loss on Sales of Businesses: During the first nine months of 2023, the Company reported a pre-tax loss of $7.6 million primarily related to the divestiture of a small business in the Industrial segment.

Asset Impairment Charges: During the third quarter of 2024, the Company recorded a pre-tax, non-cash impairment charge of $41.0 million related to the Lenox trade name. Refer to Note M, Restructuring Charges and Other Costs, for additional information. In addition, the Company recorded a pre-tax impairment charge of $5.9 million related to a small business in the Industrial segment. In the third quarter of 2023, the Company recognized a $124.0 million pre-tax, non-cash impairment charge related to the Irwin and Troy-Bilt trade names. Refer to the Company’s Annual Report on Form 10-K for the year ended December 30, 2023 for further information.

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During the first quarter of 2024, the Company recorded a pre-tax impairment charge of $25.5 million related to the Infrastructure business. Refer to Note Q, Divestitures, for additional information on the divestiture of the Infrastructure business completed in the second quarter of 2024.

Interest, net: Net interest expense was $78.6 million in the third quarter of 2024 compared to $94.4 million in the third quarter of 2023. On a year-to-date basis, net interest expense was $244.9 million in 2024 and $284.9 million in 2023. The year-over-year decreases were primarily driven by lower commercial paper balances in 2024.

Income Taxes: For the three and nine months ended September 28, 2024, the Company recognized an income tax benefit from continuing operations of $1.6 million and income tax expense of $24.3 million, respectively, resulting in effective tax rates of (1.8)% and 21.0%, respectively. Excluding the tax effect on Non-GAAP adjustments, for the three and nine months ended September 28, 2024, the Company recognized income tax expense on continuing operations of $10.4 million and $98.7 million, respectively, resulting in effective tax rates of 5.3% and 18.5%, respectively. These effective tax rates for the three months ended September 28, 2024 differ from the U.S. statutory tax rate of 21% primarily due to the recognition of previously unrecognized foreign deferred tax assets, remeasurement of uncertain tax position reserves, tax credits, and state income taxes, partially offset by non-deductible expenses and U.S. tax on foreign earnings. For the nine months ended September 28, 2024, the primary drivers are consistent with those discussed above, which in aggregate result in effective tax rates that approximate the U.S. statutory tax rate of 21%.

For the three and nine months ended September 30, 2023, the Company recognized an income tax benefit from continuing operations of $61.7 million and $291.3 million, respectively, resulting in effective tax rates of 108.2% and 98.1%, respectively. The income tax benefit for the three months ended September 30, 2023 included an incremental interim tax benefit to reflect the impact of a change in the estimated annual effective tax rate to the prior interim year-to-date tax benefit, which reversed in the fourth quarter of 2023. The effective tax rates for the three and nine months ended September 30, 2023 differ from the U.S. statutory tax rate of 21% primarily due to a tax benefit associated with the intra-entity asset transfer of certain intangible assets, tax on foreign earnings at tax rates different than the U.S. tax rate, state income taxes and tax credits, partially offset by U.S. tax on foreign earnings, non-deductible expenses and losses for which a tax benefit is not recognized.

Excluding the tax effect on Non-GAAP adjustments, for the three and nine months ended September 30, 2023, the Company recognized an income tax benefit on continuing operations of $24.2 million and $8.7 million, respectively, resulting in effective tax rates of (18.1)% and (12.1)%, respectively. The effective tax rates for the three and nine months ended September 30, 2023 differ from the U.S. statutory tax rate of 21% due to the items discussed above.

Refer to Note M, Income Taxes, for additional information on the impacts in interim periods of changes in the estimated annual effective income tax rate.

On December 20, 2021, the Organization for Economic Cooperation and Development (“OECD”) published a proposal for the establishment of a global minimum tax rate of 15% (“Pillar Two"). The Pillar Two rules provide a template that jurisdictions can translate into domestic law to assist with the implementation within an agreed upon timeframe and in a coordinated manner, which became effective for fiscal years beginning after January 1, 2024. To date, jurisdictions in which the Company operates are in various stages of implementation.

The OECD and other countries continue to publish guidance and legislation which include transition and safe harbor rules. The Company expects to avail itself of the transitional safe harbor rules in most jurisdictions in which the Company operates. There are, however, a limited number of jurisdictions where the transitional safe harbor relief does not apply. The Company expects the Pillar Two tax impact from these jurisdictions to be immaterial to its estimated annual effective rate for 2024 and continues to monitor developments in legislation, regulation, and interpretive guidance in this area.

Business Segment Results
The Company’s reportable segments represent businesses that have similar products, services and end markets, among other factors. 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.
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The Company’s operations are classified into two reportable business segments: Tools & Outdoor and Industrial.
Tools & Outdoor: 
Third QuarterYear-to-Date
(Millions of Dollars)2024202320242023
Net sales$3,263.3 $3,355.3 $10,076.6 $10,212.9 
Segment profit$327.5 $273.4 $899.3 $394.1 
% of Net sales10.0 %8.1 %8.9 %3.9 %

Tools & Outdoor net sales decreased $92.0 million, or 3%, in the third quarter of 2024 compared to the third quarter of 2023 as a 1% price increase was more than offset by a 3% decline in volume and a 1% decrease from foreign currency. Organic revenue declined 2% as growth in DEWALT® was offset by the weak consumer and DIY backdrop. Organic revenue decreased 4% in North America, and increased 1% and 6% in Europe and the rest of the world, respectively.

Tools & Outdoor net sales decreased $136.3 million, or 1%, in the first nine months of 2024 compared to the first nine months of 2023 driven by volume declines. Organic revenue declined 2% in both North America and Europe and increased 6% in the rest of the world.

Segment profit for the third quarter of 2024 was $327.5 million, or 10.0% of net sales, compared to $273.4 million, or 8.1% of net sales, in the third quarter of 2023. Excluding Non-GAAP adjustments of $35.5 million and $39.4 million for the three months ended September 28, 2024 and September 30, 2023, respectively, segment profit was 11.1% of net sales in the third quarter of 2024 and 9.3% in the third quarter of 2023. The year-over-year increase was primarily due to supply chain transformation benefits, which were partially offset by growth investments.

Segment profit for the first nine months of 2024 was $899.3 million, or 8.9% of net sales, compared to $394.1 million, or 3.9% of net sales, in the first nine months of 2023. Excluding Non-GAAP adjustments of $111.0 million and $174.4 million for the nine months ended September 28, 2024 and September 30, 2023, respectively, segment profit was 10.0% of net sales in the first nine months of 2024 and 5.6% in the first nine months of 2023. The year-over-year increase was primarily due to lower inventory destocking costs, supply chain transformation benefits and lower shipping costs, which were partially offset by growth investments.
Industrial: 
Third QuarterYear-to-Date
(Millions of Dollars)2024202320242023
Net sales$488.0 $598.6 $1,568.6 $1,831.7 
Segment profit$70.2 $62.5 $202.2 $201.5 
% of Net sales14.4 %10.4 %12.9 %11.0 %

Industrial net sales decreased $110.6 million, or 18%, in the third quarter of 2024 compared to the third quarter of 2023, as a 17% decrease from the Infrastructure divestiture and a 2% decrease in volume was partially offset by a 1% increase in price. Engineered Fastening organic revenues decreased 1% as aerospace expansion and a return to growth in general industrial was more than offset by market softness in automotive.

Industrial net sales decreased $263.1 million, or 14%, in the first nine months of 2024 compared to the first nine months of 2023, as a 12% decrease from the Infrastructure divestiture, a 2% decrease in volume and a 1% decrease from foreign currency was partially offset by a 1% increase in price. Engineered Fastening organic revenues increased 2%, primarily due to aerospace growth.

Industrial segment profit for the third quarter of 2024 totaled $70.2 million, or 14.4% of net sales, compared to $62.5 million, or 10.4% of net sales, in the corresponding 2023 period. Excluding a Non-GAAP gain of $2.6 million for the three months ended September 28, 2024 and a Non-GAAP charge of $10.5 million for the three months ended September 30, 2023, segment profit amounted to 13.9% of net sales in the third quarter of 2024 compared to 12.2% in the third quarter of 2023. The year-over-year increase was due to price realization and cost control.

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Industrial segment profit for the first nine months of 2024 totaled $202.2 million, or 12.9% of net sales, compared to $201.5 million, or 11.0% of net sales, in the corresponding 2023 period. Excluding Non-GAAP adjustments of $3.4 million and $19.3 million for the nine months ended September 28, 2024 and September 30, 2023, respectively, segment profit amounted to 13.1% of net sales in the first nine months of 2024 compared to 12.1% in the first nine months of 2023. The year-over-year increase was driven by the same factors discussed above for the third quarter of 2024.

Corporate Overhead

Corporate Overhead includes the corporate overhead element of SG&A, which is not allocated to the business segments. Corporate Overhead amounted to $74.2 million and $69.6 million in the third quarter of 2024 and 2023, respectively. Excluding Non-GAAP adjustments of $7.0 million for the three months ended September 28, 2024 and $11.7 million for the three months ended September 30, 2023, the corporate overhead element of SG&A was $67.2 million and $57.9 million for the three months ended September 28, 2024 and September 30, 2023, respectively.

On a year-to-date basis, the corporate overhead element of SG&A amounted to $208.7 million in 2024 compared to $224.1 million in 2023. Excluding Non-GAAP adjustments of $21.1 million for the nine months ended September 28, 2024 and $38.8 million for the nine months ended September 30, 2023, the corporate overhead element of SG&A was $187.6 million and $185.3 million for the nine months ended September 28, 2024 and September 30, 2023, respectively.
RESTRUCTURING ACTIVITIES
A summary of the restructuring reserve activity from December 30, 2023 to September 28, 2024 is as follows: 
(Millions of Dollars)December 30,
2023		Net AdditionsUsageCurrencySeptember 28,
2024
Severance and related costs$25.8 $40.5 $(35.7)$(0.2)$30.4 
Facility closures and other3.1 26.4 (26.0)— 3.5 
Total$28.9 $66.9 $(61.7)$(0.2)$33.9 
For the three and nine months ended September 28, 2024, the Company recognized net restructuring charges of $22.1 million and $66.9 million, respectively, primarily related to severance costs and facility closure charges. The Company expects to achieve annual net cost savings of approximately $122 million by the end of 2025 related to the restructuring costs incurred during the nine months ended September 28, 2024. The majority of the $33.9 million of reserves remaining as of September 28, 2024 is expected to be utilized within the next 12 months.

Segments: 

The $67 million of net restructuring charges for the nine months ended September 28, 2024 includes: $56 million in the Tools & Outdoor segment; $6 million in Industrial; and $5 million in Corporate.

The $22 million of net restructuring charges for the three months ended September 28, 2024 includes: $21 million in the Tools & Outdoor segment and $1 million in the Industrial segment.

The anticipated annual net cost savings of approximately $122 million related to the 2024 restructuring actions include: $107 million in the Tools & Outdoor segment; $6 million in the Industrial segment; and $9 million in Corporate.

2024 OUTLOOK

This outlook discussion is intended to provide broad insight into the Company's near-term earnings and cash flow generation prospects. The Company is updating 2024 guidance and expects diluted earnings per share to approximate $1.15 to $1.75 on a GAAP basis, narrowed from $0.90 to $2.00 ($3.90 to $4.30 excluding Non-GAAP adjustments, narrowed from $3.70 to $4.50). Management is reiterating its target for 2024 free cash flow generation to approximate $650 million to $850 million.

The difference between 2024 diluted earnings per share outlook and the diluted earnings per share range, excluding Non-GAAP adjustments, is approximately $2.55 to $2.75, consisting primarily of charges related to the supply chain transformation under the Global Cost Reduction Program, environmental reserve adjustments and a brand impairment charge.

FINANCIAL CONDITION

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Liquidity, Sources and Uses of Capital: The Company’s primary sources of liquidity are cash flows generated from operations and available lines of credit under various credit facilities.

Operating Activities: Cash flows provided by operations were $285.8 million in the third quarter of 2024 compared to $443.9 million in the corresponding period of 2023, primarily driven by changes in working capital, partially offset by higher earnings. Year-to-date cash flows provided by operations were $427.8 million in 2024 compared to $422.0 million in 2023, relatively in-line with prior year as higher earnings were partially offset by changes in working capital.

Free Cash Flow: Free cash flow, as defined in the table below, was an inflow of $199.3 million and $364.0 million in the third quarter of 2024 and the corresponding period of 2023, respectively. On a year-to-date basis, free cash flow was $188.4 million and $205.6 million in 2024 and 2023, respectively. The year-over-year change in free cash flow was primarily due to the same factors discussed above in operating activities, as well as higher planned capital expenditures in the first nine months of 2024. Management considers free cash flow an important indicator of its liquidity and capital efficiency, as well as its ability to fund future growth and provide dividends to shareowners, and is useful information for investors. Free cash flow does not include deductions for mandatory debt service, other borrowing activity, discretionary dividends on the Company’s common stock and business acquisitions, among other items.

 Third QuarterYear-to-Date
(Millions of Dollars)2024202320242023
Net cash provided by operating activities$285.8 $443.9 $427.8 $422.0 
Less: capital and software expenditures(86.5)(79.9)(239.4)(216.4)
Free cash flow $199.3 $364.0 $188.4 $205.6 
Investing Activities: Cash flows used in investing activities totaled $85.4 million and $76.4 million in the third quarter of 2024 and 2023, respectively, primarily due to capital and software expenditures of $86.5 million and $79.9 million, respectively.
Cash flows provided by investing activities totaled $500.8 million in the first nine months of 2024, primarily due to net proceeds from sales of businesses of $735.6 million, partially offset by capital and software expenditures of $239.4 million. Cash flows used in investing activities totaled $206.8 million in the first nine months of 2023, primarily due to capital and software expenditures of $216.4 million.
Financing Activities: Cash flows used in financing activities totaled $234.3 million in the third quarter of 2024, primarily driven by cash dividend payments on common stock of $123.6 million and net short-term commercial paper repayments of $121.5 million. Cash flows used in financing activities totaled $387.7 million in the third quarter of 2023, primarily driven by net short-term commercial paper repayments of $266.4 million and cash dividend payments on common stock of $121.3 million.
Cash flows used in financing activities totaled $1.054 billion in the first nine months of 2024, primarily driven by net short-term commercial paper repayments of $692.3 million and cash dividend payments on common stock of $367.2 million. Cash flows used in financing activities totaled $239.3 million in the first nine months of 2023, primarily driven by net repayments of short-term commercial paper borrowings of $594.3 million and cash dividend payments on common stock of $360.8 million, partially offset by net proceeds from debt issuances of $745.3 million.

Credit Ratings & Liquidity:

The Company maintains investment grade credit ratings from the major U.S. rating agencies on its senior unsecured debt (S&P A-, Fitch BBB+, Moody's Baa3), as well as its commercial paper program (S&P A-2, Fitch F2, Moody's P-3). There were no changes to any of the Company's credit ratings during the first nine months of 2024. Failure to maintain investment grade rating levels could adversely affect the Company’s cost of funds, liquidity and access to capital markets, but would not have an adverse effect on the Company’s ability to access its existing committed credit facilities.

Cash and cash equivalents totaled $298.7 million as of September 28, 2024, which was primarily held in foreign jurisdictions. Cash and cash equivalents totaled $449.4 million as of December 30, 2023, of which approximately 50% was held in foreign jurisdictions.

As a result of the Tax Cuts and Jobs Act (the "Act"), the Company's tax liability related to the one-time transition tax associated with unremitted foreign earnings and profits totaled $83 million at September 28, 2024. The Act permits a U.S. company to elect to pay the net tax liability interest-free over a period of up to eight years. The Company has considered the implications of paying the required one-time transition tax and believes it will not have a material impact on its liquidity.

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The Company has a $3.5 billion commercial paper program which includes Euro denominated borrowings in addition to U.S. Dollars. As of September 28, 2024, the Company had commercial paper borrowings outstanding of $387.3 million, of which $387.1 million in Euro denominated commercial paper was designated as a net investment hedge. As of December 30, 2023, the Company had $1.1 billion of borrowings outstanding, of which $399.7 million in Euro denominated commercial paper was designated as a net investment hedge. Refer to Note H, Financial Instruments, for further discussion.

In June 2024, the Company amended and restated its existing five-year $2.5 billion committed credit facility with the concurrent execution of a new five year $2.25 billion committed credit facility (the “5-Year Credit Agreement”). Borrowings under the 5-Year Credit Agreement may be made in U.S. Dollars, Euros or Pounds Sterling. A sub-limit of an amount equal to the Euro equivalent of $800.0 million is designated for swing line advances. Borrowings bear interest at a floating rate plus an applicable margin dependent upon the denomination of the borrowing and specific terms of the 5-Year Credit Agreement. The Company must repay all advances under the 5-Year Credit Agreement by the earlier of June 28, 2029 or upon termination. The 5-Year Credit Agreement is designated to be a liquidity back-stop for the Company's $3.5 billion U.S. Dollar and Euro commercial paper program. As of September 28, 2024 and December 30, 2023, the Company had not drawn on its five-year committed credit facility.

In June 2024, the Company terminated its 364-Day $1.5 billion committed credit facility ("the 2023 Syndicated 364-Day Credit Agreement") dated September 2023. There were no outstanding borrowings under the 2023 Syndicated 364-Day Credit Agreement upon termination and as of December 30, 2023. Contemporaneously, the Company entered into a new $1.25 billion syndicated 364-Day Credit Agreement (the "2024 Syndicated 364-Day Credit Agreement") which is a revolving credit loan. The borrowings under the 2024 Syndicated 364-Day Credit Agreement may be made in U.S. Dollars or Euros and bear interest at a floating rate plus an applicable margin dependent upon the denomination of the borrowing and pursuant to the terms of the 2024 Syndicated 364-Day Credit Agreement. The Company must repay all advances under the 2024 Syndicated 364-Day Credit Agreement by the earlier of June 27, 2025 or upon termination. The Company may, however, convert all advances outstanding upon termination into a term loan that shall be repaid in full no later than the first anniversary of the termination date provided that the Company, among other things, pays a fee to the administrative agent for the account of each lender. The 2024 Syndicated 364-Day Credit Agreement serves as part of the liquidity back-stop for the Company’s $3.5 billion U.S. Dollar and Euro commercial paper program. As of September 28, 2024, the Company had not drawn on its 2024 Syndicated 364-Day Credit Agreement.

The 5-Year Credit Agreement and the 2024 Syndicated 364-Day Credit Agreement, as described above, contain customary affirmative and negative covenants, including but not limited to, maintenance of an interest coverage ratio. The interest coverage ratio tested for covenant compliance compares adjusted Earnings Before Interest, Taxes, Depreciation and Amortization to adjusted net Interest Expense ("Adjusted EBITDA"/"Adjusted Net Interest Expense"). The Company must maintain, for each period of four consecutive fiscal quarters of the Company, an interest coverage ratio of not less than 3.50 to 1.00, provided that the Company is only required to maintain an interest coverage ratio of not less than (i) 1.50 to 1.00 for any four quarter period ending on or before the end of the Company’s second fiscal quarter of 2024, and (ii) 2.50 to 1.00 for any four quarter period ending after the Company’s second fiscal quarter of 2024 through and including the Company’s second fiscal quarter of 2025. For purposes of calculating the Company’s compliance with the interest coverage ratio, as defined in each credit agreement, the Company is permitted to increase EBITDA to allow for additional adjustment addbacks incurred prior to the end of the Company’s second fiscal quarter of 2025, provided that (A) the sum of the applicable adjustment addbacks incurred through and including the Company’s second fiscal quarter of 2024 may not exceed $500 million in the aggregate, and (B) the sum of the applicable adjustment addbacks incurred from the Company’s third fiscal quarter of 2024 through and including the Company’s second fiscal quarter of 2025 may not exceed $250 million in the aggregate; provided, further, that the sum of the applicable adjustment addbacks for any four quarter period may not exceed $500 million in the aggregate.

In March 2015, the Company entered into a forward share purchase contract with a financial institution counterparty for 3,645,510 shares of common stock. The contract obligates the Company to pay $350 million, plus an additional amount related to the forward component of the contract. In June 2024, the Company amended the settlement date to June 2026, or earlier at the Company's option.

Refer to Note G, Long-Term Debt and Financing Arrangements, for further discussion of the Company's financing arrangements.
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OTHER MATTERS
Critical Accounting Estimates:
During 2024, the Company continued its brand prioritization and investment strategy for its major brands, while leveraging certain of its specialty brands in a more focused manner. As a result of these ongoing brand prioritization efforts, and in connection with the preparation of its financial statements for the quarter ended September 28, 2024, the Company tested its indefinite-lived trade names for impairment utilizing a discounted cash flow valuation model. The key assumptions used included discount rates, royalty rates, and perpetual growth rates applied to updated sales projections. The Company determined that the fair values of its indefinite-lived trade names exceeded their respective carrying amounts, with the exception of the Lenox trade name. The Company recognized a $41.0 million pre-tax, non-cash impairment charge related to this trade name in the third quarter of 2024. Subsequent to this impairment charge, the Lenox carrying value totaled $115.0 million. The Company intends to continue utilizing this trade name indefinitely, which represented approximately 2% of 2023 net sales for the Tools & Outdoor segment. Refer to Note L, Restructuring Charges and Other Costs, for further discussion.
There have been no changes in the Company’s critical accounting estimates during the third quarter of 2024. Refer to the “Other Matters” section of Management’s Discussion and Analysis of Financial Condition and Results of Operations in the Company’s Annual Report on Form 10-K for the year ended December 30, 2023 for a discussion of the Company’s critical accounting estimates.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
There has been no significant change in the Company’s exposure to market risk during the third quarter of 2024. Refer to the Management’s Discussion and Analysis of Financial Condition and Results of Operations in the Company’s Annual Report on Form 10-K for the year ended December 30, 2023 and subsequent related filings with the Securities and Exchange Commission for further discussion.

ITEM 4. CONTROLS AND PROCEDURES
Disclosure Controls and Procedures
Under the supervision and with the participation of management, including the Company’s President and Chief Executive Officer and its Executive Vice President and Chief Financial Officer, the Company has, pursuant to Rule 13a-15(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), evaluated the effectiveness of the design and operation of its disclosure controls and procedures (as defined under Rule 13a-15(e) of the Exchange Act). Based upon that evaluation, the Company’s President and Chief Executive Officer and its Executive Vice President and Chief Financial Officer have concluded that, as of September 28, 2024, the Company’s disclosure controls and procedures are effective.
Changes in Internal Control Over Financial Reporting
There has been no change in the Company’s internal control over financial reporting that occurred during the third quarter of 2024 that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

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CAUTIONARY STATEMENTS UNDER THE PRIVATE SECURITIES LITIGATION
REFORM ACT OF 1995

This document contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws, including, but not limited to, any projections or guidance of earnings, revenue, profitability or other financial items; any statements of the plans, strategies and objectives of management for future operations; any statements concerning proposed new products, services or developments; any statements regarding future economic conditions or performance; any statements relating to initiatives concerning environmental, social and governance matters; any statements of belief; and any statements of assumptions underlying any of the foregoing. Forward-looking statements may include, among others, the words “may,” “will,” “estimate,” “intend,” “could,” “project,” “plan,” “continue,” “believe,” “expect,” “anticipate,” “run-rate,” “annualized,” “forecast,” “commit,” “objective,” “goal,” “prospect,” “target,” “design,” “on-track,” “position or positioning,” “guidance” or any other similar words.
Although the Company believes that the expectations reflected in any of its forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in any of its forward-looking statements. The Company's future financial condition and results of operations, as well as any forward-looking statements, are subject to change and to inherent risks and uncertainties, such as those disclosed or incorporated by reference in the Company's filings with the Securities and Exchange Commission.
Important factors that could cause the Company's actual results, performance and achievements, or industry results to differ materially from estimates or projections contained in its forward-looking statements include, among others, the following: (i) successfully developing, marketing and achieving sales from new products and services and the continued acceptance of current products and services; (ii) macroeconomic factors, including global and regional business conditions, commodity prices, inflation and deflation, interest rate volatility, currency exchange rates, and uncertainties in the global financial markets related to the recent failures of several financial institutions; (iii) laws, regulations and governmental policies affecting the Company's activities in the countries where it does business, including those related to tariffs, taxation, data privacy, anti-bribery, anti-corruption, government contracts and trade controls such as section 301 tariffs and section 232 steel and aluminum tariffs; (iv) the economic, political, cultural and legal environment in Europe and the emerging markets in which the Company generates sales, particularly Latin America and China; (v) realizing the anticipated benefits of mergers, acquisitions, joint ventures, strategic alliances or divestitures; (vi) pricing pressure and other changes within competitive markets; (vii) availability and price of raw materials, component parts, freight, energy, labor and sourced finished goods; (viii) the impact that the tightened credit markets may have on the Company or its customers or suppliers; (ix) the extent to which the Company has to write off accounts receivable, inventory or other assets or experiences supply chain disruptions in connection with bankruptcy filings by customers or suppliers; (x) the Company's ability to identify and effectively execute productivity improvements and cost reductions; (xi) potential business, supply chain and distribution disruptions, including those related to physical security threats, information technology or cyber-attacks, epidemics, natural disasters, pandemics, sanctions, political unrest, war or terrorism, including the conflicts between Russia and Ukraine, and Israel and Hamas and tensions or conflicts in South Korea, China, Taiwan and the Middle East; (xii) the continued consolidation of customers, particularly in consumer channels, and the Company’s continued reliance on significant customers; (xiii) managing franchisee relationships; (xiv) the impact of poor weather conditions and climate change and risks related to the transition to a lower-carbon economy, such as the Company's ability to successfully adopt new technology, meet market-driven demands for carbon neutral and renewable energy technology, or to comply with changes in environmental regulations or requirements, which may be more stringent and complex, impacting its manufacturing facilities and business operations as well as remediation plans and costs relating to any of its current or former locations or other sites; (xv) maintaining or improving production rates in the Company's manufacturing facilities, responding to significant changes in customer preferences or expectations, product demand and fulfilling demand for new and existing products, and learning, adapting and integrating new technologies into products, services and processes; (xvi) changes in the competitive landscape in the Company's markets; (xvii) the Company's non-U.S. operations, including sales to non-U.S. customers; (xviii) the impact from demand changes within world-wide markets associated with homebuilding and remodeling; (xix) potential adverse developments in new or pending litigation and/or government investigations; (xx) the incurrence of debt and changes in the Company's ability to obtain debt on commercially reasonable terms and at competitive rates; (xxi) substantial pension and other postretirement benefit obligations; (xxii) potential regulatory liabilities, including environmental, privacy, data breach, workers compensation and product liabilities; (xxiii) attracting, developing and retaining senior management and other key employees, managing a workforce in many jurisdictions, labor shortages, work stoppages or other labor disruptions; (xxiv) the Company's ability to keep abreast with the pace of technological change; (xxv) changes in accounting estimates; (xxvi) the Company’s ability to protect its intellectual property rights and to maintain its public reputation and the strength of its brands; (xxvii) critical or negative publicity, including on social media, whether or not accurate, concerning the Company’s brands, products or initiatives, and (xxviii) the Company’s ability to implement, and achieve the expected benefits (including cost savings and reduction in working capital) from, its Global Cost Reduction Program including: continuing to advance innovation, electrification and global market penetration to achieve organic revenue growth of 2-3 times the market; streamlining and simplifying the organization, and investing in initiatives that more directly impact the Company's
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customers and end users; returning adjusted gross margins to historical 35%+ levels by accelerating the supply chain transformation to leverage strategic sourcing, drive operational excellence, rationalize manufacturing and distribution networks, including consolidating facilities and optimizing the distribution network, and reduce complexity of the product portfolio; improving fill rates and matching inventory with customer demand; prioritizing cash flow generation and inventory optimization; executing the SBD Operating Model to deliver operational excellence through efficiency, simplified organizational design; and reducing complexity through platforming products and implementing initiatives to drive a SKU reduction.
Additional factors that could cause actual results to differ materially from forward-looking statements are set forth in the Annual Report on Form 10-K and in this Quarterly Report on Form 10-Q, including under the headings “Risk Factors,” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and in the Consolidated Financial Statements and the related Notes.
Forward-looking statements in this Quarterly Report on Form 10-Q speak only as of the date hereof, and forward-looking statements in documents that are incorporated by reference herein speak only as of the date of those documents. The Company does not undertake any obligation or intention to update or revise any forward-looking statements, whether as a result of future events or circumstances, new information or otherwise, except as required by law. Any standards of measurement and performance made in reference to the Company's environmental, social, governance and other sustainability plans and goals are developing and based on assumptions that continue to evolve and may be subject to change, and no assurance can be given that any such plan, initiative, projection, goal, commitment, expectation, or prospect can or will be achieved. The inclusion of information related to such goals and initiatives is not an indication that such information is material under the standards of the Securities and Exchange Commission.
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PART II — OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS
The Company’s Annual Report on Form 10-K for the year ended December 30, 2023 and its Quarterly Reports on Form 10-Q for the quarters ended March 30, 2024 and June 29, 2024 include "Legal Proceedings" under Item 3 of Part I and Item 1 of Part II, respectively. Other than as described below, there have been no material changes from the legal proceedings described in the Company's Forms 10-K and 10-Q.
Government Investigations
The Company previously disclosed that it had identified certain transactions relating to its international operations that may raise compliance questions under the U.S. Foreign Corrupt Practices Act ("FCPA") and voluntarily disclosed this information to the U.S. Department of Justice (the “DOJ”) and the U.S. Securities and Exchange Commission (the “SEC”). Recently, the SEC and DOJ informed the Company that they have each closed their inquiries with no action taken against the Company in connection with these matters.
The Company is committed to upholding the highest standards of corporate governance and is continuously focused on ensuring the effectiveness of its policies, procedures, and controls. The Company is in the process, with the assistance of professional advisors, of reviewing and further enhancing relevant policies, procedures, and controls.
Other Actions
In addition to the matters above, in the normal course of business, the Company is involved in various lawsuits and claims, including product liability, environmental, intellectual property, contract and commercial, advertising, employment and distributor claims, and administrative proceedings. The Company does not expect that the resolution of these matters occurring in the normal course of business will have a materially adverse effect on the Company’s consolidated financial position, results of operations or liquidity.
ITEM 1A. RISK FACTORS
There have been no material changes to the risk factors as disclosed in the Company’s Annual Report on Form 10-K for the year ended December 30, 2023 filed with the Securities and Exchange Commission on February 27, 2024.


ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Issuer Purchases of Equity Securities
The following table provides information about the Company’s purchases of equity securities that are registered by the Company pursuant to Section 12 of the Exchange Act during the three months ended September 28, 2024:
2024Total
Number Of
Common Shares
Purchased		Average Price
Paid Per Common
Share
Total Number Of Common Shares Purchased As Part Of A Publicly Announced Plan Or Program
(In Millions)
Maximum Number Of Common Shares That May Yet Be
Purchased Under The Program
(a)
June 30 - August 3— $— — 20 
August 4 - August 31— — — 20 
September 1 - September 28— — — 20 
Total— $— — 20 
(a)On April 21, 2022, the Board approved a share repurchase program of up to 20 million shares of the Company’s common stock (the “April 2022 Program”). The April 2022 Program does not have an expiration date. The Company may repurchase shares under the April 2022 Program through open market purchases, privately negotiated transactions or share repurchase programs, including one or more accelerated share repurchase programs (under which an initial payment for the entire repurchase amount may be made at the inception of the program). Such repurchases may be funded from cash on hand, short-term borrowings or other sources of cash at the Company’s discretion, and the Company is under no obligation to repurchase any shares pursuant to the repurchase program. The currently authorized shares available for repurchase under the April 2022 Program do not include approximately 3.6 million shares reserved and authorized for purchase under the Company’s approved repurchase program in place prior to the April 2022 Program relating to a forward share purchase contract entered into in March 2015.
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ITEM 5. OTHER INFORMATION

During the three months ended September 28, 2024, no director or Section 16 officer of the Company adopted, modified or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.

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ITEM 6. EXHIBITS
 
(10.1)
(31.1)
(31.2)
(32.1)
(32.2)
(101)
The following materials from Stanley Black & Decker Inc.'s Quarterly Report on Form 10-Q for the quarter ended September 28, 2024, formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) Consolidated Statements of Operations and Comprehensive Income (Loss) for the three and nine months ended September 28, 2024 and September 30, 2023; (ii) Condensed Consolidated Balance Sheets at September 28, 2024 and December 30, 2023; (iii) Condensed Consolidated Statements of Cash Flows for the three and nine months ended September 28, 2024 and September 30, 2023; (iv) Consolidated Statements of Changes in Shareowners' Equity for the three and nine months ended September 28, 2024 and September 30, 2023; and (v) Notes to Unaudited Condensed Consolidated Financial Statements**.
(104)
The cover page of Stanley Black & Decker Inc.'s Quarterly Report on Form 10-Q for the quarter ended September 28, 2024, formatted in iXBRL (included within Exhibit 101 attachments).

 
*Management contract or compensation plan or arrangement
**Pursuant to Rule 406T of Regulation S-T, the Interactive Data Files on Exhibit 101 hereto are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, are deemed not filed for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, and otherwise are not subject to liability under those sections.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 
STANLEY BLACK & DECKER, INC.
Date:October 29, 2024By: /s/ PATRICK HALLINAN
 Patrick Hallinan
 Executive Vice President & Chief Financial Officer
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