| SECOND QUARTER | YEAR-TO-DATE | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| NET SALES | $ | 3,945.2 | $ | 4,024.4 | $ | 7,689.8 | $ | 7,893.9 | |||||||||||||||
| COSTS AND EXPENSES | |||||||||||||||||||||||
| Cost of sales | 2,878.7 | 2,883.2 | 5,502.5 | 5,644.2 | |||||||||||||||||||
| Gross profit | 1,066.5 | 1,141.2 | 2,187.3 | 2,249.7 | |||||||||||||||||||
| % of Net Sales | 27.0 | % | 28.4 | % | 28.4 | % | 28.5 | % | |||||||||||||||
| Selling, general and administrative | 873.1 | 828.6 | 1,740.1 | 1,680.4 | |||||||||||||||||||
| % of Net Sales | 22.1 | % | 20.6 | % | 22.6 | % | 21.3 | % | |||||||||||||||
| Other - net | 67.7 | 226.5 | 115.2 | 306.5 | |||||||||||||||||||
| Loss on sale of business | — | — | 0.3 | — | |||||||||||||||||||
| Asset impairment charge | — | — | — | 25.5 | |||||||||||||||||||
| Restructuring charges | 18.8 | 29.8 | 20.0 | 44.8 | |||||||||||||||||||
| Income from operations | 106.9 | 56.3 | 311.7 | 192.5 | |||||||||||||||||||
| Interest - net | 80.2 | 78.4 | 157.4 | 166.3 | |||||||||||||||||||
| EARNINGS (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 26.7 | (22.1) | 154.3 | 26.2 | |||||||||||||||||||
| Income taxes on continuing operations | (75.2) | (2.9) | (38.0) | 25.9 | |||||||||||||||||||
| NET EARNINGS (LOSS) FROM CONTINUING OPERATIONS | $ | 101.9 | $ | (19.2) | $ | 192.3 | $ | 0.3 | |||||||||||||||
| Gain on Security sale before income taxes | $ | — | $ | 10.4 | $ | — | $ | 10.4 | |||||||||||||||
| Income taxes on discontinued operations | — | 2.4 | — | 2.4 | |||||||||||||||||||
| NET EARNINGS FROM DISCONTINUED OPERATIONS | $ | — | $ | 8.0 | $ | — | $ | 8.0 | |||||||||||||||
| NET EARNINGS (LOSS) | $ | 101.9 | $ | (11.2) | $ | 192.3 | $ | 8.3 | |||||||||||||||
| BASIC EARNINGS (LOSS) PER SHARE OF COMMON STOCK | |||||||||||||||||||||||
| Continuing operations | $ | 0.67 | $ | (0.13) | $ | 1.27 | $ | — | |||||||||||||||
| Discontinued operations | $ | — | $ | 0.05 | $ | — | $ | 0.05 | |||||||||||||||
| Total basic earnings (loss) per share of common stock | $ | 0.67 | $ | (0.07) | $ | 1.27 | $ | 0.06 | |||||||||||||||
| DILUTED EARNINGS (LOSS) PER SHARE OF COMMON STOCK | |||||||||||||||||||||||
| Continuing operations | $ | 0.67 | $ | (0.13) | $ | 1.27 | $ | — | |||||||||||||||
| Discontinued operations | $ | — | $ | 0.05 | $ | — | $ | 0.05 | |||||||||||||||
| Total diluted earnings (loss) per share of common stock | $ | 0.67 | $ | (0.07) | $ | 1.27 | $ | 0.05 | |||||||||||||||
| DIVIDENDS PER SHARE OF COMMON STOCK | $ | 0.82 | $ | 0.81 | $ | 1.64 | $ | 1.62 | |||||||||||||||
| WEIGHTED-AVERAGE SHARES OUTSTANDING (in thousands) | |||||||||||||||||||||||
| Basic | 151,231 | 150,394 | 151,122 | 150,311 | |||||||||||||||||||
| Diluted | 151,728 | 150,394 | 151,711 | 151,012 | |||||||||||||||||||
| June 28, 2025 | December 28, 2024 | |||||||||||||
| ASSETS | ||||||||||||||
| Cash and cash equivalents | $ | 311.8 | $ | 290.5 | ||||||||||
| Accounts and notes receivable, net | 1,542.4 | 1,153.7 | ||||||||||||
| Inventories, net | 4,639.0 | 4,536.4 | ||||||||||||
| Other current assets | 384.6 | 397.1 | ||||||||||||
| Total current assets | 6,877.8 | 6,377.7 | ||||||||||||
| Property, plant and equipment, net | 2,026.0 | 2,034.3 | ||||||||||||
| Goodwill and other intangibles, net | 11,735.0 | 11,636.4 | ||||||||||||
| Other assets | 1,853.8 | 1,800.5 | ||||||||||||
| Total assets | $ | 22,492.6 | $ | 21,848.9 | ||||||||||
| LIABILITIES AND SHAREOWNERS’ EQUITY | ||||||||||||||
| Short-term borrowings | $ | 1,069.8 | $ | — | ||||||||||
| Current maturities of long-term debt | 849.6 | 500.4 | ||||||||||||
| Accounts payable | 2,495.4 | 2,437.2 | ||||||||||||
| Accrued expenses | 2,177.3 | 1,979.3 | ||||||||||||
| Total current liabilities | 6,592.1 | 4,916.9 | ||||||||||||
| Long-term debt | 4,757.8 | 5,602.6 | ||||||||||||
| Other long-term liabilities | 2,079.7 | 2,609.5 | ||||||||||||
| Shareowners’ equity | 9,063.0 | 8,719.9 | ||||||||||||
| Total liabilities and shareowners' equity | $ | 22,492.6 | $ | 21,848.9 | ||||||||||
| SECOND QUARTER | YEAR-TO-DATE | |||||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||||||
| OPERATING ACTIVITIES | ||||||||||||||||||||||||||
| Net earnings (loss) | $ | 101.9 | $ | (11.2) | $ | 192.3 | $ | 8.3 | ||||||||||||||||||
| Depreciation | 92.7 | 114.3 | 183.8 | 213.4 | ||||||||||||||||||||||
| Amortization | 37.4 | 40.7 | 74.7 | 81.8 | ||||||||||||||||||||||
| Gain on sale of discontinued operations | — | (10.4) | — | (10.4) | ||||||||||||||||||||||
| Loss on sale of business | — | — | 0.3 | — | ||||||||||||||||||||||
| Asset impairment charge | — | — | — | 25.5 | ||||||||||||||||||||||
Changes in working capital1 | 127.6 | 397.8 | (341.4) | 38.0 | ||||||||||||||||||||||
| Other | (145.3) | 41.8 | (315.4) | (214.6) | ||||||||||||||||||||||
| Net cash provided by (used in) operating activities | 214.3 | 573.0 | (205.7) | 142.0 | ||||||||||||||||||||||
| INVESTING AND FINANCING ACTIVITIES | ||||||||||||||||||||||||||
| Capital and software expenditures | (79.6) | (87.2) | (144.6) | (152.9) | ||||||||||||||||||||||
| Proceeds from sales of businesses, net of cash sold | — | 735.6 | 5.0 | 735.6 | ||||||||||||||||||||||
| Payments on long-term debt | (0.3) | — | (500.3) | — | ||||||||||||||||||||||
| Net short-term commercial paper (repayments) borrowings | (98.2) | (1,245.7) | 1,038.0 | (570.8) | ||||||||||||||||||||||
| Cash dividends on common stock | (124.0) | (121.8) | (248.5) | (243.6) | ||||||||||||||||||||||
| Other | 11.9 | 0.4 | 4.5 | (1.6) | ||||||||||||||||||||||
| Net cash (used in) provided by investing and financing activities | (290.2) | (718.7) | 154.1 | (233.3) | ||||||||||||||||||||||
| Effect of exchange rate changes on cash | 42.6 | (15.0) | 74.1 | (42.6) | ||||||||||||||||||||||
| (Decrease) increase in cash, cash equivalents and restricted cash | (33.3) | (160.7) | 22.5 | (133.9) | ||||||||||||||||||||||
| Cash, cash equivalents and restricted cash, beginning of period | 348.6 | 481.4 | 292.8 | 454.6 | ||||||||||||||||||||||
| Cash, cash equivalents and restricted cash, end of period | $ | 315.3 | $ | 320.7 | $ | 315.3 | $ | 320.7 | ||||||||||||||||||
Free Cash Flow Computation2 | ||||||||||||||||||||||||||
| Net cash provided by (used in) operating activities | $ | 214.3 | $ | 573.0 | $ | (205.7) | $ | 142.0 | ||||||||||||||||||
| Less: capital and software expenditures | (79.6) | (87.2) | (144.6) | (152.9) | ||||||||||||||||||||||
| Free cash flow (before dividends) | $ | 134.7 | $ | 485.8 | $ | (350.3) | $ | (10.9) | ||||||||||||||||||
| Reconciliation of Cash, Cash Equivalents and Restricted Cash | ||||||||||||||||||||||||||
| June 28, 2025 | December 28, 2024 | |||||||||||||||||||||||||
| Cash and cash equivalents | $ | 311.8 | $ | 290.5 | ||||||||||||||||||||||
| Restricted cash included in Other current assets | 3.5 | 2.3 | ||||||||||||||||||||||||
| Cash, cash equivalents and restricted cash | $ | 315.3 | $ | 292.8 | ||||||||||||||||||||||
1 | Working capital is comprised of accounts receivable, inventory, accounts payable and deferred revenue. | |||||||||||||||||||||||||
2 | Free cash flow is defined as cash flow from operations less capital and software expenditures. Management considers free cash flow an important measure of its liquidity, as well as its ability to fund future growth and to provide a return to the 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. | |||||||||||||||||||||||||
| SECOND QUARTER | YEAR-TO-DATE | |||||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||||||
| NET SALES | ||||||||||||||||||||||||||
| Tools & Outdoor | $ | 3,461.4 | $ | 3,528.7 | $ | 6,742.3 | $ | 6,813.3 | ||||||||||||||||||
Engineered Fastening1 | 483.8 | 495.7 | 947.5 | 1,080.6 | ||||||||||||||||||||||
| Total | $ | 3,945.2 | $ | 4,024.4 | $ | 7,689.8 | $ | 7,893.9 | ||||||||||||||||||
| SEGMENT PROFIT | ||||||||||||||||||||||||||
| Tools & Outdoor | $ | 238.1 | $ | 316.1 | $ | 527.3 | $ | 571.8 | ||||||||||||||||||
Engineered Fastening1 | $ | 35.0 | $ | 66.8 | $ | 74.0 | $ | 132.0 | ||||||||||||||||||
CORPORATE OVERHEAD2 | $ | (79.7) | $ | (70.3) | $ | (154.1) | $ | (134.5) | ||||||||||||||||||
| Segment Profit as a Percentage of Net Sales | ||||||||||||||||||||||||||
| Tools & Outdoor | 6.9 | % | 9.0 | % | 7.8 | % | 8.4 | % | ||||||||||||||||||
Engineered Fastening1 | 7.2 | % | 13.5 | % | 7.8 | % | 12.2 | % | ||||||||||||||||||
1 | In the first quarter of 2025, the Industrial segment was renamed “Engineered Fastening” as a result of a more focused portfolio following recent divestitures. The Engineered Fastening segment name change is to the name only and had no impact on the Company’s consolidated financial statements or segment results. The 2024 amounts shown above for the Engineered Fastening segment include the results of the Infrastructure business through the date of sale of April 1, 2024. | |||||||||||||||||||||||||
2 | The corporate overhead element of SG&A, which is not allocated to the business segments for purposes of determining segment profit, consists of the costs associated with the executive management team and expenses related to centralized functions that benefit the entire Company but are not directly attributable to the business segments, such as legal and corporate finance functions, as well as expenses for the world headquarters facility. | |||||||||||||||||||||||||
| SECOND QUARTER 2025 | |||||||||||||||||||||||
| GAAP | Non-GAAP Adjustments | Non-GAAP1 | |||||||||||||||||||||
| Gross profit | $ | 1,066.5 | $ | 20.0 | $ | 1,086.5 | |||||||||||||||||
| % of Net Sales | 27.0 | % | 27.5 | % | |||||||||||||||||||
| Selling, general and administrative | 873.1 | (52.6) | 820.5 | ||||||||||||||||||||
| % of Net Sales | 22.1 | % | 20.8 | % | |||||||||||||||||||
| Earnings from continuing operations before income taxes | 26.7 | 83.0 | 109.7 | ||||||||||||||||||||
Income taxes on continuing operations2 | (75.2) | 21.8 | (53.4) | ||||||||||||||||||||
| Net earnings from continuing operations | 101.9 | 61.2 | 163.1 | ||||||||||||||||||||
| Diluted earnings per share of common stock - Continuing operations | $ | 0.67 | $ | 0.41 | $ | 1.08 | |||||||||||||||||
| SECOND QUARTER 2024 | |||||||||||||||||||||||
| GAAP | Non-GAAP Adjustments | Non-GAAP1 | |||||||||||||||||||||
| Gross profit | $ | 1,141.2 | $ | 33.5 | $ | 1,174.7 | |||||||||||||||||
| % of Net Sales | 28.4 | % | 29.2 | % | |||||||||||||||||||
| Selling, general and administrative | 828.6 | (27.6) | 801.0 | ||||||||||||||||||||
| % of Net Sales | 20.6 | % | 19.9 | % | |||||||||||||||||||
| (Loss) earnings from continuing operations before income taxes | (22.1) | 239.3 | 217.2 | ||||||||||||||||||||
Income taxes on continuing operations2 | (2.9) | 55.6 | 52.7 | ||||||||||||||||||||
| Net (loss) earnings from continuing operations | (19.2) | 183.7 | 164.5 | ||||||||||||||||||||
Diluted (loss) earnings per share of common stock - Continuing operations3 | $ | (0.13) | $ | 1.22 | $ | 1.09 | |||||||||||||||||
1 | The Non-GAAP 2025 and 2024 information, as reconciled to GAAP above, is considered relevant to aid analysis and understanding of the Company’s results and business trends aside from the material impact of certain gains and charges and ensures appropriate comparability to operating results of prior periods. See further detail on Non-GAAP adjustments on page 17. | ||||||||||||||||||||||
2 | Income taxes attributable to Non-GAAP adjustments are determined by calculating income taxes on pre-tax earnings, both inclusive and exclusive of Non-GAAP adjustments, taking into consideration the nature of the Non-GAAP adjustments and the applicable statutory income tax rates. | ||||||||||||||||||||||
3 | The Non-GAAP diluted earnings per share for the second quarter of 2024 is calculated using diluted weighted-average shares outstanding of 151.103 million. | ||||||||||||||||||||||
| YEAR-TO-DATE 2025 | |||||||||||||||||||||||
| GAAP | Non-GAAP Adjustments | Non-GAAP1 | |||||||||||||||||||||
| Gross profit | $ | 2,187.3 | $ | 36.7 | $ | 2,224.0 | |||||||||||||||||
| % of Net Sales | 28.4 | % | 28.9 | % | |||||||||||||||||||
| Selling, general and administrative | 1,740.1 | (74.6) | 1,665.5 | ||||||||||||||||||||
| % of Net Sales | 22.6 | % | 21.7 | % | |||||||||||||||||||
| Earnings from continuing operations before income taxes | 154.3 | 114.5 | 268.8 | ||||||||||||||||||||
Income taxes on continuing operations2 | (38.0) | 29.3 | (8.7) | ||||||||||||||||||||
| Net earnings from continuing operations | 192.3 | 85.2 | 277.5 | ||||||||||||||||||||
| Diluted earnings per share of common stock - Continuing operations | $ | 1.27 | $ | 0.56 | $ | 1.83 | |||||||||||||||||
| YEAR-TO-DATE 2024 | |||||||||||||||||||||||
| GAAP | Non-GAAP Adjustments | Non-GAAP1 | |||||||||||||||||||||
| Gross profit | $ | 2,249.7 | $ | 47.9 | $ | 2,297.6 | |||||||||||||||||
| % of Net Sales | 28.5 | % | 29.1 | % | |||||||||||||||||||
| Selling, general and administrative | 1,680.4 | (47.7) | 1,632.7 | ||||||||||||||||||||
| % of Net Sales | 21.3 | % | 20.7 | % | |||||||||||||||||||
| Earnings from continuing operations before income taxes | 26.2 | 310.8 | 337.0 | ||||||||||||||||||||
Income taxes on continuing operations2 | 25.9 | 62.4 | 88.3 | ||||||||||||||||||||
| Net earnings from continuing operations | 0.3 | 248.4 | 248.7 | ||||||||||||||||||||
| Diluted earnings per share of common stock - Continuing operations | $ | — | $ | 1.65 | $ | 1.65 | |||||||||||||||||
1 | The Non-GAAP 2025 and 2024 information, as reconciled to GAAP above, is considered relevant to aid analysis and understanding of the Company’s results and business trends aside from the material impact of certain gains and charges and ensures appropriate comparability to operating results of prior periods. See further detail on Non-GAAP adjustments on page 17. | ||||||||||||||||||||||
2 | Income taxes attributable to Non-GAAP adjustments are determined by calculating income taxes on pre-tax earnings, both inclusive and exclusive of Non-GAAP adjustments, taking into consideration the nature of the Non-GAAP adjustments and the applicable statutory income tax rates. | ||||||||||||||||||||||
| SECOND QUARTER 2025 | |||||||||||||||||||||||
| GAAP | Non-GAAP Adjustments1 | Non-GAAP2 | |||||||||||||||||||||
| SEGMENT PROFIT | |||||||||||||||||||||||
| Tools & Outdoor | $ | 238.1 | $ | 38.4 | $ | 276.5 | |||||||||||||||||
| Engineered Fastening | $ | 35.0 | $ | 17.3 | $ | 52.3 | |||||||||||||||||
| CORPORATE OVERHEAD | $ | (79.7) | $ | 16.9 | $ | (62.8) | |||||||||||||||||
| Segment Profit as a Percentage of Net Sales | |||||||||||||||||||||||
| Tools & Outdoor | 6.9 | % | 8.0 | % | |||||||||||||||||||
| Engineered Fastening | 7.2 | % | 10.8 | % | |||||||||||||||||||
| SECOND QUARTER 2024 | |||||||||||||||||||||||
| GAAP | Non-GAAP Adjustments1 | Non-GAAP2 | |||||||||||||||||||||
| SEGMENT PROFIT | |||||||||||||||||||||||
| Tools & Outdoor | $ | 316.1 | $ | 52.6 | $ | 368.7 | |||||||||||||||||
| Engineered Fastening | $ | 66.8 | $ | 0.3 | $ | 67.1 | |||||||||||||||||
| CORPORATE OVERHEAD | $ | (70.3) | $ | 8.2 | $ | (62.1) | |||||||||||||||||
| Segment Profit as a Percentage of Net Sales | |||||||||||||||||||||||
| Tools & Outdoor | 9.0 | % | 10.4 | % | |||||||||||||||||||
| Engineered Fastening | 13.5 | % | 13.5 | % | |||||||||||||||||||
1 | Non-GAAP adjustments for the business segments relate primarily to separation benefit costs associated with a voluntary retirement program as well as footprint actions and other costs associated with the supply chain transformation, as further discussed on page 17. Non-GAAP adjustments for Corporate overhead primarily consist of voluntary retirement program costs and transition services costs related to previously divested businesses. | ||||||||||||||||||||||
| 2 | The Non-GAAP 2025 and 2024 business segment and corporate overhead information, as reconciled to GAAP above, is considered relevant to aid analysis and understanding of the Company’s results and business trends aside from the material impact of certain gains and charges and ensures appropriate comparability to operating results of prior periods. | ||||||||||||||||||||||
| YEAR-TO-DATE 2025 | |||||||||||||||||||||||
| GAAP | Non-GAAP Adjustments1 | Non-GAAP2 | |||||||||||||||||||||
| SEGMENT PROFIT | |||||||||||||||||||||||
| Tools & Outdoor | $ | 527.3 | $ | 63.4 | $ | 590.7 | |||||||||||||||||
| Engineered Fastening | $ | 74.0 | $ | 25.0 | $ | 99.0 | |||||||||||||||||
| CORPORATE OVERHEAD | $ | (154.1) | $ | 22.9 | $ | (131.2) | |||||||||||||||||
| Segment Profit as a Percentage of Net Sales | |||||||||||||||||||||||
| Tools & Outdoor | 7.8 | % | 8.8 | % | |||||||||||||||||||
| Engineered Fastening | 7.8 | % | 10.4 | % | |||||||||||||||||||
| YEAR-TO-DATE 2024 | |||||||||||||||||||||||
| GAAP | Non-GAAP Adjustments1 | Non-GAAP2 | |||||||||||||||||||||
| SEGMENT PROFIT | |||||||||||||||||||||||
| Tools & Outdoor | $ | 571.8 | $ | 75.5 | $ | 647.3 | |||||||||||||||||
| Engineered Fastening | $ | 132.0 | $ | 6.0 | $ | 138.0 | |||||||||||||||||
| CORPORATE OVERHEAD | $ | (134.5) | $ | 14.1 | $ | (120.4) | |||||||||||||||||
| Segment Profit as a Percentage of Net Sales | |||||||||||||||||||||||
| Tools & Outdoor | 8.4 | % | 9.5 | % | |||||||||||||||||||
| Engineered Fastening | 12.2 | % | 12.8 | % | |||||||||||||||||||
1 | Non-GAAP adjustments for the business segments relate primarily to separation benefit costs associated with a voluntary retirement program as well as footprint actions and other costs associated with the supply chain transformation, as further discussed on page 17. Non-GAAP adjustments for Corporate overhead primarily consist of voluntary retirement program costs and transition services costs related to previously divested businesses. | ||||||||||||||||||||||
| 2 | The Non-GAAP 2025 and 2024 business segment and corporate overhead information, as reconciled to GAAP above, is considered relevant to aid analysis and understanding of the Company’s results and business trends aside from the material impact of certain gains and charges and ensures appropriate comparability to operating results of prior periods. | ||||||||||||||||||||||
| SECOND QUARTER | YEAR-TO-DATE | |||||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||||||
| Net earnings (loss) from continuing operations | $ | 101.9 | $ | (19.2) | $ | 192.3 | $ | 0.3 | ||||||||||||||||||
| % of Net Sales | 2.6 | % | (0.5) | % | 2.5 | % | — | % | ||||||||||||||||||
| Interest - net | 80.2 | 78.4 | 157.4 | 166.3 | ||||||||||||||||||||||
| Income taxes on continuing operations | (75.2) | (2.9) | (38.0) | 25.9 | ||||||||||||||||||||||
| Depreciation | 92.7 | 114.3 | 183.8 | 213.4 | ||||||||||||||||||||||
| Amortization | 37.4 | 40.7 | 74.7 | 81.8 | ||||||||||||||||||||||
EBITDA1 | $ | 237.0 | $ | 211.3 | $ | 570.2 | $ | 487.7 | ||||||||||||||||||
| % of Net Sales | 6.0 | % | 5.3 | % | 7.4 | % | 6.2 | % | ||||||||||||||||||
| Non-GAAP adjustments before income taxes | 83.0 | 239.3 | 114.5 | 310.8 | ||||||||||||||||||||||
| Less: Accelerated depreciation included in Non-GAAP adjustments before income taxes | 1.8 | 21.3 | 4.7 | 26.6 | ||||||||||||||||||||||
Adjusted EBITDA1 | $ | 318.2 | $ | 429.3 | $ | 680.0 | $ | 771.9 | ||||||||||||||||||
| % of Net Sales | 8.1 | % | 10.7 | % | 8.8 | % | 9.8 | % | ||||||||||||||||||
| SECOND QUARTER | YEAR-TO-DATE | |||||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||||||
| Supply Chain Transformation Costs: | ||||||||||||||||||||||||||
Footprint Rationalization2 | $ | 5.4 | $ | 24.0 | $ | 12.0 | $ | 32.4 | ||||||||||||||||||
| Material Productivity & Operational Excellence | 3.3 | 7.6 | 8.0 | 13.4 | ||||||||||||||||||||||
Voluntary retirement program3 | 11.9 | — | 11.9 | — | ||||||||||||||||||||||
| Facility-related costs | — | 1.6 | — | 2.3 | ||||||||||||||||||||||
| Other (gains) charges | (0.6) | 0.3 | 4.8 | (0.2) | ||||||||||||||||||||||
| Gross profit | $ | 20.0 | $ | 33.5 | $ | 36.7 | $ | 47.9 | ||||||||||||||||||
| Supply Chain Transformation Costs: | ||||||||||||||||||||||||||
Footprint Rationalization2 | $ | 5.0 | $ | 15.5 | $ | 11.1 | $ | 21.6 | ||||||||||||||||||
Complexity Reduction & Operational Excellence4 | 10.5 | 1.5 | 20.5 | 3.2 | ||||||||||||||||||||||
| Acquisition & integration-related costs | — | 3.9 | — | 6.7 | ||||||||||||||||||||||
| Transition services costs related to previously divested businesses | 3.1 | 4.7 | 8.4 | 10.2 | ||||||||||||||||||||||
Voluntary retirement program3 | 33.5 | — | 33.5 | (0.1) | ||||||||||||||||||||||
| Other charges | 0.5 | 2.0 | 1.1 | 6.1 | ||||||||||||||||||||||
| Selling, general and administrative | $ | 52.6 | $ | 27.6 | $ | 74.6 | $ | 47.7 | ||||||||||||||||||
| Income related to providing transition services to previously divested businesses | $ | (3.5) | $ | (4.7) | $ | (10.3) | $ | (10.2) | ||||||||||||||||||
Voluntary retirement program3 | 6.2 | — | 6.2 | — | ||||||||||||||||||||||
| Environmental charges | — | 153.8 | (1.1) | 153.8 | ||||||||||||||||||||||
Deal-related costs and other5 | (11.1) | (0.7) | (11.9) | 1.3 | ||||||||||||||||||||||
| Other, net | $ | (8.4) | $ | 148.4 | $ | (17.1) | $ | 144.9 | ||||||||||||||||||
| Loss on sale of business | $ | — | $ | — | $ | 0.3 | $ | — | ||||||||||||||||||
Asset impairment charge6 | — | — | — | 25.5 | ||||||||||||||||||||||
| Restructuring charges | 18.8 | 29.8 | 20.0 | 44.8 | ||||||||||||||||||||||
| Non-GAAP adjustments before income taxes | $ | 83.0 | $ | 239.3 | $ | 114.5 | $ | 310.8 | ||||||||||||||||||
| 1 | EBITDA is earnings before interest, taxes, depreciation and amortization. Adjusted EBITDA represents EBITDA excluding certain gains and charges, as summarized below. EBITDA and Adjusted EBITDA, both Non-GAAP measures, are considered relevant to aid analysis and understanding of the Company’s operating results and ensures appropriate comparability to prior periods. | |||||||||||||
2 | Footprint Rationalization costs in 2025 and 2024 primarily relate to accelerated depreciation of manufacturing and distribution center equipment of $3.6 million and $24.7 million, respectively, and site transformation and re-configuration costs of $19.6 million and $18.2 million, respectively. Facility exit costs related to site closures are reported in Restructuring charges. | |||||||||||||
3 | In June 2025, the Company implemented a voluntary retirement program (“VRP”) to right-size the Company’s corporate and support functions to align with a more focused portfolio following recent divestitures and more streamlined operations as part of the supply chain transformation. The costs associated with the VRP relate to separation benefits provided to eligible employees who voluntarily retired from the Company. | |||||||||||||
4 | Complexity Reduction & Operational Excellence costs in 2025 primarily relate to third-party consulting fees to provide expertise in identifying business model changes and quantifying related cost savings opportunities within the Company’s Engineered Fastening business, developing a detailed program and related governance, and assisting the Company with the implementation of actions necessary to achieve the identified objectives. | |||||||||||||
5 | Includes an $8.1 million gain on sale of a distribution center in the second quarter of 2025 as part of the supply chain transformation. | |||||||||||||
6 | The $25.5 million pre-tax asset impairment charge in 2024 related to the Infrastructure business. | |||||||||||||
| SECOND QUARTER 2025 | ||||||||||||||||||||||||||||||||||||||
| GAAP Revenue Growth | Less: Acquisitions | Plus: Divestitures | Less: Product Line Transfer | Less: Currency | Non-GAAP Organic Growth1 | |||||||||||||||||||||||||||||||||
| Stanley Black & Decker | -2 | % | - | % | - | % | - | % | 1 | % | -3 | % | ||||||||||||||||||||||||||
| Tools & Outdoor | -2 | % | - | % | - | % | - | % | 1 | % | -3 | % | ||||||||||||||||||||||||||
| North America | -4 | % | - | % | - | % | - | % | - | % | -4 | % | ||||||||||||||||||||||||||
| Europe | 5 | % | - | % | - | % | - | % | 6 | % | -1 | % | ||||||||||||||||||||||||||
| Rest of World | -2 | % | - | % | - | % | - | % | -3 | % | 1 | % | ||||||||||||||||||||||||||
| Engineered Fastening | -2 | % | - | % | - | % | -3 | % | 2 | % | -1 | % | ||||||||||||||||||||||||||
| 1 | Non-GAAP Organic Growth, as reconciled to GAAP Revenue Growth above, is utilized to describe the change in the Company’s sales excluding the impacts of foreign currency fluctuations, acquisitions during their initial 12 months of ownership, divestitures, and transfers of product lines between segments. Organic growth is also referred to as organic sales growth and organic revenue growth. | |||||||||||||