Stanley Black & Decker, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Stanley Black & Decker, Inc. has filed its 2023 Form 10-K detailing its annual financial performance and operations.</b>

AI Summary

STANLEY BLACK & DECKER, INC. (SWK) filed a Annual Report (10-K) with the SEC on February 27, 2024. The company filed its annual report for the fiscal year ended December 30, 2023. The filing covers the period from January 1, 2023, to December 30, 2023. Stanley Black & Decker, Inc. is incorporated in Connecticut (CT). The company's primary business address is in New Britain, CT. The SIC code for the company is 3420 (Cutlery, Handtools & General Hardware).

Why It Matters

For investors and stakeholders tracking STANLEY BLACK & DECKER, INC., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Stanley Black & Decker's financial health, operational performance, and strategic direction for the fiscal year 2023, crucial for investors and stakeholders to assess the company's current standing and future prospects. The detailed financial statements and risk factors within the report are essential for understanding the company's profitability, debt levels, and potential challenges in the hand tools and hardware industry.

Risk Assessment

Risk Level: medium — STANLEY BLACK & DECKER, INC. shows moderate risk based on this filing. The company operates in the Cutlery, Handtools & General Hardware industry (SIC 3420), which can be subject to economic downturns and competitive pressures, as indicated by the nature of its business and the need for detailed financial reporting.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to understand Stanley Black & Decker's performance and outlook for the upcoming fiscal year.

Key Numbers

• 20231230 — Fiscal Year End (Fiscal year end date)
• 20240227 — Filing Date (Date the 10-K was filed)
• 3420 — SIC Code (Standard Industrial Classification code)
• CT — State of Incorporation (State where the company is incorporated)

Key Players & Entities

• STANLEY BLACK & DECKER, INC. (company) — Filer name
• SWK (company) — Ticker symbol
• 20231230 (date) — Conformed period of report
• 20240227 (date) — Filed as of date
• New Britain (location) — Business address city
• CT (location) — State of incorporation
• 3420 (industry) — Standard Industrial Classification
• 1000 STANLEY DR (address) — Business street address

FAQ

Risk Factors

• Market Conditions [medium — market]: The company's performance is subject to general economic conditions and fluctuations in demand for its products.
• Supply Chain Disruptions [medium — operational]: Disruptions in the global supply chain can impact the company's ability to manufacture and distribute its products.
• Debt Management [medium — financial]: The company's level of indebtedness could affect its financial flexibility and ability to meet obligations.

Key Dates

• 2023-12-30: Fiscal Year End — End of the reporting period for the 2023 fiscal year.
• 2024-02-27: 10-K Filing Date — Date the annual report was officially filed with the SEC.

Key Financial Figures

• $2.50 — hange on Which Registered Common Stock $2.50 Par Value per Share SWK New York Stock
• $15.8 billion — th 2023 consolidated annual revenues of $15.8 billion. Approximately 62% of the Company's 202
• $1.5 billion — stake of MTD Holdings Inc. ("MTD") for $1.5 billion and Excel Industries ("Excel") for $374
• $374 million — lion and Excel Industries ("Excel") for $374 million. The MTD acquisition expanded the Compa
• $25 billion — expanded the Company's presence in the $25 billion outdoor category, with strong brands an
• $3.1 billion — althcare businesses for net proceeds of $3.1 billion and its Mechanical Access Solutions ("M
• $916 million — atic doors business for net proceeds of $916 million. In August 2022, the Company sold its O
• $760 million — handheld hydraulic tools business, for $760 million in cash. These recent acquisitions and
• $2.0 billion — stment for faster growth as well as the $2.0 billion Global Cost Reduction Program through 2
• $30 million — d trade skill-building initiatives with $30 million pledged by 2027. The Company believes t
• $13.4 billion — ues in the Tools & Outdoor segment were $13.4 billion in 2023, representing 85% of the Compan
• $2.4 billion — revenues in the Industrial segment were $2.4 billion in 2023, representing 15% of the Compan
• $4.7 b — , inventory as of December 30, 2023 was $4.7 billion, down $1.9 billion from its peak
• $1.9 billion — ecember 30, 2023 was $4.7 billion, down $1.9 billion from its peak at the end of the second
• $124.5 million — r 31, 2022, the Company had reserves of $124.5 million and $129.3 million, respectively, for r

Filing Documents

• swk-20231230.htm (10-K) — 3312KB
• a05ex4-descriptionofcompan.htm (EX-4.5) — 31KB
• exhibit1014i-rsuawardagree.htm (EX-10.14(I)) — 67KB
• exhibit1014j1355_nqso2022o.htm (EX-10.14(J)) — 62KB
• exhibit1014k1356_rsul3abov.htm (EX-10.14(K)) — 69KB
• exhibit1014l1359_rsuretent.htm (EX-10.14(L)) — 66KB
• exhibit1014m2024-micpgrant.htm (EX-10.14(M)) — 38KB
• exhibit1014n-sbd2024ltipps.htm (EX-10.14(N)) — 42KB
• exhibit1014o-sbd2024option.htm (EX-10.14(O)) — 67KB
• exhibit1014p-sbd2024timeba.htm (EX-10.14(P)) — 72KB
• exhibit1026-tamerofferlett.htm (EX-10.26) — 24KB
• ex21-subsidiariesofstanley.htm (EX-21) — 228KB
• ex23-consent10k2023.htm (EX-23) — 11KB
• ex24-powerofattorney10k2023.htm (EX-24) — 27KB
• ex-10kx311a10k2023.htm (EX-31.1A) — 8KB
• ex-10kx311b10k2023.htm (EX-31.1B) — 8KB
• ex-10kx32110k2023.htm (EX-32.1) — 6KB
• ex-10kx32210k2023.htm (EX-32.2) — 6KB
• exhibit97sbdclawbackpolicy.htm (EX-97) — 46KB
• image0a20.jpg (GRAPHIC) — 29KB
• image0a201.jpg (GRAPHIC) — 29KB
• image0a202.jpg (GRAPHIC) — 29KB
• image0a203.jpg (GRAPHIC) — 29KB
• image0a204.jpg (GRAPHIC) — 29KB
• image0a205.jpg (GRAPHIC) — 29KB
• image0a206.jpg (GRAPHIC) — 29KB
• image_0.jpg (GRAPHIC) — 45KB
• image_01.jpg (GRAPHIC) — 45KB
• swk-20231230_g1.jpg (GRAPHIC) — 38KB
• 0000093556-24-000032.txt (&nbsp;) — 21821KB
• swk-20231230.xsd (EX-101.SCH) — 130KB
• swk-20231230_cal.xml (EX-101.CAL) — 201KB
• swk-20231230_def.xml (EX-101.DEF) — 775KB
• swk-20231230_lab.xml (EX-101.LAB) — 1679KB
• swk-20231230_pre.xml (EX-101.PRE) — 1195KB
• swk-20231230_htm.xml (XML) — 3713KB

RISK FACTORS

ITEM 1A. RISK FACTORS 10

UNRESOLVED STAFF COMMENTS

ITEM 1B. UNRESOLVED STAFF COMMENTS 22

CYBERSECURITY

ITEM 1C. CYBERSECURITY 22

PROPERTIES

ITEM 2. PROPERTIES 24

LEGAL PROCEEDINGS

ITEM 3. LEGAL PROCEEDINGS 25

MINE SAFETY DISCLOSURES

ITEM 4. MINE SAFETY DISCLOSURES 26 PART II

MARKET FOR THE REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

ITEM 5. MARKET FOR THE REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 28

REMOVED AND RESERVED

ITEM 6. REMOVED AND RESERVED 30

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 30

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 51

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 51

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 51

CONTROLS AND PROCEDURES

ITEM 9A. CONTROLS AND PROCEDURES 52

OTHER INFORMATION

ITEM 9B. OTHER INFORMATION 52

DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 52 PART III

DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE OF THE REGISTRANT

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE OF THE REGISTRANT 53

EXECUTIVE COMPENSATION

ITEM 11. EXECUTIVE COMPENSATION 54

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 54

CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 56

PRINCIPAL ACCOUNTANT FEES AND SERVICES

ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES 56 PART IV

EXHIBITS AND FINANCIAL STATEMENT SCHEDULE

ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULE 56

FORM 10-K SUMMARY

ITEM 16. FORM 10-K SUMMARY 58 SIGNATURES 123 EX-4.5 EX-10.14(i) EX-10.14(j) EX-10.14(k) EX-10.14(l) EX-10.14(m) EX-10.14(n) EX-10.14(o) EX-10.14(p) EX-10.26 EX-21 EX-23 EX-24 EX-31.1(a) EX-31.1(b) EX-32.1 EX-32.2 EX-97 2 FORM 10-K PART I

BUSINESS

ITEM 1. BUSINESS Stanley Black & Decker, Inc. ("the Company") was founded in 1843 by Frederick T. Stanley and incorporated in Connecticut in 1852. In March 2010, the Company completed a merger with The Black & Decker Corporation ("Black & Decker"), a company founded by S. Duncan Black and Alonzo G. Decker and incorporated in Maryland in 1910. At that time, the Company changed its name from The Stanley Works to Stanley Black & Decker, Inc. The Company's principal executive office is located at 1000 Stanley Drive, New Britain, Connecticut 06053 and its telephone number is (860) 225-5111. 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, with 2023 consolidated annual revenues of $15.8 billion. Approximately 62% of the Company's 2023 revenues were generated in the United States, with the remainder largely from Europe (16%), emerging markets (12%) and Canada (5%). In recent years, the Company has re-shaped its portfolio through a series of acquisitions and divestitures. In December 2021, the Company completed the acquisitions of the remaining 80 percent ownership stake of MTD Holdings Inc. ("MTD") for $1.5 billion and Excel Industries ("Excel") for $374 million. The MTD acquisition expanded the Company's presence in the $25 billion outdoor category, with strong brands and growth opportunities. Excel was a strategically important bolt-on acquisition that bolstered the Company's presence in the independent dealer network. In July 2022, the Company sold its Convergent Security Solutions ("CSS") business comprised of the commercial electronic security and healthcare businesses for net proceeds of $3.1 billion and its Mechanical Access Solutions ("MAS") business comprised of the automatic doors business for net proceeds of $916 million. In August 2022, the Company sold its Oil & Gas business comprised of the pipeline services and equipment businesses. Most

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View this 10-K filing on SEC EDGAR