Stanley Black & Decker, Inc. Files 10-Q for Period Ending March 30, 2024

TL;DR

<b>Stanley Black & Decker, Inc. (SWK) has filed its Q1 2024 10-Q report, detailing financial performance and operational status as of March 30, 2024.</b>

AI Summary

STANLEY BLACK & DECKER, INC. (SWK) filed a Quarterly Report (10-Q) with the SEC on May 2, 2024. The filing is a 10-Q report for Stanley Black & Decker, Inc. (SWK) for the period ending March 30, 2024. The company's Central Index Key is 0000093556. The Standard Industrial Classification code is 3420 (Cutlery, Handtools & General Hardware). The filing was submitted on May 2, 2024. The company's fiscal year ends on December 28.

Why It Matters

For investors and stakeholders tracking STANLEY BLACK & DECKER, INC., this filing contains several important signals. This 10-Q provides crucial insights into Stanley Black & Decker's financial health and operational performance during the first quarter of 2024, which is vital for investors assessing the company's trajectory. The detailed financial statements and disclosures within this report allow stakeholders to evaluate the company's revenue, expenses, assets, and liabilities, informing investment decisions and risk assessments.

Risk Assessment

Risk Level: medium — STANLEY BLACK & DECKER, INC. shows moderate risk based on this filing. The company operates in the handtools and hardware industry, which is subject to economic cycles and consumer spending fluctuations, potentially impacting revenue and profitability.

Analyst Insight

Investors should review the detailed financial statements in the 10-Q to understand the company's performance trends and identify any significant changes in its financial position.

Key Numbers

• 2024-03-30 — Period End Date (Conformed period of report)
• 2024-05-02 — Filing Date (Filed as of date)
• 12/28 — Fiscal Year End (Fiscal year end)
• 3420 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• STANLEY BLACK & DECKER, INC. (company) — Filer name
• SWK (company) — Ticker symbol
• 0000093556 (company) — Central Index Key
• 3420 (company) — Standard Industrial Classification
• 2024-03-30 (date) — Conformed period of report
• 2024-05-02 (date) — Filed as of date
• 1992-07-03 (date) — Date of name change from Stanley Works
• CT (location) — State of incorporation

FAQ

Industry Context

Stanley Black & Decker operates in the tools and hardware industry, a sector influenced by construction, home improvement, and industrial markets.

Regulatory Implications

As a publicly traded company, Stanley Black & Decker is subject to SEC regulations, including the requirement to file quarterly reports (10-Q) to disclose financial and operational information.

What Investors Should Do

1. Review the consolidated balance sheets for changes in assets, liabilities, and equity.
2. Analyze the consolidated statements of operations for revenue trends and profitability.
3. Examine the cash flow statements to understand the company's cash generation and usage.

Key Dates

• 2024-03-30: Period End Date — End of the reporting quarter for the 10-Q filing.
• 2024-05-02: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial 10-Q filing for the fiscal quarter ending March 30, 2024, and comparative data from the previous year's quarter is not directly available in this header information.

Key Financial Figures

• $2.50 — hange On Which Registered Common Stock $2.50 Par Value per Share SWK New York Stock

Filing Documents

• swk-20240330.htm (10-Q) — 1347KB
• ex311-q12024.htm (EX-31.1) — 9KB
• ex312-q12024.htm (EX-31.2) — 9KB
• ex321-q12024.htm (EX-32.1) — 6KB
• ex322-q12024.htm (EX-32.2) — 6KB
• swk-20240330_g1.jpg (GRAPHIC) — 17KB
• 0000093556-24-000091.txt (&nbsp;) — 8877KB
• swk-20240330.xsd (EX-101.SCH) — 59KB
• swk-20240330_cal.xml (EX-101.CAL) — 70KB
• swk-20240330_def.xml (EX-101.DEF) — 334KB
• swk-20240330_lab.xml (EX-101.LAB) — 697KB
• swk-20240330_pre.xml (EX-101.PRE) — 547KB
• swk-20240330_htm.xml (XML) — 1503KB

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION 3

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 3

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

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 29

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 39

CONTROLS AND PROCEDURES

ITEM 4. CONTROLS AND PROCEDURES 39

— OTHER INFORMATION

PART II — OTHER INFORMATION 42

LEGAL PROCEEDINGS

ITEM 1. LEGAL PROCEEDINGS 42

RISK FACTORS

ITEM 1A. RISK FACTORS 42

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 42

OTHER INFORMATION

ITEM 5. OTHER INFORMATION 43

EXHIBITS

ITEM 6. EXHIBITS 44 SIGNATURE 45 Table of Contents

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS STANLEY BLACK & DECKER, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS THREE MONTHS ENDED MARCH 30, 2024 AND APRIL 1, 2023 (Unaudited, Millions of Dollars, Except Per Share Amounts) Year-to-Date 2024 2023 Net Sales $ 3,869.5 $ 3,931.8 Costs and Expenses Cost of sales $ 2,761.0 $ 3,096.3 Selling, general and administrative 852.0 823.0 Provision for credit losses ( 0.2 ) 2.1 Other, net 80.0 63.7 Loss on sales of businesses — 7.6 Asset impairment charge 25.5 — Restructuring charges 15.0 12.1 Interest income ( 43.6 ) ( 39.8 ) Interest expense 131.5 130.9 $ 3,821.2 $ 4,095.9 Earnings (loss) before income taxes 48.3 ( 164.1 ) Income taxes 28.8 23.7 Net earnings (loss) $ 19.5 $ ( 187.8 ) Total Comprehensive Loss $ ( 96.7 ) $ ( 135.0 ) Earnings (loss) per share of common stock Basic $ 0.13 $ ( 1.26 ) Diluted $ 0.13 $ ( 1.26 ) See Notes to Unaudited Condensed Consolidated Financial Statements. 3 Table of Contents STANLEY BLACK & DECKER, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS MARCH 30, 2024 AND DECEMBER 30, 2023 (Unaudited, Millions of Dollars, Except Share and Per Share Amounts) March 30, 2024 December 30, 2023 ASSETS Current Assets Cash and cash equivalents $ 476.6 $ 449.4 Accounts and notes receivable, net 1,708.9 1,302.0 Inventories, net 4,693.3 4,738.6 Current assets held for sale 136.3 140.8 Prepaid expenses 385.2 360.5 Other current assets 20.5 26.0 Total Current Assets 7,420.8 7,017.3 Property, plant and equipment, net 2,115.9 2,169.9 Goodwill 7,954.7 7,995.9 Intangibles, net 3,903.1 3,949.6 Long-term assets held for sale 691.2 716.8 Other assets 1,768.2 1,814.3 Total Assets $ 23,853.9 $ 23,663.8 LIABILITIES AND SHAREOWNERS' EQUITY Current Liabilities Short-term borrowings $ 1,740.4 $ 1,074.8 Current maturities of long-term debt 500.0 1.1 Accounts payable 2,337.5 2,298.9 Accrued expenses 2,206.5 2,464

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