Item 6. SELECTED FINANCIAL DATA

Acquisitions and divestitures completed by the Company during the five-year period presented below affect comparability of results. Refer to Note E, Acquisitions and Investments, and Note T, Divestitures, of the Notes to Consolidated Financial Statements in Item 8 and prior year 10-K filings for further information.


(Millions of Dollars, Except Per Share Amounts)	2020 (a) (As Restated) (h)			2019 (b) (As Restated) (h)			2018 (c) (As Restated) (h)			2017 (d) (As Restated) (i)			2016
Net sales	$	14,535		$	14,442		$	13,982		$	12,967		$	11,594
Net Earnings Attributable to Common Shareowners	$	1,210		$	954		$	603		$	1,226		$	968
Net Earnings Attributable to Common Shareowners - Diluted	$	1,211		$	956		$	604		$	1,226		$	968
Earnings per share of common stock:
Basic	$	7.85		$	6.43		$	4.05		$	8.19		$	6.63
Diluted	$	7.46		$	6.11		$	3.85		$	7.88		$	6.53
Percent of net sales:
Cost of sales	65.8		%	66.7		%	65.3		%	63.1		%	63.2		%
Selling, general and administrative(e)	21.3		%	21.1		%	22.7		%	23.1		%	22.7		%
Other, net	1.8		%	1.7		%	2.1		%	2.1		%	1.6		%
Restructuring charges	0.6		%	1.1		%	1.1		%	0.4		%	0.4		%
Interest, net	1.4		%	1.6		%	1.5		%	1.4		%	1.5		%
Earnings before income taxes and equity interest	8.7		%	7.8		%	7.3		%	11.8		%	10.6		%
Net Earnings Attributable to Common Shareowners	8.3		%	6.6		%	4.3		%	9.5		%	8.3		%
Balance sheet data:
Total assets(f)	$	23,566		$	20,597		$	19,408		$	19,098		$	15,655
Long-term debt, including current maturities	$	4,245		$	3,180		$	3,822		$	3,806		$	3,806
Stanley Black & Decker, Inc.’s shareowners’ equity	$	11,060		$	9,136		$	7,836		$	8,302		$	6,374
Ratios:
Total debt to total capital	27.7		%	27.8		%	34.9		%	31.5		%	37.4		%
Income tax rate	3.3		%	14.2		%	40.7		%	19.7		%	21.3		%
Common stock data:
Dividends per share	$	2.78		$	2.70		$	2.58		$	2.42		$	2.26
Equity per basic share at year-end	$	70.40		$	60.97		$	53.07		$	55.20		$	42.80
Market price per share — high	$	190.94		$	167.76		$	175.91		$	170.03		$	125.78
Market price per share — low	$	72.03		$	115.69		$	108.45		$	115.75		$	90.14
Weighted-average shares outstanding (in 000’s):
Basic	154,176			148,365			148,919			149,629			146,041
Diluted	162,427			156,381			156,780			155,573			148,207
Other information:
Average number of employees(g)	62,606			61,755			60,785			57,076			53,231
Shareowners of record at end of year	9,064			9,360			9,727			10,014			10,313

(a)The Company's 2020 results include $400 million of pre-tax charges related to a cost reduction program, loss on extinguishment of debt, inventory step-up charges, deal costs, Security business transformation and margin resiliency initiatives, and a net loss related to the sales of businesses, partially offset by a release of a contingent consideration liability relating to the CAM acquisition. As a result, as a percentage of Net sales, Cost of sales was 49 basis points higher, Selling, general, & administrative was 121 basis points higher, Other, net was 6 basis points higher, Restructuring charges was 57 basis points higher, and Earnings before income taxes and equity interest was 275 basis points lower. The Company also recorded a tax benefit of $211 million, which is comprised of a $119 million one-time tax benefit associated with a supply chain reorganization and a $92 million tax benefit of the above pre-tax charges. In addition, the Company's share of MTD's net earnings included an after-tax charge of approximately $10 million. Overall, the amounts described above resulted in a decrease to the Company's 2020 Net earnings attributable to common shareowners of $199 million (or $1.22 per diluted share).

(b)The Company's 2019 results include $363 million of pre-tax charges related to restructuring, deal and integration costs, loss on extinguishment of debt, Security business transformation and margin resiliency initiatives, and a gain on a sale of a

business. As a result, as a percentage of Net sales, Cost of sales was 27 basis points higher, Selling, general, & administrative was 97 basis points higher, Other, net was 21 basis points higher, Restructuring charges was 106 basis points higher, and Earnings before income taxes and equity interest was 251 basis points lower. In addition, the Company's share of MTD's net earnings included an after-tax charge of approximately $24 million. Overall, the amounts described above resulted in a decrease to the Company's 2019 Net earnings attributable to common shareowners of $309 million (or $1.98 per diluted share).

(c)The Company's 2018 results include $450 million of pre-tax charges related to acquisitions, an environmental remediation settlement, a non-cash fair value adjustment, a cost reduction program, an incremental freight charge related to a service provider's bankruptcy, and a loss related to a previously divested business. As a result, as a percentage of Net sales, Cost of sales was 47 basis points higher, Selling, general, & administrative was 113 basis points higher, Other, net was 77 basis points higher, Restructuring charges was 84 basis points higher, and Earnings before income taxes was 322 basis points lower. The Company also recorded a net tax charge of $181 million, which is comprised of charges related to the Tax Cuts and Jobs Act ("the Act"), partially offset by the tax benefit of the above pre-tax charges. Overall, the amounts described above resulted in a decrease to the Company's 2018 Net earnings attributable to common shareowners of $631 million (or $4.03 per diluted share).

(d)The Company's 2017 results include $156 million of pre-tax acquisition-related charges and a $264 million pre-tax gain on sales of businesses, primarily related to the divestiture of the mechanical security businesses. As a result, as a percentage of Net sales, Cost of sales was 36 basis points higher, Selling, general, & administrative was 29 basis points higher, Other, net was 45 basis points higher, Restructuring charges was 11 basis points higher, and Earnings before income taxes was 83 basis points higher. The net tax benefit of the acquisition-related charges and gain on sales of businesses was $7 million. Income taxes for 2017 also includes a one-time net tax charge of $24 million related to the Act. Overall, the acquisition-related charges, gain on sales of businesses, and one-time net tax charge related to the Act resulted in a net increase to the Company's 2017 Net earnings attributable to common shareowners of $91 million (or $0.58 per diluted share).

(e)SG&A is inclusive of the Provision for credit losses.

(f)In the first quarter of 2019, the Company adopted ASU 2016-02, Leases (Topic 842) ("new lease standard") utilizing the transition method, which allowed the new lease standard to be applied as of the adoption date with no adjustment for periods prior to fiscal year 2019. As a result, total assets as of January 2, 2021 and as of December 28, 2019 reflect a lease right-of-use asset of approximately $523 million and $535 million, respectively.

(g)The average number of employees includes temporary contractors.

(h)Refer to Note A, Significant Accounting Policies - Restatement, of the Notes to Consolidated Financial Statements in Item 8 for further discussion regarding the impacts of the Restatement.

(i)The Restatement had the following impacts on fiscal year 2017 results: (1) a decrease of $1 million to Net Earnings Attributable to Common Shareowners, (2) a $0.01 decrease to basic earnings per share, (3) a $0.17 decrease to diluted earnings per share, and (4) an increase to weighted-average diluted shares outstanding of approximately 3.1 million shares. Refer to Note A, Significant Accounting Policies - Restatement, of the Notes to Consolidated Financial Statements in Item 8, for further discussion regarding the nature of the Restatement.

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