Black & Decker CYCLONE BLC12600BUC Manuel d'utilisateur télécharger pdf (Page 22)

•We are exposed to counterparty risk in our hedging arrangements. From time to time we enter into arrangements with financial

institutions to hedge our exposure to fluctuations in currency and interest rates, including forward contracts and swap agreements.

Recently, a number of financial institutions similar to those that serve as counterparties to our hedging arrangements have been

adversely affected by the global credit crisis. The failure of one or more counterparties to our hedging arrangements to fulfill their

obligations to us could adversely affect our results of operations.

•We operate a global business that exposes us to additional risks. Our sales outside of the United States accounted for

approximately 43% of our consolidated sales in 2009. We continue to expand into foreign markets. The future growth and profitability

of our foreign operations are subject to a variety of risks and uncertainties, such as tariffs, nationalization, exchange controls, interest

rate fluctuations, civil unrest, governmental changes, limitations on foreign investment in local business and other political, economic

and regulatory risks inherent in conducting business internationally. Over the past several years, such factors have become

increasingly important as a result of our higher percentage of manufacturing in China, Mexico, and the Czech Republic and purchases

of products and components from foreign countries.

•We have pension plans that are exposed to adverse changes in the market values of equity securities, fixed income securities,

and other investments. Our funded pension plans cover substantially all of our employees in the United States and Canada (if hired

before 2007) and the United Kingdom (if hired before 2005). Our funding of pension obligations and our pension benefit costs are

dependent on the assumptions used in calculating such amounts, as compared to the actual experience of the plans. A decrease in the

market value of equity securities, fixed income securities, and other investments could result in an increase to those obligations and

costs and could adversely affect our results of operations and our cash flow.

•Catastrophic events may disrupt our business. Unforeseen events, including war, terrorism and other international conflicts, public

health issues, and natural disasters such as earthquakes, hurricanes or other adverse weather and climate conditions, whether occurring

in the United States or abroad, could disrupt our operations, disrupt the operations of our suppliers or customers, or result in political

or economic instability. These events could reduce demand for our products and make it difficult or impossible for us to manufacture

our products, deliver products to customers, or to receive products from suppliers.

The foregoing list is not exhaustive. There can be no assurance that we have correctly identified and appropriately assessed all factors

affecting our business or that the publicly available and other information with respect to these matters is complete and correct.

Additional risks and uncertainties not presently known to us or that we currently believe to be immaterial also may adversely impact

our business. Should any risks or uncertainties develop into actual events, these developments could have material adverse effects on

our business, financial condition, and results of operations.

ITEM 1B. UNRESOLVED STAFF COMMENTS

Not applicable.

ITEM 2. PROPERTIES

The Corporation operates 39 manufacturing facilities around the world, including 25 located outside of the United States in 11 foreign

countries. The major properties associated with each business segment are listed in “Narrative Description of the Business” in Item

1(c) of Part I of this report.

The following are the Corporation’s major leased facilities:

In the United States: Lake Forest, Mira Loma, and Rialto, California; Charlotte, North Carolina; Tampa, Florida; Chesterfield,

Michigan; and Towson, Maryland.

Outside of the United States: Tongeren and Aarschot, Belgium; Reynosa and Mexicali, Mexico; Brockville, Canada; Usti nad Labem,

Czech Republic; Gliwice, Poland; and Xiamen and Suzhou, China.

Additional property both owned and leased by the Corporation in Towson, Maryland, is used for administrative offices. Subsidiaries

of the Corporation lease certain locations primarily for smaller manufacturing and/or assembly operations, service operations, sales

and administrative offices, and for warehousing and distribution centers. The Corporation also owns a manufacturing plant located on

leased land in Suzhou, China.

As more fully described in Item 7 of Part II of this report under the caption “Restructuring Actions”, the Corporation is committed to

continuous productivity improvement and continues to evaluate opportunities to reduce fixed costs, simplify or improve processes,

and eliminate excess capacity. The Corporation will continue to evaluate its worldwide manufacturing cost structure to identify

opportunities to improve capacity utilization and lower product costs and will take appropriate action as deemed necessary.

Management believes that its owned and leased facilities are suitable and adequate to meet the Corporation’s anticipated needs.

ITEM 3. LEGAL PROCEEDINGS

Source: BLACK & DECKER CORP, 10-K, February 19, 2010 Powered by Morningstar

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