Black & Decker CYCLONE BLC12600BUC Manuel d'utilisateur télécharger pdf (Page 33)

percentage of sales for the year ended December 31, 2008, to the 2007 level was negatively impacted by the effects of unfavorable

product mix as well as the de-leveraging of fixed costs over a lower sales base. Those negative factors were partially offset by the

favorable effects of productivity and restructuring initiatives, foreign currency transaction gains, and lower customer consideration

and cost of sales promotions.

Consolidated selling, general, and administrative expenses as a percentage of sales were approximately 26.5% in 2009 and 25.0% in

2008. Consolidated selling, general, and administrative expenses in 2009 decreased by $255.2 million from the 2008 level. That

decline was due to several factors, including: (i) cost reduction initiatives and restructuring savings; (ii) decreases in variable selling

expenses (such as transportation and distribution) due to lower sales volumes; and (iii) the favorable effects of foreign currency

translation.

Consolidated selling, general, and administrative expenses as a percentage of sales were approximately 25.0% in 2008 and 24.7% in

2007. Consolidated selling, general, and administrative expenses in 2008 decreased by $104.2 million from the 2007 level. The

favorable effects of cost control and restructuring initiatives, coupled with the effect of lower sales on certain volume-sensitive

expenses (such as transportation and distribution), and lower environmental expense offset the unfavorable effects of foreign currency

translation and additional selling, general, and administrative expenses to support increased sales in certain markets outside of the

United States and Europe.

In 2009, the Corporation recognized $58.8 million of pre-tax merger-related expenses related to its proposed merger with The Stanley

Works. As more fully described in Note 2 of Notes to Consolidated Financial Statements, those $58.8 million of merger-related

expenses included employment-related change-in-control costs triggered by the signing of the merger agreement in 2009 together with

legal and advisory fees associated with the transaction. In addition during 2009, the Corporation recognized $11.9 million of pre-tax

restructuring and exit costs related to actions in its Power Tools and Accessories, Hardware and Home Improvement, and Fastening

and Assembly Systems segments. As more fully described in Note 19 of Notes to Consolidated Financial Statements, these

restructuring charges primarily reflected actions to reduce the Corporation’s selling, general, and administrative expenses and to

improve its manufacturing cost base.

In 2008, the Corporation recognized $54.7 million of pre-tax restructuring and exit costs related to actions in each of its business

segments as well as its corporate office. The 2008 restructuring charge reflected actions to reduce the Corporation’s manufacturing

cost base as well as selling, general, and administrative expenses.

In 2007, the Corporation recognized $19.0 million of pre-tax restructuring and exit costs related to actions in its Power Tools and

Accessories and Hardware and Home Improvement segments. The 2007 restructuring charge reflected actions to reduce the

Corporation’s manufacturing cost base as well as selling, general, and administrative expenses in those segments.

Consolidated net interest expense (interest expense less interest income) was $83.8 million in 2009, as compared to $62.4 million in

2008 and $82.3 million in 2007. The increase in net interest expense in 2009, as compared to 2008, was primarily the result of the

April 2009 issuance of $350.0 million of 8.95% senior notes due 2014 and of the effects of lower interest rate spreads earned on the

Corporation’s foreign currency hedging activities, partially offset by the effects of lower short-term borrowing levels and interest rates

during 2009. The decrease in net interest expense in 2008, as compared to 2007, was primarily the result of lower interest rates,

including the impact on the Corporation’s foreign currency hedging activities.

Other (income) expense was $(4.8) million in 2009, as compared to $(5.0) million in 2008 and $2.3 million in 2007. Other (income)

expense for the year ended December 31, 2009, benefited from a $6.0 million insurance settlement related to an environmental matter.

Other (income) expense for the year ended December 31, 2008, benefited from a gain on the sale of a non-operating asset.

Consolidated income tax expense (benefit) of $37.9 million, $71.1 million, and $(20.5) million was recognized on the Corporation’s

earnings before income taxes of $170.4 million, $364.7 million, and $497.6 million, for 2009, 2008, and 2007, respectively. The

effective tax rate of 22.3% recognized for the year ended December 31, 2009, benefited from favorable adjustments associated with

new facts regarding certain income tax matters and the favorable resolution of certain tax audits. The Corporation’s 2009 effective tax

rate of 22.3% was higher than its 2008 effective tax rate of 19.5% primarily as a result of discrete items in 2008 discussed below and

the de-leveraging effect of the interest component on reserves for uncertain tax positions, included as an element of tax expense, on

lower earnings before income taxes in 2009. Income tax expense (benefit) in 2008 reflects: (i) the favorable resolution of certain tax

audits in 2008; (ii) a $15.1 million tax benefit associated with a $54.7 million pre-tax restructuring charge; and (iii) favorability

associated with the finalization of closing agreements of the settlement of income tax litigation between the Corporation and the U.S.

government agreed to in late 2007. Income tax expense (benefit) in 2007 reflects: (i) the effect of a $153.4 million tax benefit

associated with a settlement reached on an income tax litigation matter; (ii) an $11.1 million tax benefit associated with a $31.7

million pre-tax charge for an environmental remediation matter; and (iii) a $6.2 million tax benefit associated with a $19.0 million

pre-tax restructuring charge. The previously described items had a significant impact on the Corporation’s effective income tax rates.

A further analysis of taxes on earnings is included in Note 12 of Notes to Consolidated Financial Statements.

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

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