Black & Decker CYCLONE BLC12600BUC Manuel d'utilisateur télécharger pdf (Page 38)

Segment profit as a percentage of sales for the Fastening and Assembly Systems segment decreased from 15.1% in 2008 to 7.4% in

2009. Despite significant restructuring and cost reduction initiatives undertaken by the segment in 2009, the decrease in segment profit

as a percentage of sales was primarily due to de-leveraging of costs over lower volumes.

Sales to unaffiliated customers in the Fastening and Assembly Systems segment decreased 2% in 2008 from the 2007 level. The

September acquisition of Spiralock resulted in a 1% increase in the segment’s sales during 2008. Sales of the North American

businesses declined at a double-digit rate, reflecting weakness in the automotive businesses due to a drop in automotive production.

Sales in the European industrial business fell at a low-single-digit rate while sales in the European automotive business rose at a

low-single-digit rate. In Asia, sales grew at a high-single-digit rate, reflecting sales growth across all markets.

Segment profit as a percentage of sales for the Fastening and Assembly Systems segment decreased from 15.8% in 2007 to 15.1% in

2008. The decrease in segment profit as a percentage of sales was principally attributable to commodity inflation as well as

de-leveraging of fixed costs over a lower sales base.

OTHER SEGMENT-RELATED MATTERS

As indicated in the first table of Note 17 of Notes to Consolidated Financial Statements, segment profit (loss), associated with

Corporate, Adjustments, and Eliminations (Corporate) was $(67.1) million, $(51.8) million, and $(106.2) million for the years ended

December 31, 2009, 2008, and 2007, respectively. Corporate expenses for 2009 increased over the 2008 level primarily due to higher

expenses associated with benefits and risk management, as well as higher pension expense.

Corporate expenses for 2008 decreased from the 2007 level primarily due to the effects of lower pension, legal, and environmental

expenses, lower expenses associated with intercompany eliminations (due, in part, to foreign currency effects), and a foreign currency

loss by a Corporate subsidiary in 2007 that did not recur in 2008, which were partially offset by expense directly related to reportable

business segments booked in consolidation in 2008 (as compared to income in 2007 as described below).

Expense recognized by the Corporation in 2009, on a consolidated basis, relating to its pension and other postretirement benefits plans

increased by approximately $4 million over the 2008 level. Expense recognized by the Corporation in 2008, on a consolidated basis,

relating to its pension and other postretirement benefits plans decreased by approximately $24 million from the 2007 level. The

Corporate adjustment to businesses’ postretirement benefit expense booked in consolidation, as identified in the second table included

in Note 17 of Notes to Consolidated Financial Statements, was expense in 2009, 2008, and 2007 of $12.0 million, $3.6 million, and

$19.9 million, respectively. The $8.4 million increase in that Corporate adjustment in 2009, as compared to 2008, resulted from the

higher level of pension and other postretirement benefit expenses (excluding service costs allocated to the reportable business

segments). The $16.3 million decrease in that Corporate adjustment in 2008, as compared to 2007, resulted from the lower level of

pension and other postretirement benefit expenses (excluding service costs allocated to the reportable business segments). As more

fully described in Note 17 of Notes to Consolidated Financial Statements, the only element of pension and other postretirement

benefits expense included in the determination of segment profit of the Corporation’s reportable business segments is service costs.

Income (expenses) directly related to reportable business segments booked in consolidation, and, thus, excluded from segment profit

for the reportable business segments, were $(.3) million, $(4.9) million, and $8.3 million for the years ended December 31, 2009,

2008, and 2007, respectively. The $(.3) million of segment-related expenses excluded from segment profit in 2009 principally related

to the Power Tools and Accessories and Hardware and Home Improvement segments. The $4.9 million of segment-related expenses

excluded from segment profit in 2008 principally related to the Power Tools and Accessories segment, partially offset by the reversal

of certain performance-based incentive expenses included in the allocation of Corporate expenses to each of the reportable business

segments. The $8.3 million of segment-related income excluded from segment profit in 2007 principally related to the Power Tools

and Accessories segment as well as to the reversal of certain performance-based incentive expenses included in the allocation of

Corporate expenses to each of the reportable business segments.

As indicated in Note 17 of Notes to Consolidated Financial Statements, the determination of segment profit excludes restructuring and

exit costs and, in 2009, pre-tax merger-related expenses of $58.8 million. Of the $11.9 million pre-tax restructuring charge recognized

in 2009, $7.1 million, $1.7 million, and $3.1 million related to the Power Tools and Accessories, Hardware and Home Improvement

and Fastening and Assembly Systems segments, respectively. Of the $54.7 million pre-tax restructuring charge recognized in 2008,

$42.1 million, $6.1 million, and $6.0 million related to the Power Tools and Accessories, Hardware and Home Improvement and

Fastening and Assembly Systems segments, respectively, and $.5 million related to corporate functions. Of the $19.0 million pre-tax

restructuring charge recognized in 2007, $9.0 million and $10.0 million related to the Power Tools and Accessories and Hardware and

Home Improvement segments, respectively.

Restructuring Actions

The Corporation is committed to continuous productivity improvement and continues to evaluate opportunities to reduce fixed costs,

simplify or improve processes,

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

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