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Financial Highlights**
| (MILLIONS OF DOLLARS, EXCEPT PER-SHARE AMOUNTS) |
2012 (1) | 2011 (1) | 2010 (1) | 2009 | 2008 |
|---|---|---|---|---|---|
| SWK | |||||
| Revenue | $ 10,190.5 | $ 9,435.5 | $ 7,496.9 | $ 3,481.6 | $ 4,135.6 |
| Gross Margin | $ 3,734.2 | $ 3,489.6 | $ 2,836.3 | $ 1,416.3 | $ 1,567.7 |
| Gross Margin % | 36.6% | 37.0% | 37.8% | 40.7% | 37.9% |
| Working Capital Turns | 7.5 | 7.2 | 5.9 | 7.9 | 5.9 |
| Free Cash Flow* | $ 1,059 | $ 1,004 | $ 936 | $ 443 | $ 422 |
| Diluted EPS from | $ 4.67 | $ 4.61 | $ 3.53 | $ 2.62 | $ 2.52 |
| Continuing Operations | |||||
| CDIY | |||||
| Revenue | $ 5,193.7 | $ 5,007.6 | $ 4,147.6 | $ 1,258.1 | $ 1,608.4 |
| Segment Profit | $ 762.4 | $ 654.6 | $ 542.8 | $ 137.3 | $ 170.3 |
| Segment Profit % | 14.7% | 13.1% | 13.1% | 10.9% | 10.6% |
| Security | |||||
| Revenue | $ 2,428.9 | $ 1,926.5 | $ 1,457.6 | $ 1,342.3 | $ 1,260.1 |
| Segment Profit | $ 346.9 | $ 312.4 | $ 252.9 | $ 282.1 | $ 248.3 |
| Segment Profit % | 14.3% | 16.2% | 17.4% | 21.0% | 19.7% |
| Industrial | |||||
| Revenue | $ 2,567.9 | $ 2,501.4 | $ 1,891.7 | $ 881.2 | $ 1,267.1 |
| Segment Profit | $ 418.1 | $ 410.1 | $ 282.1 | $ 99.4 | $ 171.8 |
| Segment Profit % | 16.3% | 16.4% | 14.9% | 11.3% | 13.6% |
(1) Excludes merger and acquisition-related charges and payments.
*Free Cash Flow = Net cash provided by operating activities minus capital expenditures. In 2012, 2011 and 2010, free cash flow excludes $479 million, $307 million and $382 million, respectively, of merger and acquisition-related charges and payments incurred primarily in connection with the Black & Decker merger and acquisition of Niscayah. Such normalized free cash flow is considered a meaningful metric to aid the understanding of the Company's cash flow performance aside from the material impact of these merger and acquisition-related payments. In 2008, free cash flow also excludes income taxes paid on the gain from the CST/Berger divesture due to the fact the taxes are non-recurring and the related gross cash proceeds are classified as investing inflows. Refer to page 30 in the enclosed 10-K for the reconciliation of operating cash flow to free cash flow.
**In December 2012, the Company sold its Hardware & Home Improvement business. The results from 2008–2011 were recast for this divestiture, for comparability.
