I’m working on $SWK [Stanley Black & Decker] today. It is incredible to see what the pandemic did to key lines of companies' balance sheets. The chart shows a massive drop in “inventory turns” (red line) in 2021, meaning that the company overproduced (and ordered excessively from manufacturing partners) tools and whatever it sold. They are bringing inventory to more normal levels, but it will be a multi-year exercise. Accounts Payable (blue line) are close to normal levels but look at the massive peak during the pandemic.