http://www.sears.com/shc/s/nb_10153_12608_NB_CSeMail?refLink=relations&adCell=A4
Here is a overall warranty statement directly from the craftsman website:
CRAFTSMAN® mechanics tools and CRAFTSMAN® hand tools have a Lifetime Warranty… they are guaranteed forever …unconditionally, no questions asked. If one should ever fail to give you complete satisfaction, Sears will replace it, free of charge.*
Replacement:
A proof of purchase is not necessary to replace a tool. All that is necessary is that the "Craftsman" name is stamped on the tool. A 5 digit number located on the tool is required.
Important:
We provide repair kits for ratchets. Ratchet handles that are broken or bent are covered by the Craftsman lifetime warranty.
*CRAFTSMAN mechanics tools & CRAFTSMAN hand tools include: Sockets, Wrenches, Wrench sets, Hex wrenches, Ratchet wrench handles, Micro adjustable torque wrenches ( not including calibration), Pipe wrenches, Hammers, Screwdrivers, Pliers, Cutters, Scroll and Metal saws (except saw blades), Hand drills, Hand saws, Squares, Levels, Drift punch and drive punch sets, Shears are covered by the Craftsman lifetime warranty.
Craftsman Tools not covered by the lifetime warranty include: Micro-adjustable torque wrench calibration, Hand tools cutting edges, Portable electric tools, Bench and Stationary tools, Battery operated tools, Precision measuring tools.
The following brand name tools are not covered by the Craftsman warranty: Companion, Estwing, Fuller, Grey & Footprint, Stanley, DeWalt, Skil, Bosch, Delta, Makita, Black and Decker.