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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
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☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended September 30, 2022
OR
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☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission file number 1-35166
FORTUNE BRANDS HOME & SECURITY, INC.
(Exact name of Registrant as specified in its charter)
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Delaware |
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62-1411546 |
(State or other jurisdiction of incorporation or organization) |
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(I.R.S. Employer Identification No.) |
520 Lake Cook Road, Deerfield, Illinois 60015-5611
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (847) 484-4400
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered |
Common Stock |
FBHS |
New York Stock Exchange |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
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Large accelerated filer |
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Accelerated filer |
☐ |
Non-accelerated filer |
☐ |
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Smaller reporting company |
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Emerging growth company |
☐ |
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
The number of shares outstanding of the registrant’s common stock, par value $0.01 per share, at October 14, 2022 was 128,242,529.
1
PART I. FINANCIAL INFORMATION
Item 1. FINANCIAL STATEMENTS.
FORTUNE BRANDS HOME & SECURITY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
For the Nine and Three Months Ended September 30, 2022 and 2021
(In millions, except per share amounts)
(Unaudited)
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Nine Months Ended |
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Three Months Ended |
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September 30, |
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September 30, |
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2022 |
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2021 |
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2022 |
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2021 |
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Net sales |
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$ |
6,082.0 |
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$ |
5,693.4 |
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$ |
2,053.7 |
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$ |
1,986.3 |
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Cost of products sold |
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3,895.9 |
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3,637.2 |
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1,310.2 |
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1,280.0 |
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Selling, general and administrative expenses |
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1,259.4 |
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1,166.3 |
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415.3 |
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400.2 |
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Amortization of intangible assets |
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48.9 |
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48.5 |
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16.8 |
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15.9 |
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Asset impairment charges |
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26.0 |
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- |
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- |
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- |
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Restructuring charges |
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33.1 |
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11.5 |
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30.2 |
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3.6 |
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Operating income |
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818.7 |
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829.9 |
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281.2 |
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286.6 |
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Interest expense |
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85.4 |
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63.2 |
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33.1 |
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20.6 |
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Other (income) expense, net |
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(3.6 |
) |
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0.7 |
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(2.1 |
) |
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(1.3 |
) |
Income before taxes |
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736.9 |
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766.0 |
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250.2 |
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267.3 |
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Income tax |
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159.8 |
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168.9 |
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46.0 |
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65.2 |
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Net income |
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$ |
577.1 |
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$ |
597.1 |
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$ |
204.2 |
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$ |
202.1 |
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Basic earnings per common share |
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$ |
4.40 |
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$ |
4.32 |
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$ |
1.58 |
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|
$ |
1.47 |
|
Diluted earnings per common share |
|
$ |
4.37 |
|
|
$ |
4.26 |
|
|
$ |
1.57 |
|
|
$ |
1.45 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income |
|
$ |
599.5 |
|
|
$ |
598.4 |
|
|
$ |
174.2 |
|
|
$ |
186.7 |
|
See notes to condensed consolidated financial statements.
2
FORTUNE BRANDS HOME & SECURITY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
September 30,
2022 |
|
|
December 31,
2021 |
|
Assets |
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
345.3 |
|
|
$ |
471.5 |
|
Accounts receivable less allowances for discounts and credit losses |
|
|
936.1 |
|
|
|
885.7 |
|
Inventories |
|
|
1,502.3 |
|
|
|
1,193.8 |
|
Other current assets |
|
|
223.9 |
|
|
|
193.5 |
|
Total current assets |
|
|
3,007.6 |
|
|
|
2,744.5 |
|
Property, plant and equipment, net of accumulated depreciation |
|
|
1,097.7 |
|
|
|
1,009.5 |
|
Operating lease assets |
|
|
177.0 |
|
|
|
191.7 |
|
Goodwill |
|
|
2,546.2 |
|
|
|
2,465.1 |
|
Other intangible assets, net of accumulated amortization |
|
|
1,375.9 |
|
|
|
1,383.8 |
|
Other assets |
|
|
211.2 |
|
|
|
141.6 |
|
Total assets |
|
$ |
8,415.6 |
|
|
$ |
7,936.2 |
|
Liabilities and equity |
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
Short-term debt |
|
$ |
600.3 |
|
|
$ |
400.0 |
|
Accounts payable |
|
|
672.6 |
|
|
|
764.9 |
|
Other current liabilities |
|
|
775.0 |
|
|
|
806.2 |
|
Total current liabilities |
|
|
2,047.9 |
|
|
|
1,971.1 |
|
Long-term debt |
|
|
2,786.9 |
|
|
|
2,309.8 |
|
Deferred income taxes |
|
|
222.7 |
|
|
|
176.0 |
|
Accrued defined benefit plans |
|
|
62.3 |
|
|
|
79.7 |
|
Operating lease liabilities |
|
|
142.4 |
|
|
|
158.8 |
|
Other non-current liabilities |
|
|
123.3 |
|
|
|
176.0 |
|
Total liabilities |
|
|
5,385.5 |
|
|
|
4,871.4 |
|
Commitments and contingencies (see Note 17) |
|
|
|
|
|
|
Stockholders' equity |
|
|
|
|
|
|
Common stock(a) |
|
|
1.9 |
|
|
|
1.9 |
|
Paid-in capital |
|
|
3,058.9 |
|
|
|
3,018.3 |
|
Accumulated other comprehensive loss |
|
|
(2.2 |
) |
|
|
(24.6 |
) |
Retained earnings |
|
|
3,277.0 |
|
|
|
2,807.9 |
|
Treasury stock |
|
|
(3,305.5 |
) |
|
|
(2,738.7 |
) |
Total stockholders' equity |
|
|
3,030.1 |
|
|
|
3,064.8 |
|
Total liabilities and equity |
|
$ |
8,415.6 |
|
|
$ |
7,936.2 |
|
(a) Common stock, par value $0.01 per share; 186.1 million shares and 185.3 million shares issued at September 30, 2022 and December 31, 2021, respectively.
See notes to condensed consolidated financial statements.
3
FORTUNE BRANDS HOME & SECURITY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Nine Months Ended September 30, 2022 and 2021
(In millions)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
2022 |
|
|
2021 |
|
Operating activities |
|
|
|
|
|
|
Net income |
|
$ |
577.1 |
|
|
$ |
597.1 |
|
Non-cash adjustments: |
|
|
|
|
|
|
Depreciation |
|
|
93.5 |
|
|
|
92.9 |
|
Amortization of intangibles |
|
|
48.9 |
|
|
|
48.5 |
|
Non-cash lease expense |
|
|
33.8 |
|
|
|
31.8 |
|
Stock-based compensation |
|
|
40.0 |
|
|
|
36.0 |
|
Recognition of actuarial losses |
|
|
0.4 |
|
|
|
1.1 |
|
Deferred taxes |
|
|
34.9 |
|
|
|
9.6 |
|
Restructuring charges |
|
|
7.5 |
|
|
|
- |
|
Asset impairment charges |
|
|
26.0 |
|
|
|
- |
|
Amortization of deferred financing fees |
|
|
2.8 |
|
|
|
2.8 |
|
Loss on equity investments |
|
|
- |
|
|
|
2.9 |
|
(Gain) loss on sale of property, plant and equipment |
|
|
(5.6 |
) |
|
|
1.5 |
|
Changes in assets and liabilities: |
|
|
|
|
|
|
Increase in accounts receivable |
|
|
(51.0 |
) |
|
|
(186.2 |
) |
Increase in inventories |
|
|
(302.7 |
) |
|
|
(258.0 |
) |
(Decrease) increase in accounts payable |
|
|
(79.3 |
) |
|
|
116.5 |
|
Decrease (increase) in other assets |
|
|
6.2 |
|
|
|
(0.6 |
) |
Decrease in accrued expenses and other liabilities |
|
|
(117.6 |
) |
|
|
(65.0 |
) |
Decrease in accrued taxes |
|
|
(26.1 |
) |
|
|
(0.1 |
) |
Net cash provided by operating activities |
|
|
288.8 |
|
|
|
430.8 |
|
Investing activities |
|
|
|
|
|
|
Capital expenditures (a) |
|
|
(175.1 |
) |
|
|
(113.0 |
) |
Proceeds from the disposition of assets |
|
|
8.1 |
|
|
|
1.7 |
|
Cost of acquisitions, net of cash acquired |
|
|
(214.0 |
) |
|
|
5.2 |
|
Net cash used in investing activities |
|
|
(381.0 |
) |
|
|
(106.1 |
) |
Financing activities |
|
|
|
|
|
|
Issuance of short-term debt |
|
|
701.4 |
|
|
|
- |
|
Repayment of short-term debt |
|
|
(1,100.0 |
) |
|
|
- |
|
Issuance of long-term debt |
|
|
4,973.9 |
|
|
|
825.0 |
|
Repayment of long-term debt |
|
|
(3,895.9 |
) |
|
|
(770.0 |
) |
Proceeds from the exercise of stock options |
|
|
0.6 |
|
|
|
32.6 |
|
Treasury stock purchases(b) |
|
|
(531.1 |
) |
|
|
(252.9 |
) |
Employee withholding taxes related to stock-based compensation |
|
|
(25.7 |
) |
|
|
(10.5 |
) |
Dividends to stockholders |
|
|
(109.8 |
) |
|
|
(107.9 |
) |
Other financing, net |
|
|
(22.3 |
) |
|
|
(1.4 |
) |
Net cash used in financing activities |
|
|
(8.9 |
) |
|
|
(285.1 |
) |
Effect of foreign exchange rate changes on cash |
|
|
(26.0 |
) |
|
|
1.0 |
|
Net (decrease) increase in cash and cash equivalents |
|
$ |
(127.1 |
) |
|
$ |
40.6 |
|
Cash, cash equivalents and restricted cash(c) at beginning of period |
|
$ |
476.1 |
|
|
$ |
425.0 |
|
Cash, cash equivalents and restricted cash(c) at end of period |
|
$ |
349.0 |
|
|
$ |
465.6 |
|
(a)Capital expenditures of $11.7 million and $12.6 million that had not been paid as of September 30, 2022 and 2021, respectively, were excluded from the Statement of Cash Flows.
(b)Treasury stock purchased for the nine months ended September 30, 2022 and September 30, 2021 excludes $10.0 million and $17.2 million, respectively, related to purchases that were not settled until after September 30, 2022 and September 30, 2021, respectively.
(c)Restricted cash of $1.4 million and $2.3 million is included in Other current assets and Other assets, respectively, as of September 30, 2022 and restricted cash of $1.2 million and $3.7 million is included in Other current assets and Other assets, respectively, as of September 30, 2021. Restricted cash of $1.3 million and $3.3 million is included in Other current assets and Other assets, respectively, as of December 31, 2021.
See notes to condensed consolidated financial statements.
4
FORTUNE BRANDS HOME & SECURITY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
For the Nine and Three Months Ended September 30, 2022 and 2021
(In millions)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
Stock |
|
|
Paid-In
Capital |
|
|
Accumulated
Other
Comprehensive
(Loss) Income |
|
|
Retained
Earnings |
|
|
Treasury
Stock |
|
|
Total
Equity |
|
Balance at December 31, 2020 |
|
$ |
1.8 |
|
|
$ |
2,926.3 |
|
|
$ |
(55.1 |
) |
|
$ |
2,180.2 |
|
|
$ |
(2,277.7 |
) |
|
$ |
2,775.5 |
|
Comprehensive income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
597.1 |
|
|
|
- |
|
|
|
597.1 |
|
Other comprehensive income (loss) |
|
|
- |
|
|
|
- |
|
|
|
1.3 |
|
|
|
- |
|
|
|
- |
|
|
|
1.3 |
|
Stock options exercised |
|
|
0.1 |
|
|
|
32.5 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
32.6 |
|
Stock-based compensation |
|
|
- |
|
|
|
36.0 |
|
|
|
- |
|
|
|
- |
|
|
|
(10.5 |
) |
|
|
25.5 |
|
Treasury stock purchases |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(270.1 |
) |
|
|
(270.1 |
) |
Dividends ($0.78 per common share) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(107.3 |
) |
|
|
- |
|
|
|
(107.3 |
) |
Balance at September 30, 2021 |
|
$ |
1.9 |
|
|
$ |
2,994.8 |
|
|
$ |
(53.8 |
) |
|
$ |
2,670.0 |
|
|
$ |
(2,558.3 |
) |
|
$ |
3,054.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at December 31, 2021 |
|
$ |
1.9 |
|
|
$ |
3,018.3 |
|
|
$ |
(24.6 |
) |
|
$ |
2,807.9 |
|
|
$ |
(2,738.7 |
) |
|
$ |
3,064.8 |
|
Comprehensive income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
577.1 |
|
|
|
- |
|
|
|
577.1 |
|
Other comprehensive income (loss) |
|
|
- |
|
|
|
- |
|
|
|
22.4 |
|
|
|
- |
|
|
|
- |
|
|
|
22.4 |
|
Stock options exercised |
|
|
- |
|
|
|
0.6 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
0.6 |
|
Stock-based compensation |
|
|
- |
|
|
|
40.0 |
|
|
|
- |
|
|
|
- |
|
|
|
(25.7 |
) |
|
|
14.3 |
|
Treasury stock purchases |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(541.1 |
) |
|
|
(541.1 |
) |
Dividends ($0.84 per common share) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(108.0 |
) |
|
|
- |
|
|
|
(108.0 |
) |
Balance at September 30, 2022 |
|
$ |
1.9 |
|
|
$ |
3,058.9 |
|
|
$ |
(2.2 |
) |
|
$ |
3,277.0 |
|
|
$ |
(3,305.5 |
) |
|
$ |
3,030.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
Stock |
|
|
Paid-In
Capital |
|
|
Accumulated
Other
Comprehensive
(Loss) Income |
|
|
Retained
Earnings |
|
|
Treasury
Stock |
|
|
Total
Equity |
|
Balance at June 30, 2021 |
|
$ |
1.9 |
|
|
$ |
2,982.8 |
|
|
$ |
(38.4 |
) |
|
$ |
2,539.3 |
|
|
$ |
(2,442.1 |
) |
|
$ |
3,043.5 |
|
Comprehensive income: |
|
|