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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 10-Q

 

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

 

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)

 

 

Delaware

 

62-1411546

(State or other jurisdiction of

incorporation or organization)

 

(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:

 

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.

 

Large accelerated filer

 

Accelerated filer

Non-accelerated filer

 

Smaller reporting company

Emerging growth company

 

 

 

 

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)

 

 

 

Nine Months Ended

 

 

Three Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Net sales

 

$

6,082.0

 

 

$

5,693.4

 

 

$

2,053.7

 

 

$

1,986.3

 

Cost of products sold

 

 

3,895.9

 

 

 

3,637.2

 

 

 

1,310.2

 

 

 

1,280.0

 

Selling, general and administrative expenses

 

 

1,259.4

 

 

 

1,166.3

 

 

 

415.3

 

 

 

400.2

 

Amortization of intangible assets

 

 

48.9

 

 

 

48.5

 

 

 

16.8

 

 

 

15.9

 

Asset impairment charges

 

 

26.0

 

 

 

-

 

 

 

-

 

 

 

-

 

Restructuring charges

 

 

33.1

 

 

 

11.5

 

 

 

30.2

 

 

 

3.6

 

Operating income

 

 

818.7

 

 

 

829.9

 

 

 

281.2

 

 

 

286.6

 

Interest expense

 

 

85.4

 

 

 

63.2

 

 

 

33.1

 

 

 

20.6

 

Other (income) expense, net

 

 

(3.6

)

 

 

0.7

 

 

 

(2.1

)

 

 

(1.3

)

Income before taxes

 

 

736.9

 

 

 

766.0

 

 

 

250.2

 

 

 

267.3

 

Income tax

 

 

159.8

 

 

 

168.9

 

 

 

46.0

 

 

 

65.2

 

Net income

 

$

577.1

 

 

$

597.1

 

 

$

204.2

 

 

$

202.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per common share

 

$

4.40

 

 

$

4.32

 

 

$

1.58

 

 

$

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: