$FBIN
Fortune Brands Innovations, Inc.

2012 Q2 Form 10-Q Financial Statement

#000119312512339480 Filed on August 07, 2012

View on sec.gov

Income Statement

Concept 2012 Q2 2011 Q2
Revenue $935.3M $889.7M
YoY Change 5.13%
Cost Of Revenue $617.9M $598.4M
YoY Change 3.26%
Gross Profit $317.4M $291.3M
YoY Change 8.96%
Gross Profit Margin 33.94% 32.74%
Selling, General & Admin $242.3M $221.9M
YoY Change 9.19%
% of Gross Profit 76.34% 76.18%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $23.00M $25.00M
YoY Change -8.0%
% of Gross Profit 7.25% 8.58%
Operating Expenses $242.3M $221.9M
YoY Change 9.19%
Operating Profit $72.30M $65.20M
YoY Change 10.89%
Interest Expense $2.100M $200.0K
YoY Change 950.0%
% of Operating Profit 2.9% 0.31%
Other Income/Expense, Net -$700.0K -$100.0K
YoY Change 600.0%
Pretax Income $69.50M $64.60M
YoY Change 7.59%
Income Tax $21.60M $20.50M
% Of Pretax Income 31.08% 31.73%
Net Earnings $47.80M $43.70M
YoY Change 9.38%
Net Earnings / Revenue 5.11% 4.91%
Basic Earnings Per Share $0.30 $0.28
Diluted Earnings Per Share $0.29 $0.28
COMMON SHARES
Basic Shares Outstanding 160.1M shares 155.1M shares
Diluted Shares Outstanding 165.4M shares 155.1M shares

Balance Sheet

Concept 2012 Q2 2011 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $147.2M
YoY Change
Cash & Equivalents $147.2M $73.10M
Short-Term Investments
Other Short-Term Assets $130.2M
YoY Change
Inventory $385.5M
Prepaid Expenses
Receivables $405.2M
Other Receivables $0.00
Total Short-Term Assets $1.068B
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $509.9M
YoY Change
Goodwill $1.366B
YoY Change
Intangibles $696.1M
YoY Change
Long-Term Investments
YoY Change
Other Assets $85.50M
YoY Change
Total Long-Term Assets $2.658B
YoY Change
TOTAL ASSETS
Total Short-Term Assets $1.068B
Total Long-Term Assets $2.658B
Total Assets $3.726B
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $287.8M
YoY Change
Accrued Expenses $286.5M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $4.600M
YoY Change
Long-Term Debt Due $17.50M
YoY Change
Total Short-Term Liabilities $596.4M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $339.3M
YoY Change
Other Long-Term Liabilities $74.70M
YoY Change
Total Long-Term Liabilities $414.0M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $596.4M
Total Long-Term Liabilities $414.0M
Total Liabilities $1.476B
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$17.40M
YoY Change
Common Stock $1.600M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $3.900M
YoY Change
Treasury Stock Shares
Shareholders Equity $2.247B
YoY Change
Total Liabilities & Shareholders Equity $3.726B
YoY Change

Cashflow Statement

Concept 2012 Q2 2011 Q2
OPERATING ACTIVITIES
Net Income $47.80M $43.70M
YoY Change 9.38%
Depreciation, Depletion And Amortization $23.00M $25.00M
YoY Change -8.0%
Cash From Operating Activities $96.40M $58.20M
YoY Change 65.64%
INVESTING ACTIVITIES
Capital Expenditures -$17.00M -$17.60M
YoY Change -3.41%
Acquisitions
YoY Change
Other Investing Activities $400.0K $3.100M
YoY Change -87.1%
Cash From Investing Activities -$16.60M -$14.50M
YoY Change 14.48%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -53.80M -39.60M
YoY Change 35.86%
NET CHANGE
Cash From Operating Activities 96.40M 58.20M
Cash From Investing Activities -16.60M -14.50M
Cash From Financing Activities -53.80M -39.60M
Net Change In Cash 26.00M 4.100M
YoY Change 534.15%
FREE CASH FLOW
Cash From Operating Activities $96.40M $58.20M
Capital Expenditures -$17.00M -$17.60M
Free Cash Flow $113.4M $75.80M
YoY Change 49.6%

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dei Trading Symbol
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FORTUNE BRANDS HOME & SECURITY, INC.
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IncreaseDecreaseInInventories
48800000
us-gaap Adjustment For Amortization
AdjustmentForAmortization
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us-gaap Loss Contingency Disclosures
LossContingencyDisclosures
<div> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td valign="top" width="4%" align="left"><font style="FONT-FAMILY: Times New Roman" size="2"><b>14.</b></font></td> <td valign="top" align="left"><font style="FONT-FAMILY: Times New Roman" size="2"><b>Contingencies</b></font></td> </tr> </table> <p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%"> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Litigation</b></font></p> <p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%"> <font style="FONT-FAMILY: Times New Roman" size="2">We are defendants in lawsuits associated with the normal conduct of our businesses and operations. It is not possible to predict the outcome of the pending actions, and, as with any litigation, it is possible that these actions could be decided unfavorably to the Company. We believe that there are meritorious defenses to these actions and that these actions will not have a material adverse effect upon our results of operations, cash flows or financial condition, and where appropriate, these actions are being vigorously contested.</font></p> <p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%"> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Environmental</b></font></p> <p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%"> <font style="FONT-FAMILY: Times New Roman" size="2">Compliance with federal, state and local laws regulating the discharge of materials into the environment, or otherwise relating to the protection of the environment, did not have a material effect on capital expenditures, earnings or the competitive position of Home&#xA0;&amp; Security in the six months ended June&#xA0;30, 2012 and 2011. We are involved in remediation activities to clean up hazardous wastes as required by federal and state laws. Liabilities for remediation costs of each site are based on our best estimate of undiscounted future costs, excluding possible insurance recoveries or recoveries from other third parties. Uncertainties about the status of laws, regulations, technology and information related to individual sites make it difficult to develop estimates of environmental remediation exposures.</font></p> </div>
us-gaap Cost Of Goods Sold
CostOfGoodsSold
1169900000
us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
1100000
us-gaap Depreciation
Depreciation
41300000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
9600000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1100000 shares
us-gaap Net Income Loss
NetIncomeLoss
60300000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
463400000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
27900000
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
1000000
us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
-100000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
6200000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-1500000
us-gaap Interest Expense
InterestExpense
4600000
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
-3000000
fbhs Percentage Of Change In Operating Income
PercentageOfChangeInOperatingIncome
0.282 pure
fbhs Percentage Of Change In Total Revenues
PercentageOfChangeInTotalRevenues
0.081 pure
fbhs Percentage Of Change In Costs And Expenses
PercentageOfChangeInCostsAndExpenses
-0.583 pure
fbhs Weighted Average Interest Rate For Outstanding Short Term Borrowings During Period
WeightedAverageInterestRateForOutstandingShortTermBorrowingsDuringPeriod
0.122 pure
fbhs Related Party Capital Contribution
RelatedPartyCapitalContribution
-6000000
fbhs Separation Related Adjustments
SeparationRelatedAdjustments
-3500000
fbhs Restructuring Charges Cost Of Products Sold
RestructuringChargesCostOfProductsSold
1000000
CY2012Q2 fbhs Settlement Of Foreign Currency Contracts
SettlementOfForeignCurrencyContracts
1500000
CY2011Q4 fbhs Dividends Paid To Parent Prior To Spin Off
DividendsPaidToParentPriorToSpinOff
500000000
CY2012Q1 us-gaap Dividends And Interest Paid
DividendsAndInterestPaid
6000000
CY2011Q1 fbhs Additional Capital Contribution By Related Party
AdditionalCapitalContributionByRelatedParty
2700000000
CY2011Q2 us-gaap Derivative Instruments Gain Loss Recognized In Income Net
DerivativeInstrumentsGainLossRecognizedInIncomeNet
200000
CY2011Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
65200000
CY2011Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
400000
CY2011Q2 us-gaap Other Restructuring Costs
OtherRestructuringCosts
400000
CY2011Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-100000
CY2011Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
45800000
CY2011Q2 us-gaap Derivative Instruments Gain Loss Recognized In Other Comprehensive Income Effective Portion Net
DerivativeInstrumentsGainLossRecognizedInOtherComprehensiveIncomeEffectivePortionNet
-600000
CY2011Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.28
CY2011Q2 us-gaap Profit Loss
ProfitLoss
44100000
CY2011Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.317 pure
CY2011Q2 us-gaap Restructuring And Related Cost Cost Incurred To Date
RestructuringAndRelatedCostCostIncurredToDate
400000
CY2011Q2 us-gaap Restructuring Charges
RestructuringCharges
400000
CY2011Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
155100000 shares
CY2011Q2 us-gaap Sales Revenue Net
SalesRevenueNet
889700000
CY2011Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
64600000
CY2011Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.28
CY2011Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
155100000 shares
CY2011Q2 us-gaap Cost Of Goods Sold
CostOfGoodsSold
598400000
CY2011Q2 us-gaap Net Income Loss
NetIncomeLoss
43700000
CY2011Q2 us-gaap Selling General And Administrative Expense
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221900000
CY2011Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
20500000
CY2011Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
3800000
CY2011Q2 us-gaap Interest Expense Related Party
InterestExpenseRelatedParty
300000
CY2011Q2 us-gaap Interest Expense
InterestExpense
200000
CY2011Q2 fbhs Interest Income From Related Parties
InterestIncomeFromRelatedParties
1900000
CY2011Q2 fbhs Related Party Interest Expense
RelatedPartyInterestExpense
2200000
CY2011Q2 fbhs Weighted Average Interest Rate For Outstanding Short Term Borrowings During Period
WeightedAverageInterestRateForOutstandingShortTermBorrowingsDuringPeriod
0.127 pure
CY2012Q2 us-gaap Derivative Instruments Gain Loss Recognized In Income Net
DerivativeInstrumentsGainLossRecognizedInIncomeNet
1300000
CY2012Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
72300000
CY2012Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
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CY2012Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
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CY2012Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
43400000
CY2012Q2 us-gaap Derivative Instruments Gain Loss Recognized In Other Comprehensive Income Effective Portion Net
DerivativeInstrumentsGainLossRecognizedInOtherComprehensiveIncomeEffectivePortionNet
-200000
CY2012Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.29
CY2012Q2 us-gaap Profit Loss
ProfitLoss
47900000
CY2012Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
5300000 shares
CY2012Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.311 pure
CY2012Q2 us-gaap Restructuring And Related Cost Cost Incurred To Date
RestructuringAndRelatedCostCostIncurredToDate
400000
CY2012Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
165400000 shares
CY2012Q2 us-gaap Sales Revenue Net
SalesRevenueNet
935300000
CY2012Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
69500000
CY2012Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.30
CY2012Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
160100000 shares
CY2012Q2 us-gaap Cost Of Goods Sold
CostOfGoodsSold
617900000
CY2012Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1500000 shares
CY2012Q2 us-gaap Net Income Loss
NetIncomeLoss
47800000
CY2012Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
242300000
CY2012Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
21600000
CY2012Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2800000
CY2012Q2 us-gaap Interest Expense
InterestExpense
2100000
CY2012Q2 fbhs Percentage Of Change In Operating Income
PercentageOfChangeInOperatingIncome
0.109 pure
CY2012Q2 fbhs Percentage Of Change In Total Revenues
PercentageOfChangeInTotalRevenues
0.051 pure
CY2012Q2 fbhs Percentage Of Change In Costs And Expenses
PercentageOfChangeInCostsAndExpenses
-0.593 pure
CY2012Q2 fbhs Weighted Average Interest Rate For Outstanding Short Term Borrowings During Period
WeightedAverageInterestRateForOutstandingShortTermBorrowingsDuringPeriod
0.131 pure
CY2012Q2 fbhs Restructuring Charges Cost Of Products Sold
RestructuringChargesCostOfProductsSold
400000

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