$FBIN
Fortune Brands Innovations, Inc.

2014 Q2 Form 10-Q Financial Statement

#000119312514289602 Filed on July 31, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2013 Q2
Revenue $1.027B $922.1M
YoY Change 11.4% -1.41%
Cost Of Revenue $665.4M $663.4M
YoY Change 0.3% 7.36%
Gross Profit $361.8M $337.3M
YoY Change 7.26% 6.27%
Gross Profit Margin 35.22% 36.58%
Selling, General & Admin $232.6M $267.7M
YoY Change -13.11% 10.48%
% of Gross Profit 64.29% 79.37%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $24.10M $20.80M
YoY Change 15.87% -9.57%
% of Gross Profit 6.66% 6.17%
Operating Expenses $232.6M $267.7M
YoY Change -13.11% 10.48%
Operating Profit $125.5M $94.60M
YoY Change 32.66% 30.84%
Interest Expense $2.100M $1.700M
YoY Change 23.53% -19.05%
% of Operating Profit 1.67% 1.8%
Other Income/Expense, Net -$1.000M -$6.100M
YoY Change -83.61% 771.43%
Pretax Income $122.4M $98.70M
YoY Change 24.01% 42.01%
Income Tax $36.10M $34.50M
% Of Pretax Income 29.49% 34.95%
Net Earnings $93.30M $64.00M
YoY Change 45.78% 33.89%
Net Earnings / Revenue 9.08% 6.94%
Basic Earnings Per Share $0.57 $0.39
Diluted Earnings Per Share $0.55 $0.37
COMMON SHARES
Basic Shares Outstanding 164.2M shares 165.4M shares
Diluted Shares Outstanding 168.7M shares 171.3M shares

Balance Sheet

Concept 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $145.0M $123.6M
YoY Change 17.31% -16.03%
Cash & Equivalents $145.0M $123.6M
Short-Term Investments
Other Short-Term Assets $135.6M $141.4M
YoY Change -4.1% 8.6%
Inventory $521.2M $438.8M
Prepaid Expenses
Receivables $535.3M $499.8M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.337B $1.204B
YoY Change 11.09% 12.69%
LONG-TERM ASSETS
Property, Plant & Equipment $540.2M $522.2M
YoY Change 3.45% 2.41%
Goodwill $1.521B $1.522B
YoY Change -0.08% 11.37%
Intangibles $744.2M $764.6M
YoY Change -2.67% 9.84%
Long-Term Investments
YoY Change
Other Assets $48.00M $53.20M
YoY Change -9.77% -37.78%
Total Long-Term Assets $2.853B $2.862B
YoY Change -0.31% 7.67%
TOTAL ASSETS
Total Short-Term Assets $1.337B $1.204B
Total Long-Term Assets $2.853B $2.862B
Total Assets $4.190B $4.065B
YoY Change 3.07% 9.11%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $337.7M $350.1M
YoY Change -3.54% 21.65%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $10.10M $6.100M
YoY Change 65.57% 32.61%
Long-Term Debt Due $22.50M
YoY Change 28.57%
Total Short-Term Liabilities $644.9M $671.7M
YoY Change -3.99% 12.63%
LONG-TERM LIABILITIES
Long-Term Debt $595.0M $357.5M
YoY Change 66.43% 5.36%
Other Long-Term Liabilities $175.2M $81.80M
YoY Change 114.18% 9.5%
Total Long-Term Liabilities $770.2M $439.3M
YoY Change 75.32% 6.11%
TOTAL LIABILITIES
Total Short-Term Liabilities $644.9M $671.7M
Total Long-Term Liabilities $770.2M $439.3M
Total Liabilities $1.659B $1.537B
YoY Change 7.91% 4.15%
SHAREHOLDERS EQUITY
Retained Earnings $315.6M $125.8M
YoY Change 150.87% -822.99%
Common Stock $1.700M $1.600M
YoY Change 6.25% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $352.6M $34.10M
YoY Change 934.02% 774.36%
Treasury Stock Shares
Shareholders Equity $2.529B $2.526B
YoY Change
Total Liabilities & Shareholders Equity $4.190B $4.065B
YoY Change 3.07% 9.11%

Cashflow Statement

Concept 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income $93.30M $64.00M
YoY Change 45.78% 33.89%
Depreciation, Depletion And Amortization $24.10M $20.80M
YoY Change 15.87% -9.57%
Cash From Operating Activities $125.9M $118.4M
YoY Change 6.33% 22.82%
INVESTING ACTIVITIES
Capital Expenditures -$26.60M -$16.80M
YoY Change 58.33% -1.18%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$299.3M
YoY Change -100.0% -74925.0%
Cash From Investing Activities -$26.60M -$316.1M
YoY Change -91.58% 1804.22%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -79.10M 62.00M
YoY Change -227.58% -215.24%
NET CHANGE
Cash From Operating Activities 125.9M 118.4M
Cash From Investing Activities -26.60M -316.1M
Cash From Financing Activities -79.10M 62.00M
Net Change In Cash 20.20M -135.7M
YoY Change -114.89% -621.92%
FREE CASH FLOW
Cash From Operating Activities $125.9M $118.4M
Capital Expenditures -$26.60M -$16.80M
Free Cash Flow $152.5M $135.2M
YoY Change 12.8% 19.22%

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us-gaap Loss Contingency Disclosures
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<div> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> <b>17. Contingencies</b></p> <p style="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"> <b>Litigation</b></p> <p style="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman"> 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. The Company believes that there are meritorious defenses to these actions and that these actions will not have a material effect upon our results of operations, cash flows or financial condition, and where appropriate, these actions are being vigorously contested.</p> <p style="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"> <b>Environmental</b></p> <p style="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman"> 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 during the six months ended June&#xA0;30, 2014 and 2013. 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.</p> </div>
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
165200000 shares
us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
12100000
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
235000000
us-gaap Payments Of Dividends
PaymentsOfDividends
39500000
us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
3500000
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-7900000
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-7600000
us-gaap Sales Revenue Net
SalesRevenueNet
2108400000
us-gaap Profit Loss
ProfitLoss
134800000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
50000000
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
11000000
us-gaap Operating Income Loss
OperatingIncomeLoss
198700000
us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
1400000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
126900000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
255000000
us-gaap Adjustments To Additional Paid In Capital Tax Effect From Share Based Compensation
AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation
18400000
us-gaap Defined Benefit Plan Actuarial Gain Loss
DefinedBenefitPlanActuarialGainLoss
-600000
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
194400000
fbhs Percentage Of Change In Operating Income
PercentageOfChangeInOperatingIncome
0.218 pure
fbhs Debt Instrument Extension Of Maturity Month And Year
DebtInstrumentExtensionOfMaturityMonthAndYear
2018-07
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-300000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
47600000
us-gaap Net Income Loss
NetIncomeLoss
134100000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
58200000
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
7400000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
6600000
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-1100000
us-gaap Interest Expense
InterestExpense
4000000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
505300000
us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
18600000
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
20700000
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
11500000
us-gaap Restructuring Charges
RestructuringCharges
3100000
us-gaap Restructuring And Related Cost Incurred Cost
RestructuringAndRelatedCostIncurredCost
2600000
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
264800000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
8000000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-96400000
us-gaap Goodwill Purchase Accounting Adjustments
GoodwillPurchaseAccountingAdjustments
700000
us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
-131200000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
59600000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-47500000
us-gaap Cost Of Goods Sold
CostOfGoodsSold
1393300000
us-gaap Depreciation
Depreciation
39600000
us-gaap Proceeds From Repayments Of Short Term Debt
ProceedsFromRepaymentsOfShortTermDebt
3900000
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-1100000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-17100000
us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
100000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
11000000
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
11100000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-6000000
us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
1100000
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
700000
us-gaap Restructuring Costs
RestructuringCosts
400000
us-gaap Share Based Compensation
ShareBasedCompensation
15800000
us-gaap Dividends Common Stock
DividendsCommonStock
19300000
us-gaap Other Restructuring Costs
OtherRestructuringCosts
-500000
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
480000000
fbhs Market Recovery Projection Period
MarketRecoveryProjectionPeriod
P3Y
fbhs Line Of Credit Facility Extended Maturity Date Month And Year
LineOfCreditFacilityExtendedMaturityDateMonthAndYear
2018-07
fbhs Percentage Of Change In Total Revenues
PercentageOfChangeInTotalRevenues
0.092 pure
fbhs Weighted Average Interest Rate For Outstanding Short Term Borrowings During Period
WeightedAverageInterestRateForOutstandingShortTermBorrowingsDuringPeriod
0.072 pure
fbhs Unsettled Treasury Stock Repurchases
UnsettledTreasuryStockRepurchases
9800000
fbhs Other Nonoperating Income Expense Net
OtherNonoperatingIncomeExpenseNet
-300000
fbhs Settlement Of Foreign Currency Contracts
SettlementOfForeignCurrencyContracts
3000000
CY2013Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.37
CY2013Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.350 pure
CY2013Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
5900000 shares
CY2013Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
171300000 shares
CY2013Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.39
CY2013Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
900000 shares
CY2013Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
165400000 shares
CY2013Q2 us-gaap Sales Revenue Net
SalesRevenueNet
1040400000
CY2013Q2 us-gaap Profit Loss
ProfitLoss
64200000
CY2013Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
106500000
CY2013Q2 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
1200000
CY2013Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
58600000
CY2013Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
98700000
CY2013Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-6100000
CY2013Q2 us-gaap Net Income Loss
NetIncomeLoss
64000000
CY2013Q2 us-gaap Asset Impairment Charges
AssetImpairmentCharges
6200000
CY2013Q2 us-gaap Interest Expense
InterestExpense
1700000
CY2013Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
267700000
CY2013Q2 us-gaap Restructuring Charges
RestructuringCharges
300000
CY2013Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2500000
CY2013Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
34500000
CY2013Q2 us-gaap Cost Of Goods Sold
CostOfGoodsSold
663400000
CY2013Q2 us-gaap Other Asset Impairment Charges
OtherAssetImpairmentCharges
6200000
CY2013Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
200000
CY2013Q2 us-gaap Other Restructuring Costs
OtherRestructuringCosts
-300000
CY2013Q2 fbhs Weighted Average Interest Rate For Outstanding Short Term Borrowings During Period
WeightedAverageInterestRateForOutstandingShortTermBorrowingsDuringPeriod
0.126 pure
CY2013Q2 fbhs Other Nonoperating Income Expense Net
OtherNonoperatingIncomeExpenseNet
100000
CY2014Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.55
CY2014Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.300 pure
CY2014Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
4500000 shares
CY2014Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
168700000 shares
CY2014Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.57
CY2014Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
600000 shares
CY2014Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
164200000 shares
CY2014Q2 us-gaap Sales Revenue Net
SalesRevenueNet
1142200000
CY2014Q2 us-gaap Profit Loss
ProfitLoss
93600000
CY2014Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
136600000
CY2014Q2 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
-200000
CY2014Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
93500000
CY2014Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
133700000
CY2014Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-800000
CY2014Q2 us-gaap Net Income Loss
NetIncomeLoss
93300000
CY2014Q2 us-gaap Interest Expense
InterestExpense
2100000
CY2014Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
259000000
CY2014Q2 us-gaap Restructuring Charges
RestructuringCharges
800000
CY2014Q2 us-gaap Restructuring And Related Cost Incurred Cost
RestructuringAndRelatedCostIncurredCost
200000
CY2014Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
4000000
CY2014Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
40100000
CY2014Q2 us-gaap Cost Of Goods Sold
CostOfGoodsSold
741800000
CY2014Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
300000
CY2014Q2 us-gaap Other Restructuring Costs
OtherRestructuringCosts
-600000
CY2014Q2 fbhs Percentage Of Change In Operating Income
PercentageOfChangeInOperatingIncome
0.283 pure
CY2014Q2 fbhs Percentage Of Change In Total Revenues
PercentageOfChangeInTotalRevenues
0.098 pure
CY2014Q2 fbhs Weighted Average Interest Rate For Outstanding Short Term Borrowings During Period
WeightedAverageInterestRateForOutstandingShortTermBorrowingsDuringPeriod
0.053 pure
CY2014Q2 fbhs Other Nonoperating Income Expense Net
OtherNonoperatingIncomeExpenseNet
-800000

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