$FBIN
Fortune Brands Innovations, Inc.

2014 Q4 Form 10-Q Financial Statement

#000119312514392024 Filed on October 31, 2014

View on sec.gov

Income Statement

Concept 2014 Q4 2014 Q3 2013 Q3
Revenue $1.040B $1.058B $1.004B
YoY Change 7.78% 5.39% 10.39%
Cost Of Revenue $623.9M $689.7M $686.1M
YoY Change 12.68% 0.52% 13.07%
Gross Profit $341.8M $368.0M $348.5M
YoY Change 2.27% 5.6% 15.28%
Gross Profit Margin 32.88% 34.79% 34.72%
Selling, General & Admin $243.9M $234.9M $235.7M
YoY Change 2.61% -0.34% -0.21%
% of Gross Profit 71.36% 63.83% 67.63%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $25.60M $25.60M $23.40M
YoY Change 5.79% 9.4% -25.71%
% of Gross Profit 7.49% 6.96% 6.71%
Operating Expenses $247.4M $234.9M $235.7M
YoY Change 2.74% -0.34% -0.21%
Operating Profit $79.20M $129.5M $89.30M
YoY Change -3.3% 45.02% 47.36%
Interest Expense -$3.800M $3.200M $2.100M
YoY Change 72.73% 52.38% 5.0%
% of Operating Profit -4.8% 2.47% 2.35%
Other Income/Expense, Net $2.000M $500.0K $500.0K
YoY Change -69.7% 0.0% -37.5%
Pretax Income $61.60M $126.8M $96.00M
YoY Change 6.76% 32.08% 61.62%
Income Tax $13.10M $42.30M $31.90M
% Of Pretax Income 21.27% 33.36% 33.23%
Net Earnings $45.40M -$21.10M $64.20M
YoY Change -29.28% -132.87% 60.5%
Net Earnings / Revenue 4.37% -1.99% 6.4%
Basic Earnings Per Share $0.29 -$0.13 $0.39
Diluted Earnings Per Share $0.28 -$0.13 $0.37
COMMON SHARES
Basic Shares Outstanding 157.8M shares 158.7M shares 166.0M shares
Diluted Shares Outstanding 163.2M shares 171.6M shares

Balance Sheet

Concept 2014 Q4 2014 Q3 2013 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $191.9M $175.1M $157.0M
YoY Change -20.51% 11.53% -27.35%
Cash & Equivalents $191.9M $175.1M $157.0M
Short-Term Investments
Other Short-Term Assets $122.8M $132.4M $135.8M
YoY Change -3.99% -2.5% 10.5%
Inventory $462.2M $520.9M $463.1M
Prepaid Expenses
Receivables $458.9M $534.5M $517.7M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.299B $1.363B $1.274B
YoY Change -2.13% 7.01% 11.88%
LONG-TERM ASSETS
Property, Plant & Equipment $539.8M $533.3M $513.5M
YoY Change 15.27% 3.86% 3.15%
Goodwill $1.468B $1.456B $1.521B
YoY Change 2.37% -4.31% 11.16%
Intangibles $656.5M $665.9M $760.7M
YoY Change 4.39% -12.46% 8.97%
Long-Term Investments
YoY Change
Other Assets $72.40M $63.50M $50.40M
YoY Change 72.38% 25.99% -38.39%
Total Long-Term Assets $2.752B $2.718B $2.846B
YoY Change -3.45% -4.48% 7.54%
TOTAL ASSETS
Total Short-Term Assets $1.299B $1.363B $1.274B
Total Long-Term Assets $2.752B $2.718B $2.846B
Total Assets $4.052B $4.081B $4.119B
YoY Change -3.03% -0.92% 8.85%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $333.8M $341.4M $344.4M
YoY Change 6.04% -0.87% 35.86%
Accrued Expenses $322.0M
YoY Change -9.83%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $3.500M $5.600M
YoY Change -100.0% -37.5% 5.66%
Long-Term Debt Due $26.30M $26.20M $0.00
YoY Change
Total Short-Term Liabilities $699.6M $710.2M $707.9M
YoY Change -5.29% 0.32% 18.42%
LONG-TERM LIABILITIES
Long-Term Debt $643.7M $653.8M $350.0M
YoY Change 83.91% 86.8% 3.15%
Other Long-Term Liabilities $75.60M $178.4M $85.80M
YoY Change 3.0% 107.93% 9.72%
Total Long-Term Liabilities $719.3M $832.2M $435.8M
YoY Change 69.89% 90.96% 4.38%
TOTAL LIABILITIES
Total Short-Term Liabilities $699.6M $710.2M $707.9M
Total Long-Term Liabilities $719.3M $832.2M $435.8M
Total Liabilities $1.790B $1.741B $1.565B
YoY Change 17.36% 11.2% 7.94%
SHAREHOLDERS EQUITY
Retained Earnings $279.5M $256.5M $156.7M
YoY Change 39.19% 63.69% 593.36%
Common Stock $2.519B $1.700M $1.700M
YoY Change 148076.47% 0.0% 6.25%
Preferred Stock
YoY Change
Treasury Stock (at cost) $532.3M $500.0M $65.80M
YoY Change 567.04% 659.88% 813.89%
Treasury Stock Shares 13.81M shares
Shareholders Equity $2.260B $2.337B $2.551B
YoY Change
Total Liabilities & Shareholders Equity $4.053B $4.081B $4.119B
YoY Change -3.0% -0.92% 8.85%

Cashflow Statement

Concept 2014 Q4 2014 Q3 2013 Q3
OPERATING ACTIVITIES
Net Income $45.40M -$21.10M $64.20M
YoY Change -29.28% -132.87% 60.5%
Depreciation, Depletion And Amortization $25.60M $25.60M $23.40M
YoY Change 5.79% 9.4% -25.71%
Cash From Operating Activities $156.0M $140.9M $120.3M
YoY Change 18.54% 17.12% 79.82%
INVESTING ACTIVITIES
Capital Expenditures -$45.20M -$34.70M -$24.00M
YoY Change 8.92% 44.58% 34.83%
Acquisitions
YoY Change
Other Investing Activities -$28.30M $4.600M -$1.000M
YoY Change -28400.0% -560.0% -110.64%
Cash From Investing Activities -$73.50M -$30.10M -$25.00M
YoY Change 77.54% 20.4% 197.62%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -62.70M -80.20M -62.10M
YoY Change 1000.0% 29.15% -848.19%
NET CHANGE
Cash From Operating Activities 156.0M 140.9M 120.3M
Cash From Investing Activities -73.50M -30.10M -25.00M
Cash From Financing Activities -62.70M -80.20M -62.10M
Net Change In Cash 19.80M 30.60M 33.20M
YoY Change -76.57% -7.83% -50.3%
FREE CASH FLOW
Cash From Operating Activities $156.0M $140.9M $120.3M
Capital Expenditures -$45.20M -$34.70M -$24.00M
Free Cash Flow $201.2M $175.6M $144.3M
YoY Change 16.23% 21.69% 70.37%

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<div> <table style="TEXT-TRANSFORM: none; TEXT-INDENT: 0px; LETTER-SPACING: normal; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; WORD-SPACING: 0px; -webkit-text-stroke-width: 0px" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td valign="top" width="4%" align="left"><b>19.</b></td> <td valign="top" align="left"><b>Contingencies</b></td> </tr> </table> <p style="TEXT-TRANSFORM: none; MARGIN-TOP: 6pt; TEXT-INDENT: 4%; LETTER-SPACING: normal; FONT: 10pt 'Times New Roman'; WHITE-SPACE: normal; MARGIN-BOTTOM: 0pt; COLOR: rgb(0,0,0); WORD-SPACING: 0px; -webkit-text-stroke-width: 0px"> <b>Litigation</b></p> <p style="TEXT-TRANSFORM: none; MARGIN-TOP: 6pt; TEXT-INDENT: 4%; LETTER-SPACING: normal; FONT: 10pt 'Times New Roman'; WHITE-SPACE: normal; MARGIN-BOTTOM: 0pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 65px; WORD-SPACING: 0px; -webkit-text-stroke-width: 0px"> 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="TEXT-TRANSFORM: none; MARGIN-TOP: 18pt; TEXT-INDENT: 4%; LETTER-SPACING: normal; FONT: 10pt 'Times New Roman'; WHITE-SPACE: normal; MARGIN-BOTTOM: 0pt; COLOR: rgb(0,0,0); WORD-SPACING: 0px; -webkit-text-stroke-width: 0px"> <b>Environmental</b></p> <p style="TEXT-TRANSFORM: none; MARGIN-TOP: 6pt; TEXT-INDENT: 4%; LETTER-SPACING: normal; FONT: 10pt 'Times New Roman'; WHITE-SPACE: normal; MARGIN-BOTTOM: 0pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 65px; WORD-SPACING: 0px; -webkit-text-stroke-width: 0px"> 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 nine months ended September&#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>
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CY2014Q3 us-gaap Cost Of Goods Sold
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719400000
CY2014Q3 us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
2000000
CY2014Q3 us-gaap Income Loss From Continuing Operations Attributable To Noncontrolling Entity
IncomeLossFromContinuingOperationsAttributableToNoncontrollingEntity
200000
CY2014Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
200000
CY2014Q3 us-gaap Discontinued Operation Tax Effect Of Discontinued Operation
DiscontinuedOperationTaxEffectOfDiscontinuedOperation
26200000
CY2014Q3 us-gaap Other Restructuring Costs
OtherRestructuringCosts
600000
CY2014Q3 fbhs Percentage Of Change In Operating Income
PercentageOfChangeInOperatingIncome
0.398 pure
CY2014Q3 fbhs Percentage Of Change In Total Revenues
PercentageOfChangeInTotalRevenues
0.050 pure
CY2014Q3 fbhs Weighted Average Interest Rate For Outstanding Short Term Borrowings During Period
WeightedAverageInterestRateForOutstandingShortTermBorrowingsDuringPeriod
0.122 pure
CY2014Q3 fbhs Other Nonoperating Income Expense Net
OtherNonoperatingIncomeExpenseNet
300000

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