$FBIN
Fortune Brands Innovations, Inc.

2015 Q2 Form 10-Q Financial Statement

#000119312515268265 Filed on July 29, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2014 Q2
Revenue $1.165B $1.027B
YoY Change 13.42% 11.4%
Cost Of Revenue $754.7M $665.4M
YoY Change 13.42% 0.3%
Gross Profit $410.4M $361.8M
YoY Change 13.43% 7.26%
Gross Profit Margin 35.22% 35.22%
Selling, General & Admin $271.0M $232.6M
YoY Change 16.51% -13.11%
% of Gross Profit 66.03% 64.29%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $26.20M $24.10M
YoY Change 8.71% 15.87%
% of Gross Profit 6.38% 6.66%
Operating Expenses $271.0M $232.6M
YoY Change 16.51% -13.11%
Operating Profit $128.2M $125.5M
YoY Change 2.15% 32.66%
Interest Expense $6.000M $2.100M
YoY Change 185.71% 23.53%
% of Operating Profit 4.68% 1.67%
Other Income/Expense, Net -$1.500M -$1.000M
YoY Change 50.0% -83.61%
Pretax Income $120.7M $122.4M
YoY Change -1.39% 24.01%
Income Tax $42.70M $36.10M
% Of Pretax Income 35.38% 29.49%
Net Earnings $79.70M $93.30M
YoY Change -14.58% 45.78%
Net Earnings / Revenue 6.84% 9.08%
Basic Earnings Per Share $0.50 $0.57
Diluted Earnings Per Share $0.49 $0.55
COMMON SHARES
Basic Shares Outstanding 159.5M shares 164.2M shares
Diluted Shares Outstanding 163.0M shares 168.7M shares

Balance Sheet

Concept 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $223.5M $145.0M
YoY Change 54.14% 17.31%
Cash & Equivalents $223.5M $145.0M
Short-Term Investments
Other Short-Term Assets $153.9M $135.6M
YoY Change 13.5% -4.1%
Inventory $546.4M $521.2M
Prepaid Expenses
Receivables $573.5M $535.3M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.530B $1.337B
YoY Change 14.42% 11.09%
LONG-TERM ASSETS
Property, Plant & Equipment $582.0M $540.2M
YoY Change 7.74% 3.45%
Goodwill $1.905B $1.521B
YoY Change 25.26% -0.08%
Intangibles $858.8M $744.2M
YoY Change 15.4% -2.67%
Long-Term Investments
YoY Change
Other Assets $72.10M $48.00M
YoY Change 50.21% -9.77%
Total Long-Term Assets $3.437B $2.853B
YoY Change 20.46% -0.31%
TOTAL ASSETS
Total Short-Term Assets $1.530B $1.337B
Total Long-Term Assets $3.437B $2.853B
Total Assets $4.967B $4.190B
YoY Change 18.53% 3.07%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $352.6M $337.7M
YoY Change 4.41% -3.54%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $10.10M
YoY Change -100.0% 65.57%
Long-Term Debt Due $0.00
YoY Change
Total Short-Term Liabilities $682.3M $644.9M
YoY Change 5.8% -3.99%
LONG-TERM LIABILITIES
Long-Term Debt $1.390B $595.0M
YoY Change 133.58% 66.43%
Other Long-Term Liabilities $291.8M $175.2M
YoY Change 66.55% 114.18%
Total Long-Term Liabilities $1.682B $770.2M
YoY Change 118.33% 75.32%
TOTAL LIABILITIES
Total Short-Term Liabilities $682.3M $644.9M
Total Long-Term Liabilities $1.682B $770.2M
Total Liabilities $2.597B $1.659B
YoY Change 56.57% 7.91%
SHAREHOLDERS EQUITY
Retained Earnings $376.7M $315.6M
YoY Change 19.36% 150.87%
Common Stock $2.562B $1.700M
YoY Change 150582.35% 6.25%
Preferred Stock
YoY Change
Treasury Stock (at cost) $546.4M $352.6M
YoY Change 54.96% 934.02%
Treasury Stock Shares
Shareholders Equity $2.367B $2.529B
YoY Change
Total Liabilities & Shareholders Equity $4.967B $4.190B
YoY Change 18.53% 3.07%

Cashflow Statement

Concept 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income $79.70M $93.30M
YoY Change -14.58% 45.78%
Depreciation, Depletion And Amortization $26.20M $24.10M
YoY Change 8.71% 15.87%
Cash From Operating Activities $122.1M $125.9M
YoY Change -3.02% 6.33%
INVESTING ACTIVITIES
Capital Expenditures -$30.00M -$26.60M
YoY Change 12.78% 58.33%
Acquisitions
YoY Change
Other Investing Activities -$646.1M $0.00
YoY Change -100.0%
Cash From Investing Activities -$676.1M -$26.60M
YoY Change 2441.73% -91.58%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 596.9M -79.10M
YoY Change -854.61% -227.58%
NET CHANGE
Cash From Operating Activities 122.1M 125.9M
Cash From Investing Activities -676.1M -26.60M
Cash From Financing Activities 596.9M -79.10M
Net Change In Cash 42.90M 20.20M
YoY Change 112.38% -114.89%
FREE CASH FLOW
Cash From Operating Activities $122.1M $125.9M
Capital Expenditures -$30.00M -$26.60M
Free Cash Flow $152.1M $152.5M
YoY Change -0.26% 12.8%

Facts In Submission

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<div> <table style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left"><b>17.</b></td> <td align="left" valign="top"><b>Contingencies</b></td> </tr> </table> <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 adverse 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:18pt; 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 Fortune Brands during the six months ended June&#xA0;30, 2015 and 2014. 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. We believe compliance with current environmental protection laws (before taking into account estimated recoveries from third parties) will not have a material adverse effect upon our results of operations, cash flows or financial condition. 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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