$FBIN
Fortune Brands Innovations, Inc.

2016 Q1 Form 10-Q Financial Statement

#000119312516563678 Filed on April 28, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2015 Q1
Revenue $1.107B $950.8M
YoY Change 16.38% 6.94%
Cost Of Revenue $728.7M $633.9M
YoY Change 14.96% 6.75%
Gross Profit $377.8M $316.9M
YoY Change 19.22% 7.31%
Gross Profit Margin 34.14% 33.33%
Selling, General & Admin $270.2M $241.4M
YoY Change 11.93% 8.4%
% of Gross Profit 71.52% 76.18%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $24.30M $20.50M
YoY Change 18.54% 5.13%
% of Gross Profit 6.43% 6.47%
Operating Expenses $270.2M $241.4M
YoY Change 11.93% 8.4%
Operating Profit $95.50M $67.30M
YoY Change 41.9% -2.89%
Interest Expense $11.80M $3.400M
YoY Change 247.06% 78.95%
% of Operating Profit 12.36% 5.05%
Other Income/Expense, Net $300.0K -$1.700M
YoY Change -117.65% -440.0%
Pretax Income $84.00M $62.20M
YoY Change 35.05% -8.39%
Income Tax $23.00M $21.30M
% Of Pretax Income 27.38% 34.24%
Net Earnings $61.00M $40.00M
YoY Change 52.5% -1.96%
Net Earnings / Revenue 5.51% 4.21%
Basic Earnings Per Share $0.39 $0.25
Diluted Earnings Per Share $0.38 $0.25
COMMON SHARES
Basic Shares Outstanding 155.7M shares 158.8M shares
Diluted Shares Outstanding 159.5M shares 162.6M shares

Balance Sheet

Concept 2016 Q1 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $253.6M $179.4M
YoY Change 41.36% 44.44%
Cash & Equivalents $253.6M $179.4M
Short-Term Investments
Other Short-Term Assets $104.3M $139.5M
YoY Change -25.23% -5.81%
Inventory $597.9M $501.8M
Prepaid Expenses
Receivables $525.5M $477.2M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.481B $1.337B
YoY Change 10.83% 5.68%
LONG-TERM ASSETS
Property, Plant & Equipment $635.7M $543.7M
YoY Change 16.92% 2.18%
Goodwill $1.758B $1.454B
YoY Change 20.86% -4.19%
Intangibles $993.3M $661.5M
YoY Change 50.16% -11.2%
Long-Term Investments
YoY Change
Other Assets $74.70M $70.90M
YoY Change 5.36% 50.53%
Total Long-Term Assets $3.462B $2.749B
YoY Change 25.93% -3.28%
TOTAL ASSETS
Total Short-Term Assets $1.481B $1.337B
Total Long-Term Assets $3.462B $2.749B
Total Assets $4.943B $4.085B
YoY Change 20.99% -0.52%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $364.1M $327.4M
YoY Change 11.21% 2.38%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $2.800M $0.00
YoY Change -100.0%
Long-Term Debt Due $0.00 $26.30M
YoY Change -100.0%
Total Short-Term Liabilities $684.9M $609.1M
YoY Change 12.44% 7.44%
LONG-TERM LIABILITIES
Long-Term Debt $1.619B $733.7M
YoY Change 120.69% 54.46%
Other Long-Term Liabilities $82.70M $289.5M
YoY Change -71.43% 63.37%
Total Long-Term Liabilities $1.702B $1.023B
YoY Change 66.33% 56.88%
TOTAL LIABILITIES
Total Short-Term Liabilities $684.9M $609.1M
Total Long-Term Liabilities $1.702B $1.023B
Total Liabilities $2.773B $1.787B
YoY Change 55.2% 21.81%
SHAREHOLDERS EQUITY
Retained Earnings $558.5M $319.5M
YoY Change 74.8% 32.13%
Common Stock $2.622B $2.548B
YoY Change 2.92% 149752.94%
Preferred Stock
YoY Change
Treasury Stock (at cost) $973.3M $546.2M
YoY Change 78.19% 249.01%
Treasury Stock Shares
Shareholders Equity $2.168B $2.295B
YoY Change
Total Liabilities & Shareholders Equity $4.943B $4.085B
YoY Change 20.99% -0.52%

Cashflow Statement

Concept 2016 Q1 2015 Q1
OPERATING ACTIVITIES
Net Income $61.00M $40.00M
YoY Change 52.5% -1.96%
Depreciation, Depletion And Amortization $24.30M $20.50M
YoY Change 18.54% 5.13%
Cash From Operating Activities -$6.100M -$66.70M
YoY Change -90.85% -57.41%
INVESTING ACTIVITIES
Capital Expenditures $43.80M $24.60M
YoY Change 78.05% 17.14%
Acquisitions $6.300M
YoY Change
Other Investing Activities $0.00 -$6.000M
YoY Change -100.0% -6100.0%
Cash From Investing Activities -$43.80M -$30.60M
YoY Change 43.14% 46.41%
FINANCING ACTIVITIES
Cash Dividend Paid $24.40M $22.30M
YoY Change 9.42% 12.06%
Common Stock Issuance & Retirement, Net $362.7M $400.0K
YoY Change 90575.0% -99.42%
Debt Paid & Issued, Net $60.90M $65.00M
YoY Change -6.31% 8.33%
Cash From Financing Activities 59.20M 90.40M
YoY Change -34.51% 45.81%
NET CHANGE
Cash From Operating Activities -6.100M -66.70M
Cash From Investing Activities -43.80M -30.60M
Cash From Financing Activities 59.20M 90.40M
Net Change In Cash 9.300M -6.900M
YoY Change -234.78% -94.03%
FREE CASH FLOW
Cash From Operating Activities -$6.100M -$66.70M
Capital Expenditures $43.80M $24.60M
Free Cash Flow -$49.90M -$91.30M
YoY Change -45.35% -48.59%

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CY2016Q1 dei Document Type
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10-Q
CY2016Q1 dei Trading Symbol
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FBHS
CY2016Q1 dei Entity Central Index Key
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0001519751
CY2016Q1 dei Document Period End Date
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2016-03-31
CY2016Q1 dei Entity Filer Category
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Large Accelerated Filer
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CY2016Q1 dei Current Fiscal Year End Date
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--12-31
CY2016Q1 dei Document Fiscal Period Focus
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Q1
CY2016Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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155700000 shares
CY2016Q1 us-gaap Loss Contingency Disclosures
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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 three months ended March&#xA0;31, 2016 and 2015. 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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CY2016Q1 us-gaap Income Loss From Continuing Operations Per Diluted Share
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false
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CY2016Q1 dei Entity Registrant Name
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FORTUNE BRANDS HOME & SECURITY, INC.
CY2016Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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158500000 shares
CY2016Q1 us-gaap Earnings Per Share Diluted
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0.35
CY2016Q1 us-gaap Earnings Per Share Basic
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0.36
CY2016Q1 dei Document Fiscal Year Focus
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2016
CY2016Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
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0
CY2016Q1 us-gaap Income Loss From Continuing Operations
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CY2016Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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84000000
CY2016Q1 us-gaap Sales Revenue Net
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CY2016Q1 us-gaap Derivative Gain Loss On Derivative Net
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CY2016Q1 us-gaap Increase Decrease In Accounts Receivable
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CY2016Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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2800000 shares
CY2016Q1 us-gaap Increase Decrease In Other Operating Assets
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-16800000
CY2016Q1 us-gaap Product Warranty Accrual Warranties Issued
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CY2016Q1 us-gaap Comprehensive Income Net Of Tax
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CY2016Q1 us-gaap Payments To Acquire Property Plant And Equipment
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CY2016Q1 us-gaap Restructuring Reserve Accrual Adjustment
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CY2016Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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CY2016Q1 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
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CY2016Q1 us-gaap Profit Loss
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CY2016Q1 us-gaap Repayments Of Long Term Debt
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CY2016Q1 us-gaap Payments For Repurchase Of Common Stock
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CY2016Q1 us-gaap Adjustments To Additional Paid In Capital Tax Effect From Share Based Compensation
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CY2016Q1 us-gaap Income Tax Expense Benefit
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CY2016Q1 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
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CY2016Q1 us-gaap Depreciation
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CY2016Q1 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
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CY2016Q1 us-gaap Goodwill Translation And Purchase Accounting Adjustments
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CY2016Q1 us-gaap Goodwill Purchase Accounting Adjustments
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CY2016Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
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CY2016Q1 us-gaap Adjustment For Amortization
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CY2016Q1 us-gaap Selling General And Administrative Expense
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CY2016Q1 us-gaap Product Warranty Accrual Payments
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CY2016Q1 us-gaap Goodwill Translation Adjustments
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CY2016Q1 us-gaap Cost Of Goods Sold
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CY2016Q1 us-gaap Treasury Stock Value Acquired Cost Method
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-92200000
CY2016Q1 fbhs Weighted Average Interest Rate For Outstanding Short Term Borrowings During Period
WeightedAverageInterestRateForOutstandingShortTermBorrowingsDuringPeriod
0.014 pure
CY2016Q1 fbhs Debt Instrument Extension Of Maturity Month And Year
DebtInstrumentExtensionOfMaturityMonthAndYear
2018-07
CY2016Q1 fbhs Percentage Of Change In Operating Income
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0.419 pure
CY2016Q1 fbhs Line Of Credit Facility Extended Maturity Date Month And Year
LineOfCreditFacilityExtendedMaturityDateMonthAndYear
2018-07
CY2016Q1 fbhs Settlement Of Foreign Currency Contracts
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2100000
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0.164 pure
CY2016Q1 fbhs Payments For Proceeds From Restructuring
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2100000

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