$FBIN
Fortune Brands Innovations, Inc.

2017 Q1 Form 10-Q Financial Statement

#000119312517153955 Filed on May 02, 2017

View on sec.gov

Income Statement

Concept 2017 Q1 2016 Q1
Revenue $1.187B $1.107B
YoY Change 7.26% 16.38%
Cost Of Revenue $772.7M $728.7M
YoY Change 6.04% 14.96%
Gross Profit $414.1M $377.8M
YoY Change 9.61% 19.22%
Gross Profit Margin 34.89% 34.14%
Selling, General & Admin $289.6M $270.2M
YoY Change 7.18% 11.93%
% of Gross Profit 69.93% 71.52%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $23.70M $24.30M
YoY Change -2.47% 18.54%
% of Gross Profit 5.72% 6.43%
Operating Expenses $289.6M $270.2M
YoY Change 7.18% 11.93%
Operating Profit $111.0M $95.50M
YoY Change 16.23% 41.9%
Interest Expense $11.90M $11.80M
YoY Change 0.85% 247.06%
% of Operating Profit 10.72% 12.36%
Other Income/Expense, Net $4.700M $300.0K
YoY Change 1466.67% -117.65%
Pretax Income $103.8M $84.00M
YoY Change 23.57% 35.05%
Income Tax $26.40M $23.00M
% Of Pretax Income 25.43% 27.38%
Net Earnings $77.40M $61.00M
YoY Change 26.89% 52.5%
Net Earnings / Revenue 6.52% 5.51%
Basic Earnings Per Share $0.50 $0.39
Diluted Earnings Per Share $0.50 $0.38
COMMON SHARES
Basic Shares Outstanding 153.3M shares 155.7M shares
Diluted Shares Outstanding 156.2M shares 159.5M shares

Balance Sheet

Concept 2017 Q1 2016 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $210.8M $253.6M
YoY Change -16.88% 41.36%
Cash & Equivalents $210.8M $253.6M
Short-Term Investments
Other Short-Term Assets $121.6M $104.3M
YoY Change 16.59% -25.23%
Inventory $558.8M $597.9M
Prepaid Expenses
Receivables $564.9M $525.5M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.456B $1.481B
YoY Change -1.7% 10.83%
LONG-TERM ASSETS
Property, Plant & Equipment $665.7M $635.7M
YoY Change 4.72% 16.92%
Goodwill $1.833B $1.758B
YoY Change 4.27% 20.86%
Intangibles $1.097B $993.3M
YoY Change 10.46% 50.16%
Long-Term Investments
YoY Change
Other Assets $82.20M $74.70M
YoY Change 10.04% 5.36%
Total Long-Term Assets $3.678B $3.462B
YoY Change 6.25% 25.93%
TOTAL ASSETS
Total Short-Term Assets $1.456B $1.481B
Total Long-Term Assets $3.678B $3.462B
Total Assets $5.134B $4.943B
YoY Change 3.87% 20.99%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $378.9M $364.1M
YoY Change 4.06% 11.21%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $2.800M
YoY Change -100.0%
Long-Term Debt Due $0.00
YoY Change -100.0%
Total Short-Term Liabilities $707.8M $684.9M
YoY Change 3.34% 12.44%
LONG-TERM LIABILITIES
Long-Term Debt $1.492B $1.619B
YoY Change -7.89% 120.69%
Other Long-Term Liabilities $119.2M $82.70M
YoY Change 44.14% -71.43%
Total Long-Term Liabilities $1.611B $1.702B
YoY Change -5.36% 66.33%
TOTAL LIABILITIES
Total Short-Term Liabilities $707.8M $684.9M
Total Long-Term Liabilities $1.611B $1.702B
Total Liabilities $2.703B $2.773B
YoY Change -2.51% 55.2%
SHAREHOLDERS EQUITY
Retained Earnings $892.0M $558.5M
YoY Change 59.71% 74.8%
Common Stock $2.674B $2.622B
YoY Change 1.98% 2.92%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.072B $973.3M
YoY Change 10.12% 78.19%
Treasury Stock Shares
Shareholders Equity $2.429B $2.168B
YoY Change
Total Liabilities & Shareholders Equity $5.134B $4.943B
YoY Change 3.87% 20.99%

Cashflow Statement

Concept 2017 Q1 2016 Q1
OPERATING ACTIVITIES
Net Income $77.40M $61.00M
YoY Change 26.89% 52.5%
Depreciation, Depletion And Amortization $23.70M $24.30M
YoY Change -2.47% 18.54%
Cash From Operating Activities -$17.90M -$6.100M
YoY Change 193.44% -90.85%
INVESTING ACTIVITIES
Capital Expenditures $29.50M $43.80M
YoY Change -32.65% 78.05%
Acquisitions $100.0K
YoY Change
Other Investing Activities -$100.0K $0.00
YoY Change -100.0%
Cash From Investing Activities -$29.60M -$43.80M
YoY Change -32.42% 43.14%
FINANCING ACTIVITIES
Cash Dividend Paid $27.60M $24.40M
YoY Change 13.11% 9.42%
Common Stock Issuance & Retirement, Net $27.30M $362.7M
YoY Change -92.47% 90575.0%
Debt Paid & Issued, Net $50.00M $60.90M
YoY Change -17.9% -6.31%
Cash From Financing Activities 6.000M 59.20M
YoY Change -89.86% -34.51%
NET CHANGE
Cash From Operating Activities -17.90M -6.100M
Cash From Investing Activities -29.60M -43.80M
Cash From Financing Activities 6.000M 59.20M
Net Change In Cash -41.50M 9.300M
YoY Change -546.24% -234.78%
FREE CASH FLOW
Cash From Operating Activities -$17.90M -$6.100M
Capital Expenditures $29.50M $43.80M
Free Cash Flow -$47.40M -$49.90M
YoY Change -5.01% -45.35%

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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 style="page-break-inside:avoid"> <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, 2017 and 2016. 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 Effective Income Tax Rate 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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CY2016Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
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CY2016Q1 us-gaap Depreciation
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CY2016Q1 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
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CY2016Q1 us-gaap Income Loss From Continuing Operations Attributable To Noncontrolling Entity
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CY2016Q1 us-gaap Income Tax Expense Benefit
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CY2016Q1 us-gaap Increase Decrease In Accounts Payable
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CY2016Q1 us-gaap Interest Expense
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CY2016Q1 us-gaap Restructuring And Related Cost Incurred Cost
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CY2016Q1 us-gaap Share Based Compensation
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CY2016Q1 us-gaap Deferred Income Taxes And Tax Credits
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CY2016Q1 us-gaap Restructuring Reserve Accrual Adjustment1
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CY2016Q1 us-gaap Selling General And Administrative Expense
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CY2016Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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CY2016Q1 us-gaap Treasury Stock Value Acquired Cost Method
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CY2016Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
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CY2016Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2016Q1 us-gaap Proceeds From Issuance Of Long Term Debt
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CY2016Q1 us-gaap Product Warranty Accrual Payments
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CY2016Q1 us-gaap Proceeds From Stock Options Exercised
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CY2016Q1 us-gaap Restructuring Charges
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CY2016Q1 fbhs Payments For Proceeds From Restructuring
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CY2016Q2 us-gaap Write Off Of Deferred Debt Issuance Cost
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1300000

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