$FBIN
Fortune Brands Innovations, Inc.

2018 Q1 Form 10-Q Financial Statement

#000119312518148656 Filed on May 02, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q1 2016 Q4
Revenue $1.255B $1.187B $1.302B
YoY Change 5.71% 7.26% 6.28%
Cost Of Revenue $815.0M $772.7M $826.4M
YoY Change 5.47% 6.04% 2.57%
Gross Profit $439.6M $414.1M $474.1M
YoY Change 6.16% 9.61% 12.85%
Gross Profit Margin 35.04% 34.89% 36.42%
Selling, General & Admin $311.2M $289.6M $297.6M
YoY Change 7.46% 7.18% 10.43%
% of Gross Profit 70.79% 69.93% 62.77%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $25.30M $23.70M $33.00M
YoY Change 6.75% -2.47% -0.9%
% of Gross Profit 5.76% 5.72% 6.96%
Operating Expenses $311.2M $289.6M $305.3M
YoY Change 7.46% 7.18% 10.7%
Operating Profit $119.4M $111.0M $166.4M
YoY Change 7.57% 16.23% 18.6%
Interest Expense $14.70M $11.90M -$11.80M
YoY Change 23.53% 0.85% 372.0%
% of Operating Profit 12.31% 10.72% -7.09%
Other Income/Expense, Net $2.800M $4.700M -$2.300M
YoY Change -40.43% 1466.67% -20.69%
Pretax Income $107.5M $103.8M $153.2M
YoY Change 3.56% 23.57% 19.41%
Income Tax $32.40M $26.40M $48.80M
% Of Pretax Income 30.14% 25.43% 31.85%
Net Earnings $75.00M $77.40M $103.7M
YoY Change -3.1% 26.89% 17.84%
Net Earnings / Revenue 5.98% 6.52% 7.97%
Basic Earnings Per Share $0.50 $0.50 $0.67
Diluted Earnings Per Share $0.49 $0.50 $0.66
COMMON SHARES
Basic Shares Outstanding 149.9M 153.3M shares 154.3M shares
Diluted Shares Outstanding 152.1M 156.2M shares

Balance Sheet

Concept 2018 Q1 2017 Q1 2016 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $244.4M $210.8M $251.5M
YoY Change 15.94% -16.88% 5.45%
Cash & Equivalents $244.4M $210.8M $251.5M
Short-Term Investments
Other Short-Term Assets $149.4M $121.6M $111.9M
YoY Change 22.86% 16.59% -7.75%
Inventory $619.2M $558.8M $531.1M
Prepaid Expenses
Receivables $631.5M $564.9M $550.7M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.645B $1.456B $1.445B
YoY Change 12.94% -1.7% 1.92%
LONG-TERM ASSETS
Property, Plant & Equipment $742.8M $665.7M $662.5M
YoY Change 11.58% 4.72% 5.51%
Goodwill $1.919B $1.833B $1.834B
YoY Change 4.68% 4.27% 4.47%
Intangibles $1.151B $1.097B $1.107B
YoY Change 4.92% 10.46% 11.07%
Long-Term Investments
YoY Change
Other Assets $94.80M $82.20M $80.00M
YoY Change 15.33% 10.04% 2.83%
Total Long-Term Assets $3.908B $3.678B $3.683B
YoY Change 6.24% 6.25% 6.52%
TOTAL ASSETS
Total Short-Term Assets $1.645B $1.456B $1.445B
Total Long-Term Assets $3.908B $3.678B $3.683B
Total Assets $5.552B $5.134B $5.129B
YoY Change 8.14% 3.87% 5.18%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $417.1M $378.9M $393.8M
YoY Change 10.08% 4.06% 14.41%
Accrued Expenses $449.0M
YoY Change 8.74%
Deferred Revenue
YoY Change
Short-Term Debt $350.0M $0.00 $0.00
YoY Change -100.0% -100.0%
Long-Term Debt Due $350.0M $0.00
YoY Change
Total Short-Term Liabilities $1.141B $707.8M $842.8M
YoY Change 61.18% 3.34% 11.2%
LONG-TERM LIABILITIES
Long-Term Debt $1.538B $1.492B $1.431B
YoY Change 3.12% -7.89% 22.45%
Other Long-Term Liabilities $183.3M $119.2M $111.9M
YoY Change 53.78% 44.14% 48.8%
Total Long-Term Liabilities $1.721B $1.611B $1.543B
YoY Change 6.87% -5.36% 24.05%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.141B $707.8M $842.8M
Total Long-Term Liabilities $1.721B $1.611B $1.543B
Total Liabilities $3.194B $2.703B $2.766B
YoY Change 18.14% -2.51% 14.19%
SHAREHOLDERS EQUITY
Retained Earnings $1.250B $892.0M $814.6M
YoY Change 40.12% 59.71% 62.4%
Common Stock $2.742B $2.674B $2.656B
YoY Change 2.57% 1.98% 1.98%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.600B $1.072B $1.037B
YoY Change 49.23% 10.12% 72.18%
Treasury Stock Shares $24.31M
Shareholders Equity $2.357B $2.429B $2.362B
YoY Change
Total Liabilities & Shareholders Equity $5.552B $5.134B $5.129B
YoY Change 8.14% 3.87% 5.18%

Cashflow Statement

Concept 2018 Q1 2017 Q1 2016 Q4
OPERATING ACTIVITIES
Net Income $75.00M $77.40M $103.7M
YoY Change -3.1% 26.89% 17.84%
Depreciation, Depletion And Amortization $25.30M $23.70M $33.00M
YoY Change 6.75% -2.47% -0.9%
Cash From Operating Activities -$51.90M -$17.90M $269.9M
YoY Change 189.94% 193.44% 78.27%
INVESTING ACTIVITIES
Capital Expenditures $37.60M $29.50M -$43.20M
YoY Change 27.46% -32.65% 3.85%
Acquisitions $5.800M $100.0K
YoY Change 5700.0%
Other Investing Activities -$5.100M -$100.0K -$7.600M
YoY Change 5000.0%
Cash From Investing Activities -$42.70M -$29.60M -$50.80M
YoY Change 44.26% -32.42% 22.12%
FINANCING ACTIVITIES
Cash Dividend Paid $29.60M $27.60M
YoY Change 7.25% 13.11%
Common Stock Issuance & Retirement, Net $325.2M $27.30M
YoY Change 1091.21% -92.47%
Debt Paid & Issued, Net $515.0M $50.00M
YoY Change 930.0% -17.9%
Cash From Financing Activities 16.20M 6.000M -240.9M
YoY Change 170.0% -89.86% 10.5%
NET CHANGE
Cash From Operating Activities -51.90M -17.90M 269.9M
Cash From Investing Activities -42.70M -29.60M -50.80M
Cash From Financing Activities 16.20M 6.000M -240.9M
Net Change In Cash -78.40M -41.50M -21.80M
YoY Change 88.92% -546.24% -79.85%
FREE CASH FLOW
Cash From Operating Activities -$51.90M -$17.90M $269.9M
Capital Expenditures $37.60M $29.50M -$43.20M
Free Cash Flow -$89.50M -$47.40M $313.1M
YoY Change 88.82% -5.01% 62.23%

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CostOfGoodsSold
772700000
CY2017Q1 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
2200000
CY2017Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
6000000
CY2017Q1 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
110000000
CY2017Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
8700000
CY2017Q1 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
8500000
CY2017Q1 us-gaap Restructuring Charges
RestructuringCharges
2200000
CY2018Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
500000 shares
CY2018Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2018Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2018
CY2018Q1 dei Document Type
DocumentType
10-Q
CY2018Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.49
CY2018Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2018Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001519751
CY2018Q1 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.49
CY2018Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
0
CY2018Q1 us-gaap Loss Contingency Disclosures
LossContingencyDisclosures
<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>18.</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:12pt; 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, 2018 and 2017. 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>
CY2018Q1 dei Trading Symbol
TradingSymbol
FBHS
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
152100000 shares
CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
149900000 shares
CY2018Q1 dei Amendment Flag
AmendmentFlag
false
CY2018Q1 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.50
CY2018Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
0
CY2018Q1 us-gaap Revenue Performance Obligation Description Of Payment Terms
RevenuePerformanceObligationDescriptionOfPaymentTerms
Payment terms on our product sales range from 30 to 90 days.
CY2018Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2018Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.50
CY2018Q1 dei Document Period End Date
DocumentPeriodEndDate
2018-03-31
CY2018Q1 dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2018Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
2200000 shares
CY2018Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-51900000
CY2018Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.301 pure
CY2018Q1 dei Entity Registrant Name
EntityRegistrantName
FORTUNE BRANDS HOME & SECURITY, INC.
CY2018Q1 us-gaap Finite Lived Intangible Assets Period Increase Decrease
FiniteLivedIntangibleAssetsPeriodIncreaseDecrease
-3300000
CY2018Q1 us-gaap Sales Revenue Net
SalesRevenueNet
1254600000
CY2018Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
37600000
CY2018Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
325200000
CY2018Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
5800000
CY2018Q1 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-200000
CY2018Q1 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
-600000
CY2018Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
119400000
CY2018Q1 us-gaap Net Income Loss
NetIncomeLoss
75000000
CY2018Q1 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
4800000
CY2018Q1 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
36900000
CY2018Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
63000000
CY2018Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
-200000
CY2018Q1 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
75200000
CY2018Q1 us-gaap Goodwill Foreign Currency Translation Gain Loss
GoodwillForeignCurrencyTranslationGainLoss
1800000
CY2018Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
78200000
CY2018Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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400000
CY2018Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
515000000
CY2018Q1 us-gaap Profit Loss
ProfitLoss
74900000
CY2018Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
12200000
CY2018Q1 us-gaap Payments For Restructuring
PaymentsForRestructuring
2000000
CY2018Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
29600000
CY2018Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
-200000
CY2018Q1 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
75100000
CY2018Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
3200000
CY2018Q1 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
6200000
CY2018Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
2800000
CY2018Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
3200000
CY2018Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
107500000
CY2018Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
7600000
CY2018Q1 us-gaap Depreciation
Depreciation
25300000
CY2018Q1 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-200000
CY2018Q1 us-gaap Income Loss From Continuing Operations Attributable To Noncontrolling Entity
IncomeLossFromContinuingOperationsAttributableToNoncontrollingEntity
-100000
CY2018Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
32400000
CY2018Q1 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
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-73300000
CY2018Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-3200000
CY2018Q1 us-gaap Interest Expense
InterestExpense
14700000
CY2018Q1 us-gaap Restructuring And Related Cost Incurred Cost
RestructuringAndRelatedCostIncurredCost
700000
CY2018Q1 us-gaap Share Based Compensation
ShareBasedCompensation
12600000
CY2018Q1 us-gaap Adjustment For Amortization
AdjustmentForAmortization
8200000
CY2018Q1 us-gaap Deferred Income Taxes And Tax Credits
DeferredIncomeTaxesAndTaxCredits
-9200000
CY2018Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-42700000
CY2018Q1 us-gaap Proceeds From Repayments Of Short Term Debt
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350000000
CY2018Q1 us-gaap Restructuring Reserve Accrual Adjustment1
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300000
CY2018Q1 us-gaap Selling General And Administrative Expense
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311200000
CY2018Q1 us-gaap Dividends Common Stock
DividendsCommonStock
700000
CY2018Q1 us-gaap Goodwill Purchase Accounting Adjustments
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8500000
CY2018Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-100000
CY2018Q1 us-gaap Other Restructuring Costs
OtherRestructuringCosts
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CY2018Q1 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
325200000
CY2018Q1 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
500000
CY2018Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
8200000
CY2018Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
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CY2018Q1 us-gaap Cost Of Goods Sold
CostOfGoodsSold
815000000
CY2018Q1 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
16800000
CY2018Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
16200000
CY2018Q1 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
545000000
CY2018Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
3200000
CY2018Q1 us-gaap Proceeds From Sale Of Productive Assets
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700000
CY2018Q1 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
6200000
CY2018Q1 us-gaap Restructuring Charges
RestructuringCharges
800000
CY2018Q1 fbhs Treasury Repurchased But Not Yet Paid
TreasuryRepurchasedButNotYetPaid
24800000
CY2018Q1 fbhs Percentage Of Change In Operating Income
PercentageOfChangeInOperatingIncome
0.076 pure
CY2018Q1 fbhs Percentage Of Change In Net Revenues
PercentageOfChangeInNetRevenues
0.057 pure
CY2018Q1 fbhs Debt Instruments Maturity Month Year
DebtInstrumentsMaturityMonthYear
2019-03
CY2018Q1 fbhs Line Of Credit Facility Extended Maturity Date Month And Year
LineOfCreditFacilityExtendedMaturityDateMonthAndYear
2021-06
CY2018Q1 fbhs Tax Cut And Job Act Of2017 Change In Tax Rate Income Tax Expense Benefit
TaxCutAndJobActOf2017ChangeInTaxRateIncomeTaxExpenseBenefit
5400000

Files In Submission

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0001193125-18-148656-index-headers.html Edgar Link pending
0001193125-18-148656-index.html Edgar Link pending
0001193125-18-148656.txt Edgar Link pending
0001193125-18-148656-xbrl.zip Edgar Link pending
d557453d10q.htm Edgar Link pending
d557453dex101.htm Edgar Link pending
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fbhs-20180331.xml Edgar Link completed
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