$FBIN
Fortune Brands Innovations, Inc.

2020 Q3 Form 10-Q Financial Statement

#000156459020048855 Filed on October 29, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2019 Q4 2019 Q3
Revenue $1.652B $1.471B $1.459B
YoY Change 13.24% 3.51% 5.66%
Cost Of Revenue $1.072B $934.6M $934.8M
YoY Change 14.62% 1.55% 5.4%
Gross Profit $580.6M $531.8M $524.2M
YoY Change 10.76% 5.98% 6.13%
Gross Profit Margin 35.14% 36.16% 35.93%
Selling, General & Admin $328.3M $309.0M $311.3M
YoY Change 5.46% 0.13% 2.03%
% of Gross Profit 56.54% 58.1% 59.39%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $39.30M $40.00M $36.70M
YoY Change 7.08% -1.72% -2.13%
% of Gross Profit 6.77% 7.52% 7.0%
Operating Expenses $338.8M $320.4M $321.2M
YoY Change 5.48% 0.31% 5.28%
Operating Profit $240.2M $192.5M $168.0M
YoY Change 42.98% 37.4% 14.21%
Interest Expense -$20.10M -$22.10M $23.60M
YoY Change -185.17% 16.32% 24.21%
% of Operating Profit -8.37% -11.48% 14.05%
Other Income/Expense, Net $2.100M -$31.50M $300.0K
YoY Change 600.0% 2150.0% -96.88%
Pretax Income $222.2M $138.9M $144.7M
YoY Change 53.56% 18.52% 5.08%
Income Tax $54.00M $34.90M $39.00M
% Of Pretax Income 24.3% 25.13% 26.95%
Net Earnings $164.6M $104.0M $105.6M
YoY Change 55.87% 21.92% 5.81%
Net Earnings / Revenue 9.96% 7.07% 7.24%
Basic Earnings Per Share $1.19 $0.75 $0.76
Diluted Earnings Per Share $1.17 $0.74 $0.75
COMMON SHARES
Basic Shares Outstanding 138.6M 139.5M
Diluted Shares Outstanding 140.5M 140.9M

Balance Sheet

Concept 2020 Q3 2019 Q4 2019 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $464.5M $387.9M $336.2M
YoY Change 38.16% 47.55% -13.77%
Cash & Equivalents $470.7M $387.9M $336.2M
Short-Term Investments
Other Short-Term Assets $170.0M $166.9M $171.6M
YoY Change -0.93% -3.3% -4.98%
Inventory $738.3M $718.6M $758.8M
Prepaid Expenses
Receivables $765.2M $624.8M $640.1M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $2.138B $1.898B $1.907B
YoY Change 12.13% 12.58% 0.87%
LONG-TERM ASSETS
Property, Plant & Equipment $791.7M $824.2M $800.4M
YoY Change -1.09% 1.33% 3.1%
Goodwill $2.085B $2.090B $2.085B
YoY Change 0.01% 0.48% 1.05%
Intangibles $1.111B $1.169B $1.186B
YoY Change -6.31% -6.25% -11.07%
Long-Term Investments
YoY Change
Other Assets $226.0M $144.2M $141.7M
YoY Change 59.49% 4.49% 33.55%
Total Long-Term Assets $4.381B $4.393B $4.379B
YoY Change 0.05% 2.68% 2.32%
TOTAL ASSETS
Total Short-Term Assets $2.138B $1.898B $1.907B
Total Long-Term Assets $4.381B $4.393B $4.379B
Total Assets $6.519B $6.291B $6.286B
YoY Change 3.71% 5.48% 1.88%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $544.1M $460.0M $436.5M
YoY Change 24.65% 0.22% -0.27%
Accrued Expenses $33.10M $33.00M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $399.7M $399.5M
YoY Change -100.0% -23.87% -23.9%
Long-Term Debt Due $0.00 $399.7M $399.5M
YoY Change -100.0% -23.87% -23.9%
Total Short-Term Liabilities $1.135B $1.409B $1.377B
YoY Change -17.55% -5.55% -5.17%
LONG-TERM LIABILITIES
Long-Term Debt $2.087B $1.785B $1.949B
YoY Change 7.05% -1.35% -1.98%
Other Long-Term Liabilities $519.7M $171.2M $168.9M
YoY Change 207.7% 8.63% -8.6%
Total Long-Term Liabilities $2.606B $1.956B $2.118B
YoY Change 23.06% -0.55% -2.54%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.135B $1.409B $1.377B
Total Long-Term Liabilities $2.606B $1.956B $2.118B
Total Liabilities $3.890B $3.864B $3.949B
YoY Change -1.48% 2.08% 0.33%
SHAREHOLDERS EQUITY
Retained Earnings $1.763B $1.693B
YoY Change 21.75% 21.47%
Common Stock $2.816B $2.798B
YoY Change 1.73% 1.27%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.079B $2.079B
YoY Change 5.52% 10.69%
Treasury Stock Shares $42.34M
Shareholders Equity $2.629B $2.427B $2.335B
YoY Change
Total Liabilities & Shareholders Equity $6.519B $6.291B $6.286B
YoY Change 3.71% 5.48% 1.88%

Cashflow Statement

Concept 2020 Q3 2019 Q4 2019 Q3
OPERATING ACTIVITIES
Net Income $164.6M $104.0M $105.6M
YoY Change 55.87% 21.92% 5.81%
Depreciation, Depletion And Amortization $39.30M $40.00M $36.70M
YoY Change 7.08% -1.72% -2.13%
Cash From Operating Activities $246.3M $283.4M $241.8M
YoY Change 1.86% 8.87% 17.15%
INVESTING ACTIVITIES
Capital Expenditures -$23.90M -$49.40M -$27.50M
YoY Change -13.09% 13.3% -30.03%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$100.0K $200.0K
YoY Change -100.0% -99.55% -100.04%
Cash From Investing Activities -$23.90M -$49.50M -$27.30M
YoY Change -12.45% -24.89% -94.5%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -166.6M -187.8M -148.9M
YoY Change 11.89% -40.23% -143.46%
NET CHANGE
Cash From Operating Activities 246.3M 283.4M 241.8M
Cash From Investing Activities -23.90M -49.50M -27.30M
Cash From Financing Activities -166.6M -187.8M -148.9M
Net Change In Cash 55.80M 46.10M 65.60M
YoY Change -14.94% -138.48% 24.01%
FREE CASH FLOW
Cash From Operating Activities $246.3M $283.4M $241.8M
Capital Expenditures -$23.90M -$49.40M -$27.50M
Free Cash Flow $270.2M $332.8M $269.3M
YoY Change 0.33% 9.51% 9.61%

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CY2020Q3 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
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CY2020Q3 us-gaap Indefinite Lived Trade Names
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CY2020Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
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CY2020Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
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us-gaap Restructuring And Related Cost Incurred Cost
RestructuringAndRelatedCostIncurredCost
19900000
CY2019Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
897900000
CY2019Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
364600000
CY2019Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
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CY2020Q3 us-gaap Intangible Assets Gross Excluding Goodwill
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1506400000
CY2019Q4 us-gaap Intangible Assets Gross Excluding Goodwill
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CY2019Q4 fbhs Intangible Asset Accumulated Amortization
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364600000
CY2019Q4 us-gaap Intangible Assets Net Excluding Goodwill
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1168900000
CY2020Q3 us-gaap Notes Payable
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1800000000
CY2020Q3 us-gaap Line Of Credit Facility Current Borrowing Capacity
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17500000
CY2019Q4 us-gaap Line Of Credit Facility Current Borrowing Capacity
LineOfCreditFacilityCurrentBorrowingCapacity
17500000
CY2020Q3 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
0
CY2019Q4 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
0
CY2020Q3 us-gaap Derivative Fair Value Of Derivative Asset
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1100000
CY2019Q4 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
3000000.0
CY2020Q3 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
4600000
CY2019Q4 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
2500000
CY2020Q3 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis With Unobservable Inputs
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0
us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
1300000
fbhs Increase Decrease In Other Comprehensive Income Loss Net Of Tax
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-8500000
us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
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us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
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us-gaap Revenue From Contract With Customer Including Assessed Tax
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4430600000
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
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CY2020Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
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fbhs Increase Decrease In Other Comprehensive Income Loss Net Of Tax
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-18900000
CY2019Q3 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
-12700000
CY2019Q3 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
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-1300000
CY2019Q3 fbhs Increase Decrease In Other Comprehensive Income Loss Net Of Tax
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-11400000
CY2020Q3 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
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17400000
CY2020Q3 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
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CY2020Q3 fbhs Increase Decrease In Other Comprehensive Income Loss Net Of Tax
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18800000
CY2020Q3 us-gaap Other Restructuring Costs
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2400000
CY2019Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
1459000000.0
CY2020Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
240200000
CY2019Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
168000000.0
CY2020Q3 fbhs Percentage Of Change In Operating Income
PercentageOfChangeInOperatingIncome
0.430
CY2020Q3 us-gaap Restructuring And Related Cost Incurred Cost
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4000000.0
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.235
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.250
CY2020Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.243
CY2019Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.270
CY2019Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
24700000
CY2018Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
24900000
us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
17700000
us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
20500000
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
19700000
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
19200000
us-gaap Standard And Extended Product Warranty Accrual Foreign Currency Translation Gain Loss
StandardAndExtendedProductWarrantyAccrualForeignCurrencyTranslationGainLoss
-500000
CY2020Q3 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
22700000
CY2019Q3 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
25700000
us-gaap Revenues
Revenues
4430600000
us-gaap Revenues
Revenues
4294100000
fbhs Percentage Of Change In Net Revenues
PercentageOfChangeInNetRevenues
0.032
us-gaap Operating Income Loss
OperatingIncomeLoss
568200000
us-gaap Operating Income Loss
OperatingIncomeLoss
506000000.0
fbhs Percentage Of Change In Operating Income
PercentageOfChangeInOperatingIncome
0.123
CY2020Q3 us-gaap Revenues
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1652100000
CY2019Q3 us-gaap Revenues
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1459000000.0
CY2020Q3 fbhs Percentage Of Change In Net Revenues
PercentageOfChangeInNetRevenues
0.132
us-gaap Restructuring Charges
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16500000
us-gaap Restructuring And Related Cost Incurred Cost
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20000000.0
us-gaap Restructuring Charges
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11200000
us-gaap Other Restructuring Costs
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8700000
CY2019Q3 us-gaap Restructuring Charges
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5500000
CY2019Q3 us-gaap Other Restructuring Costs
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200000
CY2019Q3 us-gaap Restructuring And Related Cost Incurred Cost
RestructuringAndRelatedCostIncurredCost
5700000
CY2019Q4 us-gaap Restructuring Reserve
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6800000
us-gaap Restructuring Charges
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16500000
us-gaap Payments For Restructuring
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12800000
CY2020Q3 us-gaap Restructuring Reserve
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10500000
CY2018Q4 us-gaap Restructuring Reserve
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10500000
us-gaap Restructuring Charges
RestructuringCharges
11200000
us-gaap Payments For Restructuring
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11300000
us-gaap Restructuring Reserve Accrual Adjustment1
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-100000
CY2019Q3 us-gaap Restructuring Reserve
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10300000
us-gaap Profit Loss
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390800000
us-gaap Profit Loss
ProfitLoss
327300000
CY2020Q3 us-gaap Profit Loss
ProfitLoss
165800000
CY2019Q3 us-gaap Profit Loss
ProfitLoss
105700000
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
1300000
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-500000
CY2020Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
1200000
CY2019Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
100000
us-gaap Net Income Loss
NetIncomeLoss
389500000
us-gaap Net Income Loss
NetIncomeLoss
327800000
CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
164600000
CY2019Q3 us-gaap Net Income Loss
NetIncomeLoss
105600000
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.81
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.34
CY2020Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.19
CY2019Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.76
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.78
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.32
CY2020Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.17
CY2019Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.75
us-gaap Weighted Average Number Of Shares Outstanding Basic
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138600000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
140000000.0
CY2020Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
138600000
CY2019Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
139500000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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1400000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1400000
CY2020Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1900000
CY2019Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1400000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
140000000.0
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
141400000
CY2020Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
140500000
CY2019Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
140900000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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1100000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2200000
CY2020Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
300000
CY2019Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1700000

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