$FBIN
Fortune Brands Innovations, Inc.

2021 Q1 Form 10-Q Financial Statement

#000156459021023312 Filed on May 04, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $1.771B $1.403B
YoY Change 26.26% 5.63%
Cost Of Revenue $1.127B $909.5M
YoY Change 23.9% 4.65%
Gross Profit $644.1M $493.2M
YoY Change 30.6% 7.5%
Gross Profit Margin 36.37% 35.16%
Selling, General & Admin $371.5M $313.9M
YoY Change 18.35% 0.61%
% of Gross Profit 57.68% 63.65%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $31.10M $27.20M
YoY Change 14.34% -2.16%
% of Gross Profit 4.83% 5.52%
Operating Expenses $371.5M $324.2M
YoY Change 14.59% 3.91%
Operating Profit $248.4M $155.0M
YoY Change 60.26% 14.31%
Interest Expense $21.40M $22.10M
YoY Change -3.17% -6.75%
% of Operating Profit 8.62% 14.26%
Other Income/Expense, Net -$3.300M $6.100M
YoY Change -154.1% 408.33%
Pretax Income $223.7M $139.0M
YoY Change 60.94% 22.9%
Income Tax $45.90M $29.90M
% Of Pretax Income 20.52% 21.51%
Net Earnings $177.8M $109.1M
YoY Change 62.97% 28.81%
Net Earnings / Revenue 10.04% 7.78%
Basic Earnings Per Share $1.28 $0.78
Diluted Earnings Per Share $1.26 $0.77
COMMON SHARES
Basic Shares Outstanding 138.6M 139.3M
Diluted Shares Outstanding 140.6M 140.8M

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $356.1M $359.7M
YoY Change -1.0% 27.92%
Cash & Equivalents $356.1M $359.7M
Short-Term Investments
Other Short-Term Assets $202.9M $173.0M
YoY Change 17.28% -3.24%
Inventory $958.4M $703.1M
Prepaid Expenses
Receivables $828.5M $678.2M
Other Receivables $0.00 $0.00
Total Short-Term Assets $2.346B $1.914B
YoY Change 22.57% 3.57%
LONG-TERM ASSETS
Property, Plant & Equipment $905.1M $807.6M
YoY Change 12.07% 0.16%
Goodwill $2.466B $2.079B
YoY Change 18.61% -0.23%
Intangibles $1.434B $1.140B
YoY Change 25.83% -8.05%
Long-Term Investments
YoY Change
Other Assets $151.4M $200.0M
YoY Change -24.3% 46.63%
Total Long-Term Assets $5.136B $4.386B
YoY Change 17.1% -1.24%
TOTAL ASSETS
Total Short-Term Assets $2.346B $1.914B
Total Long-Term Assets $5.136B $4.386B
Total Assets $7.482B $6.300B
YoY Change 18.76% 0.17%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $599.2M $426.4M
YoY Change 40.53% -3.53%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $399.9M
YoY Change -100.0% 14.26%
Long-Term Debt Due $399.9M
YoY Change 14.26%
Total Short-Term Liabilities $1.197B $1.246B
YoY Change -3.94% 0.59%
LONG-TERM LIABILITIES
Long-Term Debt $2.683B $2.035B
YoY Change 31.82% -6.2%
Other Long-Term Liabilities $204.9M $170.6M
YoY Change 20.11% 6.63%
Total Long-Term Liabilities $2.888B $2.206B
YoY Change 30.91% -5.32%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.197B $1.246B
Total Long-Term Liabilities $2.888B $2.206B
Total Liabilities $4.558B $3.942B
YoY Change 15.61% -2.47%
SHAREHOLDERS EQUITY
Retained Earnings $2.358B $1.872B
YoY Change 25.95% 21.45%
Common Stock $2.957B $2.845B
YoY Change 3.93% 2.42%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.340B $2.237B
YoY Change 4.59% 11.49%
Treasury Stock Shares
Shareholders Equity $2.924B $2.357B
YoY Change
Total Liabilities & Shareholders Equity $7.482B $6.300B
YoY Change 18.76% 0.17%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income $177.8M $109.1M
YoY Change 62.97% 28.81%
Depreciation, Depletion And Amortization $31.10M $27.20M
YoY Change 14.34% -2.16%
Cash From Operating Activities -$69.20M -$13.80M
YoY Change 401.45% -84.62%
INVESTING ACTIVITIES
Capital Expenditures $25.40M $26.90M
YoY Change -5.58% -1.1%
Acquisitions -$5.200M
YoY Change
Other Investing Activities $6.900M -$50.10M
YoY Change -113.77% -2736.84%
Cash From Investing Activities -$18.50M -$77.00M
YoY Change -75.97% 204.35%
FINANCING ACTIVITIES
Cash Dividend Paid $36.00M $33.50M
YoY Change 7.46% 8.06%
Common Stock Issuance & Retirement, Net $54.10M $150.0M
YoY Change -63.93% 733.33%
Debt Paid & Issued, Net $260.0M $130.0M
YoY Change 100.0% -18.75%
Cash From Financing Activities 22.80M 77.30M
YoY Change -70.5% -40.26%
NET CHANGE
Cash From Operating Activities -69.20M -13.80M
Cash From Investing Activities -18.50M -77.00M
Cash From Financing Activities 22.80M 77.30M
Net Change In Cash -63.20M -28.50M
YoY Change 121.75% -256.59%
FREE CASH FLOW
Cash From Operating Activities -$69.20M -$13.80M
Capital Expenditures $25.40M $26.90M
Free Cash Flow -$94.60M -$40.70M
YoY Change 132.43% -65.18%

Facts In Submission

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CY2021Q1 us-gaap Indefinite Lived Trade Names
IndefiniteLivedTradeNames
712200000
CY2020Q4 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
711000000.0
CY2020Q4 us-gaap Indefinite Lived Trade Names
IndefiniteLivedTradeNames
711000000.0
CY2021Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
1148400000
CY2020Q4 us-gaap Restructuring Reserve
RestructuringReserve
7600000
CY2021Q1 us-gaap Restructuring Charges
RestructuringCharges
7600000
CY2021Q1 us-gaap Payments For Restructuring
PaymentsForRestructuring
5000000.0
CY2021Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
426300000
CY2020Q1 fbhs Increase Decrease In Other Comprehensive Income Loss Net Of Tax
IncreaseDecreaseInOtherComprehensiveIncomeLossNetOfTax
-50600000
CY2021Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
722100000
CY2020Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
1117600000
CY2020Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
408300000
CY2020Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
709300000
CY2021Q1 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
1860600000
CY2021Q1 fbhs Intangible Asset Accumulated Amortization
IntangibleAssetAccumulatedAmortization
426300000
CY2021Q1 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
1434300000
CY2020Q4 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
1828600000
CY2020Q4 fbhs Intangible Asset Accumulated Amortization
IntangibleAssetAccumulatedAmortization
408300000
CY2020Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
1420300000
CY2021Q1 us-gaap Notes Payable
NotesPayable
1800000000
CY2021Q1 us-gaap Line Of Credit Facility Current Borrowing Capacity
LineOfCreditFacilityCurrentBorrowingCapacity
17500000
CY2020Q4 us-gaap Line Of Credit Facility Current Borrowing Capacity
LineOfCreditFacilityCurrentBorrowingCapacity
17500000
CY2021Q1 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
0
CY2020Q4 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
0
CY2021Q1 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
4500000
CY2020Q4 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
5600000
CY2021Q1 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
3600000
CY2020Q4 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
6500000
CY2021Q1 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis With Unobservable Inputs
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisWithUnobservableInputs
0
CY2020Q1 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
-50200000
CY2021Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.205
CY2021Q1 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
3800000
CY2021Q1 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-300000
CY2021Q1 fbhs Increase Decrease In Other Comprehensive Income Loss Net Of Tax
IncreaseDecreaseInOtherComprehensiveIncomeLossNetOfTax
4100000
CY2021Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
1771000000.0
CY2020Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
1402700000
CY2020Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.215
CY2020Q4 us-gaap Product Warranty Accrual
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24500000
CY2020Q1 us-gaap Product Warranty Accrual Warranties Issued
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6500000
CY2021Q1 us-gaap Product Warranty Accrual Additions From Business Acquisition
ProductWarrantyAccrualAdditionsFromBusinessAcquisition
600000
CY2020Q1 us-gaap Standard And Extended Product Warranty Accrual Foreign Currency Translation Gain Loss
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-100000
CY2020Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
24100000
CY2020Q1 us-gaap Revenues
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1402700000
CY2021Q1 fbhs Percentage Of Change In Net Revenues
PercentageOfChangeInNetRevenues
0.263
CY2020Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
155000000.0
CY2021Q1 fbhs Percentage Of Change In Operating Income
PercentageOfChangeInOperatingIncome
0.603
CY2021Q1 us-gaap Restructuring Charges
RestructuringCharges
7600000
CY2021Q1 us-gaap Other Restructuring Costs
OtherRestructuringCosts
1900000
CY2021Q1 us-gaap Restructuring And Related Cost Incurred Cost
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9500000
CY2020Q1 us-gaap Restructuring Charges
RestructuringCharges
4500000
CY2020Q1 us-gaap Other Restructuring Costs
OtherRestructuringCosts
800000
CY2020Q1 us-gaap Restructuring And Related Cost Incurred Cost
RestructuringAndRelatedCostIncurredCost
5300000
CY2021Q1 us-gaap Restructuring Reserve
RestructuringReserve
10200000
CY2019Q4 us-gaap Restructuring Reserve
RestructuringReserve
6800000
CY2020Q1 us-gaap Restructuring Charges
RestructuringCharges
4500000
CY2020Q1 us-gaap Payments For Restructuring
PaymentsForRestructuring
3200000
CY2020Q1 us-gaap Restructuring Reserve Accrual Adjustment1
RestructuringReserveAccrualAdjustment1
400000
CY2020Q1 us-gaap Restructuring Reserve
RestructuringReserve
8500000
CY2021Q1 us-gaap Profit Loss
ProfitLoss
177800000
CY2020Q1 us-gaap Profit Loss
ProfitLoss
108800000
CY2020Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-300000
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
177800000
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
109100000
CY2021Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.28
CY2020Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.78
CY2021Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.26
CY2020Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.77
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
138600000
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
139300000
CY2021Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
2000000.0
CY2020Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1500000
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
140600000
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
140800000
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
200000
CY2020Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
900000

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