0001564590-21-023312 | 10-Q | XBRL Viewer | Fortune Brands Home Security INC

Other intangible assets, net of accumulated amortization

^[1]

2,466.2

2,394.8

1,434.3

1,420.3

Other assets

151.4

247.5

Total assets

7,482.1

7,358.7

Current liabilities

Accounts payable

599.2

620.5

Other current liabilities

597.8

724.6

Total current liabilities

1,197.0

1,345.1

Long-term debt

2,682.8

2,572.2

Deferred income taxes

167.1

160.5

Accrued defined benefit plans

156.8

159.5

Operating lease liabilities

149.1

140.5

Other non-current liabilities

204.9

205.4

Total liabilities

4,557.7

4,583.2

Commitments and contingencies (see Note 17)

Stockholders' equity

Common stock

^[2]

1.9

1.8

Paid-in capital

2,955.1

2,926.3

Accumulated other comprehensive loss

(51.0)

(55.1)

Retained earnings

2,358.0

2,180.2

Treasury stock

(2,339.6)

(2,277.7)

Total stockholders' equity

2,924.4

2,775.5

Total liabilities and equity

$ 7,482.1

$ 7,358.7

[1]	Net of accumulated impairment losses of $399.5 million in the Outdoors & Security segment.
[2]	Common stock, par value $0.01 per share; 184.7 million shares and 184.1 million shares issued at March 31, 2021 and December 31, 2020, respectively.

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Millions	Mar. 31, 2021	Dec. 31, 2020
Statement Of Financial Position [Abstract]
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares issued	184.7	184.1

Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions

3 Months Ended

Mar. 31, 2021

Mar. 31, 2020

Operating activities

Net income

$ 177.8

$ 108.8

Non-cash adjustments:

Depreciation

31.1

27.2

Amortization of intangibles

16.6

10.3

Non-cash lease expense

10.7

7.4

Stock-based compensation

11.6

11.1

Deferred taxes

(0.1)

0.5

Asset impairment charges

9.5

Amortization of deferred financing fees

1.2

0.9

Equity in losses of affiliate

0.3

Loss (gain) on equity investments

2.9

(6.6)

Loss (gain) on sale of property, plant and equipment

0.2

(0.1)

Changes in assets and liabilities:

Increase in accounts receivable

(91.6)

(81.3)

(Increase) decrease in inventories

(86.4)

9.6

Decrease in accounts payable

(15.9)

(25.6)

Increase in other assets

(10.9)

(7.4)

Decrease in accrued expenses and other liabilities

(150.7)

(92.9)

Increase in accrued taxes

34.3

14.5

Net cash used in operating activities

(69.2)

(13.8)

Investing activities

Capital expenditures

^[1]

(25.4)

(26.9)

Proceeds from the disposition of assets

1.7

1.5

Cost of acquisitions, net of cash acquired

5.2

Cost of investments in equity securities

(51.6)

Net cash used in investing activities

(18.5)

(77.0)

Financing activities

Issuance of long-term debt

370.0

380.0

Repayment of long-term debt

(260.0)

(130.0)

Proceeds from the exercise of stock options

^[2]

10.6

18.4

Treasury stock purchases

(54.1)

(150.0)

Employee withholding taxes related to stock-based compensation

(7.8)

(7.6)

Dividends to stockholders

(36.0)

(33.5)

Other financing, net

0.1

Net cash provided by financing activities

22.8

77.3

Effect of foreign exchange rate changes on cash

1.7

(15.0)

Net decrease in cash and cash equivalents

(63.2)

(28.5)

Cash, cash equivalents and restricted cash at beginning of period

^[3]

425.0

394.9

Cash, cash equivalents and restricted cash at end of period

^[3]

$ 361.8

$ 366.4

[1]	Capital expenditures of $7.4 million and $4.9 million that had not been paid as of March 31, 2021 and 2020, respectively, were excluded from the Statement of Cash Flows.
[2]	Proceeds from the exercise of stock options for the three months ended March 31, 2021 excludes $6.6 million related to options that were not settled until April 1, 2021.
[3]	Restricted cash of $1.1 million and $4.7 million is included in Other current assets and Other assets, respectively, as of March 31, 2021 and restricted cash of $0.8 million and $5.9 million is included in Other current assets and Other assets, respectively, as of March 31, 2020. Restricted cash of $1.0 million and $4.9 million is included in Other current assets and Other assets, respectively, as of December 31, 2020.

Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Capital expenditures incurred but not yet paid	$ 7.4	$ 4.9
Options not settled until April 1, 2021	6.6
Other Current Assets [Member]
Restricted Cash	1.1	0.8	$ 1.0
Other Assets [Member]
Restricted Cash	$ 4.7	$ 5.9	$ 4.9

Condensed Consolidated Statements of Equity - USD ($) $ in Millions	Total	Common Stock	Paid-In Capital	Accumulated Other Comprehensive (Loss) Income	Retained Earnings	Treasury Stock	Non-controlling Interests
Beginning Balance at Dec. 31, 2019	$ 2,427.8	$ 1.8	$ 2,813.8	$ (72.6)	$ 1,763.0	$ (2,079.4)	$ 1.2
Comprehensive income:
Net income	108.8				109.1		(0.3)
Other comprehensive income (loss)	(50.6)			(50.6)
Stock options exercised	18.4		18.4
Stock-based compensation	3.5		11.1			(7.6)
Treasury stock purchases	(150.0)					(150.0)
Ending Balance at Mar. 31, 2020	2,357.9	1.8	2,843.3	(123.2)	1,872.1	(2,237.0)	$ 0.9
Beginning Balance at Dec. 31, 2020	2,775.5	1.8	2,926.3	(55.1)	2,180.2	(2,277.7)
Comprehensive income:
Net income	177.8				177.8
Other comprehensive income (loss)	4.1			4.1
Stock options exercised	17.3	0.1	17.2
Stock-based compensation	3.8		11.6			(7.8)
Treasury stock purchases	(54.1)					(54.1)
Ending Balance at Mar. 31, 2021	$ 2,924.4	$ 1.9	$ 2,955.1	$ (51.0)	$ 2,358.0	$ (2,339.6)

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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Organization Consolidation And Presentation Of Financial Statements [Abstract]

Basis of Presentation and Principles of Consolidation

3 Months Ended

Mar. 31, 2021

Basis of Presentation and Principles of Consolidation

FORTUNE BRANDS HOME & SECURITY, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1.	Basis of Presentation and Principles of Consolidation

References to “Fortune Brands,” “the Company,” “we,” “our” and “us” refer to Fortune Brands Home & Security, Inc. and its consolidated subsidiaries as a whole, unless the context otherwise requires.

The Company is a leading home and security products company with a portfolio of leading branded products used for residential home repair, remodeling, new construction and security applications.

The condensed consolidated balance sheet as of March 31, 2021, the related condensed consolidated statements of comprehensive income and equity for the three months ended March 31, 2021 and 2020, and the related condensed consolidated statements of cash flows for the three months ended March 31, 2021 and 2020 are unaudited. The presentation of these financial statements requires us to make estimates and assumptions that affect reported amounts and related disclosures. Actual results could differ from those estimates. In the opinion of management, all adjustments necessary for a fair statement of the financial statements have been included. Interim results may not be indicative of results for a full year.

In 2018 our Plumbing segment entered into a strategic partnership with, and acquired non-controlling equity interests in, Flo Technologies, Inc. (“Flo”), a U.S. manufacturer of comprehensive water monitoring and shut-off systems with leak detection technologies. In January 2020, we entered into an agreement to acquire the remaining outstanding shares of Flo in a multi-phase transaction. In January 2021, upon the expiration of the minority shareholders’ substantive participating rights, we began to consolidate the financial results of Flo into the Company’s financial results. The financial results of Flo are included in the Company’s condensed consolidated statement of comprehensive income and statement of cash flow for the three months ended March 31, 2021 and the condensed consolidated balance sheet as of March 31, 2021. The results of operations are included in the Plumbing segment.

Our Doors & Security segment was renamed “Outdoors & Security” to better align with the segment’s strategic focus on the outdoor living space and to better represent the brands within the segment, including the newly acquired Larson Manufacturing (“Larson”). The Outdoors & Security segment name change had no impact on the Company’s previously reported historical financial position, results of operations, cash flow or segment level results.

In December 2020, we acquired 100% of the outstanding equity interests of Larson, the North American market leading brand of storm, screen and security doors. Larson also sells related outdoor living products including retractable screens and porch windows. The Company completed the acquisition for a total purchase price, excluding expected tax benefits, of approximately $717.5 million, net of cash acquired and final working capital adjustments of $2.3 million paid during the three months ended March 31, 2021. We financed the transaction with borrowings under our existing credit facilities. The financial results of Larson were included in the Company’s condensed consolidated statement of comprehensive income and statement of cash flow for the three months ended March 31, 2021 and the condensed consolidated balance sheets as of March 31, 2021 and December 31, 2020. The results of operations are included in the Outdoors & Security segment.

The condensed consolidated financial statements and notes are presented pursuant to the rules and regulations of the Securities and Exchange Commission and do not contain certain information included in our annual audited consolidated financial statements and notes. The December 31, 2020 condensed consolidated balance sheet was derived from our audited consolidated financial statements, but does not include all disclosures required by U.S. generally accepted accounting principles (“GAAP”). This Quarterly Report on Form 10-Q should be read in conjunction with the audited consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended December 31, 2020.

Recently Issued Accounting Standards

3 Months Ended

Mar. 31, 2021

Accounting Policies [Abstract]

Recently Issued Accounting Standards

2.	Recently Issued Accounting Standards

Simplifying the Accounting for Income Taxes

In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12, which is intended to simplify accounting for income taxes and improve consistency in application. ASU 2019-12 amends certain elements of income tax accounting, including but not limited to intraperiod tax allocations, step-ups in tax basis of goodwill, and calculating taxes on year-to-date losses in interim periods. The guidance is effective for the Company’s fiscal year beginning January 1, 2021. The adoption of this guidance did not have a material effect on our financial statements.

Effects of Reference Rate Reform

In March 2020, the FASB issued ASU 2020-04, which provides relief from accounting analysis and impacts that may otherwise be required for modifications to agreements necessitated by reference rate reform. It also provides optional expedients to enable the

continuance of hedge accounting where certain hedging relationships are impacted by reference rate reform. This optional guidance is effective immediately, and available to be used through December 31, 2022. We are assessing the impact that reference rate reform and the related adoption of this guidance may have on our financial statements.

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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Organization Consolidation And Presentation Of Financial Statements [Abstract]

Balance Sheet Information

3 Months Ended

Mar. 31, 2021

Balance Sheet Information

3.	Balance Sheet Information

Supplemental information on our balance sheets is as follows:

(In millions)	March 31, 2021		December 31, 2020
Inventories:
Raw materials and supplies	$	354.2	$	346.6
Work in process		80.9		76.7
Finished products		523.3		443.9
Total inventories	$	958.4	$	867.2

Property, plant and equipment, gross	$	2,159.2	$	2,150.1
Less: accumulated depreciation		1,254.1		1,232.7
Property, plant and equipment, net	$	905.1	$	917.4

Acquisitions and Dispositions

3 Months Ended

Mar. 31, 2021

Business Combinations [Abstract]

Acquisitions and Dispositions

4.	Acquisitions and Dispositions

Flo Technologies

In 2018 our Plumbing segment entered into a strategic partnership with, and acquired non-controlling equity interests in, Flo, a U.S. manufacturer of comprehensive water monitoring and shut-off systems with leak detection technologies. In January 2020, we entered into an agreement to acquire the remaining outstanding shares of Flo in a multi-phase transaction. As part of this agreement, we acquired a majority of Flo’s outstanding shares during 2020 and entered into a forward contract to purchase all remaining shares of Flo during the first quarter of 2022 for a price based on a multiple of Flo’s 2021 sales and adjusted earnings before interest and taxes.

During 2020, we applied the equity method of accounting to our investment in Flo as the minority shareholders had substantive participating rights which precluded consolidation in our results of operations and statements of financial position and cash flows. Immediately prior to applying the equity method of accounting, we recognized a non-cash gain of $6.6 million within other income during the three months ended March 31, 2020 related to the remeasurement of our previously existing investment in Flo.

The minority shareholders’ substantive participating rights expired on January 1, 2021, at which time we obtained control of, and began consolidating, Flo in our results of operations and statements of financial positions and cash flows. Immediately prior to consolidating Flo, we recognized a non-cash loss of $4.5 million within other expense during the three months ended March 31, 2021 related to the remeasurement of our previously existing investment in Flo. The fair value allocated to assets acquired and liabilities assumed as of January 1, 2021 was $87.8 million, net of cash acquired of $9.7 million. Flo’s net sales and operating income for the three months ended March 31, 2021 were not material to the Company.

Larson Manufacturing

In December 2020, we acquired 100% of the outstanding equity of Larson, the North American market leading brand of storm, screen and security doors. Larson also sells related outdoor living products including retractable screens and porch windows. The Company completed the acquisition for a total purchase price, excluding expected tax benefits, of approximately $717.5 million, net of cash acquired and final working capital adjustments of $2.3 million paid during the three months ended March 31, 2021. We financed the transaction with borrowings under our existing credit facilities. The financial results of Larson were included in the Company’s consolidated balance sheet as of December 31, 2020. The results of operations are included in the Outdoors & Security segment. We incurred $4.5 million of Larson acquisition-related transaction costs in the year ended December 31, 2020. The goodwill expected to be deductible for income tax purposes is approximately $290 million, subject to the finalization of the purchase price allocation.

The following table summarizes the preliminary allocation of the purchase price to the fair value of assets acquired and liabilities assumed as of the date of the acquisition.

(In millions)
Accounts receivable	$	42.3
Inventories		51.8
Property, plant and equipment		66.1
Goodwill		304.1
Identifiable intangible assets		313.0
Operating lease assets		6.2
Other assets		4.5
Total assets		788.0
Accounts payable		6.5
Other current liabilities and accruals		31.1
Other non-current liabilities		32.9
Net assets acquired^(a)	$	717.5

^(a) Net assets exclude $0.4 million of cash transferred to the Company as the result of the Larson acquisition.

The preceding purchase price allocation has been determined provisionally and is subject to revision as additional information about the fair value of individual assets and liabilities becomes available. We apply significant judgement in determining the estimates and assumptions used to determine the fair value of the identifiable intangible assets, including forecasted revenue growth rates, EBITDA margins, percentage of revenue attributable to the tradename, contributory asset charges, customer attrition rate, market-participant discount rates and the assumed royalty rates. The Company is in the process of finalizing valuations of certain tangible and intangible assets, including property, plant and equipment and identifiable intangible assets. The provisional measurement of property, plant and

equipment, identifiable intangible assets, and goodwill is subject to change. Any change in the acquisition date fair value of the acquired assets and liabilities will change the amount of the purchase price allocable to goodwill.

Goodwill includes expected sales and cost synergies. The goodwill is included in our Outdoors & Security segment. Larson’s identifiable intangible assets consist of a finite-lived customer relationships asset of $168.0 million, an indefinite-lived tradename of $111.0 million and a finite-lived proprietary technology asset of $34.0 million. The useful life of the customer relationship intangible asset is estimated to be 13 years. The Larson tradename has been assigned an indefinite life as we currently anticipate that this tradename will contribute cash flows to the Company indefinitely. The useful life of the proprietary technology intangible asset is estimated to be 7 years. Customer and contractual relationships and proprietary technology are amortized on a straight-line basis over their useful lives.

Goodwill and Identifiable Intangible Assets

3 Months Ended

Mar. 31, 2021

Goodwill And Intangible Assets Disclosure [Abstract]

Goodwill and Identifiable Intangible Assets

5.	Goodwill and Identifiable Intangible Assets

We had goodwill of $2,466.2 million and $2,394.8 million as of March 31, 2021 and December 31, 2020, respectively. The change in the net carrying amount of goodwill by segment was as follows:

(In millions)	Plumbing		Outdoors & Security		Cabinets		Total Goodwill
Goodwill at December 31, 2020^(a)	$	750.1	$	718.6	$	926.1	$	2,394.8
Year-to-date translation adjustments		1.8		0.3		0.7		2.8
Acquisition-related adjustments		65.4		3.2		—		68.6
Goodwill at March 31, 2021^(a)	$	817.3	$	722.1	$	926.8	$	2,466.2

^(a)

Net of accumulated impairment losses of $399.5 million in the Outdoors & Security segment.

We also had net identifiable intangible assets of $1,434.3 million and $1,420.3 million as of March 31, 2021 and December 31, 2020, respectively. The $32.0 million increase in gross identifiable intangible assets was primarily due to the consolidation of Flo and foreign translation adjustments.

The gross carrying value and accumulated amortization by class of identifiable intangible assets as of March 31, 2021 and December 31, 2020 were as follows:

(In millions)	As of March 31, 2021							As of December 31, 2020
	Gross Carrying Amounts		Accumulated Amortization			Net Book Value		Gross Carrying Amounts		Accumulated Amortization			Net Book Value
Indefinite-lived tradenames	$	712.2	$	—		$	712.2	$	711.0	$	—		$	711.0
Amortizable intangible assets
Tradenames		37.3		(14.5	)		22.8		34.8		(14.0	)		20.8
Customer and contractual relationships		978.2		(350.1	)		628.1		973.2		(337.3	)		635.9
Patents/proprietary technology		132.9		(61.7	)		71.2		109.6		(57.0	)		52.6
Total		1,148.4		(426.3	)		722.1		1,117.6		(408.3	)		709.3
Total identifiable intangibles	$	1,860.6	$	(426.3	)	$	1,434.3	$	1,828.6	$	(408.3	)	$	1,420.3

Amortizable identifiable intangible assets, principally customer relationships, are subject to amortization over their estimated useful life, ranging from 2 to 30 years, based on the assessment of a number of factors that may impact useful life, which includes customer attrition rates and other relevant factors.

During the first quarter of 2021, no events or circumstances occurred that required us to perform interim impairment tests of goodwill or indefinite-lived tradenames.

During the second quarter of 2020, extended closures of luxury plumbing showrooms associated with the impact of the novel coronavirus (“COVID-19”) pandemic led to lower than expected sales related to an indefinite-lived tradename within the Plumbing segment, which combined with the updated financial outlook compared to previous forecasts and the continued uncertainty of the COVID-19 pandemic on the sales and profitability related to the tradename led us to conclude that it was more likely than not that the indefinite-lived tradename was impaired. Therefore, we performed an interim impairment test as of June 30, 2020, and as a result we recognized a pre-tax impairment charge of $13.0 million related to this tradename. We also performed an evaluation of the useful life of this tradename and determined it was no longer indefinite-lived due to changes in long-term management expectations and future operating plans. As a result, the remaining carrying value of this tradename is being amortized over its estimated useful life of 30 years.

In the first quarter of 2020, we recognized an impairment charge of $9.5 million related to an indefinite-lived tradename in our Cabinets segment. This charge was primarily the result of lower expected sales of custom cabinetry products related to the impact of COVID-19. As of March 31, 2021, the carrying value of this tradename was $29.1 million.

The fair values of these tradenames were measured using the relief-from-royalty approach, which estimates the present value of royalty income that could be hypothetically earned by licensing the tradename to a third party over its remaining useful life. Some of

5.	Goodwill and Identifiable Intangible Assets (Continued)

the more significant assumptions inherent in estimating the fair values include forecasted revenue growth rates for the tradename, assumed royalty rate, and a market-participant discount rate that reflects the level of risk associated with the tradenames’ future revenues and profitability. We selected the assumptions used in the financial forecasts using historical data, supplemented by current and anticipated market conditions, estimated growth rates, and management plans. These assumptions represent Level 3 inputs of the fair value hierarchy (refer to Note 8).

The significant assumptions used to estimate the fair values of the tradenames impaired during the year ended December 31, 2020 were as follows:

	2020
Unobservable Input	Minimum			Maximum			Weighted Average^(a)
Discount rate		14.8	%		15.8	%		15.1	%
Royalty rate^(b)		4.0	%		5.0	%		4.3	%
Long-term revenue growth rate^(c)		1.0	%		3.0	%		1.6	%

^(a)	^{Weighted by relative fair value of the impaired tradenames.}

^(b)	^{Represents estimated percentage of sales a market-participant would pay to license the impaired tradenames.}

^(c)	^{Selected long-term revenue growth rate within 10-year projection period of the impaired tradenames.}

As of December 31, 2020, the fair value of four Cabinets' tradenames exceeded their carrying values of $180.6 million by less than 30%. A reduction in the estimated fair value of the tradenames in our Cabinets segment could trigger additional impairment charges in future periods. Events or circumstances that could have a potential negative effect on the estimated fair value of our reporting units and indefinite-lived tradenames include: lower than forecasted revenues, more severe impacts of the COVID-19 pandemic than currently expected, actual new construction and repair and remodel growth rates that fall below our assumptions, actions of key customers, increases in discount rates, continued economic uncertainty, higher levels of unemployment, weak consumer confidence, lower levels of discretionary consumer spending, a decrease in royalty rates and a decline in the trading price of our common stock. We cannot predict the occurrence of certain events or changes in circumstances that might adversely affect the carrying value of goodwill and indefinite-lived assets.

External Debt and Financing Arrangements

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

External Debt and Financing Arrangements

6.	External Debt and Financing Arrangements

Unsecured Senior Notes

At March 31, 2021, the Company had aggregate outstanding notes in the amount of $1.8 billion, with varying maturities (the “Notes”). The Notes are unsecured senior obligations of the Company. The following table provides a summary of the Company’s outstanding Notes, including the net carrying value of the Notes, net of underwriting commissions, price discounts, and debt issuance costs as of March 31, 2021 and December 31, 2020:

					Net Carrying Value
(in millions)	Principal Amount		Issuance Date	Maturity Date	March 31, 2021		December 31, 2020
4.000% Senior Notes	$	500.0	June 2015	June 2025	$	496.8	$	496.6
4.000% Senior Notes (the "2018 Notes")		600.0	September 2018	September 2023		597.3		597.1
3.250% Senior Notes (the "2019 Notes")		700.0	September 2019	September 2029		693.7		693.5
Total Senior Notes	$	1,800.0			$	1,787.8	$	1,787.2

Credit Facilities

In April 2020, the Company entered into a 364-day supplemental, $400 million revolving credit facility (the “2020 Revolving Credit Agreement”). This supplemental facility was never utilized by the Company prior to its expiration in April 2021.

In September 2019, the Company entered into a second amended and restated $1.25 billion revolving credit facility (the “2019 Revolving Credit Agreement”), and borrowings thereunder will be used for general corporate purposes. The terms and conditions of the 2019 Revolving Credit Agreement, including the total commitment amount, essentially remained the same as under the previous

credit agreement, except that the maturity date was extended to September 2024. Interest rates under the 2019 Revolving Credit Agreement are variable based on LIBOR at the time of the borrowing and the Company’s long-term credit rating and can range from LIBOR + 0.91% to LIBOR + 1.4%. On March 31, 2021 and December 31, 2020, our outstanding borrowings under this facility were $895.0 million and $785.0 million, respectively. This facility is included in Long-term debt in the condensed consolidated balance sheets. As of March 31, 2021, we were in compliance with all covenants under this facility.

We currently have uncommitted bank lines of credit in China, which provide for unsecured borrowings for working capital of up to $17.5 million in aggregate, of which there were no outstanding balances as of March 31, 2021 and December 31, 2020.

Financial Instruments

3 Months Ended

Mar. 31, 2021

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Financial Instruments

7.	Financial Instruments

We do not enter into financial instruments for trading or speculative purposes. We principally use financial instruments to reduce the impact of changes in foreign currency exchange rates and commodities used as raw materials in our products. The principal derivative financial instruments we enter into on a routine basis are foreign exchange contracts. Derivative financial instruments are recorded at fair value. The counterparties to derivative contracts are major financial institutions. We are subject to credit risk on these contracts equal to the fair value of these instruments. Management currently believes that the risk of incurring material losses is unlikely and that the losses, if any, would be immaterial to the Company.

Raw materials used by the Company are subject to price volatility caused by weather, supply conditions, geopolitical and economic variables, and other unpredictable external factors. As a result, from time to time, we enter into commodity swaps to manage the price risk associated with forecasted purchases of materials used in our operations.

Our primary foreign currency hedge contracts pertain to the Canadian dollar, the British pound, the Mexican peso and the Chinese yuan. The gross U.S. dollar equivalent notional amount of all foreign currency derivative hedges outstanding at March 31, 2021 was $432.7 million. Based on foreign exchange rates as of March 31, 2021, we estimate that $0.7 million of net derivative gains included in accumulated other comprehensive income as of March 31, 2021 will be reclassified to earnings within the next twelve months.

The fair values of derivative instruments on the consolidated balance sheets as of March 31, 2021 and December 31, 2020 were as follows:

		Fair Value
(In millions)	Location	March 31, 2021		December 31, 2020
Assets:
Foreign exchange contracts	Other current assets	$	3.2	$	3.7
Commodity contracts	Other current assets		1.3		1.9
	Total assets	$	4.5	$	5.6
Liabilities:
Foreign exchange contracts	Other current liabilities	$	3.6	$	6.5
	Total liabilities	$	3.6	$	6.5

7.	Financial Instruments (Continued)

The effects of derivative financial instruments on the statements of comprehensive income for the three months ended March 31, 2021 and 2020 were as follows:

(In millions)	Classification and Amount of Gain (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships
	Three Months Ended March 31, 2021
	Cost of products sold			Interest expense		Other expense, net
Total amounts per Consolidated Statements of Comprehensive Income	$	1,126.9		$	21.4	$	3.3
The effects of fair value and cash flow hedging:
Gain (loss) on fair value hedging relationships
Foreign exchange contracts:
Hedged items		—			—		(0.8	)
Derivative designated as hedging instruments		—			—		—
Gain (loss) on cash flow hedging relationships
Foreign exchange contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income		(0.8	)		—		—
Commodity contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income		0.1			—		—
Interest rate contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income		—			0.2		—

(In millions)	Classification and Amount of Gain (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships
	Three Months Ended March 31, 2020
	Cost of products sold			Interest expense		Other income, net
Total amounts per Consolidated Statements of Comprehensive Income	$	909.5		$	22.1	$	6.1
The effects of fair value and cash flow hedging:
Gain (loss) on fair value hedging relationships
Foreign exchange contracts:
Hedged items		—			—		10.0
Derivative designated as hedging instruments		—			—		(10.5	)
Gain (loss) on cash flow hedging relationships
Foreign exchange contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income		0.6			—		—
Commodity contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income		(0.2	)		—		—
Interest rate contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income		—			0.2		—

The cash flow hedges recognized in other comprehensive income were a net loss of $2.0 million and a net loss of $6.5 million in the three months ended March 31, 2021 and 2020, respectively.

Fair Value Measurements

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

8.Fair Value Measurements

FASB Accounting Standards Codification (“ASC”) requirements for Fair Value Measurements and Disclosures establish a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three levels. Level 1 inputs, the highest priority, are quoted prices in active markets for identical assets or liabilities. Level 2 inputs reflect other than quoted prices included in Level 1 that are either observable directly or through corroboration with observable market data. Level 3 inputs are unobservable inputs, due to little or no market activity for the asset or liability, such as internally-developed valuation models. We do not have any assets or liabilities measured at fair value on a recurring basis that are Level 3.

The carrying value and fair value of debt as of March 31, 2021 and December 31, 2020 were as follows:

(In millions)	March 31, 2021				December 31, 2020
	Carrying Value		Fair Value		Carrying Value		Fair Value
Notes, net of underwriting commissions, price discounts and debt issuance costs	$	1,787.8	$	1,928.0	$	1,787.2	$	1,994.9
Revolving credit facility		895.0		895.0		785.0		785.0
Total debt	$	2,682.8	$	2,823.0	$	2,572.2	$	2,779.9

The estimated fair value of our Notes is determined by using quoted market prices of our debt securities, which are Level 1 inputs.

Assets and liabilities measured at fair value on a recurring basis as of March 31, 2021 and December 31, 2020 were as follows:

(In millions)	Fair Value
	March 31, 2021		December 31, 2020
Assets
Derivative financial instruments (Level 2)	$	4.5	$	5.6
Deferred compensation program assets (Level 2)		19.0		16.3
Total assets	$	23.5	$	21.9
Liabilities
Derivative financial instruments (Level 2)	$	3.6	$	6.5

Accumulated Other Comprehensive (Loss) Income

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Accumulated Other Comprehensive (Loss) Income

3 Months Ended

Mar. 31, 2021

Equity [Abstract]

9.	Accumulated Other Comprehensive (Loss) Income

Total accumulated other comprehensive (loss) income consists of net income and other changes in business equity from transactions and other events from sources other than shareholders. It includes currency translation gains and losses, unrealized gains and losses from derivative instruments designated as cash flow hedges, and defined benefit plan adjustments. The after-tax components of and changes in accumulated other comprehensive (loss) income for the three months ended March 31, 2021 and 2020 were as follows:

(In millions)	Foreign Currency Adjustments			Derivative Hedging Gain (Loss)			Defined Benefit Plan Adjustments			Accumulated Other Comprehensive Loss
Balance at December 31, 2019	$	(11.5	)	$	5.5		$	(66.6	)	$	(72.6	)
Amounts classified into accumulated other comprehensive (loss) income		(41.7	)		(7.7	)		(0.8	)		(50.2	)
Amounts reclassified from accumulated other comprehensive (loss) income		—			(0.4	)		—			(0.4	)
Net current-period other comprehensive (loss) income		(41.7	)		(8.1	)		(0.8	)		(50.6	)
Balance at March 31, 2020	$	(53.2	)	$	(2.6	)	$	(67.4	)	$	(123.2	)

Balance at December 31, 2020	$	7.2		$	4.2		$	(66.5	)	$	(55.1	)
Amounts classified into accumulated other comprehensive (loss) income		5.8			(1.8	)		(0.2	)		3.8
Amounts reclassified from accumulated other comprehensive (loss) income		—			0.3			—			0.3
Net current-period other comprehensive (loss) income		5.8			(1.5	)		(0.2	)		4.1
Balance at March 31, 2021	$	13.0		$	2.7		$	(66.7	)	$	(51.0	)

The reclassifications out of accumulated other comprehensive loss for the three months ended March 31, 2021 and 2020 were as follows:

(In millions)
Details about Accumulated Other Comprehensive Loss Components	Amount Reclassified from Accumulated Other Comprehensive Loss Three months ended March 31,						Affected Line Item in the Statement of Comprehensive Income
	2021			2020
Gains (losses) on cash flow hedges
Foreign exchange contracts	$	(0.8	)	$	0.6		Cost of products sold
Commodity contracts		0.1			(0.2	)	Cost of products sold
Interest rate contracts		0.2			0.2		Interest expense
		(0.5	)		0.6		Total before tax
		0.2			(0.2	)	Tax expense
Total reclassifications for the period	$	(0.3	)	$	0.4		Net of tax

Revenue

3 Months Ended

Mar. 31, 2021

Revenue From Contract With Customer [Abstract]

Revenue

10.

Revenue

The following table disaggregates our consolidated revenue by major sales distribution channels for the three months ended March 31, 2021 and 2020:

(In millions)	Three Months Ended March 31,
	2021		2020
Wholesalers^(a)	$	798.0	$	654.2
Home Center retailers^(b)		548.9		419.2
Other retailers^(c)		99.1		82.6
Builder direct		61.4		54.7
U.S. net sales		1,507.4		1,210.7
International^(d)		263.6		192.0
Net sales	$	1,771.0	$	1,402.7

(a)

Represents sales to customers whose business is oriented towards builders, professional trades and home remodelers, inclusive of sales through our customers’ respective internet website portals.

(b)

Represents sales to the three largest “Do-It-Yourself” retailers; The Home Depot, Inc., Lowes Companies, Inc. and Menards, Inc., inclusive of sales through their respective internet website portals.

(c)

Represents sales principally to our mass merchant and standalone independent e-commerce customers.

(d)

Represents sales in markets outside the United States, principally in Canada, China, Europe and Mexico.

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Compensation And Retirement Disclosure [Abstract]

Defined Benefit Plans

3 Months Ended

Mar. 31, 2021

Defined Benefit Plans

11.	Defined Benefit Plans

The components of net periodic benefit income for pension for the three months ended March 31, 2021 and 2020 were as follows:

(In millions)	Three Months Ended March 31,
	Pension Benefits
	2021			2020
Service cost	$	0.1		$	0.1
Interest cost		6.0			7.1
Expected return on plan assets		(8.7	)		(8.2	)
Net periodic benefit income	$	(2.6	)	$	(1.0	)

Service cost relates to benefit accruals in an hourly Union defined benefit plan in our Outdoors & Security segment. All other defined benefit pension plans were frozen as of December 31, 2016.

The entire disclosure for retirement benefits.

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Income Taxes

3 Months Ended

Mar. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

12.	Income Taxes

The effective income tax rates for the three months ended March 31, 2021 and 2020 were 20.5% and 21.5%, respectively.

The effective income tax rate in 2021 was favorably impacted by a benefit related to decreases in uncertain tax positions and a benefit related to share-based compensation.

Guarantees And Product Warranties [Abstract]

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Product Warranties

3 Months Ended

Mar. 31, 2021

Product Warranties

13.	Product Warranties

We generally record warranty expense related to contractual warranty terms at the time of sale. We may also provide customer concessions for claims made outside of the contractual warranty terms and those expenses are recorded in the period in which the concession is made. We offer our customers various warranty terms based on the type of product that is sold. Warranty expense is determined based on historic claim experience and the nature of the product category. The following table summarizes activity related to our product warranty liability for the three months ended March 31, 2021 and 2020, respectively.

(In millions)	Three Months Ended March 31,
	2021			2020
Reserve balance at January 1,	$	24.5		$	24.7
Provision for warranties issued		8.1			6.5
Settlements made (in cash or in kind)		(8.1	)		(7.0	)
Acquisition		0.6			—
Foreign translation adjustments		—			(0.1	)
Reserve balance at March 31,	$	25.1		$	24.1

Information on Business Segments

3 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

Information on Business Segments

14.	Information on Business Segments

Net sales and operating income for the three months ended March 31, 2021 and 2020 by segment were as follows:

	Three Months Ended March 31,
(In millions)	2021			2020			% Change vs. Prior Year
Net Sales
Plumbing	$	621.6		$	469.0			32.5		%
Outdoors & Security		461.5			313.7			47.1
Cabinets		687.9			620.0			11.0
Net sales	$	1,771.0		$	1,402.7			26.3		%
Operating Income (Loss)
Plumbing	$	147.9		$	104.5			41.5		%
Outdoors & Security		52.8			31.5			67.6
Cabinets		72.6			43.7			66.1
Less: Corporate expenses		(24.9	)		(24.7	)		(0.8	)
Operating income	$	248.4		$	155.0			60.3		%

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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Restructuring And Related Activities [Abstract]

Restructuring and Other Charges

3 Months Ended

Mar. 31, 2021

Restructuring and Other Charges

15.	Restructuring and Other Charges

Pre-tax restructuring and other charges for the three months ended March 31, 2021 and 2020 are shown below.

(In millions)	Three Months Ended March 31, 2021						Three Months Ended March 31, 2020
	Restructuring Charges		Other Charges ^(a)		Total Charges		Restructuring Charges		Other Charges ^(a)			Total Charges
Plumbing	$	—	$	1.5	$	1.5	$	0.3	$	(0.4	)	$	(0.1	)
Outdoors & Security		6.1		—		6.1		0.3		0.8			1.1
Cabinets		1.5		0.4		1.9		2.4		0.1			2.5
Corporate		—		—		—		1.5		0.3			1.8
Total	$	7.6	$	1.9	$	9.5	$	4.5	$	0.8		$	5.3

(a)

“Other Charges” represent charges directly related to restructuring initiatives that cannot be reported as restructuring under GAAP. Such costs may include losses on disposal of inventories, trade receivables allowances from exiting product lines, accelerated depreciation resulting from the closure of facilities and gains or losses on the sale of previously closed facilities.

Restructuring and other charges in the first quarter of 2021 largely related to severance costs associated with the relocation of manufacturing facilities within our Cabinets and Outdoors & Security segments. Restructuring and other charges in the first quarter of 2020 largely related to headcount actions associated with COVID-19 across all of our segments and costs associated with changes in our manufacturing processes within our Plumbing segment.

Reconciliation of Restructuring Liability

(In millions)	Balance at 12/31/20		2021 Provision		Cash Expenditures ^(a)			Non-Cash Write-offs		Balance at 3/31/21
Workforce reduction costs	$	6.9	$	6.5	$	(4.6	)	$	—	$	8.8
Other		0.7		1.1		(0.4	)		—		1.4
	$	7.6	$	7.6	$	(5.0	)	$	—	$	10.2

(a)

Cash expenditures primarily relate to severance charges.

(In millions)	Balance at 12/31/19		2020 Provision		Cash Expenditures ^(a)			Non-Cash Write-offs		Balance at 3/31/20
Workforce reduction costs	$	6.7	$	4.2	$	(3.0	)	$	—	$	7.9
Other		0.1		0.3		(0.2	)		0.4		0.6
	$	6.8	$	4.5	$	(3.2	)	$	0.4	$	8.5

(a)

Cash expenditures primarily relate to severance charges.

Earnings Per Share

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

Earnings Per Share

16.	Earnings Per Share

The computations of earnings per common share for the three months ended March 31, 2021 and 2020 were as follows:

(In millions, except per share data)	Three Months Ended March 31,
	2021		2020
Net income	$	177.8	$	108.8
Less: Noncontrolling interest		—		(0.3	)
Net income attributable to Fortune Brands		177.8		109.1

Basic earnings per common share	$	1.28	$	0.78
Diluted earnings per common share	$	1.26	$	0.77

Basic average shares outstanding		138.6		139.3
Stock-based awards		2.0		1.5
Diluted average shares outstanding		140.6		140.8
Antidilutive stock-based awards excluded from weighted- average number of shares outstanding for diluted earnings per share		0.2		0.9

Commitments and Contingencies

3 Months Ended

Mar. 31, 2021

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

17.Commitments and Contingencies

Litigation

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. Accordingly, the Company believes the likelihood of material loss is remote.

Environmental

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 31, 2021 and 2020. 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. 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.

Recently Issued Accounting Standards (Policies)

3 Months Ended

Mar. 31, 2021

Accounting Policies [Abstract]

Recently Issued Accounting Standards

Simplifying the Accounting for Income Taxes

Effects of Reference Rate Reform

Balance Sheet Information (Tables)

3 Months Ended

Mar. 31, 2021

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Supplemental Information on Balance Sheets

Supplemental information on our balance sheets is as follows:

(In millions)	March 31, 2021		December 31, 2020
Inventories:
Raw materials and supplies	$	354.2	$	346.6
Work in process		80.9		76.7
Finished products		523.3		443.9
Total inventories	$	958.4	$	867.2

Property, plant and equipment, gross	$	2,159.2	$	2,150.1
Less: accumulated depreciation		1,254.1		1,232.7
Property, plant and equipment, net	$	905.1	$	917.4

Acquisitions and Dispositions (Tables)

3 Months Ended

Mar. 31, 2021

Business Combinations [Abstract]

Summary of Preliminary Allocation of Purchase Price to Fair Value of Assets Acquired and Liabilities Assumed

The following table summarizes the preliminary allocation of the purchase price to the fair value of assets acquired and liabilities assumed as of the date of the acquisition.

(In millions)
Accounts receivable	$	42.3
Inventories		51.8
Property, plant and equipment		66.1
Goodwill		304.1
Identifiable intangible assets		313.0
Operating lease assets		6.2
Other assets		4.5
Total assets		788.0
Accounts payable		6.5
Other current liabilities and accruals		31.1
Other non-current liabilities		32.9
Net assets acquired^(a)	$	717.5

^(a) Net assets exclude $0.4 million of cash transferred to the Company as the result of the Larson acquisition.

Goodwill and Identifiable Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2021

Goodwill And Intangible Assets Disclosure [Abstract]

Change in Net Carrying Amount of Goodwill by Segment

The change in the net carrying amount of goodwill by segment was as follows:

(In millions)	Plumbing		Outdoors & Security		Cabinets		Total Goodwill
Goodwill at December 31, 2020^(a)	$	750.1	$	718.6	$	926.1	$	2,394.8
Year-to-date translation adjustments		1.8		0.3		0.7		2.8
Acquisition-related adjustments		65.4		3.2		—		68.6
Goodwill at March 31, 2021^(a)	$	817.3	$	722.1	$	926.8	$	2,466.2

^(a)

Net of accumulated impairment losses of $399.5 million in the Outdoors & Security segment.

Gross Carrying Value and Accumulated Amortization by Class of Identifiable Intangible Assets

The gross carrying value and accumulated amortization by class of identifiable intangible assets as of March 31, 2021 and December 31, 2020 were as follows:

(In millions)	As of March 31, 2021							As of December 31, 2020
	Gross Carrying Amounts		Accumulated Amortization			Net Book Value		Gross Carrying Amounts		Accumulated Amortization			Net Book Value
Indefinite-lived tradenames	$	712.2	$	—		$	712.2	$	711.0	$	—		$	711.0
Amortizable intangible assets
Tradenames		37.3		(14.5	)		22.8		34.8		(14.0	)		20.8
Customer and contractual relationships		978.2		(350.1	)		628.1		973.2		(337.3	)		635.9
Patents/proprietary technology		132.9		(61.7	)		71.2		109.6		(57.0	)		52.6
Total		1,148.4		(426.3	)		722.1		1,117.6		(408.3	)		709.3
Total identifiable intangibles	$	1,860.6	$	(426.3	)	$	1,434.3	$	1,828.6	$	(408.3	)	$	1,420.3

Significant Assumptions Used to Estimate the Fair Values of Tradenames Impaired

The significant assumptions used to estimate the fair values of the tradenames impaired during the year ended December 31, 2020 were as follows:

	2020
Unobservable Input	Minimum			Maximum			Weighted Average^(a)
Discount rate		14.8	%		15.8	%		15.1	%
Royalty rate^(b)		4.0	%		5.0	%		4.3	%
Long-term revenue growth rate^(c)		1.0	%		3.0	%		1.6	%

^(a)	^{Weighted by relative fair value of the impaired tradenames.}

^(b)	^{Represents estimated percentage of sales a market-participant would pay to license the impaired tradenames.}

^(c)	^{Selected long-term revenue growth rate within 10-year projection period of the impaired tradenames.}

External Debt and Financing Arrangements (Tables)

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Summary of Outstanding Notes

The following table provides a summary of the Company’s outstanding Notes, including the net carrying value of the Notes, net of underwriting commissions, price discounts, and debt issuance costs as of March 31, 2021 and December 31, 2020:

					Net Carrying Value
(in millions)	Principal Amount		Issuance Date	Maturity Date	March 31, 2021		December 31, 2020
4.000% Senior Notes	$	500.0	June 2015	June 2025	$	496.8	$	496.6
4.000% Senior Notes (the "2018 Notes")		600.0	September 2018	September 2023		597.3		597.1
3.250% Senior Notes (the "2019 Notes")		700.0	September 2019	September 2029		693.7		693.5
Total Senior Notes	$	1,800.0			$	1,787.8	$	1,787.2

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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Derivative Instruments And Hedging Activities Disclosure [Abstract]

Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2021

Fair Values of Derivative Instruments

The fair values of derivative instruments on the consolidated balance sheets as of March 31, 2021 and December 31, 2020 were as follows:

		Fair Value
(In millions)	Location	March 31, 2021		December 31, 2020
Assets:
Foreign exchange contracts	Other current assets	$	3.2	$	3.7
Commodity contracts	Other current assets		1.3		1.9
	Total assets	$	4.5	$	5.6
Liabilities:
Foreign exchange contracts	Other current liabilities	$	3.6	$	6.5
	Total liabilities	$	3.6	$	6.5

Effects of Derivative Financial Instruments on Consolidated Statements of Income

The effects of derivative financial instruments on the statements of comprehensive income for the three months ended March 31, 2021 and 2020 were as follows:

(In millions)	Classification and Amount of Gain (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships
	Three Months Ended March 31, 2021
	Cost of products sold			Interest expense		Other expense, net
Total amounts per Consolidated Statements of Comprehensive Income	$	1,126.9		$	21.4	$	3.3
The effects of fair value and cash flow hedging:
Gain (loss) on fair value hedging relationships
Foreign exchange contracts:
Hedged items		—			—		(0.8	)
Derivative designated as hedging instruments		—			—		—
Gain (loss) on cash flow hedging relationships
Foreign exchange contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income		(0.8	)		—		—
Commodity contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income		0.1			—		—
Interest rate contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income		—			0.2		—

(In millions)	Classification and Amount of Gain (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships
	Three Months Ended March 31, 2020
	Cost of products sold			Interest expense		Other income, net
Total amounts per Consolidated Statements of Comprehensive Income	$	909.5		$	22.1	$	6.1
The effects of fair value and cash flow hedging:
Gain (loss) on fair value hedging relationships
Foreign exchange contracts:
Hedged items		—			—		10.0
Derivative designated as hedging instruments		—			—		(10.5	)
Gain (loss) on cash flow hedging relationships
Foreign exchange contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income		0.6			—		—
Commodity contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income		(0.2	)		—		—
Interest rate contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income		—			0.2		—

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Carrying Value and Fair Value of Debt

The carrying value and fair value of debt as of March 31, 2021 and December 31, 2020 were as follows:

(In millions)	March 31, 2021				December 31, 2020
	Carrying Value		Fair Value		Carrying Value		Fair Value
Notes, net of underwriting commissions, price discounts and debt issuance costs	$	1,787.8	$	1,928.0	$	1,787.2	$	1,994.9
Revolving credit facility		895.0		895.0		785.0		785.0
Total debt	$	2,682.8	$	2,823.0	$	2,572.2	$	2,779.9

Assets and Liabilities Measured at Fair Value on Recurring Basis

Assets and liabilities measured at fair value on a recurring basis as of March 31, 2021 and December 31, 2020 were as follows:

(In millions)	Fair Value
	March 31, 2021		December 31, 2020
Assets
Derivative financial instruments (Level 2)	$	4.5	$	5.6
Deferred compensation program assets (Level 2)		19.0		16.3
Total assets	$	23.5	$	21.9
Liabilities
Derivative financial instruments (Level 2)	$	3.6	$	6.5

Accumulated Other Comprehensive (Loss) Income (Tables)

3 Months Ended

Mar. 31, 2021

Equity [Abstract]

After-Tax Components of and Changes in Accumulated Other Comprehensive (Loss) Income

The after-tax components of and changes in accumulated other comprehensive (loss) income for the three months ended March 31, 2021 and 2020 were as follows:

(In millions)	Foreign Currency Adjustments			Derivative Hedging Gain (Loss)			Defined Benefit Plan Adjustments			Accumulated Other Comprehensive Loss
Balance at December 31, 2019	$	(11.5	)	$	5.5		$	(66.6	)	$	(72.6	)
Amounts classified into accumulated other comprehensive (loss) income		(41.7	)		(7.7	)		(0.8	)		(50.2	)
Amounts reclassified from accumulated other comprehensive (loss) income		—			(0.4	)		—			(0.4	)
Net current-period other comprehensive (loss) income		(41.7	)		(8.1	)		(0.8	)		(50.6	)
Balance at March 31, 2020	$	(53.2	)	$	(2.6	)	$	(67.4	)	$	(123.2	)

Balance at December 31, 2020	$	7.2		$	4.2		$	(66.5	)	$	(55.1	)
Amounts classified into accumulated other comprehensive (loss) income		5.8			(1.8	)		(0.2	)		3.8
Amounts reclassified from accumulated other comprehensive (loss) income		—			0.3			—			0.3
Net current-period other comprehensive (loss) income		5.8			(1.5	)		(0.2	)		4.1
Balance at March 31, 2021	$	13.0		$	2.7		$	(66.7	)	$	(51.0	)

Reclassifications Out of Accumulated Other Comprehensive Loss

The reclassifications out of accumulated other comprehensive loss for the three months ended March 31, 2021 and 2020 were as follows:

(In millions)
Details about Accumulated Other Comprehensive Loss Components	Amount Reclassified from Accumulated Other Comprehensive Loss Three months ended March 31,						Affected Line Item in the Statement of Comprehensive Income
	2021			2020
Gains (losses) on cash flow hedges
Foreign exchange contracts	$	(0.8	)	$	0.6		Cost of products sold
Commodity contracts		0.1			(0.2	)	Cost of products sold
Interest rate contracts		0.2			0.2		Interest expense
		(0.5	)		0.6		Total before tax
		0.2			(0.2	)	Tax expense
Total reclassifications for the period	$	(0.3	)	$	0.4		Net of tax

Revenue (Tables)

3 Months Ended

Mar. 31, 2021

Revenue From Contract With Customer [Abstract]

Disaggregation of Revenue

The following table disaggregates our consolidated revenue by major sales distribution channels for the three months ended March 31, 2021 and 2020:

(In millions)	Three Months Ended March 31,
	2021		2020
Wholesalers^(a)	$	798.0	$	654.2
Home Center retailers^(b)		548.9		419.2
Other retailers^(c)		99.1		82.6
Builder direct		61.4		54.7
U.S. net sales		1,507.4		1,210.7
International^(d)		263.6		192.0
Net sales	$	1,771.0	$	1,402.7

(a)

Represents sales to customers whose business is oriented towards builders, professional trades and home remodelers, inclusive of sales through our customers’ respective internet website portals.

(b)

(c)

Represents sales principally to our mass merchant and standalone independent e-commerce customers.

(d)

Represents sales in markets outside the United States, principally in Canada, China, Europe and Mexico.

Defined Benefit Plans (Tables)

3 Months Ended

Mar. 31, 2021

Compensation And Retirement Disclosure [Abstract]

Components of Net Periodic Benefit Income for Pension

The components of net periodic benefit income for pension for the three months ended March 31, 2021 and 2020 were as follows:

(In millions)	Three Months Ended March 31,
	Pension Benefits
	2021			2020
Service cost	$	0.1		$	0.1
Interest cost		6.0			7.1
Expected return on plan assets		(8.7	)		(8.2	)
Net periodic benefit income	$	(2.6	)	$	(1.0	)

Product Warranties (Tables)

3 Months Ended

Mar. 31, 2021

Guarantees And Product Warranties [Abstract]

The following table summarizes activity related to our product warranty liability for the three months ended March 31, 2021 and 2020, respectively.

(In millions)	Three Months Ended March 31,
	2021			2020
Reserve balance at January 1,	$	24.5		$	24.7
Provision for warranties issued		8.1			6.5
Settlements made (in cash or in kind)		(8.1	)		(7.0	)
Acquisition		0.6			—
Foreign translation adjustments		—			(0.1	)
Reserve balance at March 31,	$	25.1		$	24.1

Information on Business Segments (Tables)

3 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

Net Sales and Operating Income by Segment

Net sales and operating income for the three months ended March 31, 2021 and 2020 by segment were as follows:

	Three Months Ended March 31,
(In millions)	2021			2020			% Change vs. Prior Year
Net Sales
Plumbing	$	621.6		$	469.0			32.5		%
Outdoors & Security		461.5			313.7			47.1
Cabinets		687.9			620.0			11.0
Net sales	$	1,771.0		$	1,402.7			26.3		%
Operating Income (Loss)
Plumbing	$	147.9		$	104.5			41.5		%
Outdoors & Security		52.8			31.5			67.6
Cabinets		72.6			43.7			66.1
Less: Corporate expenses		(24.9	)		(24.7	)		(0.8	)
Operating income	$	248.4		$	155.0			60.3		%

Restructuring and Other Charges (Tables)

3 Months Ended

Mar. 31, 2021

Restructuring And Related Activities [Abstract]

Pre-tax Restructuring and Other Charges

Pre-tax restructuring and other charges for the three months ended March 31, 2021 and 2020 are shown below.

(In millions)	Three Months Ended March 31, 2021						Three Months Ended March 31, 2020
	Restructuring Charges		Other Charges ^(a)		Total Charges		Restructuring Charges		Other Charges ^(a)			Total Charges
Plumbing	$	—	$	1.5	$	1.5	$	0.3	$	(0.4	)	$	(0.1	)
Outdoors & Security		6.1		—		6.1		0.3		0.8			1.1
Cabinets		1.5		0.4		1.9		2.4		0.1			2.5
Corporate		—		—		—		1.5		0.3			1.8
Total	$	7.6	$	1.9	$	9.5	$	4.5	$	0.8		$	5.3

(a)

Reconciliation of Restructuring Liability

(In millions)	Balance at 12/31/20		2021 Provision		Cash Expenditures ^(a)			Non-Cash Write-offs		Balance at 3/31/21
Workforce reduction costs	$	6.9	$	6.5	$	(4.6	)	$	—	$	8.8
Other		0.7		1.1		(0.4	)		—		1.4
	$	7.6	$	7.6	$	(5.0	)	$	—	$	10.2

(a)

Cash expenditures primarily relate to severance charges.

(In millions)	Balance at 12/31/19		2020 Provision		Cash Expenditures ^(a)			Non-Cash Write-offs		Balance at 3/31/20
Workforce reduction costs	$	6.7	$	4.2	$	(3.0	)	$	—	$	7.9
Other		0.1		0.3		(0.2	)		0.4		0.6
	$	6.8	$	4.5	$	(3.2	)	$	0.4	$	8.5

(a)

Cash expenditures primarily relate to severance charges.

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

Computations of Earnings (Loss) per Common Share

The computations of earnings per common share for the three months ended March 31, 2021 and 2020 were as follows:

(In millions, except per share data)	Three Months Ended March 31,
	2021		2020
Net income	$	177.8	$	108.8
Less: Noncontrolling interest		—		(0.3	)
Net income attributable to Fortune Brands		177.8		109.1

Basic earnings per common share	$	1.28	$	0.78
Diluted earnings per common share	$	1.26	$	0.77

Basic average shares outstanding		138.6		139.3
Stock-based awards		2.0		1.5
Diluted average shares outstanding		140.6		140.8
Antidilutive stock-based awards excluded from weighted- average number of shares outstanding for diluted earnings per share		0.2		0.9

Basis of Presentation and Principles of Consolidation - Additional Information (Detail) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Dec. 31, 2020	Mar. 31, 2021
Basis Of Presentation And Principles Of Consolidation [Line Items]
Business combination purchase price, excluding expected tax benefits, net of cash acquired		$ (5.2)
LARSON [Member]
Basis Of Presentation And Principles Of Consolidation [Line Items]
Business acquisition, percentage of outstanding equity interests acquired	100.00%
Business combination purchase price, excluding expected tax benefits, net of cash acquired	$ 717.5
Working capital adjustments		$ 2.3

Recently Issued Accounting Standards - Additional Information (Detail)	1 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2021
Accounting Standards Update 2019-12 [Member]
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
New Accounting Pronouncement or Change in Accounting Principle, Description		Simplifying the Accounting for Income Taxes In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12, which is intended to simplify accounting for income taxes and improve consistency in application. ASU 2019-12 amends certain elements of income tax accounting, including but not limited to intraperiod tax allocations, step-ups in tax basis of goodwill, and calculating taxes on year-to-date losses in interim periods. The guidance is effective for the Company’s fiscal year beginning January 1, 2021. The adoption of this guidance did not have a material effect on our financial statements.
Change in accounting principle, accounting standards update, adoption date			Jan. 01, 2021
Change in accounting principle, accounting standards update, immaterial effect			true
Change in accounting principle, accounting standards update, adopted			true
Accounting Standards Update 2020-04 [Member]
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
New Accounting Pronouncement or Change in Accounting Principle, Description	Effects of Reference Rate Reform In March 2020, the FASB issued ASU 2020-04, which provides relief from accounting analysis and impacts that may otherwise be required for modifications to agreements necessitated by reference rate reform. It also provides optional expedients to enable the continuance of hedge accounting where certain hedging relationships are impacted by reference rate reform. This optional guidance is effective immediately, and available to be used through December 31, 2022. We are assessing the impact that reference rate reform and the related adoption of this guidance may have on our financial statements.

Indicates (true false) whether accounting standards update was adopted.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 10
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Date accounting standards update was adopted, in CCYY-MM-DD format.

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Balance Sheet Information - Supplemental Information on Balance Sheets (Detail) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Inventories:
Raw materials and supplies	$ 354.2	$ 346.6
Work in process	80.9	76.7
Finished products	523.3	443.9
Total inventories	958.4	867.2
Property, plant and equipment, gross	2,159.2	2,150.1
Less: accumulated depreciation	1,254.1	1,232.7
Property, plant and equipment, net	$ 905.1	$ 917.4

Acquisitions and Dispositions - Additional Information (Detail) - USD ($)
$ in Millions

1 Months Ended

3 Months Ended

Dec. 31, 2020

Mar. 31, 2021

Mar. 31, 2020

Jan. 01, 2021

Business combination purchase price, excluding expected tax benefits, net of cash acquired

$ (5.2)

Flo Technologies, Inc. [Member]

Substantive participating rights expiration date

Jan. 01, 2021

Fair value allocated to assets acquired and liabilities assumed

$ 87.8

Business combination purchase price, excluding expected tax benefits, net of cash acquired

$ 9.7

Flo Technologies, Inc. [Member] | Other Income/Expenses [Member]

Non cash gain (loss) on remeasurement of existing investment

4.5

$ 6.6

LARSON [Member]

Fair value allocated to assets acquired and liabilities assumed

^[1]

$ 717.5

Business combination purchase price, excluding expected tax benefits, net of cash acquired

$ 717.5

Business acquisition, percentage of outstanding equity acquired

100.00%

Working capital adjustments

$ 2.3

Business acquisition, transaction costs

$ 4.5

Business acquisition, goodwill, expected tax deductible amount

290.0

Finite-lived intangible assets, amortization method

Customer and contractual relationships and proprietary technology are amortized on a straight-line basis over their useful lives.

LARSON [Member] | Tradename [Member]

Indefinite-lived intangible asset

111.0

LARSON [Member] | Customer Relationships [Member]

Finite-lived intangible assets

$ 168.0

Useful life of intangible asset

13 years

LARSON [Member] | Proprietary Technology [Member]

Finite-lived intangible assets

$ 34.0

Useful life of intangible asset

7 years

[1]	Net assets exclude $0.4 million of cash transferred to the Company as the result of the Larson acquisition.

Acquisitions and Dispositions - Summary of Preliminary Allocation of Purchase Price to Fair Value of Assets Acquired and Liabilities Assumed (Detail) - USD ($)
$ in Millions

Mar. 31, 2021

Dec. 31, 2020

^[1]

$ 2,466.2

$ 2,394.8

LARSON [Member]

Property, plant and equipment

Accounts receivable

42.3

Inventories

51.8

66.1

Identifiable intangible assets

304.1

313.0

Operating lease assets

6.2

Other assets

4.5

Total assets

788.0

Accounts payable

6.5

Other current liabilities and accruals

31.1

Other non-current liabilities

32.9

Net assets acquired

^[2]

$ 717.5

[1]	Net of accumulated impairment losses of $399.5 million in the Outdoors & Security segment.
[2]	Net assets exclude $0.4 million of cash transferred to the Company as the result of the Larson acquisition.

Acquisitions and Dispositions - Summary of Preliminary Allocation of Purchase Price to Fair Value of Assets Acquired and Liabilities Assumed (Parenthetical) (Detail) $ in Millions	1 Months Ended
	Dec. 31, 2020 USD ($)
LARSON [Member]
Business Acquisition [Line Items]
Cash transferred from acquisition	$ 0.4

Goodwill and Identifiable Intangible Assets - Additional Information (Detail) - USD ($)
$ in Millions

3 Months Ended

12 Months Ended

Mar. 31, 2021

Jun. 30, 2020

Mar. 31, 2020

Dec. 31, 2020

Goodwill and Identifiable Intangible Assets [Line Items]

Net identifiable intangible assets

^[1]

$ 2,466.2

$ 2,394.8

1,434.3

1,420.3

Increase in gross identifiable intangible assets

32.0

Gross Carrying Amounts, Indefinite-lived tradenames

712.2

711.0

Plumbing [Member]

Goodwill and Identifiable Intangible Assets [Line Items]

Plumbing [Member] | COVID-19 [Member]

^[1]

$ 817.3

750.1

Goodwill and Identifiable Intangible Assets [Line Items]

Amortizable identifiable intangible assets, estimated useful life

30 years

Impairment of intangible assets, trade names

$ 13.0

Cabinets [Member]

Goodwill and Identifiable Intangible Assets [Line Items]

Cabinets [Member] | Tradenames [Member]

^[1]

$ 926.8

926.1

Goodwill and Identifiable Intangible Assets [Line Items]

Gross Carrying Amounts, Indefinite-lived tradenames

$ 29.1

Cabinets [Member] | Four Tradenames [Member]

Goodwill and Identifiable Intangible Assets [Line Items]

Gross Carrying Amounts, Indefinite-lived tradenames

$ 180.6

Cabinets [Member] | COVID-19 [Member] | Tradenames [Member]

Goodwill and Identifiable Intangible Assets [Line Items]

Impairment of intangible assets, trade names

$ 9.5

Maximum [Member] | Cabinets [Member] | Four Tradenames [Member]

Goodwill and Identifiable Intangible Assets [Line Items]

Estimated fair value in excess of carrying amount

30.00%

Tradenames and Customer Relationship [Member] | Minimum [Member]

Goodwill and Identifiable Intangible Assets [Line Items]

Amortizable identifiable intangible assets, estimated useful life

2 years

Tradenames and Customer Relationship [Member] | Maximum [Member]

Goodwill and Identifiable Intangible Assets [Line Items]

Amortizable identifiable intangible assets, estimated useful life

30 years

[1]	Net of accumulated impairment losses of $399.5 million in the Outdoors & Security segment.

Goodwill and Identifiable Intangible Assets - Change in Net Carrying Amount of Goodwill by Segment (Detail)
$ in Millions

3 Months Ended

Mar. 31, 2021

USD ($)

$ 2,394.8

^[1]

Acquisition-related adjustments

2.8

68.6

2,466.2

^[1]

Plumbing [Member]

750.1

^[1]

Acquisition-related adjustments

1.8

65.4

Outdoors & Security [Member]

817.3

^[1]

718.6

^[1]

Acquisition-related adjustments

0.3

3.2

722.1

^[1]

Cabinets [Member]

926.1

^[1]

0.7

Long-term Revenue Growth Rate [Member]

$ 926.8

^[1]

[1]	Net of accumulated impairment losses of $399.5 million in the Outdoors & Security segment.

Goodwill and Identifiable Intangible Assets - Change in Net Carrying Amount of Goodwill by Segment (Parenthetical) (Detail) $ in Millions	Mar. 31, 2021 USD ($)
Doors & Security [Member]
Goodwill [Line Items]
Accumulated impairment losses	$ 399.5

Goodwill and Identifiable Intangible Assets - Gross Carrying Value and Accumulated Amortization by Class of Identifiable Intangible Assets (Detail) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Intangible Assets [Line Items]
Gross Carrying Amounts, Indefinite-lived tradenames	$ 712.2	$ 711.0
Net Book Value, Indefinite-lived tradenames	712.2	711.0
Gross Carrying Amounts, Finite Lived	1,148.4	1,117.6
Accumulated Amortization, Finite Lived	(426.3)	(408.3)
Net Book Value, Finite Lived	722.1	709.3
Gross Carrying Amounts, Total identifiable intangibles	1,860.6	1,828.6
Accumulated Amortization, Total identifiable intangibles	(426.3)	(408.3)
Net Book Value, Total identifiable intangibles	1,434.3	1,420.3
Tradenames [Member]
Intangible Assets [Line Items]
Gross Carrying Amounts, Finite Lived	37.3	34.8
Accumulated Amortization, Finite Lived	(14.5)	(14.0)
Net Book Value, Finite Lived	22.8	20.8
Customer and contractual relationships [Member]
Intangible Assets [Line Items]
Gross Carrying Amounts, Finite Lived	978.2	973.2
Accumulated Amortization, Finite Lived	(350.1)	(337.3)
Net Book Value, Finite Lived	628.1	635.9
Patents/proprietary technology [Member]
Intangible Assets [Line Items]
Gross Carrying Amounts, Finite Lived	132.9	109.6
Accumulated Amortization, Finite Lived	(61.7)	(57.0)
Net Book Value, Finite Lived	$ 71.2	$ 52.6

Goodwill and Identifiable Intangible Assets - Significant Assumptions Used to Estimate the Fair Values of Tradenames Impaired (Detail)

Dec. 31, 2020

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]

Minimum [Member] | Discount Rate [Member]

us-gaap:TradeNamesMember

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]

0.148

Minimum [Member] | Royalty Rate [Member]

us-gaap:TradeNamesMember

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]

0.040

^[1]

Minimum [Member] | Long-term Revenue Growth Rate [Member]

us-gaap:TradeNamesMember

^[1]

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]

0.010

^[2]

Maximum [Member] | Discount Rate [Member]

us-gaap:TradeNamesMember

^[2]

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]

0.158

Maximum [Member] | Royalty Rate [Member]

us-gaap:TradeNamesMember

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]

0.050

^[1]

Maximum [Member] | Long-term Revenue Growth Rate [Member]

us-gaap:TradeNamesMember

^[1]

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]

0.030

^[2]

Weighted Average [Member] | Discount Rate [Member]

us-gaap:TradeNamesMember

^[2]

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]

0.151

^[3]

Weighted Average [Member] | Royalty Rate [Member]

us-gaap:TradeNamesMember

^[3]

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]

0.043

^[1],[3]

Weighted Average [Member] | Long-term Revenue Growth Rate [Member]

us-gaap:TradeNamesMember

^[1],[3]

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]

0.016

^[2],[3]

us-gaap:TradeNamesMember

^[2],[3]

[1]	Represents estimated percentage of sales a market-participant would pay to license the impaired tradenames.
[2]	Selected long-term revenue growth rate within 10-year projection period of the impaired tradenames.
[3]	Weighted by relative fair value of the impaired tradenames.

Goodwill and Identifiable Intangible Assets - Significant Assumptions Used to Estimate the Fair Values of Tradenames Impaired (Parenthetical) (Detail) - Long-term Revenue Growth Rate [Member]	12 Months Ended
	Dec. 31, 2020
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Long-term revenue growth rate projection period	10 years
Alternative Investment, Type [Extensible List]	us-gaap:TradeNamesMember

External Debt and Financing Arrangements - Additional Information (Detail) - USD ($) $ in Millions	1 Months Ended
	Apr. 30, 2020	Sep. 30, 2019	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Aggregate outstanding notes			$ 1,800.0
Uncommitted bank lines of credit, which provide for unsecured borrowings for working capital			17.5	$ 17.5
Uncommitted bank lines of credit, which provide for unsecured borrowings for working capital amount outstanding			0.0	0.0
2020 Revolving Credit Agreement [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 400.0
Term loan maturity period	2021-04
2019 Revolving Credit Agreement [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity		$ 1,250.0
Term loan maturity period		2024-09
Debt Instrument, Description of Variable Rate Basis		Interest rates under the 2019 Revolving Credit Agreement are variable based on LIBOR at the time of the borrowing and the Company’s long-term credit rating and can range from LIBOR + 0.91% to LIBOR + 1.4%.
Term loan, outstanding borrowings			$ 895.0	$ 785.0
2019 Revolving Credit Agreement [Member] \| LIBOR [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Interest rate over LIBOR		0.91%
2019 Revolving Credit Agreement [Member] \| LIBOR [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Interest rate over LIBOR		1.40%

External Debt and Financing Arrangements - Summary of Outstanding Notes (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Senior Notes [Member]
Debt Instrument [Line Items]
Principal Amount	$ 1,800.0
Net Carrying Value	1,787.8	$ 1,787.2
4.000% Senior Notes [Member]
Debt Instrument [Line Items]
Principal Amount	$ 500.0
Issuance Date	2015-06
Maturity Date	2025-06
Net Carrying Value	$ 496.8	496.6
4.000% Senior Notes [Member] \| 2018 Senior Notes [Member]
Debt Instrument [Line Items]
Principal Amount	$ 600.0
Issuance Date	2018-09
Maturity Date	2023-09
Net Carrying Value	$ 597.3	597.1
3.250% Senior Notes [Member] \| 2019 Senior Notes [Member]
Debt Instrument [Line Items]
Principal Amount	$ 700.0
Issuance Date	2019-09
Maturity Date	2029-09
Net Carrying Value	$ 693.7	$ 693.5

Financial Instruments - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Foreign exchange contracts [Member]
Derivative [Line Items]
Notional amount of foreign currency derivative hedges	$ 432,700,000
Cash flow hedge [Member]
Derivative [Line Items]
Derivative instrument loss	2,000,000.0	$ 6,500,000
Cash flow hedge [Member] \| Foreign exchange contracts [Member]
Derivative [Line Items]
Estimated amount of net derivative gains in accumulated other comprehensive income reclassified to earnings within 12 months	$ 700,000

Financial Instruments - Fair Values of Derivative Instruments (Detail) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Derivatives, Fair Value [Line Items]
Derivative assets, fair value	$ 4.5	$ 5.6
Derivative liabilities, fair value	3.6	6.5
Foreign exchange contracts [Member] \| Other Current Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative assets, fair value	3.2	3.7
Foreign exchange contracts [Member] \| Other Current Liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities, fair value	3.6	6.5
Commodity Contracts [Member] \| Other Current Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative assets, fair value	$ 1.3	$ 1.9

Financial Instruments - Classification and Amount of Gain (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cost of products sold [Member]
Derivatives, Fair Value [Line Items]
Derivative, Gain (Loss) on Derivative, Net	$ 1,126.9	$ 909.5
Cost of products sold [Member] \| Foreign exchange contracts [Member]
Derivatives, Fair Value [Line Items]
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income	(0.8)	0.6
Cost of products sold [Member] \| Commodity Contracts [Member]
Derivatives, Fair Value [Line Items]
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income	0.1	(0.2)
Interest expense [Member]
Derivatives, Fair Value [Line Items]
Derivative, Gain (Loss) on Derivative, Net	21.4	22.1
Interest expense [Member] \| Interest rate contracts [Member]
Derivatives, Fair Value [Line Items]
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income	0.2	0.2
Other income/expense, net [Member]
Derivatives, Fair Value [Line Items]
Derivative, Gain (Loss) on Derivative, Net	3.3	6.1
Other income/expense, net [Member] \| Foreign exchange contracts [Member]
Derivatives, Fair Value [Line Items]
Derivative, Gain (Loss) on Derivative, Net	$ (0.8)	10.0
Other income/expense, net [Member] \| Foreign exchange contracts [Member] \| Designated as hedging instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative, Gain (Loss) on Derivative, Net		$ (10.5)

Fair Value Measurements - Additional Information (Detail)	Mar. 31, 2021 USD ($)
Fair Value Disclosures [Abstract]
Assets or liabilities measured at fair value on recurring basis	$ 0

Fair Value Measurements - Carrying Value and Fair Value of Debt (Detail) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Carrying Value [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Total Debt	$ 2,682.8	$ 2,572.2
Carrying Value [Member] \| Revolving Credit Facility [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Total Debt	895.0	785.0
Carrying Value [Member] \| Senior Notes [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Total Debt	1,787.8	1,787.2
Fair Value [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Total Debt	2,823.0	2,779.9
Fair Value [Member] \| Revolving Credit Facility [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Total Debt	895.0	785.0
Fair Value [Member] \| Senior Notes [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Total Debt	$ 1,928.0	$ 1,994.9

Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative financial instruments (Level 2)	$ 4.5	$ 5.6
Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	23.5	21.9
Fair Value, Measurements, Recurring [Member] \| Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative financial instruments (Level 2)	4.5	5.6
Deferred compensation program assets (Level 2)	19.0	16.3
Derivative financial instruments (Level 2)	$ 3.6	$ 6.5

Accumulated Other Comprehensive (Loss) Income - After-Tax Components of and Changes in Accumulated Other Comprehensive (Loss) Income (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	$ 2,775.5	$ 2,427.8
Amounts classified into accumulated other comprehensive (loss) income	3.8	(50.2)
Amounts reclassified from accumulated other comprehensive (loss) income	0.3	(0.4)
Other comprehensive (loss) income, net of tax	4.1	(50.6)
Ending Balance	2,924.4	2,357.9
Foreign Currency Adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	7.2	(11.5)
Amounts classified into accumulated other comprehensive (loss) income	5.8	(41.7)
Other comprehensive (loss) income, net of tax	5.8	(41.7)
Ending Balance	13.0	(53.2)
Derivative Hedging Gain (Loss) [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	4.2	5.5
Amounts classified into accumulated other comprehensive (loss) income	(1.8)	(7.7)
Amounts reclassified from accumulated other comprehensive (loss) income	0.3	(0.4)
Other comprehensive (loss) income, net of tax	(1.5)	(8.1)
Ending Balance	2.7	(2.6)
Defined Benefit Plan Adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(66.5)	(66.6)
Amounts classified into accumulated other comprehensive (loss) income	(0.2)	(0.8)
Other comprehensive (loss) income, net of tax	(0.2)	(0.8)
Ending Balance	(66.7)	(67.4)
Accumulated Other Comprehensive Loss [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(55.1)	(72.6)
Ending Balance	$ (51.0)	$ (123.2)

Accumulated Other Comprehensive (Loss) Income - Reclassifications Out of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Cost of products sold	$ 1,126.9	$ 909.5
Tax (expense) benefit	(45.9)	(29.9)
Income after tax	177.8	109.1
Reclassification out of Accumulated Other Comprehensive Income (Loss) [Member] \| Derivative Hedging Gain (Loss) [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	(0.5)	0.6
Tax (expense) benefit	0.2	(0.2)
Income after tax	(0.3)	0.4
Reclassification out of Accumulated Other Comprehensive Income (Loss) [Member] \| Derivative Hedging Gain (Loss) [Member] \| Foreign exchange contracts [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Cost of products sold	(0.8)	0.6
Reclassification out of Accumulated Other Comprehensive Income (Loss) [Member] \| Derivative Hedging Gain (Loss) [Member] \| Commodity Contracts [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Cost of products sold	0.1	(0.2)
Reclassification out of Accumulated Other Comprehensive Income (Loss) [Member] \| Derivative Hedging Gain (Loss) [Member] \| Interest rate contracts [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest expense	$ 0.2	$ 0.2

Revenue - Disaggregation of Revenue (Detail) - USD ($)
$ in Millions

3 Months Ended

Mar. 31, 2021

Mar. 31, 2020

$ 1,771.0

$ 1,402.7

Wholesalers [Member]

Home Center retailers [Member]

^[1]

798.0

654.2

^[2]

548.9

419.2

Other retailers [Member]

^[3]

99.1

82.6

Builder direct [Member]

61.4

54.7

United States [Member]

1,507.4

1,210.7

International [Member]

^[4]

$ 263.6

$ 192.0

[1]	Represents sales to customers whose business is oriented towards builders, professional trades and home remodelers, inclusive of sales through our customers’ respective internet website portals.
[2]	Represents sales to the three largest “Do-It-Yourself” retailers; The Home Depot, Inc., Lowes Companies, Inc. and Menards, Inc., inclusive of sales through their respective internet website portals.
[3]	Represents sales principally to our mass merchant and standalone independent e-commerce customers.
[4]	Represents sales in markets outside the United States, principally in Canada, China, Europe and Mexico.

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Defined Benefit Plans - Components of Net Periodic Benefit Income for Pension (Detail) - Net Periodic Benefit Income [Member] - Pension Benefits [Member] - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 0.1	$ 0.1
Interest cost	6.0	7.1
Expected return on plan assets	(8.7)	(8.2)
Net periodic benefit income	$ (2.6)	$ (1.0)

Income Taxes - Additional Information (Detail)	3 Months Ended
Income Taxes - Additional Information (Detail)	Mar. 31, 2021	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Effective income tax rate	20.50%	21.50%

Product Warranties - Activity Related to Product Warranty Liability (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Guarantees And Product Warranties [Abstract]
Reserve balance at the beginning of the year	$ 24.5	$ 24.7
Provision for warranties issued	8.1	6.5
Settlements made (in cash or in kind)	(8.1)	(7.0)
Acquisition	0.6
Foreign translation adjustments		(0.1)
Reserve balance at end of year	$ 25.1	$ 24.1

Information on Business Segments - Net Sales and Operating Income by Segment (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net sales	$ 1,771.0	$ 1,402.7
Operating income	$ 248.4	155.0
Net Sales, Percentage Change vs. Prior Year	26.30%
Operating Income, Percentage Change vs. Prior Year	60.30%
Corporate [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Operating income	$ (24.9)	(24.7)
Operating Income, Percentage Change vs. Prior Year	(0.80%)
Plumbing [Member] \| Operating Segments [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net sales	$ 621.6	469.0
Operating income	$ 147.9	104.5
Net Sales, Percentage Change vs. Prior Year	32.50%
Operating Income, Percentage Change vs. Prior Year	41.50%
Outdoors & Security [Member] \| Operating Segments [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net sales	$ 461.5	313.7
Operating income	$ 52.8	31.5
Net Sales, Percentage Change vs. Prior Year	47.10%
Operating Income, Percentage Change vs. Prior Year	67.60%
Cabinets [Member] \| Operating Segments [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net sales	$ 687.9	620.0
Operating income	$ 72.6	$ 43.7
Net Sales, Percentage Change vs. Prior Year	11.00%
Operating Income, Percentage Change vs. Prior Year	66.10%

Restructuring and Other Charges - Pre-tax Restructuring and Other Charges (Detail) - USD ($)
$ in Millions

3 Months Ended

Mar. 31, 2021

Mar. 31, 2020

$ 7.6

$ 4.5

^[1]

1.9

0.8

Operating Segments [Member] | Cabinets [Member]

9.5

5.3

1.5

2.4

^[1]

0.4

0.1

Operating Segments [Member] | Plumbing [Member]

1.9

2.5

0.3

^[1]

1.5

(0.4)

Operating Segments [Member] | Outdoors & Security [Member]

1.5

(0.1)

6.1

0.3

^[1]

0.8

$ 6.1

1.1

Corporate [Member]

1.5

^[1]

0.3

$ 1.8

[1]

Restructuring and Other Charges - Reconciliation of Restructuring Liability (Detail) - USD ($)
$ in Millions

3 Months Ended

Mar. 31, 2021

Mar. 31, 2020

$ 7.6

$ 6.8

Provision

7.6

4.5

Cash Expenditures

^[1]

(5.0)

(3.2)

Non-Cash Write-offs

0.4

Workforce Reduction Costs [Member]

10.2

8.5

6.9

6.7

Provision

6.5

4.2

Cash Expenditures

^[1]

(4.6)

(3.0)

8.8

7.9

Other [Member]

0.7

0.1

Provision

1.1

0.3

Cash Expenditures

^[1]

(0.4)

(0.2)

Non-Cash Write-offs

0.4