0000950170-23-015290 | 10-Q | XBRL Viewer | Fortune Brands Innovations INC

$ 1,640.7

^[1]

2.9

1,643.6

^[1]

Water [Member]

893.4

^[1]

2.8

896.2

^[1]

Outdoors [Member]

651.0

^[1]

0.0

651.0

^[1]

Security [Member]

96.3

^[1]

0.1

$ 96.4

^[1]

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

Carrying Value and Fair Value of Debt

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Apr. 01, 2023	Apr. 14, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Apr. 01, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Entity Registrant Name	Fortune Brands Innovations, Inc.
Entity Central Index Key	0001519751
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Trading Symbol	FBIN
Entity Common Stock, Shares Outstanding		126,709,841
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity File Number	1-35166
Entity Tax Identification Number	62-1411546
Entity Address, Address Line One	520 Lake Cook Road
Entity Address, City or Town	Deerfield
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60015-5611
City Area Code	847
Local Phone Number	484-4400
Title of 12(b) Security	Common Stock
Security Exchange Name	NYSE
Entity Incorporation, State or Country Code	DE
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes

Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - $ / shares	Apr. 01, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares issued	186,700,000	186,200,000

Accumulated Other Comprehensive Income (Loss) - After-Tax Components of and Changes in Accumulated Other Comprehensive (Loss) Income (Detail) - USD ($) $ in Millions	3 Months Ended
	Apr. 01, 2023	Mar. 31, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	$ 2,086.9	$ 3,064.8
Other	12.9
Ending Balance	2,082.5	2,914.8
Foreign Currency Adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(12.1)	3.3
Amounts classified into accumulated other comprehensive (loss) income	8.0	11.6
Amounts reclassified from accumulated other comprehensive (loss) income	0.0	0.0
Net current period other comprehensive (loss) income	8.0	11.6
Ending Balance	(4.1)	14.9
Derivative Hedging Gain (Loss) [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	93.5	2.9
Amounts classified into accumulated other comprehensive (loss) income	(5.8)	49.2
Amounts reclassified from accumulated other comprehensive (loss) income	(2.7)	(1.1)
Net current period other comprehensive (loss) income	(8.5)	48.1
Ending Balance	85.0	51.0
Defined Benefit Plan Adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(44.0)	(30.8)
Amounts classified into accumulated other comprehensive (loss) income	(0.2)	0.2
Other	6.2
Amounts reclassified from accumulated other comprehensive (loss) income	0.0	0.0
Net current period other comprehensive (loss) income	6.0	0.2
Ending Balance	(38.0)	(30.6)
Accumulated Other Comprehensive Loss [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	37.4	(24.6)
Amounts classified into accumulated other comprehensive (loss) income	2.0	61.0
Other	6.2
Amounts reclassified from accumulated other comprehensive (loss) income	(2.7)	(1.1)
Net current period other comprehensive (loss) income	5.5	59.9
Ending Balance	$ 42.9	$ 35.3

Fair Value Measurements (Tables)

3 Months Ended

Apr. 01, 2023

Fair Value Disclosures [Abstract]

The carrying value and fair value of debt as of April 1, 2023 and December 31, 2022 were as follows:


(In millions)	April 1, 2023				December 31, 2022
	Carrying Value		Fair Value		Carrying Value		Fair Value
Notes, net of underwriting commissions, price discounts and debt issuance costs	$	2,674.4	$	2,455.1	$	2,673.5	$	2,412.6

Assets and Liabilities Measured at Fair Value on Recurring Basis

Assets and liabilities measured at fair value on a recurring basis as of April 1, 2023 and December 31, 2022 were as follows:


(In millions)	Fair Value
	April 1, 2023		December 31, 2022
Assets
Derivative financial instruments (Level 2)	$	76.7	$	89.6
Deferred compensation program assets (Level 2)		15.5		14.9
Total assets	$	92.2	$	104.5
Liabilities
Derivative financial instruments (Level 2)	$	2.5	$	4.3

Fair Value Measurements - Carrying Value and Fair Value of Debt (Detail) - Senior Notes [Member] - USD ($) $ in Millions	Apr. 01, 2023	Dec. 31, 2022
Carrying Value [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Total Debt	$ 2,674.4	$ 2,673.5
Fair Value [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Total Debt	$ 2,455.1	$ 2,412.6

Balance Sheet Information - Supplemental Information on Balance Sheets (Detail) - USD ($) $ in Millions	Apr. 01, 2023	Dec. 31, 2022
Inventories:
Raw materials and supplies	$ 285.0	$ 309.4
Work in process	80.2	83.5
Finished products	565.9	628.4
Total inventories	931.1	1,021.3
Property, plant and equipment, gross	1,653.4	1,614.3
Less: accumulated depreciation	847.6	830.6
Property, plant and equipment, net	$ 805.8	$ 783.7

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

3 Months Ended

Apr. 01, 2023

Mar. 31, 2022

$ 29.7

$ 4.0

Provision

3.1

0.6

Cash Expenditures

(11.8)

^[1]

(3.3)

^[2]

Non-cash writeoffs

(12.9)

0.0

Workforce Reduction Costs [Member]

8.1

1.3

16.2

3.2

Provision

2.3

0.6

Cash Expenditures

(11.1)

^[1]

(3.3)

^[2]

Non-cash writeoffs

0.7

0.0

8.1

0.5

Other [Member]

13.5

0.8

Provision

0.8

0.0

Cash Expenditures

(0.7)

^[1]

0.0

^[2]

Non-cash writeoffs

(13.6)

0.0

$ 0.0

$ 0.8

[1]	(a) Cash expenditures primarily relate to severance charges.
[2]	(a) Cash expenditures primarily relate to severance charges.

Fair Value Measurements

3 Months Ended

Apr. 01, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

8. Fair Value Measurements

Financial Accounting Standards Board Accounting Standards Codification 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, except for pension assets discussed in Note 11.

The carrying value and fair value of debt as of April 1, 2023 and December 31, 2022 were as follows:


(In millions)	April 1, 2023				December 31, 2022
	Carrying Value		Fair Value		Carrying Value		Fair Value
Notes, net of underwriting commissions, price discounts and debt issuance costs	$	2,674.4	$	2,455.1	$	2,673.5	$	2,412.6

The estimated fair value of our Notes is determined by using quoted market prices of our debt securities, which are Level 1 inputs. The estimated fair value of our 2022 Revolving Credit Agreement, Commercial paper borrowings and 2021 Term Loan is determined primarily using broker quotes, which are Level 2 inputs.

Assets and liabilities measured at fair value on a recurring basis as of April 1, 2023 and December 31, 2022 were as follows:


(In millions)	Fair Value
	April 1, 2023		December 31, 2022
Assets
Derivative financial instruments (Level 2)	$	76.7	$	89.6
Deferred compensation program assets (Level 2)		15.5		14.9
Total assets	$	92.2	$	104.5
Liabilities
Derivative financial instruments (Level 2)	$	2.5	$	4.3

Commitments and Contingencies Disclosure [Abstract]

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

Income Taxes - Additional Information (Detail)	3 Months Ended
Income Taxes - Additional Information (Detail)	Apr. 01, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Effective income tax rate	23.10%	21.30%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%

Earnings Per Share - Computations of Earnings (Loss) per Common Share (Detail) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Apr. 01, 2023	Mar. 31, 2022
Earnings Per Share [Abstract]
Income from continuing operations, net of tax	$ 85.6	$ 126.2
(Loss) income from discontinued operations, net of tax	(1.0)	54.7
Net income	$ 84.6	$ 180.9
Continuing operations	$ 0.67	$ 0.95
Discontinued operations	(0.01)	0.41
Basic earnings per share	0.66	1.36
Continuing operations	0.67	0.94
Discontinued operations	(0.01)	0.40
Diluted earnings per share	$ 0.66	$ 1.34
Basic average shares outstanding	127,800,000	133,400,000
Stock-based awards	700,000	1,300,000
Diluted average shares outstanding	128,500,000	134,700,000
Antidilutive stock-based awards excluded from weighted- average number of shares outstanding for diluted earnings per share	1.0	0.4

Commitments and Contingencies

3 Months Ended

Apr. 01, 2023

Commitments and Contingencies

17. Commitments and Contingencies

Litigation

The Company is a defendant in lawsuits that are ordinary, routine litigation matters incidental to its businesses. 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

We are involved in remediation activities to clean up hazardous wastes as required by federal and state laws. Liabilities for remediation costs of each site are based on our best estimate of undiscounted future costs, excluding possible insurance recoveries or recoveries from other third parties. Uncertainties about the status of laws, regulations, technology and information related to individual sites make it difficult to develop estimates of environmental remediation exposures. Some of the potential liabilities relate to sites we own, and some relate to sites we no longer own or never owned. Several of our subsidiaries have been designated as potentially responsible parties (“PRP”) under Superfund or similar state laws. In most instances where our subsidiaries are named as a PRP, we enter into cost-sharing arrangements with other PRPs. We give notice to insurance carriers of potential PRP liability, but very rarely, if ever, receive reimbursement from insurance for PRP 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.

Earnings Per Share

3 Months Ended

Apr. 01, 2023

Earnings Per Share [Abstract]

Earnings Per Share

16. Earnings Per Share

The computations of earnings per common share for the thirteen weeks ended April 1, 2023 and three months ended March 31, 2022 were as follows:


(In millions, except per share data)	Thirteen Weeks Ended April 1, 2023			Three Months Ended March 31, 2022
Income from continuing operations, net of tax	$	85.6		$	126.2
Income from discontinued operations, net of tax		(1.0	)		54.7
Net income	$	84.6		$	180.9
Earnings per common share
Basic
Continuing operations	$	0.67		$	0.95
Discontinued operations		(0.01	)		0.41
Basic earnings per share	$	0.66		$	1.36
Diluted
Continuing operations	$	0.67		$	0.94
Discontinued operations		(0.01	)		0.40
Diluted earnings per share	$	0.66		$	1.34
Basic average shares outstanding		127.8			133.4
Stock-based awards		0.7			1.3
Diluted average shares outstanding		128.5			134.7
Antidilutive stock-based awards excluded from weighted- average number of shares outstanding for diluted earnings per share		1.0			0.4

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

3 Months Ended

Apr. 01, 2023

Dec. 31, 2022

Goodwill and Identifiable Intangible Assets [Line Items]

Goodwill

^[1]

$ 1,643.6

$ 1,640.7

Net identifiable intangible assets

990.7

$ 1,000.8

Increase in gross identifiable intangible assets

$ 2.9

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

Goodwill and Identifiable Intangible Assets [Line Items]

Amortizable identifiable intangible assets, estimated useful life

5 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 segment.

Revenue from Contract with Customer [Abstract]

+ References + Details

Accumulated Other Comprehensive Income (Loss) - Reclassifications Out of Accumulated Other Comprehensive (Loss) Income (Detail) - USD ($) $ in Millions	3 Months Ended
	Apr. 01, 2023	Mar. 31, 2022
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Cost of products sold	$ 631.7	$ 671.8
Interest expense	26.8	21.7
Income from continuing operations before income taxes	111.3	160.2
Tax (expense) benefit	(25.7)	(34.0)
Net income	84.6	180.9
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 from continuing operations before income taxes	3.3	0.7
Tax (expense) benefit	(0.6)	(0.1)
Net income	2.7	0.6
Reclassification out of Accumulated Other Comprehensive Income (Loss) [Member] \| Derivative Hedging Gain (Loss) [Member] \| Foreign Exchange Contract [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Cost of products sold	2.0	0.4
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	0.2	0.1
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	$ 1.1	$ 0.2

Revenue

3 Months Ended

Apr. 01, 2023

Revenue

10. Revenue

The following table disaggregates our consolidated revenue by major sales distribution channels for the thirteen weeks ended April 1, 2023 and three months ended March 31, 2022:


(In millions)	Thirteen Weeks Ended April 1, 2023		Three Months Ended March 31, 2022
Wholesalers(a)	$	460.5	$	487.9
Home Center retailers(b)		295.4		319.5
Other retailers(c)		95.5		93.2
Builder direct		0.5		—
U.S. net sales		851.9		900.6
International(d)		188.1		239.6
Net sales	$	1,040.0	$	1,140.2

(a)

Represents sales to customers whose business is oriented towards builders, professional tradepeople 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., Lowe's 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 China, Canada, 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.

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Accumulated Other Comprehensive Income (Loss)

Accumulated Other Comprehensive Income (Loss)

3 Months Ended

Apr. 01, 2023

Equity [Abstract]

9. Accumulated Other Comprehensive Income (Loss)

Total accumulated other comprehensive income (loss) consists of net income and other changes in business equity from transactions and other events from sources other than stockholders. 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 thirteen weeks ended April 1, 2023 and three months ended March 31, 2022 were as follows:


(In millions)	Foreign Currency Adjustments			Derivative Hedging Gain (Loss)			Defined Benefit Plan Adjustments			Accumulated Other Comprehensive Income (Loss)
Balance at December 31, 2021	$	3.3		$	2.9		$	(30.8	)	$	(24.6	)
Amounts classified into accumulated other comprehensive (loss) income		11.6			49.2			0.2			61.0
Amounts reclassified from accumulated other comprehensive (loss) income		—			(1.1	)		—			(1.1	)
Net current-period other comprehensive (loss) income		11.6			48.1			0.2			59.9
Balance at March 31, 2022	$	14.9		$	51.0		$	(30.6	)	$	35.3

Balance at December 31, 2022	$	(12.1	)	$	93.5		$	(44.0	)	$	37.4
Amounts classified into accumulated other comprehensive (loss) income		8.0			(5.8	)		(0.2	)		2.0
Other		—			—			6.2			6.2
Amounts reclassified from accumulated other comprehensive (loss) income		—			(2.7	)		—			(2.7	)
Net current-period other comprehensive (loss) income		8.0			(8.5	)		6.0			5.5
Balance at April 1, 2023	$	(4.1	)	$	85.0		$	(38.0	)	$	42.9

The reclassifications out of accumulated other comprehensive loss for the thirteen weeks ended April 1, 2023 and three months ended March 31, 2022 were as follows:


(In millions)
Details about Accumulated Other Comprehensive Loss Components	Amount Reclassified from Accumulated Other Comprehensive Loss						Affected Line Item in the Statement of Comprehensive Income
	Thirteen Weeks Ended April 1, 2023			Three Months Ended March 31, 2022
Gains (losses) on cash flow hedges
Foreign exchange contracts	$	2.0		$	0.4		Cost of products sold
Commodity contracts		0.2			0.1		Cost of products sold
Interest rate contracts		1.1			0.2		Interest expense
		3.3			0.7		Total before tax
		(0.6	)		(0.1	)	Tax expense
	$	2.7		$	0.6		Net of tax

The amounts in the table above reflect continuing operations, and exclude income amounts, net of tax, related to discontinued operations of $0.5 million in 2022.

Condensed Consolidated Statements of Equity (Unaudited) - USD ($) $ in Millions	Total	Common Stock	Paid-In Capital	Accumulated Other Comprehensive (Loss) Income	Retained Earnings	Treasury Stock
Beginning Balance at Dec. 31, 2021	$ 3,064.8	$ 1.9	$ 3,018.3	$ (24.6)	$ 2,807.9	$ (2,738.7)
Comprehensive income:
Net income	180.9				180.9
Other comprehensive income (loss)	59.9			59.9
Stock options exercised	0.2		0.2
Stock-based compensation	(12.0)		12.3			(24.3)
Treasury stock purchases	(379.6)					(379.6)
Dividends	0.6				0.6
Ending Balance at Mar. 31, 2022	2,914.8	1.9	3,030.8	35.3	2,989.4	(3,142.6)
Beginning Balance at Dec. 31, 2022	2,086.9	1.9	3,069.6	37.4	2,323.8	(3,345.8)
Comprehensive income:
Net income	84.6				84.6
Other comprehensive income (loss)	(0.7)			(0.7)
Other	12.9		12.7	6.2	(6.0)
Stock options exercised	2.3		2.3
Stock-based compensation	(2.7)		9.5			(12.2)
Treasury stock purchases	(100.8)					(100.8)
Ending Balance at Apr. 01, 2023	$ 2,082.5	$ 1.9	$ 3,094.1	$ 42.9	$ 2,402.4	$ (3,458.8)

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

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The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

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

Accumulated Other Comprehensive Income (Loss) (Tables)

3 Months Ended

Apr. 01, 2023

Equity [Abstract]

The after-tax components of and changes in accumulated other comprehensive (loss) income for the thirteen weeks ended April 1, 2023 and three months ended March 31, 2022 were as follows:


(In millions)	Foreign Currency Adjustments			Derivative Hedging Gain (Loss)			Defined Benefit Plan Adjustments			Accumulated Other Comprehensive Income (Loss)
Balance at December 31, 2021	$	3.3		$	2.9		$	(30.8	)	$	(24.6	)
Amounts classified into accumulated other comprehensive (loss) income		11.6			49.2			0.2			61.0
Amounts reclassified from accumulated other comprehensive (loss) income		—			(1.1	)		—			(1.1	)
Net current-period other comprehensive (loss) income		11.6			48.1			0.2			59.9
Balance at March 31, 2022	$	14.9		$	51.0		$	(30.6	)	$	35.3

Balance at December 31, 2022	$	(12.1	)	$	93.5		$	(44.0	)	$	37.4
Amounts classified into accumulated other comprehensive (loss) income		8.0			(5.8	)		(0.2	)		2.0
Other		—			—			6.2			6.2
Amounts reclassified from accumulated other comprehensive (loss) income		—			(2.7	)		—			(2.7	)
Net current-period other comprehensive (loss) income		8.0			(8.5	)		6.0			5.5
Balance at April 1, 2023	$	(4.1	)	$	85.0		$	(38.0	)	$	42.9

Reclassifications Out of Accumulated Other Comprehensive (Loss) Income

The reclassifications out of accumulated other comprehensive loss for the thirteen weeks ended April 1, 2023 and three months ended March 31, 2022 were as follows:


(In millions)
Details about Accumulated Other Comprehensive Loss Components	Amount Reclassified from Accumulated Other Comprehensive Loss						Affected Line Item in the Statement of Comprehensive Income
	Thirteen Weeks Ended April 1, 2023			Three Months Ended March 31, 2022
Gains (losses) on cash flow hedges
Foreign exchange contracts	$	2.0		$	0.4		Cost of products sold
Commodity contracts		0.2			0.1		Cost of products sold
Interest rate contracts		1.1			0.2		Interest expense
		3.3			0.7		Total before tax
		(0.6	)		(0.1	)	Tax expense
	$	2.7		$	0.6		Net of tax

Product Warranties - Activity Related to Product Warranty Liability (Detail) - USD ($) $ in Millions	3 Months Ended
	Apr. 01, 2023	Mar. 31, 2022
Guarantees and Product Warranties [Abstract]
Reserve balance at the beginning of the period	$ 20.1	$ 19.5
Provision for warranties issued	2.1	1.6
Settlements made (in cash or in kind)	(2.6)	(1.8)
Acquisitions	0.0	0.4
Reserve balance at end of period	$ 19.6	$ 19.7

Product Warranties (Tables)

3 Months Ended

Apr. 01, 2023

Guarantees and Product Warranties [Abstract]

The following table summarizes activity related to our product warranty liability for the thirteen weeks ended April 1, 2023 and three months ended March 31, 2022.


(In millions)	Thirteen Weeks Ended April 1, 2023			Three Months Ended March 31, 2022
Reserve balance at January 1,	$	20.1		$	19.5
Provision for warranties issued		2.1			1.6
Settlements made (in cash or in kind)		(2.6	)		(1.8	)
Acquisition		—			0.4
Reserve balance at end of period	$	19.6		$	19.7

Restructuring and Other Charges (Tables)

3 Months Ended

Apr. 01, 2023

Restructuring and Related Activities [Abstract]

Pre-tax Restructuring and Other Charges (gains)

Pre-tax restructuring and other charges (gains) for the thirteen weeks ended April 1, 2023 and three months ended March 31, 2022 are shown below.


(In millions)	Thirteen Weeks Ended April 1, 2023						Three Months Ended March 31, 2022
	Restructuring Charges		Other Charges (Gains) (a)		Total Charges		Restructuring Charges		Other Charges (Gains) (a)			Total Charges
Water	$	0.2	$	0.1	$	0.3	$	—	$	0.8		$	0.8
Outdoors		1.5		—		1.5		0.6		(6.2	)		(5.6	)
Security		0.7		—		0.7		—		—			—
Corporate		0.7		—		0.7		—		—			—
Total	$	3.1	$	0.1	$	3.2	$	0.6	$	(5.4	)	$	(4.8	)


(a)	“Other Charges (Gains)” 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.

Reconciliation of Restructuring Liability


(In millions)	Balance at 12/31/22		2023 Provision		Cash Expenditures (a)			Non-Cash Write-offs			Balance at 4/1/23
Workforce reduction costs	$	16.2	$	2.3	$	(11.1	)	$	0.7		$	8.1
Other		13.5		0.8		(0.7	)		(13.6	)		—
	$	29.7	$	3.1	$	(11.8	)	$	(12.9	)	$	8.1

(a) Cash expenditures primarily relate to severance charges.


(In millions)	Balance at 12/31/21		2022 Provision		Cash Expenditures (a)			Non-Cash Write-offs		Balance at 3/31/22
Workforce reduction costs	$	3.2	$	0.6	$	(3.3	)	$	—	$	0.5
Other		0.8		—		—			—		0.8
	$	4.0	$	0.6	$	(3.3	)	$	—	$	1.3

(a) Cash expenditures primarily relate to severance charges.

Balance Sheet Information

3 Months Ended

Apr. 01, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Balance Sheet Information

3. Balance Sheet Information

Supplemental information on our balance sheets is as follows:


(In millions)	April 1, 2023		December 31, 2022
Inventories:
Raw materials and supplies	$	285.0	$	309.4
Work in process		80.2		83.5
Finished products		565.9		628.4
Total inventories	$	931.1	$	1,021.3

Property, plant and equipment, gross	$	1,653.4	$	1,614.3
Less: accumulated depreciation		847.6		830.6
Property, plant and equipment, net	$	805.8	$	783.7

Financial Instruments - Effects of Derivative Financial Instruments on Consolidated Statements of Income (Detail) - USD ($) $ in Millions	3 Months Ended
	Apr. 01, 2023	Mar. 31, 2022
Foreign exchange contracts [Member]
Derivatives, Fair Value [Line Items]
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income	$ 2.0	$ 0.4
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration]	Cost of Goods and Services Sold	Cost of Goods and Services Sold
Commodity contracts [Member]
Derivatives, Fair Value [Line Items]
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income	$ 0.2	$ 0.1
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration]	Cost of Goods and Services Sold	Cost of Goods and Services Sold
Interest rate contracts [Member]
Derivatives, Fair Value [Line Items]
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income	$ 1.1	$ 0.2
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration]	Interest Expense	Interest Expense
Cost of products sold [Member]
Derivatives, Fair Value [Line Items]
Derivative, Gain (Loss) on Derivative, Net	$ 631.7	$ 671.8
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest
Interest expense [Member]
Derivatives, Fair Value [Line Items]
Derivative, Gain (Loss) on Derivative, Net	$ 26.8	$ 21.7
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest
Other income/expense, net [Member]
Derivatives, Fair Value [Line Items]
Derivative, Gain (Loss) on Derivative, Net	$ 6.3	$ 2.1
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest
Other income/expense, net [Member] \| Designated as hedging instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative, Gain (Loss) on Derivative, Net	$ (0.8)	$ 0.5
Other income/expense, net [Member] \| Foreign exchange contracts [Member]
Derivatives, Fair Value [Line Items]
Derivative, Gain (Loss) on Derivative, Net	$ 1.3	$ (2.0)

Accumulated Other Comprehensive Income (Loss) - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 01, 2023	Mar. 31, 2022
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
(Loss) income from discontinued operations, net of tax	$ (1.0)	$ 54.7
Reclassification out of Accumulated Other Comprehensive Income (Loss) [Member] \| Derivative Hedging Gain (Loss) [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
(Loss) income from discontinued operations, net of tax		$ 0.5

Amount after tax of income (loss) from a discontinued operation including the portion attributable to the noncontrolling interest. Includes, but is not limited to, the income (loss) from operations during the phase-out period, gain (loss) on disposal, gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and adjustments to a prior period gain (loss) on disposal.

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Amortization of intangibles

External Debt and Financing Arrangements - Summary of Outstanding Notes (Detail) - USD ($) $ in Millions	3 Months Ended
	Apr. 01, 2023	Dec. 31, 2022	Mar. 31, 2022
Debt Instrument [Line Items]
Principal Amount	$ 2,700.0
Net Carrying Value	2,674.4	$ 2,673.5
Senior Notes [Member]
Debt Instrument [Line Items]
Principal Amount			$ 900.0
4.000% Senior Notes [Member]
Debt Instrument [Line Items]
Principal Amount	$ 500.0
Issuance Date	2015-06
Maturity Date	2025-06
Net Carrying Value	$ 498.3	498.1
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	$ 599.5	599.2
4.000% Senior Notes [Member] \| 2022 Senior Notes [Member]
Debt Instrument [Line Items]
Principal Amount	$ 450.0
Issuance Date	2022-03
Maturity Date	2032-03
Net Carrying Value	$ 445.9	445.8
4.000% Senior Notes [Member] \| Senior Notes [Member]
Debt Instrument [Line Items]
Principal Amount			450.0
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	$ 695.2	695.0
4.500% Senior Notes [Member] \| 2022 Senior Notes [Member]
Debt Instrument [Line Items]
Principal Amount	$ 450.0
Issuance Date	2022-03
Maturity Date	2052-03
Net Carrying Value	$ 435.5	$ 435.4
4.500% Senior Notes [Member] \| Senior Notes [Member]
Debt Instrument [Line Items]
Principal Amount			$ 450.0

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

3 Months Ended

Apr. 01, 2023

Mar. 31, 2022

Operating activities

Net income

$ 84.6

$ 180.9

Non-cash adjustments:

Depreciation

19.3

30.9

12.6

16.0

Non-cash lease expense

8.1

10.9

Stock-based compensation

9.5

12.3

Deferred taxes

7.4

5.7

Amortization of deferred financing fees

1.0

0.8

Gain on sales of property, plant and equipment

0.0

(6.1)

Changes in assets and liabilities:

Increase in accounts receivable

(35.7)

(118.1)

Decrease (increase) in inventories

91.6

(128.2)

Increase (decrease) in accounts payable

2.7

(37.2)

Decrease (increase) in other assets

7.7

(27.1)

Decrease in accrued expenses and other liabilities

(116.9)

(151.8)

(Decrease) increase in accrued taxes

(15.8)

27.9

Net cash provided by (used in) operating activities

76.1

(183.1)

Investing activities

Capital expenditures

^[1]

(42.6)

(60.8)

Proceeds from the disposition of assets

0.0

8.0

Cost of acquisitions, net of cash acquired

0.0

(61.6)

Net cash used in investing activities

(42.6)

(114.4)

Financing activities

Issuance of short-term debt

0.0

700.0

Repayment of short-term debt

0.0

(1,100.0)

Issuance of long-term debt

0.0

2,874.5

Repayment of long-term debt

0.0

(1,814.0)

Proceeds from the exercise of stock options

2.3

0.2

Treasury stock purchases

^[2]

(100.0)

(377.1)

Employee withholding taxes related to stock-based compensation

(12.1)

(24.3)

Dividends to stockholders

(29.5)

(37.2)

Other financing, net

0.0

(18.9)

Net cash (used in) provided by financing activities

(139.3)

203.2

Effect of foreign exchange rate changes on cash

2.2

0.7

Net decrease in cash and cash equivalents

(103.6)

(93.6)

Cash, cash equivalents and restricted cash at beginning of period

^[3]

648.3

476.1

Cash, cash equivalents and restricted cash at end of period

^[3]

$ 544.7

$ 382.5

[1]

Capital expenditures of $11.1 million and $11.9 million that had not been paid as of April 1, 2023 and March 31, 2022, respectively, were excluded from the Statement of Cash Flows.

[2]

Treasury stock purchased for the three months ended March 31, 2022 excludes $2.5 million related to purchases that were not settled until after March 31, 2022.

[3]

Restricted cash of $2.7 million and $2.9 million is included in Other current assets and Other assets, respectively, as of April 1, 2023 and restricted cash of $1.3 million and $3.0 million is included in Other current assets and Other assets, respectively, as of March 31, 2022. Restricted cash of $2.1 million and $3.7 million is included in Other current assets and Other assets, respectively, as of December 31, 2022.

The Condensed Consolidated Statements of Cash Flows presented above include cash flows from continuing and discontinued operations. Refer to Note 4, Acquisitions and Dispositions, for additional details.

Information on Business Segments

3 Months Ended

Apr. 01, 2023

Segment Reporting [Abstract]

Information on Business Segments

14. Information on Business Segments

Net sales and operating income for the thirteen weeks ended April 1, 2023 and three months ended March 31, 2022 by segment were as follows:


(In millions)	Thirteen Weeks Ended April 1, 2023			Three Months Ended March 31, 2022			% Change vs. Prior Year
Net Sales
Water	$	594.2		$	643.6			(7.7	)	%
Outdoors		289.9			343.6			(15.6	)
Security		155.9			153.0			1.9
Net sales	$	1,040.0		$	1,140.2			(8.8	)	%
Operating Income
Water	$	128.4		$	149.3			(14.0	)	%
Outdoors		13.0			39.8			(67.3	)
Security		21.1			20.4			3.4
Less: Corporate expenses		(30.7	)		(29.7	)		(3.4	)
Operating income	$	131.8		$	179.8			(26.7	)	%

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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External Debt and Financing Arrangements

External Debt and Financing Arrangements

3 Months Ended

Apr. 01, 2023

Debt Disclosure [Abstract]

6. External Debt and Financing Arrangements

Senior Notes

In March 2022, the Company issued $900 million in aggregate principal amount of senior unsecured notes in a registered public offering consisting of $450 million of 4.00% senior unsecured notes maturing in 2032 and $450 million of 4.50% senior unsecured notes maturing in 2052 (together, the “2022 Notes”). The Company used the net proceeds from the 2022 Notes offering to pay down a portion of the outstanding balance on the 2021 Term Loan, as described below.

At April 1, 2023, the Company had aggregate outstanding senior notes in the amount of $2.7 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 April 1, 2023 and December 31, 2022:


					Net Carrying Value
(in millions)	Principal Amount		Issuance Date	Maturity Date	April 1, 2023		December 31, 2022
4.000% Senior Notes	$	500.0	June 2015	June 2025	$	498.3	$	498.1
4.000% Senior Notes		600.0	September 2018	September 2023		599.5		599.2
3.250% Senior Notes		700.0	September 2019	September 2029		695.2		695.0
4.000% Senior Notes		450.0	March 2022	March 2032		445.9		445.8
4.500% Senior Notes		450.0	March 2022	March 2052		435.5		435.4
Total Senior Notes	$	2,700.0			$	2,674.4	$	2,673.5

Credit Facilities

In August 2022, the Company entered into a third amended and restated $1.25 billion revolving credit facility (the “2022 Revolving Credit Agreement”), and borrowings thereunder will be used for general corporate purposes. The maturity date of the facility is August 2027. Interest rates under the 2022 Revolving Credit Agreement are variable based on the Secured Overnight Financing Rate (“SOFR”) at the time of the borrowing and the Company’s long-term credit rating and can range from SOFR + 1.02% to SOFR + 1.525%. Under the 2022 Revolving Credit Agreement, the Company is required to maintain a minimum ratio of consolidated EBITDA to consolidated interest expense of 3.0 to 1.0. Consolidated EBITDA is defined as consolidated net income before interest expense, income taxes, depreciation, amortization of intangible assets, losses from asset impairments, and certain other one-time adjustments. In addition, the Company's ratio of consolidated debt minus certain cash and cash equivalents to consolidated EBITDA generally may not exceed 3.5 to 1.0. There were no outstanding borrowings under this facility as of April 1, 2023, and December 31, 2022. As of April 1, 2023, we were in compliance with all covenants under this facility.

In November 2021, the Company entered into a 364-day, $400 million term loan credit agreement (the “2021 Term Loan”), for general corporate purposes, to mature in November 2022. On March 1, 2022, the Company entered into a First Amendment and Incremental Agreement to the 2021 Term Loan (the “First Amendment”). The First Amendment provided for an increase in the principal amount from $400 million to $600 million as well as the transition from LIBOR to SOFR interest rates. As a result, interest rates under the 2021 Term Loan were variable based on SOFR at the time of the borrowing and the Company’s long-term credit rating and could range from SOFR + 0.725% to SOFR + 1.350%. On March 18, 2022, the Company entered into a Second Amendment and Incremental Agreement to the 2021 Term Loan (the “Second Amendment”), increasing the principal amount from $600 million to $1.1 billion. All other terms and conditions remained the same under the First Amendment and Second Amendment. Proceeds from the increased 2021 Term Loan were used to repay outstanding balances under our previous revolving credit facility. The outstanding $1.1 billion under the 2021 Term Loan was repaid on March 25, 2022 with proceeds from the senior notes offering in March 2022 (as described above) and other existing sources of liquidity.

We currently have uncommitted bank lines of credit in China, which provide for unsecured borrowings for working capital of up to $20.5 million in aggregate as of April 1, 2023 and December 31, 2022. There were no outstanding balances as of April 1, 2023 and December 31, 2022.

Commercial Paper

The Company operates a commercial paper program (the “Commercial Paper Program”) pursuant to which the Company may issue unsecured commercial paper notes. The Company’s 2022 Revolving Credit Agreement is the liquidity backstop for the repayment of any notes issued under the Commercial Paper Program, and as such, borrowings under the Commercial Paper Program are included in Long-term debt in the condensed consolidated balance sheets. Amounts available under the Commercial Paper Program may be borrowed, repaid and re-borrowed, with the aggregate principal amount outstanding at any time, including borrowings under the 2022 Revolving Credit Agreement, not to exceed $1.25 billion. The Company will use any issuances under the Commercial Paper Program for general corporate purposes. There were no outstanding borrowings under the Commercial Paper Program as of April 1, 2023 and December 31, 2022.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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Organization, Consolidation and Presentation of Financial Statements [Abstract]

Balance Sheet Information (Tables)

3 Months Ended

Apr. 01, 2023

Supplemental Information on Balance Sheets

Supplemental information on our balance sheets is as follows:


(In millions)	April 1, 2023		December 31, 2022
Inventories:
Raw materials and supplies	$	285.0	$	309.4
Work in process		80.2		83.5
Finished products		565.9		628.4
Total inventories	$	931.1	$	1,021.3

Property, plant and equipment, gross	$	1,653.4	$	1,614.3
Less: accumulated depreciation		847.6		830.6
Property, plant and equipment, net	$	805.8	$	783.7

Financial Instruments - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Apr. 01, 2023	Mar. 31, 2022
Derivative [Line Items]
Notional amount of foreign currency derivative hedges	$ 600.0
Value of terminated interest rate hedges	600.0
Foreign exchange contracts [Member]
Derivative [Line Items]
Notional amount of foreign currency derivative hedges	293.6
Cash flow hedge [Member]
Derivative [Line Items]
Derivative instrument gain (loss)	(7.8)	$ (2.9)
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	3.8
Total realized pre-tax gains	$ 39.0

Condensed Consolidated Statements of Cash Flows (Parenthetical) (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Apr. 01, 2023	Mar. 31, 2022	Dec. 31, 2022
Capital expenditures incurred but not yet paid	$ 11.1	$ 11.9
Treasury repurchased but not yet paid		2.5
Other Current Assets [Member]
Restricted Cash	2.7	1.3	$ 2.1
Other Non-current Assets [Member]
Restricted Cash	$ 2.9	$ 3.0	$ 3.7

Financial Instruments - Fair Values of Derivative Instruments (Detail) - USD ($) $ in Millions	Apr. 01, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Derivative assets, fair value	$ 76.7	$ 89.6
Derivative liabilities, fair value	2.5	4.3
Foreign exchange contracts [Member] \| Other Current Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative assets, fair value	3.7	5.0
Foreign exchange contracts [Member] \| Other Current Liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities, fair value	1.3	0.7
Interest Rate Hedges [Member] \| Other Current Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative assets, fair value	73.0	84.6
Commodity contracts [Member] \| Other Current Liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities, fair value	$ 1.2	$ 3.6

Basis of Presentation and Principles of Consolidation

3 Months Ended

Apr. 01, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation and Principles of Consolidation

1. Basis of Presentation and Principles of Consolidation

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

On December 14, 2022, the Company completed the separation of its Cabinets business, MasterBrand, Inc. (“MasterBrand”), via a tax-free spin-off transaction (the “Separation”) to create an independent, publicly-traded company. Immediately following completion of the Separation, the Company changed its name from “Fortune Brands Home & Security, Inc.” to “Fortune Brands Innovations, Inc.” and its stock ticker changed from “FBHS” to “FBIN” to better reflect its focus on activities related to core brands and innovation. As a result of the Separation, our former Cabinets segment was disposed of and the operating results of the Cabinets business are reported as discontinued operations for all periods presented within this Quarterly Report on Form 10-Q. All amounts, percentages and disclosures for all periods presented reflect only the continuing operations of the Company unless otherwise noted. See Note 4, Acquisitions and Dispositions, in the condensed consolidated financial statements, and Note 5, Discontinued Operations, in the consolidated financial statements in Item 8 of our 2022 Annual Report on Form 10-K for additional information.

The condensed consolidated financial statements and notes are presented pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and do not contain certain information included in our annual audited consolidated financial statements and notes. The December 31, 2022 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, 2022.

On January 19, 2023, the Board of Directors of the Company approved a change to the Company’s fiscal year end from December 31 to a 52- or 53-week fiscal year ending on the Saturday closest but not subsequent to December 31, effective as of the commencement of the Company’s fiscal year on January 1, 2023. This change was made in order to align the Company’s fiscal year with that of its operating businesses and to align the Company’s reporting calendar with how the Company evaluates its businesses. As a result, the Company’s fiscal quarters for the 2023 fiscal year end on April 1, 2023, July 1, 2023, September 30, 2023, and December 30, 2023,

The condensed consolidated balance sheets as of April 1, 2023, the related condensed consolidated statements of comprehensive income, equity and cash flows for the thirteen weeks ended April 1, 2023 and the condensed consolidated statements of comprehensive income, equity and cash flows for the three months ended March 31, 2022 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.

Effective in the first quarter of 2023, the Company revised its segment reporting from two reportable segments, Water Innovations and Outdoors & Security, to three reportable segments, Water Innovations (which we refer to as “Water”), Outdoors and Security. The change in segment reporting was made to align with changes made in the manner our chief operating decision maker reviews the Company’s operating results in assessing performance and allocating resources. Comparative prior periods amounts have been recast to conform to the new segment presentation.

On July 29, 2022, we acquired 100% of the outstanding equity of Aqualisa Holdings (International) Ltd. (“Aqualisa” ), a leading U.K. manufacturer of shower products known for premium, innovative and smart digital shower systems, for a purchase price of $156.0 million, net of cash acquired of $4.8 million. We financed the transaction with borrowings under our existing credit facility. The results of Aqualisa are reported as part of the Water segment. We have not included pro forma financial information as it is immaterial to our condensed consolidated statements of comprehensive income. The fair value allocated to assets acquired and liabilities assumed as of July 29, 2022 was $156.0 million.

In January 2022, we acquired 100% of the outstanding equity of Solar Innovations LLC and an affiliated entity (together, “Solar”), a leading producer of wide-opening exterior door systems and outdoor enclosures, for a purchase price of $61.6 million, net of cash acquired of $4.8 million. We financed the transaction using cash on hand and borrowings under our revolving credit facility. The results of Solar are reported as part of the Outdoors segment.

Financial Instruments

3 Months Ended

Apr. 01, 2023

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.

We may be exposed to interest rate risk on existing debt or forecasted debt issuance. To mitigate this risk, we may enter into interest rate hedge contracts. As of April 1, 2023, we had outstanding interest rate hedges with a notional value of $600 million which have been accounted for as cash flow hedges.

We terminated $600 million of interest rate hedges during the first quarter of 2022, concurrent with the issuance of new long-term debt. Total realized pre-tax gains of $39.0 million related to these interest rate hedges have been recorded in accumulated other comprehensive income and will be reclassified to earnings over the related maturity of the related interest rate hedging instrument.

Our primary foreign currency hedge contracts pertain to the British pound, the Canadian dollar, the Mexican peso and the Chinese yuan. The gross U.S. dollar equivalent notional amount of all foreign currency derivative hedges outstanding at April 1, 2023 was $293.6 million. Based on foreign exchange rates as of April 1, 2023, we estimate that $3.8 million of net derivative gains included in accumulated other comprehensive income as of April 1, 2023 will be reclassified to earnings within the next twelve months.

The fair values of derivative instruments on the consolidated balance sheets as of April 1, 2023 and December 31, 2022 were as follows:


		Fair Value
(In millions)	Location	April 1, 2023		December 31, 2022
Assets:
Foreign exchange contracts	Other current assets	$	3.7	$	5.0
Interest rate hedges	Other current assets		73.0		84.6
	Total assets	$	76.7	$	89.6
Liabilities:
Foreign exchange contracts	Other current liabilities	$	1.3	$	0.7
Commodity contracts	Other current liabilities		1.2		3.6
	Total liabilities	$	2.5	$	4.3

The effects of derivative financial instruments on the statements of comprehensive income for the thirteen weeks ended April 1, 2023 and the three months ended March 31, 2022 were as follows:


(In millions)	Classification and Amount of Gain (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships
	Thirteen Weeks Ended April 1, 2023
	Cost of products sold		Interest expense		Other income, net
Total amounts per Consolidated Statements of Comprehensive Income	$	631.7	$	26.8	$	6.3
The effects of fair value and cash flow hedging:
Gain (loss) on fair value hedging relationships
Foreign exchange contracts:
Hedged items		—		—		1.3
Derivative designated as hedging instruments		—		—		(0.8	)
Gain (loss) on cash flow hedging relationships
Foreign exchange contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income		2.0		—		—
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		—		1.1		—

(In millions)	Classification and Amount of Gain (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships
	Three Months Ended March 31, 2022
	Cost of products sold		Interest expense		Other income, net
Total amounts per Consolidated Statements of Comprehensive Income	$	671.8	$	21.7	$	2.1
The effects of fair value and cash flow hedging:
Gain (loss) on fair value hedging relationships
Foreign exchange contracts:
Hedged items		—		—		(2.0	)
Derivative designated as hedging instruments		—		—		0.5
Gain (loss) on cash flow hedging relationships
Foreign exchange contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income		0.4		—		—
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		—

The cash flow hedges recognized in other comprehensive income were a net loss of $7.8 million for the thirteen weeks ended April 1, 2023 and a net loss of $2.9 million in the three months ended March 31, 2022.

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

3 Months Ended

Apr. 01, 2023

Mar. 31, 2022

$ 3.1

$ 0.6

^[1]

0.1

(5.4)

Operating Segments [Member] | Water [Member]

3.2

(4.8)

0.2

0.0

^[1]

0.1

0.8

Operating Segments [Member] | Outdoors [Member]

0.3

0.8

1.5

0.6

^[1]

0.0

(6.2)

Operating Segments [Member] | Security [Member]

1.5

(5.6)

0.7

0.0

^[1]

0.0

Operating Segments [Member] | Corporate Segment [Member]

0.7

0.0

0.7

0.0

^[1]

0.0

$ 0.7

$ 0.0

[1]


(a)	“Other Charges (Gains)” 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.

Defined Benefit Plans

3 Months Ended

Apr. 01, 2023

Retirement Benefits [Abstract]

Defined Benefit Plans

11. Defined Benefit Plans

The components of net periodic benefit income for pension benefits for the thirteen weeks ended April 1, 2023 and three months ended March 31, 2022 were as follows:


(In millions)	Pension Benefits
	Thirteen Weeks Ended April 1, 2023			Three Months Ended March 31, 2022
Service cost	$	—		$	0.1
Interest cost		6.9			5.1
Expected return on plan assets		(7.2	)		(7.0	)
Net periodic benefit income	$	(0.3	)	$	(1.8	)

Service cost relates to benefit accruals in an hourly Union defined benefit plan in our 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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Cash and cash equivalents

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Millions

Apr. 01, 2023

Dec. 31, 2022

Current assets

$ 539.1

$ 642.5

Accounts receivable less allowances for discounts and credit losses

559.0

521.8

Inventories

931.1

1,021.3

Other current assets

272.0

274.8

Total current assets

2,301.2

2,460.4

Property, plant and equipment, net of accumulated depreciation

805.8

783.7

Operating lease assets

111.9

118.9

Goodwill

^[1]

1,643.6

1,640.7

Other intangible assets, net of accumulated amortization

990.7

1,000.8

Other assets

119.5

116.4

Total assets

5,972.7

6,120.9

Current liabilities

Short-term debt

599.5

599.2

Accounts payable

423.7

421.6

Other current liabilities

390.0

523.9

Total current liabilities

1,413.2

1,544.7

Long-term debt

2,074.9

2,074.3

Deferred income taxes

143.0

136.9

Accrued defined benefit plans

66.7

79.9

Operating lease liabilities

90.0

95.4

Other non-current liabilities

102.4

102.8

Total liabilities

3,890.2

4,034.0

Commitments and contingencies (see Note 17)

Stockholders' equity

Common stock

^[2]

1.9

Paid-in capital

3,094.1

3,069.6

Accumulated other comprehensive income (loss)

42.9

37.4

Retained earnings

2,402.4

2,323.8

Treasury stock

(3,458.8)

(3,345.8)

Total stockholders' equity

2,082.5

2,086.9

Total liabilities and equity

$ 5,972.7

$ 6,120.9

[1]	Net of accumulated impairment losses of $399.5 million in the Outdoors segment.
[2]	Common stock, par value $0.01 per share; 186.7 million shares and 186.2 million shares issued at April 1, 2023 and December 31, 2022, respectively.

Defined Benefit Plans (Tables)

3 Months Ended

Apr. 01, 2023

Retirement Benefits [Abstract]

Components of Net Periodic Benefit Income for Pension Benefits

The components of net periodic benefit income for pension benefits for the thirteen weeks ended April 1, 2023 and three months ended March 31, 2022 were as follows:


(In millions)	Pension Benefits
	Thirteen Weeks Ended April 1, 2023			Three Months Ended March 31, 2022
Service cost	$	—		$	0.1
Interest cost		6.9			5.1
Expected return on plan assets		(7.2	)		(7.0	)
Net periodic benefit income	$	(0.3	)	$	(1.8	)

Acquisitions and Dispositions - Additional Information (Detail) - USD ($) $ in Millions			1 Months Ended		3 Months Ended
	Jul. 29, 2022	Jan. 30, 2022	Jul. 31, 2022	Jan. 31, 2022	Apr. 01, 2023	Mar. 31, 2022
Business Acquisition [Line Items]
Depreciation					$ 19.3	$ 30.9
Amortization of intangible assets					12.6	11.6
Business combination purchase price, excluding expected tax benefits, net of cash acquired					$ 0.0	61.6
Cabinets [Member]
Business Acquisition [Line Items]
Net cash provided from operations related to discontinued operations						19.0
Net cash in investing activities						11.0
Capital expenditures						11.0
Discontinued Operations [Member] \| Cabinets [Member]
Business Acquisition [Line Items]
Depreciation						11.0
Amortization of intangible assets						$ 4.4
Flo Technologies, Inc. [Member]
Business Acquisition [Line Items]
Final cash payment		$ 16.7
Solar Innovations [Member]
Business Acquisition [Line Items]
Payments to acquire businesses gross				$ 61.6
Fair value allocated to assets acquired and liabilities assumed				61.6
Business combination purchase price, excluding expected tax benefits, net of cash acquired				$ 4.8
Business acquisition, percentage of outstanding equity acquired				100.00%
Business acquisition, goodwill, expected tax non-deductible amount				$ 23.3
Aqualisa Holdings (International) Ltd. [Member]
Business Acquisition [Line Items]
Payments to acquire businesses gross	$ 156.0		$ 156.0
Fair value allocated to assets acquired and liabilities assumed	$ 156.0
Business combination purchase price, excluding expected tax benefits, net of cash acquired			$ 4.8
Business acquisition, percentage of outstanding equity acquired	100.00%		100.00%
Business acquisition, goodwill, expected tax non-deductible amount	$ 88.7

Goodwill and Identifiable Intangible Assets - Gross Carrying Value and Accumulated Amortization by Class of Identifiable Intangible Assets (Detail) - USD ($) $ in Millions	Apr. 01, 2023	Dec. 31, 2022
Intangible Assets [Line Items]
Gross Carrying Amounts, Indefinite-lived tradenames	$ 478.2	$ 478.1
Net Book Value, Indefinite-lived tradenames	478.2	478.1
Gross Carrying Amounts, Finite Lived	841.4	838.6
Accumulated Amortization, Finite Lived	(328.9)	(315.9)
Net Book Value, Finite Lived	512.5	522.7
Gross Carrying Amounts, Total identifiable intangibles	1,319.6	1,316.7
Accumulated Amortization, Total identifiable intangibles	(328.9)	(315.9)
Net Book Value, Total identifiable intangibles	990.7	1,000.8
Tradenames [Member]
Intangible Assets [Line Items]
Gross Carrying Amounts, Finite Lived	48.2	47.5
Accumulated Amortization, Finite Lived	(7.4)	(6.8)
Net Book Value, Finite Lived	40.8	40.7
Customer and contractual relationships [Member]
Intangible Assets [Line Items]
Gross Carrying Amounts, Finite Lived	664.4	662.6
Accumulated Amortization, Finite Lived	(249.3)	(239.6)
Net Book Value, Finite Lived	415.1	423.0
Patents/proprietary technology [Member]
Intangible Assets [Line Items]
Gross Carrying Amounts, Finite Lived	128.8	128.5
Accumulated Amortization, Finite Lived	(72.2)	(69.5)
Net Book Value, Finite Lived	$ 56.6	$ 59.0

Goodwill and Identifiable Intangible Assets (Tables)

3 Months Ended

Apr. 01, 2023

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)	Water		Outdoors		Security		Total Goodwill
Goodwill at December 31, 2022(a)	$	893.4	$	651.0	$	96.3	$	1,640.7
Year-to-date foreign currency translation adjustments		2.8		—		0.1		2.9
Goodwill at April 1, 2023(a)	$	896.2	$	651.0	$	96.4	$	1,643.6

(a) Net of accumulated impairment losses of $399.5 million in the Outdoors 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 April 1, 2023 and December 31, 2022 were as follows:


(In millions)	As of April 1, 2023							As of December 31, 2022
	Gross Carrying Amounts		Accumulated Amortization			Net Book Value		Gross Carrying Amounts		Accumulated Amortization			Net Book Value
Indefinite-lived tradenames	$	478.2	$	—		$	478.2	$	478.1	$	—		$	478.1
Amortizable intangible assets
Tradenames		48.2		(7.4	)		40.8		47.5		(6.8	)		40.7
Customer and contractual relationships		664.4		(249.3	)		415.1		662.6		(239.6	)		423.0
Patents/proprietary technology		128.8		(72.2	)		56.6		128.5		(69.5	)		59.0
Total		841.4		(328.9	)		512.5		838.6		(315.9	)		522.7
Total identifiable intangibles	$	1,319.6	$	(328.9	)	$	990.7	$	1,316.7	$	(315.9	)	$	1,000.8

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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Defined Benefit Plans - Components of Net Periodic Benefit Income for Pension Benefits (Detail) - Net Periodic Benefit Cost [Member] - Pension Benefits [Member] - USD ($) $ in Millions	3 Months Ended
	Apr. 01, 2023	Mar. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 0.0	$ 0.1
Interest cost	6.9	5.1
Expected return on plan assets	(7.2)	(7.0)
Net periodic benefit income	$ (0.3)	$ (1.8)

Income Taxes

3 Months Ended

Apr. 01, 2023

Income Tax Disclosure [Abstract]

Income Taxes

12. Income Taxes

The effective income tax rates for the thirteen weeks ended April 1, 2023, and three months ended March 31, 2022, were 23.1% and 21.3%, respectively. The difference between the Company’s effective income tax rate for the thirteen weeks ended April 1, 2023, and the U.S. statutory rate of 21% primarily relates to state income taxes (net of federal income tax benefits), foreign income taxed at higher rates, partially offset by a favorable benefit related to decreases in uncertain tax positions and a valuation allowance release.

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.

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Acquisitions and Dispositions

Acquisitions and Dispositions

3 Months Ended

Apr. 01, 2023

Business Combinations [Abstract]

4. Acquisitions and Dispositions

Cabinets

The condensed consolidated statements of income and consolidated balance sheets for all prior periods have been adjusted to reflect the presentation of MasterBrand as discontinued operations. For the three months ended March 31, 2022, the condensed consolidated statement of cash flows includes net cash provided from operations related to discontinued operations of $19.0 million and net cash in investing activities of $11.0 million. Depreciation, amortization and capital expenditures attributable to discontinued operations for the three months ended March 31, 2022, were $11.0 million, $4.4 million and $11.0 million, respectively.

Aqualisa

In July 2022, we acquired 100% of the outstanding equity of Aqualisa Holdings (International) Ltd. (“Aqualisa”), a leading U.K. manufacturer of shower products known for premium, innovative and smart digital shower systems, for a purchase price of $156.0 million, net of cash acquired of $4.8 million. We financed the transaction with borrowings under our existing credit facility. The results of Aqualisa are reported as part of the Water segment. We have not included pro forma financial information as the transaction is immaterial to our condensed consolidated statements of comprehensive income. The fair value allocated to assets acquired and liabilities assumed as of July 29, 2022, was $156.0 million, which includes $88.7 million of goodwill. Goodwill includes expected sales and cost synergies and is not expected to be deductible for income tax purposes.

Solar

In January 2022, we acquired 100% of the outstanding equity of Solar for a purchase price of $61.6 million, net of cash acquired of $4.8 million. We financed the transaction using cash on hand and borrowings under our revolving credit facility. The results of Solar are reported as part of the Outdoors segment. We have not included pro forma financial information as the transaction is immaterial to our condensed consolidated statements of comprehensive income. The fair value allocated to assets acquired and liabilities assumed as of January 31, 2022, was $61.6 million, which includes $23.3 million of goodwill. Goodwill includes expected sales and cost synergies and is expected to be deductible for income tax purposes.

Flo Technologies

In 2018, our Water 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. 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. On January 30, 2022, we made a final cash payment of $16.7 million to the legacy minority shareholders to acquire such shares which is reflected within Other financing, net in our consolidated statements of cash flows.

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

3 Months Ended

Apr. 01, 2023

Mar. 31, 2022

$ 1,040.0

$ 1,140.2

Wholesalers [Member]

Home Center retailers [Member]

^[1]

460.5

487.9

^[2]

295.4

319.5

Other retailers [Member]

^[3]

95.5

93.2

Builder direct [Member]

0.5

0.0

United States [Member]

851.9

900.6

International [Member]

^[4]

$ 188.1

$ 239.6

[1]	Represents sales to customers whose business is oriented towards builders, professional tradepeople 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., Lowe's 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 China, Canada, 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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Restructuring and Related Activities [Abstract]

Restructuring and Other Charges

3 Months Ended

Apr. 01, 2023

Restructuring and Other Charges

15. Restructuring and Other Charges

Pre-tax restructuring and other charges (gains) for the thirteen weeks ended April 1, 2023 and three months ended March 31, 2022 are shown below.


(In millions)	Thirteen Weeks Ended April 1, 2023						Three Months Ended March 31, 2022
	Restructuring Charges		Other Charges (Gains) (a)		Total Charges		Restructuring Charges		Other Charges (Gains) (a)			Total Charges
Water	$	0.2	$	0.1	$	0.3	$	—	$	0.8		$	0.8
Outdoors		1.5		—		1.5		0.6		(6.2	)		(5.6	)
Security		0.7		—		0.7		—		—			—
Corporate		0.7		—		0.7		—		—			—
Total	$	3.1	$	0.1	$	3.2	$	0.6	$	(5.4	)	$	(4.8	)


(a)	“Other Charges (Gains)” 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 2023 are largely related to severance and headcount actions across all segments. Restructuring and other charges (gains) in the first quarter of 2022 were largely related to a gain on the sale of previously closed manufacturing facility within our Outdoors segment, partially offset by severance actions within our Outdoors segment.

Reconciliation of Restructuring Liability


(In millions)	Balance at 12/31/22		2023 Provision		Cash Expenditures (a)			Non-Cash Write-offs			Balance at 4/1/23
Workforce reduction costs	$	16.2	$	2.3	$	(11.1	)	$	0.7		$	8.1
Other		13.5		0.8		(0.7	)		(13.6	)		—
	$	29.7	$	3.1	$	(11.8	)	$	(12.9	)	$	8.1

(a) Cash expenditures primarily relate to severance charges.


(In millions)	Balance at 12/31/21		2022 Provision		Cash Expenditures (a)			Non-Cash Write-offs		Balance at 3/31/22
Workforce reduction costs	$	3.2	$	0.6	$	(3.3	)	$	—	$	0.5
Other		0.8		—		—			—		0.8
	$	4.0	$	0.6	$	(3.3	)	$	—	$	1.3

(a) Cash expenditures primarily relate to severance charges.

Revenue (Tables)

3 Months Ended

Apr. 01, 2023

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The following table disaggregates our consolidated revenue by major sales distribution channels for the thirteen weeks ended April 1, 2023 and three months ended March 31, 2022:


(In millions)	Thirteen Weeks Ended April 1, 2023		Three Months Ended March 31, 2022
Wholesalers(a)	$	460.5	$	487.9
Home Center retailers(b)		295.4		319.5
Other retailers(c)		95.5		93.2
Builder direct		0.5		—
U.S. net sales		851.9		900.6
International(d)		188.1		239.6
Net sales	$	1,040.0	$	1,140.2

(a)

(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 China, Canada, Europe and Mexico.

Information on Business Segments (Tables)

3 Months Ended

Apr. 01, 2023

Segment Reporting [Abstract]

Net Sales and Operating Income by Segment

Net sales and operating income for the thirteen weeks ended April 1, 2023 and three months ended March 31, 2022 by segment were as follows:


(In millions)	Thirteen Weeks Ended April 1, 2023			Three Months Ended March 31, 2022			% Change vs. Prior Year
Net Sales
Water	$	594.2		$	643.6			(7.7	)	%
Outdoors		289.9			343.6			(15.6	)
Security		155.9			153.0			1.9
Net sales	$	1,040.0		$	1,140.2			(8.8	)	%
Operating Income
Water	$	128.4		$	149.3			(14.0	)	%
Outdoors		13.0			39.8			(67.3	)
Security		21.1			20.4			3.4
Less: Corporate expenses		(30.7	)		(29.7	)		(3.4	)
Operating income	$	131.8		$	179.8			(26.7	)	%

Fair Value Measurements - Additional Information (Detail)	Apr. 01, 2023 USD ($)
Fair Value Disclosures [Abstract]
Assets or liabilities measured at fair value on recurring basis	$ 0

Basis of Presentation and Principles of Consolidation - Additional Information (Detail) - USD ($) $ in Millions		1 Months Ended
	Jul. 29, 2022	Jul. 31, 2022	Jan. 31, 2022
Aqualisa Holdings (International) Ltd. [Member]
Basis Of Presentation And Principles Of Consolidation [Line Items]
Business acquisition, percentage of outstanding equity acquired	100.00%	100.00%
Payments to acquire businesses gross	$ 156.0	$ 156.0
Cash acquired from acquisition	4.8
Fair value allocated to assets acquired and liabilities assumed	$ 156.0
Solar Innovations LLC [Member]
Basis Of Presentation And Principles Of Consolidation [Line Items]
Business acquisition, percentage of outstanding equity acquired			100.00%
Payments to acquire businesses gross			$ 61.6
Cash acquired from acquisition			$ 4.8

Goodwill and Identifiable Intangible Assets

3 Months Ended

Apr. 01, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Identifiable Intangible Assets

5. Goodwill and Identifiable Intangible Assets

We had goodwill of $1,643.6 million and $1,640.7 million as of April 1, 2023 and December 31, 2022, respectively. The change in the net carrying amount of goodwill by segment was as follows:


(In millions)	Water		Outdoors		Security		Total Goodwill
Goodwill at December 31, 2022(a)	$	893.4	$	651.0	$	96.3	$	1,640.7
Year-to-date foreign currency translation adjustments		2.8		—		0.1		2.9
Goodwill at April 1, 2023(a)	$	896.2	$	651.0	$	96.4	$	1,643.6

(a) Net of accumulated impairment losses of $399.5 million in the Outdoors segment.

The gross carrying value and accumulated amortization by class of identifiable intangible assets as of April 1, 2023 and December 31, 2022 were as follows:


(In millions)	As of April 1, 2023							As of December 31, 2022
	Gross Carrying Amounts		Accumulated Amortization			Net Book Value		Gross Carrying Amounts		Accumulated Amortization			Net Book Value
Indefinite-lived tradenames	$	478.2	$	—		$	478.2	$	478.1	$	—		$	478.1
Amortizable intangible assets
Tradenames		48.2		(7.4	)		40.8		47.5		(6.8	)		40.7
Customer and contractual relationships		664.4		(249.3	)		415.1		662.6		(239.6	)		423.0
Patents/proprietary technology		128.8		(72.2	)		56.6		128.5		(69.5	)		59.0
Total		841.4		(328.9	)		512.5		838.6		(315.9	)		522.7
Total identifiable intangibles	$	1,319.6	$	(328.9	)	$	990.7	$	1,316.7	$	(315.9	)	$	1,000.8

We had net identifiable intangible assets of $990.7 million and $1,000.8 million as of April 1, 2023 and December 31, 2022, respectively. The $2.9 million increase in gross identifiable intangible assets was primarily due to foreign translation adjustments.

Amortizable identifiable intangible assets, principally customer relationships, are subject to amortization over their estimated useful life, ranging from 5 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.

Recently Issued Accounting Standards - Additional Information (Detail) - Accounting Standards Update 202110 [Member]	Sep. 30, 2022
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Change in accounting principle, accounting standards update, immaterial effect	true
Change in accounting principle, accounting standards update, adopted	true

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

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Recently Issued Accounting Standards

Recently Issued Accounting Standards

3 Months Ended

Apr. 01, 2023

Accounting Policies [Abstract]

2. Recently Issued Accounting Standards

No material impacts noted from recently issued accounting standards.

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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Summary of Outstanding Notes

External Debt and Financing Arrangements (Tables)

3 Months Ended

Apr. 01, 2023

Debt Disclosure [Abstract]

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 April 1, 2023 and December 31, 2022:


					Net Carrying Value
(in millions)	Principal Amount		Issuance Date	Maturity Date	April 1, 2023		December 31, 2022
4.000% Senior Notes	$	500.0	June 2015	June 2025	$	498.3	$	498.1
4.000% Senior Notes		600.0	September 2018	September 2023		599.5		599.2
3.250% Senior Notes		700.0	September 2019	September 2029		695.2		695.0
4.000% Senior Notes		450.0	March 2022	March 2032		445.9		445.8
4.500% Senior Notes		450.0	March 2022	March 2052		435.5		435.4
Total Senior Notes	$	2,700.0			$	2,674.4	$	2,673.5

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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