0000950170-23-056045 | 10-Q | XBRL Viewer | Fortune Brands Innovations INC

$ 1,640.7

^[1]

0.6

262.9

1,904.2

^[1]

Water [Member]

893.4

^[1]

0.5

243.3

1,137.2

^[1]

Outdoors [Member]

651.0

^[1]

0.0

0.1

651.1

^[1]

Security [Member]

96.3

^[1]

0.1

19.5

$ 115.9

^[1]

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

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.

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Guarantees and Product Warranties [Abstract]

Product Warranties (Tables)

9 Months Ended

Sep. 30, 2023

The following table summarizes activity related to our product warranty liability for the thirty-nine weeks ended September 30, 2023 and nine months ended September 30, 2022, respectively.


(In millions)	Thirty-Nine Weeks Ended September 30, 2023			Nine Months Ended September 30, 2022
Reserve balance at January 1,	$	20.1		$	19.5
Provision for warranties issued		6.5			5.8
Settlements made (in cash or in kind)		(7.4	)		(6.3	)
Acquisition		-			1.4
Foreign translation adjustments		(0.2	)		(0.5	)
Reserve balance at end of period	$	19.0		$	19.9

Condensed Consolidated Statements of Cash Flows (Parenthetical) (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Capital expenditures incurred but not yet paid	$ 33.2	$ 11.7
Treasury repurchased but not yet paid	10.0	10.0
Other Current Assets [Member]
Restricted Cash	3.0	1.4	$ 2.1
Other Noncurrent Assets [Member]
Restricted Cash	$ 2.1	$ 2.3	$ 3.7

Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares issued	186,900,000	186,200,000

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	577.1				577.1
Other comprehensive income (loss)	22.4			22.4
Stock options exercised	0.6		0.6
Stock-based compensation	14.3		40.0			(25.7)
Treasury stock purchases	(541.1)					(541.1)
Dividends	(108.0)				(108.0)
Ending Balance at Sep. 30, 2022	3,030.1	1.9	3,058.9	(2.2)	3,277.0	(3,305.5)
Beginning Balance at Jun. 30, 2022	2,952.4	1.9	3,046.2	27.8	3,145.0	(3,268.5)
Comprehensive income:
Net income	204.2				204.2
Other comprehensive income (loss)	(30.0)			(30.0)
Stock options exercised	0.2		0.2
Stock-based compensation	11.6		12.5			(0.9)
Treasury stock purchases	(36.1)					(36.1)
Dividends	(72.2)				(72.2)
Ending Balance at Sep. 30, 2022	3,030.1	1.9	3,058.9	(2.2)	3,277.0	(3,305.5)
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	323.2				323.2
Other comprehensive income (loss)	(6.7)			(6.7)
Other	13.3		12.7	5.9	(5.3)
Stock options exercised	8.8		8.8
Stock-based compensation	12.1		25.7			(13.6)
Treasury stock purchases	(131.1)					(131.1)
Dividends	(87.5)				(87.5)
Ending Balance at Sep. 30, 2023	2,219.0	1.9	3,116.8	36.6	2,554.2	(3,490.5)
Beginning Balance at Jul. 01, 2023	2,177.1	1.9	3,103.5	55.3	2,475.4	(3,459.0)
Comprehensive income:
Net income	136.5				136.5
Other comprehensive income (loss)	(18.4)			(18.4)
Other	0.4			(0.3)	0.7
Stock options exercised	3.8		3.8
Stock-based compensation	8.3		9.5			(1.2)
Treasury stock purchases	(30.3)					(30.3)
Dividends	(58.4)				(58.4)
Ending Balance at Sep. 30, 2023	$ 2,219.0	$ 1.9	$ 3,116.8	$ 36.6	$ 2,554.2	$ (3,490.5)

Information on Business Segments - Net Sales and Operating Income by Segment (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net sales	$ 1,261.2	$ 1,195.5	$ 3,464.9	$ 3,591.1
Operating income	$ 196.5	192.7	$ 481.0	592.0
Operating Income, Percentage Change vs. Prior Year	(2.00%)		(18.80%)
Operating Segments [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net sales	$ 1,261.2	1,195.5	$ 3,464.9	3,591.1
Net Sales, Percentage Change vs. Prior Year	(5.50%)		(3.50%)
Corporate [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Operating income	$ (36.7)	(30.6)	$ (117.7)	(94.0)
Operating Income, Percentage Change vs. Prior Year	(19.90%)		(25.20%)
Water Innovations [Member] \| Operating Segments [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net sales	$ 688.0	635.1	$ 1,899.2	1,928.7
Operating income	$ 164.2	152.7	$ 434.7	462.7
Net Sales, Percentage Change vs. Prior Year	8.30%		(1.50%)
Operating Income, Percentage Change vs. Prior Year	7.50%		(6.10%)
Outdoors [Member] \| Operating Segments [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net sales	$ 366.4	403.6	$ 1,031.9	1,184.4
Operating income	$ 52.0	47.4	$ 126.2	154.6
Net Sales, Percentage Change vs. Prior Year	(9.20%)		(12.90%)
Operating Income, Percentage Change vs. Prior Year	9.70%		(18.40%)
Security [Member] \| Operating Segments [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net sales	$ 206.8	156.8	$ 533.8	478.0
Operating income	$ 17.0	$ 23.2	$ 37.8	$ 68.7
Net Sales, Percentage Change vs. Prior Year	31.90%		11.70%
Operating Income, Percentage Change vs. Prior Year	(26.70%)		(45.00%)

Accumulated Other Comprehensive Income (Loss) - Reclassifications Out of Accumulated Other Comprehensive (Loss) Income (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Cost of products sold	$ 721.1	$ 716.6	$ 2,048.4	$ 2,130.5
Interest expense	33.3	33.0	87.9	85.3
Income from continuing operations before income taxes	172.6	162.5	414.0	511.9
Recognition of actuarial gains (losses)			2.4	(0.4)
Tax (expense) benefit	(36.1)	(21.1)	(89.8)	(100.0)
Total reclassifications for the period	136.5	204.2	323.2	577.1
Reclassification out of Accumulated Other Comprehensive Income (Loss) [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total reclassifications for the period	4.3	(1.5)	9.8	0.6
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	3.2	(2.0)	9.7	0.4
Tax (expense) benefit	(0.7)	0.8	(1.7)	(0.5)
Total reclassifications for the period	2.5	(1.2)	8.0	0.9
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	0.1	0.8	4.1	2.1
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)	(3.9)	(0.2)	(4.2)
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	3.2	1.1	5.8	2.5
Reclassification out of Accumulated Other Comprehensive Income (Loss) [Member] \| Defined Benefit Plan Adjustments [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income from continuing operations before income taxes	2.4	(0.3)	2.4	(0.3)
Recognition of actuarial gains (losses)	2.4	(0.3)	2.4	(0.3)
Tax (expense) benefit	(0.6)	0.0	(0.6)	0.0
Total reclassifications for the period	$ 1.8	$ (0.3)	$ 1.8	$ (0.3)

Financial Instruments

9 Months Ended

Sep. 30, 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. The Company entered into a total of $600 million of interest rate hedge contracts during the fourth quarter of 2021 and first quarter of 2022. These contracts were terminated during the second quarter of 2023 in parallel with the issuance of $600 million of long-term debt. Terminating the contracts resulted in a pre-tax gain of $84.2 million which was recorded in accumulated other comprehensive income and will be reclassified to earnings over the 10-year maturity associated with the new long-term debt.

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 September 30, 2023 was $463.2 million. Based on foreign exchange rates as of September 30, 2023, we estimate that $13.1 million of net derivative gains included in accumulated other comprehensive income as of September 30, 2023 will be reclassified to earnings within the next twelve months.

The fair values of derivative instruments on the consolidated balance sheets as of September 30, 2023 and December 31, 2022 were as follows:


		Fair Value
(In millions)	Location	September 30, 2023		December 31, 2022
Assets:
Foreign exchange contracts	Other current assets	$	2.7	$	5.0
Interest rate contracts	Other current assets		-		84.6
	Total assets	$	2.7	$	89.6
Liabilities:
Foreign exchange contracts	Other current liabilities	$	2.3	$	0.7
Commodity contracts	Other current liabilities		-		3.6
	Total liabilities	$	2.3	$	4.3

The effects of derivative financial instruments on the statements of comprehensive income for the thirty-nine weeks ended September 30, 2023 and nine months ended September 30, 2022 were as follows:


(In millions)	Classification and Amount of Gain (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships
	Thirty-Nine Weeks Ended September 30, 2023
	Cost of products sold			Interest expense		Other income, net
Total amounts per Consolidated Statements of Comprehensive Income	$	2,048.4		$	87.9	$	20.9
The effects of fair value and cash flow hedging:
Gain (loss) on fair value hedging relationships
Foreign exchange contracts:
Hedged items		-			-		1.4
Derivative designated as hedging instruments		-			-		0.4
Gain (loss) on cash flow hedging relationships
Foreign exchange contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income		4.1			-		-
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		-			5.8		-

(In millions)	Classification and Amount of Gain (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships
	Nine Months Ended September 30, 2022
	Cost of products sold			Interest expense		Other income, net
Total amounts per Consolidated Statements of Comprehensive Income	$	2,130.5		$	85.3	$	5.2
The effects of fair value and cash flow hedging:
Gain (loss) on fair value hedging relationships
Foreign exchange contracts:
Hedged items		-			-		(28.1	)
Derivative designated as hedging instruments		-			-		25.5
Gain (loss) on cash flow hedging relationships
Foreign exchange contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income		2.1			-		-
Commodity contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income		(4.2	)		-		-
Interest rate contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income		-			2.5		-

The effects of derivative financial instruments on the statements of comprehensive income for the thirteen weeks ended September 30, 2023 and three months ended September 30, 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 September 30, 2023
	Cost of products sold			Interest expense		Other income, net
Total amounts per Consolidated Statements of Comprehensive Income	$	721.1		$	33.3	$	9.4
The effects of fair value and cash flow hedging:
Gain (loss) on fair value hedging relationships
Foreign exchange contracts:
Hedged items		-			-		(3.0	)
Derivative designated as hedging instruments		-			-		3.3
Gain (loss) on cash flow hedging relationships
Foreign exchange contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income		0.1			-		-
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		-			3.2		-

(In millions)	Classification and Amount of Gain (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships
	Three Months Ended September 30, 2022
	Cost of products sold			Interest expense		Other income, net
Total amounts per Consolidated Statements of Comprehensive Income	$	716.6		$	33.0	$	2.8
The effects of fair value and cash flow hedging:
Gain (loss) on fair value hedging relationships
Foreign exchange contracts:
Hedged items		-			-		(17.7	)
Derivative designated as hedging instruments		-			-		17.8
Gain (loss) on cash flow hedging relationships
Foreign exchange contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income		0.8			-		-
Commodity contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income		(3.9	)		-		-
Interest rate contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income		-			1.1		-

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

9 Months Ended

Sep. 30, 2023

Dec. 31, 2022

Goodwill and Identifiable Intangible Assets [Line Items]

Net identifiable intangible assets

^[1]

$ 1,904.2

$ 1,640.7

1,400.0

$ 1,000.8

Increase in gross identifiable intangible assets

$ 443.2

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.

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Balance Sheet Information

9 Months Ended

Sep. 30, 2023

Balance Sheet Information

3. Balance Sheet Information

Supplemental information on our balance sheets is as follows:


(In millions)	September 30, 2023		December 31, 2022
Inventories:
Raw materials and supplies	$	316.5	$	309.4
Work in process		76.1		83.5
Finished products		537.4		628.4
Total inventories	$	930.0	$	1,021.3

Property, plant and equipment, gross	$	1,822.1	$	1,614.3
Less: accumulated depreciation		892.9		830.6
Property, plant and equipment, net	$	929.2	$	783.7

External Debt and Financing Arrangements (Tables)

9 Months Ended

Sep. 30, 2023

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 September 30, 2023 and December 31, 2022:


					Net Carrying Value
(in millions)	Principal Amount		Issuance Date	Maturity Date	September 30, 2023		December 31, 2022
4.000% Senior Notes	$	500.0	June 2015	June 2025	$	498.7	$	498.1
4.000% Senior Notes		600.0	September 2018	September 2023		-		599.2
3.250% Senior Notes		700.0	September 2019	September 2029		695.5		695.0
4.000% Senior Notes		450.0	March 2022	March 2032		446.1		445.8
4.500% Senior Notes		450.0	March 2022	March 2052		435.8		435.4
5.875% Senior Notes		600.0	June 2023	June 2033		593.3		-
Total Senior Notes	$	3,300.0			$	2,669.4	$	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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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-8

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-6

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-7

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

Sep. 30, 2023

Jun. 20, 2023

Dec. 31, 2022

^[1]

$ 1,904.2

$ 1,640.7

ASSA Businesses [Member]

Property, plant and equipment

Accounts receivable

$ 35.8

Inventories

107.2

19.5

Identifiable intangible assets

264.0

442.0

Operating lease assets

17.3

Other assets

2.3

Total assets

888.1

Accounts payable

26.0

Other current liabilities and accruals

37.5

Other non-current liabilities

15.3

Net assets acquired

^[2]

$ 809.3

[1]	Net of accumulated impairment losses of $399.5 million in the Outdoors segment.
[2]	(a) Net assets exclude $16.3 million of cash transferred to the Company as the result of the acquisition.

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2023	Oct. 13, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
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		126,094,963
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

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

3 Months Ended

9 Months Ended

Sep. 30, 2023

Sep. 30, 2022

Sep. 30, 2023

Sep. 30, 2022

$ 3.7

$ 20.6

$ 28.9

$ 22.2

^[1]

6.6

0.2

12.6

(5.4)

Operating Segments [Member] | Water [Member]

10.3

20.8

41.5

16.8

0.0

2.9

1.3

3.8

^[1]

0.1

0.0

0.3

0.7

Operating Segments [Member] | Outdoors [Member]

0.1

2.9

1.6

4.5

0.0

17.7

3.1

18.4

^[1]

1.4

0.2

(0.4)

(6.1)

Operating Segments [Member] | Security [Member]

1.4

17.9

2.7

12.3

3.7

0.5

23.8

0.5

^[1]

5.1

0.0

12.7

0.0

Operating Segments [Member] | Corporate [Member]

8.8

0.5

36.5

0.5

0.0

(0.5)

0.7

(0.5)

^[1]

0.0

$ 0.0

$ (0.5)

$ 0.7

$ (0.5)

[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.

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

External Debt and Financing Arrangements - Additional Information (Detail) - USD ($)		1 Months Ended			3 Months Ended	9 Months Ended
	Mar. 18, 2022	Jun. 30, 2023	Aug. 31, 2022	Nov. 30, 2021	Mar. 31, 2022	Sep. 30, 2023	Dec. 31, 2022	Mar. 25, 2022
Debt Instrument [Line Items]
Principal Amount						$ 3,300,000,000
Aggregate outstanding notes						2,700,000,000
Debt Instrument, Description of Variable Rate Basis				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%.
Uncommitted bank lines of credit, which provide for unsecured borrowings for working capital						30,500,000	$ 20,500,000
Uncommitted bank lines of credit, which provide for unsecured borrowings for working capital amount outstanding						0	0
Long-Term Debt						2,669,400,000	2,673,500,000
2021 Term Loan [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity				$ 400,000,000
Principal Amount	$ 600,000,000
Term loan maturity period				2022-11
Commercial Paper [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity				$ 1,250,000,000
Long-Term Debt						49,900,000	0
LIBOR [Member] \| 2021 Term Loan [Member]
Debt Instrument [Line Items]
Principal Amount				400,000,000
SOFR [Member] \| 2021 Term Loan [Member]
Debt Instrument [Line Items]
Principal Amount				$ 600,000,000
SOFR [Member] \| 2021 Term Loan [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Interest rate over LIBOR				0.725%
SOFR [Member] \| 2021 Term Loan [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Interest rate over LIBOR				1.35%
Senior Notes [Member]
Debt Instrument [Line Items]
Principal Amount		$ 600,000,000			$ 900,000,000
Senior Notes [Member] \| 5.875% Senior Notes [Member]
Debt Instrument [Line Items]
Unsecured Senior Notes, Interest rate		5.875%
Unsecured Senior notes, Maturity year		2033
Senior Notes [Member] \| 4.000% Senior Notes [Member]
Debt Instrument [Line Items]
Repayments of senior unsecured notes						$ 600,000,000
Principal Amount					$ 450,000,000
Unsecured Senior Notes, Interest rate		4.00%			4.00%	4.00%
Unsecured Senior notes, Maturity year					2032
Maturity Date		2023-09
Senior Notes [Member] \| 4.500% Senior Notes [Member]
Debt Instrument [Line Items]
Principal Amount					$ 450,000,000
Unsecured Senior Notes, Interest rate					4.50%
Unsecured Senior notes, Maturity year					2052
2022 Revolving Credit Agreement [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity			$ 1,250,000,000
Term loan, outstanding borrowings						$ 110,000,000	$ 0
Debt instrument, covenant description			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
Required minimum ratio of consolidated EBITDA to consolidated interest expense			0.3
Ratio of consolidated debt minus certain cash and cash equivalents to consolidated EBITDA			0.35
Debt Instrument, Description of Variable Rate Basis			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%.
2022 Revolving Credit Agreement [Member] \| SOFR [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Interest rate over LIBOR			1.02%
2022 Revolving Credit Agreement [Member] \| SOFR [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Interest rate over LIBOR			1.525%
Second Amended And Incremental Agreement Term Loan Twenty Twenty One [Member] \| 2021 Term Loan [Member]
Debt Instrument [Line Items]
Principal Amount	$ 1,100,000,000
Term loan, outstanding borrowings								$ 1,100,000,000

Goodwill and Identifiable Intangible Assets - Change in Net Carrying Amount of Goodwill by Segment (Parenthetical) (Detail) $ in Millions	Sep. 30, 2023 USD ($)
Outdoors Segment [Member]
Goodwill [Line Items]
Accumulated impairment losses	$ 399.5

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Carrying Value and Fair Value of Debt

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

The carrying value and fair value of debt as of September 30, 2023 and December 31, 2022 were as follows:


(In millions)	September 30, 2023				December 31, 2022
	Carrying Value		Fair Value		Carrying Value		Fair Value
Notes, net of underwriting commissions, price discounts and debt issuance costs	$	2,669.4	$	2,378.6	$	2,673.5	$	2,412.6
2022 Revolving Credit Agreement		110.0		110.0		-		-
Commercial paper borrowings		49.9		49.9		-		-
Total debt	$	2,829.3	$	2,538.5	$	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 September 30, 2023 and December 31, 2022 were as follows:


(In millions)	Fair Value
	September 30, 2023		December 31, 2022
Assets
Derivative financial instruments (Level 2)	$	2.7	$	89.6
Deferred compensation program assets (Level 2)		18.0		14.9
Total assets	$	20.7	$	104.5
Liabilities
Derivative financial instruments (Level 2)	$	2.3	$	4.3

Basis of Presentation and Principles of Consolidation - Additional Information (Detail) - USD ($)
$ in Millions

1 Months Ended

9 Months Ended

Jun. 20, 2023

Jul. 29, 2022

Jun. 30, 2023

Jul. 31, 2022

Jan. 31, 2022

Sep. 30, 2023

Sep. 30, 2022

Basis Of Presentation And Principles Of Consolidation [Line Items]

Payments to acquire business net of cash

$ 784.1

$ 214.0

Assa Businesses [Member]

Basis Of Presentation And Principles Of Consolidation [Line Items]

Payments to acquire business net of cash

$ 16.3

Purchase price not yet paid as cash

809.3

23.4

$ 23.4

Cash transferred from acquisition

16.3

Fair value allocated to assets acquired and liabilities assumed

^[1]

$ 809.3

Aqualisa Holdings International Ltd [Member]

Basis Of Presentation And Principles Of Consolidation [Line Items]

Payments to acquire business net of cash

$ 4.8

Business acquisition, percentage of outstanding equity acquired

100.00%

Cash transferred from acquisition

$ 156.0

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%

Cash transferred from acquisition

$ 61.6

4.8

Fair value allocated to assets acquired and liabilities assumed

$ 61.6

[1]	(a) Net assets exclude $16.3 million of cash transferred to the Company as the result of the acquisition.

Restructuring and Other Charges (Tables)

9 Months Ended

Sep. 30, 2023

Restructuring and Related Activities [Abstract]

Pre-tax Restructuring and Other Charges

Pre-tax restructuring and other charges for the thirty-nine and thirteen weeks ended September 30, 2023 and nine and three months ended September 30, 2022 are shown below.


(In millions)	Thirty-Nine Weeks Ended September 30, 2023							Nine Months Ended September 30, 2022
	Restructuring Charges		Other Charges (Gains) (a)			Total Charges		Restructuring Charges			Other Charges (Gains) (a)			Total Charges
Water	$	1.3	$	0.3		$	1.6	$	3.8		$	0.7		$	4.5
Outdoors		3.1		(0.4	)		2.7		18.4			(6.1	)		12.3
Security		23.8		12.7			36.5		0.5			-			0.5
Corporate		0.7		-			0.7		(0.5	)		0.0			(0.5	)
Total	$	28.9	$	12.6		$	41.5	$	22.2		$	(5.4	)	$	16.8


(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.


(In millions)	Thirteen Weeks Ended September 30, 2023						Three Months Ended September 30, 2022
	Restructuring Charges		Other Charges (Gains) (a)		Total Charges		Restructuring Charges			Other Charges (Gains) (a)		Total Charges
Water	$	-	$	0.1	$	0.1	$	2.9		$	-	$	2.9
Outdoors		-		1.4		1.4		17.7			0.2		17.9
Security		3.7		5.1		8.8		0.5			-		0.5
Corporate		-		-		-		(0.5	)		-		(0.5	)
Total	$	3.7	$	6.6	$	10.3	$	20.6		$	0.2	$	20.8


(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 December 31, 2022		2023 Provision		Cash Expenditures (a)			Non-Cash Write-offs			Balance at September 30, 2023
Workforce reduction costs	$	16.2	$	16.6	$	(16.3	)		0.6		$	17.1
Other		13.5		12.3		(1.3	)		(15.7	)		8.8
Total	$	29.7	$	28.9	$	(17.6	)	$	(15.1	)	$	25.9

(a) Cash expenditures primarily relate to severance charges.


(In millions)	Balance at December 31, 2021		2022 Provision		Cash Expenditures (a)			Balance at September 30, 2022
Workforce reduction costs	$	3.2	$	14.0	$	(4.6	)	$	12.6
Other		0.8		8.2		-			9.0
Total	$	4.0	$	22.2	$	(4.6	)	$	21.6

(a) Cash expenditures primarily relate to severance charges.

Product Warranties

9 Months Ended

Sep. 30, 2023

Guarantees and Product Warranties [Abstract]

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 these 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 thirty-nine weeks ended September 30, 2023 and nine months ended September 30, 2022, respectively.


(In millions)	Thirty-Nine Weeks Ended September 30, 2023			Nine Months Ended September 30, 2022
Reserve balance at January 1,	$	20.1		$	19.5
Provision for warranties issued		6.5			5.8
Settlements made (in cash or in kind)		(7.4	)		(6.3	)
Acquisition		-			1.4
Foreign translation adjustments		(0.2	)		(0.5	)
Reserve balance at end of period	$	19.0		$	19.9

Earnings Per Share

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Earnings Per Share

16. Earnings Per Share

The computations of earnings per common share for the thirty-nine and thirteen weeks ended September 30, 2023 and nine and three months ended September 30, 2022 were as follows:


(In millions, except per share data)	Thirty-Nine Weeks Ended September 30, 2023			Nine Months Ended September 30, 2022		Thirteen Weeks Ended September 30, 2023		Three Months Ended September 30, 2022
Income from continuing operations, net of tax	$	324.2		$	411.9	$	136.5	$	141.4
(Loss) income from discontinued operations, net of tax		(1.0	)		165.2		-		62.8
Net income	$	323.2		$	577.1	$	136.5	$	204.2

Earnings per common share
Basic
Continuing operations	$	2.55		$	3.14	$	1.08	$	1.09
Discontinued operations		-			1.26		-		0.49
Basic earnings per share	$	2.55		$	4.40	$	1.08	$	1.58

Diluted
Continuing operations	$	2.53		$	3.12	$	1.07	$	1.09
Discontinued operations		—			1.25		-		0.48
Diluted earnings per share	$	2.53		$	4.37	$	1.07	$	1.57

Basic average shares outstanding		127.1			131.0		126.9		129.3
Stock-based awards		0.8			1.0		0.9		0.8
Diluted average shares outstanding		127.9			132.0		127.8		130.1
Antidilutive stock-based awards excluded from weighted- average number of shares outstanding for diluted earnings per share		0.9			1.2		0.8		1.6

Defined Benefit Plans - Components of Net Periodic Benefit Income for Pension Benefits (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Defined Benefit Plan Disclosure [Line Items]
Recognition of actuarial losses			$ (2.4)	$ 0.4
Net Periodic Benefit Cost [Member] \| Pension Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 0.0	$ 0.0	0.1	0.2
Interest cost	6.8	5.1	20.4	15.3
Expected return on plan assets	(7.1)	(7.0)	(21.4)	(21.1)
Recognition of actuarial losses		0.4		0.4
Net periodic benefit income	$ (0.3)	$ (1.5)	$ (0.9)	$ (5.2)

Condensed Consolidated Statements of Equity (Parenthetical) (Unaudited) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Stockholders' Equity [Abstract]
Dividends per Common share	$ 0.46	$ 0.56	$ 0.69	$ 0.84

External Debt and Financing Arrangements - Summary of Outstanding Notes (Detail) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Principal Amount	$ 3,300.0
Net Carrying Value	2,669.4	$ 2,673.5
4.000% Senior Notes [Member] \| 2015 Senior Notes [Member]
Debt Instrument [Line Items]
Principal Amount	$ 500.0
Issuance Date	2015-06
Maturity Date	2025-06
Net Carrying Value	$ 498.7	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	$ 0.0	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	$ 446.1	445.8
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	$ 695.5	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	$ 435.8	435.4
5.875% Senior Notes [Member] \| 2023 Senior Notes [Member]
Debt Instrument [Line Items]
Principal Amount	$ 600.0
Issuance Date	2023-06
Maturity Date	2033-06
Net Carrying Value	$ 593.3	$ 0.0

Accumulated Other Comprehensive Income (Loss) (Tables)

9 Months Ended

Sep. 30, 2023

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 thirty-nine and thirteen weeks ended September 30, 2023 and nine and three months ended September 30, 2022 were as follows:


(In millions)	Foreign Currency Adjustments			Derivative Hedging Gain (Loss)			Defined Benefit Plan Adjustments			Accumulated Other Comprehensive Loss
Balance at December 31, 2021	$	3.3		$	2.9		$	(30.8	)	$	(24.6	)
Amounts classified into accumulated other comprehensive (loss) income		(70.5	)		97.3			(1.6	)		25.2
Amounts reclassified from accumulated other comprehensive (loss) income		-			(3.1	)		0.3			(2.8	)
Net current-period other comprehensive (loss) income		(70.5	)		94.2			(1.3	)		22.4
Balance at September 30, 2022	$	(67.2	)	$	97.1		$	(32.1	)	$	(2.2	)

Balance at December 31, 2022	$	(12.1	)	$	93.5		$	(44.0	)	$	37.4
Amounts classified into accumulated other comprehensive (loss) income		(3.6	)		5.2			1.5			3.1
Other		-			-			5.9			5.9
Amounts reclassified from accumulated other comprehensive (loss) income		-			(8.0	)		(1.8	)		(9.8	)
Net current-period other comprehensive (loss) income		(3.6	)		(2.8	)		5.6			(0.8	)
Balance at September 30, 2023	$	(15.7	)	$	90.7		$	(38.4	)	$	36.6


(In millions)	Foreign Currency Adjustments			Derivative Hedging Gain (Loss)			Defined Benefit Plan Adjustments			Accumulated Other Comprehensive Loss
Balance at June 30, 2022	$	(12.8	)	$	71.5		$	(30.9	)	$	27.8
Amounts classified into accumulated other comprehensive (loss) income		(54.4	)		24.9			(1.5	)		(31.0	)
Amounts reclassified from accumulated other comprehensive (loss) income		-			0.7			0.3			1.0
Net current-period other comprehensive (loss) income		(54.4	)		25.6			(1.2	)		(30.0	)
Balance at September 30, 2022	$	(67.2	)	$	97.1		$	(32.1	)	$	(2.2	)

Balance at July 1, 2023	$	0.9		$	92.4		$	(38.0	)	$	55.3
Amounts classified into accumulated other comprehensive (loss) income		(16.6	)		0.8			1.7			(14.1	)
Other		-			-			(0.3	)		(0.3	)
Amounts reclassified from accumulated other comprehensive (loss) income		-			(2.5	)		(1.8	)		(4.3	)
Net current-period other comprehensive (loss) income		(16.6	)		(1.7	)		(0.4	)		(18.7	)
Balance at September 30, 2023	$	(15.7	)	$	90.7		$	(38.4	)	$	36.6

Reclassifications Out of Accumulated Other Comprehensive (Loss) Income

The reclassifications out of accumulated other comprehensive loss for the thirty-nine and thirteen weeks ended September 30, 2023 and nine and three months ended September 30, 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
	Thirty-Nine Weeks Ended September 30, 2023			Nine Months Ended September 30, 2022
Gains (losses) on cash flow hedges
Foreign exchange contracts	$	4.1		$	2.1		Cost of products sold
Commodity contracts		(0.2	)		(4.2	)	Cost of products sold
Interest rate contracts		5.8			2.5		Interest expense
		9.7			0.4		Total before tax
		(1.7	)		0.5		Tax expense
	$	8.0		$	0.9		Net of tax
Defined benefit plan items
Recognition of actuarial losses		2.4		$	(0.3	)	Other (income) expense, net
		2.4			(0.3	)	Total before tax
		(0.6	)		-		Tax expense
	$	1.8		$	(0.3	)	Net of tax
Total reclassifications for the period	$	9.8		$	0.6		Net of tax

(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 September 30, 2023			Three Months Ended September 30, 2022
Gains (losses) on cash flow hedges
Foreign exchange contracts	$	0.1		$	0.8		Cost of products sold
Commodity contracts		(0.1	)		(3.9	)	Cost of products sold
Interest rate contracts		3.2			1.1		Interest expense
		3.2			(2.0	)	Total before tax
		(0.7	)		0.8		Tax expense
	$	2.5		$	(1.2	)	Net of tax
Defined benefit plan items
Recognition of actuarial gains (losses)	$	2.4		$	(0.3	)	Other (income) expense, net
		2.4			(0.3	)	Total before tax
		(0.6	)		-		Tax expense
	$	1.8		$	(0.3	)	Net of tax
Total reclassifications for the period	$	4.3		$	(1.5	)	Net of tax

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Computations of Earnings (Loss) per Common Share

The computations of earnings per common share for the thirty-nine and thirteen weeks ended September 30, 2023 and nine and three months ended September 30, 2022 were as follows:


(In millions, except per share data)	Thirty-Nine Weeks Ended September 30, 2023			Nine Months Ended September 30, 2022		Thirteen Weeks Ended September 30, 2023		Three Months Ended September 30, 2022
Income from continuing operations, net of tax	$	324.2		$	411.9	$	136.5	$	141.4
(Loss) income from discontinued operations, net of tax		(1.0	)		165.2		-		62.8
Net income	$	323.2		$	577.1	$	136.5	$	204.2

Earnings per common share
Basic
Continuing operations	$	2.55		$	3.14	$	1.08	$	1.09
Discontinued operations		-			1.26		-		0.49
Basic earnings per share	$	2.55		$	4.40	$	1.08	$	1.58

Diluted
Continuing operations	$	2.53		$	3.12	$	1.07	$	1.09
Discontinued operations		—			1.25		-		0.48
Diluted earnings per share	$	2.53		$	4.37	$	1.07	$	1.57

Basic average shares outstanding		127.1			131.0		126.9		129.3
Stock-based awards		0.8			1.0		0.9		0.8
Diluted average shares outstanding		127.9			132.0		127.8		130.1
Antidilutive stock-based awards excluded from weighted- average number of shares outstanding for diluted earnings per share		0.9			1.2		0.8		1.6

Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Fair Values of Derivative Instruments

The fair values of derivative instruments on the consolidated balance sheets as of September 30, 2023 and December 31, 2022 were as follows:


		Fair Value
(In millions)	Location	September 30, 2023		December 31, 2022
Assets:
Foreign exchange contracts	Other current assets	$	2.7	$	5.0
Interest rate contracts	Other current assets		-		84.6
	Total assets	$	2.7	$	89.6
Liabilities:
Foreign exchange contracts	Other current liabilities	$	2.3	$	0.7
Commodity contracts	Other current liabilities		-		3.6
	Total liabilities	$	2.3	$	4.3

Effects of Derivative Financial Instruments on Consolidated Statements of Income

The effects of derivative financial instruments on the statements of comprehensive income for the thirty-nine weeks ended September 30, 2023 and nine months ended September 30, 2022 were as follows:


(In millions)	Classification and Amount of Gain (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships
	Thirty-Nine Weeks Ended September 30, 2023
	Cost of products sold			Interest expense		Other income, net
Total amounts per Consolidated Statements of Comprehensive Income	$	2,048.4		$	87.9	$	20.9
The effects of fair value and cash flow hedging:
Gain (loss) on fair value hedging relationships
Foreign exchange contracts:
Hedged items		-			-		1.4
Derivative designated as hedging instruments		-			-		0.4
Gain (loss) on cash flow hedging relationships
Foreign exchange contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income		4.1			-		-
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		-			5.8		-

(In millions)	Classification and Amount of Gain (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships
	Nine Months Ended September 30, 2022
	Cost of products sold			Interest expense		Other income, net
Total amounts per Consolidated Statements of Comprehensive Income	$	2,130.5		$	85.3	$	5.2
The effects of fair value and cash flow hedging:
Gain (loss) on fair value hedging relationships
Foreign exchange contracts:
Hedged items		-			-		(28.1	)
Derivative designated as hedging instruments		-			-		25.5
Gain (loss) on cash flow hedging relationships
Foreign exchange contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income		2.1			-		-
Commodity contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income		(4.2	)		-		-
Interest rate contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income		-			2.5		-

The effects of derivative financial instruments on the statements of comprehensive income for the thirteen weeks ended September 30, 2023 and three months ended September 30, 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 September 30, 2023
	Cost of products sold			Interest expense		Other income, net
Total amounts per Consolidated Statements of Comprehensive Income	$	721.1		$	33.3	$	9.4
The effects of fair value and cash flow hedging:
Gain (loss) on fair value hedging relationships
Foreign exchange contracts:
Hedged items		-			-		(3.0	)
Derivative designated as hedging instruments		-			-		3.3
Gain (loss) on cash flow hedging relationships
Foreign exchange contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income		0.1			-		-
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		-			3.2		-

(In millions)	Classification and Amount of Gain (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships
	Three Months Ended September 30, 2022
	Cost of products sold			Interest expense		Other income, net
Total amounts per Consolidated Statements of Comprehensive Income	$	716.6		$	33.0	$	2.8
The effects of fair value and cash flow hedging:
Gain (loss) on fair value hedging relationships
Foreign exchange contracts:
Hedged items		-			-		(17.7	)
Derivative designated as hedging instruments		-			-		17.8
Gain (loss) on cash flow hedging relationships
Foreign exchange contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income		0.8			-		-
Commodity contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income		(3.9	)		-		-
Interest rate contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income		-			1.1		-

Financial Instruments - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Jul. 01, 2023	Sep. 30, 2023	Mar. 31, 2022	Dec. 31, 2021
Derivative [Line Items]
Notional amount of foreign currency derivative hedges			$ 600.0	$ 600.0
Value of terminated interest rate hedges	$ 600.0
Maturity of long term debt		10 years
Foreign exchange contracts [Member]
Derivative [Line Items]
Notional amount of foreign currency derivative hedges		$ 463.2
Cash flow hedge [Member] \| Foreign exchange contracts [Member]
Derivative [Line Items]
Estimated amount of net derivative gain in accumulated other comprehensive income reclassified to earnings within 12 months		13.1
Total realized pre-tax gains		$ 84.2

Commitments and Contingencies

9 Months Ended

Sep. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

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.

Revenue

9 Months Ended

Sep. 30, 2023

Revenue from Contract with Customer [Abstract]

Revenue

10. Revenue

The following table disaggregates our consolidated revenues by major sales distribution channels for the thirty-nine and thirteen weeks ended September 30, 2023 and nine and three months ended September 30, 2022:


(In millions)	Thirty-Nine Weeks Ended September 30, 2023		Nine Months Ended September 30, 2022		Thirteen Weeks Ended September 30, 2023		Three Months Ended September 30, 2022
Wholesalers(a)	$	1,586.5	$	1,586.9	$	619.7	$	533.6
Home Center retailers(b)		888.1		977.6		283.0		310.7
Other retailers(c)		306.2		309.9		114.5		99.8
U.S. net sales		2,780.8		2,874.4		1,017.2		944.1
International(d)		684.1		716.7		244.0		251.4
Net sales	$	3,464.9	$	3,591.1	$	1,261.2	$	1,195.5

(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., 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 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
-Topic 606
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Defined Benefit Plans

9 Months Ended

Sep. 30, 2023

Retirement Benefits [Abstract]

Defined Benefit Plans

11. Defined Benefit Plans

The components of net periodic benefit income for pension benefits for the thirty-nine and thirteen weeks ended September 30, 2023 and nine and three months ended September 30, 2022 were as follows:


	Pension Benefits
(In millions)	Thirty-Nine Weeks Ended September 30, 2023			Nine Months Ended September 30, 2022			Thirteen Weeks Ended September 30, 2023			Three Months Ended September 30, 2022
Service cost	$	0.1		$	0.2		$	-		$	-
Interest cost		20.4			15.3			6.8			5.1
Expected return on plan assets		(21.4	)		(21.1	)		(7.1	)		(7.0	)
Recognition of actuarial losses		-			0.4			-			0.4
Net periodic benefit income	$	(0.9	)	$	(5.2	)	$	(0.3	)	$	(1.5	)

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Financial Instruments - Effects of Derivative Financial Instruments on Consolidated Statements of Income (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Foreign exchange contracts [Member]
Derivatives, Fair Value [Line Items]
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income	$ 0.1	$ 0.8	$ 4.1	$ 2.1
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	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	$ (0.1)	$ (3.9)	$ (0.2)	$ (4.2)
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	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	$ 3.2	$ 1.1	$ 5.8	$ 2.5
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration]	Interest Expense	Interest Expense	Interest Expense	Interest Expense
Cost of products sold [Member]
Derivatives, Fair Value [Line Items]
Derivative, Gain (Loss) on Derivative, Net	$ 721.1	$ 716.6	$ 2,048.4	$ 2,130.5
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	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	$ 33.3	$ 33.0	$ 87.9	$ 85.3
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	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	$ 9.4	$ 2.8	$ 20.9	$ 5.2
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	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	$ (3.3)	$ 17.8	$ (0.4)	$ 25.5
Other income/expense, net [Member] \| Foreign exchange contracts [Member]
Derivatives, Fair Value [Line Items]
Derivative, Gain (Loss) on Derivative, Net	$ 3.0	$ (17.7)	$ 1.4	$ (28.1)

Insider Trading Arrangements	9 Months Ended
Insider Trading Arrangements	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

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

3 Months Ended

9 Months Ended

Sep. 30, 2023

Sep. 30, 2022

Sep. 30, 2023

Sep. 30, 2022

$ 1,261.2

$ 1,195.5

$ 3,464.9

$ 3,591.1

Wholesalers [Member]

Home Center retailers [Member]

^[1]

619.7

533.6

1,586.5

1,586.9

^[2]

283.0

310.7

888.1

977.6

Other retailers [Member]

^[3]

114.5

99.8

306.2

309.9

United States [Member]

1,017.2

944.1

2,780.8

2,874.4

International [Member]

^[4]

$ 244.0

$ 251.4

$ 684.1

$ 716.7

[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., 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 Canada, China, Europe and Mexico.

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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
-Topic 924
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Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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External Debt and Financing Arrangements

External Debt and Financing Arrangements

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

6. External Debt and Financing Arrangements

Senior Notes

In September 2023, we paid off all $600 million in aggregate principle of our 2023 4.000% senior unsecured notes that matured in September 2023 at their maturity date using cash on hand.

In June 2023, the Company issued $600 million in aggregate principal 5.875% senior unsecured notes maturing in 2033 in a registered public offering. The Company used the net proceeds from the notes offering to pay off its 2023 4.000% senior unsecured notes that matured in September 2023 and for general corporate purposes.

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 4.000% senior unsecured notes maturing in 2032 and $450 million of 4.500% 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.

On September 30, 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 September 30, 2023 and December 31, 2022:


					Net Carrying Value
(in millions)	Principal Amount		Issuance Date	Maturity Date	September 30, 2023		December 31, 2022
4.000% Senior Notes	$	500.0	June 2015	June 2025	$	498.7	$	498.1
4.000% Senior Notes		600.0	September 2018	September 2023		-		599.2
3.250% Senior Notes		700.0	September 2019	September 2029		695.5		695.0
4.000% Senior Notes		450.0	March 2022	March 2032		446.1		445.8
4.500% Senior Notes		450.0	March 2022	March 2052		435.8		435.4
5.875% Senior Notes		600.0	June 2023	June 2033		593.3		-
Total Senior Notes	$	3,300.0			$	2,669.4	$	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. On September 30, 2023, and December 31, 2022, our outstanding borrowings under this facility were $110.0 million and zero, respectively. As of September 30, 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 $30.5 million and $20.5 million in aggregate as of September 30, 2023 and December 31, 2022, respectively. There were no outstanding balances as of September 30, 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. On September 30, 2023 and December 31, 2022, outstanding borrowings under our Commercial Paper Program were $49.9 million and zero, respectively, which is included in Long-term debt in the condensed consolidated balance sheet.

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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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 470
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Restructuring and Other Charges - Reconciliation of Restructuring Liability (Detail) - USD ($)
$ in Millions

3 Months Ended

9 Months Ended

Sep. 30, 2023

Sep. 30, 2022

Sep. 30, 2023

Sep. 30, 2022

$ 29.7

$ 4.0

Provision

$ 3.7

$ 20.6

28.9

22.2

Cash Expenditures

^[1]

(17.6)

(4.6)

Non-cash write-offs

(15.1)

Workforce Reduction Costs [Member]

25.9

21.6

25.9

21.6

16.2

3.2

Provision

16.6

14.0

Cash Expenditures

^[1]

(16.3)

(4.6)

Non-cash write-offs

0.6

17.1

12.6

17.1

12.6

Other [Member]

13.5

0.8

Provision

12.3

8.2

Cash Expenditures

^[1]

(1.3)

0.0

Non-cash write-offs

(15.7)

$ 8.8

$ 9.0

$ 8.8

$ 9.0

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

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Accumulated Other Comprehensive Income (Loss)

Accumulated Other Comprehensive Income (Loss)

9 Months Ended

Sep. 30, 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.

In order to mitigate interest rate risk associated with forecasted debt issuances, we entered into a total of $600 million of interest rate hedges during the fourth quarter of 2021 and first quarter of 2022. These hedges were terminated during the second quarter of 2023 in parallel with the issuance of $600 million of long-term debt. Terminating the hedges resulted in a pre-tax gain of $84.2 million which was recorded in accumulated other comprehensive income and will be reclassified to earnings over the 10-year maturity associated with the new long-term debt.


(In millions)	Foreign Currency Adjustments			Derivative Hedging Gain (Loss)			Defined Benefit Plan Adjustments			Accumulated Other Comprehensive Loss
Balance at December 31, 2021	$	3.3		$	2.9		$	(30.8	)	$	(24.6	)
Amounts classified into accumulated other comprehensive (loss) income		(70.5	)		97.3			(1.6	)		25.2
Amounts reclassified from accumulated other comprehensive (loss) income		-			(3.1	)		0.3			(2.8	)
Net current-period other comprehensive (loss) income		(70.5	)		94.2			(1.3	)		22.4
Balance at September 30, 2022	$	(67.2	)	$	97.1		$	(32.1	)	$	(2.2	)

Balance at December 31, 2022	$	(12.1	)	$	93.5		$	(44.0	)	$	37.4
Amounts classified into accumulated other comprehensive (loss) income		(3.6	)		5.2			1.5			3.1
Other		-			-			5.9			5.9
Amounts reclassified from accumulated other comprehensive (loss) income		-			(8.0	)		(1.8	)		(9.8	)
Net current-period other comprehensive (loss) income		(3.6	)		(2.8	)		5.6			(0.8	)
Balance at September 30, 2023	$	(15.7	)	$	90.7		$	(38.4	)	$	36.6


(In millions)	Foreign Currency Adjustments			Derivative Hedging Gain (Loss)			Defined Benefit Plan Adjustments			Accumulated Other Comprehensive Loss
Balance at June 30, 2022	$	(12.8	)	$	71.5		$	(30.9	)	$	27.8
Amounts classified into accumulated other comprehensive (loss) income		(54.4	)		24.9			(1.5	)		(31.0	)
Amounts reclassified from accumulated other comprehensive (loss) income		-			0.7			0.3			1.0
Net current-period other comprehensive (loss) income		(54.4	)		25.6			(1.2	)		(30.0	)
Balance at September 30, 2022	$	(67.2	)	$	97.1		$	(32.1	)	$	(2.2	)

Balance at July 1, 2023	$	0.9		$	92.4		$	(38.0	)	$	55.3
Amounts classified into accumulated other comprehensive (loss) income		(16.6	)		0.8			1.7			(14.1	)
Other		-			-			(0.3	)		(0.3	)
Amounts reclassified from accumulated other comprehensive (loss) income		-			(2.5	)		(1.8	)		(4.3	)
Net current-period other comprehensive (loss) income		(16.6	)		(1.7	)		(0.4	)		(18.7	)
Balance at September 30, 2023	$	(15.7	)	$	90.7		$	(38.4	)	$	36.6

The reclassifications out of accumulated other comprehensive loss for the thirty-nine and thirteen weeks ended September 30, 2023 and nine and three months ended September 30, 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
	Thirty-Nine Weeks Ended September 30, 2023			Nine Months Ended September 30, 2022
Gains (losses) on cash flow hedges
Foreign exchange contracts	$	4.1		$	2.1		Cost of products sold
Commodity contracts		(0.2	)		(4.2	)	Cost of products sold
Interest rate contracts		5.8			2.5		Interest expense
		9.7			0.4		Total before tax
		(1.7	)		0.5		Tax expense
	$	8.0		$	0.9		Net of tax
Defined benefit plan items
Recognition of actuarial losses		2.4		$	(0.3	)	Other (income) expense, net
		2.4			(0.3	)	Total before tax
		(0.6	)		-		Tax expense
	$	1.8		$	(0.3	)	Net of tax
Total reclassifications for the period	$	9.8		$	0.6		Net of tax

(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 September 30, 2023			Three Months Ended September 30, 2022
Gains (losses) on cash flow hedges
Foreign exchange contracts	$	0.1		$	0.8		Cost of products sold
Commodity contracts		(0.1	)		(3.9	)	Cost of products sold
Interest rate contracts		3.2			1.1		Interest expense
		3.2			(2.0	)	Total before tax
		(0.7	)		0.8		Tax expense
	$	2.5		$	(1.2	)	Net of tax
Defined benefit plan items
Recognition of actuarial gains (losses)	$	2.4		$	(0.3	)	Other (income) expense, net
		2.4			(0.3	)	Total before tax
		(0.6	)		-		Tax expense
	$	1.8		$	(0.3	)	Net of tax
Total reclassifications for the period	$	4.3		$	(1.5	)	Net of tax

The amounts in the table above reflect continuing operations, and exclude income amounts, net of tax, related to discontinued operations of $2.2 million and $0.5 million in the nine months and three months ended, September 30, 2022, respectively.

Acquisitions and Dispositions (Tables)

9 Months Ended

Sep. 30, 2023

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 ASSA Businesses purchase price to the fair value of assets acquired and liabilities assumed as of the date of the acquisition.


(In millions)
Accounts receivable	$	35.8
Inventories		107.2
Property, plant and equipment		19.5
Goodwill		264.0
Identifiable intangible assets		442.0
Operating lease assets		17.3
Other assets		2.3
Total assets		888.1
Accounts payable		26.0
Other current liabilities and accruals		37.5
Other non-current liabilities		15.3
Net assets acquired(a)	$	809.3

(a) Net assets exclude $16.3 million of cash transferred to the Company as the result of the acquisition.

Schedule of Unaudited Pro Forma Financial Information

The unaudited pro forma financial information does not necessarily represent the results that would have occurred had the acquisition occurred on January 1, 2022. In addition, the unaudited pro forma information should not be deemed to be indicative of future results.


(In millions)	Thirty-Nine Weeks Ended September 30, 2023		Thirteen Weeks Ended September 30, 2023		Nine Months Ended September 30, 2022		Three Months Ended September 30, 2022
Net sales	$	3,649.9	$	1,261.2	$	3,895.4	$	1,296.3
Income from continuing operations, net of tax	$	361.9	$	137.4	$	420.6	$	149.6

Financial Instruments - Fair Values of Derivative Instruments (Detail) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Derivative assets, fair value	$ 2.7	$ 89.6
Derivative liabilities, fair value	2.3	4.3
Foreign exchange contracts [Member] \| Other Current Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative assets, fair value	2.7	5.0
Foreign exchange contracts [Member] \| Other Current Liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities, fair value	2.3	0.7
Interest rate contracts [Member] \| Other Current Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative assets, fair value	0.0	84.6
Commodity contracts [Member] \| Other Current Liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities, fair value	$ 0.0	$ 3.6

Acquisitions and Dispositions

9 Months Ended

Sep. 30, 2023

Business Combinations [Abstract]

Acquisitions and Dispositions

4. Acquisitions and Dispositions

ASSA Businesses

In June 2023, we acquired the ASSA Businesses. The Company completed the acquisition for a total purchase price of approximately $809.3 million, subject to post-closing adjustments, net of cash acquired of $16.3 million. We financed the transaction with cash on hand. As of the date of this filing, legal title to international operations in Vietnam has not yet transferred, but we expect a deferred closing, which will include a payment of approximately $23.4 million (which amount is already included in the overall purchase price but for which the cash payment has not yet been made). The results of the Emtek and Schaub Business are reported as part of the Water segment and the results of the Yale and August Business are reported as part of the Security segment.

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


(In millions)
Accounts receivable	$	35.8
Inventories		107.2
Property, plant and equipment		19.5
Goodwill		264.0
Identifiable intangible assets		442.0
Operating lease assets		17.3
Other assets		2.3
Total assets		888.1
Accounts payable		26.0
Other current liabilities and accruals		37.5
Other non-current liabilities		15.3
Net assets acquired(a)	$	809.3

(a) Net assets exclude $16.3 million of cash transferred to the Company as the result of the acquisition.

We apply significant judgment 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 tradenames, contributory asset charges, customer attrition rate, market-participant discount rates and the assumed royalty rates. 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 Security and Water segments. Substantially all of the tax goodwill is expected to be deductible for income tax purposes, subject to the finalization of the purchase price allocation. ASSA Businesses identifiable intangible assets consist of finite-lived customer relationship assets of $349.3 million, an indefinite-lived tradename of $75.0 million, a definite-lived tradename of $9.0 million and finite-lived proprietary technology assets of $8.7 million. The useful life of the customer relationship assets is estimated to be 17 years. The useful life of the definite-lived tradename is estimated to be 30 years. The useful life of the proprietary technology assets is estimated to be eight years. Customer relationships, tradenames and proprietary technology assets are amortized on a straight line basis over their useful lives.

The following unaudited pro forma summary presents consolidated financial information as if the ASSA Businesses had been acquired on January 1, 2022. The unaudited pro forma financial information is based on historical results of operations and financial position of the Company and the ASSA Businesses. The pro forma results include:

•

estimated amortization of finite-lived intangible assets, including customer relationships and proprietary technology,

•

the estimated cost of the inventory adjustment to fair value,

•

the reclassification of ASSA Businesses transaction costs from 2023 to the first quarter of 2022,

•

the removal of certain transactions recorded in the historical financial statements of the ASSA Businesses related to assets and activities which were retained by the seller, and

•

adjustments to conform accounting policies.


(In millions)	Thirty-Nine Weeks Ended September 30, 2023		Thirteen Weeks Ended September 30, 2023		Nine Months Ended September 30, 2022		Three Months Ended September 30, 2022
Net sales	$	3,649.9	$	1,261.2	$	3,895.4	$	1,296.3
Income from continuing operations, net of tax	$	361.9	$	137.4	$	420.6	$	149.6

Cabinets

On December 14, 2022, the Company completed the separation of MasterBrand, Inc., 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.

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 nine months ended September 30, 2022, the condensed consolidated statement of cash flows includes net cash provided from operations related to discontinued operations of $211.9 million and net cash used in investing activities of $32.2 million. Depreciation, amortization and capital expenditures attributable to discontinued operations for the nine months ended September 30, 2022, were $32.5 million, $13.2 million and $32.2 million, respectively.

Aqualisa

In July 2022, we acquired 100% of the outstanding equity of Aqualisa for a purchase price of $156.0 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 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 ("Flo"). 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.

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net sales	$ 1,261.2	$ 1,195.5	$ 3,464.9	$ 3,591.1
Cost of products sold	721.1	716.6	2,048.4	2,130.5
Selling, general and administrative expenses	321.1	253.1	862.6	810.7
Amortization of intangible assets	18.8	12.5	44.0	35.7
Restructuring charges	3.7	20.6	28.9	22.2
Operating income	196.5	192.7	481.0	592.0
Interest expense	33.3	33.0	87.9	85.3
Other income, net	(9.4)	(2.8)	(20.9)	(5.2)
Income from continuing operations before income taxes	172.6	162.5	414.0	511.9
Income tax	36.1	21.1	89.8	100.0
Income from continuing operations, net of tax	136.5	141.4	324.2	411.9
(Loss) income from discontinued operations, net of tax	0.0	62.8	(1.0)	165.2
Net income	$ 136.5	$ 204.2	$ 323.2	$ 577.1
Basic earnings per common share
Continuing operations	$ 1.08	$ 1.09	$ 2.55	$ 3.14
Discontinued operations	0	0.49	0	1.26
Basic earnings per share	1.08	1.58	2.55	4.4
Diluted earnings per common share
Continuing operations	1.07	1.09	2.53	3.12
Discontinued operations	0	0.48	0	1.25
Diluted earnings per share	$ 1.07	$ 1.57	$ 2.53	$ 4.37
Comprehensive income	$ 118.1	$ 174.2	$ 316.5	$ 599.5

Information on Business Segments

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Information on Business Segments

14. Information on Business Segments

Net sales and operating income for the thirty-nine and thirteen weeks ended September 30, 2023 and nine and three months ended September 30, 2022 by segment were as follows:


(In millions)	Thirty-Nine Weeks Ended September 30, 2023			Nine Months Ended September 30, 2022			% Change vs. Prior Year
Net Sales
Water	$	1,899.2		$	1,928.7			(1.5	)	%
Outdoors		1,031.9			1,184.4			(12.9	)
Security		533.8			478.0			11.7
Net sales	$	3,464.9		$	3,591.1			(3.5	)	%
Operating Income (Loss)
Water	$	434.7		$	462.7			(6.1	)	%
Outdoors		126.2			154.6			(18.4	)
Security		37.8			68.7			(45.0	)
Less: Corporate expenses		(117.7	)		(94.0	)		(25.2	)
Operating income	$	481.0		$	592.0			(18.8	)	%

(In millions)	Thirteen Weeks Ended September 30, 2023			Three Months Ended September 30, 2022			% Change vs. Prior Year
Net Sales
Water	$	688.0		$	635.1			8.3		%
Outdoors		366.4			403.6			(9.2	)
Security		206.8			156.8			31.9
Net sales	$	1,261.2		$	1,195.5			5.5		%
Operating Income (Loss)
Water	$	164.2		$	152.7			7.5		%
Outdoors		52.0			47.4			9.7
Security		17.0			23.2			(26.7	)
Less: Corporate expenses		(36.7	)		(30.6	)		(19.9	)
Operating income	$	196.5		$	192.7			2.0		%

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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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Components of Net Periodic Benefit Income for Pension Benefits

Defined Benefit Plans (Tables)

9 Months Ended

Sep. 30, 2023

Retirement Benefits [Abstract]

The components of net periodic benefit income for pension benefits for the thirty-nine and thirteen weeks ended September 30, 2023 and nine and three months ended September 30, 2022 were as follows:


	Pension Benefits
(In millions)	Thirty-Nine Weeks Ended September 30, 2023			Nine Months Ended September 30, 2022			Thirteen Weeks Ended September 30, 2023			Three Months Ended September 30, 2022
Service cost	$	0.1		$	0.2		$	-		$	-
Interest cost		20.4			15.3			6.8			5.1
Expected return on plan assets		(21.4	)		(21.1	)		(7.1	)		(7.0	)
Recognition of actuarial losses		-			0.4			-			0.4
Net periodic benefit income	$	(0.9	)	$	(5.2	)	$	(0.3	)	$	(1.5	)

Information on Business Segments (Tables)

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Net Sales and Operating Income by Segment

Net sales and operating income for the thirty-nine and thirteen weeks ended September 30, 2023 and nine and three months ended September 30, 2022 by segment were as follows:


(In millions)	Thirty-Nine Weeks Ended September 30, 2023			Nine Months Ended September 30, 2022			% Change vs. Prior Year
Net Sales
Water	$	1,899.2		$	1,928.7			(1.5	)	%
Outdoors		1,031.9			1,184.4			(12.9	)
Security		533.8			478.0			11.7
Net sales	$	3,464.9		$	3,591.1			(3.5	)	%
Operating Income (Loss)
Water	$	434.7		$	462.7			(6.1	)	%
Outdoors		126.2			154.6			(18.4	)
Security		37.8			68.7			(45.0	)
Less: Corporate expenses		(117.7	)		(94.0	)		(25.2	)
Operating income	$	481.0		$	592.0			(18.8	)	%

(In millions)	Thirteen Weeks Ended September 30, 2023			Three Months Ended September 30, 2022			% Change vs. Prior Year
Net Sales
Water	$	688.0		$	635.1			8.3		%
Outdoors		366.4			403.6			(9.2	)
Security		206.8			156.8			31.9
Net sales	$	1,261.2		$	1,195.5			5.5		%
Operating Income (Loss)
Water	$	164.2		$	152.7			7.5		%
Outdoors		52.0			47.4			9.7
Security		17.0			23.2			(26.7	)
Less: Corporate expenses		(36.7	)		(30.6	)		(19.9	)
Operating income	$	196.5		$	192.7			2.0		%

Balance Sheet Information - Supplemental Information on Balance Sheets (Detail) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Inventories:
Raw materials and supplies	$ 316.5	$ 309.4
Work in process	76.1	83.5
Finished products	537.4	628.4
Total inventories	930.0	1,021.3
Property, plant and equipment, gross	1,822.1	1,614.3
Less: accumulated depreciation	892.9	830.6
Property, plant and equipment, net	$ 929.2	$ 783.7

Basis of Presentation and Principles of Consolidation

9 Months Ended

Sep. 30, 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.

In June 2023, we acquired the Emtek and Schaub premium and luxury door and cabinet hardware business (the "Emtek and Schaub Business"), and the U.S. and Canadian Yale and August residential smart home locks business (the "Yale and August Business", and collectively with the Emtek and Schaub Business, the "ASSA Businesses") from ASSA ABLOY, Inc. and its affiliates ("ASSA"). The Company completed the acquisition for a total purchase price of approximately $809.3 million, subject to post-closing adjustments, net of cash acquired of $16.3 million. We financed the transaction with cash on hand. As of the date of this filing, legal title to international operations in Vietnam has not yet transferred, but we expect a deferred closing, which will include a payment of approximately $23.4 million (which amount is already included in the overall purchase price but for which the cash payment has not yet been made), shortly following receipt of local regulatory approval, which is expected to occur later in 2023. The results of the Emtek and Schaub Business are reported as part of the Water segment and the results of the Yale and August Business are reported as part of the Security segment.

In January 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 sheet as of September 30, 2023, the related condensed consolidated statements of comprehensive income and equity for the thirty-nine weeks and thirteen weeks ended September 30, 2023, the related condensed consolidated statements of comprehensive income and equity for the nine and three months ended September 30, 2022, the related condensed consolidated statements of cash flows for the thirty-nine weeks ended September 30, 2023, and the related condensed consolidated statements of cash flows for the nine months ended September 30, 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, 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 using cash on hand and borrowings under our revolving 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. 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 January 31, 2022 was $61.6 million.

Goodwill and Identifiable Intangible Assets

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Identifiable Intangible Assets

5. Goodwill and Identifiable Intangible Assets

We had goodwill of $1,904.2 million and $1,640.7 million as of September 30, 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 translation adjustments		0.5		-		0.1		0.6
Acquisition-related adjustments		243.3		0.1		19.5		262.9
Goodwill at September 30, 2023(a)	$	1,137.2	$	651.1	$	115.9	$	1,904.2

(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 September 30, 2023 and December 31, 2022 were as follows:


(In millions)	As of September 30, 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	$	553.1	$	-		$	553.1	$	478.1	$	-		$	478.1
Amortizable intangible assets
Tradenames		56.8		(8.5	)		48.3		47.5		(6.8	)		40.7
Customer and contractual relationships		1,012.6		(273.5	)		739.1		662.6		(239.6	)		423.0
Patents/proprietary technology		137.4		(77.9	)		59.5		128.5		(69.5	)		59.0
Total		1,206.8		(359.9	)		846.9		838.6		(315.9	)		522.7
Total identifiable intangibles	$	1,759.9	$	(359.9	)	$	1,400.0	$	1,316.7	$	(315.9	)	$	1,000.8

We had net identifiable intangible assets of $1,400.0 million and $1,000.8 million as of September 30, 2023 and December 31, 2022, respectively. The $443.2 million increase in gross identifiable intangible assets was primarily due to the acquisition of the ASSA Businesses and 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.

Revenue (Tables)

9 Months Ended

Sep. 30, 2023

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue


(In millions)	Thirty-Nine Weeks Ended September 30, 2023		Nine Months Ended September 30, 2022		Thirteen Weeks Ended September 30, 2023		Three Months Ended September 30, 2022
Wholesalers(a)	$	1,586.5	$	1,586.9	$	619.7	$	533.6
Home Center retailers(b)		888.1		977.6		283.0		310.7
Other retailers(c)		306.2		309.9		114.5		99.8
U.S. net sales		2,780.8		2,874.4		1,017.2		944.1
International(d)		684.1		716.7		244.0		251.4
Net sales	$	3,464.9	$	3,591.1	$	1,261.2	$	1,195.5

(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.

Accumulated Other Comprehensive Income (Loss) - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2023	Jul. 01, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Mar. 31, 2022	Dec. 31, 2021
Interest rate hedges						$ 600.0	$ 600.0
Value of terminated interest rate hedges		$ 600.0
Maturity of long term debt				10 years
(Loss) income from discontinued operations, net of tax	$ 0.0		$ 62.8	$ (1.0)	$ 165.2
Foreign Exchange Contract [Member]
Interest rate hedges	$ 463.2			463.2
Cash Flow Hedging [Member] \| Foreign Exchange Contract [Member]
Total realized pre-tax gains				$ 84.2
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] \| Reclassification out of Accumulated Other Comprehensive Income [Member]
(Loss) income from discontinued operations, net of tax			$ 0.5		$ 2.2

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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Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Identifiable Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2023

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 translation adjustments		0.5		-		0.1		0.6
Acquisition-related adjustments		243.3		0.1		19.5		262.9
Goodwill at September 30, 2023(a)	$	1,137.2	$	651.1	$	115.9	$	1,904.2

(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 September 30, 2023 and December 31, 2022 were as follows:


(In millions)	As of September 30, 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	$	553.1	$	-		$	553.1	$	478.1	$	-		$	478.1
Amortizable intangible assets
Tradenames		56.8		(8.5	)		48.3		47.5		(6.8	)		40.7
Customer and contractual relationships		1,012.6		(273.5	)		739.1		662.6		(239.6	)		423.0
Patents/proprietary technology		137.4		(77.9	)		59.5		128.5		(69.5	)		59.0
Total		1,206.8		(359.9	)		846.9		838.6		(315.9	)		522.7
Total identifiable intangibles	$	1,759.9	$	(359.9	)	$	1,400.0	$	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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Organization, Consolidation and Presentation of Financial Statements [Abstract]

Income Taxes - Additional Information (Detail)	3 Months Ended		9 Months Ended
Income Taxes - Additional Information (Detail)	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Effective income tax rate	20.90%	13.00%	21.70%	19.50%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent			21.00%	21.00%

Balance Sheet Information (Tables)

9 Months Ended

Sep. 30, 2023

Supplemental Information on Balance Sheets

Supplemental information on our balance sheets is as follows:


(In millions)	September 30, 2023		December 31, 2022
Inventories:
Raw materials and supplies	$	316.5	$	309.4
Work in process		76.1		83.5
Finished products		537.4		628.4
Total inventories	$	930.0	$	1,021.3

Property, plant and equipment, gross	$	1,822.1	$	1,614.3
Less: accumulated depreciation		892.9		830.6
Property, plant and equipment, net	$	929.2	$	783.7

Recently Issued Accounting Standards

9 Months Ended

Sep. 30, 2023

Accounting Policies [Abstract]

Recently Issued Accounting Standards

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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-URI https://asc.fasb.org//1943274/2147481925/310-20-65-2

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

1 Months Ended

3 Months Ended

9 Months Ended

Jun. 20, 2023

Jul. 29, 2022

Jan. 30, 2022

Jun. 30, 2023

Jul. 31, 2022

Jan. 31, 2022

Sep. 30, 2023

Sep. 30, 2022

Sep. 30, 2023

Sep. 30, 2022

Amortization of intangible assets

Depreciation

$ 67.5

$ 93.5

$ 18.8

$ 12.5

44.0

35.7

Payments To Acquire Businesses Net Of Cash Acquired

$ 784.1

214.0

Cabinets [Member]

Net cash provided from operations related to discontinued operations

211.9

Net cash in investing activities

32.2

Capital expenditures

32.2

Discontinued Operations [Member] | Cabinets [Member]

Amortization of intangible assets

Depreciation

32.5

$ 13.2

Aqualisa Holdings (International) Ltd. [Member]

Fair value allocated to assets acquired and liabilities assumed

$ 156.0

$ 156.0

Payments To Acquire Businesses Net Of Cash Acquired

$ 4.8

Business acquisition, percentage of outstanding equity acquired

100.00%

Business acquisition, goodwill, expected tax non-deductible amount

$ 88.7

Solar Innovations [Member]

Fair value allocated to assets acquired and liabilities assumed

$ 61.6

61.6

Payments To Acquire Businesses 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

Flo Technologies, Inc. [Member]

Final cash payment

$ 16.7

Assa Businesses [Member]

Fair value allocated to assets acquired and liabilities assumed

$ 809.3

^[1]

809.3

Payments To Acquire Businesses Net Of Cash Acquired

16.3

Purchase price not yet paid as cash

$ 23.4

Finite-lived intangible assets, amortization method

Assa Businesses [Member] | Tradename [Member]

Finite-Lived Intangible Asset, Useful Life

30 years

Finite-lived intangible assets

$ 9.0

Indefinite-lived intangible asset

$ 75.0

Assa Businesses [Member] | Customer relationship [Member]

Finite-Lived Intangible Asset, Useful Life

17 years

Finite-lived intangible assets

$ 349.3

Assa Businesses [Member] | Proprietary technology assets [Member]

Finite-Lived Intangible Asset, Useful Life

8 years

Finite-lived intangible assets

$ 8.7

[1]	(a) Net assets exclude $16.3 million of cash transferred to the Company as the result of the acquisition.

Fair Value Measurements - Additional Information (Detail)	Sep. 30, 2023 USD ($)
Fair Value Disclosures [Abstract]
Assets or liabilities measured at fair value on recurring basis	$ 0

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

Sep. 30, 2023

Dec. 31, 2022

Current assets

Cash and cash equivalents

$ 453.4

$ 642.5

Accounts receivable less allowances for discounts and credit losses

578.6

521.8

Inventories

930.0

1,021.3

Other current assets

187.7

274.8

Total current assets

2,149.7

2,460.4

Property, plant and equipment, net of accumulated depreciation

929.2

783.7

Operating lease assets

123.2

118.9

Other intangible assets, net of accumulated amortization

^[1]

1,904.2

1,640.7

1,400.0

1,000.8

Other assets

111.8

116.4

Total assets

6,618.1

6,120.9

Current liabilities

Short-term debt

0.0

599.2

Accounts payable

570.4

421.6

Other current liabilities

621.7

523.9

Total current liabilities

1,192.1

1,544.7

Long-term debt

2,829.3

2,074.3

Deferred income taxes

125.5

136.9

Accrued defined benefit plans

59.7

79.9

Operating lease liabilities

92.1

95.4

Other non-current liabilities

100.4

102.8

Total liabilities

4,399.1

4,034.0

Commitments and contingencies (see Note 17)

Stockholders' equity

Common stock

^[2]

1.9

Paid-in capital

3,116.8

3,069.6

Accumulated other comprehensive loss

36.6

37.4

Retained earnings

2,554.2

2,323.8

Treasury stock

(3,490.5)

(3,345.8)

Total stockholders' equity

2,219.0

2,086.9

Total liabilities and equity

$ 6,618.1

$ 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; 186.9 million shares and 186.2 million shares issued at September 30, 2023 and December 31, 2022, respectively.

Acquisitions and Dispositions - Schedule of Unaudited Pro Forma Financial Information (Detail) - Assa Businesses [Member] - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Business Acquisition [Line Items]
Net sales	$ 1,261.2	$ 1,296.3	$ 3,649.9	$ 3,895.4
Income from continuing operations, net of tax	$ 137.4	$ 149.6	$ 361.9	$ 420.6

Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative financial instruments (Level 2)	$ 2.7	$ 89.6
Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	20.7	104.5
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)	2.7	89.6
Deferred compensation program assets (Level 2)	18.0	14.9
Derivative financial instruments (Level 2)	$ 2.3	$ 4.3

Income Taxes

9 Months Ended

Sep. 30, 2023

Income Tax Disclosure [Abstract]

Income Taxes

12. Income Taxes

The effective income tax rates for the thirty-nine and thirteen weeks ended September 30, 2023 were 21.7% and 20.9% respectively. The effective income tax rates for the nine and three months ended September 30, 2022 were 19.5% and 13.0%, respectively.

The difference between the Company’s effective tax rate for the thirty-nine weeks ended September 30, 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 tax credits. The difference between the Company’s effective rate for the nine months ended September 30, 2022 and the US statutory rate of 21% primarily relates to a net benefit from a decrease in uncertain tax positions, largely as a result of audit settlements in the quarter.

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

Product Warranties - Activity Related to Product Warranty Liability (Detail) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Guarantees and Product Warranties [Abstract]
Reserve balance at the beginning of the period	$ 20.1	$ 19.5
Provision for warranties issued	6.5	5.8
Settlements made (in cash or in kind)	(7.4)	(6.3)
Acquisition	0.0	1.4
Foreign translation adjustments	(0.2)	(0.5)
Reserve balance at end of period	$ 19.0	$ 19.9

Earnings Per Share - Computations of Earnings (Loss) per Common Share (Detail) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Income from continuing operations, net of tax	$ 136.5	$ 141.4	$ 324.2	$ 411.9
(Loss) income from discontinued operations, net of tax	0.0	62.8	(1.0)	165.2
Net income	$ 136.5	$ 204.2	$ 323.2	$ 577.1
Continuing operations	$ 1.08	$ 1.09	$ 2.55	$ 3.14
Discontinued operations	0	0.49	0	1.26
Basic earnings per share	1.08	1.58	2.55	4.4
Continuing operations	1.07	1.09	2.53	3.12
Discontinued operations	0	0.48	0	1.25
Diluted earnings per share	$ 1.07	$ 1.57	$ 2.53	$ 4.37
Basic average shares outstanding	126,900,000	129,300,000	127,100,000	131,000,000
Stock-based awards	900,000	800,000	800,000	1,000,000.0
Diluted average shares outstanding	127,800,000	130,100,000	127,900,000	132,000,000
Antidilutive stock-based awards excluded from weighted- average number of shares outstanding for diluted earnings per share	0.8	1.6	0.9	1.2

Fair Value Measurements

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

8. Fair Value Measurements

FASB 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 September 30, 2023 and December 31, 2022 were as follows:


(In millions)	September 30, 2023				December 31, 2022
	Carrying Value		Fair Value		Carrying Value		Fair Value
Notes, net of underwriting commissions, price discounts and debt issuance costs	$	2,669.4	$	2,378.6	$	2,673.5	$	2,412.6
2022 Revolving Credit Agreement		110.0		110.0		-		-
Commercial paper borrowings		49.9		49.9		-		-
Total debt	$	2,829.3	$	2,538.5	$	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 Facility, borrowings under our Commercial Paper Program 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 September 30, 2023 and December 31, 2022 were as follows:


(In millions)	Fair Value
	September 30, 2023		December 31, 2022
Assets
Derivative financial instruments (Level 2)	$	2.7	$	89.6
Deferred compensation program assets (Level 2)		18.0		14.9
Total assets	$	20.7	$	104.5
Liabilities
Derivative financial instruments (Level 2)	$	2.3	$	4.3

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.