0000950170-24-021148 | 10-K | XBRL Viewer | Fortune Brands Innovations INC

^[1]

$ 4,626.2

$ 4,723.0

$ 4,801.1

614.9

774.3

811.1

6,565.0

6,120.9

5,446.5

106.7

82.9

80.6

62.1

48.3

46.4

Less: proceeds from disposition of assets

256.5

190.2

162.6

(2.8)

(8.2)

(1.8)

Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]

975.0

783.7

670.8

United States [Member]

^[1]

3,708.0

3,763.6

3,722.7

Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]

798.0

673.5

569.6

Mexico [Member]

Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]

62.9

55.9

53.7

China [Member]

^[1]

335.2

363.9

510.4

Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]

17.3

20.1

23.7

Canada [Member]

^[1]

352.4

368.2

384.2

Other International [Member]

7.6

7.3

7.7

Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]

^[1]

230.6

227.3

183.8

Operating Segments [Member]

89.2

26.9

16.1

Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]

Capital expenditures, net

253.7

182.0

160.8

Operating Segments [Member] | Water [Member]

Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]

2,562.2

2,570.2

2,761.2

574.3

614.6

629.7

3,492.2

2,674.4

2,614.7

40.4

34.9

37.1

28.9

16.2

14.9

Operating Segments [Member] | Outdoors [Member]

104.7

52.1

38.1

Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]

1,341.1

1,517.4

1,416.5

133.5

194.2

205.3

2,205.3

2,214.6

2,042.3

34.5

32.3

26.1

30.0

30.2

29.6

Operating Segments [Member] | Security Segment [Member]

140.0

120.2

112.3

Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]

722.9

635.4

623.4

62.4

95.4

86.6

721.0

605.4

577.1

29.8

13.2

14.6

3.2

1.9

Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]

10.4

17.9

11.9

Corporate [Member]

(155.3)

(129.9)

(110.5)

146.5

626.5

212.4

2.0

2.5

2.8

$ 1.4

$ 0.0

$ 0.3

[1]	Based on country of destination

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

Stock-Based Compensation - Stock-Based Compensation Expense (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation	$ 35.2	$ 40.1	$ 45.1
Tax benefit	7.9	9.2	7.9
Total after tax expense	27.3	30.9	37.2
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation	22.1	16.6	17.8
Employee Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation	5.3	6.6	5.3
Performance Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation	6.1	15.6	20.7
Director Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation	$ 1.7	$ 1.3	$ 1.3

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.

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Goodwill and Identifiable Intangible Assets - Change in Net Carrying Amount of Goodwill by Segment (Parenthetical) (Detail) $ in Millions	Dec. 30, 2023 USD ($)
Outdoors [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.

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Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

12 Months Ended

Dec. 30, 2023

Stock-Based Compensation

13. Stock-Based Compensation

As of December 30, 2023, we had awards outstanding under the Fortune Brands Home & Security, Inc. 2022 Long-Term Incentive Plan (the "2022 Plan") and the Fortune Brands Home & Security, Inc. 2013 Long-Term Incentive Plan (the “2013 Plan”) (collectively, the "Plans"). In 2022, stockholders approved the 2022 Plan, which provides for the granting of stock options, performance share awards ("PSAs"), restricted stock units ("RSUs") and other equity-based awards to employees, directors and consultants. No new stock-based awards can be made under the 2013 Plan, but there are outstanding unvested RSUs, unvested PSUs and stock options that continue to be exercisable. In addition, shares of common stock that were granted and subsequently expired, terminated, cancelled or forfeited, or were used to satisfy the required withholding taxes with respect to awards under the Plans, may be recycled back into the total numbers of shares available for issuance under the 2022 Plan. Upon the exercise or payment of stock-based awards, shares of common stock are issued from authorized common shares. As of December 30, 2023, approximately 4.2 million shares of common stock remained authorized for issuance under the 2022 Plan.

Stock-based compensation expense was as follows:


(In millions)	2023		2022		2021
Restricted stock units	$	22.1	$	16.6	$	17.8
Stock option awards		5.3		6.6		5.3
Performance awards		6.1		15.6		20.7
Director awards		1.7		1.3		1.3
Total pre-tax expense		35.2		40.1		45.1
Tax benefit		7.9		9.2		7.9
Total after tax expense	$	27.3	$	30.9	$	37.2

Included in compensation costs are cash-settled RSUs of $1.3 million, $0.3 million and $3.3 million that are classified as a liability as of December 30, 2023, December 31, 2022 and December 31, 2021, respectively. Compensation costs that were capitalized in inventory were not material.

In connection with the Separation, outstanding equity awards granted to Company service providers were adjusted to preserve the intrinsic value of the awards held immediately before and after the Separation, with unvested annual PSAs converting into time-based RSUs (“Adjusted RSUs”). All outstanding equity awards granted to MasterBrand service providers were converted into replacement awards of MasterBrand equity under the same methodology and ceased to represent equity awards with respect to the Company.

Restricted Stock Units

RSUs have been granted to officers and certain employees of the Company and represent the right to receive shares of Company common stock subject to continued employment through each vesting date. RSUs generally vest ratably over a three-year period, with the exception of the RSUs that were converted from PSAs, which vest at the end of the original three-year performance cycles. In addition, certain employees can elect to defer receipt of a portion of their RSU awards upon vesting. Compensation cost is recognized over the service period. We calculate the fair value of each RSU granted by using the average of the high and low share prices on the date of grant.

A summary of activity with respect to RSUs outstanding under the Plans for the year ended December 30, 2023 was as follows:


	Number of Restricted Stock Units			Weighted-Average Grant-Date Fair Value
Non-vested at December 31, 2022		1,178,326		$	69.65
Granted		281,945		$	62.98
Vested		(558,999	)	$	64.32
Forfeited		(53,343	)	$	70.06
Non-vested at December 30, 2023		847,929		$	70.93

The remaining unrecognized pre-tax compensation cost related to RSUs at December 30, 2023 was approximately $20.5 million, and the weighted-average period of time over which this cost will be recognized is 1.5 years. The fair value of RSUs that vested during 2023, 2022 and 2021 was $35.8 million, $16.8 million and $15.6 million, respectively.

Stock Option Awards

Stock options were granted to officers and certain employees of the Company and represent the right to purchase shares of Company common stock subject to continued employment through each vesting date. Stock options granted under the Plans generally vest over a three-year period and generally expire ten years from the grant date.

All stock-based compensation to employees is required to be measured at fair value and expensed over the requisite service period. We recognize compensation expense on awards on a straight-line basis over the requisite service period for the entire award.

The fair value of Fortune Brands options was estimated at the date of grant using a Black-Scholes option pricing model with the assumptions shown in the following table:


	2023			2022			2021
Current expected dividend yield		1.5	%		1.2	%		1.2	%
Expected volatility		34.8	%		34.8	%		35.1	%
Risk-free interest rate		4.2	%		2.3	%		0.6	%
Expected term	5.4 years			5.2 years			5.2 years

In 2023, the determination of expected volatility is based on the volatility of Fortune Brands common stock and a blended peer group volatility for companies in similar industries, at a similar stage of life and with similar market capitalization. In 2022 and 2021, the determination of expected volatility is based on the volatility of Fortune Brands common stock. The risk-free interest rate is based on U.S. government issues with a remaining term equal to the expected life of the stock options. The expected term is the period over which our employees are expected to hold their options. The expected term was determined based on the historical employee exercise behavior and the contractual term of the options. The dividend yield is based on the Company’s estimated dividend over the expected term. The weighted-average grant date fair value of stock options granted under the Plans during the years ended December 30, 2023, December 31, 2022 and December 31, 2021 was $20.39, $24.50 and $24.55, respectively.


	Options			Weighted- Average Exercise Price
Outstanding at December 31, 2022		2,326,427		$	56.84
Granted		303,319		$	60.79
Exercised		(376,785	)	$	47.90
Expired/forfeited		(48,932	)	$	67.23
Outstanding at December 30, 2023		2,204,029		$	58.68

Options outstanding and exercisable at December 30, 2023 were as follows:


	Options Outstanding (a)						Options Exercisable (b)
Range Of Exercise Prices	Options Outstanding		Weighted- Average Remaining Contractual Life		Weighted- Average Exercise Price		Options Exercisable		Weighted- Average Exercise Price
$20.00 to $100.00		2,204,029		5.90	$	58.68		1,647,550	$	56.50

(a)

At December 30, 2023, the aggregate intrinsic value of options outstanding was $38.7 million.

(b)

At December 30, 2023, the weighted-average remaining contractual life of options exercisable was 4.9 years and the aggregate intrinsic value of options exercisable was $32.5 million.

The remaining unrecognized compensation cost related to unvested awards at December 30, 2023 was $6.4 million, and the weighted-average period of time over which this cost will be recognized is 1.6 years. The fair value of options that vested during 2023, 2022 and 2021 was $6.3 million, $26.2 million and $4.8 million, respectively. The intrinsic value of Fortune Brands stock options exercised in 2023, 2022 and 2021 was $8.5 million, $1.1 million and $40.1 million, respectively.

Performance Share Awards

PSAs were granted to officers and certain employees of the Company and represent the right to earn shares of Company common stock based on the achievement of company-wide non-GAAP performance conditions, including cumulative EBITDA margin percent and cumulative return on invested capital during the three-year performance period. Compensation cost is amortized into expense over the performance period, which is generally three years, and is based on the probability of meeting performance targets. The fair value of each PSA is based on the average of the high and low stock prices on the date of grant.


	Number of Performance Share Awards			Weighted-Average Grant-Date Fair Value
Non-vested at December 31, 2022		20,572		$	75.59
Granted		207,193		$	61.79
Vested		(4,709	)	$	60.86
Forfeited		(12,252	)	$	66.32
Non-vested at December 30, 2023		210,804		$	62.89

The remaining unrecognized pre-tax compensation cost related to PSAs at December 30, 2023 was approximately $10.9 million, and the weighted-average period of time over which this cost will be recognized is 2.0 years. The fair value of PSAs that vested during 2023 was $0.3 million (4,709 shares).

Director Awards

Stock awards are used as part of the compensation provided to outside directors under the Plans. Awards are issued annually in the second quarter. In addition, outside directors can elect to have director cash compensation paid in stock and can elect to defer payment of stock. Compensation cost is expensed at the time of an award based on the fair value of a share at the date of the award. In 2023, 2022 and 2021, we awarded 27,094, 17,649 and 12,114 shares of Company common stock to outside directors with a weighted-average fair value on the date of the award of $64.13, $73.94 and $107.73, respectively.

Other (Income) Expense, Net - Components of Other Expense (Income), Net (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Other Income and Expenses [Abstract]
Defined benefit plan	$ (1.6)	$ (8.7)	$ (7.1)
Interest income	(14.2)	(5.8)	(2.1)
Foreign currency (gains) losses	(3.4)	3.3	4.6
Losses on equity investment	0.0	0.0	5.0
Other items, net	(0.3)	(0.8)	0.0
Total other (income) expense, net	$ (19.5)	$ (12.0)	$ 0.4

Balance Sheet Information - Supplemental Information on Balance Sheets (Detail) - USD ($) $ in Millions	Dec. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Inventories:
Raw materials and supplies	$ 352.4	$ 309.4
Work in process	83.2	83.5
Finished products	546.7	628.4
Total inventories	982.3	1,021.3
Property, plant and equipment:
Land and improvements	53.6	51.9
Buildings and improvements to leaseholds	320.3	285.1
Machinery and equipment	1,147.7	1,052.2
Construction in progress	383.2	225.1
Property, plant and equipment, gross	1,904.8	1,614.3
Less: accumulated depreciation	929.8	830.6
Property, plant and equipment, net of accumulated depreciation	975.0	783.7	$ 670.8
Other current liabilities:
Accrued salaries, wages and other compensation	125.4	57.6
Accrued customer programs	221.2	227.6
Accrued taxes	31.5	24.8
Dividends payable	30.3	29.4
Other accrued expenses	223.9	184.5
Total other current liabilities	$ 632.3	$ 523.9

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

12 Months Ended

Dec. 30, 2023

Dec. 31, 2022

^[1]

$ 1,640.7

$ 1,538.9

8.5

(10.2)

257.6

112.0

^[1]

1,906.8

1,640.7

Water [Member]

^[1]

893.4

814.1

8.1

(9.4)

227.8

88.7

^[1]

1,129.3

893.4

Outdoors [Member]

^[1]

651.0

627.7

0.0

0.1

23.3

^[1]

651.1

651.0

Security [Member]

^[1]

96.3

97.1

0.4

(0.8)

29.7

0.0

^[1]

$ 126.4

$ 96.3

[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.

Net Sales and Operating Income by Segment

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Incentive Plan, common stock available for issuance	4,200,000
Incentive Plan, options vesting period	3 years
Unrecognized compensation cost, weighted-average recognition period	1 year 6 months
Incentive Plan, options maturity period	10 years
Incentive Plan, weighted-average grant date fair value of stock options granted	$ 20.39	$ 24.5	$ 24.55
Unrecognized compensation cost related to unvested option	$ 6.4
Fair value of options vested	6.3	$ 26.2	$ 4.8
Intrinsic value of stock options exercised	$ 8.5	1.1	40.1
Performance Condition Achievement
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vested	(4,709)
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Compensation costs classified as liability	$ 1.3	0.3	3.3
Incentive Plan, options vesting period	3 years
Unrecognized pre-tax compensation cost	$ 20.5
Fair value of performance share awards vested	$ 35.8	$ 16.8	$ 15.6
Employee Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation cost, weighted-average recognition period	1 year 7 months 6 days
Performance Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Incentive Plan, options vesting period	3 years
Unrecognized pre-tax compensation cost	$ 10.9
Unrecognized compensation cost, weighted-average recognition period	2 years
Fair value of performance share awards vested	$ 0.3
Vested	(4,709)
Director Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock awards issued	27,094	17,649	12,114
Common stock issued to outside directors	$ 64.13	$ 73.94	$ 107.73

Information on Business Segments (Tables)

12 Months Ended

Dec. 30, 2023

Segment Reporting [Abstract]


(In millions)	2023		2022		2021
Net sales:
Water	$	2,562.2	$	2,570.2	$	2,761.2
Outdoors		1,341.1		1,517.4		1,416.5
Security		722.9		635.4		623.4
Total net sales	$	4,626.2	$	4,723.0	$	4,801.1


(In millions)	2023			2022			2021
Operating income:
Water	$	574.3		$	614.6		$	629.7
Outdoors		133.5			194.2			205.3
Security		62.4			95.4			86.6
Corporate		(155.3	)		(129.9	)		(110.5	)
Total operating income	$	614.9		$	774.3		$	811.1


(In millions)	2023			2022			2021
Total assets:
Water	$	3,492.2		$	2,674.4		$	2,614.7
Outdoors		2,205.3			2,214.6			2,042.3
Security		721.0			605.4			577.1
Corporate		146.5			626.5			212.4
Total assets	$	6,565.0		$	6,120.9		$	5,446.5
Depreciation expense:
Water	$	40.4		$	34.9		$	37.1
Outdoors		34.5			32.3			26.1
Security		29.8			13.2			14.6
Corporate		2.0			2.5			2.8
Depreciation expense	$	106.7		$	82.9		$	80.6
Amortization of intangible assets:
Water	$	28.9		$	16.2		$	14.9
Outdoors		30.0			30.2			29.6
Security		3.2			1.9			1.9
Amortization of intangible assets	$	62.1		$	48.3		$	46.4
Capital expenditures:
Water	$	104.7		$	52.1		$	38.1
Outdoors		140.0			120.2			112.3
Security		10.4			17.9			11.9
Corporate		1.4			—			0.3
Capital expenditures, gross		256.5			190.2			162.6
Less: proceeds from disposition of assets		(2.8	)		(8.2	)		(1.8	)
Capital expenditures, net	$	253.7		$	182.0		$	160.8
Net sales by geographic region (a):
United States	$	3,708.0		$	3,763.6		$	3,722.7
China		335.2			363.9			510.4
Canada		352.4			368.2			384.2
Other international		230.6			227.3			183.8
Net sales	$	4,626.2		$	4,723.0		$	4,801.1
Property, plant and equipment, net:
United States	$	798.0		$	673.5		$	569.6
Mexico		62.9			55.9			53.7
Canada		7.6			7.3			7.7
China		17.3			20.1			23.7
Other international		89.2			26.9			16.1
Property, plant and equipment, net	$	975.0		$	783.7		$	670.8

(a)

Based on country of destination.

Consolidated Statements of Income - USD ($)
shares in Millions, $ in Millions

12 Months Ended

Dec. 30, 2023

Dec. 31, 2022

Dec. 31, 2021

Income Statement [Abstract]

NET SALES

^[1]

$ 4,626.2

$ 4,723.0

$ 4,801.1

Cost of products sold

2,714.8

2,790.1

2,840.6

Selling, general and administrative expenses

1,168.4

1,077.9

1,093.7

62.1

48.3

46.4

Asset impairment charges

33.5

0.0

Other expense (income), net

32.5

32.4

9.3

OPERATING INCOME

614.9

774.3

811.1

Interest expense

116.5

119.2

84.3

(19.5)

(12.0)

0.4

Income from continuing operations before income taxes

517.9

667.1

726.4

Income taxes

112.4

127.2

166.7

Income from continuing operations, net of tax

405.5

539.9

559.7

Income (loss) from discontinued operations, net of tax

(1.0)

146.8

212.7

NET INCOME

$ 404.5

$ 686.7

$ 772.4

BASIC EARNINGS PER COMMON SHARE

$ 3.2

$ 4.14

$ 4.07

Basic earnings per share attributable to Fortune Brands

(0.01)

1.13

1.55

3.19

5.27

5.62

DILUTED EARNINGS PER COMMON SHARE

3.17

4.11

4.01

Diluted earnings per share attributable to Fortune Brands

1.12

1.53

$ 3.17

$ 5.23

$ 5.54

Basic average number of shares outstanding

^[2]

126.9

130.3

137.5

Diluted average number of shares outstanding

^[2]

127.7

131.3

139.5

[1]	Based on country of destination
[2]	Reflects the impact of share repurchases during the years ended December 30, 2023, and December 31, 2022 and 2021, respectively.

Income Taxes - Components of Loss Income Before Income Taxes and Noncontrolling Interests (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Domestic operations	$ 418.1	$ 563.1	$ 591.0
Foreign operations	99.8	104.0	135.4
Income from continuing operations before income taxes	$ 517.9	$ 667.1	$ 726.4

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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

Dec. 30, 2023

Jun. 20, 2023

Dec. 31, 2022

Dec. 31, 2021

^[1]

$ 1,906.8

$ 1,640.7

$ 1,538.9

ASSA Businesses [Member]

Property, plant and equipment

Accounts receivable

$ 38.0

Inventories

106.8

19.5

Identifiable intangible assets

258.8

442.0

Operating lease assets

17.1

Other assets

2.3

Total assets

884.5

Accounts payable

26.0

Other current liabilities and accruals

33.9

Other non-current liabilities

15.3

Net assets acquired

$ 809.3

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

Discontinued Operations (Tables)

12 Months Ended

Dec. 30, 2023

Discontinued Operations and Disposal Groups [Abstract]

Summary of Results of the Discontinued Operations

The following table summarizes the results of the discontinued operations for the years ended December 31, 2022 and December 31, 2021.


(In millions)	2022		2021
NET SALES	$	3,199.7	$	2,855.0
Cost of products sold		2,279.3		2,068.5
Selling, general and administrative expense		619.7		485.3
Amortization of intangible asset		16.8		17.8
Asset impairment charges		46.4		—
Restructuring charges		25.1		4.2
DISCONTINUED OPERATING INCOME		212.4		279.2
Interest expense		0.2		0.1
Other expense, net		2.2		0.4
INCOME FROM DISCONTINUED OPERATIONS BEFORE INCOME TAXES		210.0		278.7
Income taxes		63.2		66.0
INCOME FROM DISCONTINUED OPERATIONS, NET OF TAX	$	146.8	$	212.7

Summary of Cash Flow Information Related to Discontinued Operations

The following table summarizes the cash flows of MasterBrand, which are reflected in the consolidated statements of cash flows:


(In millions)	2022			2021
Net cash provided by operating activities	$	213.0		$	162.7
Net cash used in investing activities		(55.8	)		(51.5	)
Net cash used in financing activities		—			—
Effect of foreign exchange rate changes on cash		(0.2	)		0.1
Net increase in cash and cash equivalents	$	157.0		$	111.3

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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Other Income and Expenses [Abstract]

Financial Instruments - Fair Values of Derivative Instruments (Detail) - USD ($) $ in Millions	Dec. 30, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Derivative assets, fair value	$ 0.8	$ 89.6
Derivative liabilities, fair value	2.7	4.3
Other Current Assets [Member] \| Foreign exchange contracts [Member]
Derivatives, Fair Value [Line Items]
Derivative assets, fair value	0.8	5.0
Other Current Assets [Member] \| Interest rate contracts [Member]
Derivatives, Fair Value [Line Items]
Derivative assets, fair value	0.0	84.6
Other Current Liabilities [Member] \| Foreign exchange contracts [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities, fair value	2.7	0.7
Other Current Liabilities [Member] \| Commodity contracts [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities, fair value	$ 0.0	$ 3.6

Other (Income) Expense, Net (Tables)

12 Months Ended

Dec. 30, 2023

Components of Other (Income) Expense, Net

The components of other (income) expense, net, for 2023, 2022 and 2021 were as follows:


(In millions)	2023			2022			2021
Defined benefit plan	$	(1.6	)	$	(8.7	)	$	(7.1	)
Interest income		(14.2	)		(5.8	)		(2.1	)
Foreign currency (gains) losses		(3.4	)		3.3			4.6
Losses on equity investment		—			—			5.0
Other items, net		(0.3	)		(0.8	)		—
Total other (income) expense, net	$	(19.5	)	$	(12.0	)	$	0.4

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 30, 2023

Accounting Policies [Abstract]

Use of Estimates

Use of Estimates The presentation of financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) requires us to make estimates and assumptions that affect reported amounts and related disclosures. Actual results in future periods could differ from those estimates.

Cash and Cash Equivalents

Cash and Cash Equivalents Highly liquid investments with an original maturity of three months or less are included in cash and cash equivalents.

Allowances for Credit Losses

Allowances for Credit Losses Trade receivables are recorded at the stated amount, less allowances for discounts and credit losses. The allowances represent estimated uncollectible receivables associated with potential customer defaults on contractual obligations (usually due to customers’ potential insolvency) or discounts related to early payment of accounts receivables by our customers. The allowances for credit losses include provisions for certain customers where a risk of default has been specifically identified. In addition, the allowances include a provision for expected customer defaults on a general formula basis when it cannot yet be associated with specific customers. Expected credit losses are estimated using various factors, including the length of time the receivables are past due, historical collection experience and existing economic conditions. In accordance with this policy, our allowance for credit losses was $7.7 million and $5.5 million as of December 30, 2023 and December 31, 2022, respectively.

Inventories

Inventories We use first-in, first-out inventory method. Inventory provisions are recorded to reduce inventory to the net realizable dollar value for obsolete or slow moving inventory based on assumptions about future demand and marketability of products, the impact of new product introductions, inventory levels and turns, product spoilage and specific identification of items, such as product discontinuance, engineering/material changes, or regulatory-related changes.

Property, Plant and Equipment

Property, Plant and Equipment Property, plant and equipment are carried at cost. Depreciation is provided, principally on a straight-line basis, over the estimated useful lives of the assets. Gains or losses resulting from dispositions are included in operating income. Betterments and renewals, which improve and extend the life of an asset, are capitalized; maintenance and repair costs are expensed as incurred. Assets held for use to be disposed of at a future date are depreciated over the remaining useful life. Assets to be sold are written down to fair value less costs to sell at the time the assets are being actively marketed for sale. Estimated useful lives of the related assets are as follows:


Buildings and leasehold improvements	15 to 40 years
Machinery and equipment	3 to 15 years
Software	3 to 7 years

Long-lived Assets

Long-lived Assets In accordance with Accounting Standards Codification ("ASC") requirements for Property, Plant and Equipment, a long-lived asset (including amortizable identifiable intangible assets) or asset group held for use is tested for recoverability whenever events or changes in circumstances indicate that its carrying amount may not be recoverable. When such events occur, we compare the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset or asset group to the carrying amount of a long-lived asset or asset group. The cash flows are based on our best estimate of future cash flows derived from the most recent business projections. If this comparison indicates that there is an impairment, the amount of the impairment is calculated based on fair value. Fair value is estimated primarily using discounted expected future cash flows on a market-participant basis.

No material impairments related to long-lived assets were recorded in 2023, 2022 or 2021.

Leases

Leases Operating lease assets and operating lease liabilities are recognized based on the present value of the future lease payments over the lease term at commencement date. As most of our lease contracts do not provide an explicit interest rate, we use our incremental borrowing rate in determining the present value of future lease payments. Our incremental borrowing rates include estimates related to the impact of collateralization and the economic environment where the leased asset is located. The operating lease assets also include any prepaid lease payments and initial direct costs incurred, but exclude lease incentives received at lease commencement. Our lease terms include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Our leases have remaining lease terms of one to 10 years, some of which may include options to extend or terminate the lease. Operating lease expense is recognized on a straight-line basis over the lease term.

We do not recognize leases with an initial term of twelve months or less on the balance sheet and instead recognize the related lease payments as expense in the consolidated statements of income on a straight-line basis over the lease term. We account for lease and non-lease components as a single lease component for all asset classes. Additionally, for certain equipment leases, we apply a portfolio approach and account for multiple lease components as a single lease component.

Certain lease agreements include variable rental payments, including rental payments adjusted periodically for inflation. Variable rental payments are expensed during the period they are incurred and therefore are excluded from our lease assets and liabilities. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants.

Business Combinations

Business Combinations We account for business combinations under the acquisition method of accounting in accordance with ASC Topic 805, Business Combinations, which requires an allocation of the consideration we paid to the identifiable assets, intangible assets and liabilities based on the estimated fair values as of the closing date of the acquisition. The excess of the fair value of the purchase price over the fair values of these identifiable assets, intangible assets and liabilities is recorded as goodwill.

Purchased intangibles other than goodwill are initially recognized at fair value and amortized over their useful lives unless those lives are determined to be indefinite. The valuation of acquired assets will impact future operating results. The fair value of identifiable intangible assets is determined using an income approach on an individual asset basis. Specifically, we use the multi-period excess earnings method to determine the fair value of customer relationships and the relief-from-royalty approach to determine the fair value of the tradename and proprietary technology. Determining the fair value of acquired intangibles involves significant estimates and assumptions, including forecasted revenue growth rates, EBIT margins, percentage of revenue attributable to the tradename, contributory asset charges, customer attrition rate, market-participant discount rates, the assumed royalty rates and income tax rates.

The determination of the useful life of an intangible asset other than goodwill is based on factors including historical tradename performance with respect to consumer name recognition, geographic market presence, market share, plans for ongoing tradename support and promotion, customer attrition rate, and other relevant factors.

Goodwill and Indefinite-lived Intangible Assets

Goodwill and Indefinite-lived Intangible Assets In accordance with ASC requirements for Intangibles - Goodwill and Other, management reviews goodwill for impairment annually in the fourth quarter and whenever market or business events indicate there may be a potential impairment of the reporting unit. Impairment losses are recorded to the extent that the carrying value of the reporting unit exceeds its fair value. The Company’s reporting units are operating segments, or one level below operating segments when appropriate.

To evaluate the recoverability of goodwill, we first assess qualitative factors to determine whether it is more likely than not that goodwill is impaired. Qualitative factors include changes in volume, margin, customers and the industry. If it is deemed more likely than not that goodwill for a reporting unit is impaired, we will perform a quantitative impairment test where fair value of each reporting unit is estimated using the income approach using a discounted cash flow model based on estimates of future cash flows combined with the market approach using comparable trading and transaction multiples based on guideline public companies. We may also elect to bypass the qualitative testing and proceed directly to the quantitative testing. For the income approach, using a discounted cash flow model, we estimate the future cash flows of the reporting units to which the goodwill relates and then discount the future cash flows at a market-participant-derived discount rate. In determining the estimated future cash flows, we consider current and projected future levels of income based on management’s plans for that business; business trends, prospects and market and economic conditions; and market-participant considerations. Furthermore, our cash flow projections used to assess impairment of our goodwill and other intangible assets are significantly influenced by our projection for the U.S. new home starts and home repair remodel spending, our annual operating plans finalized in the fourth quarter of each year, and our ability to execute on various planned cost reduction initiatives supporting operating income improvements. Our projection for the U.S. home products market is inherently uncertain and is subject to a number of factors, such as employment, home prices, credit availability, new home starts and the rate of home foreclosures. For the market approach, we apply comparable trading and transaction multiples based on guideline public companies to the current operating results of the reporting units to determine each reporting unit’s fair value.

The significant assumptions that are used to determine the estimated fair value of reporting units for impairment testing are forecasted revenue growth rates, operating income margins, market-participant discount rates and EBITDA multiples.

Certain of our tradenames have been assigned an indefinite life as we currently anticipate that these tradenames will contribute cash flows to the Company indefinitely. Indefinite-lived intangible assets are not amortized, but are evaluated at least annually to determine whether the indefinite useful life is appropriate. We measure the fair value of identifiable intangible assets upon acquisition and we review for impairment annually in the fourth quarter and whenever market or business events indicate there may be a potential impairment of that intangible. Impairment losses are recorded to the extent that the carrying value of the indefinite-lived intangible asset exceeds its fair value.

We first assess qualitative factors to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired. Qualitative factors include changes in volume, customers and the industry. If it is deemed more likely than not that an intangible asset is impaired, we will perform a quantitative impairment test. We measure fair value of our indefinite-lived tradenames using the relief-from-royalty approach which estimates the present value of royalty income that could be hypothetically earned by licensing the brand name to a third party over the remaining useful life. The significant assumptions that are used to determine the estimated fair value for indefinite-lived intangible assets upon acquisition and subsequent impairment testing are forecasted revenue growth rates, the assumed royalty rates and the market-participant discount rates. Of our $520.1 million indefinite-lived tradenames, $216.9 million relate to our Water segment, $271.2 million relate to our Outdoors segment and $32.0 million relate to our Security segment as of December 30, 2023. See Note 6, “Goodwill and Identifiable Intangible Assets,” for additional information.

Events or circumstances that could have a potential negative effect on the estimated fair value of our reporting units and indefinite-lived tradenames include: lower than forecasted revenues, actual new construction and repair and remodel growth rates that fall below our assumptions, actions of key customers, increases in discount rates, continued economic uncertainty, higher levels of unemployment, weak consumer confidence, lower levels of discretionary consumer spending, a decrease in royalty rates and decline in the trading price of our common stock. We cannot predict the occurrence of certain events or changes in circumstances that might adversely affect the carrying value of goodwill and indefinite-lived assets.

Equity securities

Investments in Equity Securities In accordance with ASC requirements for investments in equity securities, we utilize the equity method to account for investments when we possess the ability to exercise significant influence, but not control, over the operating and financial policies of the investee. The ability to exercise significant influence is presumed when the investor possesses more than 20% of the voting interests of the investee. This presumption may be overcome based on specific facts and circumstances that demonstrate that the ability to exercise significant influence is restricted. In applying the equity method, we record our investment at cost and subsequently increase or decrease the carrying amount of the investment by our proportionate share of the net earnings or losses of the investee. We record dividends or other equity distributions as reductions in the carrying value of our investment.

When we do not have the ability to exercise significant influence over the operating and financial policies of the investee, we account for non-controlling investments in equity securities at fair value, with any gains or losses recognized through other income and expense. Equity securities without readily determinable fair values are recorded at cost minus impairment, plus or minus any changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer.

As of December 30, 2023, all of our investments in our strategic partners where we do not have significant influence over the investee do not have readily determinable fair values. As of December 30, 2023 and December 31, 2022, the carrying value of our investments were $3.5 million and $3.5 million, respectively, which is included in other assets within our Consolidated Balance Sheet. There were no impairments or other changes resulting from observable prices changes recorded during 2023, 2022 or 2021.

Defined Benefit Plans

Defined Benefit Plans We have a number of pension plans in the United States, covering many of the Company’s employees. In addition, the Company provides postretirement health care and life insurance benefits to certain retirees. Service cost for 2023 relates to benefit accruals for an hourly Union group within the defined benefit plan for our Security segment. All other benefit accruals under our defined benefit pension plans were frozen as of, or prior to, December 31, 2016.

We record amounts relating to these plans based on calculations in accordance with ASC requirements for Compensation – Retirement Benefits, which include various actuarial assumptions, including discount rates, assumed rates of return, compensation increases, turnover rates and health care cost trend rates. Actuarial gains or losses related to these assumptions represent the difference between actual and actuarially assumed experience. We recognize changes in the net actuarial gains or losses in other income, net to the extent they exceed 10 percent of the greater of the fair value of pension plan assets or projected benefit obligation for each plan (the “corridor”) in earnings immediately upon remeasurement, which is at least annually in the fourth quarter of each fiscal year. We review our actuarial assumptions on an annual basis and make modifications to the assumptions based on current economic conditions and trends. The discount rate used to measure obligations is based on a spot-rate yield curve on a plan-by-plan basis that matches projected future benefit payments with the appropriate interest rate applicable to the timing of the projected future benefit payments. The expected rate of return on plan assets is determined based on the nature of the plans’ investments, our current asset allocation and our expectations for long-term rates of return. Compensation increases reflect expected future compensation trends. For postretirement benefits, our health care trend rate assumption is based on historical cost increases and expectations for long-term increases. The cost or benefit of plan changes, such as increasing or decreasing benefits for prior employee service (prior service cost), is deferred and included in expense on a straight-line basis over the average remaining service period of the related employees. We believe that the assumptions utilized in recording obligations under our plans, which are presented in Note 15, “Defined Benefit Plans,” are reasonable based on our experience and on advice from our independent actuaries; however, differences in actual experience or changes in the assumptions may materially affect our financial position and results of operations. We will continue to monitor these assumptions as market conditions warrant.

Insurance Reserves

Insurance Reserves We provide for expenses associated with workers’ compensation and product liability obligations when such amounts are probable and can be reasonably estimated. The accruals are adjusted as new information develops or circumstances change that would affect the estimated liability.

Litigation Contingencies

Litigation Contingencies Our businesses are subject to risks related to threatened or pending litigation and are routinely defendants in lawsuits associated with the normal conduct of business. Liabilities and costs associated with litigation-related loss contingencies require estimates and judgments based on our knowledge of the facts and circumstances surrounding each matter and the advice of our legal counsel. We record liabilities for litigation-related losses when a loss is probable and we can reasonably estimate the amount of the loss in accordance with ASC requirements for Contingencies. We evaluate the measurement of recorded liabilities each reporting period based on the then-current facts and circumstances specific to each matter. The ultimate losses incurred upon final resolution of litigation-related loss contingencies may differ materially from the estimated liability recorded at any particular balance sheet date. Changes in estimates are recorded in earnings in the period in which such changes occur.

Income Taxes

Income Taxes In accordance with ASC requirements for Income Taxes, we establish deferred tax liabilities or assets for temporary differences between financial and tax reporting basis and subsequently adjust them to reflect changes in tax rates expected to be in effect when the temporary differences reverse. We record a valuation allowance reducing deferred tax assets when it is more likely than not that such assets will not be realized.

We record liabilities for uncertain income tax positions based on a two-step process. The first step is recognition, where we evaluate whether an individual tax position has a likelihood of greater than 50% of being sustained upon examination based on the technical merits of the position, including resolution of any related appeals or litigation processes. For tax positions that are currently estimated to have a less than 50% likelihood of being sustained, no tax benefit is recorded. For tax positions that have met the recognition threshold in the first step, we perform the second step of measuring the benefit to be recorded. The actual benefits ultimately realized may differ from our estimates. In future periods, changes in facts, circumstances and new information may require us to change the recognition and measurement estimates with regard to individual tax positions. Changes in recognition and measurement estimates are recorded in the consolidated statement of income and consolidated balance sheet in the period in which such changes occur. As of December 30, 2023, we had liabilities for unrecognized tax benefits pertaining to uncertain tax positions totaling $25.6 million. It is reasonably possible that the unrecognized tax benefits may decrease by $7.7 million in the next 12 months primarily as a result of the lapse of statutes of U.S. federal, state and foreign income taxes.

Revenue Recognition

Revenue Recognition The Company recognizes revenue for the sale of goods based on its assessment of when control transfers to our customers. See Note 14, “Revenue,” for additional information.

Cost of Products Sold

Cost of Products Sold Cost of products sold includes all costs to make products saleable, such as labor costs, inbound freight, purchasing and receiving costs, inspection costs and internal transfer costs. In addition, all depreciation expense associated with assets used to manufacture products and make them saleable is included in cost of products sold.

Customer Program Costs

Customer Program Costs Customer programs and incentives are a common practice in our businesses. Our businesses incur customer program costs to obtain favorable product placement, to promote sales of products and to maintain competitive pricing. We record estimates to reduce revenue for customer programs and incentives, which are considered variable consideration, and include price discounts, volume-based incentives, promotions and cooperative advertising when revenue is recognized in order to determine the amount of consideration the Company will ultimately be entitled to receive. These estimates are based on historical and projected experience for each type of customer. In addition, for certain customer program incentives, we receive an identifiable benefit (goods or services) in exchange for the consideration given and record the associated expenditure in selling, general and administrative expenses. Volume allowances are accrued based on management’s estimates of customer volume achievement and other factors incorporated into customer agreements, such as new products, store sell-through, merchandising support, levels of returns and customer training. Management periodically reviews accruals for these rebates and allowances, and adjusts accruals when circumstances indicate (typically as a result of a change in volume expectations). The costs typically recognized in selling, general and administrative expenses include product displays, point of sale materials and media production costs. The costs included in the selling, general and administrative expenses category were $28.1 million, $24.7 million and $25.2 million in 2023, 2022 and 2021, respectively.

Selling, General and Administrative Expenses

Selling, General and Administrative Expenses Selling, general and administrative expenses include advertising costs; marketing costs; selling costs, including commissions; research and development costs; shipping and handling costs, including warehousing costs; and general and administrative expenses. Shipping and handling costs included in selling, general and administrative expenses were $161.3 million, $162.9 million and $164.0 million in 2023, 2022 and 2021, respectively.

Advertising costs, which amounted to $221.5 million, $220.7 million and $231.7 million in 2023, 2022 and 2021, respectively, are principally expensed as incurred. Advertising costs paid to customers as pricing rebates include product displays, marketing administration costs, media production costs and point-of-sale materials. Advertising costs recorded as a reduction to net sales, primarily cooperative advertising, were $51.4 million, $47.7 million and $40.7 million in 2023, 2022 and 2021, respectively. Advertising costs recorded in selling, general and administrative expenses were $170.1 million, $173.0 million and $191.0 million in 2023, 2022 and 2021, respectively.

Research and development expenses include product development, product improvement, product engineering and process improvement costs. Research and development expenses, which were $64.6 million, $62.0 million and $64.1 million in 2023, 2022 and 2021, respectively, are expensed as incurred within selling, general and administrative expenses.

Stock-based Compensation

Stock-based Compensation Stock-based compensation expense, measured as the fair value of an award on the date of grant, is recognized in the financial statements over the period that an employee is required to provide services in exchange for the award. Compensation expense is recorded net of forfeitures, which we have elected to record in the period they occur. The fair value of each option award is measured on the date of grant using the Black-Scholes option-pricing model. The fair value of each performance share award is based on the average of the high and low share prices on the date of grant and the probability of meeting performance targets. The fair value of each restricted stock unit granted is equal to the average of the high and low share prices on the date of grant. See Note 13, “Stock-Based Compensation,” for additional information.

Earnings Per Share

Earnings Per Share Earnings per common share is calculated by dividing net income attributable to Fortune Brands by the weighted-average number of shares of common stock outstanding during the year. Diluted earnings per common share include the impact of all potentially dilutive securities outstanding during the year. See Note 20, “Earnings Per Share,” for further discussion.

Foreign Currency Translation

Foreign Currency Translation Foreign currency balance sheet accounts are translated into U.S. dollars at the actual rates of exchange at the balance sheet date. Income and expenses are translated at the average rates of exchange in effect during the period for the foreign subsidiaries where the local currency is the functional currency. The related translation adjustments are made directly to a separate component of the “accumulated other comprehensive income” (“AOCI”) caption in equity. Transactions denominated in a currency other than the functional currency of a subsidiary are translated into functional currency with resulting transaction gains or losses recorded in other expense, net.

Derivative Financial Instruments

Derivative Financial Instruments In accordance with ASC requirements for Derivatives and Hedging, we recognize all derivative contracts as either assets or liabilities on the balance sheet, and the measurement of those instruments is at fair value. If the derivative is designated as a fair value hedge and is effective, the changes in the fair value of the derivative and of the hedged item attributable to the hedged risk are recognized in earnings in the same period. If the derivative is designated as a cash flow hedge, the changes in the fair value of the derivative are recorded in other comprehensive income (“OCI”) and are recognized in the consolidated statement of income when the hedged item affects earnings. If the derivative is designated as an effective economic hedge of the net investment in a foreign operation, the changes in the fair value of the derivative is reported in the cumulative translation adjustment section of OCI. Similar to foreign currency translation adjustments, these changes in fair value are recognized in earnings only when realized upon sale or upon complete or substantially complete liquidation of the investment in the foreign entity.

Deferred currency gains (loss) of $5.2 million, $4.7 million and $(2.6) million (before tax impact) were reclassified into earnings for 2023, 2022 and 2021, respectively. Based on foreign exchange rates as of December 30, 2023, we estimate that $9.9 million of net derivative gain included in AOCI as of December 30, 2023, will be reclassified to earnings within the next twelve months.

Recently Issued Accounting Standards

In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") 2023-07, which improves segment disclosure reporting requirements, primarily through enhanced disclosures about significant segment expenses. The ASU is effective for fiscal years beginning after December 15, 2023, and early adoption is permitted. We are currently assessing the impact on our consolidated financial statements and related segment disclosures.

In December 2023, the FASB issued ASU 2023-09 which requires expanded disclosure of the effective tax rate reconciliation and income taxes paid. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. We are currently assessing the impact on our financial statement disclosures.

Revenue (Tables)

12 Months Ended

Dec. 30, 2023

Revenue from Contract with Customer [Abstract]

Changes in Deferred Revenue Liabilities

Changes in the deferred revenue liabilities are as follows:


(In millions)
Balance December 31, 2021	$	22.2
Amount from acquisitions		12.0
Customer deposits		32.2
Revenue recognized		(32.8	)
Foreign currency and other		(1.5	)
Balance December 31, 2022	$	32.1
Amount from acquisitions		10.1
Customer deposits		30.1
Revenue recognized		(31.7	)
Foreign currency and other		(0.4	)
Balance December 30, 2023	$	40.2

Disaggregation of Revenue

The following table disaggregates our consolidated revenue by major sales distribution channels for the years ended December 30, 2023, and December 31, 2022 and December 31, 2021.


(In millions)	December 30, 2023		December 31, 2022		December 31, 2021
Wholesalers(a)	$	2,126.2	$	2,100.0	$	2,027.9
Home Center retailers(b)		1,163.0		1,270.7		1,254.1
Other retailers(c)		418.8		392.9		440.7
U.S. net sales		3,708.0		3,763.6		3,722.7
International(d)		918.2		959.4		1,078.4
Net sales	$	4,626.2	$	4,723.0	$	4,801.1

(a)

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

(b)

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

(c)

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

(d)

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

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

12 Months Ended

Dec. 30, 2023

Dec. 31, 2022

Dec. 31, 2021

OPERATING ACTIVITIES

Net income

$ 404.5

$ 686.7

$ 772.4

Non-cash expense (income):

Depreciation

106.7

126.5

125.0

Amortization of intangibles

62.1

65.1

64.1

Non-cash lease expense

35.1

45.2

42.5

Stock-based compensation

34.2

50.2

(Gain) loss on sale of property, plant and equipment

0.0

8.0

0.0

(1.0)

(4.7)

1.6

Loss on equity investments

0.0

5.0

Asset impairment charges

33.5

46.4

0.0

Recognition of actuarial (gain) loss

(0.5)

(1.2)

0.8

Deferred taxes

(26.1)

14.8

1.7

Amortization of deferred financing costs

4.1

3.8

3.6

Changes in assets and liabilities including effects subsequent to acquisitions

Decrease (increase) in accounts receivable

25.7

66.3

(151.5)

Decrease (increase) in inventories

148.8

(198.5)

(324.3)

Increase (decrease) in accounts payable

101.1

(161.2)

137.7

Decrease in other assets

170.0

14.0

1.0

(Decrease) increase in accrued taxes

(17.4)

(65.5)

8.4

Decrease in accrued expenses and other liabilities

(25.0)

(129.6)

(49.5)

NET CASH PROVIDED BY OPERATING ACTIVITIES

1,055.8

566.3

688.7

INVESTING ACTIVITIES

Capital expenditures

^[1]

(256.5)

(246.1)

(214.2)

Proceeds from the disposition of assets

2.8

8.2

1.9

Cost of acquisitions, net of cash acquired

(784.1)

(217.6)

5.2

NET CASH USED IN INVESTING ACTIVITIES

(1,037.8)

(455.5)

(207.1)

FINANCING ACTIVITIES

Increase in short-term debt

0.0

700.0

400.0

Repayment of short term debt

(600.0)

(1,100.0)

0.0

Issuance of long-term debt

1,065.1

5,975.4

1,245.0

Repayment of long-term debt

(470.0)

(5,612.5)

(1,510.0)

Proceeds from the exercise of stock options

18.0

1.1

41.8

Employee withholding taxes paid related to stock-based compensation

(14.5)

(27.0)

(13.3)

Dividends to stockholders

(116.8)

(145.6)

(143.0)

Dividends received from MasterBrand

0.0

940.0

0.0

Cash retained by Masterbrand at Separation

0.0

(56.3)

0.0

Treasury stock purchases

(150.0)

(580.1)

(447.7)

Other financing activities, net

(3.1)

(22.5)

(1.4)

NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES

(271.3)

72.5

(428.6)

Effect of foreign exchange rate changes on cash

0.5

(11.1)

(1.9)

NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS

(252.8)

172.2

51.1

Cash, cash equivalents and restricted cash at beginning of year

^[2]

648.3

476.1

425.0

Cash, cash equivalents and restricted cash at end of year

^[2]

395.5

648.3

476.1

Cash paid during the year for

Interest

121.4

102.9

76.8

Income taxes paid directly to taxing authorities

120.3

278.3

228.8

Dividends declared but not paid

$ 30.3

$ 29.4

$ 37.8

[1]

Capital expenditures of $34.1 million, $14.2 million and $19.6 million that have not been paid as of December 30, 2023, December 31, 2022 and December 31, 2021, respectively, were excluded from the Consolidated Statement of Cash Flows.

[2]

Restricted cash of $26.9 million and $2.2 million is included in Other current assets and Other assets, respectively, as of December 30, 2023, $2.1 million and $3.7 million is included in Other current assets and Other assets, respectively, as of December 31, 2022 and $1.3 million and $3.3 million is included in Other current assets and Other assets, respectively, as of December 31, 2021 within our Consolidated Balance Sheet.

Common Stock (Tables)

12 Months Ended

Dec. 30, 2023

Common Stock and Treasury Stock Activity

The number of shares of common stock and treasury stock and the share activity for 2023 and 2022 were as follows:


	Common Shares						Treasury Shares
	2023			2022			2023		2022
Balance at the beginning of the year		128,040,559			135,064,296			58,132,478		50,252,566
Stock plan shares issued		963,161			856,175			—		—
Shares surrendered by optionees		(229,115	)		(316,450	)		229,115		316,450
Common stock repurchases		(2,487,278	)		(7,563,462	)		2,487,278		7,563,462
Balance at the end of the year		126,287,327			128,040,559			60,848,871		58,132,478

Defined Benefit Plans

12 Months Ended

Dec. 30, 2023

Retirement Benefits [Abstract]

Defined Benefit Plans

15. Defined Benefit Plans

We have a number of pension plans in the United States, covering many of the Company’s employees; however, the majority of these plans have been frozen to new participants, and benefit accruals were frozen for active participants on December 31, 2016. The plans provide for payment of retirement benefits, mainly commencing between the ages of 55 and 65. After meeting certain qualifications, an employee acquires a vested right to future benefits. The benefits payable under the plans are generally determined on the basis of an employee’s length of service and/or earnings. Employer contributions to the plans are made, as necessary, to ensure legal funding requirements are satisfied. Also, from time to time, we may make contributions in excess of the legal funding requirements. Service cost for 2023 relates to benefit accruals for an hourly Union group within the defined benefit plan for our Security segment. All other benefit accruals under our defined benefit pension plans were frozen as of, or prior to, December 31, 2016.

The Company offered a lump sum program during the fourth quarter of 2023 in which certain terminated vested participants in the Moen Qualified Plan and Master Lock Qualified Plan could elect to take a one-time voluntary lump sum payment equal to the present value of future benefits. Approximately 700 participants elected to accept the lump sum option. During the fourth quarter of 2023, benefit payments of $27.0 million were made and a settlement expense of $2.0 million was recognized.

Net actuarial gains and losses occur when actual experience differs from any of the assumptions used to value defined benefit plans or when assumptions change as they may each year. The primary factors contributing to actuarial gains and losses are changes in the discount rate used to value obligations as of the measurement date and the differences between expected and actual returns on pension plan assets.

In addition, the Company provides postretirement health care and life insurance benefits to certain retirees.


(In millions)	Pension Benefits						Postretirement Benefits
	2023			2022			2023			2022
Change in the Projected Benefit Obligation (PBO):
Projected benefit obligation at beginning of year	$	543.6		$	712.0		$	9.0		$	9.8
Service cost		0.1			0.2			0.4			0.4
Interest cost		27.2			20.4			0.5			0.4
Actuarial (gain) loss		(0.5	)		(155.9	)		(1.3	)		(1.2	)
Benefits paid		(60.7	)		(33.1	)		(0.6	)		(0.4	)
Projected benefit obligation at end of year	$	509.7		$	543.6		$	8.0		$	9.0
Accumulated benefit obligation at end of year (excludes the impact of future compensation increases)	$	509.7		$	543.6		$	—		$	—
Change in Plan Assets:
Fair value of plan assets at beginning of year	$	482.5		$	649.8		$	—		$	—
Actual return on plan assets		40.5			(144.8	)		—			—
Employer contributions		5.7			10.6			0.6			0.4
Benefits paid		(60.7	)		(33.1	)		(0.6	)		(0.4	)
Fair value of plan assets at end of year	$	468.0		$	482.5		$	—		$	—
Funded status (Fair value of plan assets less PBO)	$	(41.7	)	$	(61.1	)	$	(8.0	)	$	(9.0	)

The actuarial loss is primarily a result of changes in discount rates from year to year.

The accumulated benefit obligation exceeds the fair value of assets for all pension plans. Amounts recognized in the consolidated balance sheets consist of:


	Pension Benefits						Postretirement Benefits
(In millions)	2023			2022			2023			2022
Current benefit payment liability	$	(1.3	)	$	(1.5	)	$	(1.1	)	$	(1.2	)
Accrued benefit liability		(40.4	)		(59.6	)		(6.9	)		(7.8	)
Net amount recognized	$	(41.7	)	$	(61.1	)	$	(8.0	)	$	(9.0	)

As of December 30, 2023, we applied a modified Society of Actuaries MP-2021 mortality tables, resulting in an increase in liabilities by approximately 0.1%.

The amounts in accumulated other comprehensive loss on the consolidated balance sheets that have not yet been recognized as components of net periodic benefit cost were as follows:


(In millions)	Pension Benefits			Postretirement Benefits
Net unrecognized actuarial loss (gain) at December 31, 2021	$	32.4		$	(0.4	)
Recognition of actuarial gain		0.3			1.0
Current year actuarial loss (gain)		17.0			(1.1	)
Net unrecognized actuarial loss (gain) at December 31, 2022	$	49.7		$	(0.5	)
Recognition of actuarial gain		—			2.6
Current year actuarial (gain)		(12.5	)		(1.5	)
Net actuarial (loss) due to settlement		(2.0	)		—
Net unrecognized actuarial loss at December 30, 2023	$	35.2		$	0.6

Components of net periodic benefit cost were as follows:


	Pension Benefits									Postretirement Benefits
(In millions)	2023			2022			2021			2023			2022			2021
Service cost	$	0.1		$	0.2		$	0.4		$	0.4		$	0.4		$	0.2
Interest cost		27.2			20.4			19.3			0.5			0.4			0.2
Expected return on plan assets		(28.6	)		(28.1	)		(27.4	)		—			—			—
Recognition of actuarial losses (gains)		—			(0.3	)		1.1			(2.6	)		(1.0	)		(0.5	)
Settlement loss		2.0			—			—			—			—			—
Net periodic benefit (income) cost	$	0.7		$	(7.8	)	$	(6.6	)	$	(1.7	)	$	(0.2	)	$	(0.1	)


	Pension Benefits									Postretirement Benefits
	2023			2022			2021			2023			2022			2021
Weighted-Average Assumptions Used to Determine Benefit Obligations:
Discount rate		5.0	%		5.2	%		2.9	%		6.0	%		5.8	%		3.9	%
Weighted-Average Assumptions Used to Determine Net Cost:
Discount rate		5.2	%		2.9	%		2.6	%		5.8	%		3.9	%		5.9	%
Expected long-term rate of return on plan assets		6.1	%		4.4	%		4.4	%		—			—			—


	Postretirement Benefits
	2023			2022
Assumed Health Care Cost Trend Rates Used to Determine Benefit Obligations:
Health care cost trend rate assumed for next year	7.3/6.9	%	(a)	5.8/6.3	%	(a)
Rate that the cost trend rate is assumed to decline (the ultimate trend rate)	4.5	%		4.5	%
Year that the rate reaches the ultimate trend rate	2033			2028
Assumed Health Care Cost Trend Rates Used to Determine Net Cost:
Health care cost trend rate assumed for next year	5.8/6.3	%	(a)	6.0/6.5	%	(a)
Rate that the cost trend rate is assumed to decline (the ultimate trend rate)	4.5	%		4.5	%
Year that the rate reaches the ultimate trend rate	2028			2028

(a)

The pre-65 initial health care cost trend rate is shown first / followed by the post-65 rate.

Plan Assets

The fair value of the pension assets by major category of plan assets as of December 30, 2023 and December 31, 2022 were as follows:


(In millions)
	2023		2022
Group annuity/insurance contracts (level 3)	$	26.8	$	26.0
Collective trusts:
Cash and cash equivalents		17.5		6.3
Equity		121.2		113.8
Fixed income		267.2		291.6
Multi-strategy hedge funds		16.3		21.3
Real estate		19.0		23.5
Total	$	468.0	$	482.5

A reconciliation of Level 3 measurements was as follows:


	Group annuity/ insurance contracts
(In millions)	2023		2022
Beginning of year	$	26.0	$	25.5
Actual return on assets related to assets still held		0.8		0.5
End of year	$	26.8	$	26.0

Our defined benefit plans Master Trust own a variety of investment assets. All of these investment assets, except for group annuity/insurance contracts, are measured using net asset value per share as a practical expedient per ASC 820. Following the retrospective adoption of ASU 2015-07 (Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share), we excluded all investments measured using net asset value per share in the amount of $441.2 million and $456.5 million as of December 30, 2023 and December 31, 2022, respectively, from the tabular fair value hierarchy disclosure.

The terms and conditions for redemptions vary for each class of the investment assets valued at net asset value per share as a practical expedient. Real estate assets may be redeemed quarterly with a 45 day redemption notice period. Investment assets in multi-strategy hedge funds may be redeemed semi-annually with a 95 day redemption notice period. Equity, fixed income and cash and cash equivalents have no specified redemption frequency and notice period and may be redeemed daily. As of December 30, 2023, we do not have an intent to sell or otherwise dispose of these investment assets at prices different than the net asset value per share.

Our investment strategy is to optimize investment returns through a diversified portfolio of investments, taking into consideration underlying plan liabilities and asset volatility. The defined benefit asset allocation policy of the plans allows for an equity allocation of 0% to 75%, a fixed income allocation of 25% to 100%, a cash allocation of up to 25% and other investments of up to 20%. Asset allocations are based on the underlying liability structure. All retirement asset allocations are reviewed periodically to ensure the allocations meets the needs of the liability structure.

Our 2024 expected blended long-term rate of return on plan assets of 7.3% was determined based on the nature of the plans’ investments, our current asset allocation and projected long-term rates of return from pension investment consultants.

Estimated Future Retirement Benefit Payments

The following retirement benefit payments are expected to be paid:


(In millions)	Pension Benefits		Postretirement Benefits
2024	$	35.4	$	1.3
2025		36.1		1.2
2026		36.6		1.1
2027		36.7		1.1
2028		36.6		1.0
Years 2029-2033		181.1		5.0

Estimated future retirement benefit payments above are estimates and could change significantly based on differences between actuarial assumptions and actual events and decisions related to lump sum distribution options that are available to participants in certain plans.

Defined Contribution Plan Contributions

We sponsor a number of defined contribution plans. Contributions are determined under various formulas. Cash contributions by the Company related to these plans amounted to $28.7 million, $36.3 million and $33.1 million in 2023, 2022 and 2021, respectively.

The entire disclosure for retirement benefits.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
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-Paragraph 1
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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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
-Topic 715
-Name Accounting Standards Codification
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-URI https://asc.fasb.org//715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

Defined Benefit Plan Disclosure [Line Items]

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Capital expenditures incurred but not yet paid	$ 34.1	$ 14.2	$ 19.6
Other Current Assets [Member]
Restricted Cash	26.9	2.1	1.3
Other Assets [Member]
Restricted Cash	$ 2.2	$ 3.7	$ 3.3

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Unrealized (losses) gains on derivatives, tax	$ 2.4	$ (27.3)	$ (0.5)
Defined benefit plans, tax	$ (3.6)	$ 5.4	$ (11.9)

Financial Instruments - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Jul. 01, 2023	Dec. 30, 2023	Dec. 31, 2022	Dec. 31, 2021	Mar. 31, 2022
Derivative [Line Items]
Notional amount of foreign currency derivative hedges		$ 0.3	$ 17.8	$ 600.0	$ 600.0
Net settlement liability on derivatives outstanding		0.0	3.6
Net settlement liability		1.9
Derivative instrument gain (loss)		$ 4.1	126.2	1.5
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		$ 481.9
Cash flow hedge [Member]
Derivative [Line Items]
Derivative instrument gain (loss)		4.1	$ 119.0	$ 1.0
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		9.9
Total realized pre-tax gains		$ 84.2
Minimum [Member]
Derivative [Line Items]
Foreign exchange contracts period		12 months
Maximum [Member]
Derivative [Line Items]
Foreign exchange contracts period		15 months

Defined Benefit Plans - Assumed Health Care Cost Trend Rates Used to Determine Benefit Obligations and Net Cost (Detail) - Postretirement Benefits [Member]

12 Months Ended

Dec. 30, 2023

Dec. 31, 2022

Rate that the cost trend rate is assumed to decline (the ultimate trend rate)

4.50%

Year that the rate reaches the ultimate trend rate

2033

2028

Rate that the cost trend rate is assumed to decline (the ultimate trend rate)

4.50%

Year that the rate reaches the ultimate trend rate

2028

Pre Age Sixty Five

Defined Benefit Plan Disclosure [Line Items]

^[1]

7.30%

5.80%

Defined Benefit Plan Disclosure [Line Items]

^[1]

5.80%

6.00%

Post Age Sixty Five

^[1]

6.90%

6.30%

Restructuring and Related Activities [Abstract]

^[1]

6.30%

6.50%

[1]	The pre-65 initial health care cost trend rate is shown first / followed by the post-65 rate

Restructuring and Other Charges

12 Months Ended

Dec. 30, 2023

Restructuring and Other Charges

17. Restructuring and Other Charges

Pre-tax restructuring and other charges for the year ended December 30, 2023 were as follows:


	Year Ended December 30, 2023
			Other Charges (a)
(In millions)	Restructuring Charges		Cost of Products Sold			SG&A(b)		Total Charges
Water	$	2.2	$	2.6		$	—	$	4.8
Outdoors		4.2		(0.1	)		—		4.1
Security		25.4		19.2			—		44.6
Corporate		0.7		—			—		0.7
Total	$	32.5	$	21.7		$	—	$	54.2

(a)

(b)

Selling, general and administrative expenses.

Restructuring and other charges in 2023 are largely related to costs associated with the planned closure of a manufacturing facility within our Security segment and headcount actions across all segments.

Pre-tax restructuring and other charges for the year ended December 31, 2022 were as follows:


	Year Ended December 31, 2022
			Other Charges (a)
(In millions)	Restructuring Charges		Cost of Products Sold			SG&A(b)		Total Charges
Water	$	6.3	$	(0.2	)	$	0.8	$	6.9
Outdoors		24.5		(6.2	)		—		18.3
Security		0.6		—			—		0.6
Corporate		1.0		—			—		1.0
Total	$	32.4	$	(6.4	)	$	0.8	$	26.8

(a)

(b)

Selling, general and administrative expenses.

Restructuring and other charges in 2022 were largely related to severance costs associated with the relocation of manufacturing facilities in the Outdoors segment and headcount actions across all segments.

Pre-tax restructuring and other charges for the year ended December 31, 2021 were as follows:


	Year Ended December 31, 2021
				Other Charges (a)
(In millions)	Restructuring Charges			Cost of Products Sold		SG&A(b)			Total Charges
Water	$	(1.1	)	$	2.0	$	2.1		$	3.0
Outdoors		8.3			—		(0.6	)		7.7
Security		2.1			—		—			2.1
Total	$	9.3		$	2.0	$	1.5		$	12.8

(a)

(b)

Selling, general and administrative expenses.

Restructuring and other charges in 2021 were largely related to severance costs associated with the relocation of manufacturing facilities in the Outdoors segment and headcount actions across all segments.

Reconciliation of Restructuring Liability


(In millions)	Balance at 12/31/22		2023 Provision		Cash Expenditures (a)			Non-Cash Write-offs			Balance at 12/30/23
Workforce reduction costs	$	16.2	$	17.9	$	(20.1	)	$	0.6		$	14.6
Other		13.5		14.6		(1.1	)		(19.9	)		7.1
	$	29.7	$	32.5	$	(21.2	)	$	(19.3	)	$	21.7

(a)

Cash expenditures primarily related to severance charges.


(In millions)	Balance at 12/31/21		2022 Provision		Cash Expenditures (a)			Non-Cash Write-offs		Balance at 12/31/22
Workforce reduction costs	$	3.2	$	19.4	$	(6.4	)	$	—	$	16.2
Other		0.8		13.0		(0.3	)		—		13.5
	$	4.0	$	32.4	$	(6.7	)	$	—	$	29.7

(a)

Cash expenditures primarily related to severance charges.

Consolidated Statements of Equity - USD ($) $ in Millions	Total	Common Stock	Paid-In Capital	Accumulated Other Comprehensive (Loss) Income	Retained Earnings	Treasury Stock
Beginning Balance at Dec. 31, 2020	$ 2,775.5	$ 1.8	$ 2,926.3	$ (55.1)	$ 2,180.2	$ (2,277.7)
Comprehensive income:
Net income	772.4				772.4
Other comprehensive income	30.5			30.5
Dividends received from MasterBrand	0.0
Stock options exercised	41.9	0.1	41.8
Stock-based compensation	36.9		50.2			(13.3)
Treasury stock purchase	(447.7)					(447.7)
Dividends	(144.7)				(144.7)
Ending 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	686.7				686.7
Other comprehensive income	53.7			53.7
Distribution of MasterBrand	(1,965.2)			8.3	(1,973.5)
Dividends received from MasterBrand	940.0				940.0
Stock options exercised	1.1		1.1
Stock-based compensation	23.2		50.2			(27.0)
Treasury stock purchase	(580.1)					(580.1)
Dividends	(137.3)				(137.3)
Ending 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	404.5				404.5
Other comprehensive income	19.7			19.7
Other	13.6		12.7	6.2	(5.3)
Dividends received from MasterBrand	0.0
Stock options exercised	18.0		18.0
Stock-based compensation	19.7		34.2			(14.5)
Treasury stock purchase	(151.3)					(151.3)
Dividends	(117.7)				(117.7)
Ending Balance at Dec. 30, 2023	$ 2,293.4	$ 1.9	$ 3,134.5	$ 63.3	$ 2,605.3	$ (3,511.6)

Acquisitions - Schedule of Unaudited Pro Forma Financial Information (Detail) - Assa Businesses [Member] - USD ($) $ in Millions	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Net sales	$ 4,811.2	$ 5,129.6
Net income	$ 443.1	$ 558.8

Acquisitions

12 Months Ended

Dec. 30, 2023

Business Combinations [Abstract]

Acquisitions

4. Acquisitions

ASSA Businesses

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 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. 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 $23.5 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. In preparation for the deferred closing, $23.5 million is classified as restricted cash within Other current assets and the corresponding payable is included within Other current liabilities. We financed the transaction with cash on hand. 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. We incurred $19.7 million of ASSA acquisition-related transaction costs in the year ended December 30, 2023.

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	$	38.0
Inventories		106.8
Property, plant and equipment		19.5
Goodwill		258.8
Identifiable intangible assets		442.0
Operating lease assets		17.1
Other assets		2.3
Total assets		884.5
Accounts payable		26.0
Other current liabilities and accruals		33.9
Other non-current liabilities		15.3
Net assets acquired	$	809.3

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, EBIT 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 of $229.1 million and $29.7 million is included in our Water and Security segments, respectively. 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 two finite-lived customer relationship assets of $328.0 million and $21.3 million and indefinite-lived tradename of $75.0 million, a definite-lived tradename of $9.0 million and definite-lived proprietary technology assets of $8.7 million. The useful lives of both 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.

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)		2023		2022
Net sales	$	4,811.2	$	5,129.6
Net income	$	443.1	$	558.8

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 not material 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 January 2020, we entered into an agreement to acquire the outstanding shares of Flo Technologies ("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.

Stock-Based Compensation - Black-Scholes Option Pricing Model Assumptions used to Estimate Fair Value of Options (Detail)	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-Based Payment Arrangement [Abstract]
Current expected dividend yield	1.50%	1.20%	1.20%
Expected volatility	34.80%	34.80%	35.10%
Risk-free interest rate	4.20%	2.30%	0.60%
Expected term	5 years 4 months 24 days	5 years 2 months 12 days	5 years 2 months 12 days

Commitments

12 Months Ended

Dec. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments

18. Commitments

Purchase Obligations

Purchase obligations of the Company as of December 30, 2023 were $635.3 million, of which $622.8 million is due within one year. Purchase obligations include contracts for raw materials and finished goods purchases, selling and administrative services, and capital expenditures.

Product Warranties

We generally record warranty expense related to contractual warranty terms at the time of sale. We may also provide customer concessions for claims made outside of the contractual warranty terms, and those expenses are recorded in the period in which the concession is made. We offer our customers various warranty terms based on the type of product that is sold. Warranty expense is determined based on historic claim experience and the nature of the product category. The following table summarizes activity related to our product warranty liability for 2023, 2022, 2021.


(In millions)	2023			2022			2021
Reserve balance at the beginning of the year	$	20.1		$	19.5		$	19.0
Provision for warranties issued		8.7			8.1			8.5
Settlements made (in cash or in kind)		(10.4	)		(9.0	)		(8.4	)
Acquisition		—			1.7			0.3
Foreign currency		—			(0.2	)		0.1
Reserve balance at end of year	$	18.4		$	20.1		$	19.5

Leases - Future Lease Payments Under Non-Cancellable Leases (Detail) - USD ($) $ in Millions	Dec. 30, 2023	Dec. 31, 2022
Leases [Abstract]
2024	$ 37.6
2025	32.9
2026	29.5
2027	24.6
2028	20.9
Thereafter	61.1
Total lease payments	206.6
Less imputed interest	(26.2)
Total	180.4
Other current liabilities	$ 37.1
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other current liabilities
Operating lease liabilities	$ 143.3	$ 95.4

Schedule II Valuation and Qualifying Accounts

12 Months Ended

Dec. 30, 2023

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

Schedule II Valuation and Qualifying Accounts

For the years ended December 30, 2023, December 31, 2022 and December 31, 2021


(In millions)	Balance at Beginning of Period		Charged to Expense			Write-offs and Deductions (a)			Business Acquisition (b)		Balance at End of Period
2023:
Allowance for cash discounts and sales allowances	$	116.2	$	340.1		$	(342.2	)	$	6.7	$	120.8
Allowance for credit losses		5.5		5.2			(6.2	)		3.2		7.7
Allowance for deferred tax assets		13.8		1.3			—			—		15.1
2022:
Allowance for cash discounts and sales allowances	$	135.9	$	287.0		$	(306.7	)		—	$	116.2
Allowance for credit losses		5.7		3.7			(3.9	)		—		5.5
Allowance for deferred tax assets		20.7		(6.9	)		—			—		13.8
2021:
Allowance for cash discounts and sales allowances	$	109.9	$	296.9		$	(270.9	)	$	—	$	135.9
Allowance for credit losses		4.3		4.0			(2.6	)		—		5.7
Allowance for deferred tax assets		9.6		5.0			6.1			—		20.7

(a)

Net of recoveries of amounts written off in prior years and immaterial foreign currency impact.

(b)

Represents purchase accounting adjustment related to the ASSA acquisition within our Water and Security segments in 2023.

External Debt and Financing Arrangements - Components of Long-Term Debt (Detail) - USD ($) $ in Millions	Dec. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total debt	$ 2,670.1	$ 2,673.5
Less: current portion	0.0	599.2
Long-term debt	2,670.1	2,074.3
Senior Notes [Member]
Debt Instrument [Line Items]
Total debt	$ 2,670.1	$ 2,673.5

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.

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Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

Information on Business Segments - Additional Information (Detail)	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Number of customers accounted for greater than 10% of net sales	2	2	2
Customer Concentration Risk \| Net Sales [Member] \| The Home Depot, Inc. [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Percentage of net sales to major customer	10.20%	11.70%	11.20%
Customer Concentration Risk \| Net Sales [Member] \| Lowe's Companies, Inc [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Percentage of net sales to major customer	10.90%	12.00%	11.90%

Defined Benefit Plans - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 30, 2023 USD ($) Employee Age	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan payment		$ 27.0
Number of Participants Elected To Accept Lump Sum Options \| Employee		700
Defined benefit plan settlements payment		$ 2.0
Percentage of defined benefit plan in liabilities		0.10%
Defined Contribution Plan, cash contributions		$ 28.7	$ 36.3	$ 33.1
Cash and cash equivalents
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit asset allocation, maximum		25.00%
Other Investment
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit asset allocation, maximum		20.00%
Real estate [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Assets redemption notice period		45 days
Investment Assets [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Assets redemption notice period		95 days
Fair Value Measured at Net Asset Value Per Share [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Investments measured using net asset value per share		$ 441.2	$ 456.5
Minimum [Member] \| Equity Securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit asset allocation, maximum		0.00%
Minimum [Member] \| Fixed income
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit asset allocation, maximum		25.00%
Maximum [Member] \| Equity Securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit asset allocation, maximum		75.00%
Maximum [Member] \| Fixed income
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit asset allocation, maximum		100.00%
Pension Benefits [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plans, blended long-term rate of return on plan assets		6.10%	4.40%	4.40%
Pension Benefits [Member] \| Minimum [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plans, retirement benefits payment commencement age \| Age		55
Pension Benefits [Member] \| Maximum [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plans, retirement benefits payment commencement age \| Age		65
Pension Benefits [Member] \| Scenario Forecast Member
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plans, blended long-term rate of return on plan assets	7.30%

Defined Benefit Plans - Amounts in Accumulated Other Comprehensive loss that have not yet been Recognized as Components of Net Periodic Benefit Cost (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
Recognition of actuarial gain	$ 0.5	$ 1.2	$ (0.8)
Pension Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Recognition of actuarial gain	0.5	155.9
Postretirement Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Recognition of actuarial gain	1.3	1.2
Other Accumulated Other Comprehensive Income \| Pension Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Beginning Balance	49.7	32.4
Recognition of actuarial gain	0.0	0.3
Current year actuarial loss (gain)	(12.5)	17.0
Net actuarial (loss) due to settlement	(2.0)
Ending Balance	35.2	49.7	32.4
Other Accumulated Other Comprehensive Income \| Postretirement Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Beginning Balance	(0.5)	(0.4)
Recognition of actuarial gain	2.6	1.0
Current year actuarial loss (gain)	(1.5)	(1.1)
Net actuarial (loss) due to settlement	0.0
Ending Balance	$ 0.6	$ (0.5)	$ (0.4)

Leases

12 Months Ended

Dec. 30, 2023

Leases [Abstract]

Leases

7. Leases

We have operating and finance leases for buildings and certain machinery and equipment. Operating leases are included in operating lease assets, other current liabilities and operating lease liabilities in our consolidated balance sheets. Amounts recognized for finance leases as of and for the years ended December 30, 2023 and December 31, 2022 were immaterial.

Operating lease expense recognized in the consolidated statement of comprehensive income for 2023, 2022 and 2021 and were $42.1 million, $37.4 million and $35.6 million, respectively, including approximately $1.8 million, $2.6 million and $1.8 million of short-term and variable lease costs for 2023, 2022 and 2021, respectively.

Other information related to leases was as follows:


(In millions, except lease term and discount rate)	December 30, 2023			December 31, 2022			December 31, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	36.5		$	35.1		$	33.3
Right-of-use assets obtained in exchange for operating lease obligations	$	87.1		$	21.6		$	33.9
Weighted average remaining lease term - operating leases	6.7 years			5.6 years			6.1 years
Weighted average discount rate - operating leases		4.1	%		3.6	%		3.5	%

Future lease payments under non-cancelable operating leases as of December 30, 2023 were as follows:


(In millions)

2024	$	37.6
2025		32.9
2026		29.5
2027		24.6
2028		20.9
Thereafter		61.1
Total lease payments		206.6
Less imputed interest		(26.2	)
Total	$	180.4
Reported as of December 30, 2023
Other current liabilities	$	37.1
Operating lease liabilities		143.3
Total	$	180.4

Income Taxes

12 Months Ended

Dec. 30, 2023

Income Tax Disclosure [Abstract]

Income Taxes

16. Income Taxes

The components of income from continuing operations before income taxes and noncontrolling interests were as follows:


(In millions)	2023		2022		2021
Domestic operations	$	418.1	$	563.1	$	591.0
Foreign operations		99.8		104.0		135.4
Income before income taxes and noncontrolling interests	$	517.9	$	667.1	$	726.4

Income tax expense in the consolidated statement of income consisted of the following:


(In millions)	2023			2022			2021
Current
Federal	$	86.9		$	62.4		$	102.4
Foreign		38.3			34.3			40.2
State and other		15.2			16.0			16.9
Deferred
Federal		(21.2	)		15.3			11.5
Foreign		(3.5	)		1.5			(4.9	)
State and Local		(3.3	)		(2.3	)		0.6
Total income tax expense	$	112.4		$	127.2		$	166.7

A reconciliation between the federal statutory tax rate and the effective tax rate is as follows:


(In millions)	2023			2022			2021
Income tax expense computed at federal statutory income tax rate	$	108.8		$	140.1		$	152.5
State and local income taxes, net of federal tax benefit		13.2			13.2			17.4
Foreign taxes at a different rate than U.S. federal statutory income tax rate		5.2			9.1			9.2
Provision for foreign earnings repatriation, net		(2.5	)		1.2			—
Net adjustments for uncertain tax positions		(8.0	)		(26.2	)		(11.3	)
Share-based compensation		(1.3	)		(5.4	)		(9.0	)
Valuation allowance (decrease) increase		1.7			(5.8	)		4.7
Non-deductible executive compensation		3.5			7.5			5.0
Research and development credit		(5.1	)		(3.0	)		(2.3	)
Miscellaneous other, net		(3.1	)		(3.5	)		0.5
Income tax expense as reported	$	112.4		$	127.2		$	166.7
Effective income tax rate		21.7	%		19.1	%		22.9	%

The 2023 effective income tax rate was unfavorably impacted by state and local income taxes and foreign income taxed at higher rates. This expense was offset by favorable benefits for the release of uncertain tax positions for statute of limitations lapses and federal tax credits.

The 2022 and 2021 effective income tax rates were unfavorably impacted by state and local income taxes, foreign income taxed at higher rates, as well as non-deductible executive compensation. Both 2022 and 2021 expenses were offset by favorable benefits for the release of uncertain tax positions, primarily related to statute of limitations lapses, and share-based compensation. The 2022 effective income rate was also favorably impacted by audit closures and a valuation allowance decrease.

In 2021, the Organization for Economic Cooperation & Development (“OECD”), with the support of over 130 countries, endorsed a framework (“Pillar Two”), which includes establishing a 15 percent global minimum corporate tax rate on a country-by-country basis. Numerous countries have adopted legislation in support of Pillar Two or are in the process of doing so, with certain rules becoming effective on January 1, 2024, and the remainder becoming effective on January 1, 2025. Any minimum tax arising from Pillar Two legislation is a period cost and does not impact the 2023 financial statements. The Company is continuing to monitor and evaluate Pillar Two legislation and does not expect it to have a material impact on the Company’s tax liability in 2024.

A reconciliation of the beginning and ending amount of unrecognized tax benefits (“UTBs”) is as follows:


(In millions)	2023			2022			2021
Unrecognized tax benefits—beginning of year	$	33.4		$	83.1		$	96.1
Gross additions—current year tax positions		2.1			2.1			2.6
Gross additions—prior year tax positions		0.2			—			2.0
Gross additions (reductions)—purchase accounting adjustments		—			—			—
Gross reductions—prior year tax positions		(10.1	)		(50.5	)		(16.6	)
Gross reductions—settlements with taxing authorities		—			(1.3	)		(1.0	)
Unrecognized tax benefits—end of year	$	25.6		$	33.4		$	83.1

The amount of UTBs that, if recognized as of December 30, 2023, would affect the Company’s effective tax rate is $25.6 million. It is reasonably possible that, within the next twelve months, total UTBs may decrease by $7.7 million primarily as a result of the lapse of statutes of U.S. federal, state and foreign income taxes.

The Company classifies interest and penalty accruals related to UTBs as income tax expense. In 2023, the Company recognized an interest and penalty expense of $1.2 million. In 2022 and 2021, the Company recognized an interest and penalty benefit of approximately $6.4 million and $1.9 million, respectively. As of December 30, 2023 and December 31, 2022, the Company had accruals for the payment of interest and penalties of $7.7 million and $8.8 million, respectively.

The Company files income tax returns in the U.S., various state, and foreign jurisdictions. In 2022, the Company concluded its examination by the U.S. Internal Revenue Service for the periods related to 2017 and 2018 and is generally subject to examination by the IRS for years 2020 and later. In addition to the U.S., the Company has tax years that remain open and subject to examination by tax authorities in the following major taxing jurisdictions: Canada for years after 2018, Mexico for years after 2017 and China for years after 2017.

The components of net deferred tax assets (liabilities) as of December 30, 2023 and December 31, 2022 were as follows:


(In millions)	2023			2022
Deferred tax assets:
Compensation and benefits	$	29.5		$	21.0
Defined benefit plans		10.9			15.4
Capitalized inventories		24.5			17.8
Capitalized research and development costs		37.4			13.8
Accounts receivable		4.9			4.2
Operating lease liabilities		43.2			31.0
Other accrued expenses		40.3			51.2
Net operating loss and other tax carryforwards		27.5			23.5
Valuation allowance		(15.1	)		(13.8	)
Miscellaneous		6.7			6.7
Total deferred tax assets		209.8			170.8
Deferred tax liabilities:
Fixed assets		(75.1	)		(74.1	)
Intangible assets		(153.2	)		(152.5	)
Operating lease assets		(42.7	)		(29.3	)
Other investments		(26.4	)		(28.2	)
Miscellaneous		(5.2	)		(6.5	)
Total deferred tax liabilities		(302.6	)		(290.6	)
Net deferred tax liability	$	(92.8	)	$	(119.8	)

In accordance with ASC requirements for Income Taxes, deferred taxes were classified in the consolidated balance sheets as of December 30, 2023 and December 31, 2022 as follows:


(In millions)	2023			2022
Other assets		18.5			17.1
Deferred income taxes		(111.3	)		(136.9	)
Net deferred tax liability	$	(92.8	)	$	(119.8	)

As of December 30, 2023 and December 31, 2022, the Company had deferred tax assets related to net operating losses and other tax carryforwards of $27.5 million and $23.5 million, respectively. Approximately $4.5 million expires between 2024 and 2028, and the remainder will expire in 2029 and thereafter.

The Company has provided a valuation allowance to reduce the carrying value of certain deferred tax assets. The valuation allowance is $15.1 million in 2023 and $13.8 million in 2022. Management has concluded that, based on the available evidence, it is more likely than not that the deferred tax assets will not be fully realized.

Accumulated foreign earnings and profits of the Company’s foreign subsidiaries as of December 31, 2017, were subject to a deemed repatriation tax and should not be subject to additional U.S. federal income tax upon an actual repatriation of these earnings. As of December 30, 2023, the Company has recorded an estimated deferred tax liability of $0.6 million for taxes that will be payable upon distribution of these earnings.

Subsequent to December 31, 2017, we consider the unremitted earnings of certain foreign subsidiaries that impose local country taxes on dividends to be indefinitely reinvested. We have not provided deferred taxes on the remaining book over tax outside basis difference of $242.3 million related to these subsidiaries. The amount of unrecognized deferred tax liabilities for local country withholding taxes that would be owed related to these earnings is $15.7 million.

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

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-Topic 946
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-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

Defined Benefit Plans - Schedule of Assumptions Used (Detail)	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Pension Benefits [Member]
Weighted-Average Assumptions Used to Determine Benefit Obligations at December 31:
Discount rate	5.00%	5.20%	2.90%
Weighted-Average Assumptions Used to Determine Net Cost for Years Ended December 31:
Discount rate	5.20%	2.90%	2.60%
Expected long-term rate of return on plan assets	6.10%	4.40%	4.40%
Postretirement Benefits [Member]
Weighted-Average Assumptions Used to Determine Benefit Obligations at December 31:
Discount rate	6.00%	5.80%	3.90%
Weighted-Average Assumptions Used to Determine Net Cost for Years Ended December 31:
Discount rate	5.80%	3.90%	5.90%

Fair Value Measurements - Carrying Value and Fair Value of Debt (Detail) - Senior Notes [Member] - USD ($) $ in Millions	Dec. 30, 2023	Dec. 31, 2022
Carrying Value [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Total Debt	$ 2,670.1	$ 2,673.5
Fair Value [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Total Debt	$ 2,562.4	$ 2,412.6

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Taxes [Line Items]
Unrecognized tax benefits that would impact effective tax rate	$ 25.6
Reasonably possible decrease in unrecognized tax benefits	7.7
Unrecognized tax expense (benefits), interest and penalty expense (benefit) recognized	1.2	$ (6.4)	$ (1.9)
Unrecognized tax benefits, accrued interest and penalties	7.7	8.8
Deferred tax assets, net operating losses and other tax carryforwards	27.5	23.5
Deferred tax assets, net operating losses and other tax carryforwards	4.5
Valuation allowance	15.1	$ 13.8
Deferred tax liability for foreign and state taxes	0.6
Unremitted earnings of foreign subsidiaries	242.3
Unrecognized deferred tax liabilities of Foreign Subsidiaries	$ 15.7
Minimum [Member]
Income Taxes [Line Items]
Deferred tax assets, remaining net operating losses and other tax carryforwards expiration period	2024
Maximum [Member]
Income Taxes [Line Items]
Deferred tax assets, remaining net operating losses and other tax carryforwards expiration period	2028

Discontinued Operations - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operation, Transaction Costs		$ 63.2
Depreciation		43.6	$ 44.4
Amortization of intangible asset		16.8	17.8
Capital Expenditure		55.8	51.6
Net income (loss) from discontinued operations	$ (1.0)	$ 146.8	$ 212.7

Amount after tax of income (loss) from a discontinued operation attributable to the parent. 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.

Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Dec. 30, 2023

Accumulated Other Comprehensive Income (Loss)

12. Accumulated Other Comprehensive Income (Loss)

The reclassifications out of accumulated other comprehensive income (loss) for the years ended December 30, 2023 and December 31, 2022 were as follows:


(In millions)
Details about Accumulated Other Comprehensive Income (Loss) Components	Affected Line Item in the Consolidated Statements of Income
	2023			2022
Gains (losses) on cash flow hedges
Foreign exchange contracts	$	5.2		$	4.8		Cost of products sold
Interest rate contracts		9.0			3.6		Interest expense
Commodity contracts		(0.2	)		(7.3	)	Cost of products sold
		14.0			1.1		Total before tax
		(2.8	)		0.6		Tax expense
	$	11.2		$	1.7		Net of tax
Defined benefit plan items
Recognition of actuarial gains	$	0.5		$	1.3		Other (income) expense, net
		5.5			0.4		Tax benefit
	$	6.0		$	1.7		Net of tax
Total reclassifications for the period	$	17.2		$	3.4		Net of tax

(a)

These accumulated other comprehensive (loss) income components are included in the computation of net periodic benefit cost. Refer to Note 15, “Defined Benefit Plans,” for additional information.

The amounts in the table above reflect continuing operations, and exclude amounts related to discontinued operations of $4.5 million in 2022. Total accumulated other comprehensive income (loss) consists of net income and other changes in business equity from transactions and other events from sources other than stockholders. It includes currency translation gains and losses, unrealized gains and losses from derivative instruments designated as cash flow hedges, and defined benefit plan adjustments. The after-tax components of and changes in accumulated other comprehensive (loss) income were as follows:


(In millions)	Foreign Currency Adjustments			Derivative Hedging Gain (Loss)			Defined Benefit Plan Adjustments			Accumulated Other Comprehensive (Loss) Income
Balance at December 31, 2020	$	7.2		$	4.2		$	(66.5	)	$	(55.1	)
Amounts classified into accumulated other comprehensive (loss) income		(3.9	)		1.1			35.1			32.3
Amounts reclassified into earnings		—			(2.4	)		0.6			(1.8	)
Net current period other comprehensive (loss) income		(3.9	)		(1.3	)		35.7			30.5
Balance at December 31, 2021	$	3.3		$	2.9		$	(30.8	)	$	(24.6	)
Amounts classified into accumulated other comprehensive (loss) income		(23.4	)		99.6			(14.6	)		61.6
Amounts reclassified into earnings		—			(6.2	)		(1.7	)		(7.9	)
Net current period other comprehensive (loss) income		(23.4	)		93.4			(16.3	)		53.7
Distribution of Masterbrand		8.0			(2.8	)		3.1			8.3
Balance at December 31, 2022	$	(12.1	)	$	93.5		$	(44.0	)	$	37.4
Amounts classified into accumulated other comprehensive (loss) income		17.4			3.7			15.8			36.9
Other		—			—			6.2			6.2
Amounts reclassified into earnings		—			(11.2	)		(6.0	)		(17.2	)
Net current period other comprehensive (loss) income		17.4			(7.5	)		16.0			25.9
Balance at December 30, 2023	$	5.3		$	86.0		$	(28.0	)	$	63.3

Leases - Other Information Related to Leases (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 36.5	$ 35.1	$ 33.3
Right-of-use assets obtained in exchange for operating lease obligations	$ 87.1	$ 21.6	$ 33.9
Weighted average remaining lease term - operating leases	6 years 8 months 12 days	5 years 7 months 6 days	6 years 1 month 6 days
Weighted average discount rate - operating leases	4.10%	3.60%	3.50%

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

12 Months Ended

Dec. 30, 2023

Dec. 31, 2022

Dec. 31, 2021

$ 29.7

$ 4.0

Provision

32.5

32.4

$ 9.3

Cash Expenditures

^[1]

(21.2)

(6.7)

Non-Cash Writeoffs

(19.3)

0.0

Workforce Reduction Costs [Member]

21.7

29.7

4.0

16.2

3.2

Provision

17.9

19.4

Cash Expenditures

^[1]

(20.1)

(6.4)

Non-Cash Writeoffs

0.6

0.0

14.6

16.2

3.2

Other [Member]

13.5

0.8

Provision

14.6

13.0

Cash Expenditures

^[1]

(1.1)

(0.3)

Non-Cash Writeoffs

(19.9)

0.0

$ 7.1

$ 13.5

$ 0.8

[1]	Cash expenditures primarily related 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.

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

12 Months Ended

Dec. 30, 2023

Discontinued Operations

5. Discontinued Operations

On December 14, 2022, the Company completed the Separation. The consolidated statements of income and consolidated balance sheets for all prior periods have been adjusted to reflect the presentation of MasterBrand as discontinued operations. During 2023, we recognized expense of $1.0 million within Income (loss) from discontinued operations, net of tax.

The following table summarizes the results of the discontinued operations for the years ended December 31, 2022 and December 31, 2021.


(In millions)	2022		2021
NET SALES	$	3,199.7	$	2,855.0
Cost of products sold		2,279.3		2,068.5
Selling, general and administrative expense		619.7		485.3
Amortization of intangible asset		16.8		17.8
Asset impairment charges		46.4		—
Restructuring charges		25.1		4.2
DISCONTINUED OPERATING INCOME		212.4		279.2
Interest expense		0.2		0.1
Other expense, net		2.2		0.4
INCOME FROM DISCONTINUED OPERATIONS BEFORE INCOME TAXES		210.0		278.7
Income taxes		63.2		66.0
INCOME FROM DISCONTINUED OPERATIONS, NET OF TAX	$	146.8	$	212.7

We incurred $63.2 million of transaction costs in connection with the Separation during the year ended December 31, 2022, which are included in the consolidated statements of operations as discontinued operations. These costs include legal, accounting and advisory fees, implementation and integration costs, duplicative costs for subscriptions and information technology systems, employee and contract costs, and other incremental separation costs related to the Separation.

The following table summarizes the cash flows of MasterBrand, which are reflected in the consolidated statements of cash flows:


(In millions)	2022			2021
Net cash provided by operating activities	$	213.0		$	162.7
Net cash used in investing activities		(55.8	)		(51.5	)
Net cash used in financing activities		—			—
Effect of foreign exchange rate changes on cash		(0.2	)		0.1
Net increase in cash and cash equivalents	$	157.0		$	111.3

MasterBrand depreciation for 2022 and 2021 was $43.6 million and $44.4 million, respectively. MasterBrand amortization of intangibles for 2022 and 2021 was $16.8 million and $17.8 million, respectively. MasterBrand capital expenditures for 2022 and 2021 were $55.8 million and $51.6 million, respectively.

Accumulated Other Comprehensive Income (Loss) - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Loss from discontinued operations, net of tax	$ (1.0)	$ 146.8	$ 212.7
Reclassification out of Accumulated Other Comprehensive Income (Loss) [Member] \| Derivative Hedging Gain (Loss) [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Loss from discontinued operations, net of tax		$ 4.5

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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(12))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482551/740-270-45-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-7

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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-SubTopic 20
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-URI https://asc.fasb.org//1943274/2147483475/205-20-45-3A

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5C
-Subparagraph (b)(2)
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-URI https://asc.fasb.org//1943274/2147483499/205-20-50-5C

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org//1943274/2147483475/205-20-45-4

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org//1943274/2147483475/205-20-45-3

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Identifiable Intangible Assets (Tables)

12 Months Ended

Dec. 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
Balance at December 31, 2021(a)	$	814.1		$	627.7	$	97.1		$	1,538.9
2022 translation adjustments		(9.4	)		—		(0.8	)		(10.2	)
Acquisition-related adjustments		88.7			23.3		—			112.0
Balance at December 31, 2022(a)	$	893.4		$	651.0	$	96.3		$	1,640.7
2023 translation adjustments		8.1			—		0.4			8.5
Acquisition-related adjustments		227.8			0.1		29.7			257.6
Balance at December 30, 2023(a)	$	1,129.3		$	651.1	$	126.4		$	1,906.8

(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 intangible assets as of December 30, 2023 and December 31, 2022 were as follows:


	As of December 30, 2023							As of December 31, 2022
(In millions)	Gross Carrying Amounts		Accumulated Amortization			Net Book Value		Gross Carrying Amounts		Accumulated Amortization			Net Book Value
Indefinite-lived tradenames	$	520.1	$	—		$	520.1	$	478.1	$	—		$	478.1
Amortizable intangible assets
Tradenames		58.4		(9.3	)		49.1		47.5		(6.8	)		40.7
Customer and contractual relationships		1,017.3		(289.4	)		727.9		662.6		(239.6	)		423.0
Patents/proprietary technology		138.2		(80.6	)		57.6		128.5		(69.5	)		59.0
Total		1,213.9		(379.3	)		834.6		838.6		(315.9	)		522.7
Total identifiable intangibles	$	1,734.0	$	(379.3	)	$	1,354.7	$	1,316.7	$	(315.9	)	$	1,000.8

Significant Assumptions Used to Estimate the Fair Value of Tradename Impaired

The significant assumptions used to estimate the fair value of the tradenames impaired during the year ended December 30, 2023 were as follows:


	2023
Unobservable Input	Minimum			Maximum			Weighted Average(a)
Discount rates		13.0	%		14.5	%		14.3	%
Royalty rates(b)		2.5	%		3.5	%		3.4	%
Long-term revenue growth rates(c)		2.0	%		3.0	%		2.1	%

(a)

Weighted by the relative fair value of the tradenames that were tested quantitatively.

(b)

Represents estimated percentage of sales a market-participant would pay to license the impaired tradenames.

(c)

Selected long-term revenue growth rate within 10-year projection period of the impaired tradenames.

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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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-SubTopic 20
-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

Cash and cash equivalents

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares issued	187,100,000	186,200,000

Consolidated Balance Sheets - USD ($)
$ in Millions

Dec. 30, 2023

Dec. 31, 2022

Current assets

$ 366.4

$ 642.5

Accounts receivable less allowances for discounts and credit losses

534.2

521.8

Inventories

982.3

1,021.3

Other current assets

162.8

274.8

TOTAL CURRENT ASSETS

2,045.7

2,460.4

Property, plant and equipment, net of accumulated depreciation

975.0

783.7

Operating lease assets

173.8

118.9

Other intangible assets, net of accumulated amortization

^[1]

1,906.8

1,640.7

1,354.7

1,000.8

Other assets

109.0

116.4

TOTAL ASSETS

6,565.0

6,120.9

Current liabilities

Short-term debt

0.0

599.2

Accounts payable

568.1

421.6

Other current liabilities

632.3

523.9

TOTAL CURRENT LIABILITIES

1,200.4

1,544.7

Long-term debt

2,670.1

2,074.3

Deferred income taxes

111.3

136.9

Accrued defined benefit plans

47.3

79.9

Operating lease liabilities

143.3

95.4

Other non-current liabilities

99.2

102.8

TOTAL LIABILITIES

4,271.6

4,034.0

Commitments (Note 18) and Contingencies (Note 22)

Equity

Common stock

^[2]

1.9

Paid-in capital

3,134.5

3,069.6

Accumulated other comprehensive income

63.3

37.4

Retained earnings

2,605.3

2,323.8

Treasury stock

(3,511.6)

(3,345.8)

TOTAL EQUITY

2,293.4

2,086.9

TOTAL LIABILITIES AND EQUITY

$ 6,565.0

$ 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, 187.1 million shares and 186.2 million shares issued at December 30, 2023 and December 31, 2022, respectively.

Subsequent Events - Additional Information (Detail) - USD ($) $ in Millions	Jan. 29, 2024	Jan. 30, 2024	Dec. 30, 2023
Subsequent Event [Line Items]
Stock repurchase program, remaining authorized repurchase amount			$ 434.6
Subsequent Event member \| Common Stock
Subsequent Event [Line Items]
Number of shares authorized to be repurchased	$ 650.0
Stock repurchase program, remaining authorized repurchase amount		$ 435.0
Expiration Date of existing authorization of shares	Mar. 01, 2024

Commitments (Tables)

12 Months Ended

Dec. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

The following table summarizes activity related to our product warranty liability for 2023, 2022, 2021.


(In millions)	2023			2022			2021
Reserve balance at the beginning of the year	$	20.1		$	19.5		$	19.0
Provision for warranties issued		8.7			8.1			8.5
Settlements made (in cash or in kind)		(10.4	)		(9.0	)		(8.4	)
Acquisition		—			1.7			0.3
Foreign currency		—			(0.2	)		0.1
Reserve balance at end of year	$	18.4		$	20.1		$	19.5

Consolidated Statements of Comprehensive Income - USD ($)
$ in Millions

12 Months Ended

Dec. 30, 2023

Dec. 31, 2022

Dec. 31, 2021

Statement of Comprehensive Income [Abstract]

NET INCOME

$ 404.5

$ 686.7

$ 772.4

Other comprehensive income (loss), before tax:

Foreign currency translation adjustments

17.4

(23.4)

(3.9)

Unrealized (losses) gains on derivatives:

Unrealized holding gains (losses) arising during period

4.1

126.2

1.5

Less: reclassification adjustment for (gains) losses included in net income

(14.0)

(5.5)

(2.2)

Unrealized (losses) gains on derivatives

(9.9)

120.7

(0.7)

Defined benefit plans:

Net actuarial gains (loss) arising during period

13.4

(21.7)

47.5

Other

6.2

0.0

Defined benefit plans

19.6

(21.7)

47.5

Other comprehensive income , before tax

27.1

75.6

42.9

Income tax (expense) related to items of other comprehensive income

^[1]

(1.2)

(21.9)

(12.4)

Other comprehensive income, net of tax

25.9

53.7

30.5

COMPREHENSIVE INCOME

$ 430.4

$ 740.4

$ 802.9

[1]	Income tax (expense) benefit on unrealized (losses) gains on derivatives of $2.4 million, $(27.3) million and $(0.5) million and on defined benefit plans of $(3.6) million, $5.4 million and $(11.9) million in 2023, 2022 and 2021, respectively.

Significant Accounting Policies

12 Months Ended

Dec. 30, 2023

Accounting Policies [Abstract]

Significant Accounting Policies

2. Significant Accounting Policies

Cash and Cash Equivalents Highly liquid investments with an original maturity of three months or less are included in cash and cash equivalents.


Buildings and leasehold improvements	15 to 40 years
Machinery and equipment	3 to 15 years
Software	3 to 7 years

No material impairments related to long-lived assets were recorded in 2023, 2022 or 2021.

Revenue Recognition The Company recognizes revenue for the sale of goods based on its assessment of when control transfers to our customers. See Note 14, “Revenue,” for additional information.

New Accounting Pronouncements

Fair Value Measurements

12 Months Ended

Dec. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

10. Fair Value Measurements

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, except for pension assets discussed in Note 15, "Defined Benefit Plans."

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


(In millions)	December 30, 2023				December 31, 2022
	Carrying Value		Fair Value		Carrying Value		Fair Value
Notes, net of underwriting commissions, price discounts and debt issuance costs	$	2,670.1	$	2,562.4	$	2,673.5	$	2,412.6

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

Assets and liabilities measured at fair value on a recurring basis as of December 30, 2023 and December 31, 2022 were as follows:


(In millions)	Fair Value
	2023		2022
Assets:
Derivative asset financial instruments (level 2)	$	0.8	$	89.6
Deferred compensation program assets (level 2)		14.7		14.9
Total assets	$	15.5	$	104.5
Liabilities:
Derivative liability financial instruments (level 2)	$	2.7	$	4.3

The principal derivative financial instruments we enter into on a routine basis are foreign exchange contracts. In addition, from time to time, we enter into commodity swaps. Derivative financial instruments are recorded at fair value.

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.

Discontinued Operations - Summary of Cash Flow Information Related to Discontinued Operations (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Discontinued Operations and Disposal Groups [Abstract]
Net cash provided by operating activities	$ 213.0	$ 162.7
Net cash used in investing activities	(55.8)	(51.5)
Net cash used in financing activities	0.0	0.0
Effect of foreign exchange rate changes on cash	(0.2)	0.1
Net increase in cash and cash equivalents	$ 157.0	$ 111.3

Income Taxes - Reconciliation Between Federal Statutory Tax Rate to Effective Tax Rate from Continuing Operations (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income tax expense computed at federal statutory income tax rate	$ 108.8	$ 140.1	$ 152.5
State and local income taxes, net of federal tax benefit	13.2	13.2	17.4
Foreign taxes at a different rate than U.S. federal statutory income tax rate	5.2	9.1	9.2
Provision for foreign earnings repatriation, net	(2.5)	1.2	0.0
Net adjustments for uncertain tax positions	(8.0)	(26.2)	(11.3)
Share-based compensation	(1.3)	(5.4)	(9.0)
Valuation allowance (decrease) increase	1.7	(5.8)	4.7
Non-deductible executive compensation	3.5	7.5	5.0
Research and development credit	(5.1)	(3.0)	(2.3)
Miscellaneous other, net	(3.1)	(3.5)	0.5
Income tax expense as reported	$ 112.4	$ 127.2	$ 166.7
Effective income tax rate	21.70%	19.10%	22.90%

Defined Benefit Plans - Amounts Recognized in Consolidated Balance Sheets (Detail) - USD ($) $ in Millions	Dec. 30, 2023	Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
Accrued benefit liability	$ (47.3)	$ (79.9)
Pension Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Current benefit payment liability	(1.3)	(1.5)
Accrued benefit liability	(40.4)	(59.6)
Net amount recognized	(41.7)	(61.1)
Postretirement Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Current benefit payment liability	(1.1)	(1.2)
Accrued benefit liability	(6.9)	(7.8)
Net amount recognized	$ (8.0)	$ (9.0)

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 30, 2023	Feb. 09, 2024	Jul. 01, 2023
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Entity Registrant Name	Fortune Brands Innovations, Inc.
Entity Central Index Key	0001519751
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Interactive Data Current	Yes
Document Financial Statement Error Correction [Flag]	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Well-known Seasoned Issuer	Yes
Entity Public Float			$ 9,095,529,175
Entity Common Stock, Shares Outstanding		126,128,651
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	FBIN
Security Exchange Name	NYSE
Entity File Number	1-35166
Entity Incorporation, State or Country Code	DE
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
Document Annual Report	true
Document Transition Report	false
ICFR Auditor Attestation Flag	true
Documents Incorporated by Reference	Certain information contained in the registrant’s proxy statement for its Annual Meeting of Stockholders to be held on May 7, 2024 (to be filed not later than 120 days after the end of the registrant’s fiscal year) (the “2024 Proxy Statement”) is incorporated by reference into Part III hereof.
Auditor Name	PricewaterhouseCoopers LLP
Auditor Firm ID	238
Auditor Location	Chicago, Illinois

Stock-Based Compensation - Summarizes Information of Performance Share Awards (Detail) - Performance Awards	12 Months Ended
	Dec. 30, 2023 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Non-vested at December 31, 2022 \| shares	20,572
Granted \| shares	207,193
Vested \| shares	(4,709)
Forfeited \| shares	(12,252)
Non-vested at December 30, 2023 \| shares	210,804
Non-vested at December 31, 2022 \| $ / shares	$ 75.59
Granted \| $ / shares	61.79
Vested \| $ / shares	60.86
Forfeited \| $ / shares	66.32
Non-vested at December 30, 2023 \| $ / shares	$ 62.89

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

1 Months Ended

12 Months Ended

Jun. 20, 2023

Jan. 30, 2022

Jun. 30, 2023

Jul. 31, 2022

Jan. 31, 2022

Dec. 30, 2023

Dec. 31, 2022

Jul. 29, 2022

Dec. 31, 2021

^[1]

$ 1,906.8

$ 1,640.7

$ 1,538.9

Security [Member]

^[1]

126.4

96.3

97.1

Water [Member]

^[1]

1,129.3

$ 893.4

$ 814.1

Assa Businesses [Member]

Payments to acquire businesses gross

$ 809.3

Fair value allocated to assets acquired and liabilities assumed

809.3

Cash acquired from acquisition

16.3

Purchase price not yet paid as cash

23.5

Acquisition-related transaction costs

$ 19.7

Restricted Cash

$ 23.5

Finite-lived intangible assets, amortization method

Customer relationships, tradenames and proprietary technology assets are amortized on a straight line basis over their useful lives.

Assa Businesses [Member] | Security [Member]

$ 258.8

Assa Businesses [Member] | Water [Member]

29.7

Assa Businesses [Member] | Tradename [Member]

229.1

Amortizable identifiable intangible assets, estimated useful life

$ 9.0

30 years

Indefinite-lived intangible asset

$ 75.0

Assa Businesses [Member] | Customer Relationships One [Member]

Amortizable identifiable intangible assets, estimated useful life

$ 328.0

17 years

Assa Businesses [Member] | Customer Relationships Two [Member]

Amortizable identifiable intangible assets, estimated useful life

$ 21.3

17 years

Assa Businesses [Member] | Proprietary Technology [Member]

Amortizable identifiable intangible assets, estimated useful life

$ 8.7

8 years

Flo Technologies, Inc. [Member]

Solar Innovations [Member]

Final cash payment

$ 16.7

Payments to acquire businesses gross

$ 61.6

Fair value allocated to assets acquired and liabilities assumed

61.6

Cash acquired from acquisition

$ 4.8

Business acquisition, percentage of outstanding equity acquired

100.00%

Business acquisition, goodwill, expected tax non-deductible amount

$ 23.3

Aqualisa Holdings (International) Ltd. [Member]

Payments to acquire businesses gross

$ 156.0

Fair value allocated to assets acquired and liabilities assumed

$ 156.0

Cash acquired from acquisition

$ 4.8

Business acquisition, percentage of outstanding equity acquired

100.00%

Business acquisition, goodwill, expected tax non-deductible amount

$ 88.7

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

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

12 Months Ended

Dec. 30, 2023

Dec. 31, 2022

Dec. 31, 2021

Goodwill and Identifiable Intangible Assets [Line Items]

Net identifiable intangible assets

^[1]

$ 1,906.8

$ 1,640.7

$ 1,538.9

1,354.7

1,000.8

Increase in gross identifiable intangible assets

417.3

Expected intangible amortization expense in 2024

72.0

Expected intangible amortization expense in 2025

72.0

Expected intangible amortization expense in 2026

71.0

Expected intangible amortization expense in 2027

69.0

Expected intangible amortization expense in 2028

62.0

Gross Carrying Amounts, Indefinite-lived tradenames

520.1

478.1

Tradenames and Customer Relationship [Member]

Goodwill and Identifiable Intangible Assets [Line Items]

Net identifiable intangible assets

$ 1,354.7

1,000.8

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

Outdoors [Member]

Goodwill and Identifiable Intangible Assets [Line Items]

Outdoors [Member] | First Indefinite Lived Trade Name [Member]

^[1]

$ 651.1

651.0

627.7

Goodwill and Identifiable Intangible Assets [Line Items]

Impairment of intangible assets, trade names

28.0

Gross Carrying Amounts, Indefinite-lived tradenames

83.0

Outdoors [Member] | Second Indefinite-Lived Trade Name [Member]

Goodwill and Identifiable Intangible Assets [Line Items]

Impairment of intangible assets, trade names

5.5

Gross Carrying Amounts, Indefinite-lived tradenames

12.5

Outdoors Segment One [Member] | Tradename [Member]

Goodwill and Identifiable Intangible Assets [Line Items]

Amount of fair value in excess of carrying amount

83.0

Outdoors Segment Two [Member] | Tradename [Member]

Goodwill and Identifiable Intangible Assets [Line Items]

Amount of fair value in excess of carrying amount

12.5

Security [Member]

Goodwill and Identifiable Intangible Assets [Line Items]

Summary of Outstanding Notes

^[1]

$ 126.4

$ 96.3

$ 97.1

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

External Debt and Financing Arrangements (Tables)

12 Months Ended

Dec. 30, 2023

Debt Disclosure [Abstract]

The following table provides a summary of the Company’s outstanding Notes, including the carrying value of the Notes, net of underwriting commissions, price discounts and debt issuance costs, as of December 30, 2023 and December 31, 2022:


(in millions)					Net Carrying Value
Coupon Rate	Principal Amount		Issuance Date	Maturity Date	December 30, 2023		December 31, 2022
4.000% Senior Notes	$	500.0	June 2015	June 2025	$	498.9	$	498.1
4.000% Senior Notes	$	600.0	September 2018	September 2023		-		599.2
3.250% Senior Notes	$	700.0	September 2019	September 2029		695.7		695.0
4.000% Senior Notes	$	450.0	March 2022	March 2032		446.2		445.8
4.500% Senior Notes	$	450.0	March 2022	March 2052		435.9		435.4
5.875% Senior Notes	$	600.0	June 2023	June 2033		593.4		-
Total Senior Notes					$	2,670.1	$	2,673.5

As of December 30, 2023 and December 31, 2022, the components of long-term debt were as follows:


(In millions)	2023		2022
Notes (due 2025 to 2052)	$	2,670.1	$	2,673.5
Less: current portion		—		599.2
Total long-term debt	$	2,670.1	$	2,074.3

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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Information on Business Segments

External Debt and Financing Arrangements - Summary of Outstanding Notes (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Net Carrying Value	$ 2,670.1	$ 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	$ 498.9	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	$ 446.2	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	$ 695.7	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	$ 435.9	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	$ 593.4	$ 0.0

Common Stock - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Equity [Abstract]
Common stock, shares authorized	750,000,000	750,000,000
Common stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	60,000,000	60,000,000
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares outstanding	0
Common stock repurchases	2,487,278	7,563,462
Treasury stock purchases	$ 150.0	$ 580.1	$ 447.7
Stock repurchase program, remaining authorized repurchase amount	$ 434.6

Information on Business Segments

12 Months Ended

Dec. 30, 2023

Segment Reporting [Abstract]

19. Information on Business Segments

Following the Separation, the operating results of our Cabinets segment have been classified as discontinued operations for all periods presented, and we have three operating segments. The tables below reflect the results of operations of the Company's operating segments in continuing operations, consistent with internal reporting used by the Company.

We report our operating segments based on how operating results are regularly reviewed by our chief operating decision maker for making decisions about resource allocations to segments and assessing performance. The Company’s operating segments and types of products from which each segment derives revenues are described below.

The Water segment manufactures or assembles and sells faucets, accessories, kitchen sinks and waste disposals, predominantly under the Moen, ROHL, Riobel, Victoria+Albert, Perrin & Rowe, Aqualisa, Shaws, Emtek and Schaub brands. The Outdoors segment includes fiberglass and steel entry door systems under the Therma-Tru brand name, storm, screen and security doors under the Larson brand name, composite decking and railing under the Fiberon brand name, urethane millwork under the Fypon brand name and wide-opening exterior door systems and outdoor enclosures under the Solar Innovations brand. The Security segment includes locks, safety and security devices, and electronic security products under the Master Lock, American Lock, Yale and August brands, and fire-resistant safes, security containers and commercial cabinets under the SentrySafe brand. Corporate expenses consist of headquarters administrative expenses. Corporate assets consist primarily of cash.

The Company’s subsidiaries operate principally in the United States, Canada, Mexico, the United Kingdom, China, South Africa, Vietnam and France.


(In millions)	2023		2022		2021
Net sales:
Water	$	2,562.2	$	2,570.2	$	2,761.2
Outdoors		1,341.1		1,517.4		1,416.5
Security		722.9		635.4		623.4
Total net sales	$	4,626.2	$	4,723.0	$	4,801.1

Net sales to two of the Company’s customers, The Home Depot, Inc. (“The Home Depot”) and Lowe’s Companies, Inc. (“Lowe’s”) each accounted for greater than 10% of the Company’s net sales in 2023, 2022 and 2021. All of our business segments sell to The Home Depot and Lowe’s. Net sales to The Home Depot were 10.2%, 11.7% and 11.2% of net sales in 2023, 2022 and 2021, respectively. Net sales to Lowe’s were 10.9%, 12.0% and 11.9% of net sales in 2023, 2022 and 2021, respectively.


(In millions)	2023			2022			2021
Operating income:
Water	$	574.3		$	614.6		$	629.7
Outdoors		133.5			194.2			205.3
Security		62.4			95.4			86.6
Corporate		(155.3	)		(129.9	)		(110.5	)
Total operating income	$	614.9		$	774.3		$	811.1


(In millions)	2023			2022			2021
Total assets:
Water	$	3,492.2		$	2,674.4		$	2,614.7
Outdoors		2,205.3			2,214.6			2,042.3
Security		721.0			605.4			577.1
Corporate		146.5			626.5			212.4
Total assets	$	6,565.0		$	6,120.9		$	5,446.5
Depreciation expense:
Water	$	40.4		$	34.9		$	37.1
Outdoors		34.5			32.3			26.1
Security		29.8			13.2			14.6
Corporate		2.0			2.5			2.8
Depreciation expense	$	106.7		$	82.9		$	80.6
Amortization of intangible assets:
Water	$	28.9		$	16.2		$	14.9
Outdoors		30.0			30.2			29.6
Security		3.2			1.9			1.9
Amortization of intangible assets	$	62.1		$	48.3		$	46.4
Capital expenditures:
Water	$	104.7		$	52.1		$	38.1
Outdoors		140.0			120.2			112.3
Security		10.4			17.9			11.9
Corporate		1.4			—			0.3
Capital expenditures, gross		256.5			190.2			162.6
Less: proceeds from disposition of assets		(2.8	)		(8.2	)		(1.8	)
Capital expenditures, net	$	253.7		$	182.0		$	160.8
Net sales by geographic region (a):
United States	$	3,708.0		$	3,763.6		$	3,722.7
China		335.2			363.9			510.4
Canada		352.4			368.2			384.2
Other international		230.6			227.3			183.8
Net sales	$	4,626.2		$	4,723.0		$	4,801.1
Property, plant and equipment, net:
United States	$	798.0		$	673.5		$	569.6
Mexico		62.9			55.9			53.7
Canada		7.6			7.3			7.7
China		17.3			20.1			23.7
Other international		89.2			26.9			16.1
Property, plant and equipment, net	$	975.0		$	783.7		$	670.8

(a)

Based on country of destination.

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
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-Paragraph 15
-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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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 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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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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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Summary of Preliminary Allocation of Purchase Price to Fair Value of Assets Acquired and Liabilities Assumed

Income Taxes - Components of Net Deferred Tax Assets Liabilities (Detail) - USD ($) $ in Millions	Dec. 30, 2023	Dec. 31, 2022
Deferred tax assets:
Compensation and benefits	$ 29.5	$ 21.0
Defined benefit plans	10.9	15.4
Capitalized inventories	24.5	17.8
Capitalized research and development costs	37.4	13.8
Accounts receivable	4.9	4.2
Operating lease liabilities	43.2	31.0
Other accrued expenses	40.3	51.2
Net operating loss and other tax carryforwards	27.5	23.5
Valuation allowance	(15.1)	(13.8)
Miscellaneous	6.7	6.7
Total deferred tax assets	209.8	170.8
Deferred tax liabilities:
Fixed assets	(75.1)	(74.1)
Intangible assets	(153.2)	(152.5)
Operating lease assets	(42.7)	(29.3)
Other investments	(26.4)	(28.2)
Miscellaneous	(5.2)	(6.5)
Total deferred tax liabilities	(302.6)	(290.6)
Net deferred tax liability	(92.8)	(119.8)
Other assets	18.5	17.1
Deferred income taxes	$ (111.3)	$ (136.9)

Defined Benefit Plans - Obligations and Funded Status (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Change in the Projected Benefit Obligation (PBO):
Recognition of actuarial losses (gains)	$ (0.5)	$ (1.2)	$ 0.8
Change in Plan Assets:
Beginning balance	482.5
Ending balance	468.0	482.5
Pension Benefits [Member]
Change in the Projected Benefit Obligation (PBO):
Projected benefit obligation at beginning of year	543.6	712.0
Service cost	0.1	0.2
Interest cost	27.2	20.4
Recognition of actuarial losses (gains)	(0.5)	(155.9)
Benefits paid	(60.7)	(33.1)
Projected benefit obligation at end of year	509.7	543.6	712.0
Accumulated benefit obligation at end of year (excludes the impact of future compensation increases)	509.7	543.6
Change in Plan Assets:
Beginning balance	482.5	649.8
Actual return on plan assets	40.5	(144.8)
Employer contributions	5.7	10.6
Benefits paid	(60.7)	(33.1)
Ending balance	468.0	482.5	649.8
Funded status (Fair value of plan assets less PBO)	(41.7)	(61.1)
Postretirement Benefits [Member]
Change in the Projected Benefit Obligation (PBO):
Projected benefit obligation at beginning of year	9.0	9.8
Service cost	0.4	0.4
Interest cost	0.5	0.4
Recognition of actuarial losses (gains)	(1.3)	(1.2)
Benefits paid	(0.6)	(0.4)
Projected benefit obligation at end of year	8.0	9.0	$ 9.8
Change in Plan Assets:
Employer contributions	0.6	0.4
Benefits paid	(0.6)	(0.4)
Funded status (Fair value of plan assets less PBO)	$ (8.0)	$ (9.0)

Acquisitions (Tables)

12 Months Ended

Dec. 30, 2023

Business Combinations [Abstract]

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	$	38.0
Inventories		106.8
Property, plant and equipment		19.5
Goodwill		258.8
Identifiable intangible assets		442.0
Operating lease assets		17.1
Other assets		2.3
Total assets		884.5
Accounts payable		26.0
Other current liabilities and accruals		33.9
Other non-current liabilities		15.3
Net assets acquired	$	809.3

Schedule of Unaudited Pro Forma Financial Information


(In millions)		2023		2022
Net sales	$	4,811.2	$	5,129.6
Net income	$	443.1	$	558.8

Earnings Per Share - Computations of Earnings per Common Share (Detail) - USD ($)
$ / shares in Units, $ in Millions

12 Months Ended

Dec. 30, 2023

Dec. 31, 2022

Dec. 31, 2021

Earnings Per Share [Abstract]

NET INCOME

$ 404.5

$ 686.7

$ 772.4

Income from continuing operations, net of tax

405.5

539.9

559.7

Income from discontinued operations, net of tax

$ (1.0)

$ 146.8

$ 212.7

$ 3.2

$ 4.14

$ 4.07

Basic earnings per share attributable to Fortune Brands

(0.01)

1.13

1.55

3.19

5.27

5.62

3.17

4.11

4.01

Diluted earnings per share attributable to Fortune Brands

1.12

1.53

$ 3.17

$ 5.23

$ 5.54

Basic average number of shares outstanding

^[1]

126,900,000

130,300,000

137,500,000

Stock-based awards

800,000

1,000,000

2,000,000

Diluted average shares outstanding

^[1]

127,700,000

131,300,000

139,500,000

Antidilutive stock-based awards excluded from weighted-average number of shares outstanding for diluted earnings per share

0.9

1.3

0.3

[1]	Reflects the impact of share repurchases during the years ended December 30, 2023, and December 31, 2022 and 2021, respectively.

Fair Value Measurements (Tables)

12 Months Ended

Dec. 30, 2023

Fair Value Disclosures [Abstract]

Carrying Value and Fair Value of Debt

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


(In millions)	December 30, 2023				December 31, 2022
	Carrying Value		Fair Value		Carrying Value		Fair Value
Notes, net of underwriting commissions, price discounts and debt issuance costs	$	2,670.1	$	2,562.4	$	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 December 30, 2023 and December 31, 2022 were as follows:


(In millions)	Fair Value
	2023		2022
Assets:
Derivative asset financial instruments (level 2)	$	0.8	$	89.6
Deferred compensation program assets (level 2)		14.7		14.9
Total assets	$	15.5	$	104.5
Liabilities:
Derivative liability financial instruments (level 2)	$	2.7	$	4.3

Revenue - Changes in Deferred Revenue Liabilities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Beginning Balance	$ 32.1	$ 22.2
Amount from acquisitions	10.1	12.0
Customer deposits	30.1	32.2
Revenue recognized	(31.7)	(32.8)
Foreign currency and other	(0.4)	(1.5)
Ending Balance	$ 40.2	$ 32.1

Subsequent Events

12 Months Ended

Dec. 30, 2023

Subsequent Events [Abstract]

Subsequent Events

23. Subsequent Events

On January 29, 2024, the Company's Board of Directors authorized the repurchase of up to $650 million of shares of the Company’s outstanding common stock over the next two years on the open market or in privately negotiated transactions or otherwise (including pursuant to a Rule 10b5-1 trading plan, block trades and accelerated share repurchase transactions), in accordance with applicable securities laws The $650 million share repurchase authorization is in addition to the approximately $435 million remaining as of January 30, 2024 from an existing authorization that expires on March 1, 2024.

The new purchases, if made, will occur from time to time depending on market conditions. The newly announced share repurchase authorization does not obligate the Company to repurchase any dollar amount or number of shares of common stock. This authorization is in effect until January 29, 2026, and may be suspended or discontinued at any time.

Accumulated Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Dec. 30, 2023

Reclassifications Out of Accumulated Other Comprehensive Income (Loss)

The reclassifications out of accumulated other comprehensive income (loss) for the years ended December 30, 2023 and December 31, 2022 were as follows:


(In millions)
Details about Accumulated Other Comprehensive Income (Loss) Components	Affected Line Item in the Consolidated Statements of Income
	2023			2022
Gains (losses) on cash flow hedges
Foreign exchange contracts	$	5.2		$	4.8		Cost of products sold
Interest rate contracts		9.0			3.6		Interest expense
Commodity contracts		(0.2	)		(7.3	)	Cost of products sold
		14.0			1.1		Total before tax
		(2.8	)		0.6		Tax expense
	$	11.2		$	1.7		Net of tax
Defined benefit plan items
Recognition of actuarial gains	$	0.5		$	1.3		Other (income) expense, net
		5.5			0.4		Tax benefit
	$	6.0		$	1.7		Net of tax
Total reclassifications for the period	$	17.2		$	3.4		Net of tax

(a)

These accumulated other comprehensive (loss) income components are included in the computation of net periodic benefit cost. Refer to Note 15, “Defined Benefit Plans,” for additional information.

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 were as follows:


(In millions)	Foreign Currency Adjustments			Derivative Hedging Gain (Loss)			Defined Benefit Plan Adjustments			Accumulated Other Comprehensive (Loss) Income
Balance at December 31, 2020	$	7.2		$	4.2		$	(66.5	)	$	(55.1	)
Amounts classified into accumulated other comprehensive (loss) income		(3.9	)		1.1			35.1			32.3
Amounts reclassified into earnings		—			(2.4	)		0.6			(1.8	)
Net current period other comprehensive (loss) income		(3.9	)		(1.3	)		35.7			30.5
Balance at December 31, 2021	$	3.3		$	2.9		$	(30.8	)	$	(24.6	)
Amounts classified into accumulated other comprehensive (loss) income		(23.4	)		99.6			(14.6	)		61.6
Amounts reclassified into earnings		—			(6.2	)		(1.7	)		(7.9	)
Net current period other comprehensive (loss) income		(23.4	)		93.4			(16.3	)		53.7
Distribution of Masterbrand		8.0			(2.8	)		3.1			8.3
Balance at December 31, 2022	$	(12.1	)	$	93.5		$	(44.0	)	$	37.4
Amounts classified into accumulated other comprehensive (loss) income		17.4			3.7			15.8			36.9
Other		—			—			6.2			6.2
Amounts reclassified into earnings		—			(11.2	)		(6.0	)		(17.2	)
Net current period other comprehensive (loss) income		17.4			(7.5	)		16.0			25.9
Balance at December 30, 2023	$	5.3		$	86.0		$	(28.0	)	$	63.3

Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 30, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Significant Of Accounting Policies [Line Items]
Highly liquid investments included in cash and cash equivalents, maturity period		3 months
Allowances for credit losses		$ 7.7	$ 5.5
Impairment of long-lived asset	$ 0.0		0.0	$ 0.0
Indefinite lived tradenames		520.1	478.1
Impairment, Intangible Asset, Indefinite-Lived (Excluding Goodwill), Statement of Income or Comprehensive Income [Extensible Enumeration]				Asset Impairment Charges
Investments		3.5	3.5
Impairment of Investments		0.0	0.0	$ 0.0
Unrecognized tax benefits pertaining to uncertain tax positions		25.6	33.4	83.1	$ 96.1
Reasonably possible decrease in unrecognized tax benefits		7.7
Advertising costs		221.5	220.7	231.7
Advertising costs, reduction to net sales		51.4	47.7	40.7
Water Segment [Member]
Significant Of Accounting Policies [Line Items]
Indefinite lived tradenames		216.9
Outdoors Segment [Member]
Significant Of Accounting Policies [Line Items]
Indefinite lived tradenames		271.2
Security Segment [Member]
Significant Of Accounting Policies [Line Items]
Indefinite lived tradenames		32.0
Foreign exchange contracts [Member]
Significant Of Accounting Policies [Line Items]
Gain (loss) reclassified from Accumulated OCI into earnings		5.2	4.8	(2.6)
Cash flow hedge [Member] \| Foreign exchange contracts [Member]
Significant Of Accounting Policies [Line Items]
Gain (loss) reclassified from Accumulated OCI into earnings		5.2	(4.7)	(2.6)
Estimated amount of net derivative gain in other comprehensive income reclassified to earnings within 12 months		$ 9.9
Minimum [Member]
Significant Of Accounting Policies [Line Items]
Remaining lease terms		1 year
Maximum [Member]
Significant Of Accounting Policies [Line Items]
Remaining lease terms		10 years
Investments in Equity Securities [Member] \| Minimum [Member]
Significant Of Accounting Policies [Line Items]
Percentage of voting interests of investee to exercise significant influence		20.00%
Selling, general and administrative Expenses [Member]
Significant Of Accounting Policies [Line Items]
Customer program costs	$ 28.1		24.7	25.2
Shipping and handling costs		$ 161.3	162.9	164.0
Advertising costs		170.1	173.0	191.0
Research and development expenses		$ 64.6	$ 62.0	$ 64.1

Goodwill and Identifiable Intangible Assets

12 Months Ended

Dec. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Identifiable Intangible Assets

6. Goodwill and Identifiable Intangible Assets

We had goodwill of $1,906.8 million and $1,640.7 million as of December 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
Balance at December 31, 2021(a)	$	814.1		$	627.7	$	97.1		$	1,538.9
2022 translation adjustments		(9.4	)		—		(0.8	)		(10.2	)
Acquisition-related adjustments		88.7			23.3		—			112.0
Balance at December 31, 2022(a)	$	893.4		$	651.0	$	96.3		$	1,640.7
2023 translation adjustments		8.1			—		0.4			8.5
Acquisition-related adjustments		227.8			0.1		29.7			257.6
Balance at December 30, 2023(a)	$	1,129.3		$	651.1	$	126.4		$	1,906.8

(a)

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

The gross carrying value and accumulated amortization by class of intangible assets as of December 30, 2023 and December 31, 2022 were as follows:


	As of December 30, 2023							As of December 31, 2022
(In millions)	Gross Carrying Amounts		Accumulated Amortization			Net Book Value		Gross Carrying Amounts		Accumulated Amortization			Net Book Value
Indefinite-lived tradenames	$	520.1	$	—		$	520.1	$	478.1	$	—		$	478.1
Amortizable intangible assets
Tradenames		58.4		(9.3	)		49.1		47.5		(6.8	)		40.7
Customer and contractual relationships		1,017.3		(289.4	)		727.9		662.6		(239.6	)		423.0
Patents/proprietary technology		138.2		(80.6	)		57.6		128.5		(69.5	)		59.0
Total		1,213.9		(379.3	)		834.6		838.6		(315.9	)		522.7
Total identifiable intangibles	$	1,734.0	$	(379.3	)	$	1,354.7	$	1,316.7	$	(315.9	)	$	1,000.8

We had identifiable intangible assets, principally tradenames and customer relationships net of accumulated amortization, of $1,354.7 million and $1,000.8 million as of December 30, 2023 and December 31, 2022, respectively. The $417.3 million increase in gross identifiable intangible assets was primarily due to the acquisition the ASSA Businesses and foreign translation adjustments.

Amortizable intangible assets, principally customer relationships, are subject to amortization on a straight-line basis 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 include customer attrition rates and other relevant factors. We expect to record intangible amortization of approximately $72.0 million in 2024, $72.0 million in 2025, $71.0 million in 2026, $69.0 million in 2027 and $62.0 million in 2028.

During the fourth quarter of 2023, a reduction of revenue growth expectations, which were finalized during our annual planning process, led us to conclude that it was more likely than not that two indefinite-lived tradenames within our Outdoors segment were impaired. As a result of impairment tests performed, we recorded pre-tax impairment charges of $28.0 million and $5.5 million, respectively, related to the two indefinite-lived tradenames. As of December 30, 2023, the carrying values of these tradenames were $83.0 million and $12.5 million, respectively.

The fair values of the impaired tradenames were measured using the relief-from-royalty approach, which estimates the present value of royalty income that could be hypothetically earned by licensing the tradename to a third party over its remaining useful life. Some of the more significant assumptions inherent in estimating the fair values include forecasted revenue growth rates, assumed royalty rates, and market-participant discount rates that reflect the level of risk associated with the tradenames’ future revenues and profitability. We selected the assumptions used in the financial forecasts using historical data, supplemented by current and anticipated market conditions, estimated growth rates and management plans. These assumptions represent level 3 inputs of the fair value hierarchy (refer to Note 10, "Fair Value Measurements").

The significant assumptions used to estimate the fair value of the tradenames impaired during the year ended December 30, 2023 were as follows:


	2023
Unobservable Input	Minimum			Maximum			Weighted Average(a)
Discount rates		13.0	%		14.5	%		14.3	%
Royalty rates(b)		2.5	%		3.5	%		3.4	%
Long-term revenue growth rates(c)		2.0	%		3.0	%		2.1	%

(a)

Weighted by the relative fair value of the tradenames that were tested quantitatively.

(b)

Represents estimated percentage of sales a market-participant would pay to license the impaired tradenames.

(c)

Selected long-term revenue growth rate within 10-year projection period of the impaired tradenames.

As of December 30, 2023, the fair values of two Outdoors tradenames were equal to their carrying value of $83.0 million and $12.5 million, respectively. A reduction in the estimated fair value of any of our tradenames could trigger impairment charges in future periods. Events or circumstances that could have a potential negative effect on the estimated fair value of our reporting units and indefinite-lived tradenames include: lower than forecasted revenues, actual new construction and repair and remodel growth rates that fall below our assumptions, actions of key customers, increases in discount rates, continued economic uncertainty, higher levels of unemployment, weak consumer confidence, lower levels of discretionary consumer spending, a decrease in royalty rates and a decline in the trading price of our common stock. We cannot predict the occurrence of certain events or changes in circumstances that might adversely affect the carrying value of goodwill and indefinite-lived assets.

Earnings Per Share

12 Months Ended

Dec. 30, 2023

Earnings Per Share [Abstract]

Earnings Per Share

20. Earnings Per Share

The computations of earnings per common share were as follows:


(In millions, except per share data)	2023			2022		2021
Income from continuing operations	$	405.5		$	539.9	$	559.7
Income from discontinued operations		(1.0	)		146.8		212.7
Net income attributable to Fortune Brands	$	404.5		$	686.7	$	772.4
Earnings per common share
Basic
Continuing operations	$	3.20		$	4.14	$	4.07
Discontinued operations		(0.01	)		1.13		1.55
Basic earnings per share attributable to Fortune Brands	$	3.19		$	5.27	$	5.62
Diluted
Continuing operations	$	3.17		$	4.11	$	4.01
Discontinued operations		—			1.12		1.53
Diluted earnings per share attributable to Fortune Brands	$	3.17		$	5.23	$	5.54
Basic average shares outstanding(a)		126.9			130.3		137.5
Stock-based awards		0.8			1.0		2.0
Diluted average shares outstanding(a)		127.7			131.3		139.5
Antidilutive stock-based awards excluded from weighted-average number of shares outstanding for diluted earnings per share		0.9			1.3		0.3

(a)

Reflects the impact of share repurchases during the years ended December 30, 2023, and December 31, 2022 and 2021, respectively.

Earnings Per Share (Tables)

12 Months Ended

Dec. 30, 2023

Earnings Per Share [Abstract]

Computations of Earnings per Common Share

The computations of earnings per common share were as follows:


(In millions, except per share data)	2023			2022		2021
Income from continuing operations	$	405.5		$	539.9	$	559.7
Income from discontinued operations		(1.0	)		146.8		212.7
Net income attributable to Fortune Brands	$	404.5		$	686.7	$	772.4
Earnings per common share
Basic
Continuing operations	$	3.20		$	4.14	$	4.07
Discontinued operations		(0.01	)		1.13		1.55
Basic earnings per share attributable to Fortune Brands	$	3.19		$	5.27	$	5.62
Diluted
Continuing operations	$	3.17		$	4.11	$	4.01
Discontinued operations		—			1.12		1.53
Diluted earnings per share attributable to Fortune Brands	$	3.17		$	5.23	$	5.54
Basic average shares outstanding(a)		126.9			130.3		137.5
Stock-based awards		0.8			1.0		2.0
Diluted average shares outstanding(a)		127.7			131.3		139.5
Antidilutive stock-based awards excluded from weighted-average number of shares outstanding for diluted earnings per share		0.9			1.3		0.3

(a)

Reflects the impact of share repurchases during the years ended December 30, 2023, and December 31, 2022 and 2021, respectively.

External Debt and Financing Arrangements - Components of Long-Term Debt (Parenthetical) (Detail) - Senior Notes [Member]	12 Months Ended
	Dec. 30, 2023
Minimum [Member]
Debt Instrument [Line Items]
Notes maturity year	2025
Maximum [Member]
Debt Instrument [Line Items]
Notes maturity year	2052

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.

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

12 Months Ended

Dec. 30, 2023

Dec. 31, 2022

Dec. 31, 2021

Restructuring, Incurred Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]

Restructuring charges

$ 32.5

$ 32.4

$ 9.3

Cost of products sold [Member]

54.2

26.8

12.8

Selling, general and administrative Expenses [Member]

^[1]

21.7

(6.4)

2.0

Operating Segments [Member] | Water [Member]

^[1],[2]

0.0

0.8

1.5

2.2

6.3

(1.1)

Operating Segments [Member] | Water [Member] | Cost of products sold [Member]

4.8

6.9

3.0

Operating Segments [Member] | Water [Member] | Selling, general and administrative Expenses [Member]

^[1]

2.6

(0.2)

2.0

Operating Segments [Member] | Outdoors [Member]

^[1],[2]

0.0

0.8

2.1

4.2

24.5

8.3

Operating Segments [Member] | Outdoors [Member] | Cost of products sold [Member]

4.1

18.3

7.7

Operating Segments [Member] | Outdoors [Member] | Selling, general and administrative Expenses [Member]

^[1]

(0.1)

(6.2)

0.0

Operating Segments [Member] | Security [Member]

^[1],[2]

0.0

(0.6)

25.4

0.6

2.1

Operating Segments [Member] | Security [Member] | Cost of products sold [Member]

44.6

0.6

2.1

Operating Segments [Member] | Security [Member] | Selling, general and administrative Expenses [Member]

^[1]

19.2

0.0

Operating Segments [Member] | Corporate [Member]

^[1],[2]

0.0

$ 0.0

0.7

1.0

Operating Segments [Member] | Corporate [Member] | Cost of products sold [Member]

0.7

1.0

0.0

Operating Segments [Member] | Corporate [Member] | Selling, general and administrative Expenses [Member]

^[1]

0.0

$ 0.0

Organization, Consolidation and Presentation of Financial Statements [Abstract]

^[1],[2]

$ 0.0

[1]

[2]

Selling, general and administrative expenses.

Commitments - Activity Related to Product Warranty Liability (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Guarantees and Product Warranties [Abstract]
Reserve balance at the beginning of the year	$ 20.1	$ 19.5	$ 19.0
Provision for warranties issued	8.7	8.1	8.5
Settlements made (in cash or in kind)	(10.4)	(9.0)	(8.4)
Acquisition	0.0	1.7	0.3
Foreign currency	0.0	(0.2)	0.1
Reserve balance at end of year	$ 18.4	$ 20.1	$ 19.5

Balance Sheet Information

12 Months Ended

Dec. 30, 2023

Balance Sheet Information

3. Balance Sheet Information

Supplemental information on our year-end consolidated balance sheets is as follows:


(In millions)	December 30, 2023		December 31, 2022
Inventories:
Raw materials and supplies	$	352.4	$	309.4
Work in process		83.2		83.5
Finished products		546.7		628.4
Total inventories	$	982.3	$	1,021.3
Property, plant and equipment:
Land and improvements	$	53.6	$	51.9
Buildings and improvements to leaseholds		320.3		285.1
Machinery and equipment		1,147.7		1,052.2
Construction in progress		383.2		225.1
Property, plant and equipment, gross		1,904.8		1,614.3
Less: accumulated depreciation		929.8		830.6
Property, plant and equipment, net of accumulated depreciation	$	975.0	$	783.7
Other current liabilities:
Accrued salaries, wages and other compensation	$	125.4	$	57.6
Accrued customer programs		221.2		227.6
Accrued taxes		31.5		24.8
Dividends payable		30.3		29.4
Other accrued expenses		223.9		184.5
Total other current liabilities	$	632.3	$	523.9

Goodwill and Identifiable Intangible Assets - Significant Assumptions Used to Estimate the Fair Value of Tradename Impaired (Detail) - Tradename [Member]

Dec. 30, 2023

Discount Rate [Member] | Minimum [Member]

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

Discount Rate [Member] | Maximum [Member]

0.13

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

Discount Rate [Member] | Weighted Average [Member]

0.145

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

Royalty Rate [Member] | Minimum [Member]

0.143

^[1]

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

Royalty Rate [Member] | Maximum [Member]

0.025

^[2]

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

Royalty Rate [Member] | Weighted Average [Member]

0.035

^[2]

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

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

0.034

^[1],[2]

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

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

0.02

^[3]

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

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

0.03

^[3]

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

Revenue from Contract with Customer [Abstract]

0.021

^[1],[3]

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

Revenue

12 Months Ended

Dec. 30, 2023

Revenue

14. Revenue

Our principal performance obligations are the sale of faucets, accessories, kitchen sinks, waste disposals, fiberglass and steel entry-door systems, storm, screen and security doors, composite decking and railing, urethane millwork, wide-opening exterior door systems and outdoor enclosures, locks, safes, safety and security devices, electronic security products, commercial cabinets, and kitchen and bath cabinets (collectively, “goods” or “products”). We recognize revenue for the sale of goods based on our assessment of when control transfers to our customers, which generally occurs upon shipment or delivery of the products. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring goods to our customers. Payment terms on our product sales normally range from 30 to 90 days. Taxes assessed by a governmental authority that we collect are excluded from revenue. The expected costs associated with our contractual warranties will continue to be recognized as expense when the products are sold. See Note 18, "Commitments", for further discussion.

We record estimates to reduce revenue for customer programs and incentives, which are considered variable consideration, and include price discounts, volume-based incentives, promotions and cooperative advertising when revenue is recognized in order to determine the amount of consideration the Company will ultimately be entitled to receive. These estimates are based on historical and projected experience for each type of customer. In addition, for certain customer program incentives, we receive an identifiable benefit (goods or services) in exchange for the consideration given and record the associated expenditure in selling, general and administrative expenses. In addition, we make upfront payments to customers related to certain revenue contracts. We recognize these payments in Other current assets and Other assets in our Consolidated Balance Sheet and amortize them over the contract term as a reduction of the transaction price.

We account for shipping and handling costs that occur after the customer has obtained control of a product as a fulfillment activity (i.e., as an expense) rather than as a promised service (i.e., as a revenue element). These costs are classified within selling, general and administrative expenses.

Settlement of our outstanding accounts receivable balances is normally within 30 to 90 days of the original sale transaction date. Obligations arise for us from customer rights to return our goods for any reason, including among others, product obsolescence, stock rotations, trade-in agreements for newer products and upon termination of a customer contract. We estimate future product returns at the time of sale based on historical experience and record a corresponding refund obligation, which amounted to $26.7 million and $27.2 million as of December 30, 2023 and December 31, 2022, respectively. Refund obligations are classified within Other current liabilities in our Consolidated Balance Sheet. Return assets related to the refund obligation are measured at the carrying amount of the goods at the time of sale, less any expected costs to recover the goods and any expected reduction in value. Return assets are classified within Other current assets in our Consolidated Balance Sheet and were approximately $4.0 million and $2.9 million as of December 30, 2023 and December 31, 2022, respectively.

As part of our contracts with customers, we recognize contract liabilities, principally deferred revenue. Deferred revenue liabilities represents advanced payments and billings in excess of revenue recognized. Changes in the deferred revenue liabilities are as follows:


(In millions)
Balance December 31, 2021	$	22.2
Amount from acquisitions		12.0
Customer deposits		32.2
Revenue recognized		(32.8	)
Foreign currency and other		(1.5	)
Balance December 31, 2022	$	32.1
Amount from acquisitions		10.1
Customer deposits		30.1
Revenue recognized		(31.7	)
Foreign currency and other		(0.4	)
Balance December 30, 2023	$	40.2

Deferred revenue liabilities of $32.3 million, $32.1 million and $22.2 million as of December 30, 2023, December 31, 2022 and December 31, 2021, respectively, were included in Other current liabilities in our Consolidated Balance Sheet and $ 7.9 million as of December 30, 2023, was included in Other noncurrent liabilities in our Consolidated Balance Sheet.

The Company disaggregates revenue from contracts with customers into (i) major sales distribution channels in the U.S. and (ii) total sales to customers outside the U.S. market as these categories depict the nature, amount, timing and uncertainty of revenues and cash flows that are affected by economic factors. The following table disaggregates our consolidated revenue by major sales distribution channels for the years ended December 30, 2023, and December 31, 2022 and December 31, 2021.


(In millions)	December 30, 2023		December 31, 2022		December 31, 2021
Wholesalers(a)	$	2,126.2	$	2,100.0	$	2,027.9
Home Center retailers(b)		1,163.0		1,270.7		1,254.1
Other retailers(c)		418.8		392.9		440.7
U.S. net sales		3,708.0		3,763.6		3,722.7
International(d)		918.2		959.4		1,078.4
Net sales	$	4,626.2	$	4,723.0	$	4,801.1

(a)

(b)

(c)

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

(d)

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

Practical Expedients

Incremental costs of obtaining a contract include only those costs the Company incurs that would not have been incurred if the contract had not been obtained. These costs are required to be recognized as assets and amortized over the period that the related goods or services transfer to the customer. As a practical expedient, we expense as incurred costs to obtain a contract when the expected amortization period is one year or less. These costs are recorded within selling, general and administrative expenses.

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

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Background and Basis of Presentation - Additional Information (Detail) - USD ($) $ in Millions			1 Months Ended
	Jun. 20, 2023	Jan. 30, 2022	Jun. 30, 2023	Jul. 31, 2022	Jan. 31, 2022
Assa Businesses [Member]
Background And Basis Of Presentation [Line Items]
Payments to acquire businesses gross	$ 809.3		$ 809.3
Cash acquired from acquisition	16.3		16.3
Restricted Cash	$ 23.5		$ 23.5
Aqualisa Holdings (International) Ltd. [Member]
Background And Basis Of Presentation [Line Items]
Payments to acquire businesses gross				$ 156.0
Business acquisition, percentage of outstanding equity acquired				100.00%
Cash acquired from acquisition				$ 4.8
Solar Innovations LLC [Member]
Background And Basis Of Presentation [Line Items]
Payments to acquire businesses gross					$ 61.6
Business acquisition, percentage of outstanding equity acquired					100.00%
Cash acquired from acquisition					$ 4.8
Flo Technologies, Inc. [Member]
Background And Basis Of Presentation [Line Items]
Final cash payment		$ 16.7

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

12 Months Ended

Dec. 30, 2023

Dec. 31, 2022

Dec. 31, 2021

^[1]

$ 4,626.2

$ 4,723.0

$ 4,801.1

Wholesalers [Member]

Home Center retailers [Member]

^[2]

2,126.2

2,100.0

2,027.9

^[3]

1,163.0

1,270.7

1,254.1

Other retailers [Member]

^[4]

418.8

392.9

440.7

United States [Member]

3,708.0

3,763.6

3,722.7

^[1]

3,708.0

3,763.6

3,722.7

International [Member]

^[5]

$ 918.2

$ 959.4

$ 1,078.4

[1]	Based on country of destination
[2]	Represents sales to customers whose business is oriented toward builders, professional tradespeople and home remodelers, inclusive of sales through our customers’ respective internet website portals.
[3]	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.
[4]	Represents sales principally to our mass merchant and standalone, independent e-commerce customers.
[5]	Represents sales in markets outside the United States, principally in China, Canada, 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.

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-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479557/942-235-S99-1

Estimated Useful Lives of Property, Plant and Equipment

Significant Accounting Policies (Tables)

12 Months Ended

Dec. 30, 2023

Accounting Policies [Abstract]

Estimated useful lives of the related assets are as follows:


Buildings and leasehold improvements	15 to 40 years
Machinery and equipment	3 to 15 years
Software	3 to 7 years

Schedule II Valuation and Qualifying Accounts (Detail) - USD ($)
$ in Millions

12 Months Ended

Dec. 30, 2023

Dec. 31, 2022

Dec. 31, 2021

Allowance for cash discounts and sales allowances

SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line items]

Balance at Beginning of Period

$ 116.2

$ 135.9

$ 109.9

Charged to Expense

340.1

287.0

296.9

Write-offs, and Deductions

^[1]

342.2

(306.7)

(270.9)

Business Acquisition

^[2]

6.7

0.0

Balance at End of Period

120.8

116.2

135.9

Allowance for credit losses

SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line items]

Balance at Beginning of Period

5.5

5.7

4.3

Charged to Expense

5.2

3.7

4.0

Write-offs, and Deductions

^[1]

6.2

(3.9)

(2.6)

Business Acquisition

^[2]

3.2

0.0

Balance at End of Period

7.7

5.5

5.7

Allowance for deferred tax assets

SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line items]

Balance at Beginning of Period

13.8

20.7

9.6

Charged to Expense

1.3

(6.9)

5.0

Write-offs, and Deductions

^[1]

0.0

6.1

Business Acquisition

^[2]

0.0

Balance at End of Period

$ 15.1

$ 13.8

$ 20.7

[1]	Net of recoveries of amounts written off in prior years and immaterial foreign currency impact.
[2]	Represents purchase accounting adjustment related to the ASSA acquisition within our Water and Security segments in 2023.

Stock-Based Compensation - RSU Activity (Detail) - Restricted Stock Units	12 Months Ended
	Dec. 30, 2023 $ / shares shares
Number of Restricted Stock Units
Non-vested at December 31, 2022 \| shares	1,178,326
Granted \| shares	281,945
Vested \| shares	(558,999)
Forfeited \| shares	(53,343)
Non-vested at December 30, 2023 \| shares	847,929
Weighted-Average Grant-Date Fair Value
Non-vested at December 31, 2022 \| $ / shares	$ 69.65
Granted \| $ / shares	62.98
Vested \| $ / shares	64.32
Forfeited \| $ / shares	70.06
Non-vested at December 30, 2023 \| $ / shares	$ 70.93

Defined Benefit Plans - Reconciliation of Level Three Measurements (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
Beginning balance	$ 482.5
Ending balance	468.0	$ 482.5
Group annuity/insurance contracts (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Beginning balance	26.0	25.5
Actual return on assets related to assets still held	0.8	0.5
Ending balance	$ 26.8	$ 26.0

Amount of asset segregated and restricted to provide benefit under defined benefit plan. Asset includes, but is not limited to, stock, bond, other investment, earning from investment, and contribution by employer and employee.

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Financial Instruments (Tables)

12 Months Ended

Dec. 30, 2023

Fair Values of Derivative Instruments

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


		Fair Value
(In millions)	Location	2023		2022
Assets:
Foreign exchange contracts	Other current assets	$	0.8	$	5.0
Interest rate contracts	Other current assets		—		84.6
	Total assets	$	0.8	$	89.6
Liabilities:
Foreign exchange contracts	Other current liabilities	$	2.7	$	0.7
Commodity contracts	Other current liabilities		—		3.6
	Total liabilities	$	2.7	$	4.3

Effects of Derivative Financial Instruments on Consolidated Statements of Income

The effects of derivative financial instruments on the consolidated statements of income in 2023, 2022 and 2021 were:


(In millions)	Classification and Amount of Gain (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships
	2023
	Cost of products sold			Interest expense		Other income, net
Total amounts per Consolidated Statements of Income	$	2,714.8		$	116.5	$	19.5
The effects of fair value and cash flow hedging:
Gain (loss) on fair value hedging relationships
Foreign exchange contracts:
Hedged items		—			—		2.0
Derivative designated as hedging instruments		—			—		(0.4	)
Gain (loss) on cash flow hedging relationships
Foreign exchange contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income		5.2			—		—
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		—			9.0		—

(In millions)	Classification and Amount of Gain (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships
	2022
	Cost of products sold			Interest expense		Other income, net
Total amounts per Consolidated Statements of Income	$	2,790.1		$	119.2	$	12.0
The effects of fair value and cash flow hedging:
Gain (loss) on fair value hedging relationships
Foreign exchange contracts:
Hedged items		—			—		(22.4	)
Derivative designated as hedging instruments		—			—		21.3
Gain (loss) on cash flow hedging relationships
Foreign exchange contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income		4.8			—		—
Commodity contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income		(7.3	)		—		—
Interest rate contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income		—			3.6		—


(In millions)	Classification and Amount of Gain (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships
	2021
	Cost of products sold			Interest expense		Other expense, net
Total amounts per Consolidated Statements of Income	$	2,840.6		$	84.3	$	0.4
The effects of fair value and cash flow hedging:
Gain (loss) on fair value hedging relationships
Foreign exchange contracts:
Hedged items		—			—		(4.7	)
Derivative designated as hedging instruments		—			—		2.1
Gain (loss) on cash flow hedging relationships
Foreign exchange contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income		(2.6	)		—		—
Commodity contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income		1.3			—		—
Interest rate contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income		—			0.6		—

Balance Sheet Information (Tables)

12 Months Ended

Dec. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Supplemental Information on Balance Sheets

Supplemental information on our year-end consolidated balance sheets is as follows:


(In millions)	December 30, 2023		December 31, 2022
Inventories:
Raw materials and supplies	$	352.4	$	309.4
Work in process		83.2		83.5
Finished products		546.7		628.4
Total inventories	$	982.3	$	1,021.3
Property, plant and equipment:
Land and improvements	$	53.6	$	51.9
Buildings and improvements to leaseholds		320.3		285.1
Machinery and equipment		1,147.7		1,052.2
Construction in progress		383.2		225.1
Property, plant and equipment, gross		1,904.8		1,614.3
Less: accumulated depreciation		929.8		830.6
Property, plant and equipment, net of accumulated depreciation	$	975.0	$	783.7
Other current liabilities:
Accrued salaries, wages and other compensation	$	125.4	$	57.6
Accrued customer programs		221.2		227.6
Accrued taxes		31.5		24.8
Dividends payable		30.3		29.4
Other accrued expenses		223.9		184.5
Total other current liabilities	$	632.3	$	523.9

Defined Benefit Plans - Components of Net Periodic Benefit Cost for Pension and Postretirement Benefits (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
Recognition of actuarial gains	$ 0.5	$ 1.2	$ (0.8)
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, before Tax	Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, before Tax	Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, before Tax
Net periodic benefit (income) cost	$ (1.6)	$ (8.7)	$ (7.1)
Pension Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	0.1	0.2
Interest cost	27.2	20.4
Recognition of actuarial gains	0.5	155.9
Postretirement Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	0.4	0.4
Interest cost	0.5	0.4
Recognition of actuarial gains	1.3	1.2
Net Periodic Benefit Cost \| Pension Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	0.1	0.2	0.4
Interest cost	27.2	20.4	19.3
Expected return on plan assets	(28.6)	(28.1)	(27.4)
Recognition of actuarial gains	0.0	(0.3)	1.1
Settlement loss	2.0	0.0
Net periodic benefit (income) cost	0.7	(7.8)	(6.6)
Net Periodic Benefit Cost \| Postretirement Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	0.4	0.4	0.2
Interest cost	0.5	0.4	0.2
Recognition of actuarial gains	(2.6)	(1.0)	(0.5)
Net periodic benefit (income) cost	$ (1.7)	$ (0.2)	$ (0.1)

Leases - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating lease cost	$ 42.1	$ 37.4	$ 35.6
Variable lease cost	$ 1.8	$ 2.6	$ 1.8

Financial Instruments - Effects of Derivative Financial Instruments on Consolidated Statements of Income (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Foreign exchange contracts [Member]
Derivatives, Fair Value [Line Items]
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income	$ 5.2	$ 4.8	$ (2.6)
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
Commodity contracts [Member]
Derivatives, Fair Value [Line Items]
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income	$ (0.2)	$ (7.3)	$ 1.3
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
Interest rate contracts [Member]
Derivatives, Fair Value [Line Items]
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income	$ 9.0	$ 3.6	$ 0.6
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration]		Interest Expense	Interest Expense
Cost of products sold [Member]
Derivatives, Fair Value [Line Items]
Derivative, Gain (Loss) on Derivative, Net	$ 2,714.8	$ 2,790.1	$ 2,840.6
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
Interest expense [Member]
Derivatives, Fair Value [Line Items]
Derivative, Gain (Loss) on Derivative, Net	$ 116.5	$ 119.2	$ 84.3
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
Other income/expense, net [Member]
Derivatives, Fair Value [Line Items]
Derivative, Gain (Loss) on Derivative, Net	$ 19.5	$ 12.0	$ 0.4
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
Other income/expense, net [Member] \| Designated as hedging instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative, Gain (Loss) on Derivative, Net	$ (0.4)	$ 21.3	$ 2.1
Other income/expense, net [Member] \| Foreign exchange contracts [Member]
Derivatives, Fair Value [Line Items]
Derivative, Gain (Loss) on Derivative, Net	$ 2.0	$ (22.4)	$ (4.7)

Quarterly Financial Data - Schedule of Quarterly Financial Data (Detail) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions

12 Months Ended

Dec. 30, 2023

Dec. 31, 2022

Dec. 31, 2021

Quarterly Financial Data [Abstract]

NET SALES

^[1]

$ 4,626.2

$ 4,723.0

$ 4,801.1

Income from continuing operations before income taxes

517.9

667.1

726.4

Net income (loss) from discontinued operations

$ (1.0)

$ 146.8

$ 212.7

Basic income from continuing operations per share

$ 3.2

$ 4.14

$ 4.07

Basic income (loss) from discontinued operations per share

(0.01)

1.13

1.55

Diluted income from continuing operations per share

3.17

4.11

4.01

Diluted income (loss) from discontinued operations per share

$ 0

$ 1.12

$ 1.53

Shares used in computation of basic income per share

^[2]

126.9

130.3

137.5

Shares used in computation of diluted income per share

^[2]

127.7

131.3

139.5

[1]	Based on country of destination
[2]	Reflects the impact of share repurchases during the years ended December 30, 2023, and December 31, 2022 and 2021, respectively.

Defined Benefit Plans - Fair Value of Pension Assets by Major Category of Plan Assets (Detail) - USD ($) $ in Millions	Dec. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension assets	$ 468.0	$ 482.5
Group annuity/insurance contracts (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension assets	26.8	26.0	$ 25.5
Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension assets	17.5	6.3
Equity
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension assets	121.2	113.8
Fixed income
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension assets	267.2	291.6
Multi-strategy hedge funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension assets	16.3	21.3
Real estate
Defined Benefit Plan Disclosure [Line Items]
Fair value of pension assets	$ 19.0	$ 23.5

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Discontinued Operations - Summary of Discontinued Operations (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]
NET SALES		$ 3,199.7	$ 2,855.0
Cost of products sold		2,279.3	2,068.5
Selling, general and administrative expense		619.7	485.3
Amortization of intangible asset		16.8	17.8
Asset impairment charges		46.4	0.0
Restructuring charges		25.1	4.2
DISCONTINUED OPERATING INCOME		212.4	279.2
Interest expense		0.2	0.1
Other expense, net		2.2	0.4
INCOME FROM DISCONTINUED OPERATIONS BEFORE INCOME TAXES		210.0	278.7
Income taxes		63.2	66.0
INCOME FROM DISCONTINUED OPERATIONS, NET OF TAX	$ (1.0)	$ 146.8	$ 212.7

Background and Basis of Presentation

12 Months Ended

Dec. 30, 2023

Background and Basis of Presentation

1. Background and Basis of Presentation

The Company is a leading innovation company focused on creating smarter, safer and more beautiful homes and lives 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.

Basis of Presentation The consolidated financial statements in this Annual Report on Form 10-K have been derived from the accounts of the Company and its wholly-owned subsidiaries. Effective January 1, 2023, the Company changed its fiscal year end from December 31 to a 52- or 53-week fiscal year closing on the Saturday closest but not subsequent to December 31 of each year. These notes contain references to the years 2023, 2022 and 2021, which represents fiscal years ended December 30, 2023, December 31, 2022 and December 31, 2021, respectively.

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 December 14, 2022, the Company completed the spin-off of its Cabinets business, MasterBrand, Inc. ("MasterBrand") via a tax-free spin-off transaction (the "Separation"). The Separation created two independent, publicly traded companies. 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 symbol changed from “FBHS” to “FBIN” to better reflect its focus on activities core to 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 Annual Report on Form 10-K. All amounts, percentages and disclosures for all periods presented reflect only the continuing operations of the Company unless otherwise noted. See Note 5, Discontinued Operations, for additional information.

In July 2022, we acquired 100% of the outstanding equity of Aqualisa Holdings (International) Ltd. (“Aqualisa”), a leading U.K. manufacturer of shower products known for premium, innovative and smart digital shower systems, for a purchase price of $156.0 million, net of cash acquired of $4.8 million.

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.

Stock-Based Compensation - Options Outstanding and Exercisable (Detail)

12 Months Ended

Dec. 30, 2023

$ / shares

Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]

Options Outstanding | shares

2,204,029

^[1]

Exercise Price Range One

Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]

Options Outstanding, Weighted-Average Remaining Contractual Life

5 years 10 months 24 days

^[1]

Options Outstanding, Weighted-Average Exercise Price

$ 58.68

^[1]

Options Exercisable | shares

1,647,550

^[2]

Options Exercisable, Weighted-Average Exercise Price

$ 56.5

^[2]

Exercise Price Range Two

Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]

Range of Exercise Prices, Lower limit

20.00

Range of Exercise Prices, upper limit

$ 100.00

[1]	At December 30, 2023, the aggregate intrinsic value of options outstanding was $38.7 million.
[2]	At December 30, 2023, the weighted-average remaining contractual life of options exercisable was 4.9 years and the aggregate intrinsic value of options exercisable was $32.5 million.

Common Stock - Common Stock and Treasury Stock Activity (Detail) - shares	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022
Common shares
Balance at the beginning of the year	128,040,559	135,064,296
Stock plan shares issued	963,161	856,175
Shares surrendered by optionees	(229,115)	(316,450)
Common stock repurchases	(2,487,278)	(7,563,462)
Balance at the end of the year	126,287,327	128,040,559
Treasury shares
Balance at the beginning of the year	58,132,478	50,252,566
Stock plan shares issued	0	0
Shares surrendered by optionees	229,115	316,450
Common stock repurchases	2,487,278	7,563,462
Balance at the end of the year	60,848,871	58,132,478

Financial Instruments

12 Months Ended

Dec. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Financial Instruments

9. 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 account for these commodity derivatives as economic hedges or cash flow hedges. Changes in the fair value of economic hedges are recorded directly into current period earnings. The gross notional amount of all commodity derivatives outstanding at December 30, 2023 was $0.3 million, representing a net settlement liability of zero. The gross notional amount of all commodity derivatives outstanding at December 31, 2022 was $17.8 million, representing a net settlement liability of $3.6 million.

We may enter into foreign currency forward contracts to protect against foreign exchange risks associated with certain existing assets and liabilities, forecasted future cash flows, and net investments in foreign subsidiaries. Foreign exchange contracts related to forecasted future cash flows correspond to the periods of the forecasted transactions, which generally do not exceed 12 to 15 months subsequent to the latest balance sheet date.

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.

For derivative instruments that are designated as fair value hedges, the gain or loss on the derivative instrument, as well as the offsetting loss or gain on the hedged item, are recognized on the same line of the consolidated statements of income. The changes in the fair value of cash flow hedges are reported in OCI and are recognized in the consolidated statements of income when the hedged item affects earnings. The changes in fair value for net investment hedges are recognized in the consolidated statements of income when realized upon sale or upon complete or substantially complete liquidation of the investment in the foreign entity. In addition, changes in the fair value of all economic hedge transactions are immediately recognized in current period earnings. Our primary foreign currency hedge contracts pertain to the Canadian dollar, the British pound, the Mexican peso, the Chinese yuan and the South African rand. The gross U.S. dollar equivalent notional amount of all foreign currency derivative hedges outstanding at December 30, 2023 was $481.9 million, representing a net settlement liability of $1.9 million. Based on foreign exchange rates as of December 30, 2023, we estimate that $9.9 million of net derivative gains included in accumulated other comprehensive income as of December 30, 2023 will be reclassified to earnings within the next twelve months.

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


		Fair Value
(In millions)	Location	2023		2022
Assets:
Foreign exchange contracts	Other current assets	$	0.8	$	5.0
Interest rate contracts	Other current assets		—		84.6
	Total assets	$	0.8	$	89.6
Liabilities:
Foreign exchange contracts	Other current liabilities	$	2.7	$	0.7
Commodity contracts	Other current liabilities		—		3.6
	Total liabilities	$	2.7	$	4.3

The effects of derivative financial instruments on the consolidated statements of income in 2023, 2022 and 2021 were:


(In millions)	Classification and Amount of Gain (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships
	2023
	Cost of products sold			Interest expense		Other income, net
Total amounts per Consolidated Statements of Income	$	2,714.8		$	116.5	$	19.5
The effects of fair value and cash flow hedging:
Gain (loss) on fair value hedging relationships
Foreign exchange contracts:
Hedged items		—			—		2.0
Derivative designated as hedging instruments		—			—		(0.4	)
Gain (loss) on cash flow hedging relationships
Foreign exchange contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income		5.2			—		—
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		—			9.0		—

(In millions)	Classification and Amount of Gain (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships
	2022
	Cost of products sold			Interest expense		Other income, net
Total amounts per Consolidated Statements of Income	$	2,790.1		$	119.2	$	12.0
The effects of fair value and cash flow hedging:
Gain (loss) on fair value hedging relationships
Foreign exchange contracts:
Hedged items		—			—		(22.4	)
Derivative designated as hedging instruments		—			—		21.3
Gain (loss) on cash flow hedging relationships
Foreign exchange contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income		4.8			—		—
Commodity contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income		(7.3	)		—		—
Interest rate contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income		—			3.6		—


(In millions)	Classification and Amount of Gain (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships
	2021
	Cost of products sold			Interest expense		Other expense, net
Total amounts per Consolidated Statements of Income	$	2,840.6		$	84.3	$	0.4
The effects of fair value and cash flow hedging:
Gain (loss) on fair value hedging relationships
Foreign exchange contracts:
Hedged items		—			—		(4.7	)
Derivative designated as hedging instruments		—			—		2.1
Gain (loss) on cash flow hedging relationships
Foreign exchange contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income		(2.6	)		—		—
Commodity contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income		1.3			—		—
Interest rate contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income		—			0.6		—

The cash flow hedges from continuing operations recognized in other comprehensive income were net gains of $4.1 million, $119.0 million and $1.0 million in 2023, 2022 and 2021 respectively.

Income Taxes - Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Unrecognized tax benefits—beginning of year	$ 33.4	$ 83.1	$ 96.1
Gross additions—current year tax positions	2.1	2.1	2.6
Gross additions—prior year tax positions	0.2	0.0	2.0
Gross additions (reductions)—purchase accounting adjustments	0.0	0.0	0.0
Gross reductions—prior year tax positions	(10.1)	(50.5)	(16.6)
Gross reductions—settlements with taxing authorities	0.0	(1.3)	(1.0)
Unrecognized tax benefits—end of year	$ 25.6	$ 33.4	$ 83.1

Contingencies - Additional Information (Detail)	Dec. 30, 2023	Dec. 31, 2022
Loss Contingency [Abstract]
Environmental Loss Contingency, Statement of Financial Position [Extensible Enumeration]	Commitments and Contingencies	Commitments and Contingencies

Revenue - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Payment term on product sales range, description	Payment terms on our product sales normally range from 30 to 90 days
Other Current Liabilities [Member]
Disaggregation of Revenue [Line Items]
Refund obligation	$ 26.7	$ 27.2
Deferred revenue liabilities, current	32.3	32.1	$ 22.2
Other Current Assets [Member]
Disaggregation of Revenue [Line Items]
Contract with customer, right to recover product, current	4.0	$ 2.9
Other Noncurrent Liabilities [Member]
Disaggregation of Revenue [Line Items]
Deferred revenue liabilities, noncurrent	$ 7.9

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.

Common Stock

12 Months Ended

Dec. 30, 2023

Common Stock

11. Common Stock

The Company has 750 million authorized shares of common stock, par value $0.01 per share and 60 million authorized shares of preferred stock, par value $0.01 per share. The number of shares of common stock and treasury stock and the share activity for 2023 and 2022 were as follows:


	Common Shares						Treasury Shares
	2023			2022			2023		2022
Balance at the beginning of the year		128,040,559			135,064,296			58,132,478		50,252,566
Stock plan shares issued		963,161			856,175			—		—
Shares surrendered by optionees		(229,115	)		(316,450	)		229,115		316,450
Common stock repurchases		(2,487,278	)		(7,563,462	)		2,487,278		7,563,462
Balance at the end of the year		126,287,327			128,040,559			60,848,871		58,132,478

At December 30, 2023, no shares of our preferred stock were outstanding. Our Board of Directors has the authority, without action by the Company’s stockholders, to designate and issue our preferred stock in one or more series and to designate the rights, preferences, limitations and privileges of each series of preferred stock, which may be greater than the rights of the Company’s common stock.

In 2023, we repurchased 2.5 million shares of outstanding common stock under the Company’s share repurchase program for $150.0 million. As of December 30, 2023, the Company’s total remaining share repurchase authorization under the program was approximately $434.6 million. The share repurchase program does not obligate the Company to repurchase any specific dollar amount or number of shares and may be suspended or discontinued at any time.

The entire disclosure for equity.

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Other Information Related to Leases

Accumulated Other Comprehensive Income (Loss) - After-Tax Components of and Changes in Accumulated Other Comprehensive (Loss) Income (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	$ 2,086.9	$ 3,064.8	$ 2,775.5
Other	13.6
Distribution of MasterBrand		(1,965.2)
Ending Balance	2,293.4	2,086.9	3,064.8
Foreign Currency Adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(12.1)	3.3	7.2
Amounts classified into accumulated other comprehensive (loss) income	17.4	(23.4)	(3.9)
Other	0.0
Amounts reclassified into earnings	0.0	0.0	0.0
Net current period other comprehensive (loss) income	17.4	(23.4)	(3.9)
Distribution of MasterBrand		8.0
Ending Balance	5.3	(12.1)	3.3
Derivative Hedging Gain (Loss) [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	93.5	2.9	4.2
Amounts classified into accumulated other comprehensive (loss) income	3.7	99.6	1.1
Other	0.0
Amounts reclassified into earnings	(11.2)	(6.2)	(2.4)
Net current period other comprehensive (loss) income	(7.5)	93.4	(1.3)
Distribution of MasterBrand		(2.8)
Ending Balance	86.0	93.5	2.9
Defined Benefit Plan Adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(44.0)	(30.8)	(66.5)
Amounts classified into accumulated other comprehensive (loss) income	15.8	(14.6)	35.1
Other	6.2
Amounts reclassified into earnings	(6.0)	(1.7)	0.6
Net current period other comprehensive (loss) income	16.0	(16.3)	35.7
Distribution of MasterBrand		3.1
Ending Balance	(28.0)	(44.0)	(30.8)
Accumulated Other Comprehensive (Loss) Income [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	37.4	(24.6)	(55.1)
Amounts classified into accumulated other comprehensive (loss) income	36.9	61.6	32.3
Other	6.2
Amounts reclassified into earnings	(17.2)	(7.9)	(1.8)
Net current period other comprehensive (loss) income	25.9	53.7	30.5
Distribution of MasterBrand		8.3
Ending Balance	$ 63.3	$ 37.4	$ (24.6)

Goodwill and Identifiable Intangible Assets - Gross Carrying Value and Accumulated Amortization by Class of Identifiable Intangible Assets (Detail) - USD ($) $ in Millions	Dec. 30, 2023	Dec. 31, 2022
Intangible Assets [Line Items]
Gross Carrying Amounts, Indefinite-lived tradenames	$ 520.1	$ 478.1
Net Book Value, Indefinite-lived tradenames	520.1	478.1
Gross Carrying Amounts, Finite Lived	1,213.9	838.6
Accumulated Amortization, Finite Lived	(379.3)	(315.9)
Net Book Value, Finite Lived	834.6	522.7
Gross Carrying Amounts, Total identifiable intangibles	1,734.0	1,316.7
Accumulated Amortization, Total identifiable intangibles	(379.3)	(315.9)
Net Book Value, Total identifiable intangibles	1,354.7	1,000.8
Tradenames [Member]
Intangible Assets [Line Items]
Gross Carrying Amounts, Finite Lived	58.4	47.5
Accumulated Amortization, Finite Lived	(9.3)	(6.8)
Net Book Value, Finite Lived	49.1	40.7
Customer and contractual relationships [Member]
Intangible Assets [Line Items]
Gross Carrying Amounts, Finite Lived	1,017.3	662.6
Accumulated Amortization, Finite Lived	(289.4)	(239.6)
Net Book Value, Finite Lived	727.9	423.0
Patents/proprietary technology [Member]
Intangible Assets [Line Items]
Gross Carrying Amounts, Finite Lived	138.2	128.5
Accumulated Amortization, Finite Lived	(80.6)	(69.5)
Net Book Value, Finite Lived	$ 57.6	$ 59.0

External Debt and Financing Arrangements - Additional Information (Detail) - USD ($) $ in Millions		1 Months Ended			9 Months Ended	12 Months Ended
	Mar. 18, 2022	Jun. 30, 2023	Aug. 31, 2022	Nov. 30, 2021	Sep. 30, 2023	Dec. 30, 2023	Dec. 31, 2022	Dec. 31, 2021	Mar. 25, 2022
Debt Instrument [Line Items]
Aggregate outstanding notes						$ 2,700.0
Repayment of long-term debt						470.0	$ 5,612.5	$ 1,510.0
Long-term debt						2,670.1	2,673.5
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						30.5	20.5
Uncommitted bank lines of credit, which provide for unsecured borrowings for working capital amount outstanding						$ 0.0	$ 0.0
Weighted-average interest rates on borrowings						0.00%	0.00%
2021 Term Loan [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity				$ 400.0
Principal Amount	$ 600.0
2021 Term Loan [Member] \| SOFR Member
Debt Instrument [Line Items]
Principal Amount				$ 600.0
2021 Term Loan [Member] \| SOFR Member \| Minimum [Member]
Debt Instrument [Line Items]
Interest rate over LIBOR				0.725%
2021 Term Loan [Member] \| SOFR Member \| Maximum [Member]
Debt Instrument [Line Items]
Interest rate over LIBOR				1.35%
2021 Term Loan [Member] \| LIBOR Member
Debt Instrument [Line Items]
Principal Amount				$ 400.0
Commercial Paper Program [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity				$ 1,250.0
Long-term debt						$ 0.0	$ 0.0
2018 Senior Notes [Member] \| 4.000% Senior Notes [Member]
Debt Instrument [Line Items]
Aggregate principal amount						$ 600.0
Maturity Date						2023-09
Issuance Date						2018-09
Long-term debt						$ 0.0	599.2
Senior Notes [Member]
Debt Instrument [Line Items]
Aggregate principal amount		$ 600.0
Long-term debt payments due in 2024						0.0
Long-term debt payments due in 2025						500.0
Long-term debt payments due in 2026						0.0
Long-term debt payments due in 2027						0.0
Long-term debt payments due in 2028						0.0
Long-term debt payments due in 2029 and beyond						2,200.0
Interest payments due in 2024						116.3
Interest payments due in 2025 through 2026						202.5
Interest payments due in 2027 through 2028						192.5
Interest payments due in 2029 and beyond						723.5
Senior Notes [Member] \| 5.875% Senior Notes [Member]
Debt Instrument [Line Items]
Senior unsecured notes, maturity year		2033
Senior unsecured notes, coupon rate		5.875%
Maturity Date		2023-09
Senior Notes [Member] \| 4.000% Senior Notes [Member]
Debt Instrument [Line Items]
Repayments of senior unsecured notes					$ 600.0
Senior unsecured notes, coupon rate		4.00%			4.00%
2022 Revolving Credit Agreement [Member] \| 4.000% Senior Notes [Member]
Debt Instrument [Line Items]
Aggregate principal amount						$ 450.0
Maturity Date						2032-03
Issuance Date						2022-03
Long-term debt						$ 446.2	445.8
2022 Revolving Credit Agreement [Member] \| 4.500% Senior Notes [Member]
Debt Instrument [Line Items]
Aggregate principal amount						$ 450.0
Maturity Date						2052-03
Issuance Date						2022-03
Long-term debt						$ 435.9	435.4
2022 Revolving Credit Agreement [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity			$ 1,250.0
Term loan maturity period			2027-08
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%
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 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
Term loan, outstanding borrowings						$ 0.0	$ 0.0
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]
Term loan maturity period				2022-11
Term loan, outstanding borrowings									$ 1,100.0
Principal Amount	$ 1,100.0

Leases (Tables)

12 Months Ended

Dec. 30, 2023

Leases [Abstract]

Other information related to leases was as follows:


(In millions, except lease term and discount rate)	December 30, 2023			December 31, 2022			December 31, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	36.5		$	35.1		$	33.3
Right-of-use assets obtained in exchange for operating lease obligations	$	87.1		$	21.6		$	33.9
Weighted average remaining lease term - operating leases	6.7 years			5.6 years			6.1 years
Weighted average discount rate - operating leases		4.1	%		3.6	%		3.5	%

Lease Payments Under Non-Cancellable Leases

Future lease payments under non-cancelable operating leases as of December 30, 2023 were as follows:


(In millions)

2024	$	37.6
2025		32.9
2026		29.5
2027		24.6
2028		20.9
Thereafter		61.1
Total lease payments		206.6
Less imputed interest		(26.2	)
Total	$	180.4
Reported as of December 30, 2023
Other current liabilities	$	37.1
Operating lease liabilities		143.3
Total	$	180.4

Consolidated Statements of Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]
Dividends per Common share	$ 0.93	$ 1.07	$ 1.06

Income Taxes (Tables)

12 Months Ended

Dec. 30, 2023

Income Tax Disclosure [Abstract]

Components of Loss Income Before Income Taxes and Noncontrolling Interests

The components of income from continuing operations before income taxes and noncontrolling interests were as follows:


(In millions)	2023		2022		2021
Domestic operations	$	418.1	$	563.1	$	591.0
Foreign operations		99.8		104.0		135.4
Income before income taxes and noncontrolling interests	$	517.9	$	667.1	$	726.4

Summary of Income Tax Expense

Income tax expense in the consolidated statement of income consisted of the following:


(In millions)	2023			2022			2021
Current
Federal	$	86.9		$	62.4		$	102.4
Foreign		38.3			34.3			40.2
State and other		15.2			16.0			16.9
Deferred
Federal		(21.2	)		15.3			11.5
Foreign		(3.5	)		1.5			(4.9	)
State and Local		(3.3	)		(2.3	)		0.6
Total income tax expense	$	112.4		$	127.2		$	166.7

Reconciliation Between Federal Statutory Tax Rate to Effective Tax Rate from Continuing Operations

A reconciliation between the federal statutory tax rate and the effective tax rate is as follows:


(In millions)	2023			2022			2021
Income tax expense computed at federal statutory income tax rate	$	108.8		$	140.1		$	152.5
State and local income taxes, net of federal tax benefit		13.2			13.2			17.4
Foreign taxes at a different rate than U.S. federal statutory income tax rate		5.2			9.1			9.2
Provision for foreign earnings repatriation, net		(2.5	)		1.2			—
Net adjustments for uncertain tax positions		(8.0	)		(26.2	)		(11.3	)
Share-based compensation		(1.3	)		(5.4	)		(9.0	)
Valuation allowance (decrease) increase		1.7			(5.8	)		4.7
Non-deductible executive compensation		3.5			7.5			5.0
Research and development credit		(5.1	)		(3.0	)		(2.3	)
Miscellaneous other, net		(3.1	)		(3.5	)		0.5
Income tax expense as reported	$	112.4		$	127.2		$	166.7
Effective income tax rate		21.7	%		19.1	%		22.9	%

Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits (“UTBs”) is as follows:


(In millions)	2023			2022			2021
Unrecognized tax benefits—beginning of year	$	33.4		$	83.1		$	96.1
Gross additions—current year tax positions		2.1			2.1			2.6
Gross additions—prior year tax positions		0.2			—			2.0
Gross additions (reductions)—purchase accounting adjustments		—			—			—
Gross reductions—prior year tax positions		(10.1	)		(50.5	)		(16.6	)
Gross reductions—settlements with taxing authorities		—			(1.3	)		(1.0	)
Unrecognized tax benefits—end of year	$	25.6		$	33.4		$	83.1

Components of Net Deferred Tax Assets Liabilities

The components of net deferred tax assets (liabilities) as of December 30, 2023 and December 31, 2022 were as follows:


(In millions)	2023			2022
Deferred tax assets:
Compensation and benefits	$	29.5		$	21.0
Defined benefit plans		10.9			15.4
Capitalized inventories		24.5			17.8
Capitalized research and development costs		37.4			13.8
Accounts receivable		4.9			4.2
Operating lease liabilities		43.2			31.0
Other accrued expenses		40.3			51.2
Net operating loss and other tax carryforwards		27.5			23.5
Valuation allowance		(15.1	)		(13.8	)
Miscellaneous		6.7			6.7
Total deferred tax assets		209.8			170.8
Deferred tax liabilities:
Fixed assets		(75.1	)		(74.1	)
Intangible assets		(153.2	)		(152.5	)
Operating lease assets		(42.7	)		(29.3	)
Other investments		(26.4	)		(28.2	)
Miscellaneous		(5.2	)		(6.5	)
Total deferred tax liabilities		(302.6	)		(290.6	)
Net deferred tax liability	$	(92.8	)	$	(119.8	)

In accordance with ASC requirements for Income Taxes, deferred taxes were classified in the consolidated balance sheets as of December 30, 2023 and December 31, 2022 as follows:


(In millions)	2023			2022
Other assets		18.5			17.1
Deferred income taxes		(111.3	)		(136.9	)
Net deferred tax liability	$	(92.8	)	$	(119.8	)

Contingencies

12 Months Ended

Dec. 30, 2023

Loss Contingency [Abstract]

Contingencies

22. 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 the Company’s 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 future 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.

The entire disclosure for loss and gain contingencies. Describes any existing condition, situation, or set of circumstances involving uncertainty as of the balance sheet date (or prior to issuance of the financial statements) as to a probable or reasonably possible loss incurred by an entity that will ultimately be resolved when one or more future events occur or fail to occur, and typically discloses the amount of loss recorded or a range of possible loss, or an assertion that no reasonable estimate can be made.

Significant Accounting Policies - Estimated Useful Lives of Property, Plant and Equipment (Detail)	Dec. 30, 2023
Buildings and Leasehold Improvements \| Minimum [Member]
Property Plant And Equipment [Line Items]
Property, plant and equipment, estimated useful life	15 years
Buildings and Leasehold Improvements \| Maximum [Member]
Property Plant And Equipment [Line Items]
Property, plant and equipment, estimated useful life	40 years
Machinery and Equipment \| Minimum [Member]
Property Plant And Equipment [Line Items]
Property, plant and equipment, estimated useful life	3 years
Machinery and Equipment \| Maximum [Member]
Property Plant And Equipment [Line Items]
Property, plant and equipment, estimated useful life	15 years
Software \| Minimum [Member]
Property Plant And Equipment [Line Items]
Property, plant and equipment, estimated useful life	3 years
Software \| Maximum [Member]
Property Plant And Equipment [Line Items]
Property, plant and equipment, estimated useful life	7 years

Income Taxes - Summary of Income Tax Expense (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Current
Federal	$ 86.9	$ 62.4	$ 102.4
Foreign	38.3	34.3	40.2
State and other	15.2	16.0	16.9
Deferred
Federal	(21.2)	15.3	11.5
Foreign	(3.5)	1.5	(4.9)
State and Local	(3.3)	(2.3)	0.6
Income tax expense as reported	$ 112.4	$ 127.2	$ 166.7

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

External Debt and Financing Arrangements

Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Millions	Dec. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset financial instruments (level 2)	$ 0.8	$ 89.6
Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	15.5	104.5
Fair Value, Measurements, Recurring [Member] \| Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset financial instruments (level 2)	0.8	89.6
Deferred compensation program assets (level 2)	14.7	14.9
Derivative liability financial instruments (level 2)	$ 2.7	$ 4.3

External Debt and Financing Arrangements

12 Months Ended

Dec. 30, 2023

Debt Disclosure [Abstract]

8. External Debt and Financing Arrangements

Unsecured Senior Notes

In September 2023, we redeemed all $600 million in aggregate principal of our 2023 4.000% senior unsecured notes in September 2023 at their maturity date using cash on hand.

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

At December 30, 2023, the Company had aggregate outstanding notes in the principal 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 carrying value of the Notes, net of underwriting commissions, price discounts and debt issuance costs, as of December 30, 2023 and December 31, 2022:


(in millions)					Net Carrying Value
Coupon Rate	Principal Amount		Issuance Date	Maturity Date	December 30, 2023		December 31, 2022
4.000% Senior Notes	$	500.0	June 2015	June 2025	$	498.9	$	498.1
4.000% Senior Notes	$	600.0	September 2018	September 2023		-		599.2
3.250% Senior Notes	$	700.0	September 2019	September 2029		695.7		695.0
4.000% Senior Notes	$	450.0	March 2022	March 2032		446.2		445.8
4.500% Senior Notes	$	450.0	March 2022	March 2052		435.9		435.4
5.875% Senior Notes	$	600.0	June 2023	June 2033		593.4		-
Total Senior Notes					$	2,670.1	$	2,673.5

As of December 30, 2023 and December 31, 2022, the components of long-term debt were as follows:


(In millions)	2023		2022
Notes (due 2025 to 2052)	$	2,670.1	$	2,673.5
Less: current portion		—		599.2
Total long-term debt	$	2,670.1	$	2,074.3

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 adjustments. In addition, the Company's ratio of consolidated debt minus certain cash and cash equivalents to consolidated EBITDA generally may not exceed 3.5 to 1.0. There were no outstanding borrowings under this facility as of December 30, 2023 or December 31, 2022. As of December 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, set 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. 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 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 in aggregate as of December 30, 2023 and $20.5 million as of December 31, 2022, of which there were no outstanding balances as of December 30, 2023 and December 31, 2022. The weighted-average interest rates on these borrowings were zero in 2023 and 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 expects to use any issuances under the Commercial Paper Program for general corporate purposes. There were no outstanding borrowings under our Commercial Paper facility as of December 30, 2023 or December 31, 2022.

In our debt agreements, there are normal and customary events of default which would permit the lenders to accelerate the debt if not cured within applicable grace periods, such as failure to pay principal or interest when due or a change in control of the Company. There were no events of default as of December 30, 2023.

Debt payments due during the next five years as of December 30, 2023 are zero in 2024, $500 million in 2025, zero in 2026, zero in 2027, zero in 2028 and $2,200 million in 2029 and beyond. Interest payments due during the next five years as of December 30, 2023 are $116.3 million in 2024, $202.5 million in 2025 through 2026, $192.5 million in 2027 through 2028 and $723.5 million in 2029 and beyond.

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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