0000950170-24-086908 | 10-Q | XBRL Viewer | Fortune Brands Innovations INC

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Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 29, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Accumulated Other Comprehensive Income (Loss)

6 Months Ended

Jun. 29, 2024

Equity [Abstract]

Accumulated Other Comprehensive Income (Loss)

9. Accumulated Other Comprehensive Income (Loss)

Total accumulated other comprehensive income (loss) consists of net income and other changes in business equity from transactions and other events from sources other than stockholders. It includes currency translation gains and losses, unrealized gains and losses from derivative instruments designated as cash flow hedges, and defined benefit plan adjustments. The after-tax components of and changes in accumulated other comprehensive (loss) income for the twenty-six and thirteen weeks ended June 29, 2024 and July 1, 2023 were as follows:


(In millions)	Foreign Currency Adjustments			Derivative Hedging Gain (Loss)			Defined Benefit Plan Adjustments			Accumulated Other Comprehensive Loss
Balance at December 31, 2022	$	(12.1	)	$	93.5		$	(44.0	)	$	37.4
Amounts classified into accumulated other comprehensive (loss) income		13.0			4.4			(0.2	)		17.2
Other		-			-			6.2			6.2
Amounts reclassified from accumulated other comprehensive (loss) income		-			(5.5	)		-			(5.5	)
Net current-period other comprehensive (loss) income		13.0			(1.1	)		6.0			17.9
Balance at July 1, 2023	$	0.9		$	92.4		$	(38.0	)	$	55.3

Balance at December 30, 2023	$	5.3		$	86.0		$	(28.0	)	$	63.3
Amounts classified into accumulated other comprehensive (loss) income		(16.8	)		1.7			(0.1	)		(15.2	)
Amounts reclassified from accumulated other comprehensive (loss) income		-			(5.1	)		-			(5.1	)
Net current-period other comprehensive (loss) income		(16.8	)		(3.4	)		(0.1	)		(20.3	)
Balance at June 29, 2024	$	(11.5	)	$	82.6		$	(28.1	)	$	43.0


(In millions)	Foreign Currency Adjustments			Derivative Hedging Gain (Loss)			Defined Benefit Plan Adjustments			Accumulated Other Comprehensive Loss
Balance at April 1, 2023	$	(4.1	)	$	85.0		$	(38.0	)	$	42.9
Amounts classified into accumulated other comprehensive (loss) income		5.0			10.2			-			15.2
Amounts reclassified from accumulated other comprehensive (loss) income		-			(2.8	)		-			(2.8	)
Net current-period other comprehensive (loss) income		5.0			7.4			-			12.4
Balance at July 1, 2023	$	0.9		$	92.4		$	(38.0	)	$	55.3

Balance at March 30, 2024	$	(5.0	)	$	84.5		$	(28.2	)	$	51.3
Amounts classified into accumulated other comprehensive (loss) income		(6.5	)		0.7			0.1			(5.7	)
Amounts reclassified from accumulated other comprehensive (loss) income		-			(2.6	)		-			(2.6	)
Net current-period other comprehensive (loss) income		(6.5	)		(1.9	)		0.1			(8.3	)
Balance at June 29, 2024	$	(11.5	)	$	82.6		$	(28.1	)	$	43.0

The reclassifications out of accumulated other comprehensive loss for the twenty-six and thirteen weeks ended June 29, 2024 and July 1, 2023 were as follows:


(In millions)
Details about Accumulated Other Comprehensive Loss Components	Amount Reclassified from Accumulated Other Comprehensive Loss						Affected Line Item in the Statement of Comprehensive Income
	Twenty-Six Weeks Ended June 29, 2024			Twenty-Six Weeks Ended July 1, 2023
Gains (losses) on cash flow hedges
Foreign exchange contracts	$	0.4		$	4.0		Cost of products sold
Commodity contracts		-			(0.1	)	Cost of products sold
Interest rate contracts		6.3			2.6		Interest expense
		6.7			6.5		Total before tax
		(1.6	)		(1.0	)	Tax expense
Total reclassifications for the period	$	5.1		$	5.5		Net of tax


(In millions)
Details about Accumulated Other Comprehensive Loss Components	Amount Reclassified from Accumulated Other Comprehensive Loss						Affected Line Item in the Statement of Comprehensive Income
	Thirteen Weeks Ended June 29, 2024			Thirteen Weeks Ended July 1, 2023
Gains (losses) on cash flow hedges
Foreign exchange contracts	$	0.3		$	2.0		Cost of products sold
Commodity contracts		-			(0.3	)	Cost of products sold
Interest rate contracts		3.1			1.5		Interest expense
		3.4			3.2		Total before tax
		(0.8	)		(0.4	)	Tax expense
Total reclassifications for the period	$	2.6		$	2.8		Net of tax

Accumulated Other Comprehensive Income (Loss) - Reclassifications Out of Accumulated Other Comprehensive (Loss) Income (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Cost of products sold	$ 699.0	$ 695.6	$ 1,320.9	$ 1,327.2
Interest expense	32.3	27.7	62.4	54.6
Income from continuing operations before income taxes	170.5	130.1	295.7	241.4
Tax (expense) benefit	(36.6)	(28.0)	(65.5)	(53.7)
Total reclassifications for the period	133.9	102.1	230.2	186.7
Reclassification out of Accumulated Other Comprehensive Income (Loss) [Member] \| Derivative Hedging Gain (Loss) [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income from continuing operations before income taxes	3.4	3.2	6.7	6.5
Tax (expense) benefit	(0.8)	(0.4)	(1.6)	(1.0)
Total reclassifications for the period	2.6	2.8	5.1	5.5
Reclassification out of Accumulated Other Comprehensive Income (Loss) [Member] \| Derivative Hedging Gain (Loss) [Member] \| Foreign Exchange Contract [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Cost of products sold	0.3	2.0	0.4	4.0
Reclassification out of Accumulated Other Comprehensive Income (Loss) [Member] \| Derivative Hedging Gain (Loss) [Member] \| Commodity contracts [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Cost of products sold	0.0	(0.3)	0.0	(0.1)
Reclassification out of Accumulated Other Comprehensive Income (Loss) [Member] \| Derivative Hedging Gain (Loss) [Member] \| Interest rate contracts [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest expense	$ 3.1	$ 1.5	$ 6.3	$ 2.6

Basis of Presentation and Principles of Consolidation - Additional Information (Detail) - USD ($) $ in Millions			1 Months Ended	3 Months Ended	6 Months Ended
	Feb. 29, 2024	Jun. 20, 2023	Jun. 30, 2023	Jun. 29, 2024	Jun. 29, 2024	Jul. 01, 2023
Basis Of Presentation And Principles Of Consolidation [Line Items]
Payments to Acquire Businesses, Net of Cash Acquired					$ 129.0	$ 781.8
ASSA Businesses [Member]
Basis Of Presentation And Principles Of Consolidation [Line Items]
Payments to acquire businesses gross		$ 813.9
Purchase price not yet paid as cash				$ 23.5
Payments to Acquire Businesses, Net of Cash Acquired				$ 5.6
Cash acquired from acquisition			$ 21.9
Spring Well [Member]
Basis Of Presentation And Principles Of Consolidation [Line Items]
Business acquisition, percentage of outstanding equity acquired	100.00%
Payments to acquire businesses gross	$ 105.6
Cash acquired from acquisition	1.4
Fair value allocated to assets acquired and liabilities assumed	$ 105.6

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Statement of Comprehensive Income [Abstract]
Net sales	$ 1,240.0	$ 1,163.7	$ 2,349.5	$ 2,203.7
Cost of products sold	699.0	695.6	1,320.9	1,327.2
Selling, general and administrative expenses	319.7	280.7	631.3	541.7
Amortization of intangible assets	18.3	12.6	36.1	25.2
Restructuring charges	3.9	22.2	6.7	25.2
Operating income	199.1	152.6	354.5	284.4
Interest expense	32.3	27.7	62.4	54.6
Other income, net	(3.7)	(5.2)	(3.6)	(11.6)
Income from continuing operations before income taxes	170.5	130.1	295.7	241.4
Income tax	36.6	28.0	65.5	53.7
Income from continuing operations, net of tax	133.9	102.1	230.2	187.7
(Loss) income from discontinued operations, net of tax	0.0	0.0	0.0	(1.0)
Net income	$ 133.9	$ 102.1	$ 230.2	$ 186.7
Basic earnings per common share
Continuing operations	$ 1.07	$ 0.81	$ 1.83	$ 1.47
Discontinued operations	0	0	0	0
Basic earnings per share	1.07	0.81	1.83	1.47
Diluted earnings per common share
Continuing operations	1.06	0.8	1.82	1.47
Discontinued operations	0	0	0	(0.01)
Diluted earnings per share	$ 1.06	$ 0.8	$ 1.82	$ 1.46
Comprehensive income	$ 125.6	$ 114.5	$ 209.9	$ 198.4

Defined Benefit Plans - Components of Net Periodic Benefit Income for Pension Benefits (Detail) - Net Periodic Benefit Cost [Member] - Pension Benefits [Member] - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 0.0	$ 0.1	$ 0.0	$ 0.1
Interest cost	6.2	6.7	12.3	13.6
Expected return on plan assets	(8.3)	(7.1)	(16.5)	(14.3)
Net periodic benefit income	$ (2.1)	$ (0.3)	$ (4.2)	$ (0.6)

Defined Benefit Plans

6 Months Ended

Jun. 29, 2024

Retirement Benefits [Abstract]

Defined Benefit Plans

11. Defined Benefit Plans

The components of net periodic benefit income for pension benefits for the twenty-six and thirteen weeks ended June 29, 2024 and July 1, 2023 were as follows:


	Pension Benefits
(In millions)	Twenty-Six Weeks Ended June 29, 2024			Twenty-Six Weeks Ended July 1, 2023			Thirteen Weeks Ended June 29, 2024			Thirteen Weeks Ended July 1, 2023
Service cost	$	-		$	0.1		$	-		$	0.1
Interest cost		12.3			13.6			6.2			6.7
Expected return on plan assets		(16.5	)		(14.3	)		(8.3	)		(7.1	)
Net periodic benefit income	$	(4.2	)	$	(0.6	)	$	(2.1	)	$	(0.3	)

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

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

Earnings Per Share - Computations of Earnings per Common Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Earnings Per Share [Abstract]
Income from continuing operations, net of tax	$ 133.9	$ 102.1	$ 230.2	$ 187.7
(Loss) income from discontinued operations, net of tax	0.0	0.0	0.0	(1.0)
Net income	$ 133.9	$ 102.1	$ 230.2	$ 186.7
Continuing operations	$ 1.07	$ 0.81	$ 1.83	$ 1.47
Discontinued operations	0	0	0	0
Basic earnings per share	1.07	0.81	1.83	1.47
Continuing operations	1.06	0.8	1.82	1.47
Discontinued operations	0	0	0	(0.01)
Diluted earnings per share	$ 1.06	$ 0.8	$ 1.82	$ 1.46
Basic average shares outstanding	125.1	126.8	125.5	127.3
Stock-based awards	0.7	0.7	0.9	0.7
Diluted average shares outstanding	125.8	127.5	126.4	128.0
Antidilutive stock-based awards excluded from weighted- average number of shares outstanding for diluted earnings per share	1.3	1.0	0.8	1.0

Basis of Presentation and Principles of Consolidation

6 Months Ended

Jun. 29, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation and Principles of Consolidation

1. Basis of Presentation and Principles of Consolidation

The Company is a leading innovation company focused on creating smarter, safer and more beautiful homes and improving lives that competes in attractive long-term growth markets in our product categories. 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.

The condensed consolidated financial statements and notes are presented pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and do not contain certain information included in our annual audited consolidated financial statements and notes. The December 30, 2023 condensed consolidated balance sheet was derived from our audited consolidated financial statements, but does not include all disclosures required by U.S. generally accepted accounting principles (“GAAP”). This Quarterly Report on Form 10-Q should be read in conjunction with the audited consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended December 30, 2023.

The condensed consolidated balance sheet as of June 29, 2024, the related condensed consolidated statements of comprehensive income and equity for the twenty-six weeks and thirteen weeks ended June 29, 2024, the related condensed consolidated statements of comprehensive income and equity for the twenty-six weeks and thirteen weeks ended July 1, 2023, and the related condensed consolidated statements of cash flows for the twenty-six weeks ended June 29, 2024, and July 1, 2023 are unaudited. The presentation of these financial statements requires us to make estimates and assumptions that affect reported amounts and related disclosures. Actual results could differ from those estimates. In the opinion of management, all adjustments necessary for a fair statement of the financial statements have been included. Interim results may not be indicative of results for a full year.

On February 29, 2024, we acquired 100% of the outstanding equity of Wise Water Solutions LLC, doing business as SpringWell Water Filtration Systems ("SpringWell"), for a purchase price of $105.6 million, subject to post-closing adjustments, net of cash acquired of $1.4 million. We financed the transaction using cash on hand and borrowings under our existing credit arrangements. The results of SpringWell are reported as part of the Water Innovations ("Water") segment. We have not included pro forma financial information as the transaction is immaterial to our condensed consolidated statements of comprehensive income. The fair value allocated to assets acquired and liabilities assumed as of February 29, 2024, was $105.6 million, which includes $84.4 million of goodwill. Goodwill includes expected sales and cost synergies and is expected to be deductible for income tax purposes.

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 "Acquired Businesses") from ASSA ABLOY, Inc. and its affiliates ("ASSA"). The Company completed the acquisition for a total purchase price of approximately $813.9 million, net of cash acquired of $21.9 million. During the second quarter, legal title to international operations in Vietnam transferred to us, which included a payment of approximately $23.5 million, net of cash of $5.6 million (which amount is already included in the overall purchase price). 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.

Product Warranties

6 Months Ended

Jun. 29, 2024

Guarantees and Product Warranties [Abstract]

Product Warranties

13. Product Warranties

We generally record warranty expense related to contractual warranty terms at the time of sale. We may also provide customer concessions for claims made outside of the contractual warranty terms and those expenses are recorded in the period in which the concession is made. We offer our customers various warranty terms based on the type of product that is sold. Warranty expense is determined based on historic claim experience and the nature of the product category. The following table summarizes activity related to our product warranty liability for the twenty-six weeks ended June 29, 2024 and July 1, 2023, respectively.


(In millions)	Twenty-Six Weeks Ended June 29, 2024			Twenty-Six Weeks Ended July 1, 2023
Reserve balance at beginning of period	$	18.4		$	20.1
Provision for warranties issued		4.0			4.3
Settlements made (in cash or in kind)		(4.5	)		(5.1	)
Acquisition		2.1			-
Foreign translation adjustments		(0.1	)		-
Reserve balance at end of period	$	19.9		$	19.3

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

3 Months Ended

6 Months Ended

Jun. 29, 2024

Jul. 01, 2023

Jun. 29, 2024

Jul. 01, 2023

Restructuring Cost and Reserve [Line Items]

Beginning Balance

$ 21.7

$ 29.7

Provision

$ 3.9

$ 22.2

6.7

25.2

Cash Expenditures

^[1]

(14.3)

(15.2)

Non-cash write-offs

(0.7)

(13.6)

Ending Balance

13.4

26.1

13.4

26.1

Workforce Reduction Costs [Member]

Restructuring Cost and Reserve [Line Items]

Beginning Balance

14.6

16.2

Provision

4.4

14.2

Cash Expenditures

^[1]

(12.8)

(14.1)

Non-cash write-offs

(0.2)

0.7

Ending Balance

6.0

17.0

6.0

17.0

Other [Member]

Restructuring Cost and Reserve [Line Items]

Beginning Balance

7.1

13.5

Provision

2.3

11.0

Cash Expenditures

^[1]

(1.5)

(1.1)

Non-cash write-offs

(0.5)

(14.3)

Ending Balance

$ 7.4

$ 9.1

$ 7.4

$ 9.1

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

- Definition

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.

+ References + Details

Condensed Consolidated Statements of Equity (Unaudited) - USD ($) $ in Millions	Total	Common Stock	Paid-In Capital	Accumulated Other Comprehensive (Loss) Income	Retained Earnings	Treasury Stock
Beginning Balance at Dec. 31, 2022	$ 2,086.9	$ 1.9	$ 3,069.6	$ 37.4	$ 2,323.8	$ (3,345.8)
Comprehensive income:
Net income	186.7				186.7
Other comprehensive income	11.7			11.7
Other	12.9		12.7	6.2	(6.0)
Stock options exercised	5.0		5.0
Stock-based compensation	3.8		16.2			(12.4)
Treasury stock purchases	(100.8)					(100.8)
Dividends	(29.1)				(29.1)
Ending Balance at Jul. 01, 2023	2,177.1	1.9	3,103.5	55.3	2,475.4	(3,459.0)
Beginning Balance at Apr. 01, 2023	2,082.5	1.9	3,094.1	42.9	2,402.4	(3,458.8)
Comprehensive income:
Net income	102.1				102.1
Other comprehensive income	12.4			12.4
Stock options exercised	2.7		2.7
Stock-based compensation	6.5		6.7			(0.2)
Dividends	(29.1)				(29.1)
Ending Balance at Jul. 01, 2023	2,177.1	1.9	3,103.5	55.3	2,475.4	(3,459.0)
Beginning Balance at Dec. 30, 2023	2,293.4	1.9	3,134.5	63.3	2,605.3	(3,511.6)
Comprehensive income:
Net income	230.2				230.2
Other comprehensive income	(20.3)			(20.3)
Stock options exercised	7.1		7.1
Stock-based compensation	6.7		19.4			(12.7)
Treasury stock purchases	(156.5)					(156.5)
Dividends	(30.0)				(30.0)
Ending Balance at Jun. 29, 2024	2,330.6	1.9	3,161.0	43.0	2,805.5	(3,680.8)
Beginning Balance at Mar. 30, 2024	2,280.8	1.9	3,150.5	51.3	2,701.8	(3,624.7)
Comprehensive income:
Net income	133.9				133.9
Other comprehensive income	(8.3)			(8.3)
Stock options exercised	0.8		0.8
Stock-based compensation	9.4		9.7			(0.3)
Treasury stock purchases	(55.8)					(55.8)
Dividends	(30.2)				(30.2)
Ending Balance at Jun. 29, 2024	$ 2,330.6	$ 1.9	$ 3,161.0	$ 43.0	$ 2,805.5	$ (3,680.8)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481175/810-10-55-4I

+ Details

Fair Value Measurements - Additional Information (Detail)	Jun. 29, 2024 USD ($)
Fair Value Disclosures [Abstract]
Assets or liabilities measured at fair value on recurring basis	$ 0

Balance Sheet Information

6 Months Ended

Jun. 29, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Balance Sheet Information

3. Balance Sheet Information

Supplemental information on our balance sheets is as follows:


(In millions)	June 29, 2024		December 30, 2023
Inventories:
Raw materials and supplies	$	328.9	$	352.4
Work in process		71.1		83.2
Finished products		590.5		546.7
Total inventories	$	990.5	$	982.3

Property, plant and equipment, gross	$	1,812.4	$	1,904.8
Less: accumulated depreciation		835.8		929.8
Property, plant and equipment, net	$	976.6	$	975.0

Revenue - Additional Information (Detail) - USD ($) $ in Millions	Jun. 29, 2024	Jul. 21, 2023	Jul. 01, 2023
Other Current Liabilities [Member]
Disaggregation of Revenue [Line Items]
Deferred revenue liabilities, current	$ 26.7		$ 35.2
Other Noncurrent Liabilities [Member]
Disaggregation of Revenue [Line Items]
Deferred revenue liabilities, noncurrent	$ 11.1	$ 0.0

- Definition

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.

+ References + Details

External Debt and Financing Arrangements - Additional Information (Detail) - USD ($) $ in Millions	1 Months Ended
	Aug. 31, 2022	Jun. 29, 2024	Dec. 30, 2023	Nov. 30, 2021
Debt Instrument [Line Items]
Aggregate outstanding notes		$ 2,700.0
Uncommitted bank lines of credit, which provide for unsecured borrowings for working capital		30.5	$ 30.5
Uncommitted bank lines of credit, which provide for unsecured borrowings for working capital amount outstanding		0.0	0.0
Long-Term Debt		2,671.8	2,670.1
Commercial Paper [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity				$ 1,250.0
Long-Term Debt		229.2	0.0
2022 Revolving Credit Agreement [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 1,250.0
Term loan, outstanding borrowings		$ 0.0	$ 0.0
Debt instrument, covenant description	Under the Revolving Credit Agreement, the Company is required to maintain a minimum ratio of consolidated EBITDA to consolidated interest expense of 3.0 to 1.0. Consolidated EBITDA is defined as consolidated net income before interest expense, income taxes, depreciation, amortization of intangible assets, losses from asset impairments, and certain other one-time adjustments. In addition, the Company's ratio of consolidated debt minus certain cash and cash equivalents to consolidated EBITDA generally may not exceed 3.5 to 1.0.
Required minimum ratio of consolidated EBITDA to consolidated interest expense	0.3
Ratio of consolidated debt minus certain cash and cash equivalents to consolidated EBITDA	0.35
Debt Instrument, Description of Variable Rate Basis	Interest rates under the 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%.
Term loan maturity period	2027-08
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%

Income Taxes - Additional Information (Detail)	3 Months Ended		6 Months Ended
Income Taxes - Additional Information (Detail)	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate	21.50%	21.50%	22.20%	22.20%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%		21.00%
Pillar Two legislation, description			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 that became effective on January 1, 2024, and the remainder becoming effective on January 1, 2025. 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.

Goodwill and Intangible Assets

6 Months Ended

Jun. 29, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

5. Goodwill and Intangible Assets

We had goodwill of $1,994.8 million and $1,906.8 million as of June 29, 2024 and December 30, 2023, respectively. The change in the net carrying amount of goodwill by segment was as follows:


(In millions)	Water			Outdoors		Security			Total Goodwill
Goodwill at December 30, 2023(a)	$	1,129.3		$	651.1	$	126.4		$	1,906.8
Year-to-date foreign currency translation adjustments		(2.4	)		-		(0.5	)		(2.9	)
Acquisition-related adjustments		86.4			-		4.5			90.9
Goodwill at June 29, 2024(a)	$	1,213.3		$	651.1	$	130.4		$	1,994.8

(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 June 29, 2024 and December 30, 2023 were as follows:


(In millions)	As of June 29, 2024							As of December 30, 2023
	Gross Carrying Amounts		Accumulated Amortization			Net Book Value		Gross Carrying Amounts		Accumulated Amortization			Net Book Value
Indefinite-lived tradenames	$	519.6	$	-		$	519.6	$	520.1	$	-		$	520.1
Amortizable intangible assets
Tradenames		76.3		(11.1	)		65.2		58.4		(9.3	)		49.1
Customer and contractual relationships		1,017.6		(317.9	)		699.7		1,017.3		(289.4	)		727.9
Patents/proprietary technology		138.4		(86.7	)		51.7		138.2		(80.6	)		57.6
Total		1,232.3		(415.7	)		816.6		1,213.9		(379.3	)		834.6
Total intangible assets	$	1,751.9	$	(415.7	)	$	1,336.2	$	1,734.0	$	(379.3	)	$	1,354.7

We had net intangible assets of $1,336.2 million and $1,354.7 million as of June 29, 2024 and December 30, 2023, respectively. The $17.9 million increase in gross intangible assets was primarily due to the SpringWell acquisition, partially offset by foreign currency translation adjustments.

Amortizable intangible assets, principally customer relationships, are subject to amortization over their estimated useful life, ranging from 5 to 30 years, based on the assessment of a number of factors that may impact useful life, which includes customer attrition rates and other relevant factors.

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 29, 2024	Jul. 19, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 29, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Entity Registrant Name	Fortune Brands Innovations, Inc.
Entity Central Index Key	0001519751
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Trading Symbol	FBIN
Entity Common Stock, Shares Outstanding		124,107,680
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity File Number	1-35166
Entity Tax Identification Number	62-1411546
Entity Address, Address Line One	520 Lake Cook Road
Entity Address, City or Town	Deerfield
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60015-5611
City Area Code	847
Local Phone Number	484-4400
Title of 12(b) Security	Common Stock
Security Exchange Name	NYSE
Entity Incorporation, State or Country Code	DE
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes

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

6 Months Ended

Jun. 29, 2024

USD ($)

Goodwill [Line Items]

Beginning Balance

$ 1,906.8

^[1]

Year-to-date foreign currency translation adjustments

(2.9)

Acquisition-related adjustments

90.9

Ending Balance

1,994.8

^[1]

Water [Member]

Goodwill [Line Items]

Beginning Balance

1,129.3

^[1]

Year-to-date foreign currency translation adjustments

(2.4)

Acquisition-related adjustments

86.4

Ending Balance

1,213.3

^[1]

Outdoors [Member]

Goodwill [Line Items]

Beginning Balance

651.1

^[1]

Year-to-date foreign currency translation adjustments

0.0

Acquisition-related adjustments

0.0

Ending Balance

651.1

^[1]

Security [Member]

Goodwill [Line Items]

Beginning Balance

126.4

^[1]

Year-to-date foreign currency translation adjustments

(0.5)

Acquisition-related adjustments

4.5

Ending Balance

$ 130.4

^[1]

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

- Definition

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

+ References + Details

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 2: 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 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
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-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
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-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
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-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
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-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Financial Instruments - Fair Values of Derivative Instruments (Detail) - USD ($) $ in Millions	Jun. 29, 2024	Dec. 30, 2023
Derivatives, Fair Value [Line Items]
Derivative assets, fair value	$ 2.5	$ 0.8
Derivative liabilities, fair value	1.0	2.7
Foreign exchange contracts [Member] \| Other Current Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative assets, fair value	1.5	0.8
Foreign exchange contracts [Member] \| Other Current Liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities, fair value	1.0	2.7
Interest rate contracts [Member] \| Other Current Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative assets, fair value	0.0	0.0
Net Investment Hedge Contracts [Member] \| Other Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative assets, fair value	$ 1.0	$ 0.0

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

6 Months Ended

Jun. 29, 2024

Jul. 01, 2023

Operating activities

Net income

$ 230.2

$ 186.7

Non-cash adjustments:

Depreciation

65.4

40.9

Amortization of intangibles

36.1

25.2

Non-cash lease expense

19.3

15.8

Stock-based compensation

19.4

16.2

Deferred taxes

11.8

(1.0)

Amortization of deferred financing fees

1.8

2.1

(Gain) on sale of property, plant and equipment

(1.5)

(1.6)

Changes in operating assets and liabilities:

Decrease (increase) in accounts receivable

(62.4)

(65.4)

Decrease in inventories

(10.4)

177.3

Increase in accounts payable

18.0

49.6

Decrease in other assets

2.3

130.3

Increase (decrease) in accrued expenses and other liabilities

(122.8)

(46.5)

Increase (decrease) in accrued taxes

(17.0)

(26.0)

Net cash provided by operating activities

190.2

503.6

Investing activities

Capital expenditures

^[1]

(103.4)

(112.2)

Proceeds from the disposition of assets

5.7

2.7

Cost of acquisitions, net of cash acquired

(129.0)

(781.8)

Other investing activities, net

(3.5)

0.0

Net cash provided by (used in) investing activities

(230.2)

(891.3)

Financing activities

Issuance of long-term debt

600.0

595.1

Repayment of long-term debt

(370.0)

0.0

Proceeds from the exercise of stock options

7.1

5.0

Treasury stock purchases

^[2]

(150.2)

(100.0)

Employee withholding taxes related to stock-based compensation

(12.7)

(12.4)

Dividends to stockholders

(60.2)

(58.6)

Other financing activities, net

(4.3)

(1.3)

Net cash (used in) provided by financing activities

9.7

427.8

Effect of foreign exchange rate changes on cash

(7.7)

(2.1)

Net (decrease) increase in cash and cash equivalents

(38.0)

38.0

Cash, cash equivalents and restricted cash at beginning of period

^[3]

395.5

648.3

Cash, cash equivalents and restricted cash at end of period

^[3]

$ 357.5

$ 686.3

[1]	Capital expenditures of $6.1 million as of June 29, 2024 and $5.3 million as of July 1, 2023 that had not been paid, were excluded from the Statement of Cash Flows.
[2]	Treasury stock purchased for the twenty-six weeks ended June 29, 2024, excludes $5.0 million related to purchases that were not settled until after June 29, 2024.
[3]	Restricted cash of $2.5 million and $2.4 million is included in Other current assets and Other assets, respectively, as of June 29, 2024 and restricted cash of $2.3 million and $2.3 million is included in Other current assets and Other assets, respectively, as of July 1, 2023. 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.

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

3 Months Ended

6 Months Ended

Jun. 29, 2024

Jul. 01, 2023

Jun. 29, 2024

Jul. 01, 2023

Restructuring Cost and Reserve [Line Items]

Restructuring charges

$ 3.9

$ 22.2

$ 6.7

$ 25.2

Other Charges

^[1]

12.0

5.9

20.5

6.0

Total Charges

15.9

28.1

27.2

31.2

Operating Segments [Member] | Water [Member]

Restructuring Cost and Reserve [Line Items]

Restructuring charges

1.1

1.6

1.3

Other Charges

^[1]

1.4

0.1

0.9

0.2

Total Charges

2.5

1.2

2.5

1.5

Operating Segments [Member] | Outdoors [Member]

Restructuring Cost and Reserve [Line Items]

Restructuring charges

2.1

1.5

2.5

3.0

Other Charges

^[1]

9.4

(1.7)

12.4

(1.7)

Total Charges

11.5

(0.2)

14.9

1.3

Operating Segments [Member] | Security [Member]

Restructuring Cost and Reserve [Line Items]

Restructuring charges

0.6

19.6

2.2

20.2

Other Charges

^[1]

1.2

7.5

7.2

7.5

Total Charges

1.8

27.1

9.4

27.7

Operating Segments [Member] | Corporate [Member]

Restructuring Cost and Reserve [Line Items]

Restructuring charges

0.1

0.0

0.4

0.7

Other Charges

^[1]

0.0

Total Charges

$ 0.1

$ 0.0

$ 0.4

$ 0.7

[1]


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

- Definition

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.

+ References + Details

Commitments and Contingencies

6 Months Ended

Jun. 29, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

17. Commitments and Contingencies

Litigation

The Company is a defendant in lawsuits that are ordinary, routine litigation matters incidental to its businesses. It is not possible to predict the outcome of the pending actions, and, as with any litigation, it is possible that these actions could be decided unfavorably to the Company. The Company believes that there are meritorious defenses to these actions and that these actions will not have a material adverse effect upon our results of operations, cash flows or financial condition, and where appropriate, these actions are being vigorously contested. Accordingly, the Company believes the likelihood of material loss is remote.

Environmental

We are involved in remediation activities to clean up hazardous wastes as required by federal and state laws. Liabilities for remediation costs of each site are based on our best estimate of undiscounted future costs, excluding possible insurance recoveries or recoveries from other third parties. Uncertainties about the status of laws, regulations, technology and information related to individual sites make it difficult to develop estimates of environmental remediation exposures. Some of the potential liabilities relate to sites we own, and some relate to sites we no longer own or never owned. Several of our subsidiaries have been designated as potentially responsible parties (“PRP”) under Superfund or similar state laws. In most instances where our subsidiaries are named as a PRP, we enter into cost-sharing arrangements with other PRPs. We give notice to insurance carriers of potential PRP liability, but very rarely, if ever, receive reimbursement from insurance for PRP costs. We believe compliance with current environmental protection laws (before taking into account estimated recoveries from third parties) will not have a material adverse effect upon our results of operations, cash flows or financial condition.

Revenue

6 Months Ended

Jun. 29, 2024

Revenue from Contract with Customer [Abstract]

Revenue

10. Revenue

The following table disaggregates our consolidated revenue by major sales distribution channels for the twenty-six and thirteen weeks ended June 29, 2024 and July 1, 2023 :


(In millions)	Twenty-Six Weeks Ended June 29, 2024		Twenty-Six Weeks Ended July 1, 2023		Thirteen Weeks Ended June 29, 2024		Thirteen Weeks Ended July 1, 2023
Wholesalers(a)	$	1,136.7	$	966.2	$	603.1	$	505.7
Home Center retailers(b)		582.5		605.1		304.5		309.7
Other retailers(c)		217.6		191.7		122.6		96.2
Builder direct		-		0.5		-		-
U.S. net sales		1,936.8		1,763.5		1,030.2		911.6
International(d)		412.7		440.2		209.8		252.1
Net sales	$	2,349.5	$	2,203.7	$	1,240.0	$	1,163.7

(a)

Represents sales to customers whose business is oriented towards builders, professional trade people 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.

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. Deferred revenue liabilities of $26.7 million and $35.2 million as of June 29, 2024 and July 1, 2023, respectively, were included in Other current liabilities in our Consolidated Balance Sheet, and $11.1 million and zero as of June 29, 2024 and July 1, 2023, respectively, were included in Other noncurrent liabilities in our Consolidated Balance Sheet.

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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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 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Goodwill and Intangible Assets (Tables)

6 Months Ended

Jun. 29, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Change in Net Carrying Amount of Goodwill by Segment

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


(In millions)	Water			Outdoors		Security			Total Goodwill
Goodwill at December 30, 2023(a)	$	1,129.3		$	651.1	$	126.4		$	1,906.8
Year-to-date foreign currency translation adjustments		(2.4	)		-		(0.5	)		(2.9	)
Acquisition-related adjustments		86.4			-		4.5			90.9
Goodwill at June 29, 2024(a)	$	1,213.3		$	651.1	$	130.4		$	1,994.8

(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 June 29, 2024 and December 30, 2023 were as follows:


(In millions)	As of June 29, 2024							As of December 30, 2023
	Gross Carrying Amounts		Accumulated Amortization			Net Book Value		Gross Carrying Amounts		Accumulated Amortization			Net Book Value
Indefinite-lived tradenames	$	519.6	$	-		$	519.6	$	520.1	$	-		$	520.1
Amortizable intangible assets
Tradenames		76.3		(11.1	)		65.2		58.4		(9.3	)		49.1
Customer and contractual relationships		1,017.6		(317.9	)		699.7		1,017.3		(289.4	)		727.9
Patents/proprietary technology		138.4		(86.7	)		51.7		138.2		(80.6	)		57.6
Total		1,232.3		(415.7	)		816.6		1,213.9		(379.3	)		834.6
Total intangible assets	$	1,751.9	$	(415.7	)	$	1,336.2	$	1,734.0	$	(379.3	)	$	1,354.7

- Definition

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

+ References

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
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

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

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-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
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Recently Issued Accounting Standards (Policies)

6 Months Ended

Jun. 29, 2024

Accounting Policies [Abstract]

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 though enhanced disclosures about significant segment expenses. The standard is effective for the Company for annual periods starting in 2024 and interim periods in 2025. 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. The standard is effective for the Company for annual periods starting in 2025. We are currently assessing the impact on our financial statement disclosures.

Product Warranties (Tables)

6 Months Ended

Jun. 29, 2024

Guarantees and Product Warranties [Abstract]

The following table summarizes activity related to our product warranty liability for the twenty-six weeks ended June 29, 2024 and July 1, 2023, respectively.


(In millions)	Twenty-Six Weeks Ended June 29, 2024			Twenty-Six Weeks Ended July 1, 2023
Reserve balance at beginning of period	$	18.4		$	20.1
Provision for warranties issued		4.0			4.3
Settlements made (in cash or in kind)		(4.5	)		(5.1	)
Acquisition		2.1			-
Foreign translation adjustments		(0.1	)		-
Reserve balance at end of period	$	19.9		$	19.3

Restructuring and Other Charges (Tables)

6 Months Ended

Jun. 29, 2024

Restructuring and Related Activities [Abstract]

Pre-tax Restructuring and Other Charges

Pre-tax restructuring and other charges (gains) for the twenty-six and thirteen weeks ended June 29, 2024 and July 1, 2023 are shown below.


(In millions)	Twenty-Six Weeks Ended June 29, 2024						Twenty-Six Weeks Ended July 1, 2023
	Restructuring Charges		Other Charges (Gains) (a)		Total Charges		Restructuring Charges		Other Charges (Gains) (a)			Total Charges
Water	$	1.6	$	0.9	$	2.5	$	1.3	$	0.2		$	1.5
Outdoors		2.5		12.4		14.9		3.0		(1.7	)		1.3
Security		2.2		7.2		9.4		20.2		7.5			27.7
Corporate		0.4		-		0.4		0.7		-			0.7
Total	$	6.7	$	20.5	$	27.2	$	25.2	$	6.0		$	31.2


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


(In millions)	Thirteen Weeks Ended June 29, 2024						Thirteen Weeks Ended July 1, 2023
	Restructuring Charges		Other Charges (Gains) (a)		Total Charges		Restructuring Charges		Other Charges (Gains) (a)			Total Charges
Water	$	1.1	$	1.4	$	2.5	$	1.1	$	0.1		$	1.2
Outdoors		2.1		9.4		11.5		1.5		(1.7	)		(0.2	)
Security		0.6		1.2		1.8		19.6		7.5			27.1
Corporate		0.1		-		0.1		-		-			-
Total	$	3.9	$	12.0	$	15.9	$	22.2	$	5.9		$	28.1


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

Reconciliation of Restructuring Liability


(In millions)	Balance at December 30, 2023		2024 Provision		Cash Expenditures (a)			Non-Cash Write-offs			Balance at June 29, 2024
Workforce reduction costs	$	14.6	$	4.4	$	(12.8	)		(0.2	)	$	6.0
Other		7.1		2.3		(1.5	)		(0.5	)		7.4
Total	$	21.7	$	6.7	$	(14.3	)	$	(0.7	)	$	13.4

(a) Cash expenditures primarily relate to severance charges.


(In millions)	Balance at December 31, 2022		2023 Provision		Cash Expenditures (a)			Non-Cash Write-offs			Balance at July 1, 2023
Workforce reduction costs	$	16.2	$	14.2	$	(14.1	)	$	0.7		$	17.0
Other		13.5		11.0		(1.1	)		(14.3	)		9.1
Total	$	29.7	$	25.2	$	(15.2	)	$	(13.6	)	$	26.1

(a) Cash expenditures primarily relate to severance charges.

Financial Instruments (Tables)

6 Months Ended

Jun. 29, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Fair Values of Derivative Instruments

The fair values of derivative instruments on the consolidated balance sheets as of June 29, 2024 and December 30, 2023 were as follows:


		Fair Value
(In millions)	Location	June 29, 2024		December 30, 2023
Assets:
Foreign exchange contracts	Other current assets	$	1.5	$	0.8
Interest rate contracts	Other current assets		-		-
Net investment hedge contracts	Other assets		1.0		-
	Total assets	$	2.5	$	0.8
Liabilities:
Foreign exchange contracts	Other current liabilities	$	1.0	$	2.7
	Total liabilities	$	1.0	$	2.7

Effects of Derivative Financial Instruments on Statements of Comprehensive Income

The effects of derivative financial instruments on the statements of comprehensive income for the twenty-six weeks ended June 29, 2024 and July 1, 2023 were as follows:


(In millions)	Classification and Amount of Gain (Loss) Recognized in Income on Hedging Relationships
	Twenty-Six Weeks Ended June 29, 2024
	Cost of products sold			Interest expense		Other income, net
Total amounts per Consolidated Statements of Comprehensive Income	$	1,320.9		$	62.4	$	3.6
Gain (loss) on fair value hedging relationships
Foreign exchange contracts:
Hedged items		-			-		1.9
Derivative designated as hedging instruments		-			-		(2.8	)
Gain on net investment hedging relationships							0.3
Gain (loss) on cash flow hedging relationships
Foreign exchange contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income		0.4			-		-
Commodity contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income		-			-		-
Interest rate contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income		-			6.3		-

(In millions)	Classification and Amount of Gain (Loss) Recognized in Income on Hedging Relationships
	Twenty-Six Weeks Ended July 1, 2023
	Cost of products sold			Interest expense		Other income, net
Total amounts per Consolidated Statements of Comprehensive Income	$	1,327.2		$	54.6	$	11.6
Gain (loss) on fair value hedging relationships
Foreign exchange contracts:
Hedged items		-			-		4.4
Derivative designated as hedging instruments		-			-		(2.9	)
Gain (loss) on cash flow hedging relationships
Foreign exchange contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income		4.0			-		-
Commodity contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income		(0.1	)		-		-
Interest rate contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income		-			2.6		-

The effects of derivative financial instruments on the statements of comprehensive income for the thirteen weeks ended June 29, 2024 were as follows:


(In millions)	Classification and Amount of Gain (Loss) Recognized in Income on Hedging Relationships
	Thirteen Weeks Ended June 29, 2024
	Cost of products sold			Interest expense		Other income, net
Total amounts per Consolidated Statements of Comprehensive Income	$	699.0		$	32.3	$	3.7
Gain (loss) on fair value hedging relationships
Foreign exchange contracts:
Hedged items		-			-		1.1
Derivative designated as hedging instruments		-			-		(0.9	)
Gain on net investment hedging relationships							0.3
Gain (loss) on cash flow hedging relationships
Foreign exchange contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income		0.3			-		-
Commodity contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income		-			-		-
Interest rate contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income		-			3.1		-

(In millions)	Classification and Amount of Gain (Loss) Recognized in Income on Hedging Relationships
	Thirteen Weeks Ended July 1, 2023
	Cost of products sold			Interest expense		Other income, net
Total amounts per Consolidated Statements of Comprehensive Income	$	695.6		$	27.7	$	5.2
Gain (loss) on fair value hedging relationships
Foreign exchange contracts:
Hedged items		-			-		3.1
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		2.0			-		-
Commodity contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income		(0.3	)		-		-
Interest rate contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income		-			1.5		-

Financial Instruments

6 Months Ended

Jun. 29, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Financial Instruments

7. Financial Instruments

We do not enter into financial instruments for trading or speculative purposes. We principally use financial instruments to reduce the impact of changes in foreign currency exchange rates and commodities used as raw materials in our products. The principal derivative financial instruments we enter into on a routine basis are foreign currency exchange contracts. Derivative financial instruments are recorded at fair value in the consolidated balance sheet and are reflected on a gross basis. We have not entered into any master netting arrangements. 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 immediately recognized in current period earnings.

We may be exposed to interest rate risk on existing debt or forecasted debt issuance. To mitigate this risk, we may enter into interest rate hedge contracts. As of June 29, 2024, we had no outstanding interest rate hedges.

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. Our primary foreign currency hedge contracts pertain to the British pound, the Canadian dollar, the Mexican peso and the Chinese yuan. The gross U.S. dollar equivalent notional amount of all foreign currency derivative hedges outstanding at June 29, 2024 was $505.8 million. Based on foreign exchange rates as of June 29, 2024, we estimate that $11.9 million of net derivative gains included in accumulated other comprehensive income as of June 29, 2024 will be reclassified to earnings within the next twelve months.

During the thirteen weeks ended June 29, 2024, we entered into an 18 month cross-currency swap contract to hedge Chinese Yuan exposures of the Company's net investment in certain foreign subsidiaries. As of June 29, 2024, the notional value of the cross-currency swap contracts was $125.0 million. The cross-currency swaps were designated as net investment hedges, with the amount of gain or loss associated with the change in fair value of these instruments included within accumulated other comprehensive income and recognized upon termination of the respective investment.

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 accumulated other comprehensive income and are recognized in the consolidated statements of income when the hedged item affects earnings.

The fair values of derivative instruments on the consolidated balance sheets as of June 29, 2024 and December 30, 2023 were as follows:


		Fair Value
(In millions)	Location	June 29, 2024		December 30, 2023
Assets:
Foreign exchange contracts	Other current assets	$	1.5	$	0.8
Interest rate contracts	Other current assets		-		-
Net investment hedge contracts	Other assets		1.0		-
	Total assets	$	2.5	$	0.8
Liabilities:
Foreign exchange contracts	Other current liabilities	$	1.0	$	2.7
	Total liabilities	$	1.0	$	2.7

The effects of derivative financial instruments on the statements of comprehensive income for the twenty-six weeks ended June 29, 2024 and July 1, 2023 were as follows:


(In millions)	Classification and Amount of Gain (Loss) Recognized in Income on Hedging Relationships
	Twenty-Six Weeks Ended June 29, 2024
	Cost of products sold			Interest expense		Other income, net
Total amounts per Consolidated Statements of Comprehensive Income	$	1,320.9		$	62.4	$	3.6
Gain (loss) on fair value hedging relationships
Foreign exchange contracts:
Hedged items		-			-		1.9
Derivative designated as hedging instruments		-			-		(2.8	)
Gain on net investment hedging relationships							0.3
Gain (loss) on cash flow hedging relationships
Foreign exchange contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income		0.4			-		-
Commodity contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income		-			-		-
Interest rate contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income		-			6.3		-

(In millions)	Classification and Amount of Gain (Loss) Recognized in Income on Hedging Relationships
	Twenty-Six Weeks Ended July 1, 2023
	Cost of products sold			Interest expense		Other income, net
Total amounts per Consolidated Statements of Comprehensive Income	$	1,327.2		$	54.6	$	11.6
Gain (loss) on fair value hedging relationships
Foreign exchange contracts:
Hedged items		-			-		4.4
Derivative designated as hedging instruments		-			-		(2.9	)
Gain (loss) on cash flow hedging relationships
Foreign exchange contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income		4.0			-		-
Commodity contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income		(0.1	)		-		-
Interest rate contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income		-			2.6		-

The effects of derivative financial instruments on the statements of comprehensive income for the thirteen weeks ended June 29, 2024 were as follows:


(In millions)	Classification and Amount of Gain (Loss) Recognized in Income on Hedging Relationships
	Thirteen Weeks Ended June 29, 2024
	Cost of products sold			Interest expense		Other income, net
Total amounts per Consolidated Statements of Comprehensive Income	$	699.0		$	32.3	$	3.7
Gain (loss) on fair value hedging relationships
Foreign exchange contracts:
Hedged items		-			-		1.1
Derivative designated as hedging instruments		-			-		(0.9	)
Gain on net investment hedging relationships							0.3
Gain (loss) on cash flow hedging relationships
Foreign exchange contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income		0.3			-		-
Commodity contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income		-			-		-
Interest rate contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income		-			3.1		-

(In millions)	Classification and Amount of Gain (Loss) Recognized in Income on Hedging Relationships
	Thirteen Weeks Ended July 1, 2023
	Cost of products sold			Interest expense		Other income, net
Total amounts per Consolidated Statements of Comprehensive Income	$	695.6		$	27.7	$	5.2
Gain (loss) on fair value hedging relationships
Foreign exchange contracts:
Hedged items		-			-		3.1
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		2.0			-		-
Commodity contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income		(0.3	)		-		-
Interest rate contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income		-			1.5		-

Fair Value Measurements - Carrying Value and Fair Value of Debt (Detail) - USD ($) $ in Millions	Jun. 29, 2024	Dec. 30, 2023
Carrying Value [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Total Debt	$ 2,901.0	$ 2,670.1
Carrying Value [Member] \| Senior Notes [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Total Debt	2,671.8	2,670.1
Carrying Value [Member] \| Commercial Paper Borrowings [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Total Debt	229.2	0.0
Fair Value [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Total Debt	2,726.6	2,562.4
Fair Value [Member] \| Senior Notes [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Total Debt	2,497.4	2,562.4
Fair Value [Member] \| Commercial Paper Borrowings [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Total Debt	$ 229.2	$ 0.0

Information on Business Segments

6 Months Ended

Jun. 29, 2024

Segment Reporting [Abstract]

Information on Business Segments

14. Information on Business Segments

Net sales and operating income for the twenty-six and thirteen weeks ended June 29, 2024 and July 1, 2023 by segment were as follows:


(In millions)	Twenty-Six Weeks Ended June 29, 2024			Twenty-Six Weeks Ended July 1, 2023			% Change vs. Prior Year
Net Sales
Water	$	1,284.9		$	1,211.3			6.1		%
Outdoors		704.4			665.5			5.8
Security		360.2			326.9			10.2
Net sales	$	2,349.5		$	2,203.7			6.6		%
Operating Income (Loss)
Water	$	292.2		$	270.5			8.0		%
Outdoors		86.0			74.2			15.9
Security		53.5			20.8			157.2
Less: Corporate expenses		(77.2	)		(81.1	)		4.8
Operating income	$	354.5		$	284.4			24.6		%

(In millions)	Thirteen Weeks Ended June 29, 2024			Thirteen Weeks Ended July 1, 2023			% Change vs. Prior Year
Net Sales
Water	$	659.6		$	617.1			6.9		%
Outdoors		389.4			375.6			3.7
Security		191.0			171.0			11.7
Net sales	$	1,240.0		$	1,163.7			6.6		%
Operating Income (Loss)
Water	$	150.9		$	142.1			6.2		%
Outdoors		51.8			61.2			(15.4	)
Security		34.4			(0.4	)		8,700.0
Less: Corporate expenses		(38.0	)		(50.3	)		24.5
Operating income	$	199.1		$	152.6			30.5		%

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
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+ Details

Acquisitions - Schedule of Unaudited Pro Forma Financial Information (Detail) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jul. 01, 2023	Jul. 01, 2023
Business Acquisition [Line Items]
Net sales	$ 1,259.6	$ 2,403.7
Income from continuing operations, net of tax	$ 120.7	$ 218.1

Restructuring and Other Charges

6 Months Ended

Jun. 29, 2024

Restructuring and Related Activities [Abstract]

Restructuring and Other Charges

15. Restructuring and Other Charges

Pre-tax restructuring and other charges (gains) for the twenty-six and thirteen weeks ended June 29, 2024 and July 1, 2023 are shown below.


(In millions)	Twenty-Six Weeks Ended June 29, 2024						Twenty-Six Weeks Ended July 1, 2023
	Restructuring Charges		Other Charges (Gains) (a)		Total Charges		Restructuring Charges		Other Charges (Gains) (a)			Total Charges
Water	$	1.6	$	0.9	$	2.5	$	1.3	$	0.2		$	1.5
Outdoors		2.5		12.4		14.9		3.0		(1.7	)		1.3
Security		2.2		7.2		9.4		20.2		7.5			27.7
Corporate		0.4		-		0.4		0.7		-			0.7
Total	$	6.7	$	20.5	$	27.2	$	25.2	$	6.0		$	31.2


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


(In millions)	Thirteen Weeks Ended June 29, 2024						Thirteen Weeks Ended July 1, 2023
	Restructuring Charges		Other Charges (Gains) (a)		Total Charges		Restructuring Charges		Other Charges (Gains) (a)			Total Charges
Water	$	1.1	$	1.4	$	2.5	$	1.1	$	0.1		$	1.2
Outdoors		2.1		9.4		11.5		1.5		(1.7	)		(0.2	)
Security		0.6		1.2		1.8		19.6		7.5			27.1
Corporate		0.1		-		0.1		-		-			-
Total	$	3.9	$	12.0	$	15.9	$	22.2	$	5.9		$	28.1


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

Restructuring and other charges (gains) in the twenty-six and thirteen weeks ended June 29, 2024 are largely related to costs associated with the previously announced planned closure of a manufacturing facility within our Security segment, a product line rationalization within our Outdoors segment and headcount actions across all segments. Restructuring and other charges in the twenty-six and thirteen weeks ended July 1, 2023 are largely related to costs associated with the planned closure of a manufacturing facility within our Security segment.

Reconciliation of Restructuring Liability


(In millions)	Balance at December 30, 2023		2024 Provision		Cash Expenditures (a)			Non-Cash Write-offs			Balance at June 29, 2024
Workforce reduction costs	$	14.6	$	4.4	$	(12.8	)		(0.2	)	$	6.0
Other		7.1		2.3		(1.5	)		(0.5	)		7.4
Total	$	21.7	$	6.7	$	(14.3	)	$	(0.7	)	$	13.4

(a) Cash expenditures primarily relate to severance charges.


(In millions)	Balance at December 31, 2022		2023 Provision		Cash Expenditures (a)			Non-Cash Write-offs			Balance at July 1, 2023
Workforce reduction costs	$	16.2	$	14.2	$	(14.1	)	$	0.7		$	17.0
Other		13.5		11.0		(1.1	)		(14.3	)		9.1
Total	$	29.7	$	25.2	$	(15.2	)	$	(13.6	)	$	26.1

(a) Cash expenditures primarily relate to severance charges.

Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Millions	Jun. 29, 2024	Dec. 30, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative financial instruments (Level 2)	$ 2.5	$ 0.8
Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	21.0	15.5
Fair Value, Measurements, Recurring [Member] \| Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative financial instruments (Level 2)	2.5	0.8
Deferred compensation program assets (Level 2)	18.5	14.7
Derivative financial instruments (Level 2)	$ 1.0	$ 2.7

Information on Business Segments (Tables)

6 Months Ended

Jun. 29, 2024

Segment Reporting [Abstract]

Net Sales and Operating Income by Segment

Net sales and operating income for the twenty-six and thirteen weeks ended June 29, 2024 and July 1, 2023 by segment were as follows:


(In millions)	Twenty-Six Weeks Ended June 29, 2024			Twenty-Six Weeks Ended July 1, 2023			% Change vs. Prior Year
Net Sales
Water	$	1,284.9		$	1,211.3			6.1		%
Outdoors		704.4			665.5			5.8
Security		360.2			326.9			10.2
Net sales	$	2,349.5		$	2,203.7			6.6		%
Operating Income (Loss)
Water	$	292.2		$	270.5			8.0		%
Outdoors		86.0			74.2			15.9
Security		53.5			20.8			157.2
Less: Corporate expenses		(77.2	)		(81.1	)		4.8
Operating income	$	354.5		$	284.4			24.6		%

(In millions)	Thirteen Weeks Ended June 29, 2024			Thirteen Weeks Ended July 1, 2023			% Change vs. Prior Year
Net Sales
Water	$	659.6		$	617.1			6.9		%
Outdoors		389.4			375.6			3.7
Security		191.0			171.0			11.7
Net sales	$	1,240.0		$	1,163.7			6.6		%
Operating Income (Loss)
Water	$	150.9		$	142.1			6.2		%
Outdoors		51.8			61.2			(15.4	)
Security		34.4			(0.4	)		8,700.0
Less: Corporate expenses		(38.0	)		(50.3	)		24.5
Operating income	$	199.1		$	152.6			30.5		%

Acquisitions

6 Months Ended

Jun. 29, 2024

Business Combinations [Abstract]

Acquisitions

4. Acquisitions

SpringWell

On February 29, 2024, we acquired 100% of the outstanding equity of SpringWell for a purchase price of $105.6 million, subject to post-closing adjustments, net of cash acquired of $1.4 million. We financed the transaction using cash on hand and borrowings under our existing credit arrangements. The results of SpringWell are reported as part of the Water segment. We have not included pro forma financial information as the transaction is immaterial to our condensed consolidated statements of comprehensive income. The fair value allocated to assets acquired and liabilities assumed as of February 29, 2024, was $105.6 million, which includes $84.4 million of goodwill. Goodwill includes expected sales and cost synergies and is expected to be deductible for income tax purposes.

Acquired Businesses

In June 2023, we acquired the Acquired Businesses from ASSA. The Company completed the acquisition for a total purchase price of approximately $813.9 million, net of cash acquired of $21.9 million. During the second quarter, legal title to international operations in Vietnam transferred to us, which included a payment of approximately $23.5 million, net of cash of $5.6 million (which amount is already included in the overall purchase price). 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.

The following unaudited pro forma summary presents consolidated financial information as if the Acquired 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 Acquired 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 Acquired Businesses transaction costs from 2023 to the first quarter of 2022,

•

the removal of certain transactions recorded in the historical financial statements of the Acquired 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)	Twenty-Six Weeks Ended July 1, 2023		Thirteen Weeks Ended July 1, 2023
Net sales	$	2,403.7	$	1,259.6
Income from continuing operations, net of tax	$	218.1	$	120.7

Defined Benefit Plans (Tables)

6 Months Ended

Jun. 29, 2024

Retirement Benefits [Abstract]

Components of Net Periodic Benefit Income for Pension Benefits

The components of net periodic benefit income for pension benefits for the twenty-six and thirteen weeks ended June 29, 2024 and July 1, 2023 were as follows:


	Pension Benefits
(In millions)	Twenty-Six Weeks Ended June 29, 2024			Twenty-Six Weeks Ended July 1, 2023			Thirteen Weeks Ended June 29, 2024			Thirteen Weeks Ended July 1, 2023
Service cost	$	-		$	0.1		$	-		$	0.1
Interest cost		12.3			13.6			6.2			6.7
Expected return on plan assets		(16.5	)		(14.3	)		(8.3	)		(7.1	)
Net periodic benefit income	$	(4.2	)	$	(0.6	)	$	(2.1	)	$	(0.3	)

Revenue (Tables)

6 Months Ended

Jun. 29, 2024

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The following table disaggregates our consolidated revenue by major sales distribution channels for the twenty-six and thirteen weeks ended June 29, 2024 and July 1, 2023 :


(In millions)	Twenty-Six Weeks Ended June 29, 2024		Twenty-Six Weeks Ended July 1, 2023		Thirteen Weeks Ended June 29, 2024		Thirteen Weeks Ended July 1, 2023
Wholesalers(a)	$	1,136.7	$	966.2	$	603.1	$	505.7
Home Center retailers(b)		582.5		605.1		304.5		309.7
Other retailers(c)		217.6		191.7		122.6		96.2
Builder direct		-		0.5		-		-
U.S. net sales		1,936.8		1,763.5		1,030.2		911.6
International(d)		412.7		440.2		209.8		252.1
Net sales	$	2,349.5	$	2,203.7	$	1,240.0	$	1,163.7

(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.

Goodwill and Intangible Assets - Change in Net Carrying Amount of Goodwill by Segment (Parenthetical) (Detail) $ in Millions	Jun. 29, 2024 USD ($)
Outdoors Segment [Member]
Goodwill [Line Items]
Accumulated impairment losses	$ 399.5

- Definition

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.

+ References

+ Details

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

Jun. 29, 2024

Dec. 30, 2023

Current assets

Cash and cash equivalents

$ 352.6

$ 366.4

Accounts receivable less allowances for discounts and credit losses

593.6

534.2

Inventories

990.5

982.3

Other current assets

145.2

162.8

Total current assets

2,081.9

2,045.7

Property, plant and equipment, net

976.6

975.0

Operating lease assets

163.4

173.8

Goodwill

^[1]

1,994.8

1,906.8

Other intangible assets, net of accumulated amortization

1,336.2

1,354.7

Other assets

121.0

109.0

Total assets

6,673.9

6,565.0

Current liabilities

Short-term debt

499.3

0.0

Accounts payable

554.4

568.1

Other current liabilities

494.3

632.3

Total current liabilities

1,548.0

1,200.4

Long-term debt

2,401.7

2,670.1

Deferred income taxes

120.6

111.3

Accrued defined benefit plans

41.4

47.3

Operating lease liabilities

134.3

143.3

Other non-current liabilities

97.3

99.2

Total liabilities

4,343.3

4,271.6

Commitments and contingencies (see Note 17)

Stockholders' equity

Common stock

^[2]

1.9

Paid-in capital

3,161.0

3,134.5

Accumulated other comprehensive income

43.0

63.3

Retained earnings

2,805.5

2,605.3

Treasury stock

(3,680.8)

(3,511.6)

Total stockholders' equity

2,330.6

2,293.4

Total liabilities and equity

$ 6,673.9

$ 6,565.0

[1]	Net of accumulated impairment losses of $399.5 million in the Outdoors segment.
[2]	Common stock, par value $0.01 per share; 187.7 million shares and 187.1 million shares issued at June 29, 2024 and December 30, 2023, respectively.

Condensed Consolidated Statements of Cash Flows (Parenthetical) (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Dec. 30, 2023
Capital expenditures incurred but not yet paid	$ 6.1	$ 5.3
Treasury repurchased but not yet paid	5.0
Other Current Assets [Member]
Restricted Cash	2.5	2.3	$ 26.9
Other Noncurrent Assets [Member]
Restricted Cash	$ 2.4	$ 2.3	$ 2.2

Recently Issued Accounting Standards

6 Months Ended

Jun. 29, 2024

Accounting Policies [Abstract]

Recently Issued Accounting Standards

2. Recently Issued Accounting Standards

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480016/944-40-65-2

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-Subparagraph (e)(2)
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-Topic 926
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-Name Accounting Standards Codification
-Section 65
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-Subparagraph (f)(1)
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+ Details

Earnings Per Share

6 Months Ended

Jun. 29, 2024

Earnings Per Share [Abstract]

Earnings Per Share

16. Earnings Per Share

The computations of earnings per common share for the twenty-six and thirteen weeks ended June 29, 2024 and July 1, 2023 were as follows:


(In millions, except per share data)	Twenty-Six Weeks Ended June 29, 2024		Twenty-Six Weeks Ended July 1, 2023			Thirteen Weeks Ended June 29, 2024		Thirteen Weeks Ended July 1, 2023
Income from continuing operations, net of tax	$	230.2	$	187.7		$	133.9	$	102.1
(Loss) income from discontinued operations, net of tax		-		(1.0	)		-		-
Net income	$	230.2	$	186.7		$	133.9	$	102.1

Earnings per common share
Basic
Continuing operations	$	1.83	$	1.47		$	1.07	$	0.81
Discontinued operations		-		-			-		-
Basic earnings per share	$	1.83	$	1.47		$	1.07	$	0.81

Diluted
Continuing operations	$	1.82	$	1.47		$	1.06	$	0.80
Discontinued operations		-		(0.01	)		-		-
Diluted earnings per share	$	1.82	$	1.46		$	1.06	$	0.80

Basic average shares outstanding		125.5		127.3			125.1		126.8
Stock-based awards		0.9		0.7			0.7		0.7
Diluted average shares outstanding		126.4		128.0			125.8		127.5
Antidilutive stock-based awards excluded from weighted- average number of shares outstanding for diluted earnings per share		0.8		1.0			1.3		1.0

Fair Value Measurements (Tables)

6 Months Ended

Jun. 29, 2024

Fair Value Disclosures [Abstract]

Carrying Value and Fair Value of Debt

The carrying value and fair value of debt as of June 29, 2024 and December 30, 2023 were as follows:


(In millions)	June 29, 2024				December 30, 2023
	Carrying Value		Fair Value		Carrying Value		Fair Value
Notes, net of underwriting commissions, price discounts and debt issuance costs	$	2,671.8	$	2,497.4	$	2,670.1	$	2,562.4
Commercial paper borrowings		229.2		229.2		-		-
Total debt	$	2,901.0	$	2,726.6	$	2,670.1	$	2,562.4

Assets and Liabilities Measured at Fair Value on Recurring Basis

Assets and liabilities measured at fair value on a recurring basis as of June 29, 2024 and December 30, 2023 were as follows:


(In millions)	Fair Value
	June 29, 2024		December 30, 2023
Assets
Derivative financial instruments (Level 2)	$	2.5	$	0.8
Deferred compensation program assets (Level 2)		18.5		14.7
Total assets	$	21.0	$	15.5
Liabilities
Derivative financial instruments (Level 2)	$	1.0	$	2.7

Balance Sheet Information - Supplemental Information on Balance Sheets (Detail) - USD ($) $ in Millions	Jun. 29, 2024	Dec. 30, 2023
Inventories:
Raw materials and supplies	$ 328.9	$ 352.4
Work in process	71.1	83.2
Finished products	590.5	546.7
Total inventories	990.5	982.3
Property, plant and equipment, gross	1,812.4	1,904.8
Less: accumulated depreciation	835.8	929.8
Property, plant and equipment, net	$ 976.6	$ 975.0

External Debt and Financing Arrangements

6 Months Ended

Jun. 29, 2024

Debt Disclosure [Abstract]

External Debt and Financing Arrangements

6. External Debt and Financing Arrangements

Senior Notes

At June 29, 2024, the Company had aggregate outstanding senior 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 net carrying value of the Notes, net of underwriting commissions, price discounts, and debt issuance costs as of June 29, 2024 and December 30, 2023:


					Net Carrying Value
(in millions)	Principal Amount		Issuance Date	Maturity Date	June 29, 2024		December 30, 2023
4.000% Senior Notes	$	500.0	June 2015	June 2025	$	499.3	$	498.9
3.250% Senior Notes	$	700.0	September 2019	September 2029		696.1		695.7
4.000% Senior Notes	$	450.0	March 2022	March 2032		446.5		446.2
4.500% Senior Notes	$	450.0	March 2022	March 2052		436.1		435.9
5.875% Senior Notes	$	600.0	June 2023	June 2033		593.8		593.4
Total Senior Notes					$	2,671.8	$	2,670.1

Credit Facilities

In August 2022, the Company entered into a third amended and restated $1.25 billion revolving credit facility (the “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 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 Revolving Credit Agreement, the Company is required to maintain a minimum ratio of consolidated EBITDA to consolidated interest expense of 3.0 to 1.0. Consolidated EBITDA is defined as consolidated net income before interest expense, income taxes, depreciation, amortization of intangible assets, losses from asset impairments, and certain other one-time adjustments. In addition, the Company's ratio of consolidated debt minus certain cash and cash equivalents to consolidated EBITDA generally may not exceed 3.5 to 1.0. There were no outstanding borrowings under this facility as of June 29, 2024 and December 30, 2023. As of June 29, 2024, we were in compliance with all covenants under this facility.

We currently have uncommitted bank lines of credit in China, which provide for unsecured borrowings for working capital of up to $30.5 million in aggregate as of June 29, 2024 and December 30, 2023, respectively. There were no outstanding balances as of June 29, 2024 and December 30, 2023.

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 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 Revolving Credit Agreement, not to exceed $1.25 billion. The Company will use any issuances under the Commercial Paper Program for general corporate purposes. Outstanding borrowings under the Commercial Paper Program as of June 29, 2024 and December 30, 2023 were $229.2 million and zero, respectively.

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
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-Topic 235
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+ Details

Accumulated Other Comprehensive Income (Loss) - After-Tax Components of and Changes in Accumulated Other Comprehensive (Loss) Income (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	$ 2,280.8	$ 2,082.5	$ 2,293.4	$ 2,086.9
Other				12.9
Ending Balance	2,330.6	2,177.1	2,330.6	2,177.1
Foreign Currency Adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(5.0)	(4.1)	5.3	(12.1)
Amounts classified into accumulated other comprehensive (loss) income	(6.5)	5.0	(16.8)	13.0
Other				0.0
Amounts reclassified from accumulated other comprehensive (loss) income	0.0	0.0	0.0	0.0
Net current period other comprehensive (loss) income	(6.5)	5.0	(16.8)	13.0
Ending Balance	(11.5)	0.9	(11.5)	0.9
Derivative Hedging Gain (Loss) [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	84.5	85.0	86.0	93.5
Amounts classified into accumulated other comprehensive (loss) income	0.7	10.2	1.7	4.4
Other				0.0
Amounts reclassified from accumulated other comprehensive (loss) income	(2.6)	(2.8)	(5.1)	(5.5)
Net current period other comprehensive (loss) income	(1.9)	7.4	(3.4)	(1.1)
Ending Balance	82.6	92.4	82.6	92.4
Defined Benefit Plan Adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(28.2)	(38.0)	(28.0)	(44.0)
Amounts classified into accumulated other comprehensive (loss) income	0.1	0.0	(0.1)	(0.2)
Other				6.2
Amounts reclassified from accumulated other comprehensive (loss) income	0.0	0.0	0.0	0.0
Net current period other comprehensive (loss) income	0.1	0.0	(0.1)	6.0
Ending Balance	(28.1)	(38.0)	(28.1)	(38.0)
Accumulated Other Comprehensive Loss [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	51.3	42.9	63.3	37.4
Amounts classified into accumulated other comprehensive (loss) income	(5.7)	15.2	(15.2)	17.2
Other				6.2
Amounts reclassified from accumulated other comprehensive (loss) income	(2.6)	(2.8)	(5.1)	(5.5)
Net current period other comprehensive (loss) income	(8.3)	12.4	(20.3)	17.9
Ending Balance	$ 43.0	$ 55.3	$ 43.0	$ 55.3

Income Taxes

6 Months Ended

Jun. 29, 2024

Income Tax Disclosure [Abstract]

Income Taxes

12. Income Taxes

The effective income tax rates for the twenty-six and thirteen weeks ended June 29, 2024 were 22.2% and 21.5%, respectively. The effective income tax rates for the twenty-six and thirteen weeks ended July 1, 2023 were 22.2% and 21.5%, respectively.

The difference between the Company’s effective income tax rate for the twenty-six weeks ended June 29, 2024, and the U.S. statutory rate of 21% primarily relates to state income taxes and foreign income taxed at higher rates, partially offset by a favorable benefit related to a valuation allowance release, decreases in uncertain tax positions, and tax credits.

The difference between the Company’s effective income tax rate for the thirteen weeks ended June 29, 2024, and the U.S. statutory rate of 21% primarily relates to state income taxes and foreign income taxed at higher rates, partially offset by favorable benefit related decreases in uncertain tax positions and tax credits.

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 that became effective on January 1, 2024, and the remainder becoming effective on January 1, 2025. 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.

- Definition

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

+ References

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

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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Financial Instruments - Additional Information (Detail) $ in Millions	3 Months Ended
	Jun. 29, 2024 USD ($)
Maximum [Member]
Derivative [Line Items]
Foreign exchange contracts period	15 months
Minimum [Member]
Derivative [Line Items]
Foreign exchange contracts period	12 months
Foreign exchange contracts [Member]
Derivative [Line Items]
Notional amount of foreign currency derivative hedges	$ 505.8
Interest rate contracts [Member]
Derivative [Line Items]
Notional amount of foreign currency derivative hedges	0.0
Cross currency swap contract [Member]
Derivative [Line Items]
Notional amount of foreign currency derivative hedges	$ 125.0
Cross currency swap contract period	18 months
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	$ 11.9

External Debt and Financing Arrangements (Tables)

6 Months Ended

Jun. 29, 2024

Debt Disclosure [Abstract]

Summary of Outstanding Notes

The following table provides a summary of the Company’s outstanding Notes, including the net carrying value of the Notes, net of underwriting commissions, price discounts, and debt issuance costs as of June 29, 2024 and December 30, 2023:


					Net Carrying Value
(in millions)	Principal Amount		Issuance Date	Maturity Date	June 29, 2024		December 30, 2023
4.000% Senior Notes	$	500.0	June 2015	June 2025	$	499.3	$	498.9
3.250% Senior Notes	$	700.0	September 2019	September 2029		696.1		695.7
4.000% Senior Notes	$	450.0	March 2022	March 2032		446.5		446.2
4.500% Senior Notes	$	450.0	March 2022	March 2052		436.1		435.9
5.875% Senior Notes	$	600.0	June 2023	June 2033		593.8		593.4
Total Senior Notes					$	2,671.8	$	2,670.1

- Definition

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.

+ References

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-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482949/835-30-55-8

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
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-Paragraph 3
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-Name Accounting Standards Codification
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-SubTopic 10
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-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-8

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

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

+ Details

Acquisitions - Additional Information (Detail) - USD ($) $ in Millions			1 Months Ended	3 Months Ended	6 Months Ended
	Feb. 29, 2024	Jun. 20, 2023	Jun. 30, 2023	Jun. 29, 2024	Jun. 29, 2024	Jul. 01, 2023
Business Acquisition [Line Items]
Payments to acquire business net of cash					$ 129.0	$ 781.8
Spring Well [Member]
Business Acquisition [Line Items]
Payments to acquire businesses gross	$ 105.6
Fair value allocated to assets acquired and liabilities assumed	$ 105.6
Business acquisition, percentage of outstanding equity acquired	100.00%
Business acquisition, goodwill, expected tax non-deductible amount	$ 84.4
Cash acquired from acquisition	$ 1.4
ASSA Businesses [Member]
Business Acquisition [Line Items]
Payments to acquire businesses gross		$ 813.9
Purchase price not yet paid as cash				$ 23.5
Payments to acquire business net of cash				$ 5.6
Cash acquired from acquisition			$ 21.9

Acquisitions (Tables)

6 Months Ended

Jun. 29, 2024

Business Combinations [Abstract]

Schedule of Unaudited Pro Forma Financial Information


(In millions)	Twenty-Six Weeks Ended July 1, 2023		Thirteen Weeks Ended July 1, 2023
Net sales	$	2,403.7	$	1,259.6
Income from continuing operations, net of tax	$	218.1	$	120.7

Condensed Consolidated Statements of Equity (Parenthetical) (Unaudited) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Statement of Stockholders' Equity [Abstract]
Dividends per Common share	$ 0.24	$ 0.23	$ 0.24	$ 0.23

Accumulated Other Comprehensive Income (Loss) (Tables)

6 Months Ended

Jun. 29, 2024

Equity [Abstract]

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

The after-tax components of and changes in accumulated other comprehensive (loss) income for the twenty-six and thirteen weeks ended June 29, 2024 and July 1, 2023 were as follows:


(In millions)	Foreign Currency Adjustments			Derivative Hedging Gain (Loss)			Defined Benefit Plan Adjustments			Accumulated Other Comprehensive Loss
Balance at December 31, 2022	$	(12.1	)	$	93.5		$	(44.0	)	$	37.4
Amounts classified into accumulated other comprehensive (loss) income		13.0			4.4			(0.2	)		17.2
Other		-			-			6.2			6.2
Amounts reclassified from accumulated other comprehensive (loss) income		-			(5.5	)		-			(5.5	)
Net current-period other comprehensive (loss) income		13.0			(1.1	)		6.0			17.9
Balance at July 1, 2023	$	0.9		$	92.4		$	(38.0	)	$	55.3

Balance at December 30, 2023	$	5.3		$	86.0		$	(28.0	)	$	63.3
Amounts classified into accumulated other comprehensive (loss) income		(16.8	)		1.7			(0.1	)		(15.2	)
Amounts reclassified from accumulated other comprehensive (loss) income		-			(5.1	)		-			(5.1	)
Net current-period other comprehensive (loss) income		(16.8	)		(3.4	)		(0.1	)		(20.3	)
Balance at June 29, 2024	$	(11.5	)	$	82.6		$	(28.1	)	$	43.0


(In millions)	Foreign Currency Adjustments			Derivative Hedging Gain (Loss)			Defined Benefit Plan Adjustments			Accumulated Other Comprehensive Loss
Balance at April 1, 2023	$	(4.1	)	$	85.0		$	(38.0	)	$	42.9
Amounts classified into accumulated other comprehensive (loss) income		5.0			10.2			-			15.2
Amounts reclassified from accumulated other comprehensive (loss) income		-			(2.8	)		-			(2.8	)
Net current-period other comprehensive (loss) income		5.0			7.4			-			12.4
Balance at July 1, 2023	$	0.9		$	92.4		$	(38.0	)	$	55.3

Balance at March 30, 2024	$	(5.0	)	$	84.5		$	(28.2	)	$	51.3
Amounts classified into accumulated other comprehensive (loss) income		(6.5	)		0.7			0.1			(5.7	)
Amounts reclassified from accumulated other comprehensive (loss) income		-			(2.6	)		-			(2.6	)
Net current-period other comprehensive (loss) income		(6.5	)		(1.9	)		0.1			(8.3	)
Balance at June 29, 2024	$	(11.5	)	$	82.6		$	(28.1	)	$	43.0

Reclassifications Out of Accumulated Other Comprehensive (Loss) Income

The reclassifications out of accumulated other comprehensive loss for the twenty-six and thirteen weeks ended June 29, 2024 and July 1, 2023 were as follows:


(In millions)
Details about Accumulated Other Comprehensive Loss Components	Amount Reclassified from Accumulated Other Comprehensive Loss						Affected Line Item in the Statement of Comprehensive Income
	Twenty-Six Weeks Ended June 29, 2024			Twenty-Six Weeks Ended July 1, 2023
Gains (losses) on cash flow hedges
Foreign exchange contracts	$	0.4		$	4.0		Cost of products sold
Commodity contracts		-			(0.1	)	Cost of products sold
Interest rate contracts		6.3			2.6		Interest expense
		6.7			6.5		Total before tax
		(1.6	)		(1.0	)	Tax expense
Total reclassifications for the period	$	5.1		$	5.5		Net of tax


(In millions)
Details about Accumulated Other Comprehensive Loss Components	Amount Reclassified from Accumulated Other Comprehensive Loss						Affected Line Item in the Statement of Comprehensive Income
	Thirteen Weeks Ended June 29, 2024			Thirteen Weeks Ended July 1, 2023
Gains (losses) on cash flow hedges
Foreign exchange contracts	$	0.3		$	2.0		Cost of products sold
Commodity contracts		-			(0.3	)	Cost of products sold
Interest rate contracts		3.1			1.5		Interest expense
		3.4			3.2		Total before tax
		(0.8	)		(0.4	)	Tax expense
Total reclassifications for the period	$	2.6		$	2.8		Net of tax

Fair Value Measurements

6 Months Ended

Jun. 29, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

8. Fair Value Measurements

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

The carrying value and fair value of debt as of June 29, 2024 and December 30, 2023 were as follows:


(In millions)	June 29, 2024				December 30, 2023
	Carrying Value		Fair Value		Carrying Value		Fair Value
Notes, net of underwriting commissions, price discounts and debt issuance costs	$	2,671.8	$	2,497.4	$	2,670.1	$	2,562.4
Commercial paper borrowings		229.2		229.2		-		-
Total debt	$	2,901.0	$	2,726.6	$	2,670.1	$	2,562.4

The estimated fair value of our Notes is determined by using quoted market prices of our debt securities, which are Level 1 inputs. The estimated fair value of borrowings under our Commercial Paper Program is determined primarily using broker quotes, which are Level 2 inputs.

Assets and liabilities measured at fair value on a recurring basis as of June 29, 2024 and December 30, 2023 were as follows:


(In millions)	Fair Value
	June 29, 2024		December 30, 2023
Assets
Derivative financial instruments (Level 2)	$	2.5	$	0.8
Deferred compensation program assets (Level 2)		18.5		14.7
Total assets	$	21.0	$	15.5
Liabilities
Derivative financial instruments (Level 2)	$	1.0	$	2.7

- Definition

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

+ References + Details

Information on Business Segments - Net Sales and Operating Income by Segment (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net sales	$ 1,240.0	$ 1,163.7	$ 2,349.5	$ 2,203.7
Operating income	$ 199.1	152.6	$ 354.5	284.4
Operating Income, Percentage Change vs. Prior Year	30.50%		24.60%
Operating Segments [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net sales	$ 1,240.0	1,163.7	$ 2,349.5	2,203.7
Net Sales, Percentage Change vs. Prior Year	6.60%		6.60%
Corporate [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Operating income	$ (38.0)	(50.3)	$ (77.2)	(81.1)
Operating Income, Percentage Change vs. Prior Year	24.50%		4.80%
Water Innovations [Member] \| Operating Segments [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net sales	$ 659.6	617.1	$ 1,284.9	1,211.3
Operating income	$ 150.9	142.1	$ 292.2	270.5
Net Sales, Percentage Change vs. Prior Year	6.90%		6.10%
Operating Income, Percentage Change vs. Prior Year	6.20%		8.00%
Outdoors [Member] \| Operating Segments [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net sales	$ 389.4	375.6	$ 704.4	665.5
Operating income	$ 51.8	61.2	$ 86.0	74.2
Net Sales, Percentage Change vs. Prior Year	3.70%		5.80%
Operating Income, Percentage Change vs. Prior Year	(15.40%)		15.90%
Security [Member] \| Operating Segments [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net sales	$ 191.0	171.0	$ 360.2	326.9
Operating income	$ 34.4	$ (0.4)	$ 53.5	$ 20.8
Net Sales, Percentage Change vs. Prior Year	11.70%		10.20%
Operating Income, Percentage Change vs. Prior Year	8700.00%		157.20%

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

3 Months Ended

6 Months Ended

Jun. 29, 2024

Jul. 01, 2023

Jun. 29, 2024

Jul. 01, 2023

Disaggregation of Revenue [Line Items]

Net sales

$ 1,240.0

$ 1,163.7

$ 2,349.5

$ 2,203.7

Wholesalers [Member]

Disaggregation of Revenue [Line Items]

Net sales

^[1]

603.1

505.7

1,136.7

966.2

Home Center retailers [Member]

Disaggregation of Revenue [Line Items]

Net sales

^[2]

304.5

309.7

582.5

605.1

Other retailers [Member]

Disaggregation of Revenue [Line Items]

Net sales

^[3]

122.6

96.2

217.6

191.7

Builder direct [Member]

Disaggregation of Revenue [Line Items]

Net sales

0.0

0.5

United States [Member]

Disaggregation of Revenue [Line Items]

Net sales

1,030.2

911.6

1,936.8

1,763.5

International [Member]

Disaggregation of Revenue [Line Items]

Net sales

^[4]

$ 209.8

$ 252.1

$ 412.7

$ 440.2

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

- Definition

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.

+ References + Details

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: 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 6: 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 7: 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 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
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Reference 9: 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 10: 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 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

- Definition

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

+ References

+ Details

Goodwill and Intangible Assets - Gross Carrying Value and Accumulated Amortization by Class of Identifiable Intangible Assets (Detail) - USD ($) $ in Millions	Jun. 29, 2024	Dec. 30, 2023
Intangible Assets [Line Items]
Gross Carrying Amounts, Indefinite-lived tradenames	$ 519.6	$ 520.1
Net Book Value, Indefinite-lived tradenames	519.6	520.1
Gross Carrying Amounts, Finite Lived	1,232.3	1,213.9
Accumulated Amortization, Finite Lived	(415.7)	(379.3)
Net Book Value, Finite Lived	816.6	834.6
Gross Carrying Amounts, Total intangible assets	1,751.9	1,734.0
Accumulated Amortization, Total intangible assets	(415.7)	(379.3)
Net Book Value, Total intangible assets	1,336.2	1,354.7
Tradenames [Member]
Intangible Assets [Line Items]
Gross Carrying Amounts, Finite Lived	76.3	58.4
Accumulated Amortization, Finite Lived	(11.1)	(9.3)
Net Book Value, Finite Lived	65.2	49.1
Customer and contractual relationships [Member]
Intangible Assets [Line Items]
Gross Carrying Amounts, Finite Lived	1,017.6	1,017.3
Accumulated Amortization, Finite Lived	(317.9)	(289.4)
Net Book Value, Finite Lived	699.7	727.9
Patents/proprietary technology [Member]
Intangible Assets [Line Items]
Gross Carrying Amounts, Finite Lived	138.4	138.2
Accumulated Amortization, Finite Lived	(86.7)	(80.6)
Net Book Value, Finite Lived	$ 51.7	$ 57.6

Earnings Per Share (Tables)

6 Months Ended

Jun. 29, 2024

Earnings Per Share [Abstract]

Computations of Earnings per Common Share

The computations of earnings per common share for the twenty-six and thirteen weeks ended June 29, 2024 and July 1, 2023 were as follows:


(In millions, except per share data)	Twenty-Six Weeks Ended June 29, 2024		Twenty-Six Weeks Ended July 1, 2023			Thirteen Weeks Ended June 29, 2024		Thirteen Weeks Ended July 1, 2023
Income from continuing operations, net of tax	$	230.2	$	187.7		$	133.9	$	102.1
(Loss) income from discontinued operations, net of tax		-		(1.0	)		-		-
Net income	$	230.2	$	186.7		$	133.9	$	102.1

Earnings per common share
Basic
Continuing operations	$	1.83	$	1.47		$	1.07	$	0.81
Discontinued operations		-		-			-		-
Basic earnings per share	$	1.83	$	1.47		$	1.07	$	0.81

Diluted
Continuing operations	$	1.82	$	1.47		$	1.06	$	0.80
Discontinued operations		-		(0.01	)		-		-
Diluted earnings per share	$	1.82	$	1.46		$	1.06	$	0.80

Basic average shares outstanding		125.5		127.3			125.1		126.8
Stock-based awards		0.9		0.7			0.7		0.7
Diluted average shares outstanding		126.4		128.0			125.8		127.5
Antidilutive stock-based awards excluded from weighted- average number of shares outstanding for diluted earnings per share		0.8		1.0			1.3		1.0

Balance Sheet Information (Tables)

6 Months Ended

Jun. 29, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Supplemental Information on Balance Sheets

Supplemental information on our balance sheets is as follows:


(In millions)	June 29, 2024		December 30, 2023
Inventories:
Raw materials and supplies	$	328.9	$	352.4
Work in process		71.1		83.2
Finished products		590.5		546.7
Total inventories	$	990.5	$	982.3

Property, plant and equipment, gross	$	1,812.4	$	1,904.8
Less: accumulated depreciation		835.8		929.8
Property, plant and equipment, net	$	976.6	$	975.0

Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - $ / shares	Jun. 29, 2024	Dec. 30, 2023
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares issued	187,700,000	187,100,000

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

6 Months Ended

Jun. 29, 2024

Dec. 30, 2023

Goodwill and Identifiable Intangible Assets [Line Items]

Goodwill

^[1]

$ 1,994.8

$ 1,906.8

Net identifiable intangible assets

1,336.2

$ 1,354.7

Increase in gross identifiable intangible assets

$ 17.9

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

Goodwill and Identifiable Intangible Assets [Line Items]

Amortizable identifiable intangible assets, estimated useful life

5 years

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

Goodwill and Identifiable Intangible Assets [Line Items]

Amortizable identifiable intangible assets, estimated useful life

30 years

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

- Definition

+ References + Details

Product Warranties - Activity Related to Product Warranty Liability (Detail) - USD ($) $ in Millions	6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023
Guarantees and Product Warranties [Abstract]
Reserve balance at the beginning of the period	$ 18.4	$ 20.1
Provision for warranties issued	4.0	4.3
Settlements made (in cash or in kind)	(4.5)	(5.1)
Acquisition	2.1	0.0
Foreign translation adjustments	(0.1)	0.0
Reserve balance at end of period	$ 19.9	$ 19.3

Financial Instruments - Effects of Derivative Financial Instruments on Statements of Comprehensive Income (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Foreign exchange contracts [Member]
Derivatives, Fair Value [Line Items]
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income	$ 0.3	$ 2.0	$ 0.4	$ 4.0
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration]	Cost of Goods and Services Sold	Cost of Goods and Services Sold	Cost of Goods and Services Sold	Cost of Goods and Services Sold
Commodity contracts [Member]
Derivatives, Fair Value [Line Items]
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income		$ (0.3)		$ (0.1)
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration]	Cost of Goods and Services Sold	Cost of Goods and Services Sold	Cost of Goods and Services Sold	Cost of Goods and Services Sold
Interest rate contracts [Member]
Derivatives, Fair Value [Line Items]
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income	$ 3.1	$ 1.5	$ 6.3	$ 2.6
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration]	Interest Expense	Interest Expense	Interest Expense	Interest Expense
Cost of products sold [Member]
Derivatives, Fair Value [Line Items]
Derivative, Gain (Loss) on Derivative, Net	$ 699.0	$ 695.6	$ 1,320.9	$ 1,327.2
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest
Interest expense [Member]
Derivatives, Fair Value [Line Items]
Derivative, Gain (Loss) on Derivative, Net	$ 32.3	$ 27.7	$ 62.4	$ 54.6
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	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	$ 3.7	$ 5.2	$ 3.6	$ 11.6
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	Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest
Other income/expense, net [Member] \| Net Investment Hedges [Member]
Derivatives, Fair Value [Line Items]
Derivative, Gain (Loss) on Derivative, Net	$ 0.3		$ 0.3
Other income/expense, net [Member] \| Designated as hedging instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative, Gain (Loss) on Derivative, Net	(0.9)	$ (2.1)	(2.8)	$ (2.9)
Other income/expense, net [Member] \| Foreign exchange contracts [Member]
Derivatives, Fair Value [Line Items]
Derivative, Gain (Loss) on Derivative, Net	$ 1.1	$ 3.1	$ 1.9	$ 4.4

External Debt and Financing Arrangements - Summary of Outstanding Notes (Detail) - USD ($) $ in Millions	6 Months Ended
	Jun. 29, 2024	Dec. 30, 2023
Debt Instrument [Line Items]
Net Carrying Value	$ 2,671.8	$ 2,670.1
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	$ 499.3	498.9
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	$ 446.5	446.2
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	$ 696.1	695.7
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	$ 436.1	435.9
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	$ 593.8	$ 593.4