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10-Q Filing

FORTUNE BRANDS INNOVATIONS, INC. CIK: 1519751 Q1 2023
Filing Information
Form Type 10-Q
Accession Number 0000950170-23-015290
Period End Date 20230331
Filing Date 20230427
Fiscal Year 2023
Fiscal Period Q1
XBRL Instance fbhs-20230401_htm.xml
Filing Contents
Balance Sheet 64 line items
Line Item Tag Value Unit Period
Common stock, par value CommonStockParOrStatedValuePerShare $0.01 USD Point-in-time
Common stock, par value CommonStockParOrStatedValuePerShare $0.01 USD Point-in-time
Common stock, shares issued CommonStockSharesIssued 186.70M shares Point-in-time
Common stock, shares issued CommonStockSharesIssued 186.20M shares Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $539.10M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $642.50M USD Point-in-time
Accounts receivable less allowances for discounts and credit losses AccountsReceivableNetCurrent $521.80M USD Point-in-time
Accounts receivable less allowances for discounts and credit losses AccountsReceivableNetCurrent $559.00M USD Point-in-time
Inventories InventoryNet $931.10M USD Point-in-time
Inventories InventoryNet $1.02B USD Point-in-time
Other current assets OtherAssetsCurrent $272.00M USD Point-in-time
Other current assets OtherAssetsCurrent $274.80M USD Point-in-time
Total current assets AssetsCurrent $2.30B USD Point-in-time
Total current assets AssetsCurrent $2.46B USD Point-in-time
Property, plant and equipment, net of accumulated depreciation PropertyPlantAndEquipmentNet $783.70M USD Point-in-time
Property, plant and equipment, net of accumulated depreciation PropertyPlantAndEquipmentNet $805.80M USD Point-in-time
Operating lease assets OperatingLeaseRightOfUseAsset $111.90M USD Point-in-time
Operating lease assets OperatingLeaseRightOfUseAsset $118.90M USD Point-in-time
Goodwill Goodwill $1.64B USD Point-in-time
Goodwill Goodwill $1.64B USD Point-in-time
Other intangible assets, net of accumulated amortization IntangibleAssetsNetExcludingGoodwill $990.70M USD Point-in-time
Other intangible assets, net of accumulated amortization IntangibleAssetsNetExcludingGoodwill $1.00B USD Point-in-time
Other assets OtherAssetsNoncurrent $116.40M USD Point-in-time
Other assets OtherAssetsNoncurrent $119.50M USD Point-in-time
Total assets Assets $6.12B USD Point-in-time
Total assets Assets $5.97B USD Point-in-time
Short-term debt ShortTermBorrowings $599.20M USD Point-in-time
Short-term debt ShortTermBorrowings $599.50M USD Point-in-time
Accounts payable AccountsPayableCurrent $421.60M USD Point-in-time
Accounts payable AccountsPayableCurrent $423.70M USD Point-in-time
Other current liabilities OtherLiabilitiesCurrent $523.90M USD Point-in-time
Other current liabilities OtherLiabilitiesCurrent $390.00M USD Point-in-time
Total current liabilities LiabilitiesCurrent $1.54B USD Point-in-time
Total current liabilities LiabilitiesCurrent $1.41B USD Point-in-time
Long-term debt LongTermDebtNoncurrent $2.07B USD Point-in-time
Long-term debt LongTermDebtNoncurrent $2.07B USD Point-in-time
Deferred income taxes DeferredIncomeTaxLiabilitiesNet $136.90M USD Point-in-time
Deferred income taxes DeferredIncomeTaxLiabilitiesNet $143.00M USD Point-in-time
Accrued defined benefit plans PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent $79.90M USD Point-in-time
Accrued defined benefit plans PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent $66.70M USD Point-in-time
Operating lease liabilities OperatingLeaseLiabilityNoncurrent $90.00M USD Point-in-time
Operating lease liabilities OperatingLeaseLiabilityNoncurrent $95.40M USD Point-in-time
Other non-current liabilities OtherLiabilitiesNoncurrent $102.40M USD Point-in-time
Other non-current liabilities OtherLiabilitiesNoncurrent $102.80M USD Point-in-time
Total liabilities Liabilities $4.03B USD Point-in-time
Total liabilities Liabilities $3.89B USD Point-in-time
Commitments and contingencies (see Note 17) CommitmentsAndContingencies - USD Point-in-time
Commitments and contingencies (see Note 17) CommitmentsAndContingencies - USD Point-in-time
Common stock CommonStockValue $1.90M USD Point-in-time
Common stock CommonStockValue $1.90M USD Point-in-time
Paid-in capital AdditionalPaidInCapitalCommonStock $3.07B USD Point-in-time
Paid-in capital AdditionalPaidInCapitalCommonStock $3.09B USD Point-in-time
Accumulated other comprehensive income (loss) AccumulatedOtherComprehensiveIncomeLossNetOfTax $42.90M USD Point-in-time
Accumulated other comprehensive income (loss) AccumulatedOtherComprehensiveIncomeLossNetOfTax $37.40M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $2.32B USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $2.40B USD Point-in-time
Treasury stock TreasuryStockValue $3.35B USD Point-in-time
Treasury stock TreasuryStockValue $3.46B USD Point-in-time
Total stockholders' equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $2.08B USD Point-in-time
Total stockholders' equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $2.09B USD Point-in-time
Total stockholders' equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $2.91B USD Point-in-time
Total stockholders' equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $3.06B USD Point-in-time
Total liabilities and equity LiabilitiesAndStockholdersEquity $6.12B USD Point-in-time
Total liabilities and equity LiabilitiesAndStockholdersEquity $5.97B USD Point-in-time
Income Statement 40 line items
Line Item Tag Value Unit Period
Net sales Revenues $1.14B USD 1 Quarter
Net sales Revenues $1.04B USD 1 Quarter
Cost of products sold CostOfGoodsAndServicesSold $671.80M USD 1 Quarter
Cost of products sold CostOfGoodsAndServicesSold $631.70M USD 1 Quarter
Selling, general and administrative expenses SellingGeneralAndAdministrativeExpense $260.80M USD 1 Quarter
Selling, general and administrative expenses SellingGeneralAndAdministrativeExpense $276.40M USD 1 Quarter
Amortization of intangible assets AmortizationOfIntangibleAssets $12.60M USD 1 Quarter
Amortization of intangible assets AmortizationOfIntangibleAssets $11.60M USD 1 Quarter
Restructuring charges RestructuringCharges $600.00K USD 1 Quarter
Restructuring charges RestructuringCharges $3.10M USD 1 Quarter
Operating income OperatingIncomeLoss $131.80M USD 1 Quarter
Operating income OperatingIncomeLoss $179.80M USD 1 Quarter
Interest expense InterestExpense $21.70M USD 1 Quarter
Interest expense InterestExpense $26.80M USD 1 Quarter
Other income, net OtherNonoperatingIncomeExpense $2.10M USD 1 Quarter
Other income, net OtherNonoperatingIncomeExpense $6.30M USD 1 Quarter
Income from continuing operations before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $160.20M USD 1 Quarter
Income from continuing operations before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $111.30M USD 1 Quarter
Income tax IncomeTaxExpenseBenefit $25.70M USD 1 Quarter
Income tax IncomeTaxExpenseBenefit $34.00M USD 1 Quarter
Income from continuing operations, net of tax IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest $126.20M USD 1 Quarter
Income from continuing operations, net of tax IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest $85.60M USD 1 Quarter
(Loss) income from discontinued operations, net of tax IncomeLossFromDiscontinuedOperationsNetOfTax $54.70M USD 1 Quarter
(Loss) income from discontinued operations, net of tax IncomeLossFromDiscontinuedOperationsNetOfTax $-1.00M USD 1 Quarter
Net income ProfitLoss $180.90M USD 1 Quarter
Net income ProfitLoss $84.60M USD 1 Quarter
Continuing operations IncomeLossFromContinuingOperationsPerBasicShare $0.95 USD 1 Quarter
Continuing operations IncomeLossFromContinuingOperationsPerBasicShare $0.67 USD 1 Quarter
Discontinued operations IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare $-0.01 USD 1 Quarter
Discontinued operations IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare $0.41 USD 1 Quarter
Basic earnings per share EarningsPerShareBasic $0.66 USD 1 Quarter
Basic earnings per share EarningsPerShareBasic $1.36 USD 1 Quarter
Continuing operations IncomeLossFromContinuingOperationsPerDilutedShare $0.67 USD 1 Quarter
Continuing operations IncomeLossFromContinuingOperationsPerDilutedShare $0.94 USD 1 Quarter
Discontinued operations IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare $-0.01 USD 1 Quarter
Discontinued operations IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare $0.40 USD 1 Quarter
Basic earnings per share EarningsPerShareDiluted $0.66 USD 1 Quarter
Basic earnings per share EarningsPerShareDiluted $1.34 USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $240.80M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $83.90M USD 1 Quarter
Cash Flow Statement 73 line items
Line Item Tag Value Unit Period
Net income ProfitLoss $180.90M USD 1 Quarter
Net income ProfitLoss $84.60M USD 1 Quarter
Depreciation Depreciation $19.30M USD 1 Quarter
Depreciation Depreciation $30.90M USD 1 Quarter
Amortization of intangibles AmortizationOfIntangibleAssetsIncludingDiscontinuedOperations $12.60M USD 1 Quarter
Amortization of intangibles AmortizationOfIntangibleAssetsIncludingDiscontinuedOperations $16.00M USD 1 Quarter
Non-cash lease expense NonCashLeaseExpense $8.10M USD 1 Quarter
Non-cash lease expense NonCashLeaseExpense $10.90M USD 1 Quarter
Capital expenditures incurred but not yet paid CapitalExpendituresIncurredButNotYetPaid $11.10M USD 1 Quarter
Stock-based compensation ShareBasedCompensation $12.30M USD 1 Quarter
Capital expenditures incurred but not yet paid CapitalExpendituresIncurredButNotYetPaid $11.90M USD 1 Quarter
Stock-based compensation ShareBasedCompensation $9.50M USD 1 Quarter
Treasury repurchased but not yet paid TreasuryRepurchasedButNotYetPaid $2.50M USD 1 Quarter
Deferred taxes DeferredIncomeTaxesAndTaxCredits $5.70M USD 1 Quarter
Deferred taxes DeferredIncomeTaxesAndTaxCredits $7.40M USD 1 Quarter
Amortization of deferred financing fees AmortizationOfFinancingCosts $1.00M USD 1 Quarter
Amortization of deferred financing fees AmortizationOfFinancingCosts $800.00K USD 1 Quarter
Gain on sales of property, plant and equipment GainLossOnSaleOfPropertyPlantEquipment $6.10M USD 1 Quarter
Gain on sales of property, plant and equipment GainLossOnSaleOfPropertyPlantEquipment - USD 1 Quarter
Increase in accounts receivable IncreaseDecreaseInAccountsReceivable $35.70M USD 1 Quarter
Increase in accounts receivable IncreaseDecreaseInAccountsReceivable $118.10M USD 1 Quarter
Decrease (increase) in inventories IncreaseDecreaseInInventories $-91.60M USD 1 Quarter
Decrease (increase) in inventories IncreaseDecreaseInInventories $128.20M USD 1 Quarter
Increase (decrease) in accounts payable IncreaseDecreaseInAccountsPayable $2.70M USD 1 Quarter
Increase (decrease) in accounts payable IncreaseDecreaseInAccountsPayable $-37.20M USD 1 Quarter
Decrease (increase) in other assets IncreaseDecreaseInOtherOperatingAssets $27.10M USD 1 Quarter
Decrease (increase) in other assets IncreaseDecreaseInOtherOperatingAssets $-7.70M USD 1 Quarter
Decrease in accrued expenses and other liabilities IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities $-116.90M USD 1 Quarter
Decrease in accrued expenses and other liabilities IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities $-151.80M USD 1 Quarter
(Decrease) increase in accrued taxes IncreaseDecreaseInAccruedIncomeTaxesPayable $-15.80M USD 1 Quarter
(Decrease) increase in accrued taxes IncreaseDecreaseInAccruedIncomeTaxesPayable $27.90M USD 1 Quarter
Net cash provided by (used in) operating activities NetCashProvidedByUsedInOperatingActivities $76.10M USD 1 Quarter
Net cash provided by (used in) operating activities NetCashProvidedByUsedInOperatingActivities $-183.10M USD 1 Quarter
Capital expenditures PaymentsToAcquirePropertyPlantAndEquipment $42.60M USD 1 Quarter
Capital expenditures PaymentsToAcquirePropertyPlantAndEquipment $60.80M USD 1 Quarter
Proceeds from the disposition of assets ProceedsFromSaleOfProductiveAssets - USD 1 Quarter
Proceeds from the disposition of assets ProceedsFromSaleOfProductiveAssets $8.00M USD 1 Quarter
Cost of acquisitions, net of cash acquired PaymentsToAcquireBusinessesNetOfCashAcquired $61.60M USD 1 Quarter
Cost of acquisitions, net of cash acquired PaymentsToAcquireBusinessesNetOfCashAcquired - USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-114.40M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-42.60M USD 1 Quarter
Issuance of short-term debt ProceedsFromShortTermDebt - USD 1 Quarter
Issuance of short-term debt ProceedsFromShortTermDebt $700.00M USD 1 Quarter
Repayment of short-term debt RepaymentsOfShortTermDebt - USD 1 Quarter
Repayment of short-term debt RepaymentsOfShortTermDebt $1.10B USD 1 Quarter
Issuance of long-term debt ProceedsFromIssuanceOfLongTermDebt $2.87B USD 1 Quarter
Issuance of long-term debt ProceedsFromIssuanceOfLongTermDebt - USD 1 Quarter
Repayment of long-term debt RepaymentsOfLongTermDebt $1.81B USD 1 Quarter
Repayment of long-term debt RepaymentsOfLongTermDebt - USD 1 Quarter
Proceeds from the exercise of stock options ProceedsFromStockOptionsExercised $2.30M USD 1 Quarter
Proceeds from the exercise of stock options ProceedsFromStockOptionsExercised $200.00K USD 1 Quarter
Treasury stock purchases PaymentsForRepurchaseOfCommonStock $377.10M USD 1 Quarter
Treasury stock purchases PaymentsForRepurchaseOfCommonStock $100.00M USD 1 Quarter
Employee withholding taxes related to stock-based compensation PaymentsRelatedToTaxWithholdingForShareBasedCompensation $24.30M USD 1 Quarter
Employee withholding taxes related to stock-based compensation PaymentsRelatedToTaxWithholdingForShareBasedCompensation $12.10M USD 1 Quarter
Dividends to stockholders PaymentsOfDividends $29.50M USD 1 Quarter
Dividends to stockholders PaymentsOfDividends $37.20M USD 1 Quarter
Other financing, net ProceedsFromPaymentsForOtherFinancingActivities - USD 1 Quarter
Other financing, net ProceedsFromPaymentsForOtherFinancingActivities $-18.90M USD 1 Quarter
Net cash (used in) provided by financing activities NetCashProvidedByUsedInFinancingActivities $203.20M USD 1 Quarter
Net cash (used in) provided by financing activities NetCashProvidedByUsedInFinancingActivities $-139.30M USD 1 Quarter
Effect of foreign exchange rate changes on cash EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $2.20M USD 1 Quarter
Effect of foreign exchange rate changes on cash EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $700.00K USD 1 Quarter
Net decrease in cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-103.60M USD 1 Quarter
Net decrease in cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-93.60M USD 1 Quarter
Cash, cash equivalents and restricted cash at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $382.50M USD Point-in-time
Cash, cash equivalents and restricted cash at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $544.70M USD Point-in-time
Cash, cash equivalents and restricted cash at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $648.30M USD Point-in-time
Cash, cash equivalents and restricted cash at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $476.10M USD Point-in-time
Cash, cash equivalents and restricted cash at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $382.50M USD Point-in-time
Cash, cash equivalents and restricted cash at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $544.70M USD Point-in-time
Cash, cash equivalents and restricted cash at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $648.30M USD Point-in-time
Cash, cash equivalents and restricted cash at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $476.10M USD Point-in-time
Stockholders Equity 20 line items
Line Item Tag Value Unit Period
Beginning Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $2.08B USD Point-in-time
Beginning Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $2.09B USD Point-in-time
Beginning Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $2.91B USD Point-in-time
Beginning Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $3.06B USD Point-in-time
Net income ProfitLoss $180.90M USD 1 Quarter
Net income ProfitLoss $84.60M USD 1 Quarter
Other comprehensive income (loss) OtherComprehensiveIncomeLossNetOfTax $59.90M USD 1 Quarter
Other comprehensive income (loss) OtherComprehensiveIncomeLossNetOfTax $-700.00K USD 1 Quarter
Other OtherComprehensiveIncomeOtherNetOfTax $12.90M USD 1 Quarter
Stock options exercised StockIssuedDuringPeriodValueStockOptionsExercised $200.00K USD 1 Quarter
Stock options exercised StockIssuedDuringPeriodValueStockOptionsExercised $2.30M USD 1 Quarter
Stock-based compensation AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $-2.70M USD 1 Quarter
Stock-based compensation AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $-12.00M USD 1 Quarter
Treasury stock purchases TreasuryStockValueAcquiredCostMethod $379.60M USD 1 Quarter
Treasury stock purchases TreasuryStockValueAcquiredCostMethod $100.80M USD 1 Quarter
Dividends DividendsCommonStock $600.00K USD 1 Quarter
Ending Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $2.08B USD Point-in-time
Ending Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $2.09B USD Point-in-time
Ending Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $2.91B USD Point-in-time
Ending Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $3.06B USD Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.

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