XML 43 R26.htm IDEA: XBRL DOCUMENT v3.22.0.1
SEGMENT INFORMATION
12 Months Ended
Dec. 31, 2021
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
Our reportable segments are as follows:
Plumbing Products –  principally includes faucets, plumbing system components and valves, showerheads and handheld showers, bath hardware and accessories, bath units, tubs and shower bases and enclosures, shower drains, steam shower systems, sinks, kitchen accessories, toilets, spas, exercise pools and fitness systems and water handling systems.
Decorative Architectural Products –  principally includes paints and other coating products, paint applicators and accessories, lighting fixtures, ceiling fans, landscape lighting and LED lighting systems, and cabinet and other hardware.
The above products are sold to the residential repair and remodel and to a lesser extent the new home construction markets through home center retailers, online retailers, wholesalers and distributors, mass merchandisers, hardware stores, direct to the consumer and homebuilders.
Our operations are principally located in North America and Europe. Our country of domicile is the United States of America.
Other than those assets specifically identified within a segment, corporate assets consist primarily of property and equipment, right-of-use assets, deferred tax assets, cash and cash investments and other investments.
Our segments are based upon similarities in products and represent the aggregation of operating units, for which financial information is regularly evaluated by our corporate operating executive in determining resource allocation and assessing performance, and is periodically reviewed by the Board of Directors. Accounting policies for the segments are the same as those for us. We primarily evaluate performance based upon operating profit and, other than general corporate expense, allocate specific corporate overhead to each segment.
As described in Note C, our previously reported Windows and Other Specialty Products as well as Cabinetry Products segments were classified as discontinued operations in 2019.
Q. SEGMENT INFORMATION (Concluded)

Information by segment and Geographic Area was as follows, in millions:
Year Ended December 31,At December 31,
 
Net Sales
(1)(2)(3)(4)
Operating Profit
(5)
Assets
(6)
 202120202019202120202019202120202019
Our operations by segment were:
        
Plumbing Products$5,135 $4,136 $3,984 $929 $806 $708 $3,195 $2,822 $2,375 
Decorative Architectural Products
3,240 3,052 2,723 581 583 480 1,781 1,633 1,526 
Total$8,375 $7,188 $6,707 $1,510 $1,389 $1,188 $4,976 $4,455 $3,901 
Our operations by Geographic Area were:         
North America$6,624 $5,805 $5,328 $1,214 $1,167 $987 $3,510 $3,101 $2,785 
International, principally Europe1,751 1,383 1,379 296 222 201 1,466 1,354 1,116 
Total, as above$8,375 $7,188 $6,707 1,510 1,389 1,188 4,976 4,455 3,901 
General corporate expense, net (5)
(105)(94)(100)   
Operating profit, as reported1,405 1,295 1,088    
Other income (expense), net(717)(164)(174)   
Income from continuing operations before income taxes
$688 $1,131 $914    
Corporate assets   599 1,322 598 
Assets held for sale (8)
— — 528 
Total assets   $5,575 $5,777 $5,027 
Year Ended December 31,
 Property Additions
(7)
Depreciation and
Amortization
 202120202019202120202019
Our operations by segment were:
Plumbing Products$94 $86 $108 $101 $84 $80 
Decorative Architectural Products31 25 18 37 41 41 
125 111 126 138 125 121 
Unallocated amounts, principally related to corporate assets
13 
Discontinued operations
— 34 — — 29 
Total$128 $114 $162 $151 $133 $159 
______________________________
(1)Included in net sales were export sales from the U.S. of $322 million, $274 million and $244 million in 2021, 2020 and 2019, respectively.
(2)Excluded from net sales were intra-company sales between segments of less than one percent in 2021, 2020 and 2019.
(3)Included in net sales were sales to one customer of $3,037 million, $2,812 million and $2,481 million in 2021, 2020 and 2019, respectively. Such net sales were included in each of our segments.
(4)Net sales from our operations in the U.S. were $6,387 million, $5,592 million and $5,127 million in 2021, 2020 and 2019, respectively.
(5)General corporate expense, net included those expenses not specifically attributable to our segments.
(6)Long-lived assets of our operations in the U.S. and Europe were $1,332 million and $546 million, $1,301 million and $522 million, and $1,198 million and $470 million at December 31, 2021, 2020 and 2019, respectively.
(7)Property additions exclude amounts paid for long-lived assets as part of acquisitions.
(8)Related to the divestiture of our Cabinetry business.