XML 42 R25.htm IDEA: XBRL DOCUMENT
v3.24.0.1

SEGMENT INFORMATION | 12 Months Ended
--- | ---
Dec. 31, 2023
Segment Reporting [Abstract] |
SEGMENT INFORMATION | P. 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, aquatic fitness systems, saunas 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. P. SEGMENT INFORMATION (Concluded) Information by segment and geographic area was as follows, in millions:
| Year Ended December 31, |  | At December 31,
| Net Sales (A)(B)(C)(D) |  | Operating Profit (E) |  | Assets (F)
| 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021
Our operations by segment were: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Plumbing Products | $ | 4,842 |  |  | $ | 5,252 |  |  | $ | 5,135 |  |  | $ | 861 |  |  | $ | 819 |  |  | $ | 929 |  |  | $ | 3,140 |  |  | $ | 3,096 |  |  | $ | 3,195 |
Decorative Architectural Products | 3,125 |  |  | 3,428 |  |  | 3,240 |  |  | 578 |  |  | 565 |  |  | 581 |  |  | 1,696 |  |  | 1,780 |  |  | 1,781 |
Total | $ | 7,967 |  |  | $ | 8,680 |  |  | $ | 8,375 |  |  | $ | 1,439 |  |  | $ | 1,384 |  |  | $ | 1,510 |  |  | $ | 4,837 |  |  | $ | 4,876 |  |  | $ | 4,976 |
Our operations by geographic area were: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
North America | $ | 6,384 |  |  | $ | 6,978 |  |  | $ | 6,624 |  |  | $ | 1,210 |  |  | $ | 1,116 |  |  | $ | 1,214 |  |  | $ | 3,538 |  |  | $ | 3,552 |  |  | $ | 3,510 |
International, particularly Europe | 1,583 |  |  | 1,702 |  |  | 1,751 |  |  | 229 |  |  | 268 |  |  | 296 |  |  | 1,299 |  |  | 1,324 |  |  | 1,466 |
Total, as above | $ | 7,967 |  |  | $ | 8,680 |  |  | $ | 8,375 |  |  | 1,439 |  |  | 1,384 |  |  | 1,510 |  |  | 4,837 |  |  | 4,876 |  |  | 4,976 |
General corporate expense, net (E) |  |  |  |  |  |  | (91) |  |  | (87) |  |  | (105) |  |  |  |  |  |  |
Operating profit |  |  |  |  |  |  | 1,348 |  |  | 1,297 |  |  | 1,405 |  |  |  |  |  |  |
Other income (expense), net |  |  |  |  |  |  | (110) |  |  | (104) |  |  | (717) |  |  |  |  |  |  |
Income before income taxes |  |  |  |  |  |  | $ | 1,238 |  |  | $ | 1,193 |  |  | $ | 688 |  |  |  |  |  |  |
Corporate assets |  |  |  |  |  |  |  |  |  |  |  |  | 527 |  |  | 311 |  |  | 599 |
Total assets |  |  |  |  |  |  |  |  |  |  |  |  | $ | 5,363 |  |  | $ | 5,187 |  |  | $ | 5,575 |
| Year Ended December 31,
| Property Additions (G) |  | Depreciation and Amortization
| 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021
Our operations by segment were: |  |  |  |  |  |  |  |  |  |  |
Plumbing Products | $ | 161 |  |  | $ | 154 |  |  | $ | 94 |  |  | $ | 107 |  |  | $ | 103 |  |  | $ | 101 |
Decorative Architectural Products | 76 |  |  | 64 |  |  | 31 |  |  | 35 |  |  | 34 |  |  | 37 |
| 237 |  |  | 218 |  |  | 125 |  |  | 142 |  |  | 137 |  |  | 138 |
Unallocated amounts, principally related to corporate assets | 6 |  |  | 6 |  |  | 3 |  |  | 7 |  |  | 8 |  |  | 13 |
Total | $ | 243 |  |  | $ | 224 |  |  | $ | 128 |  |  | $ | 149 |  |  | $ | 145 |  |  | $ | 151 |
(A)Included in net sales were export sales from the U.S. of $253 million, $337 million and $322 million in 2023, 2022 and 2021, respectively. (B)Excluded from net sales were intra-company sales between segments of less than one percent in 2023, 2022 and 2021. (C)Included in net sales were sales to one customer of $3,070 million, $3,298 million and $3,037 million in 2023, 2022 and 2021, respectively. Such net sales were included in each of our segments. (D)Net sales from our operations in the U.S. were $6,140 million, $6,756 million and $6,387 million in 2023, 2022 and 2021, respectively. (E)General corporate expense, net included those expenses not specifically attributable to our segments. (F)Long-lived assets of our operations in the U.S. and Europe were $1,459 million and $677 million, $1,372 million and $548 million, and $1,332 million and $546 million at December 31, 2023, 2022 and 2021, respectively. (G)Property additions exclude amounts paid for long-lived assets as part of acquisitions.

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -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 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration