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Information on Business Segments | 12 Months Ended
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Dec. 31, 2020
Segment Reporting [Abstract] |
Information on Business Segments | 18. Information on Business Segments We report our operating segments based on how operating results are regularly reviewed by our chief operating decision maker for making decisions about resource allocations to segments and assessing performance. The Company’s operating segments and types of products from which each segment derives revenues are described below. The Plumbing segment manufactures or assembles and sells faucets, accessories, kitchen sinks and waste disposals, predominantly under the Moen, ROHL, Riobel, Victoria+Albert, Perrin & Rowe and Shaws brands. The Outdoors & Security segment includes fiberglass and steel entry door systems under the Therma-Tru brand name, storm, screen and security doors under the Larson brand name, composite decking and railing under the Fiberon brand name, urethane millwork under the Fypon brand name, locks, safety and security devices, and electronic security products under the Master Lock and American Lock brands, and fire resistant safes, security containers and commercial cabinets under the SentrySafe brand. The Cabinets segment includes stock, semi-custom and custom cabinetry, as well as vanities, for the kitchen, bath and other parts of the home under brand names including Aristokraft, Diamond Now, Mid-Continent, Homecrest, Kitchen Craft, Omega, EVE, Diamond Reflections, Diamond, Kemper, Schrock, Starmark, Ultracraft and Mantra. Corporate expenses consist of headquarters administrative expenses. Corporate assets consist primarily of cash. The Company’s subsidiaries operate principally in the United States, Canada, Mexico, China and Western Europe.
(In millions) |  | 2020 |  |  |  | 2019 |  |  |  | 2018 |
Net sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Plumbing |  | $ | 2,202.1 |  |  |  | $ | 2,027.2 |  |  |  | $ | 1,883.3 |
Outdoors & Security |  |  | 1,419.2 |  |  |  |  | 1,348.9 |  |  |  |  | 1,183.2 |
Cabinets |  |  | 2,469.0 |  |  |  |  | 2,388.5 |  |  |  |  | 2,418.6 |
Net sales |  | $ | 6,090.3 |  |  |  | $ | 5,764.6 |  |  |  | $ | 5,485.1 |
Net sales to two of the Company’s customers, The Home Depot, Inc. (“The Home Depot”) and Lowe’s Companies, Inc. (“Lowe’s”) each accounted for greater than 10% of the Company’s net sales in 2020, 2019 and 2018. All segments sell to both The Home Depot and Lowe’s. Net sales to The Home Depot were 15%, 14% and 13% of net sales in 2020, 2019 and 2018, respectively. Net sales to Lowe’s were 15%, 14% and 14% of net sales in 2020, 2019 and 2018, respectively.
(In millions) |  | 2020 |  |  |  | 2019 |  |  |  | 2018 |
Operating income: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Plumbing |  | $ | 467.9 |  |  |  | $ | 427.6 |  |  |  | $ | 375.3 |
Outdoors & Security |  |  | 201.3 |  |  |  |  | 172.3 |  |  |  |  | 155.6 |
Cabinets |  |  | 235.7 |  |  |  |  | 178.3 |  |  |  |  | 143.5 |
Less: Corporate expenses |  |  | (103.5 | ) |  |  |  | (79.7 | ) |  |  |  | (79.2 | )
Operating income |  | $ | 801.4 |  |  |  | $ | 698.5 |  |  |  | $ | 595.2 |
(In millions) |  | 2020 |  |  |  | 2019 |  |  |  | 2018 |
Total assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Plumbing |  |  | 2,262.9 |  |  |  |  | 2,110.8 |  |  |  |  | 1,943.1 |
Outdoors & Security |  |  | 2,453.8 |  |  |  |  | 1,596.6 |  |  |  |  | 1,526.0 |
Cabinets |  |  | 2,366.8 |  |  |  |  | 2,355.7 |  |  |  |  | 2,318.7 |
Corporate |  |  | 275.2 |  |  |  |  | 228.2 |  |  |  |  | 176.8 |
Total assets |  | $ | 7,358.7 |  |  |  | $ | 6,291.3 |  |  |  | $ | 5,964.6 |
Depreciation expense: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Plumbing |  | $ | 37.6 |  |  |  | $ | 32.0 |  |  |  | $ | 29.1 |
Outdoors & Security |  |  | 33.3 |  |  |  |  | 32.3 |  |  |  |  | 30.2 |
Cabinets |  |  | 47.9 |  |  |  |  | 44.3 |  |  |  |  | 50.9 |
Corporate |  |  | 2.7 |  |  |  |  | 2.7 |  |  |  |  | 3.3 |
Depreciation expense |  | $ | 121.5 |  |  |  | $ | 111.3 |  |  |  | $ | 113.5 |
Amortization of intangible assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Plumbing |  | $ | 10.8 |  |  |  | $ | 10.3 |  |  |  | $ | 10.4 |
Outdoors & Security |  |  | 13.4 |  |  |  |  | 13.3 |  |  |  |  | 6.1 |
Cabinets |  |  | 17.8 |  |  |  |  | 17.8 |  |  |  |  | 19.6 |
Amortization of intangible assets |  | $ | 42.0 |  |  |  | $ | 41.4 |  |  |  | $ | 36.1 |
Capital expenditures: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Plumbing |  | $ | 30.5 |  |  |  | $ | 35.7 |  |  |  | $ | 41.4 |
Outdoors & Security |  |  | 76.4 |  |  |  |  | 63.6 |  |  |  |  | 34.3 |
Cabinets |  |  | 27.3 |  |  |  |  | 30.9 |  |  |  |  | 73.8 |
Corporate |  |  | 16.3 |  |  |  |  | 1.6 |  |  |  |  | 0.6 |
Capital expenditures, gross |  |  | 150.5 |  |  |  |  | 131.8 |  |  |  |  | 150.1 |
Less: proceeds from disposition of assets |  |  | (1.6 | ) |  |  |  | (4.2 | ) |  |  |  | (6.1 | )
Capital expenditures, net |  | $ | 148.9 |  |  |  | $ | 127.6 |  |  |  | $ | 144.0 |
Net sales by geographic region (a): |  |  |  |  |  |  |  |  |  |  |  |  |  |
United States |  | $ | 5,094.3 |  |  |  | $ | 4,823.7 |  |  |  | $ | 4,606.6 |
China |  |  | 416.7 |  |  |  |  | 355.4 |  |  |  |  | 260.6 |
Canada |  |  | 414.2 |  |  |  |  | 401.0 |  |  |  |  | 433.1 |
Other international |  |  | 165.1 |  |  |  |  | 184.5 |  |  |  |  | 184.8 |
Net sales |  | $ | 6,090.3 |  |  |  | $ | 5,764.6 |  |  |  | $ | 5,485.1 |
Property, plant and equipment, net: |  |  |  |  |  |  |  |  |  |  |  |  |  |
United States |  | $ | 732.4 |  |  |  | $ | 641.9 |  |  |  | $ | 628.9 |
Mexico |  |  | 104.7 |  |  |  |  | 103.2 |  |  |  |  | 103.4 |
Canada |  |  | 41.2 |  |  |  |  | 43.9 |  |  |  |  | 46.0 |
China |  |  | 25.0 |  |  |  |  | 22.5 |  |  |  |  | 22.5 |
Other international |  |  | 14.1 |  |  |  |  | 12.7 |  |  |  |  | 12.6 |
Property, plant and equipment, net |  | $ | 917.4 |  |  |  | $ | 824.2 |  |  |  | $ | 813.4 |
(a) | Based on country of destination

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- 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 -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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