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Information on Business Segments | 12 Months Ended
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Dec. 31, 2022
Segment Reporting [Abstract] |
Information on Business Segments | 19. Information on Business Segments Following the Separation, the operating results of our Cabinets segment have been classified as discontinued operations for all periods presented, we have two operating segments. The tables below reflect the results of operations of the Company's operating segments in continuing operations, consistent with internal reporting used by the Company. 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 Water Innovations segment manufactures or assembles and sells faucets, accessories, kitchen sinks and waste disposals, predominantly under the Moen, ROHL, Riobel, Victoria+Albert, Perrin & Rowe, Aqualisa 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. 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) |  | 2022 |  |  |  | 2021 |  |  |  | 2020 |
Net sales: |  |  |  |  |  |  |  |  |  |  |
Water Innovations |  | $ | 2,570.2 |  |  |  | $ | 2,761.2 |  |  |  | $ | 2,202.1 |
Outdoors & Security |  |  | 2,152.8 |  |  |  |  | 2,039.9 |  |  |  |  | 1,419.2 |
Net sales |  | $ | 4,723.0 |  |  |  | $ | 4,801.1 |  |  |  | $ | 3,621.3 |
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 2022, 2021 and 2020. Both of our business segments sell to The Home Depot and Lowe’s. Net sales to The Home Depot were 11.7%, 11.2% and 14.1% of net sales in 2022, 2021 and 2020, respectively. Net sales to Lowe’s were 12.0%, 11.9% and 11.1% of net sales in 2022, 2021 and 2020, respectively.
(In millions) |  | 2022 |  |  |  | 2021 |  |  |  | 2020 |
Operating income: |  |  |  |  |  |  |  |  |  |  |
Water Innovations |  | $ | 614.6 |  |  |  | $ | 629.7 |  |  |  | $ | 467.9 |
Outdoors & Security |  |  | 289.6 |  |  |  |  | 291.9 |  |  |  |  | 201.3 |
Corporate |  |  | (129.9 | ) |  |  |  | (110.5 | ) |  |  |  | (101.5 | )
Operating income |  | $ | 774.3 |  |  |  | $ | 811.1 |  |  |  | $ | 567.7 |
(In millions) |  | 2022 |  |  |  | 2021 |  |  |  | 2020 |
Total assets: |  |  |  |  |  |  |  |  |  |  |
Water Innovations |  | $ | 2,674.4 |  |  |  | $ | 2,614.7 |  |  |  | $ | 2,262.9 |
Outdoors & Security |  |  | 2,820.0 |  |  |  |  | 2,619.4 |  |  |  |  | 2,453.8 |
Corporate |  |  | 626.5 |  |  |  |  | 212.4 |  |  |  |  | 275.2 |
Total assets |  | $ | 6,120.9 |  |  |  | $ | 5,446.5 |  |  |  | $ | 4,991.9 |
Depreciation expense: |  |  |  |  |  |  |  |  |  |  |
Water Innovations |  | $ | 34.9 |  |  |  | $ | 37.1 |  |  |  | $ | 37.6 |
Outdoors & Security |  |  | 45.5 |  |  |  |  | 40.7 |  |  |  |  | 33.3 |
Corporate |  |  | 2.5 |  |  |  |  | 2.8 |  |  |  |  | 2.7 |
Depreciation expense |  | $ | 82.9 |  |  |  | $ | 80.6 |  |  |  | $ | 73.6 |
Amortization of intangible assets: |  |  |  |  |  |  |  |  |  |  |
Water Innovations |  | $ | 16.2 |  |  |  | $ | 14.9 |  |  |  | $ | 10.8 |
Outdoors & Security |  |  | 32.1 |  |  |  |  | 31.5 |  |  |  |  | 13.4 |
Amortization of intangible assets |  | $ | 48.3 |  |  |  | $ | 46.4 |  |  |  | $ | 24.2 |
Capital expenditures: |  |  |  |  |  |  |  |  |  |  |
Water Innovations |  | $ | 52.1 |  |  |  | $ | 38.1 |  |  |  | $ | 30.5 |
Outdoors & Security |  |  | 138.1 |  |  |  |  | 124.2 |  |  |  |  | 76.4 |
Corporate |  |  | — |  |  |  |  | 0.3 |  |  |  |  | 16.3 |
Capital expenditures, gross |  |  | 190.2 |  |  |  |  | 162.6 |  |  |  |  | 123.2 |
Less: proceeds from disposition of assets |  |  | (8.2 | ) |  |  |  | (1.8 | ) |  |  |  | (1.0 | )
Capital expenditures, net |  | $ | 182.0 |  |  |  | $ | 160.8 |  |  |  | $ | 122.2 |
Net sales by geographic region (a): |  |  |  |  |  |  |  |  |  |  |
United States |  | $ | 3,763.6 |  |  |  | $ | 3,722.7 |  |  |  | $ | 2,774.8 |
China |  |  | 363.9 |  |  |  |  | 510.4 |  |  |  |  | 416.7 |
Canada |  |  | 368.2 |  |  |  |  | 384.2 |  |  |  |  | 280.3 |
Other international |  |  | 227.3 |  |  |  |  | 183.8 |  |  |  |  | 149.5 |
Net sales |  | $ | 4,723.0 |  |  |  | $ | 4,801.1 |  |  |  | $ | 3,621.3 |
Property, plant and equipment, net: |  |  |  |  |  |  |  |  |  |  |
United States |  | $ | 673.5 |  |  |  | $ | 569.6 |  |  |  | $ | 487.3 |
Mexico |  |  | 55.9 |  |  |  |  | 53.7 |  |  |  |  | 53.9 |
Canada |  |  | 7.3 |  |  |  |  | 7.7 |  |  |  |  | 7.6 |
China |  |  | 20.1 |  |  |  |  | 23.7 |  |  |  |  | 25.0 |
Other international |  |  | 26.9 |  |  |  |  | 16.1 |  |  |  |  | 14.1 |
Property, plant and equipment, net |  | $ | 783.7 |  |  |  | $ | 670.8 |  |  |  | $ | 587.9 |
(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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI https://asc.fasb.org/topic&trid=2134510 + Details
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