<SEC-DOCUMENT>0001193125-23-143356.txt : 20230621
<SEC-HEADER>0001193125-23-143356.hdr.sgml : 20230621
<ACCEPTANCE-DATETIME>20230512144051
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ACCESSION NUMBER:		0001193125-23-143356
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20230512

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Fortune Brands Innovations, Inc.
		CENTRAL INDEX KEY:			0001519751
		STANDARD INDUSTRIAL CLASSIFICATION:	MILLWOOD, VENEER, PLYWOOD & STRUCTURAL WOOD MEMBERS [2430]
		IRS NUMBER:				621411546
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1230

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		520 LAKE COOK ROAD
		CITY:			DEERFIELD
		STATE:			IL
		ZIP:			60015
		BUSINESS PHONE:		847-484-4400

	MAIL ADDRESS:	
		STREET 1:		520 LAKE COOK ROAD
		CITY:			DEERFIELD
		STATE:			IL
		ZIP:			60015

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Fortune Brands Home & Security, Inc.
		DATE OF NAME CHANGE:	20110825

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Fortune Brands Home & Security LLC
		DATE OF NAME CHANGE:	20110503
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<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Fortune Brands Innovations, Inc.</B></P></TD></TR>
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<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">520 Lake Cook Road</P></TD></TR>
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<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Deerfield, IL 60015-5611</P></TD></TR>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">847-484-4400</FONT></FONT>
TEL</P></TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">May&nbsp;12, 2023 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of
Manufacturing </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F. Street, N.E. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attn: Heather Clark </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Andrew Blume </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>Re:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Fortune Brands Innovations, Inc. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the Year Ended December&nbsp;31, 2022 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Form <FONT STYLE="white-space:nowrap">8-K</FONT> furnished January&nbsp;23, 2023 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Form <FONT STYLE="white-space:nowrap">8-K</FONT> furnished February&nbsp;16, 2023 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Form <FONT STYLE="white-space:nowrap">8-K</FONT> furnished April&nbsp;26, 2023 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>File <FONT STYLE="white-space:nowrap">No.&nbsp;001-35166</FONT> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Fortune Brands Innovations, Inc. (the
&#147;Company&#148;) respectfully submits the following response to the letter dated April&nbsp;28, 2023 from the staff (the &#147;Staff&#148;) of the Securities and Exchange Commission with respect to the above-referenced reports. For convenience,
each of the Staff&#146;s comments is repeated below, followed by the Company&#146;s response. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Form <FONT STYLE="white-space:nowrap">10-K</FONT> for
the Year Ended December&nbsp;31, 2022 </U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations</U> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Results of Operations </U></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Years Ended December&nbsp;31,
2022, 2021 and 2020, page 25 </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><I>1.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>Where you describe two or more factors that contributed to a material change in a financial statement line
item between periods, please quantify in future filings, where possible, the extent to which each factor contributed to the overall change in that line item. As an example, we note that consolidated net sales in 2022 decreased due to a slower
housing market in China, lower volumes, lower demand, higher sales incentives and unfavorable foreign exchange, yet only the unfavorable foreign exchange is quantified. Refer to Item 303(b)(2) of Regulation
<FONT STYLE="white-space:nowrap">S-K</FONT> and SEC Release <FONT STYLE="white-space:nowrap">No.&nbsp;33-8350</FONT> for guidance. </I></P></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Response: </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We acknowledge the Staff&#146;s comment, and
confirm that in future filings the Company will quantify all factors that we believe materially impact changes in financial statement line items and are reasonably quantifiable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In certain instances, the Company refers to factors that we do not believe are reasonably quantifiable. In most cases, this is due to the fact that multiple
factors may have contributed to material changes in a line item. In these instances, the Company cites qualitative information that is based on management&#146;s best judgement even though the information does not lend itself to quantification. For
example, the Company does not account for sales incentives separately from rebates and other promotional pricing initiatives (some of which may be interrelated with unit volume) and therefore cannot reasonably quantify the impact of sales
incentives. Instead, the Company evaluates pricing impacts qualitatively in an overall assessment of the Company&#146;s performance. Similarly, the Company cannot reasonably quantify the amount of sales unit volume reduction that is due to inventory
reductions by distribution channel partners as opposed to other impacts, because such categorization inherently requires certain assumptions about our partners&#146; purchasing behavior. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In future filings, the Company will continue to look for opportunities to provide quantitative information
about material drivers, where possible. For example, in the Company&#146;s discussion of consolidated net sales results in its Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the year ended December&nbsp;31, 2022, it could not
quantify the amount of volume reduction that was attributable to slowing housing market activity, but it could quantify volume reductions in general: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Net sales decreased by $78.1&nbsp;million, or 1.6%, due to <B><U>lower sales in our international markets ($119 million), driven by</U></B>
slowing housing market activity in China <B><U>as well as lower demand in Canada</U></B>, lower sales unit volume in both of our segments due to the impact of inventory reductions by our distribution channel partners, lower sales demand in the U.S.
<B><STRIKE>and Canada</STRIKE></B> and higher sales incentives, as well as unfavorable foreign exchange of approximately $41&nbsp;million. These factors were partially offset by price increases to help mitigate the impact of cumulative commodity and
transportation cost increases in both of our segments and the benefit from the Solar and Aqualisa acquisitions ($50.2&nbsp;million combined). </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Financial Statements and Supplementary Data </U></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Notes to
Consolidated Financial Statements </U></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>1. Background and Basis of Presentation </U></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Defined Benefit Plans, page 57 </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><I>2.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>Your disclosures appear to indicate that you immediately recognize in earnings upon remeasurement
&#147;changes in the fair value of pension plan assets&#148; that are in excess of the corridor. Please clarify your accounting treatment and disclosures. For example, advise if changes in the value of plan assets different from expected returns
receive immediate recognition in earnings if in excess of the corridor. </I></P></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Response: </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We acknowledge the Staff&#146;s comment, and respectfully advise the Staff that the Company immediately recognizes in earnings changes in net actuarial gains
or losses in other income, net, to the extent they exceed the corridor. In future Form <FONT STYLE="white-space:nowrap">10-K</FONT> filings, the Company will include additional disclosure regarding its valuation of plan assets in a substantially
similar form as the following: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Defined Benefit Plans</B> We have a number of pension plans in the United States, covering many of the
Company&#146;s employees. In addition, the Company provides postretirement health care and life insurance benefits to certain retirees. Service cost for 2022 relates to benefit accruals for an hourly Union group within the defined benefit plan for
our Outdoors&nbsp;&amp; Security segment. All other benefit accruals under our defined benefit pension plans were frozen as of, or prior to, December&nbsp;31, 2016. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">We record amounts relating to these plans based on calculations in accordance with ASC requirements for Compensation &#150; Retirement
Benefits, which include various actuarial assumptions, including discount rates, assumed rates of return, compensation increases, turnover rates and health care cost trend rates. <B><U>Actuarial gains or losses related to these assumptions represent
the difference between actual and actuarially assumed experience.</U></B><B> </B>We recognize changes in the <B><STRIKE>fair value of pension plan assets and</STRIKE></B> net actuarial gains or losses <B><U>in other income, net to the extent they
exceed</U></B><B> </B><B><STRIKE>in excess of</STRIKE></B> 10&nbsp;percent of the greater of the fair value of pension plan assets or <B><STRIKE>each plan&#146;s</STRIKE></B><B> </B>projected benefit obligation <B><U>for each plan</U></B> (the
&#147;corridor&#148;) in earnings immediately upon remeasurement, which is at least annually in the fourth quarter of each <B><U>fiscal</U></B> year. We review our actuarial assumptions on an annual basis and make modifications to the assumptions
based on current economic conditions and trends. The discount rate used to measure obligations is based on a spot-rate yield curve on a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">plan-by-plan</FONT></FONT> basis that matches
projected future benefit payments with the appropriate interest rate applicable to the timing of the projected future benefit payments. The expected rate of return on plan assets is determined based on the nature of the plans&#146; investments, our
current asset allocation and our expectations for long-term rates of return. Compensation increases reflect expected future compensation trends. For postretirement benefits, our health care trend rate assumption is based on historical cost increases
and expectations for long-term increases. The cost or benefit of plan changes, such as increasing or decreasing benefits for prior employee service (prior service cost), is deferred and included in expense on a straight-line basis over the average
remaining service period of the related employees. We believe that the assumptions utilized in recording obligations under our plans, which are presented in Note 15, &#147;Defined Benefit Plans,&#148; are reasonable based on our experience and on
advice from our independent actuaries; however, differences in actual experience or changes in the assumptions may materially affect our financial position and results of operations. We will continue to monitor these assumptions as market conditions
warrant. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>14. Revenue, page 78 </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><I>3.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>Pursuant to ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">606-10-50-12(a),</FONT></FONT></FONT> please revise your revenue recognition policy to specifically define when the customer obtains control over a product and the performance obligation has been satisfied. In your
response, provide us with your proposed disclosure revisions. </I></P></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Response: </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We acknowledge the Staff&#146;s comment. In future Form <FONT STYLE="white-space:nowrap">10-K</FONT> filings, the Company will include additional disclosure
regarding its revenue recognition policy in a substantially similar form as the following: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>14. Revenue</U> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Our principal performance obligations are the sale of faucets and accessories, fiberglass and steel entry-door systems and locks, safes,
safety, security devices and decking, and kitchen and bath cabinets (collectively, &#147;goods&#148; or &#147;products&#148;). We recognize revenue for the sale of goods based on our assessment of when control transfers to our customers<B><U>, which
generally occurs upon shipment or delivery of the products</U></B>. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring goods to our customers. Payment terms on our product sales normally range from
30 to 90 days. Taxes assessed by a governmental authority that we collect are excluded from revenue. The expected costs associated with our contractual warranties will continue to be recognized as expense when the products are sold. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Form <FONT STYLE="white-space:nowrap">8-K</FONT> furnished January&nbsp;23, 2023 </U></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Exhibit 99.1, page 4 </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><I>4.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>Your &#147;Diluted EPS before charges/gains&#148; <FONT STYLE="white-space:nowrap">non-GAAP</FONT>
reconciliation begins with the <FONT STYLE="white-space:nowrap">non-GAAP</FONT> measure and, therefore, presents the <FONT STYLE="white-space:nowrap">non-GAAP</FONT> measure more prominently than the comparable GAAP measure. We note similar <FONT
STYLE="white-space:nowrap">non-GAAP</FONT> prominence issues with the reconciliations in your Form <FONT STYLE="white-space:nowrap">8-K</FONT> furnished February&nbsp;16, 2023. In future filings, please ensure all
<FONT STYLE="white-space:nowrap">non-GAAP</FONT> reconciliations start with the applicable GAAP measure. Refer to Instruction 2 to Item 2.02 of Form <FONT STYLE="white-space:nowrap">8-K,</FONT> Item 10(e)(1)(i)(A) of Regulation <FONT
STYLE="white-space:nowrap">S-K,</FONT> and Question 102.10(b) of the Compliance and Disclosure Interpretations (&#147;C&amp;DI&#146;s&#148;) on <FONT STYLE="white-space:nowrap">Non-GAAP</FONT> Financial Measures. </I></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Response</B>: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We acknowledge the Staff&#146;s comment, and
respectfully advise the Staff that, consistent with the presentation in the Company&#146;s Form <FONT STYLE="white-space:nowrap">8-K</FONT> furnished on April&nbsp;26, 2023, <FONT STYLE="white-space:nowrap">non-GAAP</FONT> reconciliations in the
Company&#146;s future filings will start with the applicable GAAP measure. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Form <FONT STYLE="white-space:nowrap">8-K</FONT> furnished
February&nbsp;16, 2023 </U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Exhibit 99.1, page 1 </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><I>5.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>We note that your introductory bullets quantify changes in sales inclusive of your disposed MasterBrand
Cabinet business. Furthermore, you present &#147;Total Fortune Brand Home&nbsp;&amp; Security inclusive of MasterBrand Cabinets net sales&#148; for the quarterly and annual periods ended December&nbsp;31, 2022 and 2021. Please note that it is not
appropriate to present <FONT STYLE="white-space:nowrap">non-GAAP</FONT> measures combining the sales of continuing and discontinued operations nor is it appropriate to adjust GAAP sales to include the sales of disposed entities subsequent to
disposition, as these represent tailored accounting measures. Accordingly, confirm that you will refrain from presenting such <FONT STYLE="white-space:nowrap">non-GAAP</FONT> measures in future filings. Refer to Question 100.04 of the
C&amp;DI&#146;s on <FONT STYLE="white-space:nowrap">Non-GAAP</FONT> Financial Measures. </I></P></TD></TR></TABLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Response</B>: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We acknowledge the Staff&#146;s comment, and confirm that the Company will refrain from presenting such <FONT STYLE="white-space:nowrap">non-GAAP</FONT>
measures in future filings. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><I>6.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>We note your presentation of the <FONT STYLE="white-space:nowrap">non-GAAP</FONT> measure &#147;Operating
income (loss) from continuing operations before charges/gains&#148; and have the following comments: </I></P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="14%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="2%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I>We note that the adjustment titled &#147;Restructuring and other (charges)/gains&#148; includes several
different items per footnotes (1)</I><I></I><I>&nbsp;and (2) under the reconciliation table. Please revise future filings to include a separate line item within the tabular reconciliation for each material item that makes up this adjustment. </I>
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="14%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="2%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I>Per footnote (2), we note that the adjustment includes &#147;losses from disposing of inventories&#148; and
&#147;trade receivables allowances from discontinued product lines.&#148; Considering such costs appear to represent normal and recurring expenses necessary to operate your business, please remove these adjustments from future filings or tell us how
you determined these adjustments were in compliance with <FONT STYLE="white-space:nowrap">non-GAAP</FONT> rules. Refer to Question 100.01 of the C&amp;DI&#146;s on <FONT STYLE="white-space:nowrap">Non-GAAP</FONT> Financial Measures.</I>
</P></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Response</B>: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We acknowledge the
Staff&#146;s comment, and confirm that, in the Company&#146;s future filings, its presentation of the adjustment for &#147;Restructuring and other (charges)/gains&#148; will include separate line items for each material item that make up this
adjustment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">With respect to the Staff&#146;s comment regarding footnote (2)&nbsp;to this adjustment, we advise the Staff that &#147;losses from disposing
of inventories&#148; and &#147;trade receivables allowances from discontinued product lines&#148; are only adjusted for in the Company&#146;s presentation of Operating income before charges/gains to the extent that such items arise out of
restructuring initiatives &#150; that is, they do not represent normal, recurring expenses necessary to operate the business. For 2022, those adjustments related to costs associated with plant closures and discontinued product lines, which are not a
part of the Company&#146;s ongoing operations. The Company incurs other inventory and trade receivable charges not related to restructuring initiatives that are included in Operating income before charges/gains because we believe they are normal,
recurring operating expenses, such as changes to inventory reserves associated with estimated losses from disposing of inventories based on market demand and business changes, and changes to trade receivable allowances based on changes to our
customer&#146;s credit risk assessment. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><I>7.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>Your <FONT STYLE="white-space:nowrap">non-GAAP</FONT> presentations under the headers &#147;Reconciliation
of Income Statements&#151;GAAP to Before Charges/Gains Information&#148; appear to represent <FONT STYLE="white-space:nowrap">non-GAAP</FONT> income statements. Please note that the presentation of a full
<FONT STYLE="white-space:nowrap">non-GAAP</FONT> income statement, or a presentation that gives the appearance of one, may place undue prominence on the <FONT STYLE="white-space:nowrap">non-GAAP</FONT> information and give the impression that the <FONT
STYLE="white-space:nowrap">non-GAAP</FONT> income statement represents a comprehensive basis of accounting. Please confirm to us that you will not present <FONT STYLE="white-space:nowrap">non-GAAP</FONT> consolidated income statements in future
filings. Please refer to Question 102.10(a) of the C&amp;DI&#146;s on <FONT STYLE="white-space:nowrap">Non-GAAP</FONT> Financial Measures. To the extent you wish to present any of the totaled measures in the &#147;Before Charges/Gains <FONT
STYLE="white-space:nowrap">(Non-GAAP)&#148;</FONT> column, present a separate reconciliation for each <FONT STYLE="white-space:nowrap">non-GAAP</FONT> measure and provide all disclosures required by Item 10(e)(1)(i) of Regulation <FONT
STYLE="white-space:nowrap">S-K.</FONT> </I></P></TD></TR></TABLE>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g500668fortune.jpg" ALT="LOGO">
 </P> <P STYLE="font-size:18pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Response</B>: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We acknowledge the Staff&#146;s comment, and respectfully advise the Staff that the Company had considered Question 102.10(a) of the C&amp;DI&#146;s on <FONT
STYLE="white-space:nowrap">Non-GAAP</FONT> Financial Measures and believed that the table, which appears under the title &#147;Additional Reconciliations &#150; GAAP to Before Charges/Gains Information&#148; in the Company&#146;s Form <FONT
STYLE="white-space:nowrap">8-K</FONT> furnished on April&nbsp;26, 2023, would not be considered a <FONT STYLE="white-space:nowrap">non-GAAP</FONT> income statement given that it does not present before charges/gains &#147;totals&#148; for most of
the line items; instead, it provides information for investors regarding where the charges/gains adjustments impact the income statement. However, after careful consideration of the Staff&#146;s comment, in future filings the Company will no longer
present this table. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><I>8.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>Your calculation of free cash flow differs from the typical calculation of cash flows from operating
activities less capital expenditures. In order to avoid potential confusion, please revise the title to adjusted free cash flow or a similar description. Refer to Question 102.07 of the C&amp;DI&#146;s on
<FONT STYLE="white-space:nowrap">Non-GAAP</FONT> Financial Measures. </I></P></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Response</B>: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We acknowledge the Staff&#146;s comment, and advise the Staff that in future filings the Company will revise its calculation of free cash flow to represent
operating cash flows less capital expenditures. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><I>9.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>We note that you present the <FONT STYLE="white-space:nowrap">non-GAAP</FONT> measure &#147;Operating income
(loss) from continuing operations before charges/gains&#148; for each reportable segment, which you do not appear to have reconciled to a GAAP measure pursuant to Item 10(e)(1)(i)(B) of Regulation <FONT STYLE="white-space:nowrap">S-K.</FONT> Please
revise future filings to include the appropriate reconciliations. For example, provide a quantitative reconciliation of your Water Innovation segment&#146;s $614.6&nbsp;million of GAAP operating income from continuing operations for fiscal year 2022
to the $622.8&nbsp;million <FONT STYLE="white-space:nowrap">non-GAAP</FONT> amount. </I></P></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Response</B>: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We acknowledge the Staff&#146;s comment, and confirm that the Company will include a reconciliation of segment operating income before charges/gains to the
corresponding GAAP measure of segment operating income in future filings. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><I>10.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>Please revise your presentation on the second page of Exhibit 99.1 regarding &#147;operating margin before
charges/gains&#148; by segment to present the most directly comparable GAAP measure with equal or greater prominence. Refer to instruction 2 to Item 2.02 of Form <FONT STYLE="white-space:nowrap">8-K</FONT> and Item 10(e)(1)(i)(A) of Regulation <FONT
STYLE="white-space:nowrap">S-K.</FONT> </I></P></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Response</B>: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We acknowledge the Staff&#146;s comment, and confirm that the Company will present the most directly comparable GAAP measure to segment operating margin before
charges/gains with equal or greater prominence in future filings. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Form <FONT STYLE="white-space:nowrap">8-K</FONT> furnished April&nbsp;26, 2023
</U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Exhibit 99.1, page 2 </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><I>11.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>We note that you present forecasted guidance under the &#147;Annual Outlook&#148; heading for &#147;EPS
before charges/gains,&#148; &#147;EBITDA margins before charges/gains,&#148; and &#147;free cash flow.&#148; Revise to present the most directly comparable GAAP measure with equal or greater prominence pursuant to Item 10(e)(1)(i)(A) of Regulation <FONT
STYLE="white-space:nowrap">S-K.</FONT> In addition, ensure that you reconcile your EBITDA margin ratio to a ratio calculated using the most directly comparable GAAP measure. Provide us with your proposed reconciliation within your response. See Item
10(e)(1)(i)(B) of Regulation <FONT STYLE="white-space:nowrap">S-K</FONT> and Question 102.10(a) of the C&amp;DI&#146;s on <FONT STYLE="white-space:nowrap">Non-GAAP</FONT> Financial Measures. </I></P></TD></TR></TABLE>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g500668fortune.jpg" ALT="LOGO">
 </P> <P STYLE="font-size:18pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Response</B>: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We acknowledge the Staff&#146;s comment, and respectfully advise the Staff that, after careful consideration, the Company does not believe it can provide a
reasonable estimation of expected full-year GAAP EPS or net income without unreasonable efforts, and that to present such information with equal or greater prominence would imply a degree of precision and certainty in those GAAP measures that could
be misleading to investors. This is due to the inherent difficulty of forecasting the timing and/or amount of various items that have not yet occurred. For example, charges or gains associated with defined benefit plans and restructuring
initiatives, which are excluded from EPS and EBITDA margin before charges/gains, are highly variable and the Company has limited visibility into how those items will impact its full-year results. Indeed, the Company&#146;s historic estimation of the
GAAP EPS range did not forecast or make any other assumption about gains or losses associated with its defined benefit plans, even though such gains and losses are regularly incurred. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In the future, when the Company presents forward-looking measures of EPS and EBITDA margin before charges/gains in filings subject to Item 10(e) of Regulation
<FONT STYLE="white-space:nowrap">S-K,</FONT> it will disclose its reliance on the exception provided by Item 10(e)(1)(i)(B) and will identify the information that is unavailable and its probable significance in a location of equal or greater
prominence. It will no longer present a reconciliation of its guidance for EPS before charges/gains, given that the Company is unable to make any reasonable estimate of its defined benefit plan gains or losses for purposes of such reconciliation.
The Company will continue to reconcile its guidance for free cash flow, and will present its guidance for GAAP cash flow from operations with equal or greater prominence. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>******** </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Should you or any member of the
Staff have any additional questions or comments regarding our response, please feel free to contact me at <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">847-484-4400,</FONT></FONT> or, in my absence, Hiranda Donoghue, Executive
Vice President, Chief Legal Officer and Corporate Secretary.</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Sincerely,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ David V. Barry</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">David V. Barry</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Executive Vice President and Chief Financial Officer</TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Hiranda Donoghue </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Executive Vice President, Chief Legal Officer and Corporate Secretary </P>
</DIV></Center>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
