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Information on Business Segments | 12 Months Ended
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Dec. 30, 2023
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, and we have three 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 segment manufactures or assembles and sells faucets, accessories, kitchen sinks and waste disposals, predominantly under the Moen, ROHL, Riobel, Victoria+Albert, Perrin & Rowe, Aqualisa, Shaws, Emtek and Schaub brands. The Outdoors 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 and wide-opening exterior door systems and outdoor enclosures under the Solar Innovations brand. The Security segment includes locks, safety and security devices, and electronic security products under the Master Lock, American Lock, Yale and August 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, the United Kingdom, China, South Africa, Vietnam and France.
(In millions) |  | 2023 |  |  |  | 2022 |  |  |  | 2021 |
Net sales: |  |  |  |  |  |  |  |  |  |  |
Water |  | $ | 2,562.2 |  |  |  | $ | 2,570.2 |  |  |  | $ | 2,761.2 |
Outdoors |  |  | 1,341.1 |  |  |  |  | 1,517.4 |  |  |  |  | 1,416.5 |
Security |  |  | 722.9 |  |  |  |  | 635.4 |  |  |  |  | 623.4 |
Total net sales |  | $ | 4,626.2 |  |  |  | $ | 4,723.0 |  |  |  | $ | 4,801.1 |
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 2023, 2022 and 2021. All of our business segments sell to The Home Depot and Lowe’s. Net sales to The Home Depot were 10.2%, 11.7% and 11.2% of net sales in 2023, 2022 and 2021, respectively. Net sales to Lowe’s wer e 10.9%, 12.0% and 11.9% of net sales in 2023, 2022 and 2021, respectively.
(In millions) |  | 2023 |  |  |  | 2022 |  |  |  | 2021 |
Operating income: |  |  |  |  |  |  |  |  |  |  |
Water |  | $ | 574.3 |  |  |  | $ | 614.6 |  |  |  | $ | 629.7 |
Outdoors |  |  | 133.5 |  |  |  |  | 194.2 |  |  |  |  | 205.3 |
Security |  |  | 62.4 |  |  |  |  | 95.4 |  |  |  |  | 86.6 |
Corporate |  |  | (155.3 | ) |  |  |  | (129.9 | ) |  |  |  | (110.5 | )
Total operating income |  | $ | 614.9 |  |  |  | $ | 774.3 |  |  |  | $ | 811.1 |
(In millions) |  | 2023 |  |  |  | 2022 |  |  |  | 2021 |
Total assets: |  |  |  |  |  |  |  |  |  |  |
Water |  | $ | 3,492.2 |  |  |  | $ | 2,674.4 |  |  |  | $ | 2,614.7 |
Outdoors |  |  | 2,205.3 |  |  |  |  | 2,214.6 |  |  |  |  | 2,042.3 |
Security |  |  | 721.0 |  |  |  |  | 605.4 |  |  |  |  | 577.1 |
Corporate |  |  | 146.5 |  |  |  |  | 626.5 |  |  |  |  | 212.4 |
Total assets |  | $ | 6,565.0 |  |  |  | $ | 6,120.9 |  |  |  | $ | 5,446.5 |
Depreciation expense: |  |  |  |  |  |  |  |  |  |  |
Water |  | $ | 40.4 |  |  |  | $ | 34.9 |  |  |  | $ | 37.1 |
Outdoors |  |  | 34.5 |  |  |  |  | 32.3 |  |  |  |  | 26.1 |
Security |  |  | 29.8 |  |  |  |  | 13.2 |  |  |  |  | 14.6 |
Corporate |  |  | 2.0 |  |  |  |  | 2.5 |  |  |  |  | 2.8 |
Depreciation expense |  | $ | 106.7 |  |  |  | $ | 82.9 |  |  |  | $ | 80.6 |
Amortization of intangible assets: |  |  |  |  |  |  |  |  |  |  |
Water |  | $ | 28.9 |  |  |  | $ | 16.2 |  |  |  | $ | 14.9 |
Outdoors |  |  | 30.0 |  |  |  |  | 30.2 |  |  |  |  | 29.6 |
Security |  |  | 3.2 |  |  |  |  | 1.9 |  |  |  |  | 1.9 |
Amortization of intangible assets |  | $ | 62.1 |  |  |  | $ | 48.3 |  |  |  | $ | 46.4 |
Capital expenditures: |  |  |  |  |  |  |  |  |  |  |
Water |  | $ | 104.7 |  |  |  | $ | 52.1 |  |  |  | $ | 38.1 |
Outdoors |  |  | 140.0 |  |  |  |  | 120.2 |  |  |  |  | 112.3 |
Security |  |  | 10.4 |  |  |  |  | 17.9 |  |  |  |  | 11.9 |
Corporate |  |  | 1.4 |  |  |  |  | — |  |  |  |  | 0.3 |
Capital expenditures, gross |  |  | 256.5 |  |  |  |  | 190.2 |  |  |  |  | 162.6 |
Less: proceeds from disposition of assets |  |  | (2.8 | ) |  |  |  | (8.2 | ) |  |  |  | (1.8 | )
Capital expenditures, net |  | $ | 253.7 |  |  |  | $ | 182.0 |  |  |  | $ | 160.8 |
Net sales by geographic region (a): |  |  |  |  |  |  |  |  |  |  |
United States |  | $ | 3,708.0 |  |  |  | $ | 3,763.6 |  |  |  | $ | 3,722.7 |
China |  |  | 335.2 |  |  |  |  | 363.9 |  |  |  |  | 510.4 |
Canada |  |  | 352.4 |  |  |  |  | 368.2 |  |  |  |  | 384.2 |
Other international |  |  | 230.6 |  |  |  |  | 227.3 |  |  |  |  | 183.8 |
Net sales |  | $ | 4,626.2 |  |  |  | $ | 4,723.0 |  |  |  | $ | 4,801.1 |
Property, plant and equipment, net: |  |  |  |  |  |  |  |  |  |  |
United States |  | $ | 798.0 |  |  |  | $ | 673.5 |  |  |  | $ | 569.6 |
Mexico |  |  | 62.9 |  |  |  |  | 55.9 |  |  |  |  | 53.7 |
Canada |  |  | 7.6 |  |  |  |  | 7.3 |  |  |  |  | 7.7 |
China |  |  | 17.3 |  |  |  |  | 20.1 |  |  |  |  | 23.7 |
Other international |  |  | 89.2 |  |  |  |  | 26.9 |  |  |  |  | 16.1 |
Property, plant and equipment, net |  | $ | 975.0 |  |  |  | $ | 783.7 |  |  |  | $ | 670.8 |
(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 -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
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