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Information on Business Segments | 12 Months Ended
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Dec. 28, 2024
Segment Reporting [Abstract] |
Information on Business Segments | 19. Information on Business Segments The Company’s operations are structured into three segments, Water, Outdoors and Security. These segments are strategic business units with differing products and services. The chief operating decision maker (“CODM”), our Chief Executive Officer, uses operating income to evaluate the performance of our segments and to make resource allocation decisions. Segment operating income excludes unallocated corporate costs. Operating income is the primary measure of segment profitability used in internal management reporting to the CODM. This measure is used to view operating trends, perform analytical comparisons and benchmark performance between periods, and to evaluate historical and forecasted financial performance as well as performance relative to our competitors. The monthly and quarterly results provided to the CODM include the net sales and operating income or loss of the consolidated Company and each segment. These financial results are reviewed against budget and the prior year in evaluating the performance of the segment. The CODM is also regularly provided qualitative and quantitative metrics to establish an understanding of drivers to the overall performance. The metrics provided include information at a functional level for the Company's operations and supply chain in addition to each segment. These metrics also include service and quality ratings, brand awareness, market performance and outlook, working capital efficiency, operational plant efficiency, commodity pricing, capital spending and an overview of transformation initiatives. The significant expense categories and amounts shown below align with the segment level information that is regularly provided to the CODM. Intersegment expenses are included within the amounts below. Other operating expenses principally consist of cost of sales and selling, general and administrative expenses, which are not provided to the CODM in managing performance of the operating segments. 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, Schaub and SpringWell 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, connected and mechanical lock out tag out solutions 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 primarily 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) |  | Water |  |  |  | Outdoors |  |  | Security |  |  | Total 2024 |
Net sales |  | $ | 2,564.6 |  |  |  | $ | 1,350.1 |  |  | $ | 694.3 |  |  | $ | 4,609.0 |
Depreciation |  |  | 44.2 |  |  |  |  | 54.3 |  |  |  | 20.0 |  |  |  | 118.5 |
Amortization of Intangibles |  |  | 39.5 |  |  |  |  | 30.0 |  |  |  | 3.6 |  |  |  | 73.1 |
Restructuring and other charges |  |  | 8.5 |  |  |  |  | 19.8 |  |  |  | 11.5 |  |  |  | 39.8 |
Other segment Items (1) |  |  | 1,877.3 |  |  |  |  | 1,048.0 |  |  |  | 558.8 |  |  |  | 3,484.1 |
Unallocated Expenses |  |  | — |  |  |  |  | — |  |  |  | — |  |  |  | 155.6 |
Total operating income |  | $ | 595.1 |  |  |  | $ | 198.0 |  |  | $ | 100.4 |  |  | $ | 737.9 |
(1) Other segment items recognized during the year ended December 28, 2024 include cost of sales and selling, general, and administrative expenses.
(In millions) |  | Water |  |  |  | Outdoors |  |  | Security |  |  | Total 2023 |
Net sales |  | $ | 2,562.2 |  |  |  | $ | 1,341.1 |  |  | $ | 722.9 |  |  | $ | 4,626.2 |
Depreciation |  |  | 40.4 |  |  |  |  | 34.5 |  |  |  | 29.8 |  |  |  | 104.7 |
Amortization of Intangibles |  |  | 28.9 |  |  |  |  | 30.0 |  |  |  | 3.2 |  |  |  | 62.1 |
Restructuring and other charges |  |  | 4.8 |  |  |  |  | 4.1 |  |  |  | 44.6 |  |  |  | 53.5 |
Other segment Items (1) |  |  | 1,913.8 |  |  |  |  | 1,139.0 |  |  |  | 582.9 |  |  |  | 3,635.7 |
Unallocated Expenses |  |  | — |  |  |  |  | — |  |  |  | — |  |  |  | 155.3 |
Total operating income |  | $ | 574.3 |  |  |  | $ | 133.5 |  |  | $ | 62.4 |  |  | $ | 614.9 |
(1) Other segment items recognized during the year ended December 30, 2023 include cost of sales and selling, general, and administrative expenses.
(In millions) |  | Water |  |  |  | Outdoors |  |  | Security |  |  | Total 2022 |
Net sales |  | $ | 2,570.2 |  |  |  | $ | 1,517.4 |  |  | $ | 635.4 |  |  | $ | 4,723.0 |
Depreciation |  |  | 34.9 |  |  |  |  | 32.3 |  |  |  | 13.2 |  |  |  | 80.4 |
Amortization of Intangibles |  |  | 16.2 |  |  |  |  | 30.2 |  |  |  | 1.9 |  |  |  | 48.3 |
Restructuring and other charges |  |  | 6.9 |  |  |  |  | 18.3 |  |  |  | 0.6 |  |  |  | 25.8 |
Other segment Items (1) |  |  | 1,897.6 |  |  |  |  | 1,242.4 |  |  |  | 524.3 |  |  |  | 3,664.3 |
Unallocated Expenses |  |  | — |  |  |  |  | — |  |  |  | — |  |  |  | 129.9 |
Total operating income |  | $ | 614.6 |  |  |  | $ | 194.2 |  |  | $ | 95.4 |  |  | $ | 774.3 |
(1) Other segment items recognized during the year ended December 31, 2022 include cost of sales and selling, general, and administrative expenses. 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 2024, 2023 and 2022. All of our business segments sell to The Home Depot and Lowe’s. Net sales to The Home Depot were 10%, 10% and 12% of net sales in 2024, 2023 and 2022, respectively. Net sales to Lowe’s were 11%, 11% and 12% of net sales in 2024, 2023 and 2022, respectively.
(In millions) |  | 2024 |  |  |  | 2023 |  |  |  | 2022 |
Total assets: |  |  |  |  |  |  |  |  |  |  |
Water |  | $ | 3,539.2 |  |  |  | $ | 3,492.2 |  |  |  | $ | 2,674.4 |
Outdoors |  |  | 2,169.3 |  |  |  |  | 2,205.3 |  |  |  |  | 2,214.6 |
Security |  |  | 649.7 |  |  |  |  | 721.0 |  |  |  |  | 605.4 |
Corporate |  |  | 203.6 |  |  |  |  | 146.5 |  |  |  |  | 626.5 |
Total assets |  | $ | 6,561.8 |  |  |  | $ | 6,565.0 |  |  |  | $ | 6,120.9 |
Capital expenditures: |  |  |  |  |  |  |  |  |  |  |
Water |  | $ | 72.6 |  |  |  | $ | 104.7 |  |  |  | $ | 52.1 |
Outdoors |  |  | 64.4 |  |  |  |  | 140.0 |  |  |  |  | 120.2 |
Security |  |  | 21.5 |  |  |  |  | 10.4 |  |  |  |  | 17.9 |
Corporate |  |  | 34.8 |  |  |  |  | 1.4 |  |  |  |  | — |
Capital expenditures, gross |  |  | 193.3 |  |  |  |  | 256.5 |  |  |  |  | 190.2 |
Less: proceeds from disposition of assets |  |  | (26.9 | ) |  |  |  | (2.8 | ) |  |  |  | (8.2 | )
Capital expenditures, net |  | $ | 166.4 |  |  |  | $ | 253.7 |  |  |  | $ | 182.0 |
Net sales by geographic region (a): |  |  |  |  |  |  |  |  |  |  |
United States |  | $ | 3,809.0 |  |  |  | $ | 3,708.0 |  |  |  | $ | 3,763.6 |
China |  |  | 233.6 |  |  |  |  | 335.2 |  |  |  |  | 363.9 |
Canada |  |  | 344.5 |  |  |  |  | 352.4 |  |  |  |  | 368.2 |
Other international |  |  | 221.9 |  |  |  |  | 230.6 |  |  |  |  | 227.3 |
Net sales |  | $ | 4,609.0 |  |  |  | $ | 4,626.2 |  |  |  | $ | 4,723.0 |
Property, plant and equipment, net: |  |  |  |  |  |  |  |  |  |  |
United States |  | $ | 816.4 |  |  |  | $ | 798.0 |  |  |  | $ | 673.5 |
Mexico |  |  | 59.0 |  |  |  |  | 62.9 |  |  |  |  | 55.9 |
Canada |  |  | 6.7 |  |  |  |  | 7.6 |  |  |  |  | 7.3 |
China |  |  | 14.5 |  |  |  |  | 17.3 |  |  |  |  | 20.1 |
Other international |  |  | 102.6 |  |  |  |  | 89.2 |  |  |  |  | 26.9 |
Property, plant and equipment, net |  | $ | 999.2 |  |  |  | $ | 975.0 |  |  |  | $ | 783.7 |
(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/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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