\nBusiness and Operations Highlights:\n<\/p>\n
<\/a> 1Q 2022 sales of $1.9 billion increased 8 percent versus a year ago<\/p>\n 1Q 2022 earnings per share (EPS) of $1.34; an increase of 6 percent versus a year ago; EPS before charges \/ gains of $1.31, a decrease of 4 percent versus a year ago<\/p>\n Company adjusts full year 2022 EPS range upward to reflect impact from share repurchases net of interest expense and taxes; Company maintains 2022 operational guidance<\/p>\n DEERFIELD, IL.–(BUSINESS WIRE)–Fortune Brands Home & Security, Inc. (NYSE: FBHS, the \u201cCompany\u201d, or \u201cFortune Brands\u201d), an industry-leading home and security products company, today announced that it intends to separate into two publicly traded companies and also reported first quarter 2022 results.\n<\/p>\n \nSummary of Intent to Separate Fortune Brands into Two World Class Companies<\/span>\n<\/p>\n \nFortune Brands\u2019 Board of Directors authorized the Company to pursue a tax-free spin-off of its Cabinets business into a standalone publicly traded company. Upon closing of the proposed separation, shareholders would hold interests in two leading companies. The separation represents the Company\u2019s next chapter of outstanding value creation. The result will be two well-positioned, leading companies with exceptional potential. New Fortune Brands will bring brand and innovation excellence to super-charged categories, leveraging secular growth themes of water management, outdoor living, material conversion and science, and connected products. Additionally, shareholders would hold interests in North America\u2019s leading cabinets company delivering top-tier performance through operational excellence. A potential separation is subject to further Board approval and other customary conditions and is expected to take approximately 12 months to complete. Management will discuss the separation as part of its first quarter earnings call later today. An investor presentation highlighting the proposed separation, as well as first quarter earnings call details, can be found in the investor section on the Company\u2019s website at www.FBHS.com<\/a>.\n<\/p>\n \n\u201cWe are excited to be taking the next step in our value creation journey for stakeholders. There is much work to be done, but together with the rest of our Board, I believe that this separation will enable each company to recognize its full potential and unlock even greater long-term stakeholder value,\u201d said Nicholas Fink, chief executive officer, Fortune Brands. \u201cEach company will pursue independent paths with fit-for-purpose strategies supported by thoughtful investments. Our entire Company has delivered exceptional results over the past ten years, and our cabinets business has implemented the capabilities and demonstrated the performance required to thrive as an independent entity. The separation will result in two world class businesses with the scale, winning strategies, capabilities, and leadership to sustain and accelerate value creation. We are very excited for the future.\u201d\n<\/p>\n \nAdvisors<\/span>\n<\/p>\n \nThe Company will be advised on the proposed separation by Ardea Partners, Barclays, Rothschild & Co, and Sidley Austin LLP.\n<\/p>\n \nFirst Quarter 2022<\/span>\n<\/p>\n \nFor the first quarter of 2022, sales were $1.9 billion, an increase of 8 percent over the first quarter of 2021. Earnings per share were $1.34, compared to $1.26 in the prior-year quarter, an increase of 6 percent. EPS before charges \/ gains were $1.31, compared to $1.36 the same quarter last year, a decrease of 4 percent. Operating income was $253.4 million, compared to $248.4 million in the prior-year quarter, an increase of 2 percent. Operating income before charges \/ gains was $249.6 million, compared to $261.8 million the same quarter last year, down 5 percent. Operating margin was 13.2 percent, compared to 14.0 percent in the first quarter of 2021. Operating margin before charges \/ gains was 13.0 percent, compared to 14.8 percent in the first quarter of 2021.\n<\/p>\n \nFor each segment in the first quarter of 2022, compared to the prior-year quarter:\n<\/p>\n Water Innovations (formerly the Global Plumbing Group) sales increased 4 percent, with no material FX impact in the period. Results were driven by sales growth across all major markets. Operating margin before charges \/ gains was 23.3 percent.<\/p>\n Outdoors & Security sales increased 8 percent, driven by double-digit sales growth in doors and security products. Operating margin before charges \/ gains was 11.2 percent.<\/p>\n Cabinet sales increased 13 percent, driven by growth across stock and make-to-order. Operating margin before charges \/ gains was 9.5 percent.<\/p>\n \n\u201cOur teams again delivered excellent results in an extremely dynamic environment, demonstrating our commitment to serving our valued channel partners and consumers,\u201d said Fink. \u201cDemand remains robust across the portfolio and the consumer is continuing to invest in the home. We remain fully aware of the potential challenges from rising interest rates and continued inflation on consumers in the near-term, and our teams are actively managing our businesses to create value and deliver regardless of the environment. Demand and demographic fundamentals for housing remain favorable and support long-term growth and margin expansion going forward.\u201d\n<\/p>\n \nBalance Sheet and Liquidity<\/span>\n<\/p>\n \nAt the end of the quarter, net debt was $3.0 billion and net debt to EBITDA was 2.3x. The Company had $378 million in cash and $553 million of availability under its revolving credit facility.\n<\/p>\n \nDuring the first quarter, the Company announced a $750 million share repurchase reauthorization. During the quarter, the Company repurchased approximately $380 million in common stock and year-to-date has repurchased approximately $405 million in common stock.\n<\/p>\n \nAdditionally, on March 28, 2022, the Company announced it had priced $900 million in senior unsecured notes and used the proceeds and other liquidity sources to retire an outstanding term loan.\n<\/p>\n \nAnnual Outlook for 2022<\/span>\n<\/p>\n \nThe Company is increasing the midpoint of full-year EPS by $0.05 to a range of $6.40 to $6.60, reflecting the impact of share repurchases net of interest expense and tax items. The midpoint implies EPS growth of 13 percent versus prior year. The Company is maintaining its operational guidance for the year.\n<\/p>\n \n\u201cOur strong business model and track record of performance have proven resilient in a variety of complex market conditions over the past few years,\u201d said Patrick Hallinan, chief financial officer, Fortune Brands. \u201cWe believe in the strength of long-term housing fundamentals, and we are confident in our leadership\u2019s ability to seize on the opportunities and mitigate the challenges that may arise in the fluid near-term environment. We will continue to utilize our strength to position our Company for success and opportunistically deploy capital to drive value creation.\u201d\n<\/p>\n \nAbout Fortune Brands<\/span>\n<\/p>\n \nFortune Brands Home & Security, Inc. (NYSE: FBHS), headquartered in Deerfield, IL., is a Fortune 500 company, part of the S&P 500 Index and a leader in the home products industry. With trusted brands and market leadership positions in each of its three operating segments, Water Innovations, Outdoors & Security, and Cabinets, Fortune Brands\u2019 28,000 associates work with a purpose to fulfill the dreams of home.\n<\/p>\n \nThe Company\u2019s growing portfolio of complementary businesses and innovative brands includes Moen and the House of Rohl within Water Innovations; outdoor living and security products from Therma-Tru, LARSON, Fiberon, Master Lock and SentrySafe; and MasterBrand Cabinets\u2019 wide-ranging offerings from MANTRA, Diamond, Omega and many more. Visit www.FBHS.com<\/a> to learn more about FBHS, its brands and how the Company is accelerating its environmental, social and governance (ESG) commitments.\n<\/p>\n \nCAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS<\/span>\n<\/p>\n \nThis press release contains certain \u201cforward-looking statements\u201d that are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the \u201cExchange Act\u201d), regarding general business strategies, market potential, anticipated future financial performance, the potential of our brands and the housing market, and other matters. Statements preceded by, followed by or that otherwise include the words \u201cbelieves\u201d, \u201cpositioned\u201d, \u201cexpects\u201d, \u201cestimates\u201d, \u201cplans\u201d, \u201clook to\u201d, \u201coutlook\u201d, \u201cintend\u201d, and similar expressions or future or conditional verbs such as \u201cwill\u201d, \u201cshould\u201d, \u201cwould\u201d, \u201cmay\u201d and \u201ccould\u201d are generally forward-looking in nature and not historical facts. Where, in any forward-looking statement, we express an expectation or belief as to future results or events, such expectation or belief is based on the current plans and expectations of our management. Although we believe that these statements are based on reasonable assumptions, they are subject to numerous factors, risks and uncertainties that could cause actual outcomes and results to be materially different from those indicated in such statements, including but not limited to include the expected benefits and costs of the intended spin-off transaction, the tax-free nature of the spin-off, the expected timing of the completion of the spin-off transaction and the transaction terms; general business and economic conditions; our reliance on the North American repair and remodel and new home construction activity levels; our reliance on key customers and suppliers; our ability to maintain our strong brands and to develop innovative products while maintaining our competitive positions; our ability to improve organizational productivity and global supply chain efficiency; our ability to obtain raw materials and finished goods in a timely and cost-effective manner; the impact of sustained inflation, including global commodity and energy availability and price volatility; the impact of trade-related tariffs and risks with uncertain trade environments or changes in government and industry regulatory standards; our ability to attract and retain qualified personnel and other labor constraints; the uncertainties relating to the impact of COVID-19 on the Company\u2019s business and results, our ability to achieve the anticipated benefits of our strategic initiatives, our ability to successfully execute our acquisition strategy and integrate businesses that we have and may acquire; and the other factors discussed in our securities filings, including in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2021, filed with the Securities and Exchange Commission. The forward-looking statements included in this release are made as of the date hereof, and except as required by law, we undertake no obligation to update, amend or clarify any forward-looking statements to reflect events, new information or circumstances occurring after the date of this release.\n<\/p>\n \nUse of Non-GAAP Financial Information<\/span>\n<\/p>\n \nThis press release includes measures not derived in accordance with generally accepted accounting principles (\u201cGAAP\u201d), such as diluted earnings per share before charges \/ gains, operating income before charges \/ gains, operating margin before charges \/ gains, EBITDA before charges \/ gains, net debt, net debt to EBITDA before charges \/ gains, and free cash flow. These measures should not be considered in isolation or as a substitute for any measure derived in accordance with GAAP and may also be inconsistent with similar measures presented by other companies. Reconciliations of these measures to the most closely comparable GAAP measures, and reasons for the Company\u2019s use of these measures, are presented in the attached pages.\n<\/p>\n \u00a0 \u00a0<\/p>\n Net sales<\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n \nThree Months Ended March 31,\n<\/p>\n \n2022\n<\/p>\n \n2021\n<\/p>\n \n% Change\n<\/p>\n Net sales (GAAP)<\/p>\n Water Innovations<\/p>\n \n$\n<\/p>\n \n643.6\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n621.6\n<\/p>\n \n\u00a0\n<\/p>\n \n4\n<\/p>\n \n\u00a0\n<\/p>\n Outdoors & Security<\/p>\n \n\u00a0\n<\/p>\n \n496.6\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n461.5\n<\/p>\n \n\u00a0\n<\/p>\n \n8\n<\/p>\n \n\u00a0\n<\/p>\n Cabinets<\/p>\n \n\u00a0\n<\/p>\n \n777.1\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n687.9\n<\/p>\n \n\u00a0\n<\/p>\n \n13\n<\/p>\n \n\u00a0\n<\/p>\n Total net sales<\/p>\n \n$\n<\/p>\n \n1,917.3\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n1,771.0\n<\/p>\n \n\u00a0\n<\/p>\n \n8\n<\/p>\n \n\u00a0\n<\/p>\n \u00a0<\/p>\n Quarter operating income<\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n \nBefore Charges & Gains\n<\/p>\n \nGAAP\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \nThree Months Ended March 31,\n<\/p>\n \nThree Months Ended March 31,\n<\/p>\n Operating income (loss) before charges\/gains (a)<\/p>\n \n2022\n<\/p>\n \n2021\n<\/p>\n \n% Change\n<\/p>\n Operating income (loss)<\/p>\n \n2022\n<\/p>\n \n2021\n<\/p>\n \n% Change\n<\/p>\n Water Innovations<\/p>\n \n$\n<\/p>\n \n150.1\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n149.4\n<\/p>\n \n\u00a0\n<\/p>\n \n–\n<\/p>\n \n\u00a0\n<\/p>\n Water Innovations<\/p>\n \n$\n<\/p>\n \n149.3\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n147.9\n<\/p>\n \n\u00a0\n<\/p>\n \n1\n<\/p>\n Outdoors & Security<\/p>\n \n\u00a0\n<\/p>\n \n55.6\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n62.3\n<\/p>\n \n\u00a0\n<\/p>\n \n(11\n<\/p>\n \n)\n<\/p>\n Outdoors & Security<\/p>\n \n\u00a0\n<\/p>\n \n60.2\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n52.8\n<\/p>\n \n\u00a0\n<\/p>\n \n14\n<\/p>\n \n\u00a0\n<\/p>\n Cabinets<\/p>\n \n\u00a0\n<\/p>\n \n73.6\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n74.5\n<\/p>\n \n\u00a0\n<\/p>\n \n(1\n<\/p>\n \n)\n<\/p>\n Cabinets<\/p>\n \n\u00a0\n<\/p>\n \n73.6\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n72.6\n<\/p>\n \n\u00a0\n<\/p>\n \n1\n<\/p>\n \n\u00a0\n<\/p>\n Corporate expenses<\/p>\n \n\u00a0\n<\/p>\n \n(29.7\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n(24.4\n<\/p>\n \n)\n<\/p>\n \n22\n<\/p>\n \n\u00a0\n<\/p>\n Corporate expenses<\/p>\n \n\u00a0\n<\/p>\n \n(29.7\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n(24.9\n<\/p>\n \n)\n<\/p>\n \n19\n<\/p>\n \n\u00a0\n<\/p>\n \u00a0<\/p>\n Total operating income before charges\/gains<\/p>\n \n$\n<\/p>\n \n249.6\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n261.8\n<\/p>\n \n\u00a0\n<\/p>\n \n(5\n<\/p>\n \n)\n<\/p>\n Total operating income (GAAP)<\/p>\n \n$\n<\/p>\n \n253.4\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n248.4\n<\/p>\n \n\u00a0\n<\/p>\n \n2\n<\/p>\n \n\u00a0\n<\/p>\n \u00a0<\/p>\n Earnings Per Share before charges\/gains (b)<\/p>\n Diluted EPS (GAAP)<\/p>\n Diluted<\/p>\n \n$\n<\/p>\n \n1.31\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n1.36\n<\/p>\n \n\u00a0\n<\/p>\n \n(4\n<\/p>\n \n)\n<\/p>\n Diluted EPS<\/p>\n \n$\n<\/p>\n \n1.34\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n1.26\n<\/p>\n \n\u00a0\n<\/p>\n \n6\n<\/p>\n \n\u00a0\n<\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n EBITDA before charges\/gains (c)<\/p>\n \n$\n<\/p>\n \n297.7\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n309.1\n<\/p>\n \n\u00a0\n<\/p>\n \n(4\n<\/p>\n \n)\n<\/p>\n Net income (GAAP)<\/p>\n \n$\n<\/p>\n \n180.9\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n177.8\n<\/p>\n \n\u00a0\n<\/p>\n \n2\n<\/p>\n \n\u00a0\n<\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n (a) (b) (c) For definitions of Non-GAAP measures, see Definitions of Terms page<\/p>\n \u00a0<\/p>\n \u00a0 \u00a0<\/p>\n \u00a0<\/p>\n \nMarch 31,\n<\/p>\n \n\u00a0\n<\/p>\n \nDecember 31,\n<\/p>\n \n2022\n<\/p>\n \n\u00a0\n<\/p>\n \n2021\n<\/p>\n \u00a0<\/p>\n Assets<\/p>\n Current assets<\/p>\n Cash and cash equivalents<\/p>\n \n$\n<\/p>\n \n378.2\n<\/p>\n \n$\n<\/p>\n \n471.5\n<\/p>\n Accounts receivable, net<\/p>\n \n\u00a0\n<\/p>\n \n1,011.6\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n885.7\n<\/p>\n \n\u00a0\n<\/p>\n Inventories<\/p>\n \n\u00a0\n<\/p>\n \n1,334.7\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n1,193.8\n<\/p>\n \n\u00a0\n<\/p>\n Other current assets<\/p>\n \n\u00a0\n<\/p>\n \n232.2\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n193.5\n<\/p>\n \n\u00a0\n<\/p>\n Total current assets<\/p>\n \n\u00a0\n<\/p>\n \n2,956.7\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n2,744.5\n<\/p>\n \n\u00a0\n<\/p>\n \u00a0<\/p>\n Property, plant and equipment, net<\/p>\n \n\u00a0\n<\/p>\n \n1,064.3\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n1,009.5\n<\/p>\n \n\u00a0\n<\/p>\n Goodwill<\/p>\n \n\u00a0\n<\/p>\n \n2,487.5\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n2,465.1\n<\/p>\n \n\u00a0\n<\/p>\n Other intangible assets, net of accumulated amortization<\/p>\n \n\u00a0\n<\/p>\n \n1,382.5\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n1,383.8\n<\/p>\n \n\u00a0\n<\/p>\n Other assets<\/p>\n \n\u00a0\n<\/p>\n \n352.0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n333.3\n<\/p>\n \n\u00a0\n<\/p>\n Total assets<\/p>\n \n$\n<\/p>\n \n8,243.0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n7,936.2\n<\/p>\n \n\u00a0\n<\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n Liabilities and equity<\/p>\n Current liabilities<\/p>\n Current portion of short term debt<\/p>\n \n$\n<\/p>\n \n–\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n400.0\n<\/p>\n \n\u00a0\n<\/p>\n Accounts payable<\/p>\n \n\u00a0\n<\/p>\n \n728.1\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n764.9\n<\/p>\n \n\u00a0\n<\/p>\n Other current liabilities<\/p>\n \n\u00a0\n<\/p>\n \n626.7\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n806.2\n<\/p>\n \n\u00a0\n<\/p>\n Total current liabilities<\/p>\n \n\u00a0\n<\/p>\n \n1,354.8\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n1,971.1\n<\/p>\n \n\u00a0\n<\/p>\n \u00a0<\/p>\n Long-term debt<\/p>\n \n\u00a0\n<\/p>\n \n3,367.9\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n2,309.8\n<\/p>\n \n\u00a0\n<\/p>\n Deferred income taxes<\/p>\n \n\u00a0\n<\/p>\n \n196.4\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n176.0\n<\/p>\n \n\u00a0\n<\/p>\n Other non-current liabilities<\/p>\n \n\u00a0\n<\/p>\n \n409.1\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n414.5\n<\/p>\n \n\u00a0\n<\/p>\n Total liabilities<\/p>\n \n\u00a0\n<\/p>\n \n5,328.2\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n4,871.4\n<\/p>\n \n\u00a0\n<\/p>\n \u00a0<\/p>\n Stockholders’ equity<\/p>\n \n\u00a0\n<\/p>\n \n2,914.8\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n3,064.8\n<\/p>\n \n\u00a0\n<\/p>\n Total equity<\/p>\n \n\u00a0\n<\/p>\n \n2,914.8\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n3,064.8\n<\/p>\n \n\u00a0\n<\/p>\n Total liabilities and equity<\/p>\n \n$\n<\/p>\n \n8,243.0\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n7,936.2\n<\/p>\n \n\u00a0\n<\/p>\n \u00a0<\/p>\n \u00a0 \u00a0<\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n Three Months Ended March 31,<\/p>\n \n\u00a0\n<\/p>\n \n2022\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n2021\n<\/p>\n \n\u00a0\n<\/p>\n Operating activities<\/p>\n Net income<\/p>\n \n$\n<\/p>\n \n180.9\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n177.8\n<\/p>\n \n\u00a0\n<\/p>\n Depreciation and amortization<\/p>\n \n\u00a0\n<\/p>\n \n46.9\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n47.7\n<\/p>\n \n\u00a0\n<\/p>\n Non-cash lease expense<\/p>\n \n\u00a0\n<\/p>\n \n10.9\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n10.7\n<\/p>\n \n\u00a0\n<\/p>\n Deferred taxes<\/p>\n \n\u00a0\n<\/p>\n \n5.7\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n(0.1\n<\/p>\n \n)\n<\/p>\n Gain on equity investments<\/p>\n \n\u00a0\n<\/p>\n \n–\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n2.9\n<\/p>\n \n\u00a0\n<\/p>\n Other non-cash items<\/p>\n \n\u00a0\n<\/p>\n \n7.0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n13.0\n<\/p>\n \n\u00a0\n<\/p>\n Changes in assets and liabilities, net<\/p>\n \n\u00a0\n<\/p>\n \n(434.5\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n(321.2\n<\/p>\n \n)\n<\/p>\n Net cash used in operating activities<\/p>\n \n$\n<\/p>\n \n(183.1\n<\/p>\n \n)\n<\/p>\n \n$\n<\/p>\n \n(69.2\n<\/p>\n \n)\n<\/p>\n \u00a0<\/p>\n Investing activities<\/p>\n Capital expenditures<\/p>\n \n$\n<\/p>\n \n(60.8\n<\/p>\n \n)\n<\/p>\n \n$\n<\/p>\n \n(25.4\n<\/p>\n \n)\n<\/p>\n Proceeds from the disposition of assets<\/p>\n \n\u00a0\n<\/p>\n \n8.0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n1.7\n<\/p>\n \n\u00a0\n<\/p>\n Cost of acquisitions, net of cash acquired<\/p>\n \n\u00a0\n<\/p>\n \n(61.6\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n5.2\n<\/p>\n \n\u00a0\n<\/p>\n Net cash used in investing activities<\/p>\n \n$\n<\/p>\n \n(114.4\n<\/p>\n \n)\n<\/p>\n \n$\n<\/p>\n \n(18.5\n<\/p>\n \n)\n<\/p>\n \u00a0<\/p>\n Financing activities<\/p>\n Increase in debt, net<\/p>\n \n$\n<\/p>\n \n660.5\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n110.0\n<\/p>\n \n\u00a0\n<\/p>\n Proceeds from the exercise of stock options<\/p>\n \n\u00a0\n<\/p>\n \n0.2\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n10.6\n<\/p>\n \n\u00a0\n<\/p>\n Treasury stock purchases<\/p>\n \n\u00a0\n<\/p>\n \n(377.1\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n(54.1\n<\/p>\n \n)\n<\/p>\n Dividends to stockholders<\/p>\n \n\u00a0\n<\/p>\n \n(37.2\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n(36.0\n<\/p>\n \n)\n<\/p>\n Other items, net<\/p>\n \n\u00a0\n<\/p>\n \n(43.2\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n(7.7\n<\/p>\n \n)\n<\/p>\n Net cash provided by financing activities<\/p>\n \n$\n<\/p>\n \n203.2\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n22.8\n<\/p>\n \n\u00a0\n<\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n Effect of foreign exchange rate changes on cash<\/p>\n \n$\n<\/p>\n \n0.7\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n1.7\n<\/p>\n \n\u00a0\n<\/p>\n \u00a0<\/p>\n Net decrease in cash and cash equivalents<\/p>\n \n$\n<\/p>\n \n(93.6\n<\/p>\n \n)\n<\/p>\n \n$\n<\/p>\n \n(63.2\n<\/p>\n \n)\n<\/p>\n Cash, cash equivalents and restricted cash* at beginning of period<\/p>\n \n\u00a0\n<\/p>\n \n476.1\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n425.0\n<\/p>\n \n\u00a0\n<\/p>\n Cash, cash equivalents and restricted cash* at end of period<\/p>\n \n$\n<\/p>\n \n382.5\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n361.8\n<\/p>\n \n\u00a0\n<\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n FREE CASH FLOW<\/span><\/p>\n Three Months Ended March 31, \n\u00a0\n<\/p>\n \n2022\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n2021\n<\/p>\n \n\u00a0\n<\/p>\n \nApproximation\n<\/p>\n \u00a0<\/p>\n Free cash flow**<\/p>\n \n$\n<\/p>\n \n(235.7\n<\/p>\n \n)\n<\/p>\n \n$\n<\/p>\n \n(82.3\n<\/p>\n \n)\n<\/p>\n \n$\n<\/p>\n \n625.0 – 700.0\n<\/p>\n Add:<\/p>\n \n\u00a0\n<\/p>\n Capital expenditures<\/p>\n \n\u00a0\n<\/p>\n \n60.8\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n25.4\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n375.0 – 425.0\n<\/p>\n Less:<\/p>\n \n\u00a0\n<\/p>\n Proceeds from the disposition of assets<\/p>\n \n\u00a0\n<\/p>\n \n8.0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n1.7\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n7.0\n<\/p>\n \n\u00a0\n<\/p>\n Proceeds from the exercise of stock options<\/p>\n \n\u00a0\n<\/p>\n \n0.2\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n10.6\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n10.0\n<\/p>\n \n\u00a0\n<\/p>\n Cash flow from operations (GAAP)<\/p>\n \n$\n<\/p>\n \n(183.1\n<\/p>\n \n)\n<\/p>\n \n$\n<\/p>\n \n(69.2\n<\/p>\n \n)\n<\/p>\n \n$\n<\/p>\n \n983.0 – 1,108.0\n<\/p>\n \n\u00a0\n<\/p>\n \u00a0<\/p>\n *Restricted cash of $1.3 million and $3.0 million is included in Other current assets and Other assets, respectively, as of March 31, 2022. Restricted cash of $1.1 million and $4.7 million is included in Other current assets and Other assets, respectively, as of March 31, 2021.<\/p>\n \u00a0<\/p>\n ** Free cash flow is cash flow from operations calculated in accordance with U.S. generally accepted accounting principles (“GAAP”) less net capital expenditures (capital expenditures less proceeds from the disposition of assets including property, plant and equipment, and proceeds from the exercise of stock options). Free cash flow does not include adjustments for certain non-discretionary cash flows such as mandatory debt repayments. Free cash flow is a measure not derived in accordance with GAAP. Management believes that free cash flow provides investors with helpful supplemental information about the Company’s ability to fund internal growth, make acquisitions, repay debt and related interest, pay dividends and repurchase common stock. This measure may be inconsistent with similar measures presented by other companies.<\/p>\n \u00a0<\/p>\n \u00a0 \u00a0<\/p>\n \nThree Months Ended March 31,\n<\/p>\n \n2022\n<\/p>\n \n2021\n<\/p>\n \n% Change\n<\/p>\n \u00a0<\/p>\n Net sales<\/p>\n \n$\n<\/p>\n \n1,917.3\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n1,771.0\n<\/p>\n \n8\n<\/p>\n \n\u00a0\n<\/p>\n \u00a0<\/p>\n Cost of products sold<\/p>\n \n\u00a0\n<\/p>\n \n1,237.8\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n1,126.9\n<\/p>\n \n\u00a0\n<\/p>\n \n10\n<\/p>\n \n\u00a0\n<\/p>\n \u00a0<\/p>\n Selling, general<\/p>\n and administrative expenses<\/p>\n \n\u00a0\n<\/p>\n \n409.5\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n371.5\n<\/p>\n \n\u00a0\n<\/p>\n \n10\n<\/p>\n \n\u00a0\n<\/p>\n \u00a0<\/p>\n Amortization of intangible assets<\/p>\n \n\u00a0\n<\/p>\n \n16.0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n16.6\n<\/p>\n \n\u00a0\n<\/p>\n \n(4\n<\/p>\n \n)\n<\/p>\n \u00a0<\/p>\n Restructuring charges<\/p>\n \n\u00a0\n<\/p>\n \n0.6\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n7.6\n<\/p>\n \n\u00a0\n<\/p>\n \n(92\n<\/p>\n \n)\n<\/p>\n \u00a0<\/p>\n Operating income<\/p>\n \n\u00a0\n<\/p>\n \n253.4\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n248.4\n<\/p>\n \n\u00a0\n<\/p>\n \n2\n<\/p>\n \n\u00a0\n<\/p>\n \u00a0<\/p>\n Interest expense<\/p>\n \n\u00a0\n<\/p>\n \n21.8\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n21.4\n<\/p>\n \n\u00a0\n<\/p>\n \n2\n<\/p>\n \n\u00a0\n<\/p>\n \u00a0<\/p>\n Other (income) expense, net<\/p>\n \n\u00a0\n<\/p>\n \n(1.3\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n3.3\n<\/p>\n \n\u00a0\n<\/p>\n \n(139\n<\/p>\n \n)\n<\/p>\n \u00a0<\/p>\n Income before taxes<\/p>\n \n\u00a0\n<\/p>\n \n232.9\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n223.7\n<\/p>\n \n\u00a0\n<\/p>\n \n4\n<\/p>\n \n\u00a0\n<\/p>\n \u00a0<\/p>\n Income tax<\/p>\n \n\u00a0\n<\/p>\n \n52.0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n45.9\n<\/p>\n \n\u00a0\n<\/p>\n \n13\n<\/p>\n \n\u00a0\n<\/p>\n \u00a0<\/p>\n Net income<\/p>\n \n$\n<\/p>\n \n180.9\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n177.8\n<\/p>\n \n\u00a0\n<\/p>\n \n2\n<\/p>\n \n\u00a0\n<\/p>\n \u00a0<\/p>\n Diluted earnings per common share<\/p>\n Net income<\/p>\n \n$\n<\/p>\n \n1.34\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n1.26\n<\/p>\n \n\u00a0\n<\/p>\n \n6\n<\/p>\n \n\u00a0\n<\/p>\n \u00a0<\/p>\n Diluted average number of shares outstanding<\/p>\n \n\u00a0\n<\/p>\n \n134.7\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n140.6\n<\/p>\n \n\u00a0\n<\/p>\n \n(4\n<\/p>\n \n)\n<\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n DILUTED EPS BEFORE CHARGES\/GAINS RECONCILIATION<\/span><\/p>\n \u00a0<\/p>\n For the three months ended March 31, 2022, diluted EPS before charges\/gains is net income calculated on a diluted per-share basis, excluding $3.8 million ($4.0 million after tax or $0.03 per diluted share) of net gains included in restructuring and other charges\/gains.<\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n For the three months ended March 31, 2021 diluted EPS before charges\/gains is net income calculated on a diluted per-share basis, excluding $13.4 million ($10.0 million after tax or $0.08 per diluted share) of restructuring and other charges\/gains and a loss on equity investment of $4.5 million ($3.4 million after tax or $0.02 per diluted share).<\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n Three Months Ended March 31,<\/p>\n \n2022\n<\/p>\n \n2021\n<\/p>\n \n% Change\n<\/p>\n \u00a0<\/p>\n Earnings Per Common Share – Diluted<\/p>\n Diluted EPS before charges\/gains (b)<\/p>\n \n$\n<\/p>\n \n1.31\n<\/p>\n \n$\n<\/p>\n \n1.36\n<\/p>\n \n\u00a0\n<\/p>\n \n(4\n<\/p>\n \n)\n<\/p>\n \u00a0<\/p>\n Restructuring and other (charges)\/gains<\/p>\n \n\u00a0\n<\/p>\n \n0.03\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n(0.08\n<\/p>\n \n)\n<\/p>\n \n(138\n<\/p>\n \n)\n<\/p>\n Loss on equity investments (d)<\/p>\n \n\u00a0\n<\/p>\n \n–\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n(0.02\n<\/p>\n \n)\n<\/p>\n \n(100\n<\/p>\n \n)\n<\/p>\n \u00a0<\/p>\n Diluted EPS (GAAP)<\/p>\n \n$\n<\/p>\n \n1.34\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n1.26\n<\/p>\n \n\u00a0\n<\/p>\n \n6\n<\/p>\n \n\u00a0\n<\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n (b) (d) For definitions of Non-GAAP measures, see Definitions of Terms page<\/p>\n \u00a0<\/p>\n \n\u00a0\n<\/p>\n \nFORTUNE BRANDS HOME & SECURITY, INC.\n<\/p>\n (In millions) \u00a0<\/p>\n \u00a0<\/p>\n RECONCILIATION OF EBITDA BEFORE CHARGES\/GAINS TO NET INCOME<\/p>\n \u00a0<\/p>\n \nThree Months Ended March 31,\n<\/p>\n \n2022\n<\/p>\n \n2021\n<\/p>\n \n% Change\n<\/p>\n \u00a0<\/p>\n EBITDA BEFORE CHARGES\/GAINS (c)<\/p>\n \n$\n<\/p>\n \n297.7\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n309.1\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n(4\n<\/p>\n \n)\n<\/p>\n \u00a0<\/p>\n Depreciation*<\/p>\n \n$\n<\/p>\n \n(30.8\n<\/p>\n \n)\n<\/p>\n \n$\n<\/p>\n \n(29.5\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n4\n<\/p>\n \n\u00a0\n<\/p>\n Amortization of intangible assets<\/p>\n \n\u00a0\n<\/p>\n \n(16.0\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n(16.6\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n(4\n<\/p>\n \n)\n<\/p>\n Restructuring and other (charges)\/gains<\/p>\n \n\u00a0\n<\/p>\n \n3.8\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n(13.4\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n(128\n<\/p>\n \n)\n<\/p>\n Interest expense<\/p>\n \n\u00a0\n<\/p>\n \n(21.8\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n(21.4\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n2\n<\/p>\n \n\u00a0\n<\/p>\n Loss on equity investments (d)<\/p>\n \n\u00a0\n<\/p>\n \n–\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n(4.5\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n(100\n<\/p>\n \n)\n<\/p>\n Income taxes<\/p>\n \n\u00a0\n<\/p>\n \n(52.0\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n(45.9\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n13\n<\/p>\n \n\u00a0\n<\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n Net income (GAAP)<\/p>\n \n$\n<\/p>\n \n180.9\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n177.8\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n2\n<\/p>\n \n\u00a0\n<\/p>\n \u00a0<\/p>\n * Depreciation excludes accelerated depreciation expense of ($0.1) million and ($1.6) million for the three months ended March 31, 2022 and March 31, 2021, respectively. Accelerated depreciation is included in restructuring and other charges\/gains.<\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n CALCULATION OF NET DEBT-TO-EBITDA BEFORE CHARGES\/GAINS RATIO<\/p>\n \u00a0<\/p>\n As of March 31, 2022<\/p>\n Long-term debt **<\/p>\n \n$\n<\/p>\n \n3,367.9\n<\/p>\n \n\u00a0\n<\/p>\n Total debt<\/p>\n \n\u00a0\n<\/p>\n \n3,367.9\n<\/p>\n \n\u00a0\n<\/p>\n Less:<\/p>\n Cash and cash equivalents **<\/p>\n \n\u00a0\n<\/p>\n \n378.2\n<\/p>\n \n\u00a0\n<\/p>\n Net debt (1)<\/p>\n \n$\n<\/p>\n \n2,989.7\n<\/p>\n \n\u00a0\n<\/p>\n For the twelve months ended March 31, 2022<\/p>\n EBITDA before charges\/gains (2) (c)<\/p>\n \n$\n<\/p>\n \n1,296.8\n<\/p>\n \n\u00a0\n<\/p>\n \u00a0<\/p>\n Net debt-to-EBITDA before charges\/gains ratio (1\/2)<\/p>\n \n\u00a0\n<\/p>\n \n2.3\n<\/p>\n \n\u00a0\n<\/p>\n \u00a0<\/p>\n ** Amounts are per the Unaudited Condensed Consolidated Balance Sheet as of March 31, 2022.<\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n \nNine Months Ended \nThree Months \nTwelve Months \u00a0<\/p>\n \u00a0<\/p>\n \n2021\n<\/p>\n \n2022\n<\/p>\n \n2022\n<\/p>\n \u00a0<\/p>\n EBITDA BEFORE CHARGES\/GAINS (c)<\/p>\n \n$\n<\/p>\n \n999.1\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n297.7\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n1,296.8\n<\/p>\n \n\u00a0\n<\/p>\n \u00a0<\/p>\n Depreciation***<\/p>\n \n$\n<\/p>\n \n(91.6\n<\/p>\n \n)\n<\/p>\n \n$\n<\/p>\n \n(30.8\n<\/p>\n \n)\n<\/p>\n \n$\n<\/p>\n \n(122.4\n<\/p>\n \n)\n<\/p>\n Amortization of intangible assets<\/p>\n \n\u00a0\n<\/p>\n \n(47.5\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n(16.0\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n(63.5\n<\/p>\n \n)\n<\/p>\n Restructuring and other (charges)\/gains<\/p>\n \n\u00a0\n<\/p>\n \n(14.7\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n3.8\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n(10.9\n<\/p>\n \n)\n<\/p>\n Interest expense<\/p>\n \n\u00a0\n<\/p>\n \n(63.0\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n(21.8\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n(84.8\n<\/p>\n \n)\n<\/p>\n Defined benefit plan actuarial losses<\/p>\n \n\u00a0\n<\/p>\n \n(0.9\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n–\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n(0.9\n<\/p>\n \n)\n<\/p>\n Income taxes<\/p>\n \n\u00a0\n<\/p>\n \n(186.8\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n(52.0\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n(238.8\n<\/p>\n \n)\n<\/p>\n \u00a0<\/p>\n Net income (GAAP)<\/p>\n \n$\n<\/p>\n \n594.6\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n180.9\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n775.5\n<\/p>\n \n\u00a0\n<\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n *** Depreciation excludes accelerated depreciation expense of ($0.1) million for the three months ended March 31, 2022 and ($2.2) million for the nine months ended December 31, 2021. Accelerated depreciation is included in restructuring and other charges\/gains.<\/p>\n \u00a0<\/p>\n (c) (d) For definitions of Non-GAAP measures, see Definitions of Terms page<\/p>\n \u00a0<\/p>\n \n\u00a0\n<\/p>\n \nFORTUNE BRANDS HOME & SECURITY, INC.\n<\/p>\n (In millions, except per share amounts) \u00a0<\/p>\n \u00a0<\/p>\n \nThree Months Ended March 31,\n<\/p>\n \n2022\n<\/p>\n \n2021\n<\/p>\n \n% Change\n<\/p>\n Net sales (GAAP)<\/p>\n Water Innovations<\/p>\n \n$\n<\/p>\n \n643.6\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n621.6\n<\/p>\n \n\u00a0\n<\/p>\n \n4\n<\/p>\n \n\u00a0\n<\/p>\n Outdoors & Security<\/p>\n \n\u00a0\n<\/p>\n \n496.6\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n461.5\n<\/p>\n \n\u00a0\n<\/p>\n \n8\n<\/p>\n \n\u00a0\n<\/p>\n Cabinets<\/p>\n \n\u00a0\n<\/p>\n \n777.1\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n687.9\n<\/p>\n \n\u00a0\n<\/p>\n \n13\n<\/p>\n \n\u00a0\n<\/p>\n Total net sales<\/p>\n \n$\n<\/p>\n \n1,917.3\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n1,771.0\n<\/p>\n \n\u00a0\n<\/p>\n \n8\n<\/p>\n \n\u00a0\n<\/p>\n \u00a0<\/p>\n Operating income (loss)<\/p>\n Water Innovations<\/p>\n \n$\n<\/p>\n \n149.3\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n147.9\n<\/p>\n \n\u00a0\n<\/p>\n \n1\n<\/p>\n \n\u00a0\n<\/p>\n Outdoors & Security<\/p>\n \n\u00a0\n<\/p>\n \n60.2\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n52.8\n<\/p>\n \n\u00a0\n<\/p>\n \n14\n<\/p>\n \n\u00a0\n<\/p>\n Cabinets<\/p>\n \n\u00a0\n<\/p>\n \n73.6\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n72.6\n<\/p>\n \n\u00a0\n<\/p>\n \n1\n<\/p>\n \n\u00a0\n<\/p>\n Corporate expenses<\/p>\n \n\u00a0\n<\/p>\n \n(29.7\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n(24.9\n<\/p>\n \n)\n<\/p>\n \n19\n<\/p>\n \n\u00a0\n<\/p>\n \u00a0<\/p>\n Total operating income (GAAP)<\/p>\n \n$\n<\/p>\n \n253.4\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n248.4\n<\/p>\n \n\u00a0\n<\/p>\n \n2\n<\/p>\n \n\u00a0\n<\/p>\n \u00a0<\/p>\n OPERATING INCOME BEFORE CHARGES\/GAINS RECONCILIATION<\/span><\/p>\n \u00a0<\/p>\n Operating income (loss) before charges\/gains (a)<\/p>\n Water Innovations<\/p>\n \n$\n<\/p>\n \n150.1\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n149.4\n<\/p>\n \n\u00a0\n<\/p>\n \n–\n<\/p>\n \n\u00a0\n<\/p>\n Outdoors & Security<\/p>\n \n\u00a0\n<\/p>\n \n55.6\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n62.3\n<\/p>\n \n\u00a0\n<\/p>\n \n(11\n<\/p>\n \n)\n<\/p>\n Cabinets<\/p>\n \n\u00a0\n<\/p>\n \n73.6\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n74.5\n<\/p>\n \n\u00a0\n<\/p>\n \n(1\n<\/p>\n \n)\n<\/p>\n Corporate expenses<\/p>\n \n\u00a0\n<\/p>\n \n(29.7\n<\/p>\n \n)\n<\/p>\n \n\u00a0\n<\/p>\n \n(24.4\n<\/p>\n \n)\n<\/p>\n \n22\n<\/p>\n \n\u00a0\n<\/p>\n \u00a0<\/p>\n Total operating income before charges\/gains (a)<\/p>\n \n\u00a0\n<\/p>\n \n249.6\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n261.8\n<\/p>\n \n\u00a0\n<\/p>\n \n(5\n<\/p>\n \n)\n<\/p>\n Restructuring and other (charges)\/gains (1) (2)<\/p>\n \n\u00a0\n<\/p>\n \n3.8\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n(13.4\n<\/p>\n \n)\n<\/p>\n \n(128\n<\/p>\n \n)\n<\/p>\n Total operating income (GAAP)<\/p>\n \n$\n<\/p>\n \n253.4\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n248.4\n<\/p>\n \n\u00a0\n<\/p>\n \n2\n<\/p>\n \n\u00a0\n<\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n (1) Restructuring charges are costs incurred to implement significant cost reduction initiatives and include workforce reduction costs.<\/p>\n \u00a0<\/p>\n (2) “Other charges\/gains” represent pre-tax charges directly related to restructuring initiatives that cannot be reported as restructuring under GAAP. Such costs may include losses on disposal of inventories, trade receivables allowances from exiting product lines, accelerated depreciation resulting from the closure of facilities and gains or losses on the sale of previously closed facilities. In total, we recognized other net gains of $5.4 million for the three months ended March 31, 2022, and other charges of $1.9 million for the three months ended March 31, 2021.<\/p>\n In our Outdoors & Security segment, other charges also include an acquisition-related inventory step-up expense (Solar Innovations) of $0.7 million classified in cost of products sold and $0.3 million classified in selling, general and administrative for a compensation arrangement with the former owner of Solar for the three months ended March 31, 2022.<\/p>\n At Corporate, other charges also include pre-tax expenditures of $0.3 million for banking, legal, accounting and other similar services directly related to the acquisition of Larson classified in selling, general and administrative expenses and a pre-tax charge of $0.2 million for a loss on sale of a Corporate asset during the three months ended March 31, 2021. In our Outdoors & Security segment, other charges also includes an acquisition-related inventory step-up expense (Larson) of $3.4 million classified in cost of products sold for the three months ended March 31, 2021.<\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n (a) For definitions of Non-GAAP measures, see Definitions of Terms page<\/p>\n \u00a0<\/p>\n FORTUNE BRANDS HOME & SECURITY, INC. \u00a0<\/p>\n Before Charges\/Gains Adjustments<\/p>\n \u00a0<\/p>\n Restructuring Before<\/p>\n GAAP<\/p>\n and other Charges\/Gains<\/p>\n (unaudited)<\/p>\n (charges)\/gains (Non-GAAP)<\/p>\n \u00a0<\/p>\n \n2022\n<\/p>\n FIRST QUARTER<\/p>\n \n\u00a0\n<\/p>\n \nNet sales\n<\/p>\n \n$\n<\/p>\n \n1,917.3\n<\/p>\n \n\u00a0\n<\/p>\n \n–\n<\/p>\n \n\u00a0\n<\/p>\n \n–\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \nCost of products sold\n<\/p>\n \n\u00a0\n<\/p>\n \n1,237.8\n<\/p>\n \n\u00a0\n<\/p>\n \n5.4\n<\/p>\n \n\u00a0\n<\/p>\n \n–\n<\/p>\n \n\u00a0\n<\/p>\n \nSelling, general & administrative expenses\n<\/p>\n \n\u00a0\n<\/p>\n \n409.5\n<\/p>\n \n\u00a0\n<\/p>\n \n(1.0\n<\/p>\n \n)\n<\/p>\n \n–\n<\/p>\n \n\u00a0\n<\/p>\n \nAmortization of intangible assets\n<\/p>\n \n\u00a0\n<\/p>\n \n16.0\n<\/p>\n \n\u00a0\n<\/p>\n \n–\n<\/p>\n \n\u00a0\n<\/p>\n \n–\n<\/p>\n \n\u00a0\n<\/p>\n \nRestructuring (charges)\/gains\n<\/p>\n \n\u00a0\n<\/p>\n \n0.6\n<\/p>\n \n\u00a0\n<\/p>\n \n(0.6\n<\/p>\n \n)\n<\/p>\n \n–\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \nOperating income\n<\/p>\n \n\u00a0\n<\/p>\n \n253.4\n<\/p>\n \n\u00a0\n<\/p>\n \n(3.8\n<\/p>\n \n)\n<\/p>\n \n–\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n249.6\n<\/p>\n \n\u00a0\n<\/p>\n \nInterest expense\n<\/p>\n \n\u00a0\n<\/p>\n \n21.8\n<\/p>\n \n\u00a0\n<\/p>\n \n–\n<\/p>\n \n\u00a0\n<\/p>\n \n–\n<\/p>\n \n\u00a0\n<\/p>\n \nOther (income) expense, net\n<\/p>\n \n\u00a0\n<\/p>\n \n(1.3\n<\/p>\n \n)\n<\/p>\n \n–\n<\/p>\n \n\u00a0\n<\/p>\n \n–\n<\/p>\n \n\u00a0\n<\/p>\n \nIncome before taxes\n<\/p>\n \n\u00a0\n<\/p>\n \n232.9\n<\/p>\n \n\u00a0\n<\/p>\n \n(3.8\n<\/p>\n \n)\n<\/p>\n \n–\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n229.1\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \nIncome tax\n<\/p>\n \n\u00a0\n<\/p>\n \n52.0\n<\/p>\n \n\u00a0\n<\/p>\n \n0.2\n<\/p>\n \n\u00a0\n<\/p>\n \n–\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \nNet income\n<\/p>\n \n\u00a0\n<\/p>\n \n180.9\n<\/p>\n \n\u00a0\n<\/p>\n \n(4.0\n<\/p>\n \n)\n<\/p>\n \n–\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n176.9\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \nDiluted average number of shares outstanding\n<\/p>\n \n\u00a0\n<\/p>\n \n134.7\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n134.7\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \nDiluted EPS\n<\/p>\n \n$\n<\/p>\n \n1.34\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n1.31\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n2021\n<\/p>\n \n\u00a0\n<\/p>\n \nNet sales\n<\/p>\n \n$\n<\/p>\n \n1,771.0\n<\/p>\n \n\u00a0\n<\/p>\n \n–\n<\/p>\n \n\u00a0\n<\/p>\n \n–\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \nCost of products sold\n<\/p>\n \n\u00a0\n<\/p>\n \n1,126.9\n<\/p>\n \n\u00a0\n<\/p>\n \n(5.3\n<\/p>\n \n)\n<\/p>\n \n–\n<\/p>\n \n\u00a0\n<\/p>\n \nSelling, general & administrative expenses\n<\/p>\n \n\u00a0\n<\/p>\n \n371.5\n<\/p>\n \n\u00a0\n<\/p>\n \n(0.5\n<\/p>\n \n)\n<\/p>\n \n–\n<\/p>\n \n\u00a0\n<\/p>\n \nAmortization of intangible assets\n<\/p>\n \n\u00a0\n<\/p>\n \n16.6\n<\/p>\n \n\u00a0\n<\/p>\n \n–\n<\/p>\n \n\u00a0\n<\/p>\n \n–\n<\/p>\n \n\u00a0\n<\/p>\n \nRestructuring (charges)\/gains\n<\/p>\n \n\u00a0\n<\/p>\n \n7.6\n<\/p>\n \n\u00a0\n<\/p>\n \n(7.6\n<\/p>\n \n)\n<\/p>\n \n–\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \nOperating income\n<\/p>\n \n\u00a0\n<\/p>\n \n248.4\n<\/p>\n \n\u00a0\n<\/p>\n \n13.4\n<\/p>\n \n\u00a0\n<\/p>\n \n–\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n261.8\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \nInterest expense\n<\/p>\n \n\u00a0\n<\/p>\n \n21.4\n<\/p>\n \n\u00a0\n<\/p>\n \n–\n<\/p>\n \n\u00a0\n<\/p>\n \n–\n<\/p>\n \n\u00a0\n<\/p>\n \nOther (income) expense, net\n<\/p>\n \n\u00a0\n<\/p>\n \n3.3\n<\/p>\n \n\u00a0\n<\/p>\n \n–\n<\/p>\n \n\u00a0\n<\/p>\n \n(4.5\n<\/p>\n \n)\n<\/p>\n \nIncome before taxes\n<\/p>\n \n\u00a0\n<\/p>\n \n223.7\n<\/p>\n \n\u00a0\n<\/p>\n \n13.4\n<\/p>\n \n\u00a0\n<\/p>\n \n4.5\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n241.6\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \nIncome tax\n<\/p>\n \n\u00a0\n<\/p>\n \n45.9\n<\/p>\n \n\u00a0\n<\/p>\n \n3.4\n<\/p>\n \n\u00a0\n<\/p>\n \n1.1\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \nNet income\n<\/p>\n \n\u00a0\n<\/p>\n \n177.8\n<\/p>\n \n\u00a0\n<\/p>\n \n10.0\n<\/p>\n \n\u00a0\n<\/p>\n \n3.4\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n191.2\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \nDiluted average number of shares outstanding\n<\/p>\n \n\u00a0\n<\/p>\n \n140.6\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n140.6\n<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \nDiluted EPS\n<\/p>\n \n$\n<\/p>\n \n1.26\n<\/p>\n \n\u00a0\n<\/p>\n \n$\n<\/p>\n \n1.36\n<\/p>\n \n\u00a0\n<\/p>\n Contacts <\/p>\n \nINVESTOR CONTACT: \nMEDIA CONTACT:
\nCompany announces intent to separate into two leading publicly traded companies via a tax-free spin-off of Cabinets business<\/p>\n
\nFORTUNE BRANDS HOME & SECURITY, INC.
\n(In millions, except per share amounts)
\n(Unaudited)<\/p>\n
\nFORTUNE BRANDS HOME & SECURITY, INC.
\nCONDENSED CONSOLIDATED BALANCE SHEETS (GAAP)
\n(In millions)
\n(Unaudited)<\/p>\n
\nFORTUNE BRANDS HOME & SECURITY, INC.
\nCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
\n(In millions)
\n(Unaudited)<\/p>\n
\n2022 Full Year<\/p>\n
\nFORTUNE BRANDS HOME & SECURITY, INC.
\nCONDENSED CONSOLIDATED STATEMENTS OF INCOME (GAAP)
\n(In millions, except per share amounts)
\n(Unaudited)<\/p>\n
\n(Unaudited)<\/p>\n
\n
December 31,\n<\/p>\n
\n
Ended March 31,\n<\/p>\n
\n
Ended March 31,\n<\/p>\n
\n(Unaudited)<\/p>\n
\nReconciliation of Income Statements – GAAP to Before Charges\/Gains Information
\nThree Months Ended March 31,
\n(In millions, except per share amounts)
\n(Unaudited)<\/p>\n
\nLoss on<\/p>\n
\nequity<\/p>\n
\ninvestment<\/p>\n
\n
Matthew Skelly
\n
847-484-4573
\n
Investor.Questions@FBHS.com<\/a>\n<\/p>\n
\n
Darwin Minnis
\n
847-484-4204
\n
Media.Relations@FBHS.com<\/a>\n<\/p>\n
![<\/a>\nCompany announces intent to separate into two leading publicly traded companies via a tax-free spin-off of Cabinets business<\/p>\n1Q 2022 sales of $1.9 billion increased 8 percent versus a year ago<\/p>\n1Q 2022 earnings per share (EPS) of $1.34; an increase of 6 percent versus a year ago; EPS before charges \/ gains of $1.31, a decrease of 4 percent versus a year ago<\/p>\nCompany adjusts full year 2022 EPS range upward to reflect impact from share repurchases net of interest expense and taxes; Company maintains 2022 operational guidance<\/p>\nDEERFIELD, IL.–(BUSINESS WIRE)–Fortune Brands Home & Security, Inc. (NYSE: FBHS, the \u201cCompany\u201d, or \u201cFortune Brands\u201d), an industry-leading home and security products company, today announced that it intends to separate into two publicly traded companies and also reported first quarter 2022 results.\n<\/p>\n\nSummary of Intent to Separate Fortune Brands into Two World Class Companies<\/span>\n<\/p>\n\nFortune Brands\u2019 Board of Directors authorized the Company to pursue a tax-free spin-off of its Cabinets business into a standalone publicly traded company. Upon closing of the proposed separation, shareholders would hold interests in two leading companies. The separation represents the Company\u2019s next chapter of outstanding value creation. The result will be two well-positioned, leading companies with exceptional potential. New Fortune Brands will bring brand and innovation excellence to super-charged categories, leveraging secular growth themes of water management, outdoor living, material conversion and science, and connected products. Additionally, shareholders would hold interests in North America\u2019s leading cabinets company delivering top-tier performance through operational excellence. A potential separation is subject to further Board approval and other customary conditions and is expected to take approximately 12 months to complete. Management will discuss the separation as part of its first quarter earnings call later today. An investor presentation highlighting the proposed separation, as well as first quarter earnings call details, can be found in the investor section on the Company\u2019s website at www.FBHS.com<\/a>.\n<\/p>\n\n\u201cWe are excited to be taking the next step in our value creation journey for stakeholders. There is much work to be done, but together with the rest of our Board, I believe that this separation will enable each company to recognize its full potential and unlock even greater long-term stakeholder value,\u201d said Nicholas Fink, chief executive officer, Fortune Brands. \u201cEach company will pursue independent paths with fit-for-purpose strategies supported by thoughtful investments. Our entire Company has delivered exceptional results over the past ten years, and our cabinets business has implemented the capabilities and demonstrated the performance required to thrive as an independent entity. The separation will result in two world class businesses with the scale, winning strategies, capabilities, and leadership to sustain and accelerate value creation. We are very excited for the future.\u201d\n<\/p>\n\nAdvisors<\/span>\n<\/p>\n\nThe Company will be advised on the proposed separation by Ardea Partners, Barclays, Rothschild & Co, and Sidley Austin LLP.\n<\/p>\n\n<\/div>\n\nFirst Quarter 2022<\/span>\n<\/p>\n\nFor the first quarter of 2022, sales were $1.9 billion, an increase of 8 percent over the first quarter of 2021. Earnings per share were $1.34, compared to $1.26 in the prior-year quarter, an increase of 6 percent. EPS before charges \/ gains were $1.31, compared to $1.36 the same quarter last year, a decrease of 4 percent. Operating income was $253.4 million, compared to $248.4 million in the prior-year quarter, an increase of 2 percent. Operating income before charges \/ gains was $249.6 million, compared to $261.8 million the same quarter last year, down 5 percent. Operating margin was 13.2 percent, compared to 14.0 percent in the first quarter of 2021. Operating margin before charges \/ gains was 13.0 percent, compared to 14.8 percent in the first quarter of 2021.\n<\/p>\n\nFor each segment in the first quarter of 2022, compared to the prior-year quarter:\n<\/p>\nWater Innovations (formerly the Global Plumbing Group) sales increased 4 percent, with no material FX impact in the period. Results were driven by sales growth across all major markets. Operating margin before charges \/ gains was 23.3 percent.<\/p>\nOutdoors & Security sales increased 8 percent, driven by double-digit sales growth in doors and security products. Operating margin before charges \/ gains was 11.2 percent.<\/p>\nCabinet sales increased 13 percent, driven by growth across stock and make-to-order. Operating margin before charges \/ gains was 9.5 percent.<\/p>\n\n\u201cOur teams again delivered excellent results in an extremely dynamic environment, demonstrating our commitment to serving our valued channel partners and consumers,\u201d said Fink. \u201cDemand remains robust across the portfolio and the consumer is continuing to invest in the home. We remain fully aware of the potential challenges from rising interest rates and continued inflation on consumers in the near-term, and our teams are actively managing our businesses to create value and deliver regardless of the environment. Demand and demographic fundamentals for housing remain favorable and support long-term growth and margin expansion going forward.\u201d\n<\/p>\n\nBalance Sheet and Liquidity<\/span>\n<\/p>\n\nAt the end of the quarter, net debt was $3.0 billion and net debt to EBITDA was 2.3x. The Company had $378 million in cash and $553 million of availability under its revolving credit facility.\n<\/p>\n\nDuring the first quarter, the Company announced a $750 million share repurchase reauthorization. During the quarter, the Company repurchased approximately $380 million in common stock and year-to-date has repurchased approximately $405 million in common stock.\n<\/p>\n\nAdditionally, on March 28, 2022, the Company announced it had priced $900 million in senior unsecured notes and used the proceeds and other liquidity sources to retire an outstanding term loan.\n<\/p>\n\nAnnual Outlook for 2022<\/span>\n<\/p>\n\nThe Company is increasing the midpoint of full-year EPS by $0.05 to a range of $6.40 to $6.60, reflecting the impact of share repurchases net of interest expense and tax items. The midpoint implies EPS growth of 13 percent versus prior year. The Company is maintaining its operational guidance for the year.\n<\/p>\n\n<\/div>\n\n\u201cOur strong business model and track record of performance have proven resilient in a variety of complex market conditions over the past few years,\u201d said Patrick Hallinan, chief financial officer, Fortune Brands. \u201cWe believe in the strength of long-term housing fundamentals, and we are confident in our leadership\u2019s ability to seize on the opportunities and mitigate the challenges that may arise in the fluid near-term environment. We will continue to utilize our strength to position our Company for success and opportunistically deploy capital to drive value creation.\u201d\n<\/p>\n\nAbout Fortune Brands<\/span>\n<\/p>\n\nFortune Brands Home & Security, Inc. (NYSE: FBHS), headquartered in Deerfield, IL., is a Fortune 500 company, part of the S&P 500 Index and a leader in the home products industry. With trusted brands and market leadership positions in each of its three operating segments, Water Innovations, Outdoors & Security, and Cabinets, Fortune Brands\u2019 28,000 associates work with a purpose to fulfill the dreams of home.\n<\/p>\n\nThe Company\u2019s growing portfolio of complementary businesses and innovative brands includes Moen and the House of Rohl within Water Innovations; outdoor living and security products from Therma-Tru, LARSON, Fiberon, Master Lock and SentrySafe; and MasterBrand Cabinets\u2019 wide-ranging offerings from MANTRA, Diamond, Omega and many more. Visit www.FBHS.com<\/a> to learn more about FBHS, its brands and how the Company is accelerating its environmental, social and governance (ESG) commitments.\n<\/p>\n\nCAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS<\/span>\n<\/p>\n\nThis press release contains certain \u201cforward-looking statements\u201d that are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the \u201cExchange Act\u201d), regarding general business strategies, market potential, anticipated future financial performance, the potential of our brands and the housing market, and other matters. Statements preceded by, followed by or that otherwise include the words \u201cbelieves\u201d, \u201cpositioned\u201d, \u201cexpects\u201d, \u201cestimates\u201d, \u201cplans\u201d, \u201clook to\u201d, \u201coutlook\u201d, \u201cintend\u201d, and similar expressions or future or conditional verbs such as \u201cwill\u201d, \u201cshould\u201d, \u201cwould\u201d, \u201cmay\u201d and \u201ccould\u201d are generally forward-looking in nature and not historical facts. Where, in any forward-looking statement, we express an expectation or belief as to future results or events, such expectation or belief is based on the current plans and expectations of our management. Although we believe that these statements are based on reasonable assumptions, they are subject to numerous factors, risks and uncertainties that could cause actual outcomes and results to be materially different from those indicated in such statements, including but not limited to include the expected benefits and costs of the intended spin-off transaction, the tax-free nature of the spin-off, the expected timing of the completion of the spin-off transaction and the transaction terms; general business and economic conditions; our reliance on the North American repair and remodel and new home construction activity levels; our reliance on key customers and suppliers; our ability to maintain our strong brands and to develop innovative products while maintaining our competitive positions; our ability to improve organizational productivity and global supply chain efficiency; our ability to obtain raw materials and finished goods in a timely and cost-effective manner; the impact of sustained inflation, including global commodity and energy availability and price volatility; the impact of trade-related tariffs and risks with uncertain trade environments or changes in government and industry regulatory standards; our ability to attract and retain qualified personnel and other labor constraints; the uncertainties relating to the impact of COVID-19 on the Company\u2019s business and results, our ability to achieve the anticipated benefits of our strategic initiatives, our ability to successfully execute our acquisition strategy and integrate businesses that we have and may acquire; and the other factors discussed in our securities filings, including in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2021, filed with the Securities and Exchange Commission. The forward-looking statements included in this release are made as of the date hereof, and except as required by law, we undertake no obligation to update, amend or clarify any forward-looking statements to reflect events, new information or circumstances occurring after the date of this release.\n<\/p>\n\n<\/div>\n\nUse of Non-GAAP Financial Information<\/span>\n<\/p>\n\nThis press release includes measures not derived in accordance with generally accepted accounting principles (\u201cGAAP\u201d), such as diluted earnings per share before charges \/ gains, operating income before charges \/ gains, operating margin before charges \/ gains, EBITDA before charges \/ gains, net debt, net debt to EBITDA before charges \/ gains, and free cash flow. These measures should not be considered in isolation or as a substitute for any measure derived in accordance with GAAP and may also be inconsistent with similar measures presented by other companies. Reconciliations of these measures to the most closely comparable GAAP measures, and reasons for the Company\u2019s use of these measures, are presented in the attached pages.\n<\/p>\n\n<\/div>\n\u00a0\nFORTUNE BRANDS HOME & SECURITY, INC.\n(In millions, except per share amounts)\n(Unaudited)<\/p>\n\u00a0<\/p>\nNet sales<\/p>\n\u00a0<\/p>\n\u00a0<\/p>\n\nThree Months Ended March 31,\n<\/p>\n\n2022\n<\/p>\n\n2021\n<\/p>\n\n% Change\n<\/p>\nNet sales (GAAP)<\/p>\nWater Innovations<\/p>\n\n$\n<\/p>\n\n643.6\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n621.6\n<\/p>\n\n\u00a0\n<\/p>\n\n4\n<\/p>\n\n\u00a0\n<\/p>\nOutdoors & Security<\/p>\n\n\u00a0\n<\/p>\n\n496.6\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n461.5\n<\/p>\n\n\u00a0\n<\/p>\n\n8\n<\/p>\n\n\u00a0\n<\/p>\nCabinets<\/p>\n\n\u00a0\n<\/p>\n\n777.1\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n687.9\n<\/p>\n\n\u00a0\n<\/p>\n\n13\n<\/p>\n\n\u00a0\n<\/p>\nTotal net sales<\/p>\n\n$\n<\/p>\n\n1,917.3\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n1,771.0\n<\/p>\n\n\u00a0\n<\/p>\n\n8\n<\/p>\n\n\u00a0\n<\/p>\n\u00a0<\/p>\nQuarter operating income<\/p>\n\u00a0<\/p>\n\u00a0<\/p>\n\nBefore Charges & Gains\n<\/p>\n\nGAAP\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\nThree Months Ended March 31,\n<\/p>\n\nThree Months Ended March 31,\n<\/p>\nOperating income (loss) before charges\/gains (a)<\/p>\n\n2022\n<\/p>\n\n2021\n<\/p>\n\n% Change\n<\/p>\nOperating income (loss)<\/p>\n\n2022\n<\/p>\n\n2021\n<\/p>\n\n% Change\n<\/p>\nWater Innovations<\/p>\n\n$\n<\/p>\n\n150.1\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n149.4\n<\/p>\n\n\u00a0\n<\/p>\n\n–\n<\/p>\n\n\u00a0\n<\/p>\nWater Innovations<\/p>\n\n$\n<\/p>\n\n149.3\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n147.9\n<\/p>\n\n\u00a0\n<\/p>\n\n1\n<\/p>\nOutdoors & Security<\/p>\n\n\u00a0\n<\/p>\n\n55.6\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n62.3\n<\/p>\n\n\u00a0\n<\/p>\n\n(11\n<\/p>\n\n)\n<\/p>\nOutdoors & Security<\/p>\n\n\u00a0\n<\/p>\n\n60.2\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n52.8\n<\/p>\n\n\u00a0\n<\/p>\n\n14\n<\/p>\n\n\u00a0\n<\/p>\nCabinets<\/p>\n\n\u00a0\n<\/p>\n\n73.6\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n74.5\n<\/p>\n\n\u00a0\n<\/p>\n\n(1\n<\/p>\n\n)\n<\/p>\nCabinets<\/p>\n\n\u00a0\n<\/p>\n\n73.6\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n72.6\n<\/p>\n\n\u00a0\n<\/p>\n\n1\n<\/p>\n\n\u00a0\n<\/p>\nCorporate expenses<\/p>\n\n\u00a0\n<\/p>\n\n(29.7\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n(24.4\n<\/p>\n\n)\n<\/p>\n\n22\n<\/p>\n\n\u00a0\n<\/p>\nCorporate expenses<\/p>\n\n\u00a0\n<\/p>\n\n(29.7\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n(24.9\n<\/p>\n\n)\n<\/p>\n\n19\n<\/p>\n\n\u00a0\n<\/p>\n\u00a0<\/p>\nTotal operating income before charges\/gains<\/p>\n\n$\n<\/p>\n\n249.6\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n261.8\n<\/p>\n\n\u00a0\n<\/p>\n\n(5\n<\/p>\n\n)\n<\/p>\nTotal operating income (GAAP)<\/p>\n\n$\n<\/p>\n\n253.4\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n248.4\n<\/p>\n\n\u00a0\n<\/p>\n\n2\n<\/p>\n\n\u00a0\n<\/p>\n\u00a0<\/p>\nEarnings Per Share before charges\/gains (b)<\/p>\nDiluted EPS (GAAP)<\/p>\nDiluted<\/p>\n\n$\n<\/p>\n\n1.31\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n1.36\n<\/p>\n\n\u00a0\n<\/p>\n\n(4\n<\/p>\n\n)\n<\/p>\nDiluted EPS<\/p>\n\n$\n<\/p>\n\n1.34\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n1.26\n<\/p>\n\n\u00a0\n<\/p>\n\n6\n<\/p>\n\n\u00a0\n<\/p>\n\u00a0<\/p>\n\u00a0<\/p>\nEBITDA before charges\/gains (c)<\/p>\n\n$\n<\/p>\n\n297.7\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n309.1\n<\/p>\n\n\u00a0\n<\/p>\n\n(4\n<\/p>\n\n)\n<\/p>\nNet income (GAAP)<\/p>\n\n$\n<\/p>\n\n180.9\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n177.8\n<\/p>\n\n\u00a0\n<\/p>\n\n2\n<\/p>\n\n\u00a0\n<\/p>\n\u00a0<\/p>\n\u00a0<\/p>\n(a) (b) (c) For definitions of Non-GAAP measures, see Definitions of Terms page<\/p>\n\u00a0<\/p>\n\n<\/div>\n\u00a0\nFORTUNE BRANDS HOME & SECURITY, INC.\nCONDENSED CONSOLIDATED BALANCE SHEETS (GAAP)\n(In millions)\n(Unaudited)<\/p>\n\u00a0<\/p>\n\u00a0<\/p>\n\nMarch 31,\n<\/p>\n\n\u00a0\n<\/p>\n\nDecember 31,\n<\/p>\n\n2022\n<\/p>\n\n\u00a0\n<\/p>\n\n2021\n<\/p>\n\u00a0<\/p>\nAssets<\/p>\nCurrent assets<\/p>\nCash and cash equivalents<\/p>\n\n$\n<\/p>\n\n378.2\n<\/p>\n\n$\n<\/p>\n\n471.5\n<\/p>\nAccounts receivable, net<\/p>\n\n\u00a0\n<\/p>\n\n1,011.6\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n885.7\n<\/p>\n\n\u00a0\n<\/p>\nInventories<\/p>\n\n\u00a0\n<\/p>\n\n1,334.7\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n1,193.8\n<\/p>\n\n\u00a0\n<\/p>\nOther current assets<\/p>\n\n\u00a0\n<\/p>\n\n232.2\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n193.5\n<\/p>\n\n\u00a0\n<\/p>\nTotal current assets<\/p>\n\n\u00a0\n<\/p>\n\n2,956.7\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n2,744.5\n<\/p>\n\n\u00a0\n<\/p>\n\u00a0<\/p>\nProperty, plant and equipment, net<\/p>\n\n\u00a0\n<\/p>\n\n1,064.3\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n1,009.5\n<\/p>\n\n\u00a0\n<\/p>\nGoodwill<\/p>\n\n\u00a0\n<\/p>\n\n2,487.5\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n2,465.1\n<\/p>\n\n\u00a0\n<\/p>\nOther intangible assets, net of accumulated amortization<\/p>\n\n\u00a0\n<\/p>\n\n1,382.5\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n1,383.8\n<\/p>\n\n\u00a0\n<\/p>\nOther assets<\/p>\n\n\u00a0\n<\/p>\n\n352.0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n333.3\n<\/p>\n\n\u00a0\n<\/p>\nTotal assets<\/p>\n\n$\n<\/p>\n\n8,243.0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n7,936.2\n<\/p>\n\n\u00a0\n<\/p>\n\u00a0<\/p>\n\u00a0<\/p>\nLiabilities and equity<\/p>\nCurrent liabilities<\/p>\nCurrent portion of short term debt<\/p>\n\n$\n<\/p>\n\n–\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n400.0\n<\/p>\n\n\u00a0\n<\/p>\nAccounts payable<\/p>\n\n\u00a0\n<\/p>\n\n728.1\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n764.9\n<\/p>\n\n\u00a0\n<\/p>\nOther current liabilities<\/p>\n\n\u00a0\n<\/p>\n\n626.7\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n806.2\n<\/p>\n\n\u00a0\n<\/p>\nTotal current liabilities<\/p>\n\n\u00a0\n<\/p>\n\n1,354.8\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n1,971.1\n<\/p>\n\n\u00a0\n<\/p>\n\u00a0<\/p>\nLong-term debt<\/p>\n\n\u00a0\n<\/p>\n\n3,367.9\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n2,309.8\n<\/p>\n\n\u00a0\n<\/p>\nDeferred income taxes<\/p>\n\n\u00a0\n<\/p>\n\n196.4\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n176.0\n<\/p>\n\n\u00a0\n<\/p>\nOther non-current liabilities<\/p>\n\n\u00a0\n<\/p>\n\n409.1\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n414.5\n<\/p>\n\n\u00a0\n<\/p>\nTotal liabilities<\/p>\n\n\u00a0\n<\/p>\n\n5,328.2\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n4,871.4\n<\/p>\n\n\u00a0\n<\/p>\n\u00a0<\/p>\nStockholders’ equity<\/p>\n\n\u00a0\n<\/p>\n\n2,914.8\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n3,064.8\n<\/p>\n\n\u00a0\n<\/p>\nTotal equity<\/p>\n\n\u00a0\n<\/p>\n\n2,914.8\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n3,064.8\n<\/p>\n\n\u00a0\n<\/p>\nTotal liabilities and equity<\/p>\n\n$\n<\/p>\n\n8,243.0\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n7,936.2\n<\/p>\n\n\u00a0\n<\/p>\n\u00a0<\/p>\n\n<\/div>\n\u00a0\nFORTUNE BRANDS HOME & SECURITY, INC.\nCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS\n(In millions)\n(Unaudited)<\/p>\n\u00a0<\/p>\n\u00a0<\/p>\n\u00a0<\/p>\nThree Months Ended March 31,<\/p>\n\n\u00a0\n<\/p>\n\n2022\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n2021\n<\/p>\n\n\u00a0\n<\/p>\nOperating activities<\/p>\nNet income<\/p>\n\n$\n<\/p>\n\n180.9\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n177.8\n<\/p>\n\n\u00a0\n<\/p>\nDepreciation and amortization<\/p>\n\n\u00a0\n<\/p>\n\n46.9\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n47.7\n<\/p>\n\n\u00a0\n<\/p>\nNon-cash lease expense<\/p>\n\n\u00a0\n<\/p>\n\n10.9\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n10.7\n<\/p>\n\n\u00a0\n<\/p>\nDeferred taxes<\/p>\n\n\u00a0\n<\/p>\n\n5.7\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n(0.1\n<\/p>\n\n)\n<\/p>\nGain on equity investments<\/p>\n\n\u00a0\n<\/p>\n\n–\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n2.9\n<\/p>\n\n\u00a0\n<\/p>\nOther non-cash items<\/p>\n\n\u00a0\n<\/p>\n\n7.0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n13.0\n<\/p>\n\n\u00a0\n<\/p>\nChanges in assets and liabilities, net<\/p>\n\n\u00a0\n<\/p>\n\n(434.5\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n(321.2\n<\/p>\n\n)\n<\/p>\nNet cash used in operating activities<\/p>\n\n$\n<\/p>\n\n(183.1\n<\/p>\n\n)\n<\/p>\n\n$\n<\/p>\n\n(69.2\n<\/p>\n\n)\n<\/p>\n\u00a0<\/p>\nInvesting activities<\/p>\nCapital expenditures<\/p>\n\n$\n<\/p>\n\n(60.8\n<\/p>\n\n)\n<\/p>\n\n$\n<\/p>\n\n(25.4\n<\/p>\n\n)\n<\/p>\nProceeds from the disposition of assets<\/p>\n\n\u00a0\n<\/p>\n\n8.0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n1.7\n<\/p>\n\n\u00a0\n<\/p>\nCost of acquisitions, net of cash acquired<\/p>\n\n\u00a0\n<\/p>\n\n(61.6\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n5.2\n<\/p>\n\n\u00a0\n<\/p>\nNet cash used in investing activities<\/p>\n\n$\n<\/p>\n\n(114.4\n<\/p>\n\n)\n<\/p>\n\n$\n<\/p>\n\n(18.5\n<\/p>\n\n)\n<\/p>\n\u00a0<\/p>\nFinancing activities<\/p>\nIncrease in debt, net<\/p>\n\n$\n<\/p>\n\n660.5\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n110.0\n<\/p>\n\n\u00a0\n<\/p>\nProceeds from the exercise of stock options<\/p>\n\n\u00a0\n<\/p>\n\n0.2\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n10.6\n<\/p>\n\n\u00a0\n<\/p>\nTreasury stock purchases<\/p>\n\n\u00a0\n<\/p>\n\n(377.1\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n(54.1\n<\/p>\n\n)\n<\/p>\nDividends to stockholders<\/p>\n\n\u00a0\n<\/p>\n\n(37.2\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n(36.0\n<\/p>\n\n)\n<\/p>\nOther items, net<\/p>\n\n\u00a0\n<\/p>\n\n(43.2\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n(7.7\n<\/p>\n\n)\n<\/p>\nNet cash provided by financing activities<\/p>\n\n$\n<\/p>\n\n203.2\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n22.8\n<\/p>\n\n\u00a0\n<\/p>\n\u00a0<\/p>\n\u00a0<\/p>\nEffect of foreign exchange rate changes on cash<\/p>\n\n$\n<\/p>\n\n0.7\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n1.7\n<\/p>\n\n\u00a0\n<\/p>\n\u00a0<\/p>\nNet decrease in cash and cash equivalents<\/p>\n\n$\n<\/p>\n\n(93.6\n<\/p>\n\n)\n<\/p>\n\n$\n<\/p>\n\n(63.2\n<\/p>\n\n)\n<\/p>\nCash, cash equivalents and restricted cash* at beginning of period<\/p>\n\n\u00a0\n<\/p>\n\n476.1\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n425.0\n<\/p>\n\n\u00a0\n<\/p>\nCash, cash equivalents and restricted cash* at end of period<\/p>\n\n$\n<\/p>\n\n382.5\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n361.8\n<\/p>\n\n\u00a0\n<\/p>\n\u00a0<\/p>\n\u00a0<\/p>\n\u00a0<\/p>\nFREE CASH FLOW<\/span><\/p>\nThree Months Ended March 31,\n2022 Full Year<\/p>\n\n\u00a0\n<\/p>\n\n2022\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n2021\n<\/p>\n\n\u00a0\n<\/p>\n\nApproximation\n<\/p>\n\u00a0<\/p>\nFree cash flow**<\/p>\n\n$\n<\/p>\n\n(235.7\n<\/p>\n\n)\n<\/p>\n\n$\n<\/p>\n\n(82.3\n<\/p>\n\n)\n<\/p>\n\n$\n<\/p>\n\n625.0 – 700.0\n<\/p>\nAdd:<\/p>\n\n\u00a0\n<\/p>\nCapital expenditures<\/p>\n\n\u00a0\n<\/p>\n\n60.8\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n25.4\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n375.0 – 425.0\n<\/p>\nLess:<\/p>\n\n\u00a0\n<\/p>\nProceeds from the disposition of assets<\/p>\n\n\u00a0\n<\/p>\n\n8.0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n1.7\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n7.0\n<\/p>\n\n\u00a0\n<\/p>\nProceeds from the exercise of stock options<\/p>\n\n\u00a0\n<\/p>\n\n0.2\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n10.6\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n10.0\n<\/p>\n\n\u00a0\n<\/p>\nCash flow from operations (GAAP)<\/p>\n\n$\n<\/p>\n\n(183.1\n<\/p>\n\n)\n<\/p>\n\n$\n<\/p>\n\n(69.2\n<\/p>\n\n)\n<\/p>\n\n$\n<\/p>\n\n983.0 – 1,108.0\n<\/p>\n\n\u00a0\n<\/p>\n\u00a0<\/p>\n*Restricted cash of $1.3 million and $3.0 million is included in Other current assets and Other assets, respectively, as of March 31, 2022. Restricted cash of $1.1 million and $4.7 million is included in Other current assets and Other assets, respectively, as of March 31, 2021.<\/p>\n\u00a0<\/p>\n** Free cash flow is cash flow from operations calculated in accordance with U.S. generally accepted accounting principles (“GAAP”) less net capital expenditures (capital expenditures less proceeds from the disposition of assets including property, plant and equipment, and proceeds from the exercise of stock options). Free cash flow does not include adjustments for certain non-discretionary cash flows such as mandatory debt repayments. Free cash flow is a measure not derived in accordance with GAAP. Management believes that free cash flow provides investors with helpful supplemental information about the Company’s ability to fund internal growth, make acquisitions, repay debt and related interest, pay dividends and repurchase common stock. This measure may be inconsistent with similar measures presented by other companies.<\/p>\n\u00a0<\/p>\n\n<\/div>\n\u00a0\nFORTUNE BRANDS HOME & SECURITY, INC.\nCONDENSED CONSOLIDATED STATEMENTS OF INCOME (GAAP)\n(In millions, except per share amounts)\n(Unaudited)<\/p>\n\u00a0<\/p>\n\nThree Months Ended March 31,\n<\/p>\n\n2022\n<\/p>\n\n2021\n<\/p>\n\n% Change\n<\/p>\n\u00a0<\/p>\nNet sales<\/p>\n\n$\n<\/p>\n\n1,917.3\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n1,771.0\n<\/p>\n\n8\n<\/p>\n\n\u00a0\n<\/p>\n\u00a0<\/p>\nCost of products sold<\/p>\n\n\u00a0\n<\/p>\n\n1,237.8\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n1,126.9\n<\/p>\n\n\u00a0\n<\/p>\n\n10\n<\/p>\n\n\u00a0\n<\/p>\n\u00a0<\/p>\nSelling, general<\/p>\nand administrative expenses<\/p>\n\n\u00a0\n<\/p>\n\n409.5\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n371.5\n<\/p>\n\n\u00a0\n<\/p>\n\n10\n<\/p>\n\n\u00a0\n<\/p>\n\u00a0<\/p>\nAmortization of intangible assets<\/p>\n\n\u00a0\n<\/p>\n\n16.0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n16.6\n<\/p>\n\n\u00a0\n<\/p>\n\n(4\n<\/p>\n\n)\n<\/p>\n\u00a0<\/p>\nRestructuring charges<\/p>\n\n\u00a0\n<\/p>\n\n0.6\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n7.6\n<\/p>\n\n\u00a0\n<\/p>\n\n(92\n<\/p>\n\n)\n<\/p>\n\u00a0<\/p>\nOperating income<\/p>\n\n\u00a0\n<\/p>\n\n253.4\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n248.4\n<\/p>\n\n\u00a0\n<\/p>\n\n2\n<\/p>\n\n\u00a0\n<\/p>\n\u00a0<\/p>\nInterest expense<\/p>\n\n\u00a0\n<\/p>\n\n21.8\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n21.4\n<\/p>\n\n\u00a0\n<\/p>\n\n2\n<\/p>\n\n\u00a0\n<\/p>\n\u00a0<\/p>\nOther (income) expense, net<\/p>\n\n\u00a0\n<\/p>\n\n(1.3\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n3.3\n<\/p>\n\n\u00a0\n<\/p>\n\n(139\n<\/p>\n\n)\n<\/p>\n\u00a0<\/p>\nIncome before taxes<\/p>\n\n\u00a0\n<\/p>\n\n232.9\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n223.7\n<\/p>\n\n\u00a0\n<\/p>\n\n4\n<\/p>\n\n\u00a0\n<\/p>\n\u00a0<\/p>\nIncome tax<\/p>\n\n\u00a0\n<\/p>\n\n52.0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n45.9\n<\/p>\n\n\u00a0\n<\/p>\n\n13\n<\/p>\n\n\u00a0\n<\/p>\n\u00a0<\/p>\nNet income<\/p>\n\n$\n<\/p>\n\n180.9\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n177.8\n<\/p>\n\n\u00a0\n<\/p>\n\n2\n<\/p>\n\n\u00a0\n<\/p>\n\u00a0<\/p>\nDiluted earnings per common share<\/p>\nNet income<\/p>\n\n$\n<\/p>\n\n1.34\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n1.26\n<\/p>\n\n\u00a0\n<\/p>\n\n6\n<\/p>\n\n\u00a0\n<\/p>\n\u00a0<\/p>\nDiluted average number of shares outstanding<\/p>\n\n\u00a0\n<\/p>\n\n134.7\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n140.6\n<\/p>\n\n\u00a0\n<\/p>\n\n(4\n<\/p>\n\n)\n<\/p>\n\u00a0<\/p>\n\n<\/div>\n\u00a0<\/p>\nDILUTED EPS BEFORE CHARGES\/GAINS RECONCILIATION<\/span><\/p>\n\u00a0<\/p>\nFor the three months ended March 31, 2022, diluted EPS before charges\/gains is net income calculated on a diluted per-share basis, excluding $3.8 million ($4.0 million after tax or $0.03 per diluted share) of net gains included in restructuring and other charges\/gains.<\/p>\n\u00a0<\/p>\n\u00a0<\/p>\nFor the three months ended March 31, 2021 diluted EPS before charges\/gains is net income calculated on a diluted per-share basis, excluding $13.4 million ($10.0 million after tax or $0.08 per diluted share) of restructuring and other charges\/gains and a loss on equity investment of $4.5 million ($3.4 million after tax or $0.02 per diluted share).<\/p>\n\u00a0<\/p>\n\u00a0<\/p>\n\u00a0<\/p>\n\u00a0<\/p>\nThree Months Ended March 31,<\/p>\n\n2022\n<\/p>\n\n2021\n<\/p>\n\n% Change\n<\/p>\n\u00a0<\/p>\nEarnings Per Common Share – Diluted<\/p>\nDiluted EPS before charges\/gains (b)<\/p>\n\n$\n<\/p>\n\n1.31\n<\/p>\n\n$\n<\/p>\n\n1.36\n<\/p>\n\n\u00a0\n<\/p>\n\n(4\n<\/p>\n\n)\n<\/p>\n\u00a0<\/p>\nRestructuring and other (charges)\/gains<\/p>\n\n\u00a0\n<\/p>\n\n0.03\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n(0.08\n<\/p>\n\n)\n<\/p>\n\n(138\n<\/p>\n\n)\n<\/p>\nLoss on equity investments (d)<\/p>\n\n\u00a0\n<\/p>\n\n–\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n(0.02\n<\/p>\n\n)\n<\/p>\n\n(100\n<\/p>\n\n)\n<\/p>\n\u00a0<\/p>\nDiluted EPS (GAAP)<\/p>\n\n$\n<\/p>\n\n1.34\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n1.26\n<\/p>\n\n\u00a0\n<\/p>\n\n6\n<\/p>\n\n\u00a0\n<\/p>\n\u00a0<\/p>\n\u00a0<\/p>\n(b) (d) For definitions of Non-GAAP measures, see Definitions of Terms page<\/p>\n\u00a0<\/p>\n\n<\/div>\n\n\u00a0\n<\/p>\n\nFORTUNE BRANDS HOME & SECURITY, INC.\n<\/p>\n(In millions)\n(Unaudited)<\/p>\n\u00a0<\/p>\n\u00a0<\/p>\nRECONCILIATION OF EBITDA BEFORE CHARGES\/GAINS TO NET INCOME<\/p>\n\u00a0<\/p>\n\nThree Months Ended March 31,\n<\/p>\n\n2022\n<\/p>\n\n2021\n<\/p>\n\n% Change\n<\/p>\n\u00a0<\/p>\nEBITDA BEFORE CHARGES\/GAINS (c)<\/p>\n\n$\n<\/p>\n\n297.7\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n309.1\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n(4\n<\/p>\n\n)\n<\/p>\n\u00a0<\/p>\nDepreciation*<\/p>\n\n$\n<\/p>\n\n(30.8\n<\/p>\n\n)\n<\/p>\n\n$\n<\/p>\n\n(29.5\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n4\n<\/p>\n\n\u00a0\n<\/p>\nAmortization of intangible assets<\/p>\n\n\u00a0\n<\/p>\n\n(16.0\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n(16.6\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n(4\n<\/p>\n\n)\n<\/p>\nRestructuring and other (charges)\/gains<\/p>\n\n\u00a0\n<\/p>\n\n3.8\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n(13.4\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n(128\n<\/p>\n\n)\n<\/p>\nInterest expense<\/p>\n\n\u00a0\n<\/p>\n\n(21.8\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n(21.4\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n2\n<\/p>\n\n\u00a0\n<\/p>\nLoss on equity investments (d)<\/p>\n\n\u00a0\n<\/p>\n\n–\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n(4.5\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n(100\n<\/p>\n\n)\n<\/p>\nIncome taxes<\/p>\n\n\u00a0\n<\/p>\n\n(52.0\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n(45.9\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n13\n<\/p>\n\n\u00a0\n<\/p>\n\u00a0<\/p>\n\u00a0<\/p>\nNet income (GAAP)<\/p>\n\n$\n<\/p>\n\n180.9\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n177.8\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n2\n<\/p>\n\n\u00a0\n<\/p>\n\u00a0<\/p>\n* Depreciation excludes accelerated depreciation expense of ($0.1) million and ($1.6) million for the three months ended March 31, 2022 and March 31, 2021, respectively. Accelerated depreciation is included in restructuring and other charges\/gains.<\/p>\n\u00a0<\/p>\n\u00a0<\/p>\nCALCULATION OF NET DEBT-TO-EBITDA BEFORE CHARGES\/GAINS RATIO<\/p>\n\u00a0<\/p>\nAs of March 31, 2022<\/p>\nLong-term debt **<\/p>\n\n$\n<\/p>\n\n3,367.9\n<\/p>\n\n\u00a0\n<\/p>\nTotal debt<\/p>\n\n\u00a0\n<\/p>\n\n3,367.9\n<\/p>\n\n\u00a0\n<\/p>\nLess:<\/p>\nCash and cash equivalents **<\/p>\n\n\u00a0\n<\/p>\n\n378.2\n<\/p>\n\n\u00a0\n<\/p>\nNet debt (1)<\/p>\n\n$\n<\/p>\n\n2,989.7\n<\/p>\n\n\u00a0\n<\/p>\nFor the twelve months ended March 31, 2022<\/p>\nEBITDA before charges\/gains (2) (c)<\/p>\n\n$\n<\/p>\n\n1,296.8\n<\/p>\n\n\u00a0\n<\/p>\n\u00a0<\/p>\nNet debt-to-EBITDA before charges\/gains ratio (1\/2)<\/p>\n\n\u00a0\n<\/p>\n\n2.3\n<\/p>\n\n\u00a0\n<\/p>\n\u00a0<\/p>\n** Amounts are per the Unaudited Condensed Consolidated Balance Sheet as of March 31, 2022.<\/p>\n\u00a0<\/p>\n\u00a0<\/p>\n\u00a0<\/p>\n\nNine Months Ended\nDecember 31,\n<\/p>\n\nThree Months\nEnded March 31,\n<\/p>\n\nTwelve Months\nEnded March 31,\n<\/p>\n\u00a0<\/p>\n\u00a0<\/p>\n\n2021\n<\/p>\n\n2022\n<\/p>\n\n2022\n<\/p>\n\u00a0<\/p>\nEBITDA BEFORE CHARGES\/GAINS (c)<\/p>\n\n$\n<\/p>\n\n999.1\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n297.7\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n1,296.8\n<\/p>\n\n\u00a0\n<\/p>\n\u00a0<\/p>\nDepreciation***<\/p>\n\n$\n<\/p>\n\n(91.6\n<\/p>\n\n)\n<\/p>\n\n$\n<\/p>\n\n(30.8\n<\/p>\n\n)\n<\/p>\n\n$\n<\/p>\n\n(122.4\n<\/p>\n\n)\n<\/p>\nAmortization of intangible assets<\/p>\n\n\u00a0\n<\/p>\n\n(47.5\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n(16.0\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n(63.5\n<\/p>\n\n)\n<\/p>\nRestructuring and other (charges)\/gains<\/p>\n\n\u00a0\n<\/p>\n\n(14.7\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n3.8\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n(10.9\n<\/p>\n\n)\n<\/p>\nInterest expense<\/p>\n\n\u00a0\n<\/p>\n\n(63.0\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n(21.8\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n(84.8\n<\/p>\n\n)\n<\/p>\nDefined benefit plan actuarial losses<\/p>\n\n\u00a0\n<\/p>\n\n(0.9\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n–\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n(0.9\n<\/p>\n\n)\n<\/p>\nIncome taxes<\/p>\n\n\u00a0\n<\/p>\n\n(186.8\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n(52.0\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n(238.8\n<\/p>\n\n)\n<\/p>\n\u00a0<\/p>\nNet income (GAAP)<\/p>\n\n$\n<\/p>\n\n594.6\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n180.9\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n775.5\n<\/p>\n\n\u00a0\n<\/p>\n\u00a0<\/p>\n\u00a0<\/p>\n*** Depreciation excludes accelerated depreciation expense of ($0.1) million for the three months ended March 31, 2022 and ($2.2) million for the nine months ended December 31, 2021. Accelerated depreciation is included in restructuring and other charges\/gains.<\/p>\n\u00a0<\/p>\n(c) (d) For definitions of Non-GAAP measures, see Definitions of Terms page<\/p>\n\u00a0<\/p>\n\n<\/div>\n\n\u00a0\n<\/p>\n\nFORTUNE BRANDS HOME & SECURITY, INC.\n<\/p>\n(In millions, except per share amounts)\n(Unaudited)<\/p>\n\u00a0<\/p>\n\u00a0<\/p>\n\nThree Months Ended March 31,\n<\/p>\n\n2022\n<\/p>\n\n2021\n<\/p>\n\n% Change\n<\/p>\nNet sales (GAAP)<\/p>\nWater Innovations<\/p>\n\n$\n<\/p>\n\n643.6\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n621.6\n<\/p>\n\n\u00a0\n<\/p>\n\n4\n<\/p>\n\n\u00a0\n<\/p>\nOutdoors & Security<\/p>\n\n\u00a0\n<\/p>\n\n496.6\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n461.5\n<\/p>\n\n\u00a0\n<\/p>\n\n8\n<\/p>\n\n\u00a0\n<\/p>\nCabinets<\/p>\n\n\u00a0\n<\/p>\n\n777.1\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n687.9\n<\/p>\n\n\u00a0\n<\/p>\n\n13\n<\/p>\n\n\u00a0\n<\/p>\nTotal net sales<\/p>\n\n$\n<\/p>\n\n1,917.3\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n1,771.0\n<\/p>\n\n\u00a0\n<\/p>\n\n8\n<\/p>\n\n\u00a0\n<\/p>\n\u00a0<\/p>\nOperating income (loss)<\/p>\nWater Innovations<\/p>\n\n$\n<\/p>\n\n149.3\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n147.9\n<\/p>\n\n\u00a0\n<\/p>\n\n1\n<\/p>\n\n\u00a0\n<\/p>\nOutdoors & Security<\/p>\n\n\u00a0\n<\/p>\n\n60.2\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n52.8\n<\/p>\n\n\u00a0\n<\/p>\n\n14\n<\/p>\n\n\u00a0\n<\/p>\nCabinets<\/p>\n\n\u00a0\n<\/p>\n\n73.6\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n72.6\n<\/p>\n\n\u00a0\n<\/p>\n\n1\n<\/p>\n\n\u00a0\n<\/p>\nCorporate expenses<\/p>\n\n\u00a0\n<\/p>\n\n(29.7\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n(24.9\n<\/p>\n\n)\n<\/p>\n\n19\n<\/p>\n\n\u00a0\n<\/p>\n\u00a0<\/p>\nTotal operating income (GAAP)<\/p>\n\n$\n<\/p>\n\n253.4\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n248.4\n<\/p>\n\n\u00a0\n<\/p>\n\n2\n<\/p>\n\n\u00a0\n<\/p>\n\u00a0<\/p>\nOPERATING INCOME BEFORE CHARGES\/GAINS RECONCILIATION<\/span><\/p>\n\u00a0<\/p>\nOperating income (loss) before charges\/gains (a)<\/p>\nWater Innovations<\/p>\n\n$\n<\/p>\n\n150.1\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n149.4\n<\/p>\n\n\u00a0\n<\/p>\n\n–\n<\/p>\n\n\u00a0\n<\/p>\nOutdoors & Security<\/p>\n\n\u00a0\n<\/p>\n\n55.6\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n62.3\n<\/p>\n\n\u00a0\n<\/p>\n\n(11\n<\/p>\n\n)\n<\/p>\nCabinets<\/p>\n\n\u00a0\n<\/p>\n\n73.6\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n74.5\n<\/p>\n\n\u00a0\n<\/p>\n\n(1\n<\/p>\n\n)\n<\/p>\nCorporate expenses<\/p>\n\n\u00a0\n<\/p>\n\n(29.7\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n(24.4\n<\/p>\n\n)\n<\/p>\n\n22\n<\/p>\n\n\u00a0\n<\/p>\n\u00a0<\/p>\nTotal operating income before charges\/gains (a)<\/p>\n\n\u00a0\n<\/p>\n\n249.6\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n261.8\n<\/p>\n\n\u00a0\n<\/p>\n\n(5\n<\/p>\n\n)\n<\/p>\nRestructuring and other (charges)\/gains (1) (2)<\/p>\n\n\u00a0\n<\/p>\n\n3.8\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n(13.4\n<\/p>\n\n)\n<\/p>\n\n(128\n<\/p>\n\n)\n<\/p>\nTotal operating income (GAAP)<\/p>\n\n$\n<\/p>\n\n253.4\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n248.4\n<\/p>\n\n\u00a0\n<\/p>\n\n2\n<\/p>\n\n\u00a0\n<\/p>\n\u00a0<\/p>\n\u00a0<\/p>\n(1) Restructuring charges are costs incurred to implement significant cost reduction initiatives and include workforce reduction costs.<\/p>\n\u00a0<\/p>\n(2) “Other charges\/gains” represent pre-tax charges directly related to restructuring initiatives that cannot be reported as restructuring under GAAP. Such costs may include losses on disposal of inventories, trade receivables allowances from exiting product lines, accelerated depreciation resulting from the closure of facilities and gains or losses on the sale of previously closed facilities. In total, we recognized other net gains of $5.4 million for the three months ended March 31, 2022, and other charges of $1.9 million for the three months ended March 31, 2021.<\/p>\nIn our Outdoors & Security segment, other charges also include an acquisition-related inventory step-up expense (Solar Innovations) of $0.7 million classified in cost of products sold and $0.3 million classified in selling, general and administrative for a compensation arrangement with the former owner of Solar for the three months ended March 31, 2022.<\/p>\nAt Corporate, other charges also include pre-tax expenditures of $0.3 million for banking, legal, accounting and other similar services directly related to the acquisition of Larson classified in selling, general and administrative expenses and a pre-tax charge of $0.2 million for a loss on sale of a Corporate asset during the three months ended March 31, 2021. In our Outdoors & Security segment, other charges also includes an acquisition-related inventory step-up expense (Larson) of $3.4 million classified in cost of products sold for the three months ended March 31, 2021.<\/p>\n\u00a0<\/p>\n\u00a0<\/p>\n\u00a0<\/p>\n\u00a0<\/p>\n\u00a0<\/p>\n\u00a0<\/p>\n(a) For definitions of Non-GAAP measures, see Definitions of Terms page<\/p>\n\u00a0<\/p>\n\n<\/div>\nFORTUNE BRANDS HOME & SECURITY, INC.\nReconciliation of Income Statements – GAAP to Before Charges\/Gains Information\nThree Months Ended March 31,\n(In millions, except per share amounts)\n(Unaudited)<\/p>\n\u00a0<\/p>\nBefore Charges\/Gains Adjustments<\/p>\n\u00a0<\/p>\nRestructuring\nLoss on<\/p>\nBefore<\/p>\nGAAP<\/p>\nand other\nequity<\/p>\nCharges\/Gains<\/p>\n(unaudited)<\/p>\n(charges)\/gains\ninvestment<\/p>\n(Non-GAAP)<\/p>\n\u00a0<\/p>\n\n2022\n<\/p>\nFIRST QUARTER<\/p>\n\n\u00a0\n<\/p>\n\nNet sales\n<\/p>\n\n$\n<\/p>\n\n1,917.3\n<\/p>\n\n\u00a0\n<\/p>\n\n–\n<\/p>\n\n\u00a0\n<\/p>\n\n–\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\nCost of products sold\n<\/p>\n\n\u00a0\n<\/p>\n\n1,237.8\n<\/p>\n\n\u00a0\n<\/p>\n\n5.4\n<\/p>\n\n\u00a0\n<\/p>\n\n–\n<\/p>\n\n\u00a0\n<\/p>\n\nSelling, general & administrative expenses\n<\/p>\n\n\u00a0\n<\/p>\n\n409.5\n<\/p>\n\n\u00a0\n<\/p>\n\n(1.0\n<\/p>\n\n)\n<\/p>\n\n–\n<\/p>\n\n\u00a0\n<\/p>\n\nAmortization of intangible assets\n<\/p>\n\n\u00a0\n<\/p>\n\n16.0\n<\/p>\n\n\u00a0\n<\/p>\n\n–\n<\/p>\n\n\u00a0\n<\/p>\n\n–\n<\/p>\n\n\u00a0\n<\/p>\n\nRestructuring (charges)\/gains\n<\/p>\n\n\u00a0\n<\/p>\n\n0.6\n<\/p>\n\n\u00a0\n<\/p>\n\n(0.6\n<\/p>\n\n)\n<\/p>\n\n–\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\nOperating income\n<\/p>\n\n\u00a0\n<\/p>\n\n253.4\n<\/p>\n\n\u00a0\n<\/p>\n\n(3.8\n<\/p>\n\n)\n<\/p>\n\n–\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n249.6\n<\/p>\n\n\u00a0\n<\/p>\n\nInterest expense\n<\/p>\n\n\u00a0\n<\/p>\n\n21.8\n<\/p>\n\n\u00a0\n<\/p>\n\n–\n<\/p>\n\n\u00a0\n<\/p>\n\n–\n<\/p>\n\n\u00a0\n<\/p>\n\nOther (income) expense, net\n<\/p>\n\n\u00a0\n<\/p>\n\n(1.3\n<\/p>\n\n)\n<\/p>\n\n–\n<\/p>\n\n\u00a0\n<\/p>\n\n–\n<\/p>\n\n\u00a0\n<\/p>\n\nIncome before taxes\n<\/p>\n\n\u00a0\n<\/p>\n\n232.9\n<\/p>\n\n\u00a0\n<\/p>\n\n(3.8\n<\/p>\n\n)\n<\/p>\n\n–\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n229.1\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\nIncome tax\n<\/p>\n\n\u00a0\n<\/p>\n\n52.0\n<\/p>\n\n\u00a0\n<\/p>\n\n0.2\n<\/p>\n\n\u00a0\n<\/p>\n\n–\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\nNet income\n<\/p>\n\n\u00a0\n<\/p>\n\n180.9\n<\/p>\n\n\u00a0\n<\/p>\n\n(4.0\n<\/p>\n\n)\n<\/p>\n\n–\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n176.9\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\nDiluted average number of shares outstanding\n<\/p>\n\n\u00a0\n<\/p>\n\n134.7\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n134.7\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\nDiluted EPS\n<\/p>\n\n$\n<\/p>\n\n1.34\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n1.31\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n2021\n<\/p>\n\n\u00a0\n<\/p>\n\nNet sales\n<\/p>\n\n$\n<\/p>\n\n1,771.0\n<\/p>\n\n\u00a0\n<\/p>\n\n–\n<\/p>\n\n\u00a0\n<\/p>\n\n–\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\nCost of products sold\n<\/p>\n\n\u00a0\n<\/p>\n\n1,126.9\n<\/p>\n\n\u00a0\n<\/p>\n\n(5.3\n<\/p>\n\n)\n<\/p>\n\n–\n<\/p>\n\n\u00a0\n<\/p>\n\nSelling, general & administrative expenses\n<\/p>\n\n\u00a0\n<\/p>\n\n371.5\n<\/p>\n\n\u00a0\n<\/p>\n\n(0.5\n<\/p>\n\n)\n<\/p>\n\n–\n<\/p>\n\n\u00a0\n<\/p>\n\nAmortization of intangible assets\n<\/p>\n\n\u00a0\n<\/p>\n\n16.6\n<\/p>\n\n\u00a0\n<\/p>\n\n–\n<\/p>\n\n\u00a0\n<\/p>\n\n–\n<\/p>\n\n\u00a0\n<\/p>\n\nRestructuring (charges)\/gains\n<\/p>\n\n\u00a0\n<\/p>\n\n7.6\n<\/p>\n\n\u00a0\n<\/p>\n\n(7.6\n<\/p>\n\n)\n<\/p>\n\n–\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\nOperating income\n<\/p>\n\n\u00a0\n<\/p>\n\n248.4\n<\/p>\n\n\u00a0\n<\/p>\n\n13.4\n<\/p>\n\n\u00a0\n<\/p>\n\n–\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n261.8\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\nInterest expense\n<\/p>\n\n\u00a0\n<\/p>\n\n21.4\n<\/p>\n\n\u00a0\n<\/p>\n\n–\n<\/p>\n\n\u00a0\n<\/p>\n\n–\n<\/p>\n\n\u00a0\n<\/p>\n\nOther (income) expense, net\n<\/p>\n\n\u00a0\n<\/p>\n\n3.3\n<\/p>\n\n\u00a0\n<\/p>\n\n–\n<\/p>\n\n\u00a0\n<\/p>\n\n(4.5\n<\/p>\n\n)\n<\/p>\n\nIncome before taxes\n<\/p>\n\n\u00a0\n<\/p>\n\n223.7\n<\/p>\n\n\u00a0\n<\/p>\n\n13.4\n<\/p>\n\n\u00a0\n<\/p>\n\n4.5\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n241.6\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\nIncome tax\n<\/p>\n\n\u00a0\n<\/p>\n\n45.9\n<\/p>\n\n\u00a0\n<\/p>\n\n3.4\n<\/p>\n\n\u00a0\n<\/p>\n\n1.1\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\nNet income\n<\/p>\n\n\u00a0\n<\/p>\n\n177.8\n<\/p>\n\n\u00a0\n<\/p>\n\n10.0\n<\/p>\n\n\u00a0\n<\/p>\n\n3.4\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n191.2\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\nDiluted average number of shares outstanding\n<\/p>\n\n\u00a0\n<\/p>\n\n140.6\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n140.6\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\nDiluted EPS\n<\/p>\n\n$\n<\/p>\n\n1.26\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n1.36\n<\/p>\n\n\u00a0\n<\/p>\nContacts <\/p>\n\nINVESTOR CONTACT:\nMatthew Skelly\n847-484-4573\nInvestor.Questions@FBHS.com<\/a>\n<\/p>\n\nMEDIA CONTACT:\nDarwin Minnis\n847-484-4204\nMedia.Relations@FBHS.com<\/a>\n<\/p>\n Read full story here <\/a><\/p>","protected":false},"excerpt":{"rendered":"Business and Operations Highlights: Company announces intent to separate into two leading publicly traded companies via a tax-free spin-off of Cabinets business 1Q 2022 sales of $1.9 billion increased 8 percent versus a year ago 1Q 2022 earnings per share (EPS) of $1.34; an increase of 6 percent versus a year ago; EPS before charges […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[49630],"tags":[],"settori":[],"slider_categorie_and_home_page":[],"class_list":["post-782951","post","type-post","status-publish","format-standard","hentry","category-real-estate-in-asia-pacific"],"acf":[],"yoast_head":"\nFortune Brands Announces Intent to Separate Into Two World Class Publicly Traded Companies; Reports 1Q 2022 Results Ahead of Consensus and Raises Full-Year EPS Outlook While Maintaining Operational Guidance - BeBeez<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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