财富品牌创新有限公司 2025年季度报告

OR incorporation or organization)520 Lake Cook Road,Deerfield,Illinois60015-5611 Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smallerreporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smallerreporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐No Cash and cash equivalentsAccounts receivable less allowance for credit losses of $8.4and $7.0 Other comprehensive income--(12.0)-6.3- Treasury stock purchases Balance at March 30, 2024$1.9$3,150.5$51.3$2,701.8$(3,624.7)$2,280.8Balance at December 28, 2024$1.9$3,189.3$42.4$2,956.8$(3,768.4)$2,422.0 Net income---51.4-Other comprehensive income--6.3--Stock options exercised-0.6---Stock-based compensation-7.4--(6.9) 5See notes to condensed consolidated financial statements. FORTUNE BRANDS INNOVATIONS, INC.NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTSBasis of Presentation and Principles of ConsolidationThe Company is a leading innovation company focused on creating smarter, safer and more beautiful homes and improving livesthat competes in attractive long-term growth markets in our product categories. References to “Fortune Brands,” “the Company,” financial statements, but does not include all disclosures required by U.S. generally accepted accounting principles (“GAAP”). ThisQuarterly Report on Form 10-Q should be read in conjunction with the audited consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended December 28, 2024. 09 which requires expanded disclosure of the effective tax rate reconciliation and income taxes paid. ASU 2023-09 is effective forannual periods beginning after December 15, 2024. We will adopt this ASU prospectively for the annual period ending December Supplemental information on our balance sheets is as follows: Inventories:Raw materials and supplies$333.9$Work in process55.2 Property, plant and equipment, net On February 29, 2024, we acquired100% of the outstanding equity interests of Wise Water Solutions, LLC, doing business asSpringwell Water Filtration Systems ("SpringWell") for a purchase price of $105.6million, net of cash acquired of $1.4million.We financed the transaction using cash on hand and borrowings under our existing credit facility. The results of SpringWell arereported as part of the Water Innovations ("Water") segment. We have not included pro forma financial information as thetransaction is immaterial to our condensed consolidated statements of comprehensive income. The fair value allocated to assetsacquired and liabilities assumed as of February 29, 2024, was $105.6million, which includes $85.2million of goodwill. Goodwillincludes expected sales and cost synergies and is expected to be deductible for income tax purposes. WaterOutdoorsSecurityGoodwillGoodwill at December 28, 2024$1,211.2$651.1$129.7$(a) Goodwill at March 29, 2025 Net of accumulated impairment losses of $399.5million in the Outdoors segment.The gross carrying value and accumulated amortization by class of identifiable intangible assets as ofMarch 29, 2025 andDecember 28, 2024 were as follows:As of March 29, 2025As of December 28, 2024 1,234.5(472.1)762.4Total intangible assets$1,753.5$(472.1)$1,281.4 Amortizable identifiable intangible assets, principally customer relationships, are subject to amortization over their estimated useful 8life, ranging from5to30years, based on the assessment of a number of factors that may impact useful life, which includescustomer attrition rates and other relevant factors. External Debt and Financing ArrangementsSenior Notes As of March 29, 2025, the Company had aggregate outstanding senior notes in the principal amount of $2.7billion, with varyingmaturities (the “Notes”). The Notes are unsecured senior obligations of the Company.The following table provides a summary of and debt issuance costs as ofMarch 29, 2025 and December 28, 2024: PrincipalAmountIssuance DateMaturity Date 4.000% Senior Notes$500.03.250% Senior Notes$700.0September 2019 4.000% Senior Notes $450.0March 2022March 2032446.84.500% Senior Notes$450.0March 2022March 2052436.55.875% Senior Notes$600.0June 2023June 2033594.3Total Senior Notes$2,674.1$ Credit FacilitiesIn August 2022, the Company entered into a third amended and restated $1.25billion revolving credit facility (the “RevolvingCredit Agreement”), and borrowings thereunder will be used for general corporate purposes. The maturity date of the facility is consolidated interest expense of3.0to 1.0. Consolidated EBITDA is defined as consolidated net income before interest expense,income taxes, depreciation, amort