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As Of Filer Filing For·On·As Docs:Size 10/30/20 Newell Brands Inc. 10-Q 9/30/20 100:11M |
Document/Exhibit Description Pages Size 1: 10-Q Quarterly Report HTML 1.34M 2: EX-31.1 Certification -- §302 - SOA'02 HTML 31K 3: EX-31.2 Certification -- §302 - SOA'02 HTML 31K 4: EX-32.1 Certification -- §906 - SOA'02 HTML 28K 5: EX-32.2 Certification -- §906 - SOA'02 HTML 28K 12: R1 Cover Page HTML 80K 13: R2 Condensed Consolidated Statements of Operations HTML 107K (Unaudited) 14: R3 Condensed Consolidated Statements of Comprehensive HTML 46K Income (Loss) (Unaudited) 15: R4 Condensed Consolidated Balance Sheets (Unaudited) HTML 114K 16: R5 Condensed Consolidated Balance Sheets (Unaudited) HTML 42K (Parenthetical) 17: R6 Condensed Consolidated Statements of Cash Flows HTML 112K (Unaudited) 18: R7 Condensed Consolidated Statement of Stockholders' HTML 59K Equity (Unaudited) 19: R8 Basis of Presentation and Significant Accounting HTML 50K Policies 20: R9 Divestitures and Held for Sale HTML 46K 21: R10 Accumulated Other Comprehensive Loss HTML 56K 22: R11 Restructuring Costs HTML 60K 23: R12 Inventories HTML 34K 24: R13 Property, Plant and Equipment, Net HTML 39K 25: R14 Goodwill and Other Intangible Assets, Net HTML 111K 26: R15 Other Accrued Liabilities HTML 38K 27: R16 Debt HTML 61K 28: R17 Derivatives HTML 92K 29: R18 Employee Benefit and Retirement Plans HTML 72K 30: R19 Income Taxes HTML 35K 31: R20 Leases HTML 136K 32: R21 Earnings Per Share HTML 42K 33: R22 Share-Based Compensation HTML 35K 34: R23 Fair Value Disclosures HTML 56K 35: R24 Segment Information HTML 264K 36: R25 Litigation and Contingencies HTML 61K 37: R26 Basis of Presentation and Significant Accounting HTML 40K Policies (Policies) 38: R27 Divestitures and Held for Sale (Tables) HTML 45K 39: R28 Accumulated Other Comprehensive Loss (Tables) HTML 57K 40: R29 Restructuring Costs (Tables) HTML 59K 41: R30 Inventories (Tables) HTML 35K 42: R31 Property, Plant and Equipment, Net (Tables) HTML 36K 43: R32 Goodwill and Other Intangible Assets, Net (Tables) HTML 103K 44: R33 Other Accrued Liabilities (Tables) HTML 38K 45: R34 Debt (Tables) HTML 54K 46: R35 Derivatives (Tables) HTML 86K 47: R36 Employee Benefit and Retirement Plans (Tables) HTML 71K 48: R37 Leases (Tables) HTML 99K 49: R38 Earnings Per Share (Tables) HTML 42K 50: R39 Share-Based Compensation (Tables) HTML 33K 51: R40 Fair Value Disclosures (Tables) HTML 52K 52: R41 Segment Information (Tables) HTML 257K 53: R42 Basis of Presentation and Significant Accounting HTML 41K Policies - Additional Information (Detail) 54: R43 Divestitures and Held for Sale - Summary of HTML 51K Amounts Included in Discontinued Operations (Detail) 55: R44 Divestitures and Held for Sale - Additional HTML 51K Information (Detail) 56: R45 Accumulated Other Comprehensive Loss - Components HTML 55K of Accumulated Other Comprehensive Loss (Detail) 57: R46 Accumulated Other Comprehensive Loss - Additional HTML 32K Information (Detail) 58: R47 Accumulated Other Comprehensive Loss - Schedule of HTML 38K Income Tax (Provision) Benefit Allocated to Components of OCI (Detail) 59: R48 Restructuring Costs - Schedule of Restructuring HTML 45K Costs Incurred by Reportable Business Segment (Detail) 60: R49 Restructuring Costs - Schedule of Accrued HTML 43K Restructuring Costs Activity (Detail) 61: R50 Restructuring Costs - Narrative (Details) HTML 43K 62: R51 Inventories - Components of Net Inventories HTML 37K (Detail) 63: R52 Property, Plant and Equipment, Net - Schedule of HTML 42K Property, Plant and Equipment, Net (Detail) 64: R53 Property, Plant and Equipment, Net - Additional HTML 42K Information (Detail) 65: R54 Goodwill and Other Intangible Assets, Net - HTML 61K Summary of Changes in Goodwill by Reportable Business Segment (Detail) 66: R55 Goodwill and Other Intangible Assets, Net - HTML 66K Schedule of Other Intangible Assets and Related Amortization Periods (Detail) 67: R56 Goodwill and Other Intangible Assets, Net - HTML 95K Additional Information (Detail) 68: R57 Goodwill and Other Intangible Assets, Net Goodwill HTML 42K and Other Intangible Assets, Net - Impairment of Indefinite-Lived Intangible Assets (Details) 69: R58 Other Accrued Liabilities (Detail) HTML 44K 70: R59 Debt - Summary of Debt (Detail) HTML 65K 71: R60 Debt - Summary of Debt (Footnotes) (Detail) HTML 51K 72: R61 Debt - Additional Information (Detail) HTML 87K 73: R62 Debt - Schedule of Fair Value of Senior Notes HTML 32K (Detail) 74: R63 Derivatives - Additional Information (Detail) HTML 64K 75: R64 Derivatives - Schedule of Fair Value of Derivative HTML 48K Financial Instruments (Detail) 76: R65 Derivatives - Schedule of Pretax Effects of HTML 45K Derivative Financial Instruments Designated or Previously Designated as Effective Hedges (Detail) 77: R66 Employee Benefit and Retirement Plans - Schedule HTML 54K of Company's Pension Cost And Supplemental Retirement Plans (Detail) 78: R67 Employee Benefit and Retirement Plans - Narrative HTML 41K (Details) 79: R68 Income Taxes - Additional Information (Detail) HTML 73K 80: R69 Leases - Schedule of Consolidated Balance Sheet HTML 45K Related To Leases (Detail) 81: R70 Leases - Schedule of Consolidated Balance Sheet HTML 37K Related To Leases (Narrative) (Detail) 82: R71 Leases - Schedule of Consolidated Statement Of HTML 36K Operation Related To Leases (Detail) 83: R72 Leases - Schedule Of Remaining Lease Term and HTML 37K Discount Rates (Detail) 84: R73 Leases - Schedule Of Supplemental Cash Flow HTML 40K Related To Leases (Detail) 85: R74 Leases - Schedule Of Maturities Of Lease HTML 65K Liabilities (Detail) 86: R75 Earnings Per Share - Schedule of Computations of HTML 40K Weighted Average Shares Outstanding (Detail) 87: R76 Earnings Per Share - Additional Information HTML 34K (Detail) 88: R77 Share-Based Compensation (Details) HTML 46K 89: R78 Share-Based Compensation - Fair Value Assumptions HTML 40K for Stock Options (Details) 90: R79 Fair Value Disclosures - Summary of Non-Pension HTML 47K Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) 91: R80 Fair Value Disclosures - Additional Information HTML 36K (Detail) 92: R81 Fair Value Disclosures - Level 3 Fair Value, HTML 32K Nonrecurring (Details) 93: R82 Segment Information - Additional Information HTML 30K (Detail) 94: R83 Segment Information - Schedule of Segment HTML 61K Reporting Information, by Segment (Detail) 95: R84 Segment Information - Summary of Disaggregation of HTML 130K Revenue by Major Product Grouping Source and Geography (Detail) 96: R85 Litigation and Contingencies - Additional HTML 127K Information (Detail) 98: XML IDEA XML File -- Filing Summary XML 186K 11: XML XBRL Instance -- nwl-20200930_htm XML 3.85M 97: EXCEL IDEA Workbook of Financial Reports XLSX 133K 7: EX-101.CAL XBRL Calculations -- nwl-20200930_cal XML 301K 8: EX-101.DEF XBRL Definitions -- nwl-20200930_def XML 781K 9: EX-101.LAB XBRL Labels -- nwl-20200930_lab XML 1.93M 10: EX-101.PRE XBRL Presentations -- nwl-20200930_pre XML 1.18M 6: EX-101.SCH XBRL Schema -- nwl-20200930 XSD 217K 99: JSON XBRL Instance as JSON Data -- MetaLinks 435± 660K 100: ZIP XBRL Zipped Folder -- 0000814453-20-000230-xbrl Zip 400K
nwl-20200930 |
i Delaware | i 36-3514169 | |||||||
(State
or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
TITLE OF EACH CLASS | TRADING SYMBOL | NAME OF EXCHANGE ON WHICH REGISTERED | ||||||||||||
i Common stock, $1 par value per share | i NWL | i Nasdaq Stock Market LLC |
i Large Accelerated Filer | ☒ | Accelerated filer | ☐ | ||||||||
Non-accelerated filer | ☐ | Smaller reporting company | i ☐ | ||||||||
Emerging growth company | i ☐ |
Three
Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Net sales | $ | i 2,699 | $ | i 2,569 | $ | i 6,696 | $ | i 7,091 | |||||||||||||||
Cost of products sold | i 1,785 | i 1,722 | i 4,501 | i 4,724 | |||||||||||||||||||
Gross profit | i 914 | i 847 | i 2,195 | i 2,367 | |||||||||||||||||||
Selling, general and administrative expenses | i 545 | i 630 | i 1,581 | i 1,811 | |||||||||||||||||||
Restructuring costs, net | i 4 | i 3 | i 14 | i 22 | |||||||||||||||||||
Impairment of goodwill, intangibles and other assets | i 2 | i 1,071 | i 1,482 | i 1,148 | |||||||||||||||||||
Operating income (loss) | i 363 | ( i 857) | ( i 882) | ( i 614) | |||||||||||||||||||
Non-operating expenses: | |||||||||||||||||||||||
Interest expense, net | i 71 | i 75 | i 205 | i 233 | |||||||||||||||||||
Loss on extinguishment of debt | i — | i 29 | i — | i 29 | |||||||||||||||||||
Other expense, net | i 9 | i 7 | i 20 | i 33 | |||||||||||||||||||
Income (loss) before income taxes | i 283 | ( i 968) | ( i 1,107) | ( i 909) | |||||||||||||||||||
Income tax benefit | ( i 21) | ( i 327) | ( i 210) | ( i 317) | |||||||||||||||||||
Income (loss) from continuing operations | i 304 | ( i 641) | ( i 897) | ( i 592) | |||||||||||||||||||
Income (loss) from discontinued operations, net of tax | i — | i 15 | i — | ( i 95) | |||||||||||||||||||
Net income (loss) | $ | i 304 | $ | ( i 626) | $ | ( i 897) | $ | ( i 687) | |||||||||||||||
Weighted average common shares outstanding: | |||||||||||||||||||||||
Basic | i 424.3 | i 423.4 | i 424.1 | i 423.3 | |||||||||||||||||||
Diluted | i 425.4 | i 423.4 | i 424.1 | i 423.3 | |||||||||||||||||||
Earnings (loss) per share: | |||||||||||||||||||||||
Basic: | |||||||||||||||||||||||
Income (loss) from continuing operations | $ | i 0.72 | $ | ( i 1.51) | $ | ( i 2.12) | $ | ( i 1.40) | |||||||||||||||
Income (loss) from discontinued operations | i — | i 0.03 | i — | ( i 0.22) | |||||||||||||||||||
Net income (loss) | $ | i 0.72 | $ | ( i 1.48) | $ | ( i 2.12) | $ | ( i 1.62) | |||||||||||||||
Diluted: | |||||||||||||||||||||||
Income (loss) from continuing operations | $ | i 0.71 | $ | ( i 1.51) | $ | ( i 2.12) | $ | ( i 1.40) | |||||||||||||||
Income (loss) from discontinued operations | i — | i 0.03 | i — | ( i 0.22) | |||||||||||||||||||
Net income (loss) | $ | i 0.71 | $ | ( i 1.48) | $ | ( i 2.12) | $ | ( i 1.62) | |||||||||||||||
Three
Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Comprehensive income (loss): | |||||||||||||||||||||||
Net income (loss) | $ | i 304 | $ | ( i 626) | $ | ( i 897) | $ | ( i 687) | |||||||||||||||
Other comprehensive income (loss), net of tax | |||||||||||||||||||||||
Foreign currency translation adjustments | i 24 | ( i 112) | ( i 97) | ( i 89) | |||||||||||||||||||
Unrecognized pension and postretirement costs | i 1 | ( i 9) | i 12 | ( i 33) | |||||||||||||||||||
Derivative financial instruments | ( i 7) | i 5 | i 17 | ( i 3) | |||||||||||||||||||
Total other comprehensive income (loss), net of tax | i 18 | ( i 116) | ( i 68) | ( i 125) | |||||||||||||||||||
Comprehensive income (loss) | $ | i 322 | $ | ( i 742) | $ | ( i 965) | $ | ( i 812) |
September
30, 2020 | December 31, 2019 | ||||||||||
Assets: | |||||||||||
Cash and cash equivalents | $ | i 858 | $ | i 349 | |||||||
Accounts receivable, net | i 1,814 | i 1,842 | |||||||||
Inventories | i 1,718 | i 1,606 | |||||||||
Prepaid expenses and other | i 314 | i 313 | |||||||||
Total current assets | i 4,704 | i 4,110 | |||||||||
Property, plant and equipment, net | i 1,115 | i 1,155 | |||||||||
Operating lease assets, net | i 543 | i 615 | |||||||||
Goodwill | i 3,523 | i 3,709 | |||||||||
Other intangible assets, net | i 3,567 | i 4,916 | |||||||||
Deferred income taxes | i 882 | i 776 | |||||||||
Other assets | i 386 | i 361 | |||||||||
Total assets | $ | i 14,720 | $ | i 15,642 | |||||||
Liabilities: | |||||||||||
Accounts payable | $ | i 1,415 | $ | i 1,102 | |||||||
Accrued compensation | i 216 | i 204 | |||||||||
Other accrued liabilities | i 1,380 | i 1,340 | |||||||||
Short-term debt and current portion of long-term debt | i 97 | i 332 | |||||||||
Total current liabilities | i 3,108 | i 2,978 | |||||||||
Long-term debt | i 5,794 | i 5,391 | |||||||||
Deferred income taxes | i 463 | i 625 | |||||||||
Long-term operating lease liabilities | i 485 | i 541 | |||||||||
Other noncurrent liabilities | i 1,120 | i 1,111 | |||||||||
Total liabilities | i 10,970 | i 10,646 | |||||||||
Commitments and contingencies (Footnote 18) | i | i | |||||||||
Stockholders’ equity: | |||||||||||
Preferred
stock ( i i 10.0 / authorized shares, $ i i 1.00 /
par value, i i no / shares issued at September 30,
2020 and December 31, 2019) | i — | i — | |||||||||
Common
stock ( i i 800.0 / authorized shares, $ i i 1.00 /
par value, i 448.3 shares and i 447.1 shares issued at September 30, 2020 and December 31, 2019) | i 448 | i 447 | |||||||||
Treasury
stock, at cost ( i 24.0 shares and i 23.6 shares issued at September 30, 2020 and December 31, 2019) | ( i 597) | ( i 590) | |||||||||
Additional paid-in capital | i 8,164 | i 8,430 | |||||||||
Retained deficit | ( i 3,301) | ( i 2,404) | |||||||||
Accumulated other comprehensive loss | ( i 988) | ( i 920) | |||||||||
Stockholders’ equity attributable to parent | i 3,726 | i 4,963 | |||||||||
Stockholders’ equity attributable to noncontrolling interests | i 24 | i 33 | |||||||||
Total stockholders’ equity | i 3,750 | i 4,996 | |||||||||
Total liabilities and stockholders’ equity | $ | i 14,720 | $ | i 15,642 |
Nine
Months Ended September 30, | |||||||||||
2020 | 2019 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net loss | $ | ( i 897) | $ | ( i 687) | |||||||
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | i 267 | i 325 | |||||||||
Impairment of goodwill, intangibles and other assets | i 1,482 | i 1,260 | |||||||||
Loss from sale of businesses, net | i 9 | i — | |||||||||
Deferred income taxes | ( i 293) | ( i 296) | |||||||||
Stock based compensation expense | i 28 | i 29 | |||||||||
Loss on change in fair value of investments | i 1 | i 19 | |||||||||
Other, net | i — | i 4 | |||||||||
Changes in operating accounts excluding the effects of divestitures: | |||||||||||
Accounts receivable | ( i 19) | i 146 | |||||||||
Inventories | ( i 139) | ( i 246) | |||||||||
Accounts payable | i 323 | ( i 30) | |||||||||
Accrued liabilities and other | i 58 | ( i 100) | |||||||||
Net cash provided by operating activities | i 820 | i 424 | |||||||||
Cash flows from investing activities: | |||||||||||
Proceeds from sale of divested businesses | i 15 | i 754 | |||||||||
Capital expenditures | ( i 158) | ( i 172) | |||||||||
Other investing activities, net | i 5 | ( i 1) | |||||||||
Net cash provided by (used in) investing activities | ( i 138) | i 581 | |||||||||
Cash flows from financing activities: | |||||||||||
Net short-term debt | ( i 26) | i 279 | |||||||||
Proceeds from issuance of debt, net of debt issuance costs | i 492 | i — | |||||||||
Payments on current portion of long-term debt | ( i 305) | ( i 268) | |||||||||
Payments on long-term debt | ( i 19) | ( i 706) | |||||||||
Loss on extinguishment of debt | i — | ( i 31) | |||||||||
Cash dividends | ( i 294) | ( i 293) | |||||||||
Equity compensation activity and other, net | ( i 22) | ( i 5) | |||||||||
Net cash used in financing activities | ( i 174) | ( i 1,024) | |||||||||
Exchange rate effect on cash, cash equivalents and restricted cash | ( i 14) | ( i 11) | |||||||||
Increase (decrease) in cash, cash equivalents and restricted cash | i 494 | ( i 30) | |||||||||
Cash, cash equivalents and restricted cash at beginning of period | i 371 | i 496 | |||||||||
Cash, cash equivalents and restricted cash at end of period | $ | i 865 | $ | i 466 | |||||||
Supplemental disclosures: | |||||||||||
Restricted cash at beginning of period | $ | i 22 | $ | i — | |||||||
Restricted cash at end of period | i 7 | i — | |||||||||
Net cash provided by discontinued operating activities | i — | i 15 | |||||||||
Net cash provided by discontinued investing activities | i — | i 738 | |||||||||
Capital expenditures for discontinued operations | i — | i 15 |
Common Stock | Treasury Stock | Additional Paid-In Capital | Retained Earnings (Deficit) | Accumulated Other Comprehensive Income (Loss) | Stockholders' Equity Attributable to Parent | Noncontrolling Interest | Total Stockholders' Equity | ||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2020 | $ | i 448 | $ | ( i 597) | $ | i 8,252 | $ | ( i 3,605) | $ | ( i 1,006) | $ | i 3,492 | $ | i 24 | $ | i 3,516 | |||||||||||||||||||||||||||||||
Comprehensive income | — | — | — | i 304 | i 18 | i 322 | — | i 322 | |||||||||||||||||||||||||||||||||||||||
Dividends declared on common stock | — | — | ( i 98) | — | — | ( i 98) | — | ( i 98) | |||||||||||||||||||||||||||||||||||||||
Equity compensation, net of tax | — | — | i 10 | — | — | i 10 | — | i 10 | |||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2020 | $ | i 448 | $ | ( i 597) | $ | i 8,164 | $ | ( i 3,301) | $ | ( i 988) | $ | i 3,726 | $ | i 24 | $ | i 3,750 | |||||||||||||||||||||||||||||||
Balance at December 31, 2019 | $ | i 447 | $ | ( i 590) | $ | i 8,430 | $ | ( i 2,404) | $ | ( i 920) | $ | i 4,963 | $ | i 33 | $ | i 4,996 | |||||||||||||||||||||||||||||||
Comprehensive loss | — | — | — | ( i 897) | ( i 68) | ( i 965) | — | ( i 965) | |||||||||||||||||||||||||||||||||||||||
Dividends declared on common stock | — | — | ( i 293) | — | — | ( i 293) | — | ( i 293) | |||||||||||||||||||||||||||||||||||||||
Equity compensation, net of tax | i 1 | ( i 7) | i 27 | — | — | i 21 | — | i 21 | |||||||||||||||||||||||||||||||||||||||
Distribution to non-controlling interests holder | — | — | — | — | — | — | ( i 3) | ( i 3) | |||||||||||||||||||||||||||||||||||||||
Other | — | — | — | — | — | — | ( i 6) | ( i 6) | |||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2020 | $ | i 448 | $ | ( i 597) | $ | i 8,164 | $ | ( i 3,301) | $ | ( i 988) | $ | i 3,726 | $ | i 24 | $ | i 3,750 |
Common Stock | Treasury Stock | Additional Paid-In Capital | Retained Deficit | Accumulated Other Comprehensive Loss | Stockholders' Equity Attributable to Parent | Noncontrolling Interest | Total Stockholders' Equity | ||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2019 | $ | i 447 | $ | ( i 589) | $ | i 8,605 | $ | ( i 2,572) | $ | ( i 922) | $ | i 4,969 | $ | i 35 | $ | i 5,004 | |||||||||||||||||||||||||||||||
Comprehensive loss | — | — | — | ( i 626) | ( i 116) | ( i 742) | — | ( i 742) | |||||||||||||||||||||||||||||||||||||||
Dividends declared on common stock | — | — | ( i 98) | — | — | ( i 98) | — | ( i 98) | |||||||||||||||||||||||||||||||||||||||
Equity compensation, net of tax | — | — | i 9 | — | — | i 9 | — | i 9 | |||||||||||||||||||||||||||||||||||||||
Portion of net loss attributable to non-controlling interests | — | — | — | — | — | — | ( i 4) | ( i 4) | |||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2019 | $ | i 447 | $ | ( i 589) | $ | i 8,516 | $ | ( i 3,198) | $ | ( i 1,038) | $ | i 4,138 | $ | i 31 | $ | i 4,169 | |||||||||||||||||||||||||||||||
Balance at December 31, 2018 | $ | i 446 | $ | ( i 585) | $ | i 8,781 | $ | ( i 2,511) | $ | ( i 913) | $ | i 5,218 | $ | i 35 | $ | i 5,253 | |||||||||||||||||||||||||||||||
Comprehensive loss | — | — | — | ( i 687) | ( i 125) | ( i 812) | — | ( i 812) | |||||||||||||||||||||||||||||||||||||||
Dividends declared on common stock | — | — | ( i 294) | — | — | ( i 294) | — | ( i 294) | |||||||||||||||||||||||||||||||||||||||
Equity compensation, net of tax | i 1 | ( i 4) | i 29 | — | — | i 26 | — | i 26 | |||||||||||||||||||||||||||||||||||||||
Portion of net loss attributable to non-controlling interests | — | — | — | — | — | — | ( i 4) | ( i 4) | |||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2019 | $ | i 447 | $ | ( i 589) | $ | i 8,516 | $ | ( i 3,198) | $ | ( i 1,038) | $ | i 4,138 | $ | i 31 | $ | i 4,169 |
Three Months Ended September 30, 2019 | Nine Months Ended September 30, 2019 | |||||||||||||
Net sales | $ | i 29 | $ | i 332 | ||||||||||
Cost of products sold | i 18 | i 245 | ||||||||||||
Gross profit | i 11 | i 87 | ||||||||||||
Selling, general and administrative expenses | i 4 | i 42 | ||||||||||||
Impairment of goodwill, intangibles and other assets | i — | i 112 | ||||||||||||
Operating income (loss) | i 7 | ( i 67) | ||||||||||||
Non-operating income, net | ( i 2) | ( i 2) | ||||||||||||
Income (loss) before income taxes | i 9 | ( i 65) | ||||||||||||
Income tax provision (benefit) | ( i 6) | i 30 | ||||||||||||
Net income (loss) | $ | i 15 | $ | ( i 95) |
Cumulative Translation Adjustment | Pension and Postretirement Costs | Derivative Financial Instruments | AOCL | ||||||||||||||||||||
Balance at December 31, 2019 | $ | ( i 479) | $ | ( i 399) | $ | ( i 42) | $ | ( i 920) | |||||||||||||||
Other comprehensive income (loss) before reclassifications | ( i 97) | ( i 2) | i 21 | ( i 78) | |||||||||||||||||||
Amounts reclassified to earnings | i — | i 14 | ( i 4) | i 10 | |||||||||||||||||||
Net current period other comprehensive income (loss) | ( i 97) | i 12 | i 17 | ( i 68) | |||||||||||||||||||
Balance at September 30, 2020 | $ | ( i 576) | $ | ( i 387) | $ | ( i 25) | $ | ( i 988) | |||||||||||||||
Three
Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Foreign currency translation adjustments | $ | i 12 | $ | i — | $ | i 11 | $ | i — | |||||||||||||||
Unrecognized pension and postretirement costs | ( i 1) | i 3 | ( i 3) | i 11 | |||||||||||||||||||
Derivative financial instruments | i 2 | ( i 1) | ( i 5) | i 1 | |||||||||||||||||||
Income tax benefit related to AOCL | $ | i 13 | $ | i 2 | $ | i 3 | $ | i 12 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Appliances and Cookware | $ | i 1 | $ | i — | $ | i 1 | $ | i 2 | |||||||||||||||
Commercial Solutions | i — | i — | i 2 | i 1 | |||||||||||||||||||
Home Solutions | i 1 | i 1 | i 6 | i 7 | |||||||||||||||||||
Learning and Development | i 1 | i — | i 2 | i 5 | |||||||||||||||||||
Outdoor and Recreation | i 1 | i 1 | i 2 | i 2 | |||||||||||||||||||
Corporate | i — | i 1 | i 1 | i 5 | |||||||||||||||||||
$ | i 4 | $ | i 3 | $ | i 14 | $ | i 22 |
Balance at December 31, 2019 | Restructuring Costs, Net | Payments | Balance at September 30, 2020 | ||||||||||||||||||||||||||||||||
Employee severance and termination benefits | $ | i 10 | $ | i 12 | $ | ( i 14) | $ | i 8 | |||||||||||||||||||||||||||
Exited
contractual commitments and other | i 12 | i 2 | ( i 7) | i 7 | |||||||||||||||||||||||||||||||
$ | i 22 | $ | i 14 | $ | ( i 21) | $ | i 15 |
September 30, 2020 | December 31, 2019 | ||||||||||
Raw materials and supplies | $ | i 275 | $ | i 231 | |||||||
Work-in-process | i 146 | i 135 | |||||||||
Finished products | i 1,297 | i 1,240 | |||||||||
$ | i 1,718 | $ | i 1,606 |
September 30, 2020 | December 31, 2019 | ||||||||||
Land | $ | i 83 | $ | i 86 | |||||||
Buildings and improvements | i 644 | i 641 | |||||||||
Machinery and equipment | i 2,221 | i 2,151 | |||||||||
i 2,948 | i 2,878 | ||||||||||
Less: Accumulated depreciation | ( i 1,833) | ( i 1,723) | |||||||||
$ | i 1,115 | $ | i 1,155 |
September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||
Segments | Net Book Value at December 31, 2019 | Impairment Charges | Foreign Exchange and Other | Gross Carrying Amount | Accumulated Impairment Charges | Net
Book Value | |||||||||||||||||||||||||||||||||||
Appliances and Cookware | $ | i 212 | $ | ( i 212) | $ | i — | $ | i 744 | $ | ( i 744) | $ | i — | |||||||||||||||||||||||||||||
Commercial Solutions | i 747 | i — | i — | i 1,241 | ( i 494) | i 747 | |||||||||||||||||||||||||||||||||||
Home Solutions | i 164 | i — | i — | i 2,392 | ( i 2,228) | i 164 | |||||||||||||||||||||||||||||||||||
Learning and Development | i 2,586 | i — | i 26 | i 3,458 | ( i 846) | i 2,612 | |||||||||||||||||||||||||||||||||||
Outdoor and Recreation | i — | i — | i — | i 788 | ( i 788) | i — | |||||||||||||||||||||||||||||||||||
$ | i 3,709 | $ | ( i 212) | $ | i 26 | $ | i 8,623 | $ | ( i 5,100) | $ | i 3,523 |
September 30, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Book Value | Gross Carrying Amount
| Accumulated Amortization | Net Book Value | Amortization Periods (in years) | |||||||||||||||||||||||||||||||||||
Trade names — indefinite life | $ | i 2,315 | $ | — | $ | i 2,315 | $ | i 3,560 | $ | — | $ | i 3,560 | N/A | ||||||||||||||||||||||||||||
Trade
names — other | i 158 | ( i 55) | i 103 | i 169 | ( i 50) | i 119 | i 2- i 15 | ||||||||||||||||||||||||||||||||||
Capitalized
software | i 620 | ( i 475) | i 145 | i 587 | ( i 435) | i 152 | i 3- i 12 | ||||||||||||||||||||||||||||||||||
Patents
and intellectual property | i 123 | ( i 104) | i 19 | i 135 | ( i 102) | i 33 | i 3- i 14 | ||||||||||||||||||||||||||||||||||
Customer
relationships and distributor channels | i 1,251 | ( i 266) | i 985 | i 1,328 | ( i 283) | i 1,045 | i 3- i 30 | ||||||||||||||||||||||||||||||||||
Other | i — | i — | i — | i 109 | ( i 102) | i 7 | i 3- i 5 | ||||||||||||||||||||||||||||||||||
$ | i 4,467 | $ | ( i 900) | $ | i 3,567 | $ | i 5,888 | $ | ( i 972) | $ | i 4,916 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 (1) | 2020 | 2019 (1) | ||||||||||||||||||||
Impairment of indefinite-lived intangibles assets | |||||||||||||||||||||||
Appliances and Cookware | $ | i — | $ | i 607 | $ | i 87 | $ | i 607 | |||||||||||||||
Commercial Solutions | i — | i 152 | i 320 | i 152 | |||||||||||||||||||
Home Solutions | i — | i 152 | i 290 | i 152 | |||||||||||||||||||
Learning and Development | i 2 | i — | i 80 | i — | |||||||||||||||||||
Outdoor and Recreation | i — | i 65 | i 482 | i 65 | |||||||||||||||||||
$ | i 2 | $ | i 976 | $ | i 1,259 | $ | i 976 |
September 30, 2020 | December 31, 2019 | ||||||||||
Customer accruals | $ | i 649 | $ | i 605 | |||||||
Accrued interest expense | i 133 | i 63 | |||||||||
Operating lease liabilities | i 131 | i 132 | |||||||||
Accrued self-insurance liabilities, contingencies and warranty | i 110 | i 124 | |||||||||
Accrued income taxes | i 82 | i 114 | |||||||||
Accruals for manufacturing, marketing and freight expenses | i 55 | i 50 | |||||||||
Other | i 220 | i 252 | |||||||||
$ | i 1,380 | $ | i 1,340 |
September 30, 2020 | December 31, 2019 | ||||||||||
i 4.70% senior notes due 2020 | $ | i — | $ | i 305 | |||||||
i 3.15%
senior notes due 2021 | i 94 | i 94 | |||||||||
i 3.75%
senior notes due 2021 | i 355 | i 342 | |||||||||
i 4.00%
senior notes due 2022 | i 250 | i 249 | |||||||||
i 3.85%
senior notes due 2023 | i 1,389 | i 1,388 | |||||||||
i 4.00%
senior notes due 2024 | i 200 | i 199 | |||||||||
i 4.875%
senior notes due 2025 | i 492 | i — | |||||||||
i 3.90%
senior notes due 2025 | i 47 | i 47 | |||||||||
i 4.20%
senior notes due 2026 | i 1,973 | i 1,986 | |||||||||
i 5.375%
senior notes due 2036 | i 416 | i 416 | |||||||||
i 5.50%
senior notes due 2046 | i 657 | i 657 | |||||||||
Commercial paper | i — | i 25 | |||||||||
Other debt | i 18 | i 15 | |||||||||
Total debt | i 5,891 | i 5,723 | |||||||||
Short-term debt and current portion of long-term debt | ( i 97) | ( i 332) | |||||||||
Long-term debt | $ | i 5,794 | $ | i 5,391 |
September 30, 2020 | December 31, 2019 | ||||||||||||||||||||||
Fair Value | Book Value | Fair Value | Book Value | ||||||||||||||||||||
Senior notes | $ | i 6,329 | $ | i 5,873 | $ | i 5,990 | $ | i 5,683 |
September 30, 2020 | December 31, 2019 | ||||||||||||||||||||||
Fair Value of Derivatives | Fair Value of Derivatives | ||||||||||||||||||||||
Asset (a) | Liability (a) | Asset (a) | Liability (a) | ||||||||||||||||||||
Derivatives designated as effective hedges: | |||||||||||||||||||||||
Cash
flow hedges: | |||||||||||||||||||||||
Foreign currency contracts | $ | i 5 | $ | i 2 | $ | i 1 | $ | i 13 | |||||||||||||||
Fair
value hedges: | |||||||||||||||||||||||
Interest rate swaps | i 7 | i — | i 2 | i 1 | |||||||||||||||||||
Net
investment hedges: | |||||||||||||||||||||||
Cross-currency swaps | i — | i 43 | i — | i — | |||||||||||||||||||
Derivatives
not designated as effective hedges: | |||||||||||||||||||||||
Foreign currency contracts | i 12 | i 3 | i 10 | i 4 | |||||||||||||||||||
Total | $ | i 24 | $ | i 48 | $ | i 13 | $ | i 18 | |||||||||||||||
(a) Consolidated balance sheet location: | |||||||||||||||||||||||
Asset: Prepaid expenses and other, and other noncurrent assets | |||||||||||||||||||||||
Liability: Other accrued liabilities, and current and noncurrent liabilities |
Three
Months Ended September 30, 2020 | Three Months Ended September 30, 2019 | ||||||||||||||||||||||||||||
Gain/(Loss) | Gain/(Loss) | ||||||||||||||||||||||||||||
Location of gain/(loss) recognized in income | Recognized in OCI (effective portion) | Reclassified from AOCL to
Income | Recognized in OCI (effective portion) | Reclassified from AOCL to Income | |||||||||||||||||||||||||
Interest rate swaps | Interest expense, net | $ | i — | $ | ( i 2) | $ | i — | $ | ( i 4) | ||||||||||||||||||||
Foreign
currency contracts | Net sales and cost of products sold | ( i 3) | i 8 | i 6 | i 4 | ||||||||||||||||||||||||
Commodity
contracts | Cost of products sold | i — | i — | i — | i — | ||||||||||||||||||||||||
Cross-currency
swaps | Other expense, net | ( i 47) | i — | i — | i — | ||||||||||||||||||||||||
Total | $ | ( i 50) | $ | i 6 | $ | i 6 | $ | i — | |||||||||||||||||||||
Nine
Months Ended September 30, 2020 | Nine Months Ended September 30, 2019 | ||||||||||||||||||||||||||||
Gain/(Loss) | Gain/(Loss) | ||||||||||||||||||||||||||||
Location of gain/(loss) recognized in income | Recognized in OCI (effective portion) | Reclassified from AOCL to
Income | Recognized in OCI (effective portion) | Reclassified from AOCL to Income | |||||||||||||||||||||||||
Interest rate swaps | Interest expense, net | $ | i — | $ | ( i 5) | $ | i — | $ | ( i 7) | ||||||||||||||||||||
Foreign
currency contracts | Net sales and cost of products sold | i 27 | i 10 | i 1 | i 12 | ||||||||||||||||||||||||
Commodity
contracts | Cost of products sold | i — | i — | i — | i — | ||||||||||||||||||||||||
Cross-currency
swaps | Other expense, net | ( i 43) | i — | i — | i — | ||||||||||||||||||||||||
Total | $ | ( i 16) | $ | i 5 | $ | i 1 | $ | i 5 |
Pension Benefits | |||||||||||||||||||||||
Three Months Ended September 30, | |||||||||||||||||||||||
U.S. | International | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Service cost | $ | i — | $ | i — | $ | i 1 | $ | i 2 | |||||||||||||||
Interest cost | i 10 | i 12 | i 2 | i 3 | |||||||||||||||||||
Expected return on plan assets | ( i 16) | ( i 14) | ( i 2) | ( i 4) | |||||||||||||||||||
Amortization, net | i 6 | i 4 | i 1 | i 1 | |||||||||||||||||||
Total expense | $ | i — | $ | i 2 | $ | i 2 | $ | i 2 |
Pension Benefits | |||||||||||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||||||||
U.S. | International | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Service cost | $ | i — | $ | i — | $ | i 3 | $ | i 5 | |||||||||||||||
Interest cost | i 28 | i 37 | i 7 | i 9 | |||||||||||||||||||
Expected return on plan assets | ( i 46) | ( i 44) | ( i 5) | ( i 10) | |||||||||||||||||||
Amortization, net | i 18 | i 12 | i 2 | i 2 | |||||||||||||||||||
Settlements | i 1 | i — | i — | i — | |||||||||||||||||||
Total expense | $ | i 1 | $ | i 5 | $ | i 7 | $ | i 6 |
Postretirement Benefits | |||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Interest
cost | $ | i — | $ | i — | $ | i 1 | $ | i 1 | |||||||||||||||
Amortization,
net | ( i 1) | ( i 2) | ( i 4) | ( i 7) | |||||||||||||||||||
Total income | $ | ( i 1) | $ | ( i 2) | $ | ( i 3) | $ | ( i 6) |
Classification | September 30, 2020 | December 31, 2019 | |||||||||||||||
Assets | |||||||||||||||||
Operating
leases | Operating lease assets, net (1) | $ | i 543 | $ | i 615 | ||||||||||||
Finance
leases | Property, plant and equipment, net (2) | i 11 | i 15 | ||||||||||||||
Total
lease assets | $ | i 554 | $ | i 630 | |||||||||||||
Liabilities | |||||||||||||||||
Current | |||||||||||||||||
Operating
leases | Other accrued liabilities | $ | i 131 | $ | i 132 | ||||||||||||
Finance
leases | Short-term debt and current portion of long-term debt | i 3 | i 3 | ||||||||||||||
Noncurrent | |||||||||||||||||
Operating
leases | Long-term operating lease liabilities | i 485 | i 541 | ||||||||||||||
Finance
leases | Long-term debt | i 6 | i 10 | ||||||||||||||
Total
lease liabilities | $ | i 625 | $ | i 686 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||
Operating lease cost: | ||||||||||||||||||||
Operating lease cost (1) | $ | i 45 | $ | i 49 | $ | i 137 | $ | i 156 | ||||||||||||
Variable lease costs (2) | i 6 | i 6 | i 17 | i 19 | ||||||||||||||||
Finance lease cost: | ||||||||||||||||||||
Amortization of leased assets | i 1 | i 1 | i 3 | i 3 | ||||||||||||||||
September 30, 2020 | |||||||||||
Weighted average remaining lease term (years): | |||||||||||
Operating leases | i 6 | ||||||||||
Finance leases | i 3 | ||||||||||
Weighted average discount rate: | |||||||||||
Operating leases | i 4.3% | ||||||||||
Finance leases | i 3.4% |
Nine Months Ended September 30, | |||||||||||
2020 | 2019 | ||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | |||||||||||
Operating cash flows from operating leases | $ | i 133 | $ | i 153 | |||||||
Operating cash flows from finance leases | i — | i 1 | |||||||||
Financing cash flows from finance leases | i 3 | i 3 | |||||||||
Right of use assets obtained in exchange for lease liabilities: | |||||||||||
Operating leases | i 53 | i 124 | |||||||||
Finance leases | i — | i 7 |
Operating Leases | Finance Leases | ||||||||||
2020 (Excludes nine months ended September 30, 2020) | $ | i 42 | $ | i 1 | |||||||
2021 | i 152 | i 4 | |||||||||
2022 | i 130 | i 3 | |||||||||
2023 | i 97 | i 1 | |||||||||
2024 | i 76 | i — | |||||||||
Thereafter | i 220 | i — | |||||||||
Total
lease payments | i 717 | i 9 | |||||||||
Less:
imputed interest | ( i 101) | i — | |||||||||
Present
value of lease liabilities | $ | i 616 | $ | i 9 |
Three
Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Weighted average shares outstanding | i 424.3 | i 423.4 | i 424.1 | i 423.2 | |||||||||||||||||||
Share-based payment awards classified as participating securities (1) | i — | i — | i — | i 0.1 | |||||||||||||||||||
Basic weighted average shares outstanding | i 424.3 | i 423.4 | i 424.1 | i 423.3 | |||||||||||||||||||
Dilutive securities (2) (3) | i 1.1 | i — | i — | i — | |||||||||||||||||||
Diluted weighted average shares outstanding | i 425.4 | i 423.4 | i 424.1 | i 423.3 |
Risk-free interest rates | i 1.4 | % | |||
Expected volatility | i 41.3 | % | |||
Expected dividend yield | i 3.9 | % | |||
Expected life (in years) | i 6.2 | ||||
Exercise price | $ | i 19.67 | |||
September 30, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||
Fair value Asset (Liability) | Fair value Asset (Liability) | ||||||||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||||||||||||||||
Derivatives: | |||||||||||||||||||||||||||||||||||||||||||||||
Assets | $ | i — | $ | i 24 | $ | i — | $ | i 24 | $ | i — | $ | i 13 | $ | i — | $ | i 13 | |||||||||||||||||||||||||||||||
Liabilities | i — | ( i 48) | i — | ( i 48) | i — | ( i 18) | i — | ( i 18) | |||||||||||||||||||||||||||||||||||||||
Investment
securities, including mutual funds | i 8 | i — | i — | i 8 | i 10 | i 1 | i — | i 11 |
March 31, 2020 | December 31, 2019 | ||||||||||
Indefinite-lived intangible assets | $ | i 796 | $ | i 1,365 | |||||||
Segment | Key Brands | Description of Primary Products | ||||||||||||
Appliances and Cookware | Calphalon®, Crock-Pot®, Mr. Coffee®, Oster® and Sunbeam® | Household products, including kitchen appliances, gourmet cookware, bakeware and cutlery | ||||||||||||
Commercial Solutions | BRK®, First Alert®, Mapa®, Quickie®, Rubbermaid Commercial Products®, and Spontex® | Commercial cleaning and maintenance solutions; hygiene systems and material handling solutions; connected home and security and smoke and carbon monoxide alarms | ||||||||||||
Home Solutions | Ball® (1), Chesapeake Bay Candle®, FoodSaver®, Rubbermaid®, Sistema®, WoodWick® and Yankee Candle® | Food and home storage products; fresh preserving products, vacuum sealing products and home fragrance products | ||||||||||||
Learning and Development | Aprica®, Baby Jogger®, Dymo®, Elmer’s®, EXPO®, Graco®, Mr. Sketch®, NUK®, Paper Mate®, Parker®, Prismacolor®, Sharpie®, Tigex® Waterman® and X-Acto® | Baby gear and infant care products; writing instruments, including markers and highlighters, pens and pencils; art products; activity-based adhesive and cutting products and labeling solutions | ||||||||||||
Outdoor and Recreation | Coleman®, Contigo®, ExOfficio®, Marmot® | Products for outdoor and outdoor-related activities |
Three
Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
Net sales (1) | ||||||||||||||||||||||||||
Appliances and Cookware | $ | i 479 | $ | i 430 | $ | i 1,129 | $ | i 1,122 | ||||||||||||||||||
Commercial Solutions | i 535 | i 475 | i 1,361 | i 1,343 | ||||||||||||||||||||||
Home Solutions | i 574 | i 484 | i 1,276 | i 1,227 | ||||||||||||||||||||||
Learning and Development | i 728 | i 824 | i 1,887 | i 2,254 | ||||||||||||||||||||||
Outdoor and Recreation | i 383 | i 356 | i 1,043 | i 1,145 | ||||||||||||||||||||||
$ | i 2,699 | $ | i 2,569 | $ | i 6,696 | $ | i 7,091 | |||||||||||||||||||
Operating income (loss) (2) | ||||||||||||||||||||||||||
Appliances and Cookware | $ | i 32 | $ | ( i 595) | $ | ( i 266) | $ | ( i 593) | ||||||||||||||||||
Commercial Solutions | i 84 | ( i 216) | ( i 148) | ( i 171) | ||||||||||||||||||||||
Home Solutions | i 112 | ( i 112) | ( i 150) | ( i 113) | ||||||||||||||||||||||
Learning and Development | i 159 | i 182 | i 290 | i 488 | ||||||||||||||||||||||
Outdoor and Recreation | i 40 | ( i 41) | ( i 409) | i 11 | ||||||||||||||||||||||
Corporate | ( i 60) | ( i 72) | ( i 185) | ( i 214) | ||||||||||||||||||||||
Restructuring | ( i 4) | ( i 3) | ( i 14) | ( i 22) | ||||||||||||||||||||||
$ | i 363 | $ | ( i 857) | $ | ( i 882) | $ | ( i 614) | |||||||||||||||||||
September 30, 2020 | December 31, 2019 | |||||||||||||||||||||||||
Segment assets | ||||||||||||||||||||||||||
Appliances and Cookware | $ | i 1,204 | $ | i 1,468 | ||||||||||||||||||||||
Commercial Solutions | i 2,534 | i 2,731 | ||||||||||||||||||||||||
Home Solutions | i 3,142 | i 3,327 | ||||||||||||||||||||||||
Learning and Development | i 5,128 | i 4,800 | ||||||||||||||||||||||||
Outdoor and Recreation | i 1,108 | i 1,570 | ||||||||||||||||||||||||
Corporate | i 1,604 | i 1,746 | ||||||||||||||||||||||||
$ | i 14,720 | $ | i 15,642 | |||||||||||||||||||||||
Three
Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
Impairment of goodwill and indefinite-lived intangibles assets (3) | ||||||||||||||||||||||||||
Appliances and Cookware | $ | i — | $ | i 609 | $ | i 299 | $ | i 609 | ||||||||||||||||||
Commercial Solutions | i — | i 236 | i 320 | i 310 | ||||||||||||||||||||||
Home Solutions | i — | i 158 | i 290 | i 158 | ||||||||||||||||||||||
Learning and Development | i 2 | i 1 | i 80 | i 1 | ||||||||||||||||||||||
Outdoor and Recreation | i — | i 67 | i 482 | i 67 | ||||||||||||||||||||||
$ | i 2 | $ | i 1,071 | $ | i 1,471 | $ | i 1,145 |
Three Months Ended September 30, 2020 | |||||||||||||||||||||||||||||||||||
Appliances and Cookware | Commercial Solutions | Home Solutions | Learning and Development | Outdoor and Recreation | Total | ||||||||||||||||||||||||||||||
Appliances and Cookware | $ | i 479 | $ | i — | $ | i — | $ | i — | $ | i — | $ | i 479 | |||||||||||||||||||||||
Commercial | i — | i 416 | i — | i — | i — | i 416 | |||||||||||||||||||||||||||||
Connected Home Security | i — | i 119 | i — | i — | i — | i 119 | |||||||||||||||||||||||||||||
Food | i — | i — | i 304 | i — | i — | i 304 | |||||||||||||||||||||||||||||
Home Fragrance | i — | i — | i 270 | i — | i — | i 270 | |||||||||||||||||||||||||||||
Baby and Parenting | i — | i — | i — | i 307 | i — | i 307 | |||||||||||||||||||||||||||||
Writing | i — | i — | i — | i 421 | i — | i 421 | |||||||||||||||||||||||||||||
Outdoor and Recreation | i — | i — | i — | i — | i 383 | i 383 | |||||||||||||||||||||||||||||
Total | $ | i 479 | $ | i 535 | $ | i 574 | $ | i 728 | $ | i 383 | $ | i 2,699 | |||||||||||||||||||||||
North America | $ | i 297 | $ | i 407 | $ | i 462 | $ | i 529 | $ | i 232 | $ | i 1,927 | |||||||||||||||||||||||
International | i 182 | i 128 | i 112 | i 199 | i 151 | i 772 | |||||||||||||||||||||||||||||
Total | $ | i 479 | $ | i 535 | $ | i 574 | $ | i 728 | $ | i 383 | $ | i 2,699 | |||||||||||||||||||||||
Three Months Ended September 30, 2019 | |||||||||||||||||||||||||||||||||||
Appliances and Cookware | Commercial Solutions | Home Solutions | Learning and Development | Outdoor and Recreation | Total | ||||||||||||||||||||||||||||||
Appliances and Cookware | $ | i 430 | $ | i — | $ | i — | $ | i — | $ | i — | $ | i 430 | |||||||||||||||||||||||
Commercial | i — | i 362 | i — | i — | i — | i 362 | |||||||||||||||||||||||||||||
Connected Home Security | i — | i 113 | i — | i — | i — | i 113 | |||||||||||||||||||||||||||||
Food | i — | i — | i 229 | i — | i — | i 229 | |||||||||||||||||||||||||||||
Home Fragrance | i — | i — | i 255 | i — | i — | i 255 | |||||||||||||||||||||||||||||
Baby and Parenting | i — | i — | i — | i 300 | i — | i 300 | |||||||||||||||||||||||||||||
Writing | i — | i — | i — | i 524 | i — | i 524 | |||||||||||||||||||||||||||||
Outdoor and Recreation | i — | i — | i — | i — | i 356 | i 356 | |||||||||||||||||||||||||||||
Total | $ | i 430 | $ | i 475 | $ | i 484 | $ | i 824 | $ | i 356 | $ | i 2,569 | |||||||||||||||||||||||
North America | $ | i 297 | $ | i 366 | $ | i 384 | $ | i 605 | $ | i 230 | $ | i 1,882 | |||||||||||||||||||||||
International | i 133 | i 109 | i 100 | i 219 | i 126 | i 687 | |||||||||||||||||||||||||||||
Total | $ | i 430 | $ | i 475 | $ | i 484 | $ | i 824 | $ | i 356 | $ | i 2,569 |
Nine Months Ended September 30, 2020 | |||||||||||||||||||||||||||||||||||
Appliances and Cookware | Commercial Solutions | Home Solutions | Learning and Development | Outdoor and Recreation | Total | ||||||||||||||||||||||||||||||
Appliances and Cookware | $ | i 1,129 | $ | i — | $ | i — | $ | i — | $ | i — | $ | i 1,129 | |||||||||||||||||||||||
Commercial | i — | i 1,109 | i — | i — | i — | i 1,109 | |||||||||||||||||||||||||||||
Connected Home Security | i — | i 252 | i — | i — | i — | i 252 | |||||||||||||||||||||||||||||
Food | i — | i — | i 741 | i — | i — | i 741 | |||||||||||||||||||||||||||||
Home Fragrance | i — | i — | i 535 | i — | i — | i 535 | |||||||||||||||||||||||||||||
Baby and Parenting | i — | i — | i — | i 790 | i — | i 790 | |||||||||||||||||||||||||||||
Writing | i — | i — | i — | i 1,097 | i — | i 1,097 | |||||||||||||||||||||||||||||
Outdoor and Recreation | i — | i — | i — | i — | i 1,043 | i 1,043 | |||||||||||||||||||||||||||||
Total | $ | i 1,129 | $ | i 1,361 | $ | i 1,276 | $ | i 1,887 | $ | i 1,043 | $ | i 6,696 | |||||||||||||||||||||||
North America | $ | i 704 | $ | i 1,013 | $ | i 1,029 | $ | i 1,393 | $ | i 642 | $ | i 4,781 | |||||||||||||||||||||||
International | i 425 | i 348 | i 247 | i 494 | i 401 | i 1,915 | |||||||||||||||||||||||||||||
Total | $ | i 1,129 | $ | i 1,361 | $ | i 1,276 | $ | i 1,887 | $ | i 1,043 | $ | i 6,696 | |||||||||||||||||||||||
Nine Months Ended September 30, 2019 | |||||||||||||||||||||||||||||||||||
Appliances and Cookware | Commercial Solutions | Home Solutions | Learning and Development | Outdoor and Recreation | Total | ||||||||||||||||||||||||||||||
Appliances and Cookware | $ | i 1,122 | $ | i — | $ | i — | $ | i — | $ | i — | $ | i 1,122 | |||||||||||||||||||||||
Commercial | i — | i 1,056 | i — | i — | i — | i 1,056 | |||||||||||||||||||||||||||||
Connected Home Security | i — | i 287 | i — | i — | i — | i 287 | |||||||||||||||||||||||||||||
Food | i — | i — | i 604 | i — | i — | i 604 | |||||||||||||||||||||||||||||
Home Fragrance | i — | i — | i 623 | i — | i — | i 623 | |||||||||||||||||||||||||||||
Baby and Parenting | i — | i — | i — | i 826 | i — | i 826 | |||||||||||||||||||||||||||||
Writing | i — | i — | i — | i 1,428 | i — | i 1,428 | |||||||||||||||||||||||||||||
Outdoor and Recreation | i — | i — | i — | i — | i 1,145 | i 1,145 | |||||||||||||||||||||||||||||
Total | $ | i 1,122 | $ | i 1,343 | $ | i 1,227 | $ | i 2,254 | $ | i 1,145 | $ | i 7,091 | |||||||||||||||||||||||
North America | $ | i 731 | $ | i 1,018 | $ | i 963 | $ | i 1,626 | $ | i 720 | $ | i 5,058 | |||||||||||||||||||||||
International | i 391 | i 325 | i 264 | i 628 | i 425 | i 2,033 | |||||||||||||||||||||||||||||
Total | $ | i 1,122 | $ | i 1,343 | $ | i 1,227 | $ | i 2,254 | $ | i 1,145 | $ | i 7,091 | |||||||||||||||||||||||
Segment | Key Brands | Description of Primary Products | ||||||||||||
Appliances and Cookware | Calphalon®, Crock-Pot®, Mr. Coffee®, Oster® and Sunbeam® | Household products, including kitchen appliances, gourmet cookware, bakeware and cutlery | ||||||||||||
Commercial Solutions | BRK®, First Alert®, Mapa®, Quickie®, Rubbermaid Commercial Products®, and Spontex® | Commercial cleaning and maintenance solutions; hygiene systems and material handling solutions; connected home and security and smoke and carbon monoxide alarms | ||||||||||||
Home Solutions | Ball® (1), Chesapeake Bay Candle®, FoodSaver®, Rubbermaid®, Sistema®, WoodWick® and Yankee Candle® | Food and home storage products; fresh preserving products, vacuum sealing products and home fragrance products | ||||||||||||
Learning and Development | Aprica®, Baby Jogger®, Dymo®, Elmer’s®, EXPO®, Graco®, Mr. Sketch®, NUK®, Paper Mate®, Parker®, Prismacolor®, Sharpie®, Tigex® Waterman® and X-Acto® | Baby gear and infant care products; writing instruments, including markers and highlighters, pens and pencils; art products; activity-based adhesive and cutting products and labeling solutions | ||||||||||||
Outdoor and Recreation | Coleman®, Contigo®, ExOfficio®, Marmot® | Products for outdoor and outdoor-related activities |
Three
Months Ended September 30, | |||||||||||||||||||||||
(in millions) | 2020 | 2019 | $ Change | % Change | |||||||||||||||||||
Net sales | $ | 2,699 | $ | 2,569 | $ | 130 | 5.1% | ||||||||||||||||
Gross profit | 914 | 847 | 67 | 7.9% | |||||||||||||||||||
Gross margin | 33.9 | % | 33.0 | % | |||||||||||||||||||
Operating income (loss) | 363 | (857) | 1,220 | NM | |||||||||||||||||||
Operating margin | 13.4 | % | (33.4) | % | |||||||||||||||||||
Interest expense, net | 71 | 75 | (4) | (5.3)% | |||||||||||||||||||
Loss on extinguishment of debt | — | 29 | (29) | (100.0)% | |||||||||||||||||||
Other expense, net | 9 | 7 | 2 | 28.6% | |||||||||||||||||||
Income (loss) before income taxes | 283 | (968) | 1,251 | NM | |||||||||||||||||||
Income tax provision (benefit) | (21) | (327) | 306 | 93.6% | |||||||||||||||||||
Income tax rate | (7.4) | % | 33.8 | % | |||||||||||||||||||
Diluted earnings (loss) per share - continuing operations | $ | 0.71 | $ | (1.51) | |||||||||||||||||||
Diluted earnings per share - discontinued operations | — | 0.03 | |||||||||||||||||||||
Diluted earnings (loss) per share - attributable to common shareholders | $ | 0.71 | $ | (1.48) | |||||||||||||||||||
NM - NOT MEANINGFUL |
Three
Months Ended September 30, | |||||||||||||||||
2020 | 2019 | $ Change | |||||||||||||||
Impairment of goodwill and intangible assets (See Footnote 7) | $ | 2 | $ | 1,071 | $ | (1,069) | |||||||||||
Restructuring (See Footnote 4) and restructuring-related costs | 9 | 27 | (18) | ||||||||||||||
Transactions and related costs | 1 | 9 | (8) | ||||||||||||||
Held for sale depreciation and amortization catch-up adjustment (See Footnotes 6 and 7) | — | 40 | (40) |
Three
Months Ended September 30, | |||||||||||
2020 | 2019 | ||||||||||
Foreign exchange losses, net | $ | — | $ | 5 | |||||||
Fair value equity adjustments (see Footnote 16) | — | 1 | |||||||||
Loss on disposition of businesses | 9 | — | |||||||||
Other losses, net | — | 1 | |||||||||
$ | 9 | $ | 7 |
Three Months Ended September 30, | |||||||||||||||||||||||
(in millions) | 2020 | 2019 | $ Change | % Change | |||||||||||||||||||
Net sales | $ | 479 | $ | 430 | $ | 49 | 11.4% | ||||||||||||||||
Operating income (loss) | 32 | (595) | 627 | NM | |||||||||||||||||||
Operating margin | 6.7 | % | NM | ||||||||||||||||||||
Notable items impacting operating income (loss) comparability: | |||||||||||||||||||||||
Impairment of goodwill and other intangible
assets (See Footnote 7) | $ | — | $ | 609 | |||||||||||||||||||
NM - NOT MEANINGFUL |
Three Months Ended September 30, | |||||||||||||||||||||||
(in millions) | 2020 | 2019 | $ Change | % Change | |||||||||||||||||||
Net sales | $ | 535 | $ | 475 | $ | 60 | 12.6% | ||||||||||||||||
Operating income (loss) | 84 | (216) | 300 | NM | |||||||||||||||||||
Operating margin | 15.7 | % | (45.5) | % | |||||||||||||||||||
Notable items impacting operating income (loss) comparability: | |||||||||||||||||||||||
Impairment of goodwill and other intangible assets (See Footnote 7) | $ | — | $ | 236 | |||||||||||||||||||
Held for sale depreciation and amortization catch-up adjustment (See Footnotes 6 and 7) | — | 40 | |||||||||||||||||||||
NM - NOT MEANINGFUL |
Three
Months Ended September 30, | |||||||||||||||||||||||
(in millions) | 2020 | 2019 | $ Change | % Change | |||||||||||||||||||
Net sales | $ | 574 | $ | 484 | $ | 90 | 18.6% | ||||||||||||||||
Operating income (loss) | 112 | (112) | 224 | NM | |||||||||||||||||||
Operating margin | 19.5 | % | (23.1) | % | |||||||||||||||||||
Notable items impacting operating income (loss) comparability: | |||||||||||||||||||||||
Impairment of goodwill and other intangible assets (See Footnote 7) | $ | — | $ | 158 | |||||||||||||||||||
NM - NOT MEANINGFUL |
Three
Months Ended September 30, | |||||||||||||||||||||||
(in millions) | 2020 | 2019 | $ Change | % Change | |||||||||||||||||||
Net sales | $ | 728 | $ | 824 | $ | (96) | (11.7)% | ||||||||||||||||
Operating income | 159 | 182 | (23) | (12.6)% | |||||||||||||||||||
Operating margin | 21.8 | % | 22.1 | % |
Three Months Ended September 30, | |||||||||||||||||||||||
(in millions) | 2020 | 2019 | $ Change | % Change | |||||||||||||||||||
Net sales | $ | 383 | $ | 356 | $ | 27 | 7.6% | ||||||||||||||||
Operating income (loss) | 40 | (41) | 81 | NM | |||||||||||||||||||
Operating margin | 10.4 | % | (11.5) | % | |||||||||||||||||||
Notable items impacting operating income (loss) comparability: | |||||||||||||||||||||||
Impairment
of goodwill and other intangible assets (See Footnote 7) | $ | — | $ | 67 | |||||||||||||||||||
NM - NOT MEANINGFUL |
Nine
Months Ended September 30, | |||||||||||||||||||||||
(in millions) | 2020 | 2019 | $ Change | % Change | |||||||||||||||||||
Net sales | $ | 6,696 | $ | 7,091 | $ | (395) | (5.6)% | ||||||||||||||||
Gross profit | 2,195 | 2,367 | (172) | (7.3)% | |||||||||||||||||||
Gross margin | 32.8 | % | 33.4 | % | |||||||||||||||||||
Operating loss | (882) | (614) | (268) | (43.6)% | |||||||||||||||||||
Operating margin | (13.2) | % | (8.7) | % | |||||||||||||||||||
Interest expense, net | 205 | 233 | (28) | (12.0)% | |||||||||||||||||||
Loss on extinguishment of debt | — | 29 | (29) | (100.0)% | |||||||||||||||||||
Other expense, net | 20 | 33 | (13) | (39.4)% | |||||||||||||||||||
Loss before income taxes | (1,107) | (909) | (198) | (21.8)% | |||||||||||||||||||
Income tax benefit | (210) | (317) | 107 | 33.8% | |||||||||||||||||||
Income tax rate | 19.0 | % | 34.9 | % | |||||||||||||||||||
Diluted loss per share - continuing operations | $ | (2.12) | $ | (1.40) | |||||||||||||||||||
Diluted loss per share - discontinued operations | — | (0.22) | |||||||||||||||||||||
Diluted loss per share - attributable to common shareholders | $ | (2.12) | $ | (1.62) |
Nine Months Ended September 30, | |||||||||||||||||
2020 | 2019 | $ Change | |||||||||||||||
Impairment of goodwill and intangible assets (See Footnote 7) | $ | 1,471 | $ | 1,145 | $ | 326 | |||||||||||
Restructuring (See Footnote 4) and restructuring-related costs | 32 | 62 | (30) | ||||||||||||||
Transactions and related costs | 3 | 25 | (22) | ||||||||||||||
Held
for sale depreciation and amortization catch-up adjustment (See Footnotes 6 and 7) | — | 40 | (40) |
Nine Months Ended September 30, | |||||||||||
2020 | 2019 | ||||||||||
Foreign exchange losses, net | $ | 11 | $ | 13 | |||||||
Fair value equity adjustments (see Footnote 16) | 1 | 19 | |||||||||
Loss on disposition of businesses | 9 | — | |||||||||
Other (gains) losses, net | (1) | 1 | |||||||||
$ | 20 | $ | 33 |
Nine
Months Ended September 30, | |||||||||||||||||||||||
(in millions) | 2020 | 2019 | $ Change | % Change | |||||||||||||||||||
Net sales | $ | 1,129 | $ | 1,122 | $ | 7 | 0.6% | ||||||||||||||||
Operating loss | (266) | (593) | 327 | 55.1% | |||||||||||||||||||
Operating margin | (23.6) | % | (52.9) | % | |||||||||||||||||||
Notable items impacting operating loss comparability: | |||||||||||||||||||||||
Impairment of goodwill and other intangible assets (See Footnote 7) | $ | 299 | $ | 609 | |||||||||||||||||||
Nine
Months Ended September 30, | |||||||||||||||||||||||
(in millions) | 2020 | 2019 | $ Change | % Change | |||||||||||||||||||
Net sales | $ | 1,361 | $ | 1,343 | $ | 18 | 1.3% | ||||||||||||||||
Operating loss | (148) | (171) | 23 | 13.5% | |||||||||||||||||||
Operating margin | (10.9) | % | (12.7) | % | |||||||||||||||||||
Notable items impacting operating loss comparability: | |||||||||||||||||||||||
Impairment of goodwill and other intangible assets (See Footnote 7) | $ | 320 | $ | 310 | |||||||||||||||||||
Held for sale depreciation and amortization catch-up adjustment (See Footnotes 6 and 7) | $ | — | $ | 40 |
Nine Months Ended September 30, | |||||||||||||||||||||||
(in millions) | 2020 | 2019 | $ Change | % Change | |||||||||||||||||||
Net sales | $ | 1,276 | $ | 1,227 | $ | 49 | 4.0% | ||||||||||||||||
Operating loss | (150) | (113) | (37) | (32.7)% | |||||||||||||||||||
Operating margin | (11.8) | % | (9.2) | % | |||||||||||||||||||
Notable items impacting operating loss comparability: | |||||||||||||||||||||||
Impairment of goodwill and other intangible assets (See Footnote 7) | $ | 290 | $ | 158 | |||||||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||||||||
(in millions) | 2020 | 2019 | $ Change | % Change | |||||||||||||||||||
Net sales | $ | 1,887 | $ | 2,254 | $ | (367) | (16.3)% | ||||||||||||||||
Operating income | 290 | 488 | (198) | (40.6)% | |||||||||||||||||||
Operating margin | 15.4 | % | 21.7 | % | |||||||||||||||||||
Notable items impacting operating income comparability: | |||||||||||||||||||||||
Impairment of goodwill and other intangible assets (See Footnote 7) | $ | 80 | $ | 1 |
Nine Months Ended September 30, | |||||||||||||||||||||||
(in millions) | 2020 | 2019 | $ Change | % Change | |||||||||||||||||||
Net sales | $ | 1,043 | $ | 1,145 | $ | (102) | (8.9)% | ||||||||||||||||
Operating income (loss) | (409) | 11 | (420) | NM | |||||||||||||||||||
Operating margin | (39.2) | % | 1.0 | % | |||||||||||||||||||
Notable items impacting operating income (loss) comparability: | |||||||||||||||||||||||
Impairment of intangible assets (See Footnote 7) | $ | 482 | $ | 67 | |||||||||||||||||||
Product recall costs (See Footnote 18) | 2 | 8 | |||||||||||||||||||||
NM - NOT MEANINGFUL |
2020 | 2019 | Increase (Decrease) | |||||||||||||||
Cash provided by operating activities | $ | 820 | $ | 424 | $ | 396 | |||||||||||
Cash provided by (used in) investing activities | (138) | 581 | (719) | ||||||||||||||
Cash used in financing activities | (174) | (1,024) | 850 | ||||||||||||||
Exchange rate effect on cash, cash equivalents and restricted cash | (14) | (11) | (3) | ||||||||||||||
Increase (decrease) in cash, cash equivalents and restricted cash | $ | 494 | $ | (30) | $ | 524 |
September
30, 2020 | |||||
Asset (Liability) | |||||
Derivatives designated as effective hedges: | |||||
Cash flow hedges: | |||||
Foreign currency contracts | $ | 3 | |||
Fair value hedges: | |||||
Interest
rate swaps | 7 | ||||
Net investment hedges: | |||||
Cross-currency swaps | (43) | ||||
Derivatives not designated as effective hedges: | |||||
Foreign currency contracts | 9 | ||||
Total | $ | (24) |
Calendar Month | Total Number of Shares Purchased (2) | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2) | Maximum Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (1) | |||||||||||||||||||
July | 30,371 | $ | 15.78 | — | $ | — | |||||||||||||||||
August | 1,829 | 17.11 | — | — | |||||||||||||||||||
September | — | — | — | — | |||||||||||||||||||
Total | 32,200 | $ | 15.86 | — |
Exhibit Number | Description of Exhibit | |||||||
10.1† | ||||||||
31.1* | ||||||||
31.2* | ||||||||
32.1* | ||||||||
32.2* | ||||||||
101.SCH | XBRL Taxonomy Extension Schema | |||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase | |||||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase | |||||||
101.LAB | XBRL Taxonomy Extension Label Linkbase | |||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase |
NEWELL BRANDS INC. Registrant | |||||||||||
Date: | /s/ Ravichandra K. Saligram | ||||||||||
Ravichandra K. Saligram | |||||||||||
President & Chief Executive Officer | |||||||||||
Date: | /s/ Christopher H. Peterson | ||||||||||
Christopher H. Peterson | |||||||||||
Chief Financial Officer & President, Business Operations |
This ‘10-Q’ Filing | Date | Other Filings | ||
---|---|---|---|---|
12/31/22 | ||||
1/1/21 | ||||
12/31/20 | 10-K, 11-K, 4, SD | |||
12/15/20 | ||||
Filed on: | 10/30/20 | 4, 8-K | ||
10/26/20 | ||||
10/22/20 | ||||
For Period end: | 9/30/20 | |||
8/31/20 | ||||
8/21/20 | ||||
8/15/20 | ||||
8/7/20 | ||||
7/9/20 | ||||
6/30/20 | 10-Q | |||
4/15/20 | ||||
4/1/20 | ||||
3/31/20 | 10-Q | |||
3/9/20 | 3, 4 | |||
2/19/20 | 4 | |||
2/14/20 | 4, 8-K | |||
2/7/20 | 4 | |||
1/31/20 | ||||
1/15/20 | ||||
1/10/20 | ||||
1/1/20 | ||||
12/31/19 | 10-K, 11-K, SD | |||
12/15/19 | ||||
11/1/19 | 4, 8-K | |||
10/4/19 | 3, 4, 8-K | |||
10/2/19 | 3, 4, 4/A, 8-K | |||
9/30/19 | 10-Q | |||
9/16/19 | ||||
8/27/19 | ||||
7/26/19 | 8-K | |||
7/19/19 | ||||
6/30/19 | 10-Q | |||
6/18/19 | ||||
5/1/19 | 4 | |||
1/31/19 | ||||
12/31/18 | 10-K, 11-K, NT 10-K, SD | |||
10/30/18 | ||||
10/29/18 | ||||
9/27/18 | ||||
9/6/18 | ||||
6/30/18 | 10-Q | |||
6/27/18 | 11-K | |||
6/21/18 | ||||
5/2/18 | ||||
1/24/18 | ||||
9/18/17 | ||||
7/6/17 | 8-K | |||
7/5/17 | 8-K | |||
3/30/17 | DEF 14A, DEFA14A | |||
2/6/17 | 8-K | |||
10/3/16 | 8-K | |||
8/12/16 | ||||
7/8/16 | ||||
6/17/16 | ||||
6/14/16 | ||||
1/1/16 | 3 | |||
4/11/14 | ||||
List all Filings |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 8/12/20 Newell Brands Inc. 8-K:5,9 8/06/20 11:190K Donnelley … Solutions/FA |