(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) |
(Address of Principal Executive Offices) | (Zip Code) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||
☒ | Accelerated filer | ☐ | ||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ||||||||||||
Emerging growth company |
Class | Shares Outstanding at June 30, 2021 | |||||||
Common stock, par value $1.00 per share | ||||||||
Page No. | ||||||||
June 30, 2021 | December 31, 2020 | ||||||||||
ASSETS | |||||||||||
Current Assets: | |||||||||||
Cash and cash investments | $ | $ | |||||||||
Receivables | |||||||||||
Prepaid expenses and other | |||||||||||
Inventories: | |||||||||||
Finished goods | |||||||||||
Raw material | |||||||||||
Work in process | |||||||||||
Total current assets | |||||||||||
Property and equipment, net | |||||||||||
Operating lease right-of-use assets | |||||||||||
Goodwill | |||||||||||
Other intangible assets, net | |||||||||||
Other assets | |||||||||||
Total assets | $ | $ | |||||||||
LIABILITIES | |||||||||||
Current Liabilities: | |||||||||||
Accounts payable | $ | $ | |||||||||
Notes payable | |||||||||||
Accrued liabilities | |||||||||||
Total current liabilities | |||||||||||
Long-term debt | |||||||||||
Noncurrent operating lease liabilities | |||||||||||
Other liabilities | |||||||||||
Total liabilities | |||||||||||
Commitments and contingencies (Note P) | |||||||||||
Redeemable noncontrolling interest | |||||||||||
EQUITY | |||||||||||
Masco Corporation's shareholders' equity: | |||||||||||
Common shares, par value $ Authorized shares: Issued and outstanding: 2021 – | |||||||||||
Preferred shares authorized: Issued and outstanding: 2021 and 2020 – | |||||||||||
Paid-in capital | |||||||||||
Retained (deficit) earnings | ( | ||||||||||
Accumulated other comprehensive income (loss) | ( | ||||||||||
Total Masco Corporation's shareholders' (deficit) equity | ( | ||||||||||
Noncontrolling interest | |||||||||||
Total equity | |||||||||||
Total liabilities and equity | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net sales | $ | $ | $ | $ | |||||||||||||||||||
Cost of sales | |||||||||||||||||||||||
Gross profit | |||||||||||||||||||||||
Selling, general and administrative expenses | |||||||||||||||||||||||
Operating profit | |||||||||||||||||||||||
Other income (expense), net: | |||||||||||||||||||||||
Interest expense | ( | ( | ( | ( | |||||||||||||||||||
Other, net | ( | ( | ( | ( | |||||||||||||||||||
( | ( | ( | ( | ||||||||||||||||||||
(Loss) income from continuing operations before income taxes | ( | ||||||||||||||||||||||
Income tax expense | |||||||||||||||||||||||
(Loss) income from continuing operations | ( | ||||||||||||||||||||||
Income from discontinued operations, net | |||||||||||||||||||||||
Net (loss) income | ( | ||||||||||||||||||||||
Less: Net income attributable to noncontrolling interest | |||||||||||||||||||||||
Net (loss) income attributable to Masco Corporation | $ | ( | $ | $ | $ | ||||||||||||||||||
(Loss) income per common share attributable to Masco Corporation: | |||||||||||||||||||||||
Basic: | |||||||||||||||||||||||
(Loss) income from continuing operations | $ | ( | $ | $ | $ | ||||||||||||||||||
Income from discontinued operations, net | |||||||||||||||||||||||
Net (loss) income | $ | ( | $ | $ | $ | ||||||||||||||||||
Diluted: | |||||||||||||||||||||||
(Loss) income from continuing operations | $ | ( | $ | $ | $ | ||||||||||||||||||
Income from discontinued operations, net | |||||||||||||||||||||||
Net (loss) income | $ | ( | $ | $ | $ | ||||||||||||||||||
Amounts attributable to Masco Corporation: | |||||||||||||||||||||||
(Loss) income from continuing operations | $ | ( | $ | $ | $ | ||||||||||||||||||
Income from discontinued operations, net | |||||||||||||||||||||||
Net (loss) income | $ | ( | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net (loss) income | $ | ( | $ | $ | $ | ||||||||||||||||||
Less: Net income attributable to noncontrolling interest | |||||||||||||||||||||||
Net (loss) income attributable to Masco Corporation | $ | ( | $ | $ | $ | ||||||||||||||||||
Other comprehensive income (loss), net of tax (Note L): | |||||||||||||||||||||||
Cumulative translation adjustment | $ | $ | $ | $ | ( | ||||||||||||||||||
Interest rate swaps | |||||||||||||||||||||||
Pension and other post-retirement benefits | |||||||||||||||||||||||
Other comprehensive income (loss), net of tax | ( | ||||||||||||||||||||||
Less: Other comprehensive income (loss) attributable to noncontrolling interest | ( | ( | |||||||||||||||||||||
Other comprehensive income (loss) attributable to Masco Corporation | $ | $ | $ | $ | ( | ||||||||||||||||||
Total comprehensive income | $ | $ | $ | $ | |||||||||||||||||||
Less: Total comprehensive income attributable to noncontrolling interest | |||||||||||||||||||||||
Total comprehensive income attributable to Masco Corporation | $ | $ | $ | $ |
Six Months Ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
CASH FLOWS FROM (FOR) OPERATING ACTIVITIES: | |||||||||||
Cash provided by operations | $ | $ | |||||||||
Increase in receivables | ( | ( | |||||||||
Increase in inventories | ( | ( | |||||||||
Increase in accounts payable and accrued liabilities, net | |||||||||||
Net cash from operating activities | |||||||||||
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES: | |||||||||||
Retirement of notes | ( | ||||||||||
Purchase of Company common stock | ( | ( | |||||||||
Cash dividends paid | ( | ( | |||||||||
Dividends paid to noncontrolling interest | ( | ( | |||||||||
Issuance of notes, net of issuance costs | |||||||||||
Debt extinguishment costs | ( | ||||||||||
Proceeds from the exercise of stock options | |||||||||||
Employee withholding taxes paid on stock-based compensation | ( | ( | |||||||||
(Decrease) increase in debt, net | ( | ||||||||||
Net cash for financing activities | ( | ( | |||||||||
CASH FLOWS FROM (FOR) INVESTING ACTIVITIES: | |||||||||||
Capital expenditures | ( | ( | |||||||||
Acquisition of businesses, net of cash acquired | ( | ( | |||||||||
Proceeds from disposition of: | |||||||||||
Businesses, net of cash disposed | |||||||||||
Other financial investments | |||||||||||
Other, net | |||||||||||
Net cash from investing activities | |||||||||||
Effect of exchange rate changes on cash and cash investments | ( | ( | |||||||||
CASH AND CASH INVESTMENTS: | |||||||||||
(Decrease) increase for the period | ( | ||||||||||
At January 1 | |||||||||||
At June 30 | $ | $ |
Total | Common Shares ($ | Paid-In Capital | Retained (Deficit) Earnings | Accumulated Other Comprehensive (Loss) Income | Noncontrolling Interest | ||||||||||||||||||||||||||||||
Balance, January 1, 2020 | $ | ( | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||
Cumulative effect of adoption of new credit loss standard | ( | — | — | ( | — | — | |||||||||||||||||||||||||||||
Adjusted balance, January 1, 2020 | $ | ( | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||
Total comprehensive income (loss) | — | — | ( | ||||||||||||||||||||||||||||||||
Shares issued | — | — | — | ||||||||||||||||||||||||||||||||
Shares retired: | |||||||||||||||||||||||||||||||||||
Repurchased | ( | ( | ( | ( | — | — | |||||||||||||||||||||||||||||
Surrendered (non-cash) | ( | — | — | ( | — | — | |||||||||||||||||||||||||||||
Cash dividends declared | ( | — | — | ( | — | — | |||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | |||||||||||||||||||||||||||||||
Balance, March 31, 2020 | $ | ( | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||
Total comprehensive income | — | — | |||||||||||||||||||||||||||||||||
Shares retired: | |||||||||||||||||||||||||||||||||||
Repurchased | ( | — | — | — | |||||||||||||||||||||||||||||||
Cash dividends declared | ( | — | — | ( | — | — | |||||||||||||||||||||||||||||
Dividends paid to noncontrolling interest | ( | — | — | — | — | ( | |||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | |||||||||||||||||||||||||||||||
Balance, June 30, 2020 | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||
Total | Common Shares ($ | Paid-In Capital | Retained Earnings (Deficit) | Accumulated Other Comprehensive (Loss) Income | Noncontrolling Interest | ||||||||||||||||||||||||||||||
Balance, January 1, 2021 | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||
Total comprehensive income (loss) | — | — | ( | ||||||||||||||||||||||||||||||||
Shares issued | ( | — | — | — | |||||||||||||||||||||||||||||||
Shares retired: | |||||||||||||||||||||||||||||||||||
Repurchased | ( | ( | ( | ( | — | — | |||||||||||||||||||||||||||||
Surrendered (non-cash) | ( | — | — | ( | — | — | |||||||||||||||||||||||||||||
Redeemable noncontrolling interest - redemption adjustment | ( | — | — | ( | — | — | |||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | |||||||||||||||||||||||||||||||
Balance, March 31, 2021 | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||
Total comprehensive income (loss) | — | — | ( | ||||||||||||||||||||||||||||||||
Shares retired: | |||||||||||||||||||||||||||||||||||
Repurchased | ( | ( | ( | ( | — | — | |||||||||||||||||||||||||||||
Cash dividends declared | ( | — | — | ( | — | — | |||||||||||||||||||||||||||||
Dividends paid to noncontrolling interest | ( | — | — | — | — | ( | |||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | |||||||||||||||||||||||||||||||
Balance, June 30, 2021 | $ | $ | $ | $ | ( | $ | $ | ||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net sales | $ | $ | $ | $ | |||||||||||||||||||
Cost of sales | |||||||||||||||||||||||
Gross profit | |||||||||||||||||||||||
Selling, general and administrative expenses (A) | ( | ||||||||||||||||||||||
Income (loss) from discontinued operations | ( | ||||||||||||||||||||||
Gain on disposal of discontinued operations | |||||||||||||||||||||||
Income before income tax | |||||||||||||||||||||||
Income tax expense | ( | ( | |||||||||||||||||||||
Income from discontinued operations, net | $ | $ | $ | $ |
Three Months Ended June 30, 2021 | |||||||||||||||||
Plumbing Products | Decorative Architectural Products | Total | |||||||||||||||
Primary geographic markets: | |||||||||||||||||
North America | $ | $ | $ | ||||||||||||||
International, principally Europe | |||||||||||||||||
Total | $ | $ | $ |
Six Months Ended June 30, 2021 | |||||||||||||||||
Plumbing Products | Decorative Architectural Products | Total | |||||||||||||||
Primary geographic markets: | |||||||||||||||||
North America | $ | $ | $ | ||||||||||||||
International, principally Europe | |||||||||||||||||
Total | $ | $ | $ |
Three Months Ended June 30, 2020 | |||||||||||||||||
Plumbing Products | Decorative Architectural Products | Total | |||||||||||||||
Primary geographic markets: | |||||||||||||||||
North America | $ | $ | $ | ||||||||||||||
International, principally Europe | |||||||||||||||||
Total | $ | $ | $ |
Six Months Ended June 30, 2020 | |||||||||||||||||
Plumbing Products | Decorative Architectural Products | Total | |||||||||||||||
Primary geographic markets: | |||||||||||||||||
North America | $ | $ | $ | ||||||||||||||
International, principally Europe | |||||||||||||||||
Total | $ | $ | $ |
Six Months Ended June 30, 2021 | Twelve Months Ended December 31, 2020 | ||||||||||
Balance at January 1 | $ | $ | |||||||||
Provision for expected credit losses during the period | |||||||||||
Write-offs charged against the allowance | ( | ( | |||||||||
Recoveries of amounts previously written off | |||||||||||
Other (A) | ( | ||||||||||
Balance at end of period | $ | $ |
Gross Goodwill At June 30, 2021 | Accumulated Impairment Losses | Net Goodwill At June 30, 2021 | |||||||||||||||
Plumbing Products (A) | $ | $ | ( | $ | |||||||||||||
Decorative Architectural Products | ( | ||||||||||||||||
Total | $ | $ | ( | $ |
Gross Goodwill At December 31, 2020 | Accumulated Impairment Losses | Net Goodwill At December 31, 2020 | Acquisitions | Other (B) | Net Goodwill At June 30, 2021 | ||||||||||||||||||||||||||||||
Plumbing Products | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||
Decorative Architectural Products | ( | ||||||||||||||||||||||||||||||||||
Total | $ | $ | ( | $ | $ | $ | ( | $ |
Six Months Ended June 30, 2021 | Twelve Months Ended December 31, 2020 | ||||||||||
Balance at January 1 | $ | $ | |||||||||
Accruals for warranties issued during the period | |||||||||||
Accruals related to pre-existing warranties | ( | ||||||||||
Settlements made (in cash or kind) during the period | ( | ( | |||||||||
Other, net (including currency translation and acquisitions) | ( | ||||||||||
Balance at end of period | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Long-term stock awards | $ | $ | $ | $ | |||||||||||||||||||
Stock options | |||||||||||||||||||||||
Restricted stock units | |||||||||||||||||||||||
Performance restricted stock units | |||||||||||||||||||||||
Phantom stock awards | |||||||||||||||||||||||
Total | $ | $ | $ | $ | |||||||||||||||||||
Six Months Ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
Unvested stock award shares at January 1 | |||||||||||
Weighted average grant date fair value | $ | $ | |||||||||
Stock award shares vested | |||||||||||
Weighted average grant date fair value | $ | $ | |||||||||
Stock award shares forfeited | |||||||||||
Weighted average grant date fair value | $ | $ | |||||||||
Unvested stock award shares at June 30 | |||||||||||
Weighted average grant date fair value | $ | $ |
Six Months Ended June 30, | |||||||||||||||||
2021 | 2020 | ||||||||||||||||
Option shares outstanding, January 1 | |||||||||||||||||
Weighted average exercise price | $ | $ | |||||||||||||||
Option shares granted | |||||||||||||||||
Weighted average exercise price | $ | $ | |||||||||||||||
Option shares exercised | |||||||||||||||||
Aggregate intrinsic value on date of exercise (A) | $ | $ | |||||||||||||||
Weighted average exercise price | $ | $ | |||||||||||||||
Option shares forfeited | |||||||||||||||||
Weighted average exercise price | $ | $ | |||||||||||||||
Option shares outstanding, June 30 | |||||||||||||||||
Weighted average exercise price | $ | $ | |||||||||||||||
Weighted average remaining option term (in years) | |||||||||||||||||
Option shares vested and expected to vest, June 30 | |||||||||||||||||
Weighted average exercise price | $ | $ | |||||||||||||||
Aggregate intrinsic value (A) | $ | $ | |||||||||||||||
Weighted average remaining option term (in years) | |||||||||||||||||
Option shares exercisable (vested), June 30 | |||||||||||||||||
Weighted average exercise price | $ | $ | |||||||||||||||
Aggregate intrinsic value (A) | $ | $ | |||||||||||||||
Weighted average remaining option term (in years) |
Six Months Ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
Weighted average grant date fair value | $ | $ | |||||||||
Risk-free interest rate | % | % | |||||||||
Dividend yield | % | % | |||||||||
Volatility factor | % | % | |||||||||
Expected option life |
Three Months Ended June 30, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Qualified | Non-Qualified | Qualified | Non-Qualified | ||||||||||||||||||||
Service cost | $ | $ | $ | $ | |||||||||||||||||||
Interest cost | |||||||||||||||||||||||
Expected return on plan assets | ( | ( | |||||||||||||||||||||
Settlement loss | |||||||||||||||||||||||
Amortization of net loss | |||||||||||||||||||||||
Net periodic pension cost | $ | $ | $ | $ |
Six Months Ended June 30, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Qualified | Non-Qualified | Qualified | Non-Qualified | ||||||||||||||||||||
Service cost | $ | $ | $ | $ | |||||||||||||||||||
Interest cost | |||||||||||||||||||||||
Expected return on plan assets | ( | ( | |||||||||||||||||||||
Settlement loss | |||||||||||||||||||||||
Amortization of net loss | |||||||||||||||||||||||
Net periodic pension cost | $ | $ | $ | $ |
Amounts Reclassified | |||||||||||||||||||||||||||||
Accumulated Other Comprehensive (Income) Loss | Three Months Ended June 30, | Six Months Ended June 30, | Statement of Operations Line Item | ||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||
Settlement and amortization of defined-benefit pension and other post-retirement benefits (A): | |||||||||||||||||||||||||||||
Actuarial losses, net | $ | $ | $ | $ | Other, net | ||||||||||||||||||||||||
Settlement loss | |||||||||||||||||||||||||||||
Tax (benefit) | ( | ( | ( | ( | |||||||||||||||||||||||||
Net of tax | $ | $ | $ | $ | |||||||||||||||||||||||||
Interest rate swaps (B) | $ | $ | $ | $ | Interest expense | ||||||||||||||||||||||||
Tax expense | |||||||||||||||||||||||||||||
Net of tax | $ | $ | $ | $ | |||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||
Net Sales (A) | Operating Profit (Loss) | Net Sales (A) | Operating Profit (Loss) | ||||||||||||||||||||||||||||||||||||||||||||
Operations by segment: | |||||||||||||||||||||||||||||||||||||||||||||||
Plumbing Products | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Decorative Architectural Products | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Operations by geographic area: | |||||||||||||||||||||||||||||||||||||||||||||||
North America | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
International, principally Europe | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||
General corporate expense, net | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||
Operating profit | |||||||||||||||||||||||||||||||||||||||||||||||
Other income (expense), net | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||
(Loss) income from continuing operations before income taxes | $ | ( | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Loss on sale of business | $ | ( | $ | $ | ( | $ | |||||||||||||||||
Income from cash and cash investments | |||||||||||||||||||||||
Equity investment income, net | |||||||||||||||||||||||
Foreign currency transaction gains (losses) | ( | ||||||||||||||||||||||
Net periodic pension and post-retirement benefit cost (A) | ( | ( | ( | ( | |||||||||||||||||||
Gain on preferred stock redemption | |||||||||||||||||||||||
Dividend income | |||||||||||||||||||||||
Other items, net | ( | ( | ( | ( | |||||||||||||||||||
Total other, net | $ | ( | $ | ( | $ | ( | $ | ( |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Numerator (basic and diluted): | |||||||||||||||||||||||
(Loss) income from continuing operations | $ | ( | $ | $ | $ | ||||||||||||||||||
Less: Allocation to redeemable noncontrolling interest | |||||||||||||||||||||||
Less: Allocation to unvested restricted stock awards | |||||||||||||||||||||||
(Loss) income from continuing operations attributable to common shareholders | ( | ||||||||||||||||||||||
Income from discontinued operations, net | |||||||||||||||||||||||
Less: Allocation to unvested restricted stock awards | |||||||||||||||||||||||
Income from discontinued operations, net attributable to common shareholders | |||||||||||||||||||||||
Net (loss) income attributable to common shareholders | $ | ( | $ | $ | $ | ||||||||||||||||||
Denominator: | |||||||||||||||||||||||
Basic common shares (based upon weighted average) | |||||||||||||||||||||||
Add: Stock option dilution | |||||||||||||||||||||||
Diluted common shares |
MASCO CORPORATION | |||||
Item 2. | |||||
MANAGEMENT'S DISCUSSION AND ANALYSIS OF | |||||
FINANCIAL CONDITION AND RESULTS OF OPERATIONS | |||||
SECOND QUARTER 2021 AND THE FIRST SIX MONTHS 2021 VERSUS SECOND QUARTER 2020 AND THE FIRST SIX MONTHS 2020 |
Three Months Ended June 30, | Percent Change | ||||||||||||||||||||||
2021 | 2020 | 2021 | vs. | 2020 | |||||||||||||||||||
Net Sales: | |||||||||||||||||||||||
Plumbing Products | $ | 1,329 | $ | 868 | 53 | % | |||||||||||||||||
Decorative Architectural Products | 850 | 896 | (5) | % | |||||||||||||||||||
Total | $ | 2,179 | $ | 1,764 | 24 | % | |||||||||||||||||
North America | $ | 1,717 | $ | 1,480 | 16 | % | |||||||||||||||||
International, principally Europe | 462 | 284 | 63 | % | |||||||||||||||||||
Total | $ | 2,179 | $ | 1,764 | 24 | % |
Six Months Ended June 30, | Percent Change | ||||||||||||||||||||||
2021 | 2020 | 2021 | vs. | 2020 | |||||||||||||||||||
Net Sales: | |||||||||||||||||||||||
Plumbing Products | $ | 2,578 | $ | 1,823 | 41 | % | |||||||||||||||||
Decorative Architectural Products | 1,571 | 1,522 | 3 | % | |||||||||||||||||||
Total | $ | 4,149 | $ | 3,345 | 24 | % | |||||||||||||||||
North America | $ | 3,246 | $ | 2,738 | 19 | % | |||||||||||||||||
International, principally Europe | 903 | 607 | 49 | % | |||||||||||||||||||
Total | $ | 4,149 | $ | 3,345 | 24 | % |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Operating Profit (Loss): (A) | |||||||||||||||||||||||
Plumbing Products | $ | 273 | $ | 155 | $ | 525 | $ | 312 | |||||||||||||||
Decorative Architectural Products | 188 | 201 | 330 | 296 | |||||||||||||||||||
Total | $ | 461 | $ | 356 | $ | 855 | $ | 608 | |||||||||||||||
North America | $ | 370 | $ | 321 | $ | 678 | $ | 531 | |||||||||||||||
International, principally Europe | 91 | 35 | 177 | 77 | |||||||||||||||||||
Total | 461 | 356 | 855 | 608 | |||||||||||||||||||
General corporate expense, net | (24) | (17) | (53) | (44) | |||||||||||||||||||
Operating profit | $ | 437 | $ | 339 | $ | 802 | $ | 564 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net sales, as reported | $ | 2,179 | $ | 1,764 | $ | 4,149 | $ | 3,345 | |||||||||||||||
Acquisitions | (54) | — | (111) | — | |||||||||||||||||||
Divestitures | — | (6) | — | (6) | |||||||||||||||||||
Net sales, excluding acquisitions and divestitures | 2,125 | 1,758 | 4,038 | 3,339 | |||||||||||||||||||
Currency translation | (52) | — | (90) | — | |||||||||||||||||||
Net sales, excluding acquisitions, divestitures and the effect of currency translation | $ | 2,073 | $ | 1,758 | $ | 3,948 | $ | 3,339 |
MASCO CORPORATION | |||||
Item 4. | |||||
CONTROLS AND PROCEDURES |
Period | Total Number Of Shares Purchased | Average Price Paid Per Common Share | Total Number Of Shares Purchased As Part Of Publicly Announced Plans or Programs | Maximum Value Of Shares That May Yet Be Purchased Under The Plans Or Programs | |||||||||||||||||||
4/1/21 - 4/30/21 | 5,696 | $ | 59.89 | 5,696 | $ | 1,850,419,705 | |||||||||||||||||
5/1/21 - 5/31/21 | 1,210,000 | $ | 62.69 | 1,210,000 | $ | 1,774,569,967 | |||||||||||||||||
6/1/21 - 6/30/21 (A) | 5,427,806 | $ | 68.19 | 5,427,806 | $ | 1,404,421,924 | |||||||||||||||||
Total for the quarter | 6,643,502 | $ | 67.18 | 6,643,502 | $ | 1,404,421,924 |
10 | – | ||||||||||
31a | – | ||||||||||
31b | – | ||||||||||
32 | – | ||||||||||
101 | – | The following financial information from Masco Corporation's Quarterly Report on Form 10-Q for the quarter ended June 30, 2021, formatted in Inline XBRL: (i) the Condensed Consolidated Balance Sheets, (ii) the Condensed Consolidated Statements of Operations, (iii) the Condensed Consolidated Statements of Comprehensive Income (Loss), (iv) the Condensed Consolidated Statements of Cash Flows, (v) the Consolidated Statements of Shareholders' Equity, and (vi) Notes to Condensed Consolidated Financial Statements. | |||||||||
104 | – | Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101) |
MASCO CORPORATION | ||||||||
By: | /s/ John G. Sznewajs | |||||||
Name: | John G. Sznewajs | |||||||
Title: | Vice President, Chief Financial Officer |
Date: | July 29, 2021 | By: | /s/ Keith J. Allman | |||||||||||
Keith J. Allman | ||||||||||||||
President and Chief Executive Officer |
Date: | July 29, 2021 | By: | /s/ John G. Sznewajs | |||||||||||
John G. Sznewajs | ||||||||||||||
Vice President, Chief Financial Officer |
Date: | July 29, 2021 | /s/ Keith J. Allman | ||||||||||||
Keith J. Allman | ||||||||||||||
President and Chief Executive Officer | ||||||||||||||
Date: | July 29, 2021 | /s/ John G. Sznewajs | ||||||||||||
John G. Sznewajs | ||||||||||||||
Vice President, Chief Financial Officer |
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Common share, par value (in dollars per share) | $ 1 | $ 1 |
Common shares, shares authorized (in shares) | 1,400,000,000 | 1,400,000,000 |
Common shares, shares issued (in shares) | 246,500,000 | 258,200,000 |
Common shares, shares outstanding (in shares) | 246,500,000 | 258,200,000 |
Preferred shares, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred shares, shares issued (in shares) | 0 | 0 |
Preferred shares, shares outstanding (in shares) | 0 | 0 |
Accounting Policies |
6 Months Ended |
---|---|
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Accounting Policies | ACCOUNTING POLICIES In our opinion, the accompanying unaudited condensed consolidated financial statements contain all adjustments, of a normal recurring nature, necessary to fairly state our financial position at June 30, 2021, our results of operations and comprehensive income (loss) for the three and six months ended June 30, 2021 and 2020, cash flows for the six months ended June 30, 2021 and 2020 and changes in shareholders' equity for the three and six months ended June 30, 2021 and 2020. The condensed consolidated balance sheet at December 31, 2020 was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted ("GAAP") in the United States of America. Recently Adopted Accounting Pronouncements. In January 2020, the Financial Accounting Standards Board ("FASB") issued ASU 2020-01, "Investments—Equity Securities (Topic 321)," "Investments—Equity Method and Joint Ventures (Topic 323)," and "Derivatives and Hedging (Topic 815): Clarifying the Interactions between Topic 321, Topic 323, and Topic 815," which clarifies that an entity should consider observable transactions when either applying or discontinuing the equity method of accounting for the purposes of applying the measurement alternative in accordance with Topic 321. ASU 2020-01 clarifies that for certain forward contracts or purchased options to acquire investments, an entity should not consider whether, upon settlement of the forward contract or exercise of the purchased option, the underlying securities would be accounted for under the equity method or the fair value option. We adopted ASU 2020-01 prospectively beginning on January 1, 2021. The adoption of the standard did not have a material effect on our financial position or results of operations. Recently Issued Accounting Pronouncements. In August 2020, the FASB issued ASU 2020-06, “Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity.” ASU 2020-06 simplifies the accounting for convertible instruments by reducing the number of accounting models for convertible debt instruments and convertible preferred stock. ASU 2020-06 is effective for us for annual periods beginning January 1, 2022. We are currently reviewing the provisions of this pronouncement and the impact, if any, the adoption of this guidance has on our financial position or results of operations. The effect will largely depend on the composition and terms of the financial instruments at the time of adoption.
|
Acquisitions |
6 Months Ended |
---|---|
Jun. 30, 2021 | |
Business Combinations [Abstract] | |
Acquisitions | ACQUISITIONS In the first quarter of 2021, we acquired a 75.1% equity interest in Easy Sanitary Solutions B.V. ("ESS"), for approximately €47 million ($58 million), including $52 million of cash and $6 million of debt that will be paid out over two years less any pending or settled indemnity matters. These amounts are subject to working capital and other adjustments. The cash payment was made to a third-party notary on December 29, 2020 for the acquisition of this equity interest in advance of the transaction closing on January 4, 2021. ESS is a manufacturer of shower channel drains and offers a wide range of products for barrier-free showering and bathroom wall niches. This business is included in our Plumbing Products segment. In connection with this acquisition, we recognized $32 million of definite-lived intangible assets, primarily related to customer relationships. The definite-lived intangible assets are being amortized on a straight-line basis over a weighted average amortization period of 10 years. We also recognized $35 million of goodwill, which is not tax deductible, and is related primarily to the expected synergies from combining the operations into our business. The remaining 24.9% equity interest in ESS is subject to a call and put option that is exercisable by us or the sellers, respectively, any time after December 31, 2023. The redemption value of the call and put option is the same and based on a floating EBITDA value. The call and put options were determined to be embedded within the redeemable noncontrolling interest and were recorded as temporary equity in the condensed consolidated balance sheet at June 30, 2021. We elected to adjust the redeemable noncontrolling interest to its full redemption amount directly into retained (deficit) earnings. B. ACQUISITIONS (Concluded) In the fourth quarter of 2020, we acquired substantially all of the net assets of Kraus USA Inc. ("Kraus"), a designer and distributor of sinks, faucets and accessories for the kitchen and bathroom, for approximately $103 million and an additional cash payment of up to $50 million, contingent upon the achievement of certain financial performance metrics for the year ending December 31, 2022. As of the closing date of the acquisition, the contingent consideration was assigned a fair value of approximately $8 million. This business expands our product offerings to our customers and our online presence under the Kraus brand. This business is included in our Plumbing Products segment. In connection with this acquisition, we recognized $25 million of indefinite-lived intangible assets, which is related to trademarks, and $49 million of definite-lived intangible assets, primarily related to customer relationships. The definite-lived intangible assets are being amortized on a straight-line basis over a weighted average amortization period of 10 years. We also recognized $20 million of goodwill, which is generally tax deductible, and is related primarily to the expected synergies from combining the operations into our business. During the first quarter of 2021, we revised the allocation of the purchase price to certain identifiable assets and liabilities based on analysis of information as of the acquisition date, which resulted in a $1 million decrease to goodwill. The working capital adjustments were finalized with the seller in the second quarter of 2021, resulting in no significant changes. In the fourth quarter of 2020, we acquired substantially all of the net assets of Work Tools International Inc. and Elder & Jenks, LLC (collectively, "Work Tools") for approximately $53 million, including $48 million of cash and $5 million of debt that will be paid out in 18 months less any pending or settled indemnity matters. Work Tools will expand our product offering to our customers as it is a leading manufacturer of high-quality precision painting tools and accessories including brushes, rollers and mini rollers for DIY and professionals. This business is included in our Decorative Architectural Products segment. In connection with this acquisition, we recognized $7 million of indefinite-lived intangible assets, which is related to trademarks, and $27 million of definite-lived intangible assets, primarily related to customer relationships. The definite-lived intangible assets are being amortized on a straight-line basis over a weighted average amortization period of 12 years. We also recognized $7 million of goodwill, which is generally tax deductible, and is related primarily to the expected synergies from combining the operations into our business. The working capital adjustments were finalized with the seller in the first quarter of 2021, resulting in no significant changes. In the first quarter of 2020, we acquired all of the share capital of SmarTap A.Y Ltd. ("SmarTap") for approximately $24 million in cash. SmarTap is a developer of a smart bathing system that monitors and controls the temperature and flow of water. This acquisition provides an adaptable solution for a wide range of products as it is compatible with showerheads, hand showers, spouts and shower jets. This business is included in our Plumbing Products segment. In connection with this acquisition, we recognized $10 million of definite-lived intangible assets, primarily related to technology, which is being amortized on a straight-line basis over a weighted average amortization period of 5 years. We also recognized $14 million of goodwill, which is not tax deductible, and is related primarily to the expected synergies from combining the operations into our business.
|
Divestitures |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Divestitures | DIVESTITURES On May 31, 2021, we completed the divestiture of our Hüppe GmbH ("Hüppe") business, a manufacturer of shower enclosures and shower trays. In connection with the divestiture, we recognized a loss of $18 million for the three and six months ended June 30, 2021, which is included in other, net in our condensed consolidated statements of operations. This loss resulted primarily from the recognition of $23 million of currency translation losses that were previously included within accumulated other comprehensive income (loss). The sale of Hüppe does not represent a strategic shift that will have a major effect on our operations and financial results and therefore was not presented as discontinued operations. Prior to the divestiture, the results of the business were included in our Plumbing Products segment. On November 6, 2019, we completed the divestiture of our Milgard Windows and Doors business ("Milgard"), a manufacturer and distributor of windows and doors for proceeds of approximately $720 million, net of cash disposed. During the three and six months ended June 30, 2020, a $17 million pre-tax post-closing adjustment related to the finalization of working capital items was recorded to income from discontinued operations, net in the condensed consolidated statements of operations, as a gain on the divestiture of Milgard. Of the $17 million, we received $12 million in cash as of June 30, 2020, which is presented in investing activities on the condensed consolidated statement of cash flow as proceeds from disposition of businesses, net of cash disposed. The remaining $5 million was received in five monthly installments throughout the remainder of 2020. On November 14, 2019, we entered into a definitive agreement to sell Masco Cabinetry LLC ("Cabinetry"), a manufacturer of cabinetry products. We completed the divestiture of Cabinetry on February 18, 2020 for proceeds of approximately $989 million, including $853 million, net of cash disposed. The remaining $136 million was accounted for as preferred stock issued by a holding company of the buyer; refer to Note G for additional information. In connection with the sale, we recognized a gain on the divestiture of $585 million for the six months ended June 30, 2020, which is included in income from discontinued operations, net in the condensed consolidated statement of operations. As the sale of Milgard and Cabinetry represented a strategic shift having a major effect on our operations and financial results, these businesses were presented in discontinued operations separate from continuing operations for the three and six months ended June 30, 2020, as applicable. The major classes of line items constituting income from discontinued operations, net, in millions:
(A) In the second quarter of 2020, certain remaining liabilities were adjusted to reflect current activity related to sold businesses.
|
Revenue |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | REVENUE Our revenues are derived primarily from sales to customers in North America and Internationally, principally Europe. Net sales from these geographic markets, by segment, were as follows, in millions:
Our contract asset balance was $1 million and $2 million at June 30, 2021 and December 31, 2020, respectively. Our contract liability balance was $24 million and $62 million at June 30, 2021 and December 31, 2020, respectively. We reversed $1 million and $3 million of revenue for the three months ended June 30, 2021 and 2020, respectively, related to performance obligations settled in previous quarters of the same year. We recognized $3 million and $4 million of revenue for the three and six months ended June 30, 2021, respectively, and $2 million and $5 million of revenue for the three and six months ended June 30, 2020, respectively, related to performance obligations settled in previous years. D. REVENUE (Concluded) Changes in the allowance for credit losses deducted from accounts receivable were as follows, in millions:
(A) As a result of Hüppe being divested in May 2021, $1 million for the six months ended June 30, 2021 was removed from allowance for credit losses.
|
Depreciation and Amortization |
6 Months Ended |
---|---|
Jun. 30, 2021 | |
Depreciation, Depletion and Amortization [Abstract] | |
Depreciation and Amortization | DEPRECIATION AND AMORTIZATION Depreciation and amortization expense was $78 million and $66 million for the six months ended June 30, 2021 and 2020, respectively. |
Goodwill and Other Intangible Assets |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Other Intangible Assets | GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill at June 30, 2021, by segment, was as follows, in millions:
(A) As a result of Hüppe being divested in May 2021, both gross goodwill and accumulated impairment losses for the Plumbing Products segment were reduced by $39 million. The changes in the carrying amount of goodwill for the six months ended June 30, 2021, by segment, were as follows, in millions:
(B) Other consists of the effect of foreign currency translation. The carrying value of our other indefinite-lived intangible assets was $109 million at both June 30, 2021 and December 31, 2020 and principally included registered trademarks. The carrying value of our definite-lived intangible assets was $263 million (net of accumulated amortization of $59 million) and $248 million (net of accumulated amortization of $73 million) at June 30, 2021 and December 31, 2020, respectively, and principally included customer relationships. The increase in our definite-lived intangible assets is primarily a result of our acquisition of ESS.
|
Fair Value of Financial Investments |
6 Months Ended |
---|---|
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Of Financial Investments | FAIR VALUE OF FINANCIAL INVESTMENTS Preferred Stock of ACProducts Holding, Inc. In conjunction with our divestiture of Cabinetry, we received preferred stock of ACProducts Holding, Inc., the holding company of the buyer, with a liquidation preference of $150 million. We did not have the ability to exercise significant influence, and the fair value of this security was not readily available. We elected to measure this investment at cost (less impairment, if any) adjusted for observable price changes in orderly transactions for identical or similar investments of the same issuer for subsequent measurements of fair value. As the preferred stock was received in conjunction with the sale of Cabinetry, we determined the cost to be the fair value of the preferred stock at the time of sale, which was determined to be $136 million and was included in other assets in our condensed consolidated balance sheet. In May 2021, we received, in cash, $166 million for the redemption of the preferred stock, including all accrued but unpaid dividends, and recognized a gain of $14 million which was included within other, net in our condensed consolidated statements of operations. Prior to the redemption, dividends earned on this investment were included within other, net in our condensed consolidated statements of operations with a corresponding increase to our basis in the investment. We had dividend income of $3 million and $6 million for the three and six months ended June 30, 2021, respectively, and $4 million for both the three and six months ended June 30, 2020. The preferred stock was reported at the carrying value of $146 million in other assets in our condensed consolidated balance sheet at December 31, 2020. Fair Value of Debt. The fair value of our short-term and long-term fixed-rate debt instruments is based principally upon modeled market prices for the same or similar issues, which are Level 1 inputs. The aggregate estimated market value of our short-term and long-term debt at June 30, 2021 was approximately $3.2 billion, compared with the aggregate carrying value of $3.0 billion. The aggregate estimated market value of our short-term and long-term debt at December 31, 2020 was approximately $3.3 billion, compared with the aggregate carrying value of $2.8 billion.
|
Warranty Liability |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Product Warranties Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warranty Liability | WARRANTY LIABILITY Changes in our warranty liability were as follows, in millions:
|
Debt |
6 Months Ended |
---|---|
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Debt | DEBT On March 4, 2021, we issued $600 million of 1.500% Notes due February 15, 2028, $600 million of 2.000% Notes due February 15, 2031 and $300 million of 3.125% Notes due February 15, 2051. We received proceeds of $1,495 million, net of discount, for the issuance of these Notes. The Notes are senior indebtedness and are redeemable at our option at the applicable redemption price. On March 22, 2021, proceeds from the debt issuances, together with cash on hand, were used to repay and early retire our $326 million 5.950% Notes due March 15, 2022, $500 million 4.450% Notes due April 1, 2025, and $500 million 4.375% Notes due April 1, 2026. In connection with these early retirements, we incurred a loss on debt extinguishment of $168 million for the six months ended June 30, 2021, which was recorded as interest expense in the condensed consolidated statement of operations. On March 13, 2019, we entered into a credit agreement (the “Credit Agreement”) with an aggregate commitment of $1.0 billion and a maturity date of March 13, 2024. Under the Credit Agreement, at our request and subject to certain conditions, we can increase the aggregate commitment up to an additional $500 million with the current lenders or new lenders. The Credit Agreement provides for an unsecured revolving credit facility available to us and one of our foreign subsidiaries, in U.S. dollars, European euros, British Pounds Sterling, Canadian dollars and certain other currencies for revolving credit loans, swingline loans and letters of credit. Borrowings under the revolving credit loans denominated in any agreed upon currency other than U.S. dollars are limited to $500 million, equivalent. We can also borrow swingline loans up to $100 million and obtain letters of credit of up to $25 million; outstanding letters of credit under the Credit Agreement reduce our borrowing capacity. At June 30, 2021, we had no outstanding standby letters of credit under the Credit Agreement. Revolving credit loans bear interest under the Credit Agreement, at our option, at (A) a rate per annum equal to the greater of (i) the JPMorgan Chase Bank, N.A. prime rate, (ii) the Federal Reserve Bank of New York effective rate plus 0.50% and (iii) if available, adjusted LIBO Rate plus 1.0% (the "Alternative Base Rate"); plus an applicable margin based upon our then-applicable corporate credit ratings; or (B) if available, adjusted LIBO Rate plus an applicable margin based upon our then-applicable corporate credit ratings. The foreign currency revolving credit loans bear interest at a rate equal to adjusted LIBO Rate, if available, plus an applicable margin based upon our then-applicable corporate credit ratings. The Credit Agreement contains financial covenants requiring us to maintain (A) a net leverage ratio, as adjusted for certain items, not exceeding 4.0 to 1.0, and (B) a minimum interest coverage ratio, as adjusted for certain items, not less than 2.5 to 1.0. In order for us to borrow under the Credit Agreement, there must not be any default in our covenants in the Credit Agreement (i.e., in addition to the two financial covenants, principally limitations on subsidiary debt, negative pledge restrictions, legal compliance requirements and maintenance of properties and insurance) and our representations and warranties in the Credit Agreement must be true in all material respects on the date of borrowing (i.e., principally no material adverse change or litigation likely to result in a material adverse change, since December 31, 2018, no material ERISA or environmental non-compliance, and no material tax deficiency). We were in compliance with all covenants and no borrowings were outstanding at June 30, 2021.
|
Stock-Based Compensation |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation | STOCK-BASED COMPENSATION Our 2014 Long Term Stock Incentive Plan provides for the issuance of stock-based incentives in various forms to our employees and non-employee Directors. At June 30, 2021, outstanding stock-based incentives were in the form of long-term stock awards, stock options, restricted stock units, performance restricted stock units and phantom stock awards. Pre-tax compensation expense included in (loss) income from continuing operations for these stock-based incentives was as follows, in millions:
Long-Term Stock Awards. Prior to the amendment of our 2014 Long Term Stock Incentive Plan in December 2019, we granted long-term stock awards to our key employees and non-employee Directors. We did not grant shares of long-term stock awards in the six months ended June 30, 2021 and 2020. Our long-term stock award activity was as follows, shares in millions:
At June 30, 2021 and 2020, there was $15 million and $28 million, respectively, of total unrecognized compensation expense related to unvested stock awards; such awards had a weighted average remaining vesting period of two years and three years at June 30, 2021 and 2020, respectively. The total market value (at the vesting date) of stock award shares which vested was $27 million and $30 million during the six months ended June 30, 2021 and 2020, respectively. J. STOCK-BASED COMPENSATION (Continued) Stock Options. Stock options are granted to certain key employees. We granted 331,970 shares of stock options in the six months ended June 30, 2021 with a grant date weighted average exercise price of approximately $56 per share. Our stock option activity was as follows, shares in millions:
(A) Aggregate intrinsic value is calculated using our stock price at each respective date, less the exercise price (grant date price), multiplied by the number of shares. At June 30, 2021 and 2020, there was $5 million and $8 million, respectively, of unrecognized compensation expense (using the Black-Scholes option pricing model at the grant date) related to unvested stock options; such options had a weighted average remaining vesting period of two years and three years at June 30, 2021 and 2020, respectively. J. STOCK-BASED COMPENSATION (Concluded) The weighted average grant date fair value of option shares granted and the assumptions used to estimate those values using a Black-Scholes option pricing model were as follows:
Restricted Stock Units. Restricted stock units are granted to our key employees and non-employee Directors. These grants did not cause net share dilution due to our practice of repurchasing and retiring an equal number of shares in the open market. We granted 660,980 restricted stock units in the six months ended June 30, 2021 with a weighted average grant date fair value of $57 per share. In the six months ended June 30, 2021, 137,995 shares were issued and 13,330 restricted stock units were forfeited. During the six months ended June 30, 2020, we granted 432,170 restricted stock units with a grant date fair value of approximately $47 per share and 5,870 restricted stock units were forfeited. At June 30, 2021 and 2020, there was $20 million and $9 million, respectively, of unrecognized compensation expense related to unvested restricted stock units; such units had a weighted average remaining vesting period of two years at both June 30, 2021 and 2020. The total market value (at the vesting date) of restricted stock units which vested was $7 million during the six months ended June 30, 2021. Performance Restricted Stock Units. Under our Long Term Incentive Program, we grant performance restricted stock units to certain senior executives. These performance restricted stock units will vest and share awards will be issued at no cost to the employees, subject to our achievement of specified performance metrics established by our Compensation Committee over a three-year performance period and the recipient's continued employment through the share award date. During the six months ended June 30, 2021, we granted 85,360 performance restricted stock units with a grant date fair value of approximately $53 per share and 104,757 shares were issued. No performance restricted stock units were forfeited during the six months ended June 30, 2021. During the six months ended June 30, 2020, we granted 133,390 performance restricted stock units with a grant date fair value of approximately $34 per share and 151,724 shares were issued.
|
Employee Retirement Plans |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee Retirement Plans | EMPLOYEE RETIREMENT PLANS Net periodic pension cost for our defined-benefit pension plans, with the exception of service cost, is recorded in other, net, in our condensed consolidated statements of operations. Net periodic pension cost for our defined-benefit pension plans was as follows, in millions:
As of January 1, 2010, substantially all of our domestic and foreign qualified and domestic non-qualified defined-benefit pension plans were frozen to future benefit accruals. In December 2019, our Board of Directors approved the termination of our qualified domestic defined-benefit pension plans. In the second quarter of 2021, we settled these plans and made a final contribution of $101 million. The settlement loss included $447 million of pre-tax actuarial losses that were reclassified out of accumulated other comprehensive income (loss) during both the three and six months ended June 30, 2021.
|
Reclassifications From Accumulated Other Comprehensive Loss |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassifications From Accumulated Other Comprehensive Loss | RECLASSIFICATIONS FROM ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The reclassifications from accumulated other comprehensive income (loss) to the condensed consolidated statements of operations were as follows, in millions:
(A) In the second quarter of 2021, we settled our qualified domestic defined-benefit pension plans and recognized $447 million of pre-tax actuarial losses from accumulated other comprehensive income (loss) and $96 million of income tax benefit, which included $11 million of related disproportionate tax expense. Additionally, the amortization of defined-benefit pension and post-retirement benefits included $3 million, net of tax, due to the disposition of pension plans in connection with the divestiture of Hüppe. (B) Upon full repayment and retirement of the 5.950% Notes due March 15, 2022 in the first quarter of 2021, we recognized the remaining interest rate swap loss and related disproportionate tax expense. In addition to the above amounts, we reclassified $23 million of currency translation losses from accumulated other comprehensive income (loss) to the condensed consolidated statements of operations in conjunction with the divestiture of Hüppe in the second quarter of 2021.
|
Segment Information |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | SEGMENT INFORMATION Information by segment and geographic area was as follows, in millions:
(A) Inter-segment sales were not material.
|
Other Income (Expense), Net |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income (Expense), Net | OTHER INCOME (EXPENSE), NET Other, net, which is included in other income (expense), net, was as follows, in millions:
(A) In the second quarter of 2021, we settled our qualified domestic defined-benefit pension plans and recognized $406 million of additional pension expense.
|
(Loss) Income Per Common Share |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Loss) Income Per Common Share | (LOSS) INCOME PER COMMON SHARE Reconciliations of the numerators and denominators used in the computations of basic and diluted (loss) income per common share were as follows, in millions:
For the three and six months ended June 30, 2021, we allocated dividends to the unvested restricted stock awards. For the three and six months ended June 30, 2020, we allocated dividends and undistributed earnings to the unvested restricted stock awards. Additionally, 2.8 million and 260,000 common shares for the three and six months ended June 30, 2021, respectively, and 762,000 and 672,000 common shares for the three and six months ended June 30, 2020, respectively, related to stock options and 464,000 and 1,000 restricted stock units for the three and six months ended June 30, 2021, respectively, were excluded from the computation of diluted (loss) income per common share due to their antidilutive effect. Effective February 10, 2021, our Board of Directors authorized the repurchase, for retirement, of up to $2.0 billion of shares of our common stock in open-market transactions or otherwise, replacing the previous Board of Directors authorization established in 2019. In June 2021, we entered into an accelerated stock repurchase transaction whereby we agreed to repurchase a total of $350 million of our common stock with an initial delivery of approximately 5.1 million shares. This transaction was completed on July 29, 2021, at which time we received, at no additional cost, 0.9 million additional shares of our common stock resulting from changes in the volume weighted average stock price of our common stock over the term of the transaction, less a discount. In total, excluding the incremental shares we received in July 2021 from the accelerated stock repurchase transaction, we repurchased and retired 12.2 million shares of our common stock in the six months ended June 30, 2021 for approximately $750 million. This included 0.7 million shares to offset the dilutive impact of restricted stock units granted in the six months ended June 30, 2021. At June 30, 2021, we had $1.4 billion remaining under the 2021 authorization. On the basis of amounts paid (declared), cash dividends per common share were $0.235 ($0.235) and $0.375 ($0.235) for the three and six months ended June 30, 2021, respectively, and $0.135 ($0.135) and $0.270 ($0.270) for the three and six months ended June 30, 2020, respectively.
|
Other Commitments and Contingencies |
6 Months Ended |
---|---|
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Other Commitments and Contingencies | OTHER COMMITMENTS AND CONTINGENCIES We are involved in claims and litigation, including class actions, mass torts and regulatory proceedings, which arise in the ordinary course of our business. The types of matters may include, among others: competition, product liability, employment, warranty, advertising, contract, personal injury, environmental, intellectual property and insurance coverage. We believe we have adequate defenses in these matters. We are also subject to product safety regulations, product recalls and direct claims for product liabilities. We believe the likelihood that the outcome of these claims, litigation and product safety matters would have a material adverse effect on us is remote. However, there is no assurance that we will prevail in these matters, and we could, in the future, incur judgments or penalties, enter into settlements of claims or revise our expectations regarding the outcome of these matters, which could materially impact our results of operations.
|
Income Taxes |
6 Months Ended |
---|---|
Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES We recorded a $12 million income tax expense on a $3 million loss from continuing operations for the three months ended June 30, 2021. The unusual relationship between income tax expense and the loss from continuing operations was due primarily to an $11 million income tax expense from the elimination of a disproportionate tax effect from accumulated other comprehensive income (loss), relating to the termination of our qualified domestic defined-benefit pension plans. Our effective tax rate was 36 percent for the six months ended June 30, 2021. The tax expense for the six months ended June 30, 2021 includes a $5 million and $11 million income tax expense from the elimination of disproportionate tax effects from accumulated other comprehensive income (loss) relating to our interest rate swap following the retirement of the related debt, and the termination of our qualified domestic defined-benefit pension plans, respectively. Our effective tax rate was 27 percent and 24 percent for the three months and six months ended June 30, 2020. The tax expense for the three months ended June 30, 2020 was impacted by the recording of a $2 million valuation allowance against deferred tax assets in certain jurisdictions. The tax expense for the six months ended June 30, 2020 also includes a $7 million income tax benefit on stock-based compensation and a $6 million state income tax benefit from a reduction in the liability for uncertain tax positions resulting from the expiration of statutes of limitation.
|
Subsequent Event |
6 Months Ended |
---|---|
Jun. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Event | SUBSEQUENT EVENT In July 2021, we acquired all of the share capital of Steamist, Inc., a manufacturer of residential steam bath products, for approximately $56 million in cash. This business will be included in the Plumbing Products segment. In connection with this acquisition, we currently anticipate recognizing approximately $30 million of definite-lived intangible assets, primarily related to customer relationships. We also anticipate recognizing approximately $30 million of goodwill, which is not tax deductible and is related primarily to the expected synergies from combining the operations into our business. These amounts are subject to changes due to working capital and other adjustments, including completing our initial purchase accounting. |
Accounting Policies (Policies) |
6 Months Ended |
---|---|
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements | Recently Adopted Accounting Pronouncements. In January 2020, the Financial Accounting Standards Board ("FASB") issued ASU 2020-01, "Investments—Equity Securities (Topic 321)," "Investments—Equity Method and Joint Ventures (Topic 323)," and "Derivatives and Hedging (Topic 815): Clarifying the Interactions between Topic 321, Topic 323, and Topic 815," which clarifies that an entity should consider observable transactions when either applying or discontinuing the equity method of accounting for the purposes of applying the measurement alternative in accordance with Topic 321. ASU 2020-01 clarifies that for certain forward contracts or purchased options to acquire investments, an entity should not consider whether, upon settlement of the forward contract or exercise of the purchased option, the underlying securities would be accounted for under the equity method or the fair value option. We adopted ASU 2020-01 prospectively beginning on January 1, 2021. The adoption of the standard did not have a material effect on our financial position or results of operations. Recently Issued Accounting Pronouncements. In August 2020, the FASB issued ASU 2020-06, “Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity.” ASU 2020-06 simplifies the accounting for convertible instruments by reducing the number of accounting models for convertible debt instruments and convertible preferred stock. ASU 2020-06 is effective for us for annual periods beginning January 1, 2022. We are currently reviewing the provisions of this pronouncement and the impact, if any, the adoption of this guidance has on our financial position or results of operations. The effect will largely depend on the composition and terms of the financial instruments at the time of adoption.
|
Divestitures (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Discontinued Operations | The major classes of line items constituting income from discontinued operations, net, in millions:
(A) In the second quarter of 2020, certain remaining liabilities were adjusted to reflect current activity related to sold businesses.
|
Revenue (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue | Our revenues are derived primarily from sales to customers in North America and Internationally, principally Europe. Net sales from these geographic markets, by segment, were as follows, in millions:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financing Receivable, Allowance for Credit Loss | Changes in the allowance for credit losses deducted from accounts receivable were as follows, in millions:
(A) As a result of Hüppe being divested in May 2021, $1 million for the six months ended June 30, 2021 was removed from allowance for credit losses.
|
Goodwill and Other Intangible Assets (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of changes in carrying amount of goodwill | Goodwill at June 30, 2021, by segment, was as follows, in millions:
(A) As a result of Hüppe being divested in May 2021, both gross goodwill and accumulated impairment losses for the Plumbing Products segment were reduced by $39 million. The changes in the carrying amount of goodwill for the six months ended June 30, 2021, by segment, were as follows, in millions:
(B) Other consists of the effect of foreign currency translation.
|
Warranty Liability (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Product Warranties Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of changes in the Company's warranty liability | Changes in our warranty liability were as follows, in millions:
|
Stock-Based Compensation (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of pre-tax compensation expense and the related income tax benefit for these stock-based incentives | Pre-tax compensation expense included in (loss) income from continuing operations for these stock-based incentives was as follows, in millions:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of the Company's long-term stock award activity | Our long-term stock award activity was as follows, shares in millions:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of the Company's stock option activity | Our stock option activity was as follows, shares in millions:
(A) Aggregate intrinsic value is calculated using our stock price at each respective date, less the exercise price (grant date price), multiplied by the number of shares.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of weighted average grant date fair value of option shares granted and the assumptions used to estimate those values using a Black-Scholes option pricing model | The weighted average grant date fair value of option shares granted and the assumptions used to estimate those values using a Black-Scholes option pricing model were as follows:
|
Employee Retirement Plans (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of net periodic pension cost for the Company's defined-benefit pension plans | Net periodic pension cost for our defined-benefit pension plans, with the exception of service cost, is recorded in other, net, in our condensed consolidated statements of operations. Net periodic pension cost for our defined-benefit pension plans was as follows, in millions:
|
Reclassifications From Accumulated Other Comprehensive Loss (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of reclassifications from accumulated other comprehensive (loss) income to the condensed consolidated statements of operations | The reclassifications from accumulated other comprehensive income (loss) to the condensed consolidated statements of operations were as follows, in millions:
(A) In the second quarter of 2021, we settled our qualified domestic defined-benefit pension plans and recognized $447 million of pre-tax actuarial losses from accumulated other comprehensive income (loss) and $96 million of income tax benefit, which included $11 million of related disproportionate tax expense. Additionally, the amortization of defined-benefit pension and post-retirement benefits included $3 million, net of tax, due to the disposition of pension plans in connection with the divestiture of Hüppe. (B) Upon full repayment and retirement of the 5.950% Notes due March 15, 2022 in the first quarter of 2021, we recognized the remaining interest rate swap loss and related disproportionate tax expense. In addition to the above amounts, we reclassified $23 million of currency translation losses from accumulated other comprehensive income (loss) to the condensed consolidated statements of operations in conjunction with the divestiture of Hüppe in the second quarter of 2021.
|
Segment Information (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of information by segment and geographic area | Information by segment and geographic area was as follows, in millions:
(A) Inter-segment sales were not material.
|
Other Income (Expense), Net (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of components of other, net, which is included in other income (expense), net | Other, net, which is included in other income (expense), net, was as follows, in millions:
(A) In the second quarter of 2021, we settled our qualified domestic defined-benefit pension plans and recognized $406 million of additional pension expense.
|
(Loss) Income Per Common Share (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of reconciliations of the numerators and denominators used in the computations of basic and diluted earnings per common share | Reconciliations of the numerators and denominators used in the computations of basic and diluted (loss) income per common share were as follows, in millions:
|
Divestitures - Hüppe (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Disposal group, not discontinued operation, gain (loss) on disposal | $ 18 | $ 0 | $ 18 | $ 0 |
Disposal Group, Disposed of by Sale, Not Discontinued Operations | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Disposal group, not discontinued operation, currency translation gain (loss) | 23 | 23 | ||
Hüppe | Disposal Group, Disposed of by Sale, Not Discontinued Operations | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Disposal group, not discontinued operation, gain (loss) on disposal | $ 18 | $ 18 |
Divestitures - Income Statement (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Income from discontinued operations, net | $ 0 | $ 14 | $ 0 | $ 411 |
Discontinued Operations, Disposed of by Sale | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Net sales | 0 | 0 | 0 | 101 |
Cost of sales | 0 | 0 | 0 | 78 |
Gross profit | 0 | 0 | 0 | 23 |
Selling, general and administrative expenses | 0 | (1) | 0 | 31 |
Income (loss) from discontinued operations | 0 | 1 | 0 | (8) |
Gain on disposal of discontinued operations | 0 | 17 | 0 | 602 |
Income before income tax | 0 | 18 | 0 | 594 |
Income tax expense | 0 | (4) | 0 | (183) |
Income from discontinued operations, net | $ 0 | $ 14 | $ 0 | $ 411 |
Depreciation and Amortization (Details) - USD ($) $ in Millions |
6 Months Ended | |
---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Depreciation, Depletion and Amortization [Abstract] | ||
Depreciation and amortization expense | $ 78 | $ 66 |
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Millions |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Goodwill [Line Items] | ||
Other indefinite-lived intangible assets | $ 109 | $ 109 |
Carrying value of definite-lived intangible assets | 263 | 248 |
Accumulated amortization | $ 59 | $ 73 |
Warranty Liability (Details) - USD ($) $ in Millions |
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2021 |
Dec. 31, 2020 |
|
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward] | ||
Balance at the beginning of the period | $ 83 | $ 84 |
Accruals for warranties issued during the period | 18 | 34 |
Accruals related to pre-existing warranties | 0 | (3) |
Settlements made (in cash or kind) during the period | (15) | (33) |
Other, net (including currency translation and acquisitions) | (1) | 1 |
Balance at the end of the period | $ 85 | $ 83 |
Stock-Based Compensation (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Stock-based compensation | ||||
Pre-tax compensation expense | $ 12 | $ 10 | $ 42 | $ 26 |
Long-term stock awards | ||||
Stock-based compensation | ||||
Pre-tax compensation expense | 3 | 3 | 6 | 7 |
Stock options | ||||
Stock-based compensation | ||||
Pre-tax compensation expense | 1 | 2 | 5 | 5 |
Restricted stock units | ||||
Stock-based compensation | ||||
Pre-tax compensation expense | 4 | 3 | 23 | 11 |
Performance Restricted Stock Units | ||||
Stock-based compensation | ||||
Pre-tax compensation expense | 4 | 0 | 6 | 1 |
Phantom stock awards | ||||
Stock-based compensation | ||||
Pre-tax compensation expense | $ 0 | $ 2 | $ 2 | $ 2 |
Stock-Based Compensation - Long-Term Stock Award (Details) - Long-term stock awards - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
6 Months Ended | |
---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Unvested stock award shares | ||
Balance at the beginning of the period (in shares) | 1 | 2 |
Vested (in shares) | 0 | 1 |
Forfeited (in shares) | 0 | 0 |
Balance at the end of the period (in shares) | 1 | 1 |
Weighted average grant date fair value | ||
Balance at the beginning of the period (in dollars per share) | $ 36 | $ 34 |
Vested (in dollars per share) | 34 | 32 |
Forfeited (in dollars per share) | 37 | 35 |
Balance at the end of the period (in dollars per share) | $ 37 | $ 36 |
Additional disclosures | ||
Total unrecognized compensation expense | $ 15 | $ 28 |
Weighted average remaining vesting period | 2 years | 3 years |
Total market value (at the vesting date) of stock award shares | $ 27 | $ 30 |
Stock-Based Compensation - Option Pricing Assumptions and Estimates (Details) - Stock options - $ / shares |
6 Months Ended | |
---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Stock Options | ||
Weighted average grant date fair value (in dollars per share) | $ 13.61 | $ 10.67 |
Risk-free interest rate (as a percent) | 0.75% | 1.53% |
Dividend yield (as a percent) | 1.67% | 1.14% |
Volatility factor (as a percent) | 30.00% | 24.00% |
Expected option life | 6 years | 6 years |
Stock-Based Compensation - Restricted Stock Units (Details) - USD ($) $ / shares in Units, $ in Millions |
6 Months Ended | |
---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Restricted stock units | ||
Stock-based compensation | ||
Granted (in shares) | 660,980 | 432,170 |
Shares issued in period (in shares) | 137,995 | |
Forfeited (in shares) | 13,330 | 5,870 |
Granted (in dollars per share) | $ 57 | $ 47 |
Unrecognized compensation expense | $ 20 | $ 9 |
Weighted average remaining vesting period | 2 years | |
Total market value (at the vesting date) of stock award shares | $ 7 | |
Stock options | ||
Stock-based compensation | ||
Weighted average remaining vesting period | 2 years | 3 years |
Performance Restricted Stock Units | ||
Stock-based compensation | ||
Period for recognition | 3 years | |
LTIP Program | Performance Restricted Stock Units | ||
Stock-based compensation | ||
Granted (in shares) | 85,360 | 133,390 |
Shares issued in period (in shares) | 104,757 | 151,724 |
Forfeited (in shares) | 0 | |
Granted (in dollars per share) | $ 53 | $ 34 |
Employee Retirement Plans - Schedule of Net Periodic Pension Cost (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Qualified Plan | ||||
Net periodic pension cost for the company's defined-benefit pension plans | ||||
Service cost | $ 1 | $ 0 | $ 2 | $ 1 |
Interest cost | 5 | 7 | 13 | 13 |
Expected return on plan assets | (3) | (5) | (7) | (11) |
Settlement loss | 406 | 0 | 406 | 0 |
Amortization of net loss | 5 | 5 | 11 | 11 |
Net periodic pension cost | 414 | 7 | 425 | 14 |
Nonqualified Plan | ||||
Net periodic pension cost for the company's defined-benefit pension plans | ||||
Service cost | 0 | 0 | 0 | 0 |
Interest cost | 0 | 1 | 1 | 2 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Settlement loss | 0 | 0 | 0 | 0 |
Amortization of net loss | 1 | 1 | 2 | 2 |
Net periodic pension cost | $ 1 | $ 2 | $ 3 | $ 4 |
Employee Retirement Plans - Narrative (Details) $ in Millions |
3 Months Ended |
---|---|
Jun. 30, 2021
USD ($)
| |
Employee Retirement Plans | |
Defined benefit plan, benefit obligation, payment for settlement | $ 101 |
Reclassification out of Accumulated Other Comprehensive Income | |
Employee Retirement Plans | |
Defined benefit plan actuarial loss | $ 447 |
Other Income (Expense), Net (Details) - USD ($) $ in Millions |
1 Months Ended | 3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|---|
May 31, 2021 |
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Other Income and Expenses [Abstract] | |||||
Loss on sale of business | $ (18) | $ 0 | $ (18) | $ 0 | |
Income from cash and cash investments | 0 | 1 | 0 | 2 | |
Equity investment income, net | 0 | 0 | 2 | 0 | |
Foreign currency transaction gains (losses) | 2 | 2 | 2 | (7) | |
Net periodic pension and post-retirement benefit cost (A) | (415) | (8) | (426) | (16) | |
Gain on preferred stock redemption | $ 14 | 14 | 0 | 14 | 0 |
Dividend income | 3 | 4 | 6 | 4 | |
Other items, net | (1) | (1) | (1) | (1) | |
Total other, net | $ (415) | $ (2) | $ (421) | $ (18) |
Other Income (Expense), Net - Footnote (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Qualified Plan | ||||
Employee Retirement Plans | ||||
Settlement loss | $ 406 | $ 0 | $ 406 | $ 0 |
(Loss) Income Per Common Share (Details) - USD ($) shares in Millions, $ in Millions |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2021 |
Mar. 31, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Numerator (basic and diluted): | |||||
(Loss) income from continuing operations | $ (36) | $ 210 | $ 58 | $ 343 | |
Less: Allocation to redeemable noncontrolling interest | 0 | $ 6 | 0 | 6 | 0 |
Less: Allocation to unvested restricted stock awards | 0 | 2 | 0 | 3 | |
(Loss) income from continuing operations attributable to common shareholders | (36) | 208 | 52 | 340 | |
Income from discontinued operations, net | 0 | 14 | 0 | 411 | |
Less: Allocation to unvested restricted stock awards | 0 | 0 | 0 | 3 | |
Income from discontinued operations, net attributable to common shareholders | 0 | 14 | 0 | 408 | |
Net (loss) income attributable to common shareholders | $ (36) | $ 222 | $ 52 | $ 748 | |
Denominator: | |||||
Basic common shares (based upon weighted average) (in shares) | 252 | 262 | 254 | 267 | |
Add: Stock option dilution (in shares) | 0 | 1 | 2 | 1 | |
Diluted common shares (in shares) | 252 | 263 | 256 | 268 |
Income Taxes (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Income Tax Disclosure [Abstract] | ||||
Tax (benefit) | $ 12 | $ 82 | $ 55 | $ 115 |
(Loss) income from continuing operations before income taxes | (3) | $ 302 | 154 | $ 476 |
Disproportionate tax effect related to termination of pension plans | $ 11 | $ 11 | ||
Effective tax rate (as a percent) | 27.00% | 36.00% | 24.00% | |
Income tax expense, elimination of disproportionate tax | $ 5 | |||
Change in deferred tax assets valuation allowance | $ 2 | |||
Income tax expense on stock-based compensation | $ 7 | |||
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount | $ 6 |
Subsequent Event - Narrative (Details) - USD ($) $ in Millions |
1 Months Ended | 6 Months Ended |
---|---|---|
Jul. 29, 2021 |
Jun. 30, 2021 |
|
Subsequent Event [Line Items] | ||
Goodwill, acquired during period | $ 35 | |
Steamist, Inc. | Subsequent Event | ||
Subsequent Event [Line Items] | ||
Payments to acquire businesses | $ 56 | |
Finite-lived intangible assets acquired | 30 | |
Goodwill, acquired during period | $ 30 |
JP!6BT]@#\ N ?"V@6@*8UFBNSMB98X6%?\ T2)EJSF8&M
MC45K-X297W&NA-XE&J>&XX?[R?1^/IT@/9H_W'V9C)[TY'IT-[H?3]'\=CI]
MFJ.S9X:SB"B(SM'9# M@*@9%0DS/T6?T";E(QGI5]EVE-1EF-RSR7^?Y_3WY
MOV;L$C6]"^1[?J,"/JZ'3R#4\(:%>[MP5U>B+(=?EL.W?,T]?'.%%>@F58@O
MT0UAF(4$4S3CDMBN^SE:2"5T[_VJ2=8LDS5MLM:^VO,DT9RV=! XW.
MX%**_#TWUQ'"@C;I9<'#9)S\HSJDE]ROQ8W4-34N>N(+3&QDN)7'REE?43PO
M0:@+ D=-K/F]'E,'&J8&%FUPNV]B\8T:P9"4J4*BCA+G%E25E4O+)7$:S&/[
MAGUDD]CJ'[-&V4^VCTF]PMZVW3W0%KYO"B^Z@E4]&AR=TR(T N=AHMO4@@LN
MGD-98I=1"9<-9?;F]2)$/AZ\'#P;#?;CG$>4WIB>MBP$-2\BL>*7ET=>7*[Q
M*M7OWC3T_.Q@@.8PV1540A84:W9F<)ZIT_[.+G> 0@DDE16V?1(=$[5!U;M -'V+6\
MT^, LL98577"A*#BLIW94Q>'/8%Y](9 T@DD'G=KR*/\Q"Q;+;3:@7;"X=$FYM9I.. 6SX[,!VZ TV1A=CKM%ZU?*LSJ7.K*RQ9\R)7LMFOV2W8Z:@4+>OOPNDX
M/IYK'^2^VZ9D0W_-_D-G5#C]"8_[8T."#G],B87^&GNP!VD^+U/9K730KI:M
M+3@Y#IE!NZ(F'5&8D@K]-?7=BV @WZ(0%.O8N19[;^=SR7,LPT>;CWQ_X-=Z-H+I'L4[8M6W=>L\GHGXUT5
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M=T,""Z1IO@\[U6RZIQD7N1GWJ[=*G8!KWM8AS5IIL,SL^M9]-?S?7H.W+]
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M7 'D_U/&Q/I!35">!O?_ 5!+ P04 " #A@/U2823IV],& "V)P &0
M 'AL+W=O_8W'+6WE_Y9Y/BUK924UPBWT3B
M@3*)4K(!E=[G ?A*%/>RQ4#QG;G:7'.E>&8>MR1*B- "\'W#H0O9#_0"Y>WX
MY7]02P,$% @ X8#]4H-BJ[(8"0 H#8 !@ !X;"]W;W)K
OOD//
M0( .FW+][-V@NI6*_HB;_AJB"6+RHH4FB&)%TFVLG:E4K:^O=S-.2-U$1;+$
M3;*[,!DQF=1@,@!C,AD ,I@,P !,!J%,)H/6LS*9*@)(OZ%D014[4C<[#E:W
M;19$(2I2E-3#.[(/T4\KW;5J5M^Q:PKP%['L!57,1-V->_6 *R^WY$#:GJ'%
M(RVT)V]?*$T/,NF1R)8 <#)2+5!K*RQ6*?ZB;OYJP"I@;FRQ:FUL_)X>&+YR
MU&RV&-&'A!1H;[F>/ "07@ !$+W[NP(P;
W.
M9\VH_W)O'HP;9M9<61"X(FC2.3^+P#1+V"A.5V'PE]K1&@6QI'<+C7>@\Y76
M;J_X .U+./X)4$L#!!0 ( .& _5)XRDK&1 0 '8* 9 >&PO=V]R
M:W-H965T
NT179JOLXK?'.C
MTY([V!4KT,*5L%QJ6QJ2?TV6UAGZ/GX?B=5M8W7K6-W_:NA1#C^( ULPCJ.
M)LVB><9@_#!9+"9?[W_"S6PRG=W,2+K,F%I3 4*!+@U4^]!R'QHJ- C,PDI+
M&C][YEUS(24-A!W G=B\N#JXKU ^XTO;%7+,EVB@$]<7$L&42:8X\3JX9JJD
M6888WD*_XQ]=F'!N2B9]T#8GWW)A;4E\:6F$6H/+$ HT0J<0]Z%S #,HF2-'
MIX&J?X\;89U''%"]>]-/XN0CG'1.@?:&DTA[PED:C!3AA&KDS&9 X1^%2D__
M$?(D[IT2FN#?R&K.0-'^(R"79>I=>6D,*KX%^BZ4I7SJ#:)2VB)/I;#"ZY88
MXE,J_: ?2"YZM8]"[>@UC?G7AQ4>3&V.9EWO)@M
,:@#AU@%1[Q"-8V-N(FPA4"J=O, \*RXSQ
M:)P?=]&>9D^G!QE*F)J4 MG1="\WDVQRN'L&9S2-XF:(Q&0>"HR?3.\3.,[H
MI:'"&M/TQ.A4RL4^:C3=X!,U35$[A)($H9(\^QXC)#\'95:U\FO>FVAP?-*A
M:%/NU6>J4J>0W"D(=2Z[.H>%M8+O.^&96M;Q#HR5"8BL9RLX>SRCB-H O.1Y
MR2-OM2H%"$(^X*^%@=/*"?;-[R5\-&:#HZ?1)1FUEVS%PJT"8Q5(K)Q,2AZQ
MJ1^^.\GSX>EE6IRUB_'SZ/1Q"IP [U986L$^(%65"K?1R(:T:*(1V8NF'6JG
MP@TQ:MZSCRV?9/0.WJ6P?6FVW[+=R4\U!X8U^GKQ 6ED[A72!9R_,4 J.A\]
M+0 0"<19C1C&\O@:VGK#*MB7,@D+?4BIEB04J0 )S;ET((-#L>_:::KC+Z%S
MB6U5"3(R)V"E1@*A" EP76 EW;FK4=+(RMA*>EG8=N]JB*()1I>(L
M22[C2D@=S:=A[\'.IZ;Q2FI\L.":JA+VYRTJLYE%:=1M?)#KTO-&/)_68HT+
M]!_K!TNKN$
QL!XF3*; S)=
9.1DCVHRDBO#F8!'1?0JSZGZ-04N
M-V,O]+:";RQ;&"OP)Z,ES> )S//R4>',K[RD+ >AF11$P7SLW86?9F%L#9S&
M#P8;71L3&\J+E*]V\G!F/,[B
M+"*"3L!O8DXY&+!8INY
N8 6PD(%3_7Q&>$@BH.:SM36%UNI.,U@PL$ Z';-D./5LNJ1)#KI9
MSHPMD&],@$UW-JT/.Z.J:0CZ1UU>S0_031#?MKRWL%[*JVNW:8PNYM!=S7>V
M'[!>OR_\+;/J @[=%?RP= !?P/^OSB#-)NBH;((TFR!WV7=WU87PQL(;/8H%
MXAL5QP*!!F9HPV![BB'-1,C-1-^XRPJM>^TRI*D%X<-V62&_$>R>&>TZ!IK1
MMD#:;3/<=="V:&O*0F[*^MHF']4Y!GLUA^L@LP6VZ?&QZ7 =!+