Cover Page
Cover Page - shares shares in Millions | 3 Months Ended | |
Mar. 31, 2021 | Apr. 26, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
Entity File Number | 1-9608 | |
Entity Registrant Name | NEWELL BRANDS INC | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 36-3514169 | |
Entity Address, Address Line One | 6655 Peachtree Dunwoody Road, | |
Entity Address, City or Town | Atlanta | |
Entity Address, State or Province | GA | |
Entity Address, Postal Zip Code | 30328 | |
City Area Code | 770 | |
Local Phone Number | 418-7000 | |
Title of 12(b) Security | Common stock, $1 par value per share | |
Trading Symbol | NWL | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 425.3 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Entity Central Index Key | 0000814453 | |
Current Fiscal Year End Date | --12-31 | |
Document Transition Report | false |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Statement [Abstract] | ||
Net sales | $ 2,288 | $ 1,886 |
Cost of products sold | 1,557 | 1,269 |
Gross profit | 731 | 617 |
Selling, general and administrative expenses | 534 | 548 |
Restructuring costs, net | 5 | 2 |
Impairment of goodwill, intangibles and other assets | 0 | 1,475 |
Operating income (loss) | 192 | (1,408) |
Non-operating expenses: | ||
Interest expense, net | 67 | 63 |
Other (income) expense, net | (1) | 12 |
Income (loss) before income taxes | 126 | (1,483) |
Income tax provision (benefit) | 37 | (204) |
Net income (loss) | $ 89 | $ (1,279) |
Weighted average common shares outstanding: | ||
Basic (in shares) | 424.9 | 423.8 |
Diluted (in shares) | 427.6 | 423.8 |
Earnings (loss) per share: | ||
Basic (in USD per share) | $ 0.21 | $ (3.02) |
Diluted (in USD per share) | $ 0.21 | $ (3.02) |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Comprehensive income (loss): | ||
Net income (loss) | $ 89 | $ (1,279) |
Other comprehensive income (loss), net of tax | ||
Foreign currency translation adjustments | (44) | (156) |
Pension and postretirement costs | 5 | (5) |
Derivative financial instruments | 5 | 26 |
Total other comprehensive loss, net of tax | (34) | (135) |
Comprehensive income (loss) | 55 | (1,414) |
Total comprehensive loss attributable to noncontrolling interests | (1) | (5) |
Total comprehensive income (loss) attributable to parent | $ 56 | $ (1,409) |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Assets: | ||
Cash and cash equivalents | $ 682 | $ 981 |
Accounts receivable, net | 1,530 | 1,678 |
Inventories | 1,901 | 1,638 |
Prepaid expenses and other current assets | 272 | 331 |
Total current assets | 4,385 | 4,628 |
Property, plant and equipment, net | 1,151 | 1,176 |
Operating lease assets | 513 | 530 |
Goodwill | 3,525 | 3,553 |
Other intangible assets, net | 3,506 | 3,564 |
Deferred income taxes | 843 | 838 |
Other assets | 417 | 411 |
Total assets | 14,340 | 14,700 |
Liabilities: | ||
Accounts payable | 1,501 | 1,526 |
Accrued compensation | 165 | 236 |
Other accrued liabilities | 1,340 | 1,393 |
Short-term debt and current portion of long-term debt | 357 | 466 |
Total current liabilities | 3,363 | 3,621 |
Long-term debt | 5,135 | 5,141 |
Deferred income taxes | 438 | 414 |
Operating lease liabilities | 458 | 472 |
Other noncurrent liabilities | 1,085 | 1,152 |
Total liabilities | 10,479 | 10,800 |
Commitments and contingencies (Footnote 16) | ||
Stockholders’ equity: | ||
Preferred stock (10.0 authorized shares, $1.00 par value, no shares issued at March 31, 2021 and December 31, 2020) | 0 | 0 |
Common stock (800.0 authorized shares, $1.00 par value, 449.8 shares and 448.4 shares issued at March 31, 2021 and December 31, 2020, respectively) | 450 | 448 |
Treasury stock, at cost (24.4 shares and 24.0 shares at March 31, 2021 and December 31, 2020, respectively) | (608) | (598) |
Additional paid-in capital | 7,993 | 8,078 |
Retained deficit | (3,085) | (3,174) |
Accumulated other comprehensive loss | (914) | (880) |
Stockholders’ equity attributable to parent | 3,836 | 3,874 |
Stockholders’ equity attributable to noncontrolling interests | 25 | 26 |
Total stockholders’ equity | 3,861 | 3,900 |
Total liabilities and stockholders’ equity | $ 14,340 | $ 14,700 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares | Mar. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Preferred stock, authorized shares (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, par value (in USD per share) | $ 1 | $ 1 |
Preferred stock, issued shares (in shares) | 0 | 0 |
Common stock, authorized shares (in shares) | 800,000,000 | 800,000,000 |
Common stock, par value (in USD per share) | $ 1 | $ 1 |
Common stock, issued shares (in shares) | 449,800,000 | 448,400,000 |
Treasury stock, shares (in shares) | 24,400,000 | 24,000,000 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 89 | $ (1,279) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 86 | 91 |
Impairment of goodwill, intangibles and other assets | 0 | 1,475 |
Deferred income taxes | 1 | (234) |
Stock based compensation expense | 14 | 8 |
Loss on change in fair value of investments | 0 | 3 |
Changes in operating accounts: | ||
Accounts receivable | 122 | 369 |
Inventories | (283) | (142) |
Accounts payable | (18) | (49) |
Accrued liabilities and other | (36) | (219) |
Net cash provided by (used in) operating activities | (25) | 23 |
Cash flows from investing activities: | ||
Capital expenditures | (54) | (58) |
Other investing activities, net | 0 | 2 |
Net cash used in investing activities | (54) | (56) |
Cash flows from financing activities: | ||
Net proceeds from short-term debt | 0 | 305 |
Payments on current portion of long-term debt | (94) | 0 |
Payments on long-term debt | (6) | (16) |
Cash dividends | (100) | (99) |
Equity compensation activity and other, net | (39) | (17) |
Net cash provided by (used in) financing activities | (239) | 173 |
Exchange rate effect on cash, cash equivalents and restricted cash | (14) | (24) |
Increase (decrease) in cash, cash equivalents and restricted cash | (332) | 116 |
Cash, cash equivalents and restricted cash at beginning of period | 1,021 | 371 |
Cash, cash equivalents and restricted cash at end of period | 689 | 487 |
Supplemental disclosures: | ||
Restricted cash at beginning of period | 40 | 22 |
Restricted cash at end of period | $ 7 | $ 11 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Millions | Total | Common Stock | Treasury Stock | Additional Paid-In Capital | Retained Earnings (Deficit) | Accumulated Other Comprehensive Loss | Stockholders' Equity Attributable to Parent | Noncontrolling Interest |
Beginning balance at Dec. 31, 2019 | $ 4,996 | $ 447 | $ (590) | $ 8,430 | $ (2,404) | $ (920) | $ 4,963 | $ 33 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Comprehensive income (loss) | (1,414) | (1,279) | (130) | (1,409) | (5) | |||
Dividends declared on common stock | (97) | (97) | (97) | |||||
Equity compensation, net of tax | 2 | 1 | (6) | 7 | 2 | |||
Other changes attributable to noncontrolling interests | (5) | (5) | (5) | |||||
Distributions to noncontrolling interests | (3) | (3) | ||||||
Ending balance at Mar. 31, 2020 | 3,479 | 448 | (596) | 8,340 | (3,683) | (1,055) | 3,454 | 25 |
Beginning balance at Dec. 31, 2020 | 3,900 | 448 | (598) | 8,078 | (3,174) | (880) | 3,874 | 26 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Comprehensive income (loss) | 55 | 89 | (32) | 57 | (2) | |||
Dividends declared on common stock | (101) | (101) | (101) | |||||
Equity compensation, net of tax | 8 | 2 | (10) | 16 | 8 | |||
Other changes attributable to noncontrolling interests | (1) | (2) | (2) | 1 | ||||
Ending balance at Mar. 31, 2021 | $ 3,861 | $ 450 | $ (608) | $ 7,993 | $ (3,085) | $ (914) | $ 3,836 | $ 25 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement of Stockholders' Equity [Abstract] | ||
Dividends declared on common stock (in USD per share) | $ 0.23 | $ 0.23 |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Significant Accounting Policies | Basis of Presentation and Significant Accounting Policies The accompanying unaudited condensed consolidated financial statements of Newell Brands Inc. (collectively with its subsidiaries, the “Company”) have been prepared pursuant to the rules and regulations of the United States Securities and Exchange Commission (the “SEC”) and do not include all of the information and footnotes required by U.S. generally accepted accounting principles (“U.S. GAAP”) for complete financial statements. In the opinion of management, the unaudited condensed consolidated financial statements include all adjustments (including normal recurring accruals) considered necessary for a fair statement of the financial position and the results of operations of the Company. These unaudited condensed consolidated financial statements should be read in conjunction with the financial statements, and the footnotes thereto, included in the Company’s most recent Annual Report on Form 10-K. The Condensed Consolidated Balance Sheet at December 31, 2020, has been derived from the audited financial statements as of that date, but it does not include all the information and footnotes required by U.S. GAAP for a complete financial statement. Certain reclassifications have been made in the Company’s financial statements of the prior year to conform to the current year presentation. Beginning January 1, 2021, the Company reported the operating results of its cookware product lines as part of the Food reporting unit within the Home Solutions segment, and no longer as part of the former Appliances and Cookware segment. This change was the result of an assessment by the chief operating decision maker (“CODM”) to better align the cookware product lines with other similar product lines in various food categories. In connection with this change, the Chief Executive Officer (“CEO”) for the Food business unit assumed full responsibility for the overall brand strategy, business modeling, marketing and innovation of these product lines. The Company determined this product line change did not result in a change to either of its Home Solutions or former Appliances and Cookware reportable segments. In connection with this change, the Appliances and Cookware segment was renamed as the Home Appliances segment. Prior period comparable results for both of these segments have been reclassified to conform to this product line change. The Company also revised the calculation of operating income (loss) by segment to include restructuring charges. Prior period comparable results have been reclassified to conform to the change in calculation (See Footnote 15 ). Use of Estimates and Risks and Uncertainty of Coronavirus (COVID-19) Since early 2020, the COVID-19 pandemic has resulted in various federal, state and local governments, as well as private entities, mandating restrictions on travel and public gatherings, closure of non-essential commerce, stay at home orders and quarantining of people to limit exposure to the virus. The Company's global operations, similar to those of many large, multi-national corporations, were adversely impacted by the COVID-19 pandemic. During the first quarter of 2020, the Company concluded that an impairment triggering event had occurred as it had experienced significant COVID-19 related disruption for all of its reporting units and performed an impairment test for its goodwill and indefinite-lived intangible assets and a recoverability test for its long-lived assets, which primarily include finite-lived intangible assets, property plant and equipment and right of use lease assets. As a result of the impairment and recoverability testing performed in connection with the triggering event, the Company determined that certain of its goodwill, indefinite-lived intangible assets, property plant and equipment and right of use operating leases assets were impaired. During the first quarter of 2020, the Company recorded an aggregate non-cash charge of approximately $1.5 billion in connection with these impairments. See Footnotes 5 and 6 for further information. While the negative effects from the COVID-19 global pandemic in the first half of 2020 were material to the Company's operating results, the Company saw sales growth during the second half of 2020 and first quarter of 2021. The Company believes, however, the extent of the impact of the COVID-19 pandemic to its businesses, operating results, cash flows, liquidity and financial condition will be primarily driven by the severity and duration of the pandemic, the impact of new strains and variants of the coronavirus, the pandemic’s impact on the U.S. and global economies, the timing, scope and effectiveness of federal, state and local governmental plans to administer vaccines to the general public, especially in areas where conditions have recently worsened and lockdowns or travel bans have been reinstituted, as well as the timing and amount of fiscal stimulus and relief programs packages that are available to the general public. These primary drivers are beyond the Company's knowledge and control, and as a result, at this time it is difficult to predict the cumulative impact, both in terms of severity and duration, COVID-19 will have on its future sales, operating results, cash flows and financial condition. Furthermore, the impact to the Company's businesses, operating results, cash flows, liquidity and financial condition may be adversely impacted if the COVID-19 global pandemic continues to exist or worsens for a prolonged period of time, new variants of the coronavirus emerge, or if plans to administer vaccines are delayed. Management’s application of U.S. GAAP in preparing the Company's consolidated financial statements requires the pervasive use of estimates and assumptions. As discussed above, the world continues to be impacted by the global COVID-19 pandemic which has required greater use of estimates and assumptions in the preparation of the consolidated financial statements, more specifically, those estimates and assumptions utilized in the Company’s forecasted cash flows that form the basis in developing the fair values utilized in its impairment assessments as well as its annual effective tax rate. These estimates also include assumptions as to the duration and severity of the pandemic, timing and amount of demand shifts amongst sales channels, workforce availability, supply chain continuity, and timing as to a return to normalcy. Although the Company has made its best estimates based upon current information, the effects of the COVID-19 pandemic on its business may result in future changes to management’s estimates and assumptions, especially if the severity of the pandemic continues to exist or worsens for a prolonged period of time, new variants of the coronavirus emerge, or if plans to administer the vaccines are delayed. Actual results could materially differ from the estimates and assumptions developed by management. If so, the Company may be subject to future incremental impairment charges as well as changes to recorded reserves and valuations. Seasonal Variations Sales of the Company’s products tend to be seasonal, with sales, operating income and operating cash flow in the first quarter generally lower than any other quarter during the year, driven principally by reduced volume and the mix of products sold in the first quarter. The seasonality of the Company’s sales volume combined with the accounting for fixed costs, such as depreciation, amortization, rent, personnel costs and interest expense, impacts the Company’s results on a quarterly basis. In addition, the Company typically tends to generate the majority of its operating cash flow in the third and fourth quarters of the year due to seasonal variations in operating results, the timing of annual performance-based compensation payments, customer program payments, working capital requirements and credit terms provided to customers. Accordingly, the Company’s results of operations for the three months ended March 31, 2021 may not necessarily be indicative of the results that may be expected for the year ending December 31, 2021. In 2020, the Company's sales and operating results were disrupted by the COVID-19 pandemic, negatively impacting the Company's performance during the first half of the year, partially offset by positive performance during the second half of the year and into the first quarter of 2021. The Company believes the seasonality of its businesses will revert back to historical patterns as the impact of the global pandemic lessens. Recent Accounting Pronouncements Changes to U.S. GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of accounting standards updates (“ASUs”) to the FASB’s Accounting Standards Codification. The Company considers the applicability and impact of all ASUs. In March 2020, the FASB issued ASU 2020-04, “ Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. ” In January 2021, the FASB clarified the scope of this guidance with the issuance of ASU 2021-01, Reference Rate Reform: Scope. ASU 2020-04 provides optional expedients and exceptions to account for contracts, hedging relationships and other transactions that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate if certain criteria are met. ASU 2020-04 may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. The Company is currently evaluating the potential effects of the adoption of ASU 2020-04. Adoption of New Accounting Guidance The Company’s accounting policies are described in Note 1 of the Notes to Consolidated Financial Statements included in our 2020 Annual Report on Form 10-K. Such significant accounting policies are applicable for periods prior to the adoption of the following new accounting standards and updated accounting policies. In December 2019, the FASB issued ASU 2019-12, “Simplifying the Accounting for Income Taxes” (Topic 740) . ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. ASU 2019-12 is effective for years, and interim periods within those years, beginning after December 15, 2020. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements. Sales of Accounts Receivables Factored receivables at the end of the first quarter of 2021 associated with the Company's existing factoring agreement (the “Customer Receivables Purchase Agreement”) were approximately $400 million, an increase of approximately $50 million from December 31, 2020. Transactions under this agreement continue to be accounted for as sales of accounts receivable, and the receivables sold are removed from the Condensed Consolidated Balance Sheet at the time of the sales transaction. The Company classifies the proceeds received from the sales of accounts receivable as an operating cash flow in the unaudited Condensed Consolidated Statement of Cash Flows. The Company records the discount as other (income) expense, net in the Condensed Consolidated Statement of Operations and collections of accounts receivables not yet submitted to the financial institution as a financing cash flow. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) The following table displays the changes in Accumulated Other Comprehensive Income (Loss) (“AOCL”) by component, net of tax, for the three months ended March 31, 2021 (in millions): Cumulative Pension and Postretirement Costs Derivative AOCL Balance at December 31, 2020 $ (481) $ (356) $ (43) $ (880) Other comprehensive income (loss) before reclassifications (44) 1 2 (41) Amounts reclassified to earnings — 4 3 7 Net current period other comprehensive income (loss) (44) 5 5 (34) Balance at March 31, 2021 $ (525) $ (351) $ (38) $ (914) Reclassifications from AOCL to the results of operations for the three months ended March 31, 2021 and 2020 were pre-tax expense of (in millions): Three Months Ended 2021 2020 Pension and postretirement benefit plans (1) $ 5 $ 6 Derivative financial instruments for effective cash flow hedges (2) 4 1 (1) Primarily represents the amortization of net actuarial losses and plan settlements recorded in cost of products sold, selling, general and administrative expenses (“SG&A”) and other (income) expense, net in the Consolidated Statements of Operations. See Footnote 10 for further information. (2) See Footnote 9 for further information. The income tax provision (benefit) allocated to the components of AOCL for the periods indicated are as follows (in millions): Three Months Ended 2021 2020 Foreign currency translation adjustments $ 12 $ 7 Pension and postretirement benefit costs 1 (3) Derivative financial instruments 2 9 Income tax provision related to AOCL $ 15 $ 13 |
Restructuring Costs
Restructuring Costs | 3 Months Ended |
Mar. 31, 2021 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Costs | Restructuring Costs Restructuring provisions were determined based on estimates prepared at the time the restructuring actions were approved by management and are periodically updated for changes. Restructuring amounts also include amounts recognized as incurred. Restructuring costs, net incurred by reportable business segments for all restructuring activities for the periods indicated are as follows (in millions): Three Months Ended 2021 2020 Home Appliances $ 1 $ — Home Solutions 2 1 Learning and Development 1 1 Outdoor and Recreation 1 — $ 5 $ 2 Accrued restructuring costs activity for the three months ended March 31, 2021 are as follows (in millions): Balance at December 31, 2020 Restructuring Payments Balance at Severance and termination costs $ 7 $ 4 $ (4) $ 7 Contract termination and other costs 4 1 (1) 4 $ 11 $ 5 $ (5) $ 11 2020 Restructuring Plan The Company’s 2020 restructuring program, which was initiated during the second quarter of 2020 largely in response to the impact of the COVID-19 pandemic, was designed to reduce overhead costs, streamline certain underperforming operations and improve future profitability. The restructuring costs, which impact all segments, include employee-related costs, including severance and other termination benefits. During the three months ended March 31, 2021, the Company recorded restructuring charges of $5 million in connection with the program and has incurred cumulative charges of $24 million since inception. The Company currently estimates aggregate restructuring charges of approximately $30 million to $35 million to be incurred for projects launched in connection with the program. All cash payments are expected to be paid within one year of charges incurred. Accelerated Transformation Plan During the three months ended March 31, 2020 the company recorded restructuring charges of $2 million in connection with the Company's completed Accelerated Transformation Plan (“ATP”). The Company's ATP was designed in part, to divest the Company's non-core consumer businesses and focus on the realignment of the Company's management structure and overall costs structure as a result of the completed divestitures. Other Restructuring-Related Costs The Company regularly incurs other restructuring-related costs in connection with various discrete initiatives which are recorded in cost of products sold and SG&A in the Condensed Consolidated Statements of Operations based on the nature of the underlying costs incurred. |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories are comprised of the following at the dates indicated (in millions): March 31, 2021 December 31, 2020 Raw materials and supplies $ 269 $ 252 Work-in-process 163 157 Finished products 1,469 1,229 $ 1,901 $ 1,638 |
Property, Plant and Equipment,
Property, Plant and Equipment, Net | 3 Months Ended |
Mar. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment, Net | Property, Plant and Equipment, Net Property, plant and equipment, net, is comprised of the following at the dates indicated (in millions): March 31, 2021 December 31, 2020 Land $ 83 $ 86 Buildings and improvements 662 664 Machinery and equipment 2,309 2,314 3,054 3,064 Less: Accumulated depreciation (1,903) (1,888) $ 1,151 $ 1,176 Depreciation expense was $52 million and $48 million for the three months ended March 31, 2021 and 2020, respectively. During the first quarter of 2020, the Company concluded that a triggering event had occurred for all of its reporting units as a result of the COVID-19 pandemic. Pursuant to the authoritative accounting literature, the Company compared the sum of the undiscounted future cash flows attributable to the asset or group of assets (the lowest level for which identifiable cash flows are available) to their respective carrying amount and recorded a non-cash impairment charge of approximately $1 million during the three months ended March 31, 2020, in the Home Solutions segment associated with its Yankee Candle retail store business. The impairment charge was calculated by subtracting the estimated fair value of the asset group from its carrying value. See Footnote 1 for further information. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets, Net | 3 Months Ended |
Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets, Net | Goodwill and Other Intangible Assets, Net Goodwill activity for the three months ended March 31, 2021 is as follows (in millions): Segments Net Book Value at December 31, 2020 Foreign Exchange and Other Gross Carrying Amount Accumulated Impairment Charges Net Book Value at March 31, 2021 Home Appliances $ — $ — $ 569 $ (569) $ — Commercial Solutions 747 — 1,241 (494) 747 Home Solutions 164 — 2,567 (2,403) 164 Learning and Development 2,642 (28) 3,460 (846) 2,614 Outdoor and Recreation — — 788 (788) — $ 3,553 $ (28) $ 8,625 $ (5,100) $ 3,525 During the first quarter of 2020, the Company concluded that a triggering event had occurred for all of its reporting units as a result of the COVID-19 global pandemic. Pursuant to the authoritative literature, the Company performed an impairment test and determined that its goodwill associated with its Home Appliances and Food reporting units were impaired. During the three months ended March 31, 2020, the Company recorded an aggregate non-cash charge of $212 million to reflect the impairments of goodwill as the reporting unit carrying values exceeded their fair values. See Footnote 1 for further information. Other intangible assets, net, are comprised of the following at the dates indicated (in millions): March 31, 2021 December 31, 2020 Gross Carrying Amount Accumulated Amortization Net Book Value Gross Carrying Amount Accumulated Amortization Net Book Value Trade names — indefinite life $ 2,305 $ — $ 2,305 $ 2,331 $ — $ 2,331 Trade names — other 154 (56) 98 157 (55) 102 Capitalized software 632 (498) 134 625 (486) 139 Patents and intellectual property 67 (55) 12 67 (52) 15 Customer relationships and distributor channels 1,253 (296) 957 1,259 (282) 977 $ 4,411 $ (905) $ 3,506 $ 4,439 $ (875) $ 3,564 Amortization expense for intangible assets were $34 million and $43 million for the three months ended March 31, 2021 and 2020, respectively. As a result of the impairment testing performed in connection with the COVID-19 pandemic triggering event during the first quarter of 2020, the Company determined that certain of its indefinite-lived intangible assets in all of its operating segments were impaired. During the three months ended March 31, 2020, the Company recorded impairment charges of $1.3 billion to reflect impairment of these indefinite-lived trade names because their carrying values exceeded their fair values. The impairment charges for the three months ended March 31, 2020 were allocated to the Company’s reporting segments as follows (in millions): Impairment of indefinite-lived intangibles assets: Home Appliances $ 87 Commercial Solutions 320 Home Solutions 290 Learning and Development 78 Outdoor and Recreation 482 $ 1,257 The Company believes the circumstances and global disruption caused by COVID-19 will continue to affect its businesses, operating results, cash flows and financial condition and that the scope and duration of the pandemic is highly uncertain. In addition, some of the other inherent estimates and assumptions used in determining fair value of the reporting units are outside the control of management, including interest rates, cost of capital, tax rates, industry growth, credit ratings, foreign exchange rates, and labor inflation. Given the uncertainty of these factors, as well as the inherent difficulty in predicting the severity and duration of the COVID-19 global pandemic and associated recovery and the uncertainties regarding the potential financial impact on the Company's business and the overall economy, there can be no assurance that the Company's estimates and assumptions will prove to be accurate predictions of the future. See Footnote 1 for further information. |
Other Accrued Liabilities
Other Accrued Liabilities | 3 Months Ended |
Mar. 31, 2021 | |
Other Liabilities Disclosure [Abstract] | |
Other Accrued Liabilities | Other Accrued Liabilities Other accrued liabilities are comprised of the following at the dates indicated (in millions): March 31, 2021 December 31, 2020 Customer accruals $ 638 $ 683 Accrued interest expense 125 60 Operating lease liabilities 125 129 Accrued self-insurance liabilities, contingencies and warranty 105 108 Accrued income taxes 81 66 Accruals for marketing and freight expenses 56 57 Other 210 290 $ 1,340 $ 1,393 |
Debt
Debt | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Debt | Debt Debt is comprised of the following at the dates indicated (in millions): March 31, 2021 December 31, 2020 3.15% senior notes due 2021 $ — $ 94 3.75% senior notes due 2021 354 369 4.00% senior notes due 2022 250 250 3.85% senior notes due 2023 1,085 1,090 4.00% senior notes due 2024 200 200 4.875% senior notes due 2025 493 492 3.90% senior notes due 2025 47 47 4.20% senior notes due 2026 1,974 1,973 5.375% senior notes due 2036 416 416 5.50% senior notes due 2046 657 657 Other debt 16 19 Total debt 5,492 5,607 Short-term debt and current portion of long-term debt (357) (466) Long-term debt $ 5,135 $ 5,141 Senior Notes On March 1, 2021 (the “Redemption Date”), the Company redeemed its 3.15% senior notes that were scheduled to mature in April 2021 (the “April 2021 Notes”) at a redemption price equal to 100% of the outstanding aggregate principal amount of the notes, plus accrued and unpaid interest to the Redemption Date. During the first quarter of 2021, the Company repurchased $5 million of the 3.85% senior notes due 2023 at approximately 5% above par value. The total consideration, excluding accrued interest, was approximately $5 million. As a result of the partial debt repurchase the Company recorded an immaterial loss. Receivables Facility The Company maintains an Accounts Receivable Securitization Facility (the “Securitization Facility”). The aggregate commitment under the Securitization Facility is $600 million. The Securitization Facility matures in October 2022 and bears interest at a margin over a variable interest rate. The maximum availability under the Securitization Facility fluctuates based on eligible accounts receivable balances. At March 31, 2021, the Company did not have any amounts outstanding under the Securitization Facility. Revolving Credit Facility The Company has a $1.25 billion revolving credit facility that matures in December 2023 (the “Credit Revolver”). At March 31, 2021, the Company did not have any amounts outstanding under the Credit Revolver. Other The fair value of the Company’s senior notes are based upon prices of similar instruments in the marketplace and are as follows (in millions): March 31, 2021 December 31, 2020 Fair Value Book Value Fair Value Book Value Senior notes $ 6,123 $ 5,476 $ 6,277 $ 5,588 The carrying amounts of all other significant debt approximates fair value. Net Investment Hedge The Company has designated the €300 million principal balance of the 3.75% senior notes due October 2021 as a net investment hedge of the foreign currency exposure of its net investment in certain Euro-functional currency subsidiaries with Euro-denominated net assets. At March 31, 2021, $11 million of deferred losses have been recorded in AOCL. See Footnote 9 for disclosures regarding the Company’s derivative financial instruments. |
Derivatives
Derivatives | 3 Months Ended |
Mar. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | Derivatives From time to time, the Company enters into derivative transactions to hedge its exposures to interest rate, foreign currency rate and commodity price fluctuations. The Company does not enter into derivative transactions for trading purposes. Interest Rate Contracts The Company manages its fixed and floating rate debt mix using interest rate swaps. The Company may use fixed and floating rate swaps to alter its exposure to the impact of changing interest rates on its consolidated results of operations and future cash outflows for interest. Floating rate swaps would be used, depending on market conditions, to convert the fixed rates of long-term debt into short-term variable rates. Fixed rate swaps would be used to reduce the Company’s risk of the possibility of increased interest costs. The cash paid and received from the settlement of interest rate swaps is included in interest expense. Fair Value Hedges At March 31, 2021, the Company had approximately $100 million notional amount of interest rate swaps that exchange a fixed rate of interest for variable rate (LIBOR) of interest plus a weighted average spread. These floating rate swaps are designated as fair value hedges against $100 million of principal on the 4.00% senior notes due 2024 for the remaining life of the note. The effective portion of the fair value gains or losses on these swaps is offset by fair value adjustments in the underlying debt. Cross-Currency Contracts The Company uses cross-currency swaps to hedge foreign currency risk on certain financing arrangements. The Company previously entered into two cross-currency swaps with an aggregate notional amount of $900 million, which were designated as net investment hedges of the Company's foreign currency exposure of its net investment in certain Euro-functional currency subsidiaries with Euro-denominated net assets. With these cross-currency swaps, which mature in January and February 2025, respectively, the Company pays a fixed rate of Euro-based interest and receives a fixed rate of U.S. dollar interest. The Company has elected the spot method for assessing the effectiveness of these contracts. During the three months ended March 31, 2021, the Company recognized income of $4 million in interest expense, net, related to the portion of cross-currency swaps excluded from hedge effectiveness testing. Foreign Currency Contracts The Company uses forward foreign currency contracts to mitigate the foreign currency exchange rate exposure on the cash flows related to forecasted inventory purchases and sales and have maturity dates through December 2021. The derivatives used to hedge these forecasted transactions that meet the criteria for hedge accounting are accounted for as cash flow hedges. The effective portion of the gains or losses on these derivatives is deferred as a component of AOCL until it is recognized in earnings at the same time that the hedged item affects earnings and is included in the same caption in the statements of operations as the underlying hedged item. At March 31, 2021, the Company had approximately $397 million notional amount outstanding of forward foreign currency contracts that are designated as cash flow hedges of forecasted inventory purchases and sales. The Company also uses foreign currency contracts, primarily forward contracts, to mitigate the exposure of foreign currency transactions. At March 31, 2021, the Company had approximately $879 million notional amount outstanding of these foreign currency contracts that are not designated as effective hedges for accounting purposes and have maturity dates through December 2021. Fair market value gains or losses are included in the results of operations and are classified in other (income) expense, net. The following table presents the fair value of derivative financial instruments at the dates indicated (in millions): Fair Value of Derivatives Assets (Liabilities) Balance Sheet Location March 31, 2021 December 31, 2020 Derivatives designated as effective hedges: Cash Flow Hedges Foreign currency contracts Prepaid expenses and other current assets $ 3 $ 1 Foreign currency contracts Other accrued liabilities (11) (19) Fair Value Hedges Interest rate swaps Other assets 5 7 Net Investment Hedges Cross-currency swaps Prepaid expenses and other current assets 7 10 Cross-currency swaps Other noncurrent liabilities (63) (102) Derivatives not designated as effective hedges: Foreign currency contracts Prepaid expenses and other current assets 13 10 Foreign currency contracts Other accrued liabilities (5) (17) Total $ (51) $ (110) The following table presents gain and (loss) activity (on a pre-tax basis) related to derivative financial instruments designated or previously designated, as effective hedges (in millions): Three Months Three Months Gain/(Loss) Gain/(Loss) Location of gain/(loss) recognized in income Recognized in OCI (effective portion) Reclassified from AOCL to Income Recognized in OCI (effective portion) Reclassified from AOCL to Income Interest rate swaps Interest expense, net $ — $ (2) $ — $ (2) Foreign currency contracts Net sales and cost of products sold 3 (2) 35 1 Cross-currency swaps Other (income) expense, net 36 — 21 — Total $ 39 $ (4) $ 56 $ (1) At March 31, 2021, net deferred losses of approximately $14 million within AOCL are expected to be reclassified to earnings over the next twelve months. During the three months ended March 31, 2021 and 2020, the Company recognized income of $7 million and $12 million, respectively, in other (income) expense, net, related to derivatives that are not designated as hedging instruments. Gains and losses on these derivatives are mostly offset by foreign currency movement in the underlying exposure. |
Employee Benefit and Retirement
Employee Benefit and Retirement Plans | 3 Months Ended |
Mar. 31, 2021 | |
Retirement Benefits [Abstract] | |
Employee Benefit and Retirement Plans | Employee Benefit and Retirement Plans The components of pension and postretirement benefit (income) expense for the periods indicated, are as follows (in millions): Pension Benefits Three Months Ended March 31, U.S. International 2021 2020 2021 2020 Service cost $ — $ — $ 1 $ 1 Interest cost 5 9 2 2 Expected return on plan assets (12) (15) (1) (2) Amortization 5 6 1 1 Settlements — 1 — — Total (income) expense $ (2) $ 1 $ 3 $ 2 Postretirement Benefits Three Months Ended 2021 2020 Amortization $ (1) $ (1) Total income $ (1) $ (1) The components of net periodic pension and postretirement costs other than the service cost component are included in other (income) expense, net in the Condensed Consolidated Statements of Operations. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company’s effective income tax rate for the three months ended March 31, 2021 and 2020 was 29.4% and 13.8%, respectively. The Company’s effective income tax rate fluctuates based on, among other factors, the geographic mix of income. The difference between the U.S. federal statutory income tax rate of 21.0% and the Company’s effective income tax rate for the three months ended March 31, 2021 and 2020 were impacted by a variety of factors, primarily resulting from the geographic mix of where the income was earned as well as certain taxable income inclusion items in the U.S. based on foreign earnings. The three months ended March 31, 2021 were also impacted by $1 million of discrete tax items. The three months ended March 31, 2020 were also impacted by certain discrete tax items. Income tax expense for three months ended March 31, 2020 included a discrete tax benefit of $15 million related to statute of limitations expirations and $8 million of prior period adjustments offset by tax expense of $27 million related to a change in the tax status of certain entities upon Internal Revenue Service approval during the first quarter, $7 million of excess book deductions related to equity-based compensation, and $5 million for effects of adopting the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act. The Company concluded the effects of such prior period adjustments were not material to the current period or previously issued financial statements. On June 18, 2019, the U.S. Treasury and the Internal Revenue Service (“IRS”) released temporary regulations under IRC Section 245A (“Section 245A”) as enacted by the 2017 U.S. Tax Reform Legislation (“2017 Tax Reform”) and IRC Section 954(c)(6) (the “Temporary Regulations”) to apply retroactively to the date the 2017 Tax Reform was enacted. On August 21, 2020, the U.S. Treasury and IRS released finalized versions of the Temporary Regulations (collectively with the Temporary Regulations, the “Regulations”). The Regulations seek to limit the 100% dividends received deduction permitted by Section 245A for certain dividends received from controlled foreign corporations and to limit the applicability of the look-through exception to foreign personal holding company income for certain dividends received from controlled foreign corporations. Before the retroactive application of the Regulations, the Company benefited in 2018 from both the 100% dividends received deduction and the look-through exception to foreign personal holding company income. The Company analyzed the Regulations and concluded the relevant Regulations were not validly issued. Therefore, the Company has not accounted for the effects of the Regulations in its Condensed Consolidated Financial Statements for the period ending March 31, 2021. The Company believes it has strong arguments in favor of its position and believes it has met the more likely than not recognition threshold that its position will be sustained. However, due to the inherent uncertainty involved in challenging the validity of regulations as well as a potential litigation process, there can be no assurances that the relevant Regulations will be invalidated or that a court of law will rule in favor of the Company. If the Company’s position on the Regulations is not sustained, the Company would be required to recognize an income tax expense of approximately $180 million to $220 million related to an income tax benefit from fiscal year 2018 that was recorded based on regulations in existence at the time. In addition, the Company may be required to pay any applicable interest and penalties. The Company intends to vigorously defend its position. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The computations of the weighted average shares outstanding for the periods indicated are as follows (in millions): Three Months Ended 2021 2020 Weighted average shares outstanding 424.9 423.8 Share-based payment awards classified as participating securities (1) — — Basic weighted average shares outstanding 424.9 423.8 Dilutive securities (2) 2.7 — Diluted weighted average shares outstanding 427.6 423.8 (1) For the three months ended March 31, 2021 and 2020, dividends and equivalents for share-based awards that are expected to be forfeited do not have a material effect on net income for basic and diluted earnings per share. (2) The three months ended March 31, 2020 excludes 1.1 million of potentially dilutive share-based awards as their effect would be anti-dilutive. At March 31, 2021 there were no potentially dilutive restricted stock awards with performance-based targets that were not met and as such, have been excluded from the computation of diluted earnings per share. At March 31, 2020, there were 0.7 million potentially dilutive restricted stock awards with performance-based targets that were not met and as such, have been excluded from the computation of diluted earnings per share. |
Share-Based Compensation
Share-Based Compensation | 3 Months Ended |
Mar. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Share-Based Compensation | Share-Based Compensation During the three months ended March 31, 2021, the Company awarded 1.1 million performance-based restricted stock units (RSUs), which had an aggregate grant date fair value of $27 million and entitle the recipients to shares of the Company’s common stock primarily at the end of a three-year vesting period. The actual number of shares that will ultimately vest is dependent on the level of achievement of the specified performance conditions. During the three months ended March 31, 2021, the Company also awarded 0.6 million time-based RSUs with an aggregate grant date fair value of $15 million. These time-based RSUs entitle recipients to shares of the Company’s common stock and primarily vest either at the end of a three-year period or in equal installments over a three-year period. During the three months ended March 31, 2021, the Company also awarded 2.3 million time-based stock options with an aggregate grant date fair value of $14 million. These stock options entitle recipients to purchase shares of the Company’s common stock at an exercise price equal to the fair market value of the underlying shares as of the grant date and primarily vest in equal installments over a three-year period. The weighted average assumptions used to determine the fair value of stock options granted for the three months ended March 31, 2021, is as follows: Risk-free interest rates 0.8 % Expected volatility 44.2 % Expected dividend yield 5.1 % Expected life (in years) 6 Exercise price $23.79 |
Fair Value Disclosures
Fair Value Disclosures | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | Fair Value Disclosures Recurring Fair Value Measurement s The following table presents the Company’s non-pension financial assets and liabilities, which are measured at fair value on a recurring basis (in millions): March 31, 2021 December 31, 2020 Fair value Asset (Liability) Fair value Asset (Liability) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Derivatives: Assets $ — $ 28 $ — $ 28 $ — $ 28 $ — $ 28 Liabilities — (79) — (79) — (138) — (138) Investment securities, including mutual funds 9 — — 9 10 — — 10 For publicly traded investment securities, including mutual funds, fair value is determined on the basis of quoted market prices and, accordingly, such investments are classified as Level 1. Other investment securities are primarily comprised of money market accounts that are classified as Level 2. The Company determines the fair value of its derivative instruments using standard pricing models and market-based assumptions for all significant inputs, such as yield curves and quoted spot and forward exchange rates. Accordingly, the Company’s derivative instruments are classified as Level 2. Financial Instruments The Company’s financial instruments include cash and cash equivalents, accounts receivable, accounts payable, derivative instruments, notes payable and short and long-term debt. The carrying values for current financial assets and liabilities, including cash and cash equivalents, accounts receivable, accounts payable and short-term debt approximate fair value due to the short maturity of such instruments. The fair values of the Company’s debt and derivative instruments are disclosed in Footnote 8 and Footnote 9 , respectively. Nonrecurring Fair Value Measurements The Company’s nonfinancial assets, which are measured at fair value on a nonrecurring basis, include property, plant and equipment, goodwill, intangible assets and certain other assets. The Company’s goodwill and indefinite-lived intangibles are fair valued using discounted cash flows. Goodwill impairment testing requires significant use of judgment and assumptions including the identification of reporting units; the assignment of assets and liabilities to reporting units; and the estimation of future cash flows, business growth rates, terminal values and discount rates. The testing of indefinite-lived intangibles under established guidelines for impairment also requires significant use of judgment and assumptions, such as the estimation of cash flow projections, terminal values, royalty rates, contributory cross charges, where applicable, and discount rates. Accordingly, these fair value measurements fall in Level 3 of the fair value hierarchy. These assets and certain liabilities are measured at fair value on a nonrecurring basis as part of the Company’s annual impairment testing and as circumstances require. In connection with the Company's annual impairment testing at December 1, 2020, an intangible asset was fair valued at $135 million on a non-recurring basis. The Company reviews property, plant and equipmen t and operating lease assets for impairment whenever events or circumstances indicate that carrying amounts may not be recoverable through future undiscounted cash flows. If the Company concludes that impairment exists, the carrying amount is reduced to fair value. See Footnote 5 for further information. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information Beginning January 1, 2021, the Company reported the operating results of its cookware product lines as part of the Food reporting unit within the Home Solutions segment, and no longer as part of the former Appliances and Cookware segment. This change was the result of an assessment by the CODM to better align the cookware product lines with other similar product lines in various food categories. In connection with this change, the CEO for the Food business unit assumed full responsibility for the overall brand strategy, business modeling, marketing and innovation of these product lines. The Company determined this product line change did not result in a change to either of its Home Solutions or former Appliances and Cookware reportable segments. In connection with this change, the Appliances and Cookware segment was renamed as the Home Appliances segment. Prior period comparable results for both of these segments have been reclassified to conform to this product line change. The Company also revised the calculation of operating income (loss) by segment to include restructuring charges. Prior period comparable results have been reclassified to conform to the change in calculation. The Company's five primary reportable segments are: Segment Key Brands Description of Primary Products Home Appliances Calphalon®, Crock-Pot®, Mr. Coffee®, Oster® and Sunbeam® Household products, including kitchen appliances Commercial Solutions BRK®, First Alert®, Mapa®, Quickie®, Rubbermaid Commercial Products®, and Spontex® Commercial cleaning and maintenance solutions; closet and garage organization; hygiene systems and material handling solutions; connected home and security and smoke and carbon monoxide alarms Home Ball® (1), Calphalon®, Chesapeake Bay Candle®, FoodSaver®, Rubbermaid®, Sistema®, WoodWick® and Yankee Candle® Food and home storage products; fresh preserving products, vacuum sealing products, gourmet cookware, bakeware and cutlery and home fragrance products Learning and Aprica®, Baby Jogger®, Dymo®, Elmer’s®, EXPO®, Graco®, Mr. Sketch®, NUK®, Paper Mate®, Parker®, Prismacolor®, Sharpie®, Tigex® Waterman® and X-Acto® Baby gear and infant care products; writing instruments, including markers and highlighters, pens and pencils; art products; activity-based adhesive and cutting products and labeling solutions Outdoor and Recreation Coleman®, Contigo®, ExOfficio®, Marmot® Products for outdoor and outdoor-related activities (1) and Ball® TM of Ball Corporation, used under license. This structure reflects the manner in which the CODM regularly assesses information for decision-making purposes, including the allocation of resources. The Company also provides general corporate services to its segments which is reported as a non-operating segment, Corporate. As a result of the aforementioned changes, net sales, operating income (loss) and impairment of goodwill and indefinite-lived intangible assets for the three months ended March 31, 2020 and segment assets as of December 31, 2020 have been recast. Selected information by segment is presented in the following tables (in millions): Three Months Ended 2021 2020 Net sales (1) Home Appliances $ 360 $ 261 Commercial Solutions 471 413 Home Solutions 504 377 Learning and Development 617 528 Outdoor and Recreation 336 307 $ 2,288 $ 1,886 Operating income (loss) (2) Home Appliances $ 3 $ (299) Commercial Solutions 50 (272) Home Solutions 61 (301) Learning and Development 110 4 Outdoor and Recreation 15 (474) Corporate (47) (66) $ 192 $ (1,408) March 31, 2021 December 31, 2020 Segment assets Home Appliances $ 902 $ 970 Commercial Solutions 2,530 2,529 Home Solutions 3,032 3,087 Learning and Development 4,568 4,663 Outdoor and Recreation 991 988 Corporate 2,317 2,463 $ 14,340 $ 14,700 Three Months Impairment of goodwill and indefinite-lived intangibles assets (3) Home Appliances $ 287 Commercial Solutions 320 Home Solutions 302 Learning and Development 78 Outdoor and Recreation 482 $ 1,469 (1) All intercompany transactions have been eliminated. (2) Operating income (loss) by segment is net sales less cost of products sold, SG&A, restructuring and impairment of goodwill, intangibles and other assets. Certain Corporate expenses of an operational nature are allocated to business segments primarily on a net sales basis. Corporate depreciation and amortization is allocated to the segments on a percentage of net sales basis, and included in segment operating income. (3) The Company did not record any impairment charges during the three months ended March 31, 2021. During the three months ended March 31, 2020 , the Company recorded impairment charges to reflect impairment of intangible assets related to certain of the Company’s indefinite-lived trade names and goodwill. See Footnote 6 for further information. The following tables disaggregates revenue by major product grouping source and geography for the periods indicated (in millions): Three Months Ended March 31, 2021 Home Commercial Solutions Home Learning and Development Outdoor and Recreation Total Home Appliances $ 360 $ — $ — $ — $ — $ 360 Commercial — 380 — — — 380 Connected Home Security — 91 — — — 91 Food — — 274 — — 274 Home Fragrance — — 230 — — 230 Baby and Parenting — — — 281 — 281 Writing — — — 336 — 336 Outdoor and Recreation — — — — 336 336 Total $ 360 $ 471 $ 504 $ 617 $ 336 $ 2,288 North America $ 195 $ 344 $ 401 $ 426 $ 177 $ 1,543 International 165 127 103 191 159 745 Total $ 360 $ 471 $ 504 $ 617 $ 336 $ 2,288 Three Months Ended March 31, 2020 Home Commercial Solutions Home Learning and Development Outdoor and Recreation Total Home Appliances $ 261 $ — $ — $ — $ — $ 261 Commercial — 336 — — — 336 Connected Home Security — 77 — — — 77 Food — — 214 — — 214 Home Fragrance — — 163 — — 163 Baby and Parenting — — — 244 — 244 Writing — — — 284 — 284 Outdoor and Recreation — — — — 307 307 Total $ 261 $ 413 $ 377 $ 528 $ 307 $ 1,886 North America $ 154 $ 302 $ 297 $ 374 $ 192 $ 1,319 International 107 111 80 154 115 567 Total $ 261 $ 413 $ 377 $ 528 $ 307 $ 1,886 |
Litigation and Contingencies
Litigation and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Litigation and Contingencies | Litigation and Contingencies The Company is subject to various claims and lawsuits in the ordinary course of business, including from time to time, contractual disputes, employment and environmental matters, product and general liability claims, claims that the Company has infringed on the intellectual property rights of others, and consumer and employment class actions. Some of the legal proceedings include claims for punitive as well as compensatory damages. In the ordinary course of business, the Company is also subject to legislative requests, regulatory and governmental examinations, information requests and subpoenas, inquiries, investigations, and threatened legal actions and proceedings. In connection with such formal and informal inquiries, the Company receives numerous requests, subpoenas, and orders for documents, testimony, and information in connection with various aspects of its activities. The Company previously disclosed that it had received a subpoena and related informal document requests from the SEC primarily relating to its sales practices and certain accounting matters for the time period beginning from January 1, 2016. The Company has cooperated with the SEC in connection with its investigation and ongoing requests for documents and information and intends to continue to do so. The Company cannot predict the timing or outcome of this investigation. Securities Litigation Certain of the Company’s current and former officers and directors have been named in shareholder derivative lawsuits. On October 29, 2018, a shareholder filed a putative derivative complaint, Streicher v. Polk, et al., in the United States District Court for the District of Delaware (the “Streicher Derivative Action”), purportedly on behalf of the Company against certain of the Company's current and former officers and directors. On October 30, 2018, another shareholder filed a putative derivative complaint, Martindale v. Polk, et al., in the United States District Court for the District of Delaware (the “Martindale Derivative Action”), asserting substantially similar claims purportedly on behalf of the Company against the same defendants. The complaints allege, among other things, violations of the federal securities laws, breaches of fiduciary duties, unjust enrichment, and waste of corporate assets. The factual allegations underlying these claims are similar to the factual allegations made in the In re Newell Brands, Inc. Securities Litigation pending in the United States District Court for the District of New Jersey, further described below. The complaints seek unspecified damages and restitution for the Company from the individual defendants, the payment of costs and attorneys’ fees, and that the Company be directed to reform certain governance and internal procedures. The Streicher Derivative Action and the Martindale Derivative Action have been consolidated and the case is now known as In re Newell Brands Inc. Derivative Litigation (the “Newell Brands Derivative Action”), which is pending in the United States District Court for the District of Delaware. On March 22, 2021, the United States District Court for the District of Delaware stayed the Newell Brands Derivative Action pending the resolution of any motions for summary judgment filed in Oklahoma Firefighters Pension and Retirement System v. Newell Brands Inc., et al. (described below). On December 30, 2020, two shareholders filed a putative derivative complaint, Weber, et al. v. Polk, et al., in the United States District Court for the District of Delaware (the “Weber Derivative Action”), purportedly on behalf of the Company against certain of the Company’s current and former officers and directors. The complaint in the Weber Derivative Action alleges, among other things, breaches of fiduciary duty and waste of corporate assets. The factual allegations underlying these claims are similar to the factual allegations made in the Newell Brands Derivative Action. On March 19, 2021, the United States District Court for the District of Delaware stayed the Weber Derivative Action pending final disposition of Oklahoma Firefighters Pension and Retirement System v. Newell Brands Inc., et al. (described below). The Company and certain of its current and former officers and directors have been named as defendants in a putative securities class action lawsuit filed in the Superior Court of New Jersey, Hudson County, on behalf of all persons who acquired Company common stock pursuant or traceable to the S-4 registration statement and prospectus issued in connection with the April 2016 acquisition of Jarden (the “Registration Statement”). The action was filed on September 6, 2018, and is captioned Oklahoma Firefighters Pension and Retirement System v. Newell Brands Inc., et al., Civil Action No. HUD-L-003492-18. The operative complaint alleges certain violations of the securities laws, including, among other things, that the defendants made certain materially false and misleading statements and omissions in the Registration Statement regarding the Company’s financial results, trends, and metrics. The plaintiff seeks compensatory damages and attorneys’ fees and costs, among other relief, but has not specified the amount of damages being sought. The Company intends to defend the litigation vigorously. The Company and certain of its officers have been named as defendants in two putative securities class action lawsuits, each filed in the United States District Court for the District of New Jersey, on behalf of all persons who purchased or otherwise acquired the Company's common stock between February 6, 2017 and January 24, 2018. The first lawsuit was filed on June 21, 2018 and is captioned Bucks County Employees Retirement Fund, Individually and on behalf of All Others Similarly Situated v. Newell Brands Inc., Michael B. Polk, Ralph J. Nicoletti, and James L. Cunningham, III, Civil Action No. 2:18-cv-10878 (United States District Court for the District of New Jersey). The second lawsuit was filed on June 27, 2018 and is captioned Matthew Barnett, Individually and on Behalf of All Others Similarly Situated v. Newell Brands Inc., Michael B. Polk, Ralph J. Nicoletti, and James L. Cunningham, III, Civil Action No. 2:18-cv-11132 (United States District Court for the District of New Jersey). On September 27, 2018, the court consolidated these two cases under Civil Action No. 18-cv-10878 (JMV)(JBC) bearing the caption In re Newell Brands, Inc. Securities Litigation. The court also named Hampshire County Council Pension Fund as the lead plaintiff in the consolidated case. The operative complaint alleges certain violations of the securities laws, including, among other things, that the defendants made certain materially false and misleading statements and omissions regarding the Company’s business, operations, and prospects between February 6, 2017 and January 24, 2018. The plaintiffs seek compensatory damages and attorneys’ fees and costs, among other relief, but have not specified the amount of damages being sought. The Company intends to defend the litigation vigorously. On January 10, 2020, the court in In re Newell Brands Inc. Securities Litigation entered a dismissal with prejudice after granting the Company’s motion to dismiss. On February 7, 2020, the plaintiffs filed an appeal to the United States Court of Appeals for the Third Circuit. On December 1, 2020, the Court of Appeals affirmed the dismissal. Environmental Matters The Company is involved in various matters concerning federal and state environmental laws and regulations, including matters in which the Company has been identified by the U.S. Environmental Protection Agency (“U.S. EPA”) and certain state environmental agencies as a potentially responsible party (“PRP”) at contaminated sites under the Comprehensive Environmental Response Compensation and Liability Act (“CERCLA”) and equivalent state laws. In assessing its environmental response costs, the Company has considered several factors, including the extent of the Company’s volumetric contribution at each site relative to that of other PRPs; the kind of waste; the terms of existing cost sharing and other applicable agreements; the financial ability of other PRPs to share in the payment of requisite costs; the Company’s prior experience with similar sites; environmental studies and cost estimates available to the Company; the effects of inflation on cost estimates; and the extent to which the Company’s, and other parties’, status as PRPs is disputed. The Company’s estimate of environmental remediation costs associated with these matters at March 31, 2021 was $41 million which is included in other accrued liabilities and other noncurrent liabilities in the Condensed Consolidated Balance Sheets. No insurance recovery was taken into account in determining the Company’s cost estimates or reserves, nor do the Company’s cost estimates or reserves reflect any discounting for present value purposes, except with respect to certain long-term operations and maintenance CERCLA matters. Because of the uncertainties associated with environmental investigations and response activities, the possibility that the Company could be identified as a PRP at sites identified in the future that require the incurrence of environmental response costs and the possibility that sites acquired in business combinations may require environmental response costs, actual costs to be incurred by the Company may vary from the Company’s estimates. Lower Passaic River Matter U.S. EPA has issued General Notice Letters (“GNLs”) to over 100 entities, including the Company and Berol Corporation, a subsidiary of the Company (“Berol”), alleging that they are PRPs at the Diamond Alkali Superfund Site, which includes a 17-mile stretch of the Lower Passaic River and its tributaries. Seventy-two of the GNL recipients, including the Company on behalf of itself and Berol (the “Company Parties”), have taken over the performance of the remedial investigation (“RI”) and feasibility study (“FS”) for the Lower Passaic River. On April 11, 2014, while work on the RI/FS remained underway, U.S. EPA issued a Source Control Early Action Focused Feasibility Study (“FFS”), which proposed four alternatives for remediation of the lower 8.3 miles of the Lower Passaic River. U.S. EPA’s cost estimates for its cleanup alternatives ranged from approximately $315 million to approximately $3.2 billion in capital costs plus from approximately $1 million to $2 million in annual maintenance costs for 30 years, with its preferred alternative carrying an estimated cost of approximately $1.7 billion plus an additional approximately $2 million in annual maintenance costs for 30 years. In February 2015, the participating parties submitted to the U.S. EPA a draft RI, followed by submission of a draft FS in April 2015. The draft FS sets forth various alternatives for remediating the lower 17 miles of the Passaic River, ranging from a “no action” alternative, to targeted remediation of locations along the entire lower 17 mile stretch of the river, to remedial actions consistent with U.S. EPA’s preferred alternative as set forth in the FFS for the lower 8.3 miles coupled with monitored natural recovery and targeted remediation in the upper nine miles. The cost estimates for these alternatives ranged from approximately $28 million to $2.7 billion, including related operation, maintenance and monitoring costs. U.S. EPA issued a conditional approval of the RI report in June 2019. U.S. EPA issued a Record of Decision for the lower 8.3 miles of the Lower Passaic River in March 2016 (the “2016 ROD”). The 2016 ROD finalizes as the selected remedy the preferred alternative set forth in the FFS, which U.S. EPA estimates will cost $1.4 billion. Subsequent to the release of the 2016 ROD, U.S. EPA issued GNLs for the lower 8.3 miles of the Lower Passaic River (the “2016 GNL”) to numerous entities, apparently including all previous recipients of the initial GNL, including Company Parties, as well as several additional entities. The 2016 GNL states that U.S. EPA would like to determine whether one entity, Occidental Chemical Corporation (“OCC”), will voluntarily perform the remedial design for the selected remedy for the lower 8.3 miles, and that following execution of an agreement for the remedial design, U.S. EPA plans to begin negotiation of a remedial action consent decree “under which OCC and the other major PRPs will implement and/or pay for U.S. EPA’s selected remedy for the lower 8.3 miles of the Lower Passaic River and reimburse U.S. EPA’s costs incurred for the Lower Passaic River.” In September 2016, OCC and EPA entered into an Administrative Order on Consent for performance of the remedial design. On March 30, 2017, U.S. EPA sent a letter offering a cash settlement in the amount of $0.3 million to 20 PRPs, not including the Company Parties, for CERCLA Liability (with reservations, such as for Natural Resource Damages) in the lower 8.3 miles of the Lower Passaic River. U.S. EPA further indicated in related correspondence that a cash-out settlement might be appropriate for additional parties that are “not associated with the release of dioxins, furans, or PCBs to the Lower Passaic River.” Then, by letter dated September 18, 2017, U.S. EPA announced an allocation process involving all GNL recipients except those participating in the first-round cash-out settlement, and five public entities. The letter affirms that U.S. EPA anticipates eventually offering cash-out settlements to a number of parties, and that it expects “that the private PRPs responsible for release of dioxin, furans, and/or PCBs will perform the OU2 lower 8.3 mile remedial action.” At this time, it is unclear how the cost of any cleanup would be allocated among any of the parties, including the Company Parties or any other entities. The site is also subject to a Natural Resource Damage Assessment. Following discussion with U.S. EPA regarding the 2015 draft FS, and U.S. EPA’s issuance of the 2016 ROD, the participating parties refocused the FS on the upper 9 miles of the Lower Passaic River. The parties submitted most portions of a final Interim Remedy FS (the “Draft IR FS”) on August 7, 2020, setting forth remedial alternatives ranging from “no further action” to targeted dredging and capping with different targets for post-remedy surface weighted average concentration of contamination. The cost estimates for these active alternatives range from approximately $321 million to $468 million. EPA has indicated it aims to have the IR FS finalized and to issue a Record of Decision for the upper nine miles in early 2021. OCC has asserted that it is entitled to indemnification by Maxus Energy Corporation (“Maxus”) for its liability in connection with the Diamond Alkali Superfund Site. OCC has also asserted that Maxus’s parent company, YPF, S.A., and certain other affiliates (the “YPF Entities”) similarly must indemnify OCC, including on an “alter ego” theory. On June 17, 2016, Maxus and certain of its affiliates commenced a chapter 11 bankruptcy case in the U.S. Bankruptcy Court for the District of Delaware. In connection with that proceeding, the YPF Entities are attempting to resolve any liability they may have to Maxus and the other Maxus entities undergoing the chapter 11 bankruptcy. An amended Chapter 11 plan of liquidation became effective in July 2017. In conjunction with that plan, Maxus and certain other parties, including the Company, entered into a mutual contribution release agreement (“Passaic Release”) pertaining to certain costs, but not costs associated with ultimate remedy. On June 30, 2018, OCC sued 120 parties, including the Company and Berol, in the U.S. District Court in New Jersey (“OCC Lawsuit”). OCC subsequently filed a separate, related complaint against five additional defendants. The OCC Lawsuit includes claims, counterclaims and cross-claims for cost recovery, contribution, and declaratory judgement under CERCLA. The current, primary focus of the claims, counterclaims and cross-claims against the defendants is on certain past and future costs for investigation, design and remediation of the 17-mile stretch of the Lower Passaic River and its tributaries, other than those subject to the Passaic Release. The complaint notes, however, that OCC may broaden its claims in the future if and when EPA selects remedial actions for other portions of the Site or completes a Natural Resource Damage Assessment. Given the uncertainties pertaining to this matter, including that U.S. EPA is still reviewing the FS, that no framework for or agreement on allocation for the investigation and ultimate remediation has been developed, and that there exists the potential for further litigation regarding costs and cost sharing, the extent to which the Company Parties may be held liable or responsible is not yet known. OCC stated in a subsequent filing that it “anticipates” asserting additional claims against the defendants “regarding Newark Bay,” which is also part of the Diamond Alkali Superfund Site, after U.S. EPA has decided the Newark Bay remedy. Based on currently known facts and circumstances, the Company does not believe that this matter is reasonably likely to have a material impact on the Company’s results of operations, including, among other factors, because there are numerous other parties who will likely share in any costs of remediation and/or damages. However, in the event of one or more adverse determinations related to this matter, it is possible that the ultimate liability resulting from this matter and the impact on the Company’s results of operations could be material. Because of the uncertainties associated with environmental investigations and response activities, the possibility that the Company could be identified as a PRP at sites identified in the future that require the incurrence of environmental response costs and the possibility that sites acquired in business combinations may require environmental response costs, actual costs to be incurred by the Company may vary from the Company’s estimates. Other Matters Although management of the Company cannot predict the ultimate outcome of these proceedings with certainty, it believes that the ultimate resolution of the Company’s proceedings, including any amounts it may be required to pay in excess of amounts reserved, will not have a material effect on the Company’s Consolidated Financial Statements, except as otherwise described above. In the normal course of business and as part of its acquisition and divestiture strategy, the Company may provide certain representations and indemnifications related to legal, environmental, product liability, tax or other types of issues. Based on the nature of these representations and indemnifications, it is not possible to predict the maximum potential payments under all of these agreements due to the conditional nature of the Company’s obligations and the unique facts and circumstances involved in each particular agreement. Historically, payments made by the Company under these agreements did not have a material effect on the Company’s business, financial condition or results of operations. In connection with the 2018 sale of The Waddington Group, Novolex Holdings, Inc. (the “Buyer”) filed suit against the Company in October 2019 in the Superior Court of Delaware. The Buyer generally alleged that the Company fraudulently breached certain representations in the Equity Purchase Agreement between the Company and Buyer, dated May 2, 2018, resulting in an inflated purchase price for The Waddington Group. The Company intends to defend the litigation vigorously. At March 31, 2021, the Company had approximately $53 million in standby letters of credit primarily related to the Company’s self-insurance programs, including workers’ compensation, product liability and medical expenses. |
Basis of Presentation and Sig_2
Basis of Presentation and Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Seasonal Variations | Seasonal Variations Sales of the Company’s products tend to be seasonal, with sales, operating income and operating cash flow in the first quarter generally lower than any other quarter during the year, driven principally by reduced volume and the mix of products sold in the first quarter. The seasonality of the Company’s sales volume combined with the accounting for fixed costs, such as depreciation, amortization, rent, personnel costs and interest expense, impacts the Company’s results on a quarterly basis. In addition, the Company typically tends to generate the majority of its operating cash flow in the third and fourth quarters of the year due to seasonal variations in operating results, the timing of annual performance-based compensation payments, customer program payments, working capital requirements and credit terms provided to customers. Accordingly, the Company’s results of operations for the three months ended March 31, 2021 may not necessarily be indicative of the results that may be expected for the year ending December 31, 2021. |
Recent Accounting Pronouncements and New Accounting Guidance | Recent Accounting Pronouncements Changes to U.S. GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of accounting standards updates (“ASUs”) to the FASB’s Accounting Standards Codification. The Company considers the applicability and impact of all ASUs. In March 2020, the FASB issued ASU 2020-04, “ Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. ” In January 2021, the FASB clarified the scope of this guidance with the issuance of ASU 2021-01, Reference Rate Reform: Scope. ASU 2020-04 provides optional expedients and exceptions to account for contracts, hedging relationships and other transactions that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate if certain criteria are met. ASU 2020-04 may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. The Company is currently evaluating the potential effects of the adoption of ASU 2020-04. Adoption of New Accounting Guidance The Company’s accounting policies are described in Note 1 of the Notes to Consolidated Financial Statements included in our 2020 Annual Report on Form 10-K. Such significant accounting policies are applicable for periods prior to the adoption of the following new accounting standards and updated accounting policies. In December 2019, the FASB issued ASU 2019-12, “Simplifying the Accounting for Income Taxes” (Topic 740) . ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. ASU 2019-12 is effective for years, and interim periods within those years, beginning after December 15, 2020. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements. |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Components of Accumulated Other Comprehensive Loss | The following table displays the changes in Accumulated Other Comprehensive Income (Loss) (“AOCL”) by component, net of tax, for the three months ended March 31, 2021 (in millions): Cumulative Pension and Postretirement Costs Derivative AOCL Balance at December 31, 2020 $ (481) $ (356) $ (43) $ (880) Other comprehensive income (loss) before reclassifications (44) 1 2 (41) Amounts reclassified to earnings — 4 3 7 Net current period other comprehensive income (loss) (44) 5 5 (34) Balance at March 31, 2021 $ (525) $ (351) $ (38) $ (914) |
Reclassification from AOCL to Results of Operations | Reclassifications from AOCL to the results of operations for the three months ended March 31, 2021 and 2020 were pre-tax expense of (in millions): Three Months Ended 2021 2020 Pension and postretirement benefit plans (1) $ 5 $ 6 Derivative financial instruments for effective cash flow hedges (2) 4 1 (1) Primarily represents the amortization of net actuarial losses and plan settlements recorded in cost of products sold, selling, general and administrative expenses (“SG&A”) and other (income) expense, net in the Consolidated Statements of Operations. See Footnote 10 for further information. (2) See Footnote 9 for further information. |
Schedule of Income Tax (Provision) Benefit Allocated to Components of OCI | The income tax provision (benefit) allocated to the components of AOCL for the periods indicated are as follows (in millions): Three Months Ended 2021 2020 Foreign currency translation adjustments $ 12 $ 7 Pension and postretirement benefit costs 1 (3) Derivative financial instruments 2 9 Income tax provision related to AOCL $ 15 $ 13 |
Restructuring Costs (Tables)
Restructuring Costs (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring Costs Incurred by Reportable Business Segment | Restructuring costs, net incurred by reportable business segments for all restructuring activities for the periods indicated are as follows (in millions): Three Months Ended 2021 2020 Home Appliances $ 1 $ — Home Solutions 2 1 Learning and Development 1 1 Outdoor and Recreation 1 — $ 5 $ 2 |
Schedule of Accrued Restructuring Costs Activity | Accrued restructuring costs activity for the three months ended March 31, 2021 are as follows (in millions): Balance at December 31, 2020 Restructuring Payments Balance at Severance and termination costs $ 7 $ 4 $ (4) $ 7 Contract termination and other costs 4 1 (1) 4 $ 11 $ 5 $ (5) $ 11 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Components of Net Inventories | Inventories are comprised of the following at the dates indicated (in millions): March 31, 2021 December 31, 2020 Raw materials and supplies $ 269 $ 252 Work-in-process 163 157 Finished products 1,469 1,229 $ 1,901 $ 1,638 |
Property, Plant and Equipment_2
Property, Plant and Equipment, Net (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment, Net | Property, plant and equipment, net, is comprised of the following at the dates indicated (in millions): March 31, 2021 December 31, 2020 Land $ 83 $ 86 Buildings and improvements 662 664 Machinery and equipment 2,309 2,314 3,054 3,064 Less: Accumulated depreciation (1,903) (1,888) $ 1,151 $ 1,176 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets, Net (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Changes in Goodwill by Reportable Business Segment | Goodwill activity for the three months ended March 31, 2021 is as follows (in millions): Segments Net Book Value at December 31, 2020 Foreign Exchange and Other Gross Carrying Amount Accumulated Impairment Charges Net Book Value at March 31, 2021 Home Appliances $ — $ — $ 569 $ (569) $ — Commercial Solutions 747 — 1,241 (494) 747 Home Solutions 164 — 2,567 (2,403) 164 Learning and Development 2,642 (28) 3,460 (846) 2,614 Outdoor and Recreation — — 788 (788) — $ 3,553 $ (28) $ 8,625 $ (5,100) $ 3,525 |
Schedule of Other Intangible Assets and Related Amortization Periods | Other intangible assets, net, are comprised of the following at the dates indicated (in millions): March 31, 2021 December 31, 2020 Gross Carrying Amount Accumulated Amortization Net Book Value Gross Carrying Amount Accumulated Amortization Net Book Value Trade names — indefinite life $ 2,305 $ — $ 2,305 $ 2,331 $ — $ 2,331 Trade names — other 154 (56) 98 157 (55) 102 Capitalized software 632 (498) 134 625 (486) 139 Patents and intellectual property 67 (55) 12 67 (52) 15 Customer relationships and distributor channels 1,253 (296) 957 1,259 (282) 977 $ 4,411 $ (905) $ 3,506 $ 4,439 $ (875) $ 3,564 |
Schedule of Indefinite-Lived Intangible Assets by Segment | The impairment charges for the three months ended March 31, 2020 were allocated to the Company’s reporting segments as follows (in millions): Impairment of indefinite-lived intangibles assets: Home Appliances $ 87 Commercial Solutions 320 Home Solutions 290 Learning and Development 78 Outdoor and Recreation 482 $ 1,257 |
Other Accrued Liabilities (Tabl
Other Accrued Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Other Liabilities Disclosure [Abstract] | |
Other Accrued Liabilities | Other accrued liabilities are comprised of the following at the dates indicated (in millions): March 31, 2021 December 31, 2020 Customer accruals $ 638 $ 683 Accrued interest expense 125 60 Operating lease liabilities 125 129 Accrued self-insurance liabilities, contingencies and warranty 105 108 Accrued income taxes 81 66 Accruals for marketing and freight expenses 56 57 Other 210 290 $ 1,340 $ 1,393 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Summary of Debt | Debt is comprised of the following at the dates indicated (in millions): March 31, 2021 December 31, 2020 3.15% senior notes due 2021 $ — $ 94 3.75% senior notes due 2021 354 369 4.00% senior notes due 2022 250 250 3.85% senior notes due 2023 1,085 1,090 4.00% senior notes due 2024 200 200 4.875% senior notes due 2025 493 492 3.90% senior notes due 2025 47 47 4.20% senior notes due 2026 1,974 1,973 5.375% senior notes due 2036 416 416 5.50% senior notes due 2046 657 657 Other debt 16 19 Total debt 5,492 5,607 Short-term debt and current portion of long-term debt (357) (466) Long-term debt $ 5,135 $ 5,141 |
Schedule of Fair Value of Senior Notes | The fair value of the Company’s senior notes are based upon prices of similar instruments in the marketplace and are as follows (in millions): March 31, 2021 December 31, 2020 Fair Value Book Value Fair Value Book Value Senior notes $ 6,123 $ 5,476 $ 6,277 $ 5,588 |
Derivatives (Tables)
Derivatives (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Fair Value of Derivative Financial Instruments | The following table presents the fair value of derivative financial instruments at the dates indicated (in millions): Fair Value of Derivatives Assets (Liabilities) Balance Sheet Location March 31, 2021 December 31, 2020 Derivatives designated as effective hedges: Cash Flow Hedges Foreign currency contracts Prepaid expenses and other current assets $ 3 $ 1 Foreign currency contracts Other accrued liabilities (11) (19) Fair Value Hedges Interest rate swaps Other assets 5 7 Net Investment Hedges Cross-currency swaps Prepaid expenses and other current assets 7 10 Cross-currency swaps Other noncurrent liabilities (63) (102) Derivatives not designated as effective hedges: Foreign currency contracts Prepaid expenses and other current assets 13 10 Foreign currency contracts Other accrued liabilities (5) (17) Total $ (51) $ (110) |
Schedule of Pretax Effects of Derivative Financial Instruments Designated or Previously Designated as Effective Hedges | The following table presents gain and (loss) activity (on a pre-tax basis) related to derivative financial instruments designated or previously designated, as effective hedges (in millions): Three Months Three Months Gain/(Loss) Gain/(Loss) Location of gain/(loss) recognized in income Recognized in OCI (effective portion) Reclassified from AOCL to Income Recognized in OCI (effective portion) Reclassified from AOCL to Income Interest rate swaps Interest expense, net $ — $ (2) $ — $ (2) Foreign currency contracts Net sales and cost of products sold 3 (2) 35 1 Cross-currency swaps Other (income) expense, net 36 — 21 — Total $ 39 $ (4) $ 56 $ (1) |
Employee Benefit and Retireme_2
Employee Benefit and Retirement Plans (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Retirement Benefits [Abstract] | |
Schedule Of Company's Pension Cost And Supplemental Retirement Plans | The components of pension and postretirement benefit (income) expense for the periods indicated, are as follows (in millions): Pension Benefits Three Months Ended March 31, U.S. International 2021 2020 2021 2020 Service cost $ — $ — $ 1 $ 1 Interest cost 5 9 2 2 Expected return on plan assets (12) (15) (1) (2) Amortization 5 6 1 1 Settlements — 1 — — Total (income) expense $ (2) $ 1 $ 3 $ 2 Postretirement Benefits Three Months Ended 2021 2020 Amortization $ (1) $ (1) Total income $ (1) $ (1) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Computations of Weighted Average Shares Outstanding | The computations of the weighted average shares outstanding for the periods indicated are as follows (in millions): Three Months Ended 2021 2020 Weighted average shares outstanding 424.9 423.8 Share-based payment awards classified as participating securities (1) — — Basic weighted average shares outstanding 424.9 423.8 Dilutive securities (2) 2.7 — Diluted weighted average shares outstanding 427.6 423.8 (1) For the three months ended March 31, 2021 and 2020, dividends and equivalents for share-based awards that are expected to be forfeited do not have a material effect on net income for basic and diluted earnings per share. (2) The three months ended March 31, 2020 excludes 1.1 million of potentially dilutive share-based awards as their effect would be anti-dilutive. |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Fair Valuation Assumptions for Stock Options | The weighted average assumptions used to determine the fair value of stock options granted for the three months ended March 31, 2021, is as follows: Risk-free interest rates 0.8 % Expected volatility 44.2 % Expected dividend yield 5.1 % Expected life (in years) 6 Exercise price $23.79 |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Summary of Non-Pension Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table presents the Company’s non-pension financial assets and liabilities, which are measured at fair value on a recurring basis (in millions): March 31, 2021 December 31, 2020 Fair value Asset (Liability) Fair value Asset (Liability) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Derivatives: Assets $ — $ 28 $ — $ 28 $ — $ 28 $ — $ 28 Liabilities — (79) — (79) — (138) — (138) Investment securities, including mutual funds 9 — — 9 10 — — 10 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Selected information by segment is presented in the following tables (in millions): Three Months Ended 2021 2020 Net sales (1) Home Appliances $ 360 $ 261 Commercial Solutions 471 413 Home Solutions 504 377 Learning and Development 617 528 Outdoor and Recreation 336 307 $ 2,288 $ 1,886 Operating income (loss) (2) Home Appliances $ 3 $ (299) Commercial Solutions 50 (272) Home Solutions 61 (301) Learning and Development 110 4 Outdoor and Recreation 15 (474) Corporate (47) (66) $ 192 $ (1,408) March 31, 2021 December 31, 2020 Segment assets Home Appliances $ 902 $ 970 Commercial Solutions 2,530 2,529 Home Solutions 3,032 3,087 Learning and Development 4,568 4,663 Outdoor and Recreation 991 988 Corporate 2,317 2,463 $ 14,340 $ 14,700 Three Months Impairment of goodwill and indefinite-lived intangibles assets (3) Home Appliances $ 287 Commercial Solutions 320 Home Solutions 302 Learning and Development 78 Outdoor and Recreation 482 $ 1,469 (1) All intercompany transactions have been eliminated. (2) Operating income (loss) by segment is net sales less cost of products sold, SG&A, restructuring and impairment of goodwill, intangibles and other assets. Certain Corporate expenses of an operational nature are allocated to business segments primarily on a net sales basis. Corporate depreciation and amortization is allocated to the segments on a percentage of net sales basis, and included in segment operating income. (3) The Company did not record any impairment charges during the three months ended March 31, 2021. During the three months ended March 31, 2020 , the Company recorded impairment charges to reflect impairment of intangible assets related to certain of the Company’s indefinite-lived trade names and goodwill. See Footnote 6 for further information. |
Summary of Disaggregation of Revenue by Major Product Grouping Source and Geography | The following tables disaggregates revenue by major product grouping source and geography for the periods indicated (in millions): Three Months Ended March 31, 2021 Home Commercial Solutions Home Learning and Development Outdoor and Recreation Total Home Appliances $ 360 $ — $ — $ — $ — $ 360 Commercial — 380 — — — 380 Connected Home Security — 91 — — — 91 Food — — 274 — — 274 Home Fragrance — — 230 — — 230 Baby and Parenting — — — 281 — 281 Writing — — — 336 — 336 Outdoor and Recreation — — — — 336 336 Total $ 360 $ 471 $ 504 $ 617 $ 336 $ 2,288 North America $ 195 $ 344 $ 401 $ 426 $ 177 $ 1,543 International 165 127 103 191 159 745 Total $ 360 $ 471 $ 504 $ 617 $ 336 $ 2,288 Three Months Ended March 31, 2020 Home Commercial Solutions Home Learning and Development Outdoor and Recreation Total Home Appliances $ 261 $ — $ — $ — $ — $ 261 Commercial — 336 — — — 336 Connected Home Security — 77 — — — 77 Food — — 214 — — 214 Home Fragrance — — 163 — — 163 Baby and Parenting — — — 244 — 244 Writing — — — 284 — 284 Outdoor and Recreation — — — — 307 307 Total $ 261 $ 413 $ 377 $ 528 $ 307 $ 1,886 North America $ 154 $ 302 $ 297 $ 374 $ 192 $ 1,319 International 107 111 80 154 115 567 Total $ 261 $ 413 $ 377 $ 528 $ 307 $ 1,886 |
Basis of Presentation and Sig_3
Basis of Presentation and Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Impairment of goodwill, intangibles and other assets | $ 0 | $ 1,475 |
Sale of accounts receivable | 400 | |
Increase in sale of accounts receivable | $ 50 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Beginning balance | $ 3,900 | $ 4,996 |
Total other comprehensive loss, net of tax | (34) | (135) |
Ending balance | 3,861 | 3,479 |
Cumulative Translation Adjustment | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Beginning balance | (481) | |
Other comprehensive income (loss) before reclassifications | (44) | |
Amounts reclassified to earnings | 0 | |
Total other comprehensive loss, net of tax | (44) | |
Ending balance | (525) | |
Pension and Postretirement Costs | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Beginning balance | (356) | |
Other comprehensive income (loss) before reclassifications | 1 | |
Amounts reclassified to earnings | 4 | |
Total other comprehensive loss, net of tax | 5 | |
Ending balance | (351) | |
Derivative Financial Instruments | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Beginning balance | (43) | |
Other comprehensive income (loss) before reclassifications | 2 | |
Amounts reclassified to earnings | 3 | |
Total other comprehensive loss, net of tax | 5 | |
Ending balance | (38) | |
AOCL | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Beginning balance | (880) | (920) |
Other comprehensive income (loss) before reclassifications | (41) | |
Amounts reclassified to earnings | 7 | |
Total other comprehensive loss, net of tax | (34) | |
Ending balance | $ (914) | $ (1,055) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) -Reclassifications from AOCL to Results of Operations (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Loss before income taxes | $ 126 | $ (1,483) |
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Loss before income taxes | 5 | 6 |
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Loss before income taxes | $ 4 | $ 1 |
Accumulated Other Comprehensi_5
Accumulated Other Comprehensive Income (Loss) - Schedule of Income Tax (Provision) Benefit Allocated to Components of OCI (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Equity [Abstract] | ||
Foreign currency translation adjustments | $ 12 | $ 7 |
Pension and postretirement benefit costs | 1 | (3) |
Derivative financial instruments | 2 | 9 |
Income tax provision related to AOCL | $ 15 | $ 13 |
Restructuring Costs - Schedule
Restructuring Costs - Schedule of Restructuring Costs Incurred by Reportable Business Segment (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring costs, net | $ 5 | $ 2 |
Home Appliances | Operating Segments | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring costs, net | 1 | 0 |
Home Solutions | Operating Segments | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring costs, net | 2 | 1 |
Learning and Development | Operating Segments | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring costs, net | 1 | 1 |
Outdoor and Recreation | Operating Segments | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring costs, net | $ 1 | $ 0 |
Restructuring Costs - Schedul_2
Restructuring Costs - Schedule of Accrued Restructuring Costs Activity (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Restructuring Reserve [Roll Forward] | ||
Beginning balance | $ 11 | |
Restructuring costs, net | 5 | $ 2 |
Payments | (5) | |
Ending balance | 11 | |
Severance and termination costs | ||
Restructuring Reserve [Roll Forward] | ||
Beginning balance | 7 | |
Restructuring costs, net | 4 | |
Payments | (4) | |
Ending balance | 7 | |
Contract termination and other costs | ||
Restructuring Reserve [Roll Forward] | ||
Beginning balance | 4 | |
Restructuring costs, net | 1 | |
Payments | (1) | |
Ending balance | $ 4 |
Restructuring Costs - Narrative
Restructuring Costs - Narrative (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Restructuring and Related Activities [Abstract] | ||
Restructuring costs, net | $ 5 | $ 2 |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring costs, net | 5 | 2 |
2020 Restructuring Plan | ||
Restructuring and Related Activities [Abstract] | ||
Restructuring costs, net | 5 | |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring costs, net | 5 | |
Restructuring cost incurred to date | 24 | |
2020 Restructuring Plan | Minimum | ||
Restructuring Cost and Reserve [Line Items] | ||
Expected restructuring costs | 30 | |
2020 Restructuring Plan | Maximum | ||
Restructuring Cost and Reserve [Line Items] | ||
Expected restructuring costs | $ 35 | |
Accelerated Transformation Plan (ATP) | ||
Restructuring and Related Activities [Abstract] | ||
Restructuring costs, net | 2 | |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring costs, net | $ 2 |
Inventories - Components of Net
Inventories - Components of Net Inventories (Detail) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Raw materials and supplies | $ 269 | $ 252 |
Work-in-process | 163 | 157 |
Finished products | 1,469 | 1,229 |
Total inventories | $ 1,901 | $ 1,638 |
Property, Plant and Equipment_3
Property, Plant and Equipment, Net - Schedule of Property, Plant and Equipment, Net (Detail) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Abstract] | ||
Land | $ 83 | $ 86 |
Buildings and improvements | 662 | 664 |
Machinery and equipment | 2,309 | 2,314 |
Property, plant and equipment, gross | 3,054 | 3,064 |
Less: Accumulated depreciation | (1,903) | (1,888) |
Property, plant and equipment, net | $ 1,151 | $ 1,176 |
Property, Plant and Equipment_4
Property, Plant and Equipment, Net - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Property, Plant and Equipment [Line Items] | ||
Depreciation expense | $ 52 | $ 48 |
Home Solutions | ||
Property, Plant and Equipment [Line Items] | ||
Noncash impairment charge | 1 | |
Operating lease impairment loss | $ 5 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets, Net - Summary of Changes in Goodwill by Reportable Business Segment (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2021 | |
Goodwill [Roll Forward] | ||
Net book value, beginning balance | $ 3,553 | |
Foreign Exchange and Other | (28) | |
Gross Carrying Amount | $ 8,625 | |
Accumulated Impairment Charges | (5,100) | |
Net book value, ending balance | 3,553 | 3,525 |
Home Appliances | ||
Goodwill [Roll Forward] | ||
Net book value, beginning balance | 0 | |
Foreign Exchange and Other | 0 | |
Gross Carrying Amount | 569 | |
Accumulated Impairment Charges | (569) | |
Net book value, ending balance | 0 | 0 |
Commercial Solutions | ||
Goodwill [Roll Forward] | ||
Net book value, beginning balance | 747 | |
Foreign Exchange and Other | 0 | |
Gross Carrying Amount | 1,241 | |
Accumulated Impairment Charges | (494) | |
Net book value, ending balance | 747 | 747 |
Home Solutions | ||
Goodwill [Roll Forward] | ||
Net book value, beginning balance | 164 | |
Foreign Exchange and Other | 0 | |
Gross Carrying Amount | 2,567 | |
Accumulated Impairment Charges | (2,403) | |
Net book value, ending balance | 164 | 164 |
Learning and Development | ||
Goodwill [Roll Forward] | ||
Net book value, beginning balance | 2,642 | |
Foreign Exchange and Other | (28) | |
Gross Carrying Amount | 3,460 | |
Accumulated Impairment Charges | (846) | |
Net book value, ending balance | 2,642 | 2,614 |
Outdoor and Recreation | ||
Goodwill [Roll Forward] | ||
Net book value, beginning balance | 0 | |
Foreign Exchange and Other | 0 | |
Gross Carrying Amount | 788 | |
Accumulated Impairment Charges | (788) | |
Net book value, ending balance | $ 0 | $ 0 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets, Net - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Finite-Lived Intangible Assets [Line Items] | ||
Amortization of intangible assets | $ 34 | $ 43 |
Impairment of indefinite-lived intangible assets | 1,257 | |
Home Appliances and Food | ||
Finite-Lived Intangible Assets [Line Items] | ||
Impairment charges | 212 | |
Trade Names | ||
Finite-Lived Intangible Assets [Line Items] | ||
Impairment of indefinite-lived intangible assets | $ 1,300 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets, Net - Schedule of Other Intangible Assets and Related Amortization Periods (Detail) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 4,411 | $ 4,439 |
Accumulated Amortization | (905) | (875) |
Net Book Value | 3,506 | 3,564 |
Trade Names | ||
Intangible Assets [Line Items] | ||
Indefinite life, net book value | 2,305 | 2,331 |
Trade Names | ||
Intangible Assets [Line Items] | ||
Gross Carrying Amount | 154 | 157 |
Accumulated Amortization | (56) | (55) |
Net Book Value | 98 | 102 |
Capitalized software | ||
Intangible Assets [Line Items] | ||
Gross Carrying Amount | 632 | 625 |
Accumulated Amortization | (498) | (486) |
Net Book Value | 134 | 139 |
Patents and intellectual property | ||
Intangible Assets [Line Items] | ||
Gross Carrying Amount | 67 | 67 |
Accumulated Amortization | (55) | (52) |
Net Book Value | 12 | 15 |
Customer relationships and distributor channels | ||
Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,253 | 1,259 |
Accumulated Amortization | (296) | (282) |
Net Book Value | $ 957 | $ 977 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets, Net Goodwill and Other Intangible Assets, Net - Impairment of Indefinite-Lived Intangible Assets (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Indefinite-lived Intangible Assets [Line Items] | |
Impairment of indefinite-lived intangible assets | $ 1,257 |
Home Appliances | |
Indefinite-lived Intangible Assets [Line Items] | |
Impairment of indefinite-lived intangible assets | 87 |
Commercial Solutions | |
Indefinite-lived Intangible Assets [Line Items] | |
Impairment of indefinite-lived intangible assets | 320 |
Home Solutions | |
Indefinite-lived Intangible Assets [Line Items] | |
Impairment of indefinite-lived intangible assets | 290 |
Learning and Development | |
Indefinite-lived Intangible Assets [Line Items] | |
Impairment of indefinite-lived intangible assets | 78 |
Outdoor and Recreation | |
Indefinite-lived Intangible Assets [Line Items] | |
Impairment of indefinite-lived intangible assets | $ 482 |
Other Accrued Liabilities (Deta
Other Accrued Liabilities (Detail) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Other Liabilities Disclosure [Abstract] | ||
Customer accruals | $ 638 | $ 683 |
Accrued interest expense | 125 | 60 |
Operating lease liabilities | 125 | 129 |
Accrued self-insurance liabilities, contingencies and warranty | 105 | 108 |
Accrued income taxes | 81 | 66 |
Accruals for marketing and freight expenses | 56 | 57 |
Other | 210 | 290 |
Other accrued liabilities | $ 1,340 | $ 1,393 |
Debt - Summary of Debt (Detail)
Debt - Summary of Debt (Detail) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Other debt | $ 16 | $ 19 |
Debt | ||
Total debt | 5,492 | 5,607 |
Short-term debt and current portion of long-term debt | (357) | (466) |
Long-term debt | 5,135 | 5,141 |
3.15% senior notes due 2021 | ||
Debt Instrument [Line Items] | ||
Senior notes | 0 | 94 |
3.75% senior notes due 2021 | ||
Debt Instrument [Line Items] | ||
Senior notes | 354 | 369 |
4.00% senior notes due 2022 | ||
Debt Instrument [Line Items] | ||
Senior notes | 250 | 250 |
3.85% senior notes due 2023 | ||
Debt Instrument [Line Items] | ||
Senior notes | 1,085 | 1,090 |
4.00% senior notes due 2024 | ||
Debt Instrument [Line Items] | ||
Senior notes | 200 | 200 |
4.875% senior notes due 2025 | ||
Debt Instrument [Line Items] | ||
Senior notes | 493 | 492 |
3.90% senior notes due 2025 | ||
Debt Instrument [Line Items] | ||
Senior notes | 47 | 47 |
4.20% senior notes due 2026 | ||
Debt Instrument [Line Items] | ||
Senior notes | 1,974 | 1,973 |
5.375% senior notes due 2036 | ||
Debt Instrument [Line Items] | ||
Senior notes | 416 | 416 |
5.50% senior notes due 2046 | ||
Debt Instrument [Line Items] | ||
Senior notes | $ 657 | $ 657 |
Debt - Summary of Debt (Footnot
Debt - Summary of Debt (Footnotes) (Detail) | Mar. 31, 2021 |
3.15% senior notes due 2021 | |
Debt Instrument [Line Items] | |
Interest rate | 3.15% |
3.75% senior notes due 2021 | |
Debt Instrument [Line Items] | |
Interest rate | 3.75% |
4.00% senior notes due 2022 | |
Debt Instrument [Line Items] | |
Interest rate | 4.00% |
3.85% senior notes due 2023 | |
Debt Instrument [Line Items] | |
Interest rate | 3.85% |
4.00% senior notes due 2024 | |
Debt Instrument [Line Items] | |
Interest rate | 4.00% |
4.875% senior notes due 2025 | |
Debt Instrument [Line Items] | |
Interest rate | 4.875% |
3.90% senior notes due 2025 | |
Debt Instrument [Line Items] | |
Interest rate | 3.90% |
4.20% senior notes due 2026 | |
Debt Instrument [Line Items] | |
Interest rate | 4.20% |
5.375% senior notes due 2036 | |
Debt Instrument [Line Items] | |
Interest rate | 5.375% |
5.50% senior notes due 2046 | |
Debt Instrument [Line Items] | |
Interest rate | 5.50% |
Debt - Additional Information (
Debt - Additional Information (Detail) € in Millions | Mar. 01, 2021 | Mar. 31, 2021USD ($) | Mar. 31, 2021EUR (€) | Mar. 08, 2020USD ($) |
Debt Instrument [Line Items] | ||||
Deferred gain (loss) on net investment hedge recorded in AOCL, net of tax | $ (11,000,000) | |||
Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | $ 1,250,000,000 | |||
Line of credit | $ 0 | |||
3.15% senior notes due 2021 | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 3.15% | 3.15% | ||
Redemption price percentage | 100.00% | |||
3.85% senior notes due 2023 | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 3.85% | 3.85% | ||
Percentage of principal | 5.00% | |||
3.75% senior notes due October 2021 | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | € | € 300 | |||
Senior notes | 3.85% senior notes due 2023 | ||||
Debt Instrument [Line Items] | ||||
Aggregate principal amount of debt repurchased | $ 5,000,000 | |||
Repayments of senior debt | $ 5,000,000 | |||
Senior notes | 3.75% senior notes due October 2021 | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 3.75% | 3.75% | ||
Receivables facilities | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | $ 600,000,000 | |||
Line of credit | $ 0 |
Debt - Schedule of Fair Value o
Debt - Schedule of Fair Value of Senior Notes (Detail) - Senior notes - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Fair Value | $ 6,123 | $ 6,277 |
Book Value | $ 5,476 | $ 5,588 |
Derivatives - Additional Inform
Derivatives - Additional Information (Detail) | 3 Months Ended | ||
Mar. 31, 2021USD ($)swap | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($) | |
Derivative [Line Items] | |||
Fair value of derivatives, liability | $ 51,000,000 | $ 110,000,000 | |
Cash flow hedge gain (loss) to be reclassified within twelve months | (14,000,000) | ||
Derivative instruments not designated as hedging instruments, income (expense), net | 7,000,000 | $ 12,000,000 | |
4.00% senior notes due 2024 | |||
Derivative [Line Items] | |||
Debt instrument, face amount | $ 100,000,000 | ||
Interest rate | 4.00% | ||
Interest rate swaps | |||
Derivative [Line Items] | |||
Derivative, notional amount | $ 100,000,000 | ||
Cross-currency swaps | |||
Derivative [Line Items] | |||
Number of cross currency swaps (in swaps) | swap | 2 | ||
Fair value of derivatives, liability | $ 900,000,000 | ||
Gain on derivative | 4,000,000 | ||
Foreign currency contracts | |||
Derivative [Line Items] | |||
Derivative, notional amount | 397,000,000 | ||
Foreign currency contracts | Derivatives not designated as effective hedges | |||
Derivative [Line Items] | |||
Derivative, notional amount | 879,000,000 | ||
Fair value of derivatives, liability | $ 5,000,000 | $ 17,000,000 |
Derivatives - Schedule of Fair
Derivatives - Schedule of Fair Value of Derivative Financial Instruments (Detail) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Derivatives, Fair Value [Line Items] | ||
Fair value of derivatives, liability | $ (51) | $ (110) |
Derivatives designated as effective hedges | Cash flow hedges | Foreign currency contracts | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivatives, asset | 3 | 1 |
Fair value of derivatives, liability | (11) | (19) |
Derivatives designated as effective hedges | Fair value hedges | Interest rate swaps | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivatives, asset | 5 | 7 |
Derivatives designated as effective hedges | Net investment hedge | Cross-currency swaps | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivatives, asset | 7 | 10 |
Fair value of derivatives, liability | (63) | (102) |
Derivatives not designated as effective hedges | Foreign currency contracts | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivatives, asset | 13 | 10 |
Fair value of derivatives, liability | $ (5) | $ (17) |
Derivatives - Schedule of Preta
Derivatives - Schedule of Pretax Effects of Derivative Financial Instruments Designated or Previously Designated as Effective Hedges (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Recognized in OCI (effective portion) | $ 39 | $ 56 |
Reclassified from AOCL to Income | (4) | (1) |
Interest rate swaps | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Recognized in OCI (effective portion) | 0 | 0 |
Reclassified from AOCL to Income | (2) | (2) |
Foreign currency contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Recognized in OCI (effective portion) | 3 | 35 |
Reclassified from AOCL to Income | (2) | 1 |
Cross-currency swaps | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Recognized in OCI (effective portion) | 36 | 21 |
Reclassified from AOCL to Income | $ 0 | $ 0 |
Employee Benefit and Retireme_3
Employee Benefit and Retirement Plans - Schedule of Company's Pension Cost And Supplemental Retirement Plans (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Pension Benefits | U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 0 | $ 0 |
Interest cost | 5 | 9 |
Expected return on plan assets | (12) | (15) |
Amortization | 5 | 6 |
Settlements | 0 | 1 |
Total income or expense | (2) | 1 |
Pension Benefits | International | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 1 | 1 |
Interest cost | 2 | 2 |
Expected return on plan assets | (1) | (2) |
Amortization | 1 | 1 |
Settlements | 0 | 0 |
Total income or expense | 3 | 2 |
Postretirement Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Amortization | (1) | (1) |
Total income or expense | $ (1) | $ (1) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | Jun. 18, 2019 | Mar. 31, 2021 | Mar. 31, 2020 |
Income Tax Contingency [Line Items] | |||
Effective income tax rate | 29.40% | 13.80% | |
Federal statutory income tax rate | 21.00% | 21.00% | |
Tax expense for return to provision adjustment | $ 1 | ||
Discrete tax benefit related to the statute of limitations | $ (15) | ||
Tax benefit due to prior period adjustments | (8) | ||
Federal return to provision adjustments | 27 | ||
Excess tax expense, share-based payment arrangement | 7 | ||
Tax due to adoption of CARES Act | $ 5 | ||
Minimum | Internal Revenue Service | 2018 Tax Year | |||
Income Tax Contingency [Line Items] | |||
Unrecognized income tax expense due to change in tax regulations | $ 180 | ||
Maximum | Internal Revenue Service | 2018 Tax Year | |||
Income Tax Contingency [Line Items] | |||
Unrecognized income tax expense due to change in tax regulations | $ 220 |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Computations of Weighted Average Shares Outstanding (Detail) - shares shares in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Earnings Per Share [Abstract] | ||
Weighted average shares outstanding (in shares) | 424.9 | 423.8 |
Share-based payment awards classified as participating securities (in shares) | 0 | 0 |
Basic weighted average shares outstanding (in shares) | 424.9 | 423.8 |
Dilutive securities (in shares) | 2.7 | 0 |
Diluted weighted average shares outstanding (in shares) | 427.6 | 423.8 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Performance Shares | ||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||
Potentially dilutive restricted share awards excluded from computation of diluted EPS (in shares) | 0 | 700,000 |
Restricted Stock | ||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||
Potentially dilutive restricted share awards excluded from computation of diluted EPS (in shares) | 1,100,000 |
Share-Based Compensation - Narr
Share-Based Compensation - Narrative (Detail) shares in Millions, $ in Millions | 3 Months Ended |
Mar. 31, 2021USD ($)shares | |
Performance based restricted stock units | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Award grants in period (in shares) | shares | 1.1 |
Aggregate grant date fair value of stock-based compensation arrangement | $ | $ 27 |
Share-based awards vesting period | 3 years |
Time-based restricted stock units | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Award grants in period (in shares) | shares | 0.6 |
Aggregate grant date fair value of stock-based compensation arrangement | $ | $ 15 |
Share-based awards vesting period | 3 years |
Time-based stock options | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Award grants in period (in shares) | shares | 2.3 |
Aggregate grant date fair value of stock-based compensation arrangement | $ | $ 14 |
Share-based awards vesting period | 3 years |
Share-Based Compensation - Fair
Share-Based Compensation - Fair Value Assumptions for Stock Options (Detail) - Employee Stock Option | 3 Months Ended |
Mar. 31, 2021$ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Risk-free interest rates | 0.80% |
Expected volatility | 44.20% |
Expected dividend yield | 5.10% |
Expected life (in years) | 6 years |
Exercise price (in usd per share) | $ 23.79 |
Fair Value Disclosures - Summar
Fair Value Disclosures - Summary of Non-Pension Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | $ (51) | $ (110) |
Fair Value Measurements on Recurring Basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 28 | 28 |
Liabilities | (79) | (138) |
Investment securities, including mutual funds | 9 | 10 |
Level 1 | Fair Value Measurements on Recurring Basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 0 | 0 |
Liabilities | 0 | 0 |
Investment securities, including mutual funds | 9 | 10 |
Level 2 | Fair Value Measurements on Recurring Basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 28 | 28 |
Liabilities | (79) | (138) |
Investment securities, including mutual funds | 0 | 0 |
Level 3 | Fair Value Measurements on Recurring Basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 0 | 0 |
Liabilities | 0 | 0 |
Investment securities, including mutual funds | $ 0 | $ 0 |
Fair Value Disclosures - Level
Fair Value Disclosures - Level 3 Fair Value, Nonrecurring (Detail) $ in Millions | Dec. 01, 2020USD ($) |
Fair Value, Nonrecurring | Level 3 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Indefinite-lived intangible assets (excluding goodwill) | $ 135 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2021segment | |
Segment Reporting [Abstract] | |
Number of primary reportable segments (in segments) | 5 |
Segment Information - Schedule
Segment Information - Schedule of Segment Reporting Information, by Segment (Detail) - USD ($) | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||
Net sales | $ 2,288,000,000 | $ 1,886,000,000 | |
Operating income (loss) | 192,000,000 | (1,408,000,000) | |
Segment assets | 14,340,000,000 | $ 14,700,000,000 | |
Impairment of goodwill and indefinite-lived intangible assets | 0 | 1,469,000,000 | |
Corporate | |||
Segment Reporting Information [Line Items] | |||
Operating income (loss) | (47,000,000) | (66,000,000) | |
Segment assets | 2,317,000,000 | 2,463,000,000 | |
Home Appliances | |||
Segment Reporting Information [Line Items] | |||
Net sales | 360,000,000 | 261,000,000 | |
Operating income (loss) | 3,000,000 | (299,000,000) | |
Segment assets | 902,000,000 | 970,000,000 | |
Impairment of goodwill and indefinite-lived intangible assets | 287,000,000 | ||
Commercial Solutions | |||
Segment Reporting Information [Line Items] | |||
Net sales | 471,000,000 | 413,000,000 | |
Operating income (loss) | 50,000,000 | (272,000,000) | |
Segment assets | 2,530,000,000 | 2,529,000,000 | |
Impairment of goodwill and indefinite-lived intangible assets | 320,000,000 | ||
Home Solutions | |||
Segment Reporting Information [Line Items] | |||
Net sales | 504,000,000 | 377,000,000 | |
Operating income (loss) | 61,000,000 | (301,000,000) | |
Segment assets | 3,032,000,000 | 3,087,000,000 | |
Impairment of goodwill and indefinite-lived intangible assets | 302,000,000 | ||
Learning and Development | |||
Segment Reporting Information [Line Items] | |||
Net sales | 617,000,000 | 528,000,000 | |
Operating income (loss) | 110,000,000 | 4,000,000 | |
Segment assets | 4,568,000,000 | 4,663,000,000 | |
Impairment of goodwill and indefinite-lived intangible assets | 78,000,000 | ||
Outdoor and Recreation | |||
Segment Reporting Information [Line Items] | |||
Net sales | 336,000,000 | 307,000,000 | |
Operating income (loss) | 15,000,000 | (474,000,000) | |
Segment assets | $ 991,000,000 | $ 988,000,000 | |
Impairment of goodwill and indefinite-lived intangible assets | $ 482,000,000 |
Segment Information - Summary o
Segment Information - Summary of Disaggregation of Revenue by Major Product Grouping Source and Geography (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Segment Reporting Information [Line Items] | ||
Net sales | $ 2,288 | $ 1,886 |
Home Appliances | ||
Segment Reporting Information [Line Items] | ||
Net sales | 360 | 261 |
Commercial | ||
Segment Reporting Information [Line Items] | ||
Net sales | 380 | 336 |
Connected Home Security | ||
Segment Reporting Information [Line Items] | ||
Net sales | 91 | 77 |
Food | ||
Segment Reporting Information [Line Items] | ||
Net sales | 274 | 214 |
Home Fragrance | ||
Segment Reporting Information [Line Items] | ||
Net sales | 230 | 163 |
Baby and Parenting | ||
Segment Reporting Information [Line Items] | ||
Net sales | 281 | 244 |
Writing | ||
Segment Reporting Information [Line Items] | ||
Net sales | 336 | 284 |
Outdoor and Recreation | ||
Segment Reporting Information [Line Items] | ||
Net sales | 336 | 307 |
North America | ||
Segment Reporting Information [Line Items] | ||
Net sales | 1,543 | 1,319 |
International | ||
Segment Reporting Information [Line Items] | ||
Net sales | 745 | 567 |
Home Appliances | ||
Segment Reporting Information [Line Items] | ||
Net sales | 360 | 261 |
Home Appliances | Home Appliances | ||
Segment Reporting Information [Line Items] | ||
Net sales | 360 | 261 |
Home Appliances | Commercial | ||
Segment Reporting Information [Line Items] | ||
Net sales | 0 | 0 |
Home Appliances | Connected Home Security | ||
Segment Reporting Information [Line Items] | ||
Net sales | 0 | 0 |
Home Appliances | Food | ||
Segment Reporting Information [Line Items] | ||
Net sales | 0 | 0 |
Home Appliances | Home Fragrance | ||
Segment Reporting Information [Line Items] | ||
Net sales | 0 | 0 |
Home Appliances | Baby and Parenting | ||
Segment Reporting Information [Line Items] | ||
Net sales | 0 | 0 |
Home Appliances | Writing | ||
Segment Reporting Information [Line Items] | ||
Net sales | 0 | 0 |
Home Appliances | Outdoor and Recreation | ||
Segment Reporting Information [Line Items] | ||
Net sales | 0 | 0 |
Home Appliances | North America | ||
Segment Reporting Information [Line Items] | ||
Net sales | 195 | 154 |
Home Appliances | International | ||
Segment Reporting Information [Line Items] | ||
Net sales | 165 | 107 |
Commercial Solutions | ||
Segment Reporting Information [Line Items] | ||
Net sales | 471 | 413 |
Commercial Solutions | Home Appliances | ||
Segment Reporting Information [Line Items] | ||
Net sales | 0 | 0 |
Commercial Solutions | Commercial | ||
Segment Reporting Information [Line Items] | ||
Net sales | 380 | 336 |
Commercial Solutions | Connected Home Security | ||
Segment Reporting Information [Line Items] | ||
Net sales | 91 | 77 |
Commercial Solutions | Food | ||
Segment Reporting Information [Line Items] | ||
Net sales | 0 | 0 |
Commercial Solutions | Home Fragrance | ||
Segment Reporting Information [Line Items] | ||
Net sales | 0 | 0 |
Commercial Solutions | Baby and Parenting | ||
Segment Reporting Information [Line Items] | ||
Net sales | 0 | 0 |
Commercial Solutions | Writing | ||
Segment Reporting Information [Line Items] | ||
Net sales | 0 | 0 |
Commercial Solutions | Outdoor and Recreation | ||
Segment Reporting Information [Line Items] | ||
Net sales | 0 | 0 |
Commercial Solutions | North America | ||
Segment Reporting Information [Line Items] | ||
Net sales | 344 | 302 |
Commercial Solutions | International | ||
Segment Reporting Information [Line Items] | ||
Net sales | 127 | 111 |
Home Solutions | ||
Segment Reporting Information [Line Items] | ||
Net sales | 504 | 377 |
Home Solutions | Home Appliances | ||
Segment Reporting Information [Line Items] | ||
Net sales | 0 | 0 |
Home Solutions | Commercial | ||
Segment Reporting Information [Line Items] | ||
Net sales | 0 | 0 |
Home Solutions | Connected Home Security | ||
Segment Reporting Information [Line Items] | ||
Net sales | 0 | 0 |
Home Solutions | Food | ||
Segment Reporting Information [Line Items] | ||
Net sales | 274 | 214 |
Home Solutions | Home Fragrance | ||
Segment Reporting Information [Line Items] | ||
Net sales | 230 | 163 |
Home Solutions | Baby and Parenting | ||
Segment Reporting Information [Line Items] | ||
Net sales | 0 | 0 |
Home Solutions | Writing | ||
Segment Reporting Information [Line Items] | ||
Net sales | 0 | 0 |
Home Solutions | Outdoor and Recreation | ||
Segment Reporting Information [Line Items] | ||
Net sales | 0 | 0 |
Home Solutions | North America | ||
Segment Reporting Information [Line Items] | ||
Net sales | 401 | 297 |
Home Solutions | International | ||
Segment Reporting Information [Line Items] | ||
Net sales | 103 | 80 |
Learning and Development | ||
Segment Reporting Information [Line Items] | ||
Net sales | 617 | 528 |
Learning and Development | Home Appliances | ||
Segment Reporting Information [Line Items] | ||
Net sales | 0 | 0 |
Learning and Development | Commercial | ||
Segment Reporting Information [Line Items] | ||
Net sales | 0 | 0 |
Learning and Development | Connected Home Security | ||
Segment Reporting Information [Line Items] | ||
Net sales | 0 | 0 |
Learning and Development | Food | ||
Segment Reporting Information [Line Items] | ||
Net sales | 0 | 0 |
Learning and Development | Home Fragrance | ||
Segment Reporting Information [Line Items] | ||
Net sales | 0 | 0 |
Learning and Development | Baby and Parenting | ||
Segment Reporting Information [Line Items] | ||
Net sales | 281 | 244 |
Learning and Development | Writing | ||
Segment Reporting Information [Line Items] | ||
Net sales | 336 | 284 |
Learning and Development | Outdoor and Recreation | ||
Segment Reporting Information [Line Items] | ||
Net sales | 0 | 0 |
Learning and Development | North America | ||
Segment Reporting Information [Line Items] | ||
Net sales | 426 | 374 |
Learning and Development | International | ||
Segment Reporting Information [Line Items] | ||
Net sales | 191 | 154 |
Outdoor and Recreation | ||
Segment Reporting Information [Line Items] | ||
Net sales | 336 | 307 |
Outdoor and Recreation | Home Appliances | ||
Segment Reporting Information [Line Items] | ||
Net sales | 0 | 0 |
Outdoor and Recreation | Commercial | ||
Segment Reporting Information [Line Items] | ||
Net sales | 0 | 0 |
Outdoor and Recreation | Connected Home Security | ||
Segment Reporting Information [Line Items] | ||
Net sales | 0 | 0 |
Outdoor and Recreation | Food | ||
Segment Reporting Information [Line Items] | ||
Net sales | 0 | 0 |
Outdoor and Recreation | Home Fragrance | ||
Segment Reporting Information [Line Items] | ||
Net sales | 0 | 0 |
Outdoor and Recreation | Baby and Parenting | ||
Segment Reporting Information [Line Items] | ||
Net sales | 0 | 0 |
Outdoor and Recreation | Writing | ||
Segment Reporting Information [Line Items] | ||
Net sales | 0 | 0 |
Outdoor and Recreation | Outdoor and Recreation | ||
Segment Reporting Information [Line Items] | ||
Net sales | 336 | 307 |
Outdoor and Recreation | North America | ||
Segment Reporting Information [Line Items] | ||
Net sales | 177 | 192 |
Outdoor and Recreation | International | ||
Segment Reporting Information [Line Items] | ||
Net sales | $ 159 | $ 115 |
Litigation and Contingencies -
Litigation and Contingencies - Additional Information (Detail) $ in Millions | 1 Months Ended | 3 Months Ended | ||||
Sep. 30, 2016USD ($)entityRecipient | Mar. 31, 2021USD ($)alternativeentitylawsuitRecipientmi | Aug. 07, 2020USD ($) | Jun. 30, 2018party | Feb. 28, 2015USD ($) | Apr. 11, 2014USD ($) | |
Loss Contingencies [Line Items] | ||||||
Number of securities action lawsuits (in lawsuits) | lawsuit | 2 | |||||
Number of putative class action lawsuits (in lawsuits) | lawsuit | 2 | |||||
Environmental remediation expense | $ 41 | |||||
Number of general notice letter recipients | entity | 100 | |||||
Miles of river included in the remedial investigation and feasibility study | mi | 8.3 | |||||
Number of remediation alternatives | alternative | 4 | |||||
Number Of PRPs (in recipients) | Recipient | 20 | |||||
Number of public entities (in entities) | entity | 5 | |||||
Standby letters of credit outstanding | $ 53 | |||||
Minimum | ||||||
Loss Contingencies [Line Items] | ||||||
Loss contingency, estimate of possible loss | 1 | |||||
Maximum | ||||||
Loss Contingencies [Line Items] | ||||||
Loss contingency, estimate of possible loss | $ 2 | |||||
Lower Passaic River Matter | ||||||
Loss Contingencies [Line Items] | ||||||
Number of general notice letter recipients involved in remedial investigation and feasibility study | Recipient | 72 | |||||
Loss contingency estimated period | 30 years | |||||
Number of parties sued (in parties) | party | 120 | |||||
Lower Passaic River Matter | Minimum | ||||||
Loss Contingencies [Line Items] | ||||||
Loss contingency, estimate of possible loss | $ 315 | |||||
Lower Passaic River Matter | Maximum | ||||||
Loss Contingencies [Line Items] | ||||||
Loss contingency, estimate of possible loss | $ 3,200 | |||||
Lower Passaic River Matter - Preferred Alternative | ||||||
Loss Contingencies [Line Items] | ||||||
Loss contingency, estimate of possible loss | $ 1,700 | |||||
Lower Passaic River Matter - Preferred Alternative Maintenance Costs | ||||||
Loss Contingencies [Line Items] | ||||||
Loss contingency, estimate of possible loss | $ 2 | |||||
Lower Passaic River Matter - Alternative Range from Participating Parties | ||||||
Loss Contingencies [Line Items] | ||||||
Miles of river included in the remedial investigation and feasibility study | mi | 9 | |||||
Lower Passaic River Matter - Alternative Range from Participating Parties | Minimum | ||||||
Loss Contingencies [Line Items] | ||||||
Loss contingency, estimate of possible loss | $ 321 | $ 28 | ||||
Lower Passaic River Matter - Alternative Range from Participating Parties | Maximum | ||||||
Loss Contingencies [Line Items] | ||||||
Loss contingency, estimate of possible loss | $ 468 | $ 2,700 | ||||
Lower Passaic River Matter - Selected Remedy for the Preferred Alternative | ||||||
Loss Contingencies [Line Items] | ||||||
Settlement amount | $ 0.3 | $ 1,400 | ||||
Lower half of river | ||||||
Loss Contingencies [Line Items] | ||||||
Miles of river included in the remedial investigation and feasibility study | mi | 17 |