Cover Page
Cover Page - USD ($) shares in Millions, $ in Billions | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 04, 2022 | Jun. 30, 2021 | |
Cover Page [Abstract] | |||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2021 | ||
Current Fiscal Year End Date | --12-31 | ||
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, Postal Zip Code | 30328 | ||
Entity Address, City or Town | Atlanta, | ||
Entity Address, State or Province | GA | ||
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 Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Common Stock, Shares Outstanding | 425.5 | ||
Entity Public Float | $ 11.6 | ||
Documents Incorporated by Reference | Portions of the Registrant’s Definitive Proxy Statement for its Annual Meeting of Stockholders are incorporated by reference into Part III of this Annual Report on Form 10-K. | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0000814453 | ||
Document Transition Report | false | ||
Document Annual Report | true |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2021 | |
Audit Information [Abstract] | |
Auditor Name | PricewaterhouseCoopers LLP |
Auditor Location | Atlanta, Georgia |
Auditor Firm ID | 238 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement [Abstract] | |||
Net sales | $ 10,589 | $ 9,385 | $ 9,715 |
Cost of products sold | 7,293 | 6,306 | 6,496 |
Gross profit | 3,296 | 3,079 | 3,219 |
Selling, general and administrative expenses | 2,274 | 2,189 | 2,451 |
Restructuring costs, net | 16 | 21 | 27 |
Impairment of goodwill, intangibles and other assets | 60 | 1,503 | 1,223 |
Operating income (loss) | 946 | (634) | (482) |
Non-operating expenses: | |||
Interest expense, net | 256 | 274 | 303 |
Loss on extinguishment of debt | 5 | 20 | 28 |
Other (income) expense, net | (8) | 78 | 39 |
Income (loss) before income taxes | 693 | (1,006) | (852) |
Income tax provision (benefit) | 121 | (236) | (1,038) |
Income (loss) from continuing operations | 572 | (770) | 186 |
Loss from discontinued operations, net of tax | 0 | 0 | (79) |
Net income (loss) | $ 572 | $ (770) | $ 107 |
Weighted average common shares outstanding: | |||
Basic (in shares) | 425.3 | 424.1 | 423.3 |
Diluted (in shares) | 428 | 424.1 | 423.9 |
Basic: | |||
Income (loss) from continuing operations (in USD per share) | $ 1.34 | $ (1.82) | $ 0.44 |
Loss from discontinued operations (in USD per share) | 0 | 0 | (0.19) |
Net income (loss) (in USD per share) | 1.34 | (1.82) | 0.25 |
Diluted: | |||
Income (loss) from continuing operations (in USD per share) | 1.34 | (1.82) | 0.44 |
Loss from discontinued operations (in USD per share) | 0 | 0 | (0.19) |
Net income (loss) (in USD per share) | $ 1.34 | $ (1.82) | $ 0.25 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Comprehensive income (loss): | |||
Net income (loss) | $ 572 | $ (770) | $ 107 |
Comprehensive income (loss), net of tax: | |||
Foreign currency translation adjustments | (94) | (2) | 14 |
Unrecognized pension and postretirement costs | 64 | 43 | (1) |
Derivative financial instruments | 28 | (1) | (20) |
Total other comprehensive income (loss), net of tax | (2) | 40 | (7) |
Comprehensive income (loss) | 570 | (730) | 100 |
Total comprehensive income (loss) attributable to noncontrolling interests | 2 | (4) | 1 |
Total comprehensive income (loss) attributable to parent | $ 568 | $ (726) | $ 99 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Assets: | ||
Cash and cash equivalents | $ 440 | $ 981 |
Accounts receivable, net | 1,500 | 1,678 |
Inventories | 1,997 | 1,638 |
Prepaid expenses and other current assets | 325 | 331 |
Total current assets | 4,262 | 4,628 |
Property, plant and equipment, net | 1,204 | 1,176 |
Operating lease assets | 558 | 530 |
Goodwill | 3,504 | 3,553 |
Other intangible assets, net | 3,370 | 3,564 |
Deferred income taxes | 814 | 838 |
Other assets | 467 | 411 |
Total assets | 14,179 | 14,700 |
Liabilities: | ||
Accounts payable | 1,680 | 1,526 |
Accrued compensation | 270 | 236 |
Other accrued liabilities | 1,364 | 1,393 |
Short-term debt and current portion of long-term debt | 3 | 466 |
Total current liabilities | 3,317 | 3,621 |
Long-term debt | 4,883 | 5,141 |
Deferred income taxes | 405 | 414 |
Operating lease liabilities | 500 | 472 |
Other noncurrent liabilities | 983 | 1,152 |
Total liabilities | 10,088 | 10,800 |
Commitments and contingencies (Footnote 18) | ||
Stockholders' equity: | ||
Preferred stock (10.0 authorized shares, $1.00 par value, no shares issued at December 31, 2021 and 2020) | 0 | 0 |
Common stock (800.0 authorized shares, $1.00 par value, 450.0 shares and 448.4 shares issued at December 31, 2021 and 2020, respectively) | 450 | 448 |
Treasury stock, at cost 24.5 and 24.0 shares at December 31, 2021 and 2020, respectively) | (609) | (598) |
Additional paid-in capital | 7,734 | 8,078 |
Retained deficit | (2,602) | (3,174) |
Accumulated other comprehensive loss | (882) | (880) |
Stockholders' equity attributable to parent | 4,091 | 3,874 |
Stockholders' equity attributable to noncontrolling interests | 0 | 26 |
Total stockholders' equity | 4,091 | 3,900 |
Total liabilities and stockholders' equity | $ 14,179 | $ 14,700 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, par value (in USD per share) | $ 1 | $ 1 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, shares authorized (in shares) | 800,000,000 | 800,000,000 |
Common stock, par value (in USD per share) | $ 1 | $ 1 |
Common stock, shares issued (in shares) | 450,000,000 | 448,400,000 |
Treasury stock, shares (in shares) | 24,500,000 | 24,000,000 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities: | |||
Net income (loss) | $ 572 | $ (770) | $ 107 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 325 | 357 | 446 |
Impairment of goodwill, intangibles and other assets | 60 | 1,503 | 1,335 |
Deferred income taxes | (41) | (261) | (1,068) |
Stock based compensation expense | 52 | 41 | 42 |
Pension settlement charge | 0 | 53 | 1 |
Loss on extinguishment of debt | 5 | 20 | 28 |
Other, net | (6) | 10 | 18 |
Changes in operating accounts excluding the effects of divestitures: | |||
Accounts receivable | 130 | 168 | 311 |
Inventories | (396) | (29) | 131 |
Accounts payable | 177 | 415 | (109) |
Accrued liabilities and other | 6 | (75) | (198) |
Net cash provided by operating activities | 884 | 1,432 | 1,044 |
Cash flows from investing activities: | |||
Capital expenditures | (289) | (259) | (265) |
Proceeds from sale of divested businesses | 0 | 16 | 996 |
Other investing activities | 21 | 15 | 5 |
Net cash provided by (used in) investing activities | (268) | (228) | 736 |
Cash flows from financing activities: | |||
Net payments of short-term debt | 0 | (26) | (26) |
Net proceeds from issuance of debt | 0 | 491 | 0 |
Payments on current portion of long-term debt | (698) | (305) | (268) |
Payments on long-term debt | (6) | (320) | (1,004) |
Debt extinguishment costs | (5) | (18) | (39) |
Cash dividends | (394) | (392) | (391) |
Payments to dissenting shareholders | 0 | 0 | (171) |
Acquisition of noncontrolling interests | (28) | 0 | 0 |
Equity compensation activity and other, net | (12) | 11 | (5) |
Net cash used in financing activities | (1,143) | (559) | (1,904) |
Exchange rate effect on cash, cash equivalents and restricted cash | (17) | 5 | (1) |
Increase (decrease) in cash, cash equivalents and restricted cash | (544) | 650 | (125) |
Cash, cash equivalents and restricted cash at beginning of period | 1,021 | 371 | 496 |
Cash, cash equivalents and restricted cash at end of period | 477 | 1,021 | 371 |
Supplemental disclosures: | |||
Restricted cash at beginning of period | 40 | 22 | 0 |
Restricted cash at end of period | 37 | 40 | 22 |
Cash paid for income taxes, net of refunds | 165 | 106 | 156 |
Cash paid for interest | 271 | 281 | 304 |
Net cash used in discontinued operating activities | 0 | 0 | (46) |
Net cash provided by discontinued investing activities | 0 | 0 | 978 |
Capital expenditures for discontinued operations | $ 0 | $ 0 | $ 17 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) $ in Millions | Total | Common Stock | Treasury Stock | Additional Paid-In Capital | Retained Earnings (Deficit) | Accumulated Other Comprehensive Income (Loss) | Stockholders' Equity Attributable to Parent | Non- controlling Interests |
Beginning balance at Dec. 31, 2018 | $ 5,253 | $ 446 | $ (585) | $ 8,781 | $ (2,511) | $ (913) | $ 5,218 | $ 35 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Comprehensive income (loss) | 100 | 107 | (6) | 101 | (1) | |||
Dividends declared on common stock | (393) | (393) | 0 | (393) | ||||
Equity compensation, net of tax | 38 | 1 | (5) | 42 | 38 | |||
Portion of net income attributable to noncontrolling interests | 1 | (1) | (1) | 2 | ||||
Distributions to noncontrolling interests | (3) | (3) | ||||||
Ending 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) | (730) | (770) | 45 | (725) | (5) | |||
Dividends declared on common stock | (392) | (392) | (392) | |||||
Equity compensation, net of tax | 33 | 1 | (8) | 40 | 33 | |||
Portion of net income attributable to noncontrolling interests | (4) | (5) | (5) | 1 | ||||
Distributions to noncontrolling interests | (3) | (3) | ||||||
Ending 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) | 570 | 572 | (2) | 570 | ||||
Dividends declared on common stock | (397) | (397) | (397) | |||||
Equity compensation, net of tax | 44 | 2 | (11) | 53 | 44 | |||
Acquisition of noncontrolling interests | (28) | (28) | ||||||
Portion of net income attributable to noncontrolling interests | 2 | 2 | ||||||
Ending balance at Dec. 31, 2021 | $ 4,091 | $ 450 | $ (609) | $ 7,734 | $ (2,602) | $ (882) | $ 4,091 | $ 0 |
CONSOLIDATED STATEMENTS OF ST_2
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Stockholders' Equity [Abstract] | |||
Dividends declared on common stock (in USD per share) | $ 0.92 | $ 0.92 | $ 0.92 |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Significant Accounting Policies | Basis of Presentation and Significant Accounting Policies Description of Business Newell Brands is a leading global consumer goods company with a strong portfolio of well-known brands, including Rubbermaid, FoodSaver, Calphalon, Sistema, Sharpie, Paper Mate, Dymo, EXPO, Elmer’s, Yankee Candle, Graco, NUK, Rubbermaid Commercial Products, First Alert, Spontex, Coleman, Campingaz, Oster, Sunbeam and Mr. Coffee. Newell Brands' beloved brands enhance and brighten consumers lives at home and outside by creating moments of joy, building confidence and providing peace of mind. The Company sells its products in nearly 200 countries around the world and has operations on the ground in over 40 of these countries, excluding third-party distributors. Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and include the consolidated accounts of the Company and its majority-owned subsidiaries after elimination of intercompany transactions and balances. The preparation of these consolidated financial statements requires the use of certain estimates and assumptions by management in determining the Company’s assets, liabilities, sales and expenses, and related disclosures. Significant estimates in these Consolidated Financial Statements include restructuring charges, estimates of future cash flows associated with asset impairments, useful lives for depreciation and amortization, loss contingencies (including legal, environmental and product liability reserves), net realizable value of inventories, estimated contract revenue and related variable consideration, capitalized software costs, income taxes, uncertain tax provisions, tax valuation allowances, and pension and postretirement employee benefit liabilities and expenses. Actual results could differ from those estimates. On February 6, 2022, the Company signed a definitive agreement to sell its Connected Home & Security (“CH&S”) business unit to Resideo Technologies, Inc. for a purchase price of $593 million, subject to customary working capital and transaction adjustments. The transaction is expected to be completed by the end of the first quarter of 2022, subject to customary closing conditions, including regulatory approval. 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 17. Certain prior year amounts have been reclassified to conform to the current presentation. Out-of-Period Adjustments During 2019, the Company recorded an aggregate after-tax adjustment benefit of $10 million ($6 million in continuing operations and $4 million in discontinued operations) in its Consolidated Statement of Operations reflecting the cumulative impact of prior period errors identified and corrected during the period. The prior period errors were primarily associated with income tax accounting matters more specifically related to reserves for uncertain tax positions and the reconciliation of state income tax payables/receivables that resulted in a net after-tax benefit of $21 million ($10 million in continuing operations and $11 million in discontinued operations, respectively) recorded in the Consolidated Statement of Operations. In addition, as a result of certain of those income tax prior period adjustments, certain of the Company's previously recorded goodwill and intangible asset impairment charges and gain/loss on disposal calculations were incorrect, which resulted in a net after-tax charge of $8 million ($2 million in continuing operations and $6 million in discontinued operations, respectively) recorded in the Consolidated Statement of Operations. The Company also recorded a net after-tax charge of $3 million in continuing operations in its Consolidated Statement of Operations related to other out-of-period adjustments. Based on an analysis of qualitative and quantitative factors, the Company concluded that the cumulative impact of these errors was not material to any of the Company's previously issued financial statements. 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. The extent of the impact of the COVID-19 pandemic to the Company's future sales, operating results, cash flows, liquidity and financial condition will continue to be driven by numerous evolving factors that the Company cannot reasonably predict and which will vary by jurisdiction and market, including the severity and duration of the pandemic, the emergence of new strains and variants of the coronavirus, the likelihood of a resurgence of positive cases, the development and availability of effective treatments and vaccines, especially in areas where conditions have recently worsened and work restrictions, operational or travel bans have been reinstituted, the rate at which vaccines are administered to the general public, the timing and amount of fiscal stimulus and relief programs packages that are available to the general public, the availability and prices of supply chain resources, including materials, products and transportation; and changes in consumer demand patterns for the Company's products as the impact of the global pandemic lessens. These primary drivers are beyond the Company's knowledge and control, and as a result, at this time it is difficult to reasonably 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. 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 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 and supply chain continuity. Although management has made its best estimates based upon current information, actual results could materially differ from those estimates and may require future changes to such estimates and assumptions. If so, the Company may be subject to future incremental impairment charges as well as changes to recorded reserves and valuations. Other Items At December 31, 2021, the Company held a 23.4% investment in FireAngel Safety Technology Group PLC (formerly known as Sprue Aegis PLC) (“FireAngel”), which the Company accounts for under the equity method of accounting. During 2019, the Company recorded an other-than-temporary impairment of approximately $12 million for this investment. The Company's carrying value of its investment in FireAngel was $4 million and $3 million at December 31, 2021 and 2020, respectively. During 2021, a noncontrolling interest holder in an international subsidiary, exercised its redemption rights, requiring the purchase of such interest by the Company. The Company completed the transaction for approximately $22 million. The difference between the consideration paid and noncontrolling interest was not material to the Company. For 2021, 2020 and 2019, the income attributable to non-controlling interests was $2 million, $1 million and $2 million, respectively. Significant Accounting Policies Concentration of Credit Risk The Company’s forward exchange contracts generally do not subject the Company to risk due to foreign exchange rate movement, because gains and losses on these instruments generally offset gains and losses on the assets, liabilities and other transactions being hedged. The Company is exposed to credit-related losses in the event of non-performance by counterparties to certain derivative financial instruments. The Company does not obtain collateral or other security to support derivative financial instruments subject to credit risk, but monitors the credit standing of its counterparties. Revenue Recognition The Company recognizes revenue when performance obligations under the terms of a contract with the customer are satisfied and are recognized at a point in time, which generally occurs either on shipment or on delivery based on contractual terms, which is also when control is transferred. The Company’s primary performance obligation is the distribution and sales of its consumer and commercial products to its customers. In the normal course of business, the Company offers warranties for a variety of its products. The specific terms and conditions of the warranties vary depending upon the specific product and markets in which the products were sold. The Company accrues for the estimated cost of product warranty at the time of sale based on historical experience. Revenue is measured as the amount of consideration for which the Company expects to be entitled in exchange for transferring goods or providing services. Certain customers may receive cash and/or non-cash incentives such as cash discounts, returns, credits or reimbursements related to defective products, customer discounts (such as volume or trade discounts), cooperative advertising and other customer-related programs, which are accounted for as variable consideration. In some cases, the Company applies judgment, including contractual rates and historical payment trends, when estimating variable consideration. In addition, the Company participates in various programs and arrangements with customers designed to increase the sale of products by these customers. Among the programs negotiated are arrangements under which allowances are earned by customers for attaining agreed-upon sales levels or for participating in specific marketing programs. Coupon programs are also developed on a customer- and territory-specific basis. Under customer programs and arrangements that require sales incentives to be paid in advance, the Company amortizes the amount paid over the period of benefit or contractual sales volume. When incentives are paid in arrears, the Company accrues the estimated amount to be paid based on the program’s contractual terms, expected customer performance and/or estimated sales volume. These estimates are determined using historical customer experience and other factors, which sometimes require significant judgment. Due to the length of time necessary to obtain relevant data from customers, among other factors, actual amounts paid can differ from these estimates. Sales taxes and other similar taxes are excluded from revenue. The Company elected to account for shipping and handling activities as a fulfillment cost. The Company also elected not to disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which revenue is recognized at the amount to which the Company has the right to invoice for services performed. Goodwill and Indefinite-Lived Intangibles Goodwill and indefinite-lived intangibles are tested and reviewed for impairment annually during the fourth quarter (on December 1), or more frequently if facts and circumstances warrant. Goodwill Goodwill is tested for impairment at a reporting unit level, and all of the Company’s goodwill is assigned to its reporting units. Reporting units are determined based upon the Company’s organizational structure in place at the date of the goodwill impairment testing and generally one level below the operating segment level. The Company’s operations are comprised of eight reporting units, within its five primary operating segments. The Company may use a qualitative approach, and when appropriate, has bypassed the qualitative and used a quantitative approach, which involves comparing the fair value of each of the reporting units to the carrying value of those reporting units. If the carrying value of a reporting unit exceeds its fair value, an impairment loss would be calculated as the difference between these amounts, limited to the amount of reporting unit goodwill allocated to the reporting unit. The quantitative goodwill impairment testing requires significant use of judgment and assumptions, such as 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, discount rates and total enterprise value. The income approach used is the discounted cash flow methodology and is based on five-year cash flow projections. The cash flows projected are analyzed on a debt-free basis (before cash payments to equity and interest-bearing debt investors) in order to develop an enterprise value from operations for the reporting unit. A provision is made, based on these projections, for the value of the reporting unit at the end of the forecast period, or terminal value. The present value of the finite-period cash flows and the terminal value are determined using a selected discount rate. Indefinite-lived intangibles The testing of indefinite-lived intangibles (primarily trademarks and tradenames) under established guidelines for impairment also requires significant use of judgment and assumptions (such as cash flow projections, royalty rates, terminal values and discount rates). An indefinite-lived intangible asset is impaired by the amount its carrying value exceeds its estimated fair value. For impairment testing purposes, the fair value of indefinite-lived intangibles is determined using either the relief from royalty method or the excess earnings method. The relief from royalty method estimates the value of a tradename by discounting the hypothetical avoided royalty payments to their present value over the economic life of the asset. The excess earnings method estimates the value of the intangible asset by quantifying the residual (or excess) cash flows generated by the asset and discounts those cash flows to the present. The excess earnings methodology requires the application of contributory asset charges. Contributory asset charges typically include assumed payments for the use of working capital, tangible assets and other intangible assets. Changes in forecasted operations and other assumptions could materially affect the estimated fair values. Changes in business conditions could potentially require adjustments to these asset valuations. Other Long-Lived Assets The Company continuously evaluates whether impairment indicators related to its property, plant and equipment, operating leases and other long-lived assets are present. These impairment indicators may include a significant decrease in the market price of a long-lived asset or asset group, early termination of an operating lease, a significant adverse change to the extent or manner in which a long-lived asset or asset group is being used or in its physical condition, or a current-period operating or cash flow loss combined with a history of operating or cash flow losses or a forecast that demonstrates continuing losses associated with the use of a long-lived asset or asset group. If impairment indicators are present, the Company estimates the future cash flows for the asset or group of assets. The sum of the undiscounted future cash flows attributable to the asset or group of assets is compared to their carrying amount. The cash flows are estimated utilizing various assumptions regarding future sales and expenses, working capital and proceeds from asset disposals on a basis consistent with the Company’s forecasts. If the carrying amount exceeds the sum of the undiscounted future cash flows, the Company discounts the future cash flows using a discount rate required for a similar investment of like risk and records an impairment charge as the difference between the fair value and the carrying value of the asset group. The Company performs its testing of the asset group at the reporting unit level, as this is the lowest level for which identifiable cash flows are available, with the exception of the Yankee Candle business, where testing is performed at the retail store level. Income Taxes The Company accounts for deferred income taxes using the asset and liability approach. Under this approach, deferred income taxes are recognized based on the tax effects of temporary differences between the financial statement and tax bases of assets and liabilities, as measured by current enacted tax rates. Valuation allowances are recorded to reduce the deferred tax assets to an amount that will more likely than not be realized. The Company regularly reviews its deferred tax assets for recoverability considering historical profitability, projected future taxable income, the expected timing of the reversals of existing temporary differences and tax planning strategies. For uncertain tax positions, the Company applies the provisions of relevant authoritative guidance, which requires application of a “more likely than not” threshold to the recognition and derecognition of tax positions. The Company’s ongoing assessments of the more likely than not outcomes of tax authority examinations and related tax positions require significant judgment and can increase or decrease the Company’s effective tax rate, as well as impact operating results. See Footnote 12 for further information. Sales of Accounts Receivables Factored receivables at the end of 2021 associated with the existing factoring agreement (the “Customer Receivables Purchase Agreement”) were approximately $500 million, an increase of approximately $150 million from December 31, 2020. Transactions under this agreement are accounted for as sales of accounts receivable, and the receivables sold are removed from the 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 and collections of accounts receivables not yet submitted to the financial institution as a financing cash flow in the Consolidated Statement of Cash Flows. The Company records the discount as other (income) expense, net in the Consolidated Statement of Operations. Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents include cash on hand and highly liquid investments that have a maturity of three months or less when purchased. Restricted cash reflects cash received on previously sold customer receivables in connection with the factoring program that are required to be remitted to a financial institution. Restricted cash is reported as prepaid expenses and other current assets on the Consolidated Balance Sheets. Accounts Receivable, Net Accounts receivable, net, include amounts billed and due from customers. Payment terms vary but generally are 90 days or less. An allowance for expected credit losses is based on the amount ultimately expected to be collected from the customer. The Company evaluates the collectability of accounts receivable based on a combination of factors including the length of time the receivables are past due, historical collection experience, current market conditions and forecasted direction of economic and business environment. Accounts deemed uncollectible are written off, net of expected recoveries. Capitalized Software Costs The Company capitalizes costs associated with internal-use software during the application development stage after both the preliminary project stage has been completed and the Company’s management has authorized and committed to funding for further project development. Capitalized internal-use software costs include: (i) external direct costs of materials and services consumed in developing or obtaining the software; (ii) payroll and payroll-related costs for employees who are directly associated with and who devote time directly to the project; and (iii) interest costs incurred while developing the software. Capitalization of these costs ceases no later than the point at which the project is substantially complete and ready for its intended purpose. The Company expenses as incurred research and development, general and administrative, and indirect costs associated with internal-use software. In addition, the Company expenses as incurred training, maintenance and other internal-use software costs incurred during the post-implementation stage. Costs associated with upgrades and enhancements of internal-use software are capitalized only if such modifications result in additional functionality of the software. The Company amortizes internal-use software costs using the straight-line method over the estimated useful life of the software. Capitalized software costs are evaluated annually for indicators of impairment, including but not limited to a significant change in available technology or the manner in which the software is being used. Impaired items are written down to their estimated fair values. Capitalized implementation costs for certain qualified Software-as-a-Service (“SaaS”) arrangements are also subject to the same accounting criteria described above, when the Company does not own the intellectual property for the software license used in the arrangement. SaaS arrangements are included in prepaid expenses and other current assets and other assets in the Consolidated Balance Sheets. The straight-line amortization of these costs is presented along with the fees related to the hosted cloud computing service in the Consolidated Statements of Operations. Product Liability Reserves The Company has a self-insurance program for product liability that includes reserves for self-retained losses and certain excess and aggregate risk transfer insurance. The Company uses historical loss experience combined with actuarial evaluation methods, review of significant individual files and the application of risk transfer programs in determining required product liability reserves. The Company’s actuarial evaluation methods take into account claims incurred but not reported when determining the Company’s product liability reserve. While the Company believes that it has adequately reserved for these claims, the ultimate outcome of these matters may exceed the amounts recorded by the Company, and such additional losses may be material to the Company’s Consolidated Financial Statements. Product Warranties In the normal course of business, the Company offers warranties for a variety of its products. The specific terms and conditions of the warranties vary depending upon the specific product and markets in which the products were sold. The Company accrues for the estimated cost of product warranty at the time of sale based on historical experience. Advertising Costs The Company expenses production costs of print, radio, television and other advertisements as of the first date the advertisements take place, and the Company expenses all other advertising and marketing costs when incurred. Advertising and promotion costs are recorded in selling, general and administrative expenses (“SG&A”) and totaled $407 million, $362 million and $389 million in 2021, 2020 and 2019, respectively. Research and Development Costs Research and development costs relating to both future and current products are charged to SG&A as incurred. These costs totaled $153 million, $144 million and $149 million in 2021, 2020 and 2019, respectively. Other Significant Accounting Policies Other significant accounting policies are disclosed as follows: • Discontinued Operations - Footnote 2 • Restructuring – Footnote 4 • Inventory – Footnote 5 • Property, Plant and Equipment – Footnote 6 • Derivative Instruments – Footnote 10 • Foreign Currency Operations – Footnote 10 • Pensions and Postretirement Benefits – Footnote 11 • Leases – Footnote 13 • Share-Based Compensation – Footnote 15 • Legal and Environmental Reserves – Footnote 18 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 In December 2019, the FASB issued ASU 2019-12, “Simplifying the Accounting for Income Taxes” (Topic 740) , which removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. ASU 2019-12 became 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. In August 2018, the FASB issued ASU 2018-15, “ Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. ” ASU 2018-15 clarifies the accounting treatment for fees paid by a customer in a cloud computing arrangement (hosting arrangement) by providing guidance for determining when the arrangement includes a software license. ASU 2018-15 is effective for public business entities for years, and interim periods within those years, beginning after December 15, 2019. The Company adopted ASU 2018-15 prospectively to all implementation costs incurred after January 1, 2020, the date of adoption. The adoption of ASU 2018-15 did not have a material impact on the Company’s consolidated financial statements. In August 2018, the FASB issued ASU 2018-14, “Compensation-Retirement Benefits-Defined Benefit Plans-General (Subtopic 715-20): Disclosure Framework-Changes to the Disclosure Requirements for Defined Benefit Plans.” ASU 2018-14 modifies disclosure requirements for defined benefit pension and other postretirement plans. ASU 2018-14 is effective for fiscal years ending after December 15, 2020. As ASU 2018-14 only impacts the disclosure requirements related to defined benefit pension and other postretirement plans, the adoption of ASU 2018-14 did not have a material impact on the Company’s consolidated financial statements. |
Discontinued Operations and Div
Discontinued Operations and Divestitures | 12 Months Ended |
Dec. 31, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations and Divestitures | Discontinued Operations and Divestitures Discontinued Operations In July 2019, the Company announced its decision to no longer pursue the sale of the majority of the Rubbermaid Outdoor, Closet, Refuse, Garage and Cleaning businesses (“Commercial Products”). The decision to keep Commercial Products was based on the strength of the brand, its competitive position in a large and growing category, and track record of cash flow generation, revenue growth and margin expansion. Management believes that retaining this business will further enhance the value creation opportunity for the Company. In October 2019, the Company decided to no longer pursue the sale of the Mapa/Spontex and Quickie businesses. The decision to keep these businesses was based on their financial profile, relative to expected sales proceeds. At December 31, 2019, the Rubbermaid Outdoor, Closet, Refuse, Garage and Cleaning businesses and the Mapa/Spontex and Quickie businesses (collectively referred to as the “Commercial Business”) were no longer classified as held for sale in the Company's Consolidated Balance Sheets nor as discontinued operations in the Company's Consolidated Statement of Operations. These businesses are reported in the Commercial Solutions segment for all periods presented. The following table provides a summary of amounts included in discontinued operations for the year ended December 31, 2019 (in millions): Net sales $ 368 Cost of products sold 266 Gross profit 102 Selling, general and administrative expenses 48 Impairment of goodwill, intangibles and other assets 112 Operating loss (58) Non-operating income, net (1) 10 Loss before income taxes (48) Income tax provision 31 Net loss $ (79) (1) Includes gains on sale of discontinued operations of $7 million. Divestitures 2020 On August 31, 2020, the Company divested the foam board product line in its Learning and Development segment. As a result, the Company recorded a pre-tax loss of $8 million, which is included in other (income) expense, net in the Consolidated Statements of Operations. 2019 On May 1, 2019, the Company sold its Rexair business to investment funds affiliated with Rhône Capital for approximately $235 million, subject to customary working capital and other post-closing adjustments. As a result, during 2019, the Company recorded a pre-tax gain of $2 million, which is included in the loss from discontinued operations. On May 1, 2019, the Company sold its Process Solutions business to an affiliate of One Rock Capital Partners, LLC, for approximately $500 million , subject to customary working capital and other post-closing adjustments. As a result, during 2019, the Company recorded a pre-tax loss of $7 million, which is included in the loss from discontinued operations. On December 31, 2019, the Company sold The United States Playing Card Company and certain other subsidiaries engaged in the playing cards business to Cartamundi Inc. and Cartamundi España S.L. for $220 million, subject to customary working capital and other post-closing adjustments. As a result, during 2019, the Company recorded a pre-tax loss of $5 million, which is included in the loss from discontinued operations. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) The following tables display the components of accumulated other comprehensive income (loss) (“AOCL”), net of tax, as of and for the years ended December 31, 2021 and 2020 (in millions): Cumulative Pension and Postretirement Cost Derivative Financial Instruments AOCL Balance at December 31, 2019 $ (479) $ (399) $ (42) $ (920) Other comprehensive income (loss) before reclassifications (2) (4) 3 (3) Amounts reclassified to earnings — 47 (4) 43 Net current period other comprehensive income (loss) (2) 43 (1) 40 Balance at December 31, 2020 $ (481) $ (356) $ (43) $ (880) Other comprehensive income (loss) before reclassifications (94) 46 11 (37) Amounts reclassified to earnings — 18 17 35 Net current period other comprehensive income (loss) (94) 64 28 (2) Balance at December 31, 2021 $ (575) $ (292) $ (15) $ (882) Reclassifications from AOCL to the results of operations for the years ended December 31, were pre-tax (income) expense of (in millions): 2021 2020 2019 Pension and postretirement benefit plans (1) $ 23 $ 72 $ 9 Derivative financial instruments for effective cash flow hedges (2) 23 (6) (7) (1) See Footnote 11 for further information. (2) See Footnote 10 for further information. The income tax provision (benefit) allocated to the components of AOCL for the years ended December 31, are as follows (in millions): 2021 2020 2019 Foreign currency translation adjustments $ 20 $ (28) $ — Unrecognized pension and postretirement costs 20 23 — Derivative financial instruments 9 (1) (3) Income tax provision (benefit) related to AOCL $ 49 $ (6) $ (3) |
Restructuring
Restructuring | 12 Months Ended |
Dec. 31, 2021 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | RestructuringThe Company has engaged and expects to continue to engage in restructuring activities, which requires management to utilize significant estimates related to the timing and amount of severance and other employee separation costs for workforce reductions and other separation programs and other exit costs associated with restructuring activities. The Company's accrual for severance and other employee separation costs depends on whether the costs result from an ongoing severance plan or are one-time costs. The Company accounts for relevant expenses as severance costs when we have an established severance policy, statutory requirements dictate the severance amounts, or if our historical experience is to routinely provide certain benefits to impacted employees. The Company recognizes severance costs when it is probable that benefits will be paid and the amount can be reasonably estimated. The Company estimates one-time severance and other employee costs related to exit and disposal activities not resulting from an ongoing severance plan based on the benefits available to the employees being terminated. The Company recognizes these costs when we identify the specific classification or functions of the employees being terminated, notify the employees who might be included in the termination, and expect to terminate employees within the legally required notification period. When employees are receiving incentives to stay beyond the legally required notification period, we record the cost of their severance over the remaining service period. Restructuring costs incurred by reportable business segment for all restructuring activities in continuing operations for the years ended December 31, are as follows (in millions): 2021 2020 2019 Commercial Solutions $ 4 $ 4 $ 3 Home Appliances 4 1 2 Home Solutions 3 10 9 Learning and Development 1 3 6 Outdoor and Recreation 3 2 2 Corporate 1 1 5 $ 16 $ 21 $ 27 Accrued restructuring costs activity for the year ended December 31, 2021 are as follows (in millions): Balance at December 31, 2020 Restructuring Costs, Net Payments Foreign Currency and Other Balance at December 31, 2021 Severance and termination costs $ 7 $ 13 $ (12) $ — $ 8 Contract termination and other costs 4 3 (4) (1) 2 $ 11 $ 16 $ (16) $ (1) $ 10 Accrued restructuring costs activity for the year ended December 31, 2020 are as follows (in millions): Balance at December 31, 2019 Restructuring Costs, Net Payments Foreign Currency and Other Balance at December 31, 2020 Severance and termination costs $ 10 $ 15 $ (18) $ — $ 7 Contract termination and other costs 12 6 (9) (5) 4 $ 22 $ 21 $ (27) $ (5) $ 11 2020 Restructuring Plan The Company’s 2020 restructuring plan, 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. In connection with the program, the Company incurred cumulative charges of $29 million since inception, $10 million and $19 million for the years ended December 31, 2021 and 2020, respectively. This restructuring program is substantially complete at the end of 2021 and all cash payments are expected to be paid within one year of charges incurred. Accelerated Transformation Plan The Company’s Accelerated Transformation Plan (“ATP”), which was completed at the end of 2019, 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 cost structure as a result of the completed divestitures. Restructuring costs associated with the ATP included employee-related costs, including severance, retirement and other termination benefits, as well as contract termination costs and other costs. The Company recorded charges of $2 million related to the ATP during 2020. Restructuring charges incurred during 2019 are primarily related to the ATP. Other Restructuring-Related Costs The Company regularly incurs other restructuring and restructuring-related costs in connection with various discrete initiatives, including certain costs associated with Project Ovid. Restructuring-related costs are recorded in cost of products sold and SG&A in the Consolidated Statements of Operations based on the nature of the underlying costs incurred. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories are stated at the lower of cost or net realizable value using the last-in, first-out (“LIFO”) or first-in, first-out (“FIFO”) methods. The Company reduces its inventory value for estimated obsolete and slow-moving inventory in an amount equal to the difference between the cost of inventory and the net realizable value based upon assumptions about future demand and market conditions. If actual market conditions are less favorable than those projected by management, additional inventory write-downs may be required. The components of inventories were as follows at December 31, (in millions): 2021 2020 Raw materials and supplies $ 310 $ 252 Work-in-process 167 157 Finished products 1,520 1,229 $ 1,997 $ 1,638 Inventory costs include direct materials, direct labor and manufacturing overhead, or when finished goods are sourced, the cost is the amount paid to the third party. Approximately 22.5% and 24.9% of gross inventory costs at December 31, 2021 and 2020, respectively, were determined by the LIFO method; for the balance, cost was determined using the FIFO method. Inventory accounted for under the LIFO method would increase by $90 million and $23 million at December 31, 2021 and 2020, respectively, if the LIFO inventory were valued under the FIFO method. The pre-tax expense from continuing operations recognized by the Company related to the liquidation of LIFO-based inventories were immaterial in 2021 and 2020, and $3 million in 2019. |
Property, Plant_and Equipment,
Property, Plant and Equipment, Net | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment, Net | Property, Plant and Equipment, Net Property, plant and equipment are stated at cost. Expenditures for maintenance and repairs are expensed as incurred. Depreciation expense is calculated principally on the straight-line basis. Useful lives determined by the Company are as follows: buildings and improvements (20 - 40 years) and machinery and equipment (3 - 15 years). Property, plant and equipment, net, consisted of the following at December 31, (in millions): 2021 2020 Land $ 82 $ 86 Buildings and improvements 678 664 Machinery and equipment 2,387 2,314 3,147 3,064 Less: Accumulated depreciation (1,943) (1,888) $ 1,204 $ 1,176 Depreciation expense for continuing operations was $205 million, $200 million and $254 million in 2021, 2020 and 2019, respectively. There was no depreciation expense for discontinued operations in 2019. During the first quarter of 2020, the Company concluded that a triggering event had occurred for all of its asset groups 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 year ended December 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. During 2019, the Company decided not to sell the Commercial Business and reclassified the business from held for sale to held and used. The Company measured the business at the lower of its (i) carrying amount before it was classified as held for sale, adjusted for depreciation and amortization expense that would have been recognized had the Commercial Business been continuously classified as held and used, or (ii) fair value at the date the decision not to sell was made. The Company recorded a charge of $50 million in 2019 relating to the amount of depreciation expense that would have been recorded in prior periods had the Commercial Business been continuously classified as held and used. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets, Net | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets, Net | Goodwill and Other Intangible Assets, Net A summary of changes in the Company’s goodwill by reportable business segment is as follows for 2021 and 2020 (in millions): December 31, 2021 Segments: Net Book Value at December 31, 2020 Foreign Gross Accumulated Net Book Commercial Solutions $ 747 $ — $ 1,241 $ (494) $ 747 Home Appliances — — 569 (569) — Home Solutions 164 — 2,567 (2,403) 164 Learning and Development 2,642 (49) 3,439 (846) 2,593 Outdoor and Recreation — — 788 (788) — $ 3,553 $ (49) $ 8,604 $ (5,100) $ 3,504 December 31, 2020 Segments: Net Book Value at December 31, 2019 Other Impairment Foreign Gross Accumulated Net Book Commercial Solutions $ 747 $ — $ — $ — $ 1,241 $ (494) $ 747 Home Appliances 200 — (200) — 569 (569) — Home Solutions 176 — (12) — 2,567 (2,403) 164 Learning and Development 2,586 (3) — 59 3,488 (846) 2,642 Outdoor and Recreation — — — — 788 (788) — $ 3,709 $ (3) $ (212) $ 59 $ 8,653 $ (5,100) $ 3,553 (1) During the third quarter of 2020, the Company divested a product line in its Learning and Development segment and allocated $3 million of reporting unit goodwill to the calculation of loss on disposal of business. See Footnote 2 for further information. (2) 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 goodwill associated with its Home Appliances and Food reporting units were fully impaired and recorded a non-cash charge of $212 million to reduce the reporting units' goodwill to zero. See Footnote 1 for further information. The impairment charges for the acquired intangible assets were recorded in the Company’s reporting segments as follows for the years ended December 31, (in millions): 2021 (1) 2020 (2) 2019 (3) Impairment of acquired intangible assets Commercial Solutions $ 29 $ 320 $ 152 Home Appliances — 87 607 Home Solutions — 290 152 Learning and Development 31 100 24 Outdoor and Recreation — 482 118 $ 60 $ 1,279 $ 1,053 (1) During the fourth quarter of 2021, in conjunction with its annual impairment testing, the Company recorded non-cash impairment charges of $60 million associated with tradenames in the Commercial Solution and Learning and Development segments, as the carrying values exceeded the fair values, reflecting a downward revision of future expected cash flows, which include the impact of the COVID-19 global pandemic. Further impairments may occur if future expected cash flows are not achieved. (2) During the fourth quarter of 2020, in conjunction with its annual impairment testing, the Company recorded a non-cash impairment charge of $20 million associated with a tradename in the Learning and Development segment, as its carrying value exceeded its fair value. The impairment reflected a downward revision of forecasted results due to the impact of the delayed and limited re-opening of schools and offices as a result of the COVID-19 global pandemic, as well as the continued deterioration in sales for slime-related adhesive products. During the first quarter of 2020, as a result of the impairment testing performed in connection with COVID-19 pandemic triggering event, the Company determined that certain of its indefinite-lived intangible assets in all of its operating segments were impaired and recorded non-cash impairment charges of $1.3 billion to reflect the impairment of these indefinite-lived tradenames because their carrying values exceeded their fair values. (3) The carrying value of certain Home Appliances tradenames exceeded their fair value primarily due to the announced tariffs on Chinese imports, as well as a decline in sales volume due to a loss in market share for certain appliance categories driven by the success of newly launched competitive products. Both of these factors resulted in downward revisions to forecasted results. In 2019, the Company recorded impairment charges in the Commercial Solution segment to reflect a decrease in the carrying values of Mapa/Spontex and Quickie while these businesses were classified as held for sale. In the Home Solutions segment, the impairment charges relate to certain Home Fragrance trademarks/tradenames. The Home Fragrance business has experienced a shift in product mix, which resulted in a downward revision to forecasted results for one of its tradenames. In the Learning and Development segment, the impairment charge related to certain Writing trademarks/tradenames. The Writing business experienced softening trends in sales of slime-related adhesive products. Related sales of such products during the fourth quarter of 2019 deteriorated at a faster rate than expected, which resulted in a downward revision to forecasted results for one of its tradenames. The carrying value of certain Outdoor and Recreation tradenames exceeded their fair value primarily due to decline in demand for certain products, which resulted in a downward revision of forecasted results. The table below summarizes the balance of other intangible assets, net and the related amortization periods using the straight-line method and attribution method at December 31, 2021 and 2020 (in millions): December 31, 2021 December 31, 2020 Gross Accumulated Net Gross Accumulated Net Amortization Tradenames - indefinite life $ 2,219 $ — $ 2,219 $ 2,331 $ — $ 2,331 N/A Tradenames - other 159 (65) 94 157 (55) 102 2 - 15 Capitalized software 631 (495) 136 625 (486) 139 3 - 12 Patents and intellectual property 22 (14) 8 67 (52) 15 3 - 14 Customer relationships and distributor channels 1,216 (303) 913 1,259 (282) 977 3 - 30 $ 4,247 $ (877) $ 3,370 $ 4,439 $ (875) $ 3,564 Amortization expense for intangible assets for continuing operations was $120 million, $157 million and $192 million in 2021, 2020 and 2019, respectively. During 2019, the Company decided not to sell the Commercial Business and reclassified the business from held for sale to held and used. The Company measured the business at the lower of its (i) carrying amount before it was classified as held for sale, adjusted for depreciation and amortization expense that would have been recognized had the Commercial Business been continuously classified as held and used, or (ii) fair value at the date the decision not to sell was made. Accordingly, the Company recorded a charge of $7 million in 2019 relating to the amount of amortization expense that would have been recorded in prior periods had the Commercial Business been continuously classified as held and used. At December 31, 2021, the aggregate estimated intangible amortization amounts for the succeeding five years are as follows (in millions): Years ending December 31, Amount 2022 $ 107 2023 103 2024 90 2025 80 2026 70 Thereafter 701 |
Other Accrued Liabilities
Other Accrued Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Accrued Liabilities, Current [Abstract] | |
Other Accrued Liabilities | Other Accrued Liabilities Other accrued liabilities included the following at December 31, (in millions): 2021 2020 Customer accruals $ 715 $ 683 Accrued self-insurance liabilities, contingencies and warranty 125 108 Operating lease liabilities 122 129 Accrued marketing and freight expenses 59 57 Accrued interest expense 56 60 Accrued income taxes 43 66 Other 244 290 $ 1,364 $ 1,393 Customer accruals are promotional allowances and rebates, including cooperative advertising, given to customers in exchange for their selling efforts and volume purchased, as well as allowances for returns. Payments for annual rebates and other customer programs are generally made in the first quarter of the year. Self-insurance liabilities relate to casualty liabilities such as workers’ compensation, general and product liability and auto liability and are estimated based upon historical loss experience combined with actuarial evaluation methods, review of significant individual files and the application of risk transfer programs. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Debt | Debt The following is a summary of outstanding debt at December 31, (in millions): 2021 2020 3.15% senior notes due 2021 $ — $ 94 3.75% senior notes due 2021 — 369 4.00% senior notes due 2022 — 250 3.85% senior notes due 2023 1,086 1,090 4.00% senior notes due 2024 200 200 4.875% senior notes due 2025 494 492 3.90% senior notes due 2025 47 47 4.20% senior notes due 2026 1,975 1,973 5.375% senior notes due 2036 417 416 5.50% senior notes due 2046 658 657 Other debt 9 19 Total debt 4,886 5,607 Short-term debt and current portion of long-term debt (3) (466) Long-term debt $ 4,883 $ 5,141 Senior Notes On November 22, 2021, the Company redeemed its 4.00% senior notes due June 2022 (the “June 2022 Notes”) at a redemption price equal to 102% of the outstanding aggregate principal amount of the notes, plus accrued and unpaid interest to the date of the redemption. The total consideration was approximately $259 million, and the Company recorded a debt extinguishment loss of $5 million. On September 28, 2021, the Company redeemed its 3.75% senior notes due October 2021 (the “October 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. On March 1, 2021, the Company redeemed its 3.15% senior notes due 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 interests was approximately $5 million. As a result of the partial debt repurchase, the Company recorded an immaterial loss. As a result of the debt rating downgrades by S&P Global Inc. (“S&P”) and Moody’s Corporation (“Moody’s”) in 2019 and 2020, respectively, certain of the Company’s outstanding senior notes aggregating to approximately $4.2 billion were subject to an interest rate adjustment of 25 basis points for each downgrade, for a total of 50 basis points. This increase to the interest rates of each series of the Company's senior notes subject to adjustment, increased the Company’s annualized interest expense by approximately $21 million. On February 11, 2022, S&P upgraded the Company’s debt rating to “BBB-” from “BB+” as S&P believed the Company has been able to achieve S&P’s target debt level. As a result of this upgrade, the Company will again be in a position to access the commercial paper market, up to a maximum of $800 million provided there is a sufficient amount available for borrowing under the Credit Revolver. In addition, the interest rate on the relevant senior notes will decrease by 25 basis points, reducing the Company’s interest expense by approximately $10 million on an annualized basis (approximately $8 million in 2022). In connection with the expected sale of CH&S business in the first quarter of 2022, the Company anticipates using after-tax proceeds from the transaction towards the pay down of debt and share repurchases. 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 December 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 December 31, 2021, the Company did not have any amounts outstanding under the Credit Revolver. In addition, there were approximately $22 million of outstanding standby letters of credit issued against the Credit Revolver. Future Debt Maturities The Company’s debt maturities for the five years following December 31, 2021 and thereafter are as follows (in millions): 2022 2023 2024 2025 2026 Thereafter Total $3 $1,090 $201 $547 $1,985 $1,087 $4,913 Other The indentures governing the Company’s senior notes contain usual and customary nonfinancial covenants. The Company’s borrowing arrangements other than the senior notes contain usual and customary nonfinancial covenants and certain financial covenants, including minimum interest coverage and maximum debt-to-total-capitalization ratios. At December 31, 2021 and 2020, unamortized deferred debt issue costs were $24 million and $29 million, respectively. These costs are included in total debt and are being amortized over the respective terms of the underlying debt. The fair values of the Company’s senior notes are based on quoted market prices and are as follows at December 31, (in millions): 2021 2020 Fair Value Book Value Fair Value Book Value Senior notes $ 5,477 $ 4,877 $ 6,277 $ 5,588 The carrying amounts of all other significant debt approximates fair value. Net Investment Hedge The Company previously 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. In conjunction with the redemption of the October 2021 Notes, the Company settled this net investment hedge. At December 31, 2021, $11 million of deferred losses have been recorded in AOCL. See Footnote 10 for disclosures regarding the Company’s derivative financial instruments. |
Derivatives and Foreign Currenc
Derivatives and Foreign Currency Operations | 12 Months Ended |
Dec. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Foreign Currency Operations | Derivatives and Foreign Currency Operations Derivatives Derivative financial instruments are generally used to manage certain commodity, interest rate and foreign currency risks. These instruments primarily include interest rate swaps, forward starting interest rate swaps, forward exchange contracts and options. The Company’s forward exchange contracts and options generally do not subject the Company to exchange rate risk because gains and losses on these instruments generally offset gains and losses on the assets, liabilities and other transactions being hedged. However, these instruments, when settled, impact the Company’s cash flows from operations to the extent the underlying transaction being hedged is not simultaneously settled due to an extension, a renewal or otherwise. On the date when the Company enters into a derivative, the derivative is designated as a hedge of the identified exposure. The Company measures effectiveness of its hedging relationships both at hedge inception and on an ongoing basis. 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 December 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, maturing in January and February 2025, respectively, with an aggregate notional amount of $900 million. During the third quarter of 2021, the Company entered into another cross-currency swap with a notional amount of $358 million, maturing in September 2027. Each of these cross-currency swaps 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, and 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 years ended December 31, 2021 and 2020, the Company recognized income of $16 million and $14 million, respectively, 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 2022. 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 and 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 December 31, 2021, the Company had approximately $523 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 foreign currency contracts, to mitigate the foreign currency exposure of certain other foreign currency transactions. At December 31, 2021, the Company had approximately $1.6 billion notional amount outstanding of these foreign currency contracts that are not designated as effective hedges for accounting purposes and have maturity dates through December 2022. Fair market value gains or losses are included in the results of operations and are classified in other (income) expense, net in the Company's Consolidated Statement of Operations. The following table presents the fair value of derivative financial instruments at December 31, (in millions): 2021 2020 Balance Sheet Location Assets (Liabilities) Derivatives designated as effective hedges: Cash Flow Hedges: Foreign currency contracts Prepaid expenses and other current assets $ 12 $ 1 Foreign currency contracts Other accrued liabilities (2) (19) Fair Value Hedges: Interest rate swaps Other assets 3 7 Net Investment Hedges: Cross-currency swaps Prepaid expenses and other current assets 18 10 Cross-currency swaps Other noncurrent liabilities (41) (102) Derivatives not designated as effective hedges: Foreign currency contracts Prepaid expenses and other current assets 7 10 Foreign currency contracts Other accrued liabilities (14) (17) Total $ (17) $ (110) The Company recognized income (expense) of $13 million, $(9) million and $(11) million in other (income) expense, net, during 2021, 2020 and 2019, respectively, related to derivatives that are not designated as hedging instruments. Gains and losses on these derivatives are generally offset by foreign currency movement in the underlying exposure. The Company is not a party to any derivatives that require collateral to be posted prior to settlement. The following table presents pre-tax gain and (loss) activity for 2021, 2020 and 2019 related to derivative financial instruments designated as effective hedges: 2021 2020 2019 Gain/(Loss) Gain/(Loss) Gain/(Loss) (in millions) Recognized in OCL (1) Reclassified Recognized in OCL (1) Reclassified Recognized in OCL (1) Reclassified Interest rate swaps (2) $ — $ (6) $ — $ (7) $ — $ (8) Foreign currency contracts (3) 14 (17) 4 13 (16) 15 Cross-currency swaps (4) 69 — (92) — — — Total $ 83 $ (23) $ (88) $ 6 $ (16) $ 7 (1) Represents effective portion recognized in Other Comprehensive Loss (“OCL”). (2) Portion reclassified from AOCL to income recognized in interest expense, net. (3) Portion reclassified from AOCL to income recognized in net sales and cost of products sold. (4) Portion reclassified from AOCL to income recognized in other (income) expense, net. At December 31, 2021, deferred net gains of approximately $12 million within AOCL are expected to be reclassified to earnings over the next twelve months. Foreign Currency Operations Assets and liabilities of foreign subsidiaries are translated into U.S. dollars at the rates of exchange in effect at year-end. The related translation adjustments are made directly to AOCL. Income and expenses are translated at the average monthly rates of exchange in effect during the year. Foreign currency transaction gains and losses are included in the results of operations and are generally classified in other (income) expense, net, in the Consolidated Statements of Operations. Foreign currency transaction net losses for 2021, 2020 and 2019 were $5 million, $14 million and $6 million, respectively. |
Employee Benefit and Retirement
Employee Benefit and Retirement Plans | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Employee Benefit and Retirement Plans | Employee Benefit and Retirement Plans The Company and its subsidiaries have noncontributory pension, profit sharing and contributory 401(k) plans covering substantially all of their international and domestic employees. Pension plan benefits are generally based on years of service and/or compensation. The Company’s funding policy is to contribute not less than the minimum amounts required by the Employee Retirement Income Security Act of 1974, as amended, the Internal Revenue Code of 1986, as amended, or foreign statutes to ensure that plan assets will be adequate to provide retirement benefits. The funded status of the Company’s defined benefit pension plans and postretirement benefit plans is recognized in the Consolidated Balance Sheets. The funded status is measured as the difference between the fair value of plan assets and the benefit obligation at December 31, the measurement date. For defined benefit pension and postretirement benefit plans, the benefit obligation is the projected benefit obligation (“PBO”), which represents the actuarial present value of benefits expected to be paid upon retirement based on employee services already rendered and estimated future compensation levels. The fair value of plan assets represents the current market value of assets held for the sole benefit of participants. Over funded plans, with the fair value of plan assets exceeding the benefit obligation, are aggregated and recorded as a prepaid pension asset equal to this excess. Underfunded plans, with the benefit obligation exceeding the fair value of plan assets, are aggregated and recorded as a retirement and postretirement benefit obligation equal to this excess. The current portion of the retirement and postretirement benefit obligations represents the actuarial present value of benefits payable in the next 12 months exceeding the fair value of plan assets, measured on a plan-by-plan basis. This obligation is recorded in other accrued liabilities in the Consolidated Balance Sheets. Net periodic pension and postretirement benefit cost/(income) is recorded in the Consolidated Statements of Operations and includes service cost, interest cost, expected return on plan assets, amortization of prior service costs/(credits) and (gains)/losses previously recognized as a component of AOCL and amortization of the net transition asset remaining in AOCL. The service cost component of net benefit cost is recorded in cost of products sold and SG&A in the Consolidated Statements of Operations (unless eligible for capitalization) based on the employees’ respective functions. The other components of net benefit cost are presented separately from service cost within other (income) expense, net in the Consolidated Income Statement. The amount of AOCL expected to be recognized in pension and postretirement benefit expense for 2022 is $14 million and is substantially comprised of net unrecognized actuarial losses. (Gains)/losses and prior service costs/(credits) are recognized as a component of OCL in the Consolidated Statements of Comprehensive Income (Loss) as they arise. Those (gains)/losses and prior service costs/(credits) are subsequently recognized as a component of net periodic cost/(income) pursuant to the recognition and amortization provisions of applicable accounting guidance. (Gains)/losses arise as a result of differences between actual experience and assumptions or as a result of changes in actuarial assumptions. Prior service costs/(credits) represent the cost of benefit changes attributable to prior service granted in plan amendments. The measurement of benefit obligations and net periodic cost/(income) is based on estimates and assumptions approved by the Company’s management. These valuations reflect the terms of the plans and use participant-specific information such as compensation, age and years of service, as well as certain assumptions, including estimates of discount rates, expected return on plan assets, rate of compensation increases, interest crediting rates and mortality rates. During the fourth quarter of 2020, the Company entered into an agreement with an insurance company to purchase a group annuity contract to settle approximately $157 million of projected benefit obligations for approximately 44% of the retirees in one of its U.S. defined benefit pension plans. The irrevocable transaction for the transfer of pension liability to the insurance company was funded with the plan’s existing assets. Payments from the insurance company to the beneficiaries commenced on January 1, 2021. In 2020, in connection with this transaction, the Company recorded a pre-tax settlement loss to reclassify approximately $49 million into earnings from AOCL. The Company has a Supplemental Executive Retirement Plan (“SERP”), which is a nonqualified defined benefit and defined contribution plan pursuant to which the Company will pay supplemental benefits to certain key employees upon retirement based upon the employees’ years of service and compensation. The SERP is primarily funded through a trust agreement with a trustee that owns life insurance policies on both active and former key employees with aggregate net death benefits of $304 million. At December 31, 2021 and 2020, the life insurance contracts were accounted for using the investment method and had a cash surrender value of $142 million and $137 million, respectively, and are included in other assets in the Consolidated Balance Sheets. All premiums paid and proceeds received associated with the life insurance policies are included as investing activities in the Consolidated Statements of Cash Flows. The projected benefit obligation was $109 million and $119 million at December 31, 2021 and 2020, respectively. The SERP liabilities are included in the pension table below; however, the value of the Company’s investments in the life insurance contracts, cash and mutual funds are excluded from the table, as they do not qualify as plan assets. The Company’s matching contributions to the Company's contributory 401(k) plans were $36 million, $35 million and $32 million for 2021, 2020 and 2019, respectively. Defined Benefit Pension Plans The following provides a reconciliation of benefit obligations, plan assets and funded status of the Company’s noncontributory defined benefit pension plans, including the SERP, at December 31, (dollars in millions): Pension Benefits Postretirement Benefits United States International Change in benefit obligation: 2021 2020 2021 2020 2021 2020 Benefit obligation at beginning of year $ 1,357 $ 1,449 $ 668 $ 626 $ 51 $ 52 Service cost — — 4 4 — — Interest cost 20 35 6 9 1 1 Actuarial (gain) loss (53) 133 (14) 29 (7) 2 Amendments — — 1 1 — — Currency translation — — (16) 29 — — Benefits paid (86) (95) (25) (21) (4) (4) Acquisitions and dispositions, net — 2 — — — — Curtailments, settlements and other — (167) (1) (9) — — Benefit obligation at end of year (1) $ 1,238 $ 1,357 $ 623 $ 668 $ 41 $ 51 Change in plan assets: Fair value of plan assets at beginning of year 1,161 1,228 627 580 — — Actual return (loss) on plan assets 48 178 (7) 47 — — Contributions 10 17 10 8 4 4 Currency translation — — (9) 22 — — Benefits paid (86) (95) (25) (21) (4) (4) Settlements and other — (167) (1) (9) — — Fair value of plan assets at end of year $ 1,133 $ 1,161 $ 595 $ 627 $ — $ — Funded status at end of year $ (105) $ (196) $ (28) $ (41) $ (41) $ (51) Amounts recognized in the Consolidated Balance Sheets: Prepaid benefit cost, included in other assets $ 29 $ — $ 102 $ 104 $ — $ — Accrued current benefit cost—other accrued liabilities (11) (11) (4) (5) (5) (5) Accrued noncurrent benefit cost— other noncurrent liabilities (123) (185) (126) (140) (36) (46) Net amount recognized $ (105) $ (196) $ (28) $ (41) $ (41) $ (51) Assumptions: Weighted-average assumptions used to determine benefit obligation: Discount rate 2.64 % 2.16 % 1.60 % 1.22 % 2.34 % 1.80 % Long-term rate of compensation increase 3.00 % 3.00 % 2.25 % 2.18 % — % — % Current health care cost trend rates — % — % — % — % 6.21 % 6.48 % Ultimate health care cost trend rates — % — % — % — % 4.50 % 4.50 % (1) The accumulated benefit obligation for all defined benefit pension plans was $1.9 billion and $2.0 billion at December 31, 2021 and 2020, respectively. There are no plan assets associated with the Company’s postretirement benefit plans. The current healthcare cost trend rate gradually declines through 2038 to the ultimate trend rate and remains level thereafter. Summary of under-funded or non-funded pension benefit plans with projected benefit obligations in excess of plan assets at December 31, (in millions): Pension Benefits 2021 2020 Projected benefit obligation $ 469 $ 1,721 Fair value of plan assets 205 1,380 Summary of pension plans with accumulated obligations in excess of plan assets at December 31, (in millions): Pension Benefits 2021 2020 Accumulated benefit obligation $ 454 $ 1,711 Fair value of plan assets 205 1,380 Pension and Postretirement Benefit Expense The components of pension and postretirement benefit expense for the periods indicated are as follows (dollars in millions): Pension Benefits United States International 2021 2020 2019 2021 2020 2019 Service cost $ — $ — $ 1 $ 4 $ 4 $ 6 Interest cost 20 35 49 6 9 13 Expected return on plan assets (51) (59) (59) (3) (6) (13) Amortization: Prior service cost — — — 1 1 — Net actuarial loss 22 23 15 3 3 2 Curtailment, settlement and termination costs — 52 — — 1 1 Total expense $ (9) $ 51 $ 6 $ 11 $ 12 $ 9 Assumptions Weighted average assumption used to calculate net periodic cost: Effective discount rate for benefit obligations 2.16 % 3.06 % 4.12 % 1.22 % 1.79 % 2.52 % Effective rate for interest on benefit obligations 1.54 % 2.65 % 3.79 % 0.92 % 1.55 % 2.20 % Effective rate for service cost 2.63 % 3.43 % 3.93 % 0.71 % 0.92 % 1.89 % Effective rate for interest on service cost 2.61 % 3.41 % 3.62 % 0.54 % 0.75 % 2.24 % Long-term rate of return on plan assets 5.25 % 5.50 % 5.25 % 0.51 % 1.08 % 2.47 % Long-term rate of compensation increase 3.00 % 3.00 % 3.00 % 2.18 % 2.32 % 2.32 % Postretirement Benefits 2021 2020 2019 Interest cost $ 1 $ 1 $ 2 Amortization: Prior service credit — (2) (5) Net actuarial gain (3) (4) (4) Total income $ (2) $ (5) $ (7) Assumptions Weighted average assumption used to calculate net periodic cost: Effective discount rate for benefit obligations 1.80 % 2.80 % 3.90 % Effective rate for interest on benefit obligations 1.18 % 2.41 % 2.71 % Effective rate for service cost 1.32 % 2.52 % 2.97 % Effective rate for interest on service cost 1.02 % 2.27 % 2.78 % The components of net periodic pension and postretirement costs other than the service cost component are included in other (income) expense, net in the Consolidated Statements of Operations. Plan Assets The Company employs a total return investment approach for its pension plans whereby a mix of equities and fixed income investments are used to optimize the long-term return of pension plan assets. The intent of this strategy is to minimize plan expenses by outperforming plan liabilities over the long run. Risk tolerance is established through careful consideration of plan liabilities, plan funded status, and the Company’s financial condition. The domestic investment portfolios contain a diversified blend of equity and fixed-income investments. The domestic equity investments are diversified across geography and market capitalization through investments in U.S. large-capitalization stocks, U.S. small-capitalization stocks and international securities. The domestic fixed income investments are primarily comprised of investment-grade and high-yield securities through investments in corporate and government bonds, government agencies and asset-backed securities. The Level 1 investments are primarily based upon quoted market prices. The domestic Level 3 investments are primarily comprised of insurance contracts valued at contract value. The investments excluded from the fair value hierarchy are net asset value-based (“NAV-based”) hedge fund investments that generally have a redemption frequency of 90 days or less, with various redemption notice periods that are generally less than a month. The notice periods for certain investments may vary based on the size of the redemption. The international Level 2 investments are primarily comprised of insurance contracts whose fair values are estimated based on the future cash flows to be received under the contracts discounted to the present using a discount rate that approximates the discount rate used to measure the associated pension plan liabilities. The international Level 3 investments are primarily comprised of insurance contracts valued at contract value. Investment risk is measured and monitored on an ongoing basis through annual liability measurements, periodic asset/liability studies and quarterly investment portfolio reviews. The expected long-term rate of return for plan assets is based upon many factors, including expected asset allocations, historical asset returns, current and expected future market conditions, risk and active management premiums. The expected long-term rate of return is adjusted when there are fundamental changes in expected returns on the Company’s defined benefit pension plan’s investments. The target asset allocations for the Company’s domestic pension plans may vary by plan, based in part on plan demographics, funded status and liability duration. In general, the Company’s target asset allocations are as follows: equities approximately 10% to 30%; fixed income approximately 70% to 90%; and cash, alternative investments and other, approximately zero to 10% at December 31, 2021. Actual asset allocations may vary from the targeted allocations for various reasons, including market conditions and the timing of transactions. The Company maintains numerous international defined benefit pension plans. The asset allocations for the international investment may vary by plan and jurisdiction and are primarily based upon the plan structure and plan participant profile. The composition of domestic pension plan assets at December 31, 2021 and 2020 is as follows (in millions): Plan Assets — Domestic Plans December 31, 2021 Fair Value Measurements Asset Category Level 1 Level 2 Level 3 Subtotal NAV-based assets Total Equity securities and funds $ — $ — $ — $ — $ 220 $ 220 Fixed income securities and funds 455 — — 455 403 858 Alternative investments — — — — 22 22 Cash and other 19 13 1 33 — 33 Total $ 474 $ 13 $ 1 $ 488 $ 645 $ 1,133 Plan Assets — Domestic Plans December 31, 2020 Fair Value Measurements Asset Category Level 1 Level 2 Level 3 Subtotal NAV-based assets Total Equity securities and funds $ — $ — $ — $ — $ 273 $ 273 Fixed income securities and funds 441 — — 441 319 760 Alternative investments — — — — 104 104 Cash and other 8 15 1 24 — 24 Total $ 449 $ 15 $ 1 $ 465 $ 696 $ 1,161 The composition of international pension plan assets at December 31, 2021 and 2020 is as follows (in millions): Plan Assets — International Plans December 31, 2021 Fair Value Measurements Asset Category Level 1 Level 2 Level 3 Subtotal NAV-based assets Total Equity securities and funds $ 4 $ 3 $ — $ 7 $ — $ 7 Fixed income securities and funds 314 4 — 318 — 318 Cash and other 22 240 8 270 — 270 Total $ 340 $ 247 $ 8 $ 595 $ — $ 595 Plan Assets — International Plans December 31, 2020 Fair Value Measurements Asset Category Level 1 Level 2 Level 3 Subtotal NAV-based assets Total Equity securities and funds $ 3 $ 3 $ — $ 6 $ — $ 6 Fixed income securities and funds 262 3 — 265 — 265 Cash and other 4 234 9 247 109 356 Total $ 269 $ 240 $ 9 $ 518 $ 109 $ 627 A reconciliation of the change in fair value of the defined benefit plans’ assets using significant unobservable inputs (Level 3) for 2021 and 2020 is as follows (in millions): Total Balance December 31, 2019 $ 9 Unrealized gains 1 Balance December 31, 2020 10 Unrealized losses (1) Balance December 31, 2021 $ 9 Contributions and Estimated Future Benefit Payments During 2022, the Company expects to make cash contributions of approximately $16 million and $7 million to its domestic and international defined benefit plans, respectively. Estimated future benefit payments under the Company’s defined benefit pension plans and postretirement benefit plans are as follows at December 31, 2021 (in millions): 2022 2023 2024 2025 2026 Thereafter Pension benefits $ 111 $ 109 $ 109 $ 107 $ 107 $ 515 Postretirement benefits $ 5 $ 5 $ 4 $ 4 $ 4 $ 13 U.K. Defined Benefit Plan Buy-in In February of 2022, the Company entered into an agreement with an insurance company for a bulk annuity purchase or “buy-in” for one of its U.K. defined benefit pension plans, resulting in an exchange of plan assets for an annuity that matches the plan’s future projected benefit obligations to covered participants. The Company anticipates the “buy-out” for the plan to be completed by the end of 2022 or early 2023. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The components of income (loss) before income taxes for the years ended December 31, (in millions): 2021 2020 2019 Domestic $ (420) $ (928) $ (1,249) Foreign 1,113 (78) 397 Total $ 693 $ (1,006) $ (852) The provision for income taxes consists of the following for the years ended December 31, (in millions): 2021 2020 2019 Current: Federal $ 48 $ (50) $ 8 State 17 1 11 Foreign 97 74 42 Total current 162 25 61 Deferred: Federal (39) (136) (355) State (24) (33) (63) Foreign 22 (92) (650) Total deferred (41) (261) (1,068) Total income tax provision (benefit) 121 (236) (1,007) Total income tax provision - discontinued operations — — 31 Total income tax provision (benefit) - continuing operations $ 121 $ (236) $ (1,038) A reconciliation of the U.S. statutory rate to the effective income tax rate on a continuing basis is as follows for the years ended December 31: 2021 2020 2019 Statutory rate 21.0 % 21.0 % 21.0 % Add (deduct) effect of: State income taxes, net of federal income tax effect (0.9) 2.4 3.8 U.S. foreign inclusions and foreign tax credit (1) 3.9 3.6 (1.6) Foreign rate differential (12.7) 2.7 4.9 Change in uncertain tax positions 0.1 4.5 5.9 Change in valuation allowance reserve (4.2) 3.0 (5.9) Impairments — (4.4) (3.3) Capital loss (2.3) 3.0 25.4 Reversal of outside basis difference 0.4 (5.2) 0.4 Non-deductible compensation 0.4 (1.2) (1.6) Other taxes 1.4 (0.9) 1.6 U.S. income inclusions on asset transfers 12.2 (6.9) (2.2) Outbound transfer of U.S. assets (2) — — 70.5 Other (1.9) 1.9 3.0 Effective rate 17.4 % 23.5 % 121.9 % (1) The Company accounts for tax on global intangible low-taxed income (“GILTI”) as a period cost and the effects are included herein. (2) In connection with the Company's execution to rationalize its legal entities along with centralizing the ownership of certain intellectual property rights for its comprehensive management and protection, the Company transferred these intellectual property rights to a wholly-owned subsidiary, which resulted in the creation of deferred tax assets and a corresponding income tax benefit of $522 million for the year ended December 31, 2019. At December 31, 2021, the Company has accumulated unremitted earnings generated by our foreign subsidiaries of approximately $6.0 billion. A portion of these earnings were subject to U.S. federal taxation with the one-time toll charge. The Company does not assert indefinite reinvestment on a portion of its unremitted earnings of certain foreign subsidiaries as of December 31, 2021 and is recognizing deferred income taxes of approximately $9 million, primarily related to the future withholding tax effects of those unremitted foreign earnings. With respect to unremitted earnings of $6.0 billion and any other additional outside basis differences where the Company is continuing to assert indefinite reinvestment, any future reversals could be subject to additional foreign withholding taxes, U.S. state taxes and certain tax impacts relating to foreign currency exchange effects on any future repatriations of the unremitted earnings. The determination of any unrecognized deferred tax liabilities on the amount of unremitted earnings and other outside basis differences where the Company is asserting indefinite reinvestment is not practicable. Deferred tax assets (liabilities) consist of the following at December 31, (in millions): 2021 2020 Deferred tax assets: Accruals $ 156 $ 138 Inventory 79 39 Pension and postretirement benefits 32 60 Net operating losses 330 350 Foreign tax credits 150 185 Capital loss carryforward 257 241 Operating lease liabilities 169 162 Other 158 158 Total gross deferred tax assets 1,331 1,333 Less valuation allowance (186) (213) Net deferred tax assets after valuation allowance 1,145 1,120 Deferred tax liabilities: Accelerated depreciation (107) (92) Amortizable intangibles (260) (282) Outside basis differences (96) (93) Operating lease assets (152) (145) U.S. foreign inclusion recapture (62) (30) Other (59) (54) Total gross deferred tax liabilities (736) (696) Net deferred tax assets $ 409 $ 424 The net deferred tax amounts have been classified in the balance sheet at December 31, (in millions): 2021 2020 Noncurrent deferred tax assets $ 814 $ 838 Noncurrent deferred tax liabilities (405) (414) Total $ 409 $ 424 At December 31, 2021, the Company has net operating losses (“NOLs”) of approximately $1.3 billion, comprised of $206 million in the U.S. and $1.1 billion outside of the U.S. Approximately $931 million of these NOLs do not expire and approximately $332 million expire between 2022 and 2039. Additionally, approximately $59 million of U.S. federal NOLs are subject to varying limitations on their use under Section 382 of the Internal Revenue Code of 1986, as amended. Of these U.S. federal NOLs, approximately $55 million are not reflected in the consolidated financial statements and approximately $32 million were utilized in the current year. At December 31, 2021, the Company has approximately $1.2 billion of post-apportioned state NOLs, which expire between 2022 and 2039. Additionally, approximately $14 million of post-apportioned state NOLs are subject to varying limitations on their use under Section 382 of the Internal Revenue Code of 1986, as amended. Of these post-apportioned state NOLs, approximately $14 million are not reflected in the consolidated financial statements and approximately $18 million were utilized in the current year. The majority of the U.S. foreign tax credits are recognized as a deferred tax asset at December 31, 2021 and were generated at December 31, 2018 and can be carried back one year and carried forward ten years. The Company has approximately $828 million of U.S. capital loss carryforwards of which approximately $313 million were generated at December 31, 2018, $427 million were generated at December 31, 2020, and $88 million were generated at December 31, 2021 and can be carried back three years and carried forward five years. The Company has approximately $291 million of post-apportioned state capital loss of which $110 million was generated at December 31, 2018, and $181 million was generated at December 31, 2020. Of these post-apportioned state capital loss carryforwards, $136 million can be carried back three years and carried forward five years, and $155 million can be carried forward five years. The Company routinely reviews valuation allowances recorded against deferred tax assets on a more likely than not basis as to whether the Company will realize the deferred tax assets. In making such a determination, the Company takes into consideration all available and appropriate positive and negative evidence, including projected future taxable income, future reversals of existing taxable temporary differences, the ability to carryback net operating losses, and available tax planning strategies. Although realization is not assured, based on this existing evidence, the Company believes it is more likely than not that the Company will realize the benefit of existing deferred tax assets, net of the valuation allowances. At December 31, 2021, the Company has a valuation allowance recorded against certain deferred tax assets, primarily state and foreign NOLs and various income tax credits, which the Company believes do not meet the more likely than not threshold to be realized due to uncertainty of future taxable income within the applicable tax jurisdictions. A valuation allowance of $186 million and $213 million was recorded against certain deferred tax asset balances at December 31, 2021 and 2020, respectively. For 2021, the Company recorded a net valuation allowance decrease of $27 million, primarily related to NOLs in the U.K. and Luxembourg, and other miscellaneous changes in the U.S., state and non-U.S. valuation allowances related to ongoing operations. For 2020, the Company recorded a net valuation allowance decrease of $58 million, primarily related to U.S. NOLs and other deferred tax assets related to a subsidiary previously excluded from the Company’s U.S. consolidated income tax return and other miscellaneous changes in U.S., state and non-U.S. valuation allowances related to ongoing operations. The following table summarizes the changes in gross unrecognized tax benefits periods indicated are as follows (in millions): 2021 2020 2019 Unrecognized tax benefits, January 1, $ 452 $ 474 $ 463 Increases (decreases): Increases in tax positions for prior years 1 4 35 Decreases in tax positions for prior years (4) — (31) Increase in tax positions for the current period 23 40 84 Purchase accounting adjustments (See Footnote 1 ) — — (9) Settlements with taxing authorities (2) — (2) Lapse of statute of limitations (12) (66) (66) Cumulative translation adjustments (1) — — Unrecognized tax benefits, December 31, $ 457 $ 452 $ 474 If recognized, $387 million, $387 million and $437 million of unrecognized tax benefits at December 31, 2021, 2020, and 2019 respectively, would affect the effective tax rate. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits as a component of income tax expense. During 2021, 2020, and 2019 the Company recognized income tax expense on interest and penalties of $7 million, $5 million and $11 million, respectively, due to the accrual of current year interest on existing positions offset by the resolution of certain tax contingencies. The Company anticipates approximately $9 million of unrecognized tax benefits will reverse within the next 12 months. It is reasonably possible due to activities of various worldwide taxing authorities, including proposed assessments of additional tax and possible settlement of audit issues, that additional changes to the Company’s unrecognized tax benefits could occur. In the normal course of business, the Company is subject to audits by worldwide taxing authorities regarding various tax liabilities. The Company’s U.S. federal income tax returns for 2011 to 2015 and 2017 to 2019, as well as certain state and non-U.S. income tax returns for various years, are under examination. The Company files numerous consolidated and separate income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. The statute of limitations for the Company’s U.S. federal income tax returns has expired for years prior to 2011 and for 2016. The Company’s Canadian tax returns are subject to examination for years after 2014. With few exceptions, the Company is no longer subject to other income tax examinations for years before 2015. 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 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Leases | Leases The Company recognizes a right of use (“ROU”) asset and a liability for all leases whose term is more than 12 months at the lease inception date. ROU assets and lease liabilities are recognized at commencement date based on the present value of lease payments over the lease term, which includes any extension the Company reasonably expects to exercise. The Company assesses whether certain service arrangements contain embedded leases where the contract conveys the right to use an asset but is not explicitly identified as a lease arrangement; examples include information technology, third-party logistics and original equipment manufacturers. The Company uses incremental borrowing rates, updated quarterly, that reflect its own external unsecured borrowing rates that are risk-adjusted to approximate secured borrowing rates over similar terms. For certain non-real estate leases, the portfolio approach is used. The Company also has lease agreements with lease and non-lease components, which are accounted for as a single lease component. Operating lease expense is recognized on a straight-line basis over the lease term. Operating lease assets and operating lease liabilities are reported as separate lines in the Consolidated Balance Sheets. The current portion of operating lease liabilities is reported in other accrued liabilities in the Consolidated Balance Sheets. For finance leases, lease payments are allocated between interest expense and reduction of the liability in accordance with an amortization schedule. The ROU asset is amortized on a straight-line basis over the lease term. Assets acquired under finance leases are reported in property, plant and equipment, net. The depreciable life of leasehold improvements and other lease-related assets are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. Supplemental consolidated balance sheet information for leases at December 31, is as follows (in millions): Classification 2021 2020 Assets Operating leases Operating lease assets (1) $ 558 $ 530 Finance leases Property, plant and equipment, net (2) 5 10 Total lease assets $ 563 $ 540 Liabilities Current Operating leases Other accrued liabilities $ 122 $ 129 Finance leases Short-term debt and current portion of long-term debt 3 3 Noncurrent Operating leases Operating lease liabilities 500 472 Finance leases Long-term debt 2 5 Total lease liabilities $ 627 $ 609 (1) During 2020, the Company concluded that a triggering event had occurred for all of its reporting units as a result of overall macroeconomic conditions and developments in the equity and credit markets primarily driven by 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 at the lowest level for which identifiable cash flows are available to their respective carrying amount. As a result of the impairment testing performed in connection with the triggering event, the Company recorded a non-cash impairment charge of $8 million in the Home Solutions segment related to the operating leases of its Yankee Candle retail store business. In addition, the Company recorded an impairment charge of $2 million in the Corporate segment to reflect a reduction in the carrying values of certain operating lease assets. The impairment charges were calculated by subtracting the estimated fair value of the asset group from its carrying value. (2) Net of accumulated depreciation of $16 million and $12 million, respectively. Components of lease expense for the years ended December 31, are as follows (in millions): 2021 2020 Operating lease cost: Operating lease cost (1) $ 166 $ 180 Variable lease costs (2) 23 25 Finance lease cost Amortization of leased assets 4 4 (1) Includes short-term leases, which are immaterial. (2) Consists primarily of additional payments for non-lease components, such as maintenance costs, payments of taxes and additional rent based on a level of the Company’s retail store sales. Remaining lease term and discount rates at December 31, are as follows: 2021 2020 Weighted-average remaining lease term (years): Operating leases 8 6 Finance leases 2 2 Weighted-average discount rate: Operating leases 3.4% 4.2% Finance leases 3.6% 3.4% Supplemental cash flow information related to leases for the years ended December 31, are as follows (in millions): 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 163 $ 177 Financing cash flows from finance leases 4 4 Right of use assets obtained in exchange for lease liabilities: Operating leases 144 75 Maturities of lease liabilities at December 31, 2021, are as follows (in millions): Operating Finance 2022 $ 145 $ 3 2023 119 2 2024 99 — 2025 79 — 2026 65 — Thereafter 198 — Total lease payments 705 5 Less: imputed interest (83) — Present value of lease liabilities $ 622 $ 5 The Company has entered into agreements for certain right of use operating leases that it has not yet taken possession of and are not reflected in the Consolidated Balance Sheet at December 31, 2021. The total future obligations of these right of use operating leases have been excluded from the preceding table and are approximately $130 million. |
Leases | Leases The Company recognizes a right of use (“ROU”) asset and a liability for all leases whose term is more than 12 months at the lease inception date. ROU assets and lease liabilities are recognized at commencement date based on the present value of lease payments over the lease term, which includes any extension the Company reasonably expects to exercise. The Company assesses whether certain service arrangements contain embedded leases where the contract conveys the right to use an asset but is not explicitly identified as a lease arrangement; examples include information technology, third-party logistics and original equipment manufacturers. The Company uses incremental borrowing rates, updated quarterly, that reflect its own external unsecured borrowing rates that are risk-adjusted to approximate secured borrowing rates over similar terms. For certain non-real estate leases, the portfolio approach is used. The Company also has lease agreements with lease and non-lease components, which are accounted for as a single lease component. Operating lease expense is recognized on a straight-line basis over the lease term. Operating lease assets and operating lease liabilities are reported as separate lines in the Consolidated Balance Sheets. The current portion of operating lease liabilities is reported in other accrued liabilities in the Consolidated Balance Sheets. For finance leases, lease payments are allocated between interest expense and reduction of the liability in accordance with an amortization schedule. The ROU asset is amortized on a straight-line basis over the lease term. Assets acquired under finance leases are reported in property, plant and equipment, net. The depreciable life of leasehold improvements and other lease-related assets are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. Supplemental consolidated balance sheet information for leases at December 31, is as follows (in millions): Classification 2021 2020 Assets Operating leases Operating lease assets (1) $ 558 $ 530 Finance leases Property, plant and equipment, net (2) 5 10 Total lease assets $ 563 $ 540 Liabilities Current Operating leases Other accrued liabilities $ 122 $ 129 Finance leases Short-term debt and current portion of long-term debt 3 3 Noncurrent Operating leases Operating lease liabilities 500 472 Finance leases Long-term debt 2 5 Total lease liabilities $ 627 $ 609 (1) During 2020, the Company concluded that a triggering event had occurred for all of its reporting units as a result of overall macroeconomic conditions and developments in the equity and credit markets primarily driven by 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 at the lowest level for which identifiable cash flows are available to their respective carrying amount. As a result of the impairment testing performed in connection with the triggering event, the Company recorded a non-cash impairment charge of $8 million in the Home Solutions segment related to the operating leases of its Yankee Candle retail store business. In addition, the Company recorded an impairment charge of $2 million in the Corporate segment to reflect a reduction in the carrying values of certain operating lease assets. The impairment charges were calculated by subtracting the estimated fair value of the asset group from its carrying value. (2) Net of accumulated depreciation of $16 million and $12 million, respectively. Components of lease expense for the years ended December 31, are as follows (in millions): 2021 2020 Operating lease cost: Operating lease cost (1) $ 166 $ 180 Variable lease costs (2) 23 25 Finance lease cost Amortization of leased assets 4 4 (1) Includes short-term leases, which are immaterial. (2) Consists primarily of additional payments for non-lease components, such as maintenance costs, payments of taxes and additional rent based on a level of the Company’s retail store sales. Remaining lease term and discount rates at December 31, are as follows: 2021 2020 Weighted-average remaining lease term (years): Operating leases 8 6 Finance leases 2 2 Weighted-average discount rate: Operating leases 3.4% 4.2% Finance leases 3.6% 3.4% Supplemental cash flow information related to leases for the years ended December 31, are as follows (in millions): 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 163 $ 177 Financing cash flows from finance leases 4 4 Right of use assets obtained in exchange for lease liabilities: Operating leases 144 75 Maturities of lease liabilities at December 31, 2021, are as follows (in millions): Operating Finance 2022 $ 145 $ 3 2023 119 2 2024 99 — 2025 79 — 2026 65 — Thereafter 198 — Total lease payments 705 5 Less: imputed interest (83) — Present value of lease liabilities $ 622 $ 5 The Company has entered into agreements for certain right of use operating leases that it has not yet taken possession of and are not reflected in the Consolidated Balance Sheet at December 31, 2021. The total future obligations of these right of use operating leases have been excluded from the preceding table and are approximately $130 million. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The computations of the weighted average shares outstanding for the years ended December 31, are as follows (in millions): 2021 2020 2019 Weighted-average shares outstanding 425.3 424.1 423.2 Share-based payment awards classified as participating securities — — 0.1 Basic weighted-average shares outstanding 425.3 424.1 423.3 Dilutive securities (1) 2.7 — 0.6 Diluted weighted-average shares outstanding 428.0 424.1 423.9 (1) For 2020, 1.1 million potentially dilutive share-based awards were excluded as their effect would be anti-dilutive. At December 31, 2019 there were 0.5 million potentially dilutive restricted share awards with performance-based vesting targets that were not met and as such, have been excluded from the computation of diluted earnings per share. For 2021, 2020 and 2019 dividends and equivalents for share-based awards expected to be forfeited did not have a material impact on net income for basic and diluted earnings per share. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Share-Based Compensation | Share-Based Compensation Stock-based compensation expense is adjusted for estimated forfeitures and is recognized on a straight-line basis over the requisite service period of the award, which is generally three years for stock options and one The Company maintains a 2013 Incentive Plan (the “2013 Plan”), which allows for grants of stock-based awards. At December 31, 2021, there were approximately 21 million share-based awards collectively available for grant under the 2013 Plan. The 2013 Plan generally provides for awards to vest over a minimum of three years, although some awards entitle the recipient to shares of common stock if specified market or performance conditions are achieved and vest no earlier than one year from the date of grant. The stock-based awards granted to employees include stock options and time-based and performance-based restricted stock units, as follows: Stock Options In years in which the Company has elected to grant stock options, it has issued them at exercise prices equal to the Company’s common stock price on the date of grant with contractual terms of ten years. Stock options issued by the Company generally vest and are expensed ratably over three years. Stock option grants are generally subject to forfeiture if employment terminates prior to vesting, except upon retirement, in which case the options may remain outstanding and exercisable for a specified period not to exceed the remaining contractual term of the option. The following table summarizes the changes in the number of shares of common stock for 2021 (shares and aggregate intrinsic value in millions): Shares Weighted- Weighted Aggregate Outstanding at December 31, 2020 2.7 $ 18 Granted 2.4 24 Exercised (0.3) 15 Forfeited — 20 Outstanding at December 31, 2021 4.8 $ 21 8.5 7.8 Options exercisable, end of year 1.3 $ 18 7.9 4.4 During 2021, the Company awarded 2.4 million time-based stock options with an aggregate grant 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 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 years ended December 31, are as follows: 2021 2020 Expected life in years 6 6 Risk-free interest rate 0.8 % 1.4 % Expected volatility 44.2 % 41.3 % Expected dividend yield 5.1 % 3.9 % The total intrinsic value of options exercised was $2 million in 2021 and immaterial in 2020 and 2019. During 2019, as inducement to join the Company and in connection with his appointment as President and Chief Executive Officer, the Company awarded Mr. Ravichandra K. Saligram 1.3 million performance-based non-qualified stock options which entitle Mr. Saligram to purchase shares of the Company’s common stock at a price equal to the closing price of a share of the Company’s common stock on the date of grant. For stock option awards with performance conditions that are based on stock price (“Stock-Price Based Stock Options”), the grant date fair value of certain Stock-Price Based Stock Options is estimated using a Monte Carlo simulation, with the primary input into such valuation being the expected future volatility of the Company’s common stock, the expected life, risk-free interest rate and expected dividend yield. The Stock-Price Based Stock Options awarded to Mr. Saligram had an aggregate grant date fair value of $5 million. The vesting of the awarded stock options will occur ratably upon the 18-month, two-year and three-year anniversaries of the grant date, subject to the attainment of a performance condition that, during any 30-day period between the date that is 18 calendar months following the grant date and the third anniversary of the grant date, the average of the Company’s closing stock price must exceed 125% of the closing stock price on July 29, 2019, which condition has already been achieved. The award also provides for vesting in the event of a termination of Mr. Saligram’s employment by the Company without Good Cause, or by Mr. Saligram for Good Reason, as such terms are defined in the Company’s 2013 Incentive Plan, in each case subject to attainment of the applicable performance condition (with the performance condition, for this purpose only, measured as of any 30-day period falling between the grant date and the third anniversary of the grant date). Time-Based and Performance-Based Restricted Stock Units Awards of time-based restricted stock units are independent of stock option grants and are generally subject to forfeiture if employment terminates prior to vesting. The awards generally cliff-vest in three years or vest ratably over three years from the date of grant. In the case of retirement (as defined in the award agreement), awards vest depending on the employee’s age and years of service. The time-based restricted stock units have rights to dividend equivalents payable in cash. Time-based restricted stock units issued in 2016 and prior receive dividend payments at the same time as the shareholders of the Company’s stock. Time-based restricted stock units issued subsequent to 2016 have dividend equivalents credited to the recipient and are paid only to the extent the applicable service criteria is met and the time-based restricted stock units vest and the related stock is issued. Performance-based restricted stock unit awards (“Performance-Based RSUs”) represent the right to receive unrestricted shares of stock based on the achievement of Company performance objectives and/or individual performance goals established by the Compensation and Human Capital Committee and the Board of Directors. The Performance-Based RSUs generally entitle recipients to shares of common stock if performance objectives are achieved, and typically vest no earlier than one year from the date of grant and primarily, no later than three years from the date of grant. The actual number of shares that will ultimately vest is dependent on the level of achievement of the specified performance conditions. For restricted stock units with performance conditions that are based on stock price (“Stock-Price Based RSUs”), the grant date fair value of certain Stock-Price based RSUs is estimated using a Monte Carlo simulation, with the primary input into such valuation being the expected future volatility of the Company’s common stock, and if applicable, the volatilities of the common stocks of the companies in the Company’s peer group, upon which the relative total shareholder return performance is measured. In the case of retirement (as defined in the award agreement), awards vest depending on the employee’s age and years of service, subject to the satisfaction of the applicable performance criteria. The Company accounts for stock-based compensation pursuant to relevant authoritative guidance, which requires measurement of compensation cost for all stock awards at fair value on the date of grant and recognition of compensation, net of estimated forfeitures, over the longer of the derived service period or explicit requisite service period for awards expected to vest. For non- stock-price based Performance-Based RSUs, the Company assesses the probability of achievement of the performance conditions each period and records expense for the awards based on the probable achievement of such metrics. With respect to Performance-Based RSUs, dividend equivalents are credited to the recipient and are paid only to the extent the applicable performance criteria are met and the Performance-Based RSUs vest and the related stock is issued. The following table summarizes the changes in the number of outstanding restricted stock units for 2021 (shares in millions): Restricted Weighted- Outstanding at December 31, 2020 4.3 $ 21 Granted 1.9 25 Grant adjustment (1) (0.3) 23 Vested (1.3) 21 Forfeited (0.3) 22 Outstanding at December 31, 2021 4.3 $ 22 Expected to vest at December 31, 2021 5.6 $ 22 (1) The Grant Adjustment primarily relates to an adjustment in the quantity of Stock-Price Based RSUs ultimately vested during 2021 that were dependent on the level of achievement of the specified performance conditions. The weighted-average grant-date fair values of awards granted were $21 and $17 per share in 2020 and 2019, respectively. The fair values of awards that vested were $32 million, $23 million and $18 million in 2021, 2020 and 2019, respectively. During 2021, the Company awarded 0.8 million time-based RSUs, which had an aggregate grant date fair value of $18 million, that generally vest in equal annual installments over a three-year period. During 2021, the Company also awarded 1.1 million performance-based RSUs with an aggregate grant date fair value of $29 million, that entitle the recipients to shares of the Company’s common stock 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. The following table summarizes the Company's total unrecognized compensation cost related to stock-based compensation at December 31, 2021: (in millions) Unrecognized Compensation Cost Weighted Average Period of Expense Recognition Restricted stock units $ 43 1 Stock options 10 1 Total $ 53 1 Excess tax benefits (detriments) related to stock-based compensation for 2021, 2020 and 2019 were $1 million, $(8) million and $(14) million, respectively. |
Fair Value Disclosures
Fair Value Disclosures | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | Fair Value DisclosuresAccounting principles generally accepted in the U.S. define fair value as the price that would be received to sell an asset or transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. The authoritative guidance discusses valuation techniques, such as the market approach (comparable market prices), the income approach (present value of future income or cash flow), and the cost approach (cost to replace the service capacity of an asset or replacement cost). These valuation techniques are based upon observable and unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. As the basis for evaluating such inputs, a three-tier value hierarchy prioritizes the inputs used in measuring fair value as follows: Level 1: Observable inputs such as quoted prices for identical assets or liabilities in active markets. Level 2: Observable inputs other than quoted prices that are directly or indirectly observable for the asset or liability, including quoted prices for similar assets or liabilities in active markets; quoted prices for similar or identical assets or liabilities in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. Level 3: Unobservable inputs that reflect the reporting entity’s own assumptions. Recurring Fair Value Measurements The Company’s financial assets and liabilities adjusted to fair value at least annually are its money market fund investments included in cash and cash equivalents, its mutual fund investments included in other assets, and its derivative instruments, which are primarily included in prepaid expenses and other, other assets, other accrued liabilities and other noncurrent liabilities. The following tables present the Company’s non-pension financial assets and liabilities, which are measured at fair value on a recurring basis (in millions): December 31, 2021 December 31, 2020 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Derivatives: Assets $ — $ 40 $ — $ 40 $ — $ 28 $ — $ 28 Liabilities — (57) — (57) — (138) — (138) Investment securities, including mutual funds 13 — — 13 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. During 2019, the Company acquired an equity investment for $18 million, which is traded on an active exchange and therefore has a readily determinable fair value. At December 31, 2021, the fair value of the equity investment was $11 million. For equity investments with readily determinable fair values, the Company recorded unrealized gain of $2 million for 2021, and immaterial and $9 million of unrealized losses for 2020 and 2019, respectively, within other (income) expense, net in the Consolidated Statement of Operations. The Company adjusts its pension asset values to fair value on an annual basis (See Footnote 11 ). 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 9 and Footnote 10 , respectively. Nonrecurring Fair Value Measurements The Company’s non-financial 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 and market multiple methods. 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. The following table summarizes the assets that are measured at fair value on a nonrecurring basis at December 1, (in millions): 2021 2020 Level 3 Indefinite-lived intangibles $ 47 $ 135 At December 31, 2021 and 2020, goodwill of certain reporting units and certain intangible assets are recorded at fair value based upon the Company’s impairment testing. The most significant unobservable inputs (Level 3) used to estimate the fair values of the Company's reporting unit goodwill and indefinite-lived intangible assets are discount rates, which range from 7.5% to 9.5% for reporting unit goodwill and 7.5% to 11.0% for indefinite-lived intangible assets. During the fourth quarter of 2021, a tradename within the Learning and Development segment was measured at fair value of $47 million. See Footnote 7 for further information. During the first quarter 2020, as a result of uncertainty related to the COVID-19 pandemic, certain indefinite-lived intangible assets within Home Appliances, Home Solutions, Learning and Development and Outdoor and Recreation segments were written down to its then fair value of $796 million as of March 31, 2020. During the fourth quarter 2020, a trade name within the Learning and Development segment was measured at its fair value of $135 million. The Company reviews property, plant and equipment 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. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 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. This structure reflects the manner in which the CODM regularly assesses information for decision-making purposes, including the allocation of resources. 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 operating segments are as follows: Segment Key Brands Description of Primary Products Commercial Solutions BRK, First Alert, Mapa, Quickie, Rubbermaid, 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 Appliances Calphalon, Crockpot, Mr. Coffee, Oster and Sunbeam Household products, including kitchen appliances Home Solutions 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 Development Aprica, Baby Jogger, Dymo, Elmer’s, EXPO, Graco, Mr. Sketch, NUK, Paper Mate, Parker, Prismacolor, Sharpie, Tigex, Waterman and X-Acto Baby gear and infant care products; writing instruments, including markers and highlighters, pens and pencils; art products; activity-based adhesive and cutting products and labeling solutions Outdoor and Recreation Campingaz, Coleman, Contigo, ExOfficio, and Marmot Products for outdoor and outdoor-related activities (1) and Ball®, TM of Ball Corporation, used under license. The Company’s segment and geographic results are as follows at and for the years ended December 31, (in millions): 2021 2020 2019 Net sales (1) Commercial Solutions $ 1,953 $ 1,859 $ 1,779 Home Appliances 1,738 1,539 1,500 Home Solutions 2,386 2,138 2,067 Learning and Development 3,028 2,557 2,956 Outdoor and Recreation 1,484 1,292 1,413 $ 10,589 $ 9,385 $ 9,715 2021 2020 2019 Operating income (loss) (2) Commercial Solutions $ 123 $ (89) $ (139) Home Appliances 70 (238) (573) Home Solutions 313 (2) 10 Learning and Development 594 359 582 Outdoor and Recreation 89 (420) (66) Corporate (243) (244) (296) $ 946 $ (634) $ (482) 2021 2020 2019 Depreciation and amortization Commercial Solutions $ 57 $ 57 $ 94 Home Appliances 24 20 22 Home Solutions 88 93 90 Learning and Development 57 64 67 Outdoor and Recreation 35 39 44 Corporate 64 84 129 $ 325 $ 357 $ 446 2021 2020 2019 Impairment of goodwill and intangible assets Commercial Solutions $ 29 $ 320 $ 310 Home Appliances — 287 600 Home Solutions — 302 158 Learning and Development 31 100 25 Outdoor and Recreation — 482 120 $ 60 $ 1,491 $ 1,213 2021 2020 2019 Capital expenditures Commercial Solutions $ 67 $ 72 $ 40 Home Appliances 18 12 11 Home Solutions 46 42 49 Learning and Development 73 69 68 Outdoor and Recreation 24 24 21 Corporate 61 40 59 $ 289 $ 259 $ 248 December 31, 2021 December 31, 2020 Segment assets Commercial Solutions $ 2,522 $ 2,529 Home Appliances 1,055 970 Home Solutions 3,109 3,087 Learning and Development 4,401 4,663 Outdoor and Recreation 907 988 Corporate 2,185 2,463 $ 14,179 $ 14,700 Geographic area information 2021 2020 2019 Net Sales (1) (3) United States $ 6,921 $ 6,260 $ 6,497 Canada 444 413 423 Total North America 7,365 6,673 6,920 Europe, Middle East and Africa 1,647 1,394 1,398 Latin America 810 657 702 Asia Pacific 767 661 695 Total International 3,224 2,712 2,795 $ 10,589 $ 9,385 $ 9,715 (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 for continuing operations. Certain headquarters 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 sales basis, and the allocated depreciation and amortization are included in segment operating income. (3) Geographic sales information is based on the region from which the products are shipped and invoiced. Long-lived assets by geography are not presented because it is impracticable to do so. The Company’s largest customer, Walmart Inc. and subsidiaries (“Walmart”), accounted for approximately 15% of net sales in 2021, 2020 and 2019. Amazon, the Company's second largest customer, accounted for approximately 13%, 12%, and 9% of net sales in 2021, 2020 and 2019, respectively. The following table disaggregates revenue by major product grouping source and geography for the years ended December 31, (in millions): 2021 Commercial Solutions Home Home Learning and Development Outdoor and Recreation Total Commercial $ 1,558 $ — $ — $ — $ — $ 1,558 Connected Home Security 395 — — — — 395 Home Appliances — 1,738 — — — 1,738 Food — — 1,295 — — 1,295 Home Fragrance — — 1,091 — — 1,091 Baby — — — 1,265 — 1,265 Writing — — — 1,763 — 1,763 Outdoor and Recreation — — — — 1,484 1,484 Total $ 1,953 $ 1,738 $ 2,386 $ 3,028 $ 1,484 $ 10,589 North America $ 1,452 $ 976 $ 1,891 $ 2,172 $ 874 $ 7,365 International 501 762 495 856 610 3,224 Total $ 1,953 $ 1,738 $ 2,386 $ 3,028 $ 1,484 $ 10,589 2020 Commercial Solutions Home Home Learning and Development Outdoor and Recreation Total Commercial $ 1,502 $ — $ — $ — $ — $ 1,502 Connected Home Security 357 — — — — 357 Home Appliances — 1,539 — — — 1,539 Food — — 1,220 — — 1,220 Home Fragrance — — 918 — — 918 Baby — — — 1,112 — 1,112 Writing — — — 1,445 — 1,445 Outdoor and Recreation — — — — 1,292 1,292 Total $ 1,859 $ 1,539 $ 2,138 $ 2,557 $ 1,292 $ 9,385 North America $ 1,387 $ 901 $ 1,735 $ 1,845 $ 805 $ 6,673 International 472 638 403 712 487 2,712 Total $ 1,859 $ 1,539 $ 2,138 $ 2,557 $ 1,292 $ 9,385 2019 Commercial Solutions Home Home Learning and Development Outdoor and Recreation Total Commercial $ 1,402 $ — $ — $ — $ — $ 1,402 Connected Home Security 377 — — — — 377 Home Appliances — 1,500 — — — 1,500 Food — — 1,034 — — 1,034 Home Fragrance — — 1,033 — — 1,033 Baby — — — 1,111 — 1,111 Writing — — — 1,845 — 1,845 Outdoor and Recreation — — — — 1,413 1,413 Total $ 1,779 $ 1,500 $ 2,067 $ 2,956 $ 1,413 $ 9,715 North America $ 1,345 $ 909 $ 1,661 $ 2,091 $ 914 $ 6,920 International 434 591 406 865 499 2,795 Total $ 1,779 $ 1,500 $ 2,067 $ 2,956 $ 1,413 $ 9,715 |
Litigation and Contingencies
Litigation and Contingencies | 12 Months Ended |
Dec. 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 U.S. Securities and Exchange Commission (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, testimony and information and intends to continue to do so. The Company cannot predict the timing or outcome of this investigation. Further, on June 30, 2021, the Company received a subpoena from the SEC requesting the production of documents related to its disclosure of the potential impact of the U.S. Treasury regulations described in Footnote 12 - Income Taxes. 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 that was previously pending in the United States District Court for the District of New Jersey. That matter was dismissed by the District Court on January 10, 2020, and the dismissal was affirmed by the United States District Court of Appeals for the Third Circuit on December 1, 2020. The complaints seek 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. The Company is currently unable to predict the ultimate timing or outcome of this litigation or reasonably estimate the range of possible losses. The Company maintains insurance intended to cover losses arising out of this litigation up to specified limits (subject to deductibles, coverage limits and other terms and conditions), but any losses may exceed our current coverage levels, which could have an adverse impact on our financial results. Jarden Acquisition Under the Delaware General Corporation Law (“DGCL”), any Jarden stockholder who did not vote in favor of adoption of the Agreement and Plan of Merger for the Jarden acquisition, and who otherwise complies with the provisions of Section 262 of the DGCL, was entitled to seek an appraisal of his or her shares of Jarden common stock by the Court of Chancery of the State of Delaware as provided under Section 262 of the DGCL. Two separate appraisal petitions, styled as Dunham Monthly Distribution Fund v. Jarden Corporation , Case No. 12454-VCS (Court of Chancery of the State of Delaware), and Merion Capital LP v. Jarden Corporation , Case No. 12456-VCS (Court of Chancery of the State of Delaware), respectively, were filed on June 14, 2016 by a total of ten purported Jarden stockholders seeking an appraisal of the fair value of their shares of Jarden common stock pursuant to Section 262 of the DGCL. A third appraisal petition, Fir Tree Value Master Fund, LP v. Jarden Corporation , Case No. 12546-VCS (Court of Chancery of the State of Delaware), was filed on July 8, 2016 by two purported Jarden stockholders seeking an appraisal of the fair value of their shares of Jarden common stock pursuant to Section 262 of the DGCL. A fourth appraisal petition, Veritian Partners Master Fund LTP v. Jarden Corporation , Case No. 12650-VCS (Court of Chancery of the State of Delaware), was filed on August 12, 2016 by two purported Jarden stockholders seeking an appraisal of the fair value of their shares of Jarden common stock pursuant to Section 262 of the DGCL. On or about October 3, 2016, the foregoing petitions were consolidated for joint prosecution under Case No. 12456-VCS. The holders of a total of approximately 10.6 million former Jarden shares were represented in these actions initially. On July 5, 2017 and July 6, 2017, Jarden and 11 of the dissenting stockholders (collectively, the “Settling Petitioners”), entered into settlement agreements with respect to approximately 7.7 million former Jarden shares (collectively, the “Settlement Agreements”). Pursuant to the Settlement Agreements, in exchange for withdrawing their respective demands for appraisal of their shares of Jarden common stock and a full and final release of all claims, among other things, the Settling Petitioners received the original merger consideration provided for under the Merger Agreement, specifically (1) 0.862 of a share of Newell common stock, and (2) $21.00 in cash, per share of Jarden common stock (collectively, the “Merger Consideration”), excluding any and all other benefits, including, without limitation, the right to accrued interest, dividends, and/or distributions. Accordingly, pursuant to the terms of the Settlement Agreements, Newell issued 6.6 million shares of Newell common stock to the Settling Petitioners (representing the stock component of the Merger Consideration), and authorized payment to the Settling Petitioners of approximately $162 million (representing the cash component of the Merger Consideration). On July 19, 2019, the Court issued an order in which it determined that the fair value of the remaining Jarden shares at the date of the Merger was $48.31 per share, reflecting approximately $140 million in value to be paid in cash to the remaining dissenting shareholders. The Court also ordered the payment of accrued interest, compounded quarterly, and accruing from the date of closing to the date of payment. Following an unsuccessful motion for re-argument by the remaining dissenting shareholders, the Court entered judgment on its valuation on October 2, 2019. On October 4, 2019, the Company paid the judgment in the amount of approximately $177 million, which terminated the accumulation of interest on the judgment amount. On July 9, 2020, following an appeal by the dissenting shareholders, the Supreme Court of Delaware affirmed the judgment. The Company reflected the amounts of $171 million and $6 million, respectively, as a financing cash outflow and operating cash outflow in the Company’s Consolidated Statement of Cash Flows for the year ended December 31, 2019. 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 December 31, 2021 was $36 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. The site is also subject to a Natural Resource Damage Assessment. 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 U.S. 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. In September 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, with the intent of eventually offering cash-out settlements to a number of parties, and the expectation that the private PRPs responsible for release of dioxin, furans, and/or PCBs will perform the lower 8.3 mile remedial action. The allocation process has concluded. U.S. EPA and certain parties to the allocation process, including the Company (for itself and Berol), have reached an agreement in principle concerning a cash-out settlement for the entire 17-mile stretch of the Lower Passaic River and its tributaries (i.e., including both the lower 8.3 miles and the upper 9 mile sections), which is subject to the negotiation and court entry of a consent decree. 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 “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 parties subsequently completed their submittal of the IR FS, and on September 7, 2021, U.S. EPA approved the IR FS. On October 4, 2021, U.S. EPA issued an interim ROD selecting a combination of dredging and capping as the remedial alternative to this portion of the river, at a total cost of $441 million (the “2021 ROD”). A cash-out settlement for the upper 9 miles is part of the agreement in principle noted above among the parties and U.S. EPA. 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 established, 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. In a Motion for Stay of Proceedings filed January 14, 2022, certain defendants and all third-party defendants in the OCC litigation moved the court to stay the case for a six-month period to allow the final stage of the United States’ parallel allocation proceedings and resulting settlement negotiations to conclude. U.S. EPA provided a letter to the moving parties describing the status of these settlement discussions, which was filed as an exhibit to the Brief in Support of the Motion for Stay of Proceedings. The U.S. District Court of New Jersey is currently considering whether to rule on the Motion for Stay of Proceedings. As of the date of filing of this Annual Report, based on the agreement in principle noted above, the Company does not expect that its allocation for response actions contemplated in the 2016 ROD and 2021 ROD described above will be material to the Company. For the remainder of this matter, the Company is currently unable to reasonably estimate the range of possible losses. 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. 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 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. In 2021, the Company recorded an immaterial reserve to continuing operations in its Consolidated Financial Statements based on its best estimate of probable loss associated with this matter. Further, in connection with the Company’s sale of The United States Playing Card Company (“USPC”), Cartamundi, Inc. and Cartamundi España, S.L., (the “Buyers”) have notified the Company of their contention that certain representations and warranties in the Stock Purchase Agreement, dated June 4, 2019, were inaccurate and/or breached, and have sought indemnification to the extent that the Buyers are required to pay related damages arising out of a third party lawsuit that was recently filed against USPC. Although management of the Company cannot predict the ultimate outcome of other 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 Condensed Consolidated Financial Statements, except as otherwise described in this Footnote 18 . At December 31, 2021, the Company had approximately $49 million in standby letters of credit primarily related to the Company’s self-insurance programs, including workers’ compensation, product liability and medical expenses. |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2021 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Valuation and Qualifying Accounts | Valuation and Qualifying Accounts Balance at Beginning of Period Provision Other Write-offs/ Balance at End of Period (in millions) Reserve for Expected Credit Losses: Year Ended December 31, 2021 $ 36 $ 1 $ (2) $ (8) $ 27 Year Ended December 31, 2020 29 17 — (10) 36 Year Ended December 31, 2019 27 11 — (9) 29 Balance at Beginning of Period Provision Other Write-offs/ Balance at End of Period (in millions) Inventory Reserves: Year Ended December 31, 2021 $ 82 $ 78 $ (2) $ (66) $ 92 Year Ended December 31, 2020 78 68 2 (66) 82 Year Ended December 31, 2019 84 56 — (62) 78 Balance at Beginning of Period Provision Other Write-offs/ Balance at End of Period (in millions) Income Tax Valuation Allowance Year Ended December 31, 2021 $ 213 $ 31 $ (7) $ (51) $ 186 Year Ended December 31, 2020 271 30 5 (93) 213 Year Ended December 31, 2019 195 122 (1) (45) 271 |
Basis of Presentation and Sig_2
Basis of Presentation and Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and include the consolidated accounts of the Company and its majority-owned subsidiaries after elimination of intercompany transactions and balances. The preparation of these consolidated financial statements requires the use of certain estimates and assumptions by management in determining the Company’s assets, liabilities, sales and expenses, and related disclosures. Significant estimates in these Consolidated Financial Statements include restructuring charges, estimates of future cash flows associated with asset impairments, useful lives for depreciation and amortization, loss contingencies (including legal, environmental and product liability reserves), net realizable value of inventories, estimated contract revenue and related variable consideration, capitalized software costs, income taxes, uncertain tax provisions, tax valuation allowances, and pension and postretirement employee benefit liabilities and expenses. Actual results could differ from those estimates. |
Concentration of Credit Risk | Concentration of Credit Risk The Company’s forward exchange contracts generally do not subject the Company to risk due to foreign exchange rate movement, because gains and losses on these instruments generally offset gains and losses on the assets, liabilities and other transactions being hedged. The Company is exposed to credit-related losses in the event of non-performance by counterparties to certain derivative financial instruments. The Company does not obtain collateral or other security to support derivative financial instruments subject to credit risk, but monitors the credit standing of its counterparties. |
Revenue Recognition | Revenue Recognition The Company recognizes revenue when performance obligations under the terms of a contract with the customer are satisfied and are recognized at a point in time, which generally occurs either on shipment or on delivery based on contractual terms, which is also when control is transferred. The Company’s primary performance obligation is the distribution and sales of its consumer and commercial products to its customers. In the normal course of business, the Company offers warranties for a variety of its products. The specific terms and conditions of the warranties vary depending upon the specific product and markets in which the products were sold. The Company accrues for the estimated cost of product warranty at the time of sale based on historical experience. Revenue is measured as the amount of consideration for which the Company expects to be entitled in exchange for transferring goods or providing services. Certain customers may receive cash and/or non-cash incentives such as cash discounts, returns, credits or reimbursements related to defective products, customer discounts (such as volume or trade discounts), cooperative advertising and other customer-related programs, which are accounted for as variable consideration. In some cases, the Company applies judgment, including contractual rates and historical payment trends, when estimating variable consideration. In addition, the Company participates in various programs and arrangements with customers designed to increase the sale of products by these customers. Among the programs negotiated are arrangements under which allowances are earned by customers for attaining agreed-upon sales levels or for participating in specific marketing programs. Coupon programs are also developed on a customer- and territory-specific basis. Under customer programs and arrangements that require sales incentives to be paid in advance, the Company amortizes the amount paid over the period of benefit or contractual sales volume. When incentives are paid in arrears, the Company accrues the estimated amount to be paid based on the program’s contractual terms, expected customer performance and/or estimated sales volume. These estimates are determined using historical customer experience and other factors, which sometimes require significant judgment. Due to the length of time necessary to obtain relevant data from customers, among other factors, actual amounts paid can differ from these estimates. Sales taxes and other similar taxes are excluded from revenue. The Company elected to account for shipping and handling activities as a fulfillment cost. The Company also elected not to disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which revenue is recognized at the amount to which the Company has the right to invoice for services performed. |
Goodwill and Indefinite-Lived Intangibles | Goodwill and Indefinite-Lived Intangibles Goodwill and indefinite-lived intangibles are tested and reviewed for impairment annually during the fourth quarter (on December 1), or more frequently if facts and circumstances warrant. Goodwill Goodwill is tested for impairment at a reporting unit level, and all of the Company’s goodwill is assigned to its reporting units. Reporting units are determined based upon the Company’s organizational structure in place at the date of the goodwill impairment testing and generally one level below the operating segment level. The Company’s operations are comprised of eight reporting units, within its five primary operating segments. The Company may use a qualitative approach, and when appropriate, has bypassed the qualitative and used a quantitative approach, which involves comparing the fair value of each of the reporting units to the carrying value of those reporting units. If the carrying value of a reporting unit exceeds its fair value, an impairment loss would be calculated as the difference between these amounts, limited to the amount of reporting unit goodwill allocated to the reporting unit. The quantitative goodwill impairment testing requires significant use of judgment and assumptions, such as 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, discount rates and total enterprise value. The income approach used is the discounted cash flow methodology and is based on five-year cash flow projections. The cash flows projected are analyzed on a debt-free basis (before cash payments to equity and interest-bearing debt investors) in order to develop an enterprise value from operations for the reporting unit. A provision is made, based on these projections, for the value of the reporting unit at the end of the forecast period, or terminal value. The present value of the finite-period cash flows and the terminal value are determined using a selected discount rate. |
Other Long-Lived Assets | Other Long-Lived AssetsThe Company continuously evaluates whether impairment indicators related to its property, plant and equipment, operating leases and other long-lived assets are present. These impairment indicators may include a significant decrease in the market price of a long-lived asset or asset group, early termination of an operating lease, a significant adverse change to the extent or manner in which a long-lived asset or asset group is being used or in its physical condition, or a current-period operating or cash flow loss combined with a history of operating or cash flow losses or a forecast that demonstrates continuing losses associated with the use of a long-lived asset or asset group. If impairment indicators are present, the Company estimates the future cash flows for the asset or group of assets. The sum of the undiscounted future cash flows attributable to the asset or group of assets is compared to their carrying amount. The cash flows are estimated utilizing various assumptions regarding future sales and expenses, working capital and proceeds from asset disposals on a basis consistent with the Company’s forecasts. If the carrying amount exceeds the sum of the undiscounted future cash flows, the Company discounts the future cash flows using a discount rate required for a similar investment of like risk and records an impairment charge as the difference between the fair value and the carrying value of the asset group. The Company performs its testing of the asset group at the reporting unit level, as this is the lowest level for which identifiable cash flows are available, with the exception of the Yankee Candle business, where testing is performed at the retail store level. |
Income Taxes | Income Taxes The Company accounts for deferred income taxes using the asset and liability approach. Under this approach, deferred income taxes are recognized based on the tax effects of temporary differences between the financial statement and tax bases of assets and liabilities, as measured by current enacted tax rates. Valuation allowances are recorded to reduce the deferred tax assets to an amount that will more likely than not be realized. The Company regularly reviews its deferred tax assets for recoverability considering historical profitability, projected future taxable income, the expected timing of the reversals of existing temporary differences and tax planning strategies. |
Sales of Accounts Receivables | Sales of Accounts Receivables Factored receivables at the end of 2021 associated with the existing factoring agreement (the “Customer Receivables Purchase Agreement”) were approximately $500 million, an increase of approximately $150 million from December 31, 2020. Transactions under this agreement are accounted for as sales of accounts receivable, and the receivables sold are removed from the 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 and collections of accounts receivables not yet submitted to the financial institution as a financing cash flow in the Consolidated Statement of Cash Flows. The Company records the discount as other (income) expense, net in the Consolidated Statement of Operations. |
Cash, Cash Equivalents and Restricted Cash | Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents include cash on hand and highly liquid investments that have a maturity of three months or less when purchased. Restricted cash reflects cash received on previously sold customer receivables in connection with the factoring program |
Accounts Receivable, Net | Accounts Receivable, Net Accounts receivable, net, include amounts billed and due from customers. Payment terms vary but generally are 90 days or less. An allowance for expected credit losses is based on the amount ultimately expected to be collected from the customer. The Company evaluates the collectability of accounts receivable based on a combination of factors including the length of time the receivables are past due, historical collection experience, current market conditions and forecasted direction of economic and business environment. Accounts deemed uncollectible are written off, net of expected recoveries. |
Capitalized Software Costs | Capitalized Software Costs The Company capitalizes costs associated with internal-use software during the application development stage after both the preliminary project stage has been completed and the Company’s management has authorized and committed to funding for further project development. Capitalized internal-use software costs include: (i) external direct costs of materials and services consumed in developing or obtaining the software; (ii) payroll and payroll-related costs for employees who are directly associated with and who devote time directly to the project; and (iii) interest costs incurred while developing the software. Capitalization of these costs ceases no later than the point at which the project is substantially complete and ready for its intended purpose. The Company expenses as incurred research and development, general and administrative, and indirect costs associated with internal-use software. In addition, the Company expenses as incurred training, maintenance and other internal-use software costs incurred during the post-implementation stage. Costs associated with upgrades and enhancements of internal-use software are capitalized only if such modifications result in additional functionality of the software. The Company amortizes internal-use software costs using the straight-line method over the estimated useful life of the software. Capitalized software costs are evaluated annually for indicators of impairment, including but not limited to a significant change in available technology or the manner in which the software is being used. Impaired items are written down to their estimated fair values. Capitalized implementation costs for certain qualified Software-as-a-Service (“SaaS”) arrangements are also subject to the same accounting criteria described above, when the Company does not own the intellectual property for the software license used in the arrangement. SaaS arrangements are included in prepaid expenses and other current assets and other assets in the Consolidated Balance Sheets. The straight-line amortization of these costs is presented along with the fees related to the hosted cloud computing service in the Consolidated Statements of Operations. |
Product Liability Reserves | Product Liability Reserves The Company has a self-insurance program for product liability that includes reserves for self-retained losses and certain excess and aggregate risk transfer insurance. The Company uses historical loss experience combined with actuarial evaluation methods, review of significant individual files and the application of risk transfer programs in determining required product liability reserves. The Company’s actuarial evaluation methods take into account claims incurred but not reported when determining the Company’s product liability reserve. While the Company believes that it has adequately reserved for these claims, the ultimate outcome of these matters may exceed the amounts recorded by the Company, and such additional losses may be material to the Company’s Consolidated Financial Statements. |
Product Warranties | Product Warranties In the normal course of business, the Company offers warranties for a variety of its products. The specific terms and conditions of the warranties vary depending upon the specific product and markets in which the products were sold. The Company accrues for the estimated cost of product warranty at the time of sale based on historical experience. |
Advertising Costs | Advertising CostsThe Company expenses production costs of print, radio, television and other advertisements as of the first date the advertisements take place, and the Company expenses all other advertising and marketing costs when incurred. |
Research and Development Costs | Research and Development CostsResearch and development costs relating to both future and current products are charged to SG&A as incurred. |
Recent Accounting Pronouncements and Adoption of 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 In December 2019, the FASB issued ASU 2019-12, “Simplifying the Accounting for Income Taxes” (Topic 740) , which removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. ASU 2019-12 became 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. In August 2018, the FASB issued ASU 2018-15, “ Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. ” ASU 2018-15 clarifies the accounting treatment for fees paid by a customer in a cloud computing arrangement (hosting arrangement) by providing guidance for determining when the arrangement includes a software license. ASU 2018-15 is effective for public business entities for years, and interim periods within those years, beginning after December 15, 2019. The Company adopted ASU 2018-15 prospectively to all implementation costs incurred after January 1, 2020, the date of adoption. The adoption of ASU 2018-15 did not have a material impact on the Company’s consolidated financial statements. In August 2018, the FASB issued ASU 2018-14, “Compensation-Retirement Benefits-Defined Benefit Plans-General (Subtopic 715-20): Disclosure Framework-Changes to the Disclosure Requirements for Defined Benefit Plans.” ASU 2018-14 modifies disclosure requirements for defined benefit pension and other postretirement plans. ASU 2018-14 is effective for fiscal years ending after December 15, 2020. As ASU 2018-14 only impacts the disclosure requirements related to defined benefit pension and other postretirement plans, the adoption of ASU 2018-14 did not have a material impact on the Company’s consolidated financial statements. |
Restructuring | The Company has engaged and expects to continue to engage in restructuring activities, which requires management to utilize significant estimates related to the timing and amount of severance and other employee separation costs for workforce reductions and other separation programs and other exit costs associated with restructuring activities. The Company's accrual for severance and other employee separation costs depends on whether the costs result from an ongoing severance plan or are one-time costs. The Company accounts for relevant expenses as severance costs when we have an established severance policy, statutory requirements dictate the severance amounts, or if our historical experience is to routinely provide certain benefits to impacted employees. The Company recognizes severance costs when it is probable that benefits will be paid and the amount can be reasonably estimated. The Company estimates one-time severance and other employee costs related to exit and disposal activities not resulting from an ongoing severance plan based on the benefits available to the employees being terminated. The Company recognizes these costs when we identify the specific classification or functions of the employees being terminated, notify the employees who might be included in the termination, and expect to terminate employees within the legally required notification period. When employees are receiving incentives to stay beyond the legally required notification period, we record the cost of their severance over the remaining service period. |
Inventory | Inventories are stated at the lower of cost or net realizable value using the last-in, first-out (“LIFO”) or first-in, first-out (“FIFO”) methods. The Company reduces its inventory value for estimated obsolete and slow-moving inventory in an amount equal to the difference between the cost of inventory and the net realizable value based upon assumptions about future demand and market conditions. If actual market conditions are less favorable than those projected by management, additional inventory write-downs may be required. |
Property, Plant and Equipment | Property, plant and equipment are stated at cost. Expenditures for maintenance and repairs are expensed as incurred. Depreciation expense is calculated principally on the straight-line basis. Useful lives determined by the Company are as follows: buildings and improvements (20 - 40 years) and machinery and equipment (3 - 15 years). |
Derivative Instruments | Derivatives Derivative financial instruments are generally used to manage certain commodity, interest rate and foreign currency risks. These instruments primarily include interest rate swaps, forward starting interest rate swaps, forward exchange contracts and options. The Company’s forward exchange contracts and options generally do not subject the Company to exchange rate risk because gains and losses on these instruments generally offset gains and losses on the assets, liabilities and other transactions being hedged. However, these instruments, when settled, impact the Company’s cash flows from operations to the extent the underlying transaction being hedged is not simultaneously settled due to an extension, a renewal or otherwise. On the date when the Company enters into a derivative, the derivative is designated as a hedge of the identified exposure. The Company measures effectiveness of its hedging relationships both at hedge inception and on an ongoing basis. 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. |
Foreign Currency Operations | Foreign Currency OperationsAssets and liabilities of foreign subsidiaries are translated into U.S. dollars at the rates of exchange in effect at year-end. The related translation adjustments are made directly to AOCL. Income and expenses are translated at the average monthly rates of exchange in effect during the year. Foreign currency transaction gains and losses are included in the results of operations and are generally classified in other (income) expense, net, in the Consolidated Statements of Operations. The Company designates certain foreign currency denominated, long-term intercompany financing transactions as being of a long-term investment nature and records gains and losses on the transactions arising from changes in exchange rates as translation adjustments. |
Pensions and Postretirement Benefits | The Company and its subsidiaries have noncontributory pension, profit sharing and contributory 401(k) plans covering substantially all of their international and domestic employees. Pension plan benefits are generally based on years of service and/or compensation. The Company’s funding policy is to contribute not less than the minimum amounts required by the Employee Retirement Income Security Act of 1974, as amended, the Internal Revenue Code of 1986, as amended, or foreign statutes to ensure that plan assets will be adequate to provide retirement benefits.The funded status of the Company’s defined benefit pension plans and postretirement benefit plans is recognized in the Consolidated Balance Sheets. The funded status is measured as the difference between the fair value of plan assets and the benefit obligation at December 31, the measurement date. For defined benefit pension and postretirement benefit plans, the benefit obligation is the projected benefit obligation (“PBO”), which represents the actuarial present value of benefits expected to be paid upon retirement based on employee services already rendered and estimated future compensation levels. The fair value of plan assets represents the current market value of assets held for the sole benefit of participants. Over funded plans, with the fair value of plan assets exceeding the benefit obligation, are aggregated and recorded as a prepaid pension asset equal to this excess. Underfunded plans, with the benefit obligation exceeding the fair value of plan assets, are aggregated and recorded as a retirement and postretirement benefit obligation equal to this excess. The current portion of the retirement and postretirement benefit obligations represents the actuarial present value of benefits payable in the next 12 months exceeding the fair value of plan assets, measured on a plan-by-plan basis. This obligation is recorded in other accrued liabilities in the Consolidated Balance Sheets. Net periodic pension and postretirement benefit cost/(income) is recorded in the Consolidated Statements of Operations and includes service cost, interest cost, expected return on plan assets, amortization of prior service costs/(credits) and (gains)/losses previously recognized as a component of AOCL and amortization of the net transition asset remaining in AOCL. The service cost component of net benefit cost is recorded in cost of products sold and SG&A in the Consolidated Statements of Operations (unless eligible for capitalization) based on the employees’ respective functions. The other components of net benefit cost are presented separately from service cost within other (income) expense, net in the Consolidated Income Statement. (Gains)/losses and prior service costs/(credits) are recognized as a component of OCL in the Consolidated Statements of Comprehensive Income (Loss) as they arise. Those (gains)/losses and prior service costs/(credits) are subsequently recognized as a component of net periodic cost/(income) pursuant to the recognition and amortization provisions of applicable accounting guidance. (Gains)/losses arise as a result of differences between actual experience and assumptions or as a result of changes in actuarial assumptions. Prior service costs/(credits) represent the cost of benefit changes attributable to prior service granted in plan amendments. The measurement of benefit obligations and net periodic cost/(income) is based on estimates and assumptions approved by the Company’s management. These valuations reflect the terms of the plans and use participant-specific information such as compensation, age and years of service, as well as certain assumptions, including estimates of discount rates, expected return on plan assets, rate of compensation increases, interest crediting rates and mortality rates. |
Leases | The Company recognizes a right of use (“ROU”) asset and a liability for all leases whose term is more than 12 months at the lease inception date. ROU assets and lease liabilities are recognized at commencement date based on the present value of lease payments over the lease term, which includes any extension the Company reasonably expects to exercise. The Company assesses whether certain service arrangements contain embedded leases where the contract conveys the right to use an asset but is not explicitly identified as a lease arrangement; examples include information technology, third-party logistics and original equipment manufacturers. The Company uses incremental borrowing rates, updated quarterly, that reflect its own external unsecured borrowing rates that are risk-adjusted to approximate secured borrowing rates over similar terms. For certain non-real estate leases, the portfolio approach is used. The Company also has lease agreements with lease and non-lease components, which are accounted for as a single lease component. Operating lease expense is recognized on a straight-line basis over the lease term. Operating lease assets and operating lease liabilities are reported as separate lines in the Consolidated Balance Sheets. The current portion of operating lease liabilities is reported in other accrued liabilities in the Consolidated Balance Sheets. For finance leases, lease payments are allocated between interest expense and reduction of the liability in accordance with an amortization schedule. The ROU asset is amortized on a straight-line basis over the lease term. Assets acquired under finance leases are reported in property, plant and equipment, net. The depreciable life of leasehold improvements and other lease-related assets are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. |
Share-Based Compensation | Stock-based compensation expense is adjusted for estimated forfeitures and is recognized on a straight-line basis over the requisite service period of the award, which is generally three years for stock options and one |
Discontinued Operations and D_2
Discontinued Operations and Divestitures (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Summary of Amounts Included in Discontinued Operations | The following table provides a summary of amounts included in discontinued operations for the year ended December 31, 2019 (in millions): Net sales $ 368 Cost of products sold 266 Gross profit 102 Selling, general and administrative expenses 48 Impairment of goodwill, intangibles and other assets 112 Operating loss (58) Non-operating income, net (1) 10 Loss before income taxes (48) Income tax provision 31 Net loss $ (79) (1) Includes gains on sale of discontinued operations of $7 million. |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Components of Accumulated Other Comprehensive Income (Loss) | The following tables display the components of accumulated other comprehensive income (loss) (“AOCL”), net of tax, as of and for the years ended December 31, 2021 and 2020 (in millions): Cumulative Pension and Postretirement Cost Derivative Financial Instruments AOCL Balance at December 31, 2019 $ (479) $ (399) $ (42) $ (920) Other comprehensive income (loss) before reclassifications (2) (4) 3 (3) Amounts reclassified to earnings — 47 (4) 43 Net current period other comprehensive income (loss) (2) 43 (1) 40 Balance at December 31, 2020 $ (481) $ (356) $ (43) $ (880) Other comprehensive income (loss) before reclassifications (94) 46 11 (37) Amounts reclassified to earnings — 18 17 35 Net current period other comprehensive income (loss) (94) 64 28 (2) Balance at December 31, 2021 $ (575) $ (292) $ (15) $ (882) |
Reclassifications from AOCL to Results of Operations | Reclassifications from AOCL to the results of operations for the years ended December 31, were pre-tax (income) expense of (in millions): 2021 2020 2019 Pension and postretirement benefit plans (1) $ 23 $ 72 $ 9 Derivative financial instruments for effective cash flow hedges (2) 23 (6) (7) (1) See Footnote 11 for further information. (2) See Footnote 10 for further information. |
Schedule of Income Tax Provision (Benefit) Allocated to Components of AOCL | The income tax provision (benefit) allocated to the components of AOCL for the years ended December 31, are as follows (in millions): 2021 2020 2019 Foreign currency translation adjustments $ 20 $ (28) $ — Unrecognized pension and postretirement costs 20 23 — Derivative financial instruments 9 (1) (3) Income tax provision (benefit) related to AOCL $ 49 $ (6) $ (3) |
Restructuring (Tables)
Restructuring (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring Costs Incurred by Reportable Business Segment | Restructuring costs incurred by reportable business segment for all restructuring activities in continuing operations for the years ended December 31, are as follows (in millions): 2021 2020 2019 Commercial Solutions $ 4 $ 4 $ 3 Home Appliances 4 1 2 Home Solutions 3 10 9 Learning and Development 1 3 6 Outdoor and Recreation 3 2 2 Corporate 1 1 5 $ 16 $ 21 $ 27 |
Schedule of Accrued Restructuring Costs Activity | Accrued restructuring costs activity for the year ended December 31, 2021 are as follows (in millions): Balance at December 31, 2020 Restructuring Costs, Net Payments Foreign Currency and Other Balance at December 31, 2021 Severance and termination costs $ 7 $ 13 $ (12) $ — $ 8 Contract termination and other costs 4 3 (4) (1) 2 $ 11 $ 16 $ (16) $ (1) $ 10 Accrued restructuring costs activity for the year ended December 31, 2020 are as follows (in millions): Balance at December 31, 2019 Restructuring Costs, Net Payments Foreign Currency and Other Balance at December 31, 2020 Severance and termination costs $ 10 $ 15 $ (18) $ — $ 7 Contract termination and other costs 12 6 (9) (5) 4 $ 22 $ 21 $ (27) $ (5) $ 11 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Components of Net Inventories | The components of inventories were as follows at December 31, (in millions): 2021 2020 Raw materials and supplies $ 310 $ 252 Work-in-process 167 157 Finished products 1,520 1,229 $ 1,997 $ 1,638 |
Property, Plant_and Equipment_2
Property, Plant and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment, Net | Property, plant and equipment, net, consisted of the following at December 31, (in millions): 2021 2020 Land $ 82 $ 86 Buildings and improvements 678 664 Machinery and equipment 2,387 2,314 3,147 3,064 Less: Accumulated depreciation (1,943) (1,888) $ 1,204 $ 1,176 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Changes in Goodwill by Reportable Business Segment | A summary of changes in the Company’s goodwill by reportable business segment is as follows for 2021 and 2020 (in millions): December 31, 2021 Segments: Net Book Value at December 31, 2020 Foreign Gross Accumulated Net Book Commercial Solutions $ 747 $ — $ 1,241 $ (494) $ 747 Home Appliances — — 569 (569) — Home Solutions 164 — 2,567 (2,403) 164 Learning and Development 2,642 (49) 3,439 (846) 2,593 Outdoor and Recreation — — 788 (788) — $ 3,553 $ (49) $ 8,604 $ (5,100) $ 3,504 December 31, 2020 Segments: Net Book Value at December 31, 2019 Other Impairment Foreign Gross Accumulated Net Book Commercial Solutions $ 747 $ — $ — $ — $ 1,241 $ (494) $ 747 Home Appliances 200 — (200) — 569 (569) — Home Solutions 176 — (12) — 2,567 (2,403) 164 Learning and Development 2,586 (3) — 59 3,488 (846) 2,642 Outdoor and Recreation — — — — 788 (788) — $ 3,709 $ (3) $ (212) $ 59 $ 8,653 $ (5,100) $ 3,553 (1) During the third quarter of 2020, the Company divested a product line in its Learning and Development segment and allocated $3 million of reporting unit goodwill to the calculation of loss on disposal of business. See Footnote 2 for further information. (2) 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 goodwill associated with its Home Appliances and Food reporting units were fully impaired and recorded a non-cash charge of $212 million to reduce the reporting units' goodwill to zero. See Footnote 1 for further information. |
Summary of Other Intangible Asset Impairment Charges Allocated to Reporting Segments | The impairment charges for the acquired intangible assets were recorded in the Company’s reporting segments as follows for the years ended December 31, (in millions): 2021 (1) 2020 (2) 2019 (3) Impairment of acquired intangible assets Commercial Solutions $ 29 $ 320 $ 152 Home Appliances — 87 607 Home Solutions — 290 152 Learning and Development 31 100 24 Outdoor and Recreation — 482 118 $ 60 $ 1,279 $ 1,053 (1) During the fourth quarter of 2021, in conjunction with its annual impairment testing, the Company recorded non-cash impairment charges of $60 million associated with tradenames in the Commercial Solution and Learning and Development segments, as the carrying values exceeded the fair values, reflecting a downward revision of future expected cash flows, which include the impact of the COVID-19 global pandemic. Further impairments may occur if future expected cash flows are not achieved. (2) During the fourth quarter of 2020, in conjunction with its annual impairment testing, the Company recorded a non-cash impairment charge of $20 million associated with a tradename in the Learning and Development segment, as its carrying value exceeded its fair value. The impairment reflected a downward revision of forecasted results due to the impact of the delayed and limited re-opening of schools and offices as a result of the COVID-19 global pandemic, as well as the continued deterioration in sales for slime-related adhesive products. During the first quarter of 2020, as a result of the impairment testing performed in connection with COVID-19 pandemic triggering event, the Company determined that certain of its indefinite-lived intangible assets in all of its operating segments were impaired and recorded non-cash impairment charges of $1.3 billion to reflect the impairment of these indefinite-lived tradenames because their carrying values exceeded their fair values. (3) The carrying value of certain Home Appliances tradenames exceeded their fair value primarily due to the announced tariffs on Chinese imports, as well as a decline in sales volume due to a loss in market share for certain appliance categories driven by the success of newly launched competitive products. Both of these factors resulted in downward revisions to forecasted results. In 2019, the Company recorded impairment charges in the Commercial Solution segment to reflect a decrease in the carrying values of Mapa/Spontex and Quickie while these businesses were classified as held for sale. In the Home Solutions segment, the impairment charges relate to certain Home Fragrance trademarks/tradenames. The Home Fragrance business has experienced a shift in product mix, which resulted in a downward revision to forecasted results for one of its tradenames. In the Learning and Development segment, the impairment charge related to certain Writing trademarks/tradenames. The Writing business experienced softening trends in sales of slime-related adhesive products. Related sales of such products during the fourth quarter of 2019 deteriorated at a faster rate than expected, which resulted in a downward revision to forecasted results for one of its tradenames. The carrying value of certain Outdoor and Recreation tradenames exceeded their fair value primarily due to decline in demand for certain products, which resulted in a downward revision of forecasted results. |
Schedule of Other Intangible Assets and Related Amortization Periods | The table below summarizes the balance of other intangible assets, net and the related amortization periods using the straight-line method and attribution method at December 31, 2021 and 2020 (in millions): December 31, 2021 December 31, 2020 Gross Accumulated Net Gross Accumulated Net Amortization Tradenames - indefinite life $ 2,219 $ — $ 2,219 $ 2,331 $ — $ 2,331 N/A Tradenames - other 159 (65) 94 157 (55) 102 2 - 15 Capitalized software 631 (495) 136 625 (486) 139 3 - 12 Patents and intellectual property 22 (14) 8 67 (52) 15 3 - 14 Customer relationships and distributor channels 1,216 (303) 913 1,259 (282) 977 3 - 30 $ 4,247 $ (877) $ 3,370 $ 4,439 $ (875) $ 3,564 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | At December 31, 2021, the aggregate estimated intangible amortization amounts for the succeeding five years are as follows (in millions): Years ending December 31, Amount 2022 $ 107 2023 103 2024 90 2025 80 2026 70 Thereafter 701 |
Other Accrued Liabilities (Tabl
Other Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accrued Liabilities, Current [Abstract] | |
Schedule of Other Accrued Liabilities | Other accrued liabilities included the following at December 31, (in millions): 2021 2020 Customer accruals $ 715 $ 683 Accrued self-insurance liabilities, contingencies and warranty 125 108 Operating lease liabilities 122 129 Accrued marketing and freight expenses 59 57 Accrued interest expense 56 60 Accrued income taxes 43 66 Other 244 290 $ 1,364 $ 1,393 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Summary of Debt | The following is a summary of outstanding debt at December 31, (in millions): 2021 2020 3.15% senior notes due 2021 $ — $ 94 3.75% senior notes due 2021 — 369 4.00% senior notes due 2022 — 250 3.85% senior notes due 2023 1,086 1,090 4.00% senior notes due 2024 200 200 4.875% senior notes due 2025 494 492 3.90% senior notes due 2025 47 47 4.20% senior notes due 2026 1,975 1,973 5.375% senior notes due 2036 417 416 5.50% senior notes due 2046 658 657 Other debt 9 19 Total debt 4,886 5,607 Short-term debt and current portion of long-term debt (3) (466) Long-term debt $ 4,883 $ 5,141 |
Schedule of Maturities of Long-term Debt | The Company’s debt maturities for the five years following December 31, 2021 and thereafter are as follows (in millions): 2022 2023 2024 2025 2026 Thereafter Total $3 $1,090 $201 $547 $1,985 $1,087 $4,913 |
Schedule of Fair Value of Senior Notes | The fair values of the Company’s senior notes are based on quoted market prices and are as follows at December 31, (in millions): 2021 2020 Fair Value Book Value Fair Value Book Value Senior notes $ 5,477 $ 4,877 $ 6,277 $ 5,588 |
Derivatives and Foreign Curre_2
Derivatives and Foreign Currency Operations (Tables) | 12 Months Ended |
Dec. 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 December 31, (in millions): 2021 2020 Balance Sheet Location Assets (Liabilities) Derivatives designated as effective hedges: Cash Flow Hedges: Foreign currency contracts Prepaid expenses and other current assets $ 12 $ 1 Foreign currency contracts Other accrued liabilities (2) (19) Fair Value Hedges: Interest rate swaps Other assets 3 7 Net Investment Hedges: Cross-currency swaps Prepaid expenses and other current assets 18 10 Cross-currency swaps Other noncurrent liabilities (41) (102) Derivatives not designated as effective hedges: Foreign currency contracts Prepaid expenses and other current assets 7 10 Foreign currency contracts Other accrued liabilities (14) (17) Total $ (17) $ (110) |
Schedule of Pretax Effects of Derivative Financial Instruments Designated or Previously Designated as Effective Hedges | The following table presents pre-tax gain and (loss) activity for 2021, 2020 and 2019 related to derivative financial instruments designated as effective hedges: 2021 2020 2019 Gain/(Loss) Gain/(Loss) Gain/(Loss) (in millions) Recognized in OCL (1) Reclassified Recognized in OCL (1) Reclassified Recognized in OCL (1) Reclassified Interest rate swaps (2) $ — $ (6) $ — $ (7) $ — $ (8) Foreign currency contracts (3) 14 (17) 4 13 (16) 15 Cross-currency swaps (4) 69 — (92) — — — Total $ 83 $ (23) $ (88) $ 6 $ (16) $ 7 (1) Represents effective portion recognized in Other Comprehensive Loss (“OCL”). (2) Portion reclassified from AOCL to income recognized in interest expense, net. (3) Portion reclassified from AOCL to income recognized in net sales and cost of products sold. (4) Portion reclassified from AOCL to income recognized in other (income) expense, net. |
Employee Benefit and Retireme_2
Employee Benefit and Retirement Plans (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Reconciliation of Benefit Obligations | The following provides a reconciliation of benefit obligations, plan assets and funded status of the Company’s noncontributory defined benefit pension plans, including the SERP, at December 31, (dollars in millions): Pension Benefits Postretirement Benefits United States International Change in benefit obligation: 2021 2020 2021 2020 2021 2020 Benefit obligation at beginning of year $ 1,357 $ 1,449 $ 668 $ 626 $ 51 $ 52 Service cost — — 4 4 — — Interest cost 20 35 6 9 1 1 Actuarial (gain) loss (53) 133 (14) 29 (7) 2 Amendments — — 1 1 — — Currency translation — — (16) 29 — — Benefits paid (86) (95) (25) (21) (4) (4) Acquisitions and dispositions, net — 2 — — — — Curtailments, settlements and other — (167) (1) (9) — — Benefit obligation at end of year (1) $ 1,238 $ 1,357 $ 623 $ 668 $ 41 $ 51 Change in plan assets: Fair value of plan assets at beginning of year 1,161 1,228 627 580 — — Actual return (loss) on plan assets 48 178 (7) 47 — — Contributions 10 17 10 8 4 4 Currency translation — — (9) 22 — — Benefits paid (86) (95) (25) (21) (4) (4) Settlements and other — (167) (1) (9) — — Fair value of plan assets at end of year $ 1,133 $ 1,161 $ 595 $ 627 $ — $ — Funded status at end of year $ (105) $ (196) $ (28) $ (41) $ (41) $ (51) Amounts recognized in the Consolidated Balance Sheets: Prepaid benefit cost, included in other assets $ 29 $ — $ 102 $ 104 $ — $ — Accrued current benefit cost—other accrued liabilities (11) (11) (4) (5) (5) (5) Accrued noncurrent benefit cost— other noncurrent liabilities (123) (185) (126) (140) (36) (46) Net amount recognized $ (105) $ (196) $ (28) $ (41) $ (41) $ (51) Assumptions: Weighted-average assumptions used to determine benefit obligation: Discount rate 2.64 % 2.16 % 1.60 % 1.22 % 2.34 % 1.80 % Long-term rate of compensation increase 3.00 % 3.00 % 2.25 % 2.18 % — % — % Current health care cost trend rates — % — % — % — % 6.21 % 6.48 % Ultimate health care cost trend rates — % — % — % — % 4.50 % 4.50 % (1) The accumulated benefit obligation for all defined benefit pension plans was $1.9 billion and $2.0 billion at December 31, 2021 and 2020, respectively. |
Schedule Of Company's Pension Cost And Supplemental Retirement Plans | The components of pension and postretirement benefit expense for the periods indicated are as follows (dollars in millions): Pension Benefits United States International 2021 2020 2019 2021 2020 2019 Service cost $ — $ — $ 1 $ 4 $ 4 $ 6 Interest cost 20 35 49 6 9 13 Expected return on plan assets (51) (59) (59) (3) (6) (13) Amortization: Prior service cost — — — 1 1 — Net actuarial loss 22 23 15 3 3 2 Curtailment, settlement and termination costs — 52 — — 1 1 Total expense $ (9) $ 51 $ 6 $ 11 $ 12 $ 9 Assumptions Weighted average assumption used to calculate net periodic cost: Effective discount rate for benefit obligations 2.16 % 3.06 % 4.12 % 1.22 % 1.79 % 2.52 % Effective rate for interest on benefit obligations 1.54 % 2.65 % 3.79 % 0.92 % 1.55 % 2.20 % Effective rate for service cost 2.63 % 3.43 % 3.93 % 0.71 % 0.92 % 1.89 % Effective rate for interest on service cost 2.61 % 3.41 % 3.62 % 0.54 % 0.75 % 2.24 % Long-term rate of return on plan assets 5.25 % 5.50 % 5.25 % 0.51 % 1.08 % 2.47 % Long-term rate of compensation increase 3.00 % 3.00 % 3.00 % 2.18 % 2.32 % 2.32 % Postretirement Benefits 2021 2020 2019 Interest cost $ 1 $ 1 $ 2 Amortization: Prior service credit — (2) (5) Net actuarial gain (3) (4) (4) Total income $ (2) $ (5) $ (7) Assumptions Weighted average assumption used to calculate net periodic cost: Effective discount rate for benefit obligations 1.80 % 2.80 % 3.90 % Effective rate for interest on benefit obligations 1.18 % 2.41 % 2.71 % Effective rate for service cost 1.32 % 2.52 % 2.97 % Effective rate for interest on service cost 1.02 % 2.27 % 2.78 % |
Schedule of Expected Benefit Payments | Estimated future benefit payments under the Company’s defined benefit pension plans and postretirement benefit plans are as follows at December 31, 2021 (in millions): 2022 2023 2024 2025 2026 Thereafter Pension benefits $ 111 $ 109 $ 109 $ 107 $ 107 $ 515 Postretirement benefits $ 5 $ 5 $ 4 $ 4 $ 4 $ 13 |
Pension Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets | Summary of under-funded or non-funded pension benefit plans with projected benefit obligations in excess of plan assets at December 31, (in millions): Pension Benefits 2021 2020 Projected benefit obligation $ 469 $ 1,721 Fair value of plan assets 205 1,380 |
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets | Summary of pension plans with accumulated obligations in excess of plan assets at December 31, (in millions): Pension Benefits 2021 2020 Accumulated benefit obligation $ 454 $ 1,711 Fair value of plan assets 205 1,380 |
Schedule of Allocation of Plan Assets | The composition of domestic pension plan assets at December 31, 2021 and 2020 is as follows (in millions): Plan Assets — Domestic Plans December 31, 2021 Fair Value Measurements Asset Category Level 1 Level 2 Level 3 Subtotal NAV-based assets Total Equity securities and funds $ — $ — $ — $ — $ 220 $ 220 Fixed income securities and funds 455 — — 455 403 858 Alternative investments — — — — 22 22 Cash and other 19 13 1 33 — 33 Total $ 474 $ 13 $ 1 $ 488 $ 645 $ 1,133 Plan Assets — Domestic Plans December 31, 2020 Fair Value Measurements Asset Category Level 1 Level 2 Level 3 Subtotal NAV-based assets Total Equity securities and funds $ — $ — $ — $ — $ 273 $ 273 Fixed income securities and funds 441 — — 441 319 760 Alternative investments — — — — 104 104 Cash and other 8 15 1 24 — 24 Total $ 449 $ 15 $ 1 $ 465 $ 696 $ 1,161 The composition of international pension plan assets at December 31, 2021 and 2020 is as follows (in millions): Plan Assets — International Plans December 31, 2021 Fair Value Measurements Asset Category Level 1 Level 2 Level 3 Subtotal NAV-based assets Total Equity securities and funds $ 4 $ 3 $ — $ 7 $ — $ 7 Fixed income securities and funds 314 4 — 318 — 318 Cash and other 22 240 8 270 — 270 Total $ 340 $ 247 $ 8 $ 595 $ — $ 595 Plan Assets — International Plans December 31, 2020 Fair Value Measurements Asset Category Level 1 Level 2 Level 3 Subtotal NAV-based assets Total Equity securities and funds $ 3 $ 3 $ — $ 6 $ — $ 6 Fixed income securities and funds 262 3 — 265 — 265 Cash and other 4 234 9 247 109 356 Total $ 269 $ 240 $ 9 $ 518 $ 109 $ 627 |
Postretirement Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets | A reconciliation of the change in fair value of the defined benefit plans’ assets using significant unobservable inputs (Level 3) for 2021 and 2020 is as follows (in millions): Total Balance December 31, 2019 $ 9 Unrealized gains 1 Balance December 31, 2020 10 Unrealized losses (1) Balance December 31, 2021 $ 9 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Components of Income (Loss) Before Income Taxes | The components of income (loss) before income taxes for the years ended December 31, (in millions): 2021 2020 2019 Domestic $ (420) $ (928) $ (1,249) Foreign 1,113 (78) 397 Total $ 693 $ (1,006) $ (852) |
Schedule of Provision for Income Taxes | The provision for income taxes consists of the following for the years ended December 31, (in millions): 2021 2020 2019 Current: Federal $ 48 $ (50) $ 8 State 17 1 11 Foreign 97 74 42 Total current 162 25 61 Deferred: Federal (39) (136) (355) State (24) (33) (63) Foreign 22 (92) (650) Total deferred (41) (261) (1,068) Total income tax provision (benefit) 121 (236) (1,007) Total income tax provision - discontinued operations — — 31 Total income tax provision (benefit) - continuing operations $ 121 $ (236) $ (1,038) |
Reconciliation of U.S. Statutory Rate to Effective Income Tax Rate on Continuing Basis | A reconciliation of the U.S. statutory rate to the effective income tax rate on a continuing basis is as follows for the years ended December 31: 2021 2020 2019 Statutory rate 21.0 % 21.0 % 21.0 % Add (deduct) effect of: State income taxes, net of federal income tax effect (0.9) 2.4 3.8 U.S. foreign inclusions and foreign tax credit (1) 3.9 3.6 (1.6) Foreign rate differential (12.7) 2.7 4.9 Change in uncertain tax positions 0.1 4.5 5.9 Change in valuation allowance reserve (4.2) 3.0 (5.9) Impairments — (4.4) (3.3) Capital loss (2.3) 3.0 25.4 Reversal of outside basis difference 0.4 (5.2) 0.4 Non-deductible compensation 0.4 (1.2) (1.6) Other taxes 1.4 (0.9) 1.6 U.S. income inclusions on asset transfers 12.2 (6.9) (2.2) Outbound transfer of U.S. assets (2) — — 70.5 Other (1.9) 1.9 3.0 Effective rate 17.4 % 23.5 % 121.9 % (1) The Company accounts for tax on global intangible low-taxed income (“GILTI”) as a period cost and the effects are included herein. (2) In connection with the Company's execution to rationalize its legal entities along with centralizing the ownership of certain intellectual property rights for its comprehensive management and protection, the Company transferred these intellectual property rights to a wholly-owned subsidiary, which resulted in the creation of deferred tax assets and a corresponding income tax benefit of $522 million for the year ended December 31, 2019. |
Schedule of Components of Net Deferred Tax Assets | Deferred tax assets (liabilities) consist of the following at December 31, (in millions): 2021 2020 Deferred tax assets: Accruals $ 156 $ 138 Inventory 79 39 Pension and postretirement benefits 32 60 Net operating losses 330 350 Foreign tax credits 150 185 Capital loss carryforward 257 241 Operating lease liabilities 169 162 Other 158 158 Total gross deferred tax assets 1,331 1,333 Less valuation allowance (186) (213) Net deferred tax assets after valuation allowance 1,145 1,120 Deferred tax liabilities: Accelerated depreciation (107) (92) Amortizable intangibles (260) (282) Outside basis differences (96) (93) Operating lease assets (152) (145) U.S. foreign inclusion recapture (62) (30) Other (59) (54) Total gross deferred tax liabilities (736) (696) Net deferred tax assets $ 409 $ 424 The net deferred tax amounts have been classified in the balance sheet at December 31, (in millions): 2021 2020 Noncurrent deferred tax assets $ 814 $ 838 Noncurrent deferred tax liabilities (405) (414) Total $ 409 $ 424 |
Summary of Changes in Gross Unrecognized Tax Benefits | The following table summarizes the changes in gross unrecognized tax benefits periods indicated are as follows (in millions): 2021 2020 2019 Unrecognized tax benefits, January 1, $ 452 $ 474 $ 463 Increases (decreases): Increases in tax positions for prior years 1 4 35 Decreases in tax positions for prior years (4) — (31) Increase in tax positions for the current period 23 40 84 Purchase accounting adjustments (See Footnote 1 ) — — (9) Settlements with taxing authorities (2) — (2) Lapse of statute of limitations (12) (66) (66) Cumulative translation adjustments (1) — — Unrecognized tax benefits, December 31, $ 457 $ 452 $ 474 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Schedule of Condensed Consolidated Balance Sheet Information, Leases | Supplemental consolidated balance sheet information for leases at December 31, is as follows (in millions): Classification 2021 2020 Assets Operating leases Operating lease assets (1) $ 558 $ 530 Finance leases Property, plant and equipment, net (2) 5 10 Total lease assets $ 563 $ 540 Liabilities Current Operating leases Other accrued liabilities $ 122 $ 129 Finance leases Short-term debt and current portion of long-term debt 3 3 Noncurrent Operating leases Operating lease liabilities 500 472 Finance leases Long-term debt 2 5 Total lease liabilities $ 627 $ 609 (1) During 2020, the Company concluded that a triggering event had occurred for all of its reporting units as a result of overall macroeconomic conditions and developments in the equity and credit markets primarily driven by 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 at the lowest level for which identifiable cash flows are available to their respective carrying amount. As a result of the impairment testing performed in connection with the triggering event, the Company recorded a non-cash impairment charge of $8 million in the Home Solutions segment related to the operating leases of its Yankee Candle retail store business. In addition, the Company recorded an impairment charge of $2 million in the Corporate segment to reflect a reduction in the carrying values of certain operating lease assets. The impairment charges were calculated by subtracting the estimated fair value of the asset group from its carrying value. (2) Net of accumulated depreciation of $16 million and $12 million, respectively. |
Schedule of Lease Costs, Terms, Discount Rates and Supplemental Cash Flow Information | Components of lease expense for the years ended December 31, are as follows (in millions): 2021 2020 Operating lease cost: Operating lease cost (1) $ 166 $ 180 Variable lease costs (2) 23 25 Finance lease cost Amortization of leased assets 4 4 (1) Includes short-term leases, which are immaterial. (2) Consists primarily of additional payments for non-lease components, such as maintenance costs, payments of taxes and additional rent based on a level of the Company’s retail store sales. Remaining lease term and discount rates at December 31, are as follows: 2021 2020 Weighted-average remaining lease term (years): Operating leases 8 6 Finance leases 2 2 Weighted-average discount rate: Operating leases 3.4% 4.2% Finance leases 3.6% 3.4% Supplemental cash flow information related to leases for the years ended December 31, are as follows (in millions): 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 163 $ 177 Financing cash flows from finance leases 4 4 Right of use assets obtained in exchange for lease liabilities: Operating leases 144 75 |
Schedule of Maturities for Operating Lease Liabilities | Maturities of lease liabilities at December 31, 2021, are as follows (in millions): Operating Finance 2022 $ 145 $ 3 2023 119 2 2024 99 — 2025 79 — 2026 65 — Thereafter 198 — Total lease payments 705 5 Less: imputed interest (83) — Present value of lease liabilities $ 622 $ 5 |
Schedule of Maturities for Finance Lease Liabilities | Maturities of lease liabilities at December 31, 2021, are as follows (in millions): Operating Finance 2022 $ 145 $ 3 2023 119 2 2024 99 — 2025 79 — 2026 65 — Thereafter 198 — Total lease payments 705 5 Less: imputed interest (83) — Present value of lease liabilities $ 622 $ 5 The Company has entered into agreements for certain right of use operating leases that it has not yet taken possession of and are not reflected in the Consolidated Balance Sheet at December 31, 2021. The total future obligations of these right of use operating leases have been excluded from the preceding table and are approximately $130 million. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Computations of Weighted Average Shares Outstanding | The computations of the weighted average shares outstanding for the years ended December 31, are as follows (in millions): 2021 2020 2019 Weighted-average shares outstanding 425.3 424.1 423.2 Share-based payment awards classified as participating securities — — 0.1 Basic weighted-average shares outstanding 425.3 424.1 423.3 Dilutive securities (1) 2.7 — 0.6 Diluted weighted-average shares outstanding 428.0 424.1 423.9 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Changes In Stock Options | The following table summarizes the changes in the number of shares of common stock for 2021 (shares and aggregate intrinsic value in millions): Shares Weighted- Weighted Aggregate Outstanding at December 31, 2020 2.7 $ 18 Granted 2.4 24 Exercised (0.3) 15 Forfeited — 20 Outstanding at December 31, 2021 4.8 $ 21 8.5 7.8 Options exercisable, end of year 1.3 $ 18 7.9 4.4 |
Schedule of Weighted Average Assumptions Used to Determined the Fair Value of Stock Options Granted | The weighted average assumptions used to determine the fair value of stock options granted for the years ended December 31, are as follows: 2021 2020 Expected life in years 6 6 Risk-free interest rate 0.8 % 1.4 % Expected volatility 44.2 % 41.3 % Expected dividend yield 5.1 % 3.9 % |
Summary of Changes of Restricted Stock and Restricted Stock Units | The following table summarizes the changes in the number of outstanding restricted stock units for 2021 (shares in millions): Restricted Weighted- Outstanding at December 31, 2020 4.3 $ 21 Granted 1.9 25 Grant adjustment (1) (0.3) 23 Vested (1.3) 21 Forfeited (0.3) 22 Outstanding at December 31, 2021 4.3 $ 22 Expected to vest at December 31, 2021 5.6 $ 22 (1) The Grant Adjustment primarily relates to an adjustment in the quantity of Stock-Price Based RSUs ultimately vested during 2021 that were dependent on the level of achievement of the specified performance conditions. |
Summary of Total Unrecognized Compensation Cost Related to Stock-based Compensation | The following table summarizes the Company's total unrecognized compensation cost related to stock-based compensation at December 31, 2021: (in millions) Unrecognized Compensation Cost Weighted Average Period of Expense Recognition Restricted stock units $ 43 1 Stock options 10 1 Total $ 53 1 |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Summary of Non-Pension Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | The following tables present the Company’s non-pension financial assets and liabilities, which are measured at fair value on a recurring basis (in millions): December 31, 2021 December 31, 2020 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Derivatives: Assets $ — $ 40 $ — $ 40 $ — $ 28 $ — $ 28 Liabilities — (57) — (57) — (138) — (138) Investment securities, including mutual funds 13 — — 13 10 — — 10 |
Summary of Assets Measured at Fair Value on a Nonrecurring Basis | The following table summarizes the assets that are measured at fair value on a nonrecurring basis at December 1, (in millions): 2021 2020 Level 3 Indefinite-lived intangibles $ 47 $ 135 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The Company’s segment and geographic results are as follows at and for the years ended December 31, (in millions): 2021 2020 2019 Net sales (1) Commercial Solutions $ 1,953 $ 1,859 $ 1,779 Home Appliances 1,738 1,539 1,500 Home Solutions 2,386 2,138 2,067 Learning and Development 3,028 2,557 2,956 Outdoor and Recreation 1,484 1,292 1,413 $ 10,589 $ 9,385 $ 9,715 2021 2020 2019 Operating income (loss) (2) Commercial Solutions $ 123 $ (89) $ (139) Home Appliances 70 (238) (573) Home Solutions 313 (2) 10 Learning and Development 594 359 582 Outdoor and Recreation 89 (420) (66) Corporate (243) (244) (296) $ 946 $ (634) $ (482) 2021 2020 2019 Depreciation and amortization Commercial Solutions $ 57 $ 57 $ 94 Home Appliances 24 20 22 Home Solutions 88 93 90 Learning and Development 57 64 67 Outdoor and Recreation 35 39 44 Corporate 64 84 129 $ 325 $ 357 $ 446 2021 2020 2019 Impairment of goodwill and intangible assets Commercial Solutions $ 29 $ 320 $ 310 Home Appliances — 287 600 Home Solutions — 302 158 Learning and Development 31 100 25 Outdoor and Recreation — 482 120 $ 60 $ 1,491 $ 1,213 2021 2020 2019 Capital expenditures Commercial Solutions $ 67 $ 72 $ 40 Home Appliances 18 12 11 Home Solutions 46 42 49 Learning and Development 73 69 68 Outdoor and Recreation 24 24 21 Corporate 61 40 59 $ 289 $ 259 $ 248 December 31, 2021 December 31, 2020 Segment assets Commercial Solutions $ 2,522 $ 2,529 Home Appliances 1,055 970 Home Solutions 3,109 3,087 Learning and Development 4,401 4,663 Outdoor and Recreation 907 988 Corporate 2,185 2,463 $ 14,179 $ 14,700 |
Schedule of Geographic Area Information | Geographic area information 2021 2020 2019 Net Sales (1) (3) United States $ 6,921 $ 6,260 $ 6,497 Canada 444 413 423 Total North America 7,365 6,673 6,920 Europe, Middle East and Africa 1,647 1,394 1,398 Latin America 810 657 702 Asia Pacific 767 661 695 Total International 3,224 2,712 2,795 $ 10,589 $ 9,385 $ 9,715 (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 for continuing operations. Certain headquarters 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 sales basis, and the allocated depreciation and amortization are included in segment operating income. (3) Geographic sales information is based on the region from which the products are shipped and invoiced. Long-lived assets by geography are not presented because it is impracticable to do so. |
Summary of Disaggregation of Revenue by Major Product Grouping Source and Geography | The following table disaggregates revenue by major product grouping source and geography for the years ended December 31, (in millions): 2021 Commercial Solutions Home Home Learning and Development Outdoor and Recreation Total Commercial $ 1,558 $ — $ — $ — $ — $ 1,558 Connected Home Security 395 — — — — 395 Home Appliances — 1,738 — — — 1,738 Food — — 1,295 — — 1,295 Home Fragrance — — 1,091 — — 1,091 Baby — — — 1,265 — 1,265 Writing — — — 1,763 — 1,763 Outdoor and Recreation — — — — 1,484 1,484 Total $ 1,953 $ 1,738 $ 2,386 $ 3,028 $ 1,484 $ 10,589 North America $ 1,452 $ 976 $ 1,891 $ 2,172 $ 874 $ 7,365 International 501 762 495 856 610 3,224 Total $ 1,953 $ 1,738 $ 2,386 $ 3,028 $ 1,484 $ 10,589 2020 Commercial Solutions Home Home Learning and Development Outdoor and Recreation Total Commercial $ 1,502 $ — $ — $ — $ — $ 1,502 Connected Home Security 357 — — — — 357 Home Appliances — 1,539 — — — 1,539 Food — — 1,220 — — 1,220 Home Fragrance — — 918 — — 918 Baby — — — 1,112 — 1,112 Writing — — — 1,445 — 1,445 Outdoor and Recreation — — — — 1,292 1,292 Total $ 1,859 $ 1,539 $ 2,138 $ 2,557 $ 1,292 $ 9,385 North America $ 1,387 $ 901 $ 1,735 $ 1,845 $ 805 $ 6,673 International 472 638 403 712 487 2,712 Total $ 1,859 $ 1,539 $ 2,138 $ 2,557 $ 1,292 $ 9,385 2019 Commercial Solutions Home Home Learning and Development Outdoor and Recreation Total Commercial $ 1,402 $ — $ — $ — $ — $ 1,402 Connected Home Security 377 — — — — 377 Home Appliances — 1,500 — — — 1,500 Food — — 1,034 — — 1,034 Home Fragrance — — 1,033 — — 1,033 Baby — — — 1,111 — 1,111 Writing — — — 1,845 — 1,845 Outdoor and Recreation — — — — 1,413 1,413 Total $ 1,779 $ 1,500 $ 2,067 $ 2,956 $ 1,413 $ 9,715 North America $ 1,345 $ 909 $ 1,661 $ 2,091 $ 914 $ 6,920 International 434 591 406 865 499 2,795 Total $ 1,779 $ 1,500 $ 2,067 $ 2,956 $ 1,413 $ 9,715 |
Basis of Presentation and Sig_3
Basis of Presentation and Significant Accounting Policies - Additional Information (Detail) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021USD ($)segmentcountryreporting_unit | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Feb. 06, 2022USD ($) | |
Basis of Presentation and Significant Accounting Policies [Line Items] | ||||
Number of countries In which entity products are sold (in countries) | country | 200 | |||
Tax benefit, after-tax adjustment | $ 10 | |||
Net tax benefit, prior period adjustment of tax payables and receivables | 21 | |||
Net tax charge, correction of intangible impairment charges and gain (loss) on disposal calculations | 8 | |||
Advertising expense | $ 407 | $ 362 | 389 | |
Acquisition of noncontrolling interests (investing) | 22 | |||
Income attributable to non-controlling interests | $ 2 | 1 | 2 | |
Number of reportable segments (in segments) | segment | 5 | |||
Number of reporting units (in reporting units) | reporting_unit | 8 | |||
Factored receivables | $ 500 | 150 | ||
Research and development expense | $ 153 | 144 | 149 | |
Home Appliances | Subsequent event | ||||
Basis of Presentation and Significant Accounting Policies [Line Items] | ||||
Sale of business, consideration received | $ 593 | |||
Continuing Operations | ||||
Basis of Presentation and Significant Accounting Policies [Line Items] | ||||
Tax benefit, after-tax adjustment | 6 | |||
Net tax benefit, prior period adjustment of tax payables and receivables | 10 | |||
Net tax charge, correction of intangible impairment charges and gain (loss) on disposal calculations | 2 | |||
Net tax charge, correction of out-of-period adjustments | 3 | |||
Discontinued Operations | ||||
Basis of Presentation and Significant Accounting Policies [Line Items] | ||||
Tax benefit, after-tax adjustment | 4 | |||
Net tax benefit, prior period adjustment of tax payables and receivables | 11 | |||
Net tax charge, correction of intangible impairment charges and gain (loss) on disposal calculations | 6 | |||
Fire Angel Safety Technology Group PLC | ||||
Basis of Presentation and Significant Accounting Policies [Line Items] | ||||
Investment owned, percentage | 23.40% | |||
Other than temporary impairment, equity method investment | $ 12 | |||
Equity method investments | $ 4 | $ 3 | ||
Minimum | ||||
Basis of Presentation and Significant Accounting Policies [Line Items] | ||||
Number of countries in which entity operates (in countries) | country | 40 |
Discontinued Operations and D_3
Discontinued Operations and Divestitures - Summary of Amounts Included in Discontinued Operations (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Impairment of goodwill, intangibles and other assets | $ 112 | ||
Net loss | $ 0 | $ 0 | (79) |
Discontinued Operations, Held-for-sale | Newell Rubbermaid | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Net sales | 368 | ||
Cost of products sold | 266 | ||
Gross profit | 102 | ||
Selling, general and administrative expenses | 48 | ||
Impairment of goodwill, intangibles and other assets | 112 | ||
Operating loss | (58) | ||
Non-operating income, net | 10 | ||
Loss before income taxes | (48) | ||
Income tax provision | 31 | ||
Net loss | (79) | ||
Gain on sale of discontinued operations | $ 7 |
Discontinued Operations and D_4
Discontinued Operations and Divestitures - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | May 01, 2019 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Impairment of goodwill, intangibles and other assets | $ 112 | ||
Rexair business | Discontinued Operations, Disposed of by Sale | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Gain (loss) on sale of business | 2 | ||
Sale of business, consideration received | $ 235 | ||
Process Solutions business | Discontinued Operations, Disposed of by Sale | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Gain (loss) on sale of business | (7) | ||
Sale of business, consideration received | $ 500 | ||
Playing Cards business | Discontinued Operations, Disposed of by Sale | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Gain (loss) on sale of business | (5) | ||
Sale of business, consideration received | $ 220 | ||
Learning and Development | Discontinued Operations, Disposed of by Means Other than Sale | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Gain (loss) on sale of business | $ (8) |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | $ 3,900 | $ 4,996 | $ 5,253 |
Total other comprehensive income (loss), net of tax | (2) | 40 | (7) |
Ending balance | 4,091 | 3,900 | 4,996 |
Cumulative Translation Adjustment | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | (481) | (479) | |
Other comprehensive income (loss) before reclassifications | (94) | (2) | |
Amounts reclassified to earnings | 0 | 0 | |
Total other comprehensive income (loss), net of tax | (94) | (2) | |
Ending balance | (575) | (481) | (479) |
Pension and Postretirement Cost | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | (356) | (399) | |
Other comprehensive income (loss) before reclassifications | 46 | (4) | |
Amounts reclassified to earnings | 18 | 47 | |
Total other comprehensive income (loss), net of tax | 64 | 43 | |
Ending balance | (292) | (356) | (399) |
Derivative Financial Instruments | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | (43) | (42) | |
Other comprehensive income (loss) before reclassifications | 11 | 3 | |
Amounts reclassified to earnings | 17 | (4) | |
Total other comprehensive income (loss), net of tax | 28 | (1) | |
Ending balance | (15) | (43) | (42) |
AOCL | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | (880) | (920) | (913) |
Other comprehensive income (loss) before reclassifications | (37) | (3) | |
Amounts reclassified to earnings | 35 | 43 | |
Total other comprehensive income (loss), net of tax | (2) | 40 | |
Ending balance | $ (882) | $ (880) | $ (920) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) - Reclassifications from AOCL to Results of Operations (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Income (loss) before income taxes | $ 693 | $ (1,006) | $ (852) |
Reclassification out of accumulated other comprehensive income | Pension and postretirement benefit plans | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Income (loss) before income taxes | 23 | 72 | 9 |
Reclassification out of accumulated other comprehensive income | Derivative financial instruments for effective cash flow hedges | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Income (loss) before income taxes | $ 23 | $ (6) | $ (7) |
Accumulated Other Comprehensi_5
Accumulated Other Comprehensive Income (Loss) - Schedule of Income Tax Provision (Benefit) Allocated to Components of OCI (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Equity [Abstract] | |||
Foreign currency translation adjustments | $ 20 | $ (28) | $ 0 |
Unrecognized pension and postretirement costs | 20 | 23 | 0 |
Derivative financial instruments | 9 | (1) | (3) |
Income tax provision (benefit) related to AOCL | $ 49 | $ (6) | $ (3) |
Restructuring - Schedule of Res
Restructuring - Schedule of Restructuring Costs Incurred by Reportable Business Segment (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring costs, net | $ 16 | $ 21 | $ 27 |
Corporate | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring costs, net | 1 | 1 | 5 |
Commercial Solutions | Operating Segments | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring costs, net | 4 | 4 | 3 |
Home Appliances | Operating Segments | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring costs, net | 4 | 1 | 2 |
Home Solutions | Operating Segments | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring costs, net | 3 | 10 | 9 |
Learning and Development | Operating Segments | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring costs, net | 1 | 3 | 6 |
Outdoor and Recreation | Operating Segments | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring costs, net | $ 3 | $ 2 | $ 2 |
Restructuring - Schedule of Acc
Restructuring - Schedule of Accrued Restructuring Costs Activity (Detail) - USD ($) $ in Millions | 12 Months Ended | 24 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2021 | |
Restructuring Reserve [Roll Forward] | ||||
Beginning balance | $ 11 | $ 22 | $ 22 | |
Restructuring Costs, Net | 16 | 21 | $ 27 | |
Payments | (16) | (27) | ||
Foreign Currency and Other | (1) | (5) | ||
Ending balance | 10 | 11 | 22 | 10 |
Severance and termination costs | ||||
Restructuring Reserve [Roll Forward] | ||||
Beginning balance | 7 | 10 | 10 | |
Restructuring Costs, Net | 13 | 15 | ||
Payments | (12) | (18) | ||
Foreign Currency and Other | 0 | 0 | ||
Ending balance | 8 | 7 | 10 | 8 |
Contract termination and other costs | ||||
Restructuring Reserve [Roll Forward] | ||||
Beginning balance | 4 | 12 | 12 | |
Restructuring Costs, Net | 3 | 6 | ||
Payments | (4) | (9) | ||
Foreign Currency and Other | (1) | (5) | ||
Ending balance | $ 2 | $ 4 | $ 12 | $ 2 |
Restructuring - Additional Info
Restructuring - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | 24 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2021 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | $ 16 | $ 21 | $ 27 | |
2020 Restructuring Plan | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | $ 10 | 19 | $ 29 | |
Accelerated Transformation Plan | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | $ 2 |
Inventories - Components of Net
Inventories - Components of Net Inventories (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Inventory, Net [Abstract] | ||
Raw materials and supplies | $ 310 | $ 252 |
Work-in-process | 167 | 157 |
Finished products | 1,520 | 1,229 |
Total inventories | $ 1,997 | $ 1,638 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Inventory, Net [Abstract] | |||
Percentage of LIFO inventory | 22.50% | 24.90% | |
LIFO inventory amount | $ 90,000,000 | $ 23,000,000 | |
Pretax income (expense) related to the liquidation | $ 0 | $ 0 | $ 3,000,000 |
Property, Plant_and Equipment_3
Property, Plant and Equipment, Net - Schedule of Property, Plant and Equipment, Net (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 3,147 | $ 3,064 |
Less: Accumulated depreciation | (1,943) | (1,888) |
Total property, plant and equipment | 1,204 | 1,176 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 82 | 86 |
Buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 678 | 664 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 2,387 | $ 2,314 |
Property, Plant_and Equipment_4
Property, Plant and Equipment, Net - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Minimum | Buildings and Improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 20 years | ||
Minimum | Machinery and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 3 years | ||
Maximum | Buildings and Improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 40 years | ||
Maximum | Machinery and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 15 years | ||
Commercial business | |||
Property, Plant and Equipment [Line Items] | |||
Depreciation expense on reclassified assets | $ 50 | ||
Home Solutions | |||
Property, Plant and Equipment [Line Items] | |||
Tangible asset impairment charges | $ 1 | ||
Continuing Operations | |||
Property, Plant and Equipment [Line Items] | |||
Depreciation expense | $ 205 | $ 200 | 254 |
Discontinued Operations | |||
Property, Plant and Equipment [Line Items] | |||
Depreciation expense | $ 0 |
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 | 12 Months Ended | ||
Sep. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Goodwill [Roll Forward] | ||||
Net Book Value, Beginning balance | $ 3,709 | $ 3,553 | $ 3,709 | |
Other Adjustments | (3) | |||
Impairment Charges | (212) | (212) | ||
Foreign Exchange | (49) | 59 | ||
Gross Carrying Amount | 8,604 | 8,653 | ||
Accumulated Impairment Charges | (5,100) | (5,100) | ||
Net Book Value, Ending balance | 3,504 | 3,553 | ||
Commercial Solutions | ||||
Goodwill [Roll Forward] | ||||
Net Book Value, Beginning balance | 747 | 747 | 747 | |
Other Adjustments | 0 | |||
Impairment Charges | 0 | |||
Foreign Exchange | 0 | 0 | ||
Gross Carrying Amount | 1,241 | 1,241 | ||
Accumulated Impairment Charges | (494) | (494) | ||
Net Book Value, Ending balance | 747 | 747 | ||
Home Appliances | ||||
Goodwill [Roll Forward] | ||||
Net Book Value, Beginning balance | 200 | 0 | 200 | |
Other Adjustments | 0 | |||
Impairment Charges | (200) | |||
Foreign Exchange | 0 | 0 | ||
Gross Carrying Amount | 569 | 569 | ||
Accumulated Impairment Charges | (569) | (569) | ||
Net Book Value, Ending balance | 0 | 0 | 0 | |
Home Solutions | ||||
Goodwill [Roll Forward] | ||||
Net Book Value, Beginning balance | 176 | 164 | 176 | |
Other Adjustments | 0 | |||
Impairment Charges | (12) | |||
Foreign Exchange | 0 | 0 | ||
Gross Carrying Amount | 2,567 | 2,567 | ||
Accumulated Impairment Charges | (2,403) | (2,403) | ||
Net Book Value, Ending balance | 164 | 164 | ||
Learning and Development | ||||
Goodwill [Roll Forward] | ||||
Net Book Value, Beginning balance | 2,586 | 2,642 | 2,586 | |
Other Adjustments | (3) | |||
Impairment Charges | 0 | |||
Foreign Exchange | (49) | 59 | ||
Gross Carrying Amount | 3,439 | 3,488 | ||
Accumulated Impairment Charges | (846) | (846) | ||
Net Book Value, Ending balance | 2,593 | 2,642 | ||
Goodwill allocated to loss on disposal of business | $ 3 | |||
Outdoor and Recreation | ||||
Goodwill [Roll Forward] | ||||
Net Book Value, Beginning balance | $ 0 | 0 | 0 | |
Other Adjustments | 0 | |||
Impairment Charges | 0 | |||
Foreign Exchange | 0 | 0 | ||
Gross Carrying Amount | 788 | 788 | ||
Accumulated Impairment Charges | (788) | (788) | ||
Net Book Value, Ending balance | $ 0 | $ 0 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets, Net - Summary of Other Intangible Asset Impairment Charges Allocated to Reporting Segments (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Indefinite-lived Intangible Assets [Line Items] | ||||||
Impairment of acquired intangible assets | $ 1,300 | $ 60 | $ 1,279 | $ 1,053 | ||
Trade Names | ||||||
Indefinite-lived Intangible Assets [Line Items] | ||||||
Impairment of acquired intangible assets | $ 60 | $ 20 | ||||
Commercial Solutions | ||||||
Indefinite-lived Intangible Assets [Line Items] | ||||||
Impairment of acquired intangible assets | 29 | 320 | 152 | |||
Home Appliances | ||||||
Indefinite-lived Intangible Assets [Line Items] | ||||||
Impairment of acquired intangible assets | 0 | 87 | 607 | |||
Home Solutions | ||||||
Indefinite-lived Intangible Assets [Line Items] | ||||||
Impairment of acquired intangible assets | 0 | 290 | 152 | |||
Learning and Development | ||||||
Indefinite-lived Intangible Assets [Line Items] | ||||||
Impairment of acquired intangible assets | 31 | 100 | 24 | |||
Outdoor and Recreation | ||||||
Indefinite-lived Intangible Assets [Line Items] | ||||||
Impairment of acquired intangible assets | $ 0 | $ 482 | $ 118 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets, Net - Schedule of Other Intangible Assets and Related Amortization Periods (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 4,247 | $ 4,439 |
Accumulated Amortization | (877) | (875) |
Net Book Value | 3,370 | 3,564 |
Trade Names | ||
Intangible Assets [Line Items] | ||
Gross Carrying Amount | 159 | 157 |
Accumulated Amortization | (65) | (55) |
Net Book Value | $ 94 | 102 |
Trade Names | Minimum | ||
Intangible Assets [Line Items] | ||
Amortization Periods (In years) | 2 years | |
Trade Names | Maximum | ||
Intangible Assets [Line Items] | ||
Amortization Periods (In years) | 15 years | |
Capitalized software | ||
Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 631 | 625 |
Accumulated Amortization | (495) | (486) |
Net Book Value | $ 136 | 139 |
Capitalized software | Minimum | ||
Intangible Assets [Line Items] | ||
Amortization Periods (In years) | 3 years | |
Capitalized software | Maximum | ||
Intangible Assets [Line Items] | ||
Amortization Periods (In years) | 12 years | |
Patents and intellectual property | ||
Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 22 | 67 |
Accumulated Amortization | (14) | (52) |
Net Book Value | $ 8 | 15 |
Patents and intellectual property | Minimum | ||
Intangible Assets [Line Items] | ||
Amortization Periods (In years) | 3 years | |
Patents and intellectual property | Maximum | ||
Intangible Assets [Line Items] | ||
Amortization Periods (In years) | 14 years | |
Customer relationships and distributor channels | ||
Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 1,216 | 1,259 |
Accumulated Amortization | (303) | (282) |
Net Book Value | $ 913 | 977 |
Customer relationships and distributor channels | Minimum | ||
Intangible Assets [Line Items] | ||
Amortization Periods (In years) | 3 years | |
Customer relationships and distributor channels | Maximum | ||
Intangible Assets [Line Items] | ||
Amortization Periods (In years) | 30 years | |
Trade Names | ||
Intangible Assets [Line Items] | ||
Indefinite life, net book value | $ 2,219 | $ 2,331 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets, Net - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Continuing Operations | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization expense for intangible assets | $ 120 | $ 157 | $ 192 |
Connected Home Security | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization expense for intangible assets | $ 7 |
Goodwill and Other Intangible_7
Goodwill and Other Intangible Assets, Net - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Detail) $ in Millions | Dec. 31, 2021USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2022 | $ 107 |
2023 | 103 |
2024 | 90 |
2025 | 80 |
2026 | 70 |
Thereafter | $ 701 |
Other Accrued Liabilities (Deta
Other Accrued Liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Accrued Liabilities, Current [Abstract] | ||
Customer accruals | $ 715 | $ 683 |
Operating lease liabilities | 122 | 129 |
Accrued income taxes | 43 | 66 |
Accrued self-insurance liabilities, contingencies and warranty | 125 | 108 |
Accrued marketing and freight expenses | 59 | 57 |
Accrued interest expense | 56 | 60 |
Other | 244 | 290 |
Other accrued liabilities | $ 1,364 | $ 1,393 |
Debt - Summary of Debt (Detail)
Debt - Summary of Debt (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Nov. 22, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||||
Other debt | $ 9 | $ 19 | ||
Total debt | 4,886 | 5,607 | ||
Short-term debt and current portion of long-term debt | (3) | (466) | ||
Long-term debt | $ 4,883 | 5,141 | ||
3.15% senior notes due 2021 | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 3.15% | 3.15% | ||
Senior notes | $ 0 | 94 | ||
3.75% senior notes due 2021 | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 3.75% | |||
Senior notes | $ 0 | 369 | ||
4.00% senior notes due 2022 | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 4.00% | 4.00% | ||
Senior notes | $ 0 | 250 | ||
3.85% senior notes due 2023 | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 3.85% | 3.85% | ||
Senior notes | $ 1,086 | 1,090 | ||
4.00% senior notes due 2024 | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 4.00% | |||
Senior notes | $ 200 | 200 | ||
4.875% senior notes due 2025 | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 4.875% | |||
Senior notes | $ 494 | 492 | ||
3.90% senior notes due 2025 | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 3.90% | |||
Senior notes | $ 47 | 47 | ||
4.20% senior notes due 2026 | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 4.20% | |||
Senior notes | $ 1,975 | 1,973 | ||
5.375% senior notes due 2036 | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 5.375% | |||
Senior notes | $ 417 | 416 | ||
5.50% senior notes due 2046 | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 5.50% | |||
Senior notes | $ 658 | $ 657 |
Debt - Additional Information (
Debt - Additional Information (Detail) € in Millions | Nov. 22, 2021USD ($) | Mar. 31, 2021USD ($) | Dec. 31, 2022USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Feb. 11, 2022USD ($) | Dec. 31, 2021EUR (€) | Mar. 08, 2020USD ($) |
Debt Instrument [Line Items] | |||||||||
Loss on extinguishment of debt | $ (5,000,000) | $ (20,000,000) | $ (28,000,000) | ||||||
Senior notes subject to interest rate adjustment | $ 4,200,000,000 | $ 4,200,000,000 | |||||||
Increase (decrease) due to interest rate adjustment | 0.0025 | ||||||||
Total increase (decrease) due interest rate adjustment | 0.0050 | 0.0050 | |||||||
Interest rate adjustment, annualized amount | $ 21,000,000 | $ 21,000,000 | |||||||
Standby letters of credit outstanding | $ 49,000,000 | ||||||||
Debt instrument, unamortized discount (premium) and debt issuance costs, net | 24,000,000 | $ 29,000,000 | |||||||
Deferred gain (loss) on net investment hedge recorded in AOCL, net of tax | (11,000,000) | ||||||||
Forecast | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate adjustment, annualized amount | $ 8,000,000 | ||||||||
Interest expense | $ 10,000,000 | ||||||||
Commercial Paper | Subsequent event | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of credit facility, maximum borrowing capacity | $ 800,000,000 | ||||||||
Revolving Credit Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of credit facility, maximum borrowing capacity | $ 1,250,000,000 | ||||||||
Receivable facilities | 0 | ||||||||
Standby letters of credit outstanding | $ 22,000,000 | ||||||||
4.00% senior notes due 2022 | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate | 4.00% | 4.00% | 4.00% | ||||||
Redemption price | 102.00% | ||||||||
Consideration for repurchase of debt | $ 259,000,000 | ||||||||
Loss on extinguishment of debt | $ 5,000,000 | ||||||||
3.75% senior notes due October 2021 | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate | 3.75% | ||||||||
Redemption price | 100.00% | ||||||||
Debt instrument, face amount | € | € 300 | ||||||||
3.15% senior notes due 2021 | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate | 3.15% | 3.15% | 3.15% | ||||||
Redemption price | 100.00% | ||||||||
3.85% senior notes due 2023 | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate | 3.85% | 3.85% | 3.85% | ||||||
Aggregate principal amount of debt repurchased | $ 5,000,000 | ||||||||
Percentage above par value | 5.00% | ||||||||
Securitization Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of credit facility, maximum borrowing capacity | $ 600,000,000 | ||||||||
Receivable facilities | $ 0 | ||||||||
Senior notes | 3.75% senior notes due October 2021 | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate | 3.75% | 3.75% |
Debt - Schedule of Maturities o
Debt - Schedule of Maturities of Long-term Debt (Detail) $ in Millions | Dec. 31, 2021USD ($) |
Debt Disclosure [Abstract] | |
2022 | $ 3 |
2023 | 1,090 |
2024 | 201 |
2025 | 547 |
2026 | 1,985 |
Thereafter | 1,087 |
Total | $ 4,913 |
Debt - Schedule of Fair Value o
Debt - Schedule of Fair Value of Senior Notes (Detail) - Senior notes - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Fair Value | $ 5,477 | $ 6,277 |
Book Value | $ 4,877 | $ 5,588 |
Derivatives and Foreign Curre_3
Derivatives and Foreign Currency Operations - Additional Information (Detail) | 12 Months Ended | |||
Dec. 31, 2021USD ($)swap | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Sep. 30, 2021USD ($) | |
Derivative [Line Items] | ||||
Fair value of derivatives, liability | $ 17,000,000 | $ 110,000,000 | ||
Derivative instruments not designated as hedging instruments, income (expense), net | 13,000,000 | (9,000,000) | $ (11,000,000) | |
Cash flow hedge gain (loss) to be reclassified within twelve months | 12,000,000 | |||
Foreign currency transaction loss, before tax | 5,000,000 | 14,000,000 | $ 6,000,000 | |
4.00% senior notes due 2024 | ||||
Derivative [Line Items] | ||||
Debt instrument, face amount | $ 100,000,000 | |||
Interest rate | 4.00% | |||
Foreign exchange contract | ||||
Derivative [Line Items] | ||||
Derivative, notional amount | $ 523,000,000 | |||
Foreign exchange contract | Derivatives Not Designated as Effective Hedges | ||||
Derivative [Line Items] | ||||
Fair value of derivatives, liability | 14,000,000 | 17,000,000 | ||
Derivative, notional amount | $ 1,600,000,000 | |||
Cross-currency swaps | ||||
Derivative [Line Items] | ||||
Number of cross-currency swaps (in swaps) | swap | 2 | |||
Fair value of derivatives, liability | $ 900,000,000 | $ 358,000,000 | ||
Gain on derivative | $ 16,000,000 | $ 14,000,000 |
Derivatives and Foreign Curre_4
Derivatives and Foreign Currency Operations - Schedule of Fair Value of Derivative Financial Instruments (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 |
Derivatives, Fair Value [Line Items] | |||
Fair value of derivatives, liability | $ (17) | $ (110) | |
Cross-currency swaps | |||
Derivatives, Fair Value [Line Items] | |||
Fair value of derivatives, liability | (900) | $ (358) | |
Derivatives Designated as Effective Hedges | Cash flow hedges | Foreign exchange contract | |||
Derivatives, Fair Value [Line Items] | |||
Fair value of derivatives, asset | 12 | 1 | |
Fair value of derivatives, liability | (2) | (19) | |
Derivatives Designated as Effective Hedges | Fair value hedges | Interest rate swap | |||
Derivatives, Fair Value [Line Items] | |||
Fair value of derivatives, asset | 3 | 7 | |
Derivatives Designated as Effective Hedges | Net investment hedges | Cross-currency swaps | |||
Derivatives, Fair Value [Line Items] | |||
Fair value of derivatives, asset | 18 | 10 | |
Fair value of derivatives, liability | (41) | (102) | |
Derivatives Not Designated as Effective Hedges | Foreign exchange contract | |||
Derivatives, Fair Value [Line Items] | |||
Fair value of derivatives, asset | 7 | 10 | |
Fair value of derivatives, liability | $ (14) | $ (17) |
Derivatives and Foreign Curre_5
Derivatives and Foreign Currency Operations - Schedule of Pretax Effects of Derivative Financial Instruments Designated or Previously Designated as Effective Hedges (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Recognized in OCI | $ 83 | $ (88) | $ (16) |
Reclassified from AOCL to Income | (23) | 6 | 7 |
Interest rate swap | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Recognized in OCI | 0 | 0 | 0 |
Reclassified from AOCL to Income | (6) | (7) | (8) |
Foreign exchange contract | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Recognized in OCI | 14 | 4 | (16) |
Reclassified from AOCL to Income | (17) | 13 | 15 |
Cross-currency swaps | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Recognized in OCI | 69 | (92) | 0 |
Reclassified from AOCL to Income | $ 0 | $ 0 | $ 0 |
Employee Benefit and Retireme_3
Employee Benefit and Retirement Plans - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension and other postretirement benefit plans, amounts that will be amortized from AOCI in next fiscal year, pre-tax | $ 14 | |||
Benefit obligation settlement | $ 157 | |||
Obligation settled allocated to retirees | 44.00% | 44.00% | ||
Reclassification adjustment from accumulated other comprehensive loss | $ (49) | |||
Defined contribution plan, cost recognized | 36 | $ 35 | $ 32 | |
United States | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plans, estimated future employer contributions in 2022 | 16 | |||
International | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plans, estimated future employer contributions in 2022 | $ 7 | |||
Minimum | Equity securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, target plan asset allocations range maximum | 10.00% | |||
Minimum | Fixed Income Investments | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, target plan asset allocations range maximum | 70.00% | |||
Minimum | Cash and other | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, target plan asset allocations range maximum | 0.00% | |||
Maximum | Equity securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, target plan asset allocations range maximum | 30.00% | |||
Maximum | Fixed Income Investments | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, target plan asset allocations range maximum | 90.00% | |||
Maximum | Cash and other | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, target plan asset allocations range maximum | 10.00% | |||
Supplemental Employee Retirement Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net death benefits from life insurance policies, amount | $ 304 | |||
Cash surrender value of life insurance | 137 | 142 | 137 | |
Defined benefit plan, benefit obligation | $ 119 | $ 109 | $ 119 |
Employee Benefit and Retireme_4
Employee Benefit and Retirement Plans - Schedule of Reconciliation of Benefit Obligations (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Amounts recognized in the Consolidated Balance Sheets: | |||
Accumulated benefit obligation | $ 1,900 | $ 2,000 | |
United States | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 1,161 | ||
Fair value of plan assets at end of year | 1,133 | 1,161 | |
International | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 627 | ||
Fair value of plan assets at end of year | 595 | 627 | |
Pension Benefits | United States | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | 1,357 | 1,449 | |
Service cost | 0 | 0 | $ 1 |
Interest cost | 20 | 35 | 49 |
Actuarial (gain) loss | (53) | 133 | |
Amendments | 0 | 0 | |
Currency translation | 0 | 0 | |
Benefits paid | (86) | (95) | |
Acquisitions and dispositions, net | 0 | 2 | |
Curtailments, settlements and other | 0 | (167) | |
Benefit obligation at end of year | 1,238 | 1,357 | 1,449 |
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 1,161 | 1,228 | |
Actual return (loss) on plan assets | 48 | 178 | |
Contributions | 10 | 17 | |
Currency translation | 0 | 0 | |
Benefits paid | (86) | (95) | |
Settlements and other | 0 | (167) | |
Fair value of plan assets at end of year | 1,133 | 1,161 | 1,228 |
Funded status at end of year | (105) | (196) | |
Amounts recognized in the Consolidated Balance Sheets: | |||
Prepaid benefit cost, included in other assets | 29 | 0 | |
Accrued current benefit cost—other accrued liabilities | (11) | (11) | |
Accrued noncurrent benefit cost— other noncurrent liabilities | (123) | (185) | |
Net amount recognized | $ (105) | $ (196) | |
Discount rate | 2.64% | 2.16% | |
Long-term rate of compensation increase | 3.00% | 3.00% | |
Current health care cost trend rates | 0.00% | 0.00% | |
Ultimate health care cost trend rates | 0.00% | 0.00% | |
Pension Benefits | International | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | $ 668 | $ 626 | |
Service cost | 4 | 4 | 6 |
Interest cost | 6 | 9 | 13 |
Actuarial (gain) loss | (14) | 29 | |
Amendments | 1 | 1 | |
Currency translation | (16) | 29 | |
Benefits paid | (25) | (21) | |
Acquisitions and dispositions, net | 0 | 0 | |
Curtailments, settlements and other | (1) | (9) | |
Benefit obligation at end of year | 623 | 668 | 626 |
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 627 | 580 | |
Actual return (loss) on plan assets | (7) | 47 | |
Contributions | 10 | 8 | |
Currency translation | (9) | 22 | |
Benefits paid | (25) | (21) | |
Settlements and other | (1) | (9) | |
Fair value of plan assets at end of year | 595 | 627 | 580 |
Funded status at end of year | (28) | (41) | |
Amounts recognized in the Consolidated Balance Sheets: | |||
Prepaid benefit cost, included in other assets | 102 | 104 | |
Accrued current benefit cost—other accrued liabilities | (4) | (5) | |
Accrued noncurrent benefit cost— other noncurrent liabilities | (126) | (140) | |
Net amount recognized | $ (28) | $ (41) | |
Discount rate | 1.60% | 1.22% | |
Long-term rate of compensation increase | 2.25% | 2.18% | |
Current health care cost trend rates | 0.00% | 0.00% | |
Ultimate health care cost trend rates | 0.00% | 0.00% | |
Postretirement Benefits | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | $ 51 | $ 52 | |
Service cost | 0 | 0 | |
Interest cost | 1 | 1 | 2 |
Actuarial (gain) loss | (7) | 2 | |
Amendments | 0 | 0 | |
Currency translation | 0 | 0 | |
Benefits paid | (4) | (4) | |
Acquisitions and dispositions, net | 0 | 0 | |
Curtailments, settlements and other | 0 | 0 | |
Benefit obligation at end of year | 41 | 51 | 52 |
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | 0 | |
Actual return (loss) on plan assets | 0 | 0 | |
Contributions | 4 | 4 | |
Currency translation | 0 | 0 | |
Benefits paid | (4) | (4) | |
Settlements and other | 0 | 0 | |
Fair value of plan assets at end of year | 0 | 0 | $ 0 |
Funded status at end of year | (41) | (51) | |
Amounts recognized in the Consolidated Balance Sheets: | |||
Prepaid benefit cost, included in other assets | 0 | 0 | |
Accrued current benefit cost—other accrued liabilities | (5) | (5) | |
Accrued noncurrent benefit cost— other noncurrent liabilities | (36) | (46) | |
Net amount recognized | $ (41) | $ (51) | |
Discount rate | 2.34% | 1.80% | |
Long-term rate of compensation increase | 0.00% | 0.00% | |
Current health care cost trend rates | 6.21% | 6.48% | |
Ultimate health care cost trend rates | 4.50% | 4.50% |
Employee Benefit and Retireme_5
Employee Benefit and Retirement Plans - Summary of Under-Funded or Non-Funded Pension Benefit Plans with Projected Benefit Obligation in Excess of Plan Assets (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Retirement Benefits [Abstract] | ||
Projected benefit obligation | $ 469 | $ 1,721 |
Fair value of plan assets | $ 205 | $ 1,380 |
Employee Benefit and Retireme_6
Employee Benefit and Retirement Plans - Summary of Pension Plans with Accumulated Obligations in Excess of Plan Assets (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Retirement Benefits [Abstract] | ||
Accumulated benefit obligation | $ 454 | $ 1,711 |
Fair value of plan assets | $ 205 | $ 1,380 |
Employee Benefit and Retireme_7
Employee Benefit and Retirement Plans - Schedule of Company's Pension Cost And Supplemental Retirement Plans (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Pension Benefits | United States | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 0 | $ 0 | $ 1 |
Interest cost | 20 | 35 | 49 |
Expected return on plan assets | (51) | (59) | (59) |
Prior service cost | 0 | 0 | 0 |
Net actuarial loss | 22 | 23 | 15 |
Curtailment, settlement and termination costs | 0 | 52 | 0 |
Total expense | $ (9) | $ 51 | $ 6 |
Effective discount rate for benefit obligations | 2.16% | 3.06% | 4.12% |
Effective rate for interest on benefit obligations | 1.54% | 2.65% | 3.79% |
Effective rate for service cost | 2.63% | 3.43% | 3.93% |
Effective rate for interest on service cost | 2.61% | 3.41% | 3.62% |
Long-term rate of return on plan assets | 5.25% | 5.50% | 5.25% |
Long-term rate of compensation increase | 3.00% | 3.00% | 3.00% |
Pension Benefits | International | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 4 | $ 4 | $ 6 |
Interest cost | 6 | 9 | 13 |
Expected return on plan assets | (3) | (6) | (13) |
Prior service cost | 1 | 1 | 0 |
Net actuarial loss | 3 | 3 | 2 |
Curtailment, settlement and termination costs | 0 | 1 | 1 |
Total expense | $ 11 | $ 12 | $ 9 |
Effective discount rate for benefit obligations | 1.22% | 1.79% | 2.52% |
Effective rate for interest on benefit obligations | 0.92% | 1.55% | 2.20% |
Effective rate for service cost | 0.71% | 0.92% | 1.89% |
Effective rate for interest on service cost | 0.54% | 0.75% | 2.24% |
Long-term rate of return on plan assets | 0.51% | 1.08% | 2.47% |
Long-term rate of compensation increase | 2.18% | 2.32% | 2.32% |
Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 0 | $ 0 | |
Interest cost | 1 | 1 | $ 2 |
Prior service cost | 0 | (2) | (5) |
Net actuarial loss | (3) | (4) | (4) |
Total expense | $ (2) | $ (5) | $ (7) |
Effective discount rate for benefit obligations | 1.80% | 2.80% | 3.90% |
Effective rate for interest on benefit obligations | 1.18% | 2.41% | 2.71% |
Effective rate for service cost | 1.32% | 2.52% | 2.97% |
Effective rate for interest on service cost | 1.02% | 2.27% | 2.78% |
Employee Benefit and Retireme_8
Employee Benefit and Retirement Plans - Composition of Domestic Pension Plan Assets (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
United States | |||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
Defined benefit plan, fair value of plan assets | $ 1,133 | $ 1,161 | |
United States | Equity securities and funds | |||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
Defined benefit plan, fair value of plan assets | 220 | 273 | |
United States | Fixed income securities and funds | |||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
Defined benefit plan, fair value of plan assets | 858 | 760 | |
United States | Alternative investments | |||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
Defined benefit plan, fair value of plan assets | 22 | 104 | |
United States | Cash and other | |||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
Defined benefit plan, fair value of plan assets | 33 | 24 | |
Level 1 | United States | |||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
Defined benefit plan, fair value of plan assets | 474 | 449 | |
Level 1 | United States | Equity securities and funds | |||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
Defined benefit plan, fair value of plan assets | 0 | 0 | |
Level 1 | United States | Fixed income securities and funds | |||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
Defined benefit plan, fair value of plan assets | 455 | 441 | |
Level 1 | United States | Alternative investments | |||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
Defined benefit plan, fair value of plan assets | 0 | 0 | |
Level 1 | United States | Cash and other | |||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
Defined benefit plan, fair value of plan assets | 19 | 8 | |
Level 2 | United States | |||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
Defined benefit plan, fair value of plan assets | 13 | 15 | |
Level 2 | United States | Equity securities and funds | |||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
Defined benefit plan, fair value of plan assets | 0 | 0 | |
Level 2 | United States | Fixed income securities and funds | |||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
Defined benefit plan, fair value of plan assets | 0 | 0 | |
Level 2 | United States | Alternative investments | |||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
Defined benefit plan, fair value of plan assets | 0 | 0 | |
Level 2 | United States | Cash and other | |||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
Defined benefit plan, fair value of plan assets | 13 | 15 | |
Level 3 | |||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
Defined benefit plan, fair value of plan assets | 9 | 10 | $ 9 |
Level 3 | United States | |||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
Defined benefit plan, fair value of plan assets | 1 | 1 | |
Level 3 | United States | Equity securities and funds | |||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
Defined benefit plan, fair value of plan assets | 0 | 0 | |
Level 3 | United States | Fixed income securities and funds | |||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
Defined benefit plan, fair value of plan assets | 0 | 0 | |
Level 3 | United States | Alternative investments | |||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
Defined benefit plan, fair value of plan assets | 0 | 0 | |
Level 3 | United States | Cash and other | |||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
Defined benefit plan, fair value of plan assets | 1 | 1 | |
Subtotal | United States | |||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
Defined benefit plan, fair value of plan assets | 488 | 465 | |
Subtotal | United States | Equity securities and funds | |||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
Defined benefit plan, fair value of plan assets | 0 | 0 | |
Subtotal | United States | Fixed income securities and funds | |||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
Defined benefit plan, fair value of plan assets | 455 | 441 | |
Subtotal | United States | Alternative investments | |||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
Defined benefit plan, fair value of plan assets | 0 | 0 | |
Subtotal | United States | Cash and other | |||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
Defined benefit plan, fair value of plan assets | 33 | 24 | |
NAV-based assets | United States | |||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
Defined benefit plan, fair value of plan assets | 645 | 696 | |
NAV-based assets | United States | Equity securities and funds | |||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
Defined benefit plan, fair value of plan assets | 220 | 273 | |
NAV-based assets | United States | Fixed income securities and funds | |||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
Defined benefit plan, fair value of plan assets | 403 | 319 | |
NAV-based assets | United States | Alternative investments | |||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
Defined benefit plan, fair value of plan assets | 22 | 104 | |
NAV-based assets | United States | Cash and other | |||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
Defined benefit plan, fair value of plan assets | $ 0 | $ 0 |
Employee Benefit and Retireme_9
Employee Benefit and Retirement Plans - Composition of International Pension Plan Assets (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
International | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets | $ 595 | $ 627 | |
International | Equity securities and funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets | 7 | 6 | |
International | Fixed Income Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets | 318 | 265 | |
International | Cash and other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets | 270 | 356 | |
Level 1 | International | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets | 340 | 269 | |
Level 1 | International | Equity securities and funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets | 4 | 3 | |
Level 1 | International | Fixed Income Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets | 314 | 262 | |
Level 1 | International | Cash and other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets | 22 | 4 | |
Level 2 | International | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets | 247 | 240 | |
Level 2 | International | Equity securities and funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets | 3 | 3 | |
Level 2 | International | Fixed Income Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets | 4 | 3 | |
Level 2 | International | Cash and other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets | 240 | 234 | |
Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets | 9 | 10 | $ 9 |
Level 3 | International | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets | 8 | 9 | |
Level 3 | International | Equity securities and funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets | 0 | 0 | |
Level 3 | International | Fixed Income Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets | 0 | 0 | |
Level 3 | International | Cash and other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets | 8 | 9 | |
Subtotal | International | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets | 595 | 518 | |
Subtotal | International | Equity securities and funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets | 7 | 6 | |
Subtotal | International | Fixed Income Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets | 318 | 265 | |
Subtotal | International | Cash and other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets | 270 | 247 | |
NAV-based assets | International | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets | 0 | 109 | |
NAV-based assets | International | Equity securities and funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets | 0 | 0 | |
NAV-based assets | International | Fixed Income Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets | 0 | 0 | |
NAV-based assets | International | Cash and other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets | $ 0 | $ 109 |
Employee Benefit and Retirem_10
Employee Benefit and Retirement Plans - Summary of Reconciliation of Change in Fair Value Measurement of Defined Benefit Plans' Consolidated Assets Using Significant Unobservable Inputs (Level 3) (Detail) - Level 3 - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at beginning of year | $ 10 | $ 9 |
Unrealized losses | (1) | 1 |
Fair value of plan assets at end of year | $ 9 | $ 10 |
Employee Benefit and Retirem_11
Employee Benefit and Retirement Plans - Schedule of Estimated Future Benefit Payments Under Defined Benefit Pension Plans and Postretirement Benefit Plans (Detail) $ in Millions | Dec. 31, 2021USD ($) |
Pension Benefits | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2022 | $ 111 |
2023 | 109 |
2024 | 109 |
2025 | 107 |
2026 | 107 |
Thereafter | 515 |
Postretirement Benefits | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2022 | 5 |
2023 | 5 |
2024 | 4 |
2025 | 4 |
2026 | 4 |
Thereafter | $ 13 |
Income Taxes - Components of In
Income Taxes - Components of Income (Loss) Before Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax [Line Items] | |||
Income (loss) before income taxes | $ 693 | $ (1,006) | $ (852) |
United States | |||
Income Tax [Line Items] | |||
Domestic | (420) | (928) | (1,249) |
Foreign | |||
Income Tax [Line Items] | |||
Foreign | $ 1,113 | $ (78) | $ 397 |
Income Taxes - Schedule of Prov
Income Taxes - Schedule of Provision for Income Taxes (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Current: | |||
Federal | $ 48 | $ (50) | $ 8 |
State | 17 | 1 | 11 |
Foreign | 97 | 74 | 42 |
Total current | 162 | 25 | 61 |
Deferred: | |||
Federal | (39) | (136) | (355) |
State | (24) | (33) | (63) |
Foreign | 22 | (92) | (650) |
Total deferred | (41) | (261) | (1,068) |
Total income tax provision (benefit) | 121 | (236) | (1,007) |
Total income tax provision - discontinued operations | 0 | 0 | 31 |
Total income tax provision (benefit) - continuing operations | $ 121 | $ (236) | $ (1,038) |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of U.S. Statutory Rate to Effective Income Tax Rate on Continuing Basis (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Statutory rate | 21.00% | 21.00% | 21.00% |
Add (deduct) effect of: | |||
State income taxes, net of federal income tax effect | (0.90%) | 2.40% | 3.80% |
U.S foreign inclusions and foreign tax credit | 3.90% | 3.60% | (1.60%) |
Foreign rate differential | (12.70%) | 2.70% | 4.90% |
Change in uncertain tax positions | 0.10% | 4.50% | 5.90% |
Change in valuation allowance reserve | (4.20%) | 3.00% | (5.90%) |
Impairments | 0.00% | (4.40%) | (3.30%) |
Capital loss | (2.30%) | 3.00% | 25.40% |
Reversal of outside basis difference | 0.40% | (5.20%) | 0.40% |
Non-deductible compensation | 0.40% | (1.20%) | (1.60%) |
Other taxes | 1.40% | (0.90%) | 1.60% |
U.S. income inclusions on asset transfers | 12.20% | (6.90%) | (2.20%) |
Outbound transfer of U.S. assets | 0.00% | 0.00% | 70.50% |
Other | (1.90%) | 1.90% | 3.00% |
Effective rate | 17.40% | 23.50% | 121.90% |
Tax benefit related to outbound transfer of domestic assets | $ 522 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax [Line Items] | |||
Undistributed earnings of foreign subsidiaries | $ 6,000 | ||
Undistributed foreign earnings | 9 | ||
Unremitted earnings | 6,000 | ||
Operating loss carryforwards | 1,300 | ||
Operating loss carryforwards, not subject to expiration | 931 | ||
Operating loss carryforwards, subject to expiration | 332 | ||
Valuation allowance | 186 | $ 213 | |
Unrecognized tax benefits that would impact effective tax rate | 387 | 387 | $ 437 |
Unrecognized tax benefits, income tax penalties and interest expense | 7 | 5 | $ 11 |
Decrease in unrecognized tax benefits | 9 | ||
Minimum | |||
Income Tax [Line Items] | |||
Potential income tax expense due to change in tax regulation | 180 | ||
Maximum | |||
Income Tax [Line Items] | |||
Potential income tax expense due to change in tax regulation | 220 | ||
Operations Deferred Tax Asset Deemed Realizable | |||
Income Tax [Line Items] | |||
Valuation allowance | 186 | 213 | |
Valuation allowance, deferred tax asset, change in amount | (27) | $ (58) | |
Domestic Tax Authority | |||
Income Tax [Line Items] | |||
Operating loss carryforwards | 206 | ||
Operating loss carryforwards, subject to expiration, varying limitations | 59 | ||
Operating loss carryforwards excluded from statement of financial condition | 55 | ||
Operating loss carryforwards utilized in the current year | 32 | ||
Domestic Tax Authority | Carryback 3 years, carryforward 5 years | |||
Income Tax [Line Items] | |||
Operating loss carryforwards, not subject to expiration | 828 | ||
Domestic Tax Authority | Tax year 2018 | |||
Income Tax [Line Items] | |||
Operating loss carryforwards, not subject to expiration | 313 | ||
Domestic Tax Authority | Tax year 2020 | |||
Income Tax [Line Items] | |||
Operating loss carryforwards, not subject to expiration | 427 | ||
Domestic Tax Authority | Tax Year 2021 | |||
Income Tax [Line Items] | |||
Operating loss carryforwards, not subject to expiration | 88 | ||
Foreign Tax Authority | |||
Income Tax [Line Items] | |||
Operating loss carryforwards | 1,100 | ||
State Jurisdiction | |||
Income Tax [Line Items] | |||
Operating loss carryforwards | 291 | ||
Operating loss carryforwards, subject to expiration | 1,200 | ||
Operating loss carryforwards, subject to expiration, varying limitations | 14 | ||
Operating loss carryforwards excluded from statement of financial condition | 14 | ||
Operating loss carryforwards utilized in the current year | 18 | ||
State Jurisdiction | Carryback 3 years, carryforward 5 years | |||
Income Tax [Line Items] | |||
Operating loss carryforwards | 136 | ||
State Jurisdiction | Tax year 2018 | |||
Income Tax [Line Items] | |||
Operating loss carryforwards | 110 | ||
State Jurisdiction | Tax year 2020 | |||
Income Tax [Line Items] | |||
Operating loss carryforwards | 181 | ||
State Jurisdiction | Five-year carryforward | |||
Income Tax [Line Items] | |||
Operating loss carryforwards | $ 155 |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Components of Net Deferred Tax Assets (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred tax assets: | ||
Accruals | $ 156 | $ 138 |
Inventory | 79 | 39 |
Pension and postretirement benefits | 32 | 60 |
Net operating losses | 330 | 350 |
Foreign tax credits | 150 | 185 |
Capital loss carryforward | 257 | 241 |
Operating lease liabilities | 169 | 162 |
Other | 158 | 158 |
Total gross deferred tax assets | 1,331 | 1,333 |
Less valuation allowance | (186) | (213) |
Net deferred tax assets after valuation allowance | 1,145 | 1,120 |
Deferred tax liabilities: | ||
Accelerated depreciation | (107) | (92) |
Amortizable intangibles | (260) | (282) |
Outside basis differences | (96) | (93) |
Operating lease assets | (152) | (145) |
U.S. foreign inclusion recapture | (62) | (30) |
Other | (59) | (54) |
Total gross deferred tax liabilities | (736) | (696) |
Net deferred tax assets | $ 409 | $ 424 |
Income Taxes - Deferred Tax Amo
Income Taxes - Deferred Tax Amounts Classified in the Balance Sheet (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Income Tax Disclosure [Abstract] | ||
Noncurrent deferred tax assets | $ 814 | $ 838 |
Noncurrent deferred tax liabilities | (405) | (414) |
Net deferred tax assets | $ 409 | $ 424 |
Income Taxes - Summary of Chang
Income Taxes - Summary of Changes in Gross Unrecognized Tax Benefits (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Unrecognized tax benefits beginning balance | $ 452 | $ 474 | $ 463 |
Increases (decreases): | |||
Increases in tax positions for prior years | 1 | 4 | 35 |
Decreases in tax positions for prior years | (4) | 0 | (31) |
Increase in tax positions for the current period | 23 | 40 | 84 |
Purchase accounting adjustments (See Footnote 1) | 0 | 0 | (9) |
Settlements with taxing authorities | (2) | 0 | (2) |
Lapse of statute of limitations | (12) | (66) | (66) |
Cumulative translation adjustments | (1) | 0 | 0 |
Unrecognized tax benefits ending balance | $ 457 | $ 452 | $ 474 |
Leases - Schedule of Consolidat
Leases - Schedule of Consolidated Balance Sheet Related To Leases (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Assets | ||
Operating lease assets, net | $ 558 | $ 530 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Property, plant and equipment, net | Property, plant and equipment, net |
Finance lease assets, net | $ 5 | $ 10 |
Total lease assets | $ 563 | $ 540 |
Current | ||
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Other accrued liabilities | Other accrued liabilities |
Operating lease, current liabilities | $ 122 | $ 129 |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] | Short-term debt and current portion of long-term debt | Short-term debt and current portion of long-term debt |
Finance lease, current liabilities | $ 3 | $ 3 |
Noncurrent | ||
Operating lease, noncurrent liabilities | $ 500 | $ 472 |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Long-term debt | Long-term debt |
Finance lease, noncurrent liabilities | $ 2 | $ 5 |
Total lease liabilities | $ 627 | $ 609 |
Leases - Schedule of Consolid_2
Leases - Schedule of Consolidated Statement Of Operation Related To Leases (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Operating lease cost: | ||
Operating lease cost | $ 166 | $ 180 |
Variable lease costs | 23 | 25 |
Finance lease cost | ||
Amortization of leased assets | $ 4 | $ 4 |
Leases - Schedule Of Remaining
Leases - Schedule Of Remaining Lease Term and Discount Rates (Detail) | Dec. 31, 2021 | Dec. 31, 2020 |
Weighted-average remaining lease term (years): | ||
Operating leases | 8 years | 6 years |
Finance leases | 2 years | 2 years |
Weighted-average discount rate: | ||
Operating leases | 3.40% | 4.20% |
Finance leases | 3.60% | 3.40% |
Leases - Schedule Of Supplement
Leases - Schedule Of Supplemental Cash Flow Related To Leases (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows from operating leases | $ 163 | $ 177 |
Financing cash flows from finance leases | 4 | 4 |
Right of use assets obtained in exchange for lease liabilities: | ||
Operating leases | $ 144 | $ 75 |
Leases - Schedule Of Maturities
Leases - Schedule Of Maturities Of Lease Liabilities (Detail) $ in Millions | Dec. 31, 2021USD ($) |
Operating Leases | |
2022 | $ 145 |
2023 | 119 |
2024 | 99 |
2025 | 79 |
2026 | 65 |
Thereafter | 198 |
Total lease payments | 705 |
Less: imputed interest | (83) |
Present value of lease liabilities | 622 |
Finance Leases | |
2022 | 3 |
2023 | 2 |
2024 | 0 |
2025 | 0 |
2026 | 0 |
Thereafter | 0 |
Total lease payments | 5 |
Less: imputed interest | 0 |
Present value of lease liabilities | $ 5 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Lessee, Lease, Description [Line Items] | |||
Asset impairment charges | $ 60 | $ 1,503 | $ 1,223 |
Accumulated amortization | 16 | 12 | |
Total future obligations of right of use operating leases | $ 130 | ||
Home Solutions | |||
Lessee, Lease, Description [Line Items] | |||
Asset impairment charges | 8 | ||
Corporate | |||
Lessee, Lease, Description [Line Items] | |||
Asset impairment charges | $ 2 |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Computations of Weighted Average Shares Outstanding (Detail) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |||
Weighted average shares outstanding (in shares) | 425.3 | 424.1 | 423.2 |
Share-based payment awards classified as participating securities (in shares) | 0 | 0 | 0.1 |
Basic weighted-average shares outstanding (in shares) | 425.3 | 424.1 | 423.3 |
Dilutive securities (in shares) | 2.7 | 0 | 0.6 |
Diluted weighted-average shares outstanding (in shares) | 428 | 424.1 | 423.9 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares shares in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
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) | 1.1 | |
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) | 0.5 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Option exercises in period, total intrinsic value | $ 2,000,000 | $ 0 | $ 0 |
Restricted stock units expected to vest (in shares) | 2.4 | ||
Granted, weighted-average grant date fair value (per share) | $ 25 | $ 21 | $ 17 |
Fair value of vested awards | $ 32,000,000 | $ 23,000,000 | $ 18,000,000 |
Excess tax benefit (detriments) related to stock-based compensation | $ 1,000,000 | $ (8,000,000) | (14,000,000) |
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based awards vesting period | 3 years | ||
Share-based awards contractual term, years | 10 years | ||
Time-Based Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based awards vesting period | 3 years | ||
Share based compensation arrangement by share based payment award performance share unit award number (in shares) | 2.4 | ||
Aggregate grant date fair value | $ 14,000,000 | ||
Performance-Based Restricted Stock Units (RSU) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based awards vesting period | 3 years | ||
Compensation expense, net benefit | $ 5,000,000 | ||
Performance condition period | 30 days | ||
Performance condition, period after grant date | 18 months | ||
Share-based awards vesting terms | 125.00% | ||
Share based compensation arrangement by share based payment award performance share unit award number (in shares) | 1.1 | ||
Aggregate grant date fair value | $ 29,000,000 | ||
Performance-Based Restricted Stock Units (RSU) | Chief Executive Officer | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock units expected to vest (in shares) | 1.3 | ||
Time-Based Restricted Stock Units (RSU) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based awards vesting period | 3 years | ||
Share based compensation arrangement by share based payment award performance share unit award number (in shares) | 0.8 | ||
Aggregate grant date fair value | $ 18,000,000 | ||
Eighteen-month anniversary | Performance-Based Restricted Stock Units (RSU) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based awards vesting period | 18 months | ||
Two-year anniversary | Performance-Based Restricted Stock Units (RSU) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based awards vesting period | 2 years | ||
Three-year anniversary | Performance-Based Restricted Stock Units (RSU) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based awards vesting period | 3 years | ||
Minimum | Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based awards vesting period | 1 year | ||
Minimum | Performance-Based Restricted Stock Units (RSU) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based awards vesting period | 1 year | ||
Maximum | Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based awards vesting period | 3 years | ||
Maximum | Performance-Based Restricted Stock Units (RSU) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based awards vesting period | 3 years | ||
Maximum | Stock-Price Based RSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based awards vesting period | 3 years | ||
2013 Stock Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based awards vesting period | 3 years | ||
Share-based awards available for grant (in shares) | 21 | ||
2013 Stock Plan | Minimum | Performance Shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based awards vesting period | 1 year |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Changes In Stock Options (Detail) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended |
Dec. 31, 2021USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Shares outstanding, beginning balance (in shares) | shares | 2.7 |
Granted (in shares) | shares | 2.4 |
Exercised (in shares) | shares | (0.3) |
Forfeited (in shares) | shares | 0 |
Shares outstanding, ending balance (in shares) | shares | 4.8 |
Options exercisable, end of year (in shares) | shares | 1.3 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |
Weighted average exercise price, beginning balance (in USD per share) | $ / shares | $ 18 |
Weighted-average exercise price, granted (in USD per share) | $ / shares | 24 |
Weighted-average exercise price, exercised (in USD per share) | $ / shares | 15 |
Weighted-average exercise price, forfeited (in USD per share) | $ / shares | 20 |
Weighted average exercise price, ending balance (in USD per share) | $ / shares | 21 |
Weighted average exercise price, options exercisable, end of year (in USD per share) | $ / shares | $ 18 |
Weighted average remaining life, outstanding (years) | 8 years 6 months |
Aggregate intrinsic value, outstanding | $ | $ 7.8 |
Weighted average remaining life, exercisable (years) | 7 years 10 months 24 days |
Aggregate intrinsic value, exercisable | $ | $ 4.4 |
Share-Based Compensation - Su_2
Share-Based Compensation - Summary of Weighted Average Assumptions Used to Determine Fair Value of Stock Options Granted (Details) - Stock Options | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected life in years | 6 years | 6 years |
Risk-free interest rate | 0.80% | 1.40% |
Expected volatility | 44.20% | 41.30% |
Expected dividend yield | 5.10% | 3.90% |
Share-Based Compensation - Su_3
Share-Based Compensation - Summary of Changes of Restricted Stock and Restricted Stock Units (Detail) - $ / shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Restricted stock outstanding, beginning of period (in shares) | 4.3 | ||
Restricted stock units granted (in shares) | 1.9 | ||
Restricted stock units grant adjustment (in shares) | (0.3) | ||
Restricted stock units vested (in shares) | (1.3) | ||
Restricted stock units forfeited (in shares) | (0.3) | ||
Restricted stock outstanding, end of period (in shares) | 4.3 | 4.3 | |
Restricted stock units expected to vest, end of period (in shares) | 5.6 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Weighted-average grant date fair value per share, outstanding, beginning of period (per share) | $ 21 | ||
Granted, weighted-average grant date fair value (per share) | 25 | $ 21 | $ 17 |
Grant adjustment, weighted-average grant date fair value (per share) | 23 | ||
Vested, weighted-average grant date fair value (per share) | 21 | ||
Forfeited, weighted-average grant date fair value (per share) | 22 | ||
Weighted-average grant date fair value per share, outstanding, end of period (per share) | 22 | $ 21 | |
Weighted-average grant date fair value expected to vest, end of period (per share) | $ 22 |
Share-Based Compensation - Su_4
Share-Based Compensation - Summary of Total Unrecognized Compensation Cost Related to Stock-based Compensation (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Compensation Cost | $ 53 |
Weighted Average Period of Expense Recognition (in years) | 1 year |
Restricted Stock Units (RSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Compensation Cost | $ 43 |
Weighted Average Period of Expense Recognition (in years) | 1 year |
Stock Options | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Compensation Cost | $ 10 |
Weighted Average Period of Expense Recognition (in years) | 1 year |
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 | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of derivatives, liability | $ (17) | $ (110) |
Fair Value Measurements on Recurring Basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 40 | 28 |
Fair value of derivatives, liability | (57) | (138) |
Investment securities, including mutual funds | 13 | 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 |
Fair value of derivatives, liability | 0 | 0 |
Investment securities, including mutual funds | 13 | 10 |
Level 2 | Fair Value Measurements on Recurring Basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 40 | 28 |
Fair value of derivatives, liability | (57) | (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 |
Fair value of derivatives, liability | 0 | 0 |
Investment securities, including mutual funds | $ 0 | $ 0 |
Fair Value Disclosures - Additi
Fair Value Disclosures - Additional Information (Details) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Mar. 31, 2020USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity method investment | $ 18 | |||
Equity method investment at fair value | $ 11 | |||
Level 3 | Measurement Input, Discount Rate | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Goodwill measurement input | 0.075 | |||
Intangible asset measurement input | 0.075 | |||
Level 3 | Measurement Input, Discount Rate | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Goodwill measurement input | 0.095 | |||
Intangible asset measurement input | 0.110 | |||
Level 3 | Fair Value, Measurements, Nonrecurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Indefinite-lived intangibles | $ 47 | $ 135 | $ 796 | |
Other operating income (expense) | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity investment | $ 2 | $ 0 | $ (9) |
Fair Value Disclosures - Summ_2
Fair Value Disclosures - Summary of Assets Measured at Fair Value on a Nonrecurring Basis (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 |
Fair Value, Measurements, Nonrecurring | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Indefinite-lived intangibles | $ 47 | $ 135 | $ 796 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) - segment | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Sales Information [Line Items] | |||
Number of reportable segments (in segments) | 5 | ||
Walmart Inc. and Subsidiaries | Revenue from Contract with Customer | Customer Concentration Risk | |||
Sales Information [Line Items] | |||
Percentage of sales by major customer | 15.00% | 15.00% | 15.00% |
Amazon | Revenue from Contract with Customer | Customer Concentration Risk | |||
Sales Information [Line Items] | |||
Percentage of sales by major customer | 13.00% | 12.00% | 9.00% |
Segment Information - Schedule
Segment Information - Schedule of Segment Reporting Information, by Segment (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Net sales | $ 10,589 | $ 9,385 | $ 9,715 |
Operating income (loss) | 946 | (634) | (482) |
Other Segment Data [Abstract] | |||
Depreciation and amortization | 325 | 357 | 446 |
Impairment of goodwill and intangible assets | 60 | 1,491 | 1,213 |
Capital expenditures | 289 | 259 | 248 |
Segment assets | 14,179 | 14,700 | |
Commercial Solutions | |||
Segment Reporting Information [Line Items] | |||
Net sales | 1,953 | 1,859 | 1,779 |
Operating income (loss) | 123 | (89) | (139) |
Other Segment Data [Abstract] | |||
Depreciation and amortization | 57 | 57 | 94 |
Impairment of goodwill and intangible assets | 29 | 320 | 310 |
Capital expenditures | 67 | 72 | 40 |
Segment assets | 2,522 | 2,529 | |
Home Appliances | |||
Segment Reporting Information [Line Items] | |||
Net sales | 1,738 | 1,539 | 1,500 |
Operating income (loss) | 70 | (238) | (573) |
Other Segment Data [Abstract] | |||
Depreciation and amortization | 24 | 20 | 22 |
Impairment of goodwill and intangible assets | 0 | 287 | 600 |
Capital expenditures | 18 | 12 | 11 |
Segment assets | 1,055 | 970 | |
Home Solutions | |||
Segment Reporting Information [Line Items] | |||
Net sales | 2,386 | 2,138 | 2,067 |
Operating income (loss) | 313 | (2) | 10 |
Other Segment Data [Abstract] | |||
Depreciation and amortization | 88 | 93 | 90 |
Impairment of goodwill and intangible assets | 0 | 302 | 158 |
Capital expenditures | 46 | 42 | 49 |
Segment assets | 3,109 | 3,087 | |
Learning and Development | |||
Segment Reporting Information [Line Items] | |||
Net sales | 3,028 | 2,557 | 2,956 |
Operating income (loss) | 594 | 359 | 582 |
Other Segment Data [Abstract] | |||
Depreciation and amortization | 57 | 64 | 67 |
Impairment of goodwill and intangible assets | 31 | 100 | 25 |
Capital expenditures | 73 | 69 | 68 |
Segment assets | 4,401 | 4,663 | |
Outdoor and Recreation | |||
Segment Reporting Information [Line Items] | |||
Net sales | 1,484 | 1,292 | 1,413 |
Operating income (loss) | 89 | (420) | (66) |
Other Segment Data [Abstract] | |||
Depreciation and amortization | 35 | 39 | 44 |
Impairment of goodwill and intangible assets | 0 | 482 | 120 |
Capital expenditures | 24 | 24 | 21 |
Segment assets | 907 | 988 | |
Corporate | |||
Segment Reporting Information [Line Items] | |||
Operating income (loss) | (243) | (244) | (296) |
Other Segment Data [Abstract] | |||
Depreciation and amortization | 64 | 84 | 129 |
Capital expenditures | 61 | 40 | $ 59 |
Segment assets | $ 2,185 | $ 2,463 |
Segment Information - Schedul_2
Segment Information - Schedule of Geographic Area Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Net sales | $ 10,589 | $ 9,385 | $ 9,715 |
United States | |||
Segment Reporting Information [Line Items] | |||
Net sales | 6,921 | 6,260 | 6,497 |
Canada | |||
Segment Reporting Information [Line Items] | |||
Net sales | 444 | 413 | 423 |
North America | |||
Segment Reporting Information [Line Items] | |||
Net sales | 7,365 | 6,673 | 6,920 |
Europe, Middle East and Africa | |||
Segment Reporting Information [Line Items] | |||
Net sales | 1,647 | 1,394 | 1,398 |
Latin America | |||
Segment Reporting Information [Line Items] | |||
Net sales | 810 | 657 | 702 |
Asia Pacific | |||
Segment Reporting Information [Line Items] | |||
Net sales | 767 | 661 | 695 |
International | |||
Segment Reporting Information [Line Items] | |||
Net sales | $ 3,224 | $ 2,712 | $ 2,795 |
Segment Information - Summary o
Segment Information - Summary of Disaggregation of Revenue by Major Product Grouping Source and Geography (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Total revenue | $ 10,589 | $ 9,385 | $ 9,715 |
Commercial | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 1,558 | 1,502 | 1,402 |
Connected Home Security | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 395 | 357 | 377 |
Home Appliances | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 1,738 | 1,539 | 1,500 |
Food | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 1,295 | 1,220 | 1,034 |
Home Fragrance | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 1,091 | 918 | 1,033 |
Baby | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 1,265 | 1,112 | 1,111 |
Writing | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 1,763 | 1,445 | 1,845 |
Outdoor and Recreation | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 1,484 | 1,292 | 1,413 |
North America | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 7,365 | 6,673 | 6,920 |
International | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 3,224 | 2,712 | 2,795 |
Commercial Solutions | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 1,953 | 1,859 | 1,779 |
Commercial Solutions | Commercial | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 1,558 | 1,502 | 1,402 |
Commercial Solutions | Connected Home Security | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 395 | 357 | 377 |
Commercial Solutions | Home Appliances | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 0 | 0 | 0 |
Commercial Solutions | Food | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 0 | 0 | 0 |
Commercial Solutions | Home Fragrance | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 0 | 0 | 0 |
Commercial Solutions | Baby | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 0 | 0 | 0 |
Commercial Solutions | Writing | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 0 | 0 | 0 |
Commercial Solutions | Outdoor and Recreation | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 0 | 0 | 0 |
Commercial Solutions | North America | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 1,452 | 1,387 | 1,345 |
Commercial Solutions | International | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 501 | 472 | 434 |
Home Appliances | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 1,738 | 1,539 | 1,500 |
Home Appliances | Commercial | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 0 | 0 | 0 |
Home Appliances | Connected Home Security | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 0 | 0 | 0 |
Home Appliances | Home Appliances | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 1,738 | 1,539 | 1,500 |
Home Appliances | Food | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 0 | 0 | 0 |
Home Appliances | Home Fragrance | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 0 | 0 | 0 |
Home Appliances | Baby | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 0 | 0 | 0 |
Home Appliances | Writing | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 0 | 0 | 0 |
Home Appliances | Outdoor and Recreation | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 0 | 0 | 0 |
Home Appliances | North America | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 976 | 901 | 909 |
Home Appliances | International | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 762 | 638 | 591 |
Home Solutions | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 2,386 | 2,138 | 2,067 |
Home Solutions | Commercial | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 0 | 0 | 0 |
Home Solutions | Connected Home Security | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 0 | 0 | 0 |
Home Solutions | Home Appliances | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 0 | 0 | 0 |
Home Solutions | Food | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 1,295 | 1,220 | 1,034 |
Home Solutions | Home Fragrance | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 1,091 | 918 | 1,033 |
Home Solutions | Baby | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 0 | 0 | 0 |
Home Solutions | Writing | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 0 | 0 | 0 |
Home Solutions | Outdoor and Recreation | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 0 | 0 | 0 |
Home Solutions | North America | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 1,891 | 1,735 | 1,661 |
Home Solutions | International | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 495 | 403 | 406 |
Learning and Development | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 3,028 | 2,557 | 2,956 |
Learning and Development | Commercial | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 0 | 0 | 0 |
Learning and Development | Connected Home Security | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 0 | 0 | 0 |
Learning and Development | Home Appliances | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 0 | 0 | 0 |
Learning and Development | Food | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 0 | 0 | 0 |
Learning and Development | Home Fragrance | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 0 | 0 | 0 |
Learning and Development | Baby | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 1,265 | 1,112 | 1,111 |
Learning and Development | Writing | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 1,763 | 1,445 | 1,845 |
Learning and Development | Outdoor and Recreation | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 0 | 0 | 0 |
Learning and Development | North America | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 2,172 | 1,845 | 2,091 |
Learning and Development | International | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 856 | 712 | 865 |
Outdoor and Recreation | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 1,484 | 1,292 | 1,413 |
Outdoor and Recreation | Commercial | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 0 | 0 | 0 |
Outdoor and Recreation | Connected Home Security | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 0 | 0 | 0 |
Outdoor and Recreation | Home Appliances | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 0 | 0 | 0 |
Outdoor and Recreation | Food | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 0 | 0 | 0 |
Outdoor and Recreation | Home Fragrance | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 0 | 0 | 0 |
Outdoor and Recreation | Baby | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 0 | 0 | 0 |
Outdoor and Recreation | Writing | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 0 | 0 | 0 |
Outdoor and Recreation | Outdoor and Recreation | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 1,484 | 1,292 | 1,413 |
Outdoor and Recreation | North America | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 874 | 805 | 914 |
Outdoor and Recreation | International | |||
Segment Reporting Information [Line Items] | |||
Total revenue | $ 610 | $ 487 | $ 499 |
Litigation and Contingencies -
Litigation and Contingencies - Additional Information (Detail) $ / shares in Units, shares in Millions, $ in Millions | Dec. 30, 2020shareholder | Oct. 04, 2019USD ($) | Jul. 19, 2019USD ($)$ / shares | Jul. 06, 2017USD ($)shareholder$ / sharesshares | Aug. 12, 2016shareholder | Jul. 08, 2016shareholder | Jun. 14, 2016shareholderpetition | Sep. 30, 2016USD ($)entity | Dec. 31, 2016Recipient | Dec. 31, 2021USD ($)alternativeentityRecipientmi | Dec. 31, 2019USD ($) | Aug. 07, 2020USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2018party | Oct. 03, 2016shares |
Loss Contingencies [Line Items] | |||||||||||||||
Number of appraisal petitions (in petitions) | petition | 2 | ||||||||||||||
Number of dissenting shareholders (in shareholders) | shareholder | 11 | 2 | 2 | 10 | |||||||||||
Share conversion ratio upon merger | 86.20% | ||||||||||||||
Settlement amount | $ 140 | ||||||||||||||
Litigation settlement, paid to other party | $ 177 | ||||||||||||||
Environmental remediation expense | $ 36 | ||||||||||||||
Number of general notice letter recipients (in entities) | entity | 100 | ||||||||||||||
Miles of river included in the remedial investigation and feasibility study | mi | 8.3 | ||||||||||||||
Number of alternatives for remediation | alternative | 4 | ||||||||||||||
Number Of PRPs (in recipients) | Recipient | 20 | ||||||||||||||
Number of public entities (in entities) | entity | 5 | ||||||||||||||
Number of parties sued (in parties) | party | 120 | ||||||||||||||
Number of additional parties sued (in parties) | party | 5 | ||||||||||||||
Standby letters of credit outstanding | $ 49 | ||||||||||||||
Pending Litigation | Weber Derivative Action | |||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||
Number of shareholders | shareholder | 2 | ||||||||||||||
Jarden Acquisition | |||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||
Number of shares holding by dissenting shareholders (in shares) | shares | 10.6 | ||||||||||||||
Number of common stock transferred on settlement (in shares) | shares | 7.7 | ||||||||||||||
Litigation settlement, awarded to other party (in dollars per share) | $ / shares | $ 48.31 | $ 21 | |||||||||||||
Business acquisition, equity interest issued or issuable, number of shares (in shares) | shares | 6.6 | ||||||||||||||
Issue of common stock to settling petitioners | $ 162 | ||||||||||||||
Assumed acquisition price | $ 171 | ||||||||||||||
Business combination, consideration transferred, other | $ 6 | ||||||||||||||
Lower half of river | |||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||
Miles of river included in the remedial investigation and feasibility study | mi | 17 | ||||||||||||||
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 (in recipients) | Recipient | 72 | ||||||||||||||
Loss contingency estimated period | 30 years | ||||||||||||||
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 | $ 441 | $ 28 | |||||||||||||
Lower Passaic River Matter - Alternative Range from Participating Parties | Maximum | |||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||
Loss contingency estimate of possible loss | $ 2,700 | ||||||||||||||
Lower Passaic River Matter - Selected Remedy for the Preferred Alternative | |||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||
Settlement amount | $ 0.3 | $ 1,400 | |||||||||||||
Lower Passaic River Matter - Selected Remedy for the Preferred Alternative | Lower half of river | |||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||
Miles of river included in the remedial investigation and feasibility study | mi | 17 |
Valuation and Qualifying Acco_2
Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reserve for Doubtful Accounts | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | $ 36 | $ 29 | $ 27 |
Provision | 1 | 17 | 11 |
Other | (2) | 0 | 0 |
Write-offs/ Disposition | (8) | (10) | (9) |
Balance at End of Period | 27 | 36 | 29 |
Inventory Reserves (including excess, obsolescence and shrink reserves) | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | 82 | 78 | 84 |
Provision | 78 | 68 | 56 |
Other | (2) | 2 | 0 |
Write-offs/ Disposition | (66) | (66) | (62) |
Balance at End of Period | 92 | 82 | 78 |
Income Tax Valuation Allowance | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | 213 | 271 | 195 |
Provision | 31 | 30 | 122 |
Other | (7) | 5 | (1) |
Write-offs/ Disposition | (51) | (93) | (45) |
Balance at End of Period | $ 186 | $ 213 | $ 271 |