Fortune Brands Innovations, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Fortune Brands Innovations, Inc. has filed its 2023 10-K report, detailing its financial performance and business operations.</b>

AI Summary

Fortune Brands Innovations, Inc. (FBIN) filed a Annual Report (10-K) with the SEC on February 27, 2024. The company filed its 10-K report for the fiscal year ending December 30, 2023. Fortune Brands Innovations, Inc. was formerly known as Fortune Brands Home & Security, Inc. The company's SIC code is 2430 for Millwood, Veneer, Plywood & Structural Wood Members. The filing includes references to various accounting standards such as Restructuring Charges and Asset Impairment Charges. The company's principal business address is 520 Lake Cook Road, Deerfield, IL 60015.

Why It Matters

For investors and stakeholders tracking Fortune Brands Innovations, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of the company's financial health, operational strategies, and risk factors for the fiscal year 2023, crucial for investors and stakeholders to assess performance and future outlook. The report's detailed financial statements and disclosures will allow analysts to evaluate the company's revenue streams, profitability, debt levels, and cash flow, informing investment decisions.

Risk Assessment

Risk Level: medium — Fortune Brands Innovations, Inc. shows moderate risk based on this filing. The company operates in the building products industry, which is subject to cyclical economic conditions and fluctuations in housing starts and remodeling activity, as indicated by its SIC code and business description.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand the company's performance and potential challenges in the upcoming fiscal year.

Key Numbers

• 2430 — SIC Code (Standard Industrial Classification for Millwood, Veneer, Plywood & Structural Wood Members.)
• 2023-12-30 — Fiscal Year End (The end date of the reporting period.)
• 2024-02-27 — Filing Date (The date the 10-K was filed with the SEC.)

Key Players & Entities

• Fortune Brands Innovations, Inc. (company) — Filer of the 10-K report.
• Fortune Brands Home & Security, Inc. (company) — Former name of the company.
• 2023-12-30 (date) — Fiscal year end date.
• 2024-02-27 (date) — Filing date of the report.
• 520 Lake Cook Road, Deerfield, IL 60015 (address) — Company's business and mailing address.

FAQ

Risk Factors

• Market Conditions [medium — market]: The company's performance is subject to fluctuations in the housing market, including new housing starts and remodeling activity.
• Supply Chain Disruptions [medium — operational]: The company may be affected by disruptions in its supply chain, impacting production and delivery of goods.
• Interest Rate Fluctuations [medium — financial]: Changes in interest rates can impact the cost of borrowing and consumer demand for housing-related products.

Key Dates

• 2023-12-30: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-02-27: 10-K Filing Date — Date the annual report was submitted to the SEC.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This filing provides the official annual financial and business overview for Fortune Brands Innovations, Inc.)

SIC Code

Standard Industrial Classification code used to classify industries and businesses. (Indicates the primary business sector of Fortune Brands Innovations, Inc. (2430: Millwood, Veneer, Plywood & Structural Wood Members).)

Key Financial Figures

• $0.01 — ch registered Common Stock, par value $0.01 per share FBIN New York Stock Excha

Filing Documents

• fbin-20231230.htm (10-K) — 4513KB
• fbin-ex10_9.htm (EX-10.9) — 37KB
• fbin-ex10_21.htm (EX-10.21) — 82KB
• fbin-ex10_22.htm (EX-10.22) — 66KB
• fbin-ex10_23.htm (EX-10.23) — 69KB
• fbin-ex21.htm (EX-21) — 16KB
• fbin-ex23.htm (EX-23) — 3KB
• fbin-ex24.htm (EX-24) — 51KB
• fbin-ex31_1.htm (EX-31.1) — 12KB
• fbin-ex31_2.htm (EX-31.2) — 13KB
• fbin-ex32.htm (EX-32) — 8KB
• fbin-ex97.htm (EX-97) — 28KB
• img16202537_0.jpg (GRAPHIC) — 429KB
• img264082928_0.jpg (GRAPHIC) — 8KB
• 0000950170-24-021148.txt (&nbsp;) — 23885KB
• fbin-20231230.xsd (EX-101.SCH) — 2617KB
• fbin-20231230_htm.xml (XML) — 5625KB

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations. 23 Results of Operations . 25 Liquidity and Capital Resources. 31 Critical Accounting Estimates . 36 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk. 42 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data. 43

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements . 53 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure. 90 Item 9A.

Controls and Procedures

Controls and Procedures. 90 Item 9B. Other Information. 90 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. 91 PART III Item 10. Directors, Executive Officers and Corporate Governance . 92 Item 11.

Executive Compensation

Executive Compensation . 92 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. 92 Item 13. Certain Relationships and Related Transactions, and Director Independence. 92 Item 14. Principal Accountant Fees and Services. 92 PART IV Item 15. Exhibits and Financial Statement Schedules . 93 Item 16. Form 10-K Summary. 96

Signatures

Signatures 97 Schedule II Valuation and Qualifying Accounts 98 PART I

Business

Item 1. Business. Cautionary Statement Concerning Forward-Looking Statements This Annual Report on Form 10-K contains certain "forward-looking statements" made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Forward-looking statements include all statements that are not historical statements of fact and those regarding our intent, belief or expectations for our business, operations, financial performance or financial condition, in addition to statements regarding our expectations for the markets in which we operate, general business strategies, the market potential of our brands, trends in the housing market, the potential impact of costs, including material and labor costs, the potential impact of inflation, expected capital spending, expected pension contributions, the expected impact of acquisitions, dispositions and other strategic transactions including the expected benefits and costs of the spin-off of MasterBrand, Inc. and the tax-free nature of the spin-off transaction, the anticipated effects of recently issued accounting standards on our financial statements, and other matters that are not historical in nature. Statements that include the words "believes," "expects," "anticipates," "intends," "projects," "estimates," "plans," "outlook," "positioned", "confident," and "opportunity" and similar expressions or future or conditional verbs such as "will," "should," "would," "may", and "could" are generally forward-looking in nature and not historical facts. Where, in any forward-looking statement, we express an expectation or belief as to future results or events, such expectation or belief is based on current expectations, plans, estimates, assumptions and projections of our management about our industry, business and future financial results available at the time this report is filed with the Secu

View Full Filing

View this 10-K filing on SEC EDGAR