| 14. |
Information on Business
Segments |
Net sales and operating income for the nine and three months ended
September 30, 2016 and 2015 by segment were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Nine Months Ended
September 30, |
|
| (In millions) |
|
2016 |
|
|
2015 |
|
|
% Change
vs. Prior Year |
|
|
Net Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cabinets
|
|
$ |
1,797.2 |
|
|
$ |
1,565.3 |
|
|
|
14.8 |
% |
|
Plumbing
|
|
|
1,108.0 |
|
|
|
1,056.0 |
|
|
|
4.9 |
|
|
Doors
|
|
|
351.3 |
|
|
|
324.6 |
|
|
|
8.2 |
|
|
Security
|
|
|
426.8 |
|
|
|
408.8 |
|
|
|
4.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
$ |
3,683.3 |
|
|
$ |
3,354.7 |
|
|
|
9.8 |
% |
|
|
|
|
|
Operating Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cabinets
|
|
$ |
194.0 |
|
|
$ |
132.1 |
|
|
|
46.9 |
% |
|
Plumbing
|
|
|
242.6 |
|
|
|
214.6 |
|
|
|
13.0 |
|
|
Doors
|
|
|
46.1 |
|
|
|
30.7 |
|
|
|
50.2 |
|
|
Security
|
|
|
44.7 |
|
|
|
43.1 |
|
|
|
3.7 |
|
|
Less: Corporate expenses
|
|
|
(61.1 |
) |
|
|
(64.7 |
) |
|
|
5.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
$ |
466.3 |
|
|
$ |
355.8 |
|
|
|
31.1 |
% |
|
|
|
|
|
Corporate expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative expense
|
|
$ |
(61.3 |
) |
|
$ |
(51.7 |
) |
|
|
|
|
|
Defined benefit plan income
|
|
|
2.1 |
|
|
|
4.9 |
|
|
|
|
|
|
Recognition of defined benefit plan actuarial losses
|
|
|
(1.9 |
) |
|
|
(2.8 |
) |
|
|
|
|
|
Norcraft transaction costs(a)
|
|
|
— |
|
|
|
(15.1 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Corporate expenses
|
|
$ |
(61.1 |
) |
|
$ |
(64.7 |
) |
|
|
5.6 |
% |
| |
(a) |
Represents external costs directly
related to the acquisition of Norcraft and primarily includes
expenditures for banking, legal, accounting and other similar
services. |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended
September 30, |
|
|
(In millions)
|
|
2016 |
|
|
2015 |
|
|
% Change
vs. Prior Year |
|
|
Net Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cabinets
|
|
$ |
602.1 |
|
|
$ |
603.3 |
|
|
|
(0.2 |
)% |
|
Plumbing
|
|
|
391.1 |
|
|
|
364.4 |
|
|
|
7.3 |
|
|
Doors
|
|
|
129.2 |
|
|
|
123.8 |
|
|
|
4.4 |
|
|
Security
|
|
|
156.6 |
|
|
|
147.3 |
|
|
|
6.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
$ |
1,279.0 |
|
|
$ |
1,238.8 |
|
|
|
3.2 |
% |
|
|
|
|
|
Operating Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cabinets
|
|
$ |
74.8 |
|
|
$ |
64.2 |
|
|
|
16.5 |
% |
|
Plumbing
|
|
|
84.0 |
|
|
|
80.9 |
|
|
|
3.8 |
|
|
Doors
|
|
|
22.3 |
|
|
|
16.7 |
|
|
|
33.5 |
|
|
Security
|
|
|
22.9 |
|
|
|
16.6 |
|
|
|
38.0 |
|
|
Less: Corporate expenses
|
|
|
(20.9 |
) |
|
|
(18.1 |
) |
|
|
(15.5 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
$ |
183.1 |
|
|
$ |
160.3 |
|
|
|
14.2 |
% |
|
|
|
|
|
Corporate expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative expense
|
|
$ |
(20.5 |
) |
|
$ |
(16.7 |
) |
|
|
|
|
|
Defined benefit plan income
|
|
|
0.6 |
|
|
|
1.6 |
|
|
|
|
|
|
Recognition of defined benefit plan actuarial losses
|
|
|
(1.0 |
) |
|
|
(2.8 |
) |
|
|
|
|
|
Norcraft transaction costs(a)
|
|
|
— |
|
|
|
(0.2 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Corporate expenses
|
|
$ |
(20.9 |
) |
|
$ |
(18.1 |
) |
|
|
(15.5 |
)% |
| |
(a) |
Represents external costs directly
related to the acquisition of Norcraft and primarily includes
expenditures for banking, legal, accounting and other similar
services. |
|