XML 38 R26.htm IDEA: XBRL DOCUMENT v3.22.4
SEGMENT INFORMATION
12 Months Ended
Dec. 31, 2022
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
Our reportable segments are as follows:
Plumbing Products –  principally includes faucets, plumbing system components and valves, showerheads and handheld showers, bath hardware and accessories, bath units, tubs and shower bases and enclosures, shower drains, steam shower systems, sinks, kitchen accessories, toilets, spas, exercise pools and fitness systems and water handling systems.
Decorative Architectural Products –  principally includes paints and other coating products, paint applicators and accessories, lighting fixtures, ceiling fans, landscape lighting and LED lighting systems, and cabinet and other hardware.
The above products are sold to the residential repair and remodel and to a lesser extent the new home construction markets through home center retailers, online retailers, wholesalers and distributors, mass merchandisers, hardware stores, direct to the consumer and homebuilders.
Our operations are principally located in North America and Europe. Our country of domicile is the United States of America.
Other than those assets specifically identified within a segment, corporate assets consist primarily of property and equipment, right-of-use assets, deferred tax assets, cash and cash investments and other investments.
Our segments are based upon similarities in products and represent the aggregation of operating units, for which financial information is regularly evaluated by our corporate operating executive in determining resource allocation and assessing performance, and is periodically reviewed by the Board of Directors. Accounting policies for the segments are the same as those for us. We primarily evaluate performance based upon operating profit and, other than general corporate expense, allocate specific corporate overhead to each segment.
Q. SEGMENT INFORMATION (Concluded)

Information by segment and Geographic Area was as follows, in millions:
Year Ended December 31,At December 31,
 
Net Sales
(1)(2)(3)(4)
Operating Profit
(5)
Assets
(6)
 202220212020202220212020202220212020
Our operations by segment were:        
Plumbing Products$5,252 $5,135 $4,136 $819 $929 $806 $3,096 $3,195 $2,822 
Decorative Architectural Products3,428 3,240 3,052 565 581 583 1,780 1,781 1,633 
Total$8,680 $8,375 $7,188 $1,384 $1,510 $1,389 $4,876 $4,976 $4,455 
Our operations by Geographic Area were:         
North America$6,978 $6,624 $5,805 $1,116 $1,214 $1,167 $3,552 $3,510 $3,101 
International, principally Europe1,702 1,751 1,383 268 296 222 1,324 1,466 1,354 
Total, as above$8,680 $8,375 $7,188 1,384 1,510 1,389 4,876 4,976 4,455 
General corporate expense, net (5)
(87)(105)(94)   
Operating profit, as reported1,297 1,405 1,295    
Other income (expense), net(104)(717)(164)   
Income from continuing operations before income taxes$1,193 $688 $1,131    
Corporate assets   311 599 1,322 
Total assets   $5,187 $5,575 $5,777 
Year Ended December 31,
 Property Additions
(7)
Depreciation and
Amortization
 202220212020202220212020
Our operations by segment were:
Plumbing Products$154 $94 $86 $103 $101 $84 
Decorative Architectural Products64 31 25 34 37 41 
218 125 111 137 138 125 
Unallocated amounts, principally related to corporate assets
13 
Discontinued operations
— — — — — 
Total$224 $128 $114 $145 $151 $133 
______________________________
(1)Included in net sales were export sales from the U.S. of $337 million, $322 million and $274 million in 2022, 2021 and 2020, respectively.
(2)Excluded from net sales were intra-company sales between segments of less than one percent in 2022, 2021 and 2020.
(3)Included in net sales were sales to one customer of $3,298 million, $3,037 million and $2,812 million in 2022, 2021 and 2020, respectively. Such net sales were included in each of our segments.
(4)Net sales from our operations in the U.S. were $6,756 million, $6,387 million and $5,592 million in 2022, 2021 and 2020, respectively.
(5)General corporate expense, net included those expenses not specifically attributable to our segments.
(6)Long-lived assets of our operations in the U.S. and Europe were $1,372 million and $548 million, $1,332 million and $546 million, and $1,301 million and $522 million at December 31, 2022, 2021 and 2020, respectively.
(7)Property additions exclude amounts paid for long-lived assets as part of acquisitions.