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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
Quarterly Report Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
for the Quarterly Period Ended June 30, 2020
Commission File Number 1-9608
NEWELL BRANDS INC.
(Exact name of registrant as specified in its charter)
Delaware36-3514169
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
6655 Peachtree Dunwoody Road,
Atlanta, Georgia 30328
(Address of principal executive offices)
(Zip Code)
Registrant’s telephone number, including area code: (770) 418-7000
Securities registered pursuant to Section 12(b) of the Act:
TITLE OF EACH CLASSTRADING SYMBOLNAME OF EXCHANGE ON WHICH REGISTERED
Common stock, $1 par value per shareNWLNasdaq Stock Market LLC
Securities registered pursuant to Section 12(g) of the Act:    None
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  No 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes   No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act:
Large Accelerated FilerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No 
Number of shares of common stock outstanding (net of treasury shares) as of August 3, 2020: 424.3 million.

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TABLE OF CONTENTS

2

Table of Contents
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
NEWELL BRANDS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(Amounts in millions, except per share data)
Three Months Ended
June 30,
Six Months Ended
June 30,
2020201920202019
Net sales$2,111  $2,480  $3,997  $4,522  
Cost of products sold1,447  1,615  2,716  3,002  
Gross profit664  865  1,281  1,520  
Selling, general and administrative expenses488  612  1,036  1,181  
Restructuring costs, net8  8  10  19  
Impairment of goodwill, intangibles and other assets5  14  1,480  77  
Operating income (loss)163  231  (1,245) 243  
Non-operating expenses:
Interest expense, net71  78  134  158  
Other (income) expense, net(1)   11  26  
Income (loss) before income taxes93  153  (1,390) 59  
Income tax provision (benefit)15  30  (189) 10  
Income (loss) from continuing operations78  123  (1,201) 49  
Loss from discontinued operations, net of tax  (33)   (110) 
Net income (loss)$78  $90  $(1,201) $(61) 
Weighted average common shares outstanding:
Basic424.2  423.3  424.0  423.3  
Diluted424.7  423.5  424.0  423.6  
Earnings (loss) per share:
Basic:
Income (loss) from continuing operations$0.18  $0.29  $(2.83) $0.12  
Loss from discontinued operations  (0.08)   (0.26) 
Net income (loss)$0.18  $0.21  $(2.83) $(0.14) 
Diluted:
Income (loss) from continuing operations$0.18  $0.29  $(2.83) $0.12  
Loss from discontinued operations  (0.08)   (0.26) 
Net income (loss)$0.18  $0.21  $(2.83) $(0.14) 
See Notes to Condensed Consolidated Financial Statements (Unaudited).
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NEWELL BRANDS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited)
(Amounts in millions)
Three Months Ended
June 30,
Six Months Ended
June 30,
2020201920202019
Comprehensive income (loss):
Net income (loss)$78  $90  $(1,201) $(61) 
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments35  25  (121) 23  
Unrecognized pension and postretirement costs16  (11) 11  (24) 
Derivative financial instruments(2) 1  24  (8) 
Total other comprehensive income (loss), net of tax49  15  (86) (9) 
Comprehensive income (loss)$127  $105  $(1,287) $(70) 
See Notes to Condensed Consolidated Financial Statements (Unaudited).
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NEWELL BRANDS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(Amounts in millions, except par values)
June 30,
2020
December 31,
2019
Assets:
Cash and cash equivalents$619  $349  
Accounts receivable, net1,641  1,842  
Inventories1,714  1,606  
Prepaid expenses and other312  313  
Total current assets4,286  4,110  
Property, plant and equipment, net1,118  1,155  
Operating lease assets, net553  615  
Goodwill3,496  3,709  
Other intangible assets, net3,561  4,916  
Deferred income taxes860  776  
Other assets383  361  
Total assets$14,257  $15,642  
Liabilities:
Accounts payable$1,157  $1,102  
Accrued compensation159  204  
Other accrued liabilities1,199  1,340  
Short-term debt and current portion of long-term debt402  332  
Total current liabilities2,917  2,978  
Long-term debt5,781  5,391  
Deferred income taxes471  625  
Long-term operating lease liabilities494  541  
Other noncurrent liabilities1,078  1,111  
Total liabilities10,741  10,646  
Commitments and contingencies (Footnote 18)
Stockholders’ equity:
Preferred stock (10.0 authorized shares, $1.00 par value, no shares issued at June 30, 2020 and December 31, 2019)
    
Common stock (800.0 authorized shares, $1.00 par value, 448.2 shares and 447.1 shares issued at June 30, 2020 and December 31, 2019)
448  447  
Treasury stock, at cost (24.0 shares and 23.6 shares issued at June 30, 2020 and December 31, 2019)
(597) (590) 
Additional paid-in capital8,252  8,430  
Retained deficit(3,605) (2,404) 
Accumulated other comprehensive loss(1,006) (920) 
Stockholders’ equity attributable to parent3,492  4,963  
Stockholders’ equity attributable to noncontrolling interests24  33  
Total stockholders’ equity3,516  4,996  
Total liabilities and stockholders’ equity$14,257  $15,642  
See Notes to Condensed Consolidated Financial Statements (Unaudited).
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NEWELL BRANDS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(Amounts in millions)
Six Months Ended
June 30,
20202019
Cash flows from operating activities:
Net loss$(1,201) $(61) 
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization176  174  
Impairment of goodwill, intangibles and other assets1,480  189  
Loss from sale of businesses, net  2  
Deferred income taxes(249) (38) 
Stock based compensation expense18  20  
Loss on change in fair value of investments1  18  
Other, net  3  
Changes in operating accounts excluding the effects of divestitures:
Accounts receivable138  75  
Inventories(145) (295) 
Accounts payable71  41  
Accrued liabilities and other(157) (137) 
Net cash provided by (used in) operating activities132  (9) 
Cash flows from investing activities:
Proceeds from sale of divested businesses  740  
Capital expenditures(94) (115) 
Other investing activities, net6  (3) 
Net cash provided by (used in) investing activities(88) 622  
Cash flows from financing activities:
Net payments of short term debt(26) (10) 
Proceeds from issuance of debt, net of debt issuance costs493    
Payments on current portion of long-term debt  (268) 
Payments on long-term debt(18) (5) 
Loss on extinguishment of debt  (3) 
Cash dividends(197) (195) 
Equity compensation activity and other, net(13) (5) 
Net cash provided by (used in) financing activities239  (486) 
Exchange rate effect on cash, cash equivalents and restricted cash(20) 2  
Increase in cash, cash equivalents and restricted cash263  129  
Cash, cash equivalents and restricted cash at beginning of period371  496  
Cash, cash equivalents and restricted cash at end of period$634  $625  
Supplemental disclosures:
Restricted cash at beginning of period$22  $  
Restricted cash at end of period15    
Net cash provided by discontinued operating activities  14  
Net cash provided by discontinued investing activities  726  
Capital expenditures for discontinued operations  14  
See Notes to Condensed Consolidated Financial Statements (Unaudited).
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NEWELL BRANDS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY (Unaudited)
(Amounts in millions)
Common
Stock
Treasury
Stock
Additional Paid-In CapitalRetained Earnings (Deficit)Accumulated Other Comprehensive Income (Loss)Stockholders' Equity Attributable to ParentNoncontrolling InterestTotal Stockholders' Equity
Balance at March 31, 2020$448  $(596) $8,340  $(3,683) $(1,055) $3,454  $25  $3,479  
Comprehensive income—  —  —  78  49  127  —  127  
Dividends declared on common stock—  —  (98) —  —  (98) —  (98) 
Equity compensation, net of tax—  (1) 10  —  —  9  —  9  
Other—  —  —  —  —  —  (1) (1) 
Balance at June 30, 2020$448  $(597) $8,252  $(3,605) $(1,006) $3,492  $24  $3,516  
Balance at December 31, 2019$447  $(590) $8,430  $(2,404) $(920) $4,963  $33  $4,996  
Comprehensive loss—  —  —  (1,201) (86) (1,287) —  (1,287) 
Dividends declared on common stock—  —  (195) —  —  (195) —  (195) 
Equity compensation, net of tax1  (7) 17  —  —  11  —  11  
Distribution to non-controlling interests holder—  —  —  —  —  —  (3) (3) 
Other—  —  —  —  —  —  (6) (6) 
Balance at June 30, 2020$448  $(597) $8,252  $(3,605) $(1,006) $3,492  $24  $3,516  


Common
Stock
Treasury
Stock
Additional Paid-In CapitalRetained Earnings (Deficit)Accumulated Other Comprehensive Income (Loss)Stockholders' Equity Attributable to ParentNoncontrolling InterestTotal Stockholders' Equity
Balance at March 31, 2019$447  $(588) $8,688  $(2,662) $(937) $4,948  $35  $4,983  
Comprehensive income—  —  —  90  15  105  —  105  
Dividends declared on common stock—  —  (98) —  —  (98) —  (98) 
Equity compensation, net of tax—  (1) 15  —  —  14  —  14  
Balance at June 30, 2019$447  $(589) $8,605  $(2,572) $(922) $4,969  $35  $5,004  
Balance at December 31, 2018$446  $(585) $8,781  $(2,511) $(913) $5,218  $35  $5,253  
Comprehensive loss—  —  —  (61) (9) (70) —  (70) 
Dividends declared on common stock—  —  (196) —  —  (196) —  (196) 
Equity compensation, net of tax1  (4) 20  —  —  17  —  17  
Balance at June 30, 2019$447  $(589) $8,605  $(2,572) $(922) $4,969  $35  $5,004  

See Notes to Condensed Consolidated Financial Statements (Unaudited).
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NEWELL BRANDS INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
Footnote 1 — Basis of Presentation and Significant Accounting Policies

The accompanying unaudited condensed consolidated financial statements of Newell Brands Inc. (collectively with its subsidiaries, the “Company”) have been prepared pursuant to the rules and regulations of the United States Securities and Exchange Commission (the “SEC”) and do not include all of the information and footnotes required by U.S. generally accepted accounting principles (“U.S. GAAP”) for complete financial statements. In the opinion of management, the unaudited condensed consolidated financial statements include all adjustments (including normal recurring accruals) considered necessary for a fair statement of the financial position and the results of operations of the Company. It is recommended that these unaudited condensed consolidated financial statements be read in conjunction with the financial statements, and the footnotes thereto, included in the Company’s most recent Annual Report on Form 10-K. The Condensed Consolidated Balance Sheet at December 31, 2019, has been derived from the audited financial statements as of that date, but it does not include all the information and footnotes required by U.S. GAAP for a complete financial statement. Certain reclassifications have been made in the Company’s financial statements of the prior year to conform to the current year presentation.