0000814453-22-000069 | 10-Q | XBRL Viewer

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Cover Page - shares shares in Millions	3 Months Ended
Cover Page - shares shares in Millions	Mar. 31, 2022	Apr. 25, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
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, City or Town	Atlanta
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30328
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 Current Reporting Status	Yes
Entity Voluntary Filers	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		413.5
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000814453
Current Fiscal Year End Date	--12-31
Document Transition Report	false

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Net sales	$ 2,388	$ 2,288
Cost of products sold	1,648	1,557
Gross profit	740	731
Selling, general and administrative expenses	518	534
Restructuring costs, net	5	5
Operating income	217	192
Non-operating expenses:
Interest expense, net	59	67
Other income, net	(124)	(1)
Income before income taxes	282	126
Income tax provision	48	37
Net income	$ 234	$ 89
Weighted average common shares outstanding:
Basic (in shares)	421.9	424.9
Diluted (in shares)	424.7	427.6
Earnings per share:
Basic (in USD per share)	$ 0.55	$ 0.21
Diluted (in USD per share)	$ 0.55	$ 0.21

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Comprehensive income (loss):
Net income	$ 234	$ 89
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments	23	(44)
Pension and postretirement costs	5	5
Derivative financial instruments	0	5
Total other comprehensive income (loss), net of tax	28	(34)
Comprehensive income	262	55
Total comprehensive loss attributable to noncontrolling interests	0	(1)
Total comprehensive income attributable to parent	$ 262	$ 56

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Assets:
Cash and cash equivalents	$ 344	$ 440
Accounts receivable, net	1,421	1,500
Inventories	2,297	1,997
Prepaid expenses and other current assets	349	325
Total current assets	4,411	4,262
Property, plant and equipment, net	1,144	1,204
Operating lease assets	595	558
Goodwill	3,486	3,504
Other intangible assets, net	3,046	3,370
Deferred income taxes	797	814
Other assets	725	467
Total assets	14,204	14,179
Liabilities:
Accounts payable	1,651	1,680
Accrued compensation	154	270
Other accrued liabilities	1,375	1,364
Short-term debt and current portion of long-term debt	3	3
Total current liabilities	3,183	3,317
Long-term debt	4,880	4,883
Deferred income taxes	720	405
Operating lease liabilities	531	500
Other noncurrent liabilities	910	983
Total liabilities	10,224	10,088
Commitments and contingencies (Footnote 17)
Stockholders’ equity:
Preferred stock (10.0 authorized shares, $1.00 par value, no shares issued at March 31, 2022 and December 31, 2021)	0	0
Common stock (800.0 authorized shares, $1.00 par value, 440.8 shares and 450.0 shares issued at March 31, 2022 and December 31, 2021, respectively)	441	450
Treasury stock, at cost (25.0 shares and 24.5 shares at March 31, 2022 and December 31, 2021, respectively)	(623)	(609)
Additional paid-in capital	7,384	7,734
Retained deficit	(2,368)	(2,602)
Accumulated other comprehensive loss	(854)	(882)
Total stockholders’ equity	3,980	4,091
Total liabilities and stockholders’ equity	$ 14,204	$ 14,179

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred stock, authorized shares (in shares)	10,000,000.0	10,000,000.0
Preferred stock, par value (in USD per share)	$ 1.00	$ 1.00
Preferred stock, issued shares (in shares)	0	0
Common stock, authorized shares (in shares)	800,000,000.0	800,000,000.0
Common stock, par value (in USD per share)	$ 1.00	$ 1.00
Common stock, issued shares (in shares)	440,800,000	450,000,000.0
Treasury stock, shares (in shares)	25,000,000.0	24,500,000

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net income	$ 234	$ 89
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization	76	86
Gain from sale of business	(130)	0
Deferred income taxes	326	1
Stock based compensation expense	14	14
Other, net	(2)	0
Changes in operating accounts excluding the effects of divestiture:
Accounts receivable	14	122
Inventories	(403)	(283)
Accounts payable	25	(18)
Accrued liabilities and other	(426)	(36)
Net cash used in operating activities	(272)	(25)
Cash flows from investing activities:
Proceeds from sale of divested business	620	0
Capital expenditures	(70)	(54)
Other investing activities, net	9	0
Net cash provided by (used in) investing activities	559	(54)
Cash flows from financing activities:
Payments on current portion of long-term debt	(1)	(94)
Payments on long-term debt	0	(6)
Repurchase of shares of common stock	(275)	0
Cash dividends	(100)	(100)
Equity compensation activity and other, net	(17)	(39)
Net cash used in financing activities	(393)	(239)
Exchange rate effect on cash, cash equivalents and restricted cash	8	(14)
Decrease in cash, cash equivalents and restricted cash	(98)	(332)
Cash, cash equivalents and restricted cash at beginning of period	477	1,021
Cash, cash equivalents and restricted cash at end of period	379	689
Supplemental disclosures:
Restricted cash at beginning of period	37	40
Restricted cash at end of period	$ 35	$ 7

CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Millions	Total	Stockholders' Equity Attributable to Parent	Common Stock	Treasury Stock	Additional Paid-In Capital	Retained Earnings (Deficit)	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests
Beginning balance at Dec. 31, 2020	$ 3,900	$ 3,874	$ 448	$ (598)	$ 8,078	$ (3,174)	$ (880)	$ 26
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income (loss)	55	57				89	(32)	(2)
Dividends declared on common stock	(101)	(101)			(101)
Equity compensation, net of tax	8	8	2	(10)	16
Other changes attributable to noncontrolling interests	(1)	(2)					(2)	1
Ending balance at Mar. 31, 2021	3,861	$ 3,836	450	(608)	7,993	(3,085)	(914)	$ 25
Beginning balance at Dec. 31, 2021	4,091		450	(609)	7,734	(2,602)	(882)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income (loss)	262					234	28
Dividends declared on common stock	(97)				(97)
Equity compensation, net of tax	0		2	(14)	12
Common stock purchased and retired	(275)		(11)	0	(264)
Other	(1)				(1)
Ending balance at Mar. 31, 2022	$ 3,980		$ 441	$ (623)	$ 7,384	$ (2,368)	$ (854)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Stockholders' Equity [Abstract]
Dividends declared on common stock (in USD per share)	$ 0.23	$ 0.23

Basis of Presentation and Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Significant Accounting Policies	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. These unaudited condensed consolidated financial statements should 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, 2021 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. On March 31, 2022, the Company sold its Connected Home & Security (“CH&S”) business unit to Resideo Technologies, Inc. See Footnotes 2 and 16 for further information. Use of Estimates and Risks and Uncertainty of Coronavirus (COVID-19) Since early 2020, the COVID-19 pandemic 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. Although restrictions have eased since the first quarter of 2021 in certain areas, 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 continues 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. Seasonal Variations Sales of the Company’s products tend to be seasonal, with sales, operating income and operating cash flow in the first quarter generally lower than any other quarter during the year, driven principally by reduced volume and the mix of products sold in the first quarter. The seasonality of the Company’s sales volume combined with the accounting for fixed costs, such as depreciation, amortization, rent, personnel costs and interest expense, impacts the Company’s results on a quarterly basis. In addition, the Company typically tends to generate the majority of its operating cash flow in the third and fourth quarters of the year due to seasonal variations in operating results, the timing of annual performance-based compensation payments, customer program payments, working capital requirements and credit terms provided to customers. Accordingly, the Company’s results of operations for the three months ended March 31, 2022 may not necessarily be indicative of the results that may be expected for the year ending December 31, 2022. The Company's sales and operating results, previously disrupted by the COVID-19 pandemic, reverted back to historical patterns in 2021, however, uncertainty still remains over the volatility and direction of future consumer demand patterns. 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. Sales of Accounts Receivables Factored receivables at March 31, 2022 associated with the Company's existing factoring agreement (the “Customer Receivables Purchase Agreement”) were approximately $535 million, an increase of approximately $35 million from December 31, 2021. Transactions under this agreement are accounted for as sales of accounts receivable, and the receivables sold are removed from the Condensed 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 in the Condensed Consolidated Statement of Cash Flows. The Company records the discount as other income, net in the Condensed Consolidated Statement of Operations and collections of accounts receivables not yet submitted to the financial institution as a financing cash flow.

Divestiture Activity	3 Months Ended
Divestiture Activity	Mar. 31, 2022
Discontinued Operations and Disposal Groups [Abstract]
Divestiture Activity	Divestiture ActivityOn March 31, 2022, the Company sold its CH&S business unit to Resideo Technologies, Inc., for approximately $593 million, subject to customary working capital and other post-closing adjustments. As a result, the Company recorded a pretax gain of $130 million, which was included in other income, net in its Condensed Consolidated Statements of Operations.

Accumulated Other Comprehensive Income (Loss)

3 Months Ended

Mar. 31, 2022

Equity [Abstract]

Accumulated Other Comprehensive Income (Loss)

The following table displays the changes in Accumulated Other Comprehensive Income (Loss) (“AOCL”) by component, net of tax, for the three months ended March 31, 2022 (in millions):


	Cumulative Translation Adjustment		Pension and Postretirement Costs		Derivative Financial Instruments		AOCL
Balance at December 31, 2021	$	(575)	$	(292)	$	(15)	$	(882)
Other comprehensive income (loss) before reclassifications	17		1		(1)		17
Amounts reclassified to earnings	6		4		1		11
Net current period other comprehensive income	23		5		—		28
Balance at March 31, 2022	$	(552)	$	(287)	$	(15)	$	(854)

Reclassifications from AOCL to the results of operations for the three months ended March 31, 2022 and 2021 were pretax expense of (in millions):


	Three Months Ended March 31,
		2022		2021
Cumulative translation adjustment (1)		$	6	$	—
Pension and postretirement benefit plans (2)		4		5
Derivative financial instruments (3)		1		4

(1)See Footnote 2 for further information.

(2)See Footnote 11 for further information.

(3)See Footnote 10 for further information.

The income tax provision (benefit) allocated to the components of AOCL for the periods indicated are as follows (in millions):


	Three Months Ended March 31,
		2022		2021
Foreign currency translation adjustments		$	1	$	12
Pension and postretirement benefit costs		—		1
Derivative financial instruments		(1)		2
Income tax provision related to AOCL		$	—	$	15

Restructuring Costs

3 Months Ended

Mar. 31, 2022

Restructuring and Related Activities [Abstract]

Restructuring Costs

Restructuring costs, net incurred by reportable business segments for all restructuring activities for the periods indicated are as follows (in millions):


	Three Months Ended March 31,
		2022		2021
Commercial Solutions		$	1	$	—
Home Appliances		1		1
Home Solutions		1		2
Learning and Development		2		1
Outdoor and Recreation		—		1

		$	5	$	5

Accrued restructuring costs activity for the three months ended March 31, 2022 are as follows (in millions):


	Balance at December 31, 2021		Restructuring Costs, Net		Payments		Balance at March 31, 2022
Severance and termination costs	$	8	$	4	$	(5)	$	7
Contract termination and other costs	2		1		(2)		1
	$	10	$	5	$	(7)	$	8

2020 Restructuring Plan

The Company’s 2020 restructuring program, which was substantially complete at the end of 2021, was designed to reduce overhead costs, streamline certain underperforming operations and improve future profitability. The restructuring costs, which

impacted all segments, include employee-related costs such as severance and other termination benefits. During the three months ended March 31, 2021, the Company recorded restructuring charges of $5 million. Any remaining cash payments are expected to be paid within one year of charges incurred.

Other Restructuring and 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 selling, general and administrative expenses (“SG&A”) in the Condensed Consolidated Statements of Operations based on the nature of the underlying costs incurred. During the three months ended March 31, 2022, the Company recorded restructuring charges of $5 million.

Inventories

3 Months Ended

Mar. 31, 2022

Inventory Disclosure [Abstract]

Inventories

Inventories are comprised of the following at the dates indicated (in millions):


	March 31, 2022		December 31, 2021
Raw materials and supplies	$	321	$	310
Work-in-process	205		167
Finished products	1,771		1,520
	$	2,297	$	1,997

Property, Plant and Equipment, Net

3 Months Ended

Mar. 31, 2022

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment, Net

Property, plant and equipment, net, is comprised of the following at the dates indicated (in millions):


	March 31, 2022		December 31, 2021
Land	$	80	$	82
Buildings and improvements	636		678
Machinery and equipment	2,314		2,387
	3,030		3,147
Less: Accumulated depreciation	(1,886)		(1,943)
	$	1,144	$	1,204

Depreciation expense was $49 million and $52 million for the three months ended March 31, 2022 and 2021, respectively.

During the quarter ended March 31, 2022, the Company took possession of a right of use operating lease asset with future obligations of approximately $64 million.

Goodwill and Other Intangible Assets, Net

3 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets, Net

Goodwill activity for the three months ended March 31, 2022 is as follows (in millions):


Segments	Net Book Value at December 31, 2021		Foreign Exchange		Gross Carrying Amount		Accumulated Impairment Charges		Net Book Value at March 31, 2022
Commercial Solutions	$	747	$	—	$	916	$	(169)	$	747
Home Appliances	—		—		569		(569)		—
Home Solutions	164		—		2,567		(2,403)		164
Learning and Development	2,593		(18)		3,421		(846)		2,575
Outdoor and Recreation	—		—		788		(788)		—
	$	3,504	$	(18)	$	8,261	$	(4,775)	$	3,486

Other intangible assets, net, are comprised of the following at the dates indicated (in millions):


	March 31, 2022						December 31, 2021
	Gross Carrying Amount		Accumulated Amortization		Net Book Value		Gross Carrying Amount		Accumulated Amortization		Net Book Value
Trade names — indefinite life	$	2,028	$	—	$	2,028	$	2,219	$	—	$	2,219
Trade names — other	165		(72)		93		159		(65)		94
Capitalized software	581		(461)		120		631		(495)		136
Patents and intellectual property	22		(15)		7		22		(14)		8
Customer relationships and distributor channels	1,082		(284)		798		1,216		(303)		913

	$	3,878	$	(832)	$	3,046	$	4,247	$	(877)	$	3,370

Amortization expense for intangible assets was $27 million and $34 million for the three months ended March 31, 2022 and 2021, respectively.

Other Accrued Liabilities

3 Months Ended

Mar. 31, 2022

Other Liabilities Disclosure [Abstract]

Other Accrued Liabilities

Other accrued liabilities are comprised of the following at the dates indicated (in millions):


	March 31, 2022		December 31, 2021
Customer accruals	$	652	$	715
Operating lease liabilities	125		122
Accrued self-insurance liabilities, contingencies and warranty	121		125
Accrued interest expense	115		56
Accrued marketing and freight expenses	66		59
Accrued income taxes	54		43
Other	242		244
	$	1,375	$	1,364

Debt

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Debt

Debt is comprised of the following at the dates indicated (in millions):


	March 31, 2022		December 31, 2021
3.85% senior notes due 2023	$	1,087	$	1,086
4.00% senior notes due 2024	200		200
4.875% senior notes due 2025	495		494
3.90% senior notes due 2025	47		47
4.20% senior notes due 2026	1,976		1,975
5.375% senior notes due 2036	417		417
5.50% senior notes due 2046	658		658


Other debt	3		9
Total debt	4,883		4,886
Short-term debt and current portion of long-term debt	(3)		(3)
Long-term debt	$	4,880	$	4,883

Senior Notes

On February 11, 2022, S&P Global Inc. (“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 is now 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 (defined hereafter). In addition, the interest rate on the relevant senior notes decreased by 25 basis points due to the upgrade, reducing the Company’s interest expense by approximately $10 million on an annualized basis (approximately $8 million in 2022). However, certain of the Company’s outstanding senior notes aggregating to approximately $4.2 billion are still subject to an interest rate adjustment of 25 basis points in connection with the Moody’s Corporation (“Moody’s”) downgraded debt rating in 2020.

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 March 31, 2022, 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 March 31, 2022, the Company did not have any amounts outstanding under the Credit Revolver.

Other

The fair value of the Company’s senior notes are based upon prices of similar instruments in the marketplace and are as follows (in millions):


	March 31, 2022				December 31, 2021
	Fair Value		Book Value		Fair Value		Book Value
Senior notes	$	5,010	$	4,880	$	5,477	$	4,877

The carrying amounts of all other significant debt approximates fair value.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Derivatives

3 Months Ended

Mar. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

From time to time, the Company enters into derivative transactions to hedge its exposures to interest rate, foreign currency rate and commodity price fluctuations. The Company does not enter into derivative transactions for trading purposes.

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 March 31, 2022, 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 three cross-currency swaps, maturing in January 2025, February 2025 and September 2027, respectively, with an aggregate notional amount of $1.3 billion. 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 three months ended March 31, 2022 and 2021, the Company recognized income of $5 million and $4 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 until it 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 March 31, 2022, the Company had approximately $467 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 March 31, 2022, the Company had approximately $1.2 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, net in the Company's Condensed Consolidated Statement of Operations.

The following table presents the fair value of derivative financial instruments at the dates indicated (in millions):


		Fair Value of Derivatives
		Assets (Liabilities)
	Balance Sheet Location	March 31, 2022		December 31, 2021
Derivatives designated as effective hedges:
Cash Flow Hedges
Foreign currency contracts	Prepaid expenses and other current assets	$	10	$	12
Foreign currency contracts	Other accrued liabilities	(6)		(2)
Fair Value Hedges
Interest rate swaps	Other assets	—		3
Interest rate swaps	Other accrued liabilities	(1)		—
Net Investment Hedges
Cross-currency swaps	Prepaid expenses and other current assets	15		18
Cross-currency swaps	Other noncurrent liabilities	(34)		(41)

Derivatives not designated as effective hedges:
Foreign currency contracts	Prepaid expenses and other current assets	16		7
Foreign currency contracts	Other accrued liabilities	(21)		(14)

Total		$	(21)	$	(17)

The following table presents gain and (loss) activity (on a pretax basis) related to derivative financial instruments designated or previously designated, as effective hedges (in millions):











		Three Months Ended March 31, 2022				Three Months Ended March 31, 2021
		Gain/(Loss)				Gain/(Loss)
	Location of gain/(loss) recognized in income	Recognized in OCI (effective portion)		Reclassified from AOCL to Income		Recognized in OCI (effective portion)		Reclassified from AOCL to Income
Interest rate swaps	Interest expense, net	$	—	$	(2)	$	—	$	(2)
Foreign currency contracts	Net sales and cost of products sold	(1)		1		3		(2)

Cross-currency swaps	Other income, net	4		—		36		—
Total		$	3	$	(1)	$	39	$	(4)

At March 31, 2022, net deferred gains of approximately $10 million within AOCL are expected to be reclassified to earnings over the next twelve months.

During the three months ended March 31, 2022 and 2021, the Company recognized expense of $3 million and income of $7 million, respectively, in other income, net, related to derivatives that are not designated as hedging instruments. Gains and losses on these derivatives are mostly 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.

Employee Benefit and Retirement Plans

3 Months Ended

Mar. 31, 2022

Retirement Benefits [Abstract]

Employee Benefit and Retirement Plans

The components of pension and postretirement benefit (income) expense for the periods indicated, are as follows (in millions):


			Pension Benefits
		U.S.	International
	Three Months Ended March 31,
			2022		2021		2022		2021
Service cost			$	—	$	—	$	1	$	1
Interest cost			6		5		2		2
Expected return on plan assets			(12)		(12)		(2)		(1)
Amortization			4		5		1		1

Total (income) expense			$	(2)	$	(2)	$	2	$	3


		Postretirement Benefits
	Three Months Ended March 31,
		2022		2021


Amortization		$	(1)	$	(1)
Total income		$	(1)	$	(1)

U.K. Defined Benefit Plan Buy-in

In February 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. The non-cash settlement charge associated with the transaction is expected to be material to the Company's results of operations.

- Definition

The entire disclosure for retirement benefits.

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+ Details

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s effective income tax rate for the three months ended March 31, 2022 and 2021 were 17.0% and 29.4%, respectively, reflecting an increase in discrete tax benefits and a lower effective income tax rate associated with the divestiture of the CH&S business. The difference between the U.S. federal statutory income tax rate of 21.0% and the Company’s effective income tax rate for the three months ended March 31, 2022 and 2021 were impacted by a variety of factors, primarily resulting from the geographic mix of where the income was earned as well as certain taxable income inclusion items in the U.S. based on foreign earnings. The three months ended March 31, 2022 were also impacted by certain discrete items. Income tax expense for the three months ended March 31, 2022 included a discrete benefit of $4 million associated with the approval of certain state tax credits, offset by $14 million of income tax expense related to the divestiture of the CH&S business unit. The three months ended March 31, 2021 were also impacted by $1 million of discrete tax items. During the three months ended March 31, 2022, the Company amended its 2017 U.S. federal income tax return to carryback foreign tax credits generated in 2018 and capital losses generated in 2018 and 2020. This resulted in an increase in noncurrent income taxes receivable of approximately $261 million, a decrease in income taxes payable of approximately $95 million, and an increase in deferred tax liabilities of approximately $356 million. 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. 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 personal holding company income for certain dividends received from controlled foreign corporations. Before the retroactive application of the Regulations, the Company benefited in 2018 from both the 100% dividends received deduction and the look-through exception to foreign personal holding company income. The Company analyzed the Regulations and concluded the relevant Regulations were not validly issued. Therefore, the Company has not accounted for the effects of the Regulations in its Condensed Consolidated Financial Statements for the period ending March 31, 2022. The Company believes it has strong arguments in favor of its position and believes it has met the more likely than not recognition threshold that its position will be sustained. However, due to the inherent uncertainty involved in challenging the validity of regulations, as well as a potential litigation process, there can be no assurances that the relevant Regulations will be invalidated or that a court of law will rule in favor of the Company. If the Company’s position on the Regulations is not sustained, the Company would be required to recognize an income tax expense of approximately $180 million to $220 million related to an income tax benefit from fiscal year 2018 that was recorded based on regulations in existence at the time. In addition, the Company may be required to pay any applicable interest and penalties. On April 4, 2022, in a case not involving the Company, the United States District Court for the District of Colorado granted the taxpayer's motion for summary judgment that the Temporary Regulations were not validly issued on the basis of improper promulgation. The Company is monitoring the impact of this decision and intends to continue to vigorously defend its position.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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+ Details

Earnings Per Share

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Earnings Per Share

The computations of the weighted average shares outstanding for the periods indicated are as follows (in millions):


	Three Months Ended March 31,
		2022	2021


Basic weighted average shares outstanding		421.9	424.9
Dilutive securities		2.8	2.7
Diluted weighted average shares outstanding		424.7	427.6

At March 31, 2022 and 2021 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.

Stockholders' Equity and Share-Based Compensation

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

Stockholders' Equity and Share-Based Compensation

During the three months ended March 31, 2022, the Company awarded 1.0 million performance-based restricted stock units (“RSUs”), which had an aggregate grant date fair value of $28 million and entitle the recipients to shares of the Company’s common stock primarily 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.

During the three months ended March 31, 2022, the Company also awarded 0.6 million time-based RSUs with an aggregate grant date fair value of $16 million. These time-based RSUs entitle recipients to shares of the Company’s common stock and primarily vest either at the end of a three-year period or in equal installments over a three-year period.

During the three months ended March 31, 2022, the Company also awarded 2.2 million time-based stock options with an aggregate grant date 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 three months ended March 31, 2022, is as follows:


Risk-free interest rates	1.9	%
Expected volatility	42.0	%
Expected dividend yield	5.1	%
Expected life (in years)	6
Exercise price	$25.86

Share Repurchase Program

On February 6, 2022, the Company's Board of Directors authorized a $375 million Share Repurchase Program (“SRP”), effective immediately through the end of 2022. The Company’s common shares may be purchased by the Company in the open market, in negotiated transactions or in other manners, as permitted by federal securities laws and other legal requirements. On February 25, 2022, the Company repurchased $275 million of its shares of common stock beneficially owned by Carl C. Icahn and certain of his affiliates (collectively, “Icahn Enterprises”), at a purchase price of $25.86 per share, the closing price of the Company's common shares on February 18, 2022. At March 31, 2022, the Company has remaining authority to repurchase approximately $100 million of shares of common stock under the SRP.

Fair Value Disclosures

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value Disclosures

Recurring Fair Value Measurements

The following table presents the Company’s non-pension financial assets and liabilities, which are measured at fair value on a recurring basis (in millions):


	March 31, 2022								December 31, 2021
	Fair value Asset (Liability)								Fair value Asset (Liability)
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Derivatives:
Assets	$	—	$	41	$	—	$	41	$	—	$	40	$	—	$	40
Liabilities	—		(62)		—		(62)		—		(57)		—		(57)
Investment securities, including mutual funds	13		—		—		13		13		—		—		13

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. 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.

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 nonfinancial assets, which are measured at fair value on a nonrecurring basis, include property, plant and equipment, goodwill, intangible assets and certain other assets.

In connection with the Company's annual impairment testing at December 1, 2021, a tradename within the Learning and Development segment was fair valued at $47 million on a non-recurring basis.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Segment Information

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

Segment Information

On March 31, 2022, the Company sold its CH&S business unit to Resideo Technologies, Inc. The results of operations for CH&S continued to be reported in the Condensed Consolidated Statements of Operations as part of the Commercial Solutions segment through March 31, 2022.

The Company's five primary reportable segments are:

Segment

Key Brands

Description of Primary Products

Commercial Solutions

Mapa, Quickie, Rubbermaid Commercial Products and Spontex

Commercial cleaning and maintenance solutions; closet and garage organization; hygiene systems and material handling solutions

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

Coleman, Contigo, ExOfficio and Marmot

Products for outdoor and outdoor-related activities

(1)

and Ball® TM of Ball Corporation, used under license.

This structure reflects the manner in which the chief operating decision maker (“CODM”) regularly assesses information for decision-making purposes, including the allocation of resources. The Company also provides general corporate services to its segments which is reported as a non-operating segment, Corporate.

Selected information by segment is presented in the following tables (in millions):


	Three Months Ended March 31,
		2022		2021
Net sales (1)
Commercial Solutions		$	510	$	471
Home Appliances		340		360
Home Solutions		500		504
Learning and Development		650		617
Outdoor and Recreation		388		336
		$	2,388	$	2,288

Operating income (loss) (2)
Commercial Solutions		$	55	$	50
Home Appliances		(18)		3
Home Solutions		61		61
Learning and Development		130		110
Outdoor and Recreation		45		15
Corporate		(56)		(47)
		$	217	$	192

		March 31, 2022		December 31, 2021
Segment assets
Commercial Solutions (3)		$	1,973	$	2,522
Home Appliances		1,081		1,055
Home Solutions		3,130		3,109
Learning and Development		4,454		4,401
Outdoor and Recreation		1,029		907
Corporate		2,537		2,185
		$	14,204	$	14,179

(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. Certain Corporate 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 net sales basis and included in segment operating income.

(3)The reduction in the Commercial Solutions segment assets is primarily due to the sale of the CH&S business.

The following tables disaggregates revenue by major product grouping source and geography for the periods indicated (in millions):





































	Three Months Ended March 31, 2022
	Commercial Solutions		Home Appliances		Home Solutions		Learning and Development		Outdoor and Recreation		Total
Commercial	$	401	$	—	$	—	$	—	$	—	$	401
Connected Home Security	109		—		—		—		—		109
Home Appliances	—		340		—		—		—		340
Food	—		—		302		—		—		302
Home Fragrance	—		—		198		—		—		198
Baby	—		—		—		291		—		291
Writing	—		—		—		359		—		359
Outdoor and Recreation	—		—		—		—		388		388

Total	$	510	$	340	$	500	$	650	$	388	$	2,388

North America	$	396	$	178	$	401	$	468	$	210	$	1,653
International	114		162		99		182		178		735
Total	$	510	$	340	$	500	$	650	$	388	$	2,388

	Three Months Ended March 31, 2021
	Commercial Solutions		Home Appliances		Home Solutions		Learning and Development		Outdoor and Recreation		Total
Commercial	$	380	$	—	$	—	$	—	$	—	$	380
Connected Home Security	91		—		—		—		—		91
Home Appliances	—		360		—		—		—		360
Food	—		—		274		—		—		274
Home Fragrance	—		—		230		—		—		230
Baby	—		—		—		281		—		281
Writing	—		—		—		336		—		336
Outdoor and Recreation	—		—		—		—		336		336

Total	$	471	$	360	$	504	$	617	$	336	$	2,288

North America	$	344	$	195	$	401	$	426	$	177	$	1,543
International	127		165		103		191		159		745
Total	$	471	$	360	$	504	$	617	$	336	$	2,288

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Litigation and Contingencies	3 Months Ended
Litigation and Contingencies	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Litigation and Contingencies	Litigation and ContingenciesThe 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 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. 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 March 31, 2022 was $37 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 Background The U.S. EPA has issued General Notice Letters to over 100 entities, including the Company and its subsidiary, Berol Corporation (together, the “Company Parties”), alleging that they are PRPs at the Diamond Alkali Superfund Site (“Site”) pursuant to the CERCLA. The Site is the subject of investigation and remedial activities (the “CERCLA Administrative Actions”) and related settlement negotiations with the U.S. EPA. In addition, the Company Parties are defendants in related litigation, and the Site is also subject to a Natural Resource Damage Assessment. CERCLA Administrative Actions The Site is divided into four “operable units,” and the Company Parties have received General Notice Letters in connection with operable unit 2, which comprises the lower 8.3 miles of the Lower Passaic River and its tributaries (“Unit 2”), and operable unit 4, which comprises a 17-mile stretch of the Lower Passaic River and its tributaries (“Unit 4”). Unit 2 is geographically subsumed within Unit 4. Unit 4 Investigation The Company received its first general notice letter pertaining to Unit 4 in 2003. Beginning in 2004, the Company Parties, together with numerous other PRPs, entered into several administrative agreements with the U.S. EPA to fund and perform various investigation and clean-up activities in Unit 4. Pursuant to a 2007 Administrative Order on Consent, over 70 PRPs, including the Company Parties, have been performing or funding the remedial investigation and feasibility study for Unit 4. The parties performing the remedial investigation and feasibility study submitted the results of their remedial investigation to the U.S. EPA in July 2019. They also submitted an interim remedy feasibility study focused on the upper 9 miles of Unit 4 in September 2021. Activity under the remedial investigation and feasibility study for Unit 4 is not yet complete and remains underway. In October 2021, the U.S. EPA issued a Record of Decision for an interim remedy for the upper 9 miles of Unit 4, selecting a combination of dredging and capping as the remedial alternative, which the U.S. EPA estimates will cost $441 million in the aggregate. Unit 2 Investigation Concurrent with activities under the remedial investigation and feasibility study for Unit 4, the U.S. EPA performed a Source Control Early Action Focused Feasibility Study for Unit 2, which culminated in a Record of Decision in 2016. The U.S. EPA estimates that the selected remedy for Unit 2 set forth in its Record of Decision will cost $1.4 billion in the aggregate. The U.S. EPA then issued a General Notice Letter for Unit 2 to the Company Parties and over 100 other entities, including those that received a General Notice Letter in connection with Unit 4. The Unit 2 General Notice Letter requested that Occidental Chemical Corporation (“OCC”) perform the remedial design for Unit 2, which OCC subsequently agreed to perform. The General Notice Letter indicated that, following execution of a remedial design consent decree, the U.S. EPA would begin negotiating a remedial action consent decree for Unit 2 with OCC and other major PRPs. 2016 Record of Decision and 2021 Record of Decision Remedy Performance In March 2022, U.S. EPA issued a Notice of Potential Liability and Notice of Consent Decree Negotiations to OCC and several other entities, excluding the Company Parties, encouraging those parties to finance and perform the remedies selected in the 2016 and 2021 Records of Decision. The U.S. EPA specifically identified OCC and four other companies as “work parties” in connection with Units 2 and 4. The Company Parties were not recipients of this notice and were not identified as work parties. The U.S. EPA Settlement In September 2017, the U.S. EPA announced an allocation process involving roughly 80 Unit 2 General Notice Letter recipients, with the intent of offering cash-out settlements to a number of parties (the “U.S. EPA Settlement”). The PRPs responsible for release of dioxin, furans, and/or polychlorinated biphenyls would be expected to perform the remedial action for Unit 2 and would be excluded from the U.S. EPA Settlement. The allocation process has concluded. In February 2022, the U.S. EPA and certain parties to the allocation, including the Company Parties, reached an agreement in principle concerning a cash-out settlement for both Unit 2 and Unit 4. The agreement in principle remains subject to the negotiation and court entry of a consent decree finalizing the U.S. EPA Settlement. The OCC Litigation In June 2018, OCC sued over 100 parties, including the Company Parties, in the U.S. District Court in New Jersey pursuant to CERCLA, requesting cost recovery, contribution, and a declaratory judgement. The defendants, in turn, filed claims against 42 third-party defendants, and filed counterclaims against OCC (collectively, the “OCC Litigation”). The primary focus of the OCC Litigation has been certain past and future costs for investigation, design and remediation of Units 2 and 4. However, OCC has stated that it anticipates asserting claims against defendants regarding Newark Bay, which is also part of the Site, after the U.S. EPA has selected the Newark Bay remedy. OCC has also stated that it may broaden its claims in the future after completion of the Natural Resource Damage Assessment described below. In a Motion for Stay of Proceedings filed in January 2022, certain defendants and all third-party defendants in the OCC Litigation moved to stay the case for a six-month period to allow the final stage of the parallel allocation proceedings and resulting settlement negotiations in the U.S. EPA Settlement to conclude. The U.S. District Court denied the motion in March 2022. The Company Parties continue to vigorously defend the OCC Litigation. At this time, the Company cannot predict the eventual outcome. The Natural Resource Damage Assessment In 2007, the National Oceanic and Atmospheric Administration (“NOAA”), acting as the lead administrative trustee on behalf of itself and the U.S. Department of the Interior, issued a Notice of Intent to Perform a Natural Resource Damage Assessment to the Company Parties, along with numerous other entities, identifying the recipients as PRPs. The federal trustees (who now include the United States Department of Commerce, represented by NOAA, and the Department of the Interior, represented by the United States Fish and Wildlife Service) are presently undertaking the Natural Resource Damage Assessment. As of the date of filing of this Quarterly Report, based on the agreement in principle noted above, the Company does not expect that its allocation in the U.S. EPA Settlement relating to Unit 2 and Unit 4, if the settlement is finalized, will be material to the Company. With respect to the OCC Litigation and Natural Resource Damage Assessment, 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 the Lower Passaic River 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 the year ended December 31, 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 17. At March 31, 2022, the Company had approximately $48 million in standby letters of credit primarily related to the Company’s self-insurance programs, including workers’ compensation, product liability and medical expenses.

Basis of Presentation and Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Seasonal Variations	Seasonal Variations Sales of the Company’s products tend to be seasonal, with sales, operating income and operating cash flow in the first quarter generally lower than any other quarter during the year, driven principally by reduced volume and the mix of products sold in the first quarter. The seasonality of the Company’s sales volume combined with the accounting for fixed costs, such as depreciation, amortization, rent, personnel costs and interest expense, impacts the Company’s results on a quarterly basis. In addition, the Company typically tends to generate the majority of its operating cash flow in the third and fourth quarters of the year due to seasonal variations in operating results, the timing of annual performance-based compensation payments, customer program payments, working capital requirements and credit terms provided to customers. Accordingly, the Company’s results of operations for the three months ended March 31, 2022 may not necessarily be indicative of the results that may be expected for the year ending December 31, 2022.
Recent Accounting Pronouncements	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.

Accumulated Other Comprehensive Income (Loss) (Tables)

3 Months Ended

Mar. 31, 2022

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Loss

The following table displays the changes in Accumulated Other Comprehensive Income (Loss) (“AOCL”) by component, net of tax, for the three months ended March 31, 2022 (in millions):


	Cumulative Translation Adjustment		Pension and Postretirement Costs		Derivative Financial Instruments		AOCL
Balance at December 31, 2021	$	(575)	$	(292)	$	(15)	$	(882)
Other comprehensive income (loss) before reclassifications	17		1		(1)		17
Amounts reclassified to earnings	6		4		1		11
Net current period other comprehensive income	23		5		—		28
Balance at March 31, 2022	$	(552)	$	(287)	$	(15)	$	(854)

Schedule of Reclassification from AOCL to Results of Operations

Reclassifications from AOCL to the results of operations for the three months ended March 31, 2022 and 2021 were pretax expense of (in millions):


	Three Months Ended March 31,
		2022		2021
Cumulative translation adjustment (1)		$	6	$	—
Pension and postretirement benefit plans (2)		4		5
Derivative financial instruments (3)		1		4

(1)See Footnote 2 for further information.

(2)See Footnote 11 for further information.

(3)See Footnote 10 for further information.

Schedule of Income Tax (Provision) Benefit Allocated to Components of OCI

The income tax provision (benefit) allocated to the components of AOCL for the periods indicated are as follows (in millions):


	Three Months Ended March 31,
		2022		2021
Foreign currency translation adjustments		$	1	$	12
Pension and postretirement benefit costs		—		1
Derivative financial instruments		(1)		2
Income tax provision related to AOCL		$	—	$	15

Restructuring Costs (Tables)

3 Months Ended

Mar. 31, 2022

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Costs Incurred by Reportable Business Segment

Restructuring costs, net incurred by reportable business segments for all restructuring activities for the periods indicated are as follows (in millions):


	Three Months Ended March 31,
		2022		2021
Commercial Solutions		$	1	$	—
Home Appliances		1		1
Home Solutions		1		2
Learning and Development		2		1
Outdoor and Recreation		—		1

		$	5	$	5

Schedule of Accrued Restructuring Costs Activity

Accrued restructuring costs activity for the three months ended March 31, 2022 are as follows (in millions):


	Balance at December 31, 2021		Restructuring Costs, Net		Payments		Balance at March 31, 2022
Severance and termination costs	$	8	$	4	$	(5)	$	7
Contract termination and other costs	2		1		(2)		1
	$	10	$	5	$	(7)	$	8

Inventories (Tables)

3 Months Ended

Mar. 31, 2022

Inventory Disclosure [Abstract]

Schedule of Net Inventories

Inventories are comprised of the following at the dates indicated (in millions):


	March 31, 2022		December 31, 2021
Raw materials and supplies	$	321	$	310
Work-in-process	205		167
Finished products	1,771		1,520
	$	2,297	$	1,997

Property, Plant and Equipment, Net (Tables)

3 Months Ended

Mar. 31, 2022

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment, Net

Property, plant and equipment, net, is comprised of the following at the dates indicated (in millions):


	March 31, 2022		December 31, 2021
Land	$	80	$	82
Buildings and improvements	636		678
Machinery and equipment	2,314		2,387
	3,030		3,147
Less: Accumulated depreciation	(1,886)		(1,943)
	$	1,144	$	1,204

Goodwill and Other Intangible Assets, Net (Tables)

3 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Changes in Goodwill by Reportable Business Segment

Goodwill activity for the three months ended March 31, 2022 is as follows (in millions):


Segments	Net Book Value at December 31, 2021		Foreign Exchange		Gross Carrying Amount		Accumulated Impairment Charges		Net Book Value at March 31, 2022
Commercial Solutions	$	747	$	—	$	916	$	(169)	$	747
Home Appliances	—		—		569		(569)		—
Home Solutions	164		—		2,567		(2,403)		164
Learning and Development	2,593		(18)		3,421		(846)		2,575
Outdoor and Recreation	—		—		788		(788)		—
	$	3,504	$	(18)	$	8,261	$	(4,775)	$	3,486

Schedule of Other Intangible Assets and Related Amortization Periods

Other intangible assets, net, are comprised of the following at the dates indicated (in millions):


	March 31, 2022						December 31, 2021
	Gross Carrying Amount		Accumulated Amortization		Net Book Value		Gross Carrying Amount		Accumulated Amortization		Net Book Value
Trade names — indefinite life	$	2,028	$	—	$	2,028	$	2,219	$	—	$	2,219
Trade names — other	165		(72)		93		159		(65)		94
Capitalized software	581		(461)		120		631		(495)		136
Patents and intellectual property	22		(15)		7		22		(14)		8
Customer relationships and distributor channels	1,082		(284)		798		1,216		(303)		913

	$	3,878	$	(832)	$	3,046	$	4,247	$	(877)	$	3,370

Other Accrued Liabilities (Tables)

3 Months Ended

Mar. 31, 2022

Other Liabilities Disclosure [Abstract]

Schedule of Other Accrued Liabilities

Other accrued liabilities are comprised of the following at the dates indicated (in millions):


	March 31, 2022		December 31, 2021
Customer accruals	$	652	$	715
Operating lease liabilities	125		122
Accrued self-insurance liabilities, contingencies and warranty	121		125
Accrued interest expense	115		56
Accrued marketing and freight expenses	66		59
Accrued income taxes	54		43
Other	242		244
	$	1,375	$	1,364

Debt (Tables)

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Schedule of Debt

Debt is comprised of the following at the dates indicated (in millions):


	March 31, 2022		December 31, 2021
3.85% senior notes due 2023	$	1,087	$	1,086
4.00% senior notes due 2024	200		200
4.875% senior notes due 2025	495		494
3.90% senior notes due 2025	47		47
4.20% senior notes due 2026	1,976		1,975
5.375% senior notes due 2036	417		417
5.50% senior notes due 2046	658		658


Other debt	3		9
Total debt	4,883		4,886
Short-term debt and current portion of long-term debt	(3)		(3)
Long-term debt	$	4,880	$	4,883

Schedule of Fair Value of Senior Notes

The fair value of the Company’s senior notes are based upon prices of similar instruments in the marketplace and are as follows (in millions):


	March 31, 2022				December 31, 2021
	Fair Value		Book Value		Fair Value		Book Value
Senior notes	$	5,010	$	4,880	$	5,477	$	4,877

Derivatives (Tables)

3 Months Ended

Mar. 31, 2022

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 the dates indicated (in millions):


		Fair Value of Derivatives
		Assets (Liabilities)
	Balance Sheet Location	March 31, 2022		December 31, 2021
Derivatives designated as effective hedges:
Cash Flow Hedges
Foreign currency contracts	Prepaid expenses and other current assets	$	10	$	12
Foreign currency contracts	Other accrued liabilities	(6)		(2)
Fair Value Hedges
Interest rate swaps	Other assets	—		3
Interest rate swaps	Other accrued liabilities	(1)		—
Net Investment Hedges
Cross-currency swaps	Prepaid expenses and other current assets	15		18
Cross-currency swaps	Other noncurrent liabilities	(34)		(41)

Derivatives not designated as effective hedges:
Foreign currency contracts	Prepaid expenses and other current assets	16		7
Foreign currency contracts	Other accrued liabilities	(21)		(14)

Total		$	(21)	$	(17)

Schedule of Pretax Effects of Derivative Financial Instruments Designated or Previously Designated as Effective Hedges

The following table presents gain and (loss) activity (on a pretax basis) related to derivative financial instruments designated or previously designated, as effective hedges (in millions):











		Three Months Ended March 31, 2022				Three Months Ended March 31, 2021
		Gain/(Loss)				Gain/(Loss)
	Location of gain/(loss) recognized in income	Recognized in OCI (effective portion)		Reclassified from AOCL to Income		Recognized in OCI (effective portion)		Reclassified from AOCL to Income
Interest rate swaps	Interest expense, net	$	—	$	(2)	$	—	$	(2)
Foreign currency contracts	Net sales and cost of products sold	(1)		1		3		(2)

Cross-currency swaps	Other income, net	4		—		36		—
Total		$	3	$	(1)	$	39	$	(4)

Employee Benefit and Retirement Plans (Tables)

3 Months Ended

Mar. 31, 2022

Retirement Benefits [Abstract]

Schedule Of Company's Pension Cost And Supplemental Retirement Plans

The components of pension and postretirement benefit (income) expense for the periods indicated, are as follows (in millions):


			Pension Benefits
		U.S.	International
	Three Months Ended March 31,
			2022		2021		2022		2021
Service cost			$	—	$	—	$	1	$	1
Interest cost			6		5		2		2
Expected return on plan assets			(12)		(12)		(2)		(1)
Amortization			4		5		1		1

Total (income) expense			$	(2)	$	(2)	$	2	$	3


		Postretirement Benefits
	Three Months Ended March 31,
		2022		2021


Amortization		$	(1)	$	(1)
Total income		$	(1)	$	(1)

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Schedule of Computations of Weighted Average Shares Outstanding

The computations of the weighted average shares outstanding for the periods indicated are as follows (in millions):


	Three Months Ended March 31,
		2022	2021


Basic weighted average shares outstanding		421.9	424.9
Dilutive securities		2.8	2.7
Diluted weighted average shares outstanding		424.7	427.6

Stockholders' Equity and Share-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

Schedule of Fair Valuation Assumptions for Stock Options

The weighted average assumptions used to determine the fair value of stock options granted for the three months ended March 31, 2022, is as follows:


Risk-free interest rates	1.9	%
Expected volatility	42.0	%
Expected dividend yield	5.1	%
Expected life (in years)	6
Exercise price	$25.86

Fair Value Disclosures (Tables)

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Summary of Non-Pension Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table presents the Company’s non-pension financial assets and liabilities, which are measured at fair value on a recurring basis (in millions):


	March 31, 2022								December 31, 2021
	Fair value Asset (Liability)								Fair value Asset (Liability)
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Derivatives:
Assets	$	—	$	41	$	—	$	41	$	—	$	40	$	—	$	40
Liabilities	—		(62)		—		(62)		—		(57)		—		(57)
Investment securities, including mutual funds	13		—		—		13		13		—		—		13

Segment Information (Tables)

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The Company's five primary reportable segments are:

Segment

Key Brands

Description of Primary Products

Commercial Solutions

Mapa, Quickie, Rubbermaid Commercial Products and Spontex

Commercial cleaning and maintenance solutions; closet and garage organization; hygiene systems and material handling solutions

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

Coleman, Contigo, ExOfficio and Marmot

Products for outdoor and outdoor-related activities

Selected information by segment is presented in the following tables (in millions):


	Three Months Ended March 31,
		2022		2021
Net sales (1)
Commercial Solutions		$	510	$	471
Home Appliances		340		360
Home Solutions		500		504
Learning and Development		650		617
Outdoor and Recreation		388		336
		$	2,388	$	2,288

Operating income (loss) (2)
Commercial Solutions		$	55	$	50
Home Appliances		(18)		3
Home Solutions		61		61
Learning and Development		130		110
Outdoor and Recreation		45		15
Corporate		(56)		(47)
		$	217	$	192

		March 31, 2022		December 31, 2021
Segment assets
Commercial Solutions (3)		$	1,973	$	2,522
Home Appliances		1,081		1,055
Home Solutions		3,130		3,109
Learning and Development		4,454		4,401
Outdoor and Recreation		1,029		907
Corporate		2,537		2,185
		$	14,204	$	14,179

(1)All intercompany transactions have been eliminated.

(3)The reduction in the Commercial Solutions segment assets is primarily due to the sale of the CH&S business.

Schedule of Disaggregation of Revenue by Major Product Grouping Source and Geography

The following tables disaggregates revenue by major product grouping source and geography for the periods indicated (in millions):





































	Three Months Ended March 31, 2022
	Commercial Solutions		Home Appliances		Home Solutions		Learning and Development		Outdoor and Recreation		Total
Commercial	$	401	$	—	$	—	$	—	$	—	$	401
Connected Home Security	109		—		—		—		—		109
Home Appliances	—		340		—		—		—		340
Food	—		—		302		—		—		302
Home Fragrance	—		—		198		—		—		198
Baby	—		—		—		291		—		291
Writing	—		—		—		359		—		359
Outdoor and Recreation	—		—		—		—		388		388

Total	$	510	$	340	$	500	$	650	$	388	$	2,388

North America	$	396	$	178	$	401	$	468	$	210	$	1,653
International	114		162		99		182		178		735
Total	$	510	$	340	$	500	$	650	$	388	$	2,388

	Three Months Ended March 31, 2021
	Commercial Solutions		Home Appliances		Home Solutions		Learning and Development		Outdoor and Recreation		Total
Commercial	$	380	$	—	$	—	$	—	$	—	$	380
Connected Home Security	91		—		—		—		—		91
Home Appliances	—		360		—		—		—		360
Food	—		—		274		—		—		274
Home Fragrance	—		—		230		—		—		230
Baby	—		—		—		281		—		281
Writing	—		—		—		336		—		336
Outdoor and Recreation	—		—		—		—		336		336

Total	$	471	$	360	$	504	$	617	$	336	$	2,288

North America	$	344	$	195	$	401	$	426	$	177	$	1,543
International	127		165		103		191		159		745
Total	$	471	$	360	$	504	$	617	$	336	$	2,288

Basis of Presentation and Significant Accounting Policies - Additional Information (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2022 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Sale of accounts receivable	$ 535
Increase in sale of accounts receivable	$ 35

Divestiture Activity - Additional Information (Detail) - CH&S - Discontinued Operations, Disposed of by Sale $ in Millions	3 Months Ended
	Mar. 31, 2022 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration received for disposed business	$ 593
Gain (loss) on disposition of business	$ (130)

Accumulated Other Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 4,091	$ 3,900
Total other comprehensive income (loss), net of tax	28	(34)
Ending balance	3,980	3,861
Cumulative Translation Adjustment
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(575)
Other comprehensive income (loss) before reclassifications	17
Amounts reclassified to earnings	6
Total other comprehensive income (loss), net of tax	23
Ending balance	(552)
Pension and Postretirement Costs
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(292)
Other comprehensive income (loss) before reclassifications	1
Amounts reclassified to earnings	4
Total other comprehensive income (loss), net of tax	5
Ending balance	(287)
Derivative Financial Instruments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(15)
Other comprehensive income (loss) before reclassifications	(1)
Amounts reclassified to earnings	1
Total other comprehensive income (loss), net of tax	0
Ending balance	(15)
AOCL
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(882)	(880)
Other comprehensive income (loss) before reclassifications	17
Amounts reclassified to earnings	11
Total other comprehensive income (loss), net of tax	28
Ending balance	$ (854)	$ (914)

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=124509347&loc=SL7669619-108580

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=124431353&loc=SL124442407-227067

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21463-112644

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 45
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=118261656&loc=d3e32136-110900

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 55
-Paragraph 15
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Accumulated Other Comprehensive Income (Loss) -Reclassifications from AOCL to Results of Operations (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Loss before income taxes	$ 282	$ 126
Reclassification out of Accumulated Other Comprehensive Income \| Cumulative Translation Adjustment
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Loss before income taxes	6	0
Reclassification out of Accumulated Other Comprehensive Income \| Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Loss before income taxes	4	5
Reclassification out of Accumulated Other Comprehensive Income \| Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Loss before income taxes	$ 1	$ 4

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Accumulated Other Comprehensive Income (Loss) - Schedule of Income Tax (Provision) Benefit Allocated to Components of OCI (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Equity [Abstract]
Foreign currency translation adjustments	$ 1	$ 12
Pension and postretirement benefit costs	0	1
Derivative financial instruments	(1)	2
Income tax provision related to AOCL	$ 0	$ 15

- Definition

Amount of tax expense (benefit) allocated to other comprehensive income (loss).

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Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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+ Details

Restructuring Costs - Schedule of Restructuring Costs Incurred by Reportable Business Segment (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Restructuring Cost and Reserve [Line Items]
Restructuring costs, net	$ 5	$ 5
Commercial Solutions \| Operating Segments
Restructuring Cost and Reserve [Line Items]
Restructuring costs, net	1	0
Home Appliances \| Operating Segments
Restructuring Cost and Reserve [Line Items]
Restructuring costs, net	1	1
Home Solutions \| Operating Segments
Restructuring Cost and Reserve [Line Items]
Restructuring costs, net	1	2
Learning and Development \| Operating Segments
Restructuring Cost and Reserve [Line Items]
Restructuring costs, net	2	1
Outdoor and Recreation \| Operating Segments
Restructuring Cost and Reserve [Line Items]
Restructuring costs, net	$ 0	$ 1

Restructuring Costs - Schedule of Accrued Restructuring Costs Activity (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Restructuring Reserve [Roll Forward]
Beginning balance	$ 10
Restructuring costs, net	5	$ 5
Payments	(7)
Ending balance	8
Severance and termination costs
Restructuring Reserve [Roll Forward]
Beginning balance	8
Restructuring costs, net	4
Payments	(5)
Ending balance	7
Contract termination and other costs
Restructuring Reserve [Roll Forward]
Beginning balance	2
Restructuring costs, net	1
Payments	(2)
Ending balance	$ 1

Restructuring Costs - Narrative (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Restructuring Cost and Reserve [Line Items]
Restructuring costs, net	$ 5	$ 5
2020 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring costs, net		$ 5

Inventories - Components of Net Inventories (Detail) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Raw materials and supplies	$ 321	$ 310
Work-in-process	205	167
Finished products	1,771	1,520
Total inventories	$ 2,297	$ 1,997

Property, Plant and Equipment, Net - Schedule of Property, Plant and Equipment, Net (Detail) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 3,030	$ 3,147
Less: Accumulated depreciation	(1,886)	(1,943)
Property, plant and equipment, net	1,144	1,204
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	80	82
Buildings and improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	636	678
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 2,314	$ 2,387

Property, Plant and Equipment, Net - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 49	$ 52
Increase in operating lease asset	$ 64

Goodwill and Other Intangible Assets, Net - Summary of Changes in Goodwill by Reportable Business Segment (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2022 USD ($)
Goodwill [Roll Forward]
Net book value, beginning balance	$ 3,504
Foreign Exchange	(18)
Gross Carrying Amount	8,261
Accumulated Impairment Charges	(4,775)
Net book value, ending balance	3,486
Commercial Solutions
Goodwill [Roll Forward]
Net book value, beginning balance	747
Foreign Exchange	0
Gross Carrying Amount	916
Accumulated Impairment Charges	(169)
Net book value, ending balance	747
Home Appliances
Goodwill [Roll Forward]
Net book value, beginning balance	0
Foreign Exchange	0
Gross Carrying Amount	569
Accumulated Impairment Charges	(569)
Net book value, ending balance	0
Home Solutions
Goodwill [Roll Forward]
Net book value, beginning balance	164
Foreign Exchange	0
Gross Carrying Amount	2,567
Accumulated Impairment Charges	(2,403)
Net book value, ending balance	164
Learning and Development
Goodwill [Roll Forward]
Net book value, beginning balance	2,593
Foreign Exchange	(18)
Gross Carrying Amount	3,421
Accumulated Impairment Charges	(846)
Net book value, ending balance	2,575
Outdoor and Recreation
Goodwill [Roll Forward]
Net book value, beginning balance	0
Foreign Exchange	0
Gross Carrying Amount	788
Accumulated Impairment Charges	(788)
Net book value, ending balance	$ 0

Goodwill and Other Intangible Assets, Net - Schedule of Other Intangible Assets and Related Amortization Periods (Detail) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Intangible Assets [Line Items]
Gross Carrying Amount	$ 3,878	$ 4,247
Accumulated Amortization	(832)	(877)
Net Book Value	3,046	3,370
Trade Names
Intangible Assets [Line Items]
Gross Carrying Amount	165	159
Accumulated Amortization	(72)	(65)
Net Book Value	93	94
Capitalized software
Intangible Assets [Line Items]
Gross Carrying Amount	581	631
Accumulated Amortization	(461)	(495)
Net Book Value	120	136
Patents and intellectual property
Intangible Assets [Line Items]
Gross Carrying Amount	22	22
Accumulated Amortization	(15)	(14)
Net Book Value	7	8
Customer relationships and distributor channels
Intangible Assets [Line Items]
Gross Carrying Amount	1,082	1,216
Accumulated Amortization	(284)	(303)
Net Book Value	798	913
Trade Names
Intangible Assets [Line Items]
Indefinite life, net book value	$ 2,028	$ 2,219

Goodwill and Other Intangible Assets, Net - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 27	$ 34

Other Accrued Liabilities (Detail) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Other Liabilities Disclosure [Abstract]
Customer accruals	$ 652	$ 715
Operating lease liabilities	125	122
Accrued self-insurance liabilities, contingencies and warranty	121	125
Accrued interest expense	115	56
Accrued marketing and freight expenses	66	59
Accrued income taxes	54	43
Other	242	244
Other accrued liabilities	$ 1,375	$ 1,364

Debt - Summary of Debt (Detail) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Other debt	$ 3,000,000	$ 9,000,000
Total debt	4,883,000,000	4,886,000,000
Short-term debt and current portion of long-term debt	(3,000,000)	(3,000,000)
Long-term debt	4,880,000,000	4,883,000,000
Revolving Credit Facility
Debt Instrument [Line Items]
Revolver	0
Receivables facilities
Debt Instrument [Line Items]
Revolver	$ 0
3.85% senior notes due 2023 \| Senior notes
Debt Instrument [Line Items]
Interest rate	3.85%
Senior notes	$ 1,087,000,000	1,086,000,000
4.00% senior notes due 2024 \| Senior notes
Debt Instrument [Line Items]
Interest rate	4.00%
Senior notes	$ 200,000,000	200,000,000
4.875% senior notes due 2025 \| Senior notes
Debt Instrument [Line Items]
Interest rate	4.875%
Senior notes	$ 495,000,000	494,000,000
3.90% senior notes due 2025 \| Senior notes
Debt Instrument [Line Items]
Interest rate	3.90%
Senior notes	$ 47,000,000	47,000,000
4.20% senior notes due 2026 \| Senior notes
Debt Instrument [Line Items]
Interest rate	4.20%
Senior notes	$ 1,976,000,000	1,975,000,000
5.375% senior notes due 2036 \| Senior notes
Debt Instrument [Line Items]
Interest rate	5.375%
Senior notes	$ 417,000,000	417,000,000
5.50% senior notes due 2046 \| Senior notes
Debt Instrument [Line Items]
Interest rate	5.50%
Senior notes	$ 658,000,000	$ 658,000,000

Debt - Additional Information (Detail)	12 Months Ended
Debt - Additional Information (Detail)	Dec. 31, 2022 USD ($)	Dec. 31, 2020 USD ($)	Mar. 31, 2022 USD ($)	Feb. 11, 2022 USD ($)	Mar. 08, 2020 USD ($)
Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity					$ 1,250,000,000
Long-term Line of credit			$ 0
Forecast
Debt Instrument [Line Items]
Expected interest rate adjustment	$ 10,000,000
Interest rate adjustment, annualized amount	$ 8,000,000
Commercial Paper
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity				$ 800,000,000
Senior notes
Debt Instrument [Line Items]
Senior notes subject to interest rate adjustment		$ 4,200,000,000
Interest rate adjustment		0.0025
Senior notes \| Forecast
Debt Instrument [Line Items]
Interest rate adjustment	0.0025
Receivables facilities
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity			600,000,000
Long-term Line of credit			$ 0

Debt - Schedule of Fair Value of Senior Notes (Detail) - Senior notes - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Fair Value	$ 5,010	$ 5,477
Book Value	$ 4,880	$ 4,877

Derivatives - Additional Information (Detail)	3 Months Ended
Derivatives - Additional Information (Detail)	Mar. 31, 2022 USD ($) swap	Mar. 31, 2021 USD ($)	Dec. 31, 2021 USD ($)
Derivative [Line Items]
Fair value of derivatives, liability	$ 21,000,000		$ 17,000,000
Cash flow hedge gain (loss) to be reclassified within twelve months	10,000,000
Derivative instruments not designated as hedging instruments, income (expense), net	(3,000,000)	$ 7,000,000
4.00% senior notes due 2024 \| Senior notes
Derivative [Line Items]
Debt instrument, face amount	$ 100,000,000
Interest rate	4.00%
Interest rate swaps
Derivative [Line Items]
Derivative, notional amount	$ 100,000,000
Cross-currency swaps
Derivative [Line Items]
Number of cross currency swaps (in swaps) \| swap	3
Fair value of derivatives, liability	$ 1,300,000,000
Gain on derivative	5,000,000	$ 4,000,000
Foreign currency contracts
Derivative [Line Items]
Derivative, notional amount	467,000,000
Foreign currency contracts \| Derivatives not designated as effective hedges:
Derivative [Line Items]
Derivative, notional amount	1,200,000,000
Fair value of derivatives, liability	$ 21,000,000		$ 14,000,000

Derivatives - Schedule of Fair Value of Derivative Financial Instruments (Detail) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Derivatives, Fair Value [Line Items]
Fair value of derivatives, liability	$ (21)	$ (17)
Derivatives designated as effective hedges: \| Cash Flow Hedges \| Foreign currency contracts
Derivatives, Fair Value [Line Items]
Fair value of derivatives, asset	10	12
Fair value of derivatives, liability	(6)	(2)
Derivatives designated as effective hedges: \| Fair Value Hedges \| Interest rate swaps
Derivatives, Fair Value [Line Items]
Fair value of derivatives, asset	0	3
Fair value of derivatives, liability	(1)	0
Derivatives designated as effective hedges: \| Net Investment Hedges \| Cross-currency swaps
Derivatives, Fair Value [Line Items]
Fair value of derivatives, asset	15	18
Fair value of derivatives, liability	(34)	(41)
Derivatives not designated as effective hedges: \| Foreign currency contracts
Derivatives, Fair Value [Line Items]
Fair value of derivatives, asset	16	7
Fair value of derivatives, liability	$ (21)	$ (14)

Derivatives - Schedule of Pretax Effects of Derivative Financial Instruments Designated or Previously Designated as Effective Hedges (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Recognized in OCI (effective portion)	$ 3	$ 39
Reclassified from AOCL to Income	(1)	(4)
Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Recognized in OCI (effective portion)	0	0
Reclassified from AOCL to Income	(2)	(2)
Foreign currency contracts
Derivative Instruments, Gain (Loss) [Line Items]
Recognized in OCI (effective portion)	(1)	3
Reclassified from AOCL to Income	1	(2)
Cross-currency swaps
Derivative Instruments, Gain (Loss) [Line Items]
Recognized in OCI (effective portion)	4	36
Reclassified from AOCL to Income	$ 0	$ 0

Employee Benefit and Retirement Plans - Schedule of Company's Pension Cost And Supplemental Retirement Plans (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Pension Benefits \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 0	$ 0
Interest cost	6	5
Expected return on plan assets	(12)	(12)
Amortization	4	5
Total (income) expense	(2)	(2)
Pension Benefits \| International
Defined Benefit Plan Disclosure [Line Items]
Service cost	1	1
Interest cost	2	2
Expected return on plan assets	(2)	(1)
Amortization	1	1
Total (income) expense	2	3
Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Amortization	(1)	(1)
Total (income) expense	$ (1)	$ (1)

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions		3 Months Ended
	Jun. 18, 2019	Mar. 31, 2022	Mar. 31, 2021
Income Tax Contingency [Line Items]
Effective income tax rate		17.00%	29.40%
Federal statutory income tax rate		21.00%	21.00%
Tax exempt income		$ 4	$ 1
Sale of business unit		14
Increase in income taxes receivable, noncurrent		261
Decrease in income taxes payable		95
Increase in deferred tax liabilities		$ 356
Minimum \| Internal Revenue Service \| 2018 Tax Year
Income Tax Contingency [Line Items]
Unrecognized income tax expense due to change in tax regulations	$ 180
Maximum \| Internal Revenue Service \| 2018 Tax Year
Income Tax Contingency [Line Items]
Unrecognized income tax expense due to change in tax regulations	$ 220

Earnings Per Share - Schedule of Computations of Weighted Average Shares Outstanding (Detail) - shares shares in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share [Abstract]
Basic weighted average shares outstanding (in shares)	421.9	424.9
Dilutive securities (in shares)	2.8	2.7
Diluted weighted average shares outstanding (in shares)	424.7	427.6

Stockholders' Equity and Share-Based Compensation - Narrative (Detail) - USD ($) $ / shares in Units, shares in Millions		3 Months Ended
	Feb. 25, 2022	Mar. 31, 2022	Feb. 06, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock repurchased (in shares)		275.0
Purchase price per share (in USD per share)	$ 25.86
Remaining authorized repurchase amount		$ 100,000,000
Share Repurchase Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchase program, authorized amount			$ 375,000,000
Performance based restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award grants in period (in shares)		1.0
Aggregate grant date fair value of stock-based compensation arrangement		$ 28,000,000
Share-based awards vesting period		3 years
Time-based restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award grants in period (in shares)		0.6
Aggregate grant date fair value of stock-based compensation arrangement		$ 16,000,000
Share-based awards vesting period		3 years
Time-based stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award grants in period (in shares)		2.2
Aggregate grant date fair value of stock-based compensation arrangement		$ 14,000,000
Share-based awards vesting period		3 years

Stockholders' Equity and Share-Based Compensation - Fair Value Assumptions for Stock Options (Detail) - Employee Stock Option	3 Months Ended
	Mar. 31, 2022 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rates	1.90%
Expected volatility	42.00%
Expected dividend yield	5.10%
Expected life (in years)	6 years
Exercise price (in usd per share)	$ 25.86

Fair Value Disclosures - Summary of Non-Pension Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities	$ (21)	$ (17)
Fair Value Measurements on Recurring Basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	41	40
Liabilities	(62)	(57)
Investment securities, including mutual funds	13	13
Level 1 \| Fair Value Measurements on Recurring Basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	0	0
Liabilities	0	0
Investment securities, including mutual funds	13	13
Level 2 \| Fair Value Measurements on Recurring Basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	41	40
Liabilities	(62)	(57)
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
Liabilities	0	0
Investment securities, including mutual funds	$ 0	$ 0

Fair Value Disclosures - Level 3 Fair Value, Nonrecurring (Detail) $ in Millions	Dec. 01, 2021 USD ($)
Fair Value, Nonrecurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Indefinite-lived intangible assets (excluding goodwill)	$ 47

Segment Information - Additional Information (Detail)	3 Months Ended
Segment Information - Additional Information (Detail)	Mar. 31, 2022 segment
Segment Reporting [Abstract]
Number of primary reportable segments (in segments)	5

Segment Information - Schedule of Segment Reporting Information, by Segment (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Segment Reporting Information [Line Items]
Net sales	$ 2,388	$ 2,288
Operating income (loss)	217	192
Segment assets	14,204		$ 14,179
Corporate
Segment Reporting Information [Line Items]
Operating income (loss)	(56)	(47)
Segment assets	2,537		2,185
Commercial Solutions
Segment Reporting Information [Line Items]
Net sales	510	471
Operating income (loss)	55	50
Segment assets	1,973		2,522
Home Appliances
Segment Reporting Information [Line Items]
Net sales	340	360
Operating income (loss)	(18)	3
Segment assets	1,081		1,055
Home Solutions
Segment Reporting Information [Line Items]
Net sales	500	504
Operating income (loss)	61	61
Segment assets	3,130		3,109
Learning and Development
Segment Reporting Information [Line Items]
Net sales	650	617
Operating income (loss)	130	110
Segment assets	4,454		4,401
Outdoor and Recreation
Segment Reporting Information [Line Items]
Net sales	388	336
Operating income (loss)	45	$ 15
Segment assets	$ 1,029		$ 907

Segment Information - Summary of Disaggregation of Revenue by Major Product Grouping Source and Geography (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Segment Reporting Information [Line Items]
Net sales	$ 2,388	$ 2,288
North America
Segment Reporting Information [Line Items]
Net sales	1,653	1,543
International
Segment Reporting Information [Line Items]
Net sales	735	745
Commercial Solutions
Segment Reporting Information [Line Items]
Net sales	510	471
Commercial Solutions \| North America
Segment Reporting Information [Line Items]
Net sales	396	344
Commercial Solutions \| International
Segment Reporting Information [Line Items]
Net sales	114	127
Home Appliances
Segment Reporting Information [Line Items]
Net sales	340	360
Home Appliances \| North America
Segment Reporting Information [Line Items]
Net sales	178	195
Home Appliances \| International
Segment Reporting Information [Line Items]
Net sales	162	165
Home Solutions
Segment Reporting Information [Line Items]
Net sales	500	504
Home Solutions \| North America
Segment Reporting Information [Line Items]
Net sales	401	401
Home Solutions \| International
Segment Reporting Information [Line Items]
Net sales	99	103
Learning and Development
Segment Reporting Information [Line Items]
Net sales	650	617
Learning and Development \| North America
Segment Reporting Information [Line Items]
Net sales	468	426
Learning and Development \| International
Segment Reporting Information [Line Items]
Net sales	182	191
Outdoor and Recreation
Segment Reporting Information [Line Items]
Net sales	388	336
Outdoor and Recreation \| North America
Segment Reporting Information [Line Items]
Net sales	210	177
Outdoor and Recreation \| International
Segment Reporting Information [Line Items]
Net sales	178	159
Commercial
Segment Reporting Information [Line Items]
Net sales	401	380
Commercial \| Commercial Solutions
Segment Reporting Information [Line Items]
Net sales	401	380
Commercial \| Home Appliances
Segment Reporting Information [Line Items]
Net sales	0	0
Commercial \| Home Solutions
Segment Reporting Information [Line Items]
Net sales	0	0
Commercial \| Learning and Development
Segment Reporting Information [Line Items]
Net sales	0	0
Commercial \| Outdoor and Recreation
Segment Reporting Information [Line Items]
Net sales	0	0
Connected Home Security
Segment Reporting Information [Line Items]
Net sales	109	91
Connected Home Security \| Commercial Solutions
Segment Reporting Information [Line Items]
Net sales	109	91
Connected Home Security \| Home Appliances
Segment Reporting Information [Line Items]
Net sales	0	0
Connected Home Security \| Home Solutions
Segment Reporting Information [Line Items]
Net sales	0	0
Connected Home Security \| Learning and Development
Segment Reporting Information [Line Items]
Net sales	0	0
Connected Home Security \| Outdoor and Recreation
Segment Reporting Information [Line Items]
Net sales	0	0
Home Appliances
Segment Reporting Information [Line Items]
Net sales	340	360
Home Appliances \| Commercial Solutions
Segment Reporting Information [Line Items]
Net sales	0	0
Home Appliances \| Home Appliances
Segment Reporting Information [Line Items]
Net sales	340	360
Home Appliances \| Home Solutions
Segment Reporting Information [Line Items]
Net sales	0	0
Home Appliances \| Learning and Development
Segment Reporting Information [Line Items]
Net sales	0	0
Home Appliances \| Outdoor and Recreation
Segment Reporting Information [Line Items]
Net sales	0	0
Food
Segment Reporting Information [Line Items]
Net sales	302	274
Food \| Commercial Solutions
Segment Reporting Information [Line Items]
Net sales	0	0
Food \| Home Appliances
Segment Reporting Information [Line Items]
Net sales	0	0
Food \| Home Solutions
Segment Reporting Information [Line Items]
Net sales	302	274
Food \| Learning and Development
Segment Reporting Information [Line Items]
Net sales	0	0
Food \| Outdoor and Recreation
Segment Reporting Information [Line Items]
Net sales	0	0
Home Fragrance
Segment Reporting Information [Line Items]
Net sales	198	230
Home Fragrance \| Commercial Solutions
Segment Reporting Information [Line Items]
Net sales	0	0
Home Fragrance \| Home Appliances
Segment Reporting Information [Line Items]
Net sales	0	0
Home Fragrance \| Home Solutions
Segment Reporting Information [Line Items]
Net sales	198	230
Home Fragrance \| Learning and Development
Segment Reporting Information [Line Items]
Net sales	0	0
Home Fragrance \| Outdoor and Recreation
Segment Reporting Information [Line Items]
Net sales	0	0
Baby
Segment Reporting Information [Line Items]
Net sales	291	281
Baby \| Commercial Solutions
Segment Reporting Information [Line Items]
Net sales	0	0
Baby \| Home Appliances
Segment Reporting Information [Line Items]
Net sales	0	0
Baby \| Home Solutions
Segment Reporting Information [Line Items]
Net sales	0	0
Baby \| Learning and Development
Segment Reporting Information [Line Items]
Net sales	291	281
Baby \| Outdoor and Recreation
Segment Reporting Information [Line Items]
Net sales	0	0
Writing
Segment Reporting Information [Line Items]
Net sales	359	336
Writing \| Commercial Solutions
Segment Reporting Information [Line Items]
Net sales	0	0
Writing \| Home Appliances
Segment Reporting Information [Line Items]
Net sales	0	0
Writing \| Home Solutions
Segment Reporting Information [Line Items]
Net sales	0	0
Writing \| Learning and Development
Segment Reporting Information [Line Items]
Net sales	359	336
Writing \| Outdoor and Recreation
Segment Reporting Information [Line Items]
Net sales	0	0
Outdoor and Recreation
Segment Reporting Information [Line Items]
Net sales	388	336
Outdoor and Recreation \| Commercial Solutions
Segment Reporting Information [Line Items]
Net sales	0	0
Outdoor and Recreation \| Home Appliances
Segment Reporting Information [Line Items]
Net sales	0	0
Outdoor and Recreation \| Home Solutions
Segment Reporting Information [Line Items]
Net sales	0	0
Outdoor and Recreation \| Learning and Development
Segment Reporting Information [Line Items]
Net sales	0	0
Outdoor and Recreation \| Outdoor and Recreation
Segment Reporting Information [Line Items]
Net sales	$ 388	$ 336

Litigation and Contingencies - Additional Information (Detail) $ in Millions	1 Months Ended				3 Months Ended	12 Months Ended
	Jan. 31, 2022	Sep. 30, 2021 mi	Jun. 30, 2018 segment defendant	Sep. 30, 2017 recipient	Mar. 31, 2022 USD ($) segment entity mi	Dec. 31, 2020 segment	Dec. 31, 2007 recipient	Oct. 31, 2021 USD ($)
Loss Contingencies [Line Items]
Environmental remediation expense					$ 37
Number of general notice letter recipients \| entity					100
Number of operable units \| segment					4
Miles of river included in the remedial investigation and feasibility study \| mi		9
Number Of PRPs (in recipients) \| recipient							70
Loss contingency, estimate of possible loss								$ 441
Number of parties sued (in parties) \| segment			100
Number of defendants \| defendant			42
Stay period	6 months
Standby letters of credit outstanding					$ 48
Lower Passaic River Matter
Loss Contingencies [Line Items]
Miles of river included in the remedial investigation and feasibility study \| mi					8.3
Number of general notice letter recipients involved in remedial investigation and feasibility study \| recipient				80
Lower Passaic River Matter - Selected Remedy for the Preferred Alternative
Loss Contingencies [Line Items]
Settlement amount					$ 1,400
Lower half of river
Loss Contingencies [Line Items]
Miles of river included in the remedial investigation and feasibility study \| mi					17
Pending Litigation \| Weber Et Al V Polk Et Al
Loss Contingencies [Line Items]
Number of plaintiffs \| segment						2