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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
Quarterly Report Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
for the Quarterly Period Ended September 30, 2022
Commission File Number 1-9608

NEWELL BRANDS INC.
(Exact name of registrant as specified in its charter)
Delaware36-3514169
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
6655 Peachtree Dunwoody Road,
Atlanta, Georgia 30328
(Address of principal executive offices)
(Zip Code)
Registrant’s telephone number, including area code: (770) 418-7000
Securities registered pursuant to Section 12(b) of the Act:
TITLE OF EACH CLASSTRADING SYMBOLNAME OF EXCHANGE ON WHICH REGISTERED
Common stock, $1 par value per shareNWLNasdaq Stock Market LLC
Securities registered pursuant to Section 12(g) of the Act:    None
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  No 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes   No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act:
Large Accelerated FilerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No 
Number of shares of common stock outstanding (net of treasury shares) as of October 24, 2022: 413.6 million.



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TABLE OF CONTENTS

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PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
NEWELL BRANDS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(Amounts in millions, except per share data)
Three Months Ended
September 30,
Nine Months Ended
 September 30,
2022202120222021
Net sales$2,252 $2,787 $7,174 $7,784 
Cost of products sold1,599 1,939 4,956 5,323 
Gross profit653 848 2,218 2,461 
Selling, general and administrative expenses467 561 1,489 1,667 
Restructuring costs, net3 6 12 16 
Impairment of goodwill, intangibles and other assets148  148  
Operating income35 281 569 778 
Non-operating expenses:
Interest expense, net57 65 171 197 
Other (income) expense, net8 1 (108)(3)
Income (loss) before income taxes(30)215 506 584 
Income tax provision (benefit)(61)25 37 108 
Net income$31 $190 $469 $476 
Weighted average common shares outstanding:
Basic413.6 425.4 416.4 425.2 
Diluted414.6 428.5 418.3 427.9 
Earnings per share:
Basic$0.07 $0.45 $1.13 $1.12 
Diluted$0.07 $0.44 $1.12 $1.11 
See Notes to Condensed Consolidated Financial Statements (Unaudited).
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NEWELL BRANDS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited)
(Amounts in millions)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2022202120222021
Comprehensive income (loss):
Net income$31 $190 $469 $476 
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments(110)(55)(207)(65)
Pension and postretirement costs8 6 20 15 
Derivative financial instruments8 15 19 23 
Total other comprehensive loss, net of tax(94)(34)(168)(27)
Comprehensive income (loss)(63)156 301 449 
Total comprehensive income attributable to noncontrolling interests    2 
Total comprehensive income (loss) attributable to parent$(63)$156 $301 $447 
See Notes to Condensed Consolidated Financial Statements (Unaudited).
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NEWELL BRANDS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(Amounts in millions, except par values)
September 30,
2022
December 31,
2021
Assets:
Cash and cash equivalents$636 $440 
Accounts receivable, net1,502 1,500
Inventories2,527 1,997
Prepaid expenses and other current assets483 325
Total current assets5,1484,262
Property, plant and equipment, net1,124 1,204
Operating lease assets585 558
Goodwill3,300 3,504
Other intangible assets, net2,869 3,370
Deferred income taxes778 814
Other assets874 467
Total assets$14,678 $14,179 
Liabilities:
Accounts payable$1,437 $1,680 
Accrued compensation123 270
Other accrued liabilities1,470 1,364
Short-term debt and current portion of long-term debt1,078 3
Total current liabilities4,1083,317
Long-term debt4,762 4,883
Deferred income taxes641 405
Operating lease liabilities519 500
Other noncurrent liabilities872 983
Total liabilities10,90210,088
Commitments and contingencies (Footnote 17)
Stockholders’ equity:
Preferred stock (10.0 authorized shares, $1.00 par value, no shares issued at September 30, 2022 and December 31, 2021)
  
Common stock (800.0 authorized shares, $1.00 par value, 438.6 shares and 450.0 shares issued at September 30, 2022 and December 31, 2021, respectively)
439 450 
Treasury stock, at cost (25.0 shares and 24.5 shares at September 30, 2022 and December 31, 2021, respectively)
(623)(609)
Additional paid-in capital7,143 7,734 
Retained deficit(2,133)(2,602)
Accumulated other comprehensive loss(1,050)(882)
Total stockholders’ equity3,776 4,091 
Total liabilities and stockholders’ equity$14,678 $14,179 
See Notes to Condensed Consolidated Financial Statements (Unaudited).
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NEWELL BRANDS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(Amounts in millions)
Nine Months Ended
September 30,
20222021
Cash flows from operating activities:
Net income$469 $476 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization222 244 
Impairment of goodwill, intangibles and other assets148  
(Gain) loss from sale of businesses(136)2 
Deferred income taxes211 (17)
Stock based compensation expense8 37 
Other, net(2)(1)
Changes in operating accounts excluding the effects of divestitures:
Accounts receivable(165)(44)
Inventories(738)(488)
Accounts payable(143)194 
Accrued liabilities and other(441)87 
Net cash provided by (used in) operating activities(567)490 
Cash flows from investing activities:
Proceeds from sale of divested business616  
Capital expenditures(221)(181)
Other investing activities, net25 1 
Net cash provided by (used in) investing activities420 (180)
Cash flows from financing activities:
Net proceeds from issuance of long-term debt990  
Payments on current portion of long-term debt(2)(447)
Payments on long-term debt (6)
Repurchase of shares of common stock(325) 
Cash dividends(290)(296)
Acquisition of noncontrolling interests (26)
Equity compensation activity and other, net(29)(25)
Net cash provided by (used in) financing activities344 (800)
Exchange rate effect on cash, cash equivalents and restricted cash(13)(14)
Increase (decrease) in cash, cash equivalents and restricted cash184 (504)
Cash, cash equivalents and restricted cash at beginning of period477 1,021 
Cash, cash equivalents and restricted cash at end of period$661 $517 
Supplemental disclosures:
Restricted cash at beginning of period$37 $40 
Restricted cash at end of period25 23 
See Notes to Condensed Consolidated Financial Statements (Unaudited).
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NEWELL BRANDS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY (Unaudited)
(Amounts in millions)
Common
Stock
Treasury
Stock
Additional Paid-In CapitalRetained Earnings (Deficit)Accumulated Other Comprehensive LossTotal Stockholders' Equity
Balance at June 30, 2022$439 $(623)$7,251 $(2,164)$(956)$3,947 
Comprehensive income (loss)— — — 31 (94)(63)
Dividends declared on common stock - $0.23 per share
— — (93)— — (93)
Equity compensation, net of tax— — (15)— — (15)
Balance at September 30, 2022$439 $(623)$7,143 $(2,133)$(1,050)$3,776 
Balance at December 31, 2021$450 $(609)$7,734 $(2,602)$(882)$4,091 
Comprehensive income (loss)— — — 469 (168)301 
Dividends declared on common stock - $0.69 per share
— — (285)— — (285)
Equity compensation, net of tax2 (14)7 — — (5)
Common stock purchased and retired(13)— (312)— — (325)
Other— — (1)— — (1)
Balance at September 30, 2022$439 $(623)$7,143 $(2,133)$(1,050)$3,776 

Common
Stock
Treasury
Stock
Additional Paid-In CapitalRetained Earnings (Deficit)Accumulated Other Comprehensive LossStockholders' Equity Attributable to ParentNoncontrolling InterestsTotal Stockholders' Equity
Balance at June 30, 2021$450 $(609)$7,906 $(2,888)$(873)$3,986 $25 $4,011 
Comprehensive income (loss)— — — 190 (33)157 (1)156 
Dividends declared on common stock - $0.23 per share
— — (99)— — (99)— (99)
Equity compensation, net of tax— — 12 — — 12 — 12 
Acquisition of noncontrolling interests— — — — — — (23)(23)
Other changes attributable to noncontrolling interests— — — — (1)(1)1  
Balance at September 30, 2021$450 $(609)$7,819 $(2,698)$(907)$4,055 $2 $4,057 
Balance at December 31, 2020$448 $(598)$8,078 $(3,174)$(880)$3,874 $26 $3,900 
Comprehensive income (loss)— — — 476 (27)449 — 449 
Dividends declared on common stock - $0.69 per share
— — (299)— — (299)— (299)
Equity compensation, net of tax2 (11)40 — — 31 — 31 
Acquisition of noncontrolling interests— — — — — — (26)(26)
Other changes attributable to noncontrolling interests— — — — — — 2 2 
Balance at September 30, 2021$450 $(609)$7,819 $(2,698)$(907)$4,055 $2 $4,057 
See Notes to Condensed Consolidated Financial Statements (Unaudited).
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NEWELL BRANDS INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
Footnote 1 — Basis of Presentation and Significant Accounting Policies

The accompanying unaudited condensed consolidated financial statements of Newell Brands Inc. (collectively with its subsidiaries, the “Company”) have been prepared pursuant to the rules and regulations of the United States Securities and Exchange Commission (the “SEC”) and do not include all of the information and footnotes required by U.S. generally accepted accounting principles (“U.S. GAAP”) for complete financial statements. In the opinion of management, the unaudited condensed consolidated financial statements include all adjustments (including normal recurring accruals) considered necessary for a fair statement of the financial position and the results of operations of the Company. 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. Certain reclassifications have been made in the Company's financial statements of the prior year to conform to current year presentation.

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

Management’s application of U.S. GAAP in preparing the Company's condensed consolidated financial statements requires the pervasive use of estimates and assumptions. The Company, which has been impacted in recent years by inflationary and supply chain pressures, labor shortages, and logistical challenges across its businesses, and more recently by the indirect macroeconomic impact of the Russia-Ukraine conflict, is also experiencing additional headwinds due to softening global demand and an increased focus by retailers to rebalance inventory levels in light of continued inflationary pressures on consumers. The segments most impacted by the softening global demand are Home Appliances and Home Solutions. These collective macroeconomic trends, the duration or severity of which are highly uncertain, are rapidly changing the retail landscape and have negatively impacted the Company’s operating results, cash flows and financial condition in 2022 and are expected to persist for the remainder of the year and into 2023. The high level of uncertainty of these factors has resulted in estimates and assumptions that have the potential for more variability and are more subjective. In addition, some of the other inherent estimates and assumptions used in the Company’s forecasted results of operations and cash flows that form the basis of the determination of the fair value of the reporting units for goodwill and indefinite-lived intangible asset impairment testing are outside the control of management, including interest rates, cost of capital, tax rates, industry growth, credit ratings, foreign exchange rates and labor inflation. Although management has made its best estimates and assumptions based upon current information, actual results could materially differ given the uncertainty of these factors and may require future changes to such estimates and assumptions, including reserves, which may result in future expense or impairment charges.

During the third quarter of 2022, the Company concluded that a triggering event had occurred for its Home Fragrance reporting unit, in the Home Solutions segment, an indefinite-lived tradename in the Home Appliances reporting unit, and two indefinite-lived tradenames for the Baby reporting unit, in the Learning and Development segment. The Company performed a quantitative impairment test and determined that the Home Fragrance reporting unit goodwill, and the indefinite-lived tradenames in the Home Appliances and Baby reporting units noted above were impaired. During the three and nine months ended September 30, 2022, the Company recorded an aggregate non-cash impairment charge of $148 million, as the carrying values exceeded their fair values. A quantitative impairment test was also performed for the indefinite-lived tradename and long-lived assets in the Home Fragrance reporting unit resulting in no impairment. See Footnote 7 for further information.

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
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operations for the three and nine months ended September 30, 2022 and cash flows for the nine months ended September 30, 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 due to the significant volatility and direction of future consumer and customer demand patterns, as well as inflationary and supply chain pressures.

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, 2024. The Company does not expect the adoption of ASU 2020-04 to have a material impact to its consolidated financial statements.

In October 2022, the FASB issued ASU 2022-04, “Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations.” This ASU requires that a buyer in a supplier finance program disclose sufficient information about the program to allow a user of financial statements to better consider the effect of the programs on an entity’s working capital, liquidity, and cash flows. This ASU is effective for fiscal years beginning after December 15, 2022, except for the amendment on roll forward information which is effective for fiscal years beginning after December 15, 2023. The Company is evaluating the effect of adopting this new accounting guidance.

Sales of Accounts Receivables

Factored receivables at September 30, 2022 associated with the Company's existing factoring agreement (the “Customer Receivables Purchase Agreement”) were approximately $375 million, a decrease of approximately $125 million from December 31, 2021. During the second quarter of 2022, the Company amended the Customer Receivables Purchase Agreement to (1) increase the amount of certain customer receivables that may be sold under the agreement, (2) add new customers to the agreement and (3) change the reference rate from LIBOR to Secured Overnight Financing Rate (“SOFR”). 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) expense, 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.

Footnote 2 — Divestiture Activity

On 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, during the nine months ended September 30, 2022, the Company recorded a pretax gain of $136 million, which was included in other (income) expense, net in its Condensed Consolidated Statements of Operations.

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Footnote 3 — 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 nine months ended September 30, 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(213)10 27 (176)
Amounts reclassified to earnings6 10 (8)8 
Net current period other comprehensive income (loss)(207)20 19 (168)
Balance at September 30, 2022$(782)$(272)$4 $(1,050)

Reclassifications from AOCL to the results of operations for the three and nine months ended September 30, 2022 and 2021 were pretax (income) expense of (in millions):

Three Months Ended
September 30,
Nine Months Ended
 September 30,
2022202120222021
Cumulative translation adjustment (1)
$ $ $6 $ 
Pension and postretirement benefit plans (2)
4 5 11 16 
Derivative financial instruments (3)
(7)8 (10)19 

(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 allocated to the components of AOCL for the periods indicated are as follows (in millions):

Three Months Ended
September 30,
Nine Months Ended
 September 30,
2022202120222021
Foreign currency translation adjustments$26 $7 $46 $16 
Pension and postretirement benefit costs1 1 2 3 
Derivative financial instruments3 4 6 7 
Income tax provision related to AOCL$30 $12 $54 $26 


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Footnote 4 — 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
September 30,
Nine Months Ended
 September 30,
2022202120222021
Commercial Solutions$1 $1 $2 $1 
Home Appliances  1 4 
Home Solutions  1 3 
Learning and Development1  3 1 
Outdoor and Recreation1 2 3 3 
Corporate 3 2 4 
$3 $6 $12 $16 

Accrued restructuring costs activity for the nine months ended September 30, 2022 are as follows (in millions):
Balance at December 31, 2021Restructuring
Costs, Net
PaymentsBalance at
 September 30, 2022
Severance and termination costs$8 $11 $(11)$8 
Contract termination and other costs2 1 (3) 
$10 $12 $(14)$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 nine months ended September 30, 2021, the Company recorded restructuring charges of $9 million under the 2020 restructuring program.

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, the multi-year, customer centric supply chain initiative to transform the Company’s go-to-market capabilities in the U.S., improve customer service levels and drive operational efficiencies. 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 and nine months ended September 30, 2022, the Company recorded restructuring charges of $3 million and $12 million, respectively. During the three and nine months ended September 30, 2021, the Company recorded other restructuring charges of $6 million and $7 million, respectively.

Footnote 5 — Inventories
Inventories are comprised of the following (in millions):
September 30, 2022December 31, 2021
Raw materials and supplies$310 $310 
Work-in-process205 167 
Finished products2,012 1,520 
$2,527 $1,997 

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Footnote 6 — Property, Plant and Equipment, Net
Property, plant and equipment, net, is comprised of the following (in millions):
September 30, 2022December 31, 2021
Land$73 $82 
Buildings and improvements620 678 
Machinery and equipment2,327 2,387 
3,020 3,147 
Less: Accumulated depreciation(1,896)(1,943)
$1,124 $1,204 

Depreciation expense was $50 million for both the three months ended September 30, 2022 and 2021 and $146 million and $153 million for the nine months ended September 30, 2022 and 2021, respectively.

In 2022, the Company took possession of two right of use operating lease assets associated with Project Ovid, with future obligations of approximately $119 million at September 30, 2022.

Footnote 7 — Goodwill and Other Intangible Assets, Net

Goodwill activity for the nine months ended September 30, 2022 is as follows (in millions):
Segments
Net Book Value at December 31, 2021
Impairment Charges
Foreign
Exchange
Gross
Carrying
Amount
Accumulated
Impairment
Charges
Net Book Value at
September 30, 2022
Commercial Solutions$747 $ $ $916 $(169)$747 
Home Appliances   569 (569) 
Home Solutions164 (108) 2,567 (2,511)56 
Learning and Development2,593  (96)3,343 (846)2,497 
Outdoor and Recreation   788 (788) 
$3,504 $(108)$(96)$