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We leverage our powerful brands across product categories, sales channels and geographies to create value for our customers and shareholders.
−Removed: We believe that our solid results of operations and financial position for 2021 resulted from strong consumer demand for our lower ticket, repair and remodel-oriented products along with our continued focus on our three strategic pillars:
+Added: We believe that our solid results of operations and financial position for 2022 resulted from our continued focus on our three strategic pillars:
• drive the full potential of our core businesses;
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• actively manage our portfolio.
−Removed: In 2021, we completed the divestiture of our Hüppe GmbH ("Hüppe") business.
−Removed: We also completed the purchase of a 75.1 percent equity interest in Easy Sanitary Solutions B.V.
−Removed: ("ESS") and all of the share capital of Steamist, Inc.
−Removed: ("Steamist").
−Removed: Additionally, we continued to return value to our shareholders by repurchasing approximately 17.6 million shares of our common stock and increasing our quarterly dividend by approximately 68 percent.
+Added: In 2022, we continued to return value to our shareholders by repurchasing approximately 16.6 million shares of our common stock and increasing our quarterly dividend by approximately 19 percent compared to 2021.
Our Business Segments
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• Our plumbing products include faucets, showerheads, handheld showers, valves, bath hardware and accessories, bathing units, shower bases and enclosures, shower drains, steam shower systems, sinks, kitchen accessories and toilets.
−Removed: We primarily sell these products to home center retailers, online retailers, mass merchandisers, wholesalers and distributors that, in turn, sell them to plumbers, building contractors, remodelers, smaller retailers and consumers.
+Added: We primarily sell these products to home center retailers, online retailers, mass merchandisers, wholesalers and distributors that, in turn, sell them to plumbers, building contractors, remodelers, smaller retailers and consumers, and homebuilders.
The majority of our faucet, bathing and showering products are sold primarily in North America, Europe and China under the brand names DELTA ® , BRIZO ® , PEERLESS ® , HANSGROHE ® , AXOR ® , KRAUS ® , EASY DRAIN ® , STEAMIST ® , ELITESTEAM ® , GINGER ® , NEWPORT BRASS ® , BRASSTECH ® and WALTEC ® .
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Our MIROLIN products are also sold to wholesalers and distributors in Canada.
−Removed: • Our spas, exercise pools and fitness systems are manufactured and sold under our HOT SPRING ® , CALDERA ® , FREEFLOW SPAS ® , FANTASY SPAS ® and ENDLESS POOLS ® brands, as well as under other trademarks.
+Added: • Our spas, exercise pools and aquatic fitness systems are manufactured and sold under our HOT SPRING ® , CALDERA ® , FREEFLOW SPAS ® , FANTASY SPAS ® and ENDLESS POOLS ® brands, as well as under other trademarks.
Our spa and exercise pools are sold worldwide to independent specialty retailers and distributors and to online mass merchant retailers.
−Removed: Certain exercise pools are also available on a consumer-direct basis in North America and Europe, while our fitness systems are sold through independent specialty retailers as well as on a consumer-direct basis in some areas.
+Added: Certain exercise pools are also available on a consumer-direct basis in North America and Europe, while our aquatic fitness systems are sold through independent specialty retailers as well as on a consumer-direct basis in some areas.
• Included in our Plumbing Products segment are brass , copper and composite plumbing system components and other non-decorative plumbing products that are sold to plumbing, heating and hardware wholesalers, home center and online retailers, hardware stores, building supply outlets and other mass merchandisers.
−Removed: These products are marketed primarily in North America under our BRASSCRAFT ® , PLUMB SHOP ® , COBRA ® , COBRA PRO™ and MASTER PLUMBER ® brands and are also sold under private label.
+Added: These products are marketed primarily in North America under our BRASSCRAFT ® , PLUMBSHOP ® , COBRA ® and MASTER PLUMBER ® brands and are also sold under private label.
• Within our Plumbing Products segment we develop connected water products that enhance the experience with water in homes and businesses.
These systems include touchless activation, voice activation, controlled volume dispensing and provide for monitoring and controlling the temperature and flow of water and are compatible with a range of faucets, showerheads and other showering components.
−Removed: • We also supply high-quality, custom thermoplastic solutions, extruded plastic profiles and specialized fabrications, as well as PEX tubing, to manufacturers, distributors and wholesalers for use in diverse applications that include faucets and plumbing supplies, appliances, oil and gas equipment, building products and medical equipment components.
+Added: • We also supply high-quality, custom thermoplastic solutions, extruded plastic profiles and specialized fabrications, as well as PEX tubing, to manufacturers, distributors and wholesalers for use in diverse applications that include faucets and plumbing supplies, appliances, oil and gas equipment and building products.
We believe that our plumbing products are among the leaders in sales in North America and Europe.
Competitors of the majority of our products in this segment include Dornbracht AG & Co.
−Removed: KG, Elkay Manufacturing Company, Fortune Brands Home & Security, Inc.'s Moen, Rohl and Riobel brands, Kohler Co., Lixil Group Corporation’s American Standard and Grohe brands, Spectrum Brands Holdings, Inc.'s Pfister faucets and private label brands.
+Added: KG, Zurn Elkay Water Solutions Corporation, Fortune Brands Innovations, Inc.'s Moen, Rohl and Riobel brands, Kohler Co., Lixil Group Corporation’s American Standard and Grohe brands, Spectrum Brands Holdings, Inc.'s Pfister faucets and private label brands.
Competitors of our spas and exercise pools and systems include Artesian Spas, Jacuzzi and Master Spas brands, among others.
−Removed: Foreign manufacturers competing with us are located primarily in Europe and China.
+Added: Foreign manufacturers competing with us are located primarily in Europe, China and Canada.
Additionally, we face significant competition from private label products and digitally native brands.
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The price for titanium dioxide can fluctuate as a result of global supply and demand dynamics and production capacity limitations, which can have a material impact on our costs and results of operations in this segment.
−Removed: In addition, the prices of crude oil, natural gas, propylene, methyl methacrylate (MMA), zinc and certain petroleum by-products can impact our costs and results of operations in this segment.
+Added: In addition, the prices of crude oil, natural gas, propylene, methyl methacrylate (MMA) and certain petroleum by-products can impact our costs and results of operations in this segment.
We have multiple sources, both domestic and foreign, for the raw materials used in this segment.
−Removed: We have encountered price volatility for propylene and MMA and, to a lesser extent, zinc.
+Added: We have encountered price volatility for propylene and MMA.
To help reduce the impact of this price volatility, we have and may in the future enter into long-term agreements with certain significant suppliers.
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Decorative bath hardware, shower accessories, mirrors and shower doors are sold under the brand names DELTA ® and FRANKLIN BRASS ® and other trademarks to home center retailers, mass retailers, online retailers, other specialty retailers and wholesalers.
−Removed: Competitors for these products include Fortune Brands Home & Security, Inc.'s Moen brand, Gatco Fine Bathware, Kohler Co.
+Added: Competitors for these products include Fortune Brands Innovations, Inc.'s Moen brand, Gatco Fine Bathware, Kohler Co.
and private label brands.
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Risk Factors.
−Removed: We monitor applicable laws and regulations and incur ongoing expense relating to compliance, however we do not expect that compliance with federal, state, local and foreign regulations, will result in material capital expenditures or have a material adverse effect on our results of operations and financial position.
+Added: We monitor applicable laws and regulations, including environmental laws and regulations, and incur ongoing expense relating to compliance, however we do not expect that compliance with federal, state, local and foreign regulations will result in material capital expenditures or have a material adverse effect on our results of operations and financial position.
Human Capital Management
−Removed: We believe the performance of our Company is impacted by our human capital management, and as a result we are focused on attracting, developing and retaining highly qualified, engaged and diverse employees.
+Added: The performance of our Company is impacted by our human capital management, and as a result we are focused on attracting, developing and retaining highly qualified, engaged and diverse employees.
We have developed three strategic talent priorities:
leadership, diversity, equity and inclusion, and future workforce.
−Removed: Our Chief Human Resources Officer is responsible for developing and executing our human capital strategy and provides regular updates to our Board of Directors’ Organization and Compensation Committee on our progress toward the achievement of these strategic initiatives.
−Removed: We believe that our human capital initiatives work together to help our employees grow and thrive, cultivate a culture where our employees feel like they belong and keep our employees healthy and safe in the workplace.
−Removed: We support and foster the growth of our employees by providing development opportunities and tools that build and strengthen leadership capabilities.
−Removed: We use our Leadership Framework, which is our internal leadership evaluation framework, to define the capabilities and attributes and behaviors that serve as the foundation for how we select, develop and measure the performance of our leaders.
+Added: Our Chief Human Resources Officer is responsible for developing and executing our human capital strategy and provides regular updates to our Board of Directors’ Compensation and Talent Committee on our progress toward the achievement of these strategic initiatives.
+Added: We believe that our human capital initiatives work together to help our employees grow and thrive, and cultivate a culture where our employees feel like they belong.
+Added: We are also committed to keeping our employees healthy and safe in the workplace.
+Added: We support and foster the growth of our employees by providing development opportunities, experiences and tools that build and strengthen leadership capabilities.
+Added: Our Leadership Framework, which is how we internally describe the capabilities and behaviors that we believe make great leaders, serves as the foundation for how we select, develop and measure the performance of our leaders.
To develop a sustainable pipeline of leaders, we have robust and proactive talent management and succession planning processes to support our businesses.
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The EEO-1 hourly employees benchmark includes all other EEO categories we did not include in the EEO-1 leadership and salaried benchmark.
−Removed: We have established specific aspirational workforce representation goals for our U.S.
+Added: We have established specific aspirational representation goals for 2025 for certain groups within our U.S.
workforce along with goals linked to employees’ experiences related to inclusion and belonging.
−Removed: Progress towards these goals is measured on an annual basis and is reviewed by our Organization and Compensation Committee of our Board of Directors and executive management team.
−Removed: We describe those goals in our Corporate Social Responsibility report, which is not incorporated by reference into this Annual Report on Form 10-K.
+Added: These aspirational goals are ambitious and are not intended to be commitments, promises, or guarantees of future achievement.
+Added: Any progress towards these goals is regularly measured and is reviewed by our Compensation and Talent Committee of our Board of Directors and executive management team.
+Added: After establishing these goals, we faced and continue to face complexities and variables that are impacting our progress and may result in us not achieving our goals, such as a tightening labor market, challenging economic environment, changes to our portfolio of businesses via acquisitions or divestitures, and adjustments to our job levels and managerial headcount.
+Added: We describe those goals in our Corporate Social Responsibility report, which is not incorporated by reference into this Report.
Future Workforce
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We also regularly consult with our employees on safety-related improvements to our operations.
−Removed: Throughout 2021, our cross-functional Infectious Illness Response Team updated protocols and procedures to continue to help keep our employees safe during the ongoing COVID-19 pandemic.
−Removed: We continued to implement the best practices and recommendations from the World Health Organization, the Centers for Disease Control, and the Department of Labor (OSHA).
−Removed: We encouraged our employees to receive COVID-19 vaccinations across our organization through educational outreach, on-site vaccination clinics, and paid time off to receive the COVID-19 vaccine.
+Added: Throughout 2022, we continued to implement the best practices and recommendations from the Centers for Disease Control and the Department of Labor (OSHA).
Our Workforce
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.