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• actively manage our portfolio.
−Removed: 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.
+Added: In 2023, we acquired all of the share capital of Sauna360 Group Oy ("Sauna360") for approximately €124 million ($136 million), net of cash acquired.
+Added: In addition, we continued to return value to our shareholders by repurchasing approximately 6.2 million shares of our common stock and increasing our quarterly dividend by approximately two percent compared to 2022.
Our Business Segments
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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.
−Removed: 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 ® .
+Added: 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 ® , GINGER ® , NEWPORT BRASS ® , BRASSTECH ® and WALTEC ® .
Our BRISTAN™ and HERITAGE™ products are sold primarily in the United Kingdom.
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Our MIROLIN products are also sold to wholesalers and distributors in Canada.
−Removed: • 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.
−Removed: Our spa and exercise pools are sold worldwide to independent specialty retailers and distributors and to online mass merchant retailers.
+Added: • Our spas, exercise pools, aquatic fitness systems and saunas are manufactured and sold under our HOT SPRING ® , CALDERA ® , FREEFLOW SPAS ® , FANTASY SPAS ® , ENDLESS POOLS ® , TYLO and FINNLEO brands, as well as under other trademarks.
+Added: Our spas, exercise pools and saunas are sold worldwide to independent specialty retailers and distributors and our spas and exercise pools are also sold to online mass merchant retailers.
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 ® , PLUMBSHOP ® , COBRA ® and MASTER PLUMBER ® brands and are also sold under private label.
+Added: These products are marketed primarily in North America under our BRASSCRAFT ® , PLUMBSHOP ® 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.
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Competitors of the majority of our products in this segment include Dornbracht AG & Co.
−Removed: 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.
−Removed: Competitors of our spas and exercise pools and systems include Artesian Spas, Jacuzzi and Master Spas brands, among others.
+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 as well as private label and digitally native brands.
+Added: Competitors of our spas, exercise pools, aquatic fitness systems and saunas include Artesian Spas, Harvia, Jacuzzi and Master Spas brands, among others.
Foreign manufacturers competing with us are located primarily in Europe, China and Canada.
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Our Decorative Architectural Products segment primarily includes architectural coatings, including paints, primers, specialty coatings, stains and waterproofing products, as well as paint applicators and accessories.
−Removed: These products are sold in North America, South America and China under the brand names BEHR ® , KILZ ® , WHIZZ ® , Elder & Jenks ® and other trademarks to “do‑it‑yourself” and professional customers through home center retailers and other retailers.
−Removed: Net sales of architectural coatings comprised approximately 32 percent, 30 percent and 33 percent of our consolidated net sales from our continuing operations in 2022, 2021, and 2020, respectively.
+Added: These products are sold in North America and South America under the brand names BEHR ® , KILZ ® , WHIZZ ® , Elder & Jenks ® and other trademarks to “do‑it‑yourself” and professional customers through home center retailers and other retailers.
+Added: Net sales of architectural coatings comprised approximately 32 percent, 32 percent and 30 percent of our consolidated net sales in 2023, 2022, and 2021, respectively.
Our BEHR products are sold through The Home Depot, our largest customer overall, as well as this segment’s largest customer.
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The granting of exclusivity affects our ability to sell those products and brands to other customers, and the loss of this segment’s sales to The Home Depot would have a material adverse effect on this segment’s business and on our consolidated business as a whole.
−Removed: Our competitors in this segment include large national and international brands such as Benjamin Moore & Co., PPG Industries, Inc.'s Glidden, Olympic, Pittsburgh Paints and PPG brands, The Sherwin‑Williams Company's Minwax, Sherwin-Williams, Thompson’s Water Seal, Valspar and Purdy brands, RPM International, Inc.'s Rust-Oleum and Zinsser brands and the Wooster Brush Company, as well as many regional and other national brands.
+Added: Our competitors in this segment include large national and international brands such as Benjamin Moore & Co., PPG Industries, Inc.'s Glidden, Olympic, Pittsburgh Paints and PPG brands, RPM International, Inc.'s Rust-Oleum and Zinsser brands, The Sherwin‑Williams Company's Minwax, Sherwin-Williams, Thompson’s Water Seal, Valspar and Purdy brands and the Wooster Brush Company, as well as many regional and other national brands.
We believe that brand reputation is an important factor in consumer selection, and that competition in this industry is also based largely on product features and innovation, product quality, customer service, breadth of product offering and price.
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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) 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 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.
+Added: We have encountered price volatility for propylene and certain petroleum by-products.
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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We also have agreements with certain significant suppliers for this segment that are intended to help assure continued supply.
−Removed: Our Decorative Architectural Products segment includes branded cabinet and door hardware, functional hardware, wall plates, hook and hook rail products, closet organization systems and picture hanging accessories, which are manufactured for us and sold to home center retailers, mass retailers, online retailers, other specialty retailers, original equipment manufacturers and wholesalers.
+Added: Our Decorative Architectural Products segment includes branded cabinet and door hardware, functional hardware, wall plates, hook and hook rail products, and outdoor living hardware, which are manufactured for us and sold to home center retailers, mass retailers, online retailers, other specialty retailers, original equipment manufacturers and wholesalers.
These products are sold under the LIBERTY ® , BRAINERD ® , FRANKLIN BRASS ® and other trademarks.
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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 Innovations, Inc.'s Moen brand, Gatco Fine Bathware, Kohler Co.
+Added: Competitors for these products include American Bath Group, LLC's Dreamline brand, Fortune Brands Innovations, Inc.'s Moen brand, Gatco Fine Bathware, Kohler Co.
and private label brands.
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These products are sold to home center retailers, online retailers, electrical distributors, landscape distributors and lighting showrooms under the brand names KICHLER ® and ÉLAN ® and under other trademarks.
−Removed: Competitors of these products include Acuity, FX Luminaire, Generation Brands, Hinkley Lighting, Inc., Hubbell Incorporated's Progress Lighting brand, Hunter Fan Company and private label brands.
+Added: Competitors of these products include Acuity, FX Luminaire, Generation Brands, Hinkley Lighting, Inc., Hunter Fan Company, Progress Lighting brand and private label brands.
Additional Information
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Human Capital Management
−Removed: 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 employees, who have diverse experiences and backgrounds.
We have developed three strategic talent priorities:
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We support and foster the growth of our employees by providing development opportunities, experiences and tools that build and strengthen leadership capabilities.
−Removed: 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.
+Added: Our Leadership Profile, 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.
In addition, our Board of Directors and executive management team regularly review our Company’s critical leadership roles and succession plans.
−Removed: We are focused on building a continuous learning culture by enabling frequent and candid feedback discussions about performance and development between employees and their managers, across peers, and within teams.
+Added: We are focused on building a continuous improvement and learning culture.
+Added: This is supported by frequent and candid feedback discussions about performance and development between employees and their managers, across peers, and within teams.
Diversity, Equity and Inclusion ("DE&I")
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how we can help increase access, equity, and inclusion through strong community partners and business partnerships
−Removed: Each strategic focus area has a series of enterprise-wide initiatives, and our businesses have aligned plans that are tailored to meet their specific needs.
−Removed: Our enterprise DE&I Council along with business unit councils and employee resource groups serve as advisors, ambassadors and change agents in implementing our enterprise-wide initiatives and their business unit plans.
+Added: We have developed enterprise-wide initiatives in each strategic focus area and our businesses have developed plans designed to meet their specific needs that are aligned with these initiatives.
+Added: Our executive leadership team, DE&I Councils, and employee resource groups serve as advisors, ambassadors and change agents in implementing our enterprise-wide initiatives and their business unit plans.
Our workforce representation statistics are one indicator of our performance in advancing a diverse workforce.
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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 representation goals for 2025 for certain groups within our U.S.
−Removed: workforce along with goals linked to employees’ experiences related to inclusion and belonging.
−Removed: These aspirational goals are ambitious and are not intended to be commitments, promises, or guarantees of future achievement.
−Removed: 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.
−Removed: 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.
−Removed: 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 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.