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DELTA® and HANSGROHE® faucets, bath and shower fixtures;
−Removed: KICHLER® decorative and outdoor lighting;
LIBERTY® branded decorative and functional hardware;
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• actively manage our portfolio.
−Removed: In 2023, we acquired all of the share capital of Sauna360 Group Oy ("Sauna360") for approximately €124 million ($136 million), net of cash acquired.
−Removed: 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.
+Added: In 2024, we continued to return value to our shareholders by repurchasing approximately 10.0 million shares of our common stock and increasing our quarterly dividend by approximately two percent compared to 2023.
+Added: In addition, in the third quarter of 2024, we completed the divestiture of our Kichler Lighting business.
Our Business Segments
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The businesses in our Plumbing Products segment sell a wide variety of products that are manufactured or sourced by us.
−Removed: • 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, 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 ® , GINGER ® , NEWPORT BRASS ® , BRASSTECH ® and WALTEC ® .
+Added: • Our plumbing products include faucets, showerheads, handheld showers, valves, bath hardware and accessories, bathing units, shower bases and enclosures, shower drains, steam shower systems, water filtration systems, sinks and kitchen accessories.
+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, consumers and homebuilders.
+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 ® , NEWPORT BRASS ® , GINGER ® , 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, 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.
−Removed: 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.
+Added: • Our spas, exercise pools, aquatic fitness systems and saunas are manufactured and sold under our HOT SPRING ® , CALDERA ® , FREEFLOW SPAS ® , FANTASY SPAS ® , AQUATERRA ® , LIFESMART ® , ENDLESS POOLS ® , TYLO ® , FINNLEO ® and HELO ® 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 saunas are also sold to online mass merchandisers.
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.
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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 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.
−Removed: 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.
+Added: These products are sold primarily in North America as well as in 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 of our consolidated net sales in 2024, 2023, and 2022.
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, 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.
+Added: Our competitors in this segment include large national and international brands such as Benjamin Moore & Co., Pittsburgh Paints Co.'s Glidden, Olympic, Pittsburgh Paints and Stains and PPG Paints 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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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.
−Removed: 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 certain petroleum by-products.
+Added: We have multiple sources, both domestic and foreign, for the raw materials used in this segment and have encountered price volatility with respect to certain of these materials.
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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and private label brands.
−Removed: This segment also includes decorative indoor and outdoor lighting fixtures, ceiling fans, landscape lighting and LED lighting systems.
−Removed: 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., Hunter Fan Company, Progress Lighting brand and private label brands.
Additional Information
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Laws and Regulations Affecting Our Business
−Removed: We are subject to federal, state, local and foreign government laws and regulations.
+Added: We are subject to federal, state, local and international government laws and regulations.
For a more detailed description of the various laws and regulations that impact our business, see Item 1A.
Risk Factors.
−Removed: 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.
+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 international regulations will result in material capital expenditures or have a material adverse effect on our results of operations and financial position.
Human Capital Management
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• Our communities:
−Removed: how we can help increase access, equity, and inclusion through strong community partners and business partnerships
+Added: how we help increase access, equity, and inclusion with our diverse community partners
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.
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This Report is being posted on our website concurrently with its filing with the SEC.
−Removed: Material contained on our website is not incorporated by reference into this Report.
+Added: Information contained on our website is not incorporated by reference into this Report or any other report filed with the SEC.
Our reports filed with the SEC also may be found on the SEC’s website at www.sec.gov.
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.