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NEWELL BRANDS INC. (Exact Name of Registrant As Specified in Its Charter)

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NEWELL BRANDS INC. (Exact Name of Registrant As Specified in Its Charter) 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 June 30, 2019 Commission File Number 1-9608 NEWELL BRANDS INC. (Exact name of registrant as specified in its charter) Delaware 36-3514169 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 221 River Street Hoboken, New Jersey 07030 (Address of principal executive offices) (Zip Code) Registrant’s telephone number, including area code: (201) 610-6600 Securities registered pursuant to Section 12(b) of the Act: TITLE OF EACH CLASS TRADING SYMBOL NAME OF EXCHANGE ON WHICH REGISTERED Common stock, $1 par value per share NWL Nasdaq 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 Filer ☒ Accelerated filer ☐ Non-accelerated filer ☐ Smaller 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 July 31, 2019: 423.4 million. Table of Contents TABLE OF CONTENTS PART I. FINANCIAL INFORMATION 3 Item 1. Financial Statements 3 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 33 Item 3. Quantitative and Qualitative Disclosures about Market Risk 43 Item 4. Controls and Procedures 43 PART II. OTHER INFORMATION 45 Item 1. Legal Proceedings 45 Item 1A. Risk Factors 45 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 45 Item 6. Exhibits 46 SIGNATURES 47 2 Table of Contents 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 Six Months Ended June 30, June 30, 2019 2018 2019 2018 Net sales $ 2,116.5 $ 2,201.6 $ 3,828.6 $ 4,013.1 Cost of products sold 1,369.9 1,426.8 2,538.2 2,633.0 Gross profit 746.6 774.8 1,290.4 1,380.1 Selling, general and administrative expenses 558.9 613.6 1,076.8 1,239.9 Restructuring costs, net 6.7 45.7 17.6 51.1 Impairment of goodwill, intangibles and other assets 2.9 31.6 2.9 31.6 Operating income 178.1 83.9 193.1 57.5 Non-operating expenses: Interest expense, net 78.2 120.5 158.4 236.6 Other expense (income), net 0.2 (13.2) 23.5 (14.6) Income (loss) before income taxes 99.7 (23.4) 11.2 (164.5) Income tax expense (benefit) 16.7 53.0 — (33.4) Income (loss) from continuing operations 83.0 (76.4) 11.2 (131.1) Income (loss) from discontinued operations, net of tax 6.8 208.1 (72.6) 316.1 Net income (loss) $ 89.8 $ 131.7 $ (61.4) $ 185.0 Weighted average shares outstanding: Basic 423.3 486.2 423.3 486.1 Diluted 423.5 486.2 423.6 486.1 Earnings per share: Basic: Income (loss) from continuing operations $ 0.20 $ (0.16) $ 0.03 $ (0.27) Income (loss) from discontinued operations 0.01 0.43 (0.17) 0.65 Net income (loss) $ 0.21 $ 0.27 $ (0.14) $ 0.38 Diluted: Income (loss) from continuing operations $ 0.20 $ (0.16) $ 0.03 $ (0.27) Income (loss) from discontinued operations 0.01 0.43 (0.17) 0.65 Net income (loss) $ 0.21 $ 0.27 $ (0.14) $ 0.38 See Notes to Condensed Consolidated Financial Statements (Unaudited). 3 Table of Contents NEWELL BRANDS INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) (Amounts in millions) Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Comprehensive income (loss): Net income $ 89.8 $ 131.7 $ (61.4) $ 185.0 Other comprehensive income (loss), net of tax: Foreign currency translation adjustments 24.6 (222.3) 22.5 (158.2) Unrecognized pension and postretirement costs (10.5) (7.6) (23.7) (23.9) Derivative financial instruments 1.1 14.0 (7.3) 17.6 Total other comprehensive income (loss), net of tax 15.2 (215.9) (8.5) (164.5) Comprehensive income (loss) $ 105.0 $ (84.2) $ (69.9) $ 20.5 See Notes to Condensed Consolidated Financial Statements (Unaudited). 4 Table of Contents NEWELL BRANDS INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Amounts in millions, except par values) June 30, December 31, 2019 2018 Assets: Cash and cash equivalents $ 624.5 $ 495.7 Accounts receivable, net 1,769.0 1,850.7 Inventories 1,845.2 1,583.1 Prepaid expenses and other 277.3 275.6 Current assets held for sale 2,545.7 3,535.2 Total current assets 7,061.7 7,740.3 Property, plant and equipment, net 923.1 925.6 Operating lease assets, net 646.0 — Goodwill 2,966.3 2,970.2 Other intangible assets, net 5,496.0 5,579.6 Deferred income taxes 234.1 179.7 Other assets 339.1 327.0 Total assets $ 17,666.3 $ 17,722.4 Liabilities: Accounts payable $ 1,083.8 $ 1,019.5 Accrued compensation 144.4 159.1 Other accrued liabilities 1,326.2 1,180.7 Short-term debt and current portion of long-term debt 43.4 318.7 Current liabilities held for sale 538.0 734.8 Total current liabilities 3,135.8 3,412.8 Long-term debt 6,707.8 6,696.3 Deferred income taxes 1,024.9 991.0 Long-term operating lease liabilities 572.7 — Other noncurrent liabilities 1,220.5 1,369.1 Total liabilities 12,661.7 12,469.2 Commitments and contingencies (Footnote 18) Stockholders’ equity: Preferred stock (10.0 authorized shares, $1.00 par value, no shares issued at June 30, 2019 and December 31, 2018) — — Common stock (800 authorized shares, $1.00 par value 446.9 shares and 446.1 shares issued at June 30, 2019 and December 31, 2018, respectively) 446.9 446.1 Treasury stock, at cost (23.5 and 23.3 shares at June 30, 2019 and December 31, 2018, respectively) (589.2) (584.7) Additional paid-in capital 8,605.0 8,781.1 Retained deficit (2,572.2) (2,511.3) Accumulated other comprehensive loss (921.3) (912.8) Stockholders’ equity attributable to parent 4,969.2 5,218.4 Stockholders’ equity attributable to noncontrolling interests 35.4 34.8 Total stockholders’ equity 5,004.6 5,253.2 Total liabilities and stockholders’ equity $ 17,666.3 $ 17,722.4 See Notes to Condensed Consolidated Financial Statements (Unaudited). 5 Table of Contents NEWELL BRANDS INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Amounts in millions) Six Months Ended June 30, 2019 2018 Cash flows from operating activities: Net income (loss) $ (61.4) $ 185.0 Adjustments to reconcile net income to net cash used in operating activities: Depreciation and amortization 174.3 254.8 Impairment of goodwill, intangibles and other assets 188.6 485.6 (Gain) loss from sale of businesses 1.9 (461.8) Deferred income taxes (37.7) (37.9) Stock-based compensation expense 20.3 37.7 Loss on change in fair value of investments 17.9 — Other, net 2.6 2.4 Changes in operating assets and liabilities, excluding the effects of acquisitions and divestitures: Accounts receivable 74.8 (111.2) Inventories (294.6) (250.3) Accounts payable 41.4 (214.0) Accrued liabilities and other (137.2) (280.8) Net cash used in operating activities (9.1) (390.5) Cash flows from investing activities: Proceeds from sale of divested businesses 739.8 2,665.4 Capital expenditures (115.2) (201.0) Other investing activities (2.2) (4.0) Net cash provided by investing activities 622.4 2,460.4 Cash flows from financing activities: Net short-term debt (10.3) (18.1) Payments on current portion long-term debt (268.2) — Payments on long-term debt (5.4) (1.4) Debt issuance and extinguishment costs (2.7) — Cash dividends (195.3) (224.9) Equity compensation activity and other, net (4.1) (18.5) Net cash used in financing activities (486.0) (262.9) Exchange rate effect on cash and cash equivalents 1.5 (13.3) Increase in cash and cash equivalents 128.8 1,793.7 Cash and cash equivalents at beginning of period 495.7 485.7 Cash and cash equivalents at end of period $ 624.5 $ 2,279.4 Supplemental disclosures: Net cash provided by discontinued operating activities $ 24.4 $ 88.3 Net cash provided by discontinued investing activities 715.4 2,581.7 Capital expenditures for discontinued operations (24.9) (84.3) See Notes to Condensed Consolidated Financial Statements (Unaudited).
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