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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, 2021
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
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 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 of October 25, 2021: 425.4 million.




1

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,
2021 2020 2021 2020
Net sales $ 2,787  $ 2,699  $ 7,784  $ 6,696 
Cost of products sold 1,939  1,785  5,323  4,501 
Gross profit 848  914  2,461  2,195 
Selling, general and administrative expenses 561  545  1,667  1,581 
Restructuring costs, net 16  14 
Impairment of goodwill, intangibles and other assets —  —  1,482 
Operating income (loss) 281  363  778  (882)
Non-operating expenses:
Interest expense, net 65  71  197  205 
Other (income) expense, net (3) 20 
Income (loss) before income taxes 215  283  584  (1,107)
Income tax provision (benefit) 25  (21) 108  (210)
Net income (loss) $ 190  $ 304  $ 476  $ (897)
Weighted average common shares outstanding:
Basic 425.4  424.3  425.2  424.1 
Diluted 428.5  425.4  427.9  424.1 
Earnings (loss) per share:
Basic $ 0.45  $ 0.72  $ 1.12  $ (2.12)
Diluted $ 0.44  $ 0.71  $ 1.11  $ (2.12)
See Notes to Condensed Consolidated Financial Statements (Unaudited).
2

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,
2021 2020 2021 2020
Comprehensive income (loss):
Net income (loss) $ 190  $ 304  $ 476  $ (897)
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments (55) 24  (65) (97)
Pension and postretirement costs 15  12 
Derivative financial instruments 15  (7) 23  17 
Total other comprehensive income (loss), net of tax (34) 18  (27) (68)
Comprehensive income (loss) 156  322  449  (965)
Total comprehensive income (loss) attributable to noncontrolling interests —  —  (6)
Total comprehensive income (loss) attributable to parent $ 156  $ 322  $ 447  $ (959)
See Notes to Condensed Consolidated Financial Statements (Unaudited).
3

NEWELL BRANDS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(Amounts in millions, except par values)
September 30,
2021
December 31,
2020
Assets:
Cash and cash equivalents $ 494  $ 981 
Accounts receivable, net 1,686  1,678
Inventories 2,098  1,638
Prepaid expenses and other current assets 338  331
Total current assets 4,616 4,628
Property, plant and equipment, net 1,155  1,176
Operating lease assets 490  530
Goodwill 3,516  3,553
Other intangible assets, net 3,461  3,564
Deferred income taxes 855  838
Other assets 427  411
Total assets $ 14,520  $ 14,700 
Liabilities:
Accounts payable $ 1,709  $ 1,526 
Accrued compensation 241  236
Other accrued liabilities 1,506  1,393
Short-term debt and current portion of long-term debt 253  466
Total current liabilities 3,709 3,621
Long-term debt 4,884  5,141
Deferred income taxes 411  414
Operating lease liabilities 435  472
Other noncurrent liabilities 1,024  1,152
Total liabilities 10,463 10,800
Commitments and contingencies (Footnote 16)
Stockholders’ equity:
Preferred stock (10.0 authorized shares, $1.00 par value, no shares issued at September 30, 2021 and December 31, 2020)
—  — 
Common stock (800.0 authorized shares, $1.00 par value, 449.9 shares and 448.4 shares issued at September 30, 2021 and December 31, 2020, respectively)
450  448 
Treasury stock, at cost (24.5 shares and 24.0 shares at September 30, 2021 and December 31, 2020, respectively)
(609) (598)
Additional paid-in capital 7,819  8,078 
Retained deficit (2,698) (3,174)
Accumulated other comprehensive loss (907) (880)
Stockholders’ equity attributable to parent 4,055  3,874 
Stockholders’ equity attributable to noncontrolling interests 26 
Total stockholders’ equity 4,057  3,900 
Total liabilities and stockholders’ equity $ 14,520  $ 14,700 
See Notes to Condensed Consolidated Financial Statements (Unaudited).
4

NEWELL BRANDS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(Amounts in millions)
Nine Months Ended
September 30,
2021 2020
Cash flows from operating activities:
Net income (loss) $ 476  $ (897)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization 244  267 
Impairment of goodwill, intangibles and other assets —  1,482 
Deferred income taxes (17) (293)
Stock based compensation expense 37  28 
Other, net 10 
Changes in operating accounts:
Accounts receivable (44) (19)
Inventories (488) (139)
Accounts payable 194  323 
Accrued liabilities and other 87  58 
Net cash provided by operating activities 490  820 
Cash flows from investing activities:
Capital expenditures (181) (158)
Proceeds from sale of divested businesses —  15 
Other investing activities, net
Net cash used in investing activities (180) (138)
Cash flows from financing activities:
Net payments of short-term debt —  (26)
Net proceeds from issuance of debt —  492 
Payments on current portion of long-term debt (447) (305)
Payments on long-term debt (6) (19)
Cash dividends (296) (294)
Acquisition of noncontrolling interests (26) — 
Equity compensation activity and other, net (25) (22)
Net cash used in financing activities (800) (174)
Exchange rate effect on cash, cash equivalents and restricted cash (14) (14)
Increase (decrease) in cash, cash equivalents and restricted cash (504) 494 
Cash, cash equivalents and restricted cash at beginning of period 1,021  371 
Cash, cash equivalents and restricted cash at end of period $ 517  $ 865 
Supplemental disclosures:
Restricted cash at beginning of period $ 40  $ 22 
Restricted cash at end of period 23 
See Notes to Condensed Consolidated Financial Statements (Unaudited).
5

NEWELL BRANDS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY (Unaudited)
(Amounts in millions)
Common
Stock
Treasury
Stock
Additional Paid-In Capital Retained Earnings (Deficit) Accumulated Other Comprehensive Loss Stockholders' Equity Attributable to Parent Noncontrolling Interests Total 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) — 
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 tax (11) 40  —  —  31  —  31 
Acquisition of noncontrolling interests —  —  —  —  —  —  (26) (26)
Other changes attributable to noncontrolling interests —  —  —  —  —  — 
Balance at September 30, 2021 $ 450  $ (609) $ 7,819  $ (2,698) $ (907) $ 4,055  $ 2  $ 4,057 

Common
Stock
Treasury
Stock
Additional Paid-In Capital Retained Earnings (Deficit) Accumulated Other Comprehensive Income (Loss) Stockholders' Equity Attributable to Parent Noncontrolling Interests Total Stockholders' Equity
Balance at June 30, 2020 $ 448  $ (597) $ 8,252  $ (3,605) $ (1,006) $ 3,492  $ 24  $ 3,516 
Comprehensive income (loss) —  —  —  304  19  323  (1) 322 
Dividends declared on common stock - $0.23 per share
—  —  (98) —  —  (98) —  (98)
Equity compensation, net of tax —  —  10  —  —  10  —  10 
Other changes attributable to noncontrolling interests —  —  —  —  (1) (1) — 
Balance at September 30, 2020 $ 448  $ (597) $ 8,164  $ (3,301) $ (988) $ 3,726  $ 24  $ 3,750 
Balance at December 31, 2019 $ 447  $ (590) $ 8,430  $ (2,404) $ (920) $ 4,963  $ 33  $ 4,996 
Comprehensive loss —  —  —  (897) (61) (958) (7) (965)
Dividends declared on common stock - $0.69 per share
—  —  (293) —  —  (293) —  (293)
Equity compensation, net of tax (7) 27  —  —  21  —  21 
Other changes attributable to noncontrolling interests —  —  —  —  (7) (7) (6)
Distributions to noncontrolling interests —  —  —  —  —  —  (3) (3)
Balance at September 30, 2020 $ 448  $ (597) $ 8,164  $ (3,301) $ (988) $ 3,726  $ 24  $ 3,750 
See Notes to Condensed Consolidated Financial Statements (Unaudited).
6

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, 2020, 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 the current year presentation.

Beginning January 1, 2021, the Company reported the operating results of its cookware product lines as part of the Food reporting unit within the Home Solutions segment, and no longer as part of the former Appliances and Cookware segment. This change was the result of an assessment by the chief operating decision maker (“CODM”) to better align the cookware product lines with other similar product lines in various food categories. In connection with this change, the Chief Executive Officer (“CEO”) for the Food business unit assumed full responsibility for the overall brand strategy, business modeling, marketing and innovation of these product lines. The Company determined this product line change did not result in a change to either of its Home Solutions or former Appliances and Cookware reportable segments. In connection with this change, the Appliances and Cookware segment was renamed as the Home Appliances segment. Prior period comparable results for both of these segments have been reclassified to conform to this product line change. The Company also revised the calculation of operating income (loss) by segment to include restructuring charges. Prior period comparable results have been reclassified to conform to the change in calculation (See Footnote 15).

Use of Estimates and Risks and Uncertainty of Coronavirus (COVID-19)

Since early 2020, the COVID-19 pandemic has resulted in various federal, state and local governments, as well as private entities, mandating restrictions on travel and public gatherings, closure of non-essential commerce, stay at home orders and quarantining of people to limit exposure to the virus. The Company's global operations, similar to those of many large, multi-national corporations, were adversely impacted by the COVID-19 pandemic.

During the first quarter of 2020, the Company concluded that an impairment triggering event had occurred, as it had experienced significant COVID-19 related disruption for all of its reporting units, and performed an impairment test for its goodwill and indefinite-lived intangible assets and a recoverability test for its long-lived assets, which primarily include finite-lived intangible assets, property plant and equipment and right of use lease assets. As a result of the impairment and recoverability testing performed in connection with the triggering event, the Company determined that certain of its goodwill, indefinite-lived intangible assets, property plant and equipment and right of use operating leases assets were impaired. During the first quarter of 2020, the Company recorded an aggregate non-cash charge of approximately $1.5 billion in connection with these impairments. See Footnotes 5 and 6 for further information.

The extent of the impact of the COVID-19 pandemic to the Company's future sales, operating results, cash flows, liquidity and financial condition will continue to be driven by numerous evolving factors that the Company cannot accurately predict and which will vary by jurisdiction and market, including the severity and duration of the pandemic, the emergence of new strains and variants of the coronavirus, the likelihood of a resurgence of positive cases, the development and availability of effective treatments and vaccines, especially in areas where conditions have recently worsened and lockdowns or travel bans have been reinstituted, the rate at which vaccines are administered to the general public, the impact of any vaccine mandates on our global businesses, the timing and amount of fiscal stimulus and relief programs packages that are available to the general public, the availability and prices of supply chain resources, including materials, products and transportation; and changes in consumer demand patterns for the Company's products as the impact of the global pandemic lessens. These primary drivers are beyond the Company's knowledge and control, and as a result, at this time it is difficult to predict the cumulative impact, both in terms of severity and duration, COVID-19 will have on its future sales, operating results, cash flows and financial condition.


7

Management’s application of U.S. GAAP in preparing the Company's consolidated financial statements requires the pervasive use of estimates and assumptions. As discussed above, the world continues to be impacted by the COVID-19 pandemic which has required greater use of estimates and assumptions in the preparation of the consolidated financial statements, more specifically, those estimates and assumptions utilized in the Company’s forecasted cash flows that form the basis in developing the fair values utilized in its impairment assessments as well as its annual effective tax rate. These estimates also include assumptions as to the duration and severity of the pandemic, timing and amount of demand shifts amongst sales channels, workforce availability, supply chain continuity, and timing as to a return to normalcy. Although management has made its best estimates based upon current information, actual results could materially differ from those estimates and may require future changes to such estimates and assumptions. If so, the Company may be subject to future incremental impairment charges as well as changes to recorded reserves and valuations.

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 operations for the three and nine months ended September 30, 2021 may not necessarily be indicative of the results that may be expected for the year ending December 31, 2021.

The Company's sales and operating results were disrupted by the COVID-19 pandemic, negatively impacting the Company's performance during the first half of 2020, with improved performance thereafter. While the Company believes the seasonality of its businesses will revert back to historical patterns as the impact of the global pandemic lessens, uncertainty still remains over the volatility of the direction of future consumer demand patterns.

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, 2022. The Company is currently evaluating the potential effects of the adoption of ASU 2020-04.

Adoption of New Accounting Guidance

The Company’s accounting policies are described in Note 1 of the Notes to Consolidated Financial Statements included in our 2020 Annual Report on Form 10-K. Such significant accounting policies are applicable for periods prior to the adoption of the following new accounting standards and updated accounting policies.

In December 2019, the FASB issued ASU 2019-12, “Simplifying the Accounting for Income Taxes” (Topic 740). ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. ASU 2019-12 became effective for years, and interim periods within those years, beginning after December 15, 2020. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements.

8

Sales of Accounts Receivables

Factored receivables at September 30, 2021 associated with the Company's existing factoring agreement (the “Customer Receivables Purchase Agreement”) were approximately $450 million, an increase of approximately $100 million from December 31, 2020. Transactions under this agreement continue to be 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 unaudited 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.

Other Items

During the quarter ended June 30, 2021, the Company received a notice from a noncontrolling interest holder exercising its redemption rights in an international subsidiary, requiring the purchase of such interest by the Company. In the third quarter, the Company completed the transaction for approximately $22 million. The difference between the consideration paid and the noncontrolling interest was not material to the Company.

On August 31, 2020, the Company divested the foam board product line in its Learning and Development segment. As a result, during the three and nine months ended September 30, 2020, the Company recorded a pretax loss of $8 million, which was included in the other (income) expense, net in the Condensed Consolidated Statement of Operations.


Footnote 2 — 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, 2021 (in millions):

Cumulative
Translation
Adjustment
Pension and 
Postretirement
Costs
Derivative
Financial
Instruments
AOCL
Balance at December 31, 2020 $ (481) $ (356) $ (43) $ (880)
Other comprehensive income (loss) before reclassifications (65) (55)
Amounts reclassified to earnings —  13  15  28 
Net current period other comprehensive income (loss) (65) 15  23  (27)
Balance at September 30, 2021 $ (546) $ (341) $ (20) $ (907)

Reclassifications from AOCL to the results of operations for the three and nine months ended September 30, 2021 and 2020 were pre-tax (income) expense of (in millions):

Three Months Ended
September 30,
Nine Months Ended
 September 30,
2021 2020 2021 2020
Pension and postretirement benefit plans (1)
$ $ $ 16  $ 17 
Derivative financial instruments (2)
(6) 19  (5)

(1)Primarily represents the amortization of net actuarial losses and plan settlements recorded in other (income) expense, net in the Consolidated Statements of Operations. See Footnote 10 for further information.
(2)See Footnote 9 for further information.

9

The income tax provision (benefit) 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,
2021 2020 2021 2020
Foreign currency translation adjustments $ $ (12) $ 16  $ (11)
Pension and postretirement benefit costs
Derivative financial instruments (2)
Income tax provision (benefit) related to AOCL $ 12  $ (13) $ 26  $ (3)


Footnote 3 — Restructuring Costs
Restructuring provisions were determined based on estimates prepared at the time the restructuring actions were approved by management and are periodically updated for changes. Restructuring amounts also include amounts recognized as incurred.

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,
2021 2020 2021 2020
Commercial Solutions $ $ —  $ $
Home Appliances — 
Home Solutions — 
Learning and Development — 
Outdoor and Recreation
Corporate — 
$ 6  $ 4  $ 16  $ 14 

Accrued restructuring costs activity for the nine months ended September 30, 2021 are as follows (in millions):
Balance at December 31, 2020 Restructuring
Costs, Net
Payments Balance at
 September 30, 2021
Severance and termination costs $ $ 13  $ (8) $ 12 
Contract termination and other costs (5)
$ 11  $ 16  $ (13) $ 14 

2020 Restructuring Plan

The Company’s 2020 restructuring program, which was initiated during the second quarter of 2020 largely in response to the impact of the COVID-19 pandemic, was designed to reduce overhead costs, streamline certain underperforming operations and improve future profitability. The restructuring costs, which impact all segments, include employee-related costs, including severance and other termination benefits. During the nine months ended September 30, 2021, the Company recorded restructuring charges of $9 million. During the three and nine months ended September 30, 2020, the Company recorded $4 million and $12 million, respectively. In connection with the program, the Company has incurred cumulative charges of $28 million since inception. This restructuring program is substantially complete and all cash payments are expected to be paid within one year of charges incurred.

10

Accelerated Transformation Plan

During the nine months ended September 30, 2020 the company recorded restructuring charges of $2 million in connection with the Company's completed Accelerated Transformation Plan (“ATP”). The Company's ATP was designed in part, to divest the Company's non-core consumer businesses and focus on the realignment of the Company's management structure and overall costs structure as a result of the completed divestitures.

Other Restructuring and Restructuring-Related Costs

The Company regularly incurs other restructuring and restructuring-related costs in connection with various discrete initiatives. Restructuring-related costs are recorded in cost of products sold and SG&A in the Condensed Consolidated Statements of Operations based on the nature of the underlying costs incurred.

Footnote 4 — Inventories
Inventories are comprised of the following at the dates indicated (in millions):
September 30, 2021 December 31, 2020
Raw materials and supplies $ 314  $ 252 
Work-in-process 159  157 
Finished products 1,625  1,229 
$ 2,098  $ 1,638 

Footnote 5 — Property, Plant and Equipment, Net
Property, plant and equipment, net, is comprised of the following at the dates indicated (in millions):
September 30, 2021 December 31, 2020
Land $ 83  $ 86 
Buildings and improvements 676  664 
Machinery and equipment 2,359  2,314 
3,118  3,064 
Less: Accumulated depreciation (1,963) (1,888)
$ 1,155  $ 1,176 

Depreciation expense was $50 million and $52 million for the three months ended September 30, 2021 and 2020, respectively, and $153 million and $146 million for the nine months ended September 30, 2021 and 2020, respectively.

During the first quarter of 2020, the Company concluded that a triggering event had occurred for all of its reporting units as a result of the COVID-19 pandemic. Pursuant to the authoritative accounting literature, the Company compared the sum of the undiscounted future cash flows attributable to the asset or group of assets (the lowest level for which identifiable cash flows are available) to their respective carrying amount and recorded a non-cash impairment charge of approximately $1 million during the nine months ended September 30, 2020, in the Home Solutions segment associated with its Yankee Candle retail store business. The impairment charge was calculated by subtracting the estimated fair value of the asset group from its carrying value. See Footnote 1 for further information.

During the nine months ended September 30, 2020, the Company also recorded a non-cash impairment charge of $10 million, to reflect a reduction in the carrying values of operating lease assets, mostly related to its Yankee Candle retail store business.

11

Footnote 6 — Goodwill and Other Intangible Assets, Net

Goodwill activity for the nine months ended September 30, 2021 is as follows (in millions):
Segments
Net Book Value at December 31, 2020
Foreign
Exchange and Other
Gross
Carrying
Amount
Accumulated
Impairment
Charges
Net Book Value at
September 30, 2021
Commercial Solutions $ 747  $ —  $ 1,241  $ (494) $ 747 
Home Appliances —  —  569  (569) — 
Home Solutions 164  —  2,567  (2,403) 164 
Learning and Development 2,642  (37) 3,451  (846) 2,605 
Outdoor and Recreation —  —  788  (788) — 
$ 3,553  $ (37) $ 8,616  $ (5,100) $ 3,516 

During the third quarter of 2020, the Company divested a product line in its Learning and Development segment and allocated $3 million of reporting unit goodwill to the calculation of loss on disposal of business. See Footnote 1 for further information.

During the first quarter of 2020, the Company concluded that a triggering event had occurred for all of its reporting units as a result of the COVID-19 global pandemic. Pursuant to the authoritative literature, the Company performed an impairment test and determined that its goodwill associated with its Home Appliances and Food reporting units were impaired. During the nine months ended September 30, 2020, the Company recorded an aggregate non-cash charge of $212 million to reflect the impairments of goodwill as the reporting unit carrying values exceeded their fair values. See Footnote 1 for further information.

Other intangible assets, net, are comprised of the following at the dates indicated (in millions):
September 30, 2021 December 31, 2020
Gross
Carrying
Amount
Accumulated Amortization
Net Book
Value
Gross
Carrying
Amount
Accumulated
Amortization
Net Book
Value
Trade names — indefinite life $ 2,296  $ —  $ 2,296  $ 2,331  $ —  $ 2,331 
Trade names — other 154  (63) 91  157  (55) 102 
Capitalized software 648  (512) 136  625  (486) 139 
Patents and intellectual property 35  (26) 67  (52) 15 
Customer relationships and distributor channels 1,237  (308) 929  1,259  (282) 977 
$ 4,370  $ (909) $ 3,461  $ 4,439  $ (875) $ 3,564 

Amortization expense for intangible assets for the three months ended September 30, 2021 and 2020 were $28 million and $39 million, respectively and $91 million and $121 million for the nine months ended September 30, 2021 and 2020, respectively.

During the third quarter of 2020, the Company concluded that a triggering event had occurred for an indefinite-lived intangible asset in the Learning and Development segment as a result of a product line divestiture. Pursuant to the authoritative literature, the Company performed an impairment test and determined that the indefinite-lived asset was impaired, as its carrying value exceeded its fair value. During the three and nine months ended September 30, 2020, the Company recorded a non-cash charge of $2 million to reflect the impairment of this indefinite-lived intangible asset. See Footnote 1 for further information.

As a result of the impairment testing performed in connection with the COVID-19 pandemic triggering event during the first quarter of 2020, the Company determined that certain of its indefinite-lived intangible assets in all of its operating segments were impaired. During the nine months ended September 30, 2020, the Company recorded impairment charges of $1.3 billion to reflect impairment of these indefinite-lived trade names because their carrying values exceeded their fair values.



12

The impairment charges for the three and nine months ended September 30, 2020 were allocated to the Company’s reporting segments as follows (in millions):
Three Months
 Ended
September 30, 2020
Nine Months
 Ended
September 30, 2020
Impairment of indefinite-lived intangibles assets:
Commercial Solutions $ —  $ 320 
Home Appliances —  87 
Home Solutions —  290 
Learning and Development 80 
Outdoor and Recreation —  482 
$ $ 1,259 

The Company believes the circumstances and global disruption caused by COVID-19 will continue to affect its businesses, operating results, cash flows and financial condition and that the scope and duration of the pandemic is highly uncertain. In addition, some of the other inherent estimates and assumptions used in determining fair value of the reporting units are outside the control of management, including interest rates, cost of capital, tax rates, industry growth, credit ratings and foreign exchange rates. Given the uncertainty of these factors, as well as the inherent difficulty in predicting the severity and duration of the COVID-19 global pandemic and associated recovery and the uncertainties regarding the potential financial impact on the Company's business and the overall economy as discussed further in Footnote 1, there can be no assurance that the Company's estimates and assumptions will prove to be accurate predictions of the future.

Footnote 7 — Other Accrued Liabilities
Other accrued liabilities are comprised of the following at the dates indicated (in millions):
September 30, 2021 December 31, 2020
Customer accruals $ 739  $ 683 
Accrued income taxes 125  66 
Operating lease liabilities 120  129 
Accrued interest expense 118  60 
Accrued self-insurance liabilities, contingencies and warranty 116  108 
Accrued marketing and freight expenses 68  57 
Other 220  290 
$ 1,506  $ 1,393 

13

Footnote 8 — Debt
Debt is comprised of the following at the dates indicated (in millions):
September 30, 2021 December 31, 2020
3.15% senior notes due 2021
$ —  $ 94 
3.75% senior notes due 2021
—  369 
4.00% senior notes due 2022
250  250 
3.85% senior notes due 2023
1,086  1,090 
4.00% senior notes due 2024
200  200 
4.875% senior notes due 2025
494  492 
3.90% senior notes due 2025
47  47 
4.20% senior notes due 2026
1,975  1,973 
5.375% senior notes due 2036
416  416 
5.50% senior notes due 2046
658  657 
Other debt 11  19 
Total debt
5,137  5,607 
Short-term debt and current portion of long-term debt (253) (466)
Long-term debt $ 4,884  $ 5,141 

Senior Notes

On October 15, 2021 the Company delivered a notice of redemption to the holders of the 4.00% senior notes due June 2022 (the “June 2022 Notes”) that the Company will redeem the June 2022 Notes on November 22, 2021 for a redemption price equal to the current outstanding aggregate principal amount of the notes, subject to a customary make-whole premium, plus accrued and unpaid interest to the date of redemption.

On September 28, 2021, the Company redeemed its 3.75% senior notes that were scheduled to mature in October 2021 (the “October 2021 Notes”) at a redemption price equal to 100% of the outstanding aggregate principal amount of the notes, plus accrued and unpaid interest to the redemption date.

On March 1, 2021, the Company redeemed its 3.15% senior notes due April 2021 (the “April 2021 Notes”) at a redemption price equal to 100% of the outstanding aggregate principal amount of the notes, plus accrued and unpaid interest to the redemption date.

During the first quarter of 2021, the Company repurchased $5 million of the 3.85% senior notes due 2023 at approximately 5% above par value. The total consideration, excluding accrued interest, was approximately $5 million. As a result of the partial debt repurchase the Company recorded an immaterial loss.

Receivables Facility

The Company maintains an Accounts Receivable Securitization Facility (the “Securitization Facility”). The aggregate commitment under the Securitization Facility is $600 million. The Securitization Facility matures in October 2022 and bears interest at a margin over a variable interest rate. The maximum availability under the Securitization Facility fluctuates based on eligible accounts receivable balances. At September 30, 2021, the Company did not have any amounts outstanding under the Securitization Facility.

Revolving Credit Facility

The Company has a $1.25 billion revolving credit facility that matures in December 2023 (the “Credit Revolver”). At September 30, 2021, the Company did not have any amounts outstanding under the Credit Revolver.
14

Other

The fair value of the Company’s senior notes are based upon prices of similar instruments in the marketplace and are as follows (in millions):
September 30, 2021 December 31, 2020
Fair Value Book Value Fair Value Book Value
Senior notes $ 5,778  $ 5,126  $ 6,277  $ 5,588 

The carrying amounts of all other significant debt approximates fair value.

Net Investment Hedge

The Company previously designated the €300 million principal balance of the 3.75% senior notes due October 2021 as a net investment hedge of the foreign currency exposure of its net investment in certain Euro-functional currency subsidiaries with Euro-denominated net assets. In conjunction with the redemption of the October 2021 Notes, the Company settled this net investment hedge. At September 30, 2021, $11 million of deferred losses have been recorded in AOCL. See Footnote 9 for disclosures regarding the Company’s derivative financial instruments.

Footnote 9 —Derivatives
From time to time, the Company enters into derivative transactions to hedge its exposures to interest rate, foreign currency rate and commodity price fluctuations. The Company does not enter into derivative transactions for trading purposes.
Interest Rate Contracts
The Company manages its fixed and floating rate debt mix using interest rate swaps. The Company may use fixed and floating rate swaps to alter its exposure to the impact of changing interest rates on its consolidated results of operations and future cash outflows for interest. Floating rate swaps would be used, depending on market conditions, to convert the fixed rates of long-term debt into short-term variable rates. Fixed rate swaps would be used to reduce the Company’s risk of the possibility of increased interest costs. The cash paid and received from the settlement of interest rate swaps is included in interest expense.
Fair Value Hedges
At September 30, 2021, the Company had approximately $100 million notional amount of interest rate swaps that exchange a fixed rate of interest for variable rate (LIBOR) of interest plus a weighted average spread. These floating rate swaps are designated as fair value hedges against $100 million of principal on the 4.00% senior notes due 2024 for the remaining life of the note. The effective portion of the fair value gains or losses on these swaps is offset by fair value adjustments in the underlying debt.
Cross-Currency Contracts

The Company uses cross-currency swaps to hedge foreign currency risk on certain financing arrangements. The Company previously entered into two cross-currency swaps, maturing in January and February 2025, respectively, with an aggregate notional amount of $900 million. During the third quarter of 2021, the Company entered into another cross-currency swap with a notional amount of $358 million, maturing in September 2027. Each of these cross-currency swaps were designated as net investment hedges of the Company's foreign currency exposure of its net investment in certain Euro-functional currency subsidiaries with Euro-denominated net assets, and the Company pays a fixed rate of Euro-based interest and receives a fixed rate of U.S. dollar interest. The Company has elected the spot method for assessing the effectiveness of these contracts. During the three and nine months ended September 30, 2021, the Company recognized income of $4 million and $11 million, respectively, in interest expense, net, related to the portion of cross-currency swaps excluded from hedge effectiveness testing. During the three and nine months ended September 30, 2020, the Company recognized income of $3 million and $10 million, respectively, in interest expense, net, related to the portion of cross-currency swaps excluded from hedge effectiveness testing.

15

Foreign Currency Contracts

The Company uses forward foreign currency contracts to mitigate the foreign currency exchange rate exposure on the cash flows related to forecasted inventory purchases and sales and have maturity dates through September 2022. The derivatives used to hedge these forecasted transactions that meet the criteria for hedge accounting are accounted for as cash flow hedges. The effective portion of the gains or losses on these derivatives is deferred as a component of AOCL until it is recognized in earnings at the same time that the hedged item affects earnings and is included in the same caption in the statements of operations as the underlying hedged item. At September 30, 2021, the Company had approximately $525 million notional amount outstanding of forward foreign currency contracts that are designated as cash flow hedges of forecasted inventory purchases and sales.

The Company also uses foreign currency contracts, primarily forward contracts, to mitigate the exposure of foreign currency transactions. At September 30, 2021, the Company had approximately $1.0 billion notional amount outstanding of these foreign currency contracts that are not designated as effective hedges for accounting purposes and have maturity dates through September 2022. Fair market value gains or losses are included in the results of operations and are classified in other (income) expense, net.

The following table presents the fair value of derivative financial instruments at the dates indicated (in millions):

Fair Value of Derivatives
Assets (Liabilities)
Balance Sheet Location September 30, 2021 December 31, 2020
Derivatives designated as effective hedges:
Cash Flow Hedges
Foreign currency contracts Prepaid expenses and other current assets $ 10  $
Foreign currency contracts Other accrued liabilities (1) (19)
Fair Value Hedges
Interest rate swaps Other assets
Net Investment Hedges
Cross-currency swaps Prepaid expenses and other current assets 13  10 
Cross-currency swaps Other noncurrent liabilities (52) (102)
Derivatives not designated as effective hedges:
Foreign currency contracts Prepaid expenses and other current assets 10  10 
Foreign currency contracts Other accrued liabilities (6) (17)
Total $ (22) $ (110)
16

The following table presents gain and (loss) activity (on a pre-tax basis) related to derivative financial instruments designated or previously designated, as effective hedges (in millions):
Three Months
 Ended
September 30, 2021
Three Months
 Ended
September 30, 2020
Gain/(Loss) Gain/(Loss)
Location of gain/(loss) recognized in income
Recognized
in OCI
(effective portion)
Reclassified
from AOCL
to Income
Recognized
in OCI
(effective portion)
Reclassified
from AOCL
to Income
Interest rate swaps Interest expense, net $ —  $ (1) $ —  $ (2)
Foreign currency contracts Net sales and cost of products sold 11  (7) (3)
Cross-currency swaps Other (income) expense, net 25  —  (47) — 
Total $ 36  $ (8) $ (50) $ 6 
Nine Months
 Ended
September 30, 2021
Nine Months
 Ended
September 30, 2020
Gain/(Loss) Gain/(Loss)
Location of gain/(loss) recognized in income
Recognized
in OCI
(effective portion)
Reclassified
from AOCL
to Income
Recognized
in OCI
(effective portion)
Reclassified
from AOCL
to Income
Interest rate swaps
Interest expense, net $ —  $ (4) $ —  $ (5)
Foreign currency contracts
Net sales and cost of products sold 11  (15) 27  10 
Cross-currency swaps
Other (income) expense, net 53  —  (43) — 
Total $ 64  $ (19) $ (16) $ 5 

At September 30, 2021, net deferred gains of approximately $4 million within AOCL are expected to be reclassified to earnings over the next twelve months.
During the three and nine months ended September 30, 2021, the Company recognized income of $7 million and $11 million, respectively, in other (income) expense, net, related to derivatives that are not designated as hedging instruments. During the three and nine months ended September 30, 2020, the Company recognized expense of $3 million and income of $6 million, respectively, in other (income) expense, net, related to derivatives that are not designated as hedging instruments. Gains and losses on these derivatives are mostly offset by foreign currency movement in the underlying exposure.

17

Footnote 10 — Employee Benefit and Retirement Plans

The components of pension and postretirement benefit (income) expense for the periods indicated, are as follows (in millions):
Pension Benefits
U.S. International U.S. International
Three Months Ended September 30, Nine Months Ended September 30,
2021 2020 2021 2020 2021 2020 2021 2020
Service cost $ —  $ —  $ $ $ —  $ —  $ $
Interest cost 10  15  28 
Expected return on plan assets (13) (16) (1) (2) (38) (46) (3) (5)
Amortization 16  18 
Settlements —  —  —  —  —  —  — 
Total (income) expense $ (3) $   $ 3  $ 2  $ (7) $ 1  $ 8  $ 7 
Postretirement Benefits
Three Months Ended
September 30,
Nine Months Ended
September 30,
2021 2020 2021 2020
Interest cost $ —  $ —  $ —  $
Amortization (1) (1) (3) (4)
Total income $ (1) $ (1) $ (3) $ (3)


Footnote 11 — Income Taxes

The Company’s effective income tax rate for the three months ended September 30, 2021 and 2020 were 11.6% and (7.4)%, respectively and 18.5% and 19.0% for the nine months ended September 30, 2021 and 2020, respectively. The Company’s effective income tax rate fluctuates based on, among other factors, the geographic mix of income.

The difference between the U.S. federal statutory income tax rate of 21.0% and the Company’s effective income tax rate for the three and nine months ended September 30, 2021 and 2020 were impacted by a variety of factors, primarily resulting from the geographic mix of where the income was earned as well as certain taxable income inclusion items in the U.S. based on foreign earnings.

The three and nine months ended September 30, 2021 were also impacted by certain discrete items. Income tax expense for the three months ended September 30, 2021 included a discrete benefit of $37 million associated with a reduction in valuation allowance related to the integration of certain Luxembourg operations. Income tax expense for the nine months ended September 30, 2021 also included discrete benefits of $13 million associated with a reduction in valuation allowance related to the integration of certain U.K. operations and $9 million related to statute of limitation expiration in France.

The three and nine months ended September 30, 2020 were also impacted by certain discrete tax items. Income tax expense for three months ended September 30, 2020 included a discrete tax benefit of $87 million associated with the execution of certain tax planning strategies and $53 million for a reduction in valuation allowance related to the integration of certain U.S. operations, partially offset by $47 million of deferred tax effects associated with certain outside basis differences. Income tax expense for the nine months ended September 30, 2020 also included discrete tax benefits of $15 million related to statute of limitations expirations, $8 million of prior period adjustments identified during the first quarter of 2020 and $23 million associated with the execution of certain tax planning strategies, offset by tax expense of $27 million related to a change in the tax status of certain entities upon Internal Revenue Service approval during the first quarter, $8 million of excess book deductions related to equity-based compensation, $8 million for additional interest related to uncertain tax positions, and $5 million for effects of adopting the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act. The Company concluded the effects of such prior period adjustments were not material to the current period or previously issued financial statements.

18

The Company’s U.S. federal income tax returns for 2011 to 2015 and 2017 to 2019, as well as certain state and non-U.S. income tax returns for various years, are under examination.

On June 18, 2019, the U.S. Treasury and the Internal Revenue Service (“IRS”) released temporary regulations under IRC Section 245A (“Section 245A”) as enacted by the 2017 U.S. Tax Reform Legislation (“2017 Tax Reform”) and IRC Section 954(c)(6) (the “Temporary Regulations”) to apply retroactively to the date the 2017 Tax Reform was enacted. On August 21, 2020, the U.S. Treasury and IRS released finalized versions of the Temporary Regulations (collectively with the Temporary Regulations, the “Regulations”). The Regulations seek to limit the 100% dividends received deduction permitted by Section 245A for certain dividends received from controlled foreign corporations and to limit the applicability of the look-through exception to foreign personal holding company income for certain dividends received from controlled foreign corporations. Before the retroactive application of the Regulations, the Company benefited in 2018 from both the 100% dividends received deduction and the look-through exception to foreign personal holding company income. The Company analyzed the Regulations and concluded the relevant Regulations were not validly issued. Therefore, the Company has not accounted for the effects of the Regulations in its Condensed Consolidated Financial Statements for the period ending September 30, 2021. The Company believes it has strong arguments in favor of its position and believes it has met the more likely than not recognition threshold that its position will be sustained. However, due to the inherent uncertainty involved in challenging the validity of regulations as well as a potential litigation process, there can be no assurances that the relevant Regulations will be invalidated or that a court of law will rule in favor of the Company. If the Company’s position on the Regulations is not sustained, the Company would be required to recognize an income tax expense of approximately $180 million to $220 million related to an income tax benefit from fiscal year 2018 that was recorded based on regulations in existence at the time. In addition, the Company may be required to pay any applicable interest and penalties. The Company intends to vigorously defend its position.

Footnote 12 — Earnings Per Share
The computations of the weighted average shares outstanding for the periods indicated are as follows (in millions):
Three Months Ended
September 30,
Nine Months Ended
 September 30,
2021 2020 2021 2020
Basic weighted average shares outstanding 425.4  424.3  425.2  424.1 
Dilutive securities (1)
3.1  1.1  2.7  — 
Diluted weighted average shares outstanding 428.5  425.4  427.9  424.1 
(1)The nine months ended September 30, 2020 excludes 0.9 million of potentially dilutive share-based awards as their effect would be anti-dilutive.
At September 30, 2021 and 2020 potentially dilutive restricted stock awards with performance-based vesting targets that have been met are included in the computation of diluted earnings per share.

Footnote 13 — Share-Based Compensation

During the nine months ended September 30, 2021, the Company awarded 1.1 million performance-based restricted stock units (“RSUs”), which had an aggregate grant date fair value of $29 million and entitle the recipients to shares of the Company’s common stock primarily at the end of a three-year vesting period. The actual number of shares that will ultimately vest is dependent on the level of achievement of the specified performance conditions.

During the nine months ended September 30, 2021, the Company also awarded 0.7 million time-based RSUs with an aggregate grant date fair value of $18 million. These time-based RSUs entitle recipients to shares of the Company’s common stock and primarily vest either at the end of a three-year period or in equal installments over a three-year period.

During the nine months ended September 30, 2021, the Company also awarded 2.4 million time-based stock options with an aggregate grant date fair value of $14 million. These stock options entitle recipients to purchase shares of the Company’s common stock at an exercise price equal to the fair market value of the underlying shares as of the grant date and primarily vest in equal installments over a three-year period.

19

The weighted average assumptions used to determine the fair value of stock options granted for the nine months ended September 30, 2021, is as follows:
Risk-free interest rates 0.8  %
Expected volatility 44.2  %
Expected dividend yield 5.1  %
Expected life (in years) 6
Exercise price $23.95

Footnote 14 — Fair Value Disclosures
Recurring Fair Value Measurements
The following table presents the Company’s non-pension financial assets and liabilities, which are measured at fair value on a recurring basis (in millions):
September 30, 2021 December 31, 2020
Fair value Asset (Liability) Fair value Asset (Liability)
Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
Derivatives:
Assets $ —  $ 37  $ —  $ 37  $ —  $ 28  $ —  $ 28 
Liabilities —  (59) —  (59) —  (138) —  (138)
Investment securities, including mutual funds
11  —  —  11  10  —  —  10 

For publicly traded investment securities, including mutual funds, fair value is determined on the basis of quoted market prices and, accordingly, such investments are classified as Level 1. The Company determines the fair value of its derivative instruments using standard pricing models and market-based assumptions for all significant inputs, such as yield curves and quoted spot and forward exchange rates. Accordingly, the Company’s derivative instruments are classified as Level 2.

Financial Instruments

The Company’s financial instruments include cash and cash equivalents, accounts receivable, accounts payable, derivative instruments, notes payable and short and long-term debt. The carrying values for current financial assets and liabilities, including cash and cash equivalents, accounts receivable, accounts payable and short-term debt approximate fair value due to the short maturity of such instruments. The fair values of the Company’s debt and derivative instruments are disclosed in Footnote 8 and Footnote 9, respectively.

Nonrecurring Fair Value Measurements

The Company’s nonfinancial assets, which are measured at fair value on a nonrecurring basis, include property, plant and equipment, goodwill, intangible assets and certain other assets.

The Company’s goodwill and indefinite-lived intangibles are fair valued using discounted cash flows. Goodwill impairment testing requires significant use of judgment and assumptions including the identification of reporting units; the assignment of assets and liabilities to reporting units; and the estimation of future cash flows, business growth rates, terminal values and discount rates. The testing of indefinite-lived intangibles under established guidelines for impairment also requires significant use of judgment and assumptions, such as the estimation of cash flow projections, terminal values, royalty rates, contributory cross charges, where applicable, and discount rates. Accordingly, these fair value measurements fall in Level 3 of the fair value hierarchy. These assets and certain liabilities are measured at fair value on a nonrecurring basis as part of the Company’s annual impairment testing and as circumstances require. In connection with the Company's annual impairment testing at December 1, 2020, an intangible asset was fair valued at $135 million on a non-recurring basis.

The Company reviews property, plant and equipment and operating lease assets for impairment whenever events or circumstances indicate that carrying amounts may not be recoverable through future undiscounted cash flows. If the Company concludes that impairment exists, the carrying amount is reduced to fair value. See Footnote 5 for further information.
20

Footnote 15 — Segment Information

Beginning January 1, 2021, the Company reported the operating results of its cookware product lines as part of the Food reporting unit within the Home Solutions segment, and no longer as part of the former Appliances and Cookware segment. This change was the result of an assessment by the CODM to better align the cookware product lines with other similar product lines in various food categories. In connection with this change, the CEO for the Food business unit assumed full responsibility for the overall brand strategy, business modeling, marketing and innovation of these product lines. The Company determined this product line change did not result in a change to either of its Home Solutions or former Appliances and Cookware reportable segments. In connection with this change, the Appliances and Cookware segment was renamed as the Home Appliances segment. Prior period comparable results for both of these segments have been reclassified to conform to this product line change. The Company also revised the calculation of operating income (loss) by segment to include restructuring charges. Prior period comparable results have been reclassified to conform to the change in calculation.

The Company's five primary reportable segments are:

Segment Key Brands Description of Primary Products
Commercial Solutions BRK®, First Alert®, Mapa®, Quickie®, Rubbermaid Commercial Products®, and Spontex® Commercial cleaning and maintenance solutions; closet and garage organization; hygiene systems and material handling solutions; connected home and security and smoke and carbon monoxide alarms
Home Appliances Calphalon®, Crock-Pot®, Mr. Coffee®, Oster® and Sunbeam® Household products, including kitchen appliances
Home
Solutions
Ball® (1), Calphalon®, Chesapeake Bay Candle®, FoodSaver®, Rubbermaid®, Sistema®, WoodWick® and Yankee Candle®
Food and home storage products; fresh preserving products; vacuum sealing products; gourmet cookware, bakeware and cutlery and home fragrance products
Learning and 
Development
Aprica®, Baby Jogger®, Dymo®, Elmer’s®, EXPO®, Graco®, Mr. Sketch®, NUK®, Paper Mate®, Parker®, Prismacolor®, Sharpie®, Tigex® Waterman® and X-Acto® Baby gear and infant care products; writing instruments, including markers and highlighters, pens and pencils; art products; activity-based adhesive and cutting products and labeling solutions
Outdoor and Recreation Coleman®, Contigo®, ExOfficio®, Marmot® Products for outdoor and outdoor-related activities

(1) NWL-20210930_G1.GIF and Ball® TM of Ball Corporation, used under license.


This structure reflects the manner in which the CODM regularly assesses information for decision-making purposes, including the allocation of resources. The Company also provides general corporate services to its segments which is reported as a non-operating segment, Corporate. As a result of the aforementioned changes, net sales, operating income (loss) and impairment of goodwill and indefinite-lived intangible assets for the three and nine months ended September 30, 2020 and segment assets as of December 31, 2020 have been recast. Selected information by segment is presented in the following tables (in millions):

21

Three Months Ended
September 30,
Nine Months Ended
 September 30,
2021 2020 2021 2020
 Net sales (1)
Commercial Solutions $ 486  $ 535  $ 1,450  $ 1,361 
Home Appliances 443  430  1,197  1,021 
Home Solutions 598  623  1,627  1,384 
Learning and Development 869  728  2,330  1,887 
Outdoor and Recreation 391  383  1,180  1,043 
$ 2,787  $ 2,699  $ 7,784  $ 6,696 
 Operating income (loss) (2)
Commercial Solutions $ 18  $ 84  $ 111  $ (150)
Home Appliances 19  19  35  (274)
Home Solutions 75  123  189  (149)
Learning and Development 195  158  522  288 
Outdoor and Recreation 27  39  90  (411)
Corporate (53) (60) (169) (186)
$ 281  $ 363  $ 778  $ (882)
September 30, 2021 December 31, 2020
Segment assets
Commercial Solutions $ 2,516  $ 2,529 
Home Appliances 1,094  970 
Home Solutions 3,174  3,087 
Learning and Development 4,561  4,663 
Outdoor and Recreation 940  988 
Corporate 2,235  2,463 
$ 14,520  $ 14,700 
Three Months
 Ended
September 30, 2020
Nine Months
Ended
September 30, 2020
Impairment of goodwill and indefinite-lived intangibles assets (3)
Commercial Solutions $ —  $ 320 
Home Appliances —  287 
Home Solutions —  302 
Learning and Development 80 
Outdoor and Recreation —  482 
$ 2  $ 1,471 
(1)All intercompany transactions have been eliminated.
(2)Operating income (loss) by segment is net sales less cost of products sold, SG&A, restructuring and impairment of goodwill, intangibles and other assets. Certain Corporate expenses of an operational nature are allocated to business segments primarily on a net sales basis. Corporate depreciation and amortization is allocated to the segments on a percentage of net sales basis, and included in segment operating income.
(3)The Company did not record any impairment charges during the nine months ended September 30, 2021. During the three months ended September 30, 2020, the Company concluded that a triggering event had occurred for an indefinite-lived intangible asset in the Learning and Development segment as a result of a product line divestiture. During the three and nine months ended September 30, 2020, the Company recorded a non-cash charge of $2 million to reflect the impairment of this indefinite-lived intangible asset. During the nine months ended September 30, 2020, the Company recorded impairment charges to reflect impairment of intangible assets related to certain of the Company’s indefinite-lived trade names and goodwill. See Footnote 6 for further information.

22

The following tables disaggregates revenue by major product grouping source and geography for the periods indicated (in millions):

Three Months Ended September 30, 2021
 Commercial Solutions Home
Appliances
 Home
Solutions
 Learning and Development  Outdoor and Recreation Total
Commercial $ 381  $ —  $ —  $ —  $ —  $ 381 
Connected Home Security 105  —  —  —  —  105 
Home Appliances —  443  —  —  —  443 
Food —  —  330  —  —  330 
Home Fragrance —  —  268  —  —  268 
Baby and Parenting —  —  —  359  —  359 
Writing —  —  —  510  —  510 
Outdoor and Recreation —  —  —  —  391  391 
Total $ 486  $ 443  $ 598  $ 869  $ 391  $ 2,787 
North America $ 363  $ 249  $ 480  $ 651  $ 236  $ 1,979 
International 123  194  118  218  155  808 
Total $ 486  $ 443  $ 598  $ 869  $ 391  $ 2,787 
Three Months Ended September 30, 2020
Commercial Solutions Home
Appliances
Home
Solutions
Learning and Development Outdoor and Recreation Total
Commercial $ 416  $ —  $ —  $ —  $ —  $ 416 
Connected Home Security 119  —  —  —  —  119 
Home Appliances —  430  —  —  —  430 
Food —  —  353  —  —  353 
Home Fragrance —  —  270  —  —  270 
Baby and Parenting —  —  —  307  —  307 
Writing —  —  —  421  —  421 
Outdoor and Recreation —  —  —  —  383  383 
Total $ 535  $ 430  $ 623  $ 728  $ 383  $ 2,699 
North America $ 407  $ 249  $ 510  $ 529  $ 232  $ 1,927 
International 128  181  113  199  151  772 
Total $ 535  $ 430  $ 623  $ 728  $ 383  $ 2,699 
23

Nine Months Ended September 30, 2021
Commercial Solutions Home
Appliances
Home
Solutions
Learning and Development Outdoor and Recreation Total
Commercial $ 1,162  $ —  $ —  $ —  $ —  $ 1,162 
Connected Home Security 288  —  —  —  —  288 
Home Appliances —  1,197  —  —  —  1,197 
Food —  —  927  —  —  927 
Home Fragrance —  —  700  —  —  700 
Baby and Parenting —  —  —  959  —  959 
Writing —  —  —  1,371  —  1,371 
Outdoor and Recreation —  —  —  —  1,180  1,180 
Total $ 1,450  $ 1,197  $ 1,627  $ 2,330  $ 1,180  $ 7,784 
North America $ 1,071  $ 650  $ 1,306  $ 1,703  $ 669  $ 5,399 
International 379  547  321  627  511  2,385 
Total $ 1,450  $ 1,197  $ 1,627  $ 2,330  $ 1,180  $ 7,784 
Nine Months Ended September 30, 2020
Commercial Solutions Home
Appliances
Home
Solutions
Learning and Development Outdoor and Recreation Total
Commercial $ 1,109  $ —  $ —  $ —  $ —  $ 1,109 
Connected Home Security 252  —  —  —  —  252 
Home Appliances —  1,021  —  —  —  1,021 
Food —  —  849  —  —  849 
Home Fragrance —  —  535  —  —  535 
Baby and Parenting —  —  —  790  —  790 
Writing —  —  —  1,097  —  1,097 
Outdoor and Recreation —  —  —  —  1,043  1,043 
Total $ 1,361  $ 1,021  $ 1,384  $ 1,887  $ 1,043  $ 6,696