MasterBrand (MBC) 10-Q7 Nov 232023 Q3 Quarterly reportFinancial data

Company Profile

Cover

Cover - shares	9 Months Ended
Cover - shares	Sep. 24, 2023	Nov. 03, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 24, 2023
Document Transition Report	false
Entity File Number	001-41545
Entity Registrant Name	MasterBrand, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	88-3479920
Entity Address, Address Line One	One MasterBrand Cabinets Dr.
Entity Address, City or Town	Jasper
Entity Address, State or Province	IN
Entity Address, Postal Zip Code	47547
City Area Code	812
Local Phone Number	482-2527
Title of 12(g) Security	Common Stock, par value $0.01 per share
Trading Symbol	MBC
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		126,762,314
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001941365

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 24, 2023	Sep. 25, 2022	Sep. 24, 2023	Sep. 25, 2022
Income Statement [Abstract]
NET SALES	$ 677.3	$ 858.4	$ 2,049.1	$ 2,491.1
Cost of products sold	439.8	593.5	1,370.8	1,765.6
GROSS PROFIT	237.5	264.9	678.3	725.5
Selling, general and administrative expenses	140.3	176.2	417.3	487.2
Amortization of intangibles	3.6	4.4	11.6	13.2
Asset impairment charge	0	0	0	26
Restructuring charges	1.4	9.6	4.1	10.9
OPERATING INCOME	92.2	74.7	245.3	188.2
Related party interest income, net	0	(4.3)	0	(7.3)
Interest expense	15.3	0	49.9	0
Other (income) expense, net	(1)	0.7	(0.1)	1.5
INCOME BEFORE TAXES	77.9	78.3	195.5	194
Income tax expense	18.2	26.1	49.6	54
NET INCOME	$ 59.7	$ 52.2	$ 145.9	$ 140
Average Number of Shares of Common Stock Outstanding
Basic (in shares)	127.6	128	128.1	128
Diluted (in shares)	130.3	128	129.9	128
Earnings Per Common Share
Basic (in dollars per share)	$ 0.47	$ 0.41	$ 1.14	$ 1.09
Diluted (in dollars per share)	$ 0.46	$ 0.41	$ 1.12	$ 1.09

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 24, 2023	Sep. 25, 2022	Sep. 24, 2023	Sep. 25, 2022
Statement of Comprehensive Income [Abstract]
NET INCOME	$ 59.7	$ 52.2	$ 145.9	$ 140
Other comprehensive (loss) income, before tax:
Foreign currency translation adjustments	(2)	(11.4)	7.6	(12)
Unrealized (losses) gains on derivatives:
Unrealized holding gains arising during period	1.6	0	8.1	3.5
Less: reclassification adjustment for gains included in net income	(3.1)	(0.4)	(8.6)	(2.1)
Unrealized (losses) gains on derivatives	(1.5)	(0.4)	(0.5)	1.4
Defined benefit plans:
Net actuarial gains arising during period	0	0.1	0	0.2
Defined benefit plans	0	0.1	0	0.2
Other comprehensive (loss) income, before tax	(3.5)	(11.7)	7.1	(10.4)
Income tax expense related to items of other comprehensive income	0	0	0	0
Other comprehensive (loss) income, net of tax	(3.5)	(11.7)	7.1	(10.4)
COMPREHENSIVE INCOME	$ 56.2	$ 40.5	$ 153	$ 129.6

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 24, 2023	Dec. 25, 2022
Current assets
Cash and cash equivalents	$ 122.5	$ 101.1
Accounts receivable, net	233.6	289.6
Inventories	269.4	373.1
Other current assets	58.5	66.2
TOTAL CURRENT ASSETS	684	830
Property, plant and equipment, net of accumulated depreciation	341.5	352.6
Operating lease right-of-use assets, net of accumulated amortization	61.6	52.3
Goodwill	924.6	924.2
Other intangible assets, net of accumulated amortization	338.5	349.8
Other assets	28.1	20.5
TOTAL ASSETS	2,378.3	2,529.4
Current liabilities
Accounts payable	179.7	219.2
Current portion of long-term debt	8.2	17.5
Current operating lease liabilities	15.4	13.9
Other current liabilities	164.6	160.5
TOTAL CURRENT LIABILITIES	367.9	411.1
Long-term debt	699.3	961.5
Deferred income taxes	84.2	87.3
Pension and other postretirement plan liabilities	12.1	12.2
Operating lease liabilities	48.4	40.7
Other non-current liabilities	9.9	7.4
TOTAL LIABILITIES	1,221.8	1,520.2
Contingencies and Accrued Losses (Note 13)
Equity
Common stock (par value $0.01 per share; authorized 750.0 million shares; 128.8 million shares issued and 127.2 million shares outstanding as of September 24, 2023; 128.0 million shares issued and outstanding as of December 25, 2022)	1.3	1.3
Paid-in capital	13.2	0
Treasury stock, at cost	(19)	(0.1)
Accumulated other comprehensive loss	(7.4)	(14.5)
Retained earnings	1,168.4	1,022.5
TOTAL EQUITY	1,156.5	1,009.2
TOTAL LIABILITIES AND EQUITY	$ 2,378.3	$ 2,529.4

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 24, 2023	Dec. 25, 2022
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock authorized (in shares)	750,000,000	750,000,000
Common stock issued (in shares)	128,800,000	128,000,000
Common stock outstanding (in shares)	127,200,000	128,000,000

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions		9 Months Ended
		Sep. 24, 2023	Sep. 25, 2022
OPERATING ACTIVITIES
NET INCOME		$ 145.9	$ 140
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		34.9	35.1
Amortization of intangibles		11.6	13.2
Restructuring charges, net of cash payments		(13.9)	7.3
Amortization of finance fees		1.7	0
Stock-based compensation		13.2	8.1
Asset impairment charge		0	26
Changes in operating assets and liabilities:
Accounts receivable		60.1	(22.9)
Inventories		103.9	(113.1)
Other current assets		6.9	11.9
Accounts payable		(42.8)	6.8
Accrued expenses and other current liabilities		9.2	24.5
Other items		5.8	(19)
NET CASH PROVIDED BY OPERATING ACTIVITIES		336.5	117.9
INVESTING ACTIVITIES
Capital expenditures	[1]	(21.4)	(32.2)
Proceeds from the disposition of assets		0.3	0
NET CASH USED IN INVESTING ACTIVITIES		(21.1)	(32.2)
FINANCING ACTIVITIES
Issuance of long-term and short-term debt		55	0
Repayments of long-term and short-term debt		(327.5)	0
Repurchase of common stock		(15.6)	0
Payments of employee taxes withheld from share-based awards		(3)	0
Repayment of finance leases		(1)	(0.6)
Related party borrowings		0	2,224.2
Related party repayments		0	(2,424.1)
Net contributions from Fortune Brands		0	113.2
NET CASH USED IN FINANCING ACTIVITIES		(292.1)	(87.3)
Effect of foreign exchange rate changes on cash and cash equivalents		(1.9)	(5.8)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		21.4	(7.4)
Cash and cash equivalents at beginning of period		101.1	141.4
Cash and cash equivalents at end of period		$ 122.5	$ 134

[1]Capital expenditures of $3.7 million and $3.9 million that have not been paid as of September 24, 2023 and September 25, 2022, respectively, were excluded from the condensed consolidated statements of cash flows.

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions	9 Months Ended
	Sep. 24, 2023	Sep. 25, 2022
Statement of Cash Flows [Abstract]
Capital expenditures incurred but not yet paid	$ 3.7	$ 3.9

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Millions	Total	Common Stock	Paid-in Capital	Treasury stock, at cost	Accumulated Other Comprehensive (Loss) Income	Retained Earnings
Beginning balance, shares (in shares) at Dec. 26, 2021		0
Beginning balance at Dec. 26, 2021	$ 2,453.8	$ 0	$ 272.2	$ 0	$ (3.9)	$ 2,185.5
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
NET INCOME	140					140
Other comprehensive loss	(10.4)				(10.4)
Stock-based compensation	8.1		8.1
Net contributions from Fortune Brands	113.2		113.2
Ending balance, shares (in shares) at Sep. 25, 2022		0
Ending balance at Sep. 25, 2022	2,704.7	$ 0	393.5	0	(14.3)	2,325.5
Beginning balance at Jun. 26, 2022					(2.6)
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
NET INCOME	52.2
Other comprehensive loss	(11.7)
Ending balance, shares (in shares) at Sep. 25, 2022		0
Ending balance at Sep. 25, 2022	$ 2,704.7	$ 0	393.5	0	(14.3)	2,325.5
Beginning balance, shares (in shares) at Dec. 25, 2022	128,000,000	128,000,000
Beginning balance at Dec. 25, 2022	$ 1,009.2	$ 1.3	0	(0.1)	(14.5)	1,022.5
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
NET INCOME	145.9					145.9
Other comprehensive loss	7.1				7.1
Shares issued under compensation plans (in shares)		500,000
Stock-based compensation	$ 10.2		13.2	(3)
Stock repurchased under repurchase program (in shares)	(1,347,776)	(1,300,000)
Stock repurchase program	$ (15.9)			(15.9)
Ending balance, shares (in shares) at Sep. 24, 2023	127,200,000	127,200,000
Ending balance at Sep. 24, 2023	$ 1,156.5	$ 1.3	13.2	(19)	(7.4)	1,168.4
Beginning balance at Jun. 25, 2023					(3.9)
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
NET INCOME	59.7
Other comprehensive loss	$ (3.5)
Stock repurchased under repurchase program (in shares)	(942,918)
Stock repurchase program	$ (11.5)
Ending balance, shares (in shares) at Sep. 24, 2023	127,200,000	127,200,000
Ending balance at Sep. 24, 2023	$ 1,156.5	$ 1.3	$ 13.2	$ (19)	$ (7.4)	$ 1,168.4

Basis of Presentation and Princ

Basis of Presentation and Principles of Consolidation	9 Months Ended
Basis of Presentation and Principles of Consolidation	Sep. 24, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation Background MasterBrand, Inc. is a leading manufacturer of residential cabinets in North America with a portfolio of leading residential cabinetry products for the kitchen, bathroom and other parts of the home. References to “Cabinets,” “MasterBrand,” “the Company,” “we,” “our” and “us” refer to MasterBrand, Inc. and its consolidated subsidiaries, unless the context otherwise requires. On April 28, 2022, Fortune Brands Home & Security, Inc. (“Fortune Brands” or the “Parent”) announced that its Board of Directors approved in principle a separation of its Cabinets segment into a standalone publicly-traded company (the “Separation”). The Cabinets segment of Fortune Brands had historically been operated by MasterBrand Cabinets, Inc. (“MBCI”). In July 2022, Fortune Brands incorporated MasterBrand, Inc. in the State of Delaware and subscribed to all of the shares of MasterBrand, Inc.’s common stock upon its incorporation. After the incorporation of MasterBrand, Inc., the following occurred: (1) Fortune Brands contributed all of the issued and outstanding shares of capital stock of MBCI to MasterBrand, Inc., resulting in MBCI becoming a wholly-owned subsidiary of MasterBrand, Inc. through a transaction between entities under common control; and (2) MBCI was converted into a Delaware limited liability company, MasterBrand Cabinets LLC (collectively, the “Reorganization”). On December 14, 2022, the Separation was completed by way of a pro rata dividend of our common stock to stockholders of Fortune Brands common stock (the “Distribution”). On December 14, 2022, the date of Separation, 128.0 million shares of MasterBrand, Inc. common stock were issued. Fortune Brands shareholders received one share of MasterBrand, Inc. common stock for each share of Fortune Brands common stock held on the record date. Following the Distribution, Fortune Brands stockholders owned 100 percent of the shares of MasterBrand, Inc. common stock, and MasterBrand, Inc. became an independent, publicly-traded company, listed under the symbol “MBC” on the New York Stock Exchange beginning December 15, 2022. All share and per share amounts for all prior periods presented in the condensed consolidated financial statements, including Note 4, "Earnings Per Share," have been retroactively recast to reflect the effects of the changes in equity structure resulting from the Reorganization, Separation and Distribution. The historical activity of the Company is that of MBCI prior to the Reorganization. The Company’s equity structure prior to the Separation and Distribution included 5,000 shares of MasterBrand, Inc. common stock authorized and 100 shares issued. Prior to the incorporation of MasterBrand, Inc. in July 2022, the equity structure of MBCI included 1,000 authorized and issued shares of common stock. MasterBrand, Inc. is the registrant and the financial reporting entity following the consummation of the Separation and Distribution. In order to govern the ongoing relationships between MasterBrand, Inc. and Fortune Brands after the Separation and to facilitate an orderly transition, the parties entered into a series of agreements, including the following: • Separation and Distribution Agreement – sets forth the principal actions to be taken in connection with the Separation, including the transfer of assets and assumption of liabilities, among others, and sets forth other agreements governing aspects of the relationship between MasterBrand and Fortune Brands. • Transition Services Agreement – allows for Fortune Brands and MasterBrand to provide certain transition services to each other for a limited time, up to 24 months following the Separation. • Tax Allocation Agreement – governs the respective rights, responsibilities and obligations of MasterBrand and Fortune Brands with respect to tax liabilities and benefits, tax attributes, tax contests and other matters regarding income taxes, non-income taxes and related tax returns. • Employee Matters Agreement – addresses certain employment, compensation and benefits matters, including the allocation and treatment of certain assets and liabilities relating to MasterBrand employees. Basis of Presentation The accompanying financial statements are now presented on a consolidated basis as the Company is a standalone public company. We have historically existed and functioned as a reporting segment of the consolidated business of Fortune Brands up until the Separation on December 14, 2022, at which time we became a standalone public company. Certain information from prior to the Separation was derived from Fortune Brands’ consolidated financial statements and accounting records. The condensed consolidated financial statements and notes to condensed consolidated financial statements as of and subsequent to December 14, 2022, the date of the Separation, reflect the consolidated financial position, results of operations and cash flows for MasterBrand as an independent company. Prior to the Separation, the condensed consolidated financial statements and notes to condensed consolidated financial statements were prepared on a carve-out basis using the financial statements and accounting records of Fortune Brands. The carve-out basis financial statements represent the historical financial position, results of operations, and cash flows of MasterBrand as they were historically managed in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and reflect significant assumptions and allocations. The carve-out financial statements may not include all expenses that would have been incurred had MasterBrand existed as a standalone entity. Our consolidated financial statements are based on a 52- or 53-week fiscal year ending on the last Sunday in December in each calendar year. Our fiscal 2023 will consist of 53 weeks ending on December 31, 2023, while our fiscal 2022 consisted of 52 weeks ended on December 25, 2022. The condensed consolidated balance sheet as of the thirty-nine weeks ended September 24, 2023, as well as the related condensed consolidated statements of income, comprehensive income, cash flows, and equity for the thirteen and thirty-nine weeks ended September 24, 2023 and the thirteen and thirty-nine weeks ended September 25, 2022 are unaudited. The presentation of these financial statements requires us to make estimates and assumptions that affect reported amounts and related disclosures. Actual results could differ from those estimates. In the opinion of management, all adjustments necessary for a fair statement of the financial statements have been included. Interim results may not be indicative of results for a full year. The condensed consolidated financial statements and notes are presented pursuant to the rules and regulations of the Securities and Exchange Commission and do not contain certain information included in our audited consolidated financial statements and notes. The 2022 condensed consolidated balance sheet was derived from our audited consolidated financial statements, but does not include all disclosures required by GAAP. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in our Annual Report on Form 10-K for the fiscal year ended December 25, 2022 . The condensed consolidated statements of income include all revenues and costs directly attributable to our business, including costs for facilities, functions, and services we utilize. The condensed consolidated statements of income also include an allocation of expenses related to certain Fortune Brands corporate functions through the Separation, including information technology, finance, executive, human resources, supply chain, internal audit, governance and legal services. These expenses have been allocated based on direct usage or benefit where specifically identifiable, with the remainder allocated on a proportional cost allocation method based primarily on net sales, employee headcount, or number of facilities, as applicable. Prior to the Separation, total expenses allocated for the thirteen and thirty-nine weeks ended September 25, 2022 were $28.1 million and $69.2 million, respectively, of which $23.6 million and $52.6 million, respectively, was not previously allocated to us. Such amounts are primarily included within selling, general and administrative expenses in the condensed consolidated statements of income. We consider the expense methodology and resulting allocation to be reasonable; however, the allocations may not be indicative of actual expenses that would have been incurred had we operated as an independent, publicly-traded company in the prior year period presented. Actual costs that we may have incurred during the time period when we were not a standalone company would depend on a number of factors, including the chosen organizational structure, whether functions were outsourced or performed by our employees and strategic decisions made in areas such as manufacturing, selling and marketing, research and development, information technology and infrastructure. Accordingly, historical allocations may not be indicative of future costs we incur operating as an independent, publicly-traded company. The condensed consolidated statements of income also include $0.1 million and $2.3 million of costs related to the separation from Fortune Brands for the thirteen and thirty-nine weeks ended September 24, 2023, respectively, and $3.5 million and $3.7 million for the thirteen and thirty-nine weeks ended September 25, 2022. The Separation-related costs include advisory fees, professional fees and other transaction related costs incurred directly by us. These costs are included within selling, general and administrative expenses. The income tax amounts in the condensed consolidated financial statements have been calculated on a separate-return method and presented as if our operations were separate taxpayers in the respective jurisdictions. For the period prior to the Separation in 2022, including the Separation, federal and state income tax payments and refunds were paid and received by Fortune Brands on our behalf. The net taxes paid on our behalf are payable to Fortune Brands, as provided in the indemnification provisions of the Tax Allocation Agreement. Accordingly, the net tax payable of $32.6 million to Fortune Brands at both September 24, 2023 and December 25, 2022, is recorded in accounts payable on the condensed consolidated balance sheets. Following the Separation, a limited number of services that Fortune Brands provided to us, or we provided to them, prior to the Separation continue to be provided for a period of time under a Transition Services Agreement. Throughout fiscal 2023, we have incurred certain costs as a standalone public company, including services provided by our own resources or through third-party service providers relating to corporate functions, including information technology, finance, executive, human resources, supply chain, internal audit, governance and legal services, as well as ongoing additional costs associated with operating as an independent, publicly-traded company. Fortune Brands utilized a central approach to treasury management, and prior to the Separation, we historically participated in related cash pooling arrangements prior to the Separation. Our cash and cash equivalents on our condensed consolidated balance sheets represent cash balances held in bank accounts owned by the Company and its subsidiaries. Prior to the Separation, we had no third-party borrowings, and all borrowings attributable to our business and due to Fortune Brands were recorded as “related party payable” in our consolidated balance sheets and classified as current or noncurrent based on loan maturity dates. Fortune Brands’ third-party debt and related interest expense were not attributed to us as we were not the legal obligor of the debt, and the borrowings were not specifically identifiable to us. However, in connection with the Separation, we completed a financing transaction, which resulted in additional interest expense beginning in the fourth quarter of 2022. See Note 9, "Debt," for additional information related to our financing transaction. For more information regarding related party transactions with Fortune Brands, see Note 15, "Related Party Transactions." During the fourth quarter of 2022, we recognized $8.7 million of additional expense in cost of goods sold as an out-of-period adjustment. This adjustment was to correct errors for expenses that should have been recognized of $5.1 million , $1.6 million and $2.0 million in the thirteen weeks ended March 27, 2022, June 26, 2022 and September 25, 2022, respectively. The adjustment did not have any impact on our annual consolidated financial statements for the fiscal year ended December 25, 2022. Tornado at Jackson, GA Production Facility On January 12, 2023, a tornado hit the Company’s leased Jackson, Georgia production facility, causing damage to the Company’s assets and disrupting certain operations. Insurance, less applicable deductibles, covers the repair or replacement of the Company’s assets that suffered loss or damage, and the Company is working closely with its insurance carriers and claims adjusters to ascertain the full amount of insurance proceeds due to the Company as a result of the damages and the losses the Company suffered. The Company’s insurance policies also provide business interruption coverage, including lost profits, and reimbursement for other expenses and costs that have been incurred relating to the damages and losses suffered. In the first quarter of 2023, the Company incurred expenses of $9.4 million solely related to damages caused by the tornado. These expenses included compensation costs that we continued to pay skilled labor at the Jackson facility to enable a timely ramp up of production upon re-opening the facility on March 27, 2023, the first day of our fiscal second quarter of 2023, as well as the write-off of damaged inventory, freight costs to move product to other warehouses and professional fees to secure and maintain the site. No expenses related to the tornado were incurred in either the second or third quarter of 2023, and at this time, we do not expect to incur any additional costs related to this matter. F or the thirteen and thirty-nine weeks ended September 24, 2023, we received $2.0 million and $4.2 million, respectively, of insurance proceeds for direct costs caused by the tornado. Both the expenses and insurance recoveries are recorded as a component of cost of products sold in the condensed consolidated statements of income. Subsequent to September 24, 2023, we received and recognized an additional $3.2 million of insurance proceeds during our fiscal fourth quarter, representing the final payment under the claim. Upon receipt of this payment, we consider this claim to be closed.

Recently Issued Accounting Stan

Recently Issued Accounting Standards	9 Months Ended
Recently Issued Accounting Standards	Sep. 24, 2023
Accounting Standards Update and Change in Accounting Principle [Abstract]
Recently Issued Accounting Standards	Recently Issued Accounting Standards Accounting Standards Issued and Adopted There are no recently issued accounting pronouncements that we have adopted and which have had a material effect on our results of operations, cash flows or financial condition. Accounting Standards Issued, But Not Yet Adopted There are no recently issued accounting pronouncements that we have not yet adopted that are expected to have a material effect on our results of operations, cash flows or financial condition.

Revenue from Contracts with Cus

Revenue from Contracts with Customers	9 Months Ended
Revenue from Contracts with Customers	Sep. 24, 2023
Revenue from Contract with Customer [Abstract]
Revenue from Contracts with Customers	Revenue from Contracts with Customers Our principal performance obligations are the sale of high quality stock, semi-custom and premium cabinetry, as well as vanities, for the kitchen, bath and other parts of the home (collectively, “goods” or “products”). We recognize revenue for the sale of goods based on our assessment of when control transfers to our customers, which generally occurs upon shipment or delivery of the products. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring goods to our customers. Payment terms on our product sales normally range from 30 to 90 days. Taxes assessed by a governmental authority that we collect are excluded from revenue. The expected costs associated with our contractual warranties are recognized as expense when the products are sold. See Note 13, "Contingencies and Accrued Losses," for further discussion. We record estimates to reduce revenue for customer programs and incentives, which are considered variable consideration, and include price discounts, volume-based incentives, promotions and cooperative advertising when revenue is recognized in order to determine the amount of consideration the Company will ultimately be entitled to receive. These estimates are based on historical and projected experience for each type of customer. In addition, for certain customer program incentives, we receive an identifiable benefit (goods or services) in exchange for the consideration given and record the associated expenditure in selling, general and administrative expenses. We account for shipping and handling costs that occur after the customer has obtained control of a product as a fulfillment activity (i.e., as an expense) rather than as a promised service (i.e., as a revenue element). These costs are classified within selling, general and administrative expenses. Settlement of our outstanding accounts receivable balances normally occurs within 30 to 90 days of the original sale transaction date. Obligations arise for us from customer rights to return our goods, including among others, product obsolescence, stock rotations, trade-in agreements for newer products and upon termination of a customer contract. We estimate future product returns at the time of sale based on historical experience and record a corresponding refund obligation, which amounted to $2.3 million and $3.0 million as of September 24, 2023 and December 25, 2022, respectively. Refund obligations are classified within other current liabilities in our condensed consolidated balance sheets. Return assets related to the refund obligation are measured at the carrying amount of the goods at the time of sale, less any expected costs to recover the goods and any expected reduction in value. The Company disaggregates revenue from contracts with customers into (i) major sales distribution channels in the U.S. and (ii) total sales to customers outside the U.S. market, as these categories depict the nature, amount, timing and uncertainty of revenues and cash flows that are affected by economic factors. The following table disaggregates our consolidated revenue by major sales distribution channels for 2023 and 2022. 13 Weeks Ended 39 Weeks Ended (In millions) September 24, 2023 September 25, 2022 September 24, 2023 September 25, 2022 Dealers (a) $ 350.0 $ 454.0 $ 1,036.3 $ 1,287.6 Retailers (b) 214.0 269.9 677.6 809.9 Builders (c) 78.9 88.1 228.7 248.1 U.S. net sales 642.9 812.0 1,942.6 2,345.6 International (d) 34.4 46.4 106.5 145.5 Net sales $ 677.3 $ 858.4 $ 2,049.1 $ 2,491.1 a) Represents sales to domestic dealers whose end customers include builders, professional trades and home remodelers, inclusive of sales through our dealers’ respective internet website portals. b) Represents sales to domestic “Do-It-Yourself” retailers, including our two largest customers: 1) The Home Depot, Inc., and 2) Lowe’s Companies, Inc., inclusive of sales through their respective internet website portals. c) Represents sales directly to domestic builders. d) Represents sales in markets outside the United States, principally in Canada and Mexico. Practical Expedients Incremental costs of obtaining a contract include only those costs the Company incurs that would not have been incurred if the contract had not been obtained. These costs are required to be recognized as assets and amortized over the period that the related goods or services transfer to the customer. As a practical expedient, we expense as incurred costs to obtain a contract when the expected amortization period is one year or less. These costs are recorded within selling, general and administrative expenses in the accompanying condensed consolidated statements of income. Allowance for Credit Losses Our primary allowance for credit losses is the allowance for doubtful accounts. The allowance for doubtful accounts reduces the trade accounts receivable balance to the estimated net realizable value that is expected to be collected. The allowance is based on assessments of current creditworthiness of customers, historical collection experience, the aging of receivables and other currently available evidence. Trade accounts receivable balances are written-off against the allowance if a final determination of uncollectibility is made. All provisions for allowances for doubtful collection of accounts are included in selling, general and administrative expenses. The following table summarizes the activity for the thirteen and thirty-nine weeks ended September 24, 2023 and September 25, 2022: 13 Weeks Ended 39 Weeks Ended (In millions) September 24, 2023 September 25, 2022 September 24, 2023 September 25, 2022 Beginning balance $ 6.1 $ 9.2 $ 11.6 $ 2.5 Bad debt provision 0.8 1.9 1.5 9.8 Uncollectible accounts written off, net of recoveries (1.6) (1.5) (7.8) (2.7) Ending balance $ 5.3 $ 9.6 $ 5.3 $ 9.6

Earnings Per Share

Earnings Per Share	9 Months Ended
Earnings Per Share	Sep. 24, 2023
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share On December 14, 2022, 128.0 million MasterBrand common shares were distributed to Fortune Brands’ shareholders in conjunction with the Separation. For comparative purposes, the thirteen and thirty-nine weeks ended September 25, 2022 have been retroactively recast to reflect the effects of the changes in equity structure resulting from the Reorganization, Separation and Distribution and assume the same basic weighted average shares. For the thirteen and thirty-nine weeks ended September 24, 2023, diluted earnings per share is computed by giving effect to all potentially dilutive stock awards that are outstanding. For the thirteen and thirty-nine weeks ended September 25, 2022, which was prior to the Separation, it is assumed that there are no dilutive securities as there were no stock-based awards of MasterBrand, Inc. outstanding. The following table sets forth the reconciliation of the numerator and the denominator of basic earnings per share and diluted earnings per share for the thirteen and thirty-nine weeks ended September 24, 2023 and September 25, 2022: 13 Weeks Ended 39 Weeks Ended (In millions, except per share amounts) September 24, 2023 September 25, 2022 September 24, 2023 September 25, 2022 Numerator: Numerator for basic and diluted earnings per share - Net income $ 59.7 $ 52.2 $ 145.9 $ 140.0 Denominator: Denominator for basic earnings per share - weighted average shares outstanding 127.6 128.0 128.1 128.0 Effect of dilutive securities - stock-based awards 2.7 — 1.8 — Denominator for diluted earnings per share - weighted average shares outstanding 130.3 128.0 129.9 128.0 Earnings per share: Basic $ 0.47 $ 0.41 $ 1.14 $ 1.09 Diluted $ 0.46 $ 0.41 $ 1.12 $ 1.09 For the thirteen and thirty-nine weeks ended September 24, 2023, approximately 0.3 million and 0.8 million shares of stock granted under share-based compensation plans, respectively, are excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive.

Balance Sheet Information

Balance Sheet Information	9 Months Ended
Balance Sheet Information	Sep. 24, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Balance Sheet Information	Balance Sheet Information Supplemental information on our balance sheets is as follows: (In millions) September 24, 2023 December 25, 2022 Inventories: Raw materials and supplies $ 187.3 $ 292.1 Work in process 23.8 23.6 Finished products 58.3 57.4 Total inventories $ 269.4 $ 373.1 Property, plant and equipment: Land and improvements $ 31.1 $ 32.9 Buildings and improvements to leaseholds 304.9 304.0 Machinery and equipment 539.8 518.8 Construction in progress 31.0 37.7 Property, plant and equipment, gross 906.8 893.4 Less: accumulated depreciation 565.3 540.8 Property, plant and equipment, net of accumulated depreciation $ 341.5 $ 352.6 Accounts payable: Third party $ 146.6 $ 175.1 Fortune Brands (a) 33.1 44.1 Total accounts payable $ 179.7 $ 219.2 Other current liabilities: Accrued salaries, wages and other compensation $ 63.1 $ 49.0 Accrued restructuring 1.5 15.4 Accrued income and other taxes 23.9 14.3 Accrued product warranties 13.6 11.2 Other accrued expenses 62.5 70.6 Total other current liabilities $ 164.6 $ 160.5 (a) The payable to Fortune Brands of $33.1 million and $44.1 million as of September 24, 2023 and December 25, 2022

Goodwill and Identifiable Intan

Goodwill and Identifiable Intangible Assets	9 Months Ended
Goodwill and Identifiable Intangible Assets	Sep. 24, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Identifiable Intangible Assets	Goodwill and Identifiable Intangible Assets We had goodwill of $924.6 million and $924.2 million as of September 24, 2023 and December 25, 2022, respectively. The change in the net carrying amount of goodwill was as follows: (In millions) Total Balance at December 25, 2022 $ 924.2 Q1 2023 translation adjustments (0.4) Balance at March 26, 2023 $ 923.8 Q2 2023 translation adjustments 1.4 Balance at June 25, 2023 $ 925.2 Q3 2023 translation adjustments (0.6) Balance at September 24, 2023 $ 924.6 The gross carrying value and accumulated amortization by class of intangible assets as of September 24, 2023 and December 25, 2022 were as follows: As of September 24, 2023 As of December 25, 2022 (In millions) Gross Accumulated Net Gross Accumulated Net Indefinite-lived tradenames $ 183.5 $ — $ 183.5 $ 183.1 $ — $ 183.1 Amortizable intangible assets Tradenames 10.3 (10.3) — 10.3 (10.2) 0.1 Customer and contractual relationships 363.2 (208.2) 155.0 362.9 (196.8) 166.1 Patents/proprietary technology 11.0 (11.0) — 11.0 (10.5) 0.5 Total 384.5 (229.5) 155.0 384.2 (217.5) 166.7 Total identifiable intangibles $ 568.0 $ (229.5) $ 338.5 $ 567.3 $ (217.5) $ 349.8 There were no impairments of goodwill or indefinite-lived assets for the thirteen and thirty-nine weeks ended September 24, 2023. The Company tests goodwill and indefinite-lived intangibles for impairment annually in the fourth quarter or more frequently if events or changes in circumstances indicate the asset might be impaired. There were no triggering events requiring an impairment assessment be conducted in the thirteen and thirty-nine weeks ended September 24, 2023 . However, it is possible that future changes in circumstances would require the Company to record additional non-cash impairment charges. In the second quarter of 2022, subsequent to the balance sheet date, we recognized an impairment charge of $26.0 million related to an indefinite-lived tradename. During the second quarter of 2022, production was shifted within our manufacturing footprint to enable what we expect to be a higher value purpose and growth opportunity, which led to downward revisions to forecasted revenue growth rates associated with the tradename. In the fourth quarter of 2022, we recognized an impairment charge of $12.8 million related to the same indefinite-lived tradename as a result of further shifts within our product portfolio to better align with forecasted future customer demand as a result of a significant decrease in sales during the fourth quarter of 2022, driven by continued and persistent inflation, as well as elevated interest rates and economic uncertainty. These downward revisions to forecasted revenue growth were not known when recording the impairment charge during the second quarter of 2022. As of both September 24, 2023 and December 25, 2022, the carrying value of this tradename was $46.2 million. In the fourth quarter of 2022, we recognized an impairment charge of $7.6 million to a second indefinite-lived tradename. This was primarily due to a shift in customer demand from this tradename to a lower price point product, as a result of continued and persistent inflation as well as elevated interest rates and economic uncertainty. As of both September 24, 2023 and December 25, 2022, the carrying value of this tradename was $19.1 million .

Financial Instruments

Financial Instruments	9 Months Ended
Financial Instruments	Sep. 24, 2023
Investments, Debt and Equity Securities [Abstract]
Financial Instruments	Financial Instruments We do not enter into financial instruments for trading or speculative purposes. We principally use financial instruments to reduce the impact of changes in foreign currency exchange rates. The principal derivative financial instruments we enter into on a routine basis are foreign exchange contracts. Derivative financial instruments are recorded at fair value. The counterparties to derivative contracts are major financial institutions. We are subject to credit risk on these contracts equal to the fair value of these instruments. Management currently believes that the risk of incurring material losses is unlikely and that the losses, if any, would be immaterial to the Company. We account for derivative instruments as follows: • Derivative instruments that are designated as fair value hedges - The gain or loss on the derivative instrument, as well as the offsetting loss or gain on the hedged item, are recognized in the same line of the condensed consolidated statements of income. • Derivative instruments that are designated as cash flow hedges - The changes in the fair value of the derivative instrument are reported in other comprehensive income and are recognized in the condensed consolidated statements of income when the hedged item affects earnings. The recognized gain or loss on the derivative instrument, as well as the offsetting loss or gain on the hedged item, are recognized in the same line of the condensed consolidated statements of income. • Derivative instruments that are designated as net investment hedges - The changes in fair value of the derivative instrument are recognized in the condensed consolidated statements of income when realized upon sale or upon complete or substantially complete liquidation of the investment in the foreign entity. As of and for the thirteen and thirty-nine weeks ended September 24, 2023 and September 25, 2022, we have only entered into foreign currency forward contracts, some of which have been designated as fair value hedges and some of which have been designated as cash flow hedges. We may enter into foreign currency forward contracts to protect against foreign exchange risks associated with certain existing assets and liabilities, forecasted future cash flows, and net investments in foreign subsidiaries. Foreign exchange contracts related to forecasted future cash flows correspond to the periods of the forecasted transactions, which generally do not exceed 12 to 15 months subsequent to the latest balance sheet date. Our primary foreign currency hedge contracts pertain to the Mexican peso and the Canadian dollar. The gross U.S. dollar equivalent notional amount of all foreign currency derivative hedges outstanding at September 24, 2023 was $51.1 million, representing a net settlement asset of $3.3 million. Based on foreign exchange rates as of September 24, 2023 , we estimate that the $2.3 million of net derivative gains associated with cash flow hedges and included in accumulated other comprehensive inco me as of September 24, 2023 will be reclassified to earnings within the next twelve months. The fair values of foreign exchange derivative instruments on the condensed consolidated balance sheets as of September 24, 2023 and December 25, 2022 were: (In millions) Location September 24, 2023 December 25, 2022 Assets: Foreign exchange contracts Other current assets $ 3.3 $ 3.7 Total assets $ 3.3 $ 3.7 Liabilities: Foreign exchange contracts Other current liabilities $ — $ 0.5 Total liabilities $ — $ 0.5 The effects of derivative financial instruments on the condensed consolidated statements of income for the thirteen and thirty-nine weeks ended September 24, 2023 and September 25, 2022 were: Classification and Amount 13 weeks ended September 24, 2023 (In millions) Cost of Other (income) expense, net Total amounts per Condensed Consolidated Statements of Income $ 439.8 $ (1.0) The effects of fair value and cash flow hedging: Loss on fair value hedging relationships Foreign exchange contracts: Hedged items — 1.3 Derivative designated as hedging instruments — — Gain on cash flow hedging relationships Foreign exchange contracts: Amount of gain reclassified from accumulated other comprehensive loss into income (3.1) — Classification and Amount 13 weeks ended September 25, 2022 (In millions) Cost of products sold Other (income) expense, net Total amounts per Condensed Consolidated Statements of Income $ 593.5 $ 0.7 The effects of fair value and cash flow hedging: (Gain) loss on fair value hedging relationships Foreign exchange contracts: Hedged items — (0.5) Derivative designated as hedging instruments — 1.3 Gain on cash flow hedging relationships Foreign exchange contracts: Amount of gain reclassified from accumulated other comprehensive loss into income (0.4) — Classification and Amount 39 weeks ended September 24, 2023 (In millions) Cost of products sold Other (income) expense, net Total amounts per Condensed Consolidated Statements of Income $ 1,370.8 $ (0.1) The effects of fair value and cash flow hedging: (Gain) loss on fair value hedging relationships Foreign exchange contracts: Hedged items — (0.7) Derivative designated as hedging instruments — 3.4 Gain on cash flow hedging relationships Foreign exchange contracts: Amount of gain reclassified from accumulated other comprehensive loss into income (8.6) — Classification and Amount 39 weeks ended September 25, 2022 (In millions) Cost of products sold Other (income) expense, net Total amounts per Condensed Consolidated Statements of Income $ 1,765.6 $ 1.5 The effects of fair value and cash flow hedging: (Gain) loss on fair value hedging relationships Foreign exchange contracts: Hedged items — (3.1) Derivative designated as hedging instruments — 5.6 Gain on cash flow hedging relationships Foreign exchange contracts: Amount of gain reclassified from accumulated other comprehensive loss into income (2.1) — The unrealized holding gains from cash flow hedges recognized in other comprehensive income during the thirteen weeks ended September 24, 2023 were $1.6 million. There were no unrealized holding gains from cash flow hedges recognized in other comprehensive income during the thirteen weeks ended September 25, 2022. The unrealized holding gains from cash flow hedges recognized in other comprehensive income during the thirty-nine weeks ended September 24, 2023 and September 25, 2022 were $8.1 million and $3.5 million, respectively.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
Fair Value Measurements	Sep. 24, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements ASC requirements for Fair Value Measurements and Disclosures establish a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three levels. Level 1 inputs, the highest priority, are quoted prices in active markets for identical assets or liabilities. Level 2 inputs reflect other than quoted prices included in Level 1 that are either observable directly or through corroboration with observable market data. Level 3 inputs are unobservable inputs due to little or no market activity for the asset or liability, such as internally-developed valuation models. We do not have any assets or liabilities measured at fair value on a recurring basis that are Level 3, except for certain assumptions in estimating the fair value of indefinite-lived tradenames, as discussed in Note 8, “Goodwill and Identifiable Intangible Assets” in our Annual Report on Form 10-K. Assets and liabilities measured at fair value on a recurring basis as of September 24, 2023 and December 25, 2022 were as follows: Fair Value (In millions) September 24, 2023 December 25, 2022 Assets: Derivative asset financial instruments (Level 2) $ 3.3 $ 3.7 Deferred compensation program assets (Level 2) 5.3 3.6 Total assets $ 8.6 $ 7.3 Liabilities: Derivative liability financial instruments (Level 2) $ — $ 0.5

Debt

Debt	9 Months Ended
Debt	Sep. 24, 2023
Debt Disclosure [Abstract]
Debt	Debt The following table provides a summary of the Company’s debt as of September 24, 2023 and December 25, 2022, including the carrying value of the debt less debt issuance costs: September 24, 2023 December 25, 2022 (In millions) Current Long-term Current Long-term Revolving credit facility due November 2027 $ — $ — $ — $ 235.0 Term loan due November 2027 9.4 703.1 18.8 731.3 Subtotal 9.4 703.1 18.8 966.3 Less: Unamortized debt issuance costs (1.2) (3.8) (1.3) (4.8) Total $ 8.2 $ 699.3 $ 17.5 $ 961.5 On November 18, 2022, the Company entered into a 5-year, $1.25 billion credit agreement, consisting of a $750.0 million term loan and a $500.0 million revolving credit facility (the “2022 Credit Agreement”). Initial proceeds from the 2022 Credit Agreement were received at the time of Separation from Fortune Brands and were used to fund the dividend paid to Fortune Brands, with any future proceeds to be used for general corporate purposes. The 2022 Credit Agreement is secured by certain assets as well as the guarantee of certain of our subsidiaries. The $750.0 million term loan has quarterly required amortization payments that began in March 2023. During the thirteen weeks ended September 24, 2023, the Company made total payments of $28.1 million on the term loan, consisting of a $4.7 million required payment due September 2023, and $23.4 million of required amortization payments due during each of the next three quarters. Additionally, the revolving credit facility was paid in full during the thirteen weeks ended September 24, 2023. Total amounts outstanding under the term loan as of September 24, 2023 were $712.5 million. The revolving credit facility did not have an outstanding balance as of September 24, 2023. Total amounts outstanding under the term loan and revolving credit facility as of December 25, 2022 were $750.0 million and $235.0 million, respectively. Interest rates under these facilities are variable based on the Secured Overnight Financing Rate (“SOFR”) at the time of the borrowing, and the Company’s net leverage ratio as measured by net leverage to our consolidated earnings before interest, taxes, depreciation and amortization (“Consolidated EBITDA”). Interest rates can range from SOFR plus 1.85 percent to SOFR plus 2.60 percent. Net leverage is defined as consolidated total indebtedness minus certain cash and cash equivalents. Consolidated EBITDA is defined as consolidated net income before interest expense, income taxes, depreciation, amortization of intangible assets, losses from asset impairments, and certain other one-time adjustments. The net leverage ratio could not exceed 3.875 to 1.0 at the initial borrowing through the second fiscal quarter of 2023, adjusting downward in various future quarters before settling at 3.25 to 1.0 in January 2025. The Company also is required to maintain a minimum interest coverage ratio, defined as Consolidated EBITDA to consolidated interest expense, of 3.0 to 1.0. The Company’s 2022 Credit Agreement contains additional covenants which limit or preclude certain corporate actions based upon the measurement of certain financial covenant metrics. The Company believes it was in compliance with all of its debt covenants as of September 24, 2023 and December 25, 2022 . Interest paid on debt was $14.4 million and $49.1 million for the thirteen and thirty-nine weeks ended September 24, 2023 , respectively . During the fourth quarter of 2022, we incurred indebtedness in connection with the Separation and Distribution, which resulted in the recognition of interest expense. Prior to the Separation, we had no third-party borrowings. We did not record any material capitalized interest during the thirteen and thirty-nine weeks ended September 24, 2023 or September 25, 2022 .

Restructuring Charges

Restructuring Charges	9 Months Ended
Restructuring Charges	Sep. 24, 2023
Restructuring and Related Activities [Abstract]
Restructuring Charges	Restructuring Charges For the thirteen and thirty-nine weeks ended September 24, 2023 , we recognized restructuring charges of $1.4 million and $4.1 million, respectively. For the thirteen and thirty-nine weeks ended September 25, 2022 , we recognized restructuring charges of $9.6 million and $10.9 million, respectively. Restructuring charges for all periods presented are largely related to severance costs and other employee-related costs in order to better align our workforce with our forecasted demand within our manufacturing footprint. Reconciliation of Restructuring Liability (In millions) Balance at June 25, 2023 Provision Cash Expenditures (a) Balance at September 24, 2023 Workforce reduction costs $ 3.2 $ 1.2 $ (3.0) $ 1.4 Other 0.1 0.2 (0.2) 0.1 $ 3.3 $ 1.4 $ (3.2) $ 1.5 (In millions) Balance at June 26, 2022 Cash Expenditures (a) Balance at September 25, 2022 Workforce reduction costs $ 1.8 $ 9.4 $ (1.6) $ 9.6 Other 0.1 0.2 (0.2) 0.1 $ 1.9 $ 9.6 $ (1.8) $ 9.7 (In millions) Balance at December 25, 2022 Provision Cash Expenditures (a) Balance at September 24, 2023 Workforce reduction costs $ 15.3 $ 2.5 $ (16.4) $ 1.4 Other 0.1 1.6 (1.6) 0.1 $ 15.4 $ 4.1 $ (18.0) $ 1.5 (In millions) Balance at December 26, 2021 Provision Cash Expenditures (a) Balance at September 25, 2022 Workforce reduction costs $ 2.2 $ 10.6 $ (3.2) $ 9.6 Other 0.2 0.3 (0.4) 0.1 $ 2.4 $ 10.9 $ (3.6) $ 9.7 (a) Cash expenditures primarily related to severance charges.

Income Taxes

Income Taxes	9 Months Ended
Income Taxes	Sep. 24, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The effective income tax rates for the thirteen weeks ended September 24, 2023, and September 25, 2022, were 23.4 percent and 33.3 percent, respectively. The net decrease in the effective tax rate between the periods primarily relates to state and local income taxes, IRS audit adjustments recognized in 2022 including recognition of a deferred tax liability for foreign earnings where the Company cannot assert permanent reinvestment, and foreign income taxes at lower rates. These items were partially offset by changes to nondeductible compensation, foreign income inclusions with offsetting foreign tax credits, and the tax benefit for decreases in uncertain tax positions. The difference between our effective income tax rate for the thirteen weeks ended September 24, 2023, and the U.S. statutory rate of 21.0 percent primarily relates to changes in state and local income taxes, nondeductible compensation, foreign income inclusions with offsetting foreign tax credits, recognition of a deferred tax liability for foreign earnings, and the mix of earnings in jurisdictions with differing tax rates. The effective income tax rates for the thirty-nine weeks ended September 24, 2023, and September 25, 2022, were 25.4 percent and 27.8 percent, respectively. The net decrease in the effective tax rate between the periods primarily relates to state and local income taxes, IRS audit adjustments recognized in 2022 including recognition of a deferred tax liability for earnings of various foreign entities, the mix of earnings in jurisdictions with differing tax rates, partially offset by nondeductible compensation, recognition of a deferred tax liability for foreign earnings, foreign income inclusions with offsetting foreign tax credits, and the tax benefit for decreases in uncertain tax positions. The difference between our effective income tax rate for the thirty-nine weeks ended September 24, 2023, and the U.S. statutory rate of 21.0 percent primarily relates to changes in state and local income taxes, nondeductible compensation, foreign income inclusions with offsetting foreign tax credits, recognition of a deferred tax liability for foreign earnings, changes due to foreign tax return filings, and the mix of earnings in jurisdictions with differing tax rates.

Pension and Other Postretiremen

Pension and Other Postretirement Plans	9 Months Ended
Pension and Other Postretirement Plans	Sep. 24, 2023
Retirement Benefits [Abstract]
Pension and Other Postretirement Plans	Pension and Other Postretirement Plans The components of net periodic (benefit) cost for pension and other postretirement plans for the thirteen and thirty-nine weeks ended September 24, 2023 and September 25, 2022, respectively, are as set forth in the tables below. Service cost is classified as either a component of cost of products sold or within selling, general and administrative expenses in the condensed consolidated statements of income, based on the nature of the job responsibilities of the associates participating in the plans. All other components of net periodic (benefit) cost are classified as other expense (income), net in the condensed consolidated statements of income. Pension Benefits Postretirement Benefits 13 Weeks Ended 13 Weeks Ended (In millions) September 24, 2023 September 25, 2022 September 24, 2023 September 25, 2022 Service cost $ — $ — $ 0.1 $ 0.2 Interest cost 1.7 1.2 0.1 0.1 Expected return on plan assets (1.8) (1.8) — — Net periodic (benefit) cost $ (0.1) $ (0.6) $ 0.2 $ 0.3 Pension Benefits Postretirement Benefits 39 Weeks Ended 39 Weeks Ended (In millions) September 24, 2023 September 25, 2022 September 24, 2023 September 25, 2022 Service cost $ — $ — $ 0.3 $ 0.4 Interest cost 4.9 3.7 0.2 0.2 Expected return on plan assets (5.3) (5.4) — — Net periodic (benefit) cost $ (0.4) $ (1.7) $ 0.5 $ 0.6

Contingencies and Accrued Losse

Contingencies and Accrued Losses	9 Months Ended
Contingencies and Accrued Losses	Sep. 24, 2023
Commitments and Contingencies Disclosure [Abstract]
Contingencies and Accrued Losses	Contingencies and Accrued Losses Product Warranties We generally record warranty expense related to contractual warranty terms at the time of sale. We may also provide customer concessions for claims made outside of the contractual warranty terms and those expenses are recorded in the period in which the concession is made. We offer our customers various warranty terms based on the type of product that is sold. Warranty expense is determined based on historic claim experience and the nature of the product category. The following table summarizes activity related to our product warranty liability for the thirteen and thirty-nine weeks ended September 24, 2023 and September 25, 2022. 13 Weeks Ended 39 Weeks Ended (In millions) September 24, 2023 September 25, 2022 September 24, 2023 September 25, 2022 Reserve balance at the beginning of the period $ 13.2 $ 8.2 $ 11.2 $ 7.0 Provision for warranties issued 8.2 11.1 26.3 29.4 Settlements made (in cash or in kind) (7.8) (9.1) (23.9) (26.2) Reserve balance at the end of the period $ 13.6 $ 10.2 $ 13.6 $ 10.2 Litigation The Company is a defendant in lawsuits that are ordinary routine litigation matters incidental to our business and operations. In addition, other matters, including tax assessments, audits, claims and governmental investigations and proceedings covering a wide range of matters are pending against us. It is not possible to predict the outcome of the pending actions, and, as with any such matters, it is possible that these actions could be decided unfavorably to the Company. The Company believes that there are meritorious defenses to these actions and that these actions will not have a material adverse effect upon the Company’s results of operations, cash flows or financial condition, and where appropriate, these actions are being vigorously contested. Accordingly, the Company believes the likelihood of material loss is remote. However, such matters are subject to inherent uncertainties and unfavorable rulings or other events could occur. The Company regularly undergoes tax audits in various jurisdictions in which our products are sold or manufactured. In the future, such costs or an unfavorable outcome could have a material impact on our consolidated results of operations, cash flows and financial condition. Following an audit for the 2018 tax year, the Mexican tax administration service, the Servicio de Administración Tributaria, (the “SAT”), issued a tax assessment in the amount of approximately $54.9 million (1) to our subsidiary, Woodcrafters Home Products, S. de R.L. de C.V., for allegedly failing to make certain tax payments and to export timely certain merchandise. The Company disputes these findings and believes it has supporting documentation regarding importation and exportation of goods in Mexico with respect to such audit. The Company has appealed this decision and is continuing to defend its position vigorously. The Company believes the appeal will result in a substantial reduction to the amount, if any, that will be due to the SAT, such that any amount ultimately payable will not be material to the Company. Furthermore, based on a review by the Company and the aforementioned tax assessment, the Company believes it is possible that the Company may become subject to further audits concerning other related tax issues. While we cannot predict with certainty the outcome of this assessment, based on currently known information, we believe our risk of loss is remote and not estimable. Environmental We reserve for remediation activities to clean up potential environmental liabilities as required by federal and state laws based on our best estimate of undiscounted future costs, excluding possible insurance recoveries or recoveries from other third parties. There were no material environmental accruals as of September 24, 2023 and December 25, 2022. (1) Using the currency exchange rate of 0.058 U.S. dollars per Mexican peso. The tax assessment was 944,813,870 Mexican pesos.

Accumulated Other Comprehensive

Accumulated Other Comprehensive (Loss) Income	9 Months Ended
Accumulated Other Comprehensive (Loss) Income	Sep. 24, 2023
Equity [Abstract]
Accumulated Other Comprehensive (Loss) Income	Accumulated Other Comprehensive (Loss) Income Total accumulated other comprehensive (loss) income consists of net income and other changes in business equity from transactions and other events from sources other than stockholders. It includes currency translation gains and losses, realized gains and losses from derivative instruments designated as hedges, and adjustments related to our defined benefit and other postretirement benefit plans. The after-tax components of, and changes in, accumulated other comprehensive (loss) income for the thirteen and thirty-nine weeks ended September 24, 2023 were as follows: (In millions) Foreign Derivative Pension and Other Accumulated Balance at June 25, 2023 $ 1.6 $ 3.8 $ (9.3) $ (3.9) Amounts classified into accumulated other comprehensive (loss) income (2.0) 1.6 — (0.4) Amounts reclassified into earnings — (3.1) — (3.1) Net current period other comprehensive (loss) (2.0) (1.5) — (3.5) Balance at September 24, 2023 $ (0.4) $ 2.3 $ (9.3) $ (7.4) Balance at June 26, 2022 $ 1.3 $ 1.9 $ (5.8) $ (2.6) Amounts classified into accumulated other comprehensive (loss) income (11.4) — 0.1 (11.3) Amounts reclassified into earnings — (0.4) — (0.4) Net current period other comprehensive (loss) income (11.4) (0.4) 0.1 (11.7) Balance at September 25, 2022 $ (10.1) $ 1.5 $ (5.7) $ (14.3) (In millions) Foreign Derivative Pension and Other Accumulated Balance at December 25, 2022 $ (8.0) $ 2.8 $ (9.3) $ (14.5) Amounts classified into accumulated other comprehensive income (loss) 7.6 8.1 — 15.7 Amounts reclassified into earnings — (8.6) — (8.6) Net current period other comprehensive income (loss) 7.6 (0.5) — 7.1 Balance at September 24, 2023 $ (0.4) $ 2.3 $ (9.3) $ (7.4) Balance at December 26, 2021 $ 1.9 $ 0.1 $ (5.9) $ (3.9) Amounts classified into accumulated other comprehensive (loss) income (12.0) 3.5 0.2 (8.3) Amounts reclassified into earnings — (2.1) — (2.1) Net current period other comprehensive (loss) income (12.0) 1.4 0.2 (10.4) Balance at September 25, 2022 $ (10.1) $ 1.5 $ (5.7) $ (14.3) The reclassifications out of accumulated other comprehensive (loss) income for the thirteen and thirty-nine weeks ended September 24, 2023 and September 25, 2022 were as follows: Details about Accumulated Other Affected Line Item in the 13 Weeks Ended (In millions) September 24, 2023 September 25, 2022 Gains on cash flow hedges Foreign exchange contracts $ (3.1) $ (0.4) Cost of products sold Total reclassifications for the period $ (3.1) $ (0.4) Net of tax 26 Weeks Ended (In millions) September 24, 2023 September 25, 2022 Gains on cash flow hedges Foreign exchange contracts $ (8.6) $ (2.1) Cost of products sold Total reclassifications for the period $ (8.6) $ (2.1) Net of tax

Related Party Transactions

Related Party Transactions	9 Months Ended
Related Party Transactions	Sep. 24, 2023
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The accompanying financial statements are now presented on a consolidated basis as the Company is a standalone public company. Certain information from prior to the Separation on December 14, 2022 was derived from Fortune Brands consolidated financial statements and accounting records. Transactions between MasterBrand and Fortune Brands prior to the Separation have been presented as related party transactions in the accompanying condensed consolidated financial statements. After the Separation, Fortune Brands is not considered a related party of MasterBrand. Fortune Brands performed, and continues to perform in limited areas under a Transition Services Agreement, certain corporate functions, including information technology, finance, executive, human resources, supply chain, internal audit, governance and legal services on behalf of the Company. The expenses associated with these functions have been allocated based on direct usage or benefit where specifically identifiable, with the remainder allocated on a proportional cost allocation method based primarily on net sales, employee headcount, or number of facilities, as applicable. Prior to the Separation, total expenses allocated were $28.1 million and $69.2 million for the thirteen and thirty-nine weeks ended September 25, 2022, respectively, and such amounts are primarily included within selling, general and administrative expenses in the condensed consolidated statements of income. These amounts include costs of $23.6 million and $52.6 million for the thirteen and thirty-nine weeks ended September 25, 2022, respectively, that were not historically allocated to us as part of Fortune Brands’ normal periodic management reporting process. We consider the expense methodology and resulting allocation to be reasonable for all periods presented; however, the allocations may not be indicative of actual expenses that would have been incurred had we operated as an independent, publicly-traded company for the prior year periods presented. Actual costs that we may have incurred had we been a standalone company would depend on a number of factors, including the chosen organizational structure, whether functions were outsourced or performed by our employees and strategic decisions made in areas such as manufacturing, selling and marketing, research and development, information technology and infrastructure. Cash Management Fortune Brands utilized a central approach to treasury management, and prior to the Separation, we historically participated in related cash pooling arrangements to maximize the availability of cash for general operating and investing purposes. Under these cash pooling arrangements in the United States, cash balances were remitted regularly from our accounts. Our cash and cash equivalents on our condensed consolidated balance sheets represent cash balances held in bank accounts owned by the Company and its subsidiaries. Share-Based Compensation Prior to the Separation, our employees participated in Fortune Brands stock-based compensation plans, the costs of which have been allocated and recorded in cost of products sold, and selling, general and administrative expenses in the condensed consolidated statements of income, based on the nature of the job responsibilities of the associates participating in the plans. Stock-based compensation costs related to our employees for the thirteen and thirty-nine weeks ended September 25, 2022 were $2.7 million and $8.1 million, respectively, and are included within the total expenses allocated, as noted above. Related Party Sales There were no material sales to or from Fortune Brands or its subsidiaries for any of the periods presented. Balances Due to and From Related Parties After the Separation, Fortune Brands is not considered a related party of MasterBrand. As such, there were no related party receivables or payables outstanding as of September 24, 2023 and December 25, 2022. Refer to Note 5, "Balance Sheet Information," for additional details of the accounts payable due from MasterBrand to Fortune Brands as of September 24, 2023 and December 25, 2022. Prior to the Separation, the related party note receivable balance was the amount owed to the Company and its subsidiaries from Fortune Brands. We had written interest-bearing loan agreements in place with Fortune Brands. The receivable balance consisted of excess cash remitted to the Parent’s cash pooling arrangements, net of expenses incurred by us which were paid for by Fortune Brands. The loan agreements were to mature on April 14, 2026, but all amounts under these agreements were settled prior to the Separation. The receivable balance earned interest at a rate in-line with the Fortune Brands’ short-term borrowing rate, which was between 2.75 percent and 3.50 percent and between 0.95 percent and 3.50 percent during the thirteen and thirty-nine weeks ended September 25, 2022, respectively. Prior to the Separation, the related party note payable balance was a note payable between a subsidiary of the Company and Fortune Brands. The balance comprised of a revolving loan that was due at the maturity of the agreement on April 15, 2026, but was settled prior to the Separation. The note bore interest at rates ranging between 3.00 percent and 3.75 percent and between 1.20 percent and 3.75 percent during the thirteen and thirty-nine weeks ended September 25, 2022, respectively. The Company received interest income on related party receivables of $4.9 million and $8.4 million during the thirteen and thirty-nine weeks ended September 25, 2022, respectively. Additionally, the Company incurred interest expense on intercompany payables and notes of $0.6 million and $1.1 million for the thirteen and thirty-nine weeks ended September 25, 2022, respectively.

Stock Repurchase Program

Stock Repurchase Program	9 Months Ended
Stock Repurchase Program	Sep. 24, 2023
Equity [Abstract]
Stock Repurchase Program	Stock Repurchase Program On May 9, 2023, we announced our authorization of a stock repurchase program under which we may repurchase up to $50.0 million of MasterBrand common stock over a twenty-four month period at management’s discretion for general corporate purposes. As a result of this authorization, we may repurchase shares from time to time through open market purchases, privately-negotiated transactions, block trades or otherwise in accordance with applicable federal securities laws, including through Rule 10b5-1 trading plans and under Rule 10b-18 of the Securities Exchange Act of 1934, as amended. The timing and amount of our purchases will depend upon prevailing market conditions, our available capital resources, our financial and operational performance, alternative uses of capital and other factors. We may limit or terminate the repurchase program at any time. During the thirteen and thirty-nine weeks ended September 24, 2023, we repurchased 942,918 and 1,347,776 shares of our common stock under this program, respectively. The shares were repurchased at a cost of approximately $11.5 million and $15.9 million, respectively, or an average of $12.23 and $11.83 per share, respectively, during the thirteen and thirty-nine weeks ended September 24, 2023. As of September 24, 2023, $34.1 million remained authorized for purchase under our stock repurchase program.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Sep. 24, 2023	Sep. 25, 2022	Sep. 24, 2023	Sep. 25, 2022
Pay vs Performance Disclosure
NET INCOME	$ 59.7	$ 52.2	$ 145.9	$ 140

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 24, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Basis of Presentation and Pri_2

Basis of Presentation and Principles of Consolidation (Policies)	9 Months Ended
	Sep. 24, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying financial statements are now presented on a consolidated basis as the Company is a standalone public company. We have historically existed and functioned as a reporting segment of the consolidated business of Fortune Brands up until the Separation on December 14, 2022, at which time we became a standalone public company. Certain information from prior to the Separation was derived from Fortune Brands’ consolidated financial statements and accounting records. The condensed consolidated financial statements and notes to condensed consolidated financial statements as of and subsequent to December 14, 2022, the date of the Separation, reflect the consolidated financial position, results of operations and cash flows for MasterBrand as an independent company. Prior to the Separation, the condensed consolidated financial statements and notes to condensed consolidated financial statements were prepared on a carve-out basis using the financial statements and accounting records of Fortune Brands. The carve-out basis financial statements represent the historical financial position, results of operations, and cash flows of MasterBrand as they were historically managed in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and reflect significant assumptions and allocations. The carve-out financial statements may not include all expenses that would have been incurred had MasterBrand existed as a standalone entity. Our consolidated financial statements are based on a 52- or 53-week fiscal year ending on the last Sunday in December in each calendar year. Our fiscal 2023 will consist of 53 weeks ending on December 31, 2023, while our fiscal 2022 consisted of 52 weeks ended on December 25, 2022. The condensed consolidated balance sheet as of the thirty-nine weeks ended September 24, 2023, as well as the related condensed consolidated statements of income, comprehensive income, cash flows, and equity for the thirteen and thirty-nine weeks ended September 24, 2023 and the thirteen and thirty-nine weeks ended September 25, 2022 are unaudited. The presentation of these financial statements requires us to make estimates and assumptions that affect reported amounts and related disclosures. Actual results could differ from those estimates. In the opinion of management, all adjustments necessary for a fair statement of the financial statements have been included. Interim results may not be indicative of results for a full year. The condensed consolidated financial statements and notes are presented pursuant to the rules and regulations of the Securities and Exchange Commission and do not contain certain information included in our audited consolidated financial statements and notes. The 2022 condensed consolidated balance sheet was derived from our audited consolidated financial statements, but does not include all disclosures required by GAAP. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in our Annual Report on Form 10-K for the fiscal year ended December 25, 2022 . The condensed consolidated statements of income include all revenues and costs directly attributable to our business, including costs for facilities, functions, and services we utilize. The condensed consolidated statements of income also include an allocation of expenses related to certain Fortune Brands corporate functions through the Separation, including information technology, finance, executive, human resources, supply chain, internal audit, governance and legal services. These expenses have been allocated based on direct usage or benefit where specifically identifiable, with the remainder allocated on a proportional cost allocation method based primarily on net sales, employee headcount, or number of facilities, as applicable. Prior to the Separation, total expenses allocated for the thirteen and thirty-nine weeks ended September 25, 2022 were $28.1 million and $69.2 million, respectively, of which $23.6 million and $52.6 million, respectively, was not previously allocated to us. Such amounts are primarily included within selling, general and administrative expenses in the condensed consolidated statements of income. We consider the expense methodology and resulting allocation to be reasonable; however, the allocations may not be indicative of actual expenses that would have been incurred had we operated as an independent, publicly-traded company in the prior year period presented. Actual costs that we may have incurred during the time period when we were not a standalone company would depend on a number of factors, including the chosen organizational structure, whether functions were outsourced or performed by our employees and strategic decisions made in areas such as manufacturing, selling and marketing, research and development, information technology and infrastructure. Accordingly, historical allocations may not be indicative of future costs we incur operating as an independent, publicly-traded company. The condensed consolidated statements of income also include $0.1 million and $2.3 million of costs related to the separation from Fortune Brands for the thirteen and thirty-nine weeks ended September 24, 2023, respectively, and $3.5 million and $3.7 million for the thirteen and thirty-nine weeks ended September 25, 2022. The Separation-related costs include advisory fees, professional fees and other transaction related costs incurred directly by us. These costs are included within selling, general and administrative expenses. The income tax amounts in the condensed consolidated financial statements have been calculated on a separate-return method and presented as if our operations were separate taxpayers in the respective jurisdictions. For the period prior to the Separation in 2022, including the Separation, federal and state income tax payments and refunds were paid and received by Fortune Brands on our behalf. The net taxes paid on our behalf are payable to Fortune Brands, as provided in the indemnification provisions of the Tax Allocation Agreement. Accordingly, the net tax payable of $32.6 million to Fortune Brands at both September 24, 2023 and December 25, 2022, is recorded in accounts payable on the condensed consolidated balance sheets. Following the Separation, a limited number of services that Fortune Brands provided to us, or we provided to them, prior to the Separation continue to be provided for a period of time under a Transition Services Agreement. Throughout fiscal 2023, we have incurred certain costs as a standalone public company, including services provided by our own resources or through third-party service providers relating to corporate functions, including information technology, finance, executive, human resources, supply chain, internal audit, governance and legal services, as well as ongoing additional costs associated with operating as an independent, publicly-traded company.
Accounting Standards Issued and Adopted	Accounting Standards Issued and Adopted There are no recently issued accounting pronouncements that we have adopted and which have had a material effect on our results of operations, cash flows or financial condition. Accounting Standards Issued, But Not Yet Adopted There are no recently issued accounting pronouncements that we have not yet adopted that are expected to have a material effect on our results of operations, cash flows or financial condition.

Revenue from Contract with Cust

Revenue from Contract with Customers (Tables)	9 Months Ended
Revenue from Contract with Customers (Tables)	Sep. 24, 2023
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table disaggregates our consolidated revenue by major sales distribution channels for 2023 and 2022. 13 Weeks Ended 39 Weeks Ended (In millions) September 24, 2023 September 25, 2022 September 24, 2023 September 25, 2022 Dealers (a) $ 350.0 $ 454.0 $ 1,036.3 $ 1,287.6 Retailers (b) 214.0 269.9 677.6 809.9 Builders (c) 78.9 88.1 228.7 248.1 U.S. net sales 642.9 812.0 1,942.6 2,345.6 International (d) 34.4 46.4 106.5 145.5 Net sales $ 677.3 $ 858.4 $ 2,049.1 $ 2,491.1 a) Represents sales to domestic dealers whose end customers include builders, professional trades and home remodelers, inclusive of sales through our dealers’ respective internet website portals. b) Represents sales to domestic “Do-It-Yourself” retailers, including our two largest customers: 1) The Home Depot, Inc., and 2) Lowe’s Companies, Inc., inclusive of sales through their respective internet website portals. c) Represents sales directly to domestic builders. d) Represents sales in markets outside the United States, principally in Canada and Mexico.
Accounts Receivable, Allowance for Credit Loss	The following table summarizes the activity for the thirteen and thirty-nine weeks ended September 24, 2023 and September 25, 2022: 13 Weeks Ended 39 Weeks Ended (In millions) September 24, 2023 September 25, 2022 September 24, 2023 September 25, 2022 Beginning balance $ 6.1 $ 9.2 $ 11.6 $ 2.5 Bad debt provision 0.8 1.9 1.5 9.8 Uncollectible accounts written off, net of recoveries (1.6) (1.5) (7.8) (2.7) Ending balance $ 5.3 $ 9.6 $ 5.3 $ 9.6

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
Earnings Per Share (Tables)	Sep. 24, 2023
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table sets forth the reconciliation of the numerator and the denominator of basic earnings per share and diluted earnings per share for the thirteen and thirty-nine weeks ended September 24, 2023 and September 25, 2022: 13 Weeks Ended 39 Weeks Ended (In millions, except per share amounts) September 24, 2023 September 25, 2022 September 24, 2023 September 25, 2022 Numerator: Numerator for basic and diluted earnings per share - Net income $ 59.7 $ 52.2 $ 145.9 $ 140.0 Denominator: Denominator for basic earnings per share - weighted average shares outstanding 127.6 128.0 128.1 128.0 Effect of dilutive securities - stock-based awards 2.7 — 1.8 — Denominator for diluted earnings per share - weighted average shares outstanding 130.3 128.0 129.9 128.0 Earnings per share: Basic $ 0.47 $ 0.41 $ 1.14 $ 1.09 Diluted $ 0.46 $ 0.41 $ 1.12 $ 1.09

Balance Sheet Information - (Ta

Balance Sheet Information - (Tables)	9 Months Ended
Balance Sheet Information - (Tables)	Sep. 24, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Condensed Balance Sheet	Supplemental information on our balance sheets is as follows: (In millions) September 24, 2023 December 25, 2022 Inventories: Raw materials and supplies $ 187.3 $ 292.1 Work in process 23.8 23.6 Finished products 58.3 57.4 Total inventories $ 269.4 $ 373.1 Property, plant and equipment: Land and improvements $ 31.1 $ 32.9 Buildings and improvements to leaseholds 304.9 304.0 Machinery and equipment 539.8 518.8 Construction in progress 31.0 37.7 Property, plant and equipment, gross 906.8 893.4 Less: accumulated depreciation 565.3 540.8 Property, plant and equipment, net of accumulated depreciation $ 341.5 $ 352.6 Accounts payable: Third party $ 146.6 $ 175.1 Fortune Brands (a) 33.1 44.1 Total accounts payable $ 179.7 $ 219.2 Other current liabilities: Accrued salaries, wages and other compensation $ 63.1 $ 49.0 Accrued restructuring 1.5 15.4 Accrued income and other taxes 23.9 14.3 Accrued product warranties 13.6 11.2 Other accrued expenses 62.5 70.6 Total other current liabilities $ 164.6 $ 160.5 (a) The payable to Fortune Brands of $33.1 million and $44.1 million as of September 24, 2023 and December 25, 2022

Goodwill and Identifiable Int_2

Goodwill and Identifiable Intangible Assets (Tables)	9 Months Ended
Goodwill and Identifiable Intangible Assets (Tables)	Sep. 24, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The change in the net carrying amount of goodwill was as follows: (In millions) Total Balance at December 25, 2022 $ 924.2 Q1 2023 translation adjustments (0.4) Balance at March 26, 2023 $ 923.8 Q2 2023 translation adjustments 1.4 Balance at June 25, 2023 $ 925.2 Q3 2023 translation adjustments (0.6) Balance at September 24, 2023 $ 924.6
Schedule of Finite-Lived Intangible Assets	The gross carrying value and accumulated amortization by class of intangible assets as of September 24, 2023 and December 25, 2022 were as follows: As of September 24, 2023 As of December 25, 2022 (In millions) Gross Accumulated Net Gross Accumulated Net Indefinite-lived tradenames $ 183.5 $ — $ 183.5 $ 183.1 $ — $ 183.1 Amortizable intangible assets Tradenames 10.3 (10.3) — 10.3 (10.2) 0.1 Customer and contractual relationships 363.2 (208.2) 155.0 362.9 (196.8) 166.1 Patents/proprietary technology 11.0 (11.0) — 11.0 (10.5) 0.5 Total 384.5 (229.5) 155.0 384.2 (217.5) 166.7 Total identifiable intangibles $ 568.0 $ (229.5) $ 338.5 $ 567.3 $ (217.5) $ 349.8
Schedule of Indefinite-Lived Intangible Assets	The gross carrying value and accumulated amortization by class of intangible assets as of September 24, 2023 and December 25, 2022 were as follows: As of September 24, 2023 As of December 25, 2022 (In millions) Gross Accumulated Net Gross Accumulated Net Indefinite-lived tradenames $ 183.5 $ — $ 183.5 $ 183.1 $ — $ 183.1 Amortizable intangible assets Tradenames 10.3 (10.3) — 10.3 (10.2) 0.1 Customer and contractual relationships 363.2 (208.2) 155.0 362.9 (196.8) 166.1 Patents/proprietary technology 11.0 (11.0) — 11.0 (10.5) 0.5 Total 384.5 (229.5) 155.0 384.2 (217.5) 166.7 Total identifiable intangibles $ 568.0 $ (229.5) $ 338.5 $ 567.3 $ (217.5) $ 349.8

Financial Instruments (Tables)

Financial Instruments (Tables)	9 Months Ended
Financial Instruments (Tables)	Sep. 24, 2023
Investments, Debt and Equity Securities [Abstract]
Fair Values of Foreign Exchange Derivative Instruments on the Consolidated Balance Sheets	The fair values of foreign exchange derivative instruments on the condensed consolidated balance sheets as of September 24, 2023 and December 25, 2022 were: (In millions) Location September 24, 2023 December 25, 2022 Assets: Foreign exchange contracts Other current assets $ 3.3 $ 3.7 Total assets $ 3.3 $ 3.7 Liabilities: Foreign exchange contracts Other current liabilities $ — $ 0.5 Total liabilities $ — $ 0.5
Effects of Derivative Financial Instruments on the Consolidated Statements of Income	The effects of derivative financial instruments on the condensed consolidated statements of income for the thirteen and thirty-nine weeks ended September 24, 2023 and September 25, 2022 were: Classification and Amount 13 weeks ended September 24, 2023 (In millions) Cost of Other (income) expense, net Total amounts per Condensed Consolidated Statements of Income $ 439.8 $ (1.0) The effects of fair value and cash flow hedging: Loss on fair value hedging relationships Foreign exchange contracts: Hedged items — 1.3 Derivative designated as hedging instruments — — Gain on cash flow hedging relationships Foreign exchange contracts: Amount of gain reclassified from accumulated other comprehensive loss into income (3.1) — Classification and Amount 13 weeks ended September 25, 2022 (In millions) Cost of products sold Other (income) expense, net Total amounts per Condensed Consolidated Statements of Income $ 593.5 $ 0.7 The effects of fair value and cash flow hedging: (Gain) loss on fair value hedging relationships Foreign exchange contracts: Hedged items — (0.5) Derivative designated as hedging instruments — 1.3 Gain on cash flow hedging relationships Foreign exchange contracts: Amount of gain reclassified from accumulated other comprehensive loss into income (0.4) — Classification and Amount 39 weeks ended September 24, 2023 (In millions) Cost of products sold Other (income) expense, net Total amounts per Condensed Consolidated Statements of Income $ 1,370.8 $ (0.1) The effects of fair value and cash flow hedging: (Gain) loss on fair value hedging relationships Foreign exchange contracts: Hedged items — (0.7) Derivative designated as hedging instruments — 3.4 Gain on cash flow hedging relationships Foreign exchange contracts: Amount of gain reclassified from accumulated other comprehensive loss into income (8.6) — Classification and Amount 39 weeks ended September 25, 2022 (In millions) Cost of products sold Other (income) expense, net Total amounts per Condensed Consolidated Statements of Income $ 1,765.6 $ 1.5 The effects of fair value and cash flow hedging: (Gain) loss on fair value hedging relationships Foreign exchange contracts: Hedged items — (3.1) Derivative designated as hedging instruments — 5.6 Gain on cash flow hedging relationships Foreign exchange contracts: Amount of gain reclassified from accumulated other comprehensive loss into income (2.1) —

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
Fair Value Measurements (Tables)	Sep. 24, 2023
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	Assets and liabilities measured at fair value on a recurring basis as of September 24, 2023 and December 25, 2022 were as follows: Fair Value (In millions) September 24, 2023 December 25, 2022 Assets: Derivative asset financial instruments (Level 2) $ 3.3 $ 3.7 Deferred compensation program assets (Level 2) 5.3 3.6 Total assets $ 8.6 $ 7.3 Liabilities: Derivative liability financial instruments (Level 2) $ — $ 0.5

Debt (Tables)

Debt (Tables)	9 Months Ended
Debt (Tables)	Sep. 24, 2023
Debt Disclosure [Abstract]
Schedule of Debt	The following table provides a summary of the Company’s debt as of September 24, 2023 and December 25, 2022, including the carrying value of the debt less debt issuance costs: September 24, 2023 December 25, 2022 (In millions) Current Long-term Current Long-term Revolving credit facility due November 2027 $ — $ — $ — $ 235.0 Term loan due November 2027 9.4 703.1 18.8 731.3 Subtotal 9.4 703.1 18.8 966.3 Less: Unamortized debt issuance costs (1.2) (3.8) (1.3) (4.8) Total $ 8.2 $ 699.3 $ 17.5 $ 961.5

Restructuring Charges (Tables)

Restructuring Charges (Tables)	9 Months Ended
Restructuring Charges (Tables)	Sep. 24, 2023
Restructuring and Related Activities [Abstract]
Schedule of Restructuring Liabilities	(In millions) Balance at June 25, 2023 Provision Cash Expenditures (a) Balance at September 24, 2023 Workforce reduction costs $ 3.2 $ 1.2 $ (3.0) $ 1.4 Other 0.1 0.2 (0.2) 0.1 $ 3.3 $ 1.4 $ (3.2) $ 1.5 (In millions) Balance at June 26, 2022 Cash Expenditures (a) Balance at September 25, 2022 Workforce reduction costs $ 1.8 $ 9.4 $ (1.6) $ 9.6 Other 0.1 0.2 (0.2) 0.1 $ 1.9 $ 9.6 $ (1.8) $ 9.7 (In millions) Balance at December 25, 2022 Provision Cash Expenditures (a) Balance at September 24, 2023 Workforce reduction costs $ 15.3 $ 2.5 $ (16.4) $ 1.4 Other 0.1 1.6 (1.6) 0.1 $ 15.4 $ 4.1 $ (18.0) $ 1.5 (In millions) Balance at December 26, 2021 Provision Cash Expenditures (a) Balance at September 25, 2022 Workforce reduction costs $ 2.2 $ 10.6 $ (3.2) $ 9.6 Other 0.2 0.3 (0.4) 0.1 $ 2.4 $ 10.9 $ (3.6) $ 9.7 (a) Cash expenditures primarily related to severance charges.

Pension and Other Postretirem_2

Pension and Other Postretirement Plans (Tables)	9 Months Ended
Pension and Other Postretirement Plans (Tables)	Sep. 24, 2023
Retirement Benefits [Abstract]
Schedule of Net Benefit Costs	The components of net periodic (benefit) cost for pension and other postretirement plans for the thirteen and thirty-nine weeks ended September 24, 2023 and September 25, 2022, respectively, are as set forth in the tables below. Service cost is classified as either a component of cost of products sold or within selling, general and administrative expenses in the condensed consolidated statements of income, based on the nature of the job responsibilities of the associates participating in the plans. All other components of net periodic (benefit) cost are classified as other expense (income), net in the condensed consolidated statements of income. Pension Benefits Postretirement Benefits 13 Weeks Ended 13 Weeks Ended (In millions) September 24, 2023 September 25, 2022 September 24, 2023 September 25, 2022 Service cost $ — $ — $ 0.1 $ 0.2 Interest cost 1.7 1.2 0.1 0.1 Expected return on plan assets (1.8) (1.8) — — Net periodic (benefit) cost $ (0.1) $ (0.6) $ 0.2 $ 0.3 Pension Benefits Postretirement Benefits 39 Weeks Ended 39 Weeks Ended (In millions) September 24, 2023 September 25, 2022 September 24, 2023 September 25, 2022 Service cost $ — $ — $ 0.3 $ 0.4 Interest cost 4.9 3.7 0.2 0.2 Expected return on plan assets (5.3) (5.4) — — Net periodic (benefit) cost $ (0.4) $ (1.7) $ 0.5 $ 0.6

Contingencies and Accrued Los_2

Contingencies and Accrued Losses (Tables)	9 Months Ended
Contingencies and Accrued Losses (Tables)	Sep. 24, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of Product Warranty Liability	The following table summarizes activity related to our product warranty liability for the thirteen and thirty-nine weeks ended September 24, 2023 and September 25, 2022. 13 Weeks Ended 39 Weeks Ended (In millions) September 24, 2023 September 25, 2022 September 24, 2023 September 25, 2022 Reserve balance at the beginning of the period $ 13.2 $ 8.2 $ 11.2 $ 7.0 Provision for warranties issued 8.2 11.1 26.3 29.4 Settlements made (in cash or in kind) (7.8) (9.1) (23.9) (26.2) Reserve balance at the end of the period $ 13.6 $ 10.2 $ 13.6 $ 10.2

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive (Loss) Income (Tables)	9 Months Ended
Accumulated Other Comprehensive (Loss) Income (Tables)	Sep. 24, 2023
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	The after-tax components of, and changes in, accumulated other comprehensive (loss) income for the thirteen and thirty-nine weeks ended September 24, 2023 were as follows: (In millions) Foreign Derivative Pension and Other Accumulated Balance at June 25, 2023 $ 1.6 $ 3.8 $ (9.3) $ (3.9) Amounts classified into accumulated other comprehensive (loss) income (2.0) 1.6 — (0.4) Amounts reclassified into earnings — (3.1) — (3.1) Net current period other comprehensive (loss) (2.0) (1.5) — (3.5) Balance at September 24, 2023 $ (0.4) $ 2.3 $ (9.3) $ (7.4) Balance at June 26, 2022 $ 1.3 $ 1.9 $ (5.8) $ (2.6) Amounts classified into accumulated other comprehensive (loss) income (11.4) — 0.1 (11.3) Amounts reclassified into earnings — (0.4) — (0.4) Net current period other comprehensive (loss) income (11.4) (0.4) 0.1 (11.7) Balance at September 25, 2022 $ (10.1) $ 1.5 $ (5.7) $ (14.3) (In millions) Foreign Derivative Pension and Other Accumulated Balance at December 25, 2022 $ (8.0) $ 2.8 $ (9.3) $ (14.5) Amounts classified into accumulated other comprehensive income (loss) 7.6 8.1 — 15.7 Amounts reclassified into earnings — (8.6) — (8.6) Net current period other comprehensive income (loss) 7.6 (0.5) — 7.1 Balance at September 24, 2023 $ (0.4) $ 2.3 $ (9.3) $ (7.4) Balance at December 26, 2021 $ 1.9 $ 0.1 $ (5.9) $ (3.9) Amounts classified into accumulated other comprehensive (loss) income (12.0) 3.5 0.2 (8.3) Amounts reclassified into earnings — (2.1) — (2.1) Net current period other comprehensive (loss) income (12.0) 1.4 0.2 (10.4) Balance at September 25, 2022 $ (10.1) $ 1.5 $ (5.7) $ (14.3)
Reclassification out of Accumulated Other Comprehensive Income	The reclassifications out of accumulated other comprehensive (loss) income for the thirteen and thirty-nine weeks ended September 24, 2023 and September 25, 2022 were as follows: Details about Accumulated Other Affected Line Item in the 13 Weeks Ended (In millions) September 24, 2023 September 25, 2022 Gains on cash flow hedges Foreign exchange contracts $ (3.1) $ (0.4) Cost of products sold Total reclassifications for the period $ (3.1) $ (0.4) Net of tax 26 Weeks Ended (In millions) September 24, 2023 September 25, 2022 Gains on cash flow hedges Foreign exchange contracts $ (8.6) $ (2.1) Cost of products sold Total reclassifications for the period $ (8.6) $ (2.1) Net of tax

Basis of Presentation and Pri_3

Basis of Presentation and Principles of Consolidation (Details) - USD ($) $ in Millions		1 Months Ended	3 Months Ended							9 Months Ended
	Dec. 14, 2022	Nov. 08, 2023	Sep. 24, 2023	Jun. 25, 2023	Mar. 26, 2023	Dec. 25, 2022	Sep. 25, 2022	Jun. 26, 2022	Mar. 27, 2022	Sep. 24, 2023	Sep. 25, 2022	Dec. 15, 2022	Dec. 13, 2022	Jun. 30, 2022
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Common stock authorized (in shares)			750,000,000			750,000,000				750,000,000			5,000
Common stock issued (in shares)			128,800,000			128,000,000				128,800,000			100
Selling, general and administrative expenses			$ 140.3				$ 176.2			$ 417.3	$ 487.2
Separation costs			0.1				3.5			2.3	3.7
Accrued income and other taxes			23.9			$ 14.3				23.9
Cost of products sold			439.8				593.5			1,370.8	1,765.6
Subsequent Event
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Insurance proceeds		$ 3.2
Related Party \| Transitional Services Agreement
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Selling, general and administrative expenses							28.1				69.2
Fortune Brands
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Common stock, shares issued (in shares)	128,000,000
Accrued income and other taxes			32.6			32.6				32.6
Fortune Brands \| Related Party \| Transitional Services Agreement, Costs Previously Not Allocated
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Selling, general and administrative expenses							23.6				$ 52.6
MBCI
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Common stock authorized (in shares)														1,000
Tornado
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Other nonrecurring expense			$ 0		$ 9.4
Insurance proceeds				$ 2						$ 4.2
Revision of Prior Period, Error Correction, Adjustment
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Cost of products sold						$ 8.7	$ 2	$ 1.6	$ 5.1
Fortune Brand Stockholders
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Noncontrolling interest, ownership percentage by parent												100%

Revenue from Contracts with C_2

Revenue from Contracts with Customers - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 24, 2023	Dec. 25, 2022
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, estimate refund	$ 2.3	$ 3
Minimum
Disaggregation of Revenue [Line Items]
Contract with customer, terms of payment	30 days
Maximum
Disaggregation of Revenue [Line Items]
Contract with customer, terms of payment	90 days

Revenue from Contracts with C_3

Revenue from Contracts with Customers - Disaggregation of Revenue (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 24, 2023 USD ($) customer	Sep. 25, 2022 USD ($)	Sep. 24, 2023 USD ($) customer	Sep. 25, 2022 USD ($)
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	$ 677.3	$ 858.4	$ 2,049.1	$ 2,491.1
Number of largest customers \| customer	2		2
UNITED STATES
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	$ 642.9	812	$ 1,942.6	2,345.6
UNITED STATES \| Dealer
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	350	454	1,036.3	1,287.6
UNITED STATES \| Retail
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	214	269.9	677.6	809.9
UNITED STATES \| Builders(c)
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	78.9	88.1	228.7	248.1
Non-US
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	$ 34.4	$ 46.4	$ 106.5	$ 145.5

Revenue from Contracts with C_4

Revenue from Contracts with Customers - Accounts Receivable Allowance for Credit Loss (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 24, 2023	Sep. 25, 2022	Sep. 24, 2023	Sep. 25, 2022
Contract with Customer, Asset, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 6.1	$ 9.2	$ 11.6	$ 2.5
Bad debt provision	0.8	1.9	1.5	9.8
Uncollectible accounts written off, net of recoveries	(1.6)	(1.5)	(7.8)	(2.7)
Ending balance	$ 5.3	$ 9.6	$ 5.3	$ 9.6

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details) - shares shares in Millions	3 Months Ended	9 Months Ended
	Sep. 24, 2023	Sep. 24, 2023
Earnings Per Share [Abstract]
Anti-dilutive weighted-average stock awards (in shares)	0.3	0.8

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 24, 2023	Sep. 25, 2022	Sep. 24, 2023	Sep. 25, 2022
Numerator:
Numerator for basic and diluted earnings per share - Net income	$ 59.7	$ 52.2	$ 145.9	$ 140
Denominator:
Denominator for basic earnings per share - weighted average shares outstanding (in shares)	127.6	128	128.1	128
Effect of dilutive securities - stock-based awards (in shares)	2.7	0	1.8	0
Denominator for diluted earnings per share - weighted average shares outstanding (in shares)	130.3	128	129.9	128
Earnings per share:
Basic (in dollars per share)	$ 0.47	$ 0.41	$ 1.14	$ 1.09
Diluted (in dollars per share)	$ 0.46	$ 0.41	$ 1.12	$ 1.09

Balance Sheet Information- Sche

Balance Sheet Information- Schedule of Balance Sheet (Details) - USD ($) $ in Millions	Sep. 24, 2023	Dec. 25, 2022	Dec. 15, 2022
Inventories:
Raw materials and supplies	$ 187.3	$ 292.1
Work in process	23.8	23.6
Finished products	58.3	57.4
Total inventories	269.4	373.1
Property, plant and equipment:
Property, plant and equipment, gross	906.8	893.4
Less: accumulated depreciation	565.3	540.8
Property, plant and equipment, net of accumulated depreciation	341.5	352.6
Accounts payable:
Accounts payable	179.7	219.2
Other current liabilities:
Accrued salaries, wages and other compensation	63.1	49
Accrued restructuring	1.5	15.4
Accrued income and other taxes	23.9	14.3
Accrued product warranties	13.6	11.2
Other accrued expenses	62.5	70.6
Total other current liabilities	164.6	160.5
Nonrelated Party
Accounts payable:
Accounts payable	146.6	175.1
Related Party
Accounts payable:
Accounts payable	33.1	44.1
Other current liabilities:
Income taxes payable			$ 32.6
Land and Land Improvements
Property, plant and equipment:
Property, plant and equipment, gross	31.1	32.9
Building and Building Improvements
Property, plant and equipment:
Property, plant and equipment, gross	304.9	304
Machinery and Equipment
Property, plant and equipment:
Property, plant and equipment, gross	539.8	518.8
Construction in Progress
Property, plant and equipment:
Property, plant and equipment, gross	$ 31	$ 37.7

Goodwill and Identifiable Int_3

Goodwill and Identifiable Intangible Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 24, 2023	Dec. 25, 2022	Jun. 26, 2022	Sep. 24, 2023	Jun. 25, 2023	Mar. 26, 2023
Indefinite-Lived Intangible Assets [Line Items]
Goodwill	$ 924.6	$ 924.2		$ 924.6	$ 925.2	$ 923.8
Impairment of goodwill	0
Impairment of intangible assets, indefinite-lived				0
Tradenames, One
Indefinite-Lived Intangible Assets [Line Items]
Impairment of intangible assets, indefinite-lived		12.8	$ 26
Indefinite-lived tradenames	46.2	46.2		46.2
Tradenames, Two
Indefinite-Lived Intangible Assets [Line Items]
Impairment of intangible assets, indefinite-lived		7.6
Indefinite-lived tradenames	$ 19.1	$ 19.1		$ 19.1

Goodwill and Identifiable Int_4

Goodwill and Identifiable Intangible Assets - Schedule of Goodwill (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 24, 2023	Jun. 25, 2023	Mar. 26, 2023
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 925.2	$ 923.8	$ 924.2
Currency translation adjustment	(0.6)	1.4	(0.4)
Goodwill, ending balance	$ 924.6	$ 925.2	$ 923.8

Goodwill and Identifiable Int_5

Goodwill and Identifiable Intangible Assets - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Millions	Sep. 24, 2023	Dec. 25, 2022
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amounts	$ 384.5	$ 384.2
Accumulated Amortization	(229.5)	(217.5)
Net Book Value	155	166.7
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Gross Carrying Amounts	568	567.3
Accumulated Amortization	(229.5)	(217.5)
Net Book Value	338.5	349.8
Tradenames
Indefinite-Lived Intangible Assets [Line Items]
Indefinite-lived tradenames	183.5	183.1
Tradenames
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amounts	10.3	10.3
Accumulated Amortization	(10.3)	(10.2)
Net Book Value	0	0.1
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	(10.3)	(10.2)
Customer and contractual relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amounts	363.2	362.9
Accumulated Amortization	(208.2)	(196.8)
Net Book Value	155	166.1
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	(208.2)	(196.8)
Patents/proprietary technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amounts	11	11
Accumulated Amortization	(11)	(10.5)
Net Book Value	0	0.5
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	$ (11)	$ (10.5)

Financial Instruments - Narrati

Financial Instruments - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 24, 2023	Sep. 25, 2022	Sep. 24, 2023	Sep. 25, 2022
Derivative [Line Items]
Unrealized holding gains arising during period	$ 1.6	$ 0	$ 8.1	$ 3.5
Foreign Exchange Contract \| Minimum
Derivative [Line Items]
Derivative, term of contract			12 months
Foreign Exchange Contract \| Maximum
Derivative [Line Items]
Derivative, term of contract			15 months
Designated as Hedging Instrument \| USD to Mexican Peso and Canadian Dollar
Derivative [Line Items]
Notional amount	51.1		$ 51.1
Net derivative asset	$ 3.3		3.3
Net gain on derivative			$ 2.3

Financial Instruments - Fair Va

Financial Instruments - Fair Value of Foreign Exchange Derivatives Recorded in the Balance Sheet (Details) - USD ($) $ in Millions	Sep. 24, 2023	Dec. 25, 2022
Derivatives, Fair Value [Line Items]
Derivative asset	$ 3.3	$ 3.7
Derivative liability	0	0.5
Foreign Exchange Contract
Derivatives, Fair Value [Line Items]
Derivative asset	3.3	3.7
Derivative liability	$ 0	$ 0.5

Financial Instruments - Effect

Financial Instruments - Effect of Derivative Instruments on Statements of Income (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 24, 2023	Sep. 25, 2022	Sep. 24, 2023	Sep. 25, 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Cost of products sold	$ 439.8	$ 593.5	$ 1,370.8	$ 1,765.6
Other (income) expense, net	(1)	0.7	(0.1)	1.5
Unrealized holding gains arising during period	1.6	0	8.1	3.5
Amount of gain reclassified from accumulated other comprehensive loss into income	3.1	0.4	8.6	2.1
Cost of products sold
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Hedged items	0	0	0	0
Unrealized holding gains arising during period	0	0	0	0
Amount of gain reclassified from accumulated other comprehensive loss into income	(3.1)	(0.4)	(8.6)	(2.1)
Other (income) expense, net
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Hedged items	1.3	(0.5)	(0.7)	(3.1)
Unrealized holding gains arising during period	0	1.3	3.4	5.6
Amount of gain reclassified from accumulated other comprehensive loss into income	$ 0	$ 0	$ 0	$ 0

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured on a Recurring Basis (Details) - USD ($) $ in Millions	Sep. 24, 2023	Dec. 25, 2022
Assets:
Derivative asset	$ 3.3	$ 3.7
Liabilities:
Derivative liability	0	0.5
Fair Value, Recurring
Assets:
Total assets	8.6	7.3
Fair Value, Inputs, Level 2 \| Fair Value, Recurring
Assets:
Derivative asset	3.3	3.7
Deferred compensation plan assets	5.3	3.6
Liabilities:
Derivative liability	$ 0	$ 0.5

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($) $ in Millions	Sep. 24, 2023	Dec. 25, 2022
Debt Instrument [Line Items]
Long-term debt, current maturities, gross	$ 9.4	$ 18.8
Long-term debt, excluding current maturities, gross	703.1	966.3
Current debt issuance costs, net	(1.2)	(1.3)
Noncurrent debt issuance costs, net	(3.8)	(4.8)
Current portion of long-term debt	8.2	17.5
Long-term debt	699.3	961.5
Secured Debt \| The Credit Facility
Debt Instrument [Line Items]
Long-term debt, current maturities, gross	9.4	18.8
Long-term debt, excluding current maturities, gross	703.1	731.3
Revolving Credit Facility \| Line of Credit \| The Credit Facility
Debt Instrument [Line Items]
Long-term debt, current maturities, gross	0	0
Long-term debt, excluding current maturities, gross	$ 0	$ 235

Debt - Narrative (Details)

Debt - Narrative (Details) - The Credit Facility $ in Millions		3 Months Ended	9 Months Ended
	Nov. 18, 2022 USD ($)	Sep. 24, 2023 USD ($)	Sep. 24, 2023 USD ($)	Dec. 25, 2022 USD ($)
Debt Instrument [Line Items]
Debt term	5 years
Face amount	$ 1,250
Maximum EBITDA to consolidated interest expense		3	3
Interest expense		$ 14.4	$ 49.1
Through Second Fiscal Quarter Of 2023
Debt Instrument [Line Items]
Maximum net debt to EBITDA ratio		3.875	3.875
January 2025
Debt Instrument [Line Items]
Maximum net debt to EBITDA ratio		3.25	3.25
Minimum \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Interest rate spread	185%
Maximum \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Interest rate spread	260%
Secured Debt
Debt Instrument [Line Items]
Face amount	$ 750
Repayments of secured debt		$ 28.1
Total amortization payments		4.7
Debt instrument, periodic payment, prepayment		23.4
Long-term debt, gross		$ 712.5	$ 712.5	$ 750
Revolving Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Face amount	$ 500
Long-term debt, gross				$ 235

Restructuring Charges - Narrati

Restructuring Charges - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 24, 2023	Sep. 25, 2022	Sep. 24, 2023	Sep. 25, 2022
Restructuring and Related Activities [Abstract]
Restructuring charges	$ 1.4	$ 9.6	$ 4.1	$ 10.9

Restructuring Charges - Restruc

Restructuring Charges - Restructuring Charges Reconciliation (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 24, 2023	Sep. 25, 2022	Sep. 24, 2023	Sep. 25, 2022
Restructuring Reserve [Roll Forward]
Beginning balance	$ 3.3	$ 1.9	$ 15.4	$ 2.4
Restructuring Charges	1.4	9.6	4.1	10.9
Payments for restructuring	(3.2)	(1.8)	(18)	(3.6)
Ending balance	1.5	9.7	1.5	9.7
Workforce reduction costs
Restructuring Reserve [Roll Forward]
Beginning balance	3.2	1.8	15.3	2.2
Restructuring Charges	1.2	9.4	2.5	10.6
Payments for restructuring	(3)	(1.6)	(16.4)	(3.2)
Ending balance	1.4	9.6	1.4	9.6
Other
Restructuring Reserve [Roll Forward]
Beginning balance	0.1	0.1	0.1	0.2
Restructuring Charges	0.2	0.2	1.6	0.3
Payments for restructuring	(0.2)	(0.2)	(1.6)	(0.4)
Ending balance	$ 0.1	$ 0.1	$ 0.1	$ 0.1

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details)	3 Months Ended		9 Months Ended
Income Taxes - Narrative (Details)	Sep. 24, 2023	Sep. 25, 2022	Sep. 24, 2023	Sep. 25, 2022
Income Tax Disclosure [Abstract]
Effective income tax rate, percent	23.40%	33.30%	25.40%	27.80%

Pension and Other Postretirem_3

Pension and Other Postretirement Plans - Schedule of Net Benefit Costs (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 24, 2023	Sep. 25, 2022	Sep. 24, 2023	Sep. 25, 2022
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 0	$ 0	$ 0	$ 0
Interest cost	1.7	1.2	4.9	3.7
Expected return on plan assets	(1.8)	(1.8)	(5.3)	(5.4)
Net periodic (benefit) cost	(0.1)	(0.6)	(0.4)	(1.7)
Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	0.1	0.2	0.3	0.4
Interest cost	0.1	0.1	0.2	0.2
Expected return on plan assets	0	0	0	0
Net periodic (benefit) cost	$ 0.2	$ 0.3	$ 0.5	$ 0.6

Contingencies and Accrued Los_3

Contingencies and Accrued Losses - Product Warranty (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 24, 2023	Sep. 25, 2022	Sep. 24, 2023	Sep. 25, 2022
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]
Reserve balance at the beginning of the period	$ 13.2	$ 8.2	$ 11.2	$ 7
Provision for warranties issued	8.2	11.1	26.3	29.4
Settlements made (in cash or in kind)	(7.8)	(9.1)	(23.9)	(26.2)
Reserve balance at the end of the period	$ 13.6	$ 10.2	$ 13.6	$ 10.2

Contingencies and Accrued Los_4

Contingencies and Accrued Losses - Additional Information (Details) - Sep. 24, 2023 $ in Millions	USD ($)	MXN ($)
Mexican Tax Authority
Loss Contingencies [Line Items]
Loss contingency, estimate of possible loss	$ 54.9	$ 944,813,870

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive (Loss) Income - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 24, 2023	Sep. 25, 2022	Sep. 24, 2023	Sep. 25, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			$ 1,009.2	$ 2,453.8
Amounts classified into accumulated other comprehensive (loss) income	$ (0.4)	$ (11.3)	15.7	(8.3)
Amounts reclassified into earnings	(3.1)	(0.4)	(8.6)	(2.1)
Other comprehensive loss	(3.5)	(11.7)	7.1	(10.4)
Ending balance	1,156.5	2,704.7	1,156.5	2,704.7
Foreign Currency Adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	1.6	1.3	(8)	1.9
Amounts classified into accumulated other comprehensive (loss) income	(2)	(11.4)	7.6	(12)
Amounts reclassified into earnings	0	0	0	0
Other comprehensive loss	(2)	(11.4)	7.6	(12)
Ending balance	(0.4)	(10.1)	(0.4)	(10.1)
Derivative Hedging Gain (Loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	3.8	1.9	2.8	0.1
Amounts classified into accumulated other comprehensive (loss) income	1.6	0	8.1	3.5
Amounts reclassified into earnings	(3.1)	(0.4)	(8.6)	(2.1)
Other comprehensive loss	(1.5)	(0.4)	(0.5)	1.4
Ending balance	2.3	1.5	2.3	1.5
Pension and Other Postretirement Plans Adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(9.3)	(5.8)	(9.3)	(5.9)
Amounts classified into accumulated other comprehensive (loss) income	0	0.1	0	0.2
Amounts reclassified into earnings	0	0	0	0
Other comprehensive loss	0	0.1	0	0.2
Ending balance	(9.3)	(5.7)	(9.3)	(5.7)
Accumulated Other Comprehensive (Loss) Income
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(3.9)	(2.6)	(14.5)	(3.9)
Other comprehensive loss			7.1	(10.4)
Ending balance	$ (7.4)	$ (14.3)	$ (7.4)	$ (14.3)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive (Loss) Income - Reclassification of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 24, 2023	Sep. 25, 2022	Sep. 24, 2023	Sep. 25, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total reclassifications for the period	$ (3.1)	$ (0.4)	$ (8.6)	$ (2.1)
Cost of products sold \| Foreign Exchange Contract
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total reclassifications for the period	$ (3.1)	$ (0.4)	$ (8.6)	$ (2.1)

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 24, 2023	Sep. 25, 2022	Sep. 24, 2023	Sep. 25, 2022
Related Party Transaction [Line Items]
Interest income	$ 0	$ 4.3	$ 0	$ 7.3
Interest expense	$ 15.3	0	$ 49.9	0
Related Party
Related Party Transaction [Line Items]
Stock based compensation expense		2.7		8.1
Transitional Services Agreement
Related Party Transaction [Line Items]
Related party transaction amount		28.1		69.2
Transitional Services Agreement, Costs Previously Not Allocated
Related Party Transaction [Line Items]
Related party transaction amount		23.6		52.6
Related Party, Note Receivable \| Related Party
Related Party Transaction [Line Items]
Interest income		4.9		8.4
Related Party, Note Payable \| Related Party
Related Party Transaction [Line Items]
Interest expense		$ 0.6		$ 1.1
Minimum \| Fortune Brands \| Related Party, Note Receivable
Related Party Transaction [Line Items]
Related party interest rate		275%		95%
Minimum \| Fortune Brands \| Related Party, Note Payable
Related Party Transaction [Line Items]
Related party interest rate		300%		120%
Maximum \| Fortune Brands \| Related Party, Note Receivable
Related Party Transaction [Line Items]
Related party interest rate		350%		350%
Maximum \| Fortune Brands \| Related Party, Note Payable
Related Party Transaction [Line Items]
Related party interest rate		375%		375%

Stock Repurchase Program (Detai

Stock Repurchase Program (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	9 Months Ended
	Sep. 24, 2023	Sep. 24, 2023	May 09, 2023
Equity [Abstract]
Stock repurchase program, authorized amount			$ 50
Stock repurchased under repurchase program (in shares)	942,918	1,347,776
Stock repurchase program	$ 11.5	$ 15.9
Average cost per share (in USD per share)	$ 12.23	$ 11.83
Remaining authorized repurchase amount	$ 34.1	$ 34.1