Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Oct. 15, 2013 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 30-Sep-13 | |
Document Fiscal Year Focus | 2013 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | MAS | |
Entity Registrant Name | MASCO CORP /DE/ | |
Entity Central Index Key | 62996 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 356,987,300 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Current assets: | ||
Cash and cash investments | $1,011 | $1,040 |
Short-term bank deposits | 277 | 311 |
Receivables | 1,211 | 933 |
Prepaid expenses and other | 119 | 107 |
Assets held for sale | 98 | 100 |
Inventories: | ||
Finished goods | 427 | 368 |
Raw material | 256 | 266 |
Work in process | 94 | 92 |
Inventories | 777 | 726 |
Total current assets | 3,493 | 3,217 |
Property and equipment, net | 1,257 | 1,326 |
Goodwill | 1,900 | 1,894 |
Other intangible assets, net | 149 | 151 |
Other assets | 166 | 184 |
Assets held for sale | 94 | 103 |
Total assets | 7,059 | 6,875 |
Current liabilities: | ||
Notes payable | 5 | 206 |
Accounts payable | 986 | 788 |
Accrued liabilities | 847 | 823 |
Liabilities held for sale | 49 | 45 |
Total current liabilities | 1,887 | 1,862 |
Long-term debt | 3,421 | 3,422 |
Deferred income taxes and other | 1,065 | 1,053 |
Liabilities held for sale | 4 | |
Total liabilities | 6,373 | 6,341 |
Commitments and contingencies | ||
Masco Corporation's shareholders' equity: | ||
Common shares, par value $1 per share Authorized shares: 1,400,000,000; issued and outstanding: 2013 - 349,400,000; 2012 - 349,000,000 | 349 | 349 |
Preferred shares authorized: 1,000,000; issued and outstanding: 2013 - None; 2012 - None | ||
Paid-in capital | 8 | 16 |
Retained earnings (deficit) | 36 | -102 |
Accumulated other comprehensive income | 81 | 59 |
Total Masco Corporation's shareholders' equity | 474 | 322 |
Noncontrolling interest | 212 | 212 |
Total equity | 686 | 534 |
Total liabilities and equity | $7,059 | $6,875 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Statement Of Financial Position [Abstract] | ||
Common shares, par value | $1 | $1 |
Common shares, shares Authorized | 1,400,000,000 | 1,400,000,000 |
Common shares, shares issued | 349,400,000 | 349,000,000 |
Common shares, shares outstanding | 349,400,000 | 349,000,000 |
Preferred shares, shares authorized | 1,000,000 | 1,000,000 |
Preferred shares, shares issued | 0 | 0 |
Preferred shares, shares outstanding | 0 | 0 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Statement [Abstract] | ||||
Net sales | $2,150 | $1,913 | $6,175 | $5,664 |
Cost of sales | 1,543 | 1,413 | 4,451 | 4,159 |
Gross profit | 607 | 500 | 1,724 | 1,505 |
Selling, general and administrative expenses | 395 | 391 | 1,192 | 1,160 |
Charge for litigation settlements, net | 1 | 74 | ||
Operating profit | 212 | 108 | 532 | 271 |
Other income (expense), net: | ||||
Interest expense | -58 | -62 | -178 | -194 |
Other, net | 5 | 10 | 22 | |
Total other income (expense), net | -58 | -57 | -168 | -172 |
Income (loss) from continuing operations before income taxes | 154 | 51 | 364 | 99 |
Income taxes | 38 | 16 | 91 | 54 |
Income (loss) from continuing operations | 116 | 35 | 273 | 45 |
Loss from discontinued operations | -2 | -11 | -16 | -44 |
Net income (loss) | 114 | 24 | 257 | 1 |
Less: Net income attributable to noncontrolling interest | 11 | 9 | 30 | 28 |
Net income (loss) | 103 | 15 | 227 | -27 |
Basic: | ||||
Income (loss) from continuing operations | $0.29 | $0.07 | $0.68 | $0.04 |
Loss from discontinued operations | ($0.01) | ($0.03) | ($0.04) | ($0.12) |
Net income (loss) | $0.29 | $0.04 | $0.64 | ($0.08) |
Diluted: | ||||
Income (loss) from continuing operations | $0.29 | $0.07 | $0.67 | $0.04 |
Loss from discontinued operations | ($0.01) | ($0.03) | ($0.04) | ($0.12) |
Net income (loss) | $0.29 | $0.04 | $0.63 | ($0.08) |
Amounts attributable to Masco Corporation: | ||||
Income (loss) from continuing operations | 105 | 26 | 243 | 17 |
Loss from discontinued operations | -2 | -11 | -16 | -44 |
Net income (loss) | $103 | $15 | $227 | ($27) |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income | $114 | $24 | $257 | $1 |
Less: Net income attributable to noncontrolling interest | 11 | 9 | 30 | 28 |
Net income (loss) attributable to Masco Corporation | 103 | 15 | 227 | -27 |
Other comprehensive income, net of tax (see Note L): | ||||
Cumulative translation adjustment | 37 | 42 | 11 | 15 |
Interest rate swaps | 1 | 1 | 1 | |
Unrecognized pension prior service cost and net loss | 5 | 3 | 14 | 11 |
Other comprehensive income | 42 | 46 | 26 | 27 |
Less: Other comprehensive income attributable to noncontrolling interest | 8 | 8 | 4 | 4 |
Other comprehensive income attributable to Masco Corporation | 34 | 38 | 22 | 23 |
Total comprehensive income | 156 | 70 | 283 | 28 |
Less: Total comprehensive income attributable to the noncontrolling interest | 19 | 17 | 34 | 32 |
Total comprehensive income (loss) attributable to Masco Corporation | $137 | $53 | $249 | ($4) |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
CASH FLOWS FROM (FOR) OPERATING ACTIVITIES: | ||
Cash provided by operations | $489 | $191 |
Increase in receivables | -302 | -245 |
Increase in inventories | -40 | -58 |
Increase in accounts payable and accrued liabilities, net | 203 | 202 |
Net cash from operating activities | 350 | 90 |
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES: | ||
Cash dividends paid | -81 | -80 |
Dividend payment to noncontrolling interest | -34 | -40 |
Purchase of Company common stock | -35 | -8 |
Credit Agreement costs | -4 | |
Issuance of Notes, net of issuance costs | 396 | |
Retirement of Notes | -200 | -791 |
Payment for settlement of swaps | -25 | |
Payment of debt, net | -2 | |
Net cash for financing activities | -356 | -548 |
CASH FLOWS FROM (FOR) INVESTING ACTIVITIES: | ||
Capital expenditures | -88 | -80 |
Acquisition of companies, net of cash acquired | -5 | |
Proceeds from disposition of: | ||
Other financial investments | 13 | 35 |
Short-term bank deposits | 309 | 405 |
Businesses | 1 | |
Property and equipment | 24 | 25 |
Purchases of: | ||
Other financial investments | -2 | |
Short-term bank deposits | -269 | -380 |
Other, net | -5 | -21 |
Net cash for investing activities | -21 | -17 |
Effect of exchange rate changes on cash and cash investments | -2 | 11 |
CASH AND CASH INVESTMENTS: | ||
Decrease for the period | -29 | -464 |
At January 1 | 1,040 | 1,353 |
At September 30 | $1,011 | $889 |
CONSOLIDATED_STATEMENTS_OF_SHA
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (USD $) | Total | Common Shares ($1 par value) [Member] | Paid-In Capital [Member] | (Accumulated Deficit) Retained Earnings [Member] | Accumulated Other Comprehensive Income [Member] | Noncontrolling Interest [Member] |
In Millions, unless otherwise specified | ||||||
Beginning balance at Dec. 31, 2011 | $742 | $348 | $65 | $38 | $76 | $215 |
Total comprehensive income (loss) | 28 | -27 | 23 | 32 | ||
Shares issued | 3 | -3 | ||||
Shares retired: | ||||||
Repurchased | -8 | -1 | -7 | |||
Surrendered (non-cash) | -8 | -1 | -7 | |||
Cash dividends declared | -80 | -54 | -26 | |||
Dividend payment to noncontrolling interest | -40 | -40 | ||||
Stock-based compensation | 40 | 40 | ||||
Ending balance at Sep. 30, 2012 | 674 | 349 | 34 | -15 | 99 | 207 |
Beginning balance at Dec. 31, 2012 | 534 | 349 | 16 | -102 | 59 | 212 |
Total comprehensive income (loss) | 283 | 227 | 22 | 34 | ||
Shares issued | 3 | -3 | ||||
Shares retired: | ||||||
Repurchased | -35 | -2 | -11 | -22 | ||
Surrendered (non-cash) | -20 | -1 | -19 | |||
Cash dividends declared | -81 | -14 | -67 | |||
Dividend payment to noncontrolling interest | -34 | -34 | ||||
Stock-based compensation | 39 | 39 | ||||
Ending balance at Sep. 30, 2013 | $686 | $349 | $8 | $36 | $81 | $212 |
Accounting_Policies
Accounting Policies | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||
Accounting Policies | A. | In the opinion of the Company, the accompanying unaudited condensed consolidated financial statements contain all adjustments, of a normal recurring nature, necessary to present fairly its financial position as at September 30, 2013 and the results of operations for the three months and nine months ended September 30, 2013 and 2012 and cash flows for the nine months ended September 30, 2013 and 2012. The condensed consolidated balance sheet at December 31, 2012 was derived from audited financial statements. | |||||||||||||||||||
Certain prior-year amounts have been reclassified to conform to the 2013 presentation in the condensed consolidated financial statements. In the Company’s condensed consolidated balance sheets, assets and liabilities related to the 2013 discontinued operations have been separately presented at September 30, 2013 and December 31, 2012. The results of operations related to the 2013 discontinued operations have been separately stated in the accompanying condensed consolidated statements of operations for the three months and nine months ended September 30, 2013 and 2012. In the Company’s condensed consolidated statements of cash flows for the nine months ended September 30, 2013 and 2012, cash flows from discontinued operations are not separately classified. | |||||||||||||||||||||
Revision of Previously Issued Financial Statements. During the third quarter ended September 30, 2013, the Company identified an error related to the classification of cash and cash investments. Foreign short-term bank deposits with terms ranging from three months to twelve months were incorrectly classified as cash and cash investments rather than short-term bank deposits. The statement of cash flows as of September 30, 2012 and the balance sheet at December 31, 2012 have been revised. Other historic periods will be revised, as detailed below, in our future filings. These classification errors were not considered material to any prior period financial statements. | |||||||||||||||||||||
The following table presents the impact of the revisions on the Company’s previously issued consolidated balance sheets (in millions). | |||||||||||||||||||||
Balance Sheet December 31, 2012 | As Reported | As Revised | |||||||||||||||||||
Cash and cash investments | $ | 1,351 | $ | 1,040 | |||||||||||||||||
Short-term bank deposits | — | 311 | |||||||||||||||||||
Total current assets | $ | 3,217 | $ | 3,217 | |||||||||||||||||
Balance Sheet December 31, 2011 | As Reported | As Revised | |||||||||||||||||||
Cash and cash investments | $ | 1,656 | $ | 1,353 | |||||||||||||||||
Short-term bank deposits | — | 303 | |||||||||||||||||||
Total current assets | $ | 3,429 | $ | 3,429 | |||||||||||||||||
This revision had no effect on our consolidated results of operations. | |||||||||||||||||||||
The following table presents the impact of the revisions on the Company’s previously issued consolidated statement of cash flows (in millions). | |||||||||||||||||||||
Cash Flows December 31, 2012 | As Reported | As Revised | |||||||||||||||||||
Net cash (for) investing activities | $ | (27 | ) | $ | (29 | ) | |||||||||||||||
Effect of exchange rate changes on cash and cash investments | $ | 17 | $ | 11 | |||||||||||||||||
Decrease in cash and cash investments | $ | (305 | ) | $ | (313 | ) | |||||||||||||||
Cash Flows December 31, 2011 | As Reported | As Revised | |||||||||||||||||||
Net cash (for) investing activities | $ | (61 | ) | $ | (84 | ) | |||||||||||||||
Effect of exchange rate changes on cash and cash investments | $ | (18 | ) | $ | (8 | ) | |||||||||||||||
Decrease in cash and cash investments | $ | (59 | ) | $ | (72 | ) | |||||||||||||||
Cash Flows December 31, 2010 | As Reported | As Revised | |||||||||||||||||||
Net cash (for) investing activities | $ | (109 | ) | $ | (244 | ) | |||||||||||||||
Effect of exchange rate changes on cash and cash investments | $ | (14 | ) | $ | (7 | ) | |||||||||||||||
Increase in cash and cash investments | $ | 302 | $ | 174 | |||||||||||||||||
The following table presents the impact of the revisions on the Company’s previously issued consolidated balance sheets and statements of cash flows (all cash flow figures are year-to-date, in millions). | |||||||||||||||||||||
Mar. 31, | June 30, | Sep. 30, | Mar. 31, | June 30, | |||||||||||||||||
2012 | 2012 | 2012 | 2013 | 2013 | |||||||||||||||||
Cash and cash investments | |||||||||||||||||||||
As reported | $ | 1,788 | $ | 1,853 | $ | 1,166 | $ | 1,032 | $ | 1,223 | |||||||||||
As revised | $ | 1,491 | $ | 1,612 | $ | 889 | $ | 828 | $ | 1,028 | |||||||||||
Short-term bank deposits | |||||||||||||||||||||
As reported | — | — | — | — | — | ||||||||||||||||
As revised | $ | 297 | $ | 241 | $ | 277 | $ | 204 | $ | 195 | |||||||||||
Net cash (for) from investing activities | |||||||||||||||||||||
As reported | $ | (2 | ) | $ | (15 | ) | $ | (42 | ) | $ | (30 | ) | $ | (51 | ) | ||||||
As revised | $ | 10 | $ | 37 | $ | (17 | ) | $ | 70 | $ | 62 | ||||||||||
The revisions did not significantly impact the effect of exchange rate changes on cash and cash investments in each quarter above. These changes will be reflected in the revised statements of cash flows, in future filings. | |||||||||||||||||||||
Recently Issued Accounting Pronouncements. On January 1, 2013, the Company adopted new accounting guidance requiring disclosure of amounts reclassified from accumulated other comprehensive income. The adoption of this new guidance did not have an impact on the Company’s financial position or its results of operations. |
Discontinued_Operations
Discontinued Operations | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Discontinued Operations And Disposal Groups [Abstract] | |||||||||||||||||
Discontinued Operations | B. | In the first quarter of 2013, the Company determined that Tvilum, its Danish ready-to-assemble cabinet business, is no longer core to its long-term growth strategy and, accordingly, the Company has embarked on a plan for disposition. The Company has accounted for this business and those which were sold in 2012 as discontinued operations. Selected financial information for the discontinued operations, during the period owned by the Company, was as follows, in millions: | |||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net Sales | $ | 75 | $ | 86 | $ | 194 | $ | 255 | |||||||||
Operating loss from discontinued operations | $ | — | $ | (9 | ) | $ | (8 | ) | $ | (30 | ) | ||||||
Impairment of assets | — | (3 | ) | (10 | ) | (3 | ) | ||||||||||
Loss on disposal of discontinued operations, net | (2 | ) | — | (2 | ) | (3 | ) | ||||||||||
Loss before income tax | (2 | ) | (12 | ) | (20 | ) | (36 | ) | |||||||||
Income tax expense (benefit) | — | (1 | ) | (4 | ) | 8 | |||||||||||
Loss from discontinued operations, net | $ | (2 | ) | $ | (11 | ) | $ | (16 | ) | $ | (44 | ) | |||||
Included in impairment of assets in 2013 is the impairment of fixed assets held for sale. During the first quarter of 2013, the Company estimated the fair value of the business held for sale, using unobservable inputs (Level 3). After considering the currency translation gains reported in Accumulated Other Comprehensive Income, the Company recorded an impairment of $10 million in the first quarter of 2013; no further adjustment was made in the second or third quarters of 2013. | |||||||||||||||||
The unusual relationship between income tax expense and loss before income tax in 2012 results primarily from the increase in the deferred tax liability associated with the abandonment of tax basis in indefinite-lived intangibles due to the disposition of certain discontinued operations. | |||||||||||||||||
The following balance sheet items have been reclassified as held for sale: | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Receivables | $ | 40 | $ | 32 | |||||||||||||
Inventories | 57 | 66 | |||||||||||||||
Prepaid expenses and other | 1 | 2 | |||||||||||||||
Property and equipment, net | 94 | 103 | |||||||||||||||
Total assets | $ | 192 | $ | 203 | |||||||||||||
Accounts payable | $ | 38 | $ | 31 | |||||||||||||
Accrued liabilities | 11 | 14 | |||||||||||||||
Deferred income taxes | — | 4 | |||||||||||||||
Total liabilities | $ | 49 | $ | 49 | |||||||||||||
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||
Goodwill and Other Intangible Assets | C. | The changes in the carrying amount of goodwill for the nine months ended September 30, 2013, by segment, were as follows, in millions: | |||||||||||||||||||||||
Gross Goodwill | Accumulated | Net Goodwill | |||||||||||||||||||||||
At | Impairment | At | |||||||||||||||||||||||
Sep. 30, 2013 | Losses | Sep. 30, 2013 | |||||||||||||||||||||||
Cabinets and Related Products | $ | 240 | $ | (59 | ) | $ | 181 | ||||||||||||||||||
Plumbing Products | 547 | (340 | ) | 207 | |||||||||||||||||||||
Installation and Other Services | 1,806 | (762 | ) | 1,044 | |||||||||||||||||||||
Decorative Architectural Products | 294 | (75 | ) | 219 | |||||||||||||||||||||
Other Specialty Products | 983 | (734 | ) | 249 | |||||||||||||||||||||
Total | $ | 3,870 | $ | (1,970 | ) | $ | 1,900 | ||||||||||||||||||
Gross Goodwill | Accumulated | Net Goodwill | Other(A) | Additions (B) | Net Goodwill | ||||||||||||||||||||
At | Impairment | At | At | ||||||||||||||||||||||
Dec. 31, 2012 | Losses | Dec. 31, 2012 | Sep. 30, 2013 | ||||||||||||||||||||||
Cabinets and Related Products | $ | 240 | $ | (59 | ) | $ | 181 | $ | — | $ | — | $ | 181 | ||||||||||||
Plumbing Products | 544 | (340 | ) | 204 | 3 | — | 207 | ||||||||||||||||||
Installation and Other Services | 1,806 | (762 | ) | 1,044 | — | — | 1,044 | ||||||||||||||||||
Decorative Architectural Products | 294 | (75 | ) | 219 | — | — | 219 | ||||||||||||||||||
Other Specialty Products | 980 | (734 | ) | 246 | — | 3 | 249 | ||||||||||||||||||
Total | $ | 3,864 | $ | (1,970 | ) | $ | 1,894 | $ | 3 | $ | 3 | $ | 1,900 | ||||||||||||
(A) | Other principally includes the effect of foreign currency translation. | ||||||||||||||||||||||||
(B) | Additions include the acquisition of a U.K. door business in the first quarter of 2013. | ||||||||||||||||||||||||
Other indefinite-lived intangible assets were $132 million at both September 30, 2013 and December 31, 2012, and principally included registered trademarks. The carrying value of the Company’s definite-lived intangible assets was $17 million (net of accumulated amortization of $59 million) at September 30, 2013 and $19 million (net of accumulated amortization of $57 million) at December 31, 2012, and principally included customer relationships and non-compete agreements. |
Depreciation_and_Amortization_
Depreciation and Amortization Expense | 9 Months Ended | |
Sep. 30, 2013 | ||
Property Plant And Equipment [Abstract] | ||
Depreciation and Amortization Expense | D. | Depreciation and amortization expense, including discontinued operations, was $143 million and $154 million, including accelerated depreciation (relating to business rationalization initiatives) of $12 million for each of the nine months ended September 30, 2013 and 2012, respectively. |
Investment
Investment | 9 Months Ended | |
Sep. 30, 2013 | ||
Investments Schedule [Abstract] | ||
Investment | E. | The Company invests a portion of its foreign excess cash in short-term bank deposits. These highly liquid investments have original maturities between three and twelve months and are valued at cost, which approximates fair value at September 30, 2013 and December 31, 2012. These short-term bank deposits are classified in the current assets section of the Company’s consolidated balance sheets, and interest income related to short-term bank deposits is recorded in the Company’s consolidated statement of operations in other income (expense), net. |
Fair_Value_of_Financial_Invest
Fair Value of Financial Investments and Liabilities | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Fair Value of Financial Investments and Liabilities | F. | The Company has maintained investments in available-for-sale securities and a number of private equity funds, principally as part of its tax planning strategies, as any gains enhance the utilization of any current and future tax capital losses. Financial investments included in other assets were as follows, in millions: | |||||||||||||||
September 30, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Auction rate securities | $ | 22 | $ | 22 | |||||||||||||
Total recurring investments | 22 | 22 | |||||||||||||||
Private equity funds | 63 | 69 | |||||||||||||||
Other investments | 4 | 4 | |||||||||||||||
Total non-recurring investments | 67 | 73 | |||||||||||||||
Total | $ | 89 | $ | 95 | |||||||||||||
The Company’s investments in available-for-sale securities at September 30, 2013 and December 31, 2012 were as follows, in millions: | |||||||||||||||||
Pre-tax | |||||||||||||||||
Cost Basis | Unrealized | Unrealized | Recorded | ||||||||||||||
Gains | Losses | Basis | |||||||||||||||
30-Sep-13 | $ | 19 | $ | 3 | $ | — | $ | 22 | |||||||||
31-Dec-12 | $ | 19 | $ | 3 | $ | — | $ | 22 | |||||||||
Recurring Fair Value Measurements. Financial investments measured at fair value on a recurring basis at each reporting period and the amounts for each level within the fair value hierarchy were as follows, in millions: | |||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||
Sep. 30, | Quoted | Significant | Significant | ||||||||||||||
2013 | Market | Other | Unobservable | ||||||||||||||
Prices | Observable | Inputs | |||||||||||||||
(Level 1) | Inputs | (Level 3) | |||||||||||||||
(Level 2) | |||||||||||||||||
Auction rate securities | $ | 22 | — | — | $ | 22 | |||||||||||
Total | $ | 22 | $ | — | $ | — | $ | 22 | |||||||||
Fair Value Measurements Using | |||||||||||||||||
Dec. 31, | Quoted | Significant | Significant | ||||||||||||||
2012 | Market | Other | Unobservable | ||||||||||||||
Prices | Observable | Inputs | |||||||||||||||
(Level 1) | Inputs | (Level3) | |||||||||||||||
(Level 2) | |||||||||||||||||
Auction rate securities | $ | 22 | $ | — | $ | — | $ | 22 | |||||||||
Total | $ | 22 | $ | — | $ | — | $ | 22 | |||||||||
The fair value of the auction rate securities held by the Company have been estimated, on a recurring basis, using a discounted cash flow model (Level 3 input). The significant inputs in the discounted cash flow model used to value the auction rate securities include: expected maturity of auction rate securities, discount rate used to determine the present value of expected cash flows and the assumptions for credit defaults, since the auction rate securities are backed by credit default swap agreements. | |||||||||||||||||
The following table summarizes the changes in Level 3 financial assets measured at fair value on a recurring basis for the nine months ended September 30, 2013 and the year ended December 31, 2012, in millions: | |||||||||||||||||
Sep. 30, 2013 | 31-Dec-12 | ||||||||||||||||
Auction Rate | Auction Rate | ||||||||||||||||
Securities | Securities | ||||||||||||||||
Fair value at beginning of period | $ | 22 | $ | 22 | |||||||||||||
Total losses included in earnings | — | — | |||||||||||||||
Unrealized (losses) | — | — | |||||||||||||||
Purchases | — | — | |||||||||||||||
Settlements | — | — | |||||||||||||||
Transfer from Level 3 to Level 2 | — | — | |||||||||||||||
Fair value at period end | $ | 22 | $ | 22 | |||||||||||||
Non-Recurring Fair Value Measurements. During the three months and nine months ended September 30, 2013, the Company did not measure any financial investments at fair value on a non-recurring basis, as there was no other-than-temporary decline in the estimated value of private equity funds. | |||||||||||||||||
During the three months and nine months ended September 30, 2012, the Company measured $4 million of private equity investments using level 3 inputs due to an other-than-temporary decline in the estimated value, resulting in a $2 million impairment. | |||||||||||||||||
The Company did not have any transfers between Level 1 and Level 2 financial assets in the three months or nine months ended September 30, 2013 or 2012. | |||||||||||||||||
Realized Gains (Losses). Income (loss) from financial investments, net, included in other, net, within other income (expense), net, was as follows, in millions: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Realized gains from private equity funds | $ | — | $ | 2 | $ | 7 | $ | 20 | |||||||||
Income from other investments, net | — | — | 1 | — | |||||||||||||
Total income from financial investments | $ | — | $ | 2 | $ | 8 | $ | 20 | |||||||||
Impairment charges — private equity funds | $ | — | $ | — | $ | — | $ | (2 | ) | ||||||||
The fair value of the Company’s short-term and long-term fixed-rate debt instruments is based principally upon modeled market prices for the same or similar issues or the current rates available to the Company for debt with similar terms and remaining maturities. The aggregate estimated market value of short-term and long-term debt at September 30, 2013 was approximately $3.7 billion, compared with the aggregate carrying value of $3.4 billion. The aggregate estimated market value of short-term and long-term debt at December 31, 2012 was approximately $4.0 billion, compared with the aggregate carrying value of $3.6 billion. |
Derivative_Instruments_and_Hed
Derivative Instruments and Hedging Activities | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |||||||||||||||||
Derivative Instruments and Hedging Activities | G. | The Company is exposed to global market risk as part of its normal daily business activities. To manage these risks, the Company enters into various derivative contracts. These contracts include interest rate swap agreements, foreign currency exchange contracts and contracts intended to hedge the Company’s exposure to copper and zinc. The Company reviews its hedging program, derivative positions and overall risk management on a regular basis. | |||||||||||||||
Interest Rate Swap Agreements. In March 2012, in connection with the issuance of $400 million of debt, the Company terminated the interest rate swap hedge relationships that it entered into in August 2011. These interest rate swaps were designated as cash flow hedges and effectively fixed interest rates on the forecasted debt issuance to variable rates based on 3-month LIBOR. Upon termination, the ineffective portion of the cash flow hedges of approximately $2 million loss was recognized in the Company’s consolidated statement of operations in other, net. The remaining loss of approximately $23 million from the termination of these swaps is being amortized as an increase to interest expense over the remaining term of the debt, through March 2022. At September 30, 2013, the balance remaining in Accumulated Other Comprehensive Income was $20 million. | |||||||||||||||||
Foreign Currency Contracts. The Company’s net cash inflows and outflows exposed to the risk of changes in foreign currency exchange rates arise from the sale of products in countries other than the manufacturing source, foreign currency denominated supplier payments, debt and other payables, and investments in subsidiaries. To mitigate this risk during 2013 and 2012, the Company, including certain European operations, entered into foreign currency forward contracts and foreign currency exchange contracts. | |||||||||||||||||
Gains (losses) related to foreign currency forward and exchange contracts are recorded in the Company’s condensed consolidated statements of operations in other income (expense), net. In the event that the counterparties fail to meet the terms of the foreign currency forward contracts, the Company’s exposure is limited to the aggregate foreign currency rate differential with such institutions. | |||||||||||||||||
Metal Contracts. During 2013 and 2012, the Company entered into several contracts to manage its exposure to increases in the price of copper and zinc. (Losses) gains related to these contracts are recorded in the Company’s condensed consolidated statements of operations in cost of sales. | |||||||||||||||||
The pre-tax (loss) gain included in the Company’s consolidated statements of operations is as follows, in millions: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Foreign Currency Contracts | |||||||||||||||||
Exchange Contracts | $ | (4 | ) | $ | (4 | ) | $ | 3 | $ | — | |||||||
Forward Contracts | (1 | ) | (1 | ) | 1 | (2 | ) | ||||||||||
Metal Contracts | 3 | 2 | (6 | ) | 3 | ||||||||||||
Total (loss) gain | $ | (2 | ) | $ | (3 | ) | $ | (2 | ) | $ | 1 | ||||||
The Company presents its derivatives, net by counterparty due to the right of offset under master netting arrangements in current assets or current liabilities in the condensed consolidated balance sheet. The notional amounts being hedged and the fair value of those derivative instruments, on a gross basis, are as follows, in millions: | |||||||||||||||||
At September 30, 2013 | |||||||||||||||||
Notional | |||||||||||||||||
Amount | Assets | Liabilities | |||||||||||||||
Foreign Currency Contracts | |||||||||||||||||
Exchange Contracts | $ | 95 | |||||||||||||||
Current assets | $ | 1 | — | ||||||||||||||
Current liabilities | — | $ | 2 | ||||||||||||||
Forward Contracts | 65 | ||||||||||||||||
Current assets | 1 | — | |||||||||||||||
Current liabilities | — | 1 | |||||||||||||||
Metal Contracts | 35 | ||||||||||||||||
Current liabilities | — | 4 | |||||||||||||||
Total | $ | 2 | $ | 7 | |||||||||||||
At December 31, 2012 | |||||||||||||||||
Notional | |||||||||||||||||
Amount | Assets | Liabilities | |||||||||||||||
Foreign Currency Contracts | |||||||||||||||||
Exchange Contracts | $ | 172 | |||||||||||||||
Current liabilities | $ | — | $ | 5 | |||||||||||||
Forward Contracts | 76 | ||||||||||||||||
Current assets | 1 | 1 | |||||||||||||||
Metal Contracts | 35 | ||||||||||||||||
Current liabilities | 1 | 2 | |||||||||||||||
Total | $ | 2 | $ | 8 | |||||||||||||
The fair value of all metal and foreign currency derivative contracts is estimated on a recurring basis using Level 2 inputs (significant other observable inputs). |
Warranty
Warranty | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Guarantees [Abstract] | |||||||||
Warranty | H. | Changes in the Company’s warranty liability were as follows, in millions: | |||||||
Nine Months Ended | Twelve Months Ended | ||||||||
30-Sep-13 | 31-Dec-12 | ||||||||
Balance at January 1 | $ | 118 | $ | 102 | |||||
Accruals for warranties issued during the period | 30 | 42 | |||||||
Accruals related to pre-existing warranties | 4 | 16 | |||||||
Settlements made (in cash or kind) during the period | (31 | ) | (38 | ) | |||||
Other, net | — | (4 | ) | ||||||
Balance at end of period | $ | 121 | $ | 118 | |||||
Debt
Debt | 9 Months Ended | |
Sep. 30, 2013 | ||
Debt Disclosure [Abstract] | ||
Debt | I. | On August 15, 2013, the Company repurchased and retired all of its $200 million, 7.125% Notes on the scheduled retirement date. |
On March 28, 2013, the Company entered into a credit agreement (the “Credit Agreement”) with a bank group, with an aggregate commitment of $1.25 billion and a maturity date of March 28, 2018. Upon entry into the Credit Agreement, the Company’s credit agreement dated as of June 21, 2010, as amended, with an aggregate commitment of $1.25 billion, was terminated. | ||
The Credit Agreement provides for an unsecured revolving credit facility available to the Company and one of its foreign subsidiaries, in U.S. dollars, European euros and certain other currencies. Borrowings under the revolver denominated in euros are limited to $500 million, equivalent. The Company can also borrow swingline loans up to $150 million and obtain letters of credit of up to $250 million; any outstanding Letters of Credit reduce the Company’s borrowing capacity. At September 30, 2013, the Company had $92 million of outstanding and unused Letters of Credit, reducing the Company’s borrowing capacity by such amount. | ||
Revolving credit loans bear interest under the Credit Agreement, at the Company’s option, at (A) a rate per annum equal to the greater of (i) the prime rate, (ii) the Federal Funds effective rate plus 0.50% and (iii) LIBOR plus 1.0% (the “Alternative Base Rate”); plus an applicable margin based upon the then applicable corporate credit ratings of the Company; or (B) LIBOR plus an applicable margin based upon the then applicable corporate credit ratings of the Company. The foreign currency revolving credit loans bear interest at a rate equal to LIBOR plus an applicable margin based upon the then applicable corporate credit ratings of the Company. | ||
The Credit Agreement contains financial covenants requiring the Company to maintain (A) a maximum debt to total capitalization ratio, as adjusted for certain items, of 65 percent, and (B) a minimum interest coverage ratio, as adjusted for certain items, equal to or greater than 2.5 to 1.0. The debt to total capitalization ratio allows the add-back, if incurred, of up to the first $250 million of certain non-cash charges, including goodwill and other intangible asset impairment charges, occurring from and after January 1, 2012 that would negatively impact shareholders’ equity. | ||
Based on the limitations of the debt to total capitalization ratio covenant in the Credit Agreement, at September 30, 2013, the Company had additional borrowing capacity, subject to availability, of up to $1.2 billion. Additionally, at September 30, 2013, the Company could absorb a reduction to shareholders’ equity of approximately $705 million and remain in compliance with the debt to total capitalization covenant. | ||
In order for the Company to borrow under the Credit Agreement, there must not be any default in the Company’s covenants in the New Credit Agreement (i.e., in addition to the two financial covenants, principally limitations on subsidiary debt, negative pledge restrictions, legal compliance requirements and maintenance of properties and insurance) and the Company’s representations and warranties in the Credit Agreement must be true in all material respects on the date of borrowing (i.e., principally no material adverse change or litigation likely to result in a material adverse change, since December 31, 2012, in each case, no material ERISA or environmental non-compliance and no material tax deficiency). The Company was in compliance with all covenants and no borrowings have been made at September 30, 2013. |
StockBased_Compensation
Stock-Based Compensation | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||||||||||||||||
Stock-Based Compensation | J. | The Company’s 2005 Long Term Stock Incentive Plan (the “2005 Plan”) provides for the issuance of stock-based incentives in various forms to employees and non-employee Directors of the Company. At September 30, 2013, outstanding stock-based incentives were in the form of long-term stock awards, stock options, phantom stock awards and stock appreciation rights. Pre-tax compensation expense and the related income tax benefit for these stock-based incentives were as follows, in millions: | |||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Long-term stock awards | $ | 7 | $ | 9 | $ | 27 | $ | 28 | |||||||||
Stock options | 2 | 3 | 12 | 12 | |||||||||||||
Phantom stock awards and stock appreciation rights | 3 | 2 | 6 | 8 | |||||||||||||
Total | $ | 12 | $ | 14 | $ | 45 | $ | 48 | |||||||||
Income tax benefit (37 percent tax rate — before valuation allowance) | $ | 5 | $ | 5 | $ | 17 | $ | 18 | |||||||||
Long-Term Stock Awards. Long-term stock awards are granted to key employees and non-employee Directors of the Company and do not cause net share dilution inasmuch as the Company continues the practice of repurchasing and retiring an equal number of shares in the open market. The Company granted 1,683,980 shares of long-term stock awards in the nine months ended September 30, 2013. | |||||||||||||||||
The Company’s long-term stock award activity was as follows, shares in millions: | |||||||||||||||||
Nine Months Ended | |||||||||||||||||
September 30, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Unvested stock award shares at January 1 | 8 | 10 | |||||||||||||||
Weighted average grant date fair value | $ | 16 | $ | 17 | |||||||||||||
Stock award shares granted | 2 | 1 | |||||||||||||||
Weighted average grant date fair value | $ | 20 | $ | 12 | |||||||||||||
Stock award shares vested | 2 | 2 | |||||||||||||||
Weighted average grant date fair value | $ | 17 | $ | 18 | |||||||||||||
Stock award shares forfeited | — | 1 | |||||||||||||||
Weighted average grant date fair value | $ | 17 | $ | 17 | |||||||||||||
Unvested stock award shares at September 30 | 8 | 8 | |||||||||||||||
Weighted average grant date fair value | $ | 17 | $ | 16 | |||||||||||||
At September 30, 2013 and 2012, there was $76 million and $79 million, respectively, of total unrecognized compensation expense related to unvested stock awards; such awards had a weighted average remaining vesting period of three years and four years in 2013 and 2012, respectively. | |||||||||||||||||
The total market value (at the vesting date) of stock award shares which vested during the nine months ended September 30, 2013 and 2012 was $38 million and $27 million, respectively. | |||||||||||||||||
Stock Options. Stock options are granted to key employees of the Company. The exercise price equals the market price of the Company’s common stock at the grant date. These options generally become exercisable (vest ratably) over five years beginning on the first anniversary from the date of grant and expire no later than 10 years after the grant date. | |||||||||||||||||
The Company granted 899,000 of stock option shares in the nine months ended September 30, 2013 with a grant date exercise price approximating $20 per share. In the first nine months of 2013, 1,220,830 stock option shares were forfeited (including options that expired unexercised). | |||||||||||||||||
The Company’s stock option activity was as follows, shares in millions: | |||||||||||||||||
Nine Months Ended | |||||||||||||||||
September 30, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Option shares outstanding, January 1 | 30 | 36 | |||||||||||||||
Weighted average exercise price | $ | 21 | $ | 21 | |||||||||||||
Option shares granted, including restoration options | 1 | 1 | |||||||||||||||
Weighted average exercise price | $ | 20 | $ | 12 | |||||||||||||
Option shares exercised | 3 | 1 | |||||||||||||||
Aggregate intrinsic value on date of exercise (A) | $ | 22 | million | $ | 4 | million | |||||||||||
Weighted average exercise price | $ | 12 | $ | 9 | |||||||||||||
Option shares forfeited | 1 | 3 | |||||||||||||||
Weighted average exercise price | $ | 23 | $ | 18 | |||||||||||||
Option shares outstanding, September 30 | 27 | 33 | |||||||||||||||
Weighted average exercise price | $ | 22 | $ | 21 | |||||||||||||
Weighted average remaining option term (in years) | 4 | 5 | |||||||||||||||
Option shares vested and expected to vest, September 30 | 27 | 33 | |||||||||||||||
Weighted average exercise price | $ | 22 | $ | 21 | |||||||||||||
Aggregate intrinsic value (A) | $ | 91 | million | $ | 39 | million | |||||||||||
Weighted average remaining option term (in years) | 4 | 5 | |||||||||||||||
Option shares exercisable (vested), September 30 | 22 | 25 | |||||||||||||||
Weighted average exercise price | $ | 24 | $ | 24 | |||||||||||||
Aggregate intrinsic value (A) | $ | 51 | million | $ | 17 | million | |||||||||||
Weighted average remaining option term (in years) | 3 | 4 | |||||||||||||||
(A) Aggregate intrinsic value is calculated using the Company’s stock price at each respective date, less the exercise price (grant date price) multiplied by the number of shares. | |||||||||||||||||
At September 30, 2013 and 2012, there was $10 million and $19 million, respectively, of unrecognized compensation expense (using the Black-Scholes option pricing model) related to unvested stock options; such options had a weighted average vesting period of two years in both periods. | |||||||||||||||||
The weighted average grant date fair value of option shares granted and the assumptions used to estimate those values using a Black-Scholes option pricing model were as follows: | |||||||||||||||||
Nine Months Ended | |||||||||||||||||
September 30, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Weighted average grant date fair value | $ | 8.35 | $ | 4.44 | |||||||||||||
Risk-free interest rate | 1.22 | % | 1.09 | % | |||||||||||||
Dividend yield | 1.47 | % | 2.57 | % | |||||||||||||
Volatility factor | 49.07 | % | 50.97 | % | |||||||||||||
Expected option life | 6 years | 6 years |
Employee_Retirement_Plans
Employee Retirement Plans | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Compensation And Retirement Disclosure [Abstract] | |||||||||||||||||
Employee Retirement Plans | K. | Net periodic pension cost for the Company’s defined-benefit pension plans was as follows, in millions: | |||||||||||||||
Three Months Ended September 30, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Qualified | Non-Qualified | Qualified | Non-Qualified | ||||||||||||||
Service cost | $ | 1 | $ | — | $ | 1 | $ | — | |||||||||
Interest cost | 9 | 2 | 13 | 2 | |||||||||||||
Expected return on plan assets | (9 | ) | — | (10 | ) | — | |||||||||||
Amortization of net loss | 4 | 1 | 3 | — | |||||||||||||
Net periodic pension cost | $ | 5 | $ | 3 | 7 | 2 | |||||||||||
Nine Months Ended September 30, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Qualified | Non-Qualified | Qualified | Non-Qualified | ||||||||||||||
Service cost | $ | 3 | $ | — | $ | 4 | $ | — | |||||||||
Interest cost | 29 | 5 | 33 | 5 | |||||||||||||
Expected return on plan assets | (27 | ) | — | (27 | ) | — | |||||||||||
Amortization of net loss | 12 | 2 | 10 | 1 | |||||||||||||
Net periodic pension cost | $ | 17 | $ | 7 | $ | 20 | $ | 6 | |||||||||
The Company participates in 20 regional multi-employer pension plans, principally related to building trades; none of the plans are considered significant to the Company. | |||||||||||||||||
Effective January 1, 2010, the Company froze all future benefit accruals under substantially all of the Company’s domestic qualified and non-qualified defined benefit pension plans. Future benefit accruals related to the Company’s foreign non-qualified plans were frozen several years ago. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (loss) | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||
Accumulated Other Comprehensive Income (loss) | L. | The reclassifications from accumulated other comprehensive income (loss) to the income statement were as follows, in millions: | |||||||||||||||||
Amount Reclassified | |||||||||||||||||||
Accumulated Other | Three Months | Nine Months | Income Statement | ||||||||||||||||
Comprehensive | Ended Sep. 30, | Ended Sep. 30, | Line Item | ||||||||||||||||
Income (Loss) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||
Amortization of defined benefit pension: | |||||||||||||||||||
Actuarial losses, net | $ | 5 | $ | 3 | $ | 14 | $ | 11 | Selling, General & Administrative Expense | ||||||||||
— | — | — | — | Tax expense | |||||||||||||||
$ | 5 | $ | 3 | $ | 14 | $ | 11 | Net of tax | |||||||||||
Interest rate swaps | $ | — | $ | 1 | $ | 1 | $ | 1 | Interest expense | ||||||||||
— | — | — | — | Tax expense | |||||||||||||||
$ | — | $ | 1 | $ | 1 | $ | 1 | Net of tax |
Segment_Information
Segment Information | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||
Segment Information | M. | Information about the Company by segment and geographic area was as follows, in millions: | |||||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||
Net Sales (A) | Operating Profit (Loss) | Net Sales (A) | Operating Profit (Loss) | ||||||||||||||||||||||||||||||
The Company’s operations by segment were: | |||||||||||||||||||||||||||||||||
Cabinets and Related Products | $ | 262 | $ | 228 | $ | (2 | ) | $ | (28 | ) | $ | 763 | $ | 709 | $ | (4 | ) | $ | (49 | ) | |||||||||||||
Plumbing Products | 820 | 736 | 118 | 75 | 2,384 | 2,216 | 306 | 242 | |||||||||||||||||||||||||
Installation and Other Services | 370 | 312 | 18 | (2 | ) | 1,039 | 886 | 22 | (25 | ) | |||||||||||||||||||||||
Decorative Architectural Products | 522 | 481 | 93 | 96 | 1,519 | 1,432 | 286 | 264 | |||||||||||||||||||||||||
Other Specialty Products | 176 | 156 | 16 | 3 | 470 | 421 | 26 | 4 | |||||||||||||||||||||||||
Total | $ | 2,150 | $ | 1,913 | $ | 243 | $ | 144 | $ | 6,175 | $ | 5,664 | $ | 636 | $ | 436 | |||||||||||||||||
The Company’s operations by geographic area were: | |||||||||||||||||||||||||||||||||
North America | $ | 1,756 | $ | 1,553 | $ | 193 | $ | 112 | $ | 5,031 | $ | 4,571 | $ | 518 | $ | 325 | |||||||||||||||||
International, principally Europe | 394 | 360 | 50 | 32 | 1,144 | 1,093 | 118 | 111 | |||||||||||||||||||||||||
Total | $ | 2,150 | $ | 1,913 | 243 | 144 | $ | 6,175 | $ | 5,664 | 636 | 436 | |||||||||||||||||||||
General corporate expense, net | (31 | ) | (35 | ) | (104 | ) | (96 | ) | |||||||||||||||||||||||||
Gain from sale of fixed assets (B) | — | — | — | 5 | |||||||||||||||||||||||||||||
Charge for litigation settlements, net (B) | — | (1 | ) | — | (74 | ) | |||||||||||||||||||||||||||
Operating profit | 212 | 108 | 532 | 271 | |||||||||||||||||||||||||||||
Other income (expense), net | (58 | ) | (57 | ) | (168 | ) | (172 | ) | |||||||||||||||||||||||||
Income from continuing operations before income taxes | $ | 154 | $ | 51 | $ | 364 | $ | 99 | |||||||||||||||||||||||||
(A) | Inter-segment sales were not material. | ||||||||||||||||||||||||||||||||
(B) | In 2012, gain on sale of fixed assets relates to a business unit in the Other Specialty Products segment. For the three months and nine months ended September 30, 2012, the charge for litigation settlements, net, includes $1 million and $76 million, respectively, related to a business unit in the Installation and Other Services segment. |
Severance_and_Early_Retirement
Severance and Early Retirement Programs | 9 Months Ended |
Sep. 30, 2013 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Severance and Early Retirement Programs | N. |
As part of the Company’s continuing review of its operations to improve cost structure and business processes, actions were taken during 2013 and 2012 to respond to market conditions. The Company recorded charges related to severance and early retirement programs of $16 million and $24 million for the nine months ended September 30, 2013 and 2012, respectively. Such charges are principally reflected in the statement of operations in selling, general and administrative expenses. |
Other_Income_Expense_Net
Other Income (Expense), Net | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Other Income And Expenses [Abstract] | |||||||||||||||||
Other Income (Expense), Net | O. | Other, net, which is included in other income (expense), net, was as follows, in millions: | |||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Income from cash and cash investments | $ | 1 | $ | 1 | $ | 3 | $ | 5 | |||||||||
Income from financial investments (Note F) | — | 2 | 8 | 20 | |||||||||||||
Impairment of financial investments (Note F) | — | — | — | (2 | ) | ||||||||||||
Other items, net | (1 | ) | 2 | (1 | ) | (1 | ) | ||||||||||
Total other net | $ | — | $ | 5 | $ | 10 | $ | 22 | |||||||||
Other items, net, included $(1) million and $— million of currency (losses) for the three months and nine months ended September 30, 2013, respectively. Other items, net, included $1 million and $— million of currency gains for the three months and nine months ended September 30, 2012, respectively. |
Earnings_Per_Share_Text_Block
Earnings Per Share [Text Block] | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||
Earnings Per Share [Text Block] | P. | Reconciliations of the numerators and denominators used in the computations of basic and diluted earnings per common share were as follows, in millions: | |||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Numerator (basic and diluted): | |||||||||||||||||
Income from continuing operations | $ | 105 | $ | 26 | $ | 243 | $ | 17 | |||||||||
Allocation to unvested restricted stock awards | (2 | ) | (1 | ) | (5 | ) | (2 | ) | |||||||||
Income from continuing operations attributable to common shareholders | 103 | 25 | 238 | 15 | |||||||||||||
Loss from discontinued operations, net | (2 | ) | (11 | ) | (16 | ) | (44 | ) | |||||||||
Allocation to unvested restricted stock awards | — | — | — | 1 | |||||||||||||
Loss from discontinued operations attributable to common shareholders | (2 | ) | (11 | ) | (16 | ) | (43 | ) | |||||||||
Net income (loss) available to common shareholders | $ | 101 | $ | 14 | $ | 222 | $ | (28 | ) | ||||||||
Denominator: | |||||||||||||||||
Basic common shares (based upon weighted average) | 349 | 349 | 349 | 349 | |||||||||||||
Add: | |||||||||||||||||
Contingent common shares | — | — | — | — | |||||||||||||
Stock option dilution | 3 | 1 | 3 | 1 | |||||||||||||
Diluted common shares | 352 | 350 | 352 | 350 | |||||||||||||
For the three months and nine months ended September 30, 2013 and 2012, the Company allocated dividends and undistributed earnings (only in 2013) to the unvested restricted stock awards (participating securities). | |||||||||||||||||
Additionally, 15 million and 14 million common shares for the three months and nine months ended September 30, 2013, respectively, and 22 million and 26 million common shares for the three months and nine months ended September 30, 2012, respectively, related to stock options were excluded from the computation of diluted earnings per common share due to their antidilutive effect. | |||||||||||||||||
In the first nine months of 2013, the Company granted 1.7 million shares of long-term stock awards; to offset the dilutive impact of these awards and awards granted in late 2012, the Company also repurchased and retired 1.7 million shares of Company common stock, for cash aggregating approximately $35 million. At September 30, 2013, the Company had 22.6 million shares of its common stock remaining under the July 2007 Board of Directors’ repurchase authorization. | |||||||||||||||||
On the basis of amounts paid (declared), cash dividends per common share were $.075 ($.075) and $.225 ($.225), respectively for the three months and nine months ended September 30, 2013 and $.075 ($.075) and $.225 ($.225), respectively, for the three months and nine months ended September 30, 2012. |
Other_Commitments_and_Continge
Other Commitments and Contingencies | 9 Months Ended | |
Sep. 30, 2013 | ||
Commitments And Contingencies Disclosure [Abstract] | ||
Other Commitments and Contingencies | Q. | We are subject to claims, charges, litigation and other proceedings in the ordinary course of our business, including those arising from or related to contractual matters, intellectual property, personal injury, environmental matters, product liability, product recalls, construction defect, insurance coverage, personnel and employment disputes and other matters, including class actions. We believe we have adequate defenses in these matters and that the outcome of these matters is not likely to have a material adverse effect on us. However, there is no assurance that we will prevail in these matters, and we could in the future incur judgments, enter into settlements of claims or revise our expectations regarding the outcome of these matters, which could materially impact our results of operations. |
Income_Taxes
Income Taxes | 9 Months Ended | |
Sep. 30, 2013 | ||
Income Tax Disclosure [Abstract] | ||
Income Taxes | R. | Our effective tax rate was 25 percent for the three months and nine months ended September 30, 2013 primarily due to the decrease in the valuation allowance resulting from the partial utilization of our U.S. Federal net operating loss carryforward. The effective tax rate for the nine months ended September 30, 2013 includes a $12 million state income tax benefit on uncertain tax positions primarily due to the expiration of applicable statutes of limitation. |
The effective tax rate was 55 percent for the nine months ending September 30, 2012 primarily due to losses in certain jurisdictions providing no tax benefit and an increase in the valuation allowance related to net operating losses. This effective tax rate includes a $21 million state income tax benefit on uncertain tax positions primarily due to the expiration of applicable statutes of limitation and certain audit closings. | ||
As a result of expirations of applicable statutes of limitations in various jurisdictions expected to transpire or occur within the next 12 months, the Company anticipates that it is reasonably possible that the liability for uncertain tax positions could be reduced by approximately $3 million. | ||
The accounting guidance for income taxes requires that the future realization of deferred tax assets depends on the existence of sufficient taxable income in future periods. Possible sources of taxable income include taxable income in carryback periods, the future reversal of existing taxable temporary differences recorded as a deferred tax liability, tax-planning strategies that generate future income or gains in excess of anticipated losses in the carryforward period and projected future taxable income. | ||
If, based upon all available evidence, both positive and negative, it is more likely than not (more than 50 percent likely) such deferred tax assets will not be realized, a valuation allowance is recorded. Significant weight is given to positive and negative evidence that is objectively verifiable. A company’s three-year cumulative loss position is significant negative evidence in considering whether deferred tax assets are realizable and the accounting guidance restricts the amount of reliance that can be placed on projected taxable income to support the recovery of the deferred tax assets. | ||
In the fourth quarter of 2010, we recorded a $372 million valuation allowance against our U.S. Federal deferred tax assets as a non-cash charge to income tax expense. In reaching this conclusion, we considered the weaker retail sales of certain of our building products and the slower than anticipated recovery in the U.S. housing market which led to U.S. operating losses and significant U.S. goodwill impairment charges, that primarily occurred in the fourth quarter of 2010, causing us to be in a three-year cumulative U.S. loss position. | ||
During 2012 and 2011, objective and verifiable negative evidence, such as U.S. operating losses and significant impairment charges for U.S. goodwill in 2011 and other intangible assets, continued to outweigh positive evidence necessary to reduce the valuation allowance. As a result, we recorded increases of $65 million and $89 million in the valuation allowance related to our U.S. Federal deferred tax assets as a non-cash charge to income tax expense in 2012 and 2011, respectively. | ||
A return to sustainable profitability in the U.S. is required before we would change our judgment regarding the need for a valuation allowance against our deferred tax assets. | ||
Although the recent strengthening in new home construction activity has resulted in profitability in the Company’s U.S. operations in 2013, we continue to record a full valuation allowance against the U.S. Federal deferred tax assets as the Company is expected to remain in a three-year cumulative loss position throughout 2013. | ||
It is reasonably possible that the continued improvements in our U.S. operations could result in the objective positive evidence necessary to warrant the reversal of all or a portion of the valuation allowance, up to approximately $600 million, as early as the fourth quarter of 2014. Until such time, the profits from our U.S. operations will be offset by the net operating loss carryforward resulting in a lower U.S. effective tax rate. |
Accounting_Policies_Policies
Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements. On January 1, 2013, the Company adopted new accounting guidance requiring disclosure of amounts reclassified from accumulated other comprehensive income. The adoption of this new guidance did not have an impact on the Company’s financial position or its results of operations. |
Accounting_Policies_Tables
Accounting Policies (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||
Revision of Previously Issued Financial Statements | The following table presents the impact of the revisions on the Company’s previously issued consolidated balance sheets (in millions). | ||||||||||||||||||||
Balance Sheet December 31, 2012 | As Reported | As Revised | |||||||||||||||||||
Cash and cash investments | $ | 1,351 | $ | 1,040 | |||||||||||||||||
Short-term bank deposits | — | 311 | |||||||||||||||||||
Total current assets | $ | 3,217 | $ | 3,217 | |||||||||||||||||
Balance Sheet December 31, 2011 | As Reported | As Revised | |||||||||||||||||||
Cash and cash investments | $ | 1,656 | $ | 1,353 | |||||||||||||||||
Short-term bank deposits | — | 303 | |||||||||||||||||||
Total current assets | $ | 3,429 | $ | 3,429 | |||||||||||||||||
This revision had no effect on our consolidated results of operations. | |||||||||||||||||||||
The following table presents the impact of the revisions on the Company’s previously issued consolidated statement of cash flows (in millions). | |||||||||||||||||||||
Cash Flows December 31, 2012 | As Reported | As Revised | |||||||||||||||||||
Net cash (for) investing activities | $ | (27 | ) | $ | (29 | ) | |||||||||||||||
Effect of exchange rate changes on cash and cash investments | $ | 17 | $ | 11 | |||||||||||||||||
Decrease in cash and cash investments | $ | (305 | ) | $ | (313 | ) | |||||||||||||||
Cash Flows December 31, 2011 | As Reported | As Revised | |||||||||||||||||||
Net cash (for) investing activities | $ | (61 | ) | $ | (84 | ) | |||||||||||||||
Effect of exchange rate changes on cash and cash investments | $ | (18 | ) | $ | (8 | ) | |||||||||||||||
Decrease in cash and cash investments | $ | (59 | ) | $ | (72 | ) | |||||||||||||||
Cash Flows December 31, 2010 | As Reported | As Revised | |||||||||||||||||||
Net cash (for) investing activities | $ | (109 | ) | $ | (244 | ) | |||||||||||||||
Effect of exchange rate changes on cash and cash investments | $ | (14 | ) | $ | (7 | ) | |||||||||||||||
Increase in cash and cash investments | $ | 302 | $ | 174 | |||||||||||||||||
The following table presents the impact of the revisions on the Company’s previously issued consolidated balance sheets and statements of cash flows (all cash flow figures are year-to-date, in millions). | |||||||||||||||||||||
Mar. 31, | June 30, | Sep. 30, | Mar. 31, | June 30, | |||||||||||||||||
2012 | 2012 | 2012 | 2013 | 2013 | |||||||||||||||||
Cash and cash investments | |||||||||||||||||||||
As reported | $ | 1,788 | $ | 1,853 | $ | 1,166 | $ | 1,032 | $ | 1,223 | |||||||||||
As revised | $ | 1,491 | $ | 1,612 | $ | 889 | $ | 828 | $ | 1,028 | |||||||||||
Short-term bank deposits | |||||||||||||||||||||
As reported | — | — | — | — | — | ||||||||||||||||
As revised | $ | 297 | $ | 241 | $ | 277 | $ | 204 | $ | 195 | |||||||||||
Net cash (for) from investing activities | |||||||||||||||||||||
As reported | $ | (2 | ) | $ | (15 | ) | $ | (42 | ) | $ | (30 | ) | $ | (51 | ) | ||||||
As revised | $ | 10 | $ | 37 | $ | (17 | ) | $ | 70 | $ | 62 |
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Discontinued Operations And Disposal Groups [Abstract] | |||||||||||||||||
Financial Information for Discontinued Operations | Selected financial information for the discontinued operations, during the period owned by the Company, was as follows, in millions: | ||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net Sales | $ | 75 | $ | 86 | $ | 194 | $ | 255 | |||||||||
Operating loss from discontinued operations | $ | — | $ | (9 | ) | $ | (8 | ) | $ | (30 | ) | ||||||
Impairment of assets | — | (3 | ) | (10 | ) | (3 | ) | ||||||||||
Loss on disposal of discontinued operations, net | (2 | ) | — | (2 | ) | (3 | ) | ||||||||||
Loss before income tax | (2 | ) | (12 | ) | (20 | ) | (36 | ) | |||||||||
Income tax expense (benefit) | — | (1 | ) | (4 | ) | 8 | |||||||||||
Loss from discontinued operations, net | $ | (2 | ) | $ | (11 | ) | $ | (16 | ) | $ | (44 | ) | |||||
Balance Sheet Items Reclassified as Held for Sale | The following balance sheet items have been reclassified as held for sale: | ||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Receivables | $ | 40 | $ | 32 | |||||||||||||
Inventories | 57 | 66 | |||||||||||||||
Prepaid expenses and other | 1 | 2 | |||||||||||||||
Property and equipment, net | 94 | 103 | |||||||||||||||
Total assets | $ | 192 | $ | 203 | |||||||||||||
Accounts payable | $ | 38 | $ | 31 | |||||||||||||
Accrued liabilities | 11 | 14 | |||||||||||||||
Deferred income taxes | — | 4 | |||||||||||||||
Total liabilities | $ | 49 | $ | 49 | |||||||||||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||
Changes in Carrying Amount of Goodwill | The changes in the carrying amount of goodwill for the nine months ended September 30, 2013, by segment, were as follows, in millions: | ||||||||||||||||||||||||
Gross Goodwill | Accumulated | Net Goodwill | |||||||||||||||||||||||
At | Impairment | At | |||||||||||||||||||||||
Sep. 30, 2013 | Losses | Sep. 30, 2013 | |||||||||||||||||||||||
Cabinets and Related Products | $ | 240 | $ | (59 | ) | $ | 181 | ||||||||||||||||||
Plumbing Products | 547 | (340 | ) | 207 | |||||||||||||||||||||
Installation and Other Services | 1,806 | (762 | ) | 1,044 | |||||||||||||||||||||
Decorative Architectural Products | 294 | (75 | ) | 219 | |||||||||||||||||||||
Other Specialty Products | 983 | (734 | ) | 249 | |||||||||||||||||||||
Total | $ | 3,870 | $ | (1,970 | ) | $ | 1,900 | ||||||||||||||||||
Gross Goodwill | Accumulated | Net Goodwill | Other(A) | Additions (B) | Net Goodwill | ||||||||||||||||||||
At | Impairment | At | At | ||||||||||||||||||||||
Dec. 31, 2012 | Losses | Dec. 31, 2012 | Sep. 30, 2013 | ||||||||||||||||||||||
Cabinets and Related Products | $ | 240 | $ | (59 | ) | $ | 181 | $ | — | $ | — | $ | 181 | ||||||||||||
Plumbing Products | 544 | (340 | ) | 204 | 3 | — | 207 | ||||||||||||||||||
Installation and Other Services | 1,806 | (762 | ) | 1,044 | — | — | 1,044 | ||||||||||||||||||
Decorative Architectural Products | 294 | (75 | ) | 219 | — | — | 219 | ||||||||||||||||||
Other Specialty Products | 980 | (734 | ) | 246 | — | 3 | 249 | ||||||||||||||||||
Total | $ | 3,864 | $ | (1,970 | ) | $ | 1,894 | $ | 3 | $ | 3 | $ | 1,900 | ||||||||||||
(A) | Other principally includes the effect of foreign currency translation. | ||||||||||||||||||||||||
(B) | Additions include the acquisition of a U.K. door business in the first quarter of 2013. |
Fair_Value_of_Financial_Invest1
Fair Value of Financial Investments and Liabilities (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Financial Investments Included in Other Assets | Financial investments included in other assets were as follows, in millions: | ||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Auction rate securities | $ | 22 | $ | 22 | |||||||||||||
Total recurring investments | 22 | 22 | |||||||||||||||
Private equity funds | 63 | 69 | |||||||||||||||
Other investments | 4 | 4 | |||||||||||||||
Total non-recurring investments | 67 | 73 | |||||||||||||||
Total | $ | 89 | $ | 95 | |||||||||||||
Company's Investments in Available-for-Sale Securities | The Company’s investments in available-for-sale securities at September 30, 2013 and December 31, 2012 were as follows, in millions: | ||||||||||||||||
Pre-tax | |||||||||||||||||
Cost Basis | Unrealized | Unrealized | Recorded | ||||||||||||||
Gains | Losses | Basis | |||||||||||||||
30-Sep-13 | $ | 19 | $ | 3 | $ | — | $ | 22 | |||||||||
31-Dec-12 | $ | 19 | $ | 3 | $ | — | $ | 22 | |||||||||
Recurring Fair Value Measurements | Financial investments measured at fair value on a recurring basis at each reporting period and the amounts for each level within the fair value hierarchy were as follows, in millions: | ||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||
Sep. 30, | Quoted | Significant | Significant | ||||||||||||||
2013 | Market | Other | Unobservable | ||||||||||||||
Prices | Observable | Inputs | |||||||||||||||
(Level 1) | Inputs | (Level 3) | |||||||||||||||
(Level 2) | |||||||||||||||||
Auction rate securities | $ | 22 | — | — | $ | 22 | |||||||||||
Total | $ | 22 | $ | — | $ | — | $ | 22 | |||||||||
Fair Value Measurements Using | |||||||||||||||||
Dec. 31, | Quoted | Significant | Significant | ||||||||||||||
2012 | Market | Other | Unobservable | ||||||||||||||
Prices | Observable | Inputs | |||||||||||||||
(Level 1) | Inputs | (Level3) | |||||||||||||||
(Level 2) | |||||||||||||||||
Auction rate securities | $ | 22 | $ | — | $ | — | $ | 22 | |||||||||
Total | $ | 22 | $ | — | $ | — | $ | 22 | |||||||||
Changes in Level 3 Financial Assets Measured at Fair Value on Recurring Basis | The following table summarizes the changes in Level 3 financial assets measured at fair value on a recurring basis for the nine months ended September 30, 2013 and the year ended December 31, 2012, in millions: | ||||||||||||||||
Sep. 30, 2013 | 31-Dec-12 | ||||||||||||||||
Auction Rate | Auction Rate | ||||||||||||||||
Securities | Securities | ||||||||||||||||
Fair value at beginning of period | $ | 22 | $ | 22 | |||||||||||||
Total losses included in earnings | — | — | |||||||||||||||
Unrealized (losses) | — | — | |||||||||||||||
Purchases | — | — | |||||||||||||||
Settlements | — | — | |||||||||||||||
Transfer from Level 3 to Level 2 | — | — | |||||||||||||||
Fair value at period end | $ | 22 | $ | 22 | |||||||||||||
Income from Financial Investments Net, Included in Other, Net, Within Other Income (Expense), Net | Income (loss) from financial investments, net, included in other, net, within other income (expense), net, was as follows, in millions: | ||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Realized gains from private equity funds | $ | — | $ | 2 | $ | 7 | $ | 20 | |||||||||
Income from other investments, net | — | — | 1 | — | |||||||||||||
Total income from financial investments | $ | — | $ | 2 | $ | 8 | $ | 20 | |||||||||
Impairment charges — private equity funds | $ | — | $ | — | $ | — | $ | (2 | ) | ||||||||
Derivative_Instruments_and_Hed1
Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |||||||||||||||||
Pre-Tax (Loss) Gain | The pre-tax (loss) gain included in the Company’s consolidated statements of operations is as follows, in millions: | ||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Foreign Currency Contracts | |||||||||||||||||
Exchange Contracts | $ | (4 | ) | $ | (4 | ) | $ | 3 | $ | — | |||||||
Forward Contracts | (1 | ) | (1 | ) | 1 | (2 | ) | ||||||||||
Metal Contracts | 3 | 2 | (6 | ) | 3 | ||||||||||||
Total (loss) gain | $ | (2 | ) | $ | (3 | ) | $ | (2 | ) | $ | 1 | ||||||
Fair Value of Derivative Instruments Presented on Gross Basis | The notional amounts being hedged and the fair value of those derivative instruments, on a gross basis, are as follows, in millions: | ||||||||||||||||
At September 30, 2013 | |||||||||||||||||
Notional | |||||||||||||||||
Amount | Assets | Liabilities | |||||||||||||||
Foreign Currency Contracts | |||||||||||||||||
Exchange Contracts | $ | 95 | |||||||||||||||
Current assets | $ | 1 | — | ||||||||||||||
Current liabilities | — | $ | 2 | ||||||||||||||
Forward Contracts | 65 | ||||||||||||||||
Current assets | 1 | — | |||||||||||||||
Current liabilities | — | 1 | |||||||||||||||
Metal Contracts | 35 | ||||||||||||||||
Current liabilities | — | 4 | |||||||||||||||
Total | $ | 2 | $ | 7 | |||||||||||||
At December 31, 2012 | |||||||||||||||||
Notional | |||||||||||||||||
Amount | Assets | Liabilities | |||||||||||||||
Foreign Currency Contracts | |||||||||||||||||
Exchange Contracts | $ | 172 | |||||||||||||||
Current liabilities | $ | — | $ | 5 | |||||||||||||
Forward Contracts | 76 | ||||||||||||||||
Current assets | 1 | 1 | |||||||||||||||
Metal Contracts | 35 | ||||||||||||||||
Current liabilities | 1 | 2 | |||||||||||||||
Total | $ | 2 | $ | 8 |
Warranty_Tables
Warranty (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Guarantees [Abstract] | |||||||||
Changes in Warranty Liability | Changes in the Company’s warranty liability were as follows, in millions: | ||||||||
Nine Months Ended | Twelve Months Ended | ||||||||
30-Sep-13 | 31-Dec-12 | ||||||||
Balance at January 1 | $ | 118 | $ | 102 | |||||
Accruals for warranties issued during the period | 30 | 42 | |||||||
Accruals related to pre-existing warranties | 4 | 16 | |||||||
Settlements made (in cash or kind) during the period | (31 | ) | (38 | ) | |||||
Other, net | — | (4 | ) | ||||||
Balance at end of period | $ | 121 | $ | 118 | |||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||||||||||||||||
Pre-Tax Compensation Expense and Related Income Tax Benefit for Stock-Based Incentives | Pre-tax compensation expense and the related income tax benefit for these stock-based incentives were as follows, in millions: | ||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Long-term stock awards | $ | 7 | $ | 9 | $ | 27 | $ | 28 | |||||||||
Stock options | 2 | 3 | 12 | 12 | |||||||||||||
Phantom stock awards and stock appreciation rights | 3 | 2 | 6 | 8 | |||||||||||||
Total | $ | 12 | $ | 14 | $ | 45 | $ | 48 | |||||||||
Income tax benefit (37 percent tax rate — before valuation allowance) | $ | 5 | $ | 5 | $ | 17 | $ | 18 | |||||||||
Company's Long-Term Stock Award Activity | The Company’s long-term stock award activity was as follows, shares in millions: | ||||||||||||||||
Nine Months Ended | |||||||||||||||||
September 30, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Unvested stock award shares at January 1 | 8 | 10 | |||||||||||||||
Weighted average grant date fair value | $ | 16 | $ | 17 | |||||||||||||
Stock award shares granted | 2 | 1 | |||||||||||||||
Weighted average grant date fair value | $ | 20 | $ | 12 | |||||||||||||
Stock award shares vested | 2 | 2 | |||||||||||||||
Weighted average grant date fair value | $ | 17 | $ | 18 | |||||||||||||
Stock award shares forfeited | — | 1 | |||||||||||||||
Weighted average grant date fair value | $ | 17 | $ | 17 | |||||||||||||
Unvested stock award shares at September 30 | 8 | 8 | |||||||||||||||
Weighted average grant date fair value | $ | 17 | $ | 16 | |||||||||||||
Company's Stock Option Activity | The Company’s stock option activity was as follows, shares in millions: | ||||||||||||||||
Nine Months Ended | |||||||||||||||||
September 30, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Option shares outstanding, January 1 | 30 | 36 | |||||||||||||||
Weighted average exercise price | $ | 21 | $ | 21 | |||||||||||||
Option shares granted, including restoration options | 1 | 1 | |||||||||||||||
Weighted average exercise price | $ | 20 | $ | 12 | |||||||||||||
Option shares exercised | 3 | 1 | |||||||||||||||
Aggregate intrinsic value on date of exercise (A) | $ | 22 | million | $ | 4 | million | |||||||||||
Weighted average exercise price | $ | 12 | $ | 9 | |||||||||||||
Option shares forfeited | 1 | 3 | |||||||||||||||
Weighted average exercise price | $ | 23 | $ | 18 | |||||||||||||
Option shares outstanding, September 30 | 27 | 33 | |||||||||||||||
Weighted average exercise price | $ | 22 | $ | 21 | |||||||||||||
Weighted average remaining option term (in years) | 4 | 5 | |||||||||||||||
Option shares vested and expected to vest, September 30 | 27 | 33 | |||||||||||||||
Weighted average exercise price | $ | 22 | $ | 21 | |||||||||||||
Aggregate intrinsic value (A) | $ | 91 | million | $ | 39 | million | |||||||||||
Weighted average remaining option term (in years) | 4 | 5 | |||||||||||||||
Option shares exercisable (vested), September 30 | 22 | 25 | |||||||||||||||
Weighted average exercise price | $ | 24 | $ | 24 | |||||||||||||
Aggregate intrinsic value (A) | $ | 51 | million | $ | 17 | million | |||||||||||
Weighted average remaining option term (in years) | 3 | 4 | |||||||||||||||
(A) Aggregate intrinsic value is calculated using the Company’s stock price at each respective date, less the exercise price (grant date price) multiplied by the number of shares. | |||||||||||||||||
Weighted Average Grant Date Fair Value of Option Shares Granted and Assumptions Used to Estimate Those Values Using Black-Scholes Option Pricing Model | The weighted average grant date fair value of option shares granted and the assumptions used to estimate those values using a Black-Scholes option pricing model were as follows: | ||||||||||||||||
Nine Months Ended | |||||||||||||||||
September 30, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Weighted average grant date fair value | $ | 8.35 | $ | 4.44 | |||||||||||||
Risk-free interest rate | 1.22 | % | 1.09 | % | |||||||||||||
Dividend yield | 1.47 | % | 2.57 | % | |||||||||||||
Volatility factor | 49.07 | % | 50.97 | % | |||||||||||||
Expected option life | 6 years | 6 years |
Employee_Retirement_Plans_Tabl
Employee Retirement Plans (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Compensation And Retirement Disclosure [Abstract] | |||||||||||||||||
Net Periodic Pension Cost for Defined-Benefit Pension Plans | Net periodic pension cost for the Company’s defined-benefit pension plans was as follows, in millions: | ||||||||||||||||
Three Months Ended September 30, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Qualified | Non-Qualified | Qualified | Non-Qualified | ||||||||||||||
Service cost | $ | 1 | $ | — | $ | 1 | $ | — | |||||||||
Interest cost | 9 | 2 | 13 | 2 | |||||||||||||
Expected return on plan assets | (9 | ) | — | (10 | ) | — | |||||||||||
Amortization of net loss | 4 | 1 | 3 | — | |||||||||||||
Net periodic pension cost | $ | 5 | $ | 3 | 7 | 2 | |||||||||||
Nine Months Ended September 30, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Qualified | Non-Qualified | Qualified | Non-Qualified | ||||||||||||||
Service cost | $ | 3 | $ | — | $ | 4 | $ | — | |||||||||
Interest cost | 29 | 5 | 33 | 5 | |||||||||||||
Expected return on plan assets | (27 | ) | — | (27 | ) | — | |||||||||||
Amortization of net loss | 12 | 2 | 10 | 1 | |||||||||||||
Net periodic pension cost | $ | 17 | $ | 7 | $ | 20 | $ | 6 | |||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (loss) (Tables) | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||
Reclassifications from Accumulated Other Comprehensive Income (Loss) to Income Statement | The reclassifications from accumulated other comprehensive income (loss) to the income statement were as follows, in millions: | ||||||||||||||||||
Amount Reclassified | |||||||||||||||||||
Accumulated Other | Three Months | Nine Months | Income Statement | ||||||||||||||||
Comprehensive | Ended Sep. 30, | Ended Sep. 30, | Line Item | ||||||||||||||||
Income (Loss) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||
Amortization of defined benefit pension: | |||||||||||||||||||
Actuarial losses, net | $ | 5 | $ | 3 | $ | 14 | $ | 11 | Selling, General & Administrative Expense | ||||||||||
— | — | — | — | Tax expense | |||||||||||||||
$ | 5 | $ | 3 | $ | 14 | $ | 11 | Net of tax | |||||||||||
Interest rate swaps | $ | — | $ | 1 | $ | 1 | $ | 1 | Interest expense | ||||||||||
— | — | — | — | Tax expense | |||||||||||||||
$ | — | $ | 1 | $ | 1 | $ | 1 | Net of tax |
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||
Company by Segment and Geographic Area | Information about the Company by segment and geographic area was as follows, in millions: | ||||||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||
Net Sales (A) | Operating Profit (Loss) | Net Sales (A) | Operating Profit (Loss) | ||||||||||||||||||||||||||||||
The Company’s operations by segment were: | |||||||||||||||||||||||||||||||||
Cabinets and Related Products | $ | 262 | $ | 228 | $ | (2 | ) | $ | (28 | ) | $ | 763 | $ | 709 | $ | (4 | ) | $ | (49 | ) | |||||||||||||
Plumbing Products | 820 | 736 | 118 | 75 | 2,384 | 2,216 | 306 | 242 | |||||||||||||||||||||||||
Installation and Other Services | 370 | 312 | 18 | (2 | ) | 1,039 | 886 | 22 | (25 | ) | |||||||||||||||||||||||
Decorative Architectural Products | 522 | 481 | 93 | 96 | 1,519 | 1,432 | 286 | 264 | |||||||||||||||||||||||||
Other Specialty Products | 176 | 156 | 16 | 3 | 470 | 421 | 26 | 4 | |||||||||||||||||||||||||
Total | $ | 2,150 | $ | 1,913 | $ | 243 | $ | 144 | $ | 6,175 | $ | 5,664 | $ | 636 | $ | 436 | |||||||||||||||||
The Company’s operations by geographic area were: | |||||||||||||||||||||||||||||||||
North America | $ | 1,756 | $ | 1,553 | $ | 193 | $ | 112 | $ | 5,031 | $ | 4,571 | $ | 518 | $ | 325 | |||||||||||||||||
International, principally Europe | 394 | 360 | 50 | 32 | 1,144 | 1,093 | 118 | 111 | |||||||||||||||||||||||||
Total | $ | 2,150 | $ | 1,913 | 243 | 144 | $ | 6,175 | $ | 5,664 | 636 | 436 | |||||||||||||||||||||
General corporate expense, net | (31 | ) | (35 | ) | (104 | ) | (96 | ) | |||||||||||||||||||||||||
Gain from sale of fixed assets (B) | — | — | — | 5 | |||||||||||||||||||||||||||||
Charge for litigation settlements, net (B) | — | (1 | ) | — | (74 | ) | |||||||||||||||||||||||||||
Operating profit | 212 | 108 | 532 | 271 | |||||||||||||||||||||||||||||
Other income (expense), net | (58 | ) | (57 | ) | (168 | ) | (172 | ) | |||||||||||||||||||||||||
Income from continuing operations before income taxes | $ | 154 | $ | 51 | $ | 364 | $ | 99 | |||||||||||||||||||||||||
(A) | Inter-segment sales were not material. | ||||||||||||||||||||||||||||||||
(B) | In 2012, gain on sale of fixed assets relates to a business unit in the Other Specialty Products segment. For the three months and nine months ended September 30, 2012, the charge for litigation settlements, net, includes $1 million and $76 million, respectively, related to a business unit in the Installation and Other Services segment. |
Other_Income_Expense_Net_Table
Other Income (Expense), Net (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Other Income And Expenses [Abstract] | |||||||||||||||||
Other, Net, Included in Other Income (Expense), Net | Other, net, which is included in other income (expense), net, was as follows, in millions: | ||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Income from cash and cash investments | $ | 1 | $ | 1 | $ | 3 | $ | 5 | |||||||||
Income from financial investments (Note F) | — | 2 | 8 | 20 | |||||||||||||
Impairment of financial investments (Note F) | — | — | — | (2 | ) | ||||||||||||
Other items, net | (1 | ) | 2 | (1 | ) | (1 | ) | ||||||||||
Total other net | $ | — | $ | 5 | $ | 10 | $ | 22 |
Earnings_Per_Share_Text_Block_
Earnings Per Share [Text Block] (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||
Numerators and Denominators Used in Computations of Basic and Diluted Earnings Per Common Share | Reconciliations of the numerators and denominators used in the computations of basic and diluted earnings per common share were as follows, in millions: | ||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Numerator (basic and diluted): | |||||||||||||||||
Income from continuing operations | $ | 105 | $ | 26 | $ | 243 | $ | 17 | |||||||||
Allocation to unvested restricted stock awards | (2 | ) | (1 | ) | (5 | ) | (2 | ) | |||||||||
Income from continuing operations attributable to common shareholders | 103 | 25 | 238 | 15 | |||||||||||||
Loss from discontinued operations, net | (2 | ) | (11 | ) | (16 | ) | (44 | ) | |||||||||
Allocation to unvested restricted stock awards | — | — | — | 1 | |||||||||||||
Loss from discontinued operations attributable to common shareholders | (2 | ) | (11 | ) | (16 | ) | (43 | ) | |||||||||
Net income (loss) available to common shareholders | $ | 101 | $ | 14 | $ | 222 | $ | (28 | ) | ||||||||
Denominator: | |||||||||||||||||
Basic common shares (based upon weighted average) | 349 | 349 | 349 | 349 | |||||||||||||
Add: | |||||||||||||||||
Contingent common shares | — | — | — | — | |||||||||||||
Stock option dilution | 3 | 1 | 3 | 1 | |||||||||||||
Diluted common shares | 352 | 350 | 352 | 350 | |||||||||||||
Accounting_Policies_Schedule_o
Accounting Policies - Schedule of Impact on Company's Previously Issued Unaudited Consolidated Balance Sheets (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | Scenario, Previously Reported [Member] | Scenario, Previously Reported [Member] | Scenario, Previously Reported [Member] | Scenario, Previously Reported [Member] | Scenario, Previously Reported [Member] | Scenario, Previously Reported [Member] | Scenario, Previously Reported [Member] | Restatement Adjustment [Member] | Restatement Adjustment [Member] | Restatement Adjustment [Member] | Restatement Adjustment [Member] | Restatement Adjustment [Member] | Restatement Adjustment [Member] | Restatement Adjustment [Member] | ||||
Cash and cash investments | $1,011 | $1,040 | $889 | $1,353 | $1,223 | $1,032 | $1,351 | $1,166 | $1,853 | $1,788 | $1,656 | $1,028 | $828 | $1,040 | $889 | $1,612 | $1,491 | $1,353 |
Short-term bank deposits | 277 | 311 | 311 | 303 | ||||||||||||||
Total current assets | $3,493 | $3,217 | $3,217 | $3,429 | $3,217 | $3,429 |
Accounting_Policies_Schedule_o1
Accounting Policies - Schedule of Impact on Company's Previously Issued Unaudited Consolidated Statements of Cash Flows (Detail) (USD $) | 9 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Mar. 31, 2013 | Mar. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Mar. 31, 2013 | Mar. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Scenario, Previously Reported [Member] | Scenario, Previously Reported [Member] | Scenario, Previously Reported [Member] | Scenario, Previously Reported [Member] | Scenario, Previously Reported [Member] | Scenario, Previously Reported [Member] | Scenario, Previously Reported [Member] | Scenario, Previously Reported [Member] | Restatement Adjustment [Member] | Restatement Adjustment [Member] | Restatement Adjustment [Member] | Restatement Adjustment [Member] | Restatement Adjustment [Member] | Restatement Adjustment [Member] | Restatement Adjustment [Member] | Restatement Adjustment [Member] | |||
Net cash (for) investing activities | ($21) | ($17) | ($30) | ($2) | ($51) | ($15) | ($42) | ($27) | ($61) | ($109) | $70 | $10 | $62 | $37 | ($17) | ($29) | ($84) | ($244) |
Effect of exchange rate changes on cash and cash investments | -2 | 11 | 17 | -18 | -14 | 11 | -8 | -7 | ||||||||||
Decrease in cash and cash investments | ($29) | ($464) | ($305) | ($59) | $302 | ($313) | ($72) | $174 |
Revision_of_Previously_Issued_
Revision of Previously Issued Financial Statements - Schedule of Impact on Company's Previously Issued Unaudited Consolidated Balance Sheets and Statements of Cash Flows (Detail) (USD $) | 9 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 31, 2013 | Mar. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Mar. 31, 2013 | Mar. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Scenario, Previously Reported [Member] | Scenario, Previously Reported [Member] | Scenario, Previously Reported [Member] | Scenario, Previously Reported [Member] | Scenario, Previously Reported [Member] | Scenario, Previously Reported [Member] | Scenario, Previously Reported [Member] | Scenario, Previously Reported [Member] | Restatement Adjustment [Member] | Restatement Adjustment [Member] | Restatement Adjustment [Member] | Restatement Adjustment [Member] | Restatement Adjustment [Member] | Restatement Adjustment [Member] | Restatement Adjustment [Member] | Restatement Adjustment [Member] | |||||
Cash and cash investments | $1,011 | $889 | $1,040 | $1,353 | $1,032 | $1,788 | $1,223 | $1,853 | $1,166 | $1,351 | $1,656 | $828 | $1,491 | $1,028 | $1,612 | $889 | $1,040 | $1,353 | ||
Short-term bank deposits | 204 | 297 | 195 | 241 | 277 | |||||||||||||||
Net cash (for) from investing activities | ($21) | ($17) | ($30) | ($2) | ($51) | ($15) | ($42) | ($27) | ($61) | ($109) | $70 | $10 | $62 | $37 | ($17) | ($29) | ($84) | ($244) |
Discontinued_Operations_Financ
Discontinued Operations - Financial Information for Discontinued Operations (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Discontinued Operations And Disposal Groups [Abstract] | ||||||
Net Sales | $75 | $86 | $194 | $255 | ||
Operating loss from discontinued operations | -9 | -8 | -30 | |||
Impairment of assets | -10 | -3 | -10 | -3 | ||
Loss on disposal of discontinued operations, net | -2 | -2 | -3 | |||
Loss before income tax | -2 | -12 | -20 | -36 | ||
Income tax expense (benefit) | -1 | -4 | 8 | |||
Loss from discontinued operations, net | ($2) | ($11) | ($16) | ($44) |
Discontinued_Operations_Additi
Discontinued Operations - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Discontinued Operations And Disposal Groups [Abstract] | ||||||
Impairment of assets | $10 | $3 | $10 | $3 |
Discontinued_Operations_Balanc
Discontinued Operations - Balance Sheet Items Reclassified as Held for Sale (Detail) (Held For Sale [Member], USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Held For Sale [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Receivables | $40 | $32 |
Inventories | 57 | 66 |
Prepaid expenses and other | 1 | 2 |
Property and equipment, net | 94 | 103 |
Total assets | 192 | 203 |
Accounts payable | 38 | 31 |
Accrued liabilities | 11 | 14 |
Deferred income taxes | 4 | |
Total liabilities | $49 | $49 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets - Changes in Carrying Amount of Goodwill (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Goodwill [Line Items] | ||
Gross Goodwill | $3,870 | $3,864 |
Accumulated Impairment Losses | -1,970 | -1,970 |
Net Goodwill | 1,900 | 1,894 |
Other | 3 | |
Additions | 3 | |
Net Goodwill | 1,900 | 1,894 |
Cabinets and Related Products [Member] | ||
Goodwill [Line Items] | ||
Gross Goodwill | 240 | 240 |
Accumulated Impairment Losses | -59 | -59 |
Net Goodwill | 181 | 181 |
Net Goodwill | 181 | 181 |
Plumbing Products [Member] | ||
Goodwill [Line Items] | ||
Gross Goodwill | 547 | 544 |
Accumulated Impairment Losses | -340 | -340 |
Net Goodwill | 207 | 204 |
Other | 3 | |
Net Goodwill | 207 | 204 |
Installation and Other Services [Member] | ||
Goodwill [Line Items] | ||
Gross Goodwill | 1,806 | 1,806 |
Accumulated Impairment Losses | -762 | -762 |
Net Goodwill | 1,044 | 1,044 |
Net Goodwill | 1,044 | 1,044 |
Decorative Architectural Products [Member] | ||
Goodwill [Line Items] | ||
Gross Goodwill | 294 | 294 |
Accumulated Impairment Losses | -75 | -75 |
Net Goodwill | 219 | 219 |
Net Goodwill | 219 | 219 |
Other Specialty Products [Member] | ||
Goodwill [Line Items] | ||
Gross Goodwill | 983 | 980 |
Accumulated Impairment Losses | -734 | -734 |
Net Goodwill | 249 | 246 |
Additions | 3 | |
Net Goodwill | $249 | $246 |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets - Additional Information (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
Other indefinite-lived intangible assets | $132 | $132 |
Carrying value of definite-lived intangible assets | 17 | 19 |
Accumulated amortization | $59 | $57 |
Depreciation_and_Amortization_1
Depreciation and Amortization Expense - Additional Information (Detail) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Property Plant And Equipment Useful Life And Values [Abstract] | ||
Depreciation and amortization expense | $143 | $154 |
Accelerated depreciation | $12 | $12 |
Fair_Value_of_Financial_Invest2
Fair Value of Financial Investments and Liabilities - Financial Investments Included in Other Assets (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, fair value disclosure | $89 | $95 |
Recurring Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, fair value disclosure | 22 | 22 |
Recurring Investments [Member] | Auction Rate Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, fair value disclosure | 22 | 22 |
Non-Recurring Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, fair value disclosure | 67 | 73 |
Non-Recurring Investments [Member] | Private Equity Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, fair value disclosure | 63 | 69 |
Non-Recurring Investments [Member] | Other Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, fair value disclosure | $4 | $4 |
Fair_Value_of_Financial_Invest3
Fair Value of Financial Investments and Liabilities - Company's Investments in Available-for-Sale Securities (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Fair Value Disclosures [Abstract] | ||
Cost Basis | $19 | $19 |
Pre-tax Unrealized Gains | 3 | 3 |
Pre-tax Unrealized Losses | ||
Recorded Basis | $22 | $22 |
Fair_Value_of_Financial_Invest4
Fair Value of Financial Investments and Liabilities - Recurring Fair Value Measurements (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, fair value disclosure | $89 | $95 |
Recurring Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, fair value disclosure | 22 | 22 |
Auction Rate Securities [Member] | Recurring Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, fair value disclosure | 22 | 22 |
Assets at Fair Value (Level 1) [Member] | Recurring Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, fair value disclosure | ||
Assets at Fair Value (Level 1) [Member] | Auction Rate Securities [Member] | Recurring Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, fair value disclosure | ||
Assets at Fair Value (Level 2) [Member] | Recurring Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, fair value disclosure | ||
Assets at Fair Value (Level 2) [Member] | Auction Rate Securities [Member] | Recurring Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, fair value disclosure | ||
Assets at Fair Value (Level 3) [Member] | Recurring Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, fair value disclosure | 22 | 22 |
Assets at Fair Value (Level 3) [Member] | Auction Rate Securities [Member] | Recurring Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, fair value disclosure | $22 | $22 |
Fair_Value_of_Financial_Invest5
Fair Value of Financial Investments and Liabilities - Changes in Level 3 Financial Assets Measured at Fair Value on Recurring Basis (Detail) (Auction Rate Securities [Member], USD $) | 9 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Auction Rate Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair value at beginning of period | $22 | $22 |
Total losses included in earnings | ||
Unrealized (losses) | ||
Purchases | ||
Settlements | ||
Transfer from Level 3 to Level 2 | ||
Fair value at period end | $22 | $22 |
Fair_Value_of_Financial_Invest6
Fair Value of Financial Investments and Liabilities - Additional Information (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Sep. 30, 2012 |
Assets at Fair Value (Level 3) [Member] | Assets at Fair Value (Level 3) [Member] | |||
Investment Holdings [Line Items] | ||||
Aggregate carrying value of remaining private equity funds | $4,000,000 | $4,000,000 | ||
Impairment charges - private equity funds | 2,000,000 | 2,000,000 | ||
Estimated market value of long-term and short-term debt | 3,700,000,000 | 4,000,000,000 | ||
Aggregate carrying value of long-term and short-term debt | $3,400,000,000 | $3,600,000,000 |
Fair_Value_of_Financial_Invest7
Fair Value of Financial Investments and Liabilities - Income from Financial Investments Net, Included in Other, Net, Within Other Income (Expense), Net (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Schedule of Investments [Line Items] | ||||
Total income from financial investments | $2 | $8 | $20 | |
Private Equity Funds [Member] | ||||
Schedule of Investments [Line Items] | ||||
Realized gains from private equity funds | 2 | 7 | 20 | |
Income from other investments, net | 1 | |||
Impairment charges - private equity funds | ($2) |
Derivative_Instruments_and_Hed2
Derivative Instruments and Hedging Activities - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2012 | Sep. 30, 2013 |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ||
Issued notes | $400 | |
Forecasted debt issuance variable rate period | 3-month LIBOR | |
Ineffective portion of the cash flow hedges | 2 | |
Loss from the termination of the interest rate swap agreement | 23 | |
Balance remaining in Accumulated Other Comprehensive Income | $20 |
Derivative_Instruments_and_Hed3
Derivative Instruments and Hedging Activities - Pre-Tax (Loss) Gain (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Derivative [Line Items] | ||||
Total (loss) gain | ($2) | ($3) | ($2) | $1 |
Exchange Contracts [Member] | ||||
Derivative [Line Items] | ||||
Total (loss) gain | -4 | -4 | 3 | |
Forward Contracts [Member] | ||||
Derivative [Line Items] | ||||
Total (loss) gain | -1 | -1 | 1 | -2 |
Metals Contracts [Member] | ||||
Derivative [Line Items] | ||||
Total (loss) gain | $3 | $2 | ($6) | $3 |
Derivative_Instruments_and_Hed4
Derivative Instruments and Hedging Activities - Fair Value of Derivative Instruments Presented on Gross Basis (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Derivative [Line Items] | ||
Current liabilities | $7 | $8 |
Current assets | 2 | 2 |
Notional Amount | ||
Exchange Contracts [Member] | ||
Derivative [Line Items] | ||
Current liabilities | ||
Assets, Contracts | ||
Current assets | 1 | |
Current liabilities | ||
Notional Amount | 95 | 172 |
Exchange Contracts [Member] | Current assets [Member] | ||
Derivative [Line Items] | ||
Current liabilities | ||
Notional Amount | ||
Exchange Contracts [Member] | Current liabilities [Member] | ||
Derivative [Line Items] | ||
Current liabilities | 2 | 5 |
Notional Amount | ||
Forward Contracts [Member] | ||
Derivative [Line Items] | ||
Current liabilities | ||
Assets, Contracts | ||
Current assets | 1 | 1 |
Current liabilities | ||
Notional Amount | 65 | 76 |
Forward Contracts [Member] | Current assets [Member] | ||
Derivative [Line Items] | ||
Current liabilities | 1 | |
Notional Amount | ||
Forward Contracts [Member] | Current liabilities [Member] | ||
Derivative [Line Items] | ||
Current liabilities | 1 | |
Notional Amount | ||
Metals Contracts [Member] | ||
Derivative [Line Items] | ||
Current liabilities | ||
Assets, Contracts | ||
Current liabilities | 1 | |
Notional Amount | 35 | 35 |
Metals Contracts [Member] | Current liabilities [Member] | ||
Derivative [Line Items] | ||
Current liabilities | 4 | 2 |
Notional Amount |
Warranty_Changes_in_Warranty_L
Warranty - Changes in Warranty Liability (Detail) (USD $) | 9 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Warrant Liability [Abstract] | ||
Balance at beginning of period | $118 | $102 |
Accruals for warranties issued during the period | 30 | 42 |
Accruals related to pre-existing warranties | 4 | 16 |
Settlements made (in cash or kind) during the period | -31 | -38 |
Other, net | -4 | |
Balance at end of period | $121 | $118 |
Debt_Additional_Information_De
Debt - Additional Information (Detail) (USD $) | 9 Months Ended | ||
Sep. 30, 2013 | Mar. 31, 2013 | Jun. 21, 2010 | |
Debt Instrument [Line Items] | |||
Aggregate amount add back to future non-cash charges | $1,250,000,000 | $1,250,000,000 | |
Credit agreement, maturity date | 28-Mar-18 | ||
Non-cash charges, including goodwill and other intangible asset impairment charges | 250,000,000 | ||
Debt to total adjusted capitalization ratio | 65.00% | ||
Minimum interest coverage ratio | 2.5 | ||
Additional borrowing capacity | 1,200,000,000 | ||
Absorption of reduction to shareholders' equity to remain in compliance with covenant | 705,000,000 | ||
Euros Denominated Revolver [Member] | |||
Debt Instrument [Line Items] | |||
Borrowing capacity, maximum | 500,000,000 | ||
Swingline Loans [Member] | |||
Debt Instrument [Line Items] | |||
Borrowing capacity, maximum | 150,000,000 | ||
Federal Funds Effective Rate [Member] | |||
Debt Instrument [Line Items] | |||
Either rate per annum equal to lower of prime rate Federal Funds effective LIBOR plus one percent plus applicable margin | 0.50% | ||
Libor Rate [Member] | |||
Debt Instrument [Line Items] | |||
Either rate per annum equal to lower of prime rate Federal Funds effective LIBOR plus one percent plus applicable margin | 1.00% | ||
Letters of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Borrowing capacity, maximum | 250,000,000 | ||
Outstanding and unused Letters of Credit | $92,000,000 |
StockBased_Compensation_PreTax
Stock-Based Compensation - Pre-Tax Compensation Expense and Related Income Tax Benefit for Stock-Based Incentives (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||||
Long-term stock awards | $7 | $9 | $27 | $28 |
Stock options | 2 | 3 | 12 | 12 |
Phantom stock awards and stock appreciation rights | 3 | 2 | 6 | 8 |
Total | 12 | 14 | 45 | 48 |
Income tax benefit (37 percent tax rate - before valuation allowance) | $5 | $5 | $17 | $18 |
StockBased_Compensation_PreTax1
Stock-Based Compensation - Pre-Tax Compensation Expense and Related Income Tax Benefit for Stock-Based Incentives (Parenthetical) (Detail) | 9 Months Ended |
Sep. 30, 2013 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Tax rate - before valuation allowance | 37.00% |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 9 Months Ended | |
In Millions, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||
Long-term stock awards, including restoration options | 1,000,000 | 1,000,000 |
Total unrecognized compensation expense | $10 | $19 |
Weighted average remaining vesting period in years | 2 years | 2 years |
Total market value (at the vesting date) of stock award shares | 38 | 27 |
Stock awards granted subsequent to January 1, 2010 have a vesting period, in years | 4 years | 5 years |
Expiration date | 6 years | 6 years |
Grant date exercise price per share | $20 | $12 |
Stock option shares forfeited | 1,000,000 | 3,000,000 |
Unvested Awards [Member] | ||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||
Total unrecognized compensation expense | $76 | $79 |
Weighted average remaining vesting period in years | 3 years | 4 years |
Stock Option [Member] | ||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||
Stock awards granted subsequent to January 1, 2010 have a vesting period, in years | 5 years | 5 years |
Stock option shares granted | 899,000 | |
Grant date exercise price per share | $20 | |
Stock option shares forfeited | 1,220,830 | |
Long-Term Stock Awards [Member] | ||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||
Long-term stock awards, including restoration options | 1,683,980 | |
Maximum [Member] | ||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||
Expiration date | 10 years | 10 years |
StockBased_Compensation_Compan
Stock-Based Compensation - Company's Long-Term Stock Award Activity (Detail) (USD $) | 9 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Unvested stock award shares, Beginning balance | 8 | 10 |
Weighted average grant date fair value | $16 | $17 |
Stock award shares granted | 2 | 1 |
Weighted average grant date fair value | $20 | $12 |
Stock award shares vested | 2 | 2 |
Weighted average grant date fair value | $17 | $18 |
Stock award shares forfeited | 1 | |
Weighted average grant date fair value | $17 | $17 |
Unvested stock award shares, Ending balance | 8 | 8 |
Weighted average grant date fair value | $17 | $16 |
StockBased_Compensation_Compan1
Stock-Based Compensation - Company's Stock Option Activity (Detail) (USD $) | 9 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Option shares outstanding, Beginning balance | 30 | 36 |
Weighted average exercise price | $21 | $21 |
Option shares granted, including restoration options | 1 | 1 |
Weighted average exercise price | $20 | $12 |
Option shares exercised | 3 | 1 |
Aggregate intrinsic value on date of exercise | $22 | $4 |
Weighted average exercise price | $12 | $9 |
Option shares forfeited | 1 | 3 |
Weighted average exercise price | $23 | $18 |
Option shares outstanding, Ending balance | 27 | 33 |
Weighted average exercise price | $22 | $21 |
Weighted average remaining option term (in years) | 4 years | 5 years |
Option shares vested and expected to vest, Ending balance | 27 | 33 |
Weighted average exercise price | $22 | $21 |
Aggregate intrinsic value | 91 | 39 |
Weighted average remaining option term (in years) | 4 years | 5 years |
Option shares exercisable (vested), Ending balance | 22 | 25 |
Weighted average exercise price | $24 | $24 |
Aggregate intrinsic value | $51 | $17 |
Weighted average remaining option term (in years) | 3 years | 4 years |
StockBased_Compensation_Weight
Stock-Based Compensation - Weighted Average Grant Date Fair Value of Option Shares Granted and Assumptions Used to Estimate Those Values Using Black-Scholes Option Pricing Model (Detail) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Weighted average grant date fair value | $8.35 | $4.44 |
Risk-free interest rate | 1.22% | 1.09% |
Dividend yield | 1.47% | 2.57% |
Volatility factor | 49.07% | 50.97% |
Expected option life | 6 years | 6 years |
Employee_Retirement_Plans_Net_
Employee Retirement Plans - Net Periodic Pension Cost for Defined Benefit Pension Plans (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Non-Qualified Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | ||||
Interest cost | 2 | 2 | 5 | 5 |
Expected return on plan assets | ||||
Amortization of net loss | 1 | 2 | 1 | |
Net periodic pension cost | 3 | 2 | 7 | 6 |
Qualified Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 1 | 1 | 3 | 4 |
Interest cost | 9 | 13 | 29 | 33 |
Expected return on plan assets | -9 | -10 | -27 | -27 |
Amortization of net loss | 4 | 3 | 12 | 10 |
Net periodic pension cost | $5 | $7 | $17 | $20 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (loss) - Reclassifications from Accumulated Other Comprehensive Income (Loss) to Income Statement (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Amortization of defined benefit pension: | ||||
Accumulated other comprehensive income, defined benefit pension, Tax Expense | $38 | $16 | $91 | $54 |
Accumulated other comprehensive income, defined benefit pension net of tax | 101 | 14 | 222 | -28 |
Amount Reclassified [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | ||||
Amortization of defined benefit pension: | ||||
Accumulated other comprehensive income, defined benefit pension, Tax Expense | ||||
Accumulated other comprehensive income, defined benefit pension net of tax | 5 | 3 | 14 | 11 |
Interest rate swaps Tax Expenses | ||||
Interest rate swaps Net of Taxes | 0 | 1 | 1 | 1 |
Selling, General & Administrative Expense [Member] | Amount Reclassified [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | ||||
Amortization of defined benefit pension: | ||||
Accumulated other comprehensive income, defined benefit pension, Selling, General and Administrative Expense | 5 | 3 | 14 | 11 |
Interest expense [Member] | Amount Reclassified [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | ||||
Amortization of defined benefit pension: | ||||
Interest rate swaps | $1 | $1 | $1 |
Segment_Information_Company_by
Segment Information - Company by Segment and Geographic Area (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Segment Reporting Information [Line Items] | ||||
Net sales | $2,150 | $1,913 | $6,175 | $5,664 |
Operating Profit (Loss) | 212 | 108 | 532 | 271 |
Charge for litigation settlements, net | -1 | -74 | ||
Other income (expense), net | -58 | -57 | -168 | -172 |
Income from continuing operations before income taxes | 154 | 51 | 364 | 99 |
North America [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 1,756 | 1,553 | 5,031 | 4,571 |
International, Principally Europe [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 394 | 360 | 1,144 | 1,093 |
Cabinets and Related Products [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 262 | 228 | 763 | 709 |
Plumbing Products [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 820 | 736 | 2,384 | 2,216 |
Installation and Other Services [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 370 | 312 | 1,039 | 886 |
Decorative Architectural Products [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 522 | 481 | 1,519 | 1,432 |
Other Specialty Products [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 176 | 156 | 470 | 421 |
Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating Profit (Loss) | 243 | 144 | 636 | 436 |
Operating Segments [Member] | Cabinets and Related Products [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating Profit (Loss) | -2 | -28 | -4 | -49 |
Operating Segments [Member] | Plumbing Products [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating Profit (Loss) | 118 | 75 | 306 | 242 |
Operating Segments [Member] | Installation and Other Services [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating Profit (Loss) | 18 | -2 | 22 | -25 |
Charge for litigation settlements, net | -1 | -76 | ||
Operating Segments [Member] | Decorative Architectural Products [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating Profit (Loss) | 93 | 96 | 286 | 264 |
Operating Segments [Member] | Other Specialty Products [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating Profit (Loss) | 16 | 3 | 26 | 4 |
Geographic Area [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating Profit (Loss) | 243 | 144 | 636 | 436 |
Geographic Area [Member] | North America [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating Profit (Loss) | 193 | 112 | 518 | 325 |
Geographic Area [Member] | International, Principally Europe [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating Profit (Loss) | 50 | 32 | 118 | 111 |
Corporate, Non-Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating Profit (Loss) | -31 | -35 | -104 | -96 |
Segment Reconciling Items [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Gain from sale of fixed assets | 5 | |||
Charge for litigation settlements, net | ($1) | ($74) |
Segment_Information_Company_by1
Segment Information - Company by Segment and Geographic Area (Parenthetical) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Segment Reporting Information [Line Items] | ||||
Charge for litigation settlements, net | $1 | $74 | ||
Installation and Other Services [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Charge for litigation settlements, net | $1 | $76 |
Severance_and_Early_Retirement1
Severance and Early Retirement Programs - Additional Information (Detail) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Asset Retirement Obligation Disclosure [Abstract] | ||
Charges related to severance and early retirement programs | $16 | $24 |
Other_Income_Expense_Net_Other
Other Income (Expense), Net - Other, Net, Included in Other Income (Expense), Net (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Other Income And Expenses [Abstract] | ||||
Income from cash and cash investments | $1 | $1 | $3 | $5 |
Income from financial investments (Note F) | 2 | 8 | 20 | |
Impairment of financial investments (Note F) | -2 | |||
Other items, net | -1 | 2 | -1 | -1 |
Total other net | $5 | $10 | $22 |
Other_Income_Expenses_Net_Addi
Other Income (Expenses), Net - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Other Income And Expenses [Abstract] | ||||
Currency gains (losses) included in other items, net | ($1) | $1 |
Earnings_Per_Common_Share_Nume
Earnings Per Common Share - Numerators and Denominators Used in Computations of Basic and Diluted Earnings Per Common Share (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Numerator (basic and diluted): | ||||
Income from continuing operations | $105 | $26 | $243 | $17 |
Allocation to unvested restricted stock awards | -2 | -1 | -5 | -2 |
Income from continuing operations attributable to common shareholders | 103 | 25 | 238 | 15 |
Loss from discontinued operations, net | -2 | -11 | -16 | -44 |
Allocation to unvested restricted stock awards | 1 | |||
Loss from discontinued operations attributable to common shareholders | -2 | -11 | -16 | -43 |
Net income (loss) available to common shareholders | $101 | $14 | $222 | ($28) |
Denominator: | ||||
Basic common shares (based upon weighted average) | 349 | 349 | 349 | 349 |
Contingent common shares | ||||
Stock option dilution | 3 | 1 | 3 | 1 |
Diluted common shares | 352 | 350 | 352 | 350 |
Earnings_Per_Common_Share_Addi
Earnings Per Common Share - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive effect on computation of diluted earnings per common share | 15,000,000 | 22,000,000 | 14,000,000 | 26,000,000 |
Grant of long term stock awards | 1,000,000 | 1,000,000 | ||
Repurchase and retirement of common stock to offset the dilutive impact of long term stock awards | 1,700,000 | |||
Repurchase and retirement of common stock cash aggregate to offset the dilutive effect | $35 | $8 | ||
Common stock outstanding under repurchase authorization | 22,600,000 | 22,600,000 | ||
Cash dividends per common share paid | $0.08 | $0.08 | $0.23 | $0.23 |
Cash dividends per common share declared | $0.08 | $0.08 | $0.23 | $0.23 |
Long-Term Stock Awards [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Grant of long term stock awards | 1,683,980 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2010 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ||||||
Effective tax rate | 25.00% | 25.00% | 55.00% | |||
State income tax benefit | $12 | $21 | ||||
Reduction in the liability for unrecognized tax benefits | 3 | 3 | ||||
Time limits for tax audit closings, settlements and expiration of applicable statutes of limitations in various jurisdictions | 12 months | |||||
Deferred tax assets expected to be realized | More than 50 percent | |||||
Increase in tax expense from repatriation of foreign earnings | 372 | |||||
Increase in tax expense from repatriation of foreign earnings | 65 | 89 | ||||
Reversal of valuation allowance | $600 | $600 |