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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Lennox International Inc | NYSE:LII | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
14.72 | 2.56% | 588.75 | 589.81 | 584.26 | 586.25 | 10,389 | 14:33:47 |
☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Common stock, $0.01 par value per share | LII | New York Stock Exchange |
Large Accelerated Filer | ☒ | Accelerated Filer | ☐ | |||||||||||
Non-Accelerated Filer | ☐ | Smaller Reporting Company | ☐ | |||||||||||
Emerging growth company | ☐ | |||||||||||||
Page | ||||||||
Part I | ||||||||
Consolidated Balance Sheets - June 30, 2021 (Unaudited) and December 31, 2020
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Consolidated Statements of Operations (Unaudited) - Three Months and Six Months Months Ended June 30, 2021 and 2020
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Consolidated Statements of Comprehensive Income (Unaudited) - Three Months and Six Months Months Ended June 30, 2021 and 2020
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Consolidated Statements of Stockholders' Deficit (Unaudited) - Three Months and Six Months Months Ended June 30, 2021 and 2020
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Consolidated Statements of Cash Flows (Unaudited) - Six Months Ended June 30, 2021 and 2020
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Part II | ||||||||
(Amounts in millions, except shares and par values) | As of June 30, 2021 | As of December 31, 2020 | |||||||||
(Unaudited) | |||||||||||
ASSETS | |||||||||||
Current Assets: | |||||||||||
Cash and cash equivalents | $ | 44.5 | $ | 123.9 | |||||||
Short-term investments | 2.8 | 5.1 | |||||||||
Accounts and notes receivable, net of allowances of $10.4 and $9.6 in 2021 and 2020, respectively
|
692.5 | 448.3 | |||||||||
Inventories, net | 433.8 | 439.4 | |||||||||
Other assets | 86.8 | 70.9 | |||||||||
Total current assets | 1,260.4 | 1,087.6 | |||||||||
Property, plant and equipment, net of accumulated depreciation of $907.7 and $880.6 in 2021 and 2020, respectively
|
476.0 | 464.3 | |||||||||
Right-of-use assets from operating leases | 183.3 | 194.4 | |||||||||
Goodwill | 186.8 | 186.9 | |||||||||
Deferred income taxes | 12.1 | 13.2 | |||||||||
Other assets, net | 86.1 | 86.1 | |||||||||
Total assets | $ | 2,204.7 | $ | 2,032.5 | |||||||
LIABILITIES AND STOCKHOLDERS’ DEFICIT | |||||||||||
Current Liabilities: | |||||||||||
Current maturities of long-term debt | $ | 265.9 | $ | 9.9 | |||||||
Current operating lease liabilities
|
54.6 | 55.0 | |||||||||
Accounts payable | 404.9 | 340.3 | |||||||||
Accrued expenses | 332.4 | 296.1 | |||||||||
Total current liabilities | 1,057.8 | 701.3 | |||||||||
Long-term debt | 977.4 | 970.7 | |||||||||
Long-term operating lease liabilities | 131.5 | 142.8 | |||||||||
Pensions | 96.9 | 92.5 | |||||||||
Other liabilities | 154.4 | 142.3 | |||||||||
Total liabilities | 2,418.0 | 2,049.6 | |||||||||
Commitments and contingencies | |||||||||||
Stockholders' deficit: | |||||||||||
Preferred stock, $0.01 par value, 25,000,000 shares authorized, no shares issued or outstanding
|
— | — | |||||||||
Common stock, $0.01 par value, 200,000,000 shares authorized, 87,170,197 shares issued
|
0.9 | 0.9 | |||||||||
Additional paid-in capital | 1,128.9 | 1,113.2 | |||||||||
Retained earnings | 2,576.6 | 2,385.8 | |||||||||
Accumulated other comprehensive loss | (93.1) | (97.2) | |||||||||
Treasury stock, at cost, 50,006,069 shares and 48,820,969 shares for 2021 and 2020, respectively
|
(3,826.6) | (3,419.8) | |||||||||
Total stockholders' deficit | (213.3) | (17.1) | |||||||||
Total liabilities and stockholders' deficit | $ | 2,204.7 | $ | 2,032.5 |
(Amounts in millions, except per share data) | For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net sales | $ | 1,239.0 | $ | 941.3 | $ | 2,169.4 | $ | 1,665.1 | |||||||||||||||
Cost of goods sold | 855.8 | 665.6 | 1,529.7 | 1,223.7 | |||||||||||||||||||
Gross profit | 383.2 | 275.7 | 639.7 | 441.4 | |||||||||||||||||||
Operating Expenses: | |||||||||||||||||||||||
Selling, general and administrative expenses | 167.8 | 129.5 | 313.2 | 260.8 | |||||||||||||||||||
Losses (gains) and other expenses, net | 2.3 | 3.6 | 2.6 | 2.3 | |||||||||||||||||||
Restructuring charges | 1.2 | 10.0 | 1.3 | 10.5 | |||||||||||||||||||
Loss from natural disasters, net of insurance recoveries | — | 1.0 | — | 2.7 | |||||||||||||||||||
Income from equity method investments | (4.1) | (4.4) | (7.4) | (7.2) | |||||||||||||||||||
Operating income | 216.0 | 136.0 | 330.0 | 172.3 | |||||||||||||||||||
Pension settlement | — | — | 0.7 | — | |||||||||||||||||||
Interest expense, net | 6.4 | 6.9 | 12.3 | 15.6 | |||||||||||||||||||
Other expense (income), net | 0.9 | 1.1 | 1.9 | 2.2 | |||||||||||||||||||
Income from continuing operations before income taxes | 208.7 | 128.0 | 315.1 | 154.5 | |||||||||||||||||||
Provision for income taxes | 38.7 | 27.4 | 60.9 | 41.4 | |||||||||||||||||||
Income from continuing operations | 170.0 | 100.6 | 254.2 | 113.1 | |||||||||||||||||||
Discontinued Operations: | |||||||||||||||||||||||
Loss from discontinued operations before income taxes | — | (0.8) | — | (0.8) | |||||||||||||||||||
Income tax benefit | — | (0.2) | — | (0.6) | |||||||||||||||||||
Loss from discontinued operations | — | (0.6) | — | (0.2) | |||||||||||||||||||
Net income | $ | 170.0 | $ | 100.0 | $ | 254.2 | $ | 112.9 | |||||||||||||||
Earnings per share – Basic: | |||||||||||||||||||||||
Income from continuing operations | $ | 4.55 | $ | 2.63 | $ | 6.74 | $ | 2.95 | |||||||||||||||
Loss from discontinued operations | — | (0.01) | — | — | |||||||||||||||||||
Net income | $ | 4.55 | $ | 2.62 | $ | 6.74 | $ | 2.95 | |||||||||||||||
Earnings per share – Diluted: | |||||||||||||||||||||||
Income from continuing operations | $ | 4.51 | $ | 2.62 | $ | 6.70 | $ | 2.93 | |||||||||||||||
Loss from discontinued operations | — | (0.02) | — | — | |||||||||||||||||||
Net income | $ | 4.51 | $ | 2.60 | $ | 6.70 | $ | 2.93 | |||||||||||||||
Weighted Average Number of Shares Outstanding - Basic | 37.4 | 38.2 | 37.7 | 38.3 | |||||||||||||||||||
Weighted Average Number of Shares Outstanding - Diluted | 37.7 | 38.4 | 38.0 | 38.6 | |||||||||||||||||||
(Amounts in millions) | For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net income | $ | 170.0 | $ | 100.0 | $ | 254.2 | $ | 112.9 | |||||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||
Foreign currency translation adjustments | 4.2 | 2.4 | 1.6 | (17.8) | |||||||||||||||||||
Net change in pension and post-retirement liabilities | (2.3) | (1.5) | (5.3) | (2.4) | |||||||||||||||||||
Reclassification of pension and post-retirement benefit losses into earnings | 2.1 | 1.4 | 4.3 | 3.0 | |||||||||||||||||||
Pension settlement | — | — | 0.7 | — | |||||||||||||||||||
Net change in fair value of cash flow hedges | 11.0 | 6.3 | 20.6 | (8.3) | |||||||||||||||||||
Reclassification of cash flow hedge (gains) losses into earnings | (9.1) | 5.8 | (13.5) | 7.0 | |||||||||||||||||||
Other comprehensive income (loss) before taxes | 5.9 | 14.4 | 8.4 | (18.5) | |||||||||||||||||||
Tax benefit (expense) | 0.2 | (3.0) | (4.3) | 0.6 | |||||||||||||||||||
Other comprehensive income (loss), net of tax | 6.1 | 11.4 | 4.1 | (17.9) | |||||||||||||||||||
Comprehensive income | $ | 176.1 | $ | 111.4 | $ | 258.3 | $ | 95.0 |
Common Stock Issued | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock at Cost | Total Stockholders' Deficit | |||||||||||||||||||||||||||||||||||||||
(For the three months ended June 30, 2021)
|
Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2021 | $ | 0.9 | $ | 1,090.3 | $ | 2,440.9 | $ | (99.2) | 49.4 | $ | (3,593.6) | $ | (160.7) | |||||||||||||||||||||||||||||||
Net income | — | — | 170.0 | — | — | — | 170.0 | |||||||||||||||||||||||||||||||||||||
Dividends, $0.92 per share
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— | — | (34.3) | — | — | — | (34.3) | |||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | — | — | — | 4.2 | — | — | 4.2 | |||||||||||||||||||||||||||||||||||||
Pension and post-retirement liability changes, net of tax benefit of $0.3
|
— | — | — | 0.1 | — | — | 0.1 | |||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | 8.9 | — | — | — | — | 8.9 | |||||||||||||||||||||||||||||||||||||
Change in cash flow hedges, net of tax expense of $0.1
|
— | — | — | 1.8 | — | — | 1.8 | |||||||||||||||||||||||||||||||||||||
Treasury shares reissued for common stock | — | (0.3) | — | — | (0.1) | 1.2 | 0.9 | |||||||||||||||||||||||||||||||||||||
Treasury stock purchases | — | 30.0 | — | — | 0.7 | (234.2) | (204.2) | |||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2021
|
$ | 0.9 | $ | 1,128.9 | $ | 2,576.6 | $ | (93.1) | 50.0 | $ | (3,826.6) | $ | (213.3) |
Common Stock Issued | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock at Cost | Total Stockholders' Deficit | |||||||||||||||||||||||||||||||||||||||
(For the three months ended June 30, 2020)
|
Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2020 | $ | 0.9 | $ | 1,095.2 | $ | 2,130.9 | $ | (133.1) | 48.9 | $ | (3,412.2) | $ | (318.3) | |||||||||||||||||||||||||||||||
Net income | — | — | 100.0 | — | — | — | 100.0 | |||||||||||||||||||||||||||||||||||||
Dividends, $0.77 per share
|
— | — | (29.4) | — | — | — | (29.4) | |||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | — | — | — | 2.4 | — | — | 2.4 | |||||||||||||||||||||||||||||||||||||
Pension and post-retirement liability changes, net of tax benefit of $0.1
|
— | — | — | (0.1) | — | — | (0.1) | |||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | 6.7 | — | — | — | — | 6.7 | |||||||||||||||||||||||||||||||||||||
Change in cash flow hedges, net of tax expense of $3.1
|
— | — | — | 9.1 | — | — | 9.1 | |||||||||||||||||||||||||||||||||||||
Treasury shares reissued for common stock | — | 0.5 | — | — | — | 0.3 | 0.8 | |||||||||||||||||||||||||||||||||||||
Treasury stock purchases | — | — | — | — | — | (0.1) | (0.1) | |||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2020
|
$ | 0.9 | $ | 1,102.4 | $ | 2,201.5 | $ | (121.7) | 48.9 | $ | (3,412.0) | $ | (228.9) | |||||||||||||||||||||||||||||||
Common Stock Issued | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock at Cost | Total Stockholders' Deficit | |||||||||||||||||||||||||||||||||||||||
(For the six months ended June 30, 2021)
|
Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2020
|
$ | 0.9 | $ | 1,113.2 | $ | 2,385.8 | $ | (97.2) | 48.8 | $ | (3,419.8) | $ | (17.1) | |||||||||||||||||||||||||||||||
Net income | — | — | 254.2 | — | — | — | 254.2 | |||||||||||||||||||||||||||||||||||||
Dividends, $1.69 per share
|
— | — | (63.4) | — | — | — | (63.4) | |||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | — | — | — | 1.6 | — | — | 1.6 | |||||||||||||||||||||||||||||||||||||
Pension and post-retirement liability changes, net of tax expense $3.2
|
— | — | — | (3.4) | — | — | (3.4) | |||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | 17.5 | — | — | — | — | 17.5 | |||||||||||||||||||||||||||||||||||||
Change in cash flow hedges, net of tax expense of $1.2
|
— | — | — | 5.9 | — | — | 5.9 | |||||||||||||||||||||||||||||||||||||
Treasury shares reissued for common stock | — | (1.8) | — | — | (0.1) | 3.4 | 1.6 | |||||||||||||||||||||||||||||||||||||
Treasury stock purchases | — | — | — | — | 1.3 | (410.2) | (410.2) | |||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2021
|
$ | 0.9 | $ | 1,128.9 | $ | 2,576.6 | $ | (93.1) | 50.0 | $ | (3,826.6) | $ | (213.3) |
Common Stock Issued | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock at Cost | Total Stockholders' Deficit | |||||||||||||||||||||||||||||||||||||||
(For the six months ended June 30, 2020)
|
Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2019
|
$ | 0.9 | $ | 1,093.5 | $ | 2,148.7 | $ | (103.8) | 48.6 | $ | (3,309.5) | $ | (170.2) | |||||||||||||||||||||||||||||||
Cumulative effect adjustment upon adoption of new accounting standard (ASC 2016-13) | — | — | (1.3) | — | — | — | (1.3) | |||||||||||||||||||||||||||||||||||||
Net income | — | — | 112.9 | — | — | — | 112.9 | |||||||||||||||||||||||||||||||||||||
Dividends, $1.54 per share
|
— | — | (58.8) | — | — | — | (58.8) | |||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | — | — | — | (17.8) | — | — | (17.8) | |||||||||||||||||||||||||||||||||||||
Pension and post-retirement liability changes, net of tax expense of $0.1
|
— | — | — | 0.5 | — | — | 0.5 | |||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | 10.4 | — | — | — | — | 10.4 | |||||||||||||||||||||||||||||||||||||
Change in cash flow hedges, net of tax benefit of $0.8
|
— | — | — | (0.6) | — | — | (0.6) | |||||||||||||||||||||||||||||||||||||
Treasury shares reissued for common stock | — | (1.5) | — | — | (0.1) | 3.1 | 1.6 | |||||||||||||||||||||||||||||||||||||
Treasury stock purchases | — | — | — | — | 0.4 | (105.6) | (105.6) | |||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2020
|
$ | 0.9 | $ | 1,102.4 | $ | 2,201.5 | $ | (121.7) | 48.9 | $ | (3,412.0) | $ | (228.9) |
(Amounts in millions) | For the Six Months Ended June 30, | ||||||||||
2021 | 2020 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | 254.2 | $ | 112.9 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Income from equity method investments | (7.4) | (7.2) | |||||||||
Dividends from affiliates | 3.7 | 2.5 | |||||||||
Restructuring charges, net of cash paid | 1.4 | 5.9 | |||||||||
Provision for credit losses | 3.5 | 3.1 | |||||||||
Unrealized losses on derivative contracts | 0.3 | 1.1 | |||||||||
Stock-based compensation expense | 17.5 | 10.4 | |||||||||
Depreciation and amortization | 35.6 | 37.9 | |||||||||
Deferred income taxes | (3.6) | 6.6 | |||||||||
Pension expense | 5.4 | 4.9 | |||||||||
Pension contributions | (0.8) | (1.2) | |||||||||
Other items, net | (0.3) | 0.7 | |||||||||
Changes in assets and liabilities: | |||||||||||
Accounts and notes receivable | (248.2) | (151.5) | |||||||||
Inventories | 7.0 | 43.1 | |||||||||
Other current assets | (9.7) | (1.1) | |||||||||
Accounts payable | 67.4 | (66.2) | |||||||||
Accrued expenses | 33.7 | (11.9) | |||||||||
Income taxes payable / (receivable), net | 1.6 | 10.2 | |||||||||
Leases, net | (0.6) | 1.5 | |||||||||
Other, net | 13.8 | 4.8 | |||||||||
Net cash provided by operating activities | 174.5 | 6.5 | |||||||||
Cash flows from investing activities: | |||||||||||
Proceeds from the disposal of property, plant and equipment | 0.6 | 0.3 | |||||||||
Purchases of property, plant and equipment | (45.5) | (43.5) | |||||||||
Proceeds from (purchases of) short-term investments | 2.3 | (1.1) | |||||||||
Net cash used in investing activities | (42.6) | (44.3) | |||||||||
Cash flows from financing activities: | |||||||||||
Short-term debt payments | — | (1.9) | |||||||||
Short-term debt borrowings | — | 1.9 | |||||||||
Asset securitization borrowings | 299.0 | 91.0 | |||||||||
Asset securitization payments | (44.0) | (70.0) | |||||||||
Long-term debt payments | (3.1) | (2.6) | |||||||||
Borrowings from credit facility | 753.0 | 1,060.5 | |||||||||
Payments on credit facility | (748.5) | (863.5) | |||||||||
Proceeds from employee stock purchases | 1.6 | 1.6 | |||||||||
Repurchases of common stock | (400.0) | (100.0) | |||||||||
Repurchases of common stock to satisfy employee withholding tax obligations | (10.2) | (5.6) | |||||||||
Cash dividends paid | (58.6) | (59.1) | |||||||||
Net cash (used in) provided by financing activities | (210.8) | 52.3 | |||||||||
(Decrease) increase in cash and cash equivalents | (78.9) | 14.5 | |||||||||
Effect of exchange rates on cash and cash equivalents | (0.5) | (7.0) | |||||||||
Cash and cash equivalents, beginning of period | 123.9 | 37.3 | |||||||||
Cash and cash equivalents, end of period | $ | 44.5 | $ | 44.8 | |||||||
Supplemental disclosures of cash flow information: | |||||||||||
Interest paid | $ | 11.8 | $ | 16.9 | |||||||
Income taxes paid (net of refunds) | $ | 62.6 | $ | 22.8 | |||||||
Segment | Product or Services | Markets Served | Geographic Areas | |||||||||||||||||
Residential Heating & Cooling | Furnaces, air conditioners, heat pumps, packaged heating and cooling systems, indoor air quality equipment, comfort control products, replacement parts and supplies |
Residential Replacement;
Residential New Construction |
United States
Canada |
|||||||||||||||||
Commercial Heating & Cooling | Unitary heating and air conditioning equipment, applied systems, controls, installation and service of commercial heating and cooling equipment, and variable refrigerant flow commercial products | Light Commercial |
United States
Canada |
|||||||||||||||||
Refrigeration | Condensing units, unit coolers, fluid coolers, air cooled condensers, air handlers, process chillers, controls, and compressorized racks |
Light Commercial;
Food Preservation; Non-Food/Industrial |
United States
Canada Europe |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net sales | |||||||||||||||||||||||
Residential Heating & Cooling | $ | 838.0 | $ | 644.8 | $ | 1,444.2 | $ | 1,086.9 | |||||||||||||||
Commercial Heating & Cooling | 252.8 | 188.3 | 452.0 | 366.7 | |||||||||||||||||||
Refrigeration | 148.2 | 108.2 | 273.2 | 211.5 | |||||||||||||||||||
$ | 1,239.0 | $ | 941.3 | $ | 2,169.4 | $ | 1,665.1 | ||||||||||||||||
Segment profit (loss) (1)
|
|||||||||||||||||||||||
Residential Heating & Cooling | $ | 189.7 | $ | 127.3 | $ | 286.1 | $ | 159.8 | |||||||||||||||
Commercial Heating & Cooling | 45.3 | 35.6 | 72.6 | 54.3 | |||||||||||||||||||
Refrigeration | 13.5 | 8.9 | 21.4 | 9.6 | |||||||||||||||||||
Corporate and other | (26.9) | (18.8) | (42.9) | (33.1) | |||||||||||||||||||
Total segment profit | 221.6 | 153.0 | 337.2 | 190.6 | |||||||||||||||||||
Reconciliation to Operating income: | |||||||||||||||||||||||
Special product quality adjustments | — | (1.0) | — | (1.0) | |||||||||||||||||||
Loss from natural disasters, net of insurance recoveries | — | 1.0 | — | 2.7 | |||||||||||||||||||
Items in Losses (gains) and other expenses, net that are excluded from segment profit (loss) (1)
|
4.4 | 7.0 | 5.9 | 6.1 | |||||||||||||||||||
Restructuring charges | 1.2 | 10.0 | 1.3 | 10.5 | |||||||||||||||||||
Operating income | $ | 216.0 | $ | 136.0 | $ | 330.0 | $ | 172.3 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net income | $ | 170.0 | $ | 100.0 | $ | 254.2 | $ | 112.9 | |||||||||||||||
Exclude: Income from discontinued operations | — | 0.6 | — | 0.2 | |||||||||||||||||||
Income from continuing operations | $ | 170.0 | $ | 100.6 | $ | 254.2 | $ | 113.1 | |||||||||||||||
Weighted-average shares outstanding – basic | 37.4 | 38.2 | 37.7 | 38.3 | |||||||||||||||||||
Add: Potential effect of dilutive securities attributable to stock-based payments | 0.3 | 0.2 | 0.3 | 0.3 | |||||||||||||||||||
Weighted-average shares outstanding – diluted | 37.7 | 38.4 | 38.0 | 38.6 | |||||||||||||||||||
Earnings per share – Basic: | |||||||||||||||||||||||
Income from continuing operations | $ | 4.55 | $ | 2.63 | $ | 6.74 | $ | 2.95 | |||||||||||||||
Income from discontinued operations | — | (0.01) | — | — | |||||||||||||||||||
Net income | $ | 4.55 | $ | 2.62 | $ | 6.74 | $ | 2.95 | |||||||||||||||
Earnings per share – Diluted: | |||||||||||||||||||||||
Income from continuing operations | $ | 4.51 | $ | 2.62 | $ | 6.70 | $ | 2.93 | |||||||||||||||
Income from discontinued operations | — | (0.02) | — | — | |||||||||||||||||||
Net income | $ | 4.51 | $ | 2.60 | $ | 6.70 | $ | 2.93 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Weighted-average number of shares | — | 0.5 | — | 0.5 | |||||||||||||||||||
Price per share |
$—
|
$205.53-$257.08
|
$—
|
$205.53-$257.08
|
As of June 30, 2021 | As of December 31, 2020 | ||||||||||
Accrued expenses | $ | 38.8 | $ | 37.7 | |||||||
Other liabilities | 93.0 | 82.1 | |||||||||
Total warranty liability | $ | 131.8 | $ | 119.8 |
Total warranty liability as of December 31, 2020 | $ | 119.8 | |||
Warranty claims paid | (15.5) | ||||
Changes resulting from issuance of new warranties | 24.0 | ||||
Changes in estimates associated with pre-existing liabilities | 3.5 | ||||
Changes in foreign currency translation rates and other | — | ||||
Total warranty liability as of June 30, 2021
|
$ | 131.8 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Loss (gain) for asbestos-related litigation, net | $ | 1.7 | $ | 1.2 | $ | 2.8 | $ | (0.5) |
For the Three Months Ended June 30, 2021
|
|||||||||||||||||||||||
Primary Geographic Markets | Residential Heating & Cooling | Commercial Heating & Cooling | Refrigeration | Consolidated | |||||||||||||||||||
United States | $ | 763.0 | $ | 228.7 | $ | 82.2 | $ | 1,073.9 | |||||||||||||||
Canada | 75.0 | 23.9 | — | 98.9 | |||||||||||||||||||
Other international | — | 0.2 | 66.0 | 66.2 | |||||||||||||||||||
Total | $ | 838.0 | $ | 252.8 | $ | 148.2 | $ | 1,239.0 |
For the Three Months Ended June 30, 2020
|
|||||||||||||||||||||||
Primary Geographic Markets | Residential Heating & Cooling | Commercial Heating & Cooling | Refrigeration | Consolidated | |||||||||||||||||||
United States | $ | 603.8 | $ | 173.1 | $ | 61.3 | $ | 838.2 | |||||||||||||||
Canada | 41.0 | 15.0 | — | 56.0 | |||||||||||||||||||
Other international | — | 0.2 | 46.9 | 47.1 | |||||||||||||||||||
Total | $ | 644.8 | $ | 188.3 | $ | 108.2 | $ | 941.3 |
For the Six Months Ended June 30, 2021
|
|||||||||||||||||||||||
Primary Geographic Markets | Residential Heating & Cooling | Commercial Heating & Cooling | Refrigeration | Consolidated | |||||||||||||||||||
United States | $ | 1,321.8 | $ | 411.0 | $ | 157.9 | $ | 1,890.7 | |||||||||||||||
Canada | 122.4 | 40.8 | — | 163.2 | |||||||||||||||||||
Other international | — | 0.2 | 115.3 | 115.5 | |||||||||||||||||||
Total | $ | 1,444.2 | $ | 452.0 | $ | 273.2 | $ | 2,169.4 |
For the Six Months Ended June 30, 2020
|
|||||||||||||||||||||||
Primary Geographic Markets | Residential Heating & Cooling | Commercial Heating & Cooling | Refrigeration | Consolidated | |||||||||||||||||||
United States | $ | 1,016.2 | $ | 334.3 | $ | 120.8 | $ | 1,471.3 | |||||||||||||||
Canada | 70.7 | 32.0 | — | 102.7 | |||||||||||||||||||
Other international | — | 0.4 | 90.7 | 91.1 | |||||||||||||||||||
Total | $ | 1,086.9 | $ | 366.7 | $ | 211.5 | $ | 1,665.1 |
June 30, 2021 | December 31, 2020 | $ Change | % Change | ||||||||||||||||||||
Contract liabilities - current | $ | (6.5) | $ | (5.5) | $ | (1.0) | 18.2 | % | |||||||||||||||
Contract liabilities - noncurrent | (5.7) | (5.6) | (0.1) | 1.8 | % | ||||||||||||||||||
Total | $ | (12.2) | $ | (11.1) | $ | (1.1) |
As of June 30, 2021 | As of December 31, 2020 | ||||||||||
Finished goods | $ | 245.9 | $ | 280.1 | |||||||
Work in process | 7.2 | 6.5 | |||||||||
Raw materials and parts | 242.3 | 207.8 | |||||||||
Subtotal | 495.4 | 494.4 | |||||||||
Excess of current cost over last-in, first-out cost | (61.6) | (55.0) | |||||||||
Total inventories, net | $ | 433.8 | $ | 439.4 |
Balance at December 31, 2020
|
Changes in foreign currency translation rates |
Balance at June 30, 2021
|
|||||||||||||||||||||
Residential Heating & Cooling | $ | 26.1 | $ | — | $ | 26.1 | |||||||||||||||||
Commercial Heating & Cooling | 61.1 | — | 61.1 | ||||||||||||||||||||
Refrigeration | 99.7 | (0.1) | 99.6 | ||||||||||||||||||||
Total Goodwill | $ | 186.9 | $ | (0.1) | $ | 186.8 |
As of June 30, 2021 | As of December 31, 2020 | ||||||||||
Unrealized gains on unsettled contracts | $ | (17.6) | $ | (10.5) | |||||||
Income tax expense | 3.5 | 2.3 | |||||||||
Gains included in AOCL, net of tax (1)
|
$ | (14.1) | $ | (8.2) |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Stock-based compensation expense (1)
|
$ | 8.9 | $ | 6.7 | $ | 17.5 | $ | 10.4 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Service cost | $ | 1.5 | $ | 1.4 | $ | 3.1 | $ | 2.8 | |||||||||||||||
Interest cost | 1.5 | 1.6 | 3.1 | 3.3 | |||||||||||||||||||
Expected return on plan assets | (2.7) | (2.0) | (5.5) | (4.2) | |||||||||||||||||||
Amortization of prior service cost | 0.1 | — | 0.1 | 0.1 | |||||||||||||||||||
Recognized actuarial loss | 2.1 | 1.4 | 4.2 | 2.9 | |||||||||||||||||||
Other | — | — | (0.3) | — | |||||||||||||||||||
Settlements and curtailments | — | — | 0.7 | — | |||||||||||||||||||
Net periodic benefit cost | $ | 2.5 | $ | 2.4 | $ | 5.4 | $ | 4.9 |
As of June 30, 2021 | As of December 31, 2020 | ||||||||||
Current maturities of long-term debt: | |||||||||||
Asset securitization program | $ | 255.0 | $ | — | |||||||
Finance lease obligations | 11.0 | 10.1 | |||||||||
Debt issuance costs | (0.1) | (0.2) | |||||||||
Total current maturities of long-term debt
|
$ | 265.9 | $ | 9.9 | |||||||
Long-Term Debt: | |||||||||||
Finance lease obligations | 30.3 | 29.3 | |||||||||
Domestic credit facility | 4.5 | — | |||||||||
Senior unsecured notes | 950.0 | 950.0 | |||||||||
Debt issuance costs | (7.4) | (8.6) | |||||||||
Total long-term debt | $ | 977.4 | $ | 970.7 | |||||||
Total debt | $ | 1,243.3 | $ | 980.6 |
As of June 30, 2021 | As of December 31, 2020 | ||||||||||
Eligible amount available under the ASP on qualified accounts receivable | $ | 320.0 | $ | 279.1 | |||||||
Less: Beneficial interest transferred | (255.0) | — | |||||||||
Remaining amount available | $ | 65.0 | $ | 279.1 |
As of June 30, 2021 | As of December 31, 2020 | ||||||||||
Weighted average borrowing rate | 1.63 | % | — | % |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | Affected Line Item(s) in the Consolidated Statements of Operations | ||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||
(Losses) Gains on Cash Flow Hedges: | ||||||||||||||||||||||||||||||||
Derivatives contracts | $ | 9.1 | $ | (5.8) | $ | 13.5 | $ | (7.0) | Cost of goods sold; Losses (gains) and other expenses, net | |||||||||||||||||||||||
Income tax (expense) benefit | (2.1) | 1.5 | (3.1) | 1.8 | Provision for income taxes | |||||||||||||||||||||||||||
Net of tax | $ | 7.0 | $ | (4.3) | $ | 10.4 | $ | (5.2) | ||||||||||||||||||||||||
Defined Benefit Plan items: | ||||||||||||||||||||||||||||||||
Pension and post-retirement benefit costs | $ | (2.1) | $ | (1.4) | $ | (4.3) | $ | (3.0) | Cost of goods sold; Selling, general and administrative expenses | |||||||||||||||||||||||
Pension settlement | — | — | (0.7) | — | Pension settlement | |||||||||||||||||||||||||||
Income tax benefit | 0.5 | 0.3 | 1.2 | 0.7 | Provision for income taxes | |||||||||||||||||||||||||||
Net of tax | $ | (1.6) | $ | (1.1) | $ | (3.8) | $ | (2.3) | ||||||||||||||||||||||||
Total reclassifications from AOCL | $ | 5.4 | $ | (5.4) | $ | 6.6 | $ | (7.5) |
Gains (Losses) on Cash Flow Hedges | Share of equity method investments other comprehensive income | Defined Benefit Pension Plan Items | Foreign Currency Translation Adjustments | Total AOCL | ||||||||||||||||||||||||||||
Balance as of December 31, 2020
|
$ | 8.2 | $ | (1.2) | $ | (82.7) | $ | (21.5) | $ | (97.2) | ||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | 16.3 | — | (7.2) | 1.6 | 10.7 | |||||||||||||||||||||||||||
Amounts reclassified from AOCL | (10.4) | — | 3.8 | — | (6.6) | |||||||||||||||||||||||||||
Net other comprehensive income (loss) | 5.9 | — | (3.4) | 1.6 | 4.1 | |||||||||||||||||||||||||||
Balance as of June 30, 2021
|
$ | 14.1 | $ | (1.2) | $ | (86.1) | $ | (19.9) | $ | (93.1) |
As of June 30, 2021 | As of December 31, 2020 | ||||||||||
Senior unsecured notes | $ | 977.2 | $ | 971.6 |
For the Three Months Ended June 30, | |||||||||||||||||||||||||||||
Dollars (in millions) |
Percent
Change Fav/(Unfav) |
Percent of Sales | |||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||
Net sales | $ | 1,239.0 | $ | 941.3 | 31.6 | % | 100.0 | % | 100.0 | % | |||||||||||||||||||
Cost of goods sold | 855.8 | 665.6 | (28.6) | 69.1 | 70.7 | ||||||||||||||||||||||||
Gross profit | 383.2 | 275.7 | 39.0 | 30.9 | 29.3 | ||||||||||||||||||||||||
Selling, general and administrative expenses | 167.8 | 129.5 | (29.6) | 13.5 | 13.8 | ||||||||||||||||||||||||
Losses (gains) and other expenses, net | 2.3 | 3.6 | 36.1 | 0.2 | 0.4 | ||||||||||||||||||||||||
Restructuring charges | 1.2 | 10.0 | 88.0 | 0.1 | 1.1 | ||||||||||||||||||||||||
Loss from natural disasters, net of insurance recoveries | — | 1.0 | 100.0 | — | 0.1 | ||||||||||||||||||||||||
Income from equity method investments | (4.1) | (4.4) | (6.8) | (0.3) | (0.5) | ||||||||||||||||||||||||
Operating income | $ | 216.0 | $ | 136.0 | 58.8 | % | 17.4 | % | 14.4 | % |
For the Three Months Ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
Realized (gains) losses on settled futures contracts | $ | (0.4) | $ | 0.1 | |||||||
Foreign currency exchange gains | (1.3) | (2.1) | |||||||||
Gain on disposal of fixed assets | (0.2) | (0.2) | |||||||||
Other operating income | (0.2) | (1.2) | |||||||||
Net change in unrealized losses (gains) on unsettled futures contracts | 0.1 | 0.8 | |||||||||
Special legal contingency charges | 0.7 | 0.7 | |||||||||
Asbestos-related litigation | 1.7 | 1.2 | |||||||||
Environmental liabilities | 0.8 | 1.1 | |||||||||
Charges incurred related to COVID-19 pandemic | 0.5 | 3.4 | |||||||||
Other items, net | 0.6 | (0.2) | |||||||||
Losses (gains) and other expenses, net (pre-tax)
|
$ | 2.3 | $ | 3.6 |
For the Three Months Ended June 30, | |||||||||||||||||||||||
2021 | 2020 | Difference | % Change | ||||||||||||||||||||
Net sales | $ | 838.0 | $ | 644.8 | $ | 193.2 | 30.0 | % | |||||||||||||||
Profit | $ | 189.7 | $ | 127.3 | $ | 62.4 | 49.0 | % | |||||||||||||||
% of net sales | 22.6 | % | 19.7 | % |
For the Three Months Ended June 30, | |||||||||||||||||||||||
2021 | 2020 | Difference | % Change | ||||||||||||||||||||
Net sales | $ | 252.8 | $ | 188.3 | $ | 64.5 | 34.3 | % | |||||||||||||||
Profit | $ | 45.3 | $ | 35.6 | $ | 9.7 | 27.2 | % | |||||||||||||||
% of net sales | 17.9 | % | 18.9 | % |
For the Three Months Ended June 30, | |||||||||||||||||||||||
2021 | 2020 | Difference | % Change | ||||||||||||||||||||
Net sales | $ | 148.2 | $ | 108.2 | $ | 40.0 | 37.0 | % | |||||||||||||||
Profit | $ | 13.5 | $ | 8.9 | $ | 4.6 | 51.7 | % | |||||||||||||||
% of net sales | 9.1 | % | 8.2 | % |
For the Six Months Ended June 30, | |||||||||||||||||||||||||||||
Dollars (in millions) |
Percent
Change Fav/(Unfav) |
Percent of Sales | |||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||
Net sales | $ | 2,169.4 | $ | 1,665.1 | 30.3 | 100.0 | % | 100.0 | % | ||||||||||||||||||||
Cost of goods sold | 1,529.7 | 1,223.7 | (25.0) | 70.5 | 73.5 | ||||||||||||||||||||||||
Gross profit | 639.7 | 441.4 | 44.9 | 29.5 | 26.5 | ||||||||||||||||||||||||
Selling, general and administrative expenses | 313.2 | 260.8 | (20.1) | 14.4 | 15.7 | ||||||||||||||||||||||||
Losses (gains) and other expenses, net | 2.6 | 2.3 | (13.0) | 0.1 | 0.1 | ||||||||||||||||||||||||
Restructuring charges | 1.3 | 10.5 | 87.6 | 0.1 | 0.6 | ||||||||||||||||||||||||
Loss (gain) from natural disasters, net of insurance recoveries | — | 2.7 | (100.0) | — | 0.2 | ||||||||||||||||||||||||
Income from equity method investments | (7.4) | (7.2) | 2.8 | (0.3) | (0.4) | ||||||||||||||||||||||||
Operating income | $ | 330.0 | $ | 172.3 | 91.5 | 15.2 | % | 10.3 | % |
Six Months Ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
Realized (gains) losses on settled futures contracts | $ | (0.6) | $ | 0.2 | |||||||
Foreign currency exchange gains | (1.6) | (2.6) | |||||||||
Gain on disposal of fixed assets | (0.5) | (0.1) | |||||||||
Other operating income | (0.6) | (1.3) | |||||||||
Net change in unrealized (gains) losses on unsettled futures contracts | (0.2) | 1.4 | |||||||||
Special legal contingency charges | 0.9 | 0.7 | |||||||||
Asbestos-related litigation | 2.8 | (0.5) | |||||||||
Environmental liabilities | 1.5 | 1.3 | |||||||||
Charges incurred related to COVID-19 pandemic | 1.1 | 3.4 | |||||||||
Other items, net | (0.2) | (0.2) | |||||||||
Losses (gains) and other expenses, net (pre-tax) | $ | 2.6 | $ | 2.3 |
Six Months Ended June 30, | |||||||||||||||||||||||
2021 | 2020 | Difference | % Change | ||||||||||||||||||||
Net sales | $ | 1,444.2 | $ | 1,086.9 | $ | 357.3 | 32.9 | % | |||||||||||||||
Profit | $ | 286.1 | $ | 159.8 | $ | 126.3 | 79.0 | % | |||||||||||||||
% of net sales | 19.8 | % | 14.7 | % |
Six Months Ended June 30, | |||||||||||||||||||||||
2021 | 2020 | Difference | % Change | ||||||||||||||||||||
Net sales | $ | 452.0 | $ | 366.7 | $ | 85.3 | 23.3 | % | |||||||||||||||
Profit | $ | 72.6 | $ | 54.3 | $ | 18.3 | 33.7 | % | |||||||||||||||
% of net sales | 16.1 | % | 14.8 | % |
Six Months Ended June 30, | |||||||||||||||||||||||
2021 | 2020 | Difference | % Change | ||||||||||||||||||||
Net sales | $ | 273.2 | $ | 211.5 | $ | 61.7 | 29.2 | % | |||||||||||||||
Profit | $ | 21.4 | $ | 9.6 | $ | 11.8 | 122.9 | % | |||||||||||||||
% of net sales | 7.8 | % | 4.5 | % |
For the Six Months Ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
Net cash provided by operating activities | $ | 174.5 | $ | 6.5 | |||||||
Net cash used in investing activities | (42.6) | (44.3) | |||||||||
Net cash (used in) provided by financing activities | (210.8) | 52.3 |
Outstanding Borrowings | |||||
Current maturities of long-term debt: | |||||
Asset securitization program (2)
|
$ | 255.0 | |||
Finance lease obligations | 11.0 | ||||
Debt issuance costs | (0.1) | ||||
Total current maturities of long-term debt | $ | 265.9 | |||
Long-term debt: | |||||
Finance lease obligations | 30.3 | ||||
Domestic credit facility (1)
|
4.5 | ||||
Senior unsecured notes | 950.0 | ||||
Debt issuance costs | (7.4) | ||||
Total long-term debt | 977.4 | ||||
Total debt | $ | 1,243.3 |
Total Number of Shares Purchased (1)
|
Average Price Paid per Share (including fees) | Total Number of Shares Purchased As Part of Publicly Announced Plans |
Approximate Dollar Value of Shares that may yet be Purchased under our Share Repurchase Plans
(in millions) (2)
|
||||||||||||||||||||
April 1 through May 1 | 54,038 | $ | 302.85 | 47,932 | $ | 246.0 | |||||||||||||||||
May 2 through May 29 | 506,054 | $ | 340.39 | 500,029 | $ | 46.0 | |||||||||||||||||
May 30 through June 30 | 87,685 | $ | 340.30 | 87,680 | $ | 46.0 | |||||||||||||||||
647,777 | 635,641 |
1.1 | |||||
3.1 | |||||
3.2 | |||||
4.1 | |||||
4.2 | |||||
4.3 | |||||
4.4 | |||||
4.5 | |||||
4.6 | |||||
4.7 | |||||
4.8 | |||||
4.9 | |||||
4.10 | |||||
10.1 | |||||
10.2 | |||||
22.1 | |||||
31.1 | |||||
31.2 | |||||
32.1 | |||||
101 | INS XBRL Instance Document. The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | ||||
101 | SCH Inline XBRL Taxonomy Extension Schema Document | ||||
101 | CAL Inline XBRL Taxonomy Extension Calculation Linkbase Document | ||||
101 | LAB Inline XBRL Taxonomy Extension Label Linkbase Document | ||||
101 | PRE Inline XBRL Taxonomy Extension Presentation Linkbase Document |
101 | DEF Inline XBRL Taxonomy Extension Definition Linkbase Document | ||||
104 |
Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)
|
1 Year Lennox Chart |
1 Month Lennox Chart |
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