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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 | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 574.03 | 0 | 01:00:00 |
☒ |
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 - September 30, 2021 (Unaudited) and December 31, 2020
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Consolidated Statements of Operations (Unaudited) - Three Months and Nine Months Months Ended September 30, 2021 and 2020
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Consolidated Statements of Comprehensive Income (Unaudited) - Three Months and Nine Months Months Ended September 30, 2021 and 2020
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Consolidated Statements of Stockholders' Deficit (Unaudited) - Three Months and Nine Months Months Ended September 30, 2021 and 2020
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Consolidated Statements of Cash Flows (Unaudited) - Nine Months Ended September 30, 2021 and 2020
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Part II | ||||||||
(Amounts in millions, except shares and par values) | As of September 30, 2021 | As of December 31, 2020 | |||||||||
(Unaudited) | |||||||||||
ASSETS | |||||||||||
Current Assets: | |||||||||||
Cash and cash equivalents | $ | 39.4 | $ | 123.9 | |||||||
Short-term investments | 4.9 | 5.1 | |||||||||
Accounts and notes receivable, net of allowances of $10.6 and $9.6 in 2021 and 2020, respectively
|
580.6 | 448.3 | |||||||||
Inventories, net | 461.0 | 439.4 | |||||||||
Other assets | 99.0 | 70.9 | |||||||||
Total current assets | 1,184.9 | 1,087.6 | |||||||||
Property, plant and equipment, net of accumulated depreciation of $918.2 and $880.6 in 2021 and 2020, respectively
|
480.3 | 464.3 | |||||||||
Right-of-use assets from operating leases | 177.1 | 194.4 | |||||||||
Goodwill | 186.7 | 186.9 | |||||||||
Deferred income taxes | 10.3 | 13.2 | |||||||||
Other assets, net | 84.2 | 86.1 | |||||||||
Total assets | $ | 2,123.5 | $ | 2,032.5 | |||||||
LIABILITIES AND STOCKHOLDERS’ DEFICIT | |||||||||||
Current Liabilities: | |||||||||||
Current maturities of long-term debt | $ | 300.6 | $ | 9.9 | |||||||
Current operating lease liabilities
|
54.2 | 55.0 | |||||||||
Accounts payable | 401.6 | 340.3 | |||||||||
Accrued expenses | 344.0 | 296.1 | |||||||||
Total current liabilities | 1,100.4 | 701.3 | |||||||||
Long-term debt | 977.6 | 970.7 | |||||||||
Long-term operating lease liabilities | 126.2 | 142.8 | |||||||||
Pensions | 99.3 | 92.5 | |||||||||
Other liabilities | 154.8 | 142.3 | |||||||||
Total liabilities | 2,458.3 | 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 | 1,127.5 | 1,113.2 | |||||||||
Retained earnings | 2,669.1 | 2,385.8 | |||||||||
Accumulated other comprehensive loss | (101.4) | (97.2) | |||||||||
Treasury stock, at cost, 50,581,517 shares and 48,820,969 shares for 2021 and 2020, respectively
|
(4,030.9) | (3,419.8) | |||||||||
Total stockholders' deficit | (334.8) | (17.1) | |||||||||
Total liabilities and stockholders' deficit | $ | 2,123.5 | $ | 2,032.5 |
(Amounts in millions, except per share data) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net sales | $ | 1,059.9 | $ | 1,055.0 | $ | 3,229.3 | $ | 2,720.1 | |||||||||||||||
Cost of goods sold | 764.7 | 731.7 | 2,294.5 | 1,955.3 | |||||||||||||||||||
Gross profit | 295.2 | 323.3 | 934.8 | 764.8 | |||||||||||||||||||
Operating Expenses: | |||||||||||||||||||||||
Selling, general and administrative expenses | 134.2 | 151.8 | 447.4 | 412.7 | |||||||||||||||||||
Losses (gains) and other expenses, net | 2.1 | 3.4 | 4.7 | 5.6 | |||||||||||||||||||
Restructuring charges | 0.3 | 0.1 | 1.6 | 10.6 | |||||||||||||||||||
Loss from natural disasters, net of insurance recoveries | — | 4.9 | — | 7.6 | |||||||||||||||||||
Income from equity method investments | (4.1) | (4.0) | (11.6) | (11.2) | |||||||||||||||||||
Operating income | 162.7 | 167.1 | 492.7 | 339.5 | |||||||||||||||||||
Pension settlements | 0.3 | 0.3 | 1.1 | 0.3 | |||||||||||||||||||
Interest expense, net | 6.5 | 6.5 | 18.8 | 22.2 | |||||||||||||||||||
Other expense (income), net | 1.1 | 1.1 | 2.9 | 3.3 | |||||||||||||||||||
Income from continuing operations before income taxes | 154.8 | 159.2 | 469.9 | 313.7 | |||||||||||||||||||
Provision for income taxes | 28.5 | 27.5 | 89.4 | 68.8 | |||||||||||||||||||
Income from continuing operations | 126.3 | 131.7 | 380.5 | 244.9 | |||||||||||||||||||
Discontinued Operations: | |||||||||||||||||||||||
Loss from discontinued operations before income taxes | — | — | (0.1) | (0.9) | |||||||||||||||||||
Income tax benefit | — | — | — | (0.6) | |||||||||||||||||||
Loss from discontinued operations | — | — | (0.1) | (0.3) | |||||||||||||||||||
Net income | $ | 126.3 | $ | 131.7 | $ | 380.4 | $ | 244.6 | |||||||||||||||
Earnings per share – Basic: | |||||||||||||||||||||||
Income from continuing operations | $ | 3.43 | $ | 3.44 | $ | 10.17 | $ | 6.39 | |||||||||||||||
Loss from discontinued operations | — | — | — | (0.01) | |||||||||||||||||||
Net income | $ | 3.43 | $ | 3.44 | $ | 10.17 | $ | 6.38 | |||||||||||||||
Earnings per share – Diluted: | |||||||||||||||||||||||
Income from continuing operations | $ | 3.41 | $ | 3.42 | $ | 10.10 | $ | 6.35 | |||||||||||||||
Loss from discontinued operations | — | — | — | (0.01) | |||||||||||||||||||
Net income | $ | 3.41 | $ | 3.42 | $ | 10.10 | $ | 6.34 | |||||||||||||||
Weighted Average Number of Shares Outstanding - Basic | 36.8 | 38.3 | 37.4 | 38.3 | |||||||||||||||||||
Weighted Average Number of Shares Outstanding - Diluted | 37.0 | 38.6 | 37.7 | 38.6 | |||||||||||||||||||
(Amounts in millions) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net income | $ | 126.3 | $ | 131.7 | $ | 380.4 | $ | 244.6 | |||||||||||||||
Other comprehensive (loss) income: | |||||||||||||||||||||||
Foreign currency translation adjustments | (6.7) | 6.0 | (5.1) | (11.8) | |||||||||||||||||||
Net change in pension and post-retirement liabilities | (1.8) | (2.1) | (7.1) | (4.5) | |||||||||||||||||||
Reclassification of pension and post-retirement benefit losses into earnings | 1.8 | 1.4 | 6.0 | 4.4 | |||||||||||||||||||
Pension settlements | 0.3 | 0.3 | 1.1 | 0.3 | |||||||||||||||||||
Share of equity method investments other comprehensive income | — | (1.2) | — | (1.2) | |||||||||||||||||||
Net change in fair value of cash flow hedges | 6.3 | 3.2 | 26.9 | (3.2) | |||||||||||||||||||
Reclassification of cash flow hedge (gains) losses into earnings | (7.8) | 0.4 | (21.3) | 5.5 | |||||||||||||||||||
Other comprehensive (loss) income before taxes | (7.9) | 8.0 | 0.5 | (10.5) | |||||||||||||||||||
Tax expense | (0.4) | (1.2) | (4.7) | (0.6) | |||||||||||||||||||
Other comprehensive (loss) income, net of tax | (8.3) | 6.8 | (4.2) | (11.1) | |||||||||||||||||||
Comprehensive income | $ | 118.0 | $ | 138.5 | $ | 376.2 | $ | 233.5 |
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 September 30, 2021)
|
Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2021 | $ | 0.9 | $ | 1,128.9 | $ | 2,576.6 | $ | (93.1) | 50.0 | $ | (3,826.6) | $ | (213.3) | |||||||||||||||||||||||||||||||
Net income | — | — | 126.3 | — | — | — | 126.3 | |||||||||||||||||||||||||||||||||||||
Dividends, $0.92 per share
|
— | — | (33.8) | — | — | — | (33.8) | |||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | — | — | — | (6.7) | — | — | (6.7) | |||||||||||||||||||||||||||||||||||||
Pension and post-retirement liability changes, net of tax expense of $0.6
|
— | — | — | (0.4) | — | — | (0.4) | |||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | (0.6) | — | — | — | — | (0.6) | |||||||||||||||||||||||||||||||||||||
Change in cash flow hedges, net of tax benefit of $0.2
|
— | — | — | (1.2) | — | — | (1.2) | |||||||||||||||||||||||||||||||||||||
Treasury shares reissued for common stock | — | (0.8) | — | — | 0.6 | 1.6 | 0.8 | |||||||||||||||||||||||||||||||||||||
Treasury stock purchases | — | — | — | — | — | (205.9) | (205.9) | |||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2021
|
$ | 0.9 | $ | 1,127.5 | $ | 2,669.1 | $ | (101.4) | 50.6 | $ | (4,030.9) | $ | (334.8) |
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 September 30, 2020)
|
Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2020 | $ | 0.9 | $ | 1,102.4 | $ | 2,201.5 | $ | (121.7) | 48.9 | $ | (3,412.0) | $ | (228.9) | |||||||||||||||||||||||||||||||
Net income | — | — | 131.7 | — | — | — | 131.7 | |||||||||||||||||||||||||||||||||||||
Dividends, $0.77 per share
|
— | — | (29.5) | — | — | — | (29.5) | |||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | — | — | — | 6.0 | — | — | 6.0 | |||||||||||||||||||||||||||||||||||||
Pension and post-retirement liability changes, net of tax benefit of $0.1
|
— | — | — | (0.3) | — | — | (0.3) | |||||||||||||||||||||||||||||||||||||
Share of equity method investments other comprehensive income | — | — | — | (1.2) | — | — | (1.2) | |||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | 8.0 | — | — | — | — | 8.0 | |||||||||||||||||||||||||||||||||||||
Change in cash flow hedges, net of tax expense of $1.3
|
— | — | — | 2.3 | — | — | 2.3 | |||||||||||||||||||||||||||||||||||||
Treasury shares reissued for common stock | — | (1.0) | — | — | (0.1) | 1.7 | 0.7 | |||||||||||||||||||||||||||||||||||||
Treasury stock purchases | — | — | — | — | 0.1 | (4.5) | (4.5) | |||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2020
|
$ | 0.9 | $ | 1,109.4 | $ | 2,303.7 | $ | (114.9) | 48.9 | $ | (3,414.8) | $ | (115.7) | |||||||||||||||||||||||||||||||
Common Stock Issued | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock at Cost | Total Stockholders' Deficit | |||||||||||||||||||||||||||||||||||||||
(For the nine months ended September 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 | — | — | 380.4 | — | — | — | 380.4 | |||||||||||||||||||||||||||||||||||||
Dividends, $2.61 per share
|
— | — | (97.1) | — | — | — | (97.1) | |||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | — | — | — | (5.1) | — | — | (5.1) | |||||||||||||||||||||||||||||||||||||
Pension and post-retirement liability changes, net of tax expense of $3.8
|
— | — | — | (3.8) | — | — | (3.8) | |||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | 16.8 | — | — | — | — | 16.8 | |||||||||||||||||||||||||||||||||||||
Change in cash flow hedges, net of tax expense of $0.9
|
— | — | — | 4.7 | — | — | 4.7 | |||||||||||||||||||||||||||||||||||||
Treasury shares reissued for common stock | — | (2.5) | — | — | (0.1) | 5.0 | 2.5 | |||||||||||||||||||||||||||||||||||||
Treasury stock purchases | — | — | — | — | 1.9 | (616.1) | (616.1) | |||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2021
|
$ | 0.9 | $ | 1,127.5 | $ | 2,669.1 | $ | (101.4) | 50.6 | $ | (4,030.9) | $ | (334.8) |
Common Stock Issued | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock at Cost | Total Stockholders' Deficit | |||||||||||||||||||||||||||||||||||||||
(For the nine months ended September 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 | — | — | 244.6 | — | — | — | 244.6 | |||||||||||||||||||||||||||||||||||||
Dividends, $2.31 per share
|
— | — | (88.3) | — | — | — | (88.3) | |||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | — | — | — | (11.8) | — | — | (11.8) | |||||||||||||||||||||||||||||||||||||
Pension and post-retirement liability changes, net of tax | — | — | — | 0.2 | — | — | 0.2 | |||||||||||||||||||||||||||||||||||||
Share of equity method investments other comprehensive income | (1.2) | (1.2) | ||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | 18.4 | — | — | — | — | 18.4 | |||||||||||||||||||||||||||||||||||||
Change in cash flow hedges, net of tax benefit of $0.5
|
— | — | — | 1.7 | — | — | 1.7 | |||||||||||||||||||||||||||||||||||||
Treasury shares reissued for common stock | — | (2.5) | — | — | (0.2) | 4.8 | 2.3 | |||||||||||||||||||||||||||||||||||||
Treasury stock purchases | — | — | — | — | 0.5 | (110.1) | (110.1) | |||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2020
|
$ | 0.9 | $ | 1,109.4 | $ | 2,303.7 | $ | (114.9) | 48.9 | $ | (3,414.8) | $ | (115.7) |
(Amounts in millions) | For the Nine Months Ended September 30, | ||||||||||
2021 | 2020 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | 380.4 | $ | 244.6 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Income from equity method investments | (11.6) | (11.2) | |||||||||
Dividends from affiliates | 9.1 | 9.3 | |||||||||
Restructuring charges, net of cash paid | 1.1 | 3.5 | |||||||||
Provision for credit losses | 4.3 | 5.0 | |||||||||
Unrealized losses on derivative contracts | (0.2) | 0.5 | |||||||||
Stock-based compensation expense | 16.8 | 18.4 | |||||||||
Depreciation and amortization | 53.3 | 55.4 | |||||||||
Deferred income taxes | (2.2) | 5.6 | |||||||||
Pension expense | 8.4 | 7.7 | |||||||||
Pension contributions | (1.1) | (2.8) | |||||||||
Other items, net | 0.1 | 2.0 | |||||||||
Changes in assets and liabilities: | |||||||||||
Accounts and notes receivable | (139.5) | (69.3) | |||||||||
Inventories | (21.1) | 137.6 | |||||||||
Other current assets | (13.1) | 2.0 | |||||||||
Accounts payable | 65.0 | (2.4) | |||||||||
Accrued expenses | 49.4 | 29.6 | |||||||||
Income taxes payable / (receivable), net | (10.3) | 6.8 | |||||||||
Other, net | 7.5 | 3.9 | |||||||||
Net cash provided by operating activities | 396.3 | 446.2 | |||||||||
Cash flows from investing activities: | |||||||||||
Proceeds from the disposal of property, plant and equipment | 0.7 | 0.7 | |||||||||
Purchases of property, plant and equipment | (68.5) | (55.9) | |||||||||
Proceeds from (purchases of) short-term investments | 0.2 | (1.3) | |||||||||
Net cash used in investing activities | (67.6) | (56.5) | |||||||||
Cash flows from financing activities: | |||||||||||
Short-term debt payments | — | (4.6) | |||||||||
Short-term debt borrowings | — | 4.6 | |||||||||
Asset securitization borrowings | 504.0 | 91.0 | |||||||||
Asset securitization payments | (214.0) | (376.0) | |||||||||
Long-term debt payments | (3.0) | (5.4) | |||||||||
Long-term debt borrowings | — | 600.0 | |||||||||
Borrowings from credit facility | 1,021.4 | 1,509.5 | |||||||||
Payments on credit facility | (1,012.5) | (1,980.5) | |||||||||
Payments of deferred financing costs | — | (7.1) | |||||||||
Proceeds from employee stock purchases | 2.5 | 2.2 | |||||||||
Repurchases of common stock | (600.0) | (100.0) | |||||||||
Repurchases of common stock to satisfy employee withholding tax obligations | (16.1) | (10.1) | |||||||||
Cash dividends paid | (92.8) | (88.6) | |||||||||
Net cash used in financing activities | (410.5) | (365.0) | |||||||||
(Decrease) increase in cash and cash equivalents | (81.8) | 24.7 | |||||||||
Effect of exchange rates on cash and cash equivalents | (2.7) | (7.0) | |||||||||
Cash and cash equivalents, beginning of period | 123.9 | 37.3 | |||||||||
Cash and cash equivalents, end of period | $ | 39.4 | $ | 55.0 | |||||||
Supplemental disclosures of cash flow information: | |||||||||||
Interest paid | $ | 17.7 | $ | 19.0 | |||||||
Income taxes paid (net of refunds) | $ | 101.6 | $ | 55.1 | |||||||
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 September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net sales | |||||||||||||||||||||||
Residential Heating & Cooling | $ | 711.0 | $ | 722.0 | $ | 2,155.3 | $ | 1,808.8 | |||||||||||||||
Commercial Heating & Cooling | 211.5 | 207.9 | 663.4 | 574.6 | |||||||||||||||||||
Refrigeration | 137.4 | 125.1 | 410.6 | 336.7 | |||||||||||||||||||
$ | 1,059.9 | $ | 1,055.0 | $ | 3,229.3 | $ | 2,720.1 | ||||||||||||||||
Segment profit (loss) (1)
|
|||||||||||||||||||||||
Residential Heating & Cooling | $ | 144.0 | $ | 153.0 | $ | 430.1 | $ | 312.8 | |||||||||||||||
Commercial Heating & Cooling | 22.6 | 38.8 | 95.3 | 93.1 | |||||||||||||||||||
Refrigeration | 14.5 | 13.0 | 35.8 | 22.6 | |||||||||||||||||||
Corporate and other | (16.3) | (28.3) | (59.2) | (61.3) | |||||||||||||||||||
Total segment profit | 164.8 | 176.5 | 502.0 | 367.2 | |||||||||||||||||||
Reconciliation to Operating income: | |||||||||||||||||||||||
Special product quality adjustments | (1.1) | — | (1.0) | (1.0) | |||||||||||||||||||
Loss from natural disasters, net of insurance recoveries | — | 4.9 | — | 7.6 | |||||||||||||||||||
Items in Losses (gains) and other expenses, net that are excluded from segment profit (loss) (1)
|
2.9 | 4.4 | 8.7 | 10.5 | |||||||||||||||||||
Restructuring charges | 0.3 | 0.1 | 1.6 | 10.6 | |||||||||||||||||||
Operating income | $ | 162.7 | $ | 167.1 | $ | 492.7 | $ | 339.5 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net income | $ | 126.3 | $ | 131.7 | $ | 380.4 | $ | 244.6 | |||||||||||||||
Exclude: Income from discontinued operations | — | — | 0.1 | 0.3 | |||||||||||||||||||
Income from continuing operations | $ | 126.3 | $ | 131.7 | $ | 380.5 | $ | 244.9 | |||||||||||||||
Weighted-average shares outstanding – basic | 36.8 | 38.3 | 37.4 | 38.3 | |||||||||||||||||||
Add: Potential effect of dilutive securities attributable to stock-based payments | 0.2 | 0.3 | 0.3 | 0.3 | |||||||||||||||||||
Weighted-average shares outstanding – diluted | 37.0 | 38.6 | 37.7 | 38.6 | |||||||||||||||||||
Earnings per share – Basic: | |||||||||||||||||||||||
Income from continuing operations | $ | 3.43 | $ | 3.44 | $ | 10.17 | $ | 6.39 | |||||||||||||||
Income from discontinued operations | — | — | — | (0.01) | |||||||||||||||||||
Net income | $ | 3.43 | $ | 3.44 | $ | 10.17 | $ | 6.38 | |||||||||||||||
Earnings per share – Diluted: | |||||||||||||||||||||||
Income from continuing operations | $ | 3.41 | $ | 3.42 | $ | 10.10 | $ | 6.35 | |||||||||||||||
Income from discontinued operations | — | — | — | (0.01) | |||||||||||||||||||
Net income | $ | 3.41 | $ | 3.42 | $ | 10.10 | $ | 6.34 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Weighted-average number of shares | — | 0.1 | — | 0.1 | |||||||||||||||||||
Price per share |
$—
|
$257.08
|
$—
|
$257.08
|
As of September 30, 2021 | As of December 31, 2020 | ||||||||||
Accrued expenses | $ | 38.4 | $ | 37.7 | |||||||
Other liabilities | 94.7 | 82.1 | |||||||||
Total warranty liability | $ | 133.1 | $ | 119.8 |
Total warranty liability as of December 31, 2020 | $ | 119.8 | |||
Warranty claims paid | (28.1) | ||||
Changes resulting from issuance of new warranties | 37.2 | ||||
Changes in estimates associated with pre-existing liabilities | 4.2 | ||||
Changes in foreign currency translation rates and other | — | ||||
Total warranty liability as of September 30, 2021
|
$ | 133.1 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Loss (gain) for asbestos-related litigation, net | $ | 1.8 | $ | 2.4 | $ | 4.5 | $ | 1.9 |
For the Three Months Ended September 30, 2021
|
|||||||||||||||||||||||
Primary Geographic Markets | Residential Heating & Cooling | Commercial Heating & Cooling | Refrigeration | Consolidated | |||||||||||||||||||
United States | $ | 655.0 | $ | 194.0 | $ | 81.2 | $ | 930.2 | |||||||||||||||
Canada | 56.0 | 16.8 | — | 72.8 | |||||||||||||||||||
Other international | — | 0.7 | 56.2 | 56.9 | |||||||||||||||||||
Total | $ | 711.0 | $ | 211.5 | $ | 137.4 | $ | 1,059.9 |
For the Three Months Ended September 30, 2020
|
|||||||||||||||||||||||
Primary Geographic Markets | Residential Heating & Cooling | Commercial Heating & Cooling | Refrigeration | Consolidated | |||||||||||||||||||
United States | $ | 665.6 | $ | 184.6 | $ | 67.2 | $ | 917.4 | |||||||||||||||
Canada | 56.4 | 22.7 | — | 79.1 | |||||||||||||||||||
Other international | — | 0.6 | 57.9 | 58.5 | |||||||||||||||||||
Total | $ | 722.0 | $ | 207.9 | $ | 125.1 | $ | 1,055.0 |
For the Nine Months Ended September 30, 2021
|
|||||||||||||||||||||||
Primary Geographic Markets | Residential Heating & Cooling | Commercial Heating & Cooling | Refrigeration | Consolidated | |||||||||||||||||||
United States | $ | 1,976.8 | $ | 605.0 | $ | 239.1 | $ | 2,820.9 | |||||||||||||||
Canada | 178.5 | 57.6 | — | 236.1 | |||||||||||||||||||
Other international | — | 0.8 | 171.5 | 172.3 | |||||||||||||||||||
Total | $ | 2,155.3 | $ | 663.4 | $ | 410.6 | $ | 3,229.3 |
For the Nine Months Ended September 30, 2020
|
|||||||||||||||||||||||
Primary Geographic Markets | Residential Heating & Cooling | Commercial Heating & Cooling | Refrigeration | Consolidated | |||||||||||||||||||
United States | $ | 1,681.8 | $ | 518.9 | $ | 188.0 | $ | 2,388.7 | |||||||||||||||
Canada | 127.0 | 54.8 | — | 181.8 | |||||||||||||||||||
Other international | — | 0.9 | 148.7 | 149.6 | |||||||||||||||||||
Total | $ | 1,808.8 | $ | 574.6 | $ | 336.7 | $ | 2,720.1 |
September 30, 2021 | December 31, 2020 | $ Change | % Change | ||||||||||||||||||||
Contract liabilities - current | $ | (8.3) | $ | (5.5) | $ | (2.8) | 50.9 | % | |||||||||||||||
Contract liabilities - noncurrent | (5.2) | (5.6) | 0.4 | (7.1) | % | ||||||||||||||||||
Total | $ | (13.5) | $ | (11.1) | $ | (2.4) |
As of September 30, 2021 | As of December 31, 2020 | ||||||||||
Finished goods | $ | 264.1 | $ | 280.1 | |||||||
Work in process | 9.6 | 6.5 | |||||||||
Raw materials and parts | 254.7 | 207.8 | |||||||||
Subtotal | 528.4 | 494.4 | |||||||||
Excess of current cost over last-in, first-out cost | (67.4) | (55.0) | |||||||||
Total inventories, net | $ | 461.0 | $ | 439.4 |
Balance at December 31, 2020
|
Changes in foreign currency translation rates |
Balance at September 30, 2021
|
|||||||||||||||||||||
Residential Heating & Cooling | $ | 26.1 | $ | — | $ | 26.1 | |||||||||||||||||
Commercial Heating & Cooling | 61.1 | — | 61.1 | ||||||||||||||||||||
Refrigeration | 99.7 | (0.2) | 99.5 | ||||||||||||||||||||
Total Goodwill | $ | 186.9 | $ | (0.2) | $ | 186.7 |
As of September 30, 2021 | As of December 31, 2020 | ||||||||||
Unrealized gains on unsettled contracts | $ | (16.1) | $ | (10.5) | |||||||
Income tax expense | 3.2 | 2.3 | |||||||||
Gains included in AOCL, net of tax (1)
|
$ | (12.9) | $ | (8.2) |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Stock-based compensation expense (1)
|
$ | (0.6) | $ | 8.0 | $ | 16.8 | $ | 18.4 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Service cost | $ | 1.5 | $ | 1.4 | $ | 4.6 | $ | 4.2 | |||||||||||||||
Interest cost | 1.0 | 1.6 | 4.1 | 5.0 | |||||||||||||||||||
Expected return on plan assets | (1.7) | (2.0) | (7.1) | (6.2) | |||||||||||||||||||
Amortization of prior service cost | 0.1 | — | 0.1 | 0.1 | |||||||||||||||||||
Recognized actuarial loss | 1.8 | 1.4 | 6.0 | 4.3 | |||||||||||||||||||
Other | — | 0.1 | (0.4) | — | |||||||||||||||||||
Settlements and curtailments | 0.3 | 0.3 | 1.1 | 0.3 | |||||||||||||||||||
Net periodic benefit cost | $ | 3.0 | $ | 2.8 | $ | 8.4 | $ | 7.7 |
As of September 30, 2021 | As of December 31, 2020 | ||||||||||
Current maturities of long-term debt: | |||||||||||
Asset securitization program | $ | 290.0 | $ | — | |||||||
Finance lease obligations | 10.6 | 10.1 | |||||||||
Debt issuance costs | — | (0.2) | |||||||||
Total current maturities of long-term debt
|
$ | 300.6 | $ | 9.9 | |||||||
Long-Term Debt: | |||||||||||
Finance lease obligations | 27.8 | 29.3 | |||||||||
Domestic credit facility | 9.0 | — | |||||||||
Senior unsecured notes | 950.0 | 950.0 | |||||||||
Debt issuance costs | (9.2) | (8.6) | |||||||||
Total long-term debt | $ | 977.6 | $ | 970.7 | |||||||
Total debt | $ | 1,278.2 | $ | 980.6 |
As of September 30, 2021 | As of December 31, 2020 | ||||||||||
Eligible amount available under the ASP on qualified accounts receivable | $ | 369.8 | $ | 279.1 | |||||||
Less: Beneficial interest transferred | (290.0) | — | |||||||||
Remaining amount available | $ | 79.8 | $ | 279.1 |
As of September 30, 2021 | As of December 31, 2020 | ||||||||||
Weighted average borrowing rate | 1.38 | % | — | % |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | Affected Line Item(s) in the Consolidated Statements of Operations | ||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||
(Losses) Gains on Cash Flow Hedges: | ||||||||||||||||||||||||||||||||
Derivatives contracts | $ | 7.8 | $ | (0.4) | $ | 21.3 | $ | (5.5) | Cost of goods sold; Losses (gains) and other expenses, net | |||||||||||||||||||||||
Income tax (expense) benefit | (1.8) | 0.1 | (4.9) | 1.4 | Provision for income taxes | |||||||||||||||||||||||||||
Net of tax | $ | 6.0 | $ | (0.3) | $ | 16.4 | $ | (4.1) | ||||||||||||||||||||||||
Defined Benefit Plan items: | ||||||||||||||||||||||||||||||||
Pension and post-retirement benefit costs | $ | (1.8) | $ | (1.4) | $ | (6.0) | $ | (4.4) | Cost of goods sold; Selling, general and administrative expenses | |||||||||||||||||||||||
Pension settlements | (0.3) | (0.3) | (1.1) | (0.3) | Pension settlements | |||||||||||||||||||||||||||
Income tax benefit | 0.6 | 0.4 | 1.8 | 1.1 | Provision for income taxes | |||||||||||||||||||||||||||
Net of tax | $ | (1.5) | $ | (1.3) | $ | (5.3) | $ | (3.6) | ||||||||||||||||||||||||
Total reclassifications from AOCL | $ | 4.5 | $ | (1.6) | $ | 11.1 | $ | (7.7) |
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 | 21.1 | — | (9.1) | (5.1) | 6.9 | |||||||||||||||||||||||||||
Amounts reclassified from AOCL | (16.4) | — | 5.3 | — | (11.1) | |||||||||||||||||||||||||||
Net other comprehensive income (loss) | 4.7 | — | (3.8) | (5.1) | (4.2) | |||||||||||||||||||||||||||
Balance as of September 30, 2021
|
$ | 12.9 | $ | (1.2) | $ | (86.5) | $ | (26.6) | $ | (101.4) |
As of September 30, 2021 | As of December 31, 2020 | ||||||||||
Senior unsecured notes | $ | 974.8 | $ | 971.6 |
For the Three Months Ended September 30, | |||||||||||||||||||||||||||||
Dollars (in millions) |
Percent
Change Fav/(Unfav) |
Percent of Sales | |||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||
Net sales | $ | 1,059.9 | $ | 1,055.0 | 0.5 | % | 100.0 | % | 100.0 | % | |||||||||||||||||||
Cost of goods sold | 764.7 | 731.7 | (4.5) | 72.1 | 69.4 | ||||||||||||||||||||||||
Gross profit | 295.2 | 323.3 | (8.7) | 27.9 | 30.6 | ||||||||||||||||||||||||
Selling, general and administrative expenses | 134.2 | 151.8 | 11.6 | 12.7 | 14.4 | ||||||||||||||||||||||||
Losses (gains) and other expenses, net | 2.1 | 3.4 | 38.2 | 0.2 | 0.3 | ||||||||||||||||||||||||
Restructuring charges | 0.3 | 0.1 | (200.0) | — | — | ||||||||||||||||||||||||
Loss from natural disasters, net of insurance recoveries | — | 4.9 | 100.0 | — | 0.5 | ||||||||||||||||||||||||
Income from equity method investments | (4.1) | (4.0) | 2.5 | (0.4) | (0.4) | ||||||||||||||||||||||||
Operating income | $ | 162.7 | $ | 167.1 | (2.6) | % | 15.4 | % | 15.8 | % |
For the Three Months Ended September 30, | |||||||||||
2021 | 2020 | ||||||||||
Realized (gains) losses on settled futures contracts | $ | (0.2) | $ | — | |||||||
Foreign currency exchange gains | — | (0.4) | |||||||||
Gain on disposal of fixed assets | (0.1) | (0.2) | |||||||||
Other operating income | (0.5) | (0.4) | |||||||||
Net change in unrealized losses (gains) on unsettled futures contracts | 0.2 | (1.4) | |||||||||
Special legal contingency charges | 0.1 | 0.2 | |||||||||
Asbestos-related litigation | 1.8 | 2.4 | |||||||||
Environmental liabilities | 0.3 | 0.3 | |||||||||
Charges incurred related to COVID-19 pandemic | 0.8 | 3.0 | |||||||||
Other items, net | (0.3) | (0.1) | |||||||||
Losses (gains) and other expenses, net (pre-tax)
|
$ | 2.1 | $ | 3.4 |
For the Three Months Ended September 30, | |||||||||||||||||||||||
2021 | 2020 | Difference | % Change | ||||||||||||||||||||
Net sales | $ | 711.0 | $ | 722.0 | $ | (11.0) | (1.5) | % | |||||||||||||||
Profit | $ | 144.0 | $ | 153.0 | $ | (9.0) | (5.9) | % | |||||||||||||||
% of net sales | 20.3 | % | 21.2 | % |
For the Three Months Ended September 30, | |||||||||||||||||||||||
2021 | 2020 | Difference | % Change | ||||||||||||||||||||
Net sales | $ | 211.5 | $ | 207.9 | $ | 3.6 | 1.7 | % | |||||||||||||||
Profit | $ | 22.6 | $ | 38.8 | $ | (16.2) | (41.8) | % | |||||||||||||||
% of net sales | 10.7 | % | 18.7 | % |
For the Three Months Ended September 30, | |||||||||||||||||||||||
2021 | 2020 | Difference | % Change | ||||||||||||||||||||
Net sales | $ | 137.4 | $ | 125.1 | $ | 12.3 | 9.8 | % | |||||||||||||||
Profit | $ | 14.5 | $ | 13.0 | $ | 1.5 | 11.5 | % | |||||||||||||||
% of net sales | 10.6 | % | 10.4 | % |
For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||
Dollars (in millions) |
Percent
Change Fav/(Unfav) |
Percent of Sales | |||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||
Net sales | $ | 3,229.3 | $ | 2,720.1 | 18.7 | 100.0 | % | 100.0 | % | ||||||||||||||||||||
Cost of goods sold | 2,294.5 | 1,955.3 | (17.3) | 71.1 | 71.9 | ||||||||||||||||||||||||
Gross profit | 934.8 | 764.8 | 22.2 | 28.9 | 28.1 | ||||||||||||||||||||||||
Selling, general and administrative expenses | 447.4 | 412.7 | (8.4) | 13.9 | 15.2 | ||||||||||||||||||||||||
Losses (gains) and other expenses, net | 4.7 | 5.6 | 16.1 | 0.1 | 0.2 | ||||||||||||||||||||||||
Restructuring charges | 1.6 | 10.6 | 84.9 | — | 0.4 | ||||||||||||||||||||||||
Loss (gain) from natural disasters, net of insurance recoveries | — | 7.6 | (100.0) | — | 0.3 | ||||||||||||||||||||||||
Income from equity method investments | (11.6) | (11.2) | 3.6 | (0.4) | (0.4) | ||||||||||||||||||||||||
Operating income | $ | 492.7 | $ | 339.5 | 45.1 | 15.3 | % | 12.5 | % |
Nine Months Ended September 30, | |||||||||||
2021 | 2020 | ||||||||||
Realized (gains) losses on settled futures contracts | $ | (0.9) | $ | 0.2 | |||||||
Foreign currency exchange gains | (1.6) | (3.0) | |||||||||
Gain on disposal of fixed assets | (0.6) | (0.4) | |||||||||
Other operating income | (0.9) | (1.7) | |||||||||
Net change in unrealized (gains) losses on unsettled futures contracts | 0.1 | — | |||||||||
Special legal contingency charges | 1.0 | 0.9 | |||||||||
Asbestos-related litigation | 4.5 | 1.9 | |||||||||
Environmental liabilities | 1.8 | 1.5 | |||||||||
Charges incurred related to COVID-19 pandemic | 1.9 | 6.4 | |||||||||
Other items, net | (0.6) | (0.2) | |||||||||
Losses (gains) and other expenses, net (pre-tax) | $ | 4.7 | $ | 5.6 |
Nine Months Ended September 30, | |||||||||||||||||||||||
2021 | 2020 | Difference | % Change | ||||||||||||||||||||
Net sales | $ | 2,155.3 | $ | 1,808.8 | $ | 346.5 | 19.2 | % | |||||||||||||||
Profit | $ | 430.1 | $ | 312.8 | $ | 117.3 | 37.5 | % | |||||||||||||||
% of net sales | 20.0 | % | 17.3 | % |
Nine Months Ended September 30, | |||||||||||||||||||||||
2021 | 2020 | Difference | % Change | ||||||||||||||||||||
Net sales | $ | 663.4 | $ | 574.6 | $ | 88.8 | 15.5 | % | |||||||||||||||
Profit | $ | 95.3 | $ | 93.1 | $ | 2.2 | 2.4 | % | |||||||||||||||
% of net sales | 14.4 | % | 16.2 | % |
Nine Months Ended September 30, | |||||||||||||||||||||||
2021 | 2020 | Difference | % Change | ||||||||||||||||||||
Net sales | $ | 410.6 | $ | 336.7 | $ | 73.9 | 21.9 | % | |||||||||||||||
Profit | $ | 35.8 | $ | 22.6 | $ | 13.2 | 58.4 | % | |||||||||||||||
% of net sales | 8.7 | % | 6.7 | % |
For the Nine Months Ended September 30, | |||||||||||
2021 | 2020 | ||||||||||
Net cash provided by operating activities | $ | 396.3 | $ | 446.2 | |||||||
Net cash used in investing activities | (67.6) | (56.5) | |||||||||
Net cash used in financing activities | (410.5) | (365.0) |
Outstanding Borrowings | |||||
Current maturities of long-term debt: | |||||
Asset securitization program (2)
|
$ | 290.0 | |||
Finance lease obligations | 10.6 | ||||
Debt issuance costs | — | ||||
Total current maturities of long-term debt | $ | 300.6 | |||
Long-term debt: | |||||
Finance lease obligations | 27.8 | ||||
Domestic credit facility (1)
|
9.0 | ||||
Senior unsecured notes | 950.0 | ||||
Debt issuance costs | (9.2) | ||||
Total long-term debt | 977.6 | ||||
Total debt | $ | 1,278.2 |
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)
|
||||||||||||||||||||
July 1 through July 31 | 796 | $ | 329.44 | — | $ | 1,046.0 | |||||||||||||||||
August 1 through August 28 | 530,291 | $ | 328.54 | 517,598 | $ | 846.0 | |||||||||||||||||
August 29 through September 30 | 95,268 | $ | 330.15 | 90,882 | $ | 846.0 | |||||||||||||||||
626,355 | 608,480 |
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 | |||||
10.3 | |||||
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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