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Condensed Consolidating Financial Statements (Tables) | 3 Months Ended
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Mar. 31, 2018
Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
Condensed Consolidating Balance Sheets | Lennox International Inc. and Subsidiaries Condensed Consolidating Balance Sheets As of March 31, 2018
(Amounts in millions) | Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
ASSETS
Current Assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 1.4 |  |  | $ | 15.0 |  |  | $ | 40.7 |  |  | $ | — |  |  | $ | 57.1 |
Accounts and notes receivable, net | — |  |  | 49.4 |  |  | 479.1 |  |  | — |  |  | 528.5 |
Inventories, net | — |  |  | 469.2 |  |  | 97.8 |  |  | (5.5 | ) |  | 561.5 |
Assets held for sale | — |  |  | — |  |  | 93.3 |  |  | — |  |  | 93.3 |
Other assets | 7.3 |  |  | 69.8 |  |  | 63.1 |  |  | (33.8 | ) |  | 106.4 |
Total current assets | 8.7 |  |  | 603.4 |  |  | 774.0 |  |  | (39.3 | ) |  | 1,346.8 |
Property, plant and equipment, net | — |  |  | 259.0 |  |  | 135.1 |  |  | (4.0 | ) |  | 390.1 |
Goodwill | — |  |  | 134.9 |  |  | 55.4 |  |  | — |  |  | 190.3 |
Investment in subsidiaries | 1,524.7 |  |  | 472.6 |  |  | (12.5 | ) |  | (1,984.8 | ) |  | — |
Deferred income taxes | 4.7 |  |  | 71.5 |  |  | 30.0 |  |  | (12.2 | ) |  | 94.0 |
Other assets, net | 3.1 |  |  | 45.0 |  |  | 18.3 |  |  | (1.5 | ) |  | 64.9 |
Intercompany (payables) receivables, net | (555.5 | ) |  | 576.1 |  |  | 82.2 |  |  | (102.8 | ) |  | — |
Total assets | $ | 985.7 |  |  | $ | 2,162.5 |  |  | $ | 1,082.5 |  |  | $ | (2,144.6 | ) |  | $ | 2,086.1 |
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities: |  |  |  |  |  |  |  |  |
Short-term debt | $ | — |  |  | $ | — |  |  | $ | 0.9 |  |  | $ | — |  |  | $ | 0.9 |
Current maturities of long-term debt | 29.4 |  |  | 0.2 |  |  | 0.3 |  |  | — |  |  | 29.9 |
Accounts payable | 21.1 |  |  | 278.5 |  |  | 106.0 |  |  | — |  |  | 405.6 |
Accrued expenses | 6.0 |  |  | 179.1 |  |  | 40.9 |  |  | — |  |  | 226.0 |
Liabilities held for sale | — |  |  | — |  |  | 28.7 |  |  | — |  |  | 28.7 |
Income taxes payable (receivable) | 11.4 |  |  | 20.7 |  |  | 40.4 |  |  | (50.8 | ) |  | 21.7 |
Total current liabilities | 67.9 |  |  | 478.5 |  |  | 217.2 |  |  | (50.8 | ) |  | 712.8 |
Long-term debt | 1,021.6 |  |  | 11.7 |  |  | 225.0 |  |  | — |  |  | 1,258.3 |
Post-retirement benefits, other than pensions | — |  |  | 2.5 |  |  | — |  |  | — |  |  | 2.5 |
Pensions | — |  |  | 76.3 |  |  | 9.6 |  |  | — |  |  | 85.9 |
Other liabilities | (1.2 | ) |  | 122.1 |  |  | 8.3 |  |  | — |  |  | 129.2 |
Total liabilities | 1,088.3 |  |  | 691.1 |  |  | 460.1 |  |  | (50.8 | ) |  | 2,188.7 |
Commitments and contingencies |  |  |  |  |  |  |  |  |
Total stockholders' equity | (102.6 | ) |  | 1,471.4 |  |  | 622.4 |  |  | (2,093.8 | ) |  | (102.6 | )
Total liabilities and stockholders' equity | $ | 985.7 |  |  | $ | 2,162.5 |  |  | $ | 1,082.5 |  |  | $ | (2,144.6 | ) |  | $ | 2,086.1 |
Lennox International Inc. and Subsidiaries Condensed Consolidating Balance Sheets As of December 31, 2017
(Amounts in millions) | Parent |  | Guarantor Subsidiaries |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Consolidated
ASSETS
Current Assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 1.6 |  |  | $ | 28.0 |  |  | $ | 38.6 |  |  | $ | — |  |  | $ | 68.2 |
Accounts and notes receivable, net | — |  |  | 35.3 |  |  | 471.2 |  |  | — |  |  | 506.5 |
Inventories, net | — |  |  | 355.7 |  |  | 131.9 |  |  | (3.4 | ) |  | 484.2 |
Other assets | 16.2 |  |  | 23.1 |  |  | 67.5 |  |  | (28.4 | ) |  | 78.4 |
Total current assets | 17.8 |  |  | 442.1 |  |  | 709.2 |  |  | (31.8 | ) |  | 1,137.3 |
Property, plant and equipment, net | — |  |  | 257.6 |  |  | 144.4 |  |  | (4.2 | ) |  | 397.8 |
Goodwill | — |  |  | 134.9 |  |  | 65.6 |  |  | — |  |  | 200.5 |
Investment in subsidiaries | 1,257.7 |  |  | 365.8 |  |  | (0.6 | ) |  | (1,622.9 | ) |  | — |
Deferred income taxes | 3.9 |  |  | 69.1 |  |  | 33.6 |  |  | (12.2 | ) |  | 94.4 |
Other assets, net | 2.1 |  |  | 41.3 |  |  | 19.6 |  |  | (1.5 | ) |  | 61.5 |
Intercompany (payables) receivables, net | (559.3 | ) |  | 554.7 |  |  | 107.4 |  |  | (102.8 | ) |  | — |
Total assets | $ | 722.2 |  |  | $ | 1,865.5 |  |  | $ | 1,079.2 |  |  | $ | (1,775.4 | ) |  | $ | 1,891.5 |
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities: |  |  |  |  |  |  |  |  |
Short-term debt | $ | — |  |  | $ | — |  |  | $ | 0.9 |  |  | $ | — |  |  | $ | 0.9 |
Current maturities of long-term debt | 29.4 |  |  | 2.9 |  |  | 0.3 |  |  | — |  |  | 32.6 |
Accounts payable | 21.3 |  |  | 228.0 |  |  | 99.3 |  |  | — |  |  | 348.6 |
Accrued expenses | 3.1 |  |  | 209.4 |  |  | 57.8 |  |  | — |  |  | 270.3 |
Income taxes (receivable) payable | (64.5 | ) |  | 56.5 |  |  | 60.9 |  |  | (50.8 | ) |  | 2.1 |
Total current liabilities | (10.7 | ) |  | 496.8 |  |  | 219.2 |  |  | (50.8 | ) |  | 654.5 |
Long-term debt | 682.8 |  |  | 11.7 |  |  | 276.0 |  |  | — |  |  | 970.5 |
Post-retirement benefits, other than pensions | — |  |  | 2.6 |  |  | — |  |  | — |  |  | 2.6 |
Pensions | — |  |  | 74.7 |  |  | 9.8 |  |  | — |  |  | 84.5 |
Other liabilities | — |  |  | 120.6 |  |  | 8.7 |  |  | — |  |  | 129.3 |
Total liabilities | 672.1 |  |  | 706.4 |  |  | 513.7 |  |  | (50.8 | ) |  | 1,841.4 |
Commitments and contingencies |  |  |  |  |  |  |  |  |
Total stockholders' equity | 50.1 |  |  | 1,159.1 |  |  | 565.5 |  |  | (1,724.6 | ) |  | 50.1 |
Total liabilities and stockholders' equity | $ | 722.2 |  |  | $ | 1,865.5 |  |  | $ | 1,079.2 |  |  | $ | (1,775.4 | ) |  | $ | 1,891.5 |
Condensed Consolidating Statements of Operations and Comprehensive Income | Lennox International Inc. and Subsidiaries Condensed Consolidating Statements of Operations and Comprehensive Income For the Three Months Ended March 31, 2018
(Amounts in millions) | Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Net Sales | $ | — |  |  | $ | 716.3 |  |  | $ | 279.0 |  |  | $ | (160.5 | ) |  | $ | 834.8 |
Cost of goods sold | — |  |  | 533.4 |  |  | 236.5 |  |  | (158.3 | ) |  | 611.6 |
Gross profit | — |  |  | 182.9 |  |  | 42.5 |  |  | (2.2 | ) |  | 223.2 |
Operating expenses: |  |  |  |  |  |  |  |  |
Selling, general and administrative expenses | — |  |  | 133.7 |  |  | 21.7 |  |  | (0.2 | ) |  | 155.2 |
Losses (gains) and other expenses, net | 1.2 |  |  | 4.0 |  |  | 2.2 |  |  | (0.1 | ) |  | 7.3 |
Restructuring charges | — |  |  | 0.7 |  |  | 0.2 |  |  | — |  |  | 0.9 |
Loss on assets held for sale | — |  |  | — |  |  | 10.3 |  |  | — |  |  | 10.3 |
Income from equity method investments | (40.6 | ) |  | (4.6 | ) |  | (3.0 | ) |  | 44.7 |  |  | (3.5 | )
Operating income | 39.4 |  |  | 49.1 |  |  | 11.1 |  |  | (46.6 | ) |  | 53.0 |
Interest expense, net | 2.4 |  |  | 4.1 |  |  | 1.9 |  |  | — |  |  | 8.4 |
Other expense, net | — |  |  | 0.6 |  |  | — |  |  | — |  |  | 0.6 |
Income from continuing operations before income taxes | 37.0 |  |  | 44.4 |  |  | 9.2 |  |  | (46.6 | ) |  | 44.0 |
Provision for income tax (benefit) expense | (0.9 | ) |  | 5.5 |  |  | 1.3 |  |  | 0.2 |  |  | 6.1 |
Income from continuing operations | 37.9 |  |  | 38.9 |  |  | 7.9 |  |  | (46.8 | ) |  | 37.9 |
Loss from discontinued operations, net of tax | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net income | $ | 37.9 |  |  | $ | 38.9 |  |  | $ | 7.9 |  |  | $ | (46.8 | ) |  | $ | 37.9 |
Other comprehensive income, net of tax | (7.1 | ) |  | (20.7 | ) |  | 3.9 |  |  | — |  |  | (23.9 | )
Comprehensive income (loss) | $ | 30.8 |  |  | $ | 18.2 |  |  | $ | 11.8 |  |  | $ | (46.8 | ) |  | $ | 14.0 |
Lennox International Inc. and Subsidiaries Condensed Consolidating Statements of Operations and Comprehensive Income For the Three Months Ended March 31, 2017
(Amounts in millions) | Parent |  | Guarantor Subsidiaries |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Net Sales | $ | — |  |  | $ | 686.3 |  |  | $ | 258.8 |  |  | $ | (151.7 | ) |  | $ | 793.4 |
Cost of goods sold | — |  |  | 513.3 |  |  | 217.7 |  |  | (148.5 | ) |  | 582.5 |
Gross profit | — |  |  | 173.0 |  |  | 41.1 |  |  | (3.2 | ) |  | 210.9 |
Operating expenses: |  |  |  |  |  |  |  |  |
Selling, general and administrative expenses | — |  |  | 130.5 |  |  | 22.1 |  |  | (0.2 | ) |  | 152.4 |
Losses (gains) and other expenses, net | 0.6 |  |  | 2.0 |  |  | 0.6 |  |  | (0.1 | ) |  | 3.1 |
Restructuring charges | — |  |  | — |  |  | 0.1 |  |  | — |  |  | 0.1 |
Income from equity method investments | (48.6 | ) |  | (12.7 | ) |  | (4.9 | ) |  | 60.7 |  |  | (5.5 | )
Operating income | 48.0 |  |  | 53.2 |  |  | 23.2 |  |  | (63.6 | ) |  | 60.8 |
Interest expense, net | 7.2 |  |  | (0.8 | ) |  | 1.0 |  |  | — |  |  | 7.4 |
Other expense, net | — |  |  | — |  |  | — |  |  | — |  |  | — |
Income from continuing operations before income taxes | 40.8 |  |  | 54.0 |  |  | 22.2 |  |  | (63.6 | ) |  | 53.4 |
Provision for income tax (benefit) expense | (2.7 | ) |  | 7.1 |  |  | 6.3 |  |  | (0.8 | ) |  | 9.9 |
Income from continuing operations | 43.5 |  |  | 46.9 |  |  | 15.9 |  |  | (62.8 | ) |  | 43.5 |
Loss from discontinued operations, net of tax | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net income | $ | 43.5 |  |  | $ | 46.9 |  |  | $ | 15.9 |  |  | $ | (62.8 | ) |  | $ | 43.5 |
Other comprehensive (loss) income, net of tax | (71.2 | ) |  | (29.4 | ) |  | 10.8 |  |  | 108.4 |  |  | 18.6 |
Comprehensive (loss) income | $ | (27.7 | ) |  | $ | 17.5 |  |  | $ | 26.7 |  |  | $ | 45.6 |  |  | $ | 62.1 |
Condensed Consolidating Statements of Cash Flows | Lennox International Inc. and Subsidiaries Condensed Consolidating Statements of Cash Flows For the Three Months Ended March 31, 2018
(Amounts in millions) | Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Cash flows from operating activities | $ | 104.4 |  |  | $ | (158.6 | ) |  | $ | (29.3 | ) |  | $ | — |  |  | $ | (83.5 | )
Cash flows from investing activities: |  |  |  |  |  |  |  |  |
Proceeds from the disposal of property, plant and equipment | — |  |  | — |  |  | 0.1 |  |  | — |  |  | 0.1 |
Purchases of property, plant and equipment | — |  |  | (17.3 | ) |  | (5.4 | ) |  | — |  |  | (22.7 | )
Net cash used in investing activities | — |  |  | (17.3 | ) |  | (5.3 | ) |  | — |  |  | (22.6 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |
Short-term borrowings, net | — |  |  | — |  |  | (0.1 | ) |  | — |  |  | (0.1 | )
Asset securitization borrowings | — |  |  | — |  |  | — |  |  | — |  |  | — |
Asset securitization payments | — |  |  | — |  |  | (51.0 | ) |  | — |  |  | (51.0 | )
Long-term debt payments | (7.5 | ) |  | (2.7 | ) |  | — |  |  | — |  |  | (10.2 | )
Long-term borrowings | — |  |  | — |  |  | — |  |  | — |  |  | — |
Borrowings from credit facility | 790.0 |  |  | — |  |  | — |  |  | — |  |  | 790.0 |
Payments on credit facility | (444.1 | ) |  | — |  |  | — |  |  | — |  |  | (444.1 | )
Proceeds from employee stock purchases | 0.8 |  |  | — |  |  | — |  |  | — |  |  | 0.8 |
Repurchases of common stock | (150.0 | ) |  | — |  |  | — |  |  | — |  |  | (150.0 | )
Repurchases of common stock to satisfy employee withholding tax obligations | (18.1 | ) |  | — |  |  | — |  |  | — |  |  | (18.1 | )
Intercompany debt | (47.5 | ) |  | 37.9 |  |  | 9.6 |  |  | — |  |  | — |
Intercompany financing activity | (206.9 | ) |  | 127.7 |  |  | 79.2 |  |  | — |  |  | — |
Cash dividends paid | (21.3 | ) |  | — |  |  | — |  |  | — |  |  | (21.3 | )
Net cash (used in) provided by financing activities | (104.6 | ) |  | 162.9 |  |  | 37.7 |  |  | — |  |  | 96.0 |
Increase (decrease) in cash and cash equivalents | (0.2 | ) |  | (13.0 | ) |  | 3.1 |  |  | — |  |  | (10.1 | )
Effect of exchange rates on cash and cash equivalents | — |  |  | — |  |  | (1.0 | ) |  | — |  |  | (1.0 | )
Cash and cash equivalents, beginning of period | 1.6 |  |  | 28.0 |  |  | 38.6 |  |  | — |  |  | 68.2 |
Cash and cash equivalents, end of period | $ | 1.4 |  |  | $ | 15.0 |  |  | $ | 40.7 |  |  | $ | — |  |  | $ | 57.1 |
Lennox International Inc. and Subsidiaries Condensed Consolidating Statements of Cash Flows For the Three Months Ended March 31, 2017
(Amounts in millions) | Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Cash flows from operating activities | $ | 341.2 |  |  | $ | (308.6 | ) |  | $ | (140.2 | ) |  | $ | — |  |  | $ | (107.6 | )
Cash flows from investing activities: |  |  |  |  |  |  |  |  |
Proceeds from the disposal of property, plant and equipment | — |  |  | — |  |  | 0.1 |  |  | — |  |  | 0.1 |
Purchases of property, plant and equipment | — |  |  | (22.0 | ) |  | (2.9 | ) |  | — |  |  | (24.9 | )
Net cash used in investing activities | — |  |  | (22.0 | ) |  | (2.8 | ) |  | — |  |  | (24.8 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |
Short-term borrowings, net | — |  |  | — |  |  | (0.8 | ) |  | — |  |  | (0.8 | )
Asset securitization borrowings | — |  |  | — |  |  | 150.0 |  |  | — |  |  | 150.0 |
Asset securitization payments | — |  |  | — |  |  | — |  |  | — |  |  | — |
Long-term debt payments | — |  |  | (0.1 | ) |  | (0.1 | ) |  | — |  |  | (0.2 | )
Borrowings from credit facility | 583.0 |  |  | — |  |  | — |  |  | — |  |  | 583.0 |
Payments on credit facility | (497.5 | ) |  | — |  |  | — |  |  | — |  |  | (497.5 | )
Proceeds from employee stock purchases | 0.7 |  |  | — |  |  | — |  |  | — |  |  | 0.7 |
Repurchases of common stock | (75.0 | ) |  | — |  |  | — |  |  | — |  |  | (75.0 | )
Repurchases of common stock to satisfy employee withholding tax obligations | (13.3 | ) |  | — |  |  | — |  |  | — |  |  | (13.3 | )
Intercompany debt | (29.3 | ) |  | 7.6 |  |  | 21.7 |  |  | — |  |  | — |
Intercompany financing activity | (291.0 | ) |  | 320.0 |  |  | (29.0 | ) |  | — |  |  | — |
Cash dividends paid | (18.5 | ) |  | — |  |  | — |  |  | — |  |  | (18.5 | )
Net cash (used in) provided by financing activities | (340.9 | ) |  | 327.5 |  |  | 141.8 |  |  | — |  |  | 128.4 |
Increase (decrease) in cash and cash equivalents | 0.3 |  |  | (3.1 | ) |  | (1.2 | ) |  | — |  |  | (4.0 | )
Effect of exchange rates on cash and cash equivalents | — |  |  | — |  |  | 2.6 |  |  | — |  |  | 2.6 |
Cash and cash equivalents, beginning of period | 1.2 |  |  | 17.1 |  |  | 31.9 |  |  | — |  |  | 50.2 |
Cash and cash equivalents, end of period | $ | 1.5 |  |  | $ | 14.0 |  |  | $ | 33.3 |  |  | $ | — |  |  | $ | 48.8 |

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