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Condensed Consolidating Financial Statements (Tables) | 6 Months Ended
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Jun. 30, 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 June 30, 2018
(Amounts in millions) | Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
ASSETS
Current Assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 1.6 |  |  | $ | 22.6 |  |  | $ | 15.2 |  |  | $ | — |  |  | $ | 39.4 |
Accounts and notes receivable, net | — |  |  | 67.5 |  |  | 673.8 |  |  | — |  |  | 741.3 |
Inventories, net | — |  |  | 442.9 |  |  | 102.5 |  |  | (5.2 | ) |  | 540.2 |
Assets held for sale | — |  |  | — |  |  | 11.6 |  |  | — |  |  | 11.6 |
Other assets | 4.0 |  |  | 27.5 |  |  | 55.5 |  |  | (33.7 | ) |  | 53.3 |
Total current assets | 5.6 |  |  | 560.5 |  |  | 858.6 |  |  | (38.9 | ) |  | 1,385.8 |
Property, plant and equipment, net | — |  |  | 260.7 |  |  | 114.2 |  |  | (3.9 | ) |  | 371.0 |
Goodwill | — |  |  | 166.2 |  |  | 20.6 |  |  | — |  |  | 186.8 |
Investment in subsidiaries | 1,668.2 |  |  | 598.5 |  |  | (0.5 | ) |  | (2,266.2 | ) |  | — |
Deferred income taxes | 7.4 |  |  | 69.0 |  |  | 25.0 |  |  | (12.2 | ) |  | 89.2 |
Other assets, net | 1.5 |  |  | 46.9 |  |  | 19.7 |  |  | (1.5 | ) |  | 66.6 |
Intercompany (payables) receivables, net | (771.2 | ) |  | 718.9 |  |  | 126.0 |  |  | (73.7 | ) |  | — |
Total assets | $ | 911.5 |  |  | $ | 2,420.7 |  |  | $ | 1,163.6 |  |  | $ | (2,396.4 | ) |  | $ | 2,099.4 |
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities: |  |  |  |  |  |  |  |  |
Short-term debt | $ | — |  |  | $ | — |  |  | $ | 3.8 |  |  | $ | — |  |  | $ | 3.8 |
Current maturities of long-term debt | 29.4 |  |  | 0.1 |  |  | 0.3 |  |  | — |  |  | 29.8 |
Accounts payable | 25.8 |  |  | 301.1 |  |  | 110.6 |  |  | — |  |  | 437.5 |
Accrued expenses | 4.3 |  |  | 208.5 |  |  | 40.8 |  |  | — |  |  | 253.6 |
Liabilities held for sale | — |  |  | — |  |  | 7.4 |  |  | — |  |  | 7.4 |
Income taxes payable (receivable) | 14.8 |  |  | 11.4 |  |  | 36.7 |  |  | (50.9 | ) |  | 12.0 |
Total current liabilities | 74.3 |  |  | 521.1 |  |  | 199.6 |  |  | (50.9 | ) |  | 744.1 |
Long-term debt | 1,017.4 |  |  | 11.6 |  |  | 290.0 |  |  | — |  |  | 1,319.0 |
Post-retirement benefits, other than pensions | — |  |  | 2.5 |  |  | — |  |  | — |  |  | 2.5 |
Pensions | — |  |  | 77.8 |  |  | 8.7 |  |  | — |  |  | 86.5 |
Other liabilities | — |  |  | 119.7 |  |  | 7.8 |  |  | — |  |  | 127.5 |
Total liabilities | 1,091.7 |  |  | 732.7 |  |  | 506.1 |  |  | (50.9 | ) |  | 2,279.6 |
Commitments and contingencies |  |  |  |  |  |  |  |  |
Total stockholders' equity | (180.2 | ) |  | 1,688.0 |  |  | 657.5 |  |  | (2,345.5 | ) |  | (180.2 | )
Total liabilities and stockholders' equity | $ | 911.5 |  |  | $ | 2,420.7 |  |  | $ | 1,163.6 |  |  | $ | (2,396.4 | ) |  | $ | 2,099.4 |
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 June 30, 2018
(Amounts in millions) | Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Net Sales | $ | — |  |  | $ | 1,057.8 |  |  | $ | 303.8 |  |  | $ | (186.2 | ) |  | $ | 1,175.4 |
Cost of goods sold | — |  |  | 745.0 |  |  | 255.3 |  |  | (186.5 | ) |  | 813.8 |
Gross profit | — |  |  | 312.8 |  |  | 48.5 |  |  | 0.3 |  |  | 361.6 |
Operating expenses: |  |  |  |  |  |  |  |  |
Selling, general and administrative expenses | — |  |  | 151.0 |  |  | 10.7 |  |  | (0.3 | ) |  | 161.4 |
Losses (gains) and other expenses, net | 0.3 |  |  | (3.3 | ) |  | 3.3 |  |  | (0.1 | ) |  | 0.2 |
Restructuring charges | — |  |  | — |  |  | 0.5 |  |  | — |  |  | 0.5 |
(Gain) loss, net on sale of business and related property | — |  |  | (0.9 | ) |  | (21.2 | ) |  | — |  |  | (22.1 | )
Loss on assets held for sale | — |  |  | — |  |  | 31.4 |  |  | — |  |  | 31.4 |
Income from equity method investments | (139.6 | ) |  | (17.1 | ) |  | (3.7 | ) |  | 155.5 |  |  | (4.9 | )
Operating income | 139.3 |  |  | 183.1 |  |  | 27.5 |  |  | (154.8 | ) |  | 195.1 |
Interest expense, net | 2.4 |  |  | 5.2 |  |  | 2.2 |  |  | — |  |  | 9.8 |
Other expense, net | — |  |  | 0.7 |  |  | 0.1 |  |  | — |  |  | 0.8 |
Income (loss) from continuing operations before income taxes | 136.9 |  |  | 177.2 |  |  | 25.2 |  |  | (154.8 | ) |  | 184.5 |
Provision for income tax (benefit) expense | (0.7 | ) |  | 43.8 |  |  | 2.3 |  |  | (0.1 | ) |  | 45.3 |
Income (loss) from continuing operations | 137.6 |  |  | 133.4 |  |  | 22.9 |  |  | (154.7 | ) |  | 139.2 |
Loss from discontinued operations, net of tax | — |  |  | — |  |  | (1.6 | ) |  | — |  |  | (1.6 | )
Net income (loss) | $ | 137.6 |  |  | $ | 133.4 |  |  | $ | 21.3 |  |  | $ | (154.7 | ) |  | $ | 137.6 |
Other comprehensive (loss) income, net of tax | (2.3 | ) |  | 11.9 |  |  | (9.3 | ) |  | — |  |  | 0.3 |
Comprehensive income (loss) | $ | 135.3 |  |  | $ | 145.3 |  |  | $ | 12.0 |  |  | $ | (154.7 | ) |  | $ | 137.9 |
Lennox International Inc. and Subsidiaries Condensed Consolidating Statements of Operations and Comprehensive Income For the Three Months Ended June 30, 2017
(Amounts in millions) | Parent |  | Guarantor Subsidiaries |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Net Sales | $ | — |  |  | $ | 968.7 |  |  | $ | 310.9 |  |  | $ | (177.5 | ) |  | $ | 1,102.1 |
Cost of goods sold | — |  |  | 672.7 |  |  | 264.5 |  |  | (175.9 | ) |  | 761.3 |
Gross profit | — |  |  | 296.0 |  |  | 46.4 |  |  | (1.6 | ) |  | 340.8 |
Operating expenses: |  |  |  |  |  |  |  |  |
Selling, general and administrative expenses | — |  |  | 147.9 |  |  | 20.8 |  |  | (0.2 | ) |  | 168.5 |
Losses (gains) and other expenses, net | 0.3 |  |  | 1.9 |  |  | 0.2 |  |  | (0.1 | ) |  | 2.3 |
Restructuring charges | — |  |  | — |  |  | 0.1 |  |  | — |  |  | 0.1 |
Income from equity method investments | (120.6 | ) |  | (17.5 | ) |  | (4.5 | ) |  | 137.1 |  |  | (5.5 | )
Operating income | 120.3 |  |  | 163.7 |  |  | 29.8 |  |  | (138.4 | ) |  | 175.4 |
Interest expense, net | 7.4 |  |  | (0.8 | ) |  | 1.6 |  |  | — |  |  | 8.2 |
Other expense, net | — |  |  | — |  |  | (0.1 | ) |  | — |  |  | (0.1 | )
Income from continuing operations before income taxes | 112.9 |  |  | 164.5 |  |  | 28.3 |  |  | (138.4 | ) |  | 167.3 |
Provision for income tax (benefit) expense | (2.6 | ) |  | 47.2 |  |  | 6.5 |  |  | (0.2 | ) |  | 50.9 |
Income from continuing operations | 115.5 |  |  | 117.3 |  |  | 21.8 |  |  | (138.2 | ) |  | 116.4 |
Loss from discontinued operations, net of tax | — |  |  | — |  |  | (0.9 | ) |  | — |  |  | (0.9 | )
Net income | $ | 115.5 |  |  | $ | 117.3 |  |  | $ | 20.9 |  |  | $ | (138.2 | ) |  | $ | 115.5 |
Other comprehensive (loss) income, net of tax | (1.5 | ) |  | 0.3 |  |  | 10.2 |  |  | 1.1 |  |  | 10.1 |
Comprehensive (loss) income | $ | 114.0 |  |  | $ | 117.6 |  |  | $ | 31.1 |  |  | $ | (137.1 | ) |  | $ | 125.6 |
Condensed Consolidating Statements of Cash Flows | Lennox International Inc. and Subsidiaries Condensed Consolidating Statements of Cash Flows For the Six Months Ended June 30, 2018
(Amounts in millions) | Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Cash flows from operating activities | $ | 87.2 |  |  | $ | (7.9 | ) |  | $ | (114.3 | ) |  | $ | — |  |  | $ | (35.0 | )
Cash flows from investing activities: |  |  |  |  |  |  |  |  |
Proceeds from the disposal of property, plant and equipment | — |  |  | — |  |  | 0.1 |  |  | — |  |  | 0.1 |
Purchases of property, plant and equipment | — |  |  | (33.0 | ) |  | (10.4 | ) |  | — |  |  | (43.4 | )
Proceeds from sale of businesses | — |  |  | — |  |  | 111.8 |  |  | — |  |  | 111.8 |
Net cash (used in) provided by investing activities | — |  |  | (33.0 | ) |  | 101.5 |  |  | — |  |  | 68.5 |
Cash flows from financing activities: |  |  |  |  |  |  |  |  |
Short-term borrowings, net | — |  |  | — |  |  | 2.9 |  |  | — |  |  | 2.9 |
Asset securitization borrowings | — |  |  | — |  |  | 65.0 |  |  | — |  |  | 65.0 |
Asset securitization payments | — |  |  | — |  |  | (51.0 | ) |  | — |  |  | (51.0 | )
Long-term debt payments | (15.0 | ) |  | (2.7 | ) |  | (0.1 | ) |  | — |  |  | (17.8 | )
Long-term borrowings | — |  |  | — |  |  | — |  |  | — |  |  | — |
Borrowings from credit facility | 1,391.0 |  |  | — |  |  | — |  |  | — |  |  | 1,391.0 |
Payments on credit facility | (1,042.0 | ) |  | — |  |  | — |  |  | — |  |  | (1,042.0 | )
Proceeds from employee stock purchases | 1.2 |  |  | — |  |  | — |  |  | — |  |  | 1.2 |
Repurchases of common stock | (350.2 | ) |  | — |  |  | — |  |  | — |  |  | (350.2 | )
Repurchases of common stock to satisfy employee withholding tax obligations | (18.6 | ) |  | — |  |  | — |  |  | — |  |  | (18.6 | )
Intercompany debt | (53.0 | ) |  | 83.5 |  |  | (30.5 | ) |  | — |  |  | — |
Intercompany financing activity | 41.8 |  |  | (45.3 | ) |  | 3.5 |  |  | — |  |  | — |
Cash dividends paid | (42.4 | ) |  | — |  |  | — |  |  | — |  |  | (42.4 | )
Net cash (used in) provided by financing activities | (87.2 | ) |  | 35.5 |  |  | (10.2 | ) |  | — |  |  | (61.9 | )
Decrease in cash and cash equivalents | — |  |  | (5.4 | ) |  | (23.0 | ) |  | — |  |  | (28.4 | )
Effect of exchange rates on cash and cash equivalents | — |  |  | — |  |  | (0.4 | ) |  | — |  |  | (0.4 | )
Cash and cash equivalents, beginning of period | 1.6 |  |  | 28.0 |  |  | 38.6 |  |  | — |  |  | 68.2 |
Cash and cash equivalents, end of period | $ | 1.6 |  |  | $ | 22.6 |  |  | $ | 15.2 |  |  | $ | — |  |  | $ | 39.4 |
Lennox International Inc. and Subsidiaries Condensed Consolidating Statements of Cash Flows For the Six Months Ended June 30, 2017
(Amounts in millions) | Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Cash flows from operating activities | $ | 326.1 |  |  | $ | (191.4 | ) |  | $ | (183.0 | ) |  | $ | — |  |  | $ | (48.3 | )
Cash flows from investing activities: |  |  |  |  |  |  |  |  |
Proceeds from the disposal of property, plant and equipment | — |  |  | 0.1 |  |  | 0.1 |  |  | — |  |  | 0.2 |
Purchases of property, plant and equipment | — |  |  | (37.2 | ) |  | (6.2 | ) |  | — |  |  | (43.4 | )
Net cash used in investing activities | — |  |  | (37.1 | ) |  | (6.1 | ) |  | — |  |  | (43.2 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |
Short-term borrowings, net | — |  |  | — |  |  | (1.1 | ) |  | — |  |  | (1.1 | )
Asset securitization borrowings | — |  |  | — |  |  | 200.0 |  |  | — |  |  | 200.0 |
Asset securitization payments | — |  |  | — |  |  | — |  |  | — |  |  | — |
Long-term debt payments | (200.0 | ) |  | (0.2 | ) |  | (0.3 | ) |  | — |  |  | (200.5 | )
Borrowings from credit facility | 1,352.5 |  |  | — |  |  | — |  |  | — |  |  | 1,352.5 |
Payments on credit facility | (1,031.0 | ) |  | — |  |  | — |  |  | — |  |  | (1,031.0 | )
Proceeds from employee stock purchases | 1.5 |  |  | — |  |  | — |  |  | — |  |  | 1.5 |
Repurchases of common stock | (175.0 | ) |  | — |  |  | — |  |  | — |  |  | (175.0 | )
Repurchases of common stock to satisfy employee withholding tax obligations | (14.1 | ) |  | — |  |  | — |  |  | — |  |  | (14.1 | )
Intercompany debt | (25.5 | ) |  | 6.4 |  |  | 19.1 |  |  | — |  |  | — |
Intercompany financing activity | (195.4 | ) |  | 230.1 |  |  | (34.7 | ) |  | — |  |  | — |
Cash dividends paid | (36.9 | ) |  | — |  |  | — |  |  | — |  |  | (36.9 | )
Net cash (used in) provided by financing activities | (323.9 | ) |  | 236.3 |  |  | 183.0 |  |  | — |  |  | 95.4 |
Increase (decrease) in cash and cash equivalents | 2.2 |  |  | 7.8 |  |  | (6.1 | ) |  | — |  |  | 3.9 |
Effect of exchange rates on cash and cash equivalents | — |  |  | — |  |  | 7.2 |  |  | — |  |  | 7.2 |
Cash and cash equivalents, beginning of period | 1.2 |  |  | 17.1 |  |  | 31.9 |  |  | — |  |  | 50.2 |
Cash and cash equivalents, end of period | $ | 3.4 |  |  | $ | 24.9 |  |  | $ | 33.0 |  |  | $ | — |  |  | $ | 61.3 |

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