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Condensed Consolidating Financial Statements (Tables) | 9 Months Ended
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Sep. 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 September 30, 2018
(Amounts in millions) | Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
ASSETS
Current Assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 1.4 |  |  | $ | 24.0 |  |  | $ | 20.7 |  |  | $ | — |  |  | $ | 46.1 |
Accounts and notes receivable, net | — |  |  | 54.7 |  |  | 526.2 |  |  | — |  |  | 580.9 |
Inventories, net | — |  |  | 403.4 |  |  | 102.8 |  |  | (4.7 | ) |  | 501.5 |
Other assets | 3.3 |  |  | 35.2 |  |  | 54.0 |  |  | (33.8 | ) |  | 58.7 |
Total current assets | 4.7 |  |  | 517.3 |  |  | 703.7 |  |  | (38.5 | ) |  | 1,187.2 |
Property, plant and equipment, net | — |  |  | 262.3 |  |  | 115.9 |  |  | (3.8 | ) |  | 374.4 |
Goodwill | — |  |  | 166.1 |  |  | 20.8 |  |  | — |  |  | 186.9 |
Investment in subsidiaries | 1,785.7 |  |  | 337.5 |  |  | (0.5 | ) |  | (2,122.7 | ) |  | — |
Deferred income taxes | 6.6 |  |  | 75.5 |  |  | 25.5 |  |  | (12.2 | ) |  | 95.4 |
Other assets, net | 1.5 |  |  | 49.8 |  |  | 17.0 |  |  | (1.4 | ) |  | 66.9 |
Intercompany (payables) receivables, net | (1,140.1 | ) |  | 1,113.4 |  |  | 129.5 |  |  | (102.8 | ) |  | — |
Total assets | $ | 658.4 |  |  | $ | 2,521.9 |  |  | $ | 1,011.9 |  |  | $ | (2,281.4 | ) |  | $ | 1,910.8 |
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities: |  |  |  |  |  |  |  |  |
Short-term debt | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Current maturities of long-term debt | 21.9 |  |  | 0.1 |  |  | 0.3 |  |  | — |  |  | 22.3 |
Accounts payable | 25.8 |  |  | 242.9 |  |  | 102.9 |  |  | — |  |  | 371.6 |
Accrued expenses | 10.1 |  |  | 240.8 |  |  | 41.6 |  |  | — |  |  | 292.5 |
Income taxes (receivable) payable | (25.1 | ) |  | 31.4 |  |  | 48.6 |  |  | (50.8 | ) |  | 4.1 |
Total current liabilities | 32.7 |  |  | 515.2 |  |  | 193.4 |  |  | (50.8 | ) |  | 690.5 |
Long-term debt | 714.7 |  |  | 11.6 |  |  | 377.3 |  |  | — |  |  | 1,103.6 |
Post-retirement benefits, other than pensions | — |  |  | 2.5 |  |  | — |  |  | — |  |  | 2.5 |
Pensions | — |  |  | 61.8 |  |  | 8.9 |  |  | — |  |  | 70.7 |
Other liabilities | (2.2 | ) |  | 124.4 |  |  | 8.1 |  |  | — |  |  | 130.3 |
Total liabilities | 745.2 |  |  | 715.5 |  |  | 587.7 |  |  | (50.8 | ) |  | 1,997.6 |
Commitments and contingencies |  |  |  |  |  |  |  |  |
Total stockholders' (deficit) equity | (86.8 | ) |  | 1,806.4 |  |  | 424.2 |  |  | (2,230.6 | ) |  | (86.8 | )
Total liabilities and stockholders' (deficit) equity | $ | 658.4 |  |  | $ | 2,521.9 |  |  | $ | 1,011.9 |  |  | $ | (2,281.4 | ) |  | $ | 1,910.8 |
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 September 30, 2018
(Amounts in millions) | Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Net Sales | $ | — |  |  | $ | 930.5 |  |  | $ | 283.6 |  |  | $ | (183.9 | ) |  | $ | 1,030.2 |
Cost of goods sold | — |  |  | 660.5 |  |  | 252.1 |  |  | (184.3 | ) |  | 728.3 |
Gross profit | — |  |  | 270.0 |  |  | 31.5 |  |  | 0.4 |  |  | 301.9 |
Operating expenses: |  |  |  |  |  |  |  |  |
Selling, general and administrative expenses | — |  |  | 138.4 |  |  | 11.3 |  |  | (0.3 | ) |  | 149.4 |
Losses (gains) and other expenses, net | 0.2 |  |  | 1.9 |  |  | 0.6 |  |  | — |  |  | 2.7 |
Restructuring charges | — |  |  | — |  |  | 0.5 |  |  | — |  |  | 0.5 |
Loss (gain), net on sale of businesses and related property | — |  |  | 40.1 |  |  | (33.9 | ) |  | — |  |  | 6.2 |
Loss from natural disaster, net of insurance recoveries | — |  |  | (1.7 | ) |  | 2.0 |  |  | — |  |  | 0.3 |
Income from equity method investments | (109.7 | ) |  | (45.7 | ) |  | (1.6 | ) |  | 154.6 |  |  | (2.4 | )
Operating income | 109.5 |  |  | 137.0 |  |  | 52.6 |  |  | (153.9 | ) |  | 145.2 |
Interest expense, net | 2.0 |  |  | 5.0 |  |  | 3.3 |  |  | — |  |  | 10.3 |
Other expense, net | — |  |  | 0.7 |  |  | 0.4 |  |  | — |  |  | 1.1 |
Income (loss) from continuing operations before income taxes | 107.5 |  |  | 131.3 |  |  | 48.9 |  |  | (153.9 | ) |  | 133.8 |
Provision for income tax (benefit) expense | (0.5 | ) |  | 13.3 |  |  | 12.9 |  |  | 0.1 |  |  | 25.8 |
Income (loss) from continuing operations | 108.0 |  |  | 118.0 |  |  | 36.0 |  |  | (154.0 | ) |  | 108.0 |
Loss from discontinued operations, net of tax | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net income (loss) | $ | 108.0 |  |  | $ | 118.0 |  |  | $ | 36.0 |  |  | $ | (154.0 | ) |  | $ | 108.0 |
Other comprehensive (loss) income, net of tax | (2.5 | ) |  | 1.2 |  |  | 6.7 |  |  | — |  |  | 5.4 |
Comprehensive income (loss) | $ | 105.5 |  |  | $ | 119.2 |  |  | $ | 42.7 |  |  | $ | (154.0 | ) |  | $ | 113.4 |
Lennox International Inc. and Subsidiaries Condensed Consolidating Statements of Operations and Comprehensive Income For the Three Months Ended September 30, 2017
(Amounts in millions) | Parent |  | Guarantor Subsidiaries |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Net Sales | $ | — |  |  | $ | 905.6 |  |  | $ | 300.0 |  |  | $ | (153.3 | ) |  | $ | 1,052.3 |
Cost of goods sold | — |  |  | 644.8 |  |  | 249.0 |  |  | (155.2 | ) |  | 738.6 |
Gross profit | — |  |  | 260.8 |  |  | 51.0 |  |  | 1.9 |  |  | 313.7 |
Operating expenses: |  |  |  |  |  |  |  |  |
Selling, general and administrative expenses | — |  |  | 140.7 |  |  | 18.8 |  |  | (0.8 | ) |  | 158.7 |
Losses (gains) and other expenses, net | 0.2 |  |  | 1.9 |  |  | 0.9 |  |  | — |  |  | 3.0 |
Restructuring charges | — |  |  | 1.2 |  |  | 0.7 |  |  | — |  |  | 1.9 |
Income from equity method investments | (108.2 | ) |  | (21.7 | ) |  | (3.5 | ) |  | 128.9 |  |  | (4.5 | )
Operating income | 108.0 |  |  | 138.7 |  |  | 34.1 |  |  | (126.2 | ) |  | 154.6 |
Interest expense, net | 6.2 |  |  | (0.6 | ) |  | 2.0 |  |  | — |  |  | 7.6 |
Other expense, net | — |  |  | — |  |  | 0.2 |  |  | (0.2 | ) |  | — |
Income from continuing operations before income taxes | 101.8 |  |  | 139.3 |  |  | 31.9 |  |  | (126.0 | ) |  | 147.0 |
Provision for income tax (benefit) expense | (1.7 | ) |  | 30.5 |  |  | 13.5 |  |  | 0.7 |  |  | 43.0 |
Income from continuing operations | 103.5 |  |  | 108.8 |  |  | 18.4 |  |  | (126.7 | ) |  | 104.0 |
Loss from discontinued operations, net of tax | — |  |  | — |  |  | (0.5 | ) |  | — |  |  | (0.5 | )
Net income | $ | 103.5 |  |  | $ | 108.8 |  |  | $ | 17.9 |  |  | $ | (126.7 | ) |  | $ | 103.5 |
Other comprehensive income (loss), net of tax | 0.4 |  |  | 2.1 |  |  | 6.9 |  |  | — |  |  | 9.4 |
Comprehensive income (loss) | $ | 103.9 |  |  | $ | 110.9 |  |  | $ | 24.8 |  |  | $ | (126.7 | ) |  | $ | 112.9 |
Condensed Consolidating Statements of Cash Flows | Lennox International Inc. and Subsidiaries Condensed Consolidating Statements of Cash Flows For the Nine Months Ended September 30, 2018
(Amounts in millions) | Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  |  | Eliminations |  | Consolidated
Cash flows from operating activities | $ | 57.2 |  |  | $ | 362.5 |  |  | $ | (188.4 | ) |  | $ | — |  |  | $ | 231.3 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |
Proceeds from the disposal of property, plant and equipment | — |  |  | — |  |  | 0.1 |  |  | — |  |  | 0.1 |
Purchases of property, plant and equipment | — |  |  | (46.1 | ) |  | (14.8 | ) |  | — |  |  | (60.9 | )
Net proceeds from sale of businesses and related property | — |  |  | 4.0 |  |  | 111.9 |  |  | — |  |  | 115.9 |
Insurance recoveries received for property damage incurred from natural disaster | — |  |  | 4.2 |  |  | — |  |  | — |  |  | 4.2 |
Net cash (used in) provided by investing activities | — |  |  | (37.9 | ) |  | 97.2 |  |  | — |  |  | 59.3 |
Cash flows from financing activities: |  |  |  |  |  |  |  |  |
Short-term borrowings, net | — |  |  | — |  |  | (1.5 | ) |  | — |  |  | (1.5 | )
Asset securitization borrowings | — |  |  | — |  |  | 155.0 |  |  | — |  |  | 155.0 |
Asset securitization payments | — |  |  | — |  |  | (53.7 | ) |  | — |  |  | (53.7 | )
Long-term debt payments | (30.0 | ) |  | (2.8 | ) |  | (0.1 | ) |  | — |  |  | (32.9 | )
Long-term borrowings | — |  |  | — |  |  | — |  |  | — |  |  | — |
Borrowings from credit facility | 1,820.0 |  |  | — |  |  | — |  |  | — |  |  | 1,820.0 |
Payments on credit facility | (1,766.5 | ) |  | — |  |  | — |  |  | — |  |  | (1,766.5 | )
Proceeds from employee stock purchases | 2.5 |  |  | — |  |  | — |  |  | — |  |  | 2.5 |
Repurchases of common stock | (350.2 | ) |  | — |  |  | — |  |  | — |  |  | (350.2 | )
Repurchases of common stock to satisfy employee withholding tax obligations | (21.1 | ) |  | — |  |  | — |  |  | — |  |  | (21.1 | )
Intercompany debt | (29.8 | ) |  | 83.3 |  |  | (53.5 | ) |  | — |  |  | — |
Intercompany financing activity | 385.9 |  |  | (406.3 | ) |  | 20.4 |  |  | — |  |  | — |
Cash dividends paid | (68.2 | ) |  | — |  |  | — |  |  | — |  |  | (68.2 | )
Net cash (used in) provided by financing activities | (57.4 | ) |  | (325.8 | ) |  | 66.6 |  |  | — |  |  | (316.6 | )
Decrease in cash and cash equivalents | (0.2 | ) |  | (1.2 | ) |  | (24.6 | ) |  | — |  |  | (26.0 | )
Effect of exchange rates on cash and cash equivalents | — |  |  | (2.8 | ) |  | 6.7 |  |  | — |  |  | 3.9 |
Cash and cash equivalents, beginning of period | 1.6 |  |  | 28.0 |  |  | 38.6 |  |  | — |  |  | 68.2 |
Cash and cash equivalents, end of period | $ | 1.4 |  |  | $ | 24.0 |  |  | $ | 20.7 |  |  | $ | — |  |  | $ | 46.1 |
Lennox International Inc. and Subsidiaries Condensed Consolidating Statements of Cash Flows For the Nine Months Ended September 30, 2017
(Amounts in millions) | Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Cash flows from operating activities | $ | 411.6 |  |  | $ | (2.4 | ) |  | $ | (279.6 | ) |  | $ | (0.6 | ) |  | $ | 129.0 |
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 | — |  |  | (48.3 | ) |  | (12.2 | ) |  | — |  |  | (60.5 | )
Net cash (used in) provided by investing activities | — |  |  | (48.2 | ) |  | (12.2 | ) |  | 0.1 |  |  | (60.3 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |
Short-term borrowings, net | — |  |  | — |  |  | (1.4 | ) |  | — |  |  | (1.4 | )
Asset securitization borrowings | — |  |  | — |  |  | 275.0 |  |  | — |  |  | 275.0 |
Asset securitization payments | — |  |  | — |  |  | — |  |  | — |  |  | — |
Long-term debt payments | (200.0 | ) |  | (0.2 | ) |  | (0.1 | ) |  | (0.5 | ) |  | (200.8 | )
Long-term borrowings | — |  |  | 0.1 |  |  | (0.1 | ) |  | — |  |  | — |
Borrowings from credit facility | 1,883.0 |  |  | (0.2 | ) |  | (0.2 | ) |  | 0.4 |  |  | 1,883.0 |
Payments on credit facility | (1,701.0 | ) |  | — |  |  | — |  |  | — |  |  | (1,701.0 | )
Proceeds from employee stock purchases | 2.3 |  |  | — |  |  | — |  |  | — |  |  | 2.3 |
Repurchases of common stock | (250.0 | ) |  | — |  |  | — |  |  | — |  |  | (250.0 | )
Repurchases of common stock to satisfy employee withholding tax obligations | (16.0 | ) |  | — |  |  | — |  |  | — |  |  | (16.0 | )
Intercompany debt | 102.8 |  |  | (34.8 | ) |  | (68.0 | ) |  | — |  |  | — |
Intercompany financing activity | (174.3 | ) |  | 91.0 |  |  | 82.7 |  |  | 0.6 |  |  | — |
Cash dividends paid | (58.4 | ) |  | — |  |  | — |  |  | — |  |  | (58.4 | )
Net cash (used in) provided by financing activities | (411.6 | ) |  | 55.9 |  |  | 287.9 |  |  | 0.5 |  |  | (67.3 | )
Increase (decrease) in cash and cash equivalents | — |  |  | 5.3 |  |  | (3.9 | ) |  | — |  |  | 1.4 |
Effect of exchange rates on cash and cash equivalents | — |  |  | — |  |  | 9.1 |  |  | — |  |  | 9.1 |
Cash and cash equivalents, beginning of period | 1.2 |  |  | 17.1 |  |  | 31.9 |  |  | — |  |  | 50.2 |
Cash and cash equivalents, end of period | $ | 1.2 |  |  | $ | 22.4 |  |  | $ | 37.1 |  |  | $ | — |  |  | $ | 60.7 |

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