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v3.19.1

Condensed Consolidating Financial Statements (Tables) | 3 Months Ended
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Mar. 31, 2019
Condensed Financial Information Disclosure [Abstract] |
Condensed Consolidating Balance Sheets | Lennox International Inc. and Subsidiaries Condensed Consolidating Balance Sheets As of March 31, 2019
(Amounts in millions) | Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
ASSETS
Current Assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 2.0 |  |  | $ | 13.0 |  |  | $ | 16.7 |  |  | $ | — |  |  | $ | 31.7 |
Accounts and notes receivable, net | — |  |  | 64.2 |  |  | 438.4 |  |  | — |  |  | 502.6 |
Inventories, net | — |  |  | 497.5 |  |  | 104.5 |  |  | (1.9 | ) |  | 600.1 |
Other assets | 4.5 |  |  | 63.2 |  |  | 52.2 |  |  | (33.4 | ) |  | 86.5 |
Total current assets | 6.5 |  |  | 637.9 |  |  | 611.8 |  |  | (35.3 | ) |  | 1,220.9 |
Property, plant and equipment, net | — |  |  | 295.3 |  |  | 116.4 |  |  | — |  |  | 411.7 |
Right-of-use assets from operating leases | — |  |  | 146.2 |  |  | 23.9 |  |  | — |  |  | 170.1 |
Goodwill | — |  |  | 166.1 |  |  | 20.4 |  |  | — |  |  | 186.5 |
Investment in subsidiaries | 1,367.2 |  |  | 454.9 |  |  | 50.2 |  |  | (1,872.3 | ) |  | — |
Deferred income taxes | (12.5 | ) |  | 50.7 |  |  | 22.5 |  |  | (12.2 | ) |  | 48.5 |
Other assets, net | 1.7 |  |  | 49.8 |  |  | 2.3 |  |  | 14.2 |  |  | 68.0 |
Intercompany (payables) receivables, net | (497.9 | ) |  | 438.2 |  |  | 179.6 |  |  | (119.9 | ) |  | — |
Total assets | $ | 865.0 |  |  | $ | 2,239.1 |  |  | $ | 1,027.1 |  |  | $ | (2,025.5 | ) |  | $ | 2,105.7 |
LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY
Current liabilities: |  |  |  |  |  |  |  |  |
Current maturities of long-term debt | 6.9 |  |  | 5.6 |  |  | 225.1 |  |  | — |  |  | 237.6 |
Current operating lease liabilities | — |  |  | 41.7 |  |  | 6.4 |  |  | — |  |  | 48.1 |
Accounts payable | 25.6 |  |  | 276.6 |  |  | 109.7 |  |  | — |  |  | 411.9 |
Accrued expenses | 7.5 |  |  | 175.0 |  |  | 37.3 |  |  | — |  |  | 219.8 |
Income taxes (receivable) payable | (7.2 | ) |  | 19.8 |  |  | 38.0 |  |  | (50.6 | ) |  | — |
Total current liabilities | 32.8 |  |  | 518.7 |  |  | 416.5 |  |  | (50.6 | ) |  | 917.4 |
Long-term debt | 1,036.7 |  |  | 21.7 |  |  | 0.6 |  |  | — |  |  | 1,059.0 |
Long-term operating lease liabilities | — |  |  | 105.0 |  |  | 17.6 |  |  | — |  |  | 122.6 |
Pensions | — |  |  | 76.5 |  |  | 5.8 |  |  | — |  |  | 82.3 |
Other liabilities | 0.3 |  |  | 122.0 |  |  | 6.9 |  |  | — |  |  | 129.2 |
Total liabilities | 1,069.8 |  |  | 843.9 |  |  | 447.4 |  |  | (50.6 | ) |  | 2,310.5 |
Commitments and contingencies |  |  |  |  |  |  |  |  |
Total stockholders' (deficit) equity | (204.8 | ) |  | 1,395.2 |  |  | 579.7 |  |  | (1,974.9 | ) |  | (204.8 | )
Total liabilities and stockholders' (deficit) equity | $ | 865.0 |  |  | $ | 2,239.1 |  |  | $ | 1,027.1 |  |  | $ | (2,025.5 | ) |  | $ | 2,105.7 |
Lennox International Inc. and Subsidiaries Condensed Consolidating Balance Sheets As of December 31, 2018
(Amounts in millions) | Parent |  | Guarantor Subsidiaries |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Consolidated
ASSETS
Current Assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 1.8 |  |  | $ | 15.4 |  |  | $ | 29.1 |  |  | $ | — |  |  | $ | 46.3 |
Accounts and notes receivable, net | — |  |  | 44.3 |  |  | 428.4 |  |  | — |  |  | 472.7 |
Inventories, net | — |  |  | 411.4 |  |  | 103.9 |  |  | (5.5 | ) |  | 509.8 |
Other assets | 3.3 |  |  | 36.2 |  |  | 54.7 |  |  | (33.6 | ) |  | 60.6 |
Total current assets | 5.1 |  |  | 507.3 |  |  | 616.1 |  |  | (39.1 | ) |  | 1,089.4 |
Property, plant and equipment, net | — |  |  | 293.3 |  |  | 118.6 |  |  | (3.6 | ) |  | 408.3 |
Goodwill | — |  |  | 166.1 |  |  | 20.5 |  |  | — |  |  | 186.6 |
Investment in subsidiaries | 1,311.9 |  |  | 357.8 |  |  | (0.5 | ) |  | (1,669.2 | ) |  | — |
Deferred income taxes | 1.4 |  |  | 54.4 |  |  | 23.4 |  |  | (12.2 | ) |  | 67.0 |
Other assets, net | 1.5 |  |  | 48.1 |  |  | 17.8 |  |  | (1.5 | ) |  | 65.9 |
Intercompany (payables) receivables, net | (715.5 | ) |  | 675.8 |  |  | 142.6 |  |  | (102.9 | ) |  | — |
Total assets | $ | 604.4 |  |  | $ | 2,102.8 |  |  | $ | 938.5 |  |  | $ | (1,828.5 | ) |  | $ | 1,817.2 |
LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY
Current liabilities: |  |  |  |  |  |  |  |  |
Short-term debt | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Current maturities of long-term debt | 29.4 |  |  | 2.8 |  |  | 268.6 |  |  | — |  |  | 300.8 |
Accounts payable | 25.5 |  |  | 295.7 |  |  | 112.1 |  |  | — |  |  | 433.3 |
Accrued expenses | 12.1 |  |  | 213.8 |  |  | 46.4 |  |  | — |  |  | 272.3 |
Income taxes (receivable) payable | (38.5 | ) |  | 40.6 |  |  | 50.8 |  |  | (50.8 | ) |  | 2.1 |
Total current liabilities | 28.5 |  |  | 552.9 |  |  | 477.9 |  |  | (50.8 | ) |  | 1,008.5 |
Long-term debt | 724.9 |  |  | 15.0 |  |  | 0.6 |  |  | — |  |  | 740.5 |
Pensions | — |  |  | 75.1 |  |  | 7.7 |  |  | — |  |  | 82.8 |
Other liabilities | 0.6 |  |  | 126.4 |  |  | 8.0 |  |  | — |  |  | 135.0 |
Total liabilities | 754.0 |  |  | 769.4 |  |  | 494.2 |  |  | (50.8 | ) |  | 1,966.8 |
Commitments and contingencies |  |  |  |  |  |  |  |  |
Total stockholders' (deficit) equity | (149.6 | ) |  | 1,333.4 |  |  | 444.3 |  |  | (1,777.7 | ) |  | (149.6 | )
Total liabilities and stockholders' (deficit) equity | $ | 604.4 |  |  | $ | 2,102.8 |  |  | $ | 938.5 |  |  | $ | (1,828.5 | ) |  | $ | 1,817.2 |
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, 2019
(Amounts in millions) | Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Net Sales | $ | — |  |  | $ | 722.9 |  |  | $ | 121.2 |  |  | $ | (53.8 | ) |  | $ | 790.3 |
Cost of goods sold | — |  |  | 530.8 |  |  | 51.1 |  |  | 6.8 |  |  | 588.7 |
Gross profit | — |  |  | 192.1 |  |  | 70.1 |  |  | (60.6 | ) |  | 201.6 |
Operating expenses: |  |  |  |  |  |  |  |  |
Selling, general and administrative expenses | — |  |  | 136.5 |  |  | 9.5 |  |  | (0.2 | ) |  | 145.8 |
Losses (gains) and other expenses, net | (0.6 | ) |  | 1.7 |  |  | 0.1 |  |  | (0.1 | ) |  | 1.1 |
Restructuring charges | — |  |  | 0.3 |  |  | 0.2 |  |  | — |  |  | 0.5 |
Loss on sale of business | — |  |  | 0.8 |  |  | 7.7 |  |  | — |  |  | 8.5 |
Insurance proceeds for lost profits | — |  |  | (39.5 | ) |  | — |  |  | — |  |  | (39.5 | )
Gain from insurance recoveries, net of losses incurred | — |  |  | (6.9 | ) |  | — |  |  | — |  |  | (6.9 | )
Income from equity method investments | (70.6 | ) |  | (41.1 | ) |  | (2.0 | ) |  | 111.1 |  |  | (2.6 | )
Operating income | 71.2 |  |  | 140.3 |  |  | 54.6 |  |  | (171.4 | ) |  | 94.7 |
Interest expense, net | 2.4 |  |  | 6.1 |  |  | 2.4 |  |  | — |  |  | 10.9 |
Other (income) expense, net | — |  |  | (5.8 | ) |  | 6.6 |  |  | — |  |  | 0.8 |
Income (loss) from continuing operations before income taxes | 68.8 |  |  | 140.0 |  |  | 45.6 |  |  | (171.4 | ) |  | 83.0 |
Provision for income tax (benefit) expense | (0.5 | ) |  | 10.1 |  |  | 4.2 |  |  | (0.2 | ) |  | 13.6 |
Income (loss) from continuing operations | 69.3 |  |  | 129.9 |  |  | 41.4 |  |  | (171.2 | ) |  | 69.4 |
Loss from discontinued operations, net of tax | — |  |  | — |  |  | 0.1 |  |  | — |  |  | 0.1 |
Net income (loss) | $ | 69.3 |  |  | $ | 129.9 |  |  | $ | 41.3 |  |  | $ | (171.2 | ) |  | $ | 69.3 |
Other comprehensive income, net of tax | 6.4 |  |  | 0.4 |  |  | 1.8 |  |  | — |  |  | 8.6 |
Comprehensive income (loss) | $ | 75.7 |  |  | $ | 130.3 |  |  | $ | 43.1 |  |  | $ | (171.2 | ) |  | $ | 77.9 |
Condensed Consolidating Statements of Cash Flows | Lennox International Inc. and Subsidiaries Condensed Consolidating Statements of Cash Flows For the Three Months Ended March 31, 2019
(Amounts in millions) | Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Cash flows provided by (used in) operating activities | $ | 49.9 |  |  | $ | (258.3 | ) |  | $ | 67.4 |  |  | $ | — |  |  | $ | (141.0 | )
Cash flows from investing activities: |  |  |  |  |  |  |  |  |
Proceeds from the disposal of property, plant and equipment | — |  |  | 0.3 |  |  | — |  |  | — |  |  | 0.3 |
Purchases of property, plant and equipment | — |  |  | (33.5 | ) |  | (3.7 | ) |  | — |  |  | (37.2 | )
Net proceeds from sale of business | — |  |  | 43.0 |  |  | 0.6 |  |  | — |  |  | 43.6 |
Insurance recoveries received for property damage incurred from natural disaster |  |  |  | 6.9 |  |  | — |  |  | — |  |  | 6.9 |
Net cash provided by (used in) by investing activities | — |  |  | 16.7 |  |  | (3.1 | ) |  | — |  |  | 13.6 |
Cash flows from financing activities: |  |  |  |  |  |  |  |  |
Asset securitization payments |  |  |  |  |  |  | (43.5 | ) |  | — |  |  | (43.5 | )
Long-term debt payments | (30.0 | ) |  | (0.5 | ) |  | (1.2 | ) |  | — |  |  | (31.7 | )
Long-term borrowings | — |  |  | 2.7 |  |  | 0.6 |  |  | — |  |  | 3.3 |
Borrowings from credit facility | 844.5 |  |  |  |  |  |  |  |  | — |  |  | 844.5 |
Payments on credit facility | (525.5 | ) |  |  |  |  |  |  |  | — |  |  | (525.5 | )
Proceeds from employee stock purchases | 0.8 |  |  | — |  |  | — |  |  | — |  |  | 0.8 |
Repurchases of common stock | (100.0 | ) |  | — |  |  | — |  |  | — |  |  | (100.0 | )
Repurchases of common stock to satisfy employee withholding tax obligations | (13.5 | ) |  | — |  |  | — |  |  | — |  |  | (13.5 | )
Intercompany debt | (7.9 | ) |  | (0.2 | ) |  | 8.1 |  |  | — |  |  | — |
Intercompany financing activity | (192.6 | ) |  | 237.2 |  |  | (44.6 | ) |  | — |  |  | — |
Cash dividends paid | (25.5 | ) |  | — |  |  | — |  |  | — |  |  | (25.5 | )
Net cash (used in) provided by financing activities | (49.7 | ) |  | 239.2 |  |  | (80.6 | ) |  | — |  |  | 108.9 |
Increase (decrease) in cash and cash equivalents | 0.2 |  |  | (2.4 | ) |  | (16.3 | ) |  | — |  |  | (18.5 | )
Effect of exchange rates on cash and cash equivalents | — |  |  | — |  |  | 3.9 |  |  | — |  |  | 3.9 |
Cash and cash equivalents, beginning of period | 1.8 |  |  | 15.4 |  |  | 29.1 |  |  | — |  |  | 46.3 |
Cash and cash equivalents, end of period | $ | 2.0 |  |  | $ | 13.0 |  |  | $ | 16.7 |  |  | $ | — |  |  | $ | 31.7 |
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 provided by (used in) 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 payments | — |  |  | — |  |  | (51.0 | ) |  | — |  |  | (51.0 | )
Long-term debt payments | (7.5 | ) |  | (2.7 | ) |  | — |  |  | — |  |  | (10.2 | )
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 |
(Decrease) increase 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 |

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- Definition Tabular disclosure of condensed balance sheet, including, but not limited to, balance sheets of consolidated entities and consolidation eliminations. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 3 -Paragraph i -Subsection 10 + Details
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- Definition Tabular disclosure of condensed income statement, including, but not limited to, income statements of consolidated entities and consolidation eliminations. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 3 -Paragraph i -Subsection 10 + Details
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