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Condensed Consolidating Financial Statements (Tables) | 6 Months Ended
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Jun. 30, 2019
Condensed Financial Information Disclosure [Abstract] |
Condensed Consolidating Balance Sheets | Lennox International Inc. and Subsidiaries Condensed Consolidating Balance Sheets As of June 30, 2019
(Amounts in millions) | Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
ASSETS
Current Assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 1.9 |  |  | $ | 22.3 |  |  | $ | 12.2 |  |  | $ | — |  |  | $ | 36.4 |
Short-term investments | — |  |  | — |  |  | 1.8 |  |  | — |  |  | $ | 1.8 |
Accounts and notes receivable, net | — |  |  | 75.9 |  |  | 642.9 |  |  | — |  |  | 718.8 |
Inventories, net | — |  |  | 552.3 |  |  | 80.0 |  |  | (2.1 | ) |  | 630.2 |
Other assets | 3.5 |  |  | 35.7 |  |  | 51.9 |  |  | (34.4 | ) |  | 56.7 |
Total current assets | 5.4 |  |  | 686.2 |  |  | 788.8 |  |  | (36.5 | ) |  | 1,443.9 |
Property, plant and equipment, net | — |  |  | 362.9 |  |  | 55.1 |  |  | — |  |  | 418.0 |
Right-of-use assets from operating leases | — |  |  | 142.2 |  |  | 24.0 |  |  | — |  |  | 166.2 |
Goodwill | — |  |  | 166.1 |  |  | 20.5 |  |  | — |  |  | 186.6 |
Investment in subsidiaries | 1,532.3 |  |  | 570.2 |  |  | 50.2 |  |  | (2,152.7 | ) |  | — |
Deferred income taxes | (11.1 | ) |  | 49.5 |  |  | 23.1 |  |  | (12.3 | ) |  | 49.2 |
Other assets, net | 1.7 |  |  | 54.2 |  |  | 6.4 |  |  | 14.2 |  |  | 76.5 |
Intercompany (payables) receivables, net | (587.0 | ) |  | 589.0 |  |  | 118.0 |  |  | (120.0 | ) |  | — |
Total assets | $ | 941.3 |  |  | $ | 2,620.3 |  |  | $ | 1,086.1 |  |  | $ | (2,307.3 | ) |  | $ | 2,340.4 |
LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY
Current liabilities: |  |  |  |  |  |  |  |  |
Current maturities of long-term debt | 14.4 |  |  | 5.7 |  |  | 290.9 |  |  | — |  |  | 311.0 |
Current operating lease liabilities | — |  |  | 42.9 |  |  | 6.7 |  |  | — |  |  | 49.6 |
Accounts payable | 30.0 |  |  | 393.3 |  |  | 50.3 |  |  | — |  |  | 473.6 |
Accrued expenses | 6.5 |  |  | 193.7 |  |  | 40.6 |  |  | — |  |  | 240.8 |
Income taxes (receivable) payable | (24.7 | ) |  | 34.1 |  |  | 41.4 |  |  | (50.8 | ) |  | — |
Total current liabilities | 26.2 |  |  | 669.7 |  |  | 429.9 |  |  | (50.8 | ) |  | 1,075.0 |
Long-term debt | 1,132.4 |  |  | 21.8 |  |  | 1.6 |  |  | — |  |  | 1,155.8 |
Long-term operating lease liabilities | — |  |  | 100.2 |  |  | 17.4 |  |  | — |  |  | 117.6 |
Pensions | — |  |  | 71.8 |  |  | 7.8 |  |  | — |  |  | 79.6 |
Other liabilities | 0.2 |  |  | 122.6 |  |  | 7.1 |  |  | — |  |  | 129.9 |
Total liabilities | 1,158.8 |  |  | 986.1 |  |  | 463.8 |  |  | (50.8 | ) |  | 2,557.9 |
Commitments and contingencies |  |  |  |  |  |  |  |  |
Total stockholders' (deficit) equity | (217.5 | ) |  | 1,634.2 |  |  | 622.3 |  |  | (2,256.5 | ) |  | (217.5 | )
Total liabilities and stockholders' (deficit) equity | $ | 941.3 |  |  | $ | 2,620.3 |  |  | $ | 1,086.1 |  |  | $ | (2,307.3 | ) |  | $ | 2,340.4 |
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 June 30, 2019
(Amounts in millions) | Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Net Sales | $ | — |  |  | $ | 1,019.2 |  |  | $ | 146.5 |  |  | $ | (66.6 | ) |  | $ | 1,099.1 |
Cost of goods sold | — |  |  | 723.6 |  |  | 169.6 |  |  | (126.2 | ) |  | 767.0 |
Gross profit | — |  |  | 295.6 |  |  | (23.1 | ) |  | 59.6 |  |  | 332.1 |
Operating expenses: |  |  |  |  |  |  |  |  |
Selling, general and administrative expenses | — |  |  | 147.1 |  |  | 5.0 |  |  | 0.3 |  |  | 152.4 |
Losses (gains) and other expenses, net | 0.2 |  |  | 1.3 |  |  | 0.8 |  |  | (0.2 | ) |  | 2.1 |
Restructuring charges | — |  |  | (0.1 | ) |  | — |  |  | — |  |  | (0.1 | )
Loss on sale of business | — |  |  | 0.3 |  |  | 0.1 |  |  | — |  |  | 0.4 |
Insurance proceeds for lost profits | — |  |  | (26.0 | ) |  | — |  |  | — |  |  | (26.0 | )
Gain from insurance recoveries, net of losses incurred | — |  |  | (5.9 | ) |  | — |  |  | — |  |  | (5.9 | )
Income from equity method investments | (112.5 | ) |  | 24.0 |  |  | (3.8 | ) |  | 87.7 |  |  | (4.6 | )
Operating income | 112.3 |  |  | 154.9 |  |  | (25.2 | ) |  | (28.2 | ) |  | 213.8 |
Pension settlement | — |  |  | 60.6 |  |  | — |  |  | — |  |  | 60.6 |
Interest expense, net | 2.2 |  |  | 9.3 |  |  | 1.6 |  |  | — |  |  | 13.1 |
Other (income) expense, net | — |  |  | 6.8 |  |  | (6.5 | ) |  | — |  |  | 0.3 |
Income (loss) from continuing operations before income taxes | 110.1 |  |  | 78.2 |  |  | (20.3 | ) |  | (28.2 | ) |  | 139.8 |
Provision for income tax (benefit) expense | (0.6 | ) |  | 23.5 |  |  | 5.9 |  |  | — |  |  | 28.8 |
Income (loss) from continuing operations | 110.7 |  |  | 54.7 |  |  | (26.2 | ) |  | (28.2 | ) |  | 111.0 |
Loss from discontinued operations, net of tax | — |  |  | — |  |  | 0.3 |  |  | — |  |  | 0.3 |
Net income (loss) | $ | 110.7 |  |  | $ | 54.7 |  |  | $ | (26.5 | ) |  | $ | (28.2 | ) |  | $ | 110.7 |
Other comprehensive income, net of tax | (2.0 | ) |  | 50.0 |  |  | 2.6 |  |  | — |  |  | 50.6 |
Comprehensive income (loss) | $ | 108.7 |  |  | $ | 104.7 |  |  | $ | (23.9 | ) |  | $ | (28.2 | ) |  | $ | 161.3 |
Condensed Consolidating Statements of Cash Flows | Lennox International Inc. and Subsidiaries Condensed Consolidating Statements of Cash Flows For the Six Months Ended June 30, 2019
(Amounts in millions) | Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Cash flows provided by (used in) operating activities | $ | 33.2 |  |  | $ | (79.1 | ) |  | $ | (65.1 | ) |  | $ | — |  |  | $ | (111.0 | )
Cash flows from investing activities: |  |  |  |  |  |  |  |  |
Proceeds from the disposal of property, plant and equipment | — |  |  | 0.6 |  |  | 0.2 |  |  | — |  |  | 0.8 |
Purchases of property, plant and equipment | — |  |  | (49.2 | ) |  | (4.3 | ) |  | — |  |  | (53.5 | )
Net proceeds from sale of business | — |  |  | 43.0 |  |  | 0.6 |  |  | — |  |  | 43.6 |
Insurance recoveries received for property damage incurred from natural disaster | — |  |  | 12.8 |  |  | — |  |  | — |  |  | 12.8 |
Purchases of short-term investments | — |  |  | — |  |  | (1.8 | ) |  | — |  |  | (1.8 | )
Net cash provided by (used in) by investing activities | — |  |  | 7.2 |  |  | (5.3 | ) |  | — |  |  | 1.9 |
Cash flows from financing activities: |  |  |  |  |  |  |  |  |
Short-term debt payments | — |  |  | — |  |  | (2.1 | ) |  | — |  |  | (2.1 | )
Short-term debt proceeds | — |  |  | — |  |  | 2.1 |  |  | — |  |  | 2.1 |
Asset securitization borrowings | — |  |  | — |  |  | 65.5 |  |  | — |  |  | 65.5 |
Asset securitization payments | — |  |  | — |  |  | (43.5 | ) |  | — |  |  | (43.5 | )
Long-term debt payments | (30.0 | ) |  | (1.9 | ) |  | (1.4 | ) |  | — |  |  | (33.3 | )
Borrowings from credit facility | 1,459.5 |  |  | — |  |  | — |  |  | — |  |  | 1,459.5 |
Payments on credit facility | (1,037.5 | ) |  | — |  |  | — |  |  | — |  |  | (1,037.5 | )
Proceeds from employee stock purchases | 1.6 |  |  | — |  |  | — |  |  | — |  |  | 1.6 |
Repurchases of common stock | (250.0 | ) |  | — |  |  | — |  |  | — |  |  | (250.0 | )
Repurchases of common stock to satisfy employee withholding tax obligations | (14.5 | ) |  | — |  |  | — |  |  | — |  |  | (14.5 | )
Intercompany financing activity | (111.4 | ) |  | 80.3 |  |  | 31.1 |  |  | — |  |  | — |
Cash dividends paid | (50.8 | ) |  | — |  |  | — |  |  | — |  |  | (50.8 | )
Net cash (used in) provided by financing activities | (33.1 | ) |  | 78.4 |  |  | 51.7 |  |  | — |  |  | 97.0 |
Increase (decrease) in cash and cash equivalents | 0.1 |  |  | 6.5 |  |  | (18.7 | ) |  | — |  |  | (12.1 | )
Effect of exchange rates on cash and cash equivalents | — |  |  | 0.4 |  |  | 1.8 |  |  | — |  |  | 2.2 |
Cash and cash equivalents, beginning of period | 1.8 |  |  | 15.4 |  |  | 29.1 |  |  | — |  |  | 46.3 |
Cash and cash equivalents, end of period | $ | 1.9 |  |  | $ | 22.3 |  |  | $ | 12.2 |  |  | $ | — |  |  | $ | 36.4 |
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 debt payments | — |  |  | — |  |  | (18.4 | ) |  | — |  |  | (18.4 | )
Short-term debt proceeds | — |  |  | — |  |  | 21.3 |  |  | — |  |  | 21.3 |
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 | )
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 financing activity | (11.2 | ) |  | 38.2 |  |  | (27.0 | ) |  | — |  |  | — |
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 |

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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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