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Stockholders' Equity | 12 Months Ended
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Dec. 31, 2024
Equity [Abstract] |
Stockholders' Equity | Stockholders’ Equity The Company’s authorized capital consists of three million shares of Preferred Stock $1 par value, 27 million shares of Class A Common Stock $5 par value, and 240 million shares of Common Stock $1 par value. The Common Stock has equal dividend rights with Class A Common Stock and is entitled, as a class, to elect one-third of the Board of Directors and has 1/10th vote per share on all other matters. Class A Common Stock is convertible to Common Stock on a one for one basis. There were 8,307 shares during 2024, 12,524 shares during 2023 and 68,785 shares during 2022, of Class A Common Stock converted into Common Stock. Regular dividends paid on the A. O. Smith Corporation Class A Common Stock and Common Stock amounted to $1.30, $1.22 and $1.14 per share in 2024, 2023 and 2022, respectively. In 2024, the Board of Directors approved adding 2,000,000 shares of Common Stock to an existing discretionary share repurchase authority. Under the share repurchase program, the Common Stock may be purchased through a combination of Rule 10b5-1 automatic trading plan and discretionary purchases in accordance with applicable securities laws. The number of shares purchased and the timing of the purchases will depend on a number of factors, including share price, trading volume and general market conditions, as well as working capital requirements, general business conditions and other factors, including alternative investment opportunities. The stock repurchase authorization remains effective until terminated by the Company's Board of Directors which may occur at any time, subject to the parameters of any Rule 10b5-1 automatic trading plan that we may then have in effect. In 2024, the Company repurchased 3,755,337 shares at an average price of $81.43 per share and at a total cost of $305.8 million. As of December 31, 2024, there were 1,746,125 shares remaining on the existing repurchase authorization. In 2023, the Company repurchased 4,377,000 shares at a cost of $306.5 million. In 2022, the Company repurchased 6,647,895 shares at a cost of $403.5 million. At December 31, 2024, a total of 130,380 and 46,257,599 shares of Class A Common Stock and Common Stock, respectively, were held as treasury stock. At December 31, 2023, a total of 130,380 and 43,049,885 shares of Class A Common Stock and Common Stock, respectively, were held as treasury stock. Changes to accumulated other comprehensive loss by component are as follows:
(dollars in millions) | Years ended December 31,
| 2024 |  |  | 2023
Cumulative foreign currency translation |  |  |  |
Balance at beginning of period | $ | (80.3) |  |  |  | $ | (84.1) |
Other comprehensive (loss) gain before reclassifications | (24.0) |  |  |  | 3.8 |
Balance at end of period | (104.3) |  |  |  | (80.3) |
Unrealized net gain (loss) on cash flow derivatives |  |  |  |
Balance at beginning of period | 0.7 |  |  |  | 4.9 |
Other comprehensive (loss) gain before reclassifications | (0.5) |  |  |  | 2.8 |
Realized gains on derivatives reclassified to cost of products sold (net of tax provision of $0.5 and $2.2 in 2023, respectively)(1) | (1.7) |  |  |  | (7.0) |
Balance at end of period | (1.5) |  |  |  | 0.7 |
Pension liability |  |  |  |
Balance at beginning of period | (4.6) |  |  |  | (3.2) |
Other comprehensive loss before reclassifications | (1.8) |  |  |  | (1.6) |
Amounts reclassified from accumulated other comprehensive loss(1) | 0.3 |  |  |  | 0.2 |
Balance at end of period | (6.1) |  |  |  | (4.6) |
Total accumulated other comprehensive loss, end of period | $ | (111.9) |  |  |  | $ | (84.2) |
(1)Amounts reclassified from accumulated other comprehensive loss:
Realized gains on derivatives reclassified to cost of products sold | $ | (2.2) |  |  |  | $ | (9.2) |  |
Tax provision | 0.5 |  |  |  | 2.2 |  |
Reclassification net of tax | $ | (1.7) |  |  |  | $ | (7.0) |  |
Amortization of pension items: |  |  |  |  |
Actuarial losses | $ | 0.3 |  | (2) |  | $ | 0.1 |  | (2)
Prior year service cost | 0.1 |  | (2) |  | 0.1 |  | (2)
| 0.4 |  |  |  | 0.2 |  |
Tax benefit | (0.1) |  |  |  | — |  |
Reclassification net of tax | $ | 0.3 |  |  |  | $ | 0.2 |  |
(2)These accumulated other comprehensive loss components are included in the computation of net periodic benefit cost. See Note 13, “Pensions and Other Post-retirement Benefits” for additional details. Included in the results for 2023 is $11.0 million of foreign currency translation losses reclassified from accumulated other comprehensive loss to Net earnings related to the Company's sale of its business in Turkey. See Note 5 - Restructuring and Impairment Expenses for additional details.

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