(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered | ||||||||||||
Item 2.02 | Results of Operations and Financial Condition.* |
Item 9.01 | Financial Statements and Exhibits. |
(d) | Exhibits. |
EXHIBIT NUMBER | DESCRIPTION | |||||||
99.1 | ||||||||
104 | Inline XBRL for the cover page of this Current Report on Form 8-K. |
* | The information contained in Item 2.02 and Exhibit 99.1 of this report, is being “furnished” with the Securities and Exchange Commission and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities under that section. Furthermore, such information shall not be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, unless specifically identified as being incorporated therein by reference. |
Date: April 26, 2021 | ||||||||
By: | /s/ Monica Brown | |||||||
Name: | Monica Brown | |||||||
Title: | Assistant Secretary |
(Amounts in millions, except per share data) | For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net sales | $ | 1,239.0 | $ | 941.3 | $ | 2,169.4 | $ | 1,665.1 | |||||||||||||||
Cost of goods sold | 855.8 | 665.6 | 1,529.7 | 1,223.7 | |||||||||||||||||||
Gross profit | 383.2 | 275.7 | 639.7 | 441.4 | |||||||||||||||||||
Operating Expenses: | |||||||||||||||||||||||
Selling, general and administrative expenses | 167.8 | 129.5 | 313.2 | 260.8 | |||||||||||||||||||
Losses (gains) and other expenses, net | 2.3 | 3.6 | 2.6 | 2.3 | |||||||||||||||||||
Restructuring charges | 1.2 | 10.0 | 1.3 | 10.5 | |||||||||||||||||||
Loss from natural disasters, net of insurance recoveries | — | 1.0 | — | 2.7 | |||||||||||||||||||
Income from equity method investments | (4.1) | (4.4) | (7.4) | (7.2) | |||||||||||||||||||
Operating income | 216.0 | 136.0 | 330.0 | 172.3 | |||||||||||||||||||
Pension settlement | — | — | 0.7 | — | |||||||||||||||||||
Interest expense, net | 6.4 | 6.9 | 12.3 | 15.6 | |||||||||||||||||||
Other expense (income), net | 0.9 | 1.1 | 1.9 | 2.2 | |||||||||||||||||||
Income from continuing operations before income taxes | 208.7 | 128.0 | 315.1 | 154.5 | |||||||||||||||||||
Provision for income taxes | 38.7 | 27.4 | 60.9 | 41.4 | |||||||||||||||||||
Income from continuing operations | 170.0 | 100.6 | 254.2 | 113.1 | |||||||||||||||||||
Discontinued Operations: | |||||||||||||||||||||||
Loss from discontinued operations before income taxes | — | (0.8) | — | (0.8) | |||||||||||||||||||
Income tax benefit | — | (0.2) | — | (0.6) | |||||||||||||||||||
Loss from discontinued operations | — | (0.6) | — | (0.2) | |||||||||||||||||||
Net income | $ | 170.0 | $ | 100.0 | $ | 254.2 | $ | 112.9 | |||||||||||||||
Earnings per share – Basic: | |||||||||||||||||||||||
Income from continuing operations | $ | 4.55 | $ | 2.63 | $ | 6.74 | $ | 2.95 | |||||||||||||||
Loss from discontinued operations | — | (0.01) | — | — | |||||||||||||||||||
Net income | $ | 4.55 | $ | 2.62 | $ | 6.74 | $ | 2.95 | |||||||||||||||
Earnings per share – Diluted: | |||||||||||||||||||||||
Income from continuing operations | $ | 4.51 | $ | 2.62 | $ | 6.70 | $ | 2.93 | |||||||||||||||
Loss from discontinued operations | — | (0.02) | — | — | |||||||||||||||||||
Net income | $ | 4.51 | $ | 2.60 | $ | 6.70 | $ | 2.93 | |||||||||||||||
Weighted Average Number of Shares Outstanding - Basic | 37.4 | 38.2 | 37.7 | 38.3 | |||||||||||||||||||
Weighted Average Number of Shares Outstanding - Diluted | 37.7 | 38.4 | 38.0 | 38.6 | |||||||||||||||||||
LENNOX INTERNATIONAL INC. AND SUBSIDIARIES | |||||||||||
Segment Net Sales and Profit (Loss) | |||||||||||
(Unaudited) | |||||||||||
(Amounts in millions) | For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net Sales | |||||||||||||||||||||||
Residential Heating & Cooling | $ | 838.0 | $ | 644.8 | $ | 1,444.2 | $ | 1,086.9 | |||||||||||||||
Commercial Heating & Cooling | 252.8 | 188.3 | 452.0 | 366.7 | |||||||||||||||||||
Refrigeration | 148.2 | 108.2 | 273.2 | 211.5 | |||||||||||||||||||
$ | 1,239.0 | $ | 941.3 | $ | 2,169.4 | $ | 1,665.1 | ||||||||||||||||
Segment Profit (Loss) (1) | |||||||||||||||||||||||
Residential Heating & Cooling | $ | 189.7 | $ | 127.3 | $ | 286.1 | $ | 159.8 | |||||||||||||||
Commercial Heating & Cooling | 45.3 | 35.6 | 72.6 | 54.3 | |||||||||||||||||||
Refrigeration | 13.5 | 8.9 | 21.4 | 9.6 | |||||||||||||||||||
Corporate and other | (26.9) | (18.8) | (42.9) | (33.1) | |||||||||||||||||||
Total segment profit | 221.6 | 153.0 | 337.2 | 190.6 | |||||||||||||||||||
Reconciliation to Operating Income: | |||||||||||||||||||||||
Special product quality adjustments | — | (1.0) | — | (1.0) | |||||||||||||||||||
Loss from natural disasters, net of insurance recoveries | — | 1.0 | — | 2.7 | |||||||||||||||||||
Items in Losses (gains) and other expenses, net which are excluded from segment profit (loss) (1) | 4.4 | 7.0 | 5.9 | 6.1 | |||||||||||||||||||
Restructuring charges | 1.2 | 10.0 | 1.3 | 10.5 | |||||||||||||||||||
Operating income | $ | 216.0 | $ | 136.0 | $ | 330.0 | $ | 172.3 |
(Amounts in millions, except shares and par values) | As of June 30, 2021 | As of December 31, 2020 | |||||||||
(Unaudited) | |||||||||||
ASSETS | |||||||||||
Current Assets: | |||||||||||
Cash and cash equivalents | $ | 44.5 | $ | 123.9 | |||||||
Short-term investments | 2.8 | 5.1 | |||||||||
Accounts and notes receivable, net of allowances of $10.4 and $9.6 in 2021 and 2020, respectively | 692.5 | 448.3 | |||||||||
Inventories, net | 433.8 | 439.4 | |||||||||
Other assets | 86.8 | 70.9 | |||||||||
Total current assets | 1,260.4 | 1,087.6 | |||||||||
Property, plant and equipment, net of accumulated depreciation of $907.7 and $880.6 in 2021 and 2020, respectively | 476.0 | 464.3 | |||||||||
Right-of-use assets from operating leases | 183.3 | 194.4 | |||||||||
Goodwill | 186.8 | 186.9 | |||||||||
Deferred income taxes | 12.1 | 13.2 | |||||||||
Other assets, net | 86.1 | 86.1 | |||||||||
Total assets | $ | 2,204.7 | $ | 2,032.5 | |||||||
LIABILITIES AND STOCKHOLDERS’ DEFICIT | |||||||||||
Current Liabilities: | |||||||||||
Current maturities of long-term debt | 265.9 | 9.9 | |||||||||
Current operating lease liabilities | 54.6 | 55.0 | |||||||||
Accounts payable | 404.9 | 340.3 | |||||||||
Accrued expenses | 332.4 | 296.1 | |||||||||
Total current liabilities | 1,057.8 | 701.3 | |||||||||
Long-term debt | 977.4 | 970.7 | |||||||||
Long-term operating lease liabilities | 131.5 | 142.8 | |||||||||
Pensions | 96.9 | 92.5 | |||||||||
Other liabilities | 154.4 | 142.3 | |||||||||
Total liabilities | 2,418.0 | 2,049.6 | |||||||||
Commitments and contingencies | |||||||||||
Stockholders' deficit: | |||||||||||
Preferred stock, $0.01 par value, 25,000,000 shares authorized, no shares issued or outstanding | — | — | |||||||||
Common stock, $0.01 par value, 200,000,000 shares authorized, 87,170,197 shares issued | 0.9 | 0.9 | |||||||||
Additional paid-in capital | 1,128.9 | 1,113.2 | |||||||||
Retained earnings | 2,576.6 | 2,385.8 | |||||||||
Accumulated other comprehensive loss | (93.1) | (97.2) | |||||||||
Treasury stock, at cost, 50,006,069 shares and 48,820,969 shares for 2021 and 2020, respectively | (3,826.6) | (3,419.8) | |||||||||
Total stockholders' deficit | (213.3) | (17.1) | |||||||||
Total liabilities and stockholders' deficit | $ | 2,204.7 | $ | 2,032.5 |
(Amounts in millions) | For the Six Months Ended June 30, | ||||||||||
2021 | 2020 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | 254.2 | $ | 112.9 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Income from equity method investments | (7.4) | (7.2) | |||||||||
Dividends from affiliates | 3.7 | 2.5 | |||||||||
Restructuring charges, net of cash paid | 1.4 | 5.9 | |||||||||
Provision for credit losses | 3.5 | 3.1 | |||||||||
Unrealized losses on derivative contracts | 0.3 | 1.1 | |||||||||
Stock-based compensation expense | 17.5 | 10.4 | |||||||||
Depreciation and amortization | 35.6 | 37.9 | |||||||||
Deferred income taxes | (3.6) | 6.6 | |||||||||
Pension expense | 5.4 | 4.9 | |||||||||
Pension contributions | (0.8) | (1.2) | |||||||||
Other items, net | (0.3) | 0.7 | |||||||||
Changes in assets and liabilities: | |||||||||||
Accounts and notes receivable | (248.2) | (151.5) | |||||||||
Inventories | 7.0 | 43.1 | |||||||||
Other current assets | (9.7) | (1.1) | |||||||||
Accounts payable | 67.4 | (66.2) | |||||||||
Accrued expenses | 33.7 | (11.9) | |||||||||
Income taxes payable / (receivable), net | 1.6 | 10.2 | |||||||||
Leases, net | (0.6) | 1.5 | |||||||||
Other, net | 13.8 | 4.8 | |||||||||
Net cash provided by operating activities | 174.5 | 6.5 | |||||||||
Cash flows from investing activities: | |||||||||||
Proceeds from the disposal of property, plant and equipment | 0.6 | 0.3 | |||||||||
Purchases of property, plant and equipment | (45.5) | (43.5) | |||||||||
Proceeds from (purchases of) short-term investments | 2.3 | (1.1) | |||||||||
Net cash used in investing activities | (42.6) | (44.3) | |||||||||
Cash flows from financing activities: | |||||||||||
Short-term debt payments | — | (1.9) | |||||||||
Short-term debt borrowings | — | 1.9 | |||||||||
Asset securitization borrowings | 299.0 | 91.0 | |||||||||
Asset securitization payments | (44.0) | (70.0) | |||||||||
Long-term debt payments | (3.1) | (2.6) | |||||||||
Borrowings from credit facility | 753.0 | 1,060.5 | |||||||||
Payments on credit facility | (748.5) | (863.5) | |||||||||
Proceeds from employee stock purchases | 1.6 | 1.6 | |||||||||
Repurchases of common stock | (400.0) | (100.0) | |||||||||
Repurchases of common stock to satisfy employee withholding tax obligations | (10.2) | (5.6) | |||||||||
Cash dividends paid | (58.6) | (59.1) | |||||||||
Net cash (used in) provided by financing activities | (210.8) | 52.3 | |||||||||
(Decrease) increase in cash and cash equivalents | (78.9) | 14.5 | |||||||||
Effect of exchange rates on cash and cash equivalents | (0.5) | (7.0) | |||||||||
Cash and cash equivalents, beginning of period | 123.9 | 37.3 | |||||||||
Cash and cash equivalents, end of period | $ | 44.5 | $ | 44.8 | |||||||
Supplemental disclosures of cash flow information: | |||||||||||
Interest paid | $ | 11.8 | $ | 16.9 | |||||||
Income taxes paid (net of refunds) | $ | 62.6 | $ | 22.8 | |||||||
LENNOX INTERNATIONAL INC. AND SUBSIDIARIES | |||||||||||||||||||||||
Reconciliation to U.S. GAAP (Generally Accepted Accounting Principles) Measures | |||||||||||||||||||||||
(Unaudited, in millions, except per share and ratio data) | |||||||||||||||||||||||
Use of Non-GAAP Financial Measures | |||||||||||||||||||||||
To supplement the Company's consolidated financial statements and segment net sales and profit presented in accordance with U.S. GAAP, additional non-GAAP financial measures are provided and reconciled in the following tables. In addition to these non-GAAP measures, the Company also provides rates of revenue change at constant currency on a consolidated and segment basis if different than the reported measures. The Company believes that these non-GAAP financial measures, when considered together with the GAAP financial measures, provide information that is useful to investors in understanding period-over-period operating results. The Company believes that these non-GAAP financial measures enhance the ability of investors to analyze the Company's business trends and operating performance. | |||||||||||||||||||||||
Reconciliation of Income from Continuing Operations, a GAAP measure, to Adjusted Income from Continuing Operations, a Non-GAAP measure | |||||||||||||||||||||||
For the Three Months Ended June 30, | |||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Pre-Tax | Tax Impact (e) | After Tax | Pre-Tax | Tax Impact (e) | After Tax | ||||||||||||||||||
Income from continuing operations, a GAAP measure | $ | 208.7 | $ | (38.7) | $ | 170.0 | $ | 128.0 | $ | (27.4) | $ | 100.6 | |||||||||||
Restructuring charges | 1.2 | (0.2) | 1.0 | 10.0 | (2.1) | 7.9 | |||||||||||||||||
Special product quality adjustments (b) | — | — | — | (1.0) | 0.2 | (0.8) | |||||||||||||||||
Items in Losses (gains) and other expenses, net which are excluded from segment profit (loss) (a) | 4.4 | (1.0) | 3.4 | 7.0 | (1.4) | 5.6 | |||||||||||||||||
Excess tax benefits from share-based compensation (c) | — | (2.5) | (2.5) | — | (0.1) | (0.1) | |||||||||||||||||
Other tax items, net (c) | — | 0.1 | 0.1 | — | — | — | |||||||||||||||||
Loss from natural disasters, net of insurance recoveries (f) | — | — | — | 1.0 | (0.2) | 0.8 | |||||||||||||||||
Adjusted income from continuing operations, a non-GAAP measure | $ | 214.3 | $ | (42.3) | $ | 172.0 | $ | 145.0 | $ | (31.0) | $ | 114.0 | |||||||||||
Earnings per share from continuing operations - diluted, a GAAP measure | $ | 4.51 | $ | 2.62 | |||||||||||||||||||
Restructuring charges | 0.03 | 0.21 | |||||||||||||||||||||
Special product quality adjustments (b) | — | (0.02) | |||||||||||||||||||||
Items in Losses (gains) and other expenses, net which are excluded from segment profit (loss) (a) | 0.09 | 0.14 | |||||||||||||||||||||
Excess tax benefits from share-based compensation (c) | (0.07) | — | |||||||||||||||||||||
Other tax items, net (c) | — | — | |||||||||||||||||||||
Loss from natural disasters, net of insurance recoveries (f) | — | 0.02 | |||||||||||||||||||||
Change in share counts from share-based compensation (d) | 0.01 | — | |||||||||||||||||||||
Adjusted earnings per share from continuing operations - diluted, a non-GAAP measure | $ | 4.57 | $ | 2.97 | |||||||||||||||||||
(a) Recorded in Losses (gains) and other expenses, net in the Consolidated Statements of Operations | |||||||||||||||||||||||
(b) Recorded in Cost of goods sold in the Consolidated Statements of Operations | |||||||||||||||||||||||
(c) Recorded in Provision for income taxes in the Consolidated Statements of Operations | |||||||||||||||||||||||
(d) The impact of excess tax benefits from the change in share-based compensation also impacts the Company's diluted share counts. The reconciliation of average outstanding diluted shares on a GAAP and non-GAAP basis is included in this amount.. | |||||||||||||||||||||||
(e) Tax impact based on the applicable tax rate relevant to the location and nature of the adjustment. | |||||||||||||||||||||||
(f) Recorded in Loss from natural disasters, net of insurance recoveries in the Consolidated Statement of Operations. | |||||||||||||||||||||||
For the Six Months Ended June 30, | |||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Pre-Tax | Tax Impact (e) | After Tax | Pre-Tax | Tax Impact (e) | After Tax | ||||||||||||||||||
Income from continuing operations, a GAAP measure | $ | 315.1 | $ | (60.9) | $ | 254.2 | $ | 154.5 | $ | (41.4) | $ | 113.1 | |||||||||||
Restructuring charges | 1.3 | (0.3) | 1.0 | 10.5 | (2.2) | 8.3 | |||||||||||||||||
Pension settlement | 0.7 | (0.1) | 0.6 | — | — | — | |||||||||||||||||
Special product quality adjustments (b) | — | — | — | (1.0) | 0.2 | (0.8) | |||||||||||||||||
Items in Losses (gains) and other expenses, net which are excluded from segment profit (loss) (a) | 5.9 | (1.1) | 4.8 | 6.1 | (1.3) | 4.8 | |||||||||||||||||
Excess tax benefits from share-based compensation (c) | — | (3.8) | (3.8) | — | — | ||||||||||||||||||
Other tax items, net (c) | — | 2.1 | 2.1 | — | 8.1 | 8.1 | |||||||||||||||||
Loss from natural disasters, net of insurance recoveries (f) | — | — | — | 2.7 | (0.6) | 2.1 | |||||||||||||||||
Adjusted income from continuing operations, a non-GAAP measure | $ | 323.0 | $ | (64.1) | $ | 258.9 | $ | 172.8 | $ | (37.2) | $ | 135.6 | |||||||||||
Earnings per share from continuing operations - diluted, a GAAP measure | $ | 6.70 | $ | 2.93 | |||||||||||||||||||
Restructuring charges | 0.03 | 0.21 | |||||||||||||||||||||
Pension settlement | 0.02 | — | |||||||||||||||||||||
Special product quality adjustments (b) | — | (0.02) | |||||||||||||||||||||
Items in Losses (gains) and other expenses, net which are excluded from segment profit (loss) (a) | 0.13 | 0.14 | |||||||||||||||||||||
Excess tax benefits from share-based compensation (c) | (0.10) | — | |||||||||||||||||||||
Other tax items, net (c) | 0.05 | 0.21 | |||||||||||||||||||||
Loss from natural disasters, net of insurance recoveries (f) | — | 0.05 | |||||||||||||||||||||
Change in share counts from share-based compensation (d) | — | — | |||||||||||||||||||||
Adjusted earnings per share from continuing operations - diluted, a non-GAAP measure | $ | 6.83 | $ | 3.52 | |||||||||||||||||||
(a) Recorded in Losses (gains) and other expenses, net in the Consolidated Statements of Operations | |||||||||||||||||||||||
(b) Recorded in Cost of goods sold in the Consolidated Statements of Operations | |||||||||||||||||||||||
(c) Recorded in Provision for income taxes in the Consolidated Statements of Operations | |||||||||||||||||||||||
(d) The impact of excess tax benefits from the change in share-based compensation also impacts the Company's diluted share counts. The reconciliation of average outstanding diluted shares on a GAAP and non-GAAP basis is included in this document. | |||||||||||||||||||||||
(e) Tax impact based on the applicable tax rate relevant to the location and nature of the adjustment. | |||||||||||||||||||||||
(f) Recorded in Loss from natural disasters, net of insurance recoveries in the Consolidated Statement of Operations. |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Components of Losses (gains) and other expenses, net (pre-tax): | |||||||||||||||||||||||
Realized (gains) losses on settled future contracts (a) | $ | (0.4) | $ | 0.1 | $ | (0.6) | $ | 0.2 | |||||||||||||||
Foreign currency exchange gains (a) | (1.3) | (2.1) | (1.6) | (2.6) | |||||||||||||||||||
Gain on disposal of fixed assets (a) | (0.2) | (0.2) | (0.5) | (0.1) | |||||||||||||||||||
Other operating income (a) | (0.2) | (1.2) | (0.6) | (1.3) | |||||||||||||||||||
Net change in unrealized losses (gains) on unsettled futures contracts (b) | 0.1 | 0.8 | (0.2) | 1.4 | |||||||||||||||||||
Special legal contingency charges (b) | 0.7 | 0.7 | 0.9 | 0.7 | |||||||||||||||||||
Asbestos-related litigation (b) | 1.7 | 1.2 | 2.8 | (0.5) | |||||||||||||||||||
Environmental liabilities (b) | 0.8 | 1.1 | 1.5 | 1.3 | |||||||||||||||||||
Charges incurred related to COVID-19 pandemic (b) | 0.5 | 3.4 | 1.1 | 3.4 | |||||||||||||||||||
Other items, net (b) | 0.6 | (0.2) | (0.2) | (0.2) | |||||||||||||||||||
Losses (gains) and other expenses, net (pre-tax) | $ | 2.3 | $ | 3.6 | $ | 2.6 | $ | 2.3 |
(a) Included in both segment profit (loss) and Adjusted income from continuing operations | |||||||||||||||||||||||
(b) Excluded from both segment profit (loss) and Adjusted income from continuing operations | |||||||||||||||||||||||
Reconciliation of Estimated Earnings per Share from Continuing Operations - Diluted, a GAAP measure, to Estimated Adjusted Earnings per Share from Continuing Operations - Diluted, a Non-GAAP measure | |||||||||||||||||||||||
For the Year Ended December 31, 2021 ESTIMATED | |||||||||||||||||||||||
Estimated Earnings per share from continuing operations - diluted, a GAAP measure | $11.97-$12.57 | ||||||||||||||||||||||
Other non-core EBIT charges and other non-core tax items | (0.13) | ||||||||||||||||||||||
Estimated Adjusted Earnings per share from continuing operations - diluted, a Non-GAAP measure | $12.10-$12.70 | ||||||||||||||||||||||
Reconciliation of Average Shares Outstanding - Diluted, a GAAP measure, to Adjusted Average Shares Outstanding - Diluted, a Non-GAAP measure (shares in millions): | |||||||||||||||||||||||
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Average shares outstanding - diluted, a GAAP measure | 37.7 | 38.4 | 38.0 | 38.6 | |||||||||||||||||||
Impact on diluted shares from excess tax benefits from share-based compensation | (0.1) | — | (0.1) | (0.1) | |||||||||||||||||||
Adjusted average shares outstanding - diluted, a Non-GAAP measure | 37.6 | 38.7 | 37.9 | 38.5 | |||||||||||||||||||
Reconciliation of Net Cash Used in Operating Activities, a GAAP measure, to Free Cash Flow, a Non-GAAP measure (dollars in millions) | |||||||||||||||||||||||
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net cash provided by operating activities | $ | 192.0 | $ | 105.3 | $ | 174.5 | $ | 6.5 | |||||||||||||||
Purchases of property, plant and equipment | (20.8) | (18.8) | (45.5) | (43.5) | |||||||||||||||||||
Proceeds from the disposal of property, plant and equipment | 0.2 | 0.2 | 0.6 | 0.3 | |||||||||||||||||||
Free cash flow, a Non-GAAP measure | $ | 171.4 | $ | 86.7 | $ | 129.6 | $ | (36.7) | |||||||||||||||
Calculation of Debt to EBITDA Ratio (dollars in millions): | Trailing Twelve Months to June 30, 2021 | ||||||||||||||||||||||
Adjusted EBIT (a) | $ | 653.3 | |||||||||||||||||||||
Depreciation and amortization expense (b) | 68.0 | ||||||||||||||||||||||
EBITDA (a + b) | $ | 721.3 | |||||||||||||||||||||
Total debt at June 30, 2021 (c) | $ | 1,243.3 | |||||||||||||||||||||
Total Debt to EBITDA ratio ((c / (a + b)) | 1.7 | ||||||||||||||||||||||
Reconciliation of Adjusted EBIT, a Non-GAAP measure, to Income From Continuing Operations Before Income Taxes, a GAAP measure (dollars in millions) | |||||||||||||||||||||||
Trailing Twelve Months to June 30, 2021 | |||||||||||||||||||||||
Income from continuing operations before income taxes, a GAAP measure | $ | 605.8 | |||||||||||||||||||||
Items in Losses (gains) and other expenses, net which are excluded from segment profit | 13.1 | ||||||||||||||||||||||
Special product quality adjustments | 2.0 | ||||||||||||||||||||||
Restructuring charges | 1.6 | ||||||||||||||||||||||
Interest expense, net | 25.0 | ||||||||||||||||||||||
Pension settlements | 1.3 | ||||||||||||||||||||||
Loss from natural disasters, net of insurance recoveries | 0.4 | ||||||||||||||||||||||
Other expense (income), net | 4.1 | ||||||||||||||||||||||
Adjusted EBIT per above, a Non-GAAP measure | $ | 653.3 | |||||||||||||||||||||
Document and Entity Information Document and Entity Information |
Jul. 26, 2021 |
---|---|
Cover [Abstract] | |
Entity Central Index Key | 0001069202 |
Entity Incorporation, State or Country Code | DE |
Title of 12(b) Security | Common Stock, par value $0.01 per share |
Trading Symbol | LII |
Security Exchange Name | NYSE |
Pre-commencement Issuer Tender Offer | false |
Pre-commencement Tender Offer | false |
Soliciting Material | false |
Written Communications | false |
Document Type | 8-K |
Document Period End Date | Jul. 26, 2021 |
Entity Registrant Name | LENNOX INTERNATIONAL INC |
Entity Address, Address Line One | 2140 LAKE PARK BLVD |
Entity Address, City or Town | RICHARDSON |
Entity Address, Postal Zip Code | 75080 |
Entity File Number | 001-15149 |
Entity Tax Identification Number | 42-0991521 |
City Area Code | 972 |
Local Phone Number | 497-5000 |
Amendment Flag | false |
Entity Emerging Growth Company | false |
Entity Address, State or Province | TX |
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