0001628280-24-043392 | 10-Q | XBRL Viewer

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Computations of basic and diluted loss per share for loss from continuing operations

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

The computations of basic and diluted earnings per share were as follows (in millions, except per share data):


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
Net income	$	239.0	$	130.4	$	609.2	$	445.6



Weighted-average shares outstanding – basic	35.6		35.5		35.6		35.5
Add: Potential effect of dilutive securities attributable to stock-based payments	0.2		0.2		0.2		0.1
Weighted-average shares outstanding – diluted	35.8		35.7		35.8		35.6




Earnings per share – Basic:	$	6.71	$	3.67	$	17.11	$	12.55




Earnings per share – Diluted:	$	6.68	$	3.65	$	17.02	$	12.51

Stock appreciation rights were outstanding, but not included in the diluted loss per share calculation


	For the Three Months Ended September 30,		For the Nine Months Ended September 30,
	2024	2023	2024	2023
Weighted-average number of shares	—	0.1	—	0.1

Commitments and Contingencies (Changes in Product Warranty Liabilities) (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
Loss Contingencies [Line Items]
Standard and Extended Product Warranty Accrual, Foreign Currency Translation Gain (Loss)	$ (0.2)
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]
Total warranty liability, beginning balance	(142.8)
Warranty claims paid	(32.4)
Standard and Extended Product Warranty Accrual, Increase (Decrease) for Preexisting Warranties	0.2
Changes resulting from issuance of new warranties	46.5
Total warranty liability, ending balance	$ (156.9)

Lines of Credit and Financing Arrangements (Senior Unsecured Notes) (Details) - Senior Unsecured Notes	1 Months Ended	9 Months Ended
	Aug. 31, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Jul. 30, 2020 USD ($)	Nov. 01, 2016 debtSeries
Debt Instrument [Line Items]
Minimum principal amount accelerated	$ 75,000,000	$ 75,000,000.0
Notice period		30 days
Redemption price (percentage)	101.00%
2025 Notes [Member]
Debt Instrument [Line Items]
Senior unsecured notes				$ 300,000,000
Fixed interest rate for senior unsecured notes (as a percent)				1.35%
2027 Notes [Member]
Debt Instrument [Line Items]
Senior unsecured notes				$ 300,000,000
Fixed interest rate for senior unsecured notes (as a percent)				1.70%
2023 Notes [Member]
Debt Instrument [Line Items]
Number of senior unsecured notes \| debtSeries					2
2028 Notes
Debt Instrument [Line Items]
Senior unsecured notes			$ 500,000,000
Fixed interest rate for senior unsecured notes (as a percent)			5.50%

Stock-Based Compensation (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Stock-Based Compensation (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock-based compensation expense	$ 6.8	$ 9.7	$ 20.1	$ 23.5

Earnings Per Share (Excluded from Diluted Earnings Per Share Calculation) (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Weighted-average number of shares	0.0	0.1	0.0	0.1

Inventories (Tables)

9 Months Ended

Sep. 30, 2024

Inventory Disclosure [Abstract]

Components of inventories

The components of inventories are as follows (in millions) as of:


	September 30, 2024		December 31, 2023
Finished goods	$	443.2	$	509.4
Work in process	13.7		9.6
Raw materials and parts	369.3		314.2
Subtotal	826.2		833.2
Excess of current cost over last-in, first-out cost	(137.0)		(134.1)
Total inventories, net	$	689.2	$	699.1

Pension Benefit Plans (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Pension Benefit Plans (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Retirement Benefits [Abstract]
Service cost	$ 0.4	$ 0.5	$ 1.2	$ 1.6
Interest cost	2.2	2.2	6.5	6.7
Expected return on plan assets	(1.9)	(2.4)	(5.7)	(7.1)
Recognized actuarial loss	0.3	0.0	0.7	0.6
Other	0.0	0.3	0.0	(0.1)
Settlements and curtailments	0.1	0.3	0.4	0.4
Net periodic benefit cost	$ 1.1	$ 0.9	$ 3.1	$ 2.1

Comprehensive Income (Loss)

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Comprehensive Income (Loss)

11. Comprehensive Income (Loss):

The following table provides information on items reclassified from AOCL to Net income in the accompanying Consolidated Statements of Operations (in millions):


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,				Affected Line Item(s) in the Consolidated Statements of Operations
	2024		2023		2024		2023
(Losses) Gains on Cash Flow Hedges:
Derivatives contracts	$	(0.8)	$	(0.8)	$	(1.2)	$	(1.2)	Cost of goods sold; Losses (gains) and other expenses, net
Income tax (expense) benefit	(0.2)		0.2		(0.3)		0.3		Provision for income taxes
Net of tax	$	(0.6)	$	(0.6)	$	(0.9)	$	(0.9)

Defined Benefit Plan items:
Pension and post-retirement benefit costs	$	(0.3)	$	—	$	(0.7)	$	(0.6)	Other expense (income), net
Pension settlements	(0.1)		(0.3)		(0.4)		(0.4)		Pension settlements
Income tax (expense) benefit	(0.1)		0.1		(0.3)		0.2		Provision for income taxes
Net of tax	$	(0.3)	$	(0.2)	$	(0.8)	$	(0.8)






Total reclassifications from AOCL	$	(0.9)	$	(0.8)	$	(1.7)	$	(1.7)

The following table provides information on changes in AOCL, by component (net of tax), for the nine months ended September 30, 2024 (in millions):


	(Losses) Gains on Cash Flow Hedges		Share of Equity Method Investments Other Comprehensive Income		Defined Benefit Pension Plan Items		Foreign Currency Translation Adjustments		Total AOCL
Balance as of December 31, 2023	$	(2.0)	$	0.6	$	(44.2)	$	(11.3)	$	(56.9)
Other comprehensive income (loss) before reclassifications	5.3		(0.2)		(1.2)		(19.4)		(15.5)
Amounts reclassified from AOCL	0.9		—		0.8		—		1.7
Net other comprehensive income (loss)	6.2		(0.2)		(0.4)		(19.4)		(13.8)
Balance as of September 30, 2024	$	4.2	$	0.4	$	(44.6)	$	(30.7)	$	(70.7)

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Current Assets:
Allowances, accounts and notes receivable	$ 16.2	$ 14.4
Accumulated depreciation	$ 952.6	$ 910.8
Stockholders' equity:
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	25,000,000	25,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	87,170,197	87,170,197
Treasury stock, shares	51,537,964	51,588,103

Goodwill (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
Goodwill (Details) - USD ($) $ in Millions	Jun. 30, 2024	Sep. 30, 2024
Goodwill [Roll Forward]
Goodwill, Beginning Balance		$ 222.1
Goodwill adjustment		(2.2)
Goodwill, Ending Balance		219.9
AES
Goodwill [Roll Forward]
Goodwill, Beginning Balance		40.4
Goodwill adjustment	$ 2.2	2.2
Goodwill, Ending Balance		38.2
Home Comfort Solutions
Goodwill [Roll Forward]
Goodwill, Beginning Balance		26.1
Goodwill adjustment		0.0
Goodwill, Ending Balance		26.1
Building Climate Solutions
Goodwill [Roll Forward]
Goodwill, Beginning Balance		196.0
Goodwill adjustment		(2.2)
Goodwill, Ending Balance		$ 193.8

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

Comprehensive Income (Loss) (Reclassification out of AOCL) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other expense (income), net	$ (1,009.7)	$ (937.8)	$ (2,679.7)	$ (2,634.1)
Income tax (expense) benefit	(54.9)	(44.8)	(145.9)	(118.5)
Reclassification out of Accumulated Other Comprehensive Loss [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net of tax	(0.9)	(0.8)	(1.7)	(1.7)
Reclassification out of Accumulated Other Comprehensive Loss [Member] \| (Losses)/Gains on Cash Flow Hedges [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income tax (expense) benefit	(0.2)	0.2	(0.3)	0.3
Net of tax	(0.6)	(0.6)	(0.9)	(0.9)
Reclassification out of Accumulated Other Comprehensive Loss [Member] \| (Losses)/Gains on Cash Flow Hedges [Member] \| Commodity Futures Contracts [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other expense (income), net	(0.8)	(0.8)	(1.2)	(1.2)
Reclassification out of Accumulated Other Comprehensive Loss [Member] \| Defined Benefit Plan Items [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other expense (income), net	(0.3)	0.0	(0.7)	(0.6)
Income tax (expense) benefit	(0.1)	0.1	(0.3)	0.2
Net of tax	$ (0.3)	$ (0.2)	$ (0.8)	$ (0.8)

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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Lines of Credit and Financing Arrangements

Lines of Credit and Financing Arrangements

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

10. Lines of Credit and Financing Arrangements:

The following table summarizes our outstanding debt obligations and their classification in the accompanying Consolidated Balance Sheets (in millions) as of:



	September 30, 2024		December 31, 2023

Commercial paper	$	—	$	150.0


Current maturities of long-term debt:

Finance lease obligations	$	13.2	$	12.1
Senior unsecured notes	300.0		—

Debt issuance costs	(0.5)		—
Total current maturities of long-term debt	$	312.7	$	12.1
Long-Term Debt:

Finance lease obligations	$	34.6	$	32.7
Credit agreement	—		20.0
Senior unsecured notes	800.0		1,100.0
Debt issuance costs	(7.0)		(9.6)
Total long-term debt	$	827.6	$	1,143.1
Total debt	$	1,140.3	$	1,305.2

Foreign Obligations

Through several of our foreign subsidiaries, we have facilities available to assist us in financing seasonal borrowing needs for our foreign locations. We had no outstanding foreign obligations as of September 30, 2024 or December 31, 2023 and there were no borrowings or repayments on these facilities during the nine months ended September 30, 2024.

Commercial Paper Program

On October 25, 2023, we established a commercial paper program (the “Program”), as a replacement to our Asset Securitization Program which expired in November 2023, pursuant to which we may issue short-term, unsecured commercial paper notes (the “CP Notes”) under the exemption from registration contained in Section 4(a)(2) of the Securities Act of 1933, as amended. Amounts available under the Program may be borrowed, repaid, and re-borrowed from time to time, with the aggregate face or principal amount of the CP Notes outstanding under the Program at any time not to exceed $500.0 million. The CP Notes have maturities of up to 397 days from the date of issue and rank pari passu with all of our other unsecured and unsubordinated indebtedness. The net proceeds from issuances of the CP Notes are typically used for general corporate purposes. Our revolving credit facility serves as a liquidity backstop for the repayment of CP Notes outstanding under the Program. There were no CP Notes currently outstanding under the Program as of September 30, 2024.

Our weighted average borrowing rate on the Program was as follows as of:


	September 30, 2024		December 31, 2023
Weighted average borrowing rate	—	%	5.66	%

Credit Agreement

We have an existing $1.1 billion unsecured revolving credit facility dated as of July 14, 2021 (as amended, the "Credit Agreement"), with JPMorgan Chase Bank, N.A., as administrative agent, and the other lenders party thereto. We had no outstanding borrowings and $1.7 million committed to standby letters of credit as of September 30, 2024. Subject to covenant limitations, $1,098.3 million was available for future borrowings after taking into consideration outstanding borrowings under our Program. The Credit Agreement includes a subfacility for swingline loans up to $65.0 million. The Credit Agreement will expire and outstanding loans will be required to be repaid in July 2026, unless maturity is extended by the lenders pursuant to two one-year extension options that we may request under the Credit Agreement.

Our weighted average borrowing rate on the facility was as follows as of:


	September 30, 2024		December 31, 2023
Weighted average borrowing rate	—	%	6.67	%

The Credit Agreement is guaranteed by certain of our subsidiaries and contains customary covenants applicable to us and our subsidiaries including limitations on indebtedness, liens, dividends, stock repurchases, mergers, and sales of all or substantially all of our assets. In addition, the Credit Agreement contains a financial covenant requiring us to maintain, as of the last day of each fiscal quarter for the four prior fiscal quarters, a Total Net Leverage Ratio of no more than 3.50 to 1.00 (or, at our election, on up to two occasions following a material acquisition, 4.00 to 1.00).

Our Credit Agreement contains customary events of default. These events of default include nonpayment of principal or other amounts, material inaccuracy of representations and warranties, breach of covenants, default on certain other indebtedness or receivables securitizations (cross default), certain voluntary and involuntary bankruptcy events, and the occurrence of a change in control. A cross default under our credit facility could occur if:

• We fail to pay any principal or interest when due on any other indebtedness or receivables securitization exceeding $75.0 million; or

• We are in default in the performance of, or compliance with any term of any other indebtedness in an aggregate principal amount exceeding $75.0 million, or any other condition exists which would give the holders the right to declare such indebtedness due and payable prior to its stated maturity.

Each of our major debt agreements contains provisions by which a default under one agreement causes a default in the others (a cross default). If a cross default under our Credit Agreement or our senior unsecured notes were to occur, it could have a wider impact on our liquidity than might otherwise occur from a default of a single debt instrument or lease commitment.

If any event of default occurs and is continuing, the administrative agent, or lenders with a majority of the aggregate commitments may require the administrative agent to, terminate our right to borrow under our Credit Agreement and accelerate amounts due under our Credit Agreement (except for a bankruptcy event of default, in which case such amounts will automatically become due and payable and the lenders’ commitments will automatically terminate).

We are currently in compliance with all covenant requirements.

Senior Unsecured Notes

In September 2023, we issued $500.0 million of senior unsecured notes, which will mature in September 2028 (the "2028 Notes") with interest being paid semi-annually in March and September at 5.50%. We issued two series of senior unsecured notes on July 30, 2020 for $300.0 million each, which will mature on August 1, 2025 (the "2025 Notes") and August 1, 2027 (the "2027 Notes," and collectively with the 2025 Notes and the 2028 Notes, the "Notes") with interest being paid semi-annually in February and August at 1.35% and 1.70% respectively, per annum.

In the event of a credit rating downgrade below investment grade resulting from a change of control, holders of our senior unsecured notes will have the right to require us to repurchase all or a portion of the senior unsecured notes at a repurchase price equal to 101% of the principal amount of the notes, plus accrued and unpaid interest, if any. All the Notes are guaranteed, on a senior unsecured basis, by certain of our subsidiaries that guarantee indebtedness under our Credit Agreement (the "Guarantor Subsidiaries"). The indenture governing the Notes contains covenants that, among other things, limit our ability and the ability of the subsidiary guarantors to: create or incur certain liens; enter into certain sale and leaseback transactions; and enter into certain mergers, consolidations and transfers of substantially all of our assets. The indenture also contains a cross default provision which is triggered if we default on other debt of at least $75.0 million in principal which is then accelerated, and such acceleration is not rescinded within 30 days of the notice date. We are currently in compliance with all covenant requirements.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
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Revenue Recognition and Deferred Revenue [Abstract]

Revenue Recognition (Tables)

9 Months Ended

Sep. 30, 2024

Revenue from External Customers by Geographic Areas

The following table disaggregates our revenue by business segment by geography which provides information as to the major source of revenue. See Note 2 for additional information on our reportable business segments and the products and services sold in each segment. All amount presented reflect the revised segment presentation.


	For the Three Months Ended September 30, 2024
Primary Geographic Markets	Home Comfort Solutions		Building Climate Solutions		Corporate and Other		Consolidated
United States	$	971.1	$	441.9	$	—	$	1,413.0
Canada	61.7		23.4		—		85.1
Other international	—		—		—		—
Total	$	1,032.8	$	465.3	$	—	$	1,498.1


	For the Three Months Ended September 30, 2023
Primary Geographic Markets	Home Comfort Solutions		Building Climate Solutions		Corporate and Other		Consolidated
United States	$	842.1	$	376.8	$	—	$	1,218.9
Canada	54.2		28.7		—		82.9
Other international	—		—		64.5		64.5
Total	$	896.3	$	405.5	$	64.5	$	1,366.3


	For the Nine Months Ended September 30, 2024
Primary Geographic Markets	Home Comfort Solutions		Building Climate Solutions		Corporate and Other		Consolidated
United States	$	2,520.7	$	1,244.2	$	—	$	3,764.9
Canada	169.0		62.4		—		231.4
Other international	—		—		—		—
Total	$	2,689.7	$	1,306.6	$	—	$	3,996.3


	For the Nine Months Ended September 30, 2023
Primary Geographic Markets	Home Comfort Solutions		Building Climate Solutions		Corporate and Other		Consolidated
United States	$	2,350.0	$	1,053.5	$	—	$	3,403.5
Canada	163.6		68.0		—		231.6
Other international	—		—		192.0		192.0
Total	$	2,513.6	$	1,121.5	$	192.0	$	3,827.1

Contract with Customer, Asset and Liability

Net contract liabilities consisted of the following (in millions) as of:


	September 30, 2024		December 31, 2023
Contract assets	$	2.0	$	2.2
Contract liabilities - current	(4.2)		(4.7)
Contract liabilities - noncurrent	(8.1)		(7.5)
Total	$	(10.3)	$	(10.0)

Fair Value Measurements (Other Fair Value Disclosures) (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Level 2 [Member] \| Senior Unsecured Notes [Member]
Other Fair Value Measurements
Senior unsecured notes	$ 1,098.0	$ 1,079.3

Pension Benefit Plans (Tables)

9 Months Ended

Sep. 30, 2024

Retirement Benefits [Abstract]

Components of net periodic benefit cost

The components of net periodic benefit cost for pension benefits were as follows (in millions):


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
Service cost	$	0.4	$	0.5	$	1.2	$	1.6
Interest cost	2.2		2.2		6.5		6.7
Expected return on plan assets	(1.9)		(2.4)		(5.7)		(7.1)

Recognized actuarial loss	0.3		—		0.7		0.6
Other	—		0.3		—		(0.1)
Settlements and curtailments	0.1		0.3		0.4		0.4
Net periodic benefit cost	$	1.1	$	0.9	$	3.1	$	2.1

Reportable Business Segments (Tables)

9 Months Ended

Sep. 30, 2024

Segment Reporting, Measurement Disclosures [Abstract]

Summary of segment description

The following table describes each segment:

Segment

Product or Services

Markets Served

Geographic Areas

Home Comfort Solutions

Furnaces, air conditioners, heat pumps, packaged heating and cooling systems, indoor air quality equipment, comfort control products, replacement parts and supplies

Residential Replacement;
Residential New Construction

United States
Canada

Building Climate Solutions

Light Commercial;
Food Preservation;
Non-Food Industry

United States
Canada

Net sales and segment profit (loss) and reconciliation of segment profit (loss) to income from continuing operations before income taxes

Net sales and segment profit (loss) for each segment, along with a reconciliation of segment profit (loss) to Operating income, are shown below (in millions):


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
Net sales
Home Comfort Solutions	$	1,032.8	$	896.3	$	2,689.7	$	2,513.6
Business Climate Solutions	465.3		405.5		1,306.6		1,121.5
Corporate and Other (1)	—		64.5		—		192.0
Total segment net sales	$	1,498.1	$	1,366.3	$	3,996.3	$	3,827.1

Segment profit (loss) (2)
Home Comfort Solutions	$	226.5	$	181.4	$	567.1	$	495.2
Business Climate Solutions	105.9		97.3		298.1		250.3
Corporate and Other	(29.1)		(23.4)		(76.6)		(65.2)
Total segment profit	303.3		255.3		788.6		680.3
Reconciliation to Operating income:
Impairment on assets held for sale	—		63.2		—		63.2


Gain on sale from previous dispositions	—		—		(1.6)		—


Items in Losses (gains) and other expenses, net that are excluded from segment profit (loss) (2)	—		5.0		—		12.1
Restructuring charges	—		0.3		—		0.2
Operating income	$	303.3	$	186.8	$	790.2	$	604.8

(1) The Corporate and Other segment included our European portfolio. In the fourth quarter of 2023 we completed the divestiture of our European operations.

(2) We define segment profit (loss) as a segment's operating income included in the accompanying Consolidated Statements of Operations, excluding:

◦The following items in Losses and other expenses, net:

▪Net change in unrealized losses (gains) on unsettled futures contracts,

▪Environmental liabilities and special litigation charges, and

▪Other items, net

◦R

Revenue Recognition (Net Contract Assets (Liabilities)) (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023	Sep. 30, 2024	Dec. 31, 2023
Revenue Recognition and Deferred Revenue [Abstract]
Contract assets			$ 2.0	$ 2.2
Contract liabilities - current			(4.2)	(4.7)
Contract liabilities - noncurrent			(8.1)	(7.5)
Total			$ (10.3)	$ (10.0)
Contract with Customer, Liability, Revenue Recognized	$ 2.8	$ 7.0

Stock Repurchases	9 Months Ended
Stock Repurchases	Sep. 30, 2024
Stockholders' Equity Note [Abstract]
Stock Repurchases	5. Stock Repurchases: Our Board of Directors has authorized a total of $4.0 billion to repurchase shares of our common stock (collectively referred to as the "Share Repurchase Plans"), including a $1.0 billion share repurchase authorization in July 2021. The Share Repurchase Plans allow us to repurchase shares from time to time in open market transactions and in privately negotiated transactions based on business, market, applicable legal requirements and other considerations. Such repurchases may also be made in compliance with Rule 10b5-1 trading plans entered into by us, which would permit common stock to be repurchased when the Company might otherwise be precluded from doing so under insider trading laws or self-imposed trading restrictions. The Share Repurchase Plans do not require the repurchase of a specific number of shares and may be terminated at any time. As of September 30, 2024, $532.5 million was available for repurchase under the Share Repurchase Plans. For the three and nine months ended September 30, 2024, we repurchased 23,000 shares at an aggregate cost, inclusive of fees, of $13.5 million.

The entire disclosure for equity.

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Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net income	$ 239.0	$ 130.4	$ 609.2	$ 445.6

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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Reference 38: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 39: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net income	$ 609,200,000	$ 445,600,000
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on sale from previous dispositions	1,600,000	0
Income from equity method investments	(6,100,000)	(8,000,000.0)
Dividends from affiliates	2,500,000	0
Gain on sale from previous dispositions	0	63,200,000
Provision for credit losses	4,600,000	4,700,000
Unrealized (gains) losses, net on derivative contracts	(6,700,000)	5,600,000
Stock-based compensation expense	20,100,000	23,500,000
Depreciation and amortization	69,600,000	62,000,000.0
Deferred income taxes	(21,500,000)	(24,900,000)
Pension expense	3,500,000	2,400,000
Pension contributions	(9,100,000)	(2,800,000)
Other items, net	0	(1,400,000)
Changes in assets and liabilities, net of effects of acquisitions and divestitures:
Accounts and notes receivable	(229,100,000)	(142,500,000)
Inventories	9,100,000	(44,900,000)
Accounts payable	104,600,000	(10,900,000)
Accrued expenses	31,300,000	69,400,000
Income taxes payable and receivable, net	20,400,000	(6,700,000)
Leases, net	3,800,000	3,400,000
Other, net	8,700,000	(7,800,000)
Net cash provided by operating activities	613,300,000	429,900,000
Cash flows from investing activities:
Proceeds from the disposal of property, plant and equipment	1,900,000	1,600,000
Purchases of property, plant and equipment	(103,400,000)	(125,000,000.0)
Purchases of property, plant and equipment	4,100,000	0
Acquisitions, net of cash	1,800,000	0
Purchases of investments	(12,500,000)	(1,100,000)
Net cash used in investing activities	(108,100,000)	(124,500,000)
Cash flows from financing activities:
Commercial paper borrowings	424,100,000	0
Commercial paper payments	(574,100,000)	0
Borrowings from debt arrangements	156,700,000	1,737,500,000
Payments on debt arrangements	(190,200,000)	(2,290,100,000)
Issuance of senior unsecured notes	0	500,000,000.0
Payments of deferred financing costs	0	(5,400,000)
Proceeds from employee stock purchases	3,300,000	2,900,000
Repurchases of common stock	(12,900,000)	0
Repurchases of common stock to satisfy employee withholding tax obligations	(15,000,000.0)	(7,100,000)
Cash dividends paid	(119,300,000)	(153,400,000)
Net cash used in financing activities	(327,400,000)	(215,600,000)
Increase in cash and cash equivalents	177,800,000	89,800,000
Cash balances classified as assets held for sale	0	(7,600,000)
Effect of exchange rates on cash and cash equivalents	4,600,000	(2,800,000)
Cash and cash equivalents, beginning of period	60,700,000	52,600,000
Cash and cash equivalents, end of period	243,100,000	132,000,000.0
Supplemental disclosures of cash flow information:
Interest paid	44,700,000	42,000,000.0
Income taxes paid (net of refunds)	$ 145,500,000	$ 151,300,000

Comprehensive Income (Loss) (Changes in AOCL) (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
Changes in AOCI by component (net of tax) [Roll Forward]
Balance as of beginning of period	$ (56.9)
Other comprehensive income (loss) before reclassifications	(15.5)
Amounts reclassified from AOCL	1.7
Net other comprehensive income (loss)	(13.8)
Balance as of end of period	(70.7)
Gains (Losses) on Cash Flow Hedges [Member]
Changes in AOCI by component (net of tax) [Roll Forward]
Balance as of beginning of period	(2.0)
Other comprehensive income (loss) before reclassifications	5.3
Amounts reclassified from AOCL	0.9
Net other comprehensive income (loss)	6.2
Balance as of end of period	4.2
Defined Benefit Pension Plan Items [Member]
Changes in AOCI by component (net of tax) [Roll Forward]
Balance as of beginning of period	(44.2)
Other comprehensive income (loss) before reclassifications	(1.2)
Amounts reclassified from AOCL	0.8
Net other comprehensive income (loss)	(0.4)
Balance as of end of period	(44.6)
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Changes in AOCI by component (net of tax) [Roll Forward]
Balance as of beginning of period	(11.3)
Other comprehensive income (loss) before reclassifications	(19.4)
Amounts reclassified from AOCL	0.0
Net other comprehensive income (loss)	(19.4)
Balance as of end of period	(30.7)
Accumulated Defined Benefit Plans Adjustment Attributable to Noncontrolling Interest
Changes in AOCI by component (net of tax) [Roll Forward]
Balance as of beginning of period	0.6
Other comprehensive income (loss) before reclassifications	(0.2)
Amounts reclassified from AOCL	0.0
Net other comprehensive income (loss)	(0.2)
Balance as of end of period	$ 0.4

Amount, after tax, of accumulated increase (decrease) in equity from transaction and other event and circumstance from nonowner source.

Amount after tax and reclassification adjustments of other comprehensive income (loss).

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Subparagraph (SX 210.7-04(19))
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-Section S99
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-Subparagraph (SX 210.5-03(21))
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
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-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives (Tables)

9 Months Ended

Sep. 30, 2024

Amounts related to cash flow hedges

We recorded the following amounts in AOCL related to our cash flow hedges (in millions) as of:


	September 30, 2024		December 31, 2023
Unrealized losses (gains), net on unsettled contracts	$	(5.5)	$	2.6
Income tax (benefit) expense	1.3		(0.6)
Unrealized losses (gains), net included in AOCL, net of tax (1)	$	(4.2)	$	2.0

(1) Assuming commodity prices and foreign currency exchange rates remain constant, we expect to reclassify $4.0 million of derivative gain as of September 30, 2024 into earnings within the next 12 months.

Prior Year Acquisition (Tables)

9 Months Ended

Sep. 30, 2024

Business Combination and Asset Acquisition [Abstract]

Schedule of Business Acquisitions, by Acquisition

The following table details the purchase price adjustments that were made during the first quarter of 2024 (in millions):


	December 31, 2023		Adjustment		September 30, 2024
Net tangible assets acquired	$	17.6	$	(1.7)	$	15.9
Intangible assets acquired	36.9		2.1		39.0
Goodwill	40.4		(2.2)		38.2
Total investment	$	94.9	$	(1.8)	$	93.1

Reportable Business Segments (Segment Data) (Details)	3 Months Ended		9 Months Ended
Reportable Business Segments (Segment Data) (Details)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) segment	Sep. 30, 2023 USD ($)
Segment Reporting Information [Line Items]
Number of Reportable Segments \| segment			2
Net sales
Net sales	$ 1,498,100,000	$ 1,366,300,000	$ 3,996,300,000	$ 3,827,100,000
Segment profit (loss)
Total segment profit	303,300,000	255,300,000	788,600,000	680,300,000
Gain on sale from previous dispositions	0	63,200,000	0	63,200,000
Reconciliation to Operating income:
Gain on sale from previous dispositions	0	0	(1,600,000)	0
Items in Losses (gains) and other expenses, net that are excluded from segment profit (loss)	0	5,000,000.0	0	12,100,000
Operating income	303,300,000	186,800,000	790,200,000	604,800,000
Home Comfort Solutions
Net sales
Net sales	1,032,800,000	896,300,000	2,689,700,000	2,513,600,000
Segment profit (loss)
Total segment profit	226,500,000	181,400,000	567,100,000	495,200,000
Building Climate Solutions
Net sales
Net sales	465,300,000	405,500,000	1,306,600,000	1,121,500,000
Segment profit (loss)
Total segment profit	105,900,000	97,300,000	298,100,000	250,300,000
Corporate and Other
Net sales
Net sales	0	64,500,000	0	192,000,000.0
Segment profit (loss)
Total segment profit	$ (29,100,000)	$ (23,400,000)	$ (76,600,000)	$ (65,200,000)

Business Combinations and Asset Acquisitions (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Jun. 30, 2024	Sep. 30, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Goodwill		$ 219.9	$ 222.1
Goodwill adjustment		2.2
AES
Business Acquisition [Line Items]
Net tangible assets acquired		15.9	17.6
Net tangible assets acquired, adjustment		(1.7)
Intangible assets acquired		39.0	36.9
Intangible assets acquired, adjustment		2.1
Goodwill		38.2	40.4
Goodwill adjustment	$ (2.2)	(2.2)
Total investment		93.1	$ 94.9
Total investment, adjustment		$ (1.8)

Stock-Based Compensation

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Stock-Based Compensation:

We issue various long-term incentive awards, including performance share units, restricted stock units and stock appreciation rights under the Lennox International Inc. 2019 Equity and Incentive Plan, as it may be amended and restated from time to time. Stock-based compensation expense related to continuing operations is included in Selling, general and administrative expenses in the accompanying Consolidated Statements of Operations as follows (in millions):


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
Stock-based compensation expense	$	6.8	$	9.7	$	20.1	$	23.5

Lines of Credit and Financing Arrangements (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Summary of outstanding debt obligations

The following table summarizes our outstanding debt obligations and their classification in the accompanying Consolidated Balance Sheets (in millions) as of:



	September 30, 2024		December 31, 2023

Commercial paper	$	—	$	150.0


Current maturities of long-term debt:

Finance lease obligations	$	13.2	$	12.1
Senior unsecured notes	300.0		—

Debt issuance costs	(0.5)		—
Total current maturities of long-term debt	$	312.7	$	12.1
Long-Term Debt:

Finance lease obligations	$	34.6	$	32.7
Credit agreement	—		20.0
Senior unsecured notes	800.0		1,100.0
Debt issuance costs	(7.0)		(9.6)
Total long-term debt	$	827.6	$	1,143.1
Total debt	$	1,140.3	$	1,305.2

Summary of weighted average borrowing rate facility

Our weighted average borrowing rate on the Program was as follows as of:


	September 30, 2024		December 31, 2023
Weighted average borrowing rate	—	%	5.66	%

Our weighted average borrowing rate on the facility was as follows as of:


	September 30, 2024		December 31, 2023
Weighted average borrowing rate	—	%	6.67	%

Pension Benefit Plans

9 Months Ended

Sep. 30, 2024

Retirement Benefits [Abstract]

Pension Benefit Plans

8. Pension Benefit Plans:

The components of net periodic benefit cost for pension benefits were as follows (in millions):


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
Service cost	$	0.4	$	0.5	$	1.2	$	1.6
Interest cost	2.2		2.2		6.5		6.7
Expected return on plan assets	(1.9)		(2.4)		(5.7)		(7.1)

Recognized actuarial loss	0.3		—		0.7		0.6
Other	—		0.3		—		(0.1)
Settlements and curtailments	0.1		0.3		0.4		0.4
Net periodic benefit cost	$	1.1	$	0.9	$	3.1	$	2.1

The entire disclosure for retirement benefits.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Revenue Recognition and Deferred Revenue [Abstract]

Revenue Recognition

9 Months Ended

Sep. 30, 2024

Revenue Recognition

6. Revenue Recognition:


	For the Three Months Ended September 30, 2024
Primary Geographic Markets	Home Comfort Solutions		Building Climate Solutions		Corporate and Other		Consolidated
United States	$	971.1	$	441.9	$	—	$	1,413.0
Canada	61.7		23.4		—		85.1
Other international	—		—		—		—
Total	$	1,032.8	$	465.3	$	—	$	1,498.1


	For the Three Months Ended September 30, 2023
Primary Geographic Markets	Home Comfort Solutions		Building Climate Solutions		Corporate and Other		Consolidated
United States	$	842.1	$	376.8	$	—	$	1,218.9
Canada	54.2		28.7		—		82.9
Other international	—		—		64.5		64.5
Total	$	896.3	$	405.5	$	64.5	$	1,366.3


	For the Nine Months Ended September 30, 2024
Primary Geographic Markets	Home Comfort Solutions		Building Climate Solutions		Corporate and Other		Consolidated
United States	$	2,520.7	$	1,244.2	$	—	$	3,764.9
Canada	169.0		62.4		—		231.4
Other international	—		—		—		—
Total	$	2,689.7	$	1,306.6	$	—	$	3,996.3


	For the Nine Months Ended September 30, 2023
Primary Geographic Markets	Home Comfort Solutions		Building Climate Solutions		Corporate and Other		Consolidated
United States	$	2,350.0	$	1,053.5	$	—	$	3,403.5
Canada	163.6		68.0		—		231.6
Other international	—		—		192.0		192.0
Total	$	2,513.6	$	1,121.5	$	192.0	$	3,827.1

Home Comfort Solutions - We manufacture and market a broad range of furnaces, air conditioners, heat pumps, packaged heating and cooling systems, equipment and accessories to improve indoor air quality, comfort control products, replacement parts and supplies and related products for both the residential replacement and new construction markets in North America. These products are sold under various brand names and are sold either through direct sales to a network of independent installing dealers, including through our network of Lennox stores or to independent distributors. For the three months ended September 30, 2024 and 2023, direct sales represented 73% and 77% of revenues, and sales to independent distributors represented the remainder. For the nine months ended September 30, 2024 and 2023, direct sales represented 74% and 75% of revenues, and sales to independent distributors represented the remainder. Given the nature of our business, customer product orders are fulfilled at a point in time and not over a period of time.

Building Climate Solutions - In North America, we manufacture and sell unitary heating and cooling equipment used in light commercial applications, such as low-rise office buildings, restaurants, retail centers, churches and schools. These products are distributed primarily through commercial contractors and directly to national account customers in the planned replacement, emergency replacement and new construction markets. We manufacture and market equipment for the commercial refrigeration markets under the Heatcraft Worldwide Refrigeration name. Our products are used in the food retail, food service, cold storage as well as non-food refrigeration markets. We sell these products to distributors, installing contractors, engineering design firms, original equipment manufacturers and end-users. Lennox National Account Services provides installation, service and preventive maintenance for HVAC national account customers in the United States and Canada. AES manufactures curb, curb adapters, drop box diffusers, offers HVAC recycling and salvage services and focuses on multi-family HVAC replacement for expired mechanical assets. Revenue related to service contracts is recognized as the services are performed under the contract based on the relative fair value of the services provided. For the three months ended September 30, 2024 and 2023, equipment sales represented 80% and 88% of revenues and the remainder of our revenue was generated from our service business. For the nine months ended September 30, 2024 and 2023, equipment sales represented 81% and 87% of revenues and the remainder of our revenue was generated from our services business.

Corporate and Other - In Europe, we manufactured and marketed equipment for the global commercial refrigeration markets. We also manufactured and sold unitary heating and cooling products and applied systems. A de minimis amount of segment revenue related to services for start-up and commissioning activities. In the fourth quarter of 2023, we completed the divestiture of our European operations.

Contract Liabilities - Our contract liabilities consist of advance payments and deferred revenue. Net contract liabilities consisted of the following (in millions) as of:


	September 30, 2024		December 31, 2023
Contract assets	$	2.0	$	2.2
Contract liabilities - current	(4.2)		(4.7)
Contract liabilities - noncurrent	(8.1)		(7.5)
Total	$	(10.3)	$	(10.0)

For the three months ended September 30, 2024 and 2023, we recognized revenue of $0.7 million and $2.8 million and for the nine months ended September 30, 2024 and 2023, we recognized revenue of $6.8 million and $7.0 million related to our contract liabilities at January 1, 2024 and 2023, respectively. Impairment losses recognized in our receivables and contract assets were de minimis in 2024 and 2023.

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//606/tableOfContent

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Current Assets:
Cash and cash equivalents	$ 243.1	$ 60.7
Short-term investments	12.6	8.4
Accounts and notes receivable, net of allowances of $16.2 and $14.4 in 2024 and 2023, respectively	816.5	594.6
Inventories, net	689.2	699.1
Other assets	69.6	70.7
Total current assets	1,831.0	1,433.5
Property, plant and equipment, net of accumulated depreciation of $952.6 and $910.8 in 2024 and 2023, respectively	754.8	720.4
Right-of-use assets from operating leases	270.5	213.6
Goodwill	219.9	222.1
Deferred income taxes	71.2	51.8
Other assets, net	165.8	156.9
Total assets	3,313.2	2,798.3
Current Liabilities:
Accounts payable	477.5	374.7
Accrued expenses	444.7	416.1
Income taxes payable	13.3	4.2
Commercial paper	0.0	150.0
Current maturities of long-term debt	312.7	12.1
Current operating lease liabilities	67.8	57.5
Total current liabilities	1,316.0	1,014.6
Long-term debt	827.6	1,143.1
Long-term operating lease liabilities	214.9	164.6
Pensions	16.3	22.5
Other liabilities	184.4	168.2
Total liabilities	2,559.2	2,513.0
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.01 par value, 25,000,000 shares authorized, no shares issued or outstanding	0.0	0.0
Common stock, $0.01 par value, 200,000,000 shares authorized, 87,170,197 shares issued	0.9	0.9
Additional paid-in capital	1,204.9	1,184.6
Retained earnings	3,994.0	3,506.2
Accumulated other comprehensive loss	(70.7)	(56.9)
Treasury stock, at cost, 51,537,964 shares and 51,588,103 shares for 2024 and 2023, respectively	4,375.1	4,349.5
Total stockholders' equity	754.0	285.3
Total liabilities and stockholders' equity	$ 3,313.2	$ 2,798.3

Lines of Credit and Financing Arrangements (Foreign Obligations) (Details) - Foreign Obligations - USD ($)	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Short-term Debt [Line Items]
Short-term Debt	$ 0	$ 0
Proceeds from Short-Term Debt	$ 0

Derivatives

9 Months Ended

Sep. 30, 2024

Derivatives

Derivatives:

Objectives and Strategies for Using Derivative Instruments

Commodity Price Risk - We utilize a cash flow hedging program to mitigate our exposure to volatility in the prices of metal commodities used in our production processes. Our hedging program includes the use of futures contracts to lock in prices, and as a result, we are subject to derivative losses should the metal commodity prices decrease and gains should the prices increase. We utilize a dollar cost averaging strategy so that a higher percentage of commodity price exposures are hedged near-term and lower percentages are hedged at future dates. This strategy allows for protection against near-term price volatility while allowing us to adjust to market price movements over time.

Interest Rate Risk - A portion of our debt bears interest at variable rates, and as a result, we are subject to variability in the cash paid for interest. To mitigate a portion of that risk, we may choose to engage in an interest rate swap hedging strategy to eliminate the variability of interest payment cash flows. We are not currently hedged against interest rate risk.

Foreign Currency Risk - Foreign currency exchange rate movements create a degree of risk by affecting the U.S. dollar value of assets and liabilities arising in foreign currencies. We seek to mitigate the impact of currency exchange rate movements on certain short-term transactions by periodically entering into foreign currency forward contracts.

Cash Flow Hedges

We have foreign exchange forward contracts and commodity futures contracts designated as cash flow hedges that are scheduled to mature through February 2026. Unrealized gains or losses from our cash flow hedges are included in Accumulated other comprehensive loss (“AOCL”) and are expected to be reclassified into earnings within the next 17 months

based on the prices of the commodities and foreign currencies at the settlement dates. We recorded the following amounts in AOCL related to our cash flow hedges (in millions) as of:


	September 30, 2024		December 31, 2023
Unrealized losses (gains), net on unsettled contracts	$	(5.5)	$	2.6
Income tax (benefit) expense	1.3		(0.6)
Unrealized losses (gains), net included in AOCL, net of tax (1)	$	(4.2)	$	2.0

Derivatives (AOCL Related to Cash Flow Hedges) (Details) - Cash Flow Hedge [Member] - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized losses (gains), net on unsettled contracts	$ (5.5)	$ 2.6
Income tax (benefit) expense	1.3	(0.6)
Losses included in AOCL, net of tax	(4.2)	$ 2.0
Cash flow hedge derivative losses expected to be reclassified into earnings within the next 12 months	$ 4.0

General	9 Months Ended
General	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
General	1. General: References in this Quarterly Report on Form 10-Q to "we","our","us","LII" or the "Company" refer to Lennox International Inc. and its subsidiaries, unless the context requires otherwise. Basis of Presentation The accompanying unaudited Consolidated Balance Sheet as of September 30, 2024, the accompanying unaudited Consolidated Statements of Operations for the three and nine months ended September 30, 2024 and 2023, the accompanying unaudited Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2024 and 2023, the accompanying unaudited Consolidated Statements of Stockholders' Equity for the three and nine months ended September 30, 2024 and 2023, and the accompanying unaudited Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023 should be read in conjunction with our audited consolidated financial statements and footnotes included in our Annual Report on Form 10-K for the year ended December 31, 2023. The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. The accompanying consolidated financial statements contain all material adjustments, consisting principally of normal recurring adjustments, necessary for a fair presentation of our financial position, results of operations and cash flows. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to applicable rules and regulations, although we believe that the disclosures herein are adequate to make the information presented not misleading. The operating results for the interim periods are not necessarily indicative of the results that may be expected for a full year. Our fiscal quarterly periods are comprised of approximately 13 weeks, but the number of days per quarter may vary year-over-year. Our quarterly reporting periods usually end on the Saturday closest to the last day of March, June, and September. Our fourth quarter and fiscal year ends on December 31, regardless of the day of the week on which December 31 falls. For convenience, the 13-week periods comprising each fiscal quarter are denoted by the last day of the respective calendar quarter. Use of Estimates The preparation of financial statements requires us to make estimates and assumptions about future events. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities, and reported amounts of revenues and expenses. Such estimates include the valuation of accounts receivable, inventories, goodwill, intangible assets and other long-lived assets, contingencies, guarantee obligations, indemnifications, and assumptions used in the calculation of income taxes, pension and post-retirement medical benefits, self-insurance and warranty reserves, and stock-based compensation, among others. These estimates and assumptions are based on our best estimates and judgment. We evaluate these estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment. We believe these estimates and assumptions to be reasonable under the circumstances and will adjust such estimates and assumptions when facts and circumstances dictate. Volatile equity, foreign currency and commodity markets combine to increase the uncertainty inherent in such estimates and assumptions. Future events and their effects cannot be determined with precision and actual results could differ significantly from these estimates. Changes in these estimates will be reflected in the financial statements in future periods.

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	9. Income Taxes: As of September 30, 2024, we had approximately $4.5 million in total gross unrecognized tax benefits. If recognized, $4.5 million would be recorded through the Consolidated Statements of Operations. Our effective tax rate was 19.3% for the nine months ended September 30, 2024 compared to 21.0% for the nine months ended September 30, 2023. The decrease in rate is primarily due to a discrete adjustment in the third quarter of 2023 related to the 2023 European divestiture. We are currently under a limited scope audit by the Internal Revenue Service for our 2021 and 2022 tax years. There are also ongoing U.S. state and local audits and other foreign audits covering fiscal years 2017 through 2023. We are generally no longer subject to U.S. federal, state and local, or non-U.S. income tax examinations by taxing authorities for years prior to 2017.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
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-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
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-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

9 Months Ended

Sep. 30, 2024

Goodwill

Goodwill:

The changes in the carrying amount of goodwill in 2024, in total and by segment, are summarized in the table below (in millions):


	Balance as of December 31, 2023		Goodwill Adjustment (1)		Balance as of September 30, 2024
Home Comfort Solutions	$	26.1	$	—	$	26.1
Building Climate Solutions (1)	196.0		(2.2)		193.8


Total Goodwill	$	222.1	$	(2.2)	$	219.9

(1) As discussed in Note 13, an update to our purchase price allocation of AES in the first quarter of 2024 resulted in a $2.2 million reduction of goodwill.

We monitor our reporting units for indicators of impairment throughout the year to determine if a change in facts or circumstances warrants a re-evaluation of our goodwill. We have not recorded any goodwill impairments for the nine months ended September 30, 2024 or in any periods presented for our continuing businesses.

Revenue Recognition (Narrative) (Details) - USD ($)	3 Months Ended	9 Months Ended
Revenue Recognition (Narrative) (Details) - USD ($)	Sep. 30, 2023	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Contract with Customer, Liability, Revenue Recognized	$ 2,800,000	$ 7,000,000
Home Comfort Solutions \| Sales Channel, Directly to Consumer
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	0.77	0.75
Commercial Heating and Cooling \| Equipment Sales
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 0.88	$ 0.87

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
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-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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General (Policies)	9 Months Ended
General (Policies)	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited Consolidated Balance Sheet as of September 30, 2024, the accompanying unaudited Consolidated Statements of Operations for the three and nine months ended September 30, 2024 and 2023, the accompanying unaudited Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2024 and 2023, the accompanying unaudited Consolidated Statements of Stockholders' Equity for the three and nine months ended September 30, 2024 and 2023, and the accompanying unaudited Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023 should be read in conjunction with our audited consolidated financial statements and footnotes included in our Annual Report on Form 10-K for the year ended December 31, 2023. The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. The accompanying consolidated financial statements contain all material adjustments, consisting principally of normal recurring adjustments, necessary for a fair presentation of our financial position, results of operations and cash flows. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to applicable rules and regulations, although we believe that the disclosures herein are adequate to make the information presented not misleading. The operating results for the interim periods are not necessarily indicative of the results that may be expected for a full year. Our fiscal quarterly periods are comprised of approximately 13 weeks, but the number of days per quarter may vary year-over-year. Our quarterly reporting periods usually end on the Saturday closest to the last day of March, June, and September. Our fourth quarter and fiscal year ends on December 31, regardless of the day of the week on which December 31 falls. For convenience, the 13-week periods comprising each fiscal quarter are denoted by the last day of the respective calendar quarter.
Use of Estimates	Use of Estimates The preparation of financial statements requires us to make estimates and assumptions about future events. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities, and reported amounts of revenues and expenses. Such estimates include the valuation of accounts receivable, inventories, goodwill, intangible assets and other long-lived assets, contingencies, guarantee obligations, indemnifications, and assumptions used in the calculation of income taxes, pension and post-retirement medical benefits, self-insurance and warranty reserves, and stock-based compensation, among others. These estimates and assumptions are based on our best estimates and judgment. We evaluate these estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment. We believe these estimates and assumptions to be reasonable under the circumstances and will adjust such estimates and assumptions when facts and circumstances dictate. Volatile equity, foreign currency and commodity markets combine to increase the uncertainty inherent in such estimates and assumptions. Future events and their effects cannot be determined with precision and actual results could differ significantly from these estimates. Changes in these estimates will be reflected in the financial statements in future periods.
Recent Accounting Pronouncements
Leases	Leases We determine if an arrangement is a lease at inception. Operating leases are included in our Consolidated Balance Sheets as Right-of-use assets from operating leases, Current operating lease liabilities and Long-term operating lease liabilities. Finance leases are included in Property, plant and equipment, Current maturities of long-term debt and Long-term debt in our Consolidated Balance Sheets. We do not recognize a right-of-use asset and lease liability for leases with a term of 12 months or less. We do not separate non-lease components from lease components to which they relate and have accounted for the combined lease and non-lease components as a single lease component. Many of our lease agreements contain renewal options; however, we do not recognize right-of-use assets or lease liabilities for renewal periods unless it is determined that we are reasonably certain of renewing the lease at inception or when a triggering event occurs. Some of our lease agreements contain rent escalation clauses (including index-based escalations), rent holidays, capital improvement funding or other lease concessions. We recognize our minimum rental expense on a straight-line basis based on the fixed components of a lease arrangement. We amortize this expense over the term of the lease beginning with the date of initial possession. Variable lease components represent amounts that are not fixed in nature and are not tied to an index or rate, and are recognized as incurred. Under certain of our third-party service agreements, we control a specific space or underlying asset used in providing the service by the third-party service provider. These arrangements meet the definition under ASC 842 and therefore are accounted for under ASC 842. In determining our right-of-use assets and lease liabilities, we apply a discount rate to the minimum lease payments within each lease agreement. ASC 842 requires us to use the rate of interest that a lessee would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. When we cannot readily determine the discount rate implicit in the lease agreement, we utilize our incremental borrowing rate. To estimate our specific incremental borrowing rates over various periods (ranging from 1-year through 30-years), a comparable market yield curve consistent with our credit quality was calibrated to our publicly outstanding debt instruments. We lease certain real and personal property under non-cancelable operating leases. Approximately 79% of our right-of-use assets and lease liabilities relate to our leases of real estate with the remaining amounts primarily relating to our leases of IT equipment, fleet vehicles and manufacturing and distribution equipment.

Revenue Recognition (Revenue by Business Segment by Geography) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Contract with Customer, Liability, Revenue Recognized		$ 2,800,000		$ 7,000,000
Revenue, Net	$ 1,498,100,000	1,366,300,000	$ 3,996,300,000	3,827,100,000
Residential Heating and Cooling [Member]
Disaggregation of Revenue [Line Items]
Revenue, Net	1,032,800,000	896,300,000	2,689,700,000	2,513,600,000
Commercial Heating and Cooling
Disaggregation of Revenue [Line Items]
Revenue, Net	465,300,000	405,500,000	1,306,600,000	1,121,500,000
Corporate & Other
Disaggregation of Revenue [Line Items]
Revenue, Net	0	64,500,000	0	192,000,000.0
Sales Channel, Directly to Consumer \| Residential Heating and Cooling [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		0.77		0.75
Equipment Sales \| Commercial Heating and Cooling
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		0.88		0.87
International [Member]
Disaggregation of Revenue [Line Items]
Revenue, Net	0	64,500,000	0	192,000,000.0
International [Member] \| Residential Heating and Cooling [Member]
Disaggregation of Revenue [Line Items]
Revenue, Net	0	0	0	0
International [Member] \| Commercial Heating and Cooling
Disaggregation of Revenue [Line Items]
Revenue, Net	0	0	0	0
International [Member] \| Corporate & Other
Disaggregation of Revenue [Line Items]
Revenue, Net	0	64,500,000	0	192,000,000.0
CANADA
Disaggregation of Revenue [Line Items]
Revenue, Net	85,100,000	82,900,000	231,400,000	231,600,000
CANADA \| Residential Heating and Cooling [Member]
Disaggregation of Revenue [Line Items]
Revenue, Net	61,700,000	54,200,000	169,000,000.0	163,600,000
CANADA \| Commercial Heating and Cooling
Disaggregation of Revenue [Line Items]
Revenue, Net	23,400,000	28,700,000	62,400,000	68,000,000.0
CANADA \| Corporate & Other
Disaggregation of Revenue [Line Items]
Revenue, Net	0	0	0	0
UNITED STATES
Disaggregation of Revenue [Line Items]
Revenue, Net	1,413,000,000	1,218,900,000	3,764,900,000	3,403,500,000
UNITED STATES \| Residential Heating and Cooling [Member]
Disaggregation of Revenue [Line Items]
Revenue, Net	971,100,000	842,100,000	2,520,700,000	2,350,000,000
UNITED STATES \| Commercial Heating and Cooling
Disaggregation of Revenue [Line Items]
Revenue, Net	441,900,000	376,800,000	1,244,200,000	1,053,500,000
UNITED STATES \| Corporate & Other
Disaggregation of Revenue [Line Items]
Revenue, Net	$ 0	$ 0	$ 0	$ 0

Earnings Per Share (Computation of Basic and Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Net income	$ 239.0	$ 130.4	$ 609.2	$ 445.6
Weighted average number of shares outstanding, basic (in shares)	35.6	35.5	35.6	35.5
Add: Potential effect of dilutive securities attributable to stock-based payments	0.2	0.2	0.2	0.1
Weighted-average shares outstanding – diluted	35.8	35.7	35.8	35.6
Earnings per share - Basic (in dollars per share)	$ 6.71	$ 3.67	$ 17.11	$ 12.55
Earnings per share - Diluted (in dollars per share)	$ 6.68	$ 3.65	$ 17.02	$ 12.51

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Other fair value measurements

Consolidated Statements of Stockholders' Deficit - USD ($) $ in Millions	Total	Common Stock Issued	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Treasury Stock at Cost
Beginning balance at Dec. 31, 2022	$ (203.1)	$ 0.9	$ 1,155.2	$ 3,070.6	$ (90.6)	$ (4,339.2)
Beginning balance (in shares) at Dec. 31, 2022						51,700,000
Net income	445.6			445.6
Dividends	(115.9)			(115.9)
Foreign currency translation adjustments	8.7				8.7
Pension and post-retirement liability changes, net of tax	0.2				0.2
Share of equity method investments other comprehensive income	(1.1)				(1.1)
Stock-based compensation expense	23.5		23.5
Change in cash flow hedges, net of tax	3.6				3.6
Treasury shares reissued for common stock	2.9		0.2			$ 2.7
Treasury shares reissued for common stock (in shares)						(100,000)
Treasury stock purchases	(7.1)					$ (7.1)
Ending balance at Sep. 30, 2023	159.5	0.9	1,178.9	3,400.3	(77.0)	$ (4,343.6)
Ending balance (in shares) at Sep. 30, 2023						51,600,000
Beginning balance at Jun. 30, 2023	62.6	0.9	1,169.3	3,309.0	(75.8)	$ (4,340.8)
Beginning balance (in shares) at Jun. 30, 2023						51,700,000
Net income	130.4			130.4
Dividends	(39.1)			(39.1)
Foreign currency translation adjustments	(5.7)				(5.7)
Pension and post-retirement liability changes, net of tax	0.3				0.3
Share of equity method investments other comprehensive income	(1.1)				(1.1)
Stock-based compensation expense	9.7		9.7
Change in cash flow hedges, net of tax	3.1				3.1
Treasury shares reissued for common stock	1.1		(0.1)			$ 1.2
Treasury shares reissued for common stock (in shares)						(100,000)
Treasury stock purchases	(4.0)					$ (4.0)
Ending balance at Sep. 30, 2023	159.5	0.9	1,178.9	3,400.3	(77.0)	$ (4,343.6)
Ending balance (in shares) at Sep. 30, 2023						51,600,000
Beginning balance at Dec. 31, 2023	$ 285.3	0.9	1,184.6	3,506.2	(56.9)	$ (4,349.5)
Beginning balance (in shares) at Dec. 31, 2023	51,588,103					51,600,000
Net income	$ 609.2			609.2
Dividends	(121.4)			(121.4)
Foreign currency translation adjustments	(19.4)				(19.4)
Pension and post-retirement liability changes, net of tax	(0.4)				(0.4)
Share of equity method investments other comprehensive income	(0.2)				(0.2)
Stock-based compensation expense	20.1		20.1
Change in cash flow hedges, net of tax	6.2				6.2
Treasury shares reissued for common stock	3.2					$ 3.0
Treasury shares reissued for common stock (in shares)						(100,000)
Treasury stock purchases	(28.6)					$ (28.6)
Ending balance at Sep. 30, 2024	$ 754.0	0.9	1,204.9	3,994.0	(70.7)	$ (4,375.1)
Ending balance (in shares) at Sep. 30, 2024	51,537,964					51,500,000
Beginning balance at Jun. 30, 2024	$ 577.4	0.9	1,197.9	3,796.0	(60.8)	$ (4,356.6)
Beginning balance (in shares) at Jun. 30, 2024						51,500,000
Net income	239.0			239.0
Dividends	(41.0)			(41.0)
Foreign currency translation adjustments	(9.9)				(9.9)
Pension and post-retirement liability changes, net of tax	0.2				0.2
Share of equity method investments other comprehensive income	(0.2)				(0.2)
Stock-based compensation expense	6.8		6.8
Treasury shares reissued for common stock	1.1		0.2			$ 0.9
Treasury stock purchases	(19.4)					(19.4)
Ending balance at Sep. 30, 2024	$ 754.0	$ 0.9	$ 1,204.9	$ 3,994.0	$ (70.7)	$ (4,375.1)
Ending balance (in shares) at Sep. 30, 2024	51,537,964					51,500,000

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

The following table presents their fair value (in millions) as of:


	September 30, 2024		December 31, 2023
Senior unsecured notes	$	1,098.0	$	1,079.3

Lines of Credit and Financing Arrangements (Weighted Average Borrowing Rate) (Details)	Sep. 30, 2024	Dec. 31, 2023
Revolving Credit Facility
Line of Credit Facility [Line Items]
Weighted average borrowing rate	0.00%	6.67%
Commercial Paper
Line of Credit Facility [Line Items]
Weighted average borrowing rate	0.00%	5.66%

Stock-Based Compensation - Schedule of Equity Awards Granted in Period (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock-based compensation expense	$ 6.8	$ 9.7	$ 20.1	$ 23.5

Income Taxes (Details) - USD ($) $ in Millions	9 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Unrecognized tax benefits	$ 4.5
Effective tax rate	19.30%	21.00%

Commitments and Contingencies

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

4. Commitments and Contingencies:

Leases

We determine if an arrangement is a lease at inception. Operating leases are included in our Consolidated Balance Sheets as Right-of-use assets from operating leases, Current operating lease liabilities and Long-term operating lease liabilities. Finance leases are included in Property, plant and equipment, Current maturities of long-term debt and Long-term debt in our Consolidated Balance Sheets. We do not recognize a right-of-use asset and lease liability for leases with a term of 12 months or less. We do not separate non-lease components from lease components to which they relate and have accounted for the combined lease and non-lease components as a single lease component.

Many of our lease agreements contain renewal options; however, we do not recognize right-of-use assets or lease liabilities for renewal periods unless it is determined that we are reasonably certain of renewing the lease at inception or when a triggering

event occurs. Some of our lease agreements contain rent escalation clauses (including index-based escalations), rent holidays, capital improvement funding or other lease concessions. We recognize our minimum rental expense on a straight-line basis based on the fixed components of a lease arrangement. We amortize this expense over the term of the lease beginning with the date of initial possession. Variable lease components represent amounts that are not fixed in nature and are not tied to an index or rate, and are recognized as incurred. Under certain of our third-party service agreements, we control a specific space or underlying asset used in providing the service by the third-party service provider. These arrangements meet the definition under ASC 842 and therefore are accounted for under ASC 842.

In determining our right-of-use assets and lease liabilities, we apply a discount rate to the minimum lease payments within each lease agreement. ASC 842 requires us to use the rate of interest that a lessee would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. When we cannot readily determine the discount rate implicit in the lease agreement, we utilize our incremental borrowing rate. To estimate our specific incremental borrowing rates over various periods (ranging from 1-year through 30-years), a comparable market yield curve consistent with our credit quality was calibrated to our publicly outstanding debt instruments.

We lease certain real and personal property under non-cancelable operating leases. Approximately 79% of our right-of-use assets and lease liabilities relate to our leases of real estate with the remaining amounts primarily relating to our leases of IT equipment, fleet vehicles and manufacturing and distribution equipment.

Product Warranties and Product Related Contingencies

We provide warranties to customers for some of our products and record liabilities for the estimated future warranty-related costs based on failure rates, cost experience and other factors. We periodically review the assumptions used to determine the product warranty liabilities and will adjust the liabilities in future periods for changes in experience, as necessary.

Liabilities for estimated product warranty costs are included in the following captions on the accompanying Consolidated Balance Sheets (in millions) as of:


	September 30, 2024		December 31, 2023
Accrued expenses	$	47.8	$	45.4
Other liabilities	109.1		97.4
Total warranty liability	$	156.9	$	142.8

The changes in product warranty liabilities for the nine months ended September 30, 2024 were as follows (in millions):



Total warranty liability as of December 31, 2023	$	142.8
Warranty claims paid	(32.4)
Changes resulting from issuance of new warranties	46.5
Changes in estimates associated with pre-existing liabilities	0.2
Changes in foreign currency translation rates and other	(0.2)

Total warranty liability as of September 30, 2024	$	156.9

Litigation

We are involved in a number of claims and lawsuits incidental to the operation of our businesses. Insurance coverages are maintained and estimated costs are recorded for such claims and lawsuits, including costs to settle claims and lawsuits, based on experience involving similar matters and specific facts known.

It is management's opinion that none of these claims or lawsuits or any threatened litigation will have a material adverse effect on our financial condition, results of operations or cash flows. Claims and lawsuits, however, involve uncertainties and it is possible that their eventual outcome could adversely affect our results of operations for a particular period.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Commitments and Contingencies (Narrative) (Details)	Sep. 30, 2024
Loss Contingencies [Line Items]
Operating lease, right-of-use asset, percentage related to leases of real estate	0.79

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2024	Oct. 14, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-15149
Entity Registrant Name	LENNOX INTERNATIONAL INC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	42-0991521
Entity Address, Address Line One	2140 LAKE PARK BLVD.
Entity Address, City or Town	RICHARDSON
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75080
City Area Code	972
Local Phone Number	497-5000
Title of 12(b) Security	Common stock, $0.01 par value per share
Trading Symbol	LII
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		35,623,280
Entity Central Index Key	0001069202
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31

Stock Repurchases (Details) - USD ($)	3 Months Ended	9 Months Ended
Stock Repurchases (Details) - USD ($)	Sep. 30, 2024	Sep. 30, 2024	Sep. 30, 2023	Jul. 09, 2021
Stockholders' Equity Note [Abstract]
Stock repurchase program, authorized amount	$ 4,000,000,000.0	$ 4,000,000,000.0		$ 1,000,000,000
Stock repurchase program, remaining authorized amount	$ 532,500,000	532,500,000
Shares repurchased from employees who surrendered shares to satisfy minimum tax withholding obligations, value		$ 15,000,000.0	$ 7,100,000
Shares repurchased during period (in shares)	23,000	23,000
Shares repurchased during period, amount	$ 13,500,000	$ 13,500,000

Comprehensive Income (Loss) (Tables)

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Reclassification out of accumulated other comprehensive income

The following table provides information on items reclassified from AOCL to Net income in the accompanying Consolidated Statements of Operations (in millions):


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,				Affected Line Item(s) in the Consolidated Statements of Operations
	2024		2023		2024		2023
(Losses) Gains on Cash Flow Hedges:
Derivatives contracts	$	(0.8)	$	(0.8)	$	(1.2)	$	(1.2)	Cost of goods sold; Losses (gains) and other expenses, net
Income tax (expense) benefit	(0.2)		0.2		(0.3)		0.3		Provision for income taxes
Net of tax	$	(0.6)	$	(0.6)	$	(0.9)	$	(0.9)

Defined Benefit Plan items:
Pension and post-retirement benefit costs	$	(0.3)	$	—	$	(0.7)	$	(0.6)	Other expense (income), net
Pension settlements	(0.1)		(0.3)		(0.4)		(0.4)		Pension settlements
Income tax (expense) benefit	(0.1)		0.1		(0.3)		0.2		Provision for income taxes
Net of tax	$	(0.3)	$	(0.2)	$	(0.8)	$	(0.8)






Total reclassifications from AOCL	$	(0.9)	$	(0.8)	$	(1.7)	$	(1.7)

Changes in AOCI by component (net of tax)

The following table provides information on changes in AOCL, by component (net of tax), for the nine months ended September 30, 2024 (in millions):


	(Losses) Gains on Cash Flow Hedges		Share of Equity Method Investments Other Comprehensive Income		Defined Benefit Pension Plan Items		Foreign Currency Translation Adjustments		Total AOCL
Balance as of December 31, 2023	$	(2.0)	$	0.6	$	(44.2)	$	(11.3)	$	(56.9)
Other comprehensive income (loss) before reclassifications	5.3		(0.2)		(1.2)		(19.4)		(15.5)
Amounts reclassified from AOCL	0.9		—		0.8		—		1.7
Net other comprehensive income (loss)	6.2		(0.2)		(0.4)		(19.4)		(13.8)
Balance as of September 30, 2024	$	4.2	$	0.4	$	(44.6)	$	(30.7)	$	(70.7)

Goodwill (Tables)

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of changes in the carrying amount of goodwill

The changes in the carrying amount of goodwill in 2024, in total and by segment, are summarized in the table below (in millions):


	Balance as of December 31, 2023		Goodwill Adjustment (1)		Balance as of September 30, 2024
Home Comfort Solutions	$	26.1	$	—	$	26.1
Building Climate Solutions (1)	196.0		(2.2)		193.8


Total Goodwill	$	222.1	$	(2.2)	$	219.9

(1) As discussed in Note 13, an update to our purchase price allocation of AES in the first quarter of 2024 resulted in a $2.2 million reduction of goodwill.

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
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Lines of Credit and Financing Arrangements (Commercial Paper Program) (Details) - USD ($) $ in Millions	Oct. 25, 2023	Sep. 30, 2024	Dec. 31, 2023
Line of Credit Facility [Line Items]
Commercial paper		$ 0.0	$ 150.0
Commercial Paper
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 500.0
Debt instrument term	397 days

Inventories

9 Months Ended

Sep. 30, 2024

Inventory Disclosure [Abstract]

Inventories

Inventories:

The components of inventories are as follows (in millions) as of:


	September 30, 2024		December 31, 2023
Finished goods	$	443.2	$	509.4
Work in process	13.7		9.6
Raw materials and parts	369.3		314.2
Subtotal	826.2		833.2
Excess of current cost over last-in, first-out cost	(137.0)		(134.1)
Total inventories, net	$	689.2	$	699.1

Inventories (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Components of inventories
Finished goods	$ 443.2	$ 509.4
Work in process	13.7	9.6
Raw materials and parts	369.3	314.2
Subtotal	826.2	833.2
Excess of current cost over last-in, first-out cost	(137.0)	(134.1)
Total inventories, net	$ 689.2	$ 699.1

Commitment and Contingencies (Policies)	9 Months Ended
Commitment and Contingencies (Policies)	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Leases	Leases We determine if an arrangement is a lease at inception. Operating leases are included in our Consolidated Balance Sheets as Right-of-use assets from operating leases, Current operating lease liabilities and Long-term operating lease liabilities. Finance leases are included in Property, plant and equipment, Current maturities of long-term debt and Long-term debt in our Consolidated Balance Sheets. We do not recognize a right-of-use asset and lease liability for leases with a term of 12 months or less. We do not separate non-lease components from lease components to which they relate and have accounted for the combined lease and non-lease components as a single lease component. Many of our lease agreements contain renewal options; however, we do not recognize right-of-use assets or lease liabilities for renewal periods unless it is determined that we are reasonably certain of renewing the lease at inception or when a triggering event occurs. Some of our lease agreements contain rent escalation clauses (including index-based escalations), rent holidays, capital improvement funding or other lease concessions. We recognize our minimum rental expense on a straight-line basis based on the fixed components of a lease arrangement. We amortize this expense over the term of the lease beginning with the date of initial possession. Variable lease components represent amounts that are not fixed in nature and are not tied to an index or rate, and are recognized as incurred. Under certain of our third-party service agreements, we control a specific space or underlying asset used in providing the service by the third-party service provider. These arrangements meet the definition under ASC 842 and therefore are accounted for under ASC 842. In determining our right-of-use assets and lease liabilities, we apply a discount rate to the minimum lease payments within each lease agreement. ASC 842 requires us to use the rate of interest that a lessee would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. When we cannot readily determine the discount rate implicit in the lease agreement, we utilize our incremental borrowing rate. To estimate our specific incremental borrowing rates over various periods (ranging from 1-year through 30-years), a comparable market yield curve consistent with our credit quality was calibrated to our publicly outstanding debt instruments. We lease certain real and personal property under non-cancelable operating leases. Approximately 79% of our right-of-use assets and lease liabilities relate to our leases of real estate with the remaining amounts primarily relating to our leases of IT equipment, fleet vehicles and manufacturing and distribution equipment.

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 239.0	$ 130.4	$ 609.2	$ 445.6
Other comprehensive (loss) income:
Foreign currency translation adjustments	(9.9)	(5.7)	(19.4)	8.7
Net change in pension and post-retirement liabilities	(0.1)	0.0	(1.2)	(0.8)
Reclassification of pension and post-retirement benefit losses into earnings	0.3	0.0	0.7	0.6
Pension settlements	0.1	0.3	0.4	0.4
Share of equity method investments other comprehensive income	(0.2)	1.1	(0.2)	1.1
Net change in fair value of cash flow hedges	(0.6)	3.1	5.3	3.6
Reclassification of cash flow hedge losses into earnings	0.8	0.8	1.2	1.2
Other comprehensive (loss) income before taxes	(9.6)	(0.4)	(13.2)	14.8
Tax benefit (expense)	(0.3)	(0.8)	(0.6)	(1.2)
Other comprehensive (loss) income, net of tax	(9.9)	(1.2)	(13.8)	13.6
Comprehensive income	$ 229.1	$ 129.2	$ 595.4	$ 459.2

Commitments and Contingencies (Liabilities for Estimated Product Warranty Costs) (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Total liabilities for estimated warranty
Accrued expenses	$ 47.8	$ 45.4
Other liabilities	109.1	97.4
Total warranty liability	$ 156.9	$ 142.8

Fair Value Measurements

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

12. Fair Value Measurements:

Fair Value Hierarchy

The methodologies used to determine the fair value of our financial assets and liabilities as of September 30, 2024 were the same as those used as of December 31, 2023.

Assets and Liabilities Carried at Fair Value on a Recurring Basis

Derivatives were classified as Level 2 and primarily valued using estimated future cash flows based on observed prices from exchange-traded derivatives. We also considered the counterparty's creditworthiness, or our own creditworthiness, as appropriate. Adjustments were recorded to reflect the risk of credit default, however, they were insignificant to the overall value of the derivatives. Refer to Note 7 for more information related to our derivative instruments.

Other Fair Value Disclosures

The carrying amounts of Cash and cash equivalents, Short-term investments, Accounts and notes receivable, net, Accounts payable, and Short-term debt approximate fair value due to the short maturities of these instruments. The carrying amount of our Credit Agreement in Long-term debt also approximates fair value due to its variable-rate characteristics.

The fair value of our senior unsecured notes in Long-term debt, classified as Level 2, was based on the amount of future cash flows using current market rates for debt instruments of similar maturities and credit risk. The following table presents their fair value (in millions) as of:


	September 30, 2024		December 31, 2023
Senior unsecured notes	$	1,098.0	$	1,079.3

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.