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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 8/05/20 Smith AO Corp. 10-Q 6/30/20 84:6.7M Donnelley … Solutions/FA |
Document/Exhibit Description Pages Size 1: 10-Q Quarterly Report HTML 766K 2: EX-31.1 Certification -- §302 - SOA'02 HTML 27K 3: EX-31.2 Certification -- §302 - SOA'02 HTML 27K 4: EX-32.1 Certification -- §906 - SOA'02 HTML 22K 5: EX-32.2 Certification -- §906 - SOA'02 HTML 22K 12: R1 Cover Page HTML 79K 13: R2 Condensed Consolidated Statements of Earnings HTML 76K 14: R3 Condensed Consolidated Statements of Comprehensive HTML 43K Earnings 15: R4 Condensed Consolidated Statements of Comprehensive HTML 27K Earnings (Parenthetical) 16: R5 Condensed Consolidated Balance Sheets HTML 119K 17: R6 Condensed Consolidated Balance Sheets HTML 29K (Parenthetical) 18: R7 Condensed Consolidated Statements of Cash Flows HTML 76K 19: R8 Condensed Consolidated Statements of Stockholders' HTML 72K Equity 20: R9 Basis of Presentation HTML 30K 21: R10 Revenue Recognition HTML 65K 22: R11 Acquisitions HTML 34K 23: R12 Severance and Restructuring Expenses HTML 40K 24: R13 Leases HTML 73K 25: R14 Inventories HTML 35K 26: R15 Product Warranties HTML 44K 27: R16 Long-Term Debt HTML 26K 28: R17 Earnings per Share of Common Stock HTML 38K 29: R18 Stock Based Compensation HTML 61K 30: R19 Pensions HTML 44K 31: R20 Segment Results HTML 74K 32: R21 Fair Value Measurements HTML 33K 33: R22 Derivative Instruments HTML 92K 34: R23 Income Taxes HTML 27K 35: R24 Commitments and Contingencies HTML 27K 36: R25 Changes in Accumulated Other Comprehensive Loss by HTML 95K Component 37: R26 Basis of Presentation (Policies) HTML 26K 38: R27 Revenue Recognition (Tables) HTML 56K 39: R28 Acquisitions (Tables) HTML 31K 40: R29 Severance and Restructuring Expenses (Tables) HTML 37K 41: R30 Leases (Tables) HTML 74K 42: R31 Inventories (Tables) HTML 35K 43: R32 Product Warranties (Tables) HTML 41K 44: R33 Earnings per Share of Common Stock (Tables) HTML 35K 45: R34 Stock Based Compensation (Tables) HTML 60K 46: R35 Pensions (Tables) HTML 39K 47: R36 Segment Results (Tables) HTML 69K 48: R37 Fair Value Measurements (Tables) HTML 29K 49: R38 Derivative Instruments (Tables) HTML 88K 50: R39 Changes in Accumulated Other Comprehensive Loss by HTML 94K Component (Tables) 51: R40 Revenue Recognition - Additional Information HTML 32K (Detail) 52: R41 Segment Sales Disaggregated by Major Product Line HTML 44K (Detail) 53: R42 Acquisitions - Additional Information (Detail) HTML 60K 54: R43 Summary of Preliminary Allocation of Fair Value of HTML 41K Assets Acquired and Liabilities Assumed at Date of Acquisition (Detail) 55: R44 Severance and Restructuring Expenses - Additional HTML 43K Information (Detail) 56: R45 Summary of Accrual for Severance And Restructuring HTML 44K Expenses Incurred (Detail) 57: R46 Leases - Additional Information (Detail) HTML 27K 58: R47 Leases supplemental balance sheet (Detail) HTML 40K 59: R48 Components of lease expense (Detail) HTML 34K 60: R49 Maturities of lease liabilities (Detail) HTML 42K 61: R50 Schedule of Inventories (Detail) HTML 35K 62: R51 Company's Warranty Liability Activity (Detail) HTML 30K 63: R52 Long-Term Debt - Additional Information (Detail) HTML 30K 64: R53 Schedule of Computation of Basic and Diluted HTML 31K Weighted-Average Shares Used in Earnings per Share Calculations (Detail) 65: R54 Stock Based Compensation - Additional Information HTML 54K (Detail) 66: R55 Changes in Option Awards All of Which Related to HTML 57K Common Stock (Detail) 67: R56 Schedule of Weighted-Average Fair Value per Option HTML 32K at Date of Grant (Detail) 68: R57 Summary of Share Unit Activity Under Plan (Detail) HTML 45K 69: R58 Components of Company's Net Pension Income HTML 41K (Detail) 70: R59 Schedule of Segment Earnings (Detail) HTML 71K 71: R60 Schedule of Segment Earnings - Additional HTML 25K Information (Detail) 72: R61 Assets and Liabilities Measured at Fair Value on HTML 30K Recurring Basis (Detail) 73: R62 Derivative Instruments - Additional Information HTML 36K (Detail) 74: R63 Schedule of Summary by Currency of Foreign HTML 38K Currency Forward Contracts (Detail) 75: R64 Impact of Derivative Contracts on Company's HTML 39K Financial Statements (Detail) 76: R65 Schedule of Effect of Derivatives Instruments on HTML 37K Consolidated Statement of Earnings (Detail) 77: R66 Income Taxes - Additional Information (Detail) HTML 48K 78: R67 Commitment and Contingencies - Additional HTML 28K Information (Detail) 79: R68 Changes in Accumulated Other Comprehensive Loss by HTML 49K Component (Detail) 80: R69 Changes in Accumulated Other Comprehensive Loss by HTML 43K Component (Parenthetical) (Detail) 82: XML IDEA XML File -- Filing Summary XML 149K 11: XML XBRL Instance -- d909928d10q_htm XML 1.74M 81: EXCEL IDEA Workbook of Financial Reports XLSX 82K 7: EX-101.CAL XBRL Calculations -- aos-20200630_cal XML 136K 8: EX-101.DEF XBRL Definitions -- aos-20200630_def XML 863K 9: EX-101.LAB XBRL Labels -- aos-20200630_lab XML 983K 10: EX-101.PRE XBRL Presentations -- aos-20200630_pre XML 948K 6: EX-101.SCH XBRL Schema -- aos-20200630 XSD 141K 83: JSON XBRL Instance as JSON Data -- MetaLinks 348± 497K 84: ZIP XBRL Zipped Folder -- 0001193125-20-210347-xbrl Zip 156K
10-Q |
i ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
i ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
i Delaware |
i 39-0619790 | |
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) |
i 11270 West Park Place, i Milwaukee, i Wisconsin |
i 53224-9508 | |
(Address of principal executive office) |
(Zip Code) |
Title of Each Class |
Trading Symbol |
Name of Each Exchange on Which Registered | ||
i Common Stock (par value $1.00 per share) |
i AOS |
i New York Stock Exchange |
i Large accelerated filer | ☒ | Accelerated Filer | ☐ | |||
Non-accelerated filer |
☐ | Smaller reporting company | i ☐ | |||
Emerging growth company | i ☐ |
Page | ||||
Part I. |
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3 | ||||
3 | ||||
4 | ||||
5 | ||||
6 | ||||
Item 2. |
25-33 | |||
Item 3. |
33 | |||
Item 4. |
33 | |||
Part II. |
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Item 1. |
34 | |||
Item 1A. |
34-35 | |||
Item 2. |
35 | |||
Item 6. |
35 | |||
36 | ||||
37 |
Three Months Ended June 30, |
Six Months Ended June 30, |
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2020 | 2019 | 2020 | 2019 | |||||||||||||
Net sales |
$ | i 663.9 | $ | i 765.4 | $ | i 1,300.8 | $ | i 1,513.6 | ||||||||
Cost of products sold |
i 416.4 | i 456.7 | i 813.8 | i 912.1 | ||||||||||||
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Gross profit |
i 247.5 | i 308.7 | i 487.0 | i 601.5 | ||||||||||||
Selling, general and administrative expenses |
i 155.9 | i 178.7 | i 329.7 | i 363.4 | ||||||||||||
Severance and restructuring expenses |
i 6.1 | i — | i 6.1 | i — | ||||||||||||
Interest expense |
i 2.5 | i 3.4 | i 4.7 | i 5.4 | ||||||||||||
Other income |
( i 4.0 | ) | ( i 5.6 | ) | ( i 8.2 | ) | ( i 11.1 | ) | ||||||||
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Earnings before provision for income taxes |
i 87.0 | i 132.2 | i 154.7 | i 243.8 | ||||||||||||
Provision for income taxes |
i 19.2 | i 30.1 | i 35.2 | i 52.4 | ||||||||||||
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Net Earnings |
$ | i 67.8 | $ | i 102.1 | $ | i 119.5 | $ | i 191.4 | ||||||||
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Net Earnings Per Share of Common Stock |
$ | i 0.42 | $ | i 0.61 | $ | i 0.74 | $ | i 1.14 | ||||||||
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Diluted Net Earnings Per Share of Common Stock |
$ | i 0.42 | $ | i 0.61 | $ | i 0.74 | $ | i 1.14 | ||||||||
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Dividends Per Share of Common Stock |
$ | i 0.24 | $ | i 0.22 | $ | i 0.48 | $ | i 0.44 | ||||||||
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A. O. SMITH CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (dollars in millions) (unaudited) |
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Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Net earnings |
$ | i 67.8 | $ | i 102.1 | $ | i 119.5 | $ | i 191.4 | ||||||||
Other comprehensive earnings (loss) |
||||||||||||||||
Foreign currency translation adjustments |
i 3.7 | ( i 10.1 | ) | ( i 14.3 | ) | i 5.8 | ||||||||||
Unrealized net (losses) gains on cash flow derivative instruments, less related income tax benefit (provision) of $ i 0.3 and $ i 0.2
in 2020, ($ i 0.2) and ($ i 0.1)
in 2019 |
( i 0.8 | ) | i 0.7 | ( i 0.5 | ) | i 0.6 | ||||||||||
Adjustment to pension liability, less related income tax provision of ($ i 1.2) and ($ i 2.4)
in 2020 and ($ i 0.8) and ($ i 1.8)
in 2019 |
i 3.7 | i 3.1 | i 7.3 | i 6.0 | ||||||||||||
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Comprehensive Earnings |
$ | i 74.4 | $ | i 95.8 | $ | i 112.0 | $ | i 203.8 | ||||||||
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(unaudited) June 30, 2020 |
December 31, 2019 |
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Assets |
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Current Assets |
||||||||
Cash and cash equivalents |
$ | i 442.7 | $ | i 374.0 | ||||
Marketable securities |
i 126.0 | i 177.4 | ||||||
Receivables |
i 515.9 | i 589.5 | ||||||
Inventories |
i 306.0 | i 303.0 | ||||||
Other current assets |
i 53.8 | i 56.5 | ||||||
Total Current Assets |
i 1,444.4 | i 1,500.4 | ||||||
Property, plant and equipment |
i 1,170.5 | i 1,156.9 | ||||||
Less accumulated depreciation |
( i 636.7 | ) | ( i 611.5 | ) | ||||
Net property, plant and equipment |
i 533.8 | i 545.4 | ||||||
Goodwill |
i 544.0 | i 546.0 | ||||||
Other intangibles |
i 329.5 | i 338.4 | ||||||
Operating lease assets |
i 45.2 | i 46.9 | ||||||
Other assets |
i 87.3 | i 80.9 | ||||||
Total Assets |
$ | i 2,984.2 | $ | i 3,058.0 | ||||
Liabilities |
||||||||
Current Liabilities |
||||||||
Trade payables |
$ | i 435.7 | $ | i 509.6 | ||||
Accrued payroll and benefits |
i 59.7 | i 64.6 | ||||||
Accrued liabilities |
i 188.4 | i 143.7 | ||||||
Product warranties |
i 44.8 | i 41.8 | ||||||
Debt due within one year |
i 6.8 | i 6.8 | ||||||
Total Current Liabilities |
i 735.4 | i 766.5 | ||||||
Long-term debt |
i 274.3 | i 277.2 | ||||||
Pension liabilities |
i 13.8 | i 27.8 | ||||||
Long-term operating lease liabilities |
i 37.5 | i 38.7 | ||||||
Other liabilities |
i 265.1 | i 281.0 | ||||||
Total Liabilities |
i 1,326.1 | i 1,391.2 | ||||||
Stockholders’ Equity |
||||||||
Class A Common Stock, $ i i 5 /
par value: authorized i i 27,000,000 /
shares; issued , i 26,172,713 and i 26,180,885 |
i 130.9 | i 130.9 | ||||||
Common Stock, $ i i 1 /
par value: authorized i i 240,000,000 / shares; issued i 164,534,881
and i 164,526,709 |
i 164.5 | i 164.5 | ||||||
Capital in excess of par value |
i 517.1 | i 509.0 | ||||||
Retained earnings |
i 2,365.1 | i 2,323.4 | ||||||
Accumulated other comprehensive loss |
( i 355.8 | ) | ( i 348.3 | ) | ||||
Treasury stock at cost |
( i 1,163.7 | ) | ( i 1,112.7 | ) | ||||
Total Stockholders’ Equity |
i 1,658.1 | i 1,666.8 | ||||||
Total Liabilities and Stockholders’ Equity |
$ | i 2,984.2 | $ | i 3,058.0 | ||||
Six Months Ended June 30, |
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2020 | 2019 | |||||||
Operating Activities |
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Net earnings |
$ | i 119.5 | $ | i 191.4 | ||||
Adjustments to reconcile net earnings to cash provided by (used in) operating activities: |
||||||||
Depreciation and amortization |
i 40.0 | i 38.4 | ||||||
Stock based compensation expense |
i 10.4 | i 10.8 | ||||||
Net changes in operating assets and liabilities: |
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Current assets and liabilities |
i 35.9 | ( i 75.9 | ) | |||||
Noncurrent assets and liabilities |
( i 26.5 | ) | ( i 21.0 | ) | ||||
Cash Provided by Operating Activities |
i 179.3 | i 143.7 | ||||||
Investing Activities |
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Capital expenditures |
( i 24.8 | ) | ( i 36.5 | ) | ||||
Acquisition |
— | ( i 107.0 | ) | |||||
Investments in marketable securities |
( i 91.1 | ) | ( i 202.3 | ) | ||||
Net proceeds from sale of marketable securities |
i 140.1 | i 293.8 | ||||||
Cash Provided by (Used in) Investing Activities |
i 24.2 | ( i 52.0 | ) | |||||
Financing Activities |
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Long-term debt (repaid) incurred |
( i 2.9 | ) | i 137.3 | |||||
Common stock repurchases |
( i 56.7 | ) | ( i 132.6 | ) | ||||
Net payments from stock option activity |
i 2.6 | ( i 0.5 | ) | |||||
Dividends paid |
( i 77.8 | ) | ( i 74.0 | ) | ||||
Cash Used in Financing Activities |
( i 134.8 | ) | ( i 69.8 | ) | ||||
Net increase in cash and cash equivalents |
i 68.7 | i 21.9 | ||||||
Cash and cash equivalents - beginning of period |
i 374.0 | i 259.7 | ||||||
Cash and Cash Equivalents - End of Period |
$ | i 442.7 | $ | i 281.6 | ||||
Three Months Ended June 30, |
Six Months Ended June 30, |
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2020 | 2019 | 2020 | 2019 | |||||||||||||
Class A Common Stock |
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Balance at the beginning of period |
$ | i 130.9 | $ | i 131.0 | $ | i 130.9 | $ | i 131.0 | ||||||||
Conversion of Class A Common Stock |
i — | ( i 0.1 | ) | i — | ( i 0.1 | ) | ||||||||||
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Balance at end of period |
$ | i 130.9 | $ | i 130.9 | $ | i 130.9 | $ | i 130.9 | ||||||||
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Common Stock |
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Balance at the beginning of period |
$ | i 164.5 | $ | i 164.5 | $ | i 164.5 | $ | i 164.5 | ||||||||
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Balance at end of period |
$ | i 164.5 | $ | i 164.5 | $ | i 164.5 | $ | i 164.5 | ||||||||
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Capital in Excess of Par Value |
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Balance at the beginning of period |
$ | i 516.1 | $ | i 503.5 | $ | i 509.0 | $ | i 496.7 | ||||||||
Conversion of Class A Common Stock |
i — | i 0.1 | i — | i 0.1 | ||||||||||||
Issuance of share units |
i — | ( i 0.1 | ) | ( i 6.5 | ) | ( i 6.2 | ) | |||||||||
Vesting of share units |
i — | ( i 0.1 | ) | ( i 1.6 | ) | ( i 2.0 | ) | |||||||||
Stock based compensation expense |
i 1.4 | i 1.9 | i 10.2 | i 10.5 | ||||||||||||
Exercises of stock options |
( i 1.1 | ) | i 0.5 | ( i 1.2 | ) | i 0.6 | ||||||||||
Stock incentives |
i 0.7 | i 0.9 | i 7.2 | i 7.0 | ||||||||||||
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Balance at end of period |
$ | i 517.1 | $ | i 506.7 | $ | i 517.1 | $ | i 506.7 | ||||||||
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Retained Earnings |
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Balance at the beginning of period |
$ | i 2,336.1 | $ | i 2,155.0 | $ | i 2,323.4 | $ | i 2,102.8 | ||||||||
Net earnings |
i 67.8 | i 102.1 | i 119.5 | i 191.4 | ||||||||||||
Cash dividends on stock |
( i 38.8 | ) | ( i 36.9 | ) | ( i 77.8 | ) | ( i 74.0 | ) | ||||||||
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Balance at end of period |
$ | i 2,365.1 | $ |
i 2,220.2 | $ | i 2,365.1 | $ |
i 2,220.2 | ||||||||
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Accumulated Other Comprehensive Loss (see Note 17) |
$ | ( i 355.8 | ) | $ | ( i 338.4 | ) | $ | ( i 355.8 | ) | $ | ( i 338.4 | ) | ||||
Treasury Stock |
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Balance at the beginning of period |
$ | ( i 1,168.9 | ) | $ | ( i 872.7 | ) | $ | ( i 1,112.7 | ) | $ | ( i 827.2 | ) | ||||
Exercise of stock options |
i 4.8 | i 0.6 | i 3.7 | ( i 1.3 | ) | |||||||||||
Stock incentives and directors’ compensation |
i 0.4 | i 0.2 | i 0.4 | i 0.2 | ||||||||||||
Shares repurchased |
i — | ( i 87.0 | ) | ( i 56.7 | ) | ( i 132.6 | ) | |||||||||
Vesting of share units |
i — | i 0.1 | i 1.6 | i 2.1 | ||||||||||||
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Balance at end of period |
$ |
( i 1,163.7 | ) | $ | ( i 958.8 | ) | $ |
( i 1,163.7 | ) | $ | ( i 958.8 | ) | ||||
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Total Stockholders’ Equity |
$ | i 1,658.1 | $ | i 1,725.1 | $ | i 1,658.1 | $ | i 1,725.1 | ||||||||
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1. |
Basis of Presentation |
2. |
Revenue Recognition |
2. |
Revenue Recognition (continued) |
2. |
Revenue Recognition (continued) |
(dollars in millions) |
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Three Months June 30, |
Six Months Ended June 30, |
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2020 | 2019 | 2020 | 2019 | |||||||||||||
North America |
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Water heaters and related parts |
$ | i 396.8 | $ | i 438.9 | $ | i 844.6 | $ | i 894.6 | ||||||||
Boilers and related parts |
i 41.0 | i 48.0 | i 82.5 | i 90.6 | ||||||||||||
Water treatment products (1) |
i 42.7 | i 37.1 | i 86.3 | i 60.6 | ||||||||||||
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Total North America |
i 480.5 | i 524.0 | i 1,013.4 | i 1,045.8 | ||||||||||||
Rest of World |
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China |
$ | i 172.7 | $ | i 224.2 | $ | i 263.7 | $ | i 437.2 | ||||||||
All other Rest of World |
i 17.0 | i 24.9 | i 36.2 | i 44.0 | ||||||||||||
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Total Rest of World |
i 189.7 | i 249.1 | i 299.9 | i 481.2 | ||||||||||||
Inter-segment sales |
( i 6.3 | ) | ( i 7.7 | ) | ( i 12.5 | ) | ( i 13.4 | ) | ||||||||
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Total Net Sales |
$ |
i 663.9 | $ |
i 765.4 | $ | i 1,300.8 | $ | i 1,513.6 | ||||||||
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(1) |
Includes the results of Water-Right, Inc. and its affiliated entities (Water-Right) from April 8, 2019, the date of acquisition |
3. |
Acquisition |
3. |
Acquisition (continued) |
April 8, 2019 (dollars in millions) |
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Current assets, net of cash acquired |
$ | i 9.7 | ||
Property, plant and equipment |
i 8.6 | |||
Intangible assets |
i 60.4 | |||
Goodwill |
i 31.0 | |||
Total assets acquired |
i 109.7 | |||
Current liabilities |
( i 2.7 | ) | ||
Net assets acquired |
$ | i 107.0 | ||
4. |
Severance and Restructuring Expenses |
(dollars in millions) |
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Severance Expenses |
Restructuring Expenses |
Total | ||||||||||
Accrued severance and restructuring expenses, March 31, 2020 |
$ | i — | $ | i — | $ | i — | ||||||
Charges |
i 5.2 | i 0.9 | i 6.1 | |||||||||
Cash Payments |
( i 2.2 | ) | ( i 0.3 | ) | ( i 2.5 | ) | ||||||
Accrued severance and restructuring expenses, June 30, 2020 |
$ | i 3.0 | $ | i 0.6 | $ | i 3.6 | ||||||
5. |
Leases |
(dollars in millions) |
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June 30, 2020 | December 31, 2019 | |||||||
Liabilities |
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Short term: Accrued liabilities |
$ | i 11.5 | $ | i 12.0 | ||||
Long term: Operating lease liabilities |
i 37.5 | i 38.7 | ||||||
Total operating lease liabilities |
$ | i 49.0 | $ | i 50.7 | ||||
Less: Rent incentives and deferrals |
( i 3.8 | ) | ( i 3.8 | ) | ||||
Assets |
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Operating lease assets |
$ | i 45.2 | $ | i 46.9 | ||||
Lease Term and Discount Rate |
June 30, 2020 | |||
Weighted-average remaining lease term |
i 9.8 years | |||
Weighted-average discount rate |
i 3.83 | % |
5. |
Leases (continued) |
(dollars in millions) |
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Three months ended June 30, |
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Lease Expense |
Classification |
2020 (1) |
2019 (2) |
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Operating lease expense |
Cost of products sold | $ | i 0.8 | $ | i 0.7 | |||||
Selling, general and administrative expenses |
$ | i 4.2 | $ | i 4.1 |
(1) |
2020 includes short-term and variable lease expenses of $ i 0.6 million and $ i 0.5 million, respectively. |
(2) |
2019 includes short-term and variable lease expenses of $ i 0.5 million and $ i 0.2 million, respectively. |
(dollars in millions) |
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Six months ended June 30, |
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Lease Expense |
Classification |
2020 (1) |
2019 (2) |
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Operating lease expense |
Cost of products sold | $ | i 1.5 | $ | i 1.3 | |||||
Selling, general and administrative expenses |
$ | i 8.2 | $ | i 9.0 |
(1) |
2020 includes short-term and variable lease expenses of $ i 1.0 million and $ i 0.9 million, respectively. |
(2) |
2019 includes short-term and variable lease expenses of $ i 1.0 million and $ i 1.0 million, respectively. |
(dollars in millions) |
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June 30, 2020 | ||||
2020 |
$ | i 7.0 | ||
2021 |
i 11.7 | |||
2022 |
i 9.9 | |||
2023 |
i 5.5 | |||
2024 |
i 4.4 | |||
After 2024 |
i 23.0 | |||
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Total lease payments |
i 61.5 | |||
Less: imputed interest |
( i 12.5 | ) | ||
|
|
|||
Present value of operating lease liabilities |
$ | i 49.0 | ||
|
|
6. |
Inventories |
(dollars in millions) |
||||||||
June 30, 2020 |
December 31, 2019 |
|||||||
Finished products |
$ | i 134.3 | $ | i 136.8 | ||||
Work in process |
i 22.7 | i 21.7 | ||||||
Raw materials |
i 172.8 | i 168.3 | ||||||
|
|
|
|
|||||
Inventories, at FIFO cost |
i 329.8 | i 326.8 | ||||||
LIFO reserve |
( i 23.8 | ) | ( i 23.8 | ) | ||||
|
|
|
|
|||||
Net inventory |
$ | i 306.0 | $ | i 303.0 | ||||
|
|
|
|
7. |
Product Warranties |
Three Months Ended June 30, |
||||||||
(dollars in millions) |
||||||||
2020 | 2019 | |||||||
Balance at April 1, |
$ |
i 135.3 | $ |
i 136.2 | ||||
Expense |
i 12.3 | i 11.4 | ||||||
Claims settled |
( i 11.6 | ) | ( i 13.6 | ) | ||||
|
|
|
|
|||||
Balance at June 30, |
$ | i 136.0 | $ | i 134.0 | ||||
|
|
|
|
Six Months Ended June 30, |
||||||||
(dollars in millions) |
||||||||
2020 | 2019 | |||||||
Balance at January 1, |
$ |
i 134.3 | $ |
i 139.4 | ||||
Expense |
i 25.8 | i 20.8 | ||||||
Claims settled |
( i 24.1 | ) | ( i 26.2 | ) | ||||
|
|
|
|
|||||
Balance at June 30, |
$ | i 136.0 | $ | i 134.0 | ||||
|
|
|
|
8. |
Long-Term Debt |
9. |
Earnings per Share of Common Stock |
Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Denominator for basic earnings per share - weighted average shares |
i 161,208,194 | i 166,825,601 | i 161,539,991 | i 167,311,995 | ||||||||||||
Effect of dilutive stock options and share units |
i 965,648 | i 1,260,667 | i 995,675 | i 1,276,451 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Denominator for diluted earnings per share |
i 162,173,842 | i 168,086,268 | i 162,535,666 | i 168,588,446 | ||||||||||||
|
|
|
|
|
|
|
|
10. |
Stock Based Compensation |
Weighted- Avg. Per Share Exercise Price |
Number of Options |
Average Remaining Contractual Life |
Aggregate Intrinsic Value (dollars in millions) |
|||||||||||||
Outstanding at January 1, 2020 |
$ | i 37.64 | i 2,728,350 | |||||||||||||
Granted |
i 42.39 | i 784,300 | ||||||||||||||
Exercised |
i 14.79 | ( i 271,844 | ) | |||||||||||||
Forfeited |
i 48.50 | ( i 68,654 | ) | |||||||||||||
|
|
|||||||||||||||
Outstanding at June 30, 2020 |
i 40.54 | i 3,172,152 | i 7 years | $ | i 28.2 | |||||||||||
|
|
|
|
|||||||||||||
Exercisable at June 30, 2020 |
i 38.42 | i 1,922,832 | i 7 years | $ | i 28.2 | |||||||||||
|
|
|
|
Six Months Ended June 30, | ||||||||
2020 | 2019 | |||||||
Expected life (years) |
i 5.7 | i 5.5 | ||||||
Risk-free interest rate |
i 1.6 | % | i 2.7 | % | ||||
Dividend yield |
i 2.1 | % | i 1.6 | % | ||||
Expected volatility |
i 23.6 | % | i 22.8 | % |
10. |
Stock Based Compensation (continued) |
Number of Units | Weighted-Average Grant Date Value |
|||||||
Issued and unvested at January 1, 2020 |
i 366,102 | $ | i 49.92 | |||||
Granted |
i 169,539 | i 42.39 | ||||||
Vested |
( i 100,735 | ) | i 49.21 | |||||
Forfeited |
( i 10,656 | ) | i 52.48 | |||||
|
|
|||||||
Issued and unvested at June 30, 2020 |
i 424,250 | i 46.93 | ||||||
|
|
11. |
Pensions |
Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Service cost |
$ | i 0.3 | $ | i 0.5 | $ | i 0.7 | $ | i 0.9 | ||||||||
Interest cost |
i 5.8 | i 7.8 | i 11.5 | i 15.7 | ||||||||||||
Expected return on plan assets |
( i 13.0 | ) | ( i 14.4 | ) | ( i 26.0 | ) | ( i 28.7 | ) | ||||||||
Amortization of unrecognized loss |
i 5.0 | i 4.0 | i 9.9 | i 8.0 | ||||||||||||
Amortization of prior service cost |
( i 0.1 | ) | ( i 0.1 | ) | ( i 0.2 | ) | ( i 0.2 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Defined benefit plan income |
$ | ( i 2.0 | ) | $ | ( i 2.2 | ) | $ | ( i 4.1 | ) | $ | ( i 4.3 | ) | ||||
|
|
|
|
|
|
|
|
12. |
Segment Results |
12. |
Segment Results (continued) |
(dollars in millions) |
||||||||||||||||
Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Net sales |
||||||||||||||||
North America |
$ | i 480.5 | $ | i 524.0 | $ | i 1,013.4 | $ | i 1,045.8 | ||||||||
Rest of World |
i 189.7 | i 249.1 | i 299.9 | i 481.2 | ||||||||||||
Inter-segment |
( i 6.3 | ) | ( i 7.7 | ) | ( i 12.5 | ) | ( i 13.4 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | i 663.9 | $ | i 765.4 | $ | i 1,300.8 | $ | i 1,513.6 | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Segment earnings |
||||||||||||||||
North America (1) |
$ | i 105.4 | $ | i 122.9 | $ | i 232.5 | $ | i 238.9 | ||||||||
Rest of World (2) |
( i 5.8 | ) | i 22.4 | ( i 48.0 | ) | i 34.7 | ||||||||||
Inter-segment |
( i 0.3 | ) | ( i 0.1 | ) | ( i 0.3 | ) | ( i 0.1 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
i 99.3 | i 145.2 | i 184.2 | i 273.5 | |||||||||||||
Corporate expense |
( i 9.8 | ) | ( i 9.6 | ) | ( i 24.8 | ) | ( i 24.3 | ) | ||||||||
Interest expense |
( i 2.5 | ) | ( i 3.4 | ) | ( i 4.7 | ) | ( i 5.4 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Earnings before income taxes |
i 87.0 | i 132.2 | i 154.7 | i 243.8 | ||||||||||||
Provision for income taxes |
i 19.2 | i 30.1 | i 35.2 | i 52.4 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net earnings |
$ | i 67.8 | $ | i 102.1 | $ | i 119.5 | $ | i 191.4 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
(1) includes severance and restructuring expenses of: |
$ | i 2.2 | $ | i — | $ | i 2.2 | $ | i — | ||||||||
(2) includes severance and restructuring expenses of: |
$ | i 3.9 | $ | i — | $ | i 3.9 | $ | i — |
13. |
Fair Value Measurements |
(dollars in millions) |
||||||||
Fair Value Measurement Using |
June 30, 2020 | December 31, 2019 | ||||||
Quoted prices in active markets for identical assets (Level 1) |
$ | i 126.0 | $ | i 177.4 | ||||
Significant other observable inputs (Level 2) |
( i 0.4 | ) | i 6.9 |
13. |
Fair Value Measurements (continued) |
14. |
Derivative Instruments |
(dollars in millions) |
||||||||||||||||
June 30, 2020 | December 31, 2019 | |||||||||||||||
Buy | Sell | Buy | Sell | |||||||||||||
British pound |
$ | — | $ | i 0.6 | $ | — | $ | i 1.3 | ||||||||
Canadian dollar |
— | i 39.6 | — | i 49.7 | ||||||||||||
Euro |
i 24.6 | — | i 36.0 | — | ||||||||||||
Mexican peso |
i 23.6 | — | i 18.6 | — | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ | i 48.2 | $ | i 40.2 | $ | i 54.6 | $ | i 51.0 | ||||||||
|
|
|
|
|
|
|
|
14. |
Derivative Instruments (continued) |
(dollars in millions) |
||||||||||
Balance Sheet Location |
June 30, 2020 |
December 31, 2019 |
||||||||
Foreign currency contracts |
Other current assets |
$ | i 1.6 | $ | i 8.4 | |||||
Accrued liabilities |
( i 1.9 | ) | ( i 1.5 | ) | ||||||
Commodities contracts |
Accrued liabilities |
( i 0.1 | ) | — | ||||||
|
|
|
|
|||||||
Total derivatives designated as hedging instruments |
$ | ( i 0.4 | ) | $ | i 6.9 | |||||
|
|
|
|
14. |
Derivative Instruments (continued) |
Derivatives in ASC 815 cash flow hedging relationships |
Amount of gain (loss) recognized in other comprehensive loss on derivatives |
Location of gain (loss) reclassified from accumulated other comprehensive loss into earnings |
Amount of gain (loss) reclassified from accumulated other comprehensive loss into earnings |
|||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||
Foreign currency contracts |
$ | ( i 0.6 | ) | $ | i 0.5 | Cost of products sold | $ | i 0.5 | $ | i — | ||||||||||
Commodities contracts |
i 0.1 | ( i 0.3 | ) | Cost of products sold | i — | ( i 0.8 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
$ | ( i 0.5 | ) | $ | i 0.2 | $ | i 0.5 | $ | ( i 0.8 | ) | |||||||||||
|
|
|
|
|
|
|
|
Derivatives in ASC 815 cash flow hedging relationships |
Amount of gain (loss) recognized in other comprehensive loss on derivatives |
Location of gain (loss) reclassified from accumulated other comprehensive loss into earnings |
Amount of gain (loss) reclassified from accumulated other comprehensive loss into earnings |
|||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||
Foreign currency contracts |
$ | i 0.8 | $ | i 0.6 | Cost of products sold | $ | i 1.3 | $ | i — | |||||||||||
Commodities contracts |
( i 0.1 | ) | ( i 0.5 | ) | Cost of products sold | i — | ( i 0.8 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
$ | i 0.7 | $ | i 0.1 | $ | i 1.3 | $ | ( i 0.8 | ) | ||||||||||||
|
|
|
|
|
|
|
|
15. |
Income Taxes |
16. |
Commitments and Contingencies |
17. |
Changes in Accumulated Other Comprehensive Loss by Component |
(dollars in millions) |
||||||||
Three Months Ended June 30, |
||||||||
2020 | 2019 | |||||||
Cumulative foreign currency translation |
||||||||
Balance at beginning of period |
$ | ( i 84.2 | ) | $ | ( i 49.0 | ) | ||
Other comprehensive income (loss) before reclassifications |
i 3.7 | ( i 10.1 | ) | |||||
|
|
|
|
|||||
Balance at end of period |
( i 80.5 | ) | ( i 59.1 | ) | ||||
|
|
|
|
|||||
Unrealized net gain (loss) on cash flow derivatives |
||||||||
Balance at beginning of period |
i 0.5 | ( i 0.8 | ) | |||||
Other comprehensive (loss) gain before reclassifications |
( i 0.4 | ) | i 0.1 | |||||
Realized (gains) losses on derivatives reclassified to cost of products sold (net of income tax provision (benefit) of $ i 0.1 and ($ i 0.2)
in 2020 and 2019, respectively) |
( i 0.4 | ) | i 0.6 | |||||
|
|
|
|
|||||
Balance at end of period |
( i 0.3 | ) | ( i 0.1 | ) | ||||
|
|
|
|
|||||
Pension liability |
||||||||
Balance at beginning of period |
( i 278.7 | ) | ( i 282.3 | ) | ||||
Amounts reclassified from accumulated other comprehensive loss: (1) |
i 3.7 | i 3.1 | ||||||
|
|
|
|
|||||
Balance at end of period |
( i 275.0 | ) | ( i 279.2 | ) | ||||
|
|
|
|
|||||
Accumulated other comprehensive loss, end of period |
$ | ( i 355.8 | ) | $ | ( i 338.4 | ) | ||
|
|
|
|
|||||
(1) Amortization of pension items: |
||||||||
Actuarial losses |
$ | i 5.0 | (2) |
$ | i 4.0 | (2) | ||
Prior year service cost |
( i 0.1 | ) (2) |
( i 0.1 | ) (2) | ||||
|
|
|
|
|||||
i 4.9 | i 3.9 | |||||||
Income tax benefit |
( i 1.2 | ) | ( i 0.8 | ) | ||||
|
|
|
|
|||||
Reclassification net of income tax benefit |
$ | i 3.7 | $ | i 3.1 | ||||
|
|
|
|
(2) |
These accumulated other comprehensive loss components are included in the computation of net periodic pension cost. See Note 11 - Pensions for additional details |
17. |
Changes in Accumulated Other Comprehensive Loss by Component (continued) |
(dollars in millions) |
||||||||
Six Months Ended June 30, |
||||||||
2020 | 2019 | |||||||
Cumulative foreign currency translation |
||||||||
Balance at beginning of period |
$ | ( i 66.2 | ) | $ | ( i 64.9 | ) | ||
Other comprehensive (loss) income before reclassifications |
( i 14.3 | ) | i 5.8 | |||||
|
|
|
|
|||||
Balance at end of period |
( i 80.5 | ) | ( i 59.1 | ) | ||||
|
|
|
|
|||||
Unrealized net gain on cash flow derivatives |
||||||||
Balance at beginning of period |
i 0.2 | ( i 0.7 | ) | |||||
Other comprehensive gain before reclassifications |
i 0.5 | i — | ||||||
Realized (gains) losses on derivatives reclassified to cost of products sold (net of income tax provision (benefit) of $ i 0.3 and ($ i 0.2)
in 2020 and 2019, respectively) |
( i 1.0 | ) | i 0.6 | |||||
|
|
|
|
|||||
Balance at end of period |
( i 0.3 | ) | ( i 0.1 | ) | ||||
|
|
|
|
|||||
Pension liability |
||||||||
Balance at beginning of period |
( i 282.3 | ) | ( i 285.2 | ) | ||||
Amounts reclassified from accumulated other comprehensive loss: (1) |
i 7.3 | i 6.0 | ||||||
|
|
|
|
|||||
Balance at end of period |
( i 275.0 | ) | ( i 279.2 | ) | ||||
|
|
|
|
|||||
Accumulated other comprehensive loss, end of period |
$ | ( i 355.8 | ) | $ | ( i 338.4 | ) | ||
|
|
|
|
|||||
(1) Amortization of pension items: |
||||||||
Actuarial losses |
$ | i 9.9 | (2) |
$ | i 8.0 | (2) | ||
Prior year service cost |
( i 0.2 | ) (2) |
( i 0.2 | ) (2) | ||||
|
|
|
|
|||||
i 9.7 | i 7.8 | |||||||
Income tax benefit |
( i 2.4 | ) | ( i 1.8 | ) | ||||
|
|
|
|
|||||
Reclassification net of income tax benefit |
$ | i 7.3 | $ | i 6.0 | ||||
|
|
|
|
(2) |
These accumulated other comprehensive loss components are included in the computation of net periodic pension cost. See Note 11 - Pensions for additional details |
Three Months Ended June 30, |
Six Months Ended |
|||||||||||||||
2019 |
2020 |
2019 |
||||||||||||||
Net Earnings (GAAP) |
$ |
67.8 |
$ |
102.1 |
$ |
119.5 |
$ |
191.4 |
||||||||
Severance and restructuring expenses, before tax |
6.1 |
— |
6.1 |
— |
||||||||||||
Tax effect of severance and restructuring expenses |
(1.1 |
) |
— |
(1.1 |
) |
— |
||||||||||
|
|
|
|
|
|
|
|
|||||||||
Adjusted Earnings |
$ |
72.8 |
$ |
102.1 |
$ |
124.5 |
$ |
191.4 |
||||||||
|
|
|
|
|
|
|
|
|||||||||
Diluted EPS (GAAP) |
$ |
0.42 |
$ |
0.61 |
$ |
0.74 |
$ |
1.14 |
||||||||
Severance and restructuring expenses, per diluted share |
0.04 |
— |
0.04 |
— |
||||||||||||
Tax effect of severance and restructuring expenses per diluted share |
(0.01 |
) |
— |
(0.01 |
) |
— |
||||||||||
|
|
|
|
|
|
|
|
|||||||||
Adjusted EPS |
$ |
0.45 |
$ |
0.61 |
$ |
0.77 |
$ |
1.14 |
||||||||
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||
2019 |
2020 |
2019 |
||||||||||||||
Segment Earnings (GAAP) |
||||||||||||||||
North America |
$ |
105.4 |
$ |
122.9 |
$ |
232.5 |
$ |
238.9 |
||||||||
Rest of World |
(5.8 |
) |
22.4 |
(48.0 |
) |
34.7 |
||||||||||
Inter-segment earnings elimination |
(0.3 |
) |
(0.1 |
) |
(0.3 |
) |
(0.1 |
) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Segment Earnings (GAAP) |
$ |
99.3 |
$ |
145.2 |
$ |
184.2 |
$ |
273.5 |
||||||||
|
|
|
|
|
|
|
|
|||||||||
Adjustments |
||||||||||||||||
North America (1) |
$ |
2.2 |
$ |
— |
$ |
2.2 |
$ |
— |
||||||||
Rest of World (2) |
3.9 |
— |
3.9 |
— |
||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Adjustments |
$ |
6.1 |
$ |
— |
$ |
6.1 |
$ |
— |
||||||||
|
|
|
|
|
|
|
|
|||||||||
Adjusted Segment Earnings |
||||||||||||||||
North America |
$ |
107.6 |
$ |
122.9 |
$ |
234.7 |
$ |
238.9 |
||||||||
Rest of World |
(1.9 |
) |
22.4 |
(44.1 |
) |
34.7 |
||||||||||
Inter-segment earnings elimination |
(0.3 |
) |
(0.1 |
) |
(0.3 |
) |
(0.1 |
) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Adjusted Segment Earnings |
$ |
105.4 |
$ |
145.2 |
$ |
190.3 |
$ |
273.5 |
||||||||
|
|
|
|
|
|
|
|
(1) |
In the second quarter of 2020, the Company recognized $2.2 million of severance and restructuring expenses. For additional information, see Note 4 of the notes to the financial statements. |
(2) |
In the second quarter of 2020, the Company recognized $3.9 million of severance and restructuring expenses. For additional information, see Note 4 of the notes to the financial statements. |
2020 Guidance | 2019 | |||||||
Diluted EPS (GAAP) |
$ | 1.69 - 1.83 | $ | 2.22 | ||||
Severance and Restructuring expenses per diluted share, net of tax |
0.03 | — | ||||||
|
|
|
|
|||||
Adjusted EPS |
$ | 1.72 - 1.86 |
$ | 2.22 | ||||
|
|
|
|
• | The risk that we, or our employees, suppliers or customers may be prevented from conducting business activities for an indefinite period of time, including shutdowns that may be requested or mandated by governmental authorities. |
• | Restrictions on shipping products from certain jurisdictions where they are produced or into certain jurisdictions where customers are located. |
• | Inability to meet our customers’ needs and achieve cost targets due to disruptions in our manufacturing and supply arrangements caused by the loss or disruption of essential manufacturing and supply elements, such as raw materials or other finished product components, transportation, workforce or other manufacturing and distribution capability. |
• | Failure of third parties on which we rely, including our suppliers, distributors, contractors and commercial banks, to meet their obligations to us, or significant disruptions in their ability to do so, which may be caused by their own financial or operational difficulties, or mandated shutdowns by governmental authorities, may adversely impact our operations. |
• | Significant reductions in demand or significant volatility in demand and a global economic recession that could further reduce demand for our products, resulting from actions taken by governments, businesses, and/or the general public in an effort to limit exposure to and spreading of such infectious diseases, such as travel restrictions, quarantines, and business shutdowns or slowdowns. |
• | Manufacturing plant inefficiencies due to safety and preventative health measures that we have implemented in our plants to prevent the spread of COVID-19. |
• | Deterioration of worldwide capital, credit, and financial markets that could limit our ability to obtain external financing to fund our operations and capital expenditures. |
Exhibit Number |
Description | |
31.1 | Certification of the Chief Executive Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934. | |
31.2 | Certification of the Chief Financial Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934. | |
32.1 | Written Statement of the Chief Executive Officer Pursuant to 18 U.S.C. Section 1350 | |
32.2 | Written Statement of the Chief Financial Officer Pursuant to 18 U.S.C. Section 1350 | |
101 | The following materials from A. O. Smith Corporation’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2020 are filed herewith, formatted in XBRL (Extensive Business Reporting Language): (i) the Condensed Consolidated Statement of Earnings for the three and six months ended June 30, 2020 and 2019, (ii) the Condensed Consolidated Statement of Comprehensive Earnings for the three and six months ended June 30, 2020 and 2019, (iii) the Condensed Consolidated Balance Sheets as of June 30, 2020, and December 31, 2019 (iv) the Condensed
Consolidated Statement of Cash Flows for the six months ended June 30, 2020 and 2019 (v) the Condensed Consolidated Statement of Stockholders’ Equity for the three and six months ended June 30, 2020 and 2019 (vi) the Notes to Condensed Consolidated Financial Statements. |
A. O. SMITH CORPORATION | ||||||
August 5, 2020 | /s/ Helen E. Gurholt | |||||
Helen E. Gurholt | ||||||
Vice President and Controller | ||||||
Charles T. Lauber | ||||||
Executive Vice President and | ||||||
Chief Financial Officer |
This ‘10-Q’ Filing | Date | Other Filings | ||
---|---|---|---|---|
12/15/21 | ||||
1/1/21 | ||||
8/17/20 | ||||
Filed on: | 8/5/20 | |||
7/31/20 | ||||
7/13/20 | ||||
For Period end: | 6/30/20 | |||
6/24/20 | ||||
4/15/20 | 4, 8-K, DEF 14A | |||
4/1/20 | ||||
3/31/20 | 10-Q | |||
3/18/20 | ||||
2/24/20 | 10-K, 8-K | |||
2/13/20 | 4, SC 13G | |||
2/12/20 | 4, SC 13G/A | |||
1/24/20 | ||||
1/1/20 | ||||
12/31/19 | 10-K, 11-K, 5, SD | |||
11/22/19 | ||||
11/12/19 | 4 | |||
11/6/19 | 10-Q | |||
8/20/19 | ||||
6/30/19 | 10-Q | |||
5/28/19 | ||||
4/8/19 | 8-K | |||
1/1/07 | ||||
List all Filings |