2024 Q2 Form 10-Q Financial Statement

#000162828024017634 Filed on April 24, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $1.451B $1.047B
YoY Change 2.81% -0.22%
Cost Of Revenue $962.9M $707.1M
YoY Change 0.98% -4.81%
Gross Profit $488.2M $340.0M
YoY Change 6.64% 10.89%
Gross Profit Margin 33.64% 32.47%
Selling, General & Admin $168.5M $168.3M
YoY Change -7.06% 0.48%
% of Gross Profit 34.51% 49.5%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $25.20M $24.00M
YoY Change 20.57% 22.45%
% of Gross Profit 5.16% 7.06%
Operating Expenses $168.5M $171.0M
YoY Change -6.6% 2.09%
Operating Profit $320.1M $169.0M
YoY Change 15.39% 21.15%
Interest Expense $12.50M -$12.00M
YoY Change -227.55% -184.51%
% of Operating Profit 3.91% -7.1%
Other Income/Expense, Net -$300.0K -$800.0K
YoY Change
Pretax Income $307.0M $154.2M
YoY Change 16.42% 23.26%
Income Tax $61.10M $29.90M
% Of Pretax Income 19.9% 19.39%
Net Earnings $245.9M $124.3M
YoY Change 13.21% 26.84%
Net Earnings / Revenue 16.95% 11.87%
Basic Earnings Per Share $6.91 $3.49
Diluted Earnings Per Share $6.87 $3.47
COMMON SHARES
Basic Shares Outstanding 35.62M shares 35.59M shares
Diluted Shares Outstanding 35.80M shares 35.80M shares

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $57.80M $57.60M
YoY Change -1.37% 21.26%
Cash & Equivalents $47.60M $45.70M
Short-Term Investments $10.20M $11.90M
Other Short-Term Assets $72.60M $67.50M
YoY Change 5.83% -12.9%
Inventory $776.3M $823.4M
Prepaid Expenses
Receivables $858.6M $616.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.765B $1.565B
YoY Change -3.37% -6.41%
LONG-TERM ASSETS
Property, Plant & Equipment $740.8M $982.8M
YoY Change -9.96% 73.27%
Goodwill $219.9M $219.9M
YoY Change 17.97% 18.04%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $161.3M $218.2M
YoY Change 10.94% 133.37%
Total Long-Term Assets $1.457B $1.421B
YoY Change 26.17% 29.31%
TOTAL ASSETS
Total Short-Term Assets $1.765B $1.565B
Total Long-Term Assets $1.457B $1.421B
Total Assets $3.222B $2.985B
YoY Change 8.07% 7.76%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $450.8M $437.8M
YoY Change -4.11% -1.62%
Accrued Expenses $393.0M $355.4M
YoY Change -17.32% 4.01%
Deferred Revenue $5.000M $3.600M
YoY Change -62.69% -71.2%
Short-Term Debt $147.0M $250.0M
YoY Change
Long-Term Debt Due $14.00M $22.50M
YoY Change -98.16% -96.58%
Total Short-Term Liabilities $1.105B $1.097B
YoY Change -36.59% -28.11%
LONG-TERM LIABILITIES
Long-Term Debt $1.127B $1.154B
YoY Change 37.8% 14.22%
Other Long-Term Liabilities $179.9M $365.5M
YoY Change -49.9% 127.3%
Total Long-Term Liabilities $179.9M $1.519B
YoY Change -84.71% 844.78%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.105B $1.097B
Total Long-Term Liabilities $179.9M $1.519B
Total Liabilities $2.645B $2.617B
YoY Change -9.39% -9.66%
SHAREHOLDERS EQUITY
Retained Earnings $3.796B $3.591B
YoY Change 14.72% 14.7%
Common Stock $1.199B $1.192B
YoY Change 2.44% 2.54%
Preferred Stock
YoY Change
Treasury Stock (at cost) $4.357B $4.356B
YoY Change 0.36% 0.36%
Treasury Stock Shares
Shareholders Equity $577.4M $368.8M
YoY Change
Total Liabilities & Shareholders Equity $3.222B $2.985B
YoY Change 8.07% 7.76%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income $245.9M $124.3M
YoY Change 13.21% 26.84%
Depreciation, Depletion And Amortization $25.20M $24.00M
YoY Change 20.57% 22.45%
Cash From Operating Activities $184.0M -$22.80M
YoY Change -5.88% -71.07%
INVESTING ACTIVITIES
Capital Expenditures $32.70M $29.50M
YoY Change -34.47% -16.67%
Acquisitions
YoY Change
Other Investing Activities $6.200M -$1.200M
YoY Change 376.92% -170.59%
Cash From Investing Activities -$26.50M -$30.70M
YoY Change -45.47% -8.9%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -160.7M 42.40M
YoY Change 19.13% -58.06%
NET CHANGE
Cash From Operating Activities 184.0M -22.80M
Cash From Investing Activities -26.50M -30.70M
Cash From Financing Activities -160.7M 42.40M
Net Change In Cash -3.200M -11.10M
YoY Change -126.67% -2.63%
FREE CASH FLOW
Cash From Operating Activities $184.0M -$22.80M
Capital Expenditures $32.70M $29.50M
Free Cash Flow $151.3M -$52.30M
YoY Change 3.91% -54.2%

Facts In Submission

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CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
60700000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
52600000 usd
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
45700000 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
40400000 usd
CY2024Q1 us-gaap Interest Paid Net
InterestPaidNet
21800000 usd
CY2023Q1 us-gaap Interest Paid Net
InterestPaidNet
13000000.0 usd
CY2024Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
4000000.0 usd
CY2023Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
34400000 usd
CY2024Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="text-align:justify;text-indent:13.5pt"><span><br/></span></div><div style="text-align:justify;text-indent:13.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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. </span></div>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.
CY2024Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 segment
CY2024Q1 us-gaap Revenues
Revenues
1047100000 usd
CY2023Q1 us-gaap Revenues
Revenues
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CY2024Q1 lii Segment Profit And Loss
SegmentProfitAndLoss
166800000 usd
CY2023Q1 lii Segment Profit And Loss
SegmentProfitAndLoss
141700000 usd
CY2024Q1 lii Segment Reporting Reconciling Item In Losses And Other Expenses From Segment To Consolidated Amount
SegmentReportingReconcilingItemInLossesAndOtherExpensesFromSegmentToConsolidatedAmount
0 usd
CY2023Q1 lii Segment Reporting Reconciling Item In Losses And Other Expenses From Segment To Consolidated Amount
SegmentReportingReconcilingItemInLossesAndOtherExpensesFromSegmentToConsolidatedAmount
-2200000 usd
CY2024Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
166800000 usd
CY2023Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
139500000 usd
CY2024Q1 us-gaap Net Income Loss
NetIncomeLoss
124300000 usd
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
98000000.0 usd
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
35600000 shares
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
35500000 shares
CY2024Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
200000 shares
CY2023Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
100000 shares
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
35800000 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
35600000 shares
CY2024Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
3.49
CY2024Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
3.49
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.76
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.76
CY2024Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
3.47
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.75
CY2024Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0 shares
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
300000 shares
CY2024Q1 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
1900000 usd
CY2024Q1 lii Operating Lease Right Of Use Asset Percentage Related To Leases Of Real Estate
OperatingLeaseRightOfUseAssetPercentageRelatedToLeasesOfRealEstate
0.75
CY2024Q1 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
45400000 usd
CY2023Q4 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
45400000 usd
CY2024Q1 us-gaap Product Warranty Accrual Noncurrent
ProductWarrantyAccrualNoncurrent
102200000 usd
CY2023Q4 us-gaap Product Warranty Accrual Noncurrent
ProductWarrantyAccrualNoncurrent
97400000 usd
CY2024Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
147600000 usd
CY2023Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
142800000 usd
CY2023Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
142800000 usd
CY2024Q1 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
7000000.0 usd
CY2024Q1 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
11600000 usd
CY2024Q1 us-gaap Product Warranty Accrual Preexisting Increase Decrease
ProductWarrantyAccrualPreexistingIncreaseDecrease
400000 usd
CY2024Q1 us-gaap Standard And Extended Product Warranty Accrual Foreign Currency Translation Gain Loss
StandardAndExtendedProductWarrantyAccrualForeignCurrencyTranslationGainLoss
-200000 usd
CY2024Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
147600000 usd
CY2024Q1 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
4000000000 usd
CY2021Q3 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
1000000000 usd
CY2024Q1 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
546000000 usd
CY2024Q1 us-gaap Revenues
Revenues
1047100000 usd
CY2023Q1 us-gaap Revenues
Revenues
1049400000 usd
CY2023Q4 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
2200000 usd
CY2024Q1 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
3600000 usd
CY2023Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
4700000 usd
CY2024Q1 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
7500000 usd
CY2023Q4 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
7500000 usd
CY2024Q1 lii Contractwith Customer Asset Liability Net
ContractwithCustomerAssetLiabilityNet
-9200000 usd
CY2023Q4 lii Contractwith Customer Asset Liability Net
ContractwithCustomerAssetLiabilityNet
-10000000.0 usd
CY2024Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
5700000 usd
CY2023Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
3000000 usd
CY2024Q1 us-gaap Inventory Finished Goods
InventoryFinishedGoods
615600000 usd
CY2023Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
509400000 usd
CY2024Q1 us-gaap Inventory Work In Process
InventoryWorkInProcess
7900000 usd
CY2023Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
9600000 usd
CY2024Q1 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
334000000.0 usd
CY2023Q4 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
314200000 usd
CY2024Q1 us-gaap Inventory Gross
InventoryGross
957500000 usd
CY2023Q4 us-gaap Inventory Gross
InventoryGross
833200000 usd
CY2024Q1 us-gaap Inventory Lifo Reserve
InventoryLIFOReserve
134100000 usd
CY2023Q4 us-gaap Inventory Lifo Reserve
InventoryLIFOReserve
134100000 usd
CY2024Q1 us-gaap Inventory Net
InventoryNet
823400000 usd
CY2023Q4 us-gaap Inventory Net
InventoryNet
699100000 usd
CY2023Q4 us-gaap Goodwill
Goodwill
222100000 usd
CY2024Q1 us-gaap Goodwill Purchase Accounting Adjustments
GoodwillPurchaseAccountingAdjustments
2200000 usd
CY2024Q1 us-gaap Goodwill
Goodwill
219900000 usd
CY2024Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6600000 usd
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6100000 usd
CY2024Q1 us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
400000 usd
CY2023Q1 us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
600000 usd
CY2024Q1 us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
2200000 usd
CY2023Q1 us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
2200000 usd
CY2024Q1 us-gaap Defined Benefit Plan Expected Return On Plan Assets
DefinedBenefitPlanExpectedReturnOnPlanAssets
1900000 usd
CY2023Q1 us-gaap Defined Benefit Plan Expected Return On Plan Assets
DefinedBenefitPlanExpectedReturnOnPlanAssets
2400000 usd
CY2024Q1 us-gaap Defined Benefit Plan Amortization Of Gains Losses
DefinedBenefitPlanAmortizationOfGainsLosses
-300000 usd
CY2023Q1 us-gaap Defined Benefit Plan Amortization Of Gains Losses
DefinedBenefitPlanAmortizationOfGainsLosses
-200000 usd
CY2024Q1 us-gaap Defined Benefit Plan Other Costs
DefinedBenefitPlanOtherCosts
100000 usd
CY2023Q1 us-gaap Defined Benefit Plan Other Costs
DefinedBenefitPlanOtherCosts
-100000 usd
CY2024Q1 us-gaap Defined Benefit Plan Recognized Net Gain Loss Due To Settlements And Curtailments1
DefinedBenefitPlanRecognizedNetGainLossDueToSettlementsAndCurtailments1
0 usd
CY2023Q1 us-gaap Defined Benefit Plan Recognized Net Gain Loss Due To Settlements And Curtailments1
DefinedBenefitPlanRecognizedNetGainLossDueToSettlementsAndCurtailments1
-200000 usd
CY2024Q1 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
1100000 usd
CY2023Q1 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
700000 usd
CY2024Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
4300000 usd
CY2024Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
4300000 usd
CY2024Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.194
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.217
CY2024Q1 us-gaap Commercial Paper
CommercialPaper
250000000.0 usd
CY2023Q4 us-gaap Commercial Paper
CommercialPaper
150000000.0 usd
CY2024Q1 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
22500000 usd
CY2023Q4 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
12100000 usd
CY2024Q1 us-gaap Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
22500000 usd
CY2023Q4 us-gaap Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
12100000 usd
CY2024Q1 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
50500000 usd
CY2023Q4 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
32700000 usd
CY2024Q1 us-gaap Deferred Finance Costs Noncurrent Gross
DeferredFinanceCostsNoncurrentGross
8800000 usd
CY2023Q4 us-gaap Deferred Finance Costs Noncurrent Gross
DeferredFinanceCostsNoncurrentGross
9600000 usd
CY2024Q1 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
1153700000 usd
CY2023Q4 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
1143100000 usd
CY2024Q1 us-gaap Debt And Capital Lease Obligations
DebtAndCapitalLeaseObligations
1426200000 usd
CY2023Q4 us-gaap Debt And Capital Lease Obligations
DebtAndCapitalLeaseObligations
1305200000 usd
CY2024Q1 us-gaap Commercial Paper
CommercialPaper
250000000.0 usd
CY2024Q1 lii Noncashpensionsettlementloss
Noncashpensionsettlementloss
0 usd
CY2023Q1 lii Noncashpensionsettlementloss
Noncashpensionsettlementloss
200000 usd
CY2023Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-56900000 usd
CY2024Q1 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
-2700000 usd
CY2024Q1 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-1700000 usd
CY2024Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-1000000.0 usd
CY2024Q1 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-57900000 usd
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false

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