UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 10-Q
(MARK ONE)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY
PERIOD ENDED JUNE 30, 2004
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number 001-15149
LENNOX INTERNATIONAL INC.
Internal Revenue Service Employer Identification No. 42-0991521
2140 LAKE PARK BLVD.
RICHARDSON, TEXAS
75080
(972-497-5000)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes [ ] No [X]
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act.)
Yes [X] No [ ]
As of June 30, 2004, the number of shares outstanding of the registrant’s common stock, par value $.01 per share, was 60,130,582.
LENNOX INTERNATIONAL INC.
INTRODUCTORY NOTE
Lennox International Inc. (“LII” or the “Company”) is filing this Quarterly Report on Form 10-Q to reflect the unaudited consolidated financial statements for the quarter ended June 30, 2004 and the restatement of its unaudited consolidated financial statements for the quarter ended June 30, 2003. As a result of the restatement, which is described in Note 2, “Restatement of Previously-Issued Financial Statements” in the accompanying consolidated financial statements, LII delayed filing this Quarterly Report on Form 10-Q for the quarter ended June 30, 2004.
The following discussion details certain public disclosures LII has made regarding the restatement and the subsequent delay in filing this Quarterly Report on Form 10-Q:
| • | On March 11, 2004, LII furnished a Current Report on Form 8-K that included a press release announcing that its unaudited earnings for 2003 would be revised pending completion of an internal inquiry being conducted by the Audit Committee of LII’s Board of Directors. | |||
| • | On August 9, 2004, LII filed a notification of late filing on Form 12b-25 disclosing that LII was delaying the filing of its Quarterly Report on Form 10-Q for the quarter ended June 30, 2004 pending review and finalization of the appropriate treatment of accounting adjustments with its external auditors. | |||
| • | On August 18, 2004, LII reported unaudited first and second quarter 2004 earnings results and on August 19, 2004 held a publicly accessible teleconference call to discuss the quarterly results. During the teleconference, LII indicated the investigation was complete and that it would file its Annual Report on Form 10-K for the year ended December 31, 2003 and its Quarterly Reports on Form 10-Q for the first and second quarters of 2004 with the SEC as soon as possible. | |||
| • | On October 21, 2004, LII filed its Annual Report on Form 10-K for the year ended December 31, 2003. | |||
The unaudited consolidated financial statements for the quarter ended June 30, 2003 contained in this quarterly report supersede the unaudited consolidated financial statements contained in its Quarterly Report on Form 10-Q that was previously filed on August 13, 2003 (“Original Filing”). The unaudited consolidated financial statements and financial information contained in the Original Filing have been revised herein to reflect the restatement adjustments described in Note 2 of its consolidated financial statements. LII does not intend to amend its Quarterly Reports on Form 10-Q for the periods affected by the restatement that ended prior to December 31, 2003. As a result, the financial statements and related information contained in such reports referenced above should no longer be relied upon.
2
LENNOX INTERNATIONAL INC.
INDEX
3
PART I — FINANCIAL INFORMATION
Item 1. Financial Statements.
LENNOX INTERNATIONAL INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
As of June 30, 2004 and December 31, 2003
(In millions, except share data)
| June 30, | December 31, | |||||||
| 2004 |
2003 |
|||||||
| (unaudited) | ||||||||
ASSETS |
||||||||
CURRENT ASSETS: |
||||||||
Cash and cash equivalents |
$ | 72.4 | $ | 76.1 | ||||
Accounts and notes receivable, net |
389.3 | 416.6 | ||||||
Inventories |
285.9 | 214.1 | ||||||
Deferred income taxes |
33.8 | 33.4 | ||||||
Other assets |
33.9 | 37.0 | ||||||
Assets held for sale |
59.3 | 87.3 | ||||||
Total current assets |
874.6 | 864.5 | ||||||
PROPERTY, PLANT AND EQUIPMENT, net |
221.1 | 229.6 | ||||||
GOODWILL, net |
221.6 | 434.0 | ||||||
DEFERRED INCOME TAXES |
84.7 | 59.7 | ||||||
OTHER ASSETS |
140.8 | 138.8 | ||||||
TOTAL ASSETS |
$ | 1,542.8 | $ | 1,726.6 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY |
||||||||
CURRENT LIABILITIES: |
||||||||
Short-term debt |
$ | 6.5 | 3.6 | |||||
Current maturities of long-term debt |
36.3 | 21.4 | ||||||
Accounts payable |
285.5 | 247.3 | ||||||
Accrued expenses |
267.2 | 279.1 | ||||||
Income taxes payable |
46.4 | 35.3 | ||||||
Liabilities held for sale |
19.7 | 28.6 | ||||||
Total current liabilities |
661.6 | 615.3 | ||||||
LONG-TERM DEBT |
274.2 | 337.3 | ||||||
POSTRETIREMENT BENEFITS, OTHER THAN PENSIONS |
14.7 | 13.8 | ||||||
PENSIONS |
91.1 | 94.1 | ||||||
OTHER LIABILITIES |
82.7 | 81.9 | ||||||
Total liabilities |
1,124.3 | 1,142.4 | ||||||
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY: |
||||||||
Preferred stock, $.01 par value, 25,000,000 shares authorized,
no shares issued or outstanding |
— | — | ||||||
Common stock, $.01 par value, 200,000,000 shares authorized,
65,167,132 shares and 64,247,203 shares issued
for 2004 and 2003 respectively |
0.7 | 0.6 | ||||||
Additional paid-in capital |
432.9 | 420.4 | ||||||
Retained earnings |
46.5 | 218.9 | ||||||
Accumulated other comprehensive loss |
(17.7 | ) | (6.4 | ) | ||||
Deferred compensation |
(12.8 | ) | (18.2 | ) | ||||
Treasury stock, at cost, 3,043,916 shares for 2004 and 2003 |
(31.1 | ) | (31.1 | ) | ||||
Total stockholders’ equity |
418.5 | 584.2 | ||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
$ | 1,542.8 | $ | 1,726.6 | ||||
The accompanying notes are an integral part of these consolidated financial statements.
4
LENNOX INTERNATIONAL INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
For the Three Months and Six Months Ended June 30, 2004 and 2003
(Unaudited, in millions, except per share data)
| For the | For the | |||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||
| June 30, |
June 30, |
|||||||||||||||
| Restated | Restated | |||||||||||||||
| 2004 |
2003 |
2004 |
2003 |
|||||||||||||
NET SALES |
$ | 805.4 | $ | 746.1 | $ | 1,469.4 | $ | 1,332.1 | ||||||||
COST OF GOODS SOLD |
530.1 | 490.9 | 968.5 | 883.0 | ||||||||||||
Gross Profit |
275.3 | 255.2 | 500.9 | 449.1 | ||||||||||||
OPERATING EXPENSES: |
||||||||||||||||
Selling, general and administrative expense |
208.3 | 202.6 | 415.4 | 384.8 | ||||||||||||
Goodwill impairment |
— | — | 208.3 | — | ||||||||||||
Losses and other expenses |
— | 0.1 | — | 0.9 | ||||||||||||
Operational income (loss) from continuing operations |
67.0 | 52.5 | (122.8 | ) | 63.4 | |||||||||||
INTEREST EXPENSE, net |
8.9 | 7.8 | 16.4 | 14.5 | ||||||||||||
OTHER INCOME |
(0.7 | ) | (1.3 | ) | (0.4 | ) | (1.9 | ) | ||||||||
Income (loss) from continuing operations before
income taxes |
58.8 | 46.0 | (138.8 | ) | 50.8 | |||||||||||
PROVISION FOR INCOME TAXES |
22.3 | 16.5 | 3.2 | 17.9 | ||||||||||||
Income (loss) from continuing operations |
36.5 | 29.5 | (142.0 | ) | 32.9 | |||||||||||
DISCONTINUED OPERATIONS (NOTE 10): |
||||||||||||||||
Loss (income) from operations |
3.0 | (0.5 | ) | 23.1 | 0.7 | |||||||||||
Income tax benefit |
(0.9 | ) | (0.3 | ) | (4.6 | ) | (0.4 | ) | ||||||||
Loss on disposal |
0.6 | — | 0.6 | — | ||||||||||||
Income tax benefit |
(0.2 | ) | — | (0.2 | ) | — | ||||||||||
Loss (income) from discontinued operations |
2.5 | (0.8 | ) | 18.9 | 0.3 | |||||||||||
Net income (loss) |
$ | 34.0 | $ | 30.3 | $ | (160.9 | ) | $ | 32.6 | |||||||
INCOME (LOSS) PER SHARE FROM CONTINUING OPERATIONS: |
||||||||||||||||
Basic |
$ | 0.61 | $ | 0.51 | $ | (2.37 | ) | $ | 0.57 | |||||||
Diluted |
$ | 0.58 | $ | 0.49 | $ | (2.37 | ) | $ | 0.55 | |||||||
(LOSS) INCOME PER SHARE FROM DISCONTINUED OPERATIONS: |
||||||||||||||||
Basic |
$ | (0.04 | ) | $ | 0.01 | $ | (0.32 | ) | $ | (0.01 | ) | |||||
Diluted |
$ | (0.04 | ) | $ | 0.01 | $ | (0.32 | ) | $ | — | ||||||
NET INCOME (LOSS) PER SHARE: |
||||||||||||||||
Basic |
$ | 0.57 | $ | 0.52 | $ | (2.69 | ) | $ | 0.56 | |||||||
Diluted |
$ | 0.54 | $ | 0.50 | $ | (2.69 | ) | $ | 0.55 | |||||||
The accompanying notes are an integral part of these consolidated financial statements.
5
LENNOX INTERNATIONAL INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Six Months Ended June 30, 2004 and 2003
(Unaudited, in millions)
| For the | ||||||||
| Six Months Ended | ||||||||
| June 30, |
||||||||
| Restated | ||||||||
| 2004 |
2003 |
|||||||
CASH FLOWS FROM OPERATING ACTIVITIES: |
||||||||
Net (loss) income |
$ | (160.9 | ) | $ | 32.6 | |||
Adjustments to reconcile net (loss) income to net cash provided by
operating activities: |
||||||||
Minority interest and equity in unconsolidated affiliates |
(5.2 | ) | (3.4 | ) | ||||
Non-cash impairment of long-lived assets and goodwill |
224.7 | — | ||||||
Depreciation and amortization |
22.6 | 23.1 | ||||||
Deferred income taxes |
(25.5 | ) | (0.5 | ) | ||||
Loss from discontinued operations |
18.9 | 0.3 | ||||||
Other losses and expenses |
10.6 | 7.1 | ||||||
Changes in assets and liabilities, net of effects of divestitures: |
||||||||
Accounts and notes receivable |
16.8 | (66.0 | ) | |||||
Inventories |
(79.1 | ) | (42.1 | ) | ||||
Other current assets |
2.4 | (11.2 | ) | |||||
Accounts payable |
45.9 | 13.1 | ||||||
Accrued expenses |
(10.7 | ) | 15.3 | |||||
Income taxes payable and receivable |
13.4 | 22.4 | ||||||
Long-term warranty, deferred income and other liabilities |
4.6 | 15.7 | ||||||
Net cash used in operating activities from discontinued operations |
(23.4 | ) | (1.2 | ) | ||||
Net cash provided by operating activities |
55.1 | 5.2 | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES: |
||||||||
Proceeds from the disposal of property, plant and equipment |
0.4 | 6.0 | ||||||
Purchases of property, plant and equipment |
(14.6 | ) | (10.0 | ) | ||||
Additional investment in affiliates |
(2.1 | ) | — | |||||
Proceeds from disposal of businesses and investments |
5.9 | 4.7 | ||||||
Net cash (used in) provided by investing activities |
(10.4 | ) | 0.7 | |||||
CASH FLOWS FROM FINANCING ACTIVITIES: |
||||||||
Short-term borrowings |
3.0 | 3.2 | ||||||
Repayments of long-term debt |
(45.1 | ) | (0.8 | ) | ||||
Revolving long-term borrowings |
(3.0 | ) | 6.0 | |||||
Sales of common stock |
10.9 | 2.6 | ||||||
Payments of deferred financing costs |
(0.2 | ) | (0.5 | ) | ||||
Repurchases of common stock |
— | (0.4 | ) | |||||
Cash dividends paid |
(17.0 | ) | (16.5 | ) | ||||
Net cash used in financing activities |
(51.4 | ) | (6.4 | ) | ||||
DECREASE IN CASH AND CASH EQUIVALENTS |
(6.7 | ) | (0.5 | ) | ||||
EFFECT OF EXCHANGE RATES ON CASH AND CASH EQUIVALENTS |
3.0 | (9.8 | ) | |||||
CASH AND CASH EQUIVALENTS, beginning of period |
76.1 | 74.4 | ||||||
CASH AND CASH EQUIVALENTS, end of period |
$ | 72.4 | $ | 64.1 | ||||
Supplementary disclosures of cash flow information: |
||||||||
Cash paid during the period for: |
||||||||
Interest |
$ | 17.1 | $ | 15.2 | ||||
Income taxes (net of refunds) |
$ | 9.8 | $ | (4.7 | ) | |||
The accompanying notes are an integral part of these consolidated financial statements.
6
LENNOX INTERNATIONAL INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
1. Basis of Presentation and other Accounting Information:
The unaudited consolidated balance sheet as of June 30, 2004, and the accompanying unaudited consolidated statements of operations and cash flows for the three months and six months ended June 30, 2004 and 2003 should be read in conjunction with Lennox International Inc.’s (the “Company” or “LII”) audited consolidated financial statements and footnotes as of December 31, 2003 and 2002 and for each of the three years in the period ended December 31, 2003. In the opinion of management, the accompanying consolidated financial statements contain all material adjustments, consisting principally of normal recurring adjustments, necessary for a fair presentation of the Company’s financial position, results of operations, and cash flows. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to applicable rules and regulations, although the Company believes 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 to be expected for a full year.
Certain prior-period balances in the accompanying condensed consolidated financial statements have been reclassified to conform to the current period’s presentation of financial information. These reclassifications, primarily for discontinued operations as described in Note 10, have no impact on total assets, liabilities, shareholders’ equity, net income or cash flows. Unless otherwise indicated, all relevant financial and statistical information included herein relates to our continuing operations.
The Company’s fiscal year ends on December 31 of each year, and the Company’s quarters are each comprised of 13 weeks. For convenience, throughout these financial statements, the 13 weeks comprising each three-month period are denoted by the last day of the respective calendar quarter.
2. Restatement of Previously-Issued Financial Statements:
In LII’s Annual Report on Form 10-K for the year ended December 31, 2003, the Company reported that its previously released, unaudited earnings for 2003 were revised and its 2002 financial statements were restated, as a result of the completion of an inquiry by the Audit Committee of the Board of Directors related to the Canadian service centers in its Service Experts business segment. The cumulative financial impact of this inquiry totaled $7.0 million comprising an increase of $7.6 million over previously reported unaudited net income for the year ended December 31, 2003, and a reduction of $14.6 million in previously reported net income for the year ended December 31, 2002 and prior years.
Additionally, the Company’s unaudited 2003 quarterly financial information was restated to reflect adjustments to the Company’s previously reported unaudited financial information on Form 10-Q for the quarters ended March 31, 2003, June 30, 2003 and September 30, 2003. The accompanying Consolidated Financial Statements present the restated results for the three months and six months ended June 30, 2003 after adjustments for corrected treatment of purchase accounting, recording items in the proper period, revaluations of key judgment accounts and changes in significant estimates, uncertainties and judgments, net of related tax effects. The financial impact of the adjustments for the three months ended June 30, 2003 was a reduction in previously reported unaudited net income of $0.1 million, which included a reduction in Gross Profit of $3.8 million offset by a reduction in Selling, General and Administrative expense of $0.6 million, Other Income of $0.1 million and Provision for Income Taxes of $3.2 million. The financial impact of the adjustments for the six months ended June 30, 2003 was a reduction in previously reported unaudited net income of $0.3 million, which included a reduction in Gross Profit of $6.0 million offset by a reduction in Selling, General and Administrative expense of $1.9 million, Interest Expense, net of $0.3 million and Provision for Income Taxes of $3.5 million. The change in Provision for Income Taxes discussed above was primarily related to the overall tax rate reduction for the year associated with reduced foreign losses.
7
The information presented in the table below reconciles our restated net income for the three months and six months ended June 30, 2003 from the net income previously presented in our Form 10-Qs for the applicable periods.
| 2003 |
||||||||
| Three Months | Six Months | |||||||
| (In millions, except per share amounts) | Ended June 30 |
Ended June 30 |
||||||
Net income as originally reported |
$ | 30.4 | $ | 32.9 | ||||
Adjustments (pre-tax): |
||||||||
Service Experts |
(1.8 | ) | (1.1 | ) | ||||
Non-Service Experts |
(1.5 | ) | (2.7 | ) | ||||
Total adjustments (pre-tax) |
(3.3 | ) | (3.8 | ) | ||||
Tax effect of restatement adjustments |
3.2 | 3.5 | ||||||
Total net adjustments |
(0.1 | ) | (0.3 | ) | ||||
Net income as restated |
$ | 30.3 | $ | 32.6 | ||||
Per Share of Common Stock: |
||||||||
Net income — Basic as originally reported |
$ | 0.52 | $ | 0.57 | ||||
Effect of net adjustments |
— | (0.01 | ) | |||||
Net income — Basic as restated |
$ | 0.52 | $ | 0.56 | ||||
Net income-Diluted as originally reported |
$ | 0.51 | $ | 0.55 | ||||
Effect of net adjustments |
(0.01 | ) | — | |||||
Net income — Diluted as restated |
$ | 0.50 | $ | 0.55 | ||||
The following table sets forth the effects of the restatement adjustments discussed above on the Consolidated Statement of Operations for the three months and six months ended June 30, 2003:
| For the Three Months Ended | For the Six Months Ended | |||||||||||||||
| June 30, 2003 | June 30, 2003 | |||||||||||||||
| As Previously | As | As Previously | As | |||||||||||||
| Filed | Restated | Filed | Restated | |||||||||||||
| (In millions, except share data) | (Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
||||||||||||
NET SALES |
$ | 747.8 | $ | 746.1 | $ | 1,334.9 | $ | 1,332.1 | ||||||||
COST OF GOODS SOLD |
488.8 | 490.9 | 879.8 | 883.0 | ||||||||||||
Gross profit |
259.0 | 255.2 | 455.1 | 449.1 | ||||||||||||
OPERATING EXPENSES: |
||||||||||||||||
Selling, general and administrative expense |
203.2 | 202.6 | 386.7 | 384.8 | ||||||||||||
Losses and other expenses |
0.1 | 0.1 | 0.9 | 0.9 | ||||||||||||
Operational income from continuing
operations |
55.7 | 52.5 | 67.5 | 63.4 | ||||||||||||
INTEREST EXPENSE, net |
7.8 | 7.8 | 14.8 | 14.5 | ||||||||||||
OTHER INCOME |
(1.4 | ) | (1.3 | ) | (1.9 | ) | (1.9 | ) | ||||||||
Income from continuing operations
before
income taxes |
49.3 | 46.0 | 54.6 | 50.8 | ||||||||||||
PROVISION FOR INCOME TAXES |
19.7 | 16.5 | 21.4 | 17.9 | ||||||||||||
Income from continuing operations |
29.6 | 29.5 | 33.2 | 32.9 | ||||||||||||
DISCONTINUED OPERATIONS: |
||||||||||||||||
(Income) loss from operations |
(0.5 | ) | (0.5 | ) | 0.7 | 0.7 | ||||||||||
Income tax benefit |
(0.3 | ) | (0.3 | ) | (0.4 | ) | (0.4 | ) | ||||||||
(Income) loss from discontinued
operations |
(0.8 | ) | (0.8 | ) | 0.3 | 0.3 | ||||||||||
Net income |
$ | 30.4 | $ | 30.3 | $ | 32.9 | $ | 32.6 | ||||||||
NET INCOME PER SHARE: |
||||||||||||||||
Basic |
$ | 0.52 | $ | 0.52 | $ | 0.57 | $ | 0.56 | ||||||||
Diluted |
$ | 0.51 | $ | 0.50 | $ | 0.55 | $ | 0.55 | ||||||||
3. Stock-Based Compensations:
The Company accounts for its stock-based compensation under the recognition and measurement principles of Accounting Principles Board No. 25, “Accounting for Stock Issued to Employees,” and related interpretations (“APB 25”) and has adopted the disclosure-only provisions of Statement of Financial Accounting Standards No.
8
123, “Accounting for Stock-Based Compensation,” as amended (“SFAS No. 123”). Under APB 25, no stock-based compensation cost is reflected in net income for grants of stock options to employees because the Company grants stock options with an exercise price equal to the market value of the stock on the date of grant. Had the Company used the fair value based accounting method for stock compensation expense described by SFAS No. 123, the Company’s diluted net income per common and equivalent share are shown in the pro-forma amounts below (in millions, except per share data):
| For the | For the | |||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||
| June 30, |
June 30, |
|||||||||||||||
| Restated | Restated | |||||||||||||||
| 2004 |
2003 |
2004 |
2003 |
|||||||||||||
Net income (loss), as reported |
$ | 34.0 | $ | 30.3 | $ | (160.9 | ) | $ | 32.6 | |||||||
Add: Reported stock-based compensation
expense, net of taxes |
1.4 | 0.6 | 3.2 | 1.3 | ||||||||||||
Deduct: Fair value based compensation
expense, net of taxes |
(2.1 | ) | (1.9 | ) | (4.6 | ) | (3.9 | ) | ||||||||
Net income (loss), pro-forma |
$ | 33.3 | $ | 29.0 | $ | (162.3 | ) | $ | 30.0 | |||||||
Earnings per share: |
||||||||||||||||
Basic, as reported |
$ | 0.57 | $ | 0.52 | $ | (2.69 | ) | $ | 0.56 | |||||||
Basic, pro-forma |
$ | 0.55 | $ | 0.50 | $ | (2.71 | ) | $ | 0.52 | |||||||
Diluted, as reported |
$ | 0.54 | $ | 0.50 | $ | (2.69 | ) | $ | 0.55 | |||||||
Diluted, pro-forma |
$ | 0.53 | $ | 0.48 | $ | (2.71 | ) | $ | 0.50 | |||||||
4. Reportable Business Segments:
Financial information about the Company’s reportable business segments is as follows (in millions):
| For the | For the | |||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||
| June 30, |
June 30, |
|||||||||||||||
| Restated | Restated | |||||||||||||||
| 2004 |
2003 |
2004 |
2003 |
|||||||||||||
Net Sales |
||||||||||||||||
Residential |
$ | 400.6 | $ | 375.5 | $ | 724.9 | $ | 668.7 | ||||||||
Commercial |
150.9 | 132.0 | 259.8 | 224.8 | ||||||||||||
Heating and Cooling |
551.5 | 507.5 | 984.7 | 893.5 | ||||||||||||
Service Experts |
167.6 | 162.3 | 306.5 | 290.4 | ||||||||||||
Refrigeration |
108.0 | 97.3 | 217.2 | 187.5 | ||||||||||||
Eliminations |
(21.7 | ) | (21.0 | ) | (39.0 | ) | (39.3 | ) | ||||||||
| $ | 805.4 | $ | 746.1 | $ | 1,469.4 | $ | 1,332.1 | |||||||||
Segment Profit (Loss) |
||||||||||||||||
Residential |
$ | 55.1 | $ | 44.6 | $ | 87.7 | $ | 66.1 | ||||||||
Commercial |
16.7 | 9.1 | 18.1 | 8.3 | ||||||||||||