第99.1展示文本
Lennox报告第三季度业绩并提高全年指引
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第三季度亮点
（所有比较均为同比，除非另有说明）
(调整的去年业绩和核心营业收入不包括在2023年第四季度出售的欧洲业务)
• 营业收入 $15亿 – 核心营业收入增长15%，其中包括来自收购的2%增长
• GAAP营业利润30300万美元 - 调整后的分段利润增长21%至30300万美元
• 根据通用会计准则，摊薄后每股收益为$6.68 – 调整后的摊薄后每股收益增长24%，为$6.68
•经营活动净现金流为45200万美元，自由现金流为41200万美元，增长50%。
•将FY指导提高至10%的营业收入增长，每股收益为20.75至21.00美元，现金流为575至65000万美元
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最近新闻公告的要点：
•公司宣布，首席法务官约翰·托雷斯选择退休，将由莫妮卡·布朗接任，生效日期为2025年1月1日。
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达拉斯，2024年10月23日 - 莱诺克斯（纽交所：LII） 作为能源高效的气候控制解决方案领导者，今天报告了第三季度的财务业绩，营业收入达到了$15亿，创下30300万的营业收入记录，每股盈利为$6.68。
核心营业收入增长15％至15亿美元。调整后的分部利润增长21％至30300万美元。调整后的分部利润率上升90个基点，达到创纪录的20.2％。调整后的每股摊薄收益增长24％至6.68美元。
Lennox团队以我们的转型计划的有效执行为驱动，再次交出了出色的季度业绩，首席执行官Alok Maskara表示。我们还成功地使三星Lennox合资公司运营起来，启动了新的Saltillo商用工厂的生产，并提前整合了AES。我们低GWP过渡计划和产品正在加强我们的竞争优势，我们在未来几年内有很好的市场份额获取机会。这让我们有信心再次提高全年指引。
除了令人印象深刻的第三季度业绩外，我们还宣布，莫妮卡·布朗将于2025年1月1日正式被任命为Lennox的首席法务官，鉴于我们现任首席法务官约翰·托雷斯计划于2025年2月退休。马斯卡拉继续说道：“我要感谢约翰在Lennox提供的宝贵建议和领导，并祝贺莫妮卡担任新角色。”
家居舒适解决方案板块在第三季度实现了15%的营业收入增长，受出色的销售成交量和持续关注定价的推动。销售量受益于R-410A行业供应挑战以及重置行业库存的影响。该板块保持稳定的毛利率扩张，有效抵消了通货膨胀和持续投资的影响。
业务气候解决方案部门的营业收入本季度增长了15%。AES业务继续表现良好，为该部门贡献了6%的营业收入增长。 AES收购的整合工作已成功进行
提前完成。分段利润率继续受正在进行的投资影响，以加速我们在墨西哥萨尔蒂约新工厂的推出。
2024年第三季度财务业绩亮点
（所有比较均为同比，除非另有说明）
营业收入： $15亿增长10%，核心运营增长15%，有机营业收入增长13%，受销售成交量和价格/产品组合效益的推动。
营业利润： $30300万，增长62%，营业利润率为20.2%，增长650个基点。
调整后的分段利润: 30300万美元，增长21%，调整后的分段利润率为20.2%，上升90个基点。利润增长主要受到有机和非有机销售量的4700万美元和价格/混合效益的4300万美元推动。部分抵消因通胀和新工厂开支、销售和行政费用以及分销投资而产生的影响。
净利润： $23900万，每股净利润为$6.68，相较于前一年同期的$13000万，每股净利润为$3.65。
调整后的净利润净利润为23900万美元，每股6.68美元，相比去年同期的19200万美元，每股5.37美元。
现金流： 与上一年同期相比，经营现金流为45200万美元，资本支出为4100万美元，而上一年同期资本支出为4000万美元。本季度公司回购了1300万美元的股票。
家居舒适解决方案： 业务部门营业收入为10亿美元，增长15％。部门利润为22700万美元，增长25％，部门利润率为21.9％，提高了170个基点。与去年同期相比，部门利润增加了4500万美元。增加 是归因于销量增加了3500万美元，价格/混合效益增加了3300万美元。部分抵消了通货膨胀和分销、销售投资带来的2300万美元的影响。
构建气候解决方案: 业务部门营业收入为46500万美元，增长15%。有机营业收入为44200万美元，增长9%。部门利润为10600万美元，增长900万美元或9%，部门利润率下降了120个基点至22.8%。这种利润改善是由有机和非有机销售量增加1200万美元以及价格/混合改善1000万美元推动的。这被新工厂扩大和现有设施的制造效率低下带来的1000万美元费用抵消了，此外还有300万美元通胀性工资影响。
公司和其他: 公司支出为2900万美元，比上年同期调整后的金额增加了200万美元。
2024年全年展望
2024财政年度，我们将营业收入指导提高到约10%，其中2%来自AES收购的利益。
每股收益修订区间为$20.75至$21.00，相对于先前的$19.50至$20.25的区间。
自由现金流预计区间将在57500万美元至65000万美元之间，与先前的区间50000万美元至60000万美元相比。
会议通话信息
今天上午8:30中部时间将举行一次业绩会，讨论公司第三季度的业绩和2024年的展望。参与业绩会，请在预定开始时间至少10分钟前拨打800-245-3047（美国）或+1 203-518-9765（国际），并使用会议ID LIIQ324。业绩会也将在公司投资者关系网站investor.lennox.com上进行现场网络直播。业绩会回放将持续到2024年10月30日，拨打免费电话800-925-9940（美国）或+1 402-220-5394（国际）即可。此次通话还将在公司的投资者关系网站investor.lennox.com上进行存档。
关于LENNOX
纽交所上市公司Lennox（NYSE: LII）是能源效率领域的领军企业。我们致力于可持续发展，为我们的住宅和商业客户创造舒适和健康的环境，同时减少其碳足迹，我们在制冷、供暖、室内空气质量和制冷系统方面引领行业创新。有关Lennox的更多信息，请访问Lennox.com或通过发送邮件至investor@lennox.com获取。
FORWARD-LOOKING STATEMENTS & NON-GAAP FINANCIAL MEASURES
The statements in this document that are not historical statements, including statements regarding the 2024 full-year outlook and expected consolidated and segment financial results, as well as financial targets for future years, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on information currently available as well as management’s assumptions and beliefs today. These statements are subject to numerous risks and uncertainties that could cause actual results to differ materially from the results expressed or implied by the statements, and investors should not place undue reliance on them. Risks and uncertainties that could cause actual results to differ materially from such statements include risks that the North American unitary HVAC and refrigeration markets perform worse than current assumptions. Additional risks include but are not limited to competition in the HVACR business; our ability to successfully develop and market new products or execute our business strategy; our ability to meet and anticipate customer demands; our ability to continue to license or enforce our intellectual property rights; our ability to attract, motivate, develop, and retain our employees, as well as labor relations problems; a decline in new construction activity and related demand for our products and services; the impact of weather on our business; the impact of higher raw material prices and significant supply interruptions; changes in environmental and climate-related legislation or government regulations or policies; changes in tax legislation; the impact of new or increased trade tariffs; warranty, intellectual property infringement, product liability and other claims; litigation risks; general economic conditions in the United States and abroad; extraordinary events beyond our control; foreign currency fluctuations and changes in local government regulation associated with our international operations; cyber attacks and other disruptions or misuse of information systems; our ability to successfully realize, complete and integrate acquisitions; and impairment of the value of our goodwill.
For information concerning these and other risks and uncertainties, see LII’s publicly available filings with the Securities and Exchange Commission. LII disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
A reconciliation of non-GAAP financial measures appearing in this document to financial measures prepared in accordance with U.S. Generally Accepted Accounting Principles (GAAP) are included in the Annex to this document.
This document includes forward-looking statements regarding core revenue, segment profit, adjusted segment profit, adjusted net income, adjusted diluted earnings per share, free cash flow, and Debt to EBITDA, which are
non-GAAP financial measures. These non-GAAP financial measures are derived by excluding certain amounts from the corresponding financial measures determined in accordance with GAAP. The determination of the amounts excluded is a matter of management judgment and depends upon, among other factors, the nature of the underlying expense or income amounts recognized in a given period and the high variability of certain amounts, such as unusual gains and losses, the ultimate outcome of pending litigation, fluctuations in foreign currency exchange rates, changes in environmental liabilities, the impact and timing of potential acquisitions and divestitures, future restructuring costs, and other structural changes or their probable significance. Core revenue, adjusted segment profit, and adjusted diluted earnings per share exclude net sales and profit/(loss) from our European portfolio, which was sold in 4Q 2023. We are unable to present a quantitative reconciliation of the aforementioned forward-looking non-GAAP financial measures to their most directly comparable forward-looking GAAP financial measures because such information is not available, and management cannot reliably predict the necessary components of such GAAP measures without unreasonable effort or expense. The unavailable information could have a significant impact on LII’s full year GAAP financial results.
LENNOX INTERNATIONAL INC. AND SUBSIDIARIES
Consolidated Statements of Operations
(Unaudited)
| (Amounts 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 sales | $ | 1,498.1 | $ | 1,366.3 | $ | 3,996.3 | $ | 3,827.1 | |||||||||||||||
| Cost of goods sold | 1,009.7 | 937.8 | 2,679.7 | 2,634.1 | |||||||||||||||||||
| Gross profit | 488.4 | 428.5 | 1,316.6 | 1,193.0 | |||||||||||||||||||
| Operating Expenses: | |||||||||||||||||||||||
| Selling, general and administrative expenses | 184.4 | 178.9 | 523.6 | 527.6 | |||||||||||||||||||
| Losses and other expenses, net | 3.1 | 3.5 | 10.5 | 5.2 | |||||||||||||||||||
| Restructuring charges | — | 0.3 | — | 0.2 | |||||||||||||||||||
Gain on sale from previous dispositions | — | — | (1.6) | — | |||||||||||||||||||
| Impairment on assets held for sale | — | 63.2 | — | 63.2 | |||||||||||||||||||
| Income from equity method investments | (2.4) | (4.2) | (6.1) | (8.0) | |||||||||||||||||||
| Operating income | 303.3 | 186.8 | 790.2 | 604.8 | |||||||||||||||||||
| Pension settlements | 0.1 | 0.3 | 0.4 | 0.4 | |||||||||||||||||||
| Interest expense, net | 8.9 | 11.2 | 33.2 | 40.4 | |||||||||||||||||||
| Other expense (income), net | 0.4 | 0.1 | 1.5 | (0.1) | |||||||||||||||||||
| Income before income taxes | 293.9 | 175.2 | 755.1 | 564.1 | |||||||||||||||||||
| Provision for income taxes | 54.9 | 44.8 | 145.9 | 118.5 | |||||||||||||||||||
| Net income | $ | 239.0 | $ | 130.4 | $ | 609.2 | $ | 445.6 | |||||||||||||||
| Earnings per share – Basic: | $ | 6.71 | $ | 3.67 | $ | 17.11 | $ | 12.55 | |||||||||||||||
| Earnings per share – Diluted: | $ | 6.68 | $ | 3.65 | $ | 17.02 | $ | 12.51 | |||||||||||||||
| Weighted Average Number of Shares Outstanding - Basic | 35.6 | 35.5 | 35.6 | 35.5 | |||||||||||||||||||
| Weighted Average Number of Shares Outstanding - Diluted | 35.8 | 35.7 | 35.8 | 35.6 | |||||||||||||||||||
| LENNOX INTERNATIONAL INC. AND SUBSIDIARIES | |||||||||||
| Segment Net Sales and Profit (Loss) | |||||||||||
(Unaudited) | |||||||||||
| (Amounts 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 | |||||||||||||||
| Building Climate Solutions | 465.3 | 405.5 | 1,306.6 | 1,121.5 | |||||||||||||||||||
Corporate and other (1) | — | 64.5 | — | 192.0 | |||||||||||||||||||
| Total segment 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 | |||||||||||||||
| Building 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: | |||||||||||||||||||||||
| Gain on sale from previous dispositions | — | — | $ | (1.6) | — | ||||||||||||||||||
| Impairment of net assets held for sale | — | 63.2 | — | 63.2 | |||||||||||||||||||
Items in Losses and other expenses, net which 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 (loss) 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
•Restructuring charges,
•Impairment on assets held for sale, and;
•Gain on sale of previous dispositions
LENNOX INTERNATIONAL INC. AND SUBSIDIARIES
Consolidated Balance Sheets
| (Amounts in millions, except shares and par values) | As of September 30, 2024 | As of December 31, 2023 | |||||||||
| ASSETS | (Unaudited) | ||||||||||
| 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 | |||||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
| Current Liabilities: | |||||||||||
| Accounts payable | $ | 477.5 | $ | 374.7 | |||||||
| Accrued expenses | 444.7 | 416.1 | |||||||||
| Income taxes payable | 13.3 | 4.2 | |||||||||
| Commercial paper | — | 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 | — | — | |||||||||
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 | |||||||
LENNOX INTERNATIONAL INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows
(Unaudited)
| (Amounts in millions) | For the Nine Months Ended September 30, | ||||||||||
| 2024 | 2023 | ||||||||||
| Cash flows from operating activities: | |||||||||||
| Net income | $ | 609.2 | 445.6 | ||||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
| Gain on sale from previous dispositions | (1.6) | — | |||||||||
| Income from equity method investments | (6.1) | (8.0) | |||||||||
| Dividends from affiliates | 2.5 | — | |||||||||
| Impairment on assets held for sale | — | 63.2 | |||||||||
| Provision for credit losses | 4.6 | 4.7 | |||||||||
| Unrealized (gains) losses, net on derivative contracts | (6.7) | 5.6 | |||||||||
| Stock-based compensation expense | 20.1 | 23.5 | |||||||||
| Depreciation and amortization | 69.6 | 62.0 | |||||||||
| Deferred income taxes | (21.5) | (24.9) | |||||||||
| Pension expense | 3.5 | 2.4 | |||||||||
| Pension contributions | (9.1) | (2.8) | |||||||||
| Other items, net | — | (1.4) | |||||||||
| Changes in assets and liabilities, net of effects of acquisitions and divestitures: | |||||||||||
| Accounts and notes receivable | (229.1) | (142.5) | |||||||||
| Inventories | 9.1 | (44.9) | |||||||||
| Accounts payable | 104.6 | (10.9) | |||||||||
| Accrued expenses | 31.3 | 69.4 | |||||||||
| Income taxes payable and receivable, net | 20.4 | (6.7) | |||||||||
| Leases, net | 3.8 | 3.4 | |||||||||
| Other, net | 8.7 | (7.8) | |||||||||
| Net cash provided by operating activities | 613.3 | 429.9 | |||||||||
| Cash flows from investing activities: | |||||||||||
| Proceeds from the disposal of property, plant and equipment | 1.9 | 1.6 | |||||||||
| Purchases of property, plant and equipment | (103.4) | (125.0) | |||||||||
| Net proceeds from previous disposition | 4.1 | — | |||||||||
| Acquisitions, net of cash | 1.8 | — | |||||||||
| Purchases of investments | (12.5) | (1.1) | |||||||||
| Net cash used in investing activities | (108.1) | (124.5) | |||||||||
| Cash flows from financing activities: | |||||||||||
| Commercial paper borrowings | 424.1 | — | |||||||||
| Commercial paper payments | (574.1) | — | |||||||||
| Borrowings from debt arrangements | 156.7 | 1,737.5 | |||||||||
| Payments on debt arrangements | (190.2) | (2,290.1) | |||||||||
| Issuance of senior unsecured notes | — | 500.0 | |||||||||
| Payments of deferred financing costs | — | (5.4) | |||||||||
| Proceeds from employee stock purchases | 3.3 | 2.9 | |||||||||
| Repurchases of common stock | (12.9) | — | |||||||||
| Repurchases of common stock to satisfy employee withholding tax obligations | (15.0) | (7.1) | |||||||||
| Cash dividends paid | (119.3) | (153.4) | |||||||||
| Net cash used in financing activities | (327.4) | (215.6) | |||||||||
| Increase in cash and cash equivalents | 177.8 | 89.8 | |||||||||
| Cash balances classified as assets held for sale | — | (7.6) | |||||||||
| Effect of exchange rates on cash and cash equivalents | 4.6 | (2.8) | |||||||||
| Cash and cash equivalents, beginning of period | 60.7 | 52.6 | |||||||||
| Cash and cash equivalents, end of period | $ | 243.1 | $ | 132.0 | |||||||
| Supplemental disclosures of cash flow information: | |||||||||||
| Interest paid | $ | 44.7 | $ | 42.0 | |||||||
| Income taxes paid (net of refunds) | $ | 145.5 | $ | 151.3 | |||||||
| LENNOX INTERNATIONAL INC. AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||||
| Reconciliation to U.S. GAAP (Generally Accepted Accounting Principles) Measures | |||||||||||||||||||||||||||||||||||
| (Unaudited, in millions, except per share and ratio data) | |||||||||||||||||||||||||||||||||||
| Use of Non-GAAP Financial Measures | |||||||||||||||||||||||||||||||||||
| To supplement the Company's consolidated financial statements and segment net sales and profit (loss) presented in accordance with U.S. GAAP, additional non-GAAP financial measures are provided and reconciled in the following tables. The Company believes that these non-GAAP financial measures, when considered together with the GAAP financial measures, provide information that is useful to investors in understanding period-over-period operating results and enhance the ability of investors to analyze the Company's business trends and operating performance. | |||||||||||||||||||||||||||||||||||
| Reconciliation of Net income, a GAAP measure, to Adjusted net income, a Non-GAAP measure | |||||||||||||||||||||||||||||||||||
| For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||||||||||||||
| Amount after tax | Per Diluted Share | Amount after tax | Per Diluted Share | Amount after tax | Per Diluted Share | Amount after tax | Per Diluted Share | ||||||||||||||||||||||||||||
| Net income, a GAAP measure | $ | 239.0 | $ | 6.68 | $ | 130.4 | $ | 3.65 | $ | 609.2 | $ | 17.02 | $ | 445.6 | $ | 12.51 | |||||||||||||||||||
| Restructuring charges | — | — | 0.3 | 0.01 | — | — | 0.2 | 0.01 | |||||||||||||||||||||||||||
| Gain on sale from previous dispositions | — | — | — | — | (1.6) | (0.04) | — | — | |||||||||||||||||||||||||||
| Pension settlements | — | — | 0.2 | 0.01 | — | — | 0.3 | 0.01 | |||||||||||||||||||||||||||
| Items in Losses and other expenses, net which are excluded from segment profit (loss) (a) | — | — | 4.3 | 0.11 | — | — | 9.6 | 0.26 | |||||||||||||||||||||||||||
| Excess tax benefit from share-based compensation (b) | — | — | (2.3) | (0.06) | — | — | (2.4) | (0.07) | |||||||||||||||||||||||||||
| Other tax items, net (b) | — | — | — | — | — | 0.4 | 0.01 | ||||||||||||||||||||||||||||
| Impairment on assets held for sale (c) | — | — | 62.0 | 1.74 | — | — | 62.0 | 1.74 | |||||||||||||||||||||||||||
| Non-core business results (d) | — | — | (3.3) | (0.09) | — | — | (4.8) | (0.13) | |||||||||||||||||||||||||||
| Adjusted net income, a non-GAAP measure | $ | 239.0 | $ | 6.68 | $ | 191.6 | $ | 5.37 | $ | 607.6 | $ | 16.98 | $ | 510.9 | $ | 14.34 | |||||||||||||||||||
| (a) Recorded in Losses and other expenses, net in the Consolidated Statements of Operations | |||||||||||||||||||||||||||||||||||
| (b) Recorded in Provision for income taxes in the Consolidated Statements of Operations | |||||||||||||||||||||||||||||||||||
| (c) Impairment on assets held for sale relate to the divestiture of our European operations that was completed in the fourth quarter of 2023. | |||||||||||||||||||||||||||||||||||
| (d) Non-core business results represent activity related to our business operations in Europe not included elsewhere in the reconciliations. | |||||||||||||||||||||||||||||||||||
| Reconciliation of Net Cash Provided by Operating Activities, a GAAP measure, to Free Cash Flow, a Non-GAAP measure | |||||||||||||||||||||||
| For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
| Net cash provided by operating activities | $ | 452.1 | $ | 313.2 | $ | 613.3 | $ | 429.9 | |||||||||||||||
| Purchases of property, plant and equipment | (41.2) | (39.7) | (103.4) | (125.0) | |||||||||||||||||||
| Proceeds from the disposal of property, plant and equipment | 0.8 | 0.1 | 1.9 | 1.6 | |||||||||||||||||||
| Free cash flow, a Non-GAAP measure | $ | 411.7 | $ | 273.6 | $ | 511.8 | $ | 306.5 | |||||||||||||||
| Reconciliation of Net sales, a GAAP measure to Core net sales, a Non-GAAP measure | |||||||||||
| For the Three Months Ended September 30, | |||||||||||
| Corporate and Other | Consolidated | ||||||||||
| 2023 | 2023 | ||||||||||
| Net sales, a GAAP measure | $ | 64.5 | $ | 1,366.3 | |||||||
| Net sales from non-core businesses (a) | (64.5) | (64.5) | |||||||||
| Core net sales, a Non-GAAP measure | $ | — | $ | 1,301.8 | |||||||
| (a) Non-Core businesses represent our business operations in Europe, which were sold in the fourth quarter of 2023. | |||||||||||
| Reconciliation of Net sales, a GAAP measure to Core net sales, a Non-GAAP measure | |||||||||||
| For the Nine Months Ended September 30, | |||||||||||
| Corporate and Other | Consolidated | ||||||||||
| 2023 | 2023 | ||||||||||
| Net sales, a GAAP measure | $ | 192.0 | $ | 3,827.1 | |||||||
| Net sales from non-core businesses (a) | (192.0) | (192.0) | |||||||||
| Core net sales, a Non-GAAP measure | $ | — | $ | 3,635.1 | |||||||
| (a) Non-Core businesses represent our business operations in Europe | |||||||||||
| Reconciliation of Segment profit (loss), a Non-GAAP measure to Adjusted Segment profit (loss), a Non-GAAP measure | |||||||||||
| For the Three Months Ended September 30, | |||||||||||
| Corporate and Other | Consolidated | ||||||||||
| 2023 | 2023 | ||||||||||
| Segment profit (loss), a Non-GAAP measure | $ | (23.4) | $ | 255.3 | |||||||
| Profit from non-core businesses (a) | 3.9 | 3.9 | |||||||||
| Adjusted Segment profit (loss), a Non-GAAP measure | $ | (27.3) | $ | 251.4 | |||||||
| (a) Non-Core businesses represent our business operations in Europe, which were sold in the fourth quarter of 2023. | |||||||||||
| Reconciliation of Segment profit, a Non-GAAP measure to Adjusted Segment profit, a Non-GAAP measure | |||||||||||
| For the Nine Months Ended September 30, | |||||||||||
| Corporate and Other | Consolidated | ||||||||||
| 2023 | 2023 | ||||||||||
| Segment profit (loss), a Non-GAAP measure | $ | (65.2) | $ | 680.3 | |||||||
| Profit from non-core businesses (a) | 6.1 | 6.1 | |||||||||
| Adjusted Segment profit (loss), a Non-GAAP measure | $ | (71.3) | $ | 674.2 | |||||||
| (a) Non-Core businesses represent our business operations in Europe | |||||||||||