alle-20240331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_______________________________

FORM 10-Q

_______________________________


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2024


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number 001-35971

_______________________________

ALLEGION PUBLIC LIMITED COMPANY

(Exact name of registrant as specified in its charter)

_______________________________


Ireland			98-1108930
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)

Block D

Iveagh Court

Harcourt Road

Dublin 2, D02 VH94, Ireland

(Address of principal executive offices, including zip code)

+(353) (1) 2546200

(Registrant’s telephone number, including area code)

_______________________________

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading symbol	Name of exchange on which registered
Ordinary shares, par value $0.01 per share	ALLE	New York Stock Exchange
3.500% Senior Notes due 2029	ALLE 3 ½	New York Stock Exchange

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 x No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No ¨

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Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The number of ordinary shares outstanding of Allegion plc as of April 22, 2024 was 87,440,696.

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ALLEGION PLC

FORM 10-Q

INDEX



PART I - FINANCIAL INFORMATION		1

Item 1 -	Financial Statements	1

	Condensed and Consolidated Statements of Comprehensive Income for the three months ended March 3 1 , 202 4 and 202 3 (Unaudited)	1

	Condensed and Consolidated Balance Sheets at March 3 1 , 202 4 and December 31, 202 3 (Unaudited)	2

	Condensed and Consolidated Statements of Cash Flows for the three months ended March 31 , 202 4 and 20 2 3 (Unaudited)	3

	Notes to Condensed and Consolidated Financial Statements (Unaudited)	4

Item 2 -	Management’s Discussion and Analysis of Financial Condition and Results of Operations	16

Item 3 -	Quantitative and Qualitative Disclosures about Market Risk	26

Item 4 -	Controls and Procedures	26

PART II - OTHER INFORMATION		27

Item 1 -	Legal Proceedings	27

Item 1A -	Risk Factors	27

Item 2 -	Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities	27

Item 5 -	Other Information	27

Item 6 -	Exhibits	28

SIGNATURES		29

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PART I-FINANCIAL INFORMATION

Item 1 – Financial Statements

Allegion plc

Condensed and Consolidated Statements of Comprehensive Income

(Unaudited)


	Three months ended
	March 31,
In millions, except per share amounts		2024		2023
Net revenues		$	893.9	$	923.0
Cost of goods sold		502.5		532.0
Selling and administrative expenses		219.3		220.0
Operating income		172.1		171.0
Interest expense		22.9		23.6

Other income, net		(3.7)		(0.3)
Earnings before income taxes		152.9		147.7
Provision for income taxes		29.1		24.1
Net earnings		123.8		123.6
Less: Net earnings attributable to noncontrolling interests		—		0.1
Net earnings attributable to Allegion plc		$	123.8	$	123.5
Earnings per share attributable to Allegion plc ordinary shareholders:
Basic net earnings		$	1.41	$	1.40
Diluted net earnings		$	1.41	$	1.40
Weighted-average shares outstanding:
Basic		87.6		88.0
Diluted		88.1		88.4

Total comprehensive income		$	99.8	$	133.9
Less: Total comprehensive income attributable to noncontrolling interests		—		0.2
Total comprehensive income attributable to Allegion plc		$	99.8	$	133.7

See accompanying notes to condensed and consolidated financial statements.

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Allegion plc

Condensed and Consolidated Balance Sheets

(Unaudited)


In millions, except share amounts	March 31, 2024		December 31, 2023
ASSETS
Current assets:
Cash and cash equivalents	$	391.8	$	468.1

Accounts and notes receivable, net	448.0		412.8
Inventories	448.3		438.5
Other current assets	50.2		41.5

Total current assets	1,338.3		1,360.9
Property, plant and equipment, net	362.0		358.1
Goodwill	1,436.4		1,443.1
Intangible assets, net	565.8		572.8
Other noncurrent assets	584.4		576.6
Total assets	$	4,286.9	$	4,311.5
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	247.5	$	259.2
Accrued expenses and other current liabilities	364.7		407.9
Short-term borrowings and current maturities of long-term debt	413.2		412.6

Total current liabilities	1,025.4		1,079.7
Long-term debt	1,600.1		1,602.4
Other noncurrent liabilities	310.5		311.1
Total liabilities	2,936.0		2,993.2
Equity:

Ordinary shares, $0.01 par value (87,440,045 and 87,504,673 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively)	0.9		0.9

Retained earnings	1,635.5		1,578.9
Accumulated other comprehensive loss	(285.5)		(261.5)


Total equity	1,350.9		1,318.3
Total liabilities and equity	$	4,286.9	$	4,311.5

See accompanying notes to condensed and consolidated financial statements.

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Allegion plc

Condensed and Consolidated Statements of Cash Flows

(Unaudited)


	Three months ended
	March 31,
In millions	2024		2023
Cash flows from operating activities:
Net earnings	$	123.8	$	123.6
Adjustments to arrive at net cash provided by operating activities:
Depreciation and amortization	28.8		28.3


Changes in assets and liabilities and other non-cash items	(101.5)		(82.9)
Net cash provided by operating activities	51.1		69.0
Cash flows from investing activities:
Capital expenditures	(27.2)		(22.3)
Acquisition of businesses, net of cash acquired	(19.3)		(36.6)

Other investing activities, net	3.1		7.5
Net cash used in investing activities	(43.4)		(51.4)
Cash flows from financing activities:
Debt repayments, net	(3.2)		(3.1)
Proceeds from 2021 Revolving Facility	—		30.0




Net (repayments of) proceeds from debt	(3.2)		26.9


Dividends paid to ordinary shareholders	(42.1)		(39.4)



Repurchase of ordinary shares	(40.0)		—
Other financing activities, net	5.3		(2.9)
Net cash used in financing activities	(80.0)		(15.4)
Effect of exchange rate changes on cash and cash equivalents	(4.0)		2.6
Net (decrease) increase in cash and cash equivalents	(76.3)		4.8
Cash and cash equivalents - beginning of period	468.1		288.0
Cash and cash equivalents - end of period	$	391.8	$	292.8

See accompanying notes to condensed and consolidated financial statements.

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ALLEGION PLC

NOTES TO CONDENSED AND CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

NOTE 1 - BASIS OF PRESENTATION

The accompanying Condensed and Consolidated Financial Statements of Allegion plc, an Irish public limited company, and its consolidated subsidiaries ("Allegion" or "the Company"), reflect the consolidated operations of the Company and have been prepared in accordance with United States ("U.S.") Securities and Exchange Commission ("SEC") interim reporting requirements. Accordingly, the accompanying Condensed and Consolidated Financial Statements do not include all disclosures required by accounting principles generally accepted in the U.S. ("GAAP") for full financial statements and should be read in conjunction with the Consolidated Financial Statements included in the Allegion Annual Report on Form 10-K for the year ended December 31, 2023. In the opinion of management, the accompanying Condensed and Consolidated Financial Statements contain all adjustments, which include normal recurring adjustments, necessary to state fairly the consolidated unaudited results for the interim periods presented.

NOTE 2 - ACQUISITIONS

2024

Boss Door Controls

On February 1, 2024, the Company, through its subsidiaries, acquired Boss Door Controls, a door solutions provider in the United Kingdom. The Boss Door Controls business has been incorporated into the Company's Allegion International segment.

Dorcas

On March 4, 2024, the Company, through its subsidiaries, acquired Montajes electronicos Dorcas S.L. ("Dorcas"), a leading manufacturer of electro-mechanical access control solutions based in Spain. The Dorcas business has been incorporated into the Company's Allegion International segment.

These acquisitions were accounted for as business combinations. Total consideration for these acquisitions was approximately $19.3 million (net of cash acquired). The initial allocation of the aggregate purchase price to assets acquired and liabilities assumed as of the acquisition dates includes $13.3 million of intangible assets, $2.3 million of goodwill, and $3.7 million of net tangible assets.

2023

On January 3, 2023, the Company, through its subsidiaries, completed an acquisition of the assets of plano. group, a SaaS workforce management solution business based in Germany ("plano"), for initial cash consideration of $36.6 million. Additional consideration may be payable in future periods in the event plano achieves certain specified financial results. This acquisition was accounted for as a business combination, and plano has been incorporated into the Allegion International segment.

The allocation of the purchase price, which includes initial cash consideration and the estimated fair value of contingent consideration, to assets acquired and liabilities assumed as of the acquisition date includes $17.5 million of finite-lived intangible assets and approximately $23.0 million of goodwill and $3.9 million of net liabilities assumed. The finite-lived intangible assets have a weighted average useful life of approximately 15 years.

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ALLEGION PLC

NOTES TO CONDENSED AND CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

NOTE 3 - INVENTORIES

Inventories are stated at the lower of cost and net realizable value using the first-in, first-out (FIFO) method. The major classes of inventories were as follows:


In millions	March 31, 2024		December 31, 2023
Raw materials	$	212.7	$	218.4
Work-in-process	47.4		41.6
Finished goods	188.2		178.5
Total	$	448.3	$	438.5

NOTE 4 - GOODWILL

The changes in the carrying amount of goodwill for the three months ended March 31, 2024, were as follows:


In millions	Allegion Americas		Allegion International		Total (1)
December 31, 2023	$	1,126.7	$	316.4	$	1,443.1
Acquisitions and adjustments	—		2.3		2.3


Currency translation	(2.2)		(6.8)		(9.0)
March 31, 2024	$	1,124.5	$	311.9	$	1,436.4

(1) Accumulated impairment for the International segment was $573.6 million as of March 31, 2024 and December 31, 2023. There are no accumulated impairment losses for the Americas segment.

There was no impairment of goodwill for the three months ended March 31, 2024 and 2023.

NOTE 5 - INTANGIBLE ASSETS

The gross amount of the Company’s intangible assets and related accumulated amortization were as follows:


	March 31, 2024						December 31, 2023
In millions	Gross carrying amount		Accumulated amortization		Net carrying amount		Gross carrying amount		Accumulated amortization		Net carrying amount
Completed technologies/patents	$	63.8	$	(37.8)	$	26.0	$	64.5	$	(36.9)	$	27.6
Customer relationships	535.4		(188.0)		347.4		535.3		(185.2)		350.1
Trade names (finite-lived)	145.2		(81.7)		63.5		142.2		(79.3)		62.9
Other	76.3		(50.5)		25.8		75.3		(47.5)		27.8
Total finite-lived intangible assets	820.7		$	(358.0)	462.7		817.3		$	(348.9)	468.4
Trade names (indefinite-lived)	103.1				103.1		104.4				104.4
Total	$	923.8			$	565.8	$	921.7			$	572.8

Intangible asset amortization expense was $15.2 million and $15.8 million for the three months ended March 31, 2024 and 2023, respectively. Future estimated amortization expense on existing intangible assets in each of the next five years amounts to approximately $57.7 million for full year 2024, $51.1 million for 2025, $47.9 million for 2026, $41.1 million for 2027 and $31.8 million for 2028.

ALLEGION PLC

NOTES TO CONDENSED AND CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

NOTE 6 - DEBT AND CREDIT FACILITIES

Long-term debt and other borrowings consisted of the following:


In millions	March 31, 2024		December 31, 2023
2021 Term Facility	$	221.9	$	225.0

3.200% Senior Notes due 2024	400.0		400.0
3.550% Senior Notes due 2027	400.0		400.0
3.500% Senior Notes due 2029	400.0		400.0
5.411% Senior Notes due 2032	600.0		600.0
Other debt	0.9		0.1
Total borrowings outstanding	2,022.8		2,025.1
Discounts and debt issuance costs, net	(9.5)		(10.1)
Total debt	2,013.3		2,015.0
Less current portion of long-term debt	413.2		412.6
Total long-term debt	$	1,600.1	$	1,602.4

Unsecured Credit Facilities

The Company has an unsecured credit agreement consisting of a $250.0 million term loan facility (the “2021 Term Facility”), of which $221.9 million was outstanding at March 31, 2024, and a $500.0 million revolving credit facility (the “2021 Revolving Facility” and, together with the 2021 Term Facility, the “2021 Credit Facilities”), of which no balance was outstanding at March 31, 2024. The 2021 Credit Facilities mature on November 18, 2026, and are unconditionally guaranteed jointly and severally on an unsecured basis by Allegion plc and Allegion US Holding Company Inc. ("Allegion US Hold Co"), the Company’s wholly-owned subsidiary.

The 2021 Term Facility amortizes in quarterly installments at the following rates: 1.25% per quarter starting March 31, 2022 through March 31, 2025, 2.5% per quarter starting June 30, 2025 through September 30, 2026, with the balance due on November 18, 2026. The Company repaid $3.1 million of principal on the 2021 Term Facility during the three months ended March 31, 2024. The 2021 Revolving Facility provides aggregate commitments of up to $500.0 million, which includes up to $100.0 million for the issuance of letters of credit. The Company had $18.3 million of letters of credit outstanding at March 31, 2024. Borrowings under the 2021 Revolving Facility may be repaid at any time without premium or penalty, and amounts repaid may be reborrowed.

Outstanding borrowings under the 2021 Credit Facilities accrue interest, at the option of the Company, equal to either: (i) a Bloomberg Short-Term Bank Yield Index ("BSBY") rate plus an applicable margin or (ii) a base rate plus the applicable margin. The applicable margin ranges from 0.875% to 1.375% depending on the Company’s credit ratings. At March 31, 2024, the Company's outstanding borrowings under the 2021 Credit Facilities accrued interest at BSBY plus a margin of 1.125%, resulting in an interest rate of 6.472%. The 2021 Credit Facilities also contain negative and affirmative covenants and events of default that, among other things, limit or restrict the Company’s ability to enter into certain transactions. In addition, the 2021 Credit Facilities require the Company to comply with a maximum leverage ratio as defined in the credit agreement. As of March 31, 2024, the Company was in compliance with all applicable covenants under the credit agreement.

Senior Notes

As of March 31, 2024, Allegion US Hold Co had $400.0 million outstanding of its 3.200% Senior Notes due 2024 (the “3.200% Senior Notes”), $400.0 million outstanding of its 3.550% Senior Notes due 2027 (the “3.550% Senior Notes”) and $600.0 million outstanding of its 5.411% Senior Notes due 2032 (the "5.411% Senior Notes"), and Allegion plc had $400.0 million outstanding of its 3.500% Senior Notes due 2029 (the “3.500% Senior Notes”, and all four senior notes collectively, the “Senior Notes”). The 3.200% Senior Notes, 3.550% Senior Notes and 3.500% Senior Notes all require semi-annual interest payments on April 1 and October 1 of each year and will mature on October 1, 2024, October 1, 2027 and October 1, 2029, respectively. The 5.411% Senior Notes require semi-annual interest payments on January 1 and July 1 of each year, and will mature on July 1, 2032.

The 3.200% Senior Notes, 3.550% Senior Notes and 5.411% Senior Notes are senior unsecured obligations of Allegion US Hold Co and rank equally with all of Allegion US Hold Co’s existing and future senior unsecured and unsubordinated indebtedness. The guarantee of the 3.200% Senior Notes, the 3.550% Senior Notes and the 5.411% Senior Notes is the senior unsecured obligation of Allegion plc and ranks equally with all of the Company’s existing and future senior unsecured and unsubordinated indebtedness. The 3.500% Senior Notes are senior unsecured obligations of Allegion plc, are guaranteed by

ALLEGION PLC

NOTES TO CONDENSED AND CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

Allegion US Hold Co and rank equally with all of the Company’s existing and future senior unsecured indebtedness. As of March 31, 2024, the company was in compliance with all applicable covenants under the Senior Notes.

NOTE 7 - FINANCIAL INSTRUMENTS

Currency Hedging Instruments

The gross notional amount of the Company’s currency derivatives was $161.2 million and $175.4 million at March 31, 2024 and December 31, 2023, respectively. Neither the fair values of currency derivatives, which are determined based on a pricing model that uses spot rates and forward prices from actively quoted currency markets that are readily observable (Level 2 inputs under the fair value hierarchy described in Note 10), nor the balances included in Accumulated other comprehensive loss were material as of March 31, 2024 or December 31, 2023. Currency derivatives designated as cash flow hedges did not have a material impact to either Net earnings or Other comprehensive income during the three months ended March 31, 2024 and 2023, nor is the amount to be reclassified into Net earnings over the next twelve months expected to be material. At March 31, 2024, the maximum term of the Company’s currency derivatives was less than one year.

Concentration of Credit Risk

The counterparties to the Company’s forward contracts consist of a number of investment grade major international financial institutions. The Company could be exposed to losses in the event of nonperformance by the counterparties. However, the credit ratings and the concentration of risk in these financial institutions are monitored on a continuous basis, and therefore, the Company believes they present no significant credit risk to the Company.

NOTE 8 - LEASES

Total rental expense for the three months ended March 31, 2024 and 2023, was $15.5 million and $13.6 million, respectively, and is classified within Cost of goods sold and Selling and administrative expenses within the Condensed and Consolidated Statements of Comprehensive Income. Rental expense related to short-term leases, variable lease payments or other leases or lease components not included within the right of use ("ROU") asset or lease liability totaled $4.1 million and $3.2 million, respectively, for the three months ended March 31, 2024 and 2023. No material lease costs have been capitalized on the Condensed and Consolidated Balance Sheets as of March 31, 2024 or December 31, 2023.

The Company assesses the specific terms and conditions of each lease to determine the appropriate classification as either an operating or finance lease and the lease term. Substantially all of the Company's leases for which the Company is a lessee are classified as operating leases.

As a lessee, the Company categorizes its leases into two general categories: real estate leases and equipment leases. Amounts included within the Condensed and Consolidated Balance Sheets related to the Company’s ROU asset and lease liability for both real estate and equipment leases were as follows:


		March 31, 2024								December 31, 2023
In millions	Balance Sheet classification	Real estate			Equipment			Total		Real estate			Equipment			Total
ROU asset	Other noncurrent assets	$	111.6		$	36.6		$	148.2	$	114.7		$	33.4		$	148.1
Lease liability - current	Accrued expenses and other current liabilities	18.6			15.7			34.3		18.7			15.0			33.7
Lease liability - noncurrent	Other noncurrent liabilities	96.3			20.8			117.1		98.9			18.4			117.3

Other information:
Weighted-average remaining term (years)		11.5			2.8					11.6			2.7
Weighted-average discount rate		5.0		%	4.9		%			5.0		%	4.4		%

The following table summarizes additional information related to the Company’s leases for the three months ended March 31:


	2024						2023
In millions	Real estate		Equipment		Total		Real estate		Equipment		Total
Cash paid for amounts included in the measurement of lease liabilities	$	6.3	$	5.1	$	11.4	$	5.9	$	4.5	$	10.4
ROU assets obtained in exchange for new lease liabilities	2.3		3.8		6.1		41.4		1.9		43.3

ALLEGION PLC

NOTES TO CONDENSED AND CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

Future Repayments

Scheduled minimum lease payments required under non-cancellable operating leases for both the real estate and equipment lease portfolios for the remainder of 2024 and for each of the years thereafter as of March 31, 2024, are as follows:


In millions	Remainder of 2024		2025		2026		2027		2028		Thereafter		Total
Real estate leases	$	18.0	$	22.3	$	18.8	$	14.9	$	9.6	$	74.8	$	158.4
Equipment leases	13.4		13.0		7.0		3.9		2.0		0.1		39.4
Total	$	31.4	$	35.3	$	25.8	$	18.8	$	11.6	$	74.9	$	197.8

The difference between the total undiscounted minimum lease payments and the combined current and noncurrent lease liabilities as of March 31, 2024, is due to imputed interest of $46.4 million.

NOTE 9 - DEFINED BENEFIT PLANS

The Company sponsors several U.S. and non-U.S. defined benefit pension plans for eligible employees and retirees and also maintains other supplemental plans for officers and other key employees. The components of the Company’s Net periodic pension benefit cost (income) for the three months ended March 31 were as follows:


	U.S.

In millions	2024		2023
Service cost	$	0.2	$	0.2
Interest cost	2.9		2.9
Expected return on plan assets	(3.8)		(3.7)
Administrative costs and other	0.3		0.3
Net amortization of:
Prior service costs	0.1		—
Plan net actuarial losses	0.2		0.2
Net periodic pension benefit income	$	(0.1)	$	(0.1)


	Non-U.S.

In millions	2024		2023
Service cost	$	0.4	$	0.4
Interest cost	3.0		3.0
Expected return on plan assets	(4.0)		(3.9)
Administrative costs and other	0.4		0.4
Net amortization of:

Plan net actuarial losses	0.9		0.9

Net periodic pension benefit cost	$	0.7	$	0.8

Service cost is recorded in Cost of goods sold and Selling and administrative expenses, while the remaining components of Net periodic pension benefit cost (income) are recorded in Other income, net within the Condensed and Consolidated Statements of Comprehensive Income. Employer contributions to the plans were not material during the three months ended March 31, 2024 or 2023. Employer contributions totaling approximately $3.7 million are expected to be made during the remainder of 2024.

ALLEGION PLC

NOTES TO CONDENSED AND CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

NOTE 10 - FAIR VALUE MEASUREMENTS

Fair value is defined as the exchange price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Fair value measurements are based on a framework that utilizes the inputs market participants use to determine the fair value of an asset or liability and establishes a fair value hierarchy to prioritize those inputs. The fair value hierarchy is comprised of three levels that are described below:

•Level 1 – Inputs based on quoted prices in active markets for identical assets or liabilities.

•Level 2 – Inputs other than Level 1 quoted prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the asset or liability.

•Level 3 – Unobservable inputs based on little or no market activity and that are significant to the fair value of the assets and liabilities.

The fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Observable inputs are obtained from independent sources and can be validated by a third party, whereas unobservable inputs reflect assumptions regarding what a third party would use in pricing an asset or liability based on the best information available under the circumstances. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

Assets and liabilities measured at fair value as of March 31, 2024, were as follows:

Fair value measurements

Total
fair value

In millions

Quoted prices in active markets for identical assets (Level 1)

Significant other observable inputs (Level 2)

Significant unobservable inputs (Level 3)

Recurring fair value measurements

SEC Form 10-Q filed by Allegion plc