alle-20240630

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 June 30, 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 ¨

Table of Contents

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 July 22, 2024 was 87,128,089.

Table of Contents

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 and six months ended June 30, 2024 and 2023 (Unaudited)	1

	Condensed and Consolidated Balance Sheets at June 30, 2024 and December 31, 2023 (Unaudited)	2

	Condensed and Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023 (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	17

Item 3 -	Quantitative and Qualitative Disclosures about Market Risk	28

Item 4 -	Controls and Procedures	28

PART II - OTHER INFORMATION		30

Item 1 -	Legal Proceedings	30

Item 1A -	Risk Factors	30

Item 2 -	Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities	30

Item 5 -	Other Information	30

Item 6 -	Exhibits	31

SIGNATURES		32

Table of Contents

PART I-FINANCIAL INFORMATION

Item 1 – Financial Statements

Allegion plc

Condensed and Consolidated Statements of Comprehensive Income

(Unaudited)


	Three months ended				Six months ended
	June 30,				June 30,
In millions, except per share amounts	2024		2023		2024		2023
Net revenues	$	965.6	$	912.5	$	1,859.5	$	1,835.5
Cost of goods sold	537.3		510.6		1,039.8		1,042.6
Selling and administrative expenses	219.3		217.3		438.6		437.3
Operating income	209.0		184.6		381.1		355.6
Interest expense	25.1		23.7		48.0		47.3

Other income, net	(5.1)		(1.6)		(8.8)		(1.9)
Earnings before income taxes	189.0		162.5		341.9		310.2
Provision for income taxes	33.6		20.5		62.7		44.6
Net earnings	155.4		142.0		279.2		265.6
Less: Net earnings attributable to noncontrolling interests	—		—		—		0.1
Net earnings attributable to Allegion plc	$	155.4	$	142.0

SEC Form 10-Q filed by Allegion plc