Company: AOS
Filing Date: 2025-02-11
Form Type: 10-K
Source: 0000091142-25-000036
Chunk: 68

Company: SMITH A O CORP
Filing Date: 2025-02-11
Form: 10-K
Item: Item 8
Chunk 68
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 We recalculated the historical failure rates using actual claims data. We compared the estimated cost of replacement included in the product warranty liability with the current costs to manufacture a comparable product and assessed the impact of projected changes in significant product costs. We also analyzed current year claims data to identify changes in failure trends and assessed the historical accuracy of the prior year liability. Further, we inquired of operational and quality control personnel regarding quality issues and trends.

/s/ Ernst & Young LLP 

We have served as the Company’s auditor since 1917. 

Milwaukee, Wisconsin 

February 11, 2025 

29

Table of Contents

CONSOLIDATED BALANCE SHEETS

December 31 (dollars in millions)20242023AssetsCurrent AssetsCash and cash equivalents$239.6 $339.9 Marketable securities36.5 23.5 Receivables541.4 596.0 Inventories532.1 497.4 Other current assets43.3 43.5 Total Current Assets1,392.9 1,500.3 Net property, plant and equipment628.7 597.5 Goodwill761.7 633.4 Other intangibles321.1 336.7 Operating lease assets32.8 37.3 Other assets102.8 108.7 Total Assets$3,240.0 $3,213.9 LiabilitiesCurrent LiabilitiesTrade payables$588.7 $600.4 Accrued payroll and benefits78.5 92.2 Accrued liabilities153.0 177.4 Product warranties67.0 65.3 Long-term debt due within one year10.0 10.0 Total Current Liabilities897.2 945.3 Long-term debt183.2 117.3 Product warranties123.4 122.8 Pension liabilities11.0 10.5 Long-term operating lease liabilities23.5 27.9 Other liabilities118.2 145.7 Total Liabilities1,356.5 1,369.5 Commitments and contingencies— — Stockholders’ EquityPreferred Stock— — Class A Common Stock (shares issued 26,014,825 and 26,023,132 as of December 31, 2024 and 2023, respectively)130.1 130.1