A.O.史密斯 2025年季度报告

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period from __________ to __________Commission File Number1-475 ________________________________A. O. Smith Corporation(Exact name of registrant as specified in its charter) Delaware(State of Incorporation) (Address of Principal Executive Office)39-0619790(I.R.S. Employer Non-accelerated filer☐Smaller reporting companyEmerging growth company Common StockBalance at the beginning of period Conversion of ClassA Common StockIssuance of share units (0.1)(0.4)(12.7)Vesting of share units(0.1)—(1.8)Share based compensation expense2.31.78.3Exercises of stock options0.50.90.6Issuance of share based compensation1.01.413.6 Balance at end of periodAccumulated Other Comprehensive Loss (see Note 14) $(95.9)$(92.0)$(95.9)$Treasury StockBalance at the beginning of period$(2,623.9)$(2,273.2)$(2,502.0)$Exercise of stock options0.70.5(1.1)Share incentives and directors' compensation0.30.20.3Shares repurchased(130.7)(78.7)(251.3) Balance at end of period$(2,754.8)$(2,351.9)$(2,754.8)$Total Stockholders’ Equity$1,845.9$1,911.6$1,845.9$See accompanying notes to unaudited condensed consolidated financial statements. June30, 2025(unaudited) 1.Basis of PresentationThe accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accountingprinciples generally accepted in the United States (GAAP) for interim financial information and pursuant to the rules and regulationsof the Securities and Exchange Commission (SEC). Accordingly, they do not include all of the information and footnotes required forcomplete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considerednecessary for a fair presentation have been included. Operating results for the three and six months ended June30, 2025 are not ASU is effective for the Company beginning with its 2027 annual disclosures and subsequent interim periods with early adoptionpermitted. This ASU requires a public company to apply the amendments either prospectively to financial statements issued for reporting periods after the effective date of this ASU or retrospectively to any or all prior periods presented in the financial statements.The Company is currently evaluating the impact of adopting this ASU on its disclosures. In December 2023, the FASB amended Accounting Standards Codification (ASC) 740 (issued under ASU 2023-09, “Improvements toIncome Tax Disclosures”). This ASU requires added disclosures related to the tax rate reconciliation and income taxes paid andincludes other amendments intended to improve effectiveness and comparability. The amendment is effective for the Companybeginning with its 2025 annual disclosures with early adoption permitted and should be applied on a prospective basis. The Company Substantially all of the Company’s sales are from contracts with customers for the purchase of its products. Contracts and customer purchase orders are used to determine the existence of a sales contract. Shipping documents are used to verify shipment. Forsubstantially all of its products, the Company transfers control of products to the customer at the point in time when title and risk arepassed to the customer, which generally occurs upon shipment of the product. Each unit sold is considered an independent, unbundledperformance obligation. The Company’s sales arrangements do not include other performance obligations that are material in the The nature, timing and amount of revenue for a respective performance obligation are consistent for each customer. The Companymeasures the sales transaction price based upon the payment terms associated with the transaction and whether the sales price issubject to refund or adjustment. Sales and value added taxes are excluded from the measurement of the transaction price. TheCompany’s payment terms for the majority of its customers are30to90days from shipment. nature, recognized into revenue within one year of receipt. The Company assesses the collectability of customer receivables based onthe creditworthiness of a customer as determined by credit checks and analysis, as well as the customer’s payment history. In determining the allowance for credit losses, the Company also considers various factors including the aging of customer accounts andhistorical write-offs. In addition, the Company monitors other risk factors including forward-looking information when establishingadequate allowances for credit losses, which reflects the current estimate of credit losses expected to be incurred over the life of thereceivables. The Company’s allowance for credit losses was $14.9million and $12.9million at June30, 2025 and December31, 2024,respectively. 7 consideration related to customer rebates which are calculated using expected values and are based on program specific factors such asexpected rebate percentages based on expecte