Form 10-Q - Quarterly report [Sections 13 or 15(d)]

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 ¨

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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 July 22, 2024 was 87,128,089.

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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 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

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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				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	$	279.2	$	265.5
Earnings per share attributable to Allegion plc ordinary shareholders:
Basic net earnings	$	1.78	$	1.62	$	3.19	$	3.02
Diluted net earnings	$	1.77	$	1.61	$	3.18	$	3.01
Weighted-average shares outstanding:
Basic	87.3		87.9		87.5		88.0
Diluted	87.7		88.3		87.9		88.3

Total comprehensive income	$	150.3	$	149.9	$	250.1	$	283.8
Less: Total comprehensive loss attributable to noncontrolling interests	—		(0.9)		—		(0.7)
Total comprehensive income attributable to Allegion plc	$	150.3	$	150.8	$	250.1	$	284.5

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	June 30, 2024		December 31, 2023
ASSETS
Current assets:
Cash and cash equivalents	$	747.5	$	468.1

Accounts and notes receivable, net	474.1		412.8
Inventories	444.6		438.5
Other current assets	49.6		41.5

Total current assets	1,715.8		1,360.9
Property, plant and equipment, net	370.5		358.1
Goodwill	1,488.3		1,443.1
Intangible assets, net	609.8		572.8
Other noncurrent assets	594.7		576.6
Total assets	$	4,779.1	$	4,311.5
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	253.6	$	259.2
Accrued expenses and other current liabilities	364.3		407.9
Short-term borrowings and current maturities of long-term debt	416.3		412.6

Total current liabilities	1,034.2		1,079.7
Long-term debt	1,988.3		1,602.4
Other noncurrent liabilities	331.3		311.1
Total liabilities	3,353.8		2,993.2
Equity:

Ordinary shares, $0.01 par value (87,127,712 and 87,504,673 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively)	0.9		0.9
Capital in excess of par value	1.8		—
Retained earnings	1,713.2		1,578.9
Accumulated other comprehensive loss	(290.6)		(261.5)


Total equity	1,425.3		1,318.3
Total liabilities and equity	$	4,779.1	$	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)


	Six months ended
	June 30,
In millions	2024		2023
Cash flows from operating activities:
Net earnings	$	279.2	$	265.6
Adjustments to arrive at net cash provided by operating activities:
Depreciation and amortization	59.5		55.5


Changes in assets and liabilities and other non-cash items	(114.6)		(91.0)
Net cash provided by operating activities	224.1		230.1
Cash flows from investing activities:
Capital expenditures	(48.1)		(40.0)
Acquisition of businesses, net of cash acquired	(120.8)		(28.6)

Other investing activities, net	2.9		7.4
Net cash used in investing activities	(166.0)		(61.2)
Cash flows from financing activities:
Debt repayments, net	(6.4)		(6.3)
Proceeds from Revolving Facility	—		30.0
Repayments of Revolving Facility	—		(60.0)
Proceeds from issuance of senior notes	400.0		—


Net proceeds from (repayments of) debt	393.6		(36.3)
Debt financing costs	(6.6)		—

Dividends paid to ordinary shareholders	(83.8)		(79.3)



Repurchase of ordinary shares	(80.0)		(19.9)
Other financing activities, net	5.0		(2.9)
Net cash provided by (used in) financing activities	228.2		(138.4)
Effect of exchange rate changes on cash and cash equivalents	(6.9)		4.1
Net increase in cash and cash equivalents	279.4		34.6
Cash and cash equivalents - beginning of period	468.1		288.0
Cash and cash equivalents - end of period	$	747.5	$	322.6

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

On February 1, 2024, the Company, through its subsidiaries, acquired 100% of Boss Door Controls, a door solutions provider in the United Kingdom. Boss Door Controls is reported in the Company's Allegion International segment.

On March 4, 2024, the Company, through its subsidiaries, acquired 100% of Montajes electronicos Dorcas S.L. ("Dorcas"), a leading manufacturer of electromechanical access control solutions based in Spain. Dorcas is reported in the Company's Allegion International segment.

On June 3, 2024, the Company, through its subsidiaries, acquired 100% of Krieger Specialty Products, LLC ("Krieger"), a leading manufacturer of high-performance special purpose doors and windows based in the United States. Krieger is reported in the Company's Allegion Americas segment.

On June 10, 2024, the Company, through its subsidiaries, acquired 100% of Unicel Architectural Corp. ("Unicel"), a leading manufacturer of advanced glass, timber and aluminum building solutions based in Canada. Unicel is reported in the Company's Allegion Americas segment.

Acquisitions were accounted for as business combinations and were funded with available cash on hand. Initial cash consideration for these acquisitions was approximately $120.8 million (net of cash acquired). Additional consideration may be payable in the future in the event certain financial metrics are achieved.

The following table summarizes the preliminary allocation of the aggregate 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 dates:


In millions
Net working capital	9.4
Property, plant and equipment	3.0
Goodwill	57.2
Intangible assets	71.7
Other noncurrent liabilities	(13.5)
Total net assets acquired and liabilities assumed	$	127.8

The valuations of assets acquired and liabilities assumed had not yet been finalized as of June 30, 2024, and finalization of the valuations during the measurement period could result in a change in the amounts recorded. The completion of the valuations will occur no later than one year from the acquisition dates as required by GAAP.

Goodwill results from several factors including Allegion-specific synergies that were excluded from the cash flow projections used in the valuation of intangible assets and intangible assets that do not qualify for separate recognition. The majority of the goodwill related to these acquisitions is not expected to be deductible for tax purposes.

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ALLEGION PLC

NOTES TO CONDENSED AND CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Intangible assets recognized as of the acquisition dates were comprised of the following:


In millions	Value (in millions)		Weighted Average Useful life (in years)
Completed technologies/patents	$	14.9	15
Customer relationships	31.2		16
Trade names (finite-lived)	15.5		15
Backlog revenue	10.1		1

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.

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	June 30, 2024		December 31, 2023
Raw materials	$	212.5	$	218.4
Work-in-process	49.4		41.6
Finished goods	182.7		178.5
Total	$	444.6	$	438.5

NOTE 4 - GOODWILL

The changes in the carrying amount of goodwill for the six months ended June 30, 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	52.4		4.8		57.2


Currency translation	(3.2)		(8.8)		(12.0)
June 30, 2024	$	1,175.9	$	312.4	$	1,488.3

(1) Accumulated impairment for the International segment was $573.6 million as of June 30, 2024 and December 31, 2023. There are no accumulated impairment losses for the Americas segment.

There was no impairment of goodwill for the six months ended June 30, 2024 and 2023.

ALLEGION PLC

NOTES TO CONDENSED AND CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

NOTE 5 - INTANGIBLE ASSETS

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


	June 30, 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	$	78.4	$	(39.4)	$	39.0	$	64.5	$	(36.9)	$	27.6
Customer relationships	558.3		(193.9)		364.4		535.3		(185.2)		350.1
Trade names (finite-lived)	155.0		(85.2)		69.8		142.2		(79.3)		62.9
Other	88.4		(54.7)		33.7		75.3		(47.5)		27.8
Total finite-lived intangible assets	880.1		$	(373.2)	506.9		817.3		$	(348.9)	468.4
Trade names (indefinite-lived)	102.9				102.9		104.4				104.4
Total	$	983.0			$	609.8	$	921.7			$	572.8

Intangible asset amortization expense was $31.8 million and $30.9 million for the six months ended June 30, 2024 and 2023, respectively. Future estimated amortization expense on existing intangible assets in each of the next five years amounts to approximately $60.1 million for full year 2024, $51.0 million for 2025, $47.8 million for 2026, $41.0 million for 2027 and $31.7 million for 2028.

NOTE 6 - DEBT AND CREDIT FACILITIES

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


In millions	June 30, 2024		December 31, 2023
Term Facility	$	218.8	$	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
5.600% Senior Notes due 2034	400.0		—
Other debt	0.7		0.1
Total borrowings outstanding	2,419.5		2,025.1
Discounts and debt issuance costs, net	(14.9)		(10.1)
Total debt	2,404.6		2,015.0
Less current portion of long-term debt	416.3		412.6
Total long-term debt	$	1,988.3	$	1,602.4

Unsecured Credit Facilities

The Company has an unsecured credit agreement consisting of a $250.0 million term loan facility (the “Term Facility”), of which $218.8 million was outstanding at June 30, 2024, and a revolving credit facility (the “Revolving Facility” and, together with the Term Facility, the “Credit Facilities”), of which no balance was outstanding at June 30, 2024. On May 20, 2024, the Company amended and restated the Credit Facilities which, among other things, (i) increased the total commitment on the Revolving Facility from $500.0 million to $750.0 million, (ii) extended the maturity of the Revolving Facility from November 18, 2026 to May 20, 2029, (iii) transitioned the benchmark interest rate from the Bloomberg Short-Term Bank Yield Index (“BSBY”) to the Secured Overnight Financing Rate (“SOFR”) for the Credit Facilities, and (iv) added Allegion (Ireland) Finance Designated Activity Company (“Allegion Ireland DAC”), the Company’s wholly-owned subsidiary, as borrower.

The Term Facility requires quarterly principal payments through its maturity on November 18, 2026. Future payments total $6.3 million for the remainder of 2024, $21.9 million due in 2025, and $190.6 million due in 2026. The Company repaid $6.3 million of principal on the Term Facility during the six months ended June 30, 2024. The Revolving Facility aggregate commitments of up to $750.0 million includes up to $100.0 million for the issuance of letters of credit. The Company had $18.5 million of letters of credit outstanding at June 30, 2024. Borrowings under the Revolving Facility may be repaid at any time without premium or penalty, and amounts repaid may be reborrowed.

ALLEGION PLC

NOTES TO CONDENSED AND CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

outstanding borrowings under the Credit Facilities accrued interest at SOFR plus a margin of 1.225%, resulting in an interest rate of 6.569%. The 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 Credit Facilities require the Company to comply with a maximum leverage ratio as defined in the credit agreement. As of June 30, 2024, the Company was in compliance with all applicable covenants under the credit agreement.

Senior Notes

On May 29, 2024, Allegion US Hold Co issued $400.0 million principal amount of its 5.600% Senior Notes due 2034 (the “5.600% Senior Notes”). The 5.600% Senior Notes require semi-annual interest payments on May 29 and November 29, beginning November 29, 2024, and will mature on May 29, 2034. Net proceeds from the issuance of the 5.600% Senior Notes will be utilized to repay the 3.200% Senior Notes due 2024 (the "3.200% Senior Notes"), which mature later this year.

As of June 30, 2024, Allegion US Hold Co had $400.0 million outstanding of its 3.200% Senior Notes due 2024, $400.0 million outstanding of its 3.550% Senior Notes due 2027 (the “3.550% Senior Notes”), $600.0 million outstanding of its 5.411% Senior Notes due 2032 (the "5.411% Senior Notes") and $400.0 million outstanding of its 5.600% 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 five 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, 5.411% Senior Notes, and 5.600% 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, the 5.411% Senior Notes and the 5.600% 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 US Hold Co and rank equally with all of the Company’s existing and future senior unsecured indebtedness. As of June 30, 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 $187.6 million and $175.4 million at June 30, 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 June 30, 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 six months ended June 30, 2024 and 2023, nor is the amount to be reclassified into Net earnings over the next twelve months expected to be material. At June 30, 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 six months ended June 30, 2024 and 2023, was $31.1 million and $31.6 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 $8.1 million and $9.9 million, respectively, for the six months ended June 30, 2024 and 2023. No material lease costs have been capitalized on the Condensed and Consolidated Balance Sheets as of June 30, 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.

ALLEGION PLC

NOTES TO CONDENSED AND CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

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:


		June 30, 2024								December 31, 2023
In millions	Balance Sheet classification	Real estate			Equipment			Total		Real estate			Equipment			Total
ROU asset	Other noncurrent assets	$	112.6		$	36.4		$	149.0	$	114.7		$	33.4		$	148.1
Lease liability - current	Accrued expenses and other current liabilities	19.4			15.5			34.9		18.7			15.0			33.7
Lease liability - noncurrent	Other noncurrent liabilities	96.7			20.8			117.5		98.9			18.4			117.3

Other information:
Weighted-average remaining term (years)		11.3			2.9					11.6			2.7
Weighted-average discount rate		5.1		%	5.2		%			5.0		%	4.4		%

The following table summarizes additional information related to the Company’s leases for the six months ended June 30:


	2024						2023
In millions	Real estate		Equipment		Total		Real estate		Equipment		Total
Cash paid for amounts included in the measurement of lease liabilities	$	12.4	$	10.6	$	23.0	$	12.0	$	9.7	$	21.7
ROU assets obtained in exchange for new lease liabilities	7.1		8.6		15.7		53.6		7.9		61.5

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 June 30, 2024, are as follows:


In millions	Remainder of 2024		2025		2026		2027		2028		Thereafter		Total
Real estate leases	$	12.5	$	23.8	$	20.0	$	15.9	$	10.6	$	76.4	$	159.2
Equipment leases	9.2		14.3		8.4		4.8		2.4		0.1		39.2
Total	$	21.7	$	38.1	$	28.4	$	20.7	$	13.0	$	76.5	$	198.4

The difference between the total undiscounted minimum lease payments and the combined current and noncurrent lease liabilities as of June 30, 2024, is due to imputed interest of approximately $46 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 and six months ended June 30 were as follows:


	U.S.
	Three months ended				Six months ended
In millions	2024		2023		2024		2023
Service cost	$	0.2	$	0.2	$	0.4	$	0.4
Interest cost	2.9		3.0		5.8		5.9
Expected return on plan assets	(3.8)		(3.8)		(7.6)		(7.5)
Administrative costs and other	0.3		0.2		0.6		0.5
Net amortization of:
Prior service costs	—		0.1		0.1		0.1
Plan net actuarial losses	0.2		0.1		0.4		0.3
Net periodic pension benefit income	$	(0.2)	$	(0.2)	$	(0.3)	$	(0.3)

ALLEGION PLC

NOTES TO CONDENSED AND CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)


	Non-U.S.
	Three months ended				Six months ended
In millions	2024		2023		2024		2023
Service cost	$	0.5	$	0.4	$	0.9	$	0.8
Interest cost	3.0		3.0		6.0		6.0
Expected return on plan assets	(4.1)		(3.9)		(8.1)		(7.8)
Administrative costs and other	0.5		0.4		0.9		0.8
Net amortization of:

Plan net actuarial losses	0.9		0.9		1.8		1.8

Net periodic pension benefit cost	$	0.8	$	0.8	$	1.5	$	1.6

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 six months ended June 30, 2024 or 2023. Employer contributions totaling approximately $3.7 million are expected to be made during the remainder of 2024.

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 June 30, 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
Assets:
Investments	$	—	$	16.3	$	—	$	16.3

Total asset recurring fair value measurements	$	—	$	16.3	$	—	$	16.3
Liabilities:

Deferred compensation and other retirement plans	$	—	$	16.1	$	—	$	16.1
Total liability recurring fair value measurements	$	—	$	16.1	$	—	$	16.1
Financial instruments not carried at fair value
Total debt	$	—	$	2,360.3	$	—	$	2,360.3
Total financial instruments not carried at fair value	$	—	$	2,360.3	$	—	$	2,360.3

ALLEGION PLC

NOTES TO CONDENSED AND CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

Assets and liabilities measured at fair value as of December 31, 2023, 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
Assets:
Investments	$	—	$	18.0	$	—	$	18.0

Total asset recurring fair value measurements	$	—	$	18.0	$	—	$	18.0
Liabilities:

Deferred compensation and other retirement plans	$	—	$	18.2	$	—	$	18.2
Total liability recurring fair value measurements	$	—	$	18.2	$	—	$	18.2
Financial instruments not carried at fair value
Total debt	$	—	$	1,984.9	$	—	$	1,984.9
Total financial instruments not carried at fair value	$	—	$	1,984.9	$	—	$	1,984.9

The Company determines the fair value of its financial assets and liabilities using the following methodologies:

•Investments – These instruments include equity mutual funds and corporate bond funds. The fair value is obtained based on observable market prices quoted on public exchanges for similar instruments.

•Deferred compensation and other retirement plans – These include obligations related to deferred compensation and other retirement plans adjusted for market performance. The fair value is obtained based on observable market prices quoted on public exchanges for similar instruments.

•Debt – These instruments are recorded at cost and include the Credit Facilities and Senior Notes maturing through 2034. The fair value of these debt instruments is obtained based on observable market prices quoted on public exchanges for similar instruments.

The methodologies used by the Company to determine the fair value of its financial assets and liabilities as of June 30, 2024, are the same as those used as of December 31, 2023. The carrying values of Cash and cash equivalents, Accounts and notes receivable, net, Accounts payable and Accrued expenses and other current liabilities are a reasonable estimate of their fair value due to the short-term nature of these instruments.

The Company also had investments in debt and equity securities without readily determinable fair values of $64.5 million and $65.8 million as of June 30, 2024 and December 31, 2023, respectively, which are classified as Other noncurrent assets within the Condensed and Consolidated Balance Sheets. These investments are considered to be nonrecurring fair value measurements, and thus, are not included in the fair value tables above.

ALLEGION PLC

NOTES TO CONDENSED AND CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

NOTE 11 - EQUITY

The changes in the components of Equity for the six months ended June 30, 2024, were as follows:


			Allegion plc shareholders' equity
			Ordinary shares
In millions, except per share amounts	Total equity		Amount		Shares	Capital in excess of par value		Retained earnings		Accumulated other comprehensive loss
Balance at December 31, 2023	$	1,318.3	$	0.9	87.5	$	—	$	1,578.9	$	(261.5)
Net earnings	123.8		—		—	—		123.8		—



Other comprehensive loss, net	(24.0)		—		—	—		—		(24.0)
Repurchase of ordinary shares	(40.0)		—		(0.3)	(14.8)		(25.2)		—
Share-based compensation activity	14.8		—		0.2	14.8		—		—


Dividends to ordinary shareholders ($0.48 per share)	(42.0)		—		—	—		(42.0)		—

Balance at March 31, 2024	1,350.9		0.9		87.4	—		1,635.5		(285.5)
Net earnings	155.4		—		—	—		155.4		—



Other comprehensive loss, net	(5.1)		—		—	—		—		(5.1)
Repurchase of ordinary shares	(40.0)		—		(0.3)	(4.1)		(35.9)		—
Share-based compensation activity	5.9		—		—	5.9		—		—


Dividends to ordinary shareholders ($0.48 per share)	(41.8)		—		—	—		(41.8)		—

Balance at June 30, 2024	$	1,425.3	$	0.9	87.1	$	1.8	$	1,713.2	$	(290.6)

The changes in the components of Equity for the six months ended June 30, 2023, were as follows:


			Allegion plc shareholders' equity
			Ordinary shares
In millions, except per share amounts	Total equity		Amount		Shares	Capital in excess of par value		Retained earnings		Accumulated other comprehensive loss		Noncontrolling interests
Balance at December 31, 2022	$	944.5	$	0.9	87.9	$	13.9	$	1,212.8	$	(285.8)	$	2.7
Net earnings	123.6		—		—	—		123.5		—		0.1



Other comprehensive income, net	10.3		—		—	—		—		10.2		0.1

Share-based compensation activity	5.7		—		—	5.7		—		—		—


Dividends to ordinary shareholders ($0.45 per share)	(39.5)		—		—	—		(39.5)		—		—

Balance at March 31, 2023	1,044.6		0.9		87.9	19.6		1,296.8		(275.6)		2.9
Net earnings	142.0		—		—	—		142.0		—		—



Other comprehensive income (loss), net	7.9		—		—	—		—		8.8		(0.9)
Repurchase of ordinary shares	(19.9)		—		(0.2)	(19.9)		—		—		—
Share-based compensation activity	5.6		—		0.1	5.6		—		—		—
Dividends to noncontrolling interests	(0.1)		—		—	—		—		—		(0.1)
Dividends to ordinary shareholders ($0.45 per share)	(39.6)		—		—	—		(39.6)		—		—

Balance at June 30, 2023	$	1,140.5	$	0.9	87.8	$	5.3	$	1,399.2	$	(266.8)	$	1.9

In June 2023, the Company’s Board of Directors (the "Board") reauthorized the Company's existing share repurchase program and, as a result, authorized the repurchase of up to, and including, $500.0 million of the Company’s ordinary shares (the "Share Repurchase Authorization"). During the six months ended June 30, 2024 the Company paid $80.0 million to repurchase ordinary shares on the open market under the Share Repurchase Authorization. As of June 30, 2024, the Company had approximately $380.0 million available under the Share Repurchase Authorization.

ALLEGION PLC

NOTES TO CONDENSED AND CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

Accumulated Other Comprehensive Loss

The changes in Accumulated other comprehensive loss for the six months ended June 30, 2024, were as follows:


In millions	Cash flow hedges		Defined benefit items		Foreign currency items		Total
December 31, 2023	$	5.6	$	(125.9)	$	(141.2)	$	(261.5)
Other comprehensive income (loss) before reclassifications	0.9		0.8		(32.5)		(30.8)
Amounts reclassified from accumulated other comprehensive loss(a)	(0.3)		2.3		—		2.0
Tax expense	(0.2)		(0.1)		—		(0.3)
June 30, 2024	$	6.0	$	(122.9)	$	(173.7)	$	(290.6)

The changes in Accumulated other comprehensive loss for the six months ended June 30, 2023, were as follows:


In millions	Cash flow hedges		Defined benefit items		Foreign currency items		Total
December 31, 2022	$	6.1	$	(117.1)	$	(174.8)	$	(285.8)
Other comprehensive (loss) income before reclassifications	(1.1)		(4.9)		23.4		17.4
Amounts reclassified from accumulated other comprehensive loss(a)	(1.2)		2.0		—		0.8
Tax benefit	0.5		0.3		—		0.8
June 30, 2023	$	4.3	$	(119.7)	$	(151.4)	$	(266.8)

(a) Amounts reclassified from Accumulated other comprehensive loss and recognized into Net earnings related to cash flow hedges are recorded in Cost of goods sold and Interest expense. Amounts reclassified from Accumulated other comprehensive loss and recognized into Net earnings related to defined benefit items are recorded in Other income, net.

NOTE 12 - SHARE-BASED COMPENSATION

The Company’s share-based compensation plans include programs for stock options, restricted stock units ("RSUs") and performance stock units ("PSUs"). Share-based compensation expense is included in Cost of goods sold and Selling and administrative expenses within the Condensed and Consolidated Statements of Comprehensive Income. The following table summarizes the share-based compensation expense recognized for the three and six months ended June 30:


	Three months ended				Six months ended
In millions	2024		2023		2024		2023
Stock options	$	0.9	$	0.7	$	3.0	$	2.8
RSUs	3.6		3.1		9.0		8.1
PSUs	2.0		1.8		4.1		3.5
Pre-tax expense	6.5		5.6		16.1		14.4
Tax benefit	(0.7)		(0.7)		(1.6)		(1.9)
After-tax expense	$	5.8	$	4.9	$	14.5	$	12.5

Stock Options / RSUs

Eligible participants may receive (i) stock options, (ii) RSUs or (iii) a combination of both stock options and RSUs. Grants issued during the six months ended June 30 were as follows:


	2024			2023
	Number granted	Weighted- average fair value per award		Number granted	Weighted- average fair value per award
Stock options	127,963	$	40.92	156,929	$	33.66
RSUs	95,773	$	128.95	126,739	$	112.61

ALLEGION PLC

NOTES TO CONDENSED AND CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

The weighted-average fair value of the stock options granted is determined using the Black-Scholes option-pricing model. The following weighted-average assumptions were used during the six months ended June 30:


	2024		2023
Dividend yield	1.47	%	1.60	%
Volatility	29.29	%	28.47	%
Risk-free rate of return	4.29	%	4.10	%
Expected life (years)	6.0		6.0

Volatility is based on the Company’s historic volatility. The risk-free rate of return is based on the yield curve of a zero-coupon U.S. Treasury bond on the date the award is granted with a maturity equal to the expected term of the award. The expected life of the Company’s stock option awards is derived from the simplified approach based on the weighted-average time to vest and the remaining contractual term and represents the period of time that awards are expected to be outstanding.

Performance Stock

During the six months ended June 30, 2024, the Company granted PSUs with a maximum award level of approximately 0.1 million shares. In February 2022, 2023 and 2024, the Company’s Compensation Committee granted PSUs that were earned based 50% upon a performance condition, measured at each reporting period by earnings per share ("EPS") performance in relation to pre-established targets for each performance period set by the Compensation and Human Capital Committee of the Board, and 50% upon a market condition, measured by the Company’s relative total shareholder return against, for 2022 and 2023, the S&P 400 Capital Goods Index over a three-year performance period, and for 2024 a 50/50 blend of the S&P 400 Capitals Goods Index and the S&P 500 Capital Goods Index over a three-year performance period. The fair values of the market condition are estimated using a Monte Carlo Simulation approach in a risk-neutral framework to model future stock price movements based upon historical volatility, risk-free rates of return and correlation matrix.

NOTE 13 - OTHER INCOME, NET

The components of Other income, net for the three and six months ended June 30 were as follows:


	Three months ended				Six months ended
In millions	2024		2023		2024		2023
Interest income	$	(5.0)	$	(1.2)	$	(8.6)	$	(1.9)
Foreign currency exchange (gain) loss	(0.4)		0.3		0.8		1.7


Other expense (income)	0.3		(0.7)		(1.0)		(1.7)
Other income, net	$	(5.1)	$	(1.6)	$	(8.8)	$	(1.9)

NOTE 14 - INCOME TAXES

The effective income tax rates for the three months ended June 30, 2024 and 2023, were 17.8% and 12.6%, respectively. The increase in the effective income tax rate compared to 2023 is primarily due to the enactment of global minimum tax in 2024 and the unfavorable change in the mix of income earned in higher tax rate jurisdictions, which are partially offset by the realization of discrete tax credits.

The effective income tax rates for the six months ended June 30, 2024 and 2023, were 18.3% and 14.4%, respectively. The increase in the effective income tax rate compared to 2023 is primarily due to the enactment of global minimum tax in 2024 and the unfavorable change in the mix of income earned in higher tax rate jurisdictions, which are partially offset by the realization of discrete tax credits.

NOTE 15 - EARNINGS PER SHARE ("EPS")

Basic EPS is calculated by dividing Net earnings attributable to Allegion plc by the weighted-average number of ordinary shares outstanding for the applicable period. Diluted EPS is calculated after adjusting the denominator of the basic EPS calculation for the effect of all potentially dilutive ordinary shares, which in the Company’s case includes shares issuable under share-based compensation plans.

ALLEGION PLC

NOTES TO CONDENSED AND CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

The following table summarizes the weighted-average number of ordinary shares outstanding for basic and diluted EPS calculations for the three and six months ended June 30:


	Three months ended		Six months ended
In millions	2024	2023	2024	2023
Weighted-average number of basic shares	87.3	87.9	87.5	88.0
Shares issuable under share-based compensation plans	0.4	0.4	0.4	0.3
Weighted-average number of diluted shares	87.7	88.3	87.9	88.3

At June 30, 2024 and 2023, 0.3 million and 0.5 million stock options, respectively, were excluded from the computation of weighted-average diluted shares outstanding because the effect of including these shares would have been anti-dilutive.

NOTE 16 - NET REVENUES

The following tables show the Company’s Net revenues related to both tangible product sales and services for the three and six months ended June 30, 2024 and 2023, respectively, disaggregated by business segment:


	Three months ended June 30, 2024						Six months ended June 30, 2024
In millions	Allegion Americas		Allegion International		Total		Allegion Americas		Allegion International		Total
Net revenues
Products	$	733.0	$	188.0	$	921.0	$	1,399.8	$	366.9	$	1,766.7
Services	37.7		6.9		44.6		80.2		12.6		92.8
Total Net revenues	$	770.7	$	194.9	$	965.6	$	1,480.0	$	379.5	$	1,859.5


	Three months ended June 30, 2023						Six months ended June 30, 2023
In millions	Allegion Americas		Allegion International		Total		Allegion Americas		Allegion International		Total
Net revenues
Products	$	689.7	$	179.2	$	868.9	$	1,387.1	$	354.7	$	1,741.8
Services	37.5		6.1		43.6		81.0		12.7		93.7
Total Net revenues	$	727.2	$	185.3	$	912.5	$	1,468.1	$	367.4	$	1,835.5

Net revenues are shown by tangible product sales and services, as contract terms, conditions and economic factors affecting the nature, amount, timing and uncertainty around revenue recognition and cash flows are substantially similar within each of these two principal revenue streams. Product sales involve contracts with a single performance obligation, the transfer of control of a product or bundle of products to a customer. Service revenue, which includes inspection, maintenance and repair, design and installation, aftermarket and locksmith services, as well as software-as-a-service offerings such as access control, IoT integration and workforce management solutions, is delayed until the service performance obligations are satisfied.

As of June 30, 2024 and December 31, 2023, contract assets related to the Company’s right to consideration for work completed but not billed were not material. The Company does not have any costs to obtain or fulfill a contract that are capitalized on its Condensed and Consolidated Balance Sheets. During the three and six months ended June 30, 2024 and 2023, no adjustments related to performance obligations satisfied in previous periods were recorded.

As of June 30, 2024 and December 31, 2023, contract liabilities related to revenues allocated to remaining performance obligations totaled $36.2 million and $27.2 million, respectively, and are classified as Accrued Expenses and Other Current Liabilities and Other noncurrent liabilities within the Condensed and Consolidated Balance Sheets. A majority of the contract liabilities are expected to be recognized as revenue within the next twelve months.

NOTE 17 - COMMITMENTS AND CONTINGENCIES

The Company is involved in various litigation, claims and administrative proceedings, including those related to environmental and product warranty matters. Amounts recorded for identified contingent liabilities are estimates, which are reviewed periodically and adjusted to reflect additional information when it becomes available. Subject to the uncertainties inherent in estimating future costs for contingent liabilities, except as expressly set forth in this note, management believes that any liability which may result from these legal matters would not have a material adverse effect on the financial condition, results of operations, liquidity or cash flows of the Company.

ALLEGION PLC

NOTES TO CONDENSED AND CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

Environmental Matters

As of June 30, 2024 and December 31, 2023, the Company had reserves for environmental matters of $18.7 million and $20.2 million, respectively. The total reserve at June 30, 2024 and December 31, 2023, included $10.3 million and $11.2 million, respectively, related to remediation of sites previously disposed by the Company. Environmental reserves are classified as Accrued expenses and other current liabilities or Other noncurrent liabilities within the Condensed and Consolidated Balance Sheets based on the timing of their expected future payment. The Company’s total current environmental reserve at June 30, 2024 and December 31, 2023, was $2.1 million and $3.6 million, respectively, and the remainder was classified as noncurrent. Expenses related to environmental remediation were not material during the six months ended June 30, 2024 or 2023. Given the evolving nature of environmental laws, regulations and technology, the ultimate cost of future compliance is uncertain.

Warranty Liability

The changes in the standard product warranty liability for the six months ended June 30 were as follows:


In millions	2024		2023
Balance at beginning of period	$	20.7	$	18.2
Reductions for payments	(6.2)		(4.3)
Accruals for warranties issued during the current period	8.5		5.6
Changes to accruals related to preexisting warranties	(0.3)		—

Currency translation	(0.2)		—
Balance at end of period	$	22.5	$	19.5

Standard product warranty liabilities are classified as either Accrued expenses and other current liabilities or Other noncurrent liabilities within the Condensed and Consolidated Balance Sheets based on the timing of the expected future payments.

NOTE 18 - BUSINESS SEGMENT INFORMATION

The Company classifies its business into the following two reportable segments based on industry and market focus: Allegion Americas and Allegion International. The Company largely evaluates performance based on Segment operating income and Segment operating margins. Segment operating income is the measure of profit and loss that the Company’s chief operating decision maker, the chief executive officer, uses to evaluate the financial performance of the business and as the basis for resource allocation, performance reviews and compensation. For these reasons, the Company believes that Segment operating income represents the most relevant measure of segment profit and loss. The Company’s chief operating decision maker may exclude certain charges or gains, such as corporate charges and other special charges, from Operating income to arrive at a Segment operating income that is a more meaningful measure of profit and loss upon which to base operating decisions. The Company defines Segment operating margin as Segment operating income as a percentage of the segment’s Net revenues.

ALLEGION PLC

NOTES TO CONDENSED AND CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

A summary of operations by reportable segment for the three and six months ended June 30 was as follows:


	Three months ended				Six months ended
In millions	2024		2023		2024		2023
Net revenues
Allegion Americas	$	770.7	$	727.2	$	1,480.0	$	1,468.1
Allegion International	194.9		185.3		379.5		367.4
Total	$	965.6	$	912.5	$	1,859.5	$	1,835.5
Segment operating income
Allegion Americas	$	214.3	$	195.4	$	401.3	$	382.0
Allegion International	17.7		13.9		30.7		24.5
Total	232.0		209.3		432.0		406.5
Reconciliation to Operating income
Unallocated corporate expense	(23.0)		(24.7)		(50.9)		(50.9)
Operating income	209.0		184.6		381.1		355.6
Reconciliation to earnings before income taxes
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

Table of Contents

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

The following Management’s Discussion and Analysis of Financial Condition and Results of Operations contains forward-looking statements that involve risks and uncertainties. Our actual results may differ materially from the results discussed in the forward-looking statements. Factors that may cause a difference include, but are not limited to, those discussed under Part I, Item 1A – Risk Factors in the Annual Report on Form 10-K for the fiscal year ended December 31, 2023. The following section is qualified in its entirety by the more detailed information, including our Condensed and Consolidated Financial Statements and the notes thereto, which appears elsewhere in this Quarterly Report.

Overview

Organization

Allegion plc and its consolidated subsidiaries ("Allegion," "the Company", "we," "our," or "us") are a leading global provider of security products and solutions operating in two segments: Allegion Americas and Allegion International. We sell a wide range of security products and solutions for end-users in commercial, institutional and residential facilities worldwide, including the education, healthcare, government, hospitality, retail, commercial office and single and multi-family residential markets. Our leading brands include CISA®, Interflex®, LCN®, Schlage®, SimonsVoss® and Von Duprin®.

Recent Developments

Business and Industry Trends and Outlook

In the second quarter of 2024, we experienced a mid-single digits percent increase in revenue as compared to the same period in 2023, driven by favorable pricing and volume growth from most of our major businesses. We expect the business to continue to grow in the second half of 2024.

Acquisitions

On February 1, 2024, we, through our subsidiaries, acquired 100% of Boss Door Controls, a door solutions provider in the United Kingdom. Boss Door Controls is reported in the Allegion International segment.

On March 4, 2024, we, through our subsidiaries, acquired 100% of Montajes electronicos Dorcas S.L. ("Dorcas"), a leading manufacturer of electro-mechanical access control solutions based in Spain. Dorcas is reported in the Allegion International segment.

On June 3, 2024, we, through our subsidiaries, acquired 100% of Krieger Specialty Products, LLC ("Krieger"), a leading manufacturer of high-performance special purpose doors and windows based in the United States. Krieger is reported in the Company's Allegion Americas segment.

On June 10, 2024, we, through our subsidiaries, acquired 100% of Unicel Architectural Corp. ("Unicel"), a leading manufacturer of advanced glass, timber and aluminum building solutions based in Canada. Unicel is reported in the Company's Allegion Americas segment.

2024 Dividends and Share Repurchases

During the six months ended June 30, 2024, we paid dividends of $0.96 per ordinary share to shareholders and repurchased approximately 0.6 million shares for $80.0 million.

Table of Contents

Results of Operations – Three months ended June 30


In millions, except per share amounts	2024		% of revenues		2023		% of revenues
Net revenues	$	965.6			$	912.5
Cost of goods sold	537.3		55.7	%	510.6		56.0	%
Selling and administrative expenses	219.3		22.7	%	217.3		23.8	%

Operating income	209.0		21.6	%	184.6		20.2	%
Interest expense	25.1				23.7

Other income, net	(5.1)				(1.6)
Earnings before income taxes	189.0				162.5
Provision for income taxes	33.6				20.5


Net earnings attributable to Allegion plc	$	155.4			$	142.0

Diluted net earnings per ordinary share attributable to Allegion plc ordinary shareholders:	$	1.77			$	1.61

The discussions that follow describe the significant factors contributing to the changes in our results of operations for the periods presented and form the basis used by management to evaluate the financial performance of the business.

Net Revenues

Net revenues for the three months ended June 30, 2024, increased by 5.8%, or $53.1 million, compared with the same period in 2023, due to the following:


Pricing	2.7	%
Volume	2.5	%
Acquisitions	0.9	%
Currency exchange rates	(0.3)	%
Total	5.8	%

The increase in Net revenues was driven by higher volumes, improved pricing across our major businesses, and the acquisitions made during the year, which was partially offset by unfavorable foreign currency exchange rate movements.

Pricing includes increases or decreases of price, including discounts, surcharges and/or other sales deductions, on our existing products and services. Volume includes increases or decreases of revenue due to changes in unit volume of existing products and services, as well as new products and services.

Operating Income/Margin

Operating income for the three months ended June 30, 2024, increased $24.4 million compared to the same period in 2023. Operating margin, which we define as Operating income as a percentage of total Net revenues, for the three months ended June 30, 2024, increased to 21.6% from 20.2% for the same period in 2023, due to the following:


In millions	Operating Income		Operating Margin
June 30, 2023	$	184.6	20.2	%
Pricing and productivity in excess of inflation and investment spending	12.8		0.8	%
Volume / product mix	13.0		0.9	%
Acquisitions	1.4		—	%
Currency exchange rates	(1.2)		(0.1)	%
Acquisition / integration/ restructuring expenses	(1.6)		(0.2)	%
June 30, 2024	$	209.0	21.6	%

The increase in Operating income and Operating margin was driven by pricing and productivity improvements in excess of inflation and investment spending, favorable volume/product mix and the contribution to operating income from recent acquisition activity. These increases were partially offset by unfavorable foreign currency exchange rate movements and higher acquisition, integration and restructuring expenses.

Pricing and productivity in excess of inflation and investment spending includes the impact to both Operating income and Operating margin from pricing, as defined above, in addition to productivity, inflation and investment spending. Productivity represents improvements in unit costs of materials, cost reductions related to improvements to our manufacturing design and processes and reductions in selling and administrative expenses due to productivity projects. Inflation includes both unit costs

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for the current period compared to the average actual cost for the prior period, multiplied by current year volumes, and current period costs of ongoing selling and administrative functions compared to the same ongoing expenses in the prior period. Expenses related to increased head count for strategic initiatives, new facilities or other significant spending for strategic initiatives or new product and channel development, are captured in investment spending.

Volume/product mix represents the impact to both Operating income and Operating margin due to increases or decreases of revenue due to changes in unit volume, including new products and services, including the effect of changes in the mix of products and services sold on Cost of goods sold.

Interest Expense

Interest expense for the three months ended June 30, 2024, increased $1.4 million compared with the same period in 2023, primarily due to higher outstanding indebtedness compared to the same period in the prior year.

Other Income, net

The components of Other income, net for the three months ended June 30 were as follows:


In millions	2024		2023
Interest income	$	(5.0)	$	(1.2)
Foreign currency exchange (gain) loss	(0.4)		0.3


Other expense (income)	0.3		(0.7)
Other income, net	$	(5.1)	$	(1.6)

Provision for Income Taxes

Results of Operations – Six months ended June 30


In millions, except per share amounts	2024		% of revenues		2023		% of revenues
Net revenues	$	1,859.5			$	1,835.5
Cost of goods sold	1,039.8		55.9	%	1,042.6		56.8	%
Selling and administrative expenses	438.6		23.6	%	437.3		23.8	%

Operating income	381.1		20.5	%	355.6		19.4	%
Interest expense	48.0				47.3

Other income, net	(8.8)				(1.9)
Earnings before income taxes	341.9				310.2
Provision for income taxes	62.7				44.6
Net earnings	279.2				265.6
Less: Net earnings attributable to noncontrolling interests	—				0.1
Net earnings attributable to Allegion plc	$	279.2			$	265.5

Diluted net earnings per ordinary share attributable to Allegion plc ordinary shareholders:	$	3.18			$	3.01

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Net Revenues

Net revenues for the six months ended June 30, 2024, increased by 1.3%, or $24.0 million, compared with the same period in 2023, due to the following:


Pricing	3.5	%
Volume	(2.7)	%
Acquisitions	0.6	%
Currency exchange rates	(0.1)	%
Total	1.3	%

The increase in Net revenues was driven by improved pricing across our major businesses and the acquisitions made during the year, which was partially offset by lower volumes and unfavorable foreign currency exchange rate movements. The lower volumes are compared against the first half of 2023, which was a seasonally stronger period than normal.

Operating Income/Margin

Operating income for the six months ended June 30, 2024, increased $25.5 million compared to the same period in 2023. Operating margin for the six months ended June 30, 2024, increased to 20.5% from 19.4% for the same period in 2023, due to the following:


In millions	Operating Income		Operating Margin
June 30, 2023	$	355.6	19.4	%
Pricing and productivity in excess of inflation and investment spending	45.7		1.8	%
Volume / product mix	(21.6)		(0.7)	%
Acquisitions	1.5		—	%
Currency exchange rates	(2.7)		(0.1)	%
Acquisition / integration/ restructuring expenses	2.6		0.1	%

June 30, 2024	$	381.1	20.5	%

The increase in Operating income and Operating margin was driven by pricing and productivity improvements in excess of inflation and investment spending, the contribution to operating income from recent acquisition activity and lower acquisition, integration and restructuring expenses. These increases were partially offset by unfavorable volume/product mix and unfavorable foreign currency exchange rate movements.

Interest Expense

Interest expense for the six months ended June 30, 2024, increased $0.7 million compared with the same period in 2023, primarily due to higher outstanding indebtedness compared to the same period in the prior year.

Other Income, net

The components of Other income, net for the six months ended June 30 were as follows:


In millions	2024		2023
Interest income	$	(8.6)	$	(1.9)
Foreign currency exchange loss	0.8		1.7


Other	(1.0)		(1.7)
Other income, net	$	(8.8)	$	(1.9)

The increase in interest income for the six months ended June 30, 2024 compared with the same period in 2023 is due to higher cash on hand and higher interest rates.

Provision for Income Taxes

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Review of Business Segments

We operate in and report financial results for two segments: Allegion Americas and Allegion International. These segments represent the level at which our chief operating decision maker reviews our financial performance and makes operating decisions.

Segment operating income is the measure of profit and loss that our chief operating decision maker uses to evaluate the financial performance of the business and as the basis for resource allocation, performance reviews and compensation. For these reasons, we believe that Segment operating income represents the most relevant measure of Segment profit and loss. Our chief operating decision maker may exclude certain charges or gains, such as corporate charges and other special charges, to arrive at a Segment operating income that is a more meaningful measure of profit and loss upon which to base our operating decisions. We define Segment operating margin as Segment operating income as a percentage of the segment’s Net revenues.

The segment discussions that follow describe the significant factors contributing to the changes in results for each segment included in Net earnings.

Segment Results of Operations - For the three and six months ended June 30:


	Three months ended								Six months ended
In millions	2024			2023			% Change		2024			2023			% Change
Net revenues
Allegion Americas	$	770.7		$	727.2		6.0	%	$	1,480.0		$	1,468.1		0.8	%
Allegion International	194.9			185.3			5.2	%	379.5			367.4			3.3	%
Total	$	965.6		$	912.5				$	1,859.5		$	1,835.5

Segment operating income
Allegion Americas	$	214.3		$	195.4		9.7	%	$	401.3		$	382.0		5.1	%
Allegion International	17.7			13.9			27.3	%	30.7			24.5			25.3	%
Total	$	232.0		$	209.3				$	432.0		$	406.5

Segment operating margin
Allegion Americas	27.8		%	26.9		%			27.1		%	26.0		%
Allegion International	9.1		%	7.5		%			8.1		%	6.7		%

Allegion Americas

Our Allegion Americas segment is a leading provider of security products, services and solutions throughout North America. The segment sells a broad range of products and solutions including locks, locksets, key systems, door controls and systems, exit devices, doors, accessories, electronic security products, access control systems and software and service solutions to customers in commercial, institutional and residential facilities, including the education, healthcare, government, hospitality, retail, commercial office and single and multi-family residential markets. This segment’s primary brands are LCN, Schlage, Von Duprin and Stanley Access Technologies, which we utilize with permission in accordance with the terms of the Access Technologies acquisition agreement ("Stanley" is the property of Stanley Logistics L.L.C.).

Net Revenues

Net revenues for the three months ended June 30, 2024, increased by 6.0%, or $43.5 million, compared to the same period in 2023, due to the following:


Pricing	3.0	%
Volume	2.7	%
Acquisitions	0.4	%
Currency exchange rates	(0.1)	%
Total	6.0	%

The increase in Net revenues was driven by improved pricing across our major businesses, higher volumes, and the acquisitions made during the year, which was partially offset by unfavorable foreign currency exchange rate movements.

Net revenues from our non-residential business for the three months ended June 30, 2024, increased by a mid-single digits percent compared to the same period in the prior year, driven by improved pricing, higher volumes, and acquisition activity, which was partially offset by unfavorable foreign currency exchange rate movements. We currently anticipate growth from our non-residential products and services through the remainder of 2024.

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Net revenues from residential products for the three months ended June 30, 2024, increased by a low-single digits percent compared to the same period in the prior year, driven by higher volumes. Given current market conditions, we expect demand to remain stable for our residential products for the remainder of 2024.

Growth in electronic security products and solutions is a metric that is actively monitored by management and a focus of our investors. Electronic products encompass both residential and non-residential solutions and include all electrified product categories including, but not limited to, electronic and electrified locks, access control systems and electronic and electrified door controls and systems and exit devices. For the three months ended June 30, 2024, Net revenues from the sale of electronic products in the Allegion Americas segment decreased by a low-single digits percent compared to the same period in the prior year in which the sale of electronic security products grew greater than thirty percent.

Net revenues for the six months ended June 30, 2024, increased by 0.8%, or $11.9 million, compared to the same period in 2023, due to the following:


Pricing	3.9	%
Volume	(3.2)	%
Acquisitions	0.2	%
Currency exchange rates	(0.1)	%
Total	0.8	%

The increase in Net revenues was driven by improved pricing and acquisition activity, partially offset by lower volumes and unfavorable currency exchange rate movements.

Net revenues from non-residential products for the six months ended June 30, 2024, increased by a low-single digits percent compared to the same period in the prior year, driven by improved pricing and acquisition activity, partially offset by lower volumes.

Net revenues from residential products for the six months ended June 30, 2024, increased by a low-single digits percent compared to the same period in the prior year, driven by higher volumes.

Operating income/margin

Segment operating income for the three months ended June 30, 2024, increased $18.9 million compared to the same period in 2023, and Segment operating margin for the three months ended June 30, 2024, increased to 27.8% from 26.9%, due to the following:


In millions	Operating Income		Operating Margin
June 30, 2023	$	195.4	26.9	%
Pricing and productivity in excess of inflation and investment spending	11.1		0.7	%
Volume / product mix	9.6		0.6	%
Acquisitions	0.5		—	%
Currency exchange rates	(0.9)		(0.2)	%
Acquisition / integration/ restructuring expenses	(1.4)		(0.2)	%
June 30, 2024	$	214.3	27.8	%

The increase in Segment operating income and Segment operating margin was primarily driven by pricing and productivity improvements in excess of inflation and investment spending, favorable volume/product mix and the contribution to operating income from recent acquisition activity. These increases were partially offset by unfavorable foreign currency exchange rate movements and higher acquisition, integration and restructuring expenses.

Segment operating income for the six months ended June 30, 2024, increased $19.3 million compared to the same period in 2023, and Segment operating margin for the six months ended June 30, 2024, increased to 27.1% from 26.0%, due to the following:


In millions	Operating Income		Operating Margin
June 30, 2023	$	382.0	26.0	%
Pricing and productivity in excess of inflation and investment spending	45.3		2.0	%
Volume / product mix	(23.5)		(0.8)	%
Acquisitions	0.5		0.1	%
Currency exchange rates	(2.8)		(0.2)	%
Acquisition / integration/ restructuring expenses	(0.2)		—	%
June 30, 2024	$	401.3	27.1	%

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The increase in Segment operating income and Segment operating margin was primarily driven by pricing and productivity improvements in excess of inflation and investment spending and the contribution to operating income from recent acquisition activity. These increases were partially offset by unfavorable volume/product mix, unfavorable foreign currency exchange rate movements, and higher acquisition, integration and restructuring expenses.

Allegion International

Our Allegion International segment provides security products, services and solutions primarily throughout Europe, Asia and Oceania. The segment offers end-users a broad range of products, services and solutions including locks, locksets, portable locks, key systems, door closers and systems, exit devices, doors, electronic security products, access control systems, time and attendance and workforce productivity solutions, among other software and service solutions. This segment’s primary brands are AXA, Bricard, Briton, CISA, Gainsborough, Interflex, Kryptonite and SimonsVoss.

Net Revenues

Net revenues for the three months ended June 30, 2024, increased by 5.2%, or $9.6 million, compared to the same period in 2023, due to the following:


Pricing	1.4	%
Volume	1.7	%
Acquisitions	3.2	%
Currency exchange rates	(1.1)	%
Total	5.2	%

The increase in Net revenues was primarily driven by improved pricing, higher volumes, and the favorable impact from the current year acquisitions, which was partially offset by unfavorable foreign currency exchange rate movements.

Net revenues for the six months ended June 30, 2024, increased by 3.3%, or $12.1 million, compared to the same period in 2023, due to the following:


Pricing	1.7	%
Volume	(0.5)	%
Acquisitions	2.3	%
Currency exchange rates	(0.2)	%
Total	3.3	%

The increase in Net revenues was primarily driven by improved pricing and the favorable impact from the current year acquisitions, which was partially offset by lower volumes and unfavorable foreign currency exchange rate movements.

Operating income/margin

Segment operating income for the three months ended June 30, 2024, increased $3.8 million compared to the same period in 2023, and Segment operating margin for the three months ended June 30, 2024, increased to 9.1% from 7.5%, due to the following:


In millions	Operating Income		Operating Margin
June 30, 2023	$	13.9	7.5	%
Inflation and investment spending in excess of pricing and productivity	(1.5)		(0.9)	%
Volume / product mix	3.4		1.7	%
Currency exchange rates	(0.1)		—	%
Acquisitions	0.9		0.2	%
Acquisition / integration/ restructuring expenses	1.1		0.6	%

June 30, 2024	$	17.7	9.1	%

The increase in Segment operating income and Segment operating margin was primarily driven by favorable volume/product mix, current year acquisitions, and lower acquisition, integration and restructuring expenses. These increases were partially offset by inflation and investment spending in excess of pricing and productivity, and the unfavorable impact to Segment operating income from foreign currency exchange rate movements.

Segment operating income for the six months ended June 30, 2024, increased $6.2 million compared to the same period in 2023, and Segment operating margin for the six months ended June 30, 2024, increased to 8.1% from 6.7%, due to the following:

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In millions	Operating Income		Operating Margin
June 30, 2023	$	24.5	6.7	%
Inflation and investment spending in excess of pricing and productivity	(0.7)		(0.3)	%
Volume / product mix	1.8		0.5	%
Currency exchange rates	0.2		0.1	%
Acquisitions	1.0		0.1	%
Acquisition / integration/ restructuring expenses	3.9		1.0	%

June 30, 2024	$	30.7	8.1	%

The increase in Segment operating income and Segment operating margin was primarily driven by favorable volume/product mix, current year acquisitions, the favorable impact from foreign currency exchange rate movements, and lower acquisition, integration and restructuring expenses. These increases were partially offset by inflation and investment spending in excess of pricing and productivity.

Liquidity and Capital Resources

Liquidity Outlook, Sources and Uses

Our primary source of liquidity is cash provided by operating activities. Cash provided by operating activities is used to invest in new product development and fund capital expenditures and working capital requirements. Our ability to generate cash from operating activities, our unused borrowing capacity under the Revolving Facility and our access to the capital and credit markets enable us to fund these capital needs, execute our long-term growth strategies and return value to our shareholders. Further, our business operates with strong operating cash flows, low leverage and low capital intensity, providing financial flexibility, including sufficient access to credit markets.

Our short-term financing needs primarily consist of working capital requirements, restructuring initiatives, capital spending, dividend payments and principal and interest payments on our long-term debt. Long-term financing needs depend largely on potential growth opportunities, including potential acquisitions, repayment or refinancing of our long-term obligations and repurchases of our ordinary shares. Of our total outstanding indebtedness as of June 30, 2024, approximately 91% incurs fixed-rate interest and is therefore not exposed to the risk of rising variable interest rates.

Based upon our operations, existing cash balances and unused borrowing capacity under the Revolving Facility, as of June 30, 2024, we expect our cash flows from operations will be sufficient to maintain a sound financial position and liquidity and to meet our current financing needs for at least the next 12 months. Further, we do not anticipate any covenant compliance challenges with any of our outstanding indebtedness for at least the next 12 months. We also believe existing borrowing capacity under the Revolving Facility, together with financing we believe would be accessible to us in the credit and capital markets, are sufficient to achieve our longer-term strategic plans.

The following table reflects the major categories of cash flows for the six months ended June 30. For additional details, see the Condensed and Consolidated Statements of Cash Flows in the Condensed and Consolidated Financial Statements.


In millions	2024		2023
Net cash provided by operating activities	$	224.1	$	230.1
Net cash used in investing activities	(166.0)		(61.2)
Net cash provided by (used in) financing activities	228.2		(138.4)

Operating Activities: Net cash provided by operating activities during the six months ended June 30, 2024, decreased $6.0 million compared to the same period in 2023, primarily driven by higher cash used for working capital.

Investing Activities: Net cash used in investing activities during the six months ended June 30, 2024, increased $104.8 million compared to the same period in 2023, primarily due to cash used for acquisitions and higher capital expenditures.

Financing Activities: Net cash provided by financing activities during the six months ended June 30, 2024, increased $366.6 million compared to the same period in 2023, primarily due to the proceeds from the issuance of the 5.600% Senior Notes. The increase was partially offset by an increase in the cash used to repurchase shares compared to the same period in 2023.

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Capitalization

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


In millions	June 30, 2024		December 31, 2023
Term Facility	$	218.8	$	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
5.600% Senior Notes due 2034	400.0		—
Other debt	0.7		0.1
Total borrowings outstanding	2,419.5		2,025.1
Discounts and debt issuance costs, net	(14.9)		(10.1)
Total debt	2,404.6		2,015.0
Less current portion of long-term debt	416.3		412.6
Total long-term debt	$	1,988.3	$	1,602.4

We have an unsecured credit agreement consisting of a $250.0 million term loan facility (the “Term Facility”), of which $218.8 million was outstanding at June 30, 2024, and a revolving credit facility (the “Revolving Facility” and, together with the Term Facility, the “Credit Facilities”), of which there was no balance outstanding at June 30, 2024. On May 20, 2024, the Company amended and restated the Credit Facilities which, among other things, (i) increased the total commitment on the Revolving Facility from $500.0 million to $750.0 million, (ii) extended the maturity of the Revolving Facility from November 18, 2026 to May 20, 2029, (iii) transitioned the benchmark interest rate from the Bloomberg Short-Term Bank Yield Index (“BSBY”) to the Secured Overnight Financing Rate (“SOFR”) for the Credit Facilities, and (iv) added Allegion (Ireland) Finance Designated Activity Company (“Allegion Ireland DAC”), the Company’s wholly-owned subsidiary, as borrower.

The Term Facility requires quarterly principal payments through its maturity on November 18, 2026. Future payments total $6.3 million for the remainder of 2024, $21.9 million due in 2025, and $190.6 million due in 2026. We repaid $6.3 million of principal on the Term Facility during the six months ended June 30, 2024. Principal amounts repaid on the Term Facility may not be reborrowed. The Revolving Facility aggregate commitments of up to $750.0 million includes up to $100.0 million for the issuance of letters of credit. We had $18.5 million of letters of credit outstanding at June 30, 2024. Borrowings under the Revolving Facility may be repaid at any time without premium or penalty, and amounts repaid may be reborrowed.

Outstanding borrowings under the Credit Facilities accrue interest, at the option of the Company, equal to either: (i) a Secured Overnight Financing Rate ("SOFR") 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 June 30, 2024, the Company's outstanding borrowings under the Credit Facilities accrued interest at SOFR plus a margin of 1.225%, resulting in an interest rate of 6.569%. The 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 Credit Facilities require the Company to comply with a maximum leverage ratio as defined in the credit agreement. As of June 30, 2024, the Company was in compliance with all applicable covenants under the credit agreement.

As of June 30, 2024, Allegion US Hold Co has $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”), $600.0 million outstanding of its 5.411% Senior Notes due 2032 (the "5.411% Senior Notes") and $400.0 million of its 5.600% Senior Notes due 2034 (the "5.600% Senior Notes"), and Allegion plc has $400.0 million outstanding of its 3.500% Senior Notes due 2029 (the “3.500% Senior Notes”, and all five 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, beginning January 1, 2023, and will mature on July 1, 2032. The 5.600% Senior Notes require semi-annual interest payments on May 29 and November 29 of each year and will mature on May 29, 2034. We expect to use the proceeds of the 5.600% Senior Notes to repay the 3.200% Senior Notes that mature in the second half of 2024.

Historically, the majority of our earnings were considered to be permanently reinvested in jurisdictions where we have made, and intend to continue to make, substantial investments to support the ongoing development and growth of our global operations. At June 30, 2024, we analyzed our working capital requirements and the potential tax liabilities that would be incurred if certain subsidiaries made distributions and concluded that no material changes to our historic permanent reinvestment assertions are required.

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Defined Benefit Plans

Our investment objective in managing defined benefit plan assets is to ensure that all present and future benefit obligations are met as they come due. We seek to achieve this goal while trying to mitigate volatility in plan funded status, contributions and expense by better matching the characteristics of the plan assets to that of the plan liabilities. Global asset allocation decisions are based on a dynamic approach whereby a plan’s allocation to fixed income assets increases as the funded status increases. We monitor plan funded status, asset allocation and the impact of market conditions on our defined benefit plans regularly in addition to investment manager performance. For further details on pension plan activity, see Note 9 to the Condensed and Consolidated Financial Statements.

For a further discussion of Liquidity and Capital Resources, refer to Part II, Item 7, "Management’s Discussion and Analysis of Financial Condition and Results of Operations," contained in our Annual Report on Form 10-K for the year ended December 31, 2023.

Guarantor Financial Information

Allegion US Hold Co is the issuer of the 3.200% Senior Notes, 3.550% Senior Notes, 5.411% Senior Notes, and 5.600% Senior Notes and is the guarantor of the 3.500% Senior Notes. Allegion plc (the “Parent”) is the issuer of the 3.500% Senior Notes and is the guarantor of the 3.200% Senior Notes, 3.550% Senior Notes, 5.411% Senior Notes, and 5.600% Senior Notes. Allegion US Hold Co is directly or indirectly 100% owned by the Parent and each of the guarantees of Allegion US Hold Co and the Parent is full and unconditional and joint and several.

The 3.200% Senior Notes, 3.550% Senior Notes, 5.411% Senior Notes, and 5.600% 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, 3.550% Senior Notes, 5.411% Senior Notes, and 5.600% Senior Notes is the senior unsecured obligation of the Parent and ranks equally with all of the Parent’s existing and future senior unsecured and unsubordinated indebtedness. The 3.500% Senior Notes are senior unsecured obligations of the Parent and rank equally with all of the Parent’s existing and future senior unsecured and unsubordinated indebtedness. The guarantee of the 3.500% Senior Notes is the senior unsecured obligation of Allegion US Hold Co and ranks equally with all of Allegion US Hold Co's existing and future senior unsecured and unsubordinated indebtedness.

Each guarantee is effectively subordinated to any secured indebtedness of the Guarantor to the extent of the value of the assets securing such indebtedness. The Senior Notes are structurally subordinated to indebtedness and other liabilities of the subsidiaries of the Guarantor, none of which guarantee the notes. The obligations of the Guarantor under its Guarantee are limited as necessary to prevent such Guarantee from constituting a fraudulent conveyance under applicable law and, therefore, are limited to the amount that the Guarantor could guarantee without such Guarantee constituting a fraudulent conveyance; this limitation, however, may not be effective to prevent such Guarantee from constituting a fraudulent conveyance. If the Guarantee was rendered voidable, it could be subordinated by a court to all other indebtedness (including guarantees and other contingent liabilities) of the Guarantor, and, depending on the amount of such indebtedness, the Guarantor’s liability on its Guarantee could be reduced to zero. In such an event, the notes would be structurally subordinated to the indebtedness and other liabilities of the Guarantor.

For further details, terms and conditions of the Senior Notes refer to the Company’s Forms 8-K filed October 2, 2017, September 27, 2019 June 22, 2022, and May 29, 2024.

The following tables present the summarized financial information specified in Rule 1-02(bb)(1) of Regulation S-X for each issuer and guarantor. The summarized financial information has been prepared in accordance with Rule 13-01 of Regulation S-X.

Selected Condensed Statement of Comprehensive Income Information


	Six months ended June 30, 2024				Year ended December 31, 2023
In millions	Allegion plc		Allegion US Hold Co		Allegion plc		Allegion US Hold Co
Net revenues	$	—	$	—	$	—	$	—
Gross profit	—		—		—		—
Operating loss	(4.2)		(0.1)		(7.4)		(0.5)
Equity earnings in affiliates, net of tax	312.6		168.8		606.5		330.6
Transactions with related parties and subsidiaries(a)	(14.1)		(42.0)		(30.8)		(77.0)
Net earnings	279.2		114.4		540.4		232.6
Net earnings attributable to the entity	279.2		114.4		540.4		232.6

(a) Transactions with related parties and subsidiaries include intercompany interest and fees.

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Selected Condensed Balance Sheet Information


	June 30, 2024				December 31, 2023
In millions	Allegion plc		Allegion US Hold Co		Allegion plc		Allegion US Hold Co
Current assets:
Amounts due from related parties and subsidiaries	$	1.4	$	571.0	$	0.1	$	558.6
Total current assets	5.4		1,026.1		16.3		595.6
Noncurrent assets:
Amounts due from related parties and subsidiaries	—		1,550.9		—		1,439.9
Total noncurrent assets	1,792.6		1,647.3		1,792.2		1,525.7
Current liabilities:
Amounts due to related parties and subsidiaries	$	47.2	$	533.5	$	64.8	$	826.6
Total current liabilities	70.3		960.6		84.5		1,250.4
Noncurrent liabilities:
Amounts due to related parties and subsidiaries	358.9		2,866.1		564.2		2,458.9
Total noncurrent liabilities	960.1		4,257.0		1,174.5		3,454.7

Critical Accounting Policies

Management’s Discussion and Analysis of Financial Condition and Results of Operations are based upon our Condensed and Consolidated Financial Statements, which have been prepared in accordance with accounting principles generally accepted in the United States. The preparation of financial statements in conformity with those accounting principles requires management to use judgments in making estimates and assumptions based on the relevant information available at the end of each period. These estimates and assumptions have a significant effect on reported amounts of assets and liabilities, revenue and expenses, as well as the disclosure of contingent assets and liabilities because they result primarily from the need to make estimates and assumptions on matters that are inherently uncertain. Actual results may differ from estimates.

Management believes there have been no significant changes during the six months ended June 30, 2024, to the items we disclosed as our critical accounting policies in "Management’s Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the year ended December 31, 2023.

Recent Accounting Pronouncements

There have been no new accounting pronouncements not yet effective or adopted in the current year that we believe have a significant impact, or potential significant impact, to our consolidated financial statements.

Forward-Looking Statements

Certain statements in this report, other than purely historical information, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "forecast," "outlook," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," or the negative thereof or variations thereon or similar expressions generally intended to identify forward-looking statements.

These statements are based on currently available information and our current assumptions, expectations and projections about future events. While we believe that our assumptions, expectations and projections are reasonable in view of the currently available information, you are cautioned not to place undue reliance on our forward-looking statements. Forward-looking statements speak only as of the date they are made and are not guarantees of future performance. They are subject to future events, risks and uncertainties – many of which are beyond our control – as well as potentially inaccurate assumptions, that could cause actual results to differ materially from our expectations and projections including, among other things:

•ongoing macroeconomic challenges and continued economic instability;

•increased prices and inflation;

•volatility and uncertainty in the political, economic and regulatory environments in which we operate, including changes to trade agreements, sanctions, import and export regulations, custom duties and applicable tax regulations and interpretations, social and political unrest, instability, national and international conflict, terrorist acts and other geographical disputes and uncertainties;

•the strength and stability of the institutional, commercial and residential construction and remodeling markets;

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•fluctuations in currency exchange rates;

•potential impairment of our goodwill, indefinite-lived intangible assets and/or our long-lived assets;

•instability in the U.S. and global capital and credit markets;

•our ability to make scheduled debt payments or to refinance our debt obligations;

•increased competition, including from technological developments;

•the development, commercialization and acceptance of new products and services;

•changes in customer and consumer preferences and our ability to maintain beneficial relationships with large customers;

•our products or solutions failing to meet certification and specification requirements, being defective, causing property damage, bodily harm or injury, or otherwise falling short of customers’ needs and expectations;

•our ability to identify and successfully complete and integrate acquisitions, including achieving their anticipated strategic and financial benefits;

•business opportunities that diverge from our core business;

•our ability to achieve the expected improvements or financial returns we expect from our strategic initiatives;

•our ability to effectively manage and implement restructuring initiatives or other organizational changes;

•global climate change or other unexpected events, including global health crises, such as COVID-19;

•the proper functioning of our information technology and operational technology systems, including disruption or breaches of our information systems, such as cybersecurity attacks;

•the failure of our third-party vendors to provide effective support for many of the critical elements of our global information and operational technology infrastructure;

•our ability to recruit and retain a highly qualified and diverse workforce;

•disruptions in our global supply chain, including product manufacturing and logistical services provided by our supplier partners;

•our ability to effectively manage real or perceived issues related to product quality, safety, corporate social responsibility and other reputational matters;

•our ability to protect our brand reputation and trademarks;

•legal judgments, fines, penalties or settlements imposed against us or our assets as a result of legal proceedings, claims and disputes;

•claims of infringement of intellectual property rights by third parties;

•improper conduct by any of our employees, agents or business partners;

•changes to, or changes in interpretations of, current laws and regulations;

•uncertainty and inherent subjectivity related to transfer pricing regulations in the countries in which we operate;

•changes in tax rates, the adoption of new tax legislation or exposure to additional tax liabilities; and

•risks related to our incorporation in Ireland, including the possible effects on us of future legislation or adverse determinations by taxing authorities that could increase our tax burden.

These events, risks and uncertainties are described more fully in the “Risk Factors” section of our Annual Report on Form 10-K for the fiscal year ended December 31, 2023. There may also be other factors that have not been anticipated or that are not described in our periodic filings with the SEC, generally because we did not believe them to be significant at the time, which could cause actual results to differ materially from our projections and expectations. We do not undertake to update any forward-looking statements, except as required by applicable law.

Item 3 – Quantitative and Qualitative Disclosures about Market Risk

There have been no material changes in our exposure to market risk during the second quarter of 2024. For a discussion of the Company’s exposure to market risk, refer to Part II, Item 7A, “Quantitative and Qualitative Disclosures About Market Risk,” contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

Item 4 – Controls and Procedures

The Company’s management, including its Chief Executive Officer and Chief Financial Officer, have conducted an evaluation of the effectiveness of disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act), as of the end of the period covered by this Quarterly Report on Form 10-Q. Based on that evaluation, the Chief Executive Officer and Chief Financial Officer concluded as of June 30, 2024, that the disclosure controls and procedures are effective in ensuring that all material information required to be filed in this Quarterly Report on Form 10-Q has been recorded,

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processed, summarized and reported when required and the information is accumulated and communicated to the Company’s management, including its Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

There have not been any changes in the Company’s internal control over financial reporting that occurred during the second quarter of 2024 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

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PART II – OTHER INFORMATION

Item 1 – Legal Proceedings

In the normal course of business, we are involved in a variety of lawsuits, claims and legal proceedings, including commercial and contract disputes, labor and employment matters, product liability claims, environmental liabilities, antitrust and trade regulation matters, intellectual property disputes and tax-related matters. In our opinion, pending legal matters are not expected to have a material adverse impact on our results of operations, financial condition, liquidity or cash flows.

Item 1A – Risk Factors

There have been no material changes to our risk factors contained in our Annual Report on Form 10-K for the period ended December 31, 2023. For a further discussion of our Risk Factors, refer to the “Risk Factors” discussion contained in our Annual Report on Form 10-K for the year ended December 31, 2023.

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

Issuer Purchases of Equity Securities


Period	Total number of shares purchased (000s)	Average price paid per share		Total number of shares purchased as part of publicly announced plans or programs (000s)	Approximate dollar value of shares that may yet be purchased under the plans or programs (000s) (1)



April 1 - April 30	—	$	—	—	$	420,024
May 1 - May 31	322	124.01		322	380,024
June 1 - June 30	—	—		—	380,024



Total	322	$	124.01	322	$	380,024

(1) In June 2023, our Board of Directors reauthorized the Company’s ordinary existing share repurchase program and, as a result, authorized the repurchase of up to $500.0 million of the Company’s ordinary shares under the program. The share repurchase program does not have a prescribed expiration date. Share repurchases may be made from time-to-time in open market, accelerated stock repurchase or privately negotiated transactions, including pursuant to one or more Rule 10b5-1 trading plans. The timing and manner of any share repurchase and the actual number of ordinary shares repurchased will be determined at the discretion of management based on a variety of factors, including, among others, the Company’s stock price, corporate and regulatory requirements, and other general market and economic conditions.

Item 5 - Other Information

During the three months ended June 30, 2024, no director or officer of the Company adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-rule 10b5-1 trading arrangement," as each term is defined in item 408(a) of Regulation S-K.

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Item 6 – Exhibits

(a) Exhibits

Exhibit No.

Description

Method of Filing

3.1

Amended and Restated Memorandum and Articles of Association of Allegion plc.

Incorporated by reference to Exhibit 3.1 to the Company’s Form 8-K filed with the SEC on June 13, 2016 (File No. 001-35971).

10.1

Amended and Restated Credit Agreement, dated as of May 20, 2024, by and among Allegion plc, Allegion US Holding Company Inc. and Allegion (Ireland) Finance Designated Activity Company, as borrowers, Bank of America, N.A., as administrative agent, and the lenders

and issuers from time to time party thereto

Incorporated by reference to Exhibit 10.1 of the Company’s Form 8-K filed on May 20, 2024.

10.2

Indenture, dated as of May 29, 2024, among Allegion US Holding Company Inc., Allegion plc and U.S. Bank Trust Company, National Association, as trustee.

Incorporated by reference to Exhibit 4.1 of the Company’s Form 8-K filed on May 29, 2024.

10.3

Form of Global Note representing the 5.600% Senior Notes due 2034

Incorporated by reference to Exhibit 4.3 of the Company’s Form 8-K filed on May 29, 2024.

Subsidiary Guarantors and Issuers of Guaranteed Securities

Filed herewith.

31.1

Certification of Chief Executive Officer Pursuant to Rule 13a-14(a) or Rule 15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

Filed herewith.

31.2

Certification of Chief Financial Officer Pursuant to Rule 13a-14(a) or Rule 15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

Filed herewith.

32.1

Certifications of Chief Executive Officer and Chief Financial Officer Pursuant to Rule 13a-14(b) or Rule 15d-14(b) and 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

Furnished herewith.

101.INS

XBRL Instance Document.

The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

101.SCH

XBRL Taxonomy Extension Schema Document.

Filed herewith.

101.CAL

XBRL Taxonomy Extension Calculation Linkbase Document.

Filed herewith.

101.DEF

XBRL Taxonomy Extension Definition Linkbase Document.

Filed herewith.

101.LAB

XBRL Taxonomy Extension Labels Linkbase Document.

Filed herewith.

101.PRE

XBRL Taxonomy Extension Presentation Linkbase Document.

Filed herewith.

104

Cover Page Interactive Data File.

Formatted as Inline XBRL and contained in Exhibit 101.

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ALLEGION PLC

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


		ALLEGION PLC (Registrant)

Date:	July 24, 2024	/s/ Michael J. Wagnes
		Michael J. Wagnes, Senior Vice President and Chief Financial Officer Principal Financial Officer

Date:	July 24, 2024	/s/ Nickolas A. Musial
		Nickolas A. Musial, Vice President, Controller, Chief Accounting Officer and Treasurer Principal Accounting Officer

Exhibit 22

Subsidiary Guarantors and Issuers of Guaranteed Securities

The table below sets forth the guarantor of the 3.500% Senior Notes due 2029 issued by Allegion plc and the jurisdiction of incorporation or organization of such entity.


Name of Guarantor						Jurisdiction of Incorporation or Organization
Allegion US Holding Company Inc.						Delaware

The table below sets forth the guarantor of the 3.200% Senior Notes due 2024, 3.550% Senior Notes due 2027, 5.411% Senior Notes due 2032, and 5.600% Senior Notes due 2034 issued by Allegion US Holding Company Inc., a wholly-owned subsidiary of Allegion plc, and the jurisdiction of incorporation or organization of such entity.


Name of Guarantor						Jurisdiction of Incorporation or Organization
Allegion plc						Ireland

Exhibit 31.1

CERTIFICATION

I, John H. Stone, certify that:

1.I have reviewed the Quarterly Report on Form 10-Q of Allegion plc for the three and six months ended June 30, 2024;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.



Date:	July 24, 2024	/s/ John H. Stone
		John H. Stone
		Principal Executive Officer

Exhibit 31.2

CERTIFICATION

I, Michael J. Wagnes, certify that:

1.I have reviewed the Quarterly Report on Form 10-Q of Allegion plc for the three and six months ended June 30, 2024;

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.



Date:	July 24, 2024	/s/ Michael J. Wagnes
		Michael J. Wagnes
		Principal Financial Officer

Exhibit 32.1

Section 1350 Certifications

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

(Subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code)

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code), each of the undersigned officers of Allegion plc (the Company), does hereby certify that:

The Quarterly Report on Form 10-Q for the three and six months ended June 30, 2024 (the Form 10-Q) of the Company fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company.



/s/ John H. Stone
John H. Stone
Principal Executive Officer
July 24, 2024

/s/ Michael J. Wagnes
Michael J. Wagnes
Principal Financial Officer
July 24, 2024

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2024	Jul. 22, 2024
Class of Stock [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-35971
Entity Central Index Key	0001579241
Entity Registrant Name	Allegion plc
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Incorporation, State or Country Code	L2
Entity Tax Identification Number	98-1108930
Entity Address, Address Line One	Block D
Entity Address, Address Line Two	Iveagh Court
Entity Address, Address Line Three	Harcourt Road
Entity Address, City or Town	Dublin 2
Entity Address, Postal Zip Code	D02 VH94
Entity Address, Country	IE
Country Region	353
City Area Code	1
Local Phone Number	2546200
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		87,128,089
Ordinary shares
Class of Stock [Line Items]
Title of 12(b) Security	Ordinary shares, par value $0.01 per share
Trading Symbol	ALLE
Security Exchange Name	NYSE
3.500% Senior Notes Due 2029
Class of Stock [Line Items]
Title of 12(b) Security	3.500% Senior Notes due 2029
Trading Symbol	ALLE 3 ½
Security Exchange Name	NYSE

Condensed Consolidated Statements of Comprehensive Income - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
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	0.0	0.0	0.0	0.1
Net earnings attributable to Allegion plc	$ 155.4	$ 142.0	$ 279.2	$ 265.5
Earnings per share attributable to Allegion plc ordinary shareholders:
Basic net earnings (in dollars per share)	$ 1.78	$ 1.62	$ 3.19	$ 3.02
Diluted net earnings (in dollars per share)	$ 1.77	$ 1.61	$ 3.18	$ 3.01
Weighted-average shares outstanding:
Basic (in shares)	87.3	87.9	87.5	88.0
Diluted (in shares)	87.7	88.3	87.9	88.3
Total comprehensive income	$ 150.3	$ 149.9	$ 250.1	$ 283.8
Less: Total comprehensive loss attributable to noncontrolling interests	0.0	(0.9)	0.0	(0.7)
Total comprehensive income attributable to Allegion plc	$ 150.3	$ 150.8	$ 250.1	$ 284.5

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
ASSETS
Cash and cash equivalents	$ 747.5	$ 468.1
Accounts and notes receivable, net	474.1	412.8
Inventories	444.6	438.5
Other current assets	49.6	41.5
Total current assets	1,715.8	1,360.9
Property, plant and equipment, net	370.5	358.1
Goodwill	1,488.3	1,443.1
Intangible assets, net	609.8	572.8
Other noncurrent assets	594.7	576.6
Total assets	4,779.1	4,311.5
LIABILITIES AND EQUITY
Accounts payable	253.6	259.2
Accrued expenses and other current liabilities	364.3	407.9
Short-term borrowings and current maturities of long-term debt	416.3	412.6
Total current liabilities	1,034.2	1,079.7
Long-term debt	1,988.3	1,602.4
Other noncurrent liabilities	331.3	311.1
Total liabilities	3,353.8	2,993.2
Equity:
Ordinary shares, $0.01 par value (87,127,712 and 87,504,673 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively)	0.9	0.9
Capital in excess of par value	1.8	0.0
Retained earnings	1,713.2	1,578.9
Accumulated other comprehensive loss	(290.6)	(261.5)
Total equity	1,425.3	1,318.3
Total liabilities and equity	$ 4,779.1	$ 4,311.5

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Ordinary shares, par value (in dollars per share)	$ 0.01	$ 0.01
Ordinary shares, issued (in shares)	87,127,712	87,504,673
Ordinary shares, outstanding (in shares)	87,127,712	87,504,673

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities
Net earnings	$ 279.2	$ 265.6
Adjustments to arrive at net cash provided by operating activities:
Depreciation and amortization	59.5	55.5
Changes in assets and liabilities and other non-cash items	(114.6)	(91.0)
Net cash provided by operating activities	224.1	230.1
Cash flows from investing activities
Capital expenditures	(48.1)	(40.0)
Acquisition of businesses, net of cash acquired	(120.8)	(28.6)
Other investing activities, net	2.9	7.4
Net cash used in investing activities	(166.0)	(61.2)
Cash flows from financing activities
Debt repayments, net	(6.4)	(6.3)
Proceeds from Revolving Facility	0.0	30.0
Repayments of Revolving Facility	0.0	(60.0)
Proceeds from issuance of senior notes	400.0	0.0
Net proceeds from (repayments of) debt	393.6	(36.3)
Debt financing costs	6.6	0.0
Dividends paid to ordinary shareholders	(83.8)	(79.3)
Repurchase of ordinary shares	(80.0)	(19.9)
Other financing activities, net	5.0	(2.9)
Net cash provided by (used in) financing activities	228.2	(138.4)
Effect of exchange rate changes on cash and cash equivalents	(6.9)	4.1
Net increase in cash and cash equivalents	279.4	34.6
Cash and cash equivalents - beginning of period	468.1	288.0
Cash and cash equivalents - end of period	$ 747.5	$ 322.6

Basis of Presentation	6 Months Ended
Basis of Presentation	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	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.

Acquisitions

6 Months Ended

Jun. 30, 2024

Business Combinations [Abstract]

Acquisitions

ACQUISITIONS

2024


In millions
Net working capital	9.4
Property, plant and equipment	3.0
Goodwill	57.2
Intangible assets	71.7
Other noncurrent liabilities	(13.5)
Total net assets acquired and liabilities assumed	$	127.8

Intangible assets recognized as of the acquisition dates were comprised of the following:


In millions	Value (in millions)		Weighted Average Useful life (in years)
Completed technologies/patents	$	14.9	15
Customer relationships	31.2		16
Trade names (finite-lived)	15.5		15
Backlog revenue	10.1		1

2023

Inventories

6 Months Ended

Jun. 30, 2024

Inventory, Net [Abstract]

Inventories

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	June 30, 2024		December 31, 2023
Raw materials	$	212.5	$	218.4
Work-in-process	49.4		41.6
Finished goods	182.7		178.5
Total	$	444.6	$	438.5

Goodwill

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

GOODWILL

The changes in the carrying amount of goodwill for the six months ended June 30, 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	52.4		4.8		57.2


Currency translation	(3.2)		(8.8)		(12.0)
June 30, 2024	$	1,175.9	$	312.4	$	1,488.3

(1) Accumulated impairment for the International segment was $573.6 million as of June 30, 2024 and December 31, 2023. There are no accumulated impairment losses for the Americas segment.

There was no impairment of goodwill for the six months ended June 30, 2024 and 2023.

Intangible Assets

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

INTANGIBLE ASSETS

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


	June 30, 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	$	78.4	$	(39.4)	$	39.0	$	64.5	$	(36.9)	$	27.6
Customer relationships	558.3		(193.9)		364.4		535.3		(185.2)		350.1
Trade names (finite-lived)	155.0		(85.2)		69.8		142.2		(79.3)		62.9
Other	88.4		(54.7)		33.7		75.3		(47.5)		27.8
Total finite-lived intangible assets	880.1		$	(373.2)	506.9		817.3		$	(348.9)	468.4
Trade names (indefinite-lived)	102.9				102.9		104.4				104.4
Total	$	983.0			$	609.8	$	921.7			$	572.8

Debt and Credit Facilities

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Debt and Credit Facilities

DEBT AND CREDIT FACILITIES

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


In millions	June 30, 2024		December 31, 2023
Term Facility	$	218.8	$	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
5.600% Senior Notes due 2034	400.0		—
Other debt	0.7		0.1
Total borrowings outstanding	2,419.5		2,025.1
Discounts and debt issuance costs, net	(14.9)		(10.1)
Total debt	2,404.6		2,015.0
Less current portion of long-term debt	416.3		412.6
Total long-term debt	$	1,988.3	$	1,602.4

Unsecured Credit Facilities

Senior Notes

Financial Instruments	6 Months Ended
Financial Instruments	Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Financial Instruments	FINANCIAL INSTRUMENTS Currency Hedging Instruments The gross notional amount of the Company’s currency derivatives was $187.6 million and $175.4 million at June 30, 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 June 30, 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 six months ended June 30, 2024 and 2023, nor is the amount to be reclassified into Net earnings over the next twelve months expected to be material. At June 30, 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.

Leases

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

Leases

LEASES


		June 30, 2024								December 31, 2023
In millions	Balance Sheet classification	Real estate			Equipment			Total		Real estate			Equipment			Total
ROU asset	Other noncurrent assets	$	112.6		$	36.4		$	149.0	$	114.7		$	33.4		$	148.1
Lease liability - current	Accrued expenses and other current liabilities	19.4			15.5			34.9		18.7			15.0			33.7
Lease liability - noncurrent	Other noncurrent liabilities	96.7			20.8			117.5		98.9			18.4			117.3

Other information:
Weighted-average remaining term (years)		11.3			2.9					11.6			2.7
Weighted-average discount rate		5.1		%	5.2		%			5.0		%	4.4		%

The following table summarizes additional information related to the Company’s leases for the six months ended June 30:


	2024						2023
In millions	Real estate		Equipment		Total		Real estate		Equipment		Total
Cash paid for amounts included in the measurement of lease liabilities	$	12.4	$	10.6	$	23.0	$	12.0	$	9.7	$	21.7
ROU assets obtained in exchange for new lease liabilities	7.1		8.6		15.7		53.6		7.9		61.5

Future Repayments


In millions	Remainder of 2024		2025		2026		2027		2028		Thereafter		Total
Real estate leases	$	12.5	$	23.8	$	20.0	$	15.9	$	10.6	$	76.4	$	159.2
Equipment leases	9.2		14.3		8.4		4.8		2.4		0.1		39.2
Total	$	21.7	$	38.1	$	28.4	$	20.7	$	13.0	$	76.5	$	198.4

Defined Benefit Plans

6 Months Ended

Jun. 30, 2024

Retirement Benefits, Description [Abstract]

Defined Benefit Plans

DEFINED BENEFIT PLANS


	U.S.
	Three months ended				Six months ended
In millions	2024		2023		2024		2023
Service cost	$	0.2	$	0.2	$	0.4	$	0.4
Interest cost	2.9		3.0		5.8		5.9
Expected return on plan assets	(3.8)		(3.8)		(7.6)		(7.5)
Administrative costs and other	0.3		0.2		0.6		0.5
Net amortization of:
Prior service costs	—		0.1		0.1		0.1
Plan net actuarial losses	0.2		0.1		0.4		0.3
Net periodic pension benefit income	$	(0.2)	$	(0.2)	$	(0.3)	$	(0.3)


	Non-U.S.
	Three months ended				Six months ended
In millions	2024		2023		2024		2023
Service cost	$	0.5	$	0.4	$	0.9	$	0.8
Interest cost	3.0		3.0		6.0		6.0
Expected return on plan assets	(4.1)		(3.9)		(8.1)		(7.8)
Administrative costs and other	0.5		0.4		0.9		0.8
Net amortization of:

Plan net actuarial losses	0.9		0.9		1.8		1.8

Net periodic pension benefit cost	$	0.8	$	0.8	$	1.5	$	1.6

Fair Value Measurements

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

FAIR VALUE MEASUREMENTS

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

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

Assets and liabilities measured at fair value as of June 30, 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
Assets:
Investments	$	—	$	16.3	$	—	$	16.3

Total asset recurring fair value measurements	$	—	$	16.3	$	—	$	16.3
Liabilities:

Deferred compensation and other retirement plans	$	—	$	16.1	$	—	$	16.1
Total liability recurring fair value measurements	$	—	$	16.1	$	—	$	16.1
Financial instruments not carried at fair value
Total debt	$	—	$	2,360.3	$	—	$	2,360.3
Total financial instruments not carried at fair value	$	—	$	2,360.3	$	—	$	2,360.3

Assets and liabilities measured at fair value as of December 31, 2023, 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
Assets:
Investments	$	—	$	18.0	$	—	$	18.0

Total asset recurring fair value measurements	$	—	$	18.0	$	—	$	18.0
Liabilities:

Deferred compensation and other retirement plans	$	—	$	18.2	$	—	$	18.2
Total liability recurring fair value measurements	$	—	$	18.2	$	—	$	18.2
Financial instruments not carried at fair value
Total debt	$	—	$	1,984.9	$	—	$	1,984.9
Total financial instruments not carried at fair value	$	—	$	1,984.9	$	—	$	1,984.9

The Company determines the fair value of its financial assets and liabilities using the following methodologies:

Equity

6 Months Ended

Jun. 30, 2024

Stockholders' Equity Note [Abstract]

Equity

EQUITY

The changes in the components of Equity for the six months ended June 30, 2024, were as follows:


			Allegion plc shareholders' equity
			Ordinary shares
In millions, except per share amounts	Total equity		Amount		Shares	Capital in excess of par value		Retained earnings		Accumulated other comprehensive loss
Balance at December 31, 2023	$	1,318.3	$	0.9	87.5	$	—	$	1,578.9	$	(261.5)
Net earnings	123.8		—		—	—		123.8		—



Other comprehensive loss, net	(24.0)		—		—	—		—		(24.0)
Repurchase of ordinary shares	(40.0)		—		(0.3)	(14.8)		(25.2)		—
Share-based compensation activity	14.8		—		0.2	14.8		—		—


Dividends to ordinary shareholders ($0.48 per share)	(42.0)		—		—	—		(42.0)		—

Balance at March 31, 2024	1,350.9		0.9		87.4	—		1,635.5		(285.5)
Net earnings	155.4		—		—	—		155.4		—



Other comprehensive loss, net	(5.1)		—		—	—		—		(5.1)
Repurchase of ordinary shares	(40.0)		—		(0.3)	(4.1)		(35.9)		—
Share-based compensation activity	5.9		—		—	5.9		—		—


Dividends to ordinary shareholders ($0.48 per share)	(41.8)		—		—	—		(41.8)		—

Balance at June 30, 2024	$	1,425.3	$	0.9	87.1	$	1.8	$	1,713.2	$	(290.6)

The changes in the components of Equity for the six months ended June 30, 2023, were as follows:


			Allegion plc shareholders' equity
			Ordinary shares
In millions, except per share amounts	Total equity		Amount		Shares	Capital in excess of par value		Retained earnings		Accumulated other comprehensive loss		Noncontrolling interests
Balance at December 31, 2022	$	944.5	$	0.9	87.9	$	13.9	$	1,212.8	$	(285.8)	$	2.7
Net earnings	123.6		—		—	—		123.5		—		0.1



Other comprehensive income, net	10.3		—		—	—		—		10.2		0.1

Share-based compensation activity	5.7		—		—	5.7		—		—		—


Dividends to ordinary shareholders ($0.45 per share)	(39.5)		—		—	—		(39.5)		—		—

Balance at March 31, 2023	1,044.6		0.9		87.9	19.6		1,296.8		(275.6)		2.9
Net earnings	142.0		—		—	—		142.0		—		—



Other comprehensive income (loss), net	7.9		—		—	—		—		8.8		(0.9)
Repurchase of ordinary shares	(19.9)		—		(0.2)	(19.9)		—		—		—
Share-based compensation activity	5.6		—		0.1	5.6		—		—		—
Dividends to noncontrolling interests	(0.1)		—		—	—		—		—		(0.1)
Dividends to ordinary shareholders ($0.45 per share)	(39.6)		—		—	—		(39.6)		—		—

Balance at June 30, 2023	$	1,140.5	$	0.9	87.8	$	5.3	$	1,399.2	$	(266.8)	$	1.9

Accumulated Other Comprehensive Loss

The changes in Accumulated other comprehensive loss for the six months ended June 30, 2024, were as follows:


In millions	Cash flow hedges		Defined benefit items		Foreign currency items		Total
December 31, 2023	$	5.6	$	(125.9)	$	(141.2)	$	(261.5)
Other comprehensive income (loss) before reclassifications	0.9		0.8		(32.5)		(30.8)
Amounts reclassified from accumulated other comprehensive loss(a)	(0.3)		2.3		—		2.0
Tax expense	(0.2)		(0.1)		—		(0.3)
June 30, 2024	$	6.0	$	(122.9)	$	(173.7)	$	(290.6)

The changes in Accumulated other comprehensive loss for the six months ended June 30, 2023, were as follows:


In millions	Cash flow hedges		Defined benefit items		Foreign currency items		Total
December 31, 2022	$	6.1	$	(117.1)	$	(174.8)	$	(285.8)
Other comprehensive (loss) income before reclassifications	(1.1)		(4.9)		23.4		17.4
Amounts reclassified from accumulated other comprehensive loss(a)	(1.2)		2.0		—		0.8
Tax benefit	0.5		0.3		—		0.8
June 30, 2023	$	4.3	$	(119.7)	$	(151.4)	$	(266.8)

Share-Based Compensation

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation

SHARE-BASED COMPENSATION


	Three months ended				Six months ended
In millions	2024		2023		2024		2023
Stock options	$	0.9	$	0.7	$	3.0	$	2.8
RSUs	3.6		3.1		9.0		8.1
PSUs	2.0		1.8		4.1		3.5
Pre-tax expense	6.5		5.6		16.1		14.4
Tax benefit	(0.7)		(0.7)		(1.6)		(1.9)
After-tax expense	$	5.8	$	4.9	$	14.5	$	12.5

Stock Options / RSUs

Eligible participants may receive (i) stock options, (ii) RSUs or (iii) a combination of both stock options and RSUs. Grants issued during the six months ended June 30 were as follows:


	2024			2023
	Number granted	Weighted- average fair value per award		Number granted	Weighted- average fair value per award
Stock options	127,963	$	40.92	156,929	$	33.66
RSUs	95,773	$	128.95	126,739	$	112.61


	2024		2023
Dividend yield	1.47	%	1.60	%
Volatility	29.29	%	28.47	%
Risk-free rate of return	4.29	%	4.10	%
Expected life (years)	6.0		6.0

Performance Stock

Other Income, Net

6 Months Ended

Jun. 30, 2024

Other Income and Expenses [Abstract]

Other, Net

OTHER INCOME, NET

The components of Other income, net for the three and six months ended June 30 were as follows:


	Three months ended				Six months ended
In millions	2024		2023		2024		2023
Interest income	$	(5.0)	$	(1.2)	$	(8.6)	$	(1.9)
Foreign currency exchange (gain) loss	(0.4)		0.3		0.8		1.7


Other expense (income)	0.3		(0.7)		(1.0)		(1.7)
Other income, net	$	(5.1)	$	(1.6)	$	(8.8)	$	(1.9)

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES The effective income tax rates for the three months ended June 30, 2024 and 2023, were 17.8% and 12.6%, respectively. The increase in the effective income tax rate compared to 2023 is primarily due to the enactment of global minimum tax in 2024 and the unfavorable change in the mix of income earned in higher tax rate jurisdictions, which are partially offset by the realization of discrete tax credits. The effective income tax rates for the six months ended June 30, 2024 and 2023, were 18.3% and 14.4%, respectively. The increase in the effective income tax rate compared to 2023 is primarily due to the enactment of global minimum tax in 2024 and the unfavorable change in the mix of income earned in higher tax rate jurisdictions, which are partially offset by the realization of discrete tax credits.

Earnings Per Share (EPS)

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Earnings Per Share (EPS)

EARNINGS PER SHARE ("EPS")

The following table summarizes the weighted-average number of ordinary shares outstanding for basic and diluted EPS calculations for the three and six months ended June 30:


	Three months ended		Six months ended
In millions	2024	2023	2024	2023
Weighted-average number of basic shares	87.3	87.9	87.5	88.0
Shares issuable under share-based compensation plans	0.4	0.4	0.4	0.3
Weighted-average number of diluted shares	87.7	88.3	87.9	88.3

Net Revenues

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Net Revenues

NET REVENUES


	Three months ended June 30, 2024						Six months ended June 30, 2024
In millions	Allegion Americas		Allegion International		Total		Allegion Americas		Allegion International		Total
Net revenues
Products	$	733.0	$	188.0	$	921.0	$	1,399.8	$	366.9	$	1,766.7
Services	37.7		6.9		44.6		80.2		12.6		92.8
Total Net revenues	$	770.7	$	194.9	$	965.6	$	1,480.0	$	379.5	$	1,859.5


	Three months ended June 30, 2023						Six months ended June 30, 2023
In millions	Allegion Americas		Allegion International		Total		Allegion Americas		Allegion International		Total
Net revenues
Products	$	689.7	$	179.2	$	868.9	$	1,387.1	$	354.7	$	1,741.8
Services	37.5		6.1		43.6		81.0		12.7		93.7
Total Net revenues	$	727.2	$	185.3	$	912.5	$	1,468.1	$	367.4	$	1,835.5

Commitments and Contingencies

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

COMMITMENTS AND CONTINGENCIES

Environmental Matters

Warranty Liability

The changes in the standard product warranty liability for the six months ended June 30 were as follows:


In millions	2024		2023
Balance at beginning of period	$	20.7	$	18.2
Reductions for payments	(6.2)		(4.3)
Accruals for warranties issued during the current period	8.5		5.6
Changes to accruals related to preexisting warranties	(0.3)		—

Currency translation	(0.2)		—
Balance at end of period	$	22.5	$	19.5

Business Segment Information

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Business Segment Information

BUSINESS SEGMENT INFORMATION

A summary of operations by reportable segment for the three and six months ended June 30 was as follows:


	Three months ended				Six months ended
In millions	2024		2023		2024		2023
Net revenues
Allegion Americas	$	770.7	$	727.2	$	1,480.0	$	1,468.1
Allegion International	194.9		185.3		379.5		367.4
Total	$	965.6	$	912.5	$	1,859.5	$	1,835.5
Segment operating income
Allegion Americas	$	214.3	$	195.4	$	401.3	$	382.0
Allegion International	17.7		13.9		30.7		24.5
Total	232.0		209.3		432.0		406.5
Reconciliation to Operating income
Unallocated corporate expense	(23.0)		(24.7)		(50.9)		(50.9)
Operating income	209.0		184.6		381.1		355.6
Reconciliation to earnings before income taxes
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

Acquisitions (Tables)

6 Months Ended

Jun. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed


In millions
Net working capital	9.4
Property, plant and equipment	3.0
Goodwill	57.2
Intangible assets	71.7
Other noncurrent liabilities	(13.5)
Total net assets acquired and liabilities assumed	$	127.8

Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination

Intangible assets recognized as of the acquisition dates were comprised of the following:


In millions	Value (in millions)		Weighted Average Useful life (in years)
Completed technologies/patents	$	14.9	15
Customer relationships	31.2		16
Trade names (finite-lived)	15.5		15
Backlog revenue	10.1		1

Inventories (Tables)

6 Months Ended

Jun. 30, 2024

Inventory, Net [Abstract]

Major classes of inventory

The major classes of inventories were as follows:


In millions	June 30, 2024		December 31, 2023
Raw materials	$	212.5	$	218.4
Work-in-process	49.4		41.6
Finished goods	182.7		178.5
Total	$	444.6	$	438.5

Goodwill (Tables)

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Changes in carrying amount of goodwill

The changes in the carrying amount of goodwill for the six months ended June 30, 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	52.4		4.8		57.2


Currency translation	(3.2)		(8.8)		(12.0)
June 30, 2024	$	1,175.9	$	312.4	$	1,488.3

Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets, net of Goodwill

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


	June 30, 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	$	78.4	$	(39.4)	$	39.0	$	64.5	$	(36.9)	$	27.6
Customer relationships	558.3		(193.9)		364.4		535.3		(185.2)		350.1
Trade names (finite-lived)	155.0		(85.2)		69.8		142.2		(79.3)		62.9
Other	88.4		(54.7)		33.7		75.3		(47.5)		27.8
Total finite-lived intangible assets	880.1		$	(373.2)	506.9		817.3		$	(348.9)	468.4
Trade names (indefinite-lived)	102.9				102.9		104.4				104.4
Total	$	983.0			$	609.8	$	921.7			$	572.8

Debt and Credit Facilities (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Schedule of Debt

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


In millions	June 30, 2024		December 31, 2023
Term Facility	$	218.8	$	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
5.600% Senior Notes due 2034	400.0		—
Other debt	0.7		0.1
Total borrowings outstanding	2,419.5		2,025.1
Discounts and debt issuance costs, net	(14.9)		(10.1)
Total debt	2,404.6		2,015.0
Less current portion of long-term debt	416.3		412.6
Total long-term debt	$	1,988.3	$	1,602.4

Leases (Tables)

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

Lessee, Operating Lease Asset and Liability, and Other Information

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:


		June 30, 2024								December 31, 2023
In millions	Balance Sheet classification	Real estate			Equipment			Total		Real estate			Equipment			Total
ROU asset	Other noncurrent assets	$	112.6		$	36.4		$	149.0	$	114.7		$	33.4		$	148.1
Lease liability - current	Accrued expenses and other current liabilities	19.4			15.5			34.9		18.7			15.0			33.7
Lease liability - noncurrent	Other noncurrent liabilities	96.7			20.8			117.5		98.9			18.4			117.3

Other information:
Weighted-average remaining term (years)		11.3			2.9					11.6			2.7
Weighted-average discount rate		5.1		%	5.2		%			5.0		%	4.4		%

Lease, Cost

The following table summarizes additional information related to the Company’s leases for the six months ended June 30:


	2024						2023
In millions	Real estate		Equipment		Total		Real estate		Equipment		Total
Cash paid for amounts included in the measurement of lease liabilities	$	12.4	$	10.6	$	23.0	$	12.0	$	9.7	$	21.7
ROU assets obtained in exchange for new lease liabilities	7.1		8.6		15.7		53.6		7.9		61.5

Scheduled minimum lease payments under non-cancellable operating leases


In millions	Remainder of 2024		2025		2026		2027		2028		Thereafter		Total
Real estate leases	$	12.5	$	23.8	$	20.0	$	15.9	$	10.6	$	76.4	$	159.2
Equipment leases	9.2		14.3		8.4		4.8		2.4		0.1		39.2
Total	$	21.7	$	38.1	$	28.4	$	20.7	$	13.0	$	76.5	$	198.4

Defined Benefit Plans (Tables)

6 Months Ended

Jun. 30, 2024

Retirement Benefits, Description [Abstract]

Schedule of Net Periodic Benefit Cost


	U.S.
	Three months ended				Six months ended
In millions	2024		2023		2024		2023
Service cost	$	0.2	$	0.2	$	0.4	$	0.4
Interest cost	2.9		3.0		5.8		5.9
Expected return on plan assets	(3.8)		(3.8)		(7.6)		(7.5)
Administrative costs and other	0.3		0.2		0.6		0.5
Net amortization of:
Prior service costs	—		0.1		0.1		0.1
Plan net actuarial losses	0.2		0.1		0.4		0.3
Net periodic pension benefit income	$	(0.2)	$	(0.2)	$	(0.3)	$	(0.3)


	Non-U.S.
	Three months ended				Six months ended
In millions	2024		2023		2024		2023
Service cost	$	0.5	$	0.4	$	0.9	$	0.8
Interest cost	3.0		3.0		6.0		6.0
Expected return on plan assets	(4.1)		(3.9)		(8.1)		(7.8)
Administrative costs and other	0.5		0.4		0.9		0.8
Net amortization of:

Plan net actuarial losses	0.9		0.9		1.8		1.8

Net periodic pension benefit cost	$	0.8	$	0.8	$	1.5	$	1.6

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements, Recurring and Nonrecurring

Assets and liabilities measured at fair value as of June 30, 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
Assets:
Investments	$	—	$	16.3	$	—	$	16.3

Total asset recurring fair value measurements	$	—	$	16.3	$	—	$	16.3
Liabilities:

Deferred compensation and other retirement plans	$	—	$	16.1	$	—	$	16.1
Total liability recurring fair value measurements	$	—	$	16.1	$	—	$	16.1
Financial instruments not carried at fair value
Total debt	$	—	$	2,360.3	$	—	$	2,360.3
Total financial instruments not carried at fair value	$	—	$	2,360.3	$	—	$	2,360.3

Assets and liabilities measured at fair value as of December 31, 2023, 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
Assets:
Investments	$	—	$	18.0	$	—	$	18.0

Total asset recurring fair value measurements	$	—	$	18.0	$	—	$	18.0
Liabilities:

Deferred compensation and other retirement plans	$	—	$	18.2	$	—	$	18.2
Total liability recurring fair value measurements	$	—	$	18.2	$	—	$	18.2
Financial instruments not carried at fair value
Total debt	$	—	$	1,984.9	$	—	$	1,984.9
Total financial instruments not carried at fair value	$	—	$	1,984.9	$	—	$	1,984.9

Equity (Tables)

6 Months Ended

Jun. 30, 2024

Stockholders' Equity Note [Abstract]

Components of Equity

The changes in the components of Equity for the six months ended June 30, 2024, were as follows:


			Allegion plc shareholders' equity
			Ordinary shares
In millions, except per share amounts	Total equity		Amount		Shares	Capital in excess of par value		Retained earnings		Accumulated other comprehensive loss
Balance at December 31, 2023	$	1,318.3	$	0.9	87.5	$	—	$	1,578.9	$	(261.5)
Net earnings	123.8		—		—	—		123.8		—



Other comprehensive loss, net	(24.0)		—		—	—		—		(24.0)
Repurchase of ordinary shares	(40.0)		—		(0.3)	(14.8)		(25.2)		—
Share-based compensation activity	14.8		—		0.2	14.8		—		—


Dividends to ordinary shareholders ($0.48 per share)	(42.0)		—		—	—		(42.0)		—

Balance at March 31, 2024	1,350.9		0.9		87.4	—		1,635.5		(285.5)
Net earnings	155.4		—		—	—		155.4		—



Other comprehensive loss, net	(5.1)		—		—	—		—		(5.1)
Repurchase of ordinary shares	(40.0)		—		(0.3)	(4.1)		(35.9)		—
Share-based compensation activity	5.9		—		—	5.9		—		—


Dividends to ordinary shareholders ($0.48 per share)	(41.8)		—		—	—		(41.8)		—

Balance at June 30, 2024	$	1,425.3	$	0.9	87.1	$	1.8	$	1,713.2	$	(290.6)

The changes in the components of Equity for the six months ended June 30, 2023, were as follows:


			Allegion plc shareholders' equity
			Ordinary shares
In millions, except per share amounts	Total equity		Amount		Shares	Capital in excess of par value		Retained earnings		Accumulated other comprehensive loss		Noncontrolling interests
Balance at December 31, 2022	$	944.5	$	0.9	87.9	$	13.9	$	1,212.8	$	(285.8)	$	2.7
Net earnings	123.6		—		—	—		123.5		—		0.1



Other comprehensive income, net	10.3		—		—	—		—		10.2		0.1

Share-based compensation activity	5.7		—		—	5.7		—		—		—


Dividends to ordinary shareholders ($0.45 per share)	(39.5)		—		—	—		(39.5)		—		—

Balance at March 31, 2023	1,044.6		0.9		87.9	19.6		1,296.8		(275.6)		2.9
Net earnings	142.0		—		—	—		142.0		—		—



Other comprehensive income (loss), net	7.9		—		—	—		—		8.8		(0.9)
Repurchase of ordinary shares	(19.9)		—		(0.2)	(19.9)		—		—		—
Share-based compensation activity	5.6		—		0.1	5.6		—		—		—
Dividends to noncontrolling interests	(0.1)		—		—	—		—		—		(0.1)
Dividends to ordinary shareholders ($0.45 per share)	(39.6)		—		—	—		(39.6)		—		—

Balance at June 30, 2023	$	1,140.5	$	0.9	87.8	$	5.3	$	1,399.2	$	(266.8)	$	1.9

Accumulated Other Comprehensive Loss

The changes in Accumulated other comprehensive loss for the six months ended June 30, 2024, were as follows:


In millions	Cash flow hedges		Defined benefit items		Foreign currency items		Total
December 31, 2023	$	5.6	$	(125.9)	$	(141.2)	$	(261.5)
Other comprehensive income (loss) before reclassifications	0.9		0.8		(32.5)		(30.8)
Amounts reclassified from accumulated other comprehensive loss(a)	(0.3)		2.3		—		2.0
Tax expense	(0.2)		(0.1)		—		(0.3)
June 30, 2024	$	6.0	$	(122.9)	$	(173.7)	$	(290.6)

The changes in Accumulated other comprehensive loss for the six months ended June 30, 2023, were as follows:


In millions	Cash flow hedges		Defined benefit items		Foreign currency items		Total
December 31, 2022	$	6.1	$	(117.1)	$	(174.8)	$	(285.8)
Other comprehensive (loss) income before reclassifications	(1.1)		(4.9)		23.4		17.4
Amounts reclassified from accumulated other comprehensive loss(a)	(1.2)		2.0		—		0.8
Tax benefit	0.5		0.3		—		0.8
June 30, 2023	$	4.3	$	(119.7)	$	(151.4)	$	(266.8)

Share-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation Expense

The following table summarizes the share-based compensation expense recognized for the three and six months ended June 30:


	Three months ended				Six months ended
In millions	2024		2023		2024		2023
Stock options	$	0.9	$	0.7	$	3.0	$	2.8
RSUs	3.6		3.1		9.0		8.1
PSUs	2.0		1.8		4.1		3.5
Pre-tax expense	6.5		5.6		16.1		14.4
Tax benefit	(0.7)		(0.7)		(1.6)		(1.9)
After-tax expense	$	5.8	$	4.9	$	14.5	$	12.5

Grants of Stock Options and RSUs

Grants issued during the six months ended June 30 were as follows:


	2024			2023
	Number granted	Weighted- average fair value per award		Number granted	Weighted- average fair value per award
Stock options	127,963	$	40.92	156,929	$	33.66
RSUs	95,773	$	128.95	126,739	$	112.61

Stock Options Fair Value Assumptions

The following weighted-average assumptions were used during the six months ended June 30:


	2024		2023
Dividend yield	1.47	%	1.60	%
Volatility	29.29	%	28.47	%
Risk-free rate of return	4.29	%	4.10	%
Expected life (years)	6.0		6.0

Other Income, Net (Tables)

6 Months Ended

Jun. 30, 2024

Other Income and Expenses [Abstract]

Other Income, Net

The components of Other income, net for the three and six months ended June 30 were as follows:


	Three months ended				Six months ended
In millions	2024		2023		2024		2023
Interest income	$	(5.0)	$	(1.2)	$	(8.6)	$	(1.9)
Foreign currency exchange (gain) loss	(0.4)		0.3		0.8		1.7


Other expense (income)	0.3		(0.7)		(1.0)		(1.7)
Other income, net	$	(5.1)	$	(1.6)	$	(8.8)	$	(1.9)

Earnings Per Share (EPS) (Tables)

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Schedule of Earnings Per Share Basic and Diluted Shares

The following table summarizes the weighted-average number of ordinary shares outstanding for basic and diluted EPS calculations for the three and six months ended June 30:


	Three months ended		Six months ended
In millions	2024	2023	2024	2023
Weighted-average number of basic shares	87.3	87.9	87.5	88.0
Shares issuable under share-based compensation plans	0.4	0.4	0.4	0.3
Weighted-average number of diluted shares	87.7	88.3	87.9	88.3

Net Revenues (Tables)

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue


	Three months ended June 30, 2024						Six months ended June 30, 2024
In millions	Allegion Americas		Allegion International		Total		Allegion Americas		Allegion International		Total
Net revenues
Products	$	733.0	$	188.0	$	921.0	$	1,399.8	$	366.9	$	1,766.7
Services	37.7		6.9		44.6		80.2		12.6		92.8
Total Net revenues	$	770.7	$	194.9	$	965.6	$	1,480.0	$	379.5	$	1,859.5


	Three months ended June 30, 2023						Six months ended June 30, 2023
In millions	Allegion Americas		Allegion International		Total		Allegion Americas		Allegion International		Total
Net revenues
Products	$	689.7	$	179.2	$	868.9	$	1,387.1	$	354.7	$	1,741.8
Services	37.5		6.1		43.6		81.0		12.7		93.7
Total Net revenues	$	727.2	$	185.3	$	912.5	$	1,468.1	$	367.4	$	1,835.5

Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule of Product Warranty Liability

The changes in the standard product warranty liability for the six months ended June 30 were as follows:


In millions	2024		2023
Balance at beginning of period	$	20.7	$	18.2
Reductions for payments	(6.2)		(4.3)
Accruals for warranties issued during the current period	8.5		5.6
Changes to accruals related to preexisting warranties	(0.3)		—

Currency translation	(0.2)		—
Balance at end of period	$	22.5	$	19.5

Business Segment Information (Tables)

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Summary of Operations by Reportable Segments

A summary of operations by reportable segment for the three and six months ended June 30 was as follows:


	Three months ended				Six months ended
In millions	2024		2023		2024		2023
Net revenues
Allegion Americas	$	770.7	$	727.2	$	1,480.0	$	1,468.1
Allegion International	194.9		185.3		379.5		367.4
Total	$	965.6	$	912.5	$	1,859.5	$	1,835.5
Segment operating income
Allegion Americas	$	214.3	$	195.4	$	401.3	$	382.0
Allegion International	17.7		13.9		30.7		24.5
Total	232.0		209.3		432.0		406.5
Reconciliation to Operating income
Unallocated corporate expense	(23.0)		(24.7)		(50.9)		(50.9)
Operating income	209.0		184.6		381.1		355.6
Reconciliation to earnings before income taxes
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

Acquisitions (Recognized Identified Assets Acquired and Liabilities Assumed) (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Goodwill	$ 1,488.3	$ 1,443.1
Boss , Dorcas, Unicel and Krieger
Business Combinations, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net Working Capital	9.4
Property, plant and equipment, net	3.0
Goodwill	57.2
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles	71.7
Other noncurrent liabilities	13.5
Net tangible assets and liabilities	$ 127.8

Acquisitions (Finite-Lived Intangible Assets Acquired as Part of Business Combination) (Details) - Boss , Dorcas, Unicel and Krieger $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles	$ 71.7
Completed technologies/patents
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles	$ 14.9
Finite-lived intangible assets acquired, weighted-average useful life	15 years
Customer relationships
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles	$ 31.2
Finite-lived intangible assets acquired, weighted-average useful life	16 years
Trademarks and Trade Names
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles	$ 15.5
Finite-lived intangible assets acquired, weighted-average useful life	15 years
Order or Production Backlog
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles	$ 10.1
Finite-lived intangible assets acquired, weighted-average useful life	1 year

Acquisitions - Narrative (Details) - USD ($) $ in Millions		3 Months Ended	6 Months Ended
Acquisitions - Narrative (Details) - USD ($) $ in Millions	Jan. 03, 2023	Jun. 30, 2024	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Goodwill		$ 1,488.3	$ 1,488.3		$ 1,443.1
Amortization of intangible assets			31.8	$ 30.9
plano
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles	$ 17.5
Goodwill	$ 23.0
Finite-lived intangible assets acquired, weighted-average useful life	15 years
Business Combination, Consideration Transferred	$ 36.6
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities	$ 3.9
Boss , Dorcas, Unicel and Krieger
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles		71.7	71.7
Goodwill		57.2	$ 57.2
Business Combination, Consideration Transferred		$ 120.8

Inventories (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Inventory, Net [Abstract]
Raw materials	$ 212.5	$ 218.4
Work-in-process	49.4	41.6
Finished goods	182.7	178.5
Total inventories	$ 444.6	$ 438.5

Goodwill (Details) $ in Millions	6 Months Ended
Goodwill (Details) $ in Millions	Jun. 30, 2024 USD ($)
Goodwill [Roll Forward]
Goodwill, net beginning balance	$ 1,443.1
Goodwill, Acquired During Period	57.2
Currency translation	(12.0)
Goodwill, net ending balance	1,488.3
Allegion Americas
Goodwill [Roll Forward]
Goodwill, net beginning balance	1,126.7
Goodwill, Acquired During Period	52.4
Currency translation	(3.2)
Goodwill, net ending balance	1,175.9
Allegion International
Goodwill [Roll Forward]
Goodwill, net beginning balance	316.4
Goodwill, Acquired During Period	4.8
Currency translation	(8.8)
Goodwill, net ending balance	312.4
Goodwill, Impaired, Accumulated Impairment Loss	$ (573.6)

Intangible Assets (Schedule of Intangible Assets, net of Goodwill) (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Schedule of Acquired Finite-Lived and Indefinite-Lived Intangible Assets by Major Class [Line Items]
Finite-lived intangible assets, gross	$ 880.1	$ 817.3
Finite-lived intangible assets, accumulated amortization	(373.2)	(348.9)
Finite-lived intangible assets, net	506.9	468.4
Intangible assets, gross	983.0	921.7
Intangible assets, net	609.8	572.8
Completed technologies/patents
Schedule of Acquired Finite-Lived and Indefinite-Lived Intangible Assets by Major Class [Line Items]
Finite-lived intangible assets, gross	78.4	64.5
Finite-lived intangible assets, accumulated amortization	(39.4)	(36.9)
Finite-lived intangible assets, net	39.0	27.6
Customer relationships
Schedule of Acquired Finite-Lived and Indefinite-Lived Intangible Assets by Major Class [Line Items]
Finite-lived intangible assets, gross	558.3	535.3
Finite-lived intangible assets, accumulated amortization	(193.9)	(185.2)
Finite-lived intangible assets, net	364.4	350.1
Trade names (finite-lived)
Schedule of Acquired Finite-Lived and Indefinite-Lived Intangible Assets by Major Class [Line Items]
Finite-lived intangible assets, gross	155.0	142.2
Finite-lived intangible assets, accumulated amortization	(85.2)	(79.3)
Finite-lived intangible assets, net	69.8	62.9
Other
Schedule of Acquired Finite-Lived and Indefinite-Lived Intangible Assets by Major Class [Line Items]
Finite-lived intangible assets, gross	88.4	75.3
Finite-lived intangible assets, accumulated amortization	(54.7)	(47.5)
Finite-lived intangible assets, net	33.7	27.8
Trade Names (indefinite-lived)
Schedule of Acquired Finite-Lived and Indefinite-Lived Intangible Assets by Major Class [Line Items]
Indefinite-lived intangible assets	$ 102.9	$ 104.4

Intangible Assets (Narrative) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Amortization of intangible assets	$ 31.8	$ 30.9
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Intangible amortization expense, year one	60.1
Intangible amortization expense, year two	51.0
Intangible amortization expense, year three	47.8
Intangible amortization expense, year four	41.0
Intangible amortization expense year five	$ 31.7

Debt and Credit Facilities (Summary of Debt) (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total borrowings outstanding	$ 2,419.5	$ 2,025.1
Discounts and debt issuance costs, net	(14.9)	(10.1)
Total debt	2,404.6	2,015.0
Less current portion of long-term debt	416.3	412.6
Total long-term debt	1,988.3	1,602.4
Other debt
Debt Instrument [Line Items]
Total borrowings outstanding	0.7	0.1
Line of Credit \| Term Loan
Debt Instrument [Line Items]
Total borrowings outstanding	$ 218.8	225.0
Senior Notes \| 3.200% Senior Note due 2024
Debt Instrument [Line Items]
Stated interest rate	3.20%
Total borrowings outstanding	$ 400.0	400.0
Senior Notes \| 3.550% Senior Note due 2027
Debt Instrument [Line Items]
Stated interest rate	3.55%
Total borrowings outstanding	$ 400.0	400.0
Senior Notes \| 3.500% Senior Notes Due 2029
Debt Instrument [Line Items]
Stated interest rate	3.50%
Total borrowings outstanding	$ 400.0	400.0
Senior Notes \| 5.411% Senior Notes Due 2032
Debt Instrument [Line Items]
Stated interest rate	5.411%
Total borrowings outstanding	$ 600.0	600.0
Senior Notes \| 5.600% Senior Notes Due 2034
Debt Instrument [Line Items]
Stated interest rate	5.60%
Total borrowings outstanding	$ 400.0	$ 0.0

Debt and Credit Facilities (Narrative) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total borrowings outstanding	$ 2,419.5		$ 2,025.1
Line of Credit
Debt Instrument [Line Items]
Interest rate	6.569%
Investment, Basis Spread, Variable Rate	1.225%
Line of Credit \| Minimum
Debt Instrument [Line Items]
Variable rate	0.875%
Line of Credit \| Maximum
Debt Instrument [Line Items]
Variable rate	1.375%
Line of Credit \| Term Loan
Debt Instrument [Line Items]
Principal amount	$ 250.0
Total borrowings outstanding	218.8		225.0
Repayment of debt	6.3
Long-Term Debt, Maturity, Remainder of Fiscal Year	6.3
Long-Term Debt, Maturity, Year One	21.9
Long-Term Debt, Maturity, Year Two	190.6
Line of Credit \| Revolving Facility
Debt Instrument [Line Items]
Line of credit facility, borrowing capacity	750.0	$ 500.0
Line of Credit Facility, Capacity available for issuance of letters of credit	100.0
Letters of credit outstanding amount	18.5
Senior Notes \| 3.200% Senior Note due 2024
Debt Instrument [Line Items]
Principal amount	400.0
Total borrowings outstanding	$ 400.0		400.0
Stated interest rate	3.20%
Senior Notes \| 3.550% Senior Note due 2027
Debt Instrument [Line Items]
Principal amount	$ 400.0
Total borrowings outstanding	$ 400.0		400.0
Stated interest rate	3.55%
Senior Notes \| 3.500% Senior Notes Due 2029
Debt Instrument [Line Items]
Principal amount	$ 400.0
Total borrowings outstanding	$ 400.0		400.0
Stated interest rate	3.50%
Senior Notes \| 5.411% Senior Notes Due 2032
Debt Instrument [Line Items]
Principal amount	$ 600.0
Total borrowings outstanding	$ 600.0		600.0
Stated interest rate	5.411%
Senior Notes \| 5.600% Senior Notes Due 2034
Debt Instrument [Line Items]
Principal amount	$ 400.0
Total borrowings outstanding	$ 400.0		$ 0.0
Stated interest rate	5.60%

Financial Instruments (Narrative) (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Currency derivatives
Derivative [Line Items]
Derivatives, notional amount	$ 187.6	$ 175.4

Leases - Operating Lease Asset and Liability, and Other Information (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Lessee, Lease, Description
ROU Asset	$ 149.0	$ 148.1
Lease liability - current	34.9	33.7
Lease liability - noncurrent	117.5	117.3
Real estate
Lessee, Lease, Description
ROU Asset	112.6	114.7
Lease liability - current	19.4	18.7
Lease liability - noncurrent	$ 96.7	$ 98.9
Weighted-average remaining term (years)	11 years 3 months 18 days	11 years 7 months 6 days
Weighted-average discount rate	5.10%	5.00%
Equipment
Lessee, Lease, Description
ROU Asset	$ 36.4	$ 33.4
Lease liability - current	15.5	15.0
Lease liability - noncurrent	$ 20.8	$ 18.4
Weighted-average remaining term (years)	2 years 10 months 24 days	2 years 8 months 12 days
Weighted-average discount rate	5.20%	4.40%

Leases - Operating Leases, Additional Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Lessee, Lease, Description
Cash paid for amounts included in the measurement of lease liabilities	$ 23.0	$ 21.7
ROU assets obtained in exchange for new lease liabilities	15.7	61.5
Real estate
Lessee, Lease, Description
Cash paid for amounts included in the measurement of lease liabilities	12.4	12.0
ROU assets obtained in exchange for new lease liabilities	7.1	53.6
Equipment
Lessee, Lease, Description
Cash paid for amounts included in the measurement of lease liabilities	10.6	9.7
ROU assets obtained in exchange for new lease liabilities	$ 8.6	$ 7.9

Leases - Operating Lease Liability Maturity (Details) $ in Millions	Jun. 30, 2024 USD ($)
Lessee, Lease, Description
Remainder of 2024	$ 21.7
2025	38.1
2026	28.4
2027	20.7
2028	13.0
Thereafter	76.5
Total	198.4
Real estate
Lessee, Lease, Description
Remainder of 2024	12.5
2025	23.8
2026	20.0
2027	15.9
2028	10.6
Thereafter	76.4
Total	159.2
Equipment
Lessee, Lease, Description
Remainder of 2024	9.2
2025	14.3
2026	8.4
2027	4.8
2028	2.4
Thereafter	0.1
Total	$ 39.2

Leases - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
Leases - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Leases [Abstract]
Total rental expense	$ 31.1	$ 31.6
Rental expense related to short-term leases, variable lease payments, or other leases not included in lease liability	8.1	9.9
Imputed interest	46.0
ROU Asset	149.0		$ 148.1
ROU assets obtained in exchange for new lease liabilities	15.7	61.5
Real estate
ROU Asset	112.6		$ 114.7
ROU assets obtained in exchange for new lease liabilities	$ 7.1	$ 53.6

Defined Benefit Plans (Components of Net Periodic Pension Costs) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Employer contributions expected during the remainder of the year	$ 3.7		$ 3.7
U.S.
Service cost	0.2	$ 0.2	0.4	$ 0.4
Interest cost	2.9	3.0	5.8	5.9
Expected return on plan assets	(3.8)	(3.8)	(7.6)	(7.5)
Administrative costs and other	0.3	0.2	0.6	0.5
Prior service costs	0.0	0.1	0.1	0.1
Plan net actuarial losses	0.2	0.1	0.4	0.3
Net periodic pension benefit cost (income)	(0.2)	(0.2)	(0.3)	(0.3)
Non-U.S.
Service cost	0.5	0.4	0.9	0.8
Interest cost	3.0	3.0	6.0	6.0
Expected return on plan assets	(4.1)	(3.9)	(8.1)	(7.8)
Administrative costs and other	0.5	0.4	0.9	0.8
Plan net actuarial losses	0.9	0.9	1.8	1.8
Net periodic pension benefit cost (income)	$ 0.8	$ 0.8	$ 1.5	$ 1.6

Defined Benefit Plans (Narrative) (Details) $ in Millions	Jun. 30, 2024 USD ($)
Retirement Benefits, Description [Abstract]
Employer contributions expected during the remainder of the year	$ 3.7

Fair Value Measurements (Tables) (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Assets, fair value measurements [Abstract]
Investments	$ 16.3	$ 18.0
Total asset recurring fair value measurements	16.3	18.0
Liabilities, fair value measurements [Abstract]
Deferred compensation and other retirement plans	16.1	18.2
Total liability recurring fair value measurements	16.1	18.2
Fair Value Measurements, Nonrecurring Value Measurement [Abstract]
Total debt	2,360.3	1,984.9
Total financial instruments not carried at fair value	2,360.3	1,984.9
Quoted prices in active markets for identical assets (Level 1)
Assets, fair value measurements [Abstract]
Investments	0.0	0.0
Total asset recurring fair value measurements	0.0	0.0
Liabilities, fair value measurements [Abstract]
Deferred compensation and other retirement plans	0.0	0.0
Total liability recurring fair value measurements	0.0	0.0
Fair Value Measurements, Nonrecurring Value Measurement [Abstract]
Total debt	0.0	0.0
Total financial instruments not carried at fair value	0.0	0.0
Significant other observable inputs (Level 2)
Assets, fair value measurements [Abstract]
Investments	16.3	18.0
Total asset recurring fair value measurements	16.3	18.0
Liabilities, fair value measurements [Abstract]
Deferred compensation and other retirement plans	16.1	18.2
Total liability recurring fair value measurements	16.1	18.2
Fair Value Measurements, Nonrecurring Value Measurement [Abstract]
Total debt	2,360.3	1,984.9
Total financial instruments not carried at fair value	2,360.3	1,984.9
Significant unobservable inputs (Level 3)
Assets, fair value measurements [Abstract]
Investments	0.0	0.0
Total asset recurring fair value measurements	0.0	0.0
Liabilities, fair value measurements [Abstract]
Deferred compensation and other retirement plans	0.0	0.0
Total liability recurring fair value measurements	0.0	0.0
Fair Value Measurements, Nonrecurring Value Measurement [Abstract]
Total debt	0.0	0.0
Total financial instruments not carried at fair value	$ 0.0	$ 0.0

Fair Value Measurements (Narrative) (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Debt and equity investments without readily determinable fair values	$ 64.5	$ 65.8

Equity (Components of Shareholders' Equity Rollforward) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 1,350.9	$ 1,318.3	$ 1,044.6	$ 944.5	$ 1,318.3	$ 944.5
Net earnings	155.4	123.8	142.0	123.6	279.2	265.6
Other comprehensive income (loss), net of tax	(5.1)	(24.0)	7.9	10.3
Repurchase of ordinary shares	(40.0)	(40.0)	(19.9)		(80.0)	(19.9)
Share-based compensation activity	5.9	14.8	5.6	5.7
Dividends to noncontrolling interests			(0.1)
Dividends to ordinary shareholders ($0.48 per share)	(41.8)	(42.0)	(39.6)	(39.5)
Ending balance	$ 1,425.3	$ 1,350.9	$ 1,140.5	$ 1,044.6	1,425.3	1,140.5
Dividends per share (in dollars per share)	$ 0.48	$ 0.48	$ 0.45	$ 0.45
Ordinary shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 0.9	$ 0.9	$ 0.9	$ 0.9	$ 0.9	$ 0.9
Beginning balance (in shares)	87.4	87.5	87.9	87.9	87.5	87.9
Repurchase of ordinary shares		$ 0.0
Repurchase of ordinary shares (in shares)	(0.3)	(0.3)	(0.2)
Share-based compensation activity			$ 0.0
Share-based compensation activity, shares (in shares)	0.0	0.2	0.1	0.0
Ending balance	$ 0.9	$ 0.9	$ 0.9	$ 0.9	$ 0.9	$ 0.9
Ending balance (in shares)	87.1	87.4	87.8	87.9	87.1	87.8
Capital in excess of par value
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 0.0	$ 0.0	$ 19.6	$ 13.9	$ 0.0	$ 13.9
Repurchase of ordinary shares	(4.1)	(14.8)	(19.9)
Share-based compensation activity	5.9	14.8	5.6	5.7
Ending balance	1.8	0.0	5.3	19.6	1.8	5.3
Retained earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	1,635.5	1,578.9	1,296.8	1,212.8	1,578.9	1,212.8
Net earnings	155.4	123.8	142.0	123.5
Repurchase of ordinary shares	(35.9)	(25.2)	0.0
Dividends to ordinary shareholders ($0.48 per share)	(41.8)	(42.0)	(39.6)	(39.5)
Ending balance	1,713.2	1,635.5	1,399.2	1,296.8	1,713.2	1,399.2
Accumulated other comprehensive loss
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(285.5)	(261.5)	(275.6)	(285.8)	(261.5)	(285.8)
Other comprehensive income (loss), net of tax	(5.1)	(24.0)	8.8	10.2
Ending balance	$ (290.6)	$ (285.5)	(266.8)	(275.6)	$ (290.6)	(266.8)
Noncontrolling interests
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance			2.9	2.7		2.7
Net earnings			0.0	0.1
Other comprehensive income (loss), net of tax			(0.9)	0.1
Dividends to noncontrolling interests			(0.1)
Ending balance			$ 1.9	$ 2.9		$ 1.9

Equity (Schedule of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Accumulated Other Comprehensive Loss Roll Forward
Beginning balance	$ (261.5)	$ (285.8)
Other comprehensive income (loss) before reclassifications	(30.8)	17.4
Amounts reclassified from accumulated other comprehensive loss	2.0	0.8
Tax expense	(0.3)	0.8
Ending balance	(290.6)	(266.8)
Cash flow hedges
Accumulated Other Comprehensive Loss Roll Forward
Beginning balance	5.6	6.1
Other comprehensive income (loss) before reclassifications	0.9	(1.1)
Amounts reclassified from accumulated other comprehensive loss	(0.3)	(1.2)
Tax expense	(0.2)	0.5
Ending balance	6.0	4.3
Defined benefit items
Accumulated Other Comprehensive Loss Roll Forward
Beginning balance	(125.9)	(117.1)
Other comprehensive income (loss) before reclassifications	0.8	(4.9)
Amounts reclassified from accumulated other comprehensive loss	2.3	2.0
Tax expense	(0.1)	0.3
Ending balance	(122.9)	(119.7)
Foreign currency items
Accumulated Other Comprehensive Loss Roll Forward
Beginning balance	(141.2)	(174.8)
Other comprehensive income (loss) before reclassifications	(32.5)	23.4
Amounts reclassified from accumulated other comprehensive loss	0.0	0.0
Tax expense	0.0	0.0
Ending balance	$ (173.7)	$ (151.4)

Equity (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
Equity (Narrative) (Details) - USD ($) $ in Millions	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Equity, Class of Treasury Stock [Line Items]
Payments for repurchase of ordinary shares	$ 40.0	$ 40.0	$ 19.9	$ 80.0	$ 19.9
Stock Repurchase Program, Remaining authorized repurchase amount	380.0			380.0
2020 Share Repurchase Authorization
Equity, Class of Treasury Stock [Line Items]
Authorized repurchase amount	$ 500.0			$ 500.0

Share-Based Compensation (Share-Based Compensation Expense) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share based compensation expense (benefit)	$ 6.5	$ 5.6	$ 16.1	$ 14.4
Tax benefit	(0.7)	(0.7)	(1.6)	(1.9)
After-tax expense	5.8	4.9	14.5	12.5
Stock options
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share based compensation expense (benefit)	0.9	0.7	3.0	2.8
Restricted Stock Units (RSUs)
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share based compensation expense (benefit)	3.6	3.1	9.0	8.1
Performance Share Units (PSUs)
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share based compensation expense (benefit)	$ 2.0	$ 1.8	$ 4.1	$ 3.5

Share-Based Compensation (Grants of Stock Options and RSUs) (Details) - $ / shares	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Stock options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Equity awards, granted, in shares	127,963	156,929
Weighted-average fair value per award, in dollars per share	$ 40.92	$ 33.66
Restricted Stock Units (RSUs)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Equity awards, granted, in shares	95,773	126,739
Weighted-average fair value per award, in dollars per share	$ 128.95	$ 112.61

Share-Based Compensation (Average Fair Value of Stock Options Granted, Assumptions) (Details)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Dividend yield	1.47%	1.60%
Volatility	29.29%	28.47%
Risk-free rate of return	4.29%	4.10%
Expected life (years)	6 years	6 years

Share-Based Compensation (Narrative) (Details) shares in Millions	6 Months Ended
	Jun. 30, 2024 shares
Performance Share Units (PSUs)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Maximum award level for eligible employees (in shares)	0.1

Other Income, Net (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Other Income, Net (Details) - USD ($) $ in Millions	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Other Income and Expenses [Abstract]
Interest income	$ (5.0)	$ (1.2)	$ (8.6)	$ (1.9)
Foreign currency exchange (gain) loss	(0.4)	0.3	0.8	1.7
Other expense (income)	0.3	(0.7)	(1.0)	(1.7)
Other income, net	$ (5.1)	$ (1.6)	$ (8.8)	$ (1.9)

Income Taxes (Details)	3 Months Ended		6 Months Ended
Income Taxes (Details)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate (percent)	17.80%	12.60%	18.30%	14.40%

Earnings Per Share (EPS) (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Weighted-average number of basic shares (in shares)	87.3	87.9	87.5	88.0
Shares issuable under share-based compensation plans (in shares)	0.4	0.4	0.4	0.3
Weighted-average number of diluted shares (in shares)	87.7	88.3	87.9	88.3

Earnings Per Share (EPS) (Narrative) (Details) - shares shares in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Antidilutive stock options excluded from computation of weighted-average diluted shares outstanding (in shares)	0.3	0.5

Net Revenues (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Net Revenues (Details) - USD ($) $ in Millions	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Net revenues	$ 965.6	$ 912.5	$ 1,859.5	$ 1,835.5
Allegion Americas \| Operating Segments
Disaggregation of Revenue [Line Items]
Net revenues	770.7	727.2	1,480.0	1,468.1
Allegion International \| Operating Segments
Disaggregation of Revenue [Line Items]
Net revenues	194.9	185.3	379.5	367.4
Products
Disaggregation of Revenue [Line Items]
Net revenues	921.0	868.9	1,766.7	1,741.8
Products \| Allegion Americas
Disaggregation of Revenue [Line Items]
Net revenues	733.0	689.7	1,399.8	1,387.1
Products \| Allegion International
Disaggregation of Revenue [Line Items]
Net revenues	188.0	179.2	366.9	354.7
Services
Disaggregation of Revenue [Line Items]
Net revenues	44.6	43.6	92.8	93.7
Services \| Allegion Americas
Disaggregation of Revenue [Line Items]
Net revenues	37.7	37.5	80.2	81.0
Services \| Allegion International
Disaggregation of Revenue [Line Items]
Net revenues	$ 6.9	$ 6.1	$ 12.6	$ 12.7

Net Revenues (Narrative) (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Deferred Revenue	$ 36.2	$ 27.2

Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Environmental Remediation Obligations [Line Items]
Reserves for environmental matters	$ 18.7	$ 20.2
Reserves for environmental matters, current	2.1	3.6
Segment, Discontinued Operations
Environmental Remediation Obligations [Line Items]
Reserves for environmental matters	$ 10.3	$ 11.2

Commitments and Contingencies (Product Warranty Liability) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Movement in Standard Product Warranty Liability [Roll Forward]
Balance at beginning of period	$ 20.7	$ 18.2
Reductions for payments	(6.2)	(4.3)
Accruals for warranties issued during the current period	8.5	5.6
Changes to accruals related to preexisting warranties	(0.3)	0.0
Currency translation	(0.2)	0.0
Balance at end of period	$ 22.5	$ 19.5

Business Segment Information (Summary of Operations by Reportable Segments) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Net revenues	$ 965.6	$ 912.5	$ 1,859.5	$ 1,835.5
Operating income (loss)	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
Operating Segments
Segment Reporting Information [Line Items]
Operating income (loss)	232.0	209.3	432.0	406.5
Operating Segments \| Allegion Americas
Segment Reporting Information [Line Items]
Net revenues	770.7	727.2	1,480.0	1,468.1
Operating income (loss)	214.3	195.4	401.3	382.0
Operating Segments \| Allegion International
Segment Reporting Information [Line Items]
Net revenues	194.9	185.3	379.5	367.4
Operating income (loss)	17.7	13.9	30.7	24.5
Corporate, Non-Segment
Segment Reporting Information [Line Items]
Operating income (loss)	$ (23.0)	$ (24.7)	$ (50.9)	$ (50.9)

Business Segment Information Narrative (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) segment	Jun. 30, 2023 USD ($)
Segment Reporting [Abstract]
Number of reportable segments \| segment			2
Net revenues	$ 965.6	$ 912.5	$ 1,859.5	$ 1,835.5
Operating Income (Loss)	209.0	184.6	381.1	355.6
Operating Segments
Operating Income (Loss)	232.0	209.3	432.0	406.5
Operating Segments \| Allegion Americas
Net revenues	770.7	727.2	1,480.0	1,468.1
Operating Income (Loss)	214.3	195.4	401.3	382.0
Operating Segments \| Allegion International
Net revenues	194.9	185.3	379.5	367.4
Operating Income (Loss)	$ 17.7	$ 13.9	$ 30.7	$ 24.5

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