Lennox International(LII) - 2024 Q1 - Quarterly Report

Part I Financial Information Item 1. Financial Statements Presents Lennox International Inc.'s unaudited consolidated financial statements for Q1 2024 and 2023, including balance sheets, income, equity, and cash flow statements Consolidated Balance Sheets Summarizes the company's financial position, detailing assets, liabilities, and equity as of March 31, 2024, and December 31, 2023 Consolidated Balance Sheets (Millions) | Metric | March 31, 2024 (Millions) | December 31, 2023 (Millions) | Change (Millions) | | :-------------------------------- | :-------------------------- | :--------------------------- | :---------------- | | Total Assets | $2,985.4 | $2,798.3 | $187.1 | | Total Liabilities | $2,616.6 | $2,513.0 | $103.6 | | Total Stockholders' Equity | $368.8 | $285.3 | $83.5 | | Cash and cash equivalents | $45.7 | $60.7 | $(15.0) | | Inventories, net | $823.4 | $699.1 | $124.3 | | Accounts payable | $437.8 | $374.7 | $63.1 | | Commercial paper | $250.0 | $150.0 | $100.0 | Consolidated Statements of Operations Presents the company's financial performance, including net sales, gross profit, operating income, and net income for Q1 2024 and 2023 Consolidated Statements of Operations (Millions) | Metric | 3 Months Ended March 31, 2024 (Millions) | 3 Months Ended March 31, 2023 (Millions) | Change (Millions) | % Change | | :-------------------------------- | :--------------------------------------- | :--------------------------------------- | :---------------- | :------- | | Net sales | $1,047.1 | $1,049.4 | $(2.3) | (0.2)% | | Cost of goods sold | $707.1 | $742.8 | $(35.7) | (4.8)% | | Gross profit | $340.0 | $306.6 | $33.4 | 10.9% | | Operating income | $166.8 | $139.5 | $27.3 | 19.6% | | Net income | $124.3 | $98.0 | $26.3 | 26.8% | | Earnings per share – Diluted | $3.47 | $2.75 | $0.72 | 26.2% | Consolidated Statements of Comprehensive Income Details net income and other comprehensive income components, such as foreign currency adjustments and cash flow hedges, for Q1 2024 and 2023 Consolidated Statements of Comprehensive Income (Millions) | Metric | 3 Months Ended March 31, 2024 (Millions) | 3 Months Ended March 31, 2023 (Millions) | Change (Millions) | | :--------------------------------------- | :--------------------------------------- | :--------------------------------------- | :---------------- | | Net income | $124.3 | $98.0 | $26.3 | | Other comprehensive (loss) income, net of tax | $(1.0) | $12.0 | $(13.0) | | Comprehensive income | $123.3 | $110.0 | $13.3 | - Foreign currency translation adjustments shifted from a gain of $6.8 million in Q1 2023 to a loss of $3.3 million in Q1 2024[14] - Net change in fair value of cash flow hedges decreased significantly from a gain of $6.3 million in Q1 2023 to a gain of $0.7 million in Q1 2024[14] Consolidated Statements of Stockholders' Equity (Deficit) Outlines changes in stockholders' equity, including net income, dividends, and stock-based compensation, from December 31, 2023, to March 31, 2024 Consolidated Statements of Stockholders' Equity (Deficit) (Millions) | Metric | Balance as of Dec 31, 2023 (Millions) | Changes in Q1 2024 (Millions) | Balance as of Mar 31, 2024 (Millions) | | :-------------------------------- | :------------------------------------ | :---------------------------- | :------------------------------------ | | Total Stockholders' Equity | $285.3 | $83.5 | $368.8 | | Net income | - | $124.3 | - | | Dividends | - | $(39.4) | - | | Stock-based compensation expense | - | $6.6 | - | | Treasury stock purchases | - | $(8.1) | - | - Dividends paid were $1.10 per share in Q1 2024, totaling $39.4 million, compared to $1.06 per share ($37.7 million) in Q1 2023[17] Consolidated Statements of Cash Flows Presents the company's cash inflows and outflows from operating, investing, and financing activities for Q1 2024 and 2023 Consolidated Statements of Cash Flows (Millions) | Cash Flow Activity | 3 Months Ended March 31, 2024 (Millions) | 3 Months Ended March 31, 2023 (Millions) | Change (Millions) | | :-------------------------------- | :--------------------------------------- | :--------------------------------------- | :---------------- | | Net cash used in operating activities | $(22.8) | $(78.8) | $56.0 | | Net cash used in investing activities | $(30.7) | $(33.7) | $3.0 | | Net cash provided by financing activities | $42.4 | $101.1 | $(58.7) | | Decrease in cash and cash equivalents | $(11.1) | $(11.4) | $0.3 | | Cash and cash equivalents, end of period | $45.7 | $40.4 | $5.3 | - Capital expenditures decreased to $29.5 million in Q1 2024 from $35.4 million in Q1 2023[19] - Commercial paper borrowings increased significantly in Q1 2024 ($176.4 million) compared to Q1 2023 ($0), while payments were $76.4 million[19] Notes to Consolidated Financial Statements Provides detailed explanations of accounting policies, segment information, and other financial disclosures supporting the consolidated financial statements 1. General Outlines the basis of presentation for interim financial statements, including GAAP compliance and management's use of estimates - Interim financial statements are unaudited and prepared in accordance with GAAP for interim financial information and Form 10-Q instructions[23] - The company's fiscal quarterly periods are approximately 13 weeks, with the fourth quarter and fiscal year ending on December 31[24] - Financial statements require management to make estimates and assumptions, which are evaluated on an ongoing basis, and actual results could differ significantly due to market volatility[25][26] 2. Reportable Business Segments Describes the company's two primary business segments: Home Comfort Solutions and Building Climate Solutions, and their financial performance - The company operates in two reportable business segments: Home Comfort Solutions (residential HVACR in US/Canada) and Building Climate Solutions (light commercial, food preservation, non-food refrigeration in US/Canada)[27] - The Corporate and Other segment previously included European operations, which were divested in Q4 2023[29] Segment Performance (Millions) | Segment | Net Sales 2024 (Millions) | Net Sales 2023 (Millions) | Profit 2024 (Millions) | Profit 2023 (Millions) | | :------------------------ | :------------------------ | :------------------------ | :--------------------- | :--------------------- | | Home Comfort Solutions | $674.6 | $681.0 | $112.1 | $111.1 | | Building Climate Solutions | $372.5 | $308.7 | $78.2 | $50.0 | | Corporate and Other | $0.0 | $59.7 | $(23.5) | $(19.4) | | Total | $1,047.1 | $1,049.4 | $166.8 | $141.7 | 3. Earnings Per Share Details the calculation of basic and diluted earnings per share, including net income and weighted-average shares outstanding Earnings Per Share | Metric | 2024 | 2023 | | :--------------------------------------- | :----- | :----- | | Net income (Millions) | $124.3 | $98.0 | | Weighted-average shares outstanding – basic (Millions) | 35.6 | 35.5 | | Weighted-average shares outstanding – diluted (Millions) | 35.8 | 35.6 | | Earnings per share – Basic | $3.49 | $2.76 | | Earnings per share – Diluted | $3.47 | $2.75 | 4. Commitments and Contingencies Discusses operating lease liabilities, product warranty liabilities, and the company's assessment of potential impacts from legal claims - Operating leases are recognized on the balance sheet as Right-of-use assets and lease liabilities, with approximately 75% related to real estate[32][36] Total Warranty Liability (Millions) | Metric | March 31, 2024 | December 31, 2023 | | :------------------------ | :------------- | :---------------- | | Total warranty liability | $147.6 | $142.8 | - Changes in product warranty liabilities for Q1 2024 included $11.6 million from new warranties issued, offset by $7.0 million in claims paid[38] - Management believes current claims and lawsuits will not have a material adverse effect on financial condition, results of operations, or cash flows[40] 5. Stock Repurchases Provides details on the Board's authorization for share repurchases and the remaining amount available under the plans - The Board has authorized $4.0 billion for share repurchases[41] - As of March 31, 2024, $546 million was available for repurchase under the Share Repurchase Plans[41] 6. Revenue Recognition Details revenue recognition by geographic market and business segment, including direct sales and equipment sales percentages Net Sales by Geographic Market and Segment (Millions) | Primary Geographic Markets | Home Comfort Solutions 2024 (Millions) | Building Climate Solutions 2024 (Millions) | Corporate and Other 2024 (Millions) | Consolidated 2024 (Millions) | Home Comfort Solutions 2023 (Millions) | Building Climate Solutions 2023 (Millions) | Corporate and Other 2023 (Millions) | Consolidated 2023 (Millions) | | :------------------------- | :------------------------------------- | :----------------------------------------- | :---------------------------------- | :--------------------------- | :------------------------------------- | :----------------------------------------- | :---------------------------------- | :--------------------------- | | United States | $626.1 | $357.3 | $0.0 | $983.4 | $639.3 | $294.6 | $0.0 | $933.9 | | Canada | $48.5 | $15.2 | $0.0 | $63.7 | $41.7 | $14.1 | $0.0 | $55.8 | | Other international | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | $59.7 | $59.7 | | Total | $674.6 | $372.5 | $0.0 | $1,047.1 | $681.0 | $308.7 | $59.7 | $1,049.4 | - For Home Comfort Solutions, direct sales represented 74% of revenues in Q1 2024 (70% in Q1 2023)[43] - For Building Climate Solutions, equipment sales represented 83% of revenues in Q1 2024 (85% in Q1 2023), with the remainder from service business[44] Contract Assets and Liabilities (Millions) | Metric | March 31, 2024 | December 31, 2023 | | :------------------------ | :------------- | :---------------- | | Contract assets | $1.9 | $2.2 | | Contract liabilities - current | $(3.6) | $(4.7) | | Contract liabilities - noncurrent | $(7.5) | $(7.5) | | Total | $(9.2) | $(10.0) | 7. Other Financial Statement Details Provides additional details on inventories, goodwill adjustments, derivative instruments for hedging, and stock-based compensation expense Inventories, Net (Millions) | Component | March 31, 2024 | December 31, 2023 | | :------------------------ | :------------- | :---------------- | | Finished goods | $615.6 | $509.4 | | Work in process | $7.9 | $9.6 | | Raw materials and parts | $334.0 | $314.2 | | Total inventories, net | $823.4 | $699.1 | - Goodwill decreased by $2.2 million in the Building Climate Solutions segment due to an update in the purchase price allocation of AES[49] - The company uses cash flow hedges (foreign exchange forward contracts and commodity futures contracts) to mitigate exposure to commodity price and foreign currency risks[50][52][53] Stock-Based Compensation Expense (Millions) | Metric | 3 Months Ended March 31, 2024 | 3 Months Ended March 31, 2023 | | :-------------------------- | :---------------------------- | :---------------------------- | | Stock-based compensation expense | $6.6 | $6.1 | 8. Pension Benefit Plans Outlines the components of net periodic benefit cost for pension plans, including service cost, interest cost, and expected return on assets Net Periodic Benefit Cost (Millions) | Component | 3 Months Ended March 31, 2024 | 3 Months Ended March 31, 2023 | | :------------------------ | :---------------------------- | :---------------------------- | | Service cost | $0.4 | $0.6 | | Interest cost | $2.2 | $2.2 | | Expected return on plan assets | $(1.9) | $(2.4) | | Net periodic benefit cost | $1.1 | $0.7 | 9. Income Taxes Discusses the effective tax rate, its drivers, and the total gross unrecognized tax benefits as of March 31, 2024 - Effective tax rate decreased to 19.4% in Q1 2024 from 21.7% in Q1 2023[58] - The decrease in tax rate is primarily due to a discrete favorable adjustment for excess tax benefits in 2024[58] - Total gross unrecognized tax benefits were approximately $4.3 million as of March 31, 2024[57] 10. Lines of Credit and Financing Arrangements Details the company's debt structure, including commercial paper, revolving credit facilities, and senior unsecured notes Debt Position (Millions) | Debt Type | March 31, 2024 | December 31, 2023 | | :------------------------ | :------------- | :---------------- | | Commercial paper | $250.0 | $150.0 | | Current maturities of long-term debt | $22.5 | $12.1 | | Long-term debt | $1,153.7 | $1,143.1 | | Total debt | $1,426.2 | $1,305.2 | - A commercial paper program with a maximum aggregate amount of $500.0 million was established in October 2023, replacing an asset securitization program[62] - The company has a $1.1 billion unsecured revolving credit facility, with $836.3 million available for future borrowings as of March 31, 2024[65] - Senior unsecured notes totaling $1.1 billion are outstanding, maturing in 2025, 2027, and 2028[71][72] 11. Comprehensive Income (Loss) Presents the reclassification adjustments from accumulated other comprehensive loss (AOCL) and changes in AOCL components Reclassifications from Accumulated Other Comprehensive Loss (Millions) | Item | 3 Months Ended March 31, 2024 | 3 Months Ended March 31, 2023 | | :--------------------------------------- | :---------------------------- | :---------------------------- | | Gains (Losses) on Cash Flow Hedges, net of tax | $(1.5) | $(0.3) | | Defined Benefit Plan items, net of tax | $(0.2) | $(0.3) | | Total reclassifications from AOCL | $(1.7) | $(0.6) | Accumulated Other Comprehensive Loss (AOCL) Components (Millions) | Component | Balance as of Dec 31, 2023 | Net other comprehensive income (loss) | Balance as of Mar 31, 2024 | | :--------------------------------------- | :------------------------- | :------------------------------------ | :------------------------- | | Gains (Losses) on Cash Flow Hedges | $(2.0) | $2.2 | $0.2 | | Defined Benefit Pension Plan Items | $(44.2) | $0.1 | $(44.1) | | Foreign Currency Translation Adjustments | $(11.3) | $(3.3) | $(14.6) | | Total AOCL | $(56.9) | $(1.0) | $(57.9) | 12. Fair Value Measurements Explains the valuation methodologies for derivatives and provides fair value measurements for senior unsecured notes - Derivatives are classified as Level 2 and valued using estimated future cash flows based on observed prices from exchange-traded derivatives[76] Senior Unsecured Notes Fair Value (Millions) | Metric | March 31, 2024 | December 31, 2023 | | :------------------------ | :------------- | :---------------- | | Senior unsecured notes (Fair Value) | $1,064.8 | $1,079.3 | 13. Prior Year Acquisition Details the final working capital adjustment and goodwill reduction related to the AES acquisition in Q1 2024 - A final working capital adjustment for the AES acquisition (October 2023) resulted in a $1.8 million reduction in purchase price in Q1 2024[79] - Purchase price adjustments in Q1 2024 included a $2.2 million reduction in goodwill related to the AES acquisition[79] Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Management discusses the company's financial condition and operational results for Q1 2024 versus Q1 2023, covering performance drivers, segment results, liquidity, and capital resources Business Overview Provides an overview of the company's HVACR segments, seasonal demand factors, and principal elements of cost of goods sold - The company operates in two HVACR segments: Home Comfort Solutions and Building Climate Solutions[82] - Demand for products and services is seasonal, significantly impacted by weather, and influenced by national/regional economic and demographic factors[84] - Principal elements of cost of goods sold include components, raw materials (steel, aluminum, copper), factory overhead, labor, warranty expense, and freight. The company mitigates commodity price volatility through pricing, vendor contracts, efficiency, and futures contracts[85] Financial Overview Presents a consolidated financial summary and detailed segment-specific results for the three months ended March 31, 2024 and 2023 Consolidated Results Summarizes key consolidated financial metrics, including net sales, gross profit, operating income, and net income, for Q1 2024 and 2023 Consolidated Financial Performance (Millions) | Metric | 2024 (Millions) | 2023 (Millions) | % Change | 2024 % of Sales | 2023 % of Sales | | :-------------------------------- | :-------------- | :-------------- | :------- | :-------------- | :-------------- | | Net sales | $1,047.1 | $1,049.4 | (0.2)% | 100.0% | 100.0% | | Gross profit | $340.0 | $306.6 | 10.9% | 32.5% | 29.2% | | Operating income | $166.8 | $139.5 | 19.6% | 15.9% | 13.3% | | Net income | $124.3 | $98.0 | 26.8% | - | - | | Diluted earnings per share | $3.47 | $2.75 | 26.2% | - | - | - Gross profit margins increased by 330 basis points to 32.5% in Q1 2024, primarily due to 300 bps from favorable price and 50 bps from lower product warranty costs[89] - Selling, general and administrative expenses (SG&A) increased by $3 million to $171 million, primarily due to higher employee-related costs, partially offset by a $16 million reduction from the divestiture of European businesses[90] - Interest expense, net, decreased to $12 million in Q1 2024 from $14 million in Q1 2023 due to lower borrowings[95] Results by Segment Analyzes the financial performance of the Home Comfort Solutions, Building Climate Solutions, and Corporate and Other segments Home Comfort Solutions Details the net sales and profit performance of the Home Comfort Solutions segment, highlighting drivers of change Home Comfort Solutions Performance (Millions) | Metric | 2024 | 2023 | Difference | % Change | | :------- | :----- | :----- | :--------- | :------- | | Net sales | $674.6 | $681.0 | $(6.4) | (1)% | | Profit | $112.1 | $111.1 | $1.0 | 1% | | % of net sales | 16.6% | 16.3% | - | - | - Net sales decreased due to 2% unfavorable product mix and 2% lower sales volumes, partially offset by 3% favorable price[97] - Segment profit increased by $23 million from higher price, offset by $11 million higher SG&A costs and $6 million higher freight and distribution costs[98] Building Climate Solutions Examines the net sales and profit growth of the Building Climate Solutions segment, driven by volumes, price, and acquisitions Building Climate Solutions Performance (Millions) | Metric | 2024 | 2023 | Difference | % Change | | :------- | :----- | :----- | :--------- | :------- | | Net sales | $372.5 | $308.7 | $63.8 | 21% | | Profit | $78.2 | $50.0 | $28.2 | 56% | | % of net sales | 21.0% | 16.2% | - | - | - Net sales increased due to 7% higher sales volumes, 6% favorable price, 2% improved product mix, and 6% from the AES acquisition[100] - Segment profit increased by $18 million from favorable price, $7 million from higher sales volumes, and $5 million from the AES acquisition[101] Corporate and Other Reports on the net sales and loss for the Corporate and Other segment, primarily impacted by the divestiture of European businesses Corporate and Other Performance (Millions) | Metric | 2024 | 2023 | Difference | % Change | | :------- | :----- | :----- | :--------- | :------- | | Net sales | $0.0 | $59.7 | $(59.7) | (100)% | | Loss | $(23.5) | $(19.4) | $(4.1) | (21)% | - The decrease in net sales is entirely due to the divestiture of European businesses in Q4 2023, which generated $60 million in Q1 2023[102] - The increase in segment loss was primarily due to higher incentive compensation and wage inflation, excluding the divested European businesses[102] Liquidity and Capital Resources Analyzes the company's cash flow activities, debt position, financial leverage, and overall liquidity to fund future operations Statement of Cash Flows Summarizes net cash used in operating and investing activities, and net cash provided by financing activities for Q1 2024 and 2023 Cash Flow Activities (Millions) | Cash Flow Activity | 3 Months Ended March 31, 2024 | 3 Months Ended March 31, 2023 | | :-------------------------------- | :---------------------------- | :---------------------------- | | Net cash used in operating activities | $(22.8) | $(78.8) | | Net cash used in investing activities | $(30.7) | $(33.7) | | Net cash provided by financing activities | $42.4 | $101.1 | - Capital expenditures were $30 million in Q1 2024, down from $35 million in Q1 2023, focused on factory expansion and system investments[105] - Dividends paid to shareholders were $39 million in Q1 2024, compared to $38 million in Q1 2023[106] Debt Position Details the company's total debt, including commercial paper, current maturities, and long-term debt, as of March 31, 2024 Total Debt (Millions) | Debt Type | March 31, 2024 | | :------------------------ | :------------- | | Commercial paper | $250.0 | | Current maturities of long-term debt | $22.5 | | Long-term debt | $1,153.7 | | Total debt | $1,426.2 | - The commercial paper program has an aggregate principal amount not to exceed $500.0 million, with $250.0 million outstanding as of March 31, 2024[108] - The $1.1 billion unsecured revolving credit facility had $12.0 million outstanding borrowings and $836.3 million available for future borrowings as of March 31, 2024[109] - Senior unsecured notes total $1.1 billion, with maturities in 2025, 2027, and 2028[110][111] Financial Leverage Reports on the debt-to-total-capital ratio and the company's investment-grade credit ratings from Moody's and S&P - Debt-to-total-capital ratio decreased to 79% as of March 31, 2024, from 82% as of December 31, 2023[113] - The company maintains investment-grade credit ratings: Baa2 (stable outlook) from Moody's and BBB (stable outlook) from S&P[114] Liquidity Details cash and cash equivalents, and management's assessment of sufficient liquidity to fund operations and obligations - Cash and cash equivalents totaled $46 million as of March 31, 2024[115] - The company believes its liquidity sources are sufficient to fund operations, capital expenditures, contractual obligations, share repurchases, and dividends in the foreseeable future[115] - $21 million of cash was held in foreign locations, primarily for local investing and operating activities, with no current intent to repatriate[115] Guarantees Related to Our Debt Obligations Explains that senior unsecured notes are unconditionally guaranteed by 100% owned and consolidated Guarantor Subsidiaries - Senior unsecured notes are unconditionally guaranteed by 100% owned and consolidated Guarantor Subsidiaries[116] Guarantor Subsidiaries Financial Information (Millions) | Metric | March 31, 2024 | December 31, 2023 | | :------------------------ | :------------- | :---------------- | | Current assets | $1,425.3 | $1,291.0 | | Non-current assets | $6,009.3 | $5,737.1 | | Current liabilities | $915.0 | $843.3 | | Non-current liabilities | $1,492.7 | $1,477.3 | | Net Sales (3 Months Ended Mar 31, 2024) | $1,035.7 | - | | Gross Profit (3 Months Ended Mar 31, 2024) | $259.5 | - | | Net Income (3 Months Ended Mar 31, 2024) | $289.8 | - | Off Balance Sheet Arrangements States that the company has no material off-balance sheet arrangements that would significantly impact its financial position - The company has no material off-balance sheet arrangements[119] Commitments, Contingencies and Guarantees Refers to Note 4 for detailed information regarding the company's commitments, contingencies, and guarantees - Refer to Note 4 for detailed information on commitments, contingencies, and guarantees[120] Recent Accounting Pronouncements Indicates that no recent accounting pronouncements are expected to materially impact the company's financial statements - No recent accounting pronouncements are expected to materially impact financial statements[121] Item 3. Quantitative and Qualitative Disclosures About Market Risk States that market risk exposure has not materially changed since December 31, 2023, referring to the Annual Report on Form 10-K for detailed disclosures - Market risk exposure has not materially changed since December 31, 2023[122] - Detailed disclosures about market risk are available in Item 7A of Part II of the Annual Report on Form 10-K for the fiscal year ended December 31, 2023[122] Item 4. Controls and Procedures Confirms the effectiveness of disclosure controls and procedures as of March 31, 2024, with no material changes in internal control over financial reporting during the quarter - Disclosure controls and procedures were effective as of March 31, 2024, providing reasonable assurance for timely and accurate financial reporting[123] - No material changes in internal control over financial reporting occurred during the quarter[124] Part II Other Information Item 1. Legal Proceedings States the company is involved in routine legal claims and lawsuits, which management believes will not materially affect financial position or results - The company is involved in routine legal claims and lawsuits[125] - Management believes these legal proceedings will not have a material adverse effect on the company's financial condition, results of operations, or cash flows[125] Item 1A. Risk Factors Indicates no material changes to risk factors previously disclosed in the Annual Report on Form 10-K for the year ended December 31, 2023 - No material changes to risk factors from the Annual Report on Form 10-K for the year ended December 31, 2023[126] Item 2. Unregistered Sales of Equity Securities and Use of Proceeds Reports no common stock repurchases in Q1 2024, referring to Note 5 for additional details on the share repurchase program - No shares of common stock were repurchased in Q1 2024[127] - Refer to Note 5 for additional information on the share repurchase program[127] Item 5. Other Information Director John W. Norris III ceased dividend reinvestment in February 2024; no other directors or officers modified trading arrangements during Q1 2024 - Director John W. Norris III ceased dividend reinvestment for certain securities in February 2024[128] - No other directors or officers adopted, modified, or terminated Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during Q1 2024[129] Item 6. Exhibits Provides a comprehensive list of all exhibits filed with the Form 10-Q, including organizational documents, indentures, certifications, and XBRL documents - The section lists various exhibits filed, including Restated Certificate of Incorporation, Amended and Restated Bylaws, Indentures for Senior Unsecured Notes, and certifications[131] - XBRL (eXtensible Business Reporting Language) documents are included for interactive data filing[131]