SMITH A O CORP Debt Disclosure
| December 31 (dollars in millions) | 2025 | 2024 | |||||||||
Revolving credit agreement borrowings, average year-end interest rates of 5.3% for 2024 | $ | — | $ | 30.0 | |||||||
Variable rate agreements, expiring 2029, average year-end interest rates of 7.4% for 2025 and 8.0% for 2024 | 46.6 | 49.0 | |||||||||
Fixed rate agreements, expiring 2026-2034, average year-end interest rates of 3.3% for 2025 and 3.1% for 2024 | 108.4 | 114.2 | |||||||||
| 155.0 | 193.2 | ||||||||||
| Long-term debt due within one year | (42.3) | (10.0) | |||||||||
| Long-term debt | $ | 112.7 | $ | 183.2 | |||||||
| Years ending December 31 (dollars in millions) | Amount | ||||
| 2026 | $ | 42.3 | |||
| 2027 | 39.9 | ||||
| 2028 | 24.9 | ||||
| 2029 | 24.9 | ||||
| 2030 | 10.0 | ||||
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 10, 2026 | Showing above |
| 2024 | Feb 11, 2025 | |
| 2023 | Feb 13, 2024 | |
| 2022 | Feb 14, 2023 | |
| 2021 | Feb 11, 2022 | |
| 2020 | Feb 12, 2021 | |
| 2019 | Feb 24, 2020 | |
| 2018 | Feb 15, 2019 | |
| 2017 | Feb 16, 2018 | |
| 2016 | Feb 17, 2017 | |
| 2015 | Feb 17, 2016 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.