Allegion plc Files 2023 Annual Report on Form 10-K

TL;DR

<b>Allegion plc has submitted its 2023 10-K filing, detailing its financial performance and operations for the fiscal year ending December 31, 2023.</b>

AI Summary

Allegion plc (ALLE) filed a Annual Report (10-K) with the SEC on February 20, 2024. Allegion plc filed its 2023 Annual Report on Form 10-K on February 20, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal executive offices are located in Dublin, Ireland. The business address is listed as Block D, Iveagh Court, Harcourt Road, Dublin 2. The filing includes financial data for the fiscal years 2023, 2022, and 2021.

Why It Matters

For investors and stakeholders tracking Allegion plc, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Allegion's financial health, operational strategies, and risk factors for the past fiscal year, crucial for investors to assess performance and future outlook. The detailed financial statements and disclosures within this report are essential for understanding the company's revenue, expenses, assets, liabilities, and overall profitability, enabling informed investment decisions.

Risk Assessment

Risk Level: medium — Allegion plc shows moderate risk based on this filing. The filing is a standard 10-K, which inherently contains a broad range of financial and operational information, but lacks specific forward-looking guidance or immediate material changes that would elevate the risk level beyond medium.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand Allegion's performance and potential challenges in the upcoming fiscal year.

Key Numbers

• 2023-12-31 — Fiscal Year End (The report covers the period ending on this date.)
• 2024-02-20 — Filing Date (The date the 10-K was filed with the SEC.)
• 2023 — Reporting Year (The primary year for which financial data is reported.)
• 2022 — Prior Year (Comparative financial data is provided for this year.)
• 2021 — Prior Year (Comparative financial data is provided for this year.)

Key Players & Entities

• Allegion plc (company) — Filer of the 10-K report.
• 0001579241 (company) — Central Index Key for Allegion plc.
• 2023-12-31 (date) — Fiscal year end date covered by the report.
• 2024-02-20 (date) — Filing date of the 10-K.
• Dublin (location) — Location of Allegion plc's principal executive offices.
• Carmel, IN (location) — Location of Allegion plc's mail address.

FAQ

Industry Context

Allegion plc operates in the security and safety industry, providing a range of solutions for homes and businesses.

Regulatory Implications

As a publicly traded company, Allegion plc is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the annual filing of Form 10-K.

What Investors Should Do

1. Analyze the consolidated financial statements for the fiscal years ended December 31, 2023, 2022, and 2021.
2. Review the Management's Discussion and Analysis of Financial Condition and Results of Operations for insights into performance drivers and trends.
3. Examine the Risk Factors section to understand potential challenges and uncertainties facing the company.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-02-20: 10-K Filing Date — Date Allegion plc submitted its annual report to the SEC.

Year-Over-Year Comparison

This filing represents the annual 10-K for the fiscal year 2023, providing a year-over-year comparison with data from 2022 and 2021.

Key Financial Figures

• $0.01 — registered Ordinary shares, par value $0.01 per share ALLE New York Stock Exchange
• $3,650.8 million — 31, 2023, we generated Net revenues of $3,650.8 million and Operating income of $708.4 million.
• $708.4 million — 3,650.8 million and Operating income of $708.4 million. History and Developments We were in
• $100 million — d fund with an additional allocation of $100 million to focus on investing in technologies l
• $20 million — mple, in 2023, Allegion Ventures made a $20 million investment in Ambient.ai, an AI powered

Filing Documents

• alle-20231231.htm (10-K) — 2470KB
• exhibit1021-globalrsuaward.htm (EX-10.21) — 157KB
• exhibit1022-globalstockopt.htm (EX-10.22) — 171KB
• exhibit1023-globalpsuagree.htm (EX-10.23) — 142KB
• exhibit211-subsidiarieslis.htm (EX-21.1) — 49KB
• exhibit22-subsidiaryguaran.htm (EX-22) — 6KB
• exhibit231-2023consentofin.htm (EX-23.1) — 2KB
• exhibit311-2023ceocertific.htm (EX-31.1) — 11KB
• exhibit312-2023cfocertific.htm (EX-31.2) — 12KB
• exhibit321-2023ceocfo906ce.htm (EX-32.1) — 5KB
• exhibit97-rule10dx1clawbac.htm (EX-97) — 30KB
• alle-20231231_g1.jpg (GRAPHIC) — 112KB
• alle-20231231_g2.jpg (GRAPHIC) — 3768KB
• alle-20231231_g3.jpg (GRAPHIC) — 5044KB
• alle-20231231_g4.jpg (GRAPHIC) — 119KB
• alle-20231231_g5.jpg (GRAPHIC) — 102KB
• 0001579241-24-000006.txt (&nbsp;) — 31808KB
• alle-20231231.xsd (EX-101.SCH) — 69KB
• alle-20231231_cal.xml (EX-101.CAL) — 94KB
• alle-20231231_def.xml (EX-101.DEF) — 506KB
• alle-20231231_lab.xml (EX-101.LAB) — 949KB
• alle-20231231_pre.xml (EX-101.PRE) — 736KB
• alle-20231231_htm.xml (XML) — 2605KB

Item 1. Business

Part I Item 1. Business 4

Risk Factors

Item 1A. Risk Factors 15

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 26 Item 1C. C ybersecurity 26

Properties

Item 2. Properties 27

Legal Proceedings

Item 3. Legal Proceedings 27

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 27 Part II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 28

[Reserved]

Item 6. [Reserved] 29

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 30

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 43

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 44

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 44

Controls and Procedures

Item 9A. Controls and Procedures 44

Other Information

Item 9B. Other Information 45

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 45

Item 10. Directors, Executive Officers and Corporate Governance

Part III Item 10. Directors, Executive Officers and Corporate Governance 46

Executive Compensation

Item 11. Executive Compensation 46

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 46

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 46

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 46

Item 15. Exhibits and Financial Statement Schedules

Part IV Item 15. Exhibits and Financial Statement Schedules 47

Form 10-K Summary

Item 16. Form 10-K Summary 51

Signatures

Signatures 51 Table of Contents CAUTIONARY STATEMENT FOR 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, terro

BUSINESS

Item 1. BUSINESS Overview Allegion plc ("Allegion," "we," "us" or "the Company") is a leading global provider of security products and solutions that keep people and assets safe and secure in the places they live, learn, work and connect. We create peace of mind by pioneering safety and security with a vision of enabling seamless access and a safer world. Seamless access allows authorized, automated and safe passage and movement through spaces and places in the most efficient and frictionless manner possible. Central to our vision is partnering and developing ecosystems to create a flawless experience and enable an uninterrupted and secure flow of people and assets. We offer an extensive and versatile portfolio of security and access control products and solutions across a range of market-leading brands. Our experts across the globe deliver high-quality security hardware, software, services and systems, and we use our deep expertise to serve as trusted partners to end-users who seek customized solutions to their security needs. Allegion Principal Products and Services Door controls and systems Locks, locksets, portable locks and key systems Exit devices Electronic security products Software-enabled access control systems Time, attendance and workforce productivity systems Doors, accessories and other Services and software Access control security products and solutions are critical elements in every building and home. Many door openings are configured to maximize a room's particular form and function while also meeting local and national building and safety code requirements and end-user security needs. Most buildings have multiple door openings, each serving its own purpose and requiring different specific access control solutions. Each door must fit exactly within its frame, be prepared precisely for its hinges, synchronize with its specific lockset and corresponding latch and align with a specific key to secure the door. Moreover, with the increasing ado

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View this 10-K filing on SEC EDGAR