XML 42 R24.htm IDEA: XBRL DOCUMENT v3.23.2
SEGMENT FINANCIAL DATA
 6 Months Ended
Jun. 30, 2023
Segment Reporting [Abstract]  
SEGMENT FINANCIAL DATA SEGMENT FINANCIAL DATA
The Company conducts its operations through three reportable operating segments: HVAC, Refrigeration and Fire & Security. In accordance with ASC 280 - Segment Reporting, the Company's segments maintain separate financial information for which results of operations are evaluated on a regular basis by the Company's Chief Operating Decision Maker in deciding how to allocate resources and in assessing performance.

•The HVAC segment provides products, controls, services and solutions to meet the heating, cooling and ventilation needs of residential and commercial customers while enhancing building performance, health, energy efficiency and sustainability.

•The Refrigeration segment includes transport refrigeration and monitoring products, services and digital solutions for trucks, trailers, shipping containers, intermodal and rail, as well as commercial refrigeration products.

•The Fire & Security segment provides a wide range of residential, commercial and industrial technologies designed to help protect people and property.

The Company's customers are in both the public and private sectors and its businesses reflect extensive geographic diversification. Inter-company sales between segments are immaterial.

Net sales and Operating profit by segment are as follows:

Net SalesOperating Profit
 Three Months Ended June 30, Three Months Ended June 30,
(In millions)2023202220232022
HVAC$4,216 $3,388 $742 $585 
Refrigeration972 1,041 112 147 
Fire & Security932 887 (157)134 
Total segment6,120 5,316 697 866 
Eliminations and other(128)(105)(146)(16)
General corporate expenses— — (62)(31)
Total Consolidated$5,992 $5,211 $489 $819 


Net SalesOperating Profit
Six Months Ended June 30,Six Months Ended June 30,
(In millions)2023202220232022
HVAC$7,838 $6,358 $1,177 $1,055 
Refrigeration1,870 2,017 220 254 
Fire & Security1,801 1,705 (64)1,352 
Total segment11,509 10,080 1,333 2,661 
Eliminations and other(244)(215)(184)(40)
General corporate expenses— — (105)(65)
Total Consolidated$11,265 $9,865 $1,044 $2,556 
Geographic external sales are attributed to the geographic regions based on their location of origin. With the exception of the U.S. presented in the table below, there were no individually significant countries with sales exceeding 10% of total sales during the six months ended June 30, 2023 and 2022.

 Three Months Ended June 30,Six Months Ended June 30,
(In millions)2023202220232022
United States $3,389 $3,171 $6,249 $5,955 
International:
Europe1,205 1,119 2,401 2,164 
Asia Pacific1,194 713 2,227 1,365 
Other204 208 388 381 
Net sales$5,992 $5,211 $11,265 $9,865