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SEGMENT FINANCIAL DATA | 6 Months Ended
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Jun. 30, 2024
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 Sales |  | Operating Profit
|  | Three Months Ended June 30, |  | Three Months Ended June 30,
(In millions) |  | 2024 |  | 2023 |  | 2024 |  | 2023
HVAC |  | $ | 4,970 |  |  | $ | 4,216 |  |  | $ | 687 |  |  | $ | 742 |
Refrigeration |  | 973 |  |  | 972 |  |  | 113 |  |  | 112 |
Fire & Security |  | 871 |  |  | 932 |  |  | 3,001 |  |  | (157) |
Total segment |  | 6,814 |  |  | 6,120 |  |  | 3,801 |  |  | 697 |
Eliminations and other |  | (125) |  |  | (128) |  |  | (23) |  |  | (146) |
General corporate expenses |  | — |  |  | — |  |  | (87) |  |  | (62) |
Total Consolidated |  | $ | 6,689 |  |  | $ | 5,992 |  |  | $ | 3,691 |  |  | $ | 489 |
|  | Net Sales |  | Operating Profit
|  | Six Months Ended June 30, |  | Six Months Ended June 30,
(In millions) |  | 2024 |  | 2023 |  | 2024 |  | 2023
HVAC |  | $ | 9,511 |  |  | $ | 7,838 |  |  | $ | 1,116 |  |  | $ | 1,177 |
Refrigeration |  | 1,857 |  |  | 1,870 |  |  | 210 |  |  | 220 |
Fire & Security |  | 1,758 |  |  | 1,801 |  |  | 3,154 |  |  | (64) |
Total segment |  | 13,126 |  |  | 11,509 |  |  | 4,480 |  |  | 1,333 |
Eliminations and other |  | (255) |  |  | (244) |  |  | (98) |  |  | (184) |
General corporate expenses |  | — |  |  | — |  |  | (191) |  |  | (105) |
Total Consolidated |  | $ | 12,871 |  |  | $ | 11,265 |  |  | $ | 4,191 |  |  | $ | 1,044 |
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 three and six months ended June 30, 2024 and 2023.
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
(In millions) |  | 2024 |  | 2023 |  | 2024 |  | 2023
United States |  | $ | 3,477 |  |  | $ | 3,389 |  |  | $ | 6,444 |  |  | $ | 6,249 |
International: |  |  |  |  |  |  |  |
Europe |  | 1,889 |  |  | 1,205 |  |  | 3,860 |  |  | 2,401 |
Asia Pacific |  | 1,104 |  |  | 1,194 |  |  | 2,144 |  |  | 2,227 |
Other |  | 219 |  |  | 204 |  |  | 423 |  |  | 388 |
Net sales |  | $ | 6,689 |  |  | $ | 5,992 |  |  | $ | 12,871 |  |  | $ | 11,265 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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