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REVENUE RECOGNITION (Tables) | 6 Months Ended
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Jun. 30, 2024
Revenue from Contract with Customer [Abstract] |
Schedule of Sales Disaggregated by Product and Service | Sales disaggregated by product and service are as follows:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
(In millions) |  | 2024 |  | 2023 |  | 2024 |  | 2023
Sales Type |  |  |  |  |  |  |  |
Product |  | $ | 4,468 |  |  | $ | 3,754 |  |  | $ | 8,541 |  |  | $ | 6,955 |
Service |  | 502 |  |  | 462 |  |  | 970 |  |  | 883 |
HVAC sales |  | 4,970 |  |  | 4,216 |  |  | 9,511 |  |  | 7,838 |
Product |  | 851 |  |  | 858 |  |  | 1,623 |  |  | 1,645 |
Service |  | 122 |  |  | 114 |  |  | 234 |  |  | 225 |
Refrigeration sales |  | 973 |  |  | 972 |  |  | 1,857 |  |  | 1,870 |
Product |  | 809 |  |  | 869 |  |  | 1,634 |  |  | 1,682 |
Service |  | 62 |  |  | 63 |  |  | 124 |  |  | 119 |
Fire & Security sales |  | 871 |  |  | 932 |  |  | 1,758 |  |  | 1,801 |
Total segment sales |  | 6,814 |  |  | 6,120 |  |  | 13,126 |  |  | 11,509 |
Eliminations and other |  | (125) |  |  | (128) |  |  | (255) |  |  | (244) |
Net sales |  | $ | 6,689 |  |  | $ | 5,992 |  |  | $ | 12,871 |  |  | $ | 11,265 |
Schedule of Contract Assets and Liabilities | Total contract assets and contract liabilities consisted of the following:
(In millions) |  | June 30, 2024 |  | December 31, 2023
Contract assets |  | $ | 333 |  |  | $ | 306 |
Contract assets, non-current (included within Other assets) |  | 40 |  |  | 26 |
Total contract assets |  | 373 |  |  | 332 |
Contract liabilities |  | (493) |  |  | (425) |
Contract liabilities, non-current (included within Other long-term liabilities) |  | (161) |  |  | (160) |
Total contract liabilities |  | (654) |  |  | (585) |
Net contract assets (liabilities) |  | $ | (281) |  |  | $ | (253) |

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- Definition Tabular disclosure of receivable, contract asset, and contract liability from contract with customer. Includes, but is not limited to, change in contract asset and contract liability. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 + Details
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- Definition Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-5 + Details
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