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RESTRUCTURING COSTS
 6 Months Ended
Jun. 30, 2024
Restructuring and Related Activities [Abstract]  
RESTRUCTURING COSTS RESTRUCTURING COSTS
The Company incurs costs associated with restructuring initiatives intended to improve operating performance, profitability and working capital levels. Actions associated with these initiatives may include improving productivity, workforce reductions and the consolidation of facilities. Due to the size, nature and frequency of these discrete plans, they are fundamentally different from the Company's ongoing productivity actions.

The Company recorded net pre-tax restructuring costs for new and ongoing restructuring initiatives as follows:

 Three Months Ended June 30,Six Months Ended June 30,
(In millions)2024202320242023
HVAC$25 $3 $32 $2 
Refrigeration1 7 1 10 
Fire & Security3 (1)10 12 
Total Segment29 9 43 24 
General corporate expenses3 — 4 2 
Total restructuring costs (1)
$32 $9 $47 $26 
Cost of sales$13 $3 $25 $9 
Selling, general and administrative19 6 22 17 
Total restructuring costs (1)
$32 $9 $47 $26 
(1) 2024 restructuring costs include period related charges.
The following table summarizes changes in the restructuring reserve, included in Accrued liabilities on the accompanying Unaudited Condensed Consolidated Balance Sheet:

Six Months Ended June 30,
(In millions)20242023
Balance as of January 1,$55 $24 
Net pre-tax restructuring costs41 26 
Acquisitions (1)
8 — 
Utilization, foreign exchange and other(47)(19)
Balance as of June 30,$57 $31 
(1) See Note 15 - Acquisitions for additional information.

As of June 30, 2024, the Company had $57 million accrued for costs associated with its announced restructuring initiatives. The balance relates to cost reduction efforts, primarily severance related across each of the Company's segments, along with reserves associated with the Company's planned portfolio transformation. The Company expects a majority of the balance to be utilized within one year.