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v3.23.1

Reportable Business Segments (Tables) | 3 Months Ended
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Mar. 31, 2023
Segment Reporting, Measurement Disclosures [Abstract] |
Summary of segment description | The following table describes each segment:
Segment |  | Product or Services |  | Markets Served |  | Geographic Areas
Residential |  | Furnaces, air conditioners, heat pumps, packaged heating and cooling systems, indoor air quality equipment, comfort control products, replacement parts and supplies |  | Residential Replacement; Residential New Construction |  | United States Canada
Commercial |  | Unitary heating and air conditioning equipment, applied systems, controls, installation and service of commercial heating and cooling equipment, variable refrigerant flow commercial products, condensing units, unit coolers, fluid coolers, air cooled condensers, air handlers, controls, and compressorized racks |  | Light Commercial; Food Preservation; Non-Food/Industrial |  | United States Canada
Net sales and segment profit (loss) and reconciliation of segment profit (loss) to income from continuing operations before income taxes | Net sales and segment profit (loss) for each segment, along with a reconciliation of segment profit (loss) to Operating income, are shown below (in millions):
| For the Three Months Ended March 31, |  |
| 2023 |  | 2022 (2) |  |  |  |
Net sales |  |  |  |  |  |  |
Residential | $ | 681.0 |  |  | $ | 682.2 |  |  |  |  |
Commercial | 308.7 |  |  | 279.5 |  |  |  |  |
Corporate and other | 59.7 |  |  | 51.7 |  |  |  |  |
| $ | 1,049.4 |  |  | $ | 1,013.4 |  |  |  |  |
Segment profit (loss) (1) |  |  |  |  |  |  |
Residential | $ | 111.1 |  |  | $ | 107.6 |  |  |  |  |
Commercial | 50.0 |  |  | 23.8 |  |  |  |  |
Corporate and other | (19.4) |  |  | (16.8) |  |  |  |  |
Total segment profit | 141.7 |  |  | 114.6 |  |  |  |  |
Reconciliation to Operating income: |  |  |  |  |  |  |
Items in Losses (gains) and other expenses, net that are excluded from segment profit (loss) (1) | 2.2 |  |  | 2.2 |  |  |  |  |
Restructuring charges | — |  |  | 0.5 |  |  |  |  |
Operating income | $ | 139.5 |  |  | $ | 111.9 |  |  |  |  |
(1) We define segment profit (loss) as a segment's operating income included in the accompanying Consolidated Statements of Operations, excluding: ◦The following items in Losses (gains) and other expenses, net: ▪Net change in unrealized gains (losses) on unsettled futures contracts, ▪Environmental liabilities and special litigation charges, ▪Charges incurred related to COVID-19 pandemic, and ▪Other items, net, ◦Restructuring charges.
Schedule of Error Corrections and Prior Period Adjustments |
|  | Q1 2022 |  | Q2 2022 |  | Q3 2022 |  | Q4 2022 |  | 2022
|  | As Reported |  | As Adjusted |  | As Reported |  | As Adjusted |  | As Reported |  | As Adjusted |  | As Reported |  | As Adjusted |  | As Reported |  | As Adjusted
Residential segment net sales |  | $ | 682.2 |  |  | $ | 682.2 |  |  | $ | 977.5 |  |  | $ | 977.5 |  |  | $ | 835.3 |  |  | $ | 835.3 |  |  | $ | 703.4 |  |  | $ | 703.4 |  |  | $ | 3,198.3 |  |  | $ | 3,198.3 |
Residential segment profit |  | $ | 107.6 |  |  | $ | 107.6 |  |  | $ | 216.3 |  |  | $ | 216.3 |  |  | $ | 153.8 |  |  | $ | 153.8 |  |  | $ | 119.2 |  |  | $ | 119.2 |  |  | $ | 596.9 |  |  | $ | 596.9 |
Commercial segment net sales |  | $ | 187.7 |  |  | $ | 279.5 |  |  | $ | 219.6 |  |  | $ | 327.4 |  |  | $ | 252.9 |  |  | $ | 352.3 |  |  | $ | 240.5 |  |  | $ | 327.2 |  |  | $ | 900.7 |  |  | $ | 1,286.4 |
Commercial segment profit |  | $ | 6.3 |  |  | $ | 23.8 |  |  | $ | 17.2 |  |  | $ | 41.2 |  |  | $ | 29.6 |  |  | $ | 52.4 |  |  | $ | 27.9 |  |  | $ | 45.6 |  |  | $ | 80.9 |  |  | $ | 163.0 |
Refrigeration segment net sales |  | $ | 143.5 |  |  | $ | — |  |  | $ | 169.2 |  |  | $ | — |  |  | $ | 156.7 |  |  | $ | — |  |  | $ | 149.9 |  |  | $ | — |  |  | $ | 619.4 |  |  | $ | — |
Refrigeration segment profit |  | $ | 14.1 |  |  | $ | — |  |  | $ | 23.4 |  |  | $ | — |  |  | $ | 22.4 |  |  | $ | — |  |  | $ | 18.8 |  |  | $ | — |  |  | $ | 78.8 |  |  | $ | — |
Corporate net sales |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Net sales from European operations |  | $ | — |  |  | $ | 51.7 |  |  | $ | — |  |  | $ | 61.4 |  |  | $ | — |  |  | $ | 57.3 |  |  | $ | — |  |  | $ | 63.2 |  |  | $ | — |  |  | $ | 233.7 |
Corporate and other net sales |  | $ | — |  |  | $ | 51.7 |  |  | $ | — |  |  | $ | 61.4 |  |  | $ | — |  |  | $ | 57.3 |  |  | $ | — |  |  | $ | 63.2 |  |  | $ | — |  |  | $ | 233.7 |
Corporate costs |  | $ | (13.4) |  |  | $ | (13.4) |  |  | $ | (27.1) |  |  | $ | (27.1) |  |  | $ | (16.5) |  |  | $ | (16.5) |  |  | $ | (33.7) |  |  | $ | (33.7) |  |  | $ | (90.8) |  |  | $ | (90.8) |
Segment profit from European operations |  | $ | — |  |  | $ | (3.4) |  |  | $ | — |  |  | $ | (0.6) |  |  | $ | — |  |  | $ | (0.4) |  |  | $ | — |  |  | $ | 1.1 |  |  | $ | — |  |  | $ | (3.3) |
Corporate and other segment profit |  | $ | (13.4) |  |  | $ | (16.8) |  |  | $ | (27.1) |  |  | $ | (27.7) |  |  | $ | (16.5) |  |  | $ | (16.9) |  |  | $ | (33.7) |  |  | $ | (32.6) |  |  | $ | (90.8) |  |  | $ | (94.1) |
LII net sales |  | $ | 1,013.4 |  |  | $ | 1,013.4 |  |  | $ | 1,366.3 |  |  | $ | 1,366.3 |  |  | $ | 1,244.9 |  |  | $ | 1,244.9 |  |  | $ | 1,093.8 |  |  | $ | 1,093.8 |  |  | $ | 4,718.4 |  |  | $ | 4,718.4 |
LII total segment profit |  | $ | 114.6 |  |  | $ | 114.6 |  |  | $ | 229.8 |  |  | $ | 229.8 |  |  | $ | 189.3 |  |  | $ | 189.3 |  |  | $ | 132.2 |  |  | $ | 132.2 |  |  | $ | 665.8 |  |  | $ | 665.8 |
|  | Q1 2021 |  | Q2 2021 |  | Q3 2021 |  | Q4 2021 |  | 2021
|  | As Reported |  | As Adjusted |  | As Reported |  | As Adjusted |  | As Reported |  | As Adjusted |  | As Reported |  | As Adjusted |  | As Reported |  | As Adjusted
Residential segment net sales |  | $ | 606.3 |  |  | $ | 606.3 |  |  | $ | 838.0 |  |  | $ | 838.0 |  |  | $ | 711.0 |  |  | $ | 711.0 |  |  | $ | 620.3 |  |  | $ | 620.3 |  |  | $ | 2,775.6 |  |  | $ | 2,775.6 |
Residential segment profit |  | $ | 96.4 |  |  | $ | 96.4 |  |  | $ | 189.7 |  |  | $ | 189.7 |  |  | $ | 144.0 |  |  | $ | 144.0 |  |  | $ | 110.3 |  |  | $ | 110.3 |  |  | $ | 540.3 |  |  | $ | 540.3 |
Commercial segment net sales |  | $ | 199.2 |  |  | $ | 274.8 |  |  | $ | 252.8 |  |  | $ | 335.0 |  |  | $ | 211.5 |  |  | $ | 292.7 |  |  | $ | 201.4 |  |  | $ | 286.3 |  |  | $ | 864.8 |  |  | $ | 1,188.8 |
Commercial segment profit |  | $ | 27.4 |  |  | $ | 39.6 |  |  | $ | 45.3 |  |  | $ | 58.9 |  |  | $ | 22.6 |  |  | $ | 36.3 |  |  | $ | 15.6 |  |  | $ | 29.8 |  |  | $ | 110.9 |  |  | $ | 164.6 |
Refrigeration segment net sales |  | $ | 125.0 |  |  | $ | — |  |  | $ | 148.2 |  |  | $ | — |  |  | $ | 137.4 |  |  | $ | — |  |  | $ | 143.1 |  |  | $ | — |  |  | $ | 553.7 |  |  | $ | — |
Refrigeration segment profit |  | $ | 7.9 |  |  | $ | — |  |  | $ | 13.5 |  |  | $ | — |  |  | $ | 14.5 |  |  | $ | — |  |  | $ | 13.2 |  |  | $ | — |  |  | $ | 49.1 |  |  | $ | — |
Corporate net sales |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Net sales from European operations |  | $ | — |  |  | $ | 49.4 |  |  | $ | — |  |  | $ | 66.0 |  |  | $ | — |  |  | $ | 56.2 |  |  | $ | — |  |  | $ | 58.2 |  |  | $ | — |  |  | $ | 229.7 |
Corporate and other net sales |  | $ | — |  |  | $ | 49.4 |  |  | $ | — |  |  | $ | 66.0 |  |  | $ | — |  |  | $ | 56.2 |  |  | $ | — |  |  | $ | 58.2 |  |  | $ | — |  |  | $ | 229.7 |
Corporate costs |  | $ | (16.0) |  |  | $ | (16.0) |  |  | $ | (26.9) |  |  | $ | (26.9) |  |  | $ | (16.3) |  |  | $ | (16.3) |  |  | $ | (37.2) |  |  | $ | (37.2) |  |  | $ | (96.4) |  |  | $ | (96.4) |
Segment profit from European operations |  | $ | — |  |  | $ | (4.3) |  |  | $ | — |  |  | $ | (0.1) |  |  | $ | — |  |  | $ | 0.8 |  |  | $ | — |  |  | $ | (1.0) |  |  | $ | — |  |  | $ | (4.6) |
Corporate and other segment profit |  | $ | (16.0) |  |  | $ | (20.3) |  |  | $ | (26.9) |  |  | $ | (27.0) |  |  | $ | (16.3) |  |  | $ | (15.5) |  |  | $ | (37.2) |  |  | $ | (38.2) |  |  | $ | (96.4) |  |  | $ | (101.0) |
LII net sales |  | $ | 930.5 |  |  | $ | 930.5 |  |  | $ | 1,239.0 |  |  | $ | 1,239.0 |  |  | $ | 1,059.9 |  |  | $ | 1,059.9 |  |  | $ | 964.8 |  |  | $ | 964.8 |  |  | $ | 4,194.1 |  |  | $ | 4,194.1 |
LII total segment profit |  | $ | 115.7 |  |  | $ | 115.7 |  |  | $ | 221.6 |  |  | $ | 221.6 |  |  | $ | 164.8 |  |  | $ | 164.8 |  |  | $ | 101.9 |  |  | $ | 101.9 |  |  | $ | 603.9 |  |  | $ | 603.9 |

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