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Reportable Business Segments (Tables) | 12 Months Ended
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Dec. 31, 2023
Segment Reporting, Measurement Disclosures [Abstract] |
Net sales, segment profit (loss) by business segment and reconciliation of segment profit (loss) to Income from Continuing Operations before Income Taxes | We operate in two reportable business segments of the HVACR industry. Our segments are organized primarily by the nature of the products and services we provide. The following table describes each segment:
Segment |  | Products or Services |  | Markets Served |  | Geographic Areas
Home Comfort Solutions |  | 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
Building Climate Solutions |  | Unitary heating and air conditioning equipment, applied systems, controls, installation and service of commercial heating and cooling equipment, variable refrigerant flow commercial products, curb, curb adapters, drop box diffusers, HVAC recycling and salvage service, condensing units, unit coolers, fluid coolers, air cooled condensers, air handlers, process chillers, controls, compressorized racks |  | Light Commercial; Food Preservation; Non-Food Industry |  | United States Canada
Net sales and segment profit (loss) with reconciliation of segment profit (loss) | Net sales and segment profit (loss) by segment, along with a reconciliation of segment profit (loss) to Operating income, are shown below (in millions):
| For the Years Ended December 31,
| 2023 |  | 2022 |  | 2021
Net Sales (1) |  |  |  |  |
Home Comfort Solutions | $ | 3,222.9 |  |  | $ | 3,198.3 |  |  | $ | 2,775.6 |
Building Climate Solutions (3) | 1,511.4 |  |  | 1,286.4 |  |  | 1,188.8 |
Corporate and Other (3) | 247.6 |  |  | 233.7 |  |  | 229.7 |
| $ | 4,981.9 |  |  | $ | 4,718.4 |  |  | $ | 4,194.1 |
Segment profit (loss) (2) |  |  |  |  |
Home Comfort Solutions | $ | 610.2 |  |  | $ | 596.9 |  |  | $ | 540.3 |
Building Climate Solutions (3) | 340.8 |  |  | 162.9 |  |  | 164.6 |
Corporate and Other (3) | (93.9) |  |  | (94.0) |  |  | (101.0) |
Total segment profit | 857.1 |  |  | 665.8 |  |  | 603.9 |
Reconciliation to Operating income: |  |  |  |  |
Gain on sale of businesses (2) | (14.1) |  |  | — |  |  | — |
Impairment of net assets held for sale (2) | 63.2 |  |  | — |  |  | — |
Items in Losses (gains) and other expenses, net that are excluded from segment profit (loss) (2) | 14.8 |  |  | 8.1 |  |  | 14.3 |
Special product quality adjustments (2) | — |  |  | — |  |  | (2.5) |
Restructuring charges (2) | 3.1 |  |  | 1.5 |  |  | 1.8 |
Operating income | $ | 790.1 |  |  | $ | 656.2 |  |  | $ | 590.3 |
(1) On a consolidated basis, no revenue from transactions with a single customer were 10% or greater of our consolidated net sales for any of the periods presented. (2) We define segment profit (loss) as a segment's operating income (loss) 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, and; ◦Other items, net •Restructuring charges; •Special product quality adjustments; •Impairment on assets held for sale; and •Gain on sale of businesses. (3) Previously, we operated in three reportable business segments. In November 2022, we announced the decision to explore strategic alternatives for our European portfolio and that we would continue to invest in our Heatcraft Worldwide Refrigeration business, all of which were previously in our Refrigeration segment. On January 1, 2023, we adjusted our segment presentation to better align with how the segments are managed and evaluated after the change in portfolio. Heatcraft Worldwide Refrigeration is now part of the Business Climate Solutions segment while the European portfolio is presented with Corporate and Other until disposition. Amounts presented in this table have been recast to reflect the revised segment presentation. In the fourth quarter of 2023, we successfully completed the divestiture of our European operations.
Total assets by business segment | Total assets by segment are shown below (in millions):
| As of December 31,
| 2023 |  | 2022 |  | 2021
Total Assets: |  |  |  |  |
Home Comfort Solutions | $ | 1,449.4 |  |  | $ | 1,456.4 |  |  | $ | 1,149.7 |
Building Climate Solutions | 989.2 |  |  | 730.3 |  |  | 626.7 |
Corporate and Other | 359.7 |  |  | 380.9 |  |  | 395.5 |
Total assets | $ | 2,798.3 |  |  | $ | 2,567.6 |  |  | $ | 2,171.9 |
Summary of capital expenditures, depreciation and amortization, and income from equity method investments expense by business segment | Total capital expenditures by segment are shown below (in millions):
| For the Years Ended December 31,
| 2023 |  | 2022 |  | 2021
Capital Expenditures: |  |  |  |  |
Home Comfort Solutions | $ | 59.1 |  |  | $ | 42.4 |  |  | $ | 70.0 |
Building Climate Solutions | 119.6 |  |  | 29.7 |  |  | 9.7 |
Corporate and Other | 71.5 |  |  | 29.0 |  |  | 27.1 |
Total capital expenditures | $ | 250.2 |  |  | $ | 101.1 |  |  | $ | 106.8 |
Depreciation and amortization expenses by segment are shown below (in millions):
| For the Years Ended December 31,
| 2023 |  | 2022 |  | 2021
Depreciation and Amortization: |  |  |  |  |
Home Comfort Solutions | $ | 35.3 |  |  | $ | 31.5 |  |  | $ | 27.6 |
Building Climate Solutions | 19.4 |  |  | 17.9 |  |  | 17.4 |
Corporate and Other | 31.3 |  |  | 28.5 |  |  | 27.4 |
Total depreciation and amortization | $ | 86.0 |  |  | $ | 77.9 |  |  | $ | 72.4 |
The income from equity method investments is shown below (in millions):
| For the Years Ended December 31,
| 2023 |  | 2022 |  | 2021
Income from Equity Method Investments: |  |  |  |  |
Home Comfort Solutions | $ | 5.5 |  |  | $ | 0.9 |  |  | $ | 6.9 |
Building Climate Solutions | 3.0 |  |  | 4.2 |  |  | 4.9 |
Total income from equity method investments | $ | 8.5 |  |  | $ | 5.1 |  |  | $ | 11.8 |
Property, plant, and equipment, net for each major geographic area | Property, plant and equipment, net for each major geographic area in which we operate, based on the domicile of our operations, are shown below (in millions):
| As of December 31,
| 2023 |  | 2022 |  | 2021
Property, Plant and Equipment, net: |  |  |  |  |
United States | $ | 487.1 |  |  | $ | 408.8 |  |  | $ | 381.0 |
Mexico | 228.7 |  |  | 110.9 |  |  | 102.7 |
Canada | 2.2 |  |  | 2.1 |  |  | 2.1 |
Other international | 2.4 |  |  | 27.1 |  |  | 29.3 |
Total Property, plant and equipment, net | $ | 720.4 |  |  | $ | 548.9 |  |  | $ | 515.1 |

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