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v3.25.2

Reportable Business Segments (Tables) | 6 Months Ended
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Jun. 30, 2025
Segment Reporting, Measurement Disclosures [Abstract] |
Summary of segment description | The following table describes each segment:
Segment |  | Product 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 |  | Commercial heating, air conditioning and refrigeration systems. Products include rooftop packaged units, variable refrigerant flow systems, heat pumps, air cooled condensing units, air handlers, unit coolers, and process chillers. Services include installation, energy monitoring, service and maintenance, and HVAC recycling. |  | Light Commercial; Food Preservation; Non-Food Industry |  | United States Canada
Net sales and segment profit (loss) and reconciliation of segment profit (loss) to income from continuing operations before income taxes | Key financial information for each segment is shown below (in millions):
| Home Comfort Solutions |  | Business Climate Solutions |  | Corporate and Other |  | Total
Three months ended June 30, 2025 |  |  |  |  |  |  |
Net Sales(1) | $ | 1,009.3 |  |  | $ | 491.6 |  |  | $ | — |  |  | $ | 1,500.9 |
Cost of Goods Sold | 668.3 |  |  | 308.9 |  |  | 1.2 |  |  | 978.4 |
Selling, general and administrative | 91.4 |  |  | 61.1 |  |  | 20.8 |  |  | 173.3 |
Other (income) expense(2) | (5.6) |  |  | (0.9) |  |  | 1.7 |  |  | (4.8) |
Segment profit (loss)(3) | $ | 255.2 |  |  | $ | 122.5 |  |  | $ | (23.7) |  |  | $ | 354.0 |
Three months ended June 30, 2024 |  |  |  |  |  |  |
Net Sales(1) | $ | 982.3 |  |  | $ | 468.8 |  |  | $ | — |  |  | $ | 1,451.1 |
Cost of Goods Sold | 661.1 |  |  | 301.0 |  |  | 0.8 |  |  | 962.9 |
Selling, general and administrative | 94.5 |  |  | 55.3 |  |  | 18.7 |  |  | 168.5 |
Other (income) expense(2) | (1.8) |  |  | (1.5) |  |  | 4.5 |  |  | 1.2 |
Segment profit (loss)(3) | $ | 228.5 |  |  | $ | 114.0 |  |  | $ | (24.0) |  |  | $ | 318.5 |
| Home Comfort Solutions |  | Business Climate Solutions |  | Corporate and Other |  | Total
Six months ended June 30, 2025 |  |  |  |  |  |  |
Net Sales(1) | $ | 1,730.7 |  |  | $ | 842.8 |  |  | $ | — |  |  | $ | 2,573.5 |
Cost of Goods Sold | 1,175.5 |  |  | 546.0 |  |  | 0.9 |  |  | 1,722.5 |
Selling, general and administrative | 189.8 |  |  | 121.4 |  |  | 33.4 |  |  | 344.6 |
Other (income) expense(2) | (6.6) |  |  | (0.8) |  |  | 4.2 |  |  | (3.2) |
Segment profit (loss)(3) | $ | 372.0 |  |  | $ | 176.0 |  |  | $ | (38.4) |  |  | $ | 509.6 |
Six months ended June 30, 2024 |  |  |  |  |  |  |
Net Sales(1) | $ | 1,656.9 |  |  | $ | 841.3 |  |  | $ | — |  |  | $ | 2,498.2 |
Cost of Goods Sold | 1,127.2 |  |  | 542.3 |  |  | 0.5 |  |  | 1,670.0 |
Selling, general and administrative | 192.1 |  |  | 108.9 |  |  | 38.2 |  |  | 339.2 |
Other (income) expense(2) | (3.0) |  |  | (2.1) |  |  | 8.8 |  |  | 3.7 |
Segment profit (loss)(3) | $ | 340.6 |  |  | $ | 192.2 |  |  | $ | (47.5) |  |  | $ | 485.3 |
(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) Other (income) expense is primarily comprised of income from equity method investments and (gains) losses and other expenses, net. (3) We define segment profit (loss) as a segment's operating income (loss) included in the accompanying Consolidated Statements of Operations, excluding: •Restructuring charges, and •Loss (gain) on sale from previous dispositions. The reconciliations of segment profit to Operating income and Net income before income taxes are presented below (in millions):
| For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Total segment profit(1) | $ | 354.0 |  |  | $ | 318.5 |  |  | $ | 509.6 |  |  | $ | 485.3 |
Reconciliation to Operating income: |  |  |  |  |  |  |
Restructuring charges | — |  |  | — |  |  | — |  |  | — |
Gain on sale from previous dispositions | — |  |  | (1.6) |  |  | — |  |  | (1.6) |
Operating income | 354.0 |  |  | 320.1 |  |  | 509.6 |  |  | 486.9 |
Reconciliation to income before income taxes: |  |  |  |  |  |  |
Pension settlements | 0.1 |  |  | 0.3 |  |  | 0.2 |  |  | 0.3 |
Interest expense, net | 8.3 |  |  | 12.5 |  |  | 14.5 |  |  | 24.3 |
Other expense, net | 0.6 |  |  | 0.3 |  |  | 1.5 |  |  | 1.1 |
Income before income taxes | $ | 345.0 |  |  | $ | 307.0 |  |  | $ | 493.4 |  |  | $ | 461.2 |
(1) We define segment profit (loss) as a segment's operating income (loss) included in the accompanying Consolidated Statements of Operations, excluding: •Restructuring charges, and •Loss (gain) on sale from previous dispositions.
Reconciliation of Assets from Segment to Consolidated | Total assets by segment are shown below (in millions) as of:
| June 30, 2025 |  | December 31, 2024
Total Assets: |  |  |
Home Comfort Solutions | $ | 1,989.3 |  |  | $ | 1,626.0 |
Building Climate Solutions | 1,249.1 |  |  | 1,052.6 |
Corporate and Other | 414.3 |  |  | 793.2 |
Total assets | $ | 3,652.7 |  |  | $ | 3,471.8 |
Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country | 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:
| June 30, 2025 |  | December 31, 2024 |  |  |  |
Property, Plant and Equipment, net: |  |  |  |  |  |  |
United States | $ | 549.8 |  |  | $ | 537.3 |  |  |  |  |
Mexico | 264.2 |  |  | 254.0 |  |  |  |  |
Canada | 4.1 |  |  | 2.9 |  |  |  |  |
Other international | 7.5 |  |  | 5.9 |  |  |  |  |
Total Property, plant and equipment, net | $ | 825.6 |  |  | $ | 800.1 |  |  |  |  |
Segment, Reconciliation of Other Items from Segments to Consolidated | Total capital expenditures by segment are shown below (in millions):
| For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Capital Expenditures: |  |  |  |  |  |  |
Home Comfort Solutions | $ | 11.8 |  |  | $ | 14.6 |  |  | $ | 23.2 |  |  | $ | 28.8 |
Building Climate Solutions | 6.2 |  |  | 11.8 |  |  | 12.5 |  |  | 22.2 |
Corporate and Other | 10.5 |  |  | 6.3 |  |  | 18.3 |  |  | 11.2 |
Total capital expenditures | $ | 28.5 |  |  | $ | 32.7 |  |  | $ | 54.0 |  |  | $ | 62.2 |
Depreciation and amortization expenses by segment are shown below (in millions):
| For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Depreciation and Amortization: |  |  |  |  |  |  |
Home Comfort Solutions | $ | 11.5 |  |  | $ | 11.5 |  |  | $ | 21.9 |  |  | $ | 22.3 |
Building Climate Solutions | 8.0 |  |  | 6.3 |  |  | 15.9 |  |  | 12.0 |
Corporate and Other | 7.3 |  |  | 7.4 |  |  | 14.6 |  |  | 14.9 |
Total depreciation and amortization | $ | 26.8 |  |  | $ | 25.2 |  |  | $ | 52.4 |  |  | $ | 49.2 |
The income from equity method investments is shown below (in millions):
| For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Income from Equity Method Investments: |  |  |  |  |  |  |
Home Comfort Solutions | $ | 1.7 |  |  | $ | 1.7 |  |  | $ | 2.4 |  |  | $ | 2.6 |
Building Climate Solutions | 0.4 |  |  | 0.8 |  |  | 0.8 |  |  | 1.2 |
Corporate and Other | — |  |  | — |  |  | 0.1 |  |  | (0.1) |
Total income from equity method investments | $ | 2.1 |  |  | $ | 2.5 |  |  | $ | 3.3 |  |  | $ | 3.7 |

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