XML 42 R29.htm IDEA: XBRL DOCUMENT
v3.25.3

Reportable Business Segments (Tables) | 9 Months Ended
--- | ---
Sep. 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 September 30, 2025 |  |  |  |  |  |  |
Net sales(1) | $ | 912.9 |  |  | $ | 513.9 |  |  | $ | — |  |  | $ | 1,426.8 |
Cost of goods sold | 634.0 |  |  | 323.1 |  |  | 1.1 |  |  | 958.2 |
Selling, general and administrative | 81.2 |  |  | 58.0 |  |  | 22.4 |  |  | 161.6 |
Other (income) expense(2) | (5.2) |  |  | (1.2) |  |  | 3.2 |  |  | (3.2) |
Segment profit (loss)(3) | $ | 202.9 |  |  | $ | 134.0 |  |  | $ | (26.7) |  |  | $ | 310.2 |
Three months ended September 30, 2024 |  |  |  |  |  |  |
Net sales(1) | $ | 1,032.8 |  |  | $ | 465.3 |  |  | $ | — |  |  | $ | 1,498.1 |
Cost of goods sold | 706.6 |  |  | 302.5 |  |  | 0.6 |  |  | 1,009.7 |
Selling, general and administrative | 100.4 |  |  | 59.0 |  |  | 25.0 |  |  | 184.4 |
Other (income) expense(2) | (0.7) |  |  | (2.1) |  |  | 3.5 |  |  | 0.7 |
Segment profit (loss)(3) | $ | 226.5 |  |  | $ | 105.9 |  |  | $ | (29.1) |  |  | $ | 303.3 |
| Home Comfort Solutions |  | Business Climate Solutions |  | Corporate and Other |  | Total
Nine months ended September 30, 2025 |  |  |  |  |  |  |
Net sales(1) | $ | 2,643.6 |  |  | $ | 1,356.7 |  |  | $ | — |  |  | $ | 4,000.3 |
Cost of goods sold | 1,809.5 |  |  | 869.3 |  |  | 1.9 |  |  | 2,680.7 |
Selling, general and administrative | 271.0 |  |  | 179.4 |  |  | 55.8 |  |  | 506.2 |
Other (income) expense(2) | (11.8) |  |  | (2.0) |  |  | 7.4 |  |  | (6.4) |
Segment profit (loss)(3) | $ | 574.9 |  |  | $ | 310.0 |  |  | $ | (65.1) |  |  | $ | 819.8 |
Nine months ended September 30, 2024 |  |  |  |  |  |  |
Net sales(1) | $ | 2,689.7 |  |  | $ | 1,306.6 |  |  | $ | — |  |  | $ | 3,996.3 |
Cost of goods sold | 1,833.8 |  |  | 844.8 |  |  | 1.1 |  |  | 2,679.7 |
Selling, general and administrative | 292.5 |  |  | 167.9 |  |  | 63.2 |  |  | 523.6 |
Other (income) expense(2) | (3.7) |  |  | (4.2) |  |  | 12.3 |  |  | 4.4 |
Segment profit (loss)(3) | $ | 567.1 |  |  | $ | 298.1 |  |  | $ | (76.6) |  |  | $ | 788.6 |
(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 September 30, |  | For the Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Total segment profit(1) | $ | 310.2 |  |  | $ | 303.3 |  |  | $ | 819.8 |  |  | $ | 788.6 |
Reconciliation to Operating income: |  |  |  |  |  |  |
Restructuring charges | — |  |  | — |  |  | — |  |  | — |
Gain on sale from previous dispositions | — |  |  | — |  |  | — |  |  | (1.6) |
Operating income | 310.2 |  |  | 303.3 |  |  | 819.8 |  |  | 790.2 |
Reconciliation to income before income taxes: |  |  |  |  |  |  |
Pension settlements | 0.1 |  |  | 0.1 |  |  | 0.3 |  |  | 0.4 |
Interest expense, net | 10.5 |  |  | 8.9 |  |  | 25.0 |  |  | 33.2 |
Other expense, net | 0.8 |  |  | 0.4 |  |  | 2.3 |  |  | 1.5 |
Net income before income taxes | $ | 298.8 |  |  | $ | 293.9 |  |  | $ | 792.2 |  |  | $ | 755.1 |
(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:
| September 30, 2025 |  | December 31, 2024
Total Assets: |  |  |
Home Comfort Solutions | $ | 1,869.5 |  |  | $ | 1,626.0 |
Building Climate Solutions | 1,281.8 |  |  | 1,052.6 |
Corporate and Other | 373.3 |  |  | 793.2 |
Total assets | $ | 3,524.6 |  |  | $ | 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:
| September 30, 2025 |  | December 31, 2024 |  |  |  |
Property, Plant and Equipment, net: |  |  |  |  |  |  |
United States | $ | 570.4 |  |  | $ | 537.3 |  |  |  |  |
Mexico | 266.6 |  |  | 254.0 |  |  |  |  |
Canada | 3.7 |  |  | 2.9 |  |  |  |  |
Other international | 6.8 |  |  | 5.9 |  |  |  |  |
Total Property, plant and equipment, net | $ | 847.5 |  |  | $ | 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 September 30, |  | For the Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Capital Expenditures: |  |  |  |  |  |  |
Home Comfort Solutions | $ | 7.2 |  |  | $ | 16.8 |  |  | $ | 30.4 |  |  | $ | 45.6 |
Building Climate Solutions | 22.0 |  |  | 17.5 |  |  | 34.5 |  |  | 39.7 |
Corporate and Other | 6.4 |  |  | 6.9 |  |  | 24.7 |  |  | 18.1 |
Total capital expenditures | $ | 35.6 |  |  | $ | 41.2 |  |  | $ | 89.6 |  |  | $ | 103.4 |
Depreciation and amortization expenses by segment are shown below (in millions):
| For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Depreciation and Amortization: |  |  |  |  |  |  |
Home Comfort Solutions | $ | 11.5 |  |  | $ | 6.2 |  |  | $ | 33.4 |  |  | $ | 28.5 |
Building Climate Solutions | 8.6 |  |  | 6.5 |  |  | 24.5 |  |  | 18.5 |
Corporate and Other | 6.9 |  |  | 7.7 |  |  | 21.5 |  |  | 22.6 |
Total depreciation and amortization | $ | 27.0 |  |  | $ | 20.4 |  |  | $ | 79.4 |  |  | $ | 69.6 |
The income from equity method investments is shown below (in millions):
| For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Income from Equity Method Investments: |  |  |  |  |  |  |
Home Comfort Solutions | $ | 2.4 |  |  | $ | 1.1 |  |  | $ | 4.8 |  |  | $ | 3.7 |
Building Climate Solutions | 0.3 |  |  | 1.1 |  |  | 1.1 |  |  | 2.3 |
Corporate and Other | (0.2) |  |  | 0.2 |  |  | (0.1) |  |  | 0.1 |
Total income from equity method investments | $ | 2.5 |  |  | $ | 2.4 |  |  | $ | 5.8 |  |  | $ | 6.1 |

X
- Definition Tabular disclosure of all significant reconciling items in the reconciliation of total assets from reportable segments to the entity's consolidated assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
Name: | us-gaap_ReconciliationOfAssetsFromSegmentToConsolidatedTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
Name: | us-gaap_ReconciliationOfOperatingProfitLossFromSegmentsToConsolidatedTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of reconciliation of other items from reportable segments to their consolidated amount. Excludes reconciliation of revenue, profit (loss), and assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
Name: | us-gaap_ReconciliationOfOtherSignificantReconcilingItemsFromSegmentsToConsolidatedTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the names of foreign countries in which material long-lived assets other than financial instruments, long-term customer relationships of a financial institution, mortgage and other servicing rights, deferred policy acquisition costs, and deferred tax assets are located, and amount of such long-lived assets located in that country or foreign geographic area. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 + Details
Name: | us-gaap_ScheduleOfEntityWideDisclosureOnGeographicAreasLongLivedAssetsInIndividualForeignCountriesByCountryTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
Name: | us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingMeasurementDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration