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Information on Reportable Segments | 12 Months Ended
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Dec. 31, 2022
Segment Reporting [Abstract] |
Information on Reportable Segments | Information on Reportable Segments We are a global supplier of highly specialized, engineered solutions with operations in 15 countries and sales in over 100 countries around the world. We have aggregated our operating segments into the following two reportable segments: HVAC and Detection and Measurement. The factors considered in determining our aggregated segments are the economic similarity of the businesses, the nature of products sold or services provided, production processes, types of customers, distribution methods, and regulatory environment. In determining our reportable segments, we apply the threshold criteria of the Segment Reporting Topic of the Codification. Segment Income is determined before considering impairment and special charges, long-term incentive compensation, certain other operating income/expense, other indirect corporate expenses, intangible asset amortization expense, inventory step-up charges, and certain other acquisition-related costs. This is consistent with the way our CODM evaluates the results of each segment. HVAC Reportable Segment Our HVAC reportable segment engineers, designs, manufactures, installs and services package and process cooling products and engineered air movement solutions for the HVAC industrial and power generation markets, as well as boilers and comfort heating and ventilation products for the residential and commercial markets. The primary distribution channels for the segment’s products are direct to customers, independent manufacturing representatives, third-party distributors, and retailers. The segment serves a customer base in North America, Europe, and Asia. Detection and Measurement Reportable Segment Our Detection and Measurement reportable segment engineers, designs, manufactures, services, and installs underground pipe and cable locators, inspection and rehabilitation equipment, robotic systems, fare collection systems, communication technologies, and obstruction lighting. The primary distribution channels for the segment’s products are direct to customers and third-party distributors. The segment serves a global customer base, with a strong presence in North America, Europe, Africa and Asia. Corporate Expense Corporate expense generally relates to the cost of our Charlotte, North Carolina corporate headquarters. Financial data for our reportable segments for the years ended December 31, 2022, 2021 and 2020 were as follows:
| 2022 |  | 2021 |  | 2020
Revenues: |  |  |  |  |
HVAC reportable segment | $ | 913.8 |  |  | $ | 752.1 |  |  | $ | 740.8 |
Detection and Measurement reportable segment | 547.1 |  |  | 467.4 |  |  | 387.3 |
Consolidated revenues | $ | 1,460.9 |  |  | $ | 1,219.5 |  |  | $ | 1,128.1 |
Income: |  |  |  |  |
HVAC reportable segment | $ | 135.5 |  |  | $ | 107.7 |  |  | $ | 106.2 |
Detection and Measurement reportable segment | 114.1 |  |  | 92.9 |  |  | 80.9 |
Total income for segments | 249.6 |  |  | 200.6 |  |  | 187.1 |
Corporate expense | 68.6 |  |  | 60.5 |  |  | 49.7 |
Acquisition related and other costs (1) | 1.9 |  |  | 5.1 |  |  | 1.3 |
Long-term incentive compensation expense | 10.9 |  |  | 12.8 |  |  | 13.1 |
Amortization of intangible assets | 28.5 |  |  | 21.6 |  |  | 14.0 |
Impairment of goodwill and intangible assets (2) | 13.4 |  |  | 30.0 |  |  | 0.7 |
Special charges, net | 0.4 |  |  | 1.0 |  |  | 2.4 |
Other operating (income) expense, net (3) | 74.9 |  |  | (4.1) |  |  | 9.0 |
Consolidated operating income | $ | 51.0 |  |  | $ | 73.7 |  |  | $ | 96.9 |
Capital expenditures: |  |  |  |  |
HVAC reportable segment | $ | 10.1 |  |  | $ | 5.3 |  |  | $ | 7.0 |
Detection and Measurement reportable segment | 4.6 |  |  | 3.4 |  |  | 2.7 |
General corporate | 1.2 |  |  | 0.9 |  |  | 5.6 |
Total capital expenditures | $ | 15.9 |  |  | $ | 9.6 |  |  | $ | 15.3 |
Depreciation and amortization: |  |  |  |  |
HVAC reportable segment | $ | 20.5 |  |  | $ | 11.5 |  |  | $ | 11.0 |
Detection and Measurement reportable segment | 23.5 |  |  | 28.0 |  |  | 17.6 |
General corporate | 2.4 |  |  | 2.8 |  |  | 3.3 |
Total depreciation and amortization | $ | 46.4 |  |  | $ | 42.3 |  |  | $ | 31.9 |
| 2022 |  | 2021 |  | 2020
Identifiable assets: |  |  |  |  |
HVAC reportable segment | $ | 853.3 |  |  | $ | 808.4 |  |  | $ | 632.2 |
Detection and Measurement reportable segment | 920.1 |  |  | 835.4 |  |  | 772.5 |
General corporate and eliminations (4) | 114.6 |  |  | 406.4 |  |  | 45.6 |
Insurance recovery assets (5) | — |  |  | 526.2 |  |  | 496.4 |
Discontinued operations | 42.9 |  |  | 52.2 |  |  | 387.0 |
Total identifiable assets | $ | 1,930.9 |  |  | $ | 2,628.6 |  |  | $ | 2,333.7 |
Geographic Areas: |  |  |  |  |
Revenues: (6) |  |  |  |  |
United States | $ | 1,223.5 |  |  | $ | 991.5 |  |  | $ | 935.7 |
China | 51.0 |  |  | 57.9 |  |  | 41.7 |
United Kingdom | 96.5 |  |  | 80.1 |  |  | 88.4 |
Other | 89.9 |  |  | 90.0 |  |  | 62.3 |
| $ | 1,460.9 |  |  | $ | 1,219.5 |  |  | $ | 1,128.1 |
Tangible Long-Lived Assets: |  |  |  |  |
United States | $ | 275.0 |  |  | $ | 762.4 |  |  | $ | 695.6 |
Other | 35.0 |  |  | 37.8 |  |  | 26.8 |
Long-lived assets of continuing operations | 310.0 |  |  | 800.2 |  |  | 722.4 |
Long-lived assets of discontinued operations, DBT and Heat Transfer | 19.3 |  |  | 28.0 |  |  | 109.1 |
Total tangible long-lived assets | $ | 329.3 |  |  | $ | 828.2 |  |  | $ | 831.5 |
_______________________________________________________________ (1)Represents cost incurred in connection with acquisitions of $1.9, $3.3, and $1.3, including additional “Cost of products sold” related to the step-up of inventory (to fair value) acquired in connection with these acquisitions of $1.1, $2.6 and $0.3 during the years ended December 31, 2022, 2021 and 2020, respectively. The year ended December 31, 2021 also includes a non-cash impairment charge of $1.8. (2)The year ended December 31, 2022 includes impairment charges of $12.9 related to the goodwill and trademarks of ULC and $0.5 related to certain other trademarks. The year ended December 31, 2021 includes impairment charges of $29.5 related to the goodwill and trademarks of ULC and $0.5 related to certain other trademarks. The year ended December 31, 2020 includes impairment charges of $0.7 related to certain other trademarks. (3)The year ended December 31, 2022 includes a loss on the Asbestos Portfolio Sale of $73.9 as well as charges of $2.3 for asbestos product liability matters incurred prior to the Asbestos Portfolio Sale, partially offset by a reduction in the fair value/liability associated with contingent consideration related to the ECS acquisition of $1.3. For 2021, includes income of $24.3 and $6.7 related to the reduction of the liabilities associated with contingent consideration for the ULC and ECS acquisitions, respectively, partially offset by charges of (i) $26.3 for asbestos product liability matters and (ii) $0.6 related to revisions to the liability associated with the contingent consideration for the Sensors & Software acquisition. For 2020, includes charges of $9.4 for asbestos product liability matters, net of a gain of $0.4 related to revisions to certain liabilities retained in connection with the 2016 sale of the dry cooling business. (4)General corporate and eliminations is comprised of general corporate assets and includes elimination or netting of intercompany amounts, primarily related to certain deferred tax balances and cash management arrangements. (5)Insurance recovery assets were associated with asbestos product liability matters. As indicated in Note 1, we divested these assets on November 1, 2022 in connection with the Asbestos Portfolio Sale. Refer to Notes 1 and 4 for additional details. (6)Revenues are included in the above geographic areas based on the country that recorded the revenue.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI https://asc.fasb.org/topic&trid=2134510 + Details
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