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Information on Reportable Segments
 12 Months Ended
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:
202220212020
Revenues:
HVAC reportable segment$913.8 $752.1 $740.8 
Detection and Measurement reportable segment547.1 467.4 387.3 
     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 segment114.1 92.9 80.9 
    Total income for segments249.6 200.6 187.1 
Corporate expense68.6 60.5 49.7 
Acquisition related and other costs (1)
1.9 5.1 1.3 
Long-term incentive compensation expense10.9 12.8 13.1 
Amortization of intangible assets28.5 21.6 14.0 
Impairment of goodwill and intangible assets (2)
13.4 30.0 0.7 
Special charges, net0.4 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 segment4.6 3.4 2.7 
General corporate1.2 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 segment23.5 28.0 17.6 
General corporate2.4 2.8 3.3 
     Total depreciation and amortization$46.4 $42.3 $31.9 
202220212020
Identifiable assets:
HVAC reportable segment$853.3 $808.4 $632.2 
Detection and Measurement reportable segment920.1 835.4 772.5 
General corporate and eliminations (4)
114.6 406.4 45.6 
Insurance recovery assets (5)
— 526.2 496.4 
Discontinued operations42.9 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 
China51.0 57.9 41.7 
United Kingdom96.5 80.1 88.4 
Other89.9 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 
Other35.0 37.8 26.8 
Long-lived assets of continuing operations310.0 800.2 722.4 
Long-lived assets of discontinued operations, DBT and Heat Transfer19.3 28.0 109.1 
Total tangible long-lived assets$329.3 $828.2 $831.5 
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(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.