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INFORMATION ON REPORTABLE SEGMENTS
 9 Months Ended
Sep. 30, 2023
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, if applicable, 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 electrical 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, transportation systems, communication technologies, and aids to navigation. 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 three and nine months ended September 30, 2023 and October 1, 2022 are presented below:
Three months endedNine months ended
September 30, 2023October 1, 2022September 30, 2023October 1, 2022
Revenues:  
HVAC reportable segment$289.2 $227.8 $809.8 $639.6 
Detection and Measurement reportable segment159.5 142.7 462.0 392.0 
Consolidated revenues$448.7 $370.5 $1,271.8 $1,031.6 
Income:  
HVAC reportable segment$58.3 $33.1 $161.2 $82.0 
Detection and Measurement reportable segment33.3 30.3 89.2 77.1 
Total income for reportable segments91.6 63.4 250.4 159.1 
Corporate expense13.0 17.2 44.2 50.2 
Acquisition-related and other costs (1)
2.9 0.1 5.0 1.1 
Long-term incentive compensation expense3.4 2.1 10.0 7.7 
Amortization of intangible assets14.6 6.7 32.4 23.1 
Special charges, net— — — 0.1 
Other operating expense, net— — — 1.0 
Consolidated operating income$57.7 $37.3 $158.8 $75.9 
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(1)Represents certain acquisition-related costs incurred of $2.9 and $5.0 during the three and nine months ended September 30, 2023, respectively, and $0.1 and $1.1 during the three and nine months ended October 1, 2022, respectively, including additional “Cost of products sold” related to the step-up of inventory (to fair value) acquired in connection with the ASPEQ acquisition of $2.5 and $3.6 during the three and nine months ended September 30, 2023, respectively, and the ITL acquisition of $0.1 and $1.1 during the three and nine months ended October 1, 2022, respectively.