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Information on Reportable Segments | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Information on Reportable Segments | Information on Reportable Segments We are a global supplier of highly specialized, engineered solutions with operations in over 15 countries and sales in over 100 countries around the world. In determining our reportable segments, we apply the threshold criteria of the Segment Reporting Topic of the Codification. 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. Our CODM, the President and Chief Executive Officer, uses revenue and segment income to evaluate the results of each operating segment. Segment Income is determined before considering, if applicable, impairments 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 and integration-related costs. There have been no changes in the basis of segmentation or measurement of Segment Income during 2024. Our CODM assesses revenue and Segment Income performance in comparison to prior years, previously forecasted results, and anticipated/experienced market trends when determining how to allocate operating and capital resources. The only significant segment expense categories reviewed by our CODM are total selling, general, and administrative expense and cost of products sold. Our CODM does not review asset or liability information for our operating segments as this information is not used to assess performance or allocate resources. HVAC Reportable Segment Our HVAC reportable segment engineers, designs, manufactures, installs and services package and process cooling products and engineered air movement and handling solutions for the HVAC industrial, commercial, data center, and power generation markets, as well as boilers and electrical heating and ventilation products for the residential, industrial, 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 global 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 in North America, Europe, Africa and Asia. Corporate Expense Corporate expense generally relates to the personnel and general operating costs of our corporate headquarters based in Charlotte, North Carolina. Financial data for our reportable segments for the years ended December 31, 2024, 2023, and 2022 were as follows:
| 2024 |  | 2023 |  | 2022
HVAC reportable segment |  |  |  |  |
Revenues | $ | 1,364.7 |  |  | $ | 1,122.3 |  |  | $ | 913.8 |
Cost of products sold | 843.8 |  |  | 712.8 |  |  | 636.0 |
Selling, general and administrative expense | 197.0 |  |  | 175.1 |  |  | 142.3 |
Segment income | $ | 323.9 |  |  | $ | 234.4 |  |  | $ | 135.5 |
Detection and Measurement reportable segment |  |  |  |  |
Revenues | $ | 619.2 |  |  | $ | 618.9 |  |  | $ | 547.1 |
Cost of products sold | 338.9 |  |  | 354.8 |  |  | 299.9 |
Selling, general and administrative expense | 143.6 |  |  | 145.3 |  |  | 133.1 |
Segment income | $ | 136.7 |  |  | $ | 118.8 |  |  | $ | 114.1 |
Consolidated revenues | $ | 1,983.9 |  |  | $ | 1,741.2 |  |  | $ | 1,460.9 |
Consolidated income for segments | 460.6 |  |  | 353.2 |  |  | 249.6 |
Corporate expense | 53.6 |  |  | 58.4 |  |  | 68.6 |
Acquisition-related and other costs (1) | 7.2 |  |  | 5.8 |  |  | 1.9 |
Long-term incentive compensation expense | 15.0 |  |  | 13.4 |  |  | 10.9 |
Amortization of acquired intangible assets | 64.5 |  |  | 43.9 |  |  | 28.5 |
Impairment of goodwill and intangible assets (2) | — |  |  | — |  |  | 13.4 |
Special charges, net | 3.6 |  |  | 0.8 |  |  | 0.4 |
Other operating expense, net (3) | 8.4 |  |  | 9.0 |  |  | 74.9 |
Consolidated operating income | $ | 308.3 |  |  | $ | 221.9 |  |  | $ | 51.0 |
Capital expenditures: |  |  |  |  |
HVAC reportable segment | $ | 31.9 |  |  | $ | 17.6 |  |  | $ | 10.1 |
Detection and Measurement reportable segment | 5.5 |  |  | 5.4 |  |  | 4.6 |
General corporate | 0.6 |  |  | 0.9 |  |  | 1.2 |
Total capital expenditures | $ | 38.0 |  |  | $ | 23.9 |  |  | $ | 15.9 |
Depreciation and amortization: |  |  |  |  |
HVAC reportable segment | $ | 64.7 |  |  | $ | 37.1 |  |  | $ | 20.5 |
Detection and Measurement reportable segment | 24.4 |  |  | 23.7 |  |  | 23.5 |
General corporate | 2.5 |  |  | 2.4 |  |  | 2.4 |
Total depreciation and amortization | $ | 91.6 |  |  | $ | 63.2 |  |  | $ | 46.4 |
Geographic Areas: |  |  |  |  |
Revenues: (4) |  |  |  |  |
United States | $ | 1,640.8 |  |  | $ | 1,454.1 |  |  | $ | 1,223.5 |
Canada | 111.3 |  |  | 48.4 |  |  | 17.3 |
China | 64.9 |  |  | 53.7 |  |  | 51.0 |
United Kingdom | 90.9 |  |  | 96.3 |  |  | 96.5 |
Other | 76.0 |  |  | 88.7 |  |  | 72.6 |
| $ | 1,983.9 |  |  | $ | 1,741.2 |  |  | $ | 1,460.9 |
Tangible Long-Lived Assets: |  |  |  |  |
United States | $ | 275.5 |  |  | $ | 292.4 |  |  | $ | 275.0 |
Canada | 83.3 |  |  | 11.9 |  |  | 3.3 |
Other | 25.7 |  |  | 29.1 |  |  | 31.7 |
Long-lived assets of continuing operations | 384.5 |  |  | 333.4 |  |  | 310.0 |
Long-lived assets of discontinued operations, DBT and Heat Transfer | — |  |  | 0.2 |  |  | 19.3 |
Total tangible long-lived assets | $ | 384.5 |  |  | $ | 333.6 |  |  | $ | 329.3 |
_______________________________________________________________ (1)Represents integration costs incurred in connection with acquisitions of $7.2, $5.8, and $1.9, including additional “Cost of products sold” related to the step-up of inventory (to fair value) acquired in connection with these acquisitions of $1.8, $3.6 and $1.1, during the years ended December 31, 2024, 2023 and 2022, respectively. (2)The year ended December 31, 2022 includes impairment charges of $12.9 related to the goodwill and trademarks of our ULC Robotics (“ULC”) business and $0.5 related to certain other trademarks. (3)The year ended December 31, 2024 includes a charge of $8.4 related to a settlement with the seller of ULC regarding additional contingent consideration. The year ended December 31, 2023 includes a charge of $9.0 related to the resolution of a dispute with a former representative at one of our businesses within the Detection and Measurement reportable segment. 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 acquisition of Enterprise Control Systems Ltd (“ECS”), which was completed in 2021, of $1.3. (4)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/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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