Reportable Business Segments (Tables)

6 Months Ended

Jun. 30, 2022

Segment Reporting, Measurement Disclosures [Abstract]

Summary of segment description

The following table describes each segment: 

Segment	Product or Services	Markets Served	Geographic Areas
Residential Heating & Cooling	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
Commercial Heating & Cooling	Unitary heating and air conditioning equipment, applied systems, controls, installation and service of commercial heating and cooling equipment, and variable refrigerant flow commercial products	Light Commercial	United States Canada
Refrigeration	Condensing units, unit coolers, fluid coolers, air cooled condensers, air handlers, process chillers, controls, and compressorized racks	Light Commercial; Food Preservation; Non-Food/Industrial	United States Canada Europe

Net sales and segment profit (loss) and reconciliation of segment profit (loss) to income from continuing operations before income taxes

Net sales and segment profit (loss) for each segment, along with a reconciliation of segment profit (loss) to Operating income, are shown below (in millions):

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2022		2021		2022		2021
Net sales
Residential Heating & Cooling	$	977.5	$	838.0	$	1,659.6	$	1,444.2
Commercial Heating & Cooling	219.6		252.8		407.3		452.0
Refrigeration	169.2		148.2		312.8		273.2
	$	1,366.3	$	1,239.0	$	2,379.7	$	2,169.4
Segment profit (loss) (1)
Residential Heating & Cooling	$	216.3	$	189.7	$	324.0	$	286.1
Commercial Heating & Cooling	17.2		45.3		23.5		72.6
Refrigeration	23.4		13.5		37.5		21.4
Corporate and other	(27.1)		(26.9)		(40.6)		(42.9)
Total segment profit	229.8		221.6		344.4		337.2
Reconciliation to Operating income:
Items in Losses (gains) and other expenses, net that are excluded from segment profit (loss) (1)	2.4		4.4		4.6		5.9
Restructuring charges	0.5		1.2		1.0		1.3
Operating income	$	226.9	$	216.0	$	338.8	$	330.0

(1) We define segment profit (loss) as a segment's operating income included in the accompanying Consolidated Statements of Operations, excluding:

◦The following items in Losses (gains) and other expenses, net:

▪Net change in unrealized losses (gains) on unsettled futures contracts,

▪Environmental liabilities and special litigation charges,

▪Charges incurred related to COVID-19 pandemic, and

▪Other items, net,

◦Special product quality adjustments, and

◦Restructuring charges.