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Reportable Business Segments (Tables)
 12 Months Ended
Dec. 31, 2022
Segment Reporting, Measurement Disclosures [Abstract]  
Net sales, segment profit (loss) by business segment and reconciliation of segment profit (loss) to Income from Continuing Operations before Income Taxes
We operate in three reportable business segments of the HVACR industry. Our segments are organized primarily by the nature of the products and services we provide. The following table describes each segment:
SegmentProducts or ServicesMarkets ServedGeographic Areas
Residential Heating & CoolingFurnaces, 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 & CoolingUnitary heating and air conditioning equipment, applied systems, controls, installation and service of commercial heating and cooling equipment, variable refrigerant flow commercial products
Light Commercial
United States
Canada
Refrigeration(1)
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
(1) In November 2022, we announced the decision to explore strategic alternatives for our European commercial HVAC and refrigeration businesses. We will continue to invest in our Heatcraft Worldwide Refrigeration business which will become part of the Commercial Heating & Cooling segment beginning in 2023 and the European portfolio will be presented with Corporate and Other beginning in 2023 until disposition. As we will manage the businesses in this manner beginning in 2023, we will present the financial results of the revised segments beginning in 2023.
Net sales and segment profit (loss) with reconciliation of segment profit (loss)
Net sales and segment profit (loss) by segment, along with a reconciliation of segment profit (loss) to Operating income, are shown below (in millions):
 For the Years Ended December 31,
 202220212020
Net Sales (1)
Residential Heating & Cooling$3,198.3 $2,775.6 $2,361.5 
Commercial Heating & Cooling900.7 864.8 800.9 
Refrigeration619.4 553.7 471.7 
$4,718.4 $4,194.1 $3,634.1 
Segment profit (loss) (2)
Residential Heating & Cooling$596.9 $540.3 $428.5 
Commercial Heating & Cooling80.9 110.9 136.9 
Refrigeration78.8 49.1 32.8 
Corporate and other(90.8)(96.4)(91.5)
Total segment profit665.8 603.9 506.7 
Reconciliation to Operating income:
Special product quality adjustments— (2.5)1.0 
Loss from natural disasters, net of insurance recoveries— — 3.1 
Items in Losses (gains) and other expenses, net that are excluded from segment profit (loss) (2)
8.1 14.3 13.3 
Restructuring charges1.5 1.8 10.8 
Operating income$656.2 $590.3 $478.5 
 
(1) On a consolidated basis, no revenue from transactions with a single customer were 10% or greater of our consolidated net sales for any of the periods presented.

(2) We define segment profit (loss) as a segment’s operating income included in the accompanying Consolidated Statements of Operations, excluding:
•The following items in (Gains) losses and other expenses, net:
◦Net change in unrealized (gains) losses 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
•Loss from natural disasters, net of insurance recoveries
•Restructuring charges, and
Total assets by business segment
Total assets by segment are shown below (in millions):
As of December 31,
202220212020
Total Assets:
Residential Heating & Cooling$1,456.4 $1,149.7 $1,034.6 
Commercial Heating & Cooling456.4 366.2 366.5 
Refrigeration443.6 426.6 387.9 
Corporate and other211.2 229.4 243.5 
Total assets$2,567.6 $2,171.9 $2,032.5 
Summary of capital expenditures, depreciation and amortization, and income from equity method investments expense by business segment Total capital expenditures by segment are shown below (in millions):
For the Years Ended December 31,
202220212020
Capital Expenditures:
Residential Heating & Cooling$42.4 $70.0 $44.0 
Commercial Heating & Cooling21.5 4.3 5.9 
Refrigeration11.2 11.5 9.2 
Corporate and other26.0 21.0 19.4 
Total capital expenditures $101.1 $106.8 $78.5 

Depreciation and amortization expenses by segment are shown below (in millions):
For the Years Ended December 31,
202220212020
Depreciation and Amortization:
Residential Heating & Cooling$31.5 $27.6 $28.5 
Commercial Heating & Cooling12.9 13.2 13.5 
Refrigeration9.1 7.8 7.8 
Corporate and other24.4 23.8 22.8 
Total depreciation and amortization$77.9 $72.4 $72.6 

The equity method investments are shown below (in millions):
For the Years Ended December 31,
202220212020
Income from Equity Method Investments:
Residential Heating & Cooling$0.9 $6.9 $11.4 
Commercial Heating & Cooling0.2 1.2 2.3 
Refrigeration4.0 3.7 1.9 
Total income from equity method investments$5.1 $11.8 $15.6 
Property, plant, and equipment, net for each major geographic area Property, plant and equipment, net for each major geographic area in which we operate, based on the domicile of our operations, are shown below (in millions):
As of December 31,
202220212020
Property, Plant and Equipment, net:
United States$408.8 $381.0 $352.9 
Mexico110.9 102.7 79.2 
Canada2.1 2.1 2.2 
Other international27.1 29.3 30.0 
Total Property, plant and equipment, net$548.9 $515.1 $464.3