Reportable Business Segments (Tables)

6 Months Ended

Jun. 30, 2024

Segment Reporting, Measurement Disclosures [Abstract]

Summary of segment description

The following table describes each segment:

 

Segment	Product or Services	Markets Served	Geographic Areas
Home Comfort Solutions	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
Building Climate Solutions	Unitary heating and air conditioning equipment, applied systems, controls, installation and service of commercial heating and cooling equipment, variable refrigerant flow commercial products, curb, curb adapters, drop box diffusers, HVAC recycling and salvage service, condensing units, unit coolers, fluid coolers, air cooled condensers, air handlers, process chillers, controls, compressorized racks	Light Commercial; Food Preservation; Non-Food Industry	United States Canada

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,
	2024		2023		2024		2023
Net sales
Home Comfort Solutions	$	982.3	$	936.2	$	1,656.9	$	1,617.2
Business Climate Solutions	468.8		407.5		841.3		716.1
Corporate and Other (1)	—		67.7		—		127.4
	$	1,451.1	$	1,411.4	$	2,498.2	$	2,460.7
Segment profit (loss) (2)
Home Comfort Solutions	$	228.5	$	202.6	$	340.6	$	313.7
Business Climate Solutions	114.0		103.0		192.2		153.0
Corporate and Other	(24.0)		(22.5)		(47.5)		(41.9)
Total segment profit	318.5		283.1		485.3		424.8
Reconciliation to Operating income:
Gain on sale from previous dispositions	(1.6)		—		(1.6)		—
Items in Losses (gains) and other expenses, net that are excluded from segment profit (loss) (2)	—		4.3		—		6.4
Operating income	$	320.1	$	278.8	$	486.9	$	418.4

(1) The Corporate and Other segment included our European portfolio. In the fourth quarter of 2023 we completed the divestiture of our European operations.

(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 Losses and other expenses, net:

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

▪Environmental liabilities and special litigation charges, and

▪Other items, net

◦Gain on sale from previous dispositions