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Revenue (Tables)
 6 Months Ended
Jun. 30, 2018
Revenue from Contract with Customer [Abstract]  
Disaggregation of revenues
A summary of Net revenues by destination for the three and six months ended June 30, 2018 is as follows:
In millions
Three months ended
 
Six months ended
Climate
 
 
 
     United States
$
2,410.4

 
$
4,122.2

     Non-U.S.
1,083.4

 
1,981.4

Total Climate
$
3,493.8

 
$
6,103.6

Industrial
 
 
 
     United States
$
450.6

 
$
865.2

     Non-U.S.
413.3

 
773.4

Total Industrial
$
863.9

 
$
1,638.6

A summary of Net revenues by major type of good or service for the three and six months ended June 30, 2018 is as follows:
In millions
Three months ended
 
Six months ended
Climate
 
 
 
     Equipment
$
2,454.8

 
$
4,226.3

     Services and parts
1,039.0

 
1,877.3

Total Climate
$
3,493.8

 
$
6,103.6

Industrial
 
 
 
     Equipment
$
534.9

 
$
1,005.5

     Services and parts
329.0

 
633.1

Total Industrial
$
863.9

 
$
1,638.6
Schedule of assets and liabilities from contracts with customers
The opening and closing balances of contract assets and contract liabilities arising from contracts with customers for the period ended June 30, 2018 and December 31, 2017 were as follows:
In millions
June 30, 2018
 
December 31, 2017
Contract assets
$
199.6

 
$
166.0

Contract liabilities
864.6

 
814.2
Schedule of new accounting pronouncements
The following table summarizes the impact of adopting ASC 606 on the Company’s Condensed Consolidated Statements of Comprehensive Income:
 
Three months ended June 30, 2018
 
Six months ended June 30, 2018
In millions
As Reported
 
Balances Without Adoption of ASC 606
 
Effect of Change Higher/(Lower)
 
As Reported
 
Balances Without Adoption of ASC 606
 
Effect of Change Higher/(Lower)
Net revenues
$
4,357.7

 
$
4,353.7

 
$
4.0

 
$
7,742.2

 
$
7,734.9

 
$
7.3

Cost of goods sold
(2,964.1
)
 
(2,960.9
)
 
3.2

 
(5,384.3
)
 
(5,377.9
)
 
6.4

Selling and administrative expenses
(753.3
)
 
(753.3
)
 
—

 
(1,474.2
)
 
(1,474.2
)
 
—

Operating income
640.3

 
639.5

 
0.8

 
883.7

 
882.8

 
0.9

Interest expense
(50.3
)
 
(50.3
)
 
—

 
(123.2
)
 
(123.2
)
 
—

Other income/(expense), net
(3.5
)
 
(3.5
)
 
—

 
(7.5
)
 
(7.5
)
 
—

Earnings before income taxes
586.5

 
585.7

 
0.8

 
753.0

 
752.1

 
0.9

Provision for income taxes
(128.0
)
 
(127.8
)
 
0.2

 
(161.0
)
 
(160.8
)
 
0.2

Earnings from continuing operations
$
458.5

 
$
457.9

 
$
0.6

 
$
592.0

 
$
591.3

 
$
0.7

The following table summarizes the impact of adopting ASC 606 on the Company’s Balance Sheet:
 
June 30, 2018
In millions
As Reported
 
Balances Without Adoption of ASC 606
 
Effect of Change Higher/(Lower)
Assets
 
 
 
 
 
     Accounts and notes receivable, net
$
2,946.9

 
$
2,949.7

 
$
(2.8
)
     Inventories, net
1,733.3

 
1,739.7

 
(6.4
)
     Other current assets
512.0

 
501.4

 
10.6

     Other noncurrent assets
863.4

 
863.4

 
—

 
 
 
 
 
 
Liabilities
 
 
 
 
 
     Accrued expenses and other current liabilities
$
1,892.6

 
$
1,891.9

 
$
0.7

     Deferred and noncurrent income taxes
735.4

 
735.4

 
—

     Other noncurrent liabilities
1,079.5

 
1,079.5

 
—

 
 
 
 
 
 
Equity
 
 
 
 
 
     Retained earnings
$
9,109.9

 
$
9,109.2

 
$
0.7