Reportable Business Segments (Tables)

6 Months Ended

Jun. 30, 2021

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,
	2021		2020		2021		2020
Net sales
Residential Heating & Cooling	$	838.0	$	644.8	$	1,444.2	$	1,086.9
Commercial Heating & Cooling	252.8		188.3		452.0		366.7
Refrigeration	148.2		108.2		273.2		211.5
	$	1,239.0	$	941.3	$	2,169.4	$	1,665.1
Segment profit (loss) (1)
Residential Heating & Cooling	$	189.7	$	127.3	$	286.1	$	159.8
Commercial Heating & Cooling	45.3		35.6		72.6		54.3
Refrigeration	13.5		8.9		21.4		9.6
Corporate and other	(26.9)		(18.8)		(42.9)		(33.1)
Total segment profit	221.6		153.0		337.2		190.6
Reconciliation to Operating income:
Special product quality adjustments	—		(1.0)		—		(1.0)
Loss from natural disasters, net of insurance recoveries	—		1.0		—		2.7
Items in Losses (gains) and other expenses, net that are excluded from segment profit (loss) (1)	4.4		7.0		5.9		6.1
Restructuring charges	1.2		10.0		1.3		10.5
Operating income	$	216.0	$	136.0	$	330.0	$	172.3

(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,

▪Special legal contingency charges,

▪Asbestos-related litigation,

▪Environmental liabilities,

▪Charges incurred related to COVID-19 pandemic; and

▪Other items, net,

◦Special product quality adjustments

◦Loss from natural disasters, net of insurance recoveries; and

◦Restructuring charges.