Reportable Business Segments (Tables)

6 Months Ended

Jun. 30, 2023

Segment Reporting, Measurement Disclosures [Abstract]

Summary of segment description

The following table describes each segment: 

Segment	Product or Services	Markets Served	Geographic Areas
Residential	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	Unitary heating and air conditioning equipment, applied systems, controls, installation and service of commercial heating and cooling equipment, variable refrigerant flow commercial products, condensing units, unit coolers, fluid coolers, air cooled condensers, air handlers, controls, and compressorized racks	Light Commercial; Food Preservation; Non-Food/Industrial	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,
	2023		2022 (2)		2023		2022 (2)
Net sales
Residential	$	936.2	$	977.5	$	1,617.2	$	1,659.6
Commercial (2)	407.5		327.4		716.1		606.9
Corporate and other (2)	67.7		61.4		127.4		113.2
	$	1,411.4	$	1,366.3	$	2,460.7	$	2,379.7
Segment profit (loss) (1)
Residential	$	202.6	$	216.3	$	313.7	$	324.0
Commercial (2)	103.0		41.2		153.0		64.9
Corporate and other (2)	(22.5)		(27.7)		(41.9)		(44.5)
Total segment profit	283.1		229.8		424.8		344.4
Reconciliation to Operating income:
Items in Losses (gains) and other expenses, net that are excluded from segment profit (loss) (1)	4.3		2.4		6.4		4.6
Restructuring charges	—		0.5		—		1.0
Operating income	$	278.8	$	226.9	$	418.4	$	338.8

(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, and

▪Other items, net,

◦Restructuring charges.

(2) 2022 results have been recast to reflect the realignment of our reportable segments.