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Segment Information
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company operates under two reportable segments: Commercial and Residential. This is consistent with how our chief operating decision maker (“CODM”), who is our Chief Executive Officer (“CEO”), evaluates performance and allocates resources.
Segment net sales include sales of equipment and services by our segments. Segment Adjusted EBITDA is determined based on performance measures used by our CODM. Our CODM uses Segment Adjusted EBITDA to assess performance and allocate resources to each segment, primarily through periodic budgeting and segment performance reviews. In connection with that assessment our CODM may exclude matters, such as significant, higher-cost restructuring programs, depreciation and amortization, and other costs determined by the CODM not to be reflective of the ongoing performance of the segment. Segment Adjusted EBITDA excludes results reported as discontinued operations.
The Company places more emphasis on segment profit and loss than it does on segment assets. As a result, the Company’s CODM does not assess performance, make strategic decisions, or allocate resources based on assets at the segment level. Accordingly, asset information is not disclosed by reportable segment.
Segment results are as follows:
Three months ended September 30,Nine months ended September 30,
2026202520262025
Commercial external sales$771.8 $554.2 $2,040.4 $1,580.1 
Intersegment sales0.1 — 0.2 0.1 
Total Commercial segment sales771.9 554.2 2,040.6 1,580.2 
Segment cost of goods sold(1)
(499.4)(328.5)(1,296.2)(952.0)
Segment selling, general and administrative expenses(78.5)(71.4)(229.4)(207.3)
Segment EBITDA add-backs(2)
6.5 7.9 19.6 25.7 
Commercial segment adjusted EBITDA200.5 162.2 534.6 446.6 
Residential external sales354.9 344.2 1,001.3 828.3 
Intersegment sales0.6 0.3 3.6 1.0 
Total Residential segment sales355.5 344.5 1,004.9 829.3 
Segment cost of goods sold(1)
(206.5)(212.0)(590.6)(523.0)
Segment selling, general and administrative expenses(50.4)(48.8)(150.6)(122.4)
Segment EBITDA add-backs(2)
6.3 10.2 19.1 25.9 
Residential segment adjusted EBITDA104.9 93.9 282.8 209.8 
Total external net sales1,126.7 898.4 3,041.7 2,408.4 
Total segment adjusted EBITDA305.4 256.1 817.4 656.4 
Central and other costs(3)
(7.9)(4.9)(20.9)(7.2)
Allocated Madison Industries costs(4)
— (4.0)(10.7)(12.3)
Segment EBITDA add-backs (excluding depreciation and purchase accounting adjustments)0.1 (5.9)0.1 (16.7)
Depreciation(12.6)(12.3)(38.6)(34.9)
Intangible asset amortization(39.9)(40.8)(121.5)(100.7)
Restructuring expenses(1.8)(0.8)(4.7)(3.5)
Equity appreciation rights expense(11.3)(5.3)(38.0)(32.6)
Transaction related expenses(17.1)(0.7)(21.5)(12.5)
Interest and financing expenses, net(5)
(36.9)(100.1)(212.4)(255.0)
Other income (expense)(6)
(50.4)3.1 (50.2)12.6 
Income (loss) from continuing operations before income taxes$127.6 $84.4 $299.0 $193.6 
(1)Exclusive of intangible amortization shown separately.
(2)Segment EBITDA add-backs primarily include adjustments to remove depreciation and non-recurring items. Commercial segment EBITDA add-backs for depreciation were $6.3 and $6.4 for the three months ended September 30, 2026 and 2025, respectively, and $19.5 and $19.0 for the nine months ended September 30, 2026 and 2025, respectively. Residential segment EBITDA add-backs for depreciation were $6.3 and $5.9 for the three months ended September 30, 2026 and 2025, respectively, and $19.1 and $15.9, for the nine months ended September 30, 2026 and 2025, respectively. Commercial segment EBITDA add-backs for purchase accounting adjustments were $1.4 and $3.1 for the three and nine months ended September 30, 2025, respectively. Residential segment EBITDA add-back for purchase accounting adjustments were $4.4 and $9.7 for the three and nine months ended September 30, 2025, respectively.
(3)Primarily includes central selling, general and administrative expenses and gains and losses on foreign currency. For the nine months ended September 30, 2025, this includes a $3.9 gain on legal settlement.
(4)Direct and indirect support from Holdings for certain central activities including, but not limited to consolidation accounting, tax services, legal, and other Holdings central and infrastructure related services.
(5)Includes a $27.7 loss on the extinguishment of debt for the nine months ended September 30, 2026.
(6)Represents non-cash operating gains and losses including, foreign currency transaction on intercompany loans fixed asset disposals, available-for-sale marketable securities, and derivative instruments not classified as hedging instruments. For the three and nine months ended September 30, 2026 other income (expense) included an unrealized loss of $52.2 on derivative instruments.
The following is a summary of net sales by geographic area, based upon the location of the selling business unit:
Three months ended September 30,Nine months ended September 30,
2026202520262025
U.S$1,047.7 $792.9 $2,782.8 $2,080.1 
Non-U.S
Americas46.7 74.8 161.8 230.1 
Europe19.0 16.0 55.3 50.7 
Asia Pacific13.3 14.7 41.8 47.5 
Total net sales$1,126.7 $898.4 $3,041.7 $2,408.4 
The following is a summary of property, plant and equipment by geographic area:
September 30, 2026December 31, 2025
U.S$304.9 $309.7 
Non-U.S
Americas45.0 49.1 
Europe4.0 3.9 
Asia Pacific9.3 9.0 
Total property, plant and equipment$363.2 $371.7 
In addition to property, plant, and equipment, definite-lived intangible assets are predominantly domiciled in the U.S.